Appointment of Chief Investment Officer

We are very pleased to announce that Danny Truell will join the Wellcome Trust biomedical research charity on September 26, 2005 as its Chief Investment Officer.

Danny will bring almost twenty years of professional investment experience to the Trust, most recently as a Managing Director of Goldman Sachs Asset Management (GSAM) and as the co-Head of GSAM’s Global Investment Strategies team, responsible for producing research and advising clients on optimal strategic asset allocation and portfolio management. In this role, Danny advised charitable foundations, pension funds, insurance companies and governments and acted as GSAM’s Chief Investment Officer for a number of major clients. His publications include “UK Charities: Bridging the Gap” and “UK Pensions: Improving Investment Returns”.

Danny’s career at Goldman Sachs from 1996 also included roles as Head of Equity Portfolio Construction, co-Head of European Equity Portfolio Management and Head of UK Equity Portfolio Management. Previously, he was the Chief Asian Equity Strategist and Head of HK & China Research for Warburg, having begun his career at CIN Management as an Asian Portfolio Manager. He is the co-founder ofthe Truell Charitable Foundation and has a wide range of charitable interests.

Sir Dominic Cadbury, Chairman of the Governors of the Wellcome Trust, said: “We are delighted that Danny Truell has agreed to join the Trust as our new CIO.His experience advising a wide range of organisations in their investment strategy will be particularly valuable to us as we develop our long term plans”.

Danny Truell said: “I am honoured to have been asked to lead the Wellcome Trust’s investment team at a time when the Trust is seeking to reinforce its outstanding long-term investment record by taking advantage of the opportunities afforded to it by its long-term horizon, its balanced appetite for risk and its ability to understand the complexity of modern financial markets. I look forward to working with the Governors and Executive to assist the Trust in its outstanding work as the pre-eminent medical charity.”

Ends.

Notes to Editors:

The Wellcome Trust is an independent research-funding charity established in 1936 under the will of tropical medicine pioneer Sir Henry Wellcome.The Trust’s mission is to promote research with the aim of improving human and animal health and it currently spends more than £400m p.a.

www.wellcome.ac.uk

Media contact.

Mark Anderson, Wellcome Trust Media Office.

0207 611 8612.