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HSBC MEXICO, S. A. Institución De Banca Múltiple, Grupo Financiero HSBC and SUBSIDIARIES

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HSBC MEXICO, S. A. Institución De Banca Múltiple, Grupo Financiero HSBC and SUBSIDIARIES HSBC MEXICO, S. A. Institución de Banca Múltiple, Grupo Financiero HSBC AND SUBSIDIARIES Consolidated Financial Statements December 31, 2004 and 2003 (With Independent Auditors’ Report Thereon) (Free Translation from Spanish Language Original) Independent Auditors’ Report (Free translation from Spanish language original) The Board of Directors and Stockholders HSBC México, S. A., Institución de Banca Múltiple, Grupo Financiero HSBC: We have examined the accompanying consolidated balance sheets of HSBC México, S. A., Institución de Banca Múltiple, Grupo Financiero HSBC and Subsidiaries (“the Bank”) as of December 31, 2004 and 2003, and the related consolidated statements of operations, stockholders’ equity and changes in financial position for the years then ended. These consolidated financial statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in Mexico. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement and are prepared in accordance with the accounting criteria for financial institutions in Mexico. An audit consists of examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As explained in note 2 to the consolidated financial statements, the Bank is required to prepare and present its financial statements in accordance with the accounting criteria for credit institutions in Mexico established by the National Banking and Securities Commission (“the Banking Commission”), which in general conform to accounting principles generally accepted in Mexico, issued by the Mexican Institute of Public Accountants. These accounting criteria include particular rules, which in certain respects depart from such principles. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of HSBC México, S. A., Institución de Banca Múltiple, Grupo Financiero HSBC and Subsidiaries as of December 31, 2004 and 2003 and the results of their operations, the changes in their stockholders’ equity and the changes in their financial position for the years then ended, in conformity with the accounting criteria established by the Banking Commission for credit institutions in Mexico, as described in note 2 to the consolidated financial statements. KPMG CARDENAS DOSAL, S. C Carlos Rivera Nava February 18, 2005. HSBC MEXICO, S. A. Institución de Banca Múltiple, Grupo Financiero HSBC AND SUBSIDIARIES Consolidated Balance Sheets December 31, 2004 and 2003 (Thousands of Mexican pesos of constant purchasing power as of December 31, 2004) Assets 2004 2003 Liabilities and Stockholders' Equity 2004 2003 Cash and equivalents (note 5) $ 43,366,702 37,932,990 Deposit funding (note 14): Demand deposits $ 106,996,271 99,534,597 Investment securities (note 6): Time deposits: Trading 2,651,444 9,497,381 General public 61,653,198 53,931,098 Available-for-sale 37,561,387 7,465,898 Money market 814,566 920,595 Held-to-maturity 4,030,275 6,969,516 169,464,035 154,386,290 44,243,106 23,932,795 Bank and other loans (notes 10d and 15): Securities and derivative transactions: Short-term 6,431,576 5,982,933 Debit balances of repurchase/resell Long-term 2,550,966 3,211,057 agreements (note 7) 57,798 68,151 Derivative financial instruments 8,982,542 9,193,990 (note 8) 42,067 2,552 Unassigned securities pending settlement (note 9) - 1,771 Securities and derivative transactions: Credit balances of repurchase/resell 99,865 72,474 agreements (note 7) 31,349 53,417 Derivative financial instruments (note 8) - 115,627 Current loan portfolio (note 10): Commercial loans 27,369,408 21,405,951 31,349 169,044 Financial institutions 4,014,170 2,192,681 Consumer loans 14,713,795 15,623,597 Other accounts payable: Residential mortgages 12,005,788 11,847,656 Income tax and employee statutory Government entities 6,295,301 6,119,489 profit sharing 663,824 410 IPAB 41,803,829 58,726,457 Sundry creditors and other accounts payable 8,184,780 8,558,461 Total current loan portfolio 106,202,291 115,915,831 8,848,604 8,558,871 Past due loan portfolio (note 10): Subordinated debentures outstanding (note 17) 2,206,681 2,324,164 Commercial loans 1,887,639 4,321,394 Financial institutions 302 665 Deferred credits 13,720 12,815 Consumer loans 524,654 431,209 Residential mortgages 826,544 690,761 Total liabilities 189,546,931 174,645,174 Other past due debts 40,988 98,581 Stockholders' equity (note 19): Total past due loan portfolio 