South Asia Earthquake Relief Fund Announces Pledges From U.S. Private Sector Surpass $100 Million Goal; Generosity of Donors Acknowledged on National Corporate Philanthropy Day

NEW YORK--(BUSINESS WIRE)--Feb. 27, 2006--The South Asia Earthquake Relief Fund (SAERF), administered by the Committee to Encourage Corporate Philanthropy (CECP), announced today that the U.S. private sector has pledged more than $100 million in cash and in-kind contributions to earthquake relief and reconstruction, surpassing the goal set by the five private sector leaders who established the Fund.

According to CECP, of this total, more than $57 million is in the form of in-kind donations and over $51 million is in the form of cash donations to charitable organizations such as the International Red Cross, Oxfam and UNICEF which are doing relief and reconstruction work in the region. To date, $18.8 million in cash has been pledged to the South Asia Earthquake Relief Fund by the following companies: Bank of America, Bell South, Annie E. Casey Foundation, Caterpillar, Citigroup, Dow Chemical Foundation, FedEx, General Electric and the General Electric Foundation, GlaxoSmithKline, Liberty Mutual Foundation, Newman's Own Foundation, PepsiCo Foundation, Pfizer, Prudential Financial, Target Corporation, UPS, Wyeth-Ayers International, and Xerox Corporation.

In 2005, the Fund awarded $4.5 million in grants to five non-profit organizations -- the Aga Khan Foundation, Catholic Relief Services, International Rescue Committee, Mercy Corps and Save the Children -- to provide immediate disaster relief initiatives in Pakistan, including providing winterized shelter, transportation of critical food and medical supplies, and administering medical care and counseling services.

The five private sector leaders continue to raise funds for the reconstruction of schools, clinics and hospitals. Grants for reconstruction initiatives will be announced this Spring.

The Fund was created, with the support of President Bush, by five private sector leaders to raise awareness and funds for relief and reconstruction in the wake of the devastating earthquake of October 8, 2005 which claimed more than 80,000 lives and left countless in need of food, supplies, shelter and medical treatment.

The five private sector leaders directing the Fund include: Jeff Immelt, Chairman and CEO, General Electric; Jim Kelly, former Chairman and CEO, United Parcel Service; Hank McKinnell Jr., Chairman and CEO, Pfizer; Anne Mulcahy, Chairman and CEO, Xerox; and Sanford Weill, Chairman, Citigroup. The Fund is led by an Advisory Committee which includes the five private sector leaders, the Administrator of the U.S. Agency for International Development, and Moeen Qureshi, Chairman, Emerging Markets Partnership, and a former Prime Minister of Pakistan.

Citigroup, GE, Pfizer, UPS and Xerox cover all administrative costs of the Fund so 100% of public and private donations are directed to NGOs providing humanitarian relief and assisting in reconstruction efforts. The Fund can be accessed at www.safewinter.org and www.southasiaearthquakerelief.org.

About the Committee to Encourage Corporate Philanthropy

The Committee to Encourage Corporate Philanthropy (CECP) is an international forum of business CEOs and Chairpersons pursuing a mission exclusively focused on corporate philanthropy. CECP's mission is to lead the business community in raising the level and quality of corporate philanthropy. Engaging with the public, private, and independent sectors, CECP members seek and create opportunities to serve as corporate giving advocates, practitioners, educators, and spokespersons to advance the case for philanthropy and to inspire other business leaders to make a lasting commitment to community giving. www.CorporatePhilanthropy.org