Press Release

HSBC Opens Delaware Trust Office

6 February 2003

New York, NY – HSBC Bank & Trust Company (Delaware), NA, a subsidiary of HSBC USA, Inc., has opened a new office, located at 1201 Market Street, in Wilmington, DE. With the establishment of this office, HSBC will offer its private banking clients a broader range of trust services, including perpetual, directed, and charitable trusts.

"HSBC clients around the world stand to benefit from our expanded range of trust services," observed Gerard Joyce, Senior Vice President and Head of Personal Trust, HSBC Bank USA. "The combination of our trust, asset management, and tax-planning capabilities, contained within the global HSBC network, means that our clients have access to an unparalleled range of wealth management services."

G. Michael Richwine, Senior Vice President and Senior Trust Officer, HSBC Bank & Trust Company (Delaware), NA, will be responsible for the day-to-day administration of this business. Richwine was formerly Executive Director and Manager, Wealth Management Services Division of Riggs & Co. in Washington, DC, where he was responsible for Riggs Banks personal trust business. He is a graduate of the University of Virginia and holds law degrees from The National Law Center of George Washington University. Richwine will report functionally to Joyce.

"Im delighted to join HSBC and play a role in the expansion of its trust services," said Richwine. "HSBC personal trust group is comprised of many experienced, talented professionals. Im looking forward to working with all of them."

Individuals who are interested in HSBC Bank & Trust Company (Delaware), NA services should contact Richwine at 302-657-8437.