Five of America's Corporate Leaders Join President George W. Bush To Announce Launch of South Asia Earthquake Relief Fund; Citigroup, GE, Pfizer, UPS, Xerox

Business Wire, Nov 9, 2005

NEW YORK -- The Committee to Encourage Corporate Philanthropy Creates Fund and Website to Provide Humanitarian Relief

The creation of the South Asia Earthquake Relief Fund, announced today by President George W. Bush, will provide critically needed funds and supplies to thousands of people recovering from the devastating South Asia Earthquake of October 8, 2005. With the support of the President, five private sector leaders will lead the nationwide effort to raise awareness and resources to help those in need as a result of this disaster.

The five executives directing the South Asia Earthquake Relief Fund (SAERF) include: Jeff Immelt, Chairman and CEO, General Electric; Hank McKinnell Jr., Ph.D., Chairman and CEO, Pfizer; Anne Mulcahy, Chairman and CEO, Xerox; Jim Kelly, former Chairman and CEO, UPS; and Sanford Weill, Chairman, Citigroup. The fund, administered by the Committee to Encourage Corporate Philanthropy, an international nonprofit forum of over 100 CEOs and Chairpersons dedicated to advocating and practicing corporate philanthropy, can be accessed at www.southasiaearthquakerelief.org.

On November 9, the executives met with President Bush at the White House to discuss their plans to increase private resources for humanitarian assistance. To date, the 7.6 magnitude earthquake has claimed more than 74,000 lives and left thousands in need of food, supplies, medical treatment, and as winter approaches, adequate shelter. A trip to the region is being planned in the near future to allow the executives to survey the relief efforts, assess where U.S. donor assistance is most needed and to meet with Pakistani officials about the disaster.

"The earthquake in South Asia has caused incredible human suffering and left millions without food, water and shelter," commented Jeff Immelt, Chairman and CEO, GE. "We are proud that GE and its people have committed more than $5 million in cash and much-needed healthcare and energy equipment. However, we recognize the need is still great. We look forward to working with the administration, our colleagues in business and individual Americans to help the victims of this tragedy rebuild their lives."

"We must collectively do more to help the millions in South Asia who have been devastated by the earthquake. The South Asia Earthquake Relief Fund is an important and meaningful step in furthering humanitarian aid to improve conditions and help rebuild lives," said Hank McKinnell, Chairman and CEO of Pfizer. "Through partnerships with relief organizations, the U.S. business community has provided leadership, resources and expertise. For our part, Pfizer has committed $1 million to relief organizations, $5 million in medicines and healthcare products, and local colleagues volunteered to treat the injured."

"The devastation in South Asia is so great that it compels us to do whatever we can to alleviate the suffering," said Anne Mulcahy, Chairman and CEO, Xerox. "Xerox has already earmarked $1 million in cash contributions toward the relief effort. Once we have had the opportunity to assess the situation first hand, we will engage our people in helping and provide in-kind support as well. This is a tragedy of unspeakable proportions that will require the investment of tremendous resources over a long period of time. The immediate need is urgent. We are in a race against winter and we call upon all to act quickly and generously."

"The more than 400,000 UPS employees worldwide extend their support to the victims of this tragic natural disaster in Pakistan and throughout the region," said Jim Kelly, former Chairman and CEO, UPS. "This is a global responsibility and UPS will work to provide the people of the region with the assistance they so urgently need today and will need even more in the trying months to come. We all must be generous in backing this effort and we will work closely with our partners from Citigroup, GE, Pfizer, and Xerox as we face this great challenge together."

"A humanitarian relief effort of this scale requires a nationwide philanthropic commitment from both individuals and corporations," said Sanford Weill, Citigroup Chairman. "America has given generously in response to several recent disasters but in light of South Asia's tremendous loss, we all must do more. Citigroup and its employees committed $3 million to relief efforts in the immediate aftermath of the earthquake and our outreach continues. We established this fund to complement the efforts of our government and to provide the relief and supplies so desperately needed in the region."

"CECP and its members stand ready to support this initiative in whatever capacity is needed," said CECP Executive Director Charles Moore. "We deeply appreciate these business executives who have taken a leadership role in helping those so desperately in need. We ask all Americans to tap that same generosity they did in response to other recent tragedies."

Administered by the Committee to Encourage Corporate Philanthropy, a 501(c)(3) organization, the South Asia Earthquake Relief Fund will be led by an Advisory Committee consisting of the five corporate leaders. In addition, two representatives from the U.S. government and the Pakistani-American community respectively will also serve on the Fund's Advisory Committee.