News Release

HSBC Bank USA Hosts Philanthropy Forum

18 October 2000

In response to the continuing interest and focus on charitable giving, HSBC Bank USA will host its third annual Philanthropy Forum at its 452 Fifth Avenue location on Wednesday, October 25, 2000. HSBC Bank USA is dedicated to supporting philanthropic endeavors and broadening the vision and understanding of philanthropy. This Forum offers high net worth individuals, families, and not-for-profit organizations the opportunity to explore and address, in depth, the intriguing issues and opportunities of giving.

During the one day event, philanthropic experts will address timely topics such as the intergenerational transfer of wealth, ethical decision-making for family foundations, and investment issues facing philanthropists in the 21st century.

Beverly Sills, the former Metropolitan Opera star and chairman of the Lincoln Center for the Performing Arts Inc., will deliver a special keynote address on the art of giving. William Shore, the founder and executive director of Share Our Strength (SOS), the nations leading anti-hunger, anti-poverty organization that mobilizes industries and individuals to contribute their talents to fight hunger and poverty, will present the opening remarks.

In 1999, charitable giving in the United States surpassed $190 billion, and since 1997, giving has increased by more than $15 billion annually, according to the American Association of Fund-Raising Counsel's (AAFRC) Trust for Philanthropy newsletter, "Giving USA 2000 Update," Issue 2, 2000.

According to a 1999 study conducted by the Boston College Social Welfare Research Institute (SWRI), the intergenerational transfer of wealth over the next 50 years will be considerably larger than the widely cited estimate of $10.40 trillion. The study calculates that the transfer of wealth between 1998 and 2052 will be at least $41 trillion and could reach as high as $136 trillion. The estimate suggests that charities can expect to see a substantial increase in gifts over the next half-century. SWRI researchers conclude that "a golden age of philanthropy is dawning, especially among wealth holders and the upper affluent."

"As a result of a booming stock market, and an increase in entrepreneurship, an unprecedented amount of wealth has been created in America," said Leslie E. Bains, senior executive vice president, wealth management services, HSBC Bank USA, and the event's host. "There has been an explosion of interest in family foundations and strategies of giving, particularly among wealthy individuals and families. The Philanthropic Forum is designed to explore the intriguing issues and opportunities of giving to broaden our vision and understanding of philanthropy."

During the Forum, the following speakers will conduct the following workshop sessions:

Florence A. Davis, president, The Starr Foundation, and Jack Rosenthal, president, The New York Times Company Foundation, An Infinity of Causes, All of Them Good: How to Choose; David A. Shevlin, Esq., Simpson Thatcher and Bartlett, How to Establish Your Own Foundation: Effective Tax-Planning Strategies; Thomas J. Cashman, director and executive vice president, MFS Investment Management; H. Richard Vartabedian, chairman, HSBC Asset Management (Americas) Inc. and Fredric Lutcher, CIO, US Equities HSBC Asset Management, Looking Ahead: Investment Issues Facing Philanthropists in the 21st Century; Naomi Levine, senior vice president for external affairs, New York University, Continuing the Legacy: The Intergenerational Transfer of Philanthropic Initiatives; Eugene R. Tempel, executive director, Center on Philanthropy, Indiana University, Responsible Family Philanthropy: Ethical Decision-making for Family Foundations; Henry P. Davison, Christie's senior vice president of estates and appraisals, and Marc Porter, Christie's senior vice president, international business; and Joseph P. Blake, first vice president and regional manager, trust and investment management, HSBC Bank USA, The Art of Charitable Giving: Donation Strategies for Art and Antiques.