This communication has been issued in the United Kingdom by Generation Investment Management LLP (“GenerationIM”) which is authorised and regulated by the Financial Conduct Authority of the United Kingdom and is made to and directed solely at (i) existing customers of GenerationIM and/or (ii) persons who would be classified as a professional client or eligible counterparty under the FCA Handbook of Rules and Guidance if taken on as customers by GenerationIM and/or (iii) persons who would come within Article 19 (investment professionals) or Article 49 (high net worth companies, trusts and associations) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2001 and/ or (iv) persons to whom this communication could otherwise be lawfully made in the United Kingdom. Any recipient of this communication who is not one of the intended recipients as set out above should disregard the communication and may not rely on or take any action in relation to the communication. Recipients of this communication in jurisdictions outside the United Kingdom should inform themselves about and observe all applicable legal or regulatory requirements.

Whilst GenerationIM has taken reasonable care to ensure that the information in this communication is accurate at the time of its preparation. It should not be construed as the giving of advice or the making of a recommendation. In particular, actual results and developments may be materially different from any forecast, opinion or expectation expressed in this communication.


This web site is owned and operated by Generation Investment Management LLP (“GenerationIM”).

Generation Investment Management LLP is a limited liability partnership registered in England and Wales.

Vat Number: 974882166

Registered No: OC307600

Registered office: 20 Air Street, London W1B 5AN

GenerationIM is the parent company of Generation Investment Management US LLP (“GenerationUS”), an investment adviser located in San Francisco and registered with the United States Securities and Exchange Commission under the Investment Advisers Act of 1940. GenerationIM and GenerationUS only may transact business in any state, country, or province if they first are registered, or excluded or exempted from registration, under applicable laws of that state or province. Individualised, follow up responses will not be made, and additional information about GenerationIM or GenerationUS investment advisory services will not be provided, to persons in any state, country, or province absent compliance with applicable laws or an exemption or exclusion therefrom.


Following the implementation of MiFID II on 3 January 2018, Generation is required to make certain annual disclosures on the top five execution venues/investment firms with whom it has placed orders for execution in the previous year. The specific information to be provided is set out in Regulatory Technical Standard 28 (“RTS 28”) of MiFID II.