News Release

WTAS Expands Chicago Office

13 February 2007

HSBC’s Wealth and Tax Advisory Services business (‘WTAS’) today announced that Dorice Pepin has joined as a managing director reporting to Joe Karczewski, office head of WTAS Chicago. WTAS is an independent (unaffiliated with an auditing firm) provider of tax, valuation, financial advisory and related consulting services. Based in Chicago, Pepin will be responsible for addressing state and local tax matters of Midwest clients.

“Dorice has an exceptional reputation in the state and local tax practice area,” said Mark Vorsatz, chief executive officer of WTAS. “With 20 plus years of experience, she will provide additional depth to our state and local practice both in Chicago and throughout the firm.”

"We have experienced significant activity since opening the Chicago office in early 2006 and Dorice is another example of the highly skilled professionals joining our office,” said Joe Karczewski. “She will lead our expansion in the state and local tax area here in the Midwest."

Pepin was one of the founding managing directors of True Partners. Prior to that, she was a partner at two international tax firms, where she was responsible for their Chicago state and local tax practices. Pepin teaches courses in state and local taxes for the masters in taxation programs at DePaul University and Northern Illinois University.

WTAS is a member of the HSBC Group, one of the largest financial services corporations in the world.

Media Contacts

• Juanita Gutiérrez
• Juanita.gutierrez@us.hsbc.com
• HSBC - North America
• 212.525.6282