For Release 8th November, 2004 For more information please contact:…

For Release 8th November, 2004

For more information please contact:
Richard Campbell
Capital MS&L
+44 (0) 20 7878 3243 / +44 (0) 7775 784 933
richard.campbell@capitalmsl.com


    GENERATION ANNOUNCES PLANS FOR NEW INVESTMENT MANAGEMENT FIRM

  A new investment management firm dedicated to the principles of long-term investing,
                integrated sustainability research, and client alignment

 Founding Partners include David Blood, ex-CEO of Goldman Sachs Asset Management,
                and Al Gore, former Vice President of the United States

London (November 8th, 2004) - Generation Investment Management ("Generation") today
announces it intends to launch as an independent, employee owned investment management
firm focusing initially on long only global equities. Generation will integrate rigorous traditional
fundamental equity analysis with sustainability research to create a new approach to long-term
investing.

David Blood, ex Chief Executive of Goldman Sachs Asset Management, is a co-founder and the
Managing Partner of Generation. He said today: "Investors are clearly looking for a money
management firm dedicated to long-term investing and whose interests are aligned with clients.
Generation was founded with these principles in mind."

Long-term investing implies identifying companies with an enduring capability to create value and
sustain competitive advantage. To identify these companies, Generation's integrated
sustainability research will take into account a broader range of issues than traditional equity
analysis can capture. Generation believes social, environmental and geopolitical issues can
materially impact a company's ability to sustain returns. Generation will invest in companies that
will enhance shareholder value by managing the risks and seizing the opportunities that these
long-term economic, environmental, social and geopolitical challenges offer.

Generation brings together a proven team of equity analysts with leaders from the sustainability
research field. Blood added: "Combining fundamental equity analysis and sustainability research
at the beginning, middle and end of the investment process is just a more sensible way to invest
and deliver superior returns to our clients. Sustainability combines the principles of economic
growth, environmental stewardship and social accountability. Companies that embrace these
principles by managing risks and investing in the future offer genuine long-term rewards for their
shareholders."

Al Gore, formerly Vice President of the United States and author of the critically acclaimed book,
"Earth in the Balance" is Chairman of Generation. He commented:

"I'm delighted to join David Blood in founding this firm. The issue of sustainability has always
been a passion of mine. Helping to establish the competitive business advantages of
sustainability in an investment context with this exceptional team is a very exciting challenge.

Transparency, innovation, eco-efficiency, investing in the community, nurturing and motivating
employees, managing long term risks, and embracing long-term opportunities are integral parts of
a company's enduring capability to create value. Business leaders who align their business
strategy and technical development with sustainability and social accountability will deliver
superior long-term results to shareholders."
Generation will launch with four other founding Partners:

    · Mark Ferguson, previously co-Head of Pan-European Research at Goldman Sachs Asset
      Management and a Global Equities Portfolio Manager, is Chief Investment Officer.
    · Peter Harris, previously head of International Operations for Goldman Sachs Asset
      Management, is Chief Operating Officer.
    · Peter S. Knight, formerly Managing Director Met West Financial, lawyer, Chief of Staff for
      Senator Al Gore (D-TN) from 1977-1989, and Campaign Manager for President Clinton's
      successful re-election in 1996, is President of Generation U.S.
    · Colin le Duc, previously Director of Research for SAM Sustainable Asset Management
      (Zurich) and an international strategy consultant for Arthur D. Little in London, is Head of
      Research.

Mark Ferguson, Chief Investment Officer of Generation, added:

"Our team is a blend of traditional investment management and sustainability experts. The
composition of our investment team provides us with a unique ability to integrate fundamental
equity analysis with an understanding of how companies embrace the principles of sustainability.
This will allow us to deliver superior financial returns to clients over the long term."

Colin le Duc, Head of Research for Generation, said:

"I am delighted that former Vice President Gore will serve as our Chairman. As a broad thinker
with the ability to analyze long-term sustainability themes and how they will impact business
competition, he brings a unique perspective to the firm.

"In every sector, there are long-term challenges which present risks and opportunities for a
company's enduring capability to create value. We believe that research into the implications of
these business risks and opportunities is, by and large, unsophisticated. There is therefore a
significant opportunity for Generation to deliver long-term research that enables the team to
select the stocks that will create long-term value for our clients."

Generation is based in London, with its U.S. offices in Washington, DC. The firm will manage the
assets of institutional investors such as pension funds, foundations and endowments, as well as
those of select high net worth individuals. Generation expects to make extensive use of long-term
performance based fees. Generation will begin its investment management business in early
2005.

                                             - END ­
Notes To Editors - About Generation's Founding Partners

Hon. Al Gore, Chairman
Mr. Gore served as the Vice President of the United States of America from 1993 to 2001. Mr.
Gore spent 24 years as an elected official, serving 8 years in the US House of Representatives
and 8 years in the US Senate before his election as Vice President. Since leaving government,
Mr. Gore has been involved in teaching at the university and post-graduate level and in private
business in the fields of financial services and technology. He is also on the Board of Apple
Computer and has served for four years as Senior Advisor to Google. He is Chairman of INdTV.

