The Goldman Sachs Foundation Announces $6 Million in Grants to Education Programs; Support Committed to Initiatives in China, Germany, Israel and the United States.

NEW YORK -- The Goldman Sachs Foundation today announced $6 million in grants to outstanding educational organizations to support innovative youth development, business education, and teacher development programs.

Commenting on the newly approved grants, Stephanie Bell-Rose, President of The Goldman Sachs Foundation, said, "These new grants share a common objective: to prepare young people to succeed in a complex, interconnected and rapidly evolving world economy. They provide challenging opportunities that emphasize the importance of developing as leaders, managers and team members. In this global age, the world is an ever more demanding place, and these grants will help students prepare to compete and lead."

With selected grants, the Foundation will combine a contribution of financial and intellectual capital in the form of Goldman Sachs professional expertise through its distinctive brand of "venture philanthropy" - the practice of high-engagement grant making that accesses the core competencies of Goldman Sachs to enrich grantee programs. The Foundation will leverage a network of volunteers who will serve as mentors, teachers, advisory board members, and presenters on such topics as entrepreneurship, business planning, and leadership.

The grants announced today include:

--$2,850,000 to the Institute of International Education (IIE) (New York) to continue the Goldman Sachs Global Leaders Program which recognizes and develops talented second-year university students from around the world who have demonstrated potential for superior leadership. The grant will cover the costs of running the program, which includes over 70 colleges and universities, for two years.

--$1,000,000 to the Friends of the Indian School of Business Foundation (ISB) (Los Angeles) to support the development of the Centre of Analytical Finance (CAF) at the Indian School of Business. In 2001, The Goldman Sachs Foundation, through an initial grant helped to support the infrastructure of the Indian School of Business. Now, recognizing the unique position of the CAF as the first finance research center at any Asian university, the Goldman Sachs Foundation will continue its support by helping to fund academic, corporate and doctoral fellowships, research projects as well as conferences, lectures and workshops. The Goldman Sachs Foundation will also implement venture philanthropy initiatives by sending Goldman Sachs professionals to lecture and participate in CAF projects.

--$900,000 to the National Foundation for Teaching Entrepreneurship (NFTE) (New York) to help build and support entrepreneurship education programs in China and Germany. The grant will also be used to assist NFTE in launching a program in Israel designed to focus on developing the entrepreneurial spirit of Israeli and Palestinian youth.

--$600,000 to the Bank Street of College of Education (New York) to help fund the continuation of the Goldman Sachs Institute for Leadership, Excellence and Academic Development (I-LEAD). I-LEAD is a pioneering college preparatory initiative for high-potential students from selected urban Catholic high schools in New York City which seeks to place qualified students from underrepresented groups into selective colleges.

--$500,000 to The University of Warwick (Coventry, United Kingdom) to support the continued development of The National Academy for Gifted and Talented Youth (NAGTY). NAGTY was developed by the British government to develop, implement, promote and support educational opportunities for gifted young people as well as provide assistance to parents and educators. The grant will provide 100 talented students from underserved backgrounds with academic enrichment and leadership experiences over a four-year period that will assist them in obtaining admission to prestigious universities in the United Kingdom.

--$120,000 to the Hertie Foundation (Frankfurt, Germany) to partner with the state of Rheinland-Pfalz on the START scholarship program for high potential immigrant youth. The START program provides support for scholars between the ages of 14-18 and students remain in the program for two years. Students are provided with a computer, monthly stipend for educational purposes, counseling, skills-training, and an alumni network and internship placement. The grant will serve to provide eight students with a scholarship. In addition, because of the proximity of Goldman Sachs and the Hertie Foundation, START scholars can be easily matched with a Goldman Sachs professional who will serve as a mentor.

About The Goldman Sachs Foundation

The Goldman Sachs Foundation is a global philanthropic organization funded by The Goldman Sachs Group, Inc. The Foundation's mission is to promote excellence and innovation in education and to improve the academic performance and lifelong productivity of young people worldwide. It achieves this mission through a combination of strategic partnerships, grants, loans, private sector investments, and the deployment of professional talent from Goldman Sachs. Funded in 1999, the Foundation has awarded grants of $62 million since its inception, providing opportunities for young people in more than 20 countries.