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SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 1 SAVE DARFUR COALITION Moderator: Colleen Connors September 5, 2007 10:00 am CT Operator: Good morning. My name is (Judith) and I'll be your conference operator today. At this time, I would like to welcome everyone to the Save Darfur Coalition, divestment campaign conference call. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there'll be a question and answer period. If you would like to pose a question during this time, please press star then the number 1 on your telephone keypad. If you would like to withdraw your question, you may press the pound key. Thank you. It is all my pleasure to send you forward to your host, Miss Colleen Connors. Ma'am, you may begin your conference. Colleen Connors: Thank you very much, (Judith) and thank you for participating in our call today. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 2 My name is Colleen Connors. I am the communication director of the Save Darfur Coalition. If at any time you'd like to contact me, you can reach me at 202-478-6147. Today's call will be recorded and the transcript will be posted tomorrow on our Web site, which is www.savedarfur.org. The speaker's bios and all of our media materials will - can also be found on our Web site at savedarfur.org/divestment/presskit. All four speakers, when they finish their presentation, we'll open the call up to questions. And if you have additional questions after the call or need follow up information, you can contact my colleague, Ashley Roberts, at 202-478-6181 or email her at ashley@savedarfur.org. On today's call we're going to be launching the next phase of the Divest for Darfur campaign. An aggressive grass roots and advertising campaign aimed at putting economic pressure on the government of Sudan. We will announce the campaign's five targets, which were selected because they are largest U.S. mutual fund company investors in PetroChina. PetroChina, through its parent company, CNPC, is the worst of the highest offending companies helping fund the genocide in Darfur, according to the targeted divestment model developed by the Sudan Divestment Task Force. In the coming weeks, the Coalition in coordination with Darfur activists will unveil a series of actions targeting each of these firms, including paid advertising, direct action events and grass root pressure from activists. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 3 Today investors against genocide will deliver more than a 150,000 petitions to Fidelity headquarters in Boston, Massachusetts, imploring leaders of Fidelity Investments to act responsibly. On the call today we have Zahara Heckscher, who's the Divestment Campaign Manager here at the Save Darfur Coalition, Adam Sterling, the Director of the Sudan Divestment Task Force, Eric Cohen, Chair, Investors Against Genocide, and Omer Ismail, with Darfur Peace and Development and a native Darfurian. Again, all of their bios can be found in our press kit on our Web site. I'm now going to turn it over to our speakers and then we'll open the call up for questions. First we have Zahara Heckscher, the Divestment Campaign Manager at Save Darfur Coalition. Zahara Heckscher: Okay. Thank you, Colleen. And thank you all for joining. The Save Darfur Coalition's divest for Darfur campaign is powered by fundamental fact about investment. The American people do not want to invest in genocide. According to a poll conducted by KRC Research in April 2007, more than three-quarters say they would switch their investments to a different company if they learned that those managing their funds had significant investment in firms that were helping to fund the genocide in Darfur. Unfortunately, the research of our partner organization, the Sudan Divestment Task Force has shown that millions of Americans are, without their SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 4 knowledge or consent, investing in companies that help fund the genocide in Darfur. Our campaign is designed to bring this problem to light and to mobilize the economic and political power of the American people to promote divestment, a form of financial pressure that can help hasten the end of the genocide. The Divest for Darfur campaign is launching into a new stage today with the announcement of our five target investment firms. Those are Franklin Templeton, JP Morgan Chase, Fidelity, Capital Group, also known as American Funds, and Vanguard. Details on these companies' investments in PetroChina can be found at www.divestfordarfur.org. These companies were chosen because of the U.S. based companies through which millions of Americans have their retirement and other savings. They are the top five holders of shares in PetroChina. PetroChina is a Chinese oil company that along with its parent, CNPC, is considered to be the worst of the worst offenders in helping fund the genocide. The Save Darfur Coalition and our allies have attempted to communicate with all target investment firms about the problem of investing in PetroChina and other offending companies in Sudan. Despite dozens of letters and in the case of Fidelity, thousands of emails, faxes and calls, the Save Darfur Coalition has not received a single official response from any of these companies. We are now moving to the next step of our campaign. We do not take investment in genocide lightly. In addition to our new divestfordarfur.org Web SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 5 site, which launched just moments ago, in