the Goldman Sachs Foundation Announces $12 Million in Educational Grants.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 1, 2001

The Goldman Sachs Foundation announces grants to outstanding educational organizations totaling nearly $12 million.

Consistent with the Foundation's approach of making sizable investments in a small number of organizations, most grants were in the range of $1 million.

"These grants reflect the Foundation's mission to promote excellence and innovation in education worldwide," said Stephanie Bell-Rose, President of the Foundation. "They demonstrate our commitment to partnering with high-quality institutions that implement effective strategies and produce measurable results."

With selected grants, the Foundation will combine a contribution of financial and social capital in the form of Goldman Sachs professional expertise through its brand of venture philanthropy. To maximize impact on grantees, the Foundation will leverage a network of volunteers who serve as mentors, teachers, judges for competitions, advisory board members, and presenters on topics including entrepreneurship, business, and investing.

The Goldman Sachs Foundation was launched in 1999 with a first-of-its-kind contribution of US $200 million from The Goldman Sachs Group, Inc. (NYSE:GS) concurrent with the Group's initial public offering. To date, the Foundation has made nearly $33 million in grants.

In the area of advancing high academic achievement in public and alternative school settings: To increase the numbers of students on course to demanding colleges and careers worldwide, new grantees are:

- The Posse Foundation, New York, NY - A $1 million grant to prepare talented
secondary students to succeed in competitive institutions of higher education.

- The Washington Center for Internships and Academic Seminars, Washington, D.C.
- A $1 million grant to strengthen the long-term institutional capacity of the
Center, which provides a unique blend of academic rigor, hands-on learning, and
career exploration with the nation's capital as its classroom and major public
figures as teachers.

- International Baccalaureate Organization, Geneva, Switzerland

- A $1 million grant to take to scale and expand an On-line

Curriculum Center that will provide innovative professional

development services to 33,000 teachers in more than 1,200

schools worldwide.

In the area of partnering for academic quality in communities nationwide: To improve the education outcomes of secondary school students with a focus on strengthening teaching and learning in urban schools, new grantees are:

- The Success for All Foundation, Baltimore, MD - A $1.4 million

allocation to develop and to disseminate an adaptation of the

research-proven instructional programs to improve performance

of students with limited proficiency in English.

- New Teacher Center at the University of California at Santa

Cruz, Santa Cruz, CA - A $1 million grant to expand the

Center's successful "teacher induction" model to school

districts in North Carolina, Maryland, New York and Wisconsin.

- High Schools That Work, Atlanta, GA - A $1 million grant to

develop a program that works with secondary school students

from urban districts in the South to smooth their critical

progression from middle to high school.

- New American Schools, Arlington, VA - A $1 million grant to

provide charter schools across the country with access to

outstanding start-up support and capacity building assistance.

In the area of developing future entrepreneurs and global leaders: To promote the entrepreneurial skills and business education of young people, the Foundation has launched a new initiative aimed at helping to shape a new generation of social entrepreneurs. Among the strategies to achieve this objective is the support of innovative business plan competitions. New grantees are:

- Columbia University (NY) and the University of California at

Berkeley (CA) - A $1.5 million grant to Columbia Business

School and the Haas School of Business at Berkeley to create

and operate the National Social Venture Business Plan

Competition.

- University of Pennsylvania Graduate School of Education and

The Wharton School of Business, Philadelphia, PA - A $500,000

grant to establish an innovative program focused on education

in Wharton's highly successful business plan competition.

- Yale University School of Management, New Haven, CT - A $1.5

million grant to implement the Initiative on Nonprofit

Venturing, a business plan competition that will assist

charitable organizations to start or expand successful

profit-making ventures.

Additionally, two independent grants were designed this year to support the Foundation's evaluation activities. The University of Michigan and the Urban Institute received grants of $175,000 each.

About The Goldman Sachs Foundation

The Goldman Sachs Foundation aims to develop and support tomorrow's global leaders by creating innovative programs that promote educational excellence worldwide. It partners with other leading philanthropic and educational organizations to create, nurture and expand breakthrough programs that stimulate learning, creativity and leadership among young people.