3,280,127 5,542,610 Paid-in capital : Capital stock 3,398,658 3,398,658 Total loan portfolio 109,482,418 121,458,441 Additional paid-in capital 6,626,349 6,626,349 Less: 10,025,007 10,025,007 Allowance for loan losses (note 10e) 6,401,626 8,465,683 Earned (lost) capital: Loan portfolio, net 103,080,792 112,992,758 Statutory reserves 1,899,295 2,624,272 Unrealized gain (loss) from valuation of Other accounts receivable, net 3,938,638 3,230,848 available-for-sale securities 15,556 25,509 Cumulative translation adjustment 11,061 11,061 Foreclosed assets (note 11) 495,932 878,922 Cumulative results from updating stockholders' equity (3,146,713) (3,118,650) Premises, furniture and equipment, net (note 12) 3,999,580 3,205,498 Results from holding nonmonetary assets: From valuation of fixed assets 1,210,027 1,210,027 Permanent investments in shares (note 13) 390,067 390,708 From valuation of permanent investments in shares (147,551) (139,762) Deferred income tax (note 18) 2,137,202 3,503,363 Net income 3,099,921 1,637,261 Other assets: 2,941,596 2,249,718 Other assets, deferred charges and intangibles 763,322 781,211 Minority interest 1,672 1,668 Total stockholders' equity 12,968,275 12,276,393 Commitments and contingent liabilities (note 23) Total assets $ 202,515,206 186,921,567 Total liabilities and stockholders' equity$ 202,515,206 186,921,567 (Continued) HSBC MEXICO, S. A. Institución de Banca Múltiple, Grupo Financiero HSBC AND SUBSIDIARIES Consolidated Balance Sheets, Continued December 31, 2004 and 2003 (Thousands of Mexican pesos of constant purchasing power as of December 31, 2004) Memorandum accounts 2004 2003 Guarantees issued (note 21a) $ 217,820 72,252 Other contingent liabilities 9,381,329 10,162,906 Irrevocable lines of credit (note 21a) 2,192,775 674,635 Assets in trust or under mandate (note 21b) 61,807,629 45,783,551 $ 73,599,553 56,693,344 Assets in custody or under management (note 21d) $ 49,137,240 112,942,181 Investments on behalf of customers (note 21c) 24,899,913 14,631,642 Amounts committed under agreements with the IPAB 954,839 7,814,126 Amounts contracted in derivative instruments 91,972,264 23,891,834 Investments in SAR funds 2,873,954 2,389,560 Loan portfolio rated 111,893,013 122,205,337 Other memorandum accounts 313,235,771 323,829,737 $ 594,966,994 607,704,417 Securities receivable under repurchase agreements (note 7) $ 36,090,417 62,649,474 Less - Creditors under agreements to repurchase (note 7) 36,061,652 62,634,938 28,765 14,536 Debtors under securities resell agreements (note 7) 6,022,026 29,111,757 Less - Securities deliverable under resell agreements (note 7) 6,024,342 29,111,559 (2,316) 198 Net repurchase/resell agreements $ 26,449 14,734 The accompanying notes are an integral part of these consolidated financial statements. "These consolidated balance sheets were prepared in accordance with the accounting criteria for credit institutions issued by the NationalBanking and Securities Commission based on Articles 99, 101 and 102 of the Law for Credit Institutions, which are of a general and mandatory nature and have been applied on a consistent basis. Accordingly, they reflect the transactions carried out by the Institution through the datesnoted above. Furthermore, these transactions were carried out and valued in accordance with sound banking practices and the applicable legal and administrative provisions. These consolidated balance sheets were approved by the Board of Directors under the responsibility of the following officers. At December 31, 2004, the historical capital stock amounts to $2,003,430,000 (nominal pesos)". Rubrica Rubrica Alexander A. Flockhart John J. McKenna President and Chief Executive Officer Chief Financial Officer Rubrica Rubrica W. Graham Thomson Sergio Armando Torres López Director of Internal Audit Chief Accountant HSBC MEXICO, S. A. Institución de Banca Múltiple, Grupo Financiero HSBC AND SUBSIDIARIES Consolidated Statements of Operations Years ended December 31, 2004 and 2003 (Thousands of Mexican pesos of constant purchasing power as of December 31, 2004) 2004 2003 Interest income (note 22) $ 18,505,417 18,136,715 Interest expense (note 22) (6,910,423) (8,198,690) Monetary position result, net (264,561) (177,255) Financial margin 11,330,433 9,760,770 Provision for loan losses (note 10e) (1,324,083) (3,105,072) Financial margin after provision for loan losses 10,006,350 6,655,698 Commission and fee income 6,978,138 6,464,584 Commission and fee expense (751,980) (600,733) Financial intermediation income (note 22) 880,567
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