the coming weeks and months, you'll see us devote significant resources in an aggressive campaign to promote divestment. Not only grass roots action around the county and innovative electronic organizing, but also a creative and very hard hitting advertising campaign that will help Americans learn about what their own investments are funding and what they can do to change. There are some hopeful signs in our campaign as well. We are very encouraged that eight investment firms have adopted the targeted divestment model that we advocate. That list is featured on our divestfordarfur.org Web site. In targeting investors, we hope to send a message to PetroChina, CNPC and all the companies that are helping fund the genocide, including European countries - companies, such as Linden Petroleum and Petrofac, and Asian country - companies, including ONGC and Petronas. To them we say, "Genocide is a bad investment." We are also sending a message directly to Sudan. The American people care about the people of Darfur and Sudan. We would like to support economic development but as long as the genocide continues, we will use a variety of techniques to encourage investors to avoid funding the Sudanese government's brutal campaign in Darfur. We are asking corporate America to rise to the challenge. It's the right thing to do. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 6 Divestment is also a good business decision to avoid alienating thousands of customers and potential customers and appeal to 77% of Americans who said they would change their investment decisions if they found out their savings were funding genocide. In addition to this mutual fund campaign, Divest for Darfur and our allies are hard at work to press strong legislation in the Congress that supports divestment and related economic sanctions. We are supporting the state divestment campaign of the Genocide Intervention Network. We are supporting the emerging international divestment campaign, which is spreading throughout the world. We are also very pleased and honored to be working in special partnerships with our allies at the Sudan Divestment Task Force and the Darfuri community and Investors Against Genocide, which is launching today as an expansion of the campaign that started with Fidelity Out of Sudan. We will coordinate our efforts very closely with these organizations as well as the over 180 organizations that make up the Save Darfur Coalition, many of which are joining us in the Divest for Darfur campaign. It is our sincere hope that U.S. investment firms can become part of the movement for positive change in Darfur rather than continuing to be part of the problem. Colleen Connors: Thank you very much, Zahara. I'd now like to ask Adam Sterling of the Sudan Divestment Task Force to speak. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 7 Adam Sterling: Thank you, Colleen. Thank you, Zahara. The Sudanese government has a long history of susceptibility to economic pressure, with a foreign debt that actually exceeds its gross domestic product. More than diplomacy, the country has responded to economic pressure in the past. Despite this historical responsiveness, the Khartoum regime has faced little in the way of economic consequences for its perpetuation of genocide in Darfur, heavily protected by a small set of international companies, whose commercial interests in Sudan are very strong. Ninety percent of Sudan's export revenue is generated from oil. And as much as 70% of this oil revenue goes to Khartoum's military expenditures. Because Sudan does not have the capital or expertise to extract its own oil, the regime instead relies on foreign partners, mainly China, to run this lucrative industry. China, which by - is roughly 2/3 of all Sudanese oil, has invested upwards of $15 billion in the country, operates in Sudan primarily through the state owned China National Petroleum Company or CNPC. CNPC facilitates violence in Sudan well beyond its financial support for Khartoum. During its' tenure in the country, CNPC has been accused of participating in bribery, forced displacement of local populations and use of company property for Sudanese military purposes. Most important, Sudan benefits from the diplomatic protection afforded to it by China on the U.N. Security Counsel. To make this two country tango worse, much of Sudan's oil profits are spent on purchasing weapons from China. A U.N. investigation conducted last year determined that the vast SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 8 majority of weaponry used to attack civilians across Darfur is of Chinese origin. While CNPC's owned by the Chinese government, in 2000 the company opened its self up to international investors by creating a publicly traded subsidiary, PetroChina. Technically, only CNPC has operations in Sudan, however, a closer look shows that the companies are in fact one in the same. Management in CNPC and PetroChina almost complete overlap and frequent asset transfers between the two entities, which often take place at subsidized rates, have made CNPC completely reliant on PetroChina for its financial health. For example, PetroChina's current Chairman is CNPC's General Manager. The Chief Financial Officer of PetroChina is also the Chief Financial Officer of CNPC. Six out of the seven current PetroChina directors all serve as top executives at CNPC. And in January, PetroChina announced the construction of a new China based $1.6 billion refinery set to come online in 2008 that will be primarily dedicated to refining Sudanese oil drilled by CNPC. To date, 20 U.S. states, 54 colleges and universities and 9 cities have adopted Sudan divestment policies. In fact, a number of companies operating in Sudan have already responded. CHC Helicopter Corporation, ABB, Seaman's, Rolls-Royce and Schlumberger have all seized operations in Sudan or significantly changed their behavior in the country since the proliferation of the Sudan divestment movement. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 9 Last week the Sudan Divestment Task Force released our quarterly Sudan company report, available on our Web site at www.sudandivestment.org. Unfortunately, PetroChina and CNPC continue to support the Sudanese government despite four years of genocide in Darfur and years of engagement by major investors. In today's Boston Globe, Franklin Templeton stated that, "Fostering economic and business development through investment in trouble regions can often help in achieving reform." PetroChina and CNPC isn't an investment that helps achieve reform. It's an investment that simply helps to entrench a genocidal regime. Thank you. Colleen Connors: Thanks very much, Adam. I'd like to now turn it over to Eric Cohen with Investors Against Genocide. Eric Cohen: Thank you, Colleen and good morning. I'm Eric Cohen the Chairperson of Investors Against Genocide and its predecessor the Fidelity Out of Sudan campaign. In January 2007 we launched the Fidelity campaign to draw attention to the problem of Fidelity's large investments in PetroChina and other companies that were helping to fund the genocide in Darfur. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 10 We hope to rouse thousands of Americans to object to how Fidelity was investing its customers' money and thereby connecting millions of Americans to the genocide. Since then, working with our partners at the Save Darfur Coalition, more than 150,000 people have signed the petition. This afternoon at 2:00 pm we will be representing the collective voices of these 150,000 people when we deliver the petitions to Fidelity's corporate headquarters in downtown Boston. When we launched we also hoped to move Fidelity to divest its massive holdings in PetroChina. Since then several major Fidelity funds divested their holdings completely of PetroChina on the New York Stock Exchange. However, Fidelity's action is only a first step since Fidelity continues to be a massive shareholder in PetroChina by virtue of its shares purchased on the Hong Kong Stock Exchange. They still have than $500 million at PetroChina. In the face of genocide and many thousands of citizens' complaints, Fidelity's position remains that their only job is to make money and the genocide is someone else's problem. Further, since Fidelity has made no statement or commitment regarding divestment from PetroChina, investors entrusting their money to Fidelity Mutual Funds continue to risk inadvertently investing in these companies helping to fund the genocide in Darfur. We realize that our campaign against Fidelity should continue and that we needed to broaden the focus of our work since so many other mutual fund and investment firms also have genocide related investments. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 11 So today I'm announcing the launch of Investors Against Genocide, a new organization dedicated to convincing financial institutions to make a commitment that they will not invest in genocide. All of our experience on the Fidelity campaign reinforces our belief that Americans do not want their family savings invested in companies that help to fund genocide. The broadened set of targets, building on our work with Fidelity and Berkshire Hathaway is striking. They include the largest mutual fund companies in the world and some of the most prominent financial institutions in the country. Together these companies touch far more than 60 million households in the United States and hold nearly $8 billion worth of PetroChina stock. Action by these companies, whether together or in part, can surely move PetroChina and Sudan and help about bring about the end of the genocide. Together with our partners, we will work to make that happen. While ethical investing may mean different things to different people, surely there is a minimum standard upon which everyone agrees. Looking back, who would support the idea of investing in firms that sought to make a profit by selling Zyclone B gas to the Nazis or machetes for the genocide in Rwanda? Looking forward, who wants their family savings and pension funds invested in companies that help fund genocide? Now is the time for Americans to demand genocide free investing as the minimum requirements of the financial institutions that serve us. Learn more about our initiative at investorsagainstgenocide.org. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 12 Colleen Connors: Thank you very much, Eric. I'd like to now have Omer Ismail of the Darfur Peace and Development speak. His name is spelled O-m, as in "Mary,"-e-r. Last name Ismail I-s-m-a-i-l. Omer? Omer Ismail: Thank you very much. I have a very short statement. To me this is a very interesting discussion and it is not in an abstract form because I'm a person from Darfur and I'm a victim of what is happening in Darfur today. And I think the world must respond in diplomatic and political and economic terms to bring an end to this genocide and this suffering because the people of Darfur are at the receiving end of this kind of investment and I think it is irresponsible for companies to invest in companies that are supporting the country that supports genocide in Sudan. And I just came back from, as Eric Cohen mentioned, Rwanda. I just came back from Rwanda last week. In fact in two hours I'm leaving, going to the airport to go to eastern Chad to be with the Darfur refugees, those people who are suffering as a result of the policies of these companies in supporting the Chinese government, who is supporting the Sudanese government, which is the main perpetrator in this genocide. So I believe the responsibility of these companies is to listen to the investors and from the statistics that we have heard today that 70% or more from the American people, the American people do not want their money to be invested in companies that support genocide. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 13 And I think that is a strong message and I think people should continue with this campaign until we see that we are getting the funds back from these companies that are funding genocide. And that will help definitely in resolving the issue in Darfur and we would love to see this issue resolved amicably because the suffering of the people continues. Two and a half to three and a half million people roaming the hills of Darfur with no place to stay. When they were uprooted from their villages and their buildings were burned, their livelihood is destroyed, their economic life is destroyed. And we are talking about dollars and cents here. And those people do not have nothing to go back to to reclaim their lives. And over a quarter of a million people in eastern Chad with a small presence in the CAR, that is the Central African Republic, and many hundreds of thousands of Darfurians all over the world. I'm one of them in this part of the world. I believe it is time for us to say, "Enough is enough." This is the only country that said what is happening in Darfur is genocide. The people of this country need responsible companies to invest their money responsibly and divest all companies that support this genocide. I hope that everybody will work together with all of us to end the genocide today if we can. Thank you. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 14 Colleen Connors: Thank you very much, Omer. I'd like to now open the call up to questions. Operator: Thank you. At this time I would like to remind everyone if you would like to pose a question, please press star then the number 1 on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Once again that is star followed by the number 1 on your telephone keypad. Your first question is coming from (Shrae Viday) of Bloomberg News. Sree Vidya: Hi. This is Sree from Bloomberg. I just wanted your sense on some of the worst offenders of the five investment companies that you've named. And, Zahara, I know you mentioned that you had made attempts contact these companies, but if you could just give me a sense for, you know, how long you've been pursuing these companies for in an attempt to get in touch with them? And, you know, if you could in as much color as you can give on your efforts to get them to respond? Zahara Heckscher: Okay. Thank you for the question. The first part of the question was about the relative investments of the different five target companies. And we have just, again, moments ago on our new updated divestfordarfur.org Web site, uploaded a spreadsheet in PDF format, which you can access through the press kit… SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 15 Sree Vidya: Okay. …section of the Web site. And I'll just share a summary and then you can Zahara Heckscher: - excuse me. You can see those details online as well as the source of the data and the technical notes. And I should mention that the data as noted in the technical notes, is estimate based on latest holdings in PetroChina reported by Bloomberg on August 1. So the - of the five companies, the one that has the most PetroChina shares is Franklin Templeton, then J.P. Morgan Chase. Then we have - sorry. I'm just I'm going through it as I speak. Sree Vidya: Oh, sure. Take your time. Zahara Heckscher: Capital Group, also known as American Funds is next, then Fidelity and then Vanguard. That's the order and you can see the actual number of shares, both the H shares on the New York Stock E- I'm sorry, on the Hong Kong Stock Exchange and the ADR's in that spreadsheet. And if you have follow up questions on that we're happy to answer those. The second part of your question was about the communication with these companies. Of course the communication with Fidelity has been going on since before our campaign launched, starting with the work of Fidelity Out of Sudan. I believe they started the engagement last year, in fact, before their campaign launched publicly. And when we - since we launched we sent, as I mentioned, literally thousands of emails, we've made phone calls both from our office as well as thousands of activists around the country. