1. Terms of Use Access to this website is provided by Generation Investment Management LLP (“GenerationIM” or “the firm”).   For purposes of these terms, "GenerationIM" shall mean Generation Investment Management LLP, Generation Investment Management US LLP and each of their affiliates, and their officers, directors, members, partners, and employees.  The " GenerationIM Website" shall mean the Generation Investment Management LLP Website which can be found on the internet at www.generationim.com. GenerationIM hopes that you find the GenerationIM Website to be informative.  It is intended to provide general background information about our firm and the businesses we operate.  Due to the manner in which the internet operates, it is potentially available to an extremely broad range of users.   GenerationIM wishes all users to clearly understand that the information contained on the GenerationIM Website is not intended to be of general application.  Products and services offered by GenerationIM and described on the GenerationIM Website are almost certainly not suitable for the very substantial number of persons that can access it.  In very broad terms, for regulatory reasons GenerationIM is only able to interact with institutional and other professional investors.  For that reason, GenerationIM expressly draws your attention to “Important Information” below which sets out certain key regulatory matters explaining these issues in more depth. We would also inform you that your use of the GenerationIM Website is subject to the following conditions:
  2. Monitoring by GenerationIM:You should understand clearly that your use of this Website may be monitored by GenerationIM. Any information that arises from that use can be used by the firm for internal business purposes and/or to ensure compliance with law and/or the rules of any regulatory organisation.
  3. Warranties and Update:GenerationIM makes no warranty, express or implied, concerning the Generation Website. The services provided by GenerationIM and our third party providers are on an "AS IS" basis at your sole risk. GenerationIM expressly disclaims any implied warranty of merchantability or fitness for a particular purpose, including any warranty for the use or the results of the use of the services with respect to their correctness, quality, accuracy, completeness, reliability, performance, timeliness, or continued availability.  GenerationIM is under no obligation to update the Website.
  4. Use of Information: You are permitted to store, display, analyse, modify, reformat, and print the information made available to you via these services but only when you do so for your own use.  In contrast, you are not permitted to publish, transmit, or otherwise reproduce this information, in whole or in part, in any format to any third party without the express written consent of GenerationIM. Further, you are not permitted to alter, obscure, or remove any copyright, trademark or any other notices that are provided to you in connection with accessing the Website.  GenerationIM reserves the right in its absolute discretion, to add, modify, or remove any of the information. These Terms of Use are not intended to, and will not, transfer or grant any rights in or to the information other than those which are specifically described herein, and all rights not expressly granted herein are reserved by GenerationIM, or to the extent permissible, any third party providers from whom GenerationIM has obtained the relevant information.
  5. No warranties as to security: No warranty express or implied, regarding the security of the site is made to you by GenerationIM, including with respect to the ability of unauthorised persons to intercept or access information delivered to you via the GenerationIM Website.
  6. No warranties made as to content; no responsibilities to update: GenerationIM makes no warranty, express or implied, concerning the GenerationIM Website. The services provided by GenerationIM and any third party providers engaged by us is on an "AS IS" basis only.  Its use is solely at your own risk.  GenerationIM expressly disclaims any implied warranty of merchantability or fitness for a particular purpose, including any warranty for the use or the results of the use of GenerationIM Website and its contents with respect to their correctness, quality, accuracy, completeness, reliability, performance, timeliness, or continued availability. Neither GenerationIM nor any of third party provider it elects to use shall have any responsibility to maintain the data and services made available on this Website or to supply any corrections, updates, or releases in connection therewith.  Availability of data and services are subject to change without notice.
  7. No liability for content; no liability arising from use: GenerationIM shall have no liability, contingent or otherwise, to you or to any third party, or any other responsibility whatsoever, for the failure of any connection or communication service to provide or maintain your access to the GenerationIM Website and any services on it, or for any interruption or disruption of such access or any erroneous communication between GenerationIM and you, regardless of the provider of the communication service.  Further, GenerationIM shall have no liability, contingent or otherwise, to you or to third parties, for the correctness, quality, accuracy, timeliness, reliability, performance, continued availability, completeness or delays, omissions, or interruptions in the delivery of the data and services available on the GenerationIM Website or for any other aspect its performance. In no event will GenerationIM be liable for any special, indirect, incidental, or consequential damages which may be incurred or experienced on account of you using this GenerationIM Website, even if we have been advised of the possibility of such damages. We will be under no duty to inform you of any difficulties experienced by us or any other party with respect to the use of the GenerationIM Website or to take any action in connection therewith.
  8. Nature of the Content: The GenerationIM Website has been prepared for informational purposes only.  It does not take into account any user's investment objectives or financial situation and GenerationIM is not soliciting any action based upon it.  As noted above, GenerationIM is generally only permitted to deal with certain institutional and professional clients, so without prejudice to the foregoing generality, the content is not suitable for retail investors.
  9. No recommendation or offer.None of the contents of the GenerationIM Website is to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any investment or to commission a service where such recommendation or commission would be unlawful.
  10. No representations made as to other sites or links: We may provide links to certain other Internet sites sponsored and maintained by others. GenerationIM is providing such links solely as a convenience to you.  We have not independently verified any such sites and we make no representations concerning their content. The fact that GenerationIM has provided a link does not constitute an endorsement, authorisation, sponsorship, or affiliation by us with respect to the that site, its owners, or its providers. We have not tested any information, software, or products found on any of the Sites and therefore does not make any representations with respect thereto, including any representations regarding the content or sponsors of the site.
  11. Intellectual Property: any original information which is furnished by GenerationIM on this Website (collectively, “Generation Information”) has, except to the extent it has been prepared by a third party, been developed by the GenerationIM through the application of methods and standards of judgment and through the expenditure of considerable skill, time and resources. GenerationIM Information includes but is not limited to: (i) information evidencing GenerationIM’s expertise, investment strategies or trading activities; (ii) the composition of GenerationIM’s portfolios; (iii) performance analyses, reports and accounts; and (iv) information relating to GenerationIM’s partners and/or employees.  GenerationIM Information: (i) must not be used by the Shareholder as the basis for effecting transactions in any other funds or accounts, (ii) shall not be used or copied for any other purpose.  All intellectual property rights in GenerationIM Information belong exclusively to GenerationIM. To the extent provided on this Website and. without prejudice to the general nature of the previous sentence, the composition, in whole or in part of any portfolio of securities managed by GenerationIM (including details of the individual lines of stock and the accompanying weightings) constitute GenerationIM’s intellectual property including, but not limited to, database rights.  GenerationIM does not grant any right, title, licence or interest in or to any GenerationIM Information by virtue of placing it on the Website.
  12. Important Information
  13. GenerationIM Offices and Regulatory Information. Generation maintains offices in the United Kingdom and the United States.  Generation Investment Management LLP (“GenerationUK”) which is Authorised and Regulated by the Financial Conduct Authority, is the parent company of Generation Investment Management US LLP (“GenerationUS”) an investment adviser registered with the United States Securities and Exchange Commission under the Investment Advisers Act of 1940.  GenerationUK and GenerationUS may only 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 GenerationUK 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.
  14. No solicitation: As noted above, this Website is intended to be of general interest about our firm.  It is not intended to act as a financial promotion or invitation to enter into any type of investment relationship.
  15. Financial Promotion Statement. Notwithstanding the foregoing, to the extent that any aspect of this Website nonetheless constitutes a financial promotion, it has been issued in the United Kingdom by Generation UK 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.  Note it is expressly not targeted at Retail Clients.  Any Retail Client accessing this Website is strongly encouraged to seek the advice of an independent financial adviser that is able to assist Retail Clients, something that Generation may not do.  In the United States, it is GenerationIM’s general policy (subject to certain limited exceptions) to conduct business only with persons who are Qualified Purchasers and meet the requirements of Section 2(a)(51) of the Investment Company Act.  Again, anyone accessing this Website that is not a Qualified Purchaser is strongly encouraged to seek the advice of an independent financial adviser.

