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November 2007

HSBC Bank gives $500,000 grant to The Doe Fund

George T. McDonald, founder and president of The Doe Fund, Inc., and Paul J. Lawrence, president and chief executive officer of HSBC Bank USA, announced a unique environmental and entrepreneurial partnership. HSBC will give the Doe Fund $500,000 over three years to help expand The Doe Fund’s biodiesel supply program, known as RWA Resource Recovery.

The expansion will allow Resource Recovery to hire 31 full-time employees and provide 60 vocational training positions, as well as greatly increase collection capacity to ultimately become a major supplier of biodiesel feedstock.

George McDonald said, “Through RWA Resource Recovery, The Doe Fund not only is making New York City cleaner and greener, but is providing jobs and training to formerly homeless individuals who are ready to change their lives and want a hand up rather than a hand out. The men of Ready, Willing & Able have proven that waste cooking oil isn’t garbage, but is a long-neglected urban resource that can be recycled into clean-burning fuel. With HSBC at our side, we are poised to greatly expand this effort.”

RWA Resource Recovery began in December 2006 as New York City’s only ecologically and socially conscious on-demand, free pick-up service for waste cooking oil that is converted into premium grade biodiesel fuel.

This substitute for petroleum-based diesel can be used in any diesel engine without modification while burning 78% cleaner than traditional diesel fuel. The enterprise is staffed by participants and graduates from The Doe Fund’s Ready, Willing & Able program, which provides formerly homeless men with paid transitional work opportunities and offers comprehensive counseling.

So far, The Doe Fund has built an impressive roster of more than 300 restaurants. The partnership with HSBC will enable RWA Resource Recovery to greatly increase its capacity – from 112,500 gallons of cooking oil collected to date to approximately one million gallons after the first year of the collaboration. Over the course of the three-year arrangement, The Doe Fund hopes to collect 5 million gallons of used cooking oil and serve 3,500 restaurants.

RWA Resource Recovery supplies containers and equipment for collection. Pickups are scheduled to accommodate the volume of waste cooking oil produced by each client. The Doe Fund then sells the oil to biodiesel producers, who convert it into biodiesel fuel for resale as automotive fuel and heating oil. The Doe Fund also hopes to build the first biodiesel manufacturing plant in New York City, making it a major source for biofuel in the city.

RWA Resource Recovery is one of several micro-enterprises operated by The Doe Fund, a not-for-profit dedicated to offering life-changing opportunities to homeless individuals through paid work, transitional housing and comprehensive support services.