As Goldman Sachs continues to grow in size and resources worldwide, so too does its responsibility to the global community. In 1999, we strengthened our commitment to charitable initiatives in the field of education by making a contribution of $200 million to The Goldman Sachs Foundation at the time of the firm's initial public offering. The Foundation will focus its grants on high-quality organizations' operating programs to enhance secondary school students' academic achievement, and to generate interest and educational opportunities worldwide in business and entrepreneurship.

The Year-End Charitable Initiative provided the firm with the opportunity to make direct contributions to educational and child-oriented organizations. This program, established in 1997, disburses grants to charitable organizations located around the world. The charitable activities of our domestic and international offices continue to provide funding to a variety of outstanding community-based nonprofit organizations.

As has long been the tradition at Goldman Sachs, the firm continued to support volunteerism globally with its Community TeamWorks program. During the year, more than 13,500 people participated in mentoring and other community service activities. These initiatives are very much in step with our Business Principles, strengthening our ability to work as a team as we make individual contributions to the communities in which we live and work.