In the European Union, Generation UK has certain passport rights as an Alternative Investment Fund Manager or AIFM.  In this regard, it may only deal with Professional Investors as defined in the Alternative Investment Fund Managers Directive (Directive 2011/61/EU).  GenerationIM maintains limited further licences to conduct business with sophisticated persons in certain other countries, including Canada (under exemption of the Ontario Securities Commission and in certain other Canadian provinces) and Australia.  Outside those countries, the EU and the United States, GenerationIM maintains no licences to operate and, therefore, may only operate in such countries in circumstances where its activities do not require licensing or notification.  Recipients of this Website in jurisdictions outside those listed should inform themselves about and observe all applicable legal or regulatory requirements.  Any person accessing this Website who is not an intended recipient as set out above should disregard this communication and may not rely on or take any action in relation to the communication.

  1. Accuracy: While GenerationIM has taken reasonable care to ensure that the information contained herein 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.
  2. No determination of suitability has been made; not all risks are disclosed; advisors should be consulted: The fact that GenerationIM has made the data and services provided on this Website available to you constitutes neither a recommendation that you enter into a particular transaction nor a representation that any product described on this Website is suitable or appropriate for you.  You should not enter into any transactions unless you have fully understood all such risks and has independently determined that such transactions are appropriate for you.  Any discussion of the risks contained herein with respect to any investment must not be considered to be a disclosure of all risks or complete discussion of the risks which are mentioned.  You should neither construe any of the material contained herein as business, financial, investment, hedging, trading, legal, regulatory, tax, or accounting advice nor make the contents of this Website the primary basis for any investment decisions made by or on behalf of you.  We would strongly advise that you consult your investment advisor, lawyer, and tax and accounting advisors concerning any course of action relating to an investment activity contemplated pursuant to utilising this Website.
  3. No registration of product: In choosing to access this Website you should be fully informed of the legal requirements, including foreign exchange restrictions and capital controls within your country of doing so and any relevant tax considerations arising from that.  You should be aware that investment products offered by GenerationIM are exclusively offered, where it is permissible to do so at all, on a private placement basis, and have not (except as has been expressly notified to you in writing) been registered for public sale in any jurisdiction and may only be offered, again subject to local law and regulation, either: (i) on a “reverse solicitation” basis where an investor has approached GenerationIM or the Company; or (ii) pursuant to exemptions from laws requiring a registration or filing to effect a public sale.  Specifically, you understand interests in any investment product offered by Generation are generally not available to US Persons, except permitted US Persons.  To the extent US Persons can be admitted to any such product, it is a condition that investors are both an “accredited investor” and a “qualified purchaser”.  GenerationIM does not offer any product registered under the Investment Company Act, nor one that is registered for sale to the public under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or the laws of any state or other jurisdiction.

This Website is owned and operated by Generation Investment Management LLP.

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

Vat Number: 974882166

Registered Number: OC307600

Registered Office: 20 Air Street, London W1B 5AN