Winslow Management Names Green Mountain Coffee Roasters, Timberland, Trex 2005 Green2 Award Winners

BOSTON, Mass., April 13, 2005 – A company that makes decking lumber from reclaimed plastic and wood, a coffee-bean roaster, and a maker of outdoor footwear and apparel today were named the first recipients of the Green2 Awards, which will be presented each Earth Day by Winslow Management Company to companies that make positive contributions to both the environment and to their shareholders.

The 35th Earth Day takes place on April 22, 2005. Winslow Management is a green investing company that manages the Winslow Green Growth Fund.

Green2 Award winners Green Mountain Coffee Roasters (NASDAQ: GMCR) of Waterbury, Vt.; The Timberland Company (NYSE: TBL) of Stratham, N.H., and Trex Company, Inc. (NYSE:TWP) of Winchester, Va. are all listed on the Winslow Green Index* (WGI), an equally weighted index of 100 “green-screened” companies. Since it was created five years ago, the Winslow Green Index (WGI) has had a cumulative increase in value of +96.99%. In comparison, the S&P 500 has had a cumulative decrease in value of -16.89%, while the Russell 2000 had a cumulative return of +23.19%. Returns are for the period from July 1999 through March 2005. Past performance is no guarantee of future returns.

As of Sept. 30, 2003, the WGI is adjusted quarterly and companies are removed if their performance is no longer green, if their stock is no longer publicly traded or if their market capitalization falls below $50 million.

“These companies exemplify the Winslow philosophy that, ‘What’s good for the environment is also good for shareholders,’ ” according to President Jackson W. Robinson. “They offer proof that capitalism and environmentalism can not only coexist, but can reinforce each other.”

Green Mountain Coffee Roasters. GMCR’s stock has increased in value by a factor of more than eight since the WGI was started, from $3.50 a share on July 31, 1999 to $25.10 on Dec. 31, 2004.

GMCR is an active supporter and participant in the Businesses for Social Responsibility (BSR). It supports the Rainforest Alliance, and its CAFE (Community Action For Employees) program enables employees to take paid time off to volunteer in their community. It also follows the following Environmental Commitment Core Values:

In every decision, consider the environmental impact of our actions.
Encourage a spirit of continuous environmental innovation in our products, practices and programs.
Foster and promote programs that increase levels of employee environmental awareness and participation.
In addition to energy reduction and recycling programs, it is working to reduce its packaging, and a majority of its coffee is either certified organic, Fair Trade or purchased directly from a particular farm.

Timberland. Timberland is a global leader in the design, engineering and marketing of premium-quality footwear, apparel and accessories “for consumers who value the outdoors and their time in it.” Timberland’s stock has more than tripled in value since the WGI was started, from $20.33 a share on July 31, 1999 to $62.67 on Dec. 31, 2004.

Timberland was a founding sponsor of City Year, the Boston-based "urban Peace Corps" that brings together young people from diverse backgrounds for a year of full-time community service. Its Path of Service program gives employees 40 hours of paid time-off a year to serve their communities. Last year on Earth Day, Timberland partnered with schools and communities for hands-on volunteer projects around the world.

Timberland has also taken steps to be environmentally responsible in its manufacturing processes. For example, the company is increasingly using solvent-free glue to produce its footwear.

Trex Company. The stock of Trex Co., which makes residential and commercial decking, has increased in value from $28.25 a share when the WGI was started to $52.44 on Dec. 31, 2004. Trex Co. turns millions of pounds of recycled and reclaimed plastic and waste wood each year into Trex® decking and railing, a weather-resistant, splinter-free, low-maintenance option for decking. Most of the raw materials used to produce its deck materials come from recycled plastic grocery bags, reclaimed pallet wrap and reclaimed hardwood. Trex purchases an estimated 300 million pounds of recycled or reclaimed polyethylene and approximately the same amount of hardwood sawdust each year that would otherwise end up in landfills. The company estimates that it receives about 50% of the recycled grocery bags available on the market.

“We believe companies that take advantage of environmental opportunities can gain a competitive advantage over their peers through cost reductions, quality improvements, increased profitability, and access to new and growing markets,” Robinson said. “Environmentally responsible companies also have less risk of environmental liability, which could have a major impact on future stock prices.”

“Green Mountain Coffee Roasters, Timberland and Trex are just a few examples of companies that have done well by doing good,” Robinson said. “Their performance, and the performance of the WGI, provides further evidence that green begets green,” he concluded. “They offer additional evidence that companies that care about the environment are well positioned to produce better returns than companies that don’t.”

Winslow Management Company ( seeks to invest in high growth and environmentally proactive and environmentally sensitive companies. From its inception in 1984, Winslow has been investing the assets of high-net-worth individuals, non-profit institutions, and pension funds in growth companies that are environmentally sensitive. Its products and services include: The Winslow Green Growth Fund**, an aggressive equity growth fund open to individual and institutional investors; individual portfolio management for high-net-worth individuals and institutions, and a hedge fund that is open to qualified clients. Based in Boston, Winslow manages assets totaling approximately $225 million as of 12/31/04.

*The Winslow Green Index (WGI) is an equally weighted index of 100 “green screened” stocks selected by Winslow Management Company. The green screen evaluates issuers on the basis of factors such as minimizing environmental impact, compliance with environmental regulations, and a proactive environmental policy. As of October 1, 2003, Winslow adjusts the component stocks in the WGI on a quarterly basis. