NEW YORK, NY – January 31, 2001 – The W. P. Carey Foundation, a U.S. based philanthropic organization personally funded by Wm. Polk Carey, Chairman of W. P. Carey & Co. LLC (NYSE:WPC), today announced that it has pledged $1 million in funds to aid in relief efforts for the recent earthquake in India.
The W. P. Carey Foundation has a longstanding tradition of focused philanthropy. Just prior to the devastating earthquake Mr. Carey, who serves as Chairman of the Foundation, was planning to visit India on behalf of W. P. Carey International LLC in pursuit of opportunities to provide independent financing to Indian companies. He has now postponed his trip and instead, has taken action to both relieve the suffering of victims and to encourage other charitable foundations to make similar or larger contributions. A portion of the pledged funds will be earmarked for aid to educational institutions in the affected areas.
As the world's largest democracy, India is a country with immense potential. Not only does India have the world's second largest population, but it also has an Anglo-judicial system that has been in place since the country's inception in 1947. It is the opinion of the W. P. Carey Foundation that the United States, as the world's oldest and most vocal democracy, must make strides to further strengthen its ties to this great nation.
Commenting on the $1 million contribution, Mr. Carey stated, "When we visited India last November we were most impressed with the entrepreneurial spirit of its people and the untapped opportunities to provide long-term financing to Indian businesses. In light of the horrific recent developments in the country however, we have decided to get involved in the relief effort. It is my sincere hope that other philanthropic institutions will also lend support and help ease the suffering of this earthquake's victims."
In planning his travel in India, Mr. Carey's close contact with Ambassador Kamalesh Sharma, Permanent Representative of India to the United Nations, provided him invaluable insight into the unique conditions in India leading to his pledge of support. Pending approval, the pledged funds are to be committed to various organizations including the Prime Minister's Relief Fund.
While the W. P. Carey Foundation has pledged funds for immediate relief, W. P. Carey International LLC maintains its plans to pursue long-term financing for Indian businesses and to invest in the economic infrastructure and future of India.
This press release contains forward-looking statements within the meaning of the Federal securities laws. A number of factors could cause the company's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact the company, reference is made to the company's filings with the Securities and Exchange Commission.