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 16 The other companies - the other four companies we have sent dozens of letters going back several months now to try to engage them in a conversation to educate them about what their investments are doing and to encourage them to adopt the targeted divestment model. In addition, just a couple weeks ago we sent them a version of this spreadsheet, to give them the opportunity to say if there was any errors in the data here or if any of them have divested or partially divested. We wanted to give them that opportunity. Again, we received no response. So all of the CEO's have received letters and we also emailed the trustees because we felt that they should know as well, not only the CEO's. We did hear back from a couple of companies that are not on the top five and those are T. Rowe Price and Putnam. So we're, you know, in communication with them at least. But of these five, none of them have responded. And, Adam, I don't know if you want to add anymore maybe on the spreadsheet and the data. The Sudan Divestment Task Force actually compiled - did the research that we've presented on our Web site. Adam Sterling: No. I think you captured it. Zahara Heckscher: Okay. Thanks, Adam. Colleen Conner: Can we take the next question, Operator? Operator: Thank you. You're next question is coming from Stephanie Kirchgaessner of Financial Times. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 17 Stephanie Kirchgaessner: Hi. Thanks for taking my question. Can you talk a little bit about what your discussions have been to date, if any, with pension funds because those, I would assume are the largest investors in funds because it's not necessarily up to the individual investors to be able to maneuver these kinds of things, like their 401K or what have you? So just wondering how the discussions are going with pension funds right now? Adam Sterling: This is Adam. I would start by saying we - the kind of initial and continuing move, one of the aspects of the divestment campaign have been focused on public pension funds, largely state pension funds. And I as I mentioned today, 20 U.S. states have adopted Sudanian divestment policies, some through mandated legislation, some through independent actions of the pension funds. So these pension funds are ensuring that their own investments are free and… Stephanie Kirchgaessner: Sorry. So they've already divested? I just didn't catch that? Adam Sterling: Yes. Stephanie Kirchgaessner: funds? They've already - 20 states have already divested from these Adam Sterling: From these comp- from offending companies in Sudan. Stephanie Kirchgaessner: Okay. Adam Sterling: So now we're asking these funds to follow the leads with other investments. So investments that they don't necessarily handle solely on behalf of these pension funds. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 18 Stephanie Kirchgaessner: Well can you tell me a little more about the progressive with the pension funds and how they're responding and what the continuing plan is to encourage them to change their - put pressure on the funds themselves? Adam Sterling: Sure. So we - in - last year we, the Sudan Divestment Task Force, developed state legislation. It's our targeted divestment model. It was first adopted in California in September of 2006, where two of the largest pension funds in the country, CalPERS and CalSTERS, were mandated under the legislation. Since then 12 additional states, 13 in total, have adopted the targeted model, which focuses on worst offending companies. Additionally seven other states have adopted differing models of Sudan divestment. There are four states this year still considering Sudan divestment legislation, Massachusetts, Michigan, Wisconsin and Ohio. And the most recent state, last week, divestment legislation was signed in North Carolina. We'll continue to pursue divestment legislation in next year's legislative sessions. Stephanie Kirchgaessner: Are there any pension funds that have been - have rejected this outright? Or that you would put on a list of not being open to discussions with the Coalition? Adam Sterling: You know, largely, there's been pension funds opposed to broader models of divestment. We've received a lot of support from our fund - our model of targeted divestment. There's been resistance in states like Wisconsin, specifically to our model, with one of the larger pension funds in the country. So I think that's an example of a fund that's been publicly opposed. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 19 Eric Cohen: This is Eric with just a little more on the question of pension funds, for you Stephanie. In addition to the public pension funds that Adam was just discussing, the country of course is full of private pension funds, which are operated by companies, most of whom hire mutual fund companies, such as Fidelity, to operate their pension fund for them. Stephanie Kirchgaessner: Right. Eric Cohen: And this can be a terrible catch 22 for Americans once they discover the complication with companies like Fidelity investing in the genocide because many of those 401K plans have limited options about what kind of funds an employee may chose. And if the plan, for instance, is limited - run by Fidelity and limited to Fidelity funds, then you could be in quite a quandary. So we've started to work with a variety of organizations, employees and companies, employees at colleges and universities to raise the issue about what's happening with their private pension plan. And there's been some moment in this area as well, for instance Stanford University published, to all its employees in the pension plan, instructions on how to move out of Fidelity funds and into different funds. So sometimes there are things that pension plans can do and plan administrators… Man: (Unintelligible). …can do to help. Eric Cohen: Man: Eric? SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 20 Eric Cohen: We've published on our Web site instructions and suggestions for employees to talk to their plan administrators to see what can be done. Unfortunately, many of these plans are locked in by contract and people's options are quite limited. But at least raising the issue in their company and then having the company raise the issue with the service provider, such as Fidelity, helps to put some pressure in the right place, on the companies that are having the investment problem. Zahara Heckscher: This is Zahara. And I just want to add that in addition to the state legislation, which I think has made, you know, very dramatic progress with these 20 states divesting, there's also national legislation, HR180 which is the Darfur Accountability and Divestment Authorization Act. And among other things, this legislation would protect the state's right to divest their pension funds. And I think it's a testament to the very, very broad basis of support for divestment in the U.S. that the legislation passed the House in July by a vote of 418 to 1. And the bill's now moved to the Senate and the organizations are working very hard now for its passage because that will, again, be a significant step forward for the divestment movement. Stephanie Kirchgaessner: Thank you. Colleen Connors: Thank you, Stephanie. Operator, we can take the next question. Operator: Thank you. Your next question is coming from Murali Kumar of Reuters. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 21 Murali Kumar: Hi. Thank you. I just wanted to know how much is the new campaign costing? Colleen Connors: We are - we don't have any specific numbers that we're releasing at this time. But it will be a significant ca- sized campaign we're going to - a lot resources into it. Murali Kumar: Right. Okay. Another question I have is one of the oppressed's statements mentioned this company, Allianz Global Investors as one of the targets, but your comments don't include that company. So is Allianz part of this campaign or isn't it? Zahara Heckscher: This is Zahara Heckscher at the Save Darfur Coalition. So the Save Darfur Coalition's next step in our campaign is really focusing on the five U.S. based mutual funds companies that are the largest investors in PetroChina. Murali Kumar: Right. Zahara Heckscher: But we recognize that there are many other holders in PetroChina, including Allianz, and although it's based in Germany, it does have many Americans invested in mutual funds. So we're supporting the campaigns of our allies and I'll turn it over to Eric at Investors Against Genocide, who are targeting Allianz. We're in communication with our allies in Germany about the Allianz campaign. And in addition, there are other companies where we will be supporting the work of our allies and those include Berkshire Hathaway and also UBS, which maybe Adam could address? Eric Cohen: This is Eric. Thanks for question, Murali. From Investors Against Genocide, we are adding Allianz as one of the players that we're going to look closely at. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 22 And just as in the case of Fidelity, our campaign on Fidelity had the spotlight shining on it before additional partners joined us in that campaign and added their weight behind it and we got much stronger then. We're kind of on the early side of starting with Allianz. We do have some partners in Germany who are beginning work in country as well. We thought it was important to call out to Allianz as Zahara had mentioned because there are so many Americans that are buying mutual funds from them through PIMCO and NFJ and RCM. And Allianz has the dubious distinction of having taken over from Fidelity as the leading holder of PetroChina on the New York Stock Exchange. Murali Kumar: Right. Eric Cohen: And it was important to us and not let them think for a second that they were going to get away with no one chasing them just because everyone wasn't going to chase them right away. Murali Kumar: Right. Eric Cohen: So we hope to start building the pressure and as it builds, the campaign will build and I think broaden further. Murali Kumar: Thank you. One final point of clarification. There was the mention of two firms, T. Rowe Price and Putnam, if I'm not mistaken. What was that in connection? But - sorry I didn't catch that part. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 23 Zahara Heckscher: Okay. This is Zahara, again. And after I answer this question I'll turn it back over to Adam to go back to the IPO - the PetroChina, IPO and UBS. But to talk specifically about T. Rowe Price and Putnam. When we communicated with the investment firms, we did not just communicate with the top five here, we communicated with a much broader list of companies that have investments in PetroChina and the other offending companies, including T. Rowe Price and Putnam. The… Murali Kumar: Right. …size of their holdings is a little bit less so they're not on our top target Zahara Heckscher: list but we still wanted to communicate with them about these investments. And those were the two companies that responded to us and said that they are actually considering their Sudan investment policy. Putnam is actually bringing this issue to their Board of Trustees this month, although we don't have the exact date for that. And T. Rowe Price has involved some socially responsible investment experts in helping them assess their investments in Sudan. So we're very, very pleased with the fact that they are taking this campaign seriously and taking a very close look at their own investment policies regarding Sudan and I think it's an example of one of the themes of our campaign which is "Engagement". We favor discussion, communication, collaboration, not only with the investment firms but also especially through the work of the Task Force. They encourage engagement with the firms that are the highest offenders in Sudan. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 24 And only if engagement does not work do they promote actual divestment. And, Adam, can you just go back to the IPO and the role of UBS? Adam Sterling: Yeah, so beyond just focusing on financial institutions investments in PetroChina, PetroChina has - we'll be seeking or we'll be scheduling an IPO on the Shanghai Stock Exchange and they've hired UBS as the entity to manage that IPO. Murali Kumar: Right. Adam Sterling: Okay. Zahara Heckscher: And so just to build on that, we'll be working with our allies around the world to pressure UBS. So although the Divest for Darfur campaign is really most focused on the top five U.S. based mutual funds companies, we do represent the Save Darfur Coalition of 180 organizations. So we work closely with them on other strategies to pressure companies that may not actually be on our short target list. Murali Kumar: Right. Thank you very much. Colleen Connors: Thank you. Eric Cohen: This is Eric. Just to add a point for your question, Murali. Since Putnam is based in Boston, I went out of my way, since I'm based in Boston, to have discussions with them and I want to emphasize Zahara's point about how pleasantly unusual it was that they opened their door for actual discussion and requested information. So that's quite laudable. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 25 That does not constitute action yet, but it's certainly very different than the kind of reception we've gotten from the largest mutual fund companies in the country. So we are engaging with Putnam and we'll be seeking to engage with the other players as well who are not on the target list. And I - one of the things that I think can be significant for all of them is that there's a tremendous market opportunity here for mutual fund companies to get on the right side of this issue because Americans are shocked and outraged when they discover the connection and they don't want to be connected. And as there starts to be major mutual fund companies that make themselves available being genocide free, they will be very attractive places for people that want to move their money once they start emerging. So we're hoping to see more names joining the list that Zahara was referencing of fund companies that have divested or declared themselves genocide free. Murali Kumar: Thanks. Zahara Heckscher: And that list of companies is in the press materials at the divestfordarfur.org site and you can see that we definitely are publicizing the companies that have already adopted targeted divestment. And we would be delighted to add more. We anticipate adding more companies to that list as more and more people seek alternatives. Colleen Connors: Thank you. Is there another question? Operator: Thank you. Your next question is coming from Abid Aslam of Inter Press Services. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 26 Abid Aslam: Yes. If I recall correctly, you were not able to put a dollar sum or a ballpark estimate on how much your efforts are going to cost. I'm wondering if you can give us some sense then of where the money is coming from? Have you received special funding for the next phase? Or is the money coming from your regular sources? In either case, what are those sources? Colleen Connors: Thank you, Abid. The - we are fortunate here at the Save Darfur Coalition to have more than a million people on our email list and millions of Americans involved in the campaign. Most of our funding comes from individual donations, although foundations also donate to the Save Darfur Coalition. Our donations range from small children who have lemonade stands and send us their quarters to individuals and foundations who make sizable donations. So the significant resources that we will put into this next phase of the divestment campaign will come from our regular funds. Abid Aslam: How much from individuals? How much from foundations roughly? Or at least the proportions if you don't have don't have dollar figures? Colleen Connors: I actually don't have that data in front of me but I'm happy to follow up with you after this call and then I'd have to pull up some our financial information. But the majority of our - there are more donations made by individuals. I believe in the 2006 calendar year we had more than 40,000 Americans make a donation to the Save Darfur Coalition. Abid Aslam: Okay. Great. Thank you. Operator: Thank you. Once again as a reminder, if you would like to pose a question, please press star then the number 1 on your telephone keypad. SAVE DARFUR COALITION Moderator: Colleen Connors 09-05-07/10:00 am CT Confirmation # 9192663 Page 27 There appears to be no further questions at this time. I'll send the floor back over to your host for any closing remarks. Colleen Connors: Thanks (Judith). Thank you all for participating in the call today. Again, I'm happy to follow up on any questions or my colleague, Ashley Roberts. I can be reached at 202-478-6181. And Ashley can be reached at 202-478-6181. I'm at 6147. I apologize. All of the materials from today's press briefing can be found at savedarfur.org/divestment/presskit and the transcript will be posted in the press section of our Web site tomorrow and that's www.savedarfur.org. So thank you again for participating. Operator: Thank you. This concludes today's Save Darfur Coalition investment campaign conference call. You may now disconnect. END