Mr. Gore is the author of the critically acclaimed book, "Earth in the Balance" and took the lead on
environmental issues for the Clinton-Gore White House, including breaking the deadlock to
secure international agreement on the Kyoto Treaty. For 8 years, he also chaired the President's
Council for Business and Sustainable Development and co-chaired, with the Premier of China,
the US-China Bi-National Commission on Sustainable Development. He is a graduate of Harvard
University.


David Blood, Managing Partner
Prior to co-founding Generation, David served as the co-CEO and CEO of Goldman Sachs Asset
Management from 1999 to 2003. His responsibilities included all aspects of the global business
including portfolio management, sales and client service, risk management and infrastructure
(approximately 1600 people and $325 billion in assets under management). From 1985 to 1999,
David served in various positions at Goldman Sachs Group, Inc. including Head of European
Asset Management, Head of International Operations, Technology and Finance, Treasurer of the
Goldman Sachs Group, L.P. and Head of Global Private Capital Markets. He was also a member
of the Partnership Committee and the European Management Committee. David was the first
recipient of the John L. Weinberg Award in 1990, an award given to a professional in the
investment banking division who best typifies Goldman Sachs' core values.

David received a B.A from Hamilton College in Clinton, N.Y. and an MBA from the Harvard
Graduate School of Business. He is a member of the Board of Trustees of Hamilton College, New
Philanthropy Capital, and SHINE. In addition, David serves on the Board of Directors of
Greystone Capital Management and is a member of investment or advisory committees for four
family offices or endowments with approximately $3.0 billion of assets under management.


Mark Ferguson, Chief Investment Officer
Mark has worked in the asset management business for over ten years. He worked at Schroder
Investment Management from October 1993 until February 1999. While at Schroder Investment
Management he was rated as Number One European Fund Manager in the 1999 Reuters
Survey. In February 1999, Mark joined Goldman Sachs Asset Management. He has held various
positions at Goldman Sachs Asset Management including co-Head of Financials Research Team,
Member of Pan European Stock Selection Group, co-Head of Pan European Research and
Global Equity Portfolio Manager.

Mark holds a BSc (Hons) in Urban Land Economy from Sheffield Hallam University and an MBA
in International Finance from the European University in Paris. Mark speaks fluent French.
Peter Harris, Chief Operating Officer
Peter has over 25 years operations and administration experience in the asset management
industry. He worked for CIN Management Limited (CINMan) for 19 years where he established
the Marketable Securities Division Operations Department, providing control and support to the
investment management process for the British Coal Pension Schemes. In 1996 CINMan was
acquired by Goldman Sachs. Peter joined the Asset Management Division of Goldman Sachs
(GSAM) where he was responsible for global projects that designed and implemented GSAM's
global operations infrastructure and systems. In 2000 he transferred to New York to manage
GSAM's North American operations, with responsibility for over 100 staff. He moved back to
London in 2003 where he managed GSAM's international operations, including responsibility for
the London, Frankfurt and Tokyo operations teams. Peter is a qualified accountant.


Peter S. Knight, President, Generation US
Peter was a Managing Director of MetWest Financial, a Los Angeles-based financial services
company from 2001 to 2003. Peter started his career with the Antitrust Division of the
Department of Justice. From 1977 to 1989, Peter served as Chief of Staff to Mr. Gore when Mr.
Gore was a member of the U.S. House of Representatives and later the U.S. Senate. Peter
served as the General Counsel of Medicis Pharmaceutical from 1989 to 1991, and then
established his law practice representing numerous Fortune 500 companies as named partner in
a Washington D.C. law firm. Peter has held senior positions on the last four presidential
campaigns, including serving as the campaign manager for the successful 1996 re-election of
President Clinton.

Peter currently serves as a director of Medicis Pharmaceutical, Entremed and Par
Pharmaceuticals. He is also a director of Schroders' mutual fund and hedge fund family, a
member of the board of Duke University's Terry Sanford Institute of Public Policy, a member of
the Cornell University Council and the Cornell University Advisory Board for the College of Arts
and Sciences. He received his B.A. from Cornell University, his J.D. from the Georgetown
University Law Center in Washington, D.C.


Colin le Duc, Head of Research
Colin's career has focused exclusively on the interface of business/finance and sustainable
development. He worked for Total, the French energy company, in London and Paris as a
corporate strategy analyst for 3 years. He then worked for Arthur D. Little Inc. in London for 5
years as a strategic management consultant. As part of ADL's Global Energy Practice, Colin
advised blue chip clients globally, with a focus on energy, corporate strategy and sustainability.
Subsequently, he spent 3 years with Sustainable Asset Management ("SAM") in Zurich. At SAM,
he ran the 15 person analyst team conducting sustainability research on large cap companies
globally with the aim of selecting companies for the Dow Jones Sustainability Indexes and SAM's
actively managed investment funds.

Colin holds a BSc in International Management and Modern languages from University of Bath,
UK and has completed the Corporate Finance Programme at London Business School. Colin
speaks fluent French and conversational German.