News Release

HSBC Retail Services Continues to Furnish Gardner-White

Strong partnership brings multi-year renewal with leading furniture retailer

3 October 2005

PROSPECT HEIGHTS, Ill. – HSBC - North America’s retail services business has renewed its alliance with Gardner-White Furniture to manage the company’s private label credit card program. Gardner-White is a leading furniture retailer based in metro Detroit.

The new agreement extends HSBC Retail Services’ six-year relationship with Gardner-White. Since 1999, the Gardner-White credit card has provided its customers with long-term financing opportunities when purchasing furniture and household accessories.

The Gardner-White credit card gives customers a quick and easy way to make their purchases. In addition, Gardner-White cardholders can take advantage of exclusive benefits such as deferred financing, low monthly payments and advance notice of sales and in-store events.

“We look forward to continuing our close-working relationship with Gardner-White to develop strategies that help grow their business,” said Richard Klesse, managing director of client relations for HSBC’s retail services business. “Our marketing expertise in the furniture industry and customer analytics have been instrumental in helping to drive Gardner-White’s sales.”

"HSBC’s private label group is a great business partner,” said Barb Tronstein, vice president of finances and operations for Gardner-White. “They have given us the flexibility to run the credit promotions we need to drive sales. Their marketing department is assisting us as we learn to more effectively target our existing customer base to generate more add-on sales. All of us look forward to continuing to build our business relationship."

About Gardner-White
A leader in the home furnishings market since 1912, Gardner-White sets the standard in quality, value and service. Gardner-White continues to succeed by offering the value-conscious consumer excellent service and selection at an affordable price. A single store until 1974, Gardner-White now operates six stores in southeastern Michigan. A warehouse in southeastern Michigan allows the company to offer next day delivery on thousands of in-stock items.

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 many of the world’s premier retailers and manufacturers and has over 60 active merchant relationships. For more information, visit www.hsbcretailservices.com.