Press Release

PROSPECT HEIGHTS, Ill. October 27, 2004 HSBC - North America announced today that its retail services business has signed Oreck Corporation to another multi-year, private-label financing agreement. While the Oreck name has become synonymous with its lightweight commercial and residential upright vacuum cleaner, the company is a leading manufacturer and marketer of premium products for a healthier home. The company has a full line of high-quality, easy-to-use home cleaning products including full size canisters, air purifiers, and steamers.

The new contract extends the nine-year relationship between HSBC Retail Services and Oreck. Oreck telesales and retail store channels benefit from the strong operational and marketing capabilities of the retail services business of HSBC - North America. Oreck customers benefit from special financing options such as equal monthly payments or no interest financing.

"We are very proud of our long-term relationship with Oreck," said Richard Klesse, managing director of business development and client relations for HSBCs retail services. "Our customized financing products and services have made it easier than ever for Oreck to meet the credit needs of their customers, building loyalty to their brand and increasing sales."

"Since 1994, HSBC Retail Services has been a proactive partner in building our brand and fostering our sales growth initiatives," said Stan Eilers, vice president of finance for Oreck Corporation. "The private label credit card program has been a success for us, and our customers. The Oreck Power card provides significant liquidity to Oreck and is a convenient method for our customers to exercise our monthly pay option and establish a monthly credit line for subsequent purchases."

About Oreck
Founded in 1963, Oreck vacuum cleaners are made in Mississippi and are sold throughout the Americas, as well as in Asia and Europe. Oreck products are designed with unique features to make cleaning easier, healthier and smarter. All products are backed by the founder David Oreck who confidently states that if you don't love your Oreck, you dont keep it. To review Orecks full line of products that include upright and canister vacuums, air purifiers, floor care machines, small appliances (garment steamers, fabric shavers, floor sweepers) and related accessories, visit one of their 500+ Oreck retail stores or www.oreck.com.

About HSBC Retail Services
HSBC Retail Services is a leading issuer of private label (merchant branded) credit cards in the United States. This business provides flexible, customized credit card solutions for the worlds premier retailers and manufacturers and has over 60 active merchant relationships, including Best Buy, Levitz Furniture and Saks Fifth Avenue.

About HSBC - North America
HSBC - North America includes all of HSBC's U. S. and Canadian businesses, including the former Household businesses, and has assets approaching $300 billion. The companys businesses serve more than 60 million customers in five key areas: personal financial services, consumer finance, commercial banking, private banking and corporate investment banking and markets. Financial products and services are offered under the HSBC, HFC and Beneficial brands. For more information, visit:�www.hsbcnorthamerica.com.

For more information, contact:
Kathleen Morrison
HSBC - North America
847-564-6111
kathleen.a.morrison@us.hsbc.com

Stanley W. Eilers
Oreck Corporation
504-731-7268
sweilers@oreck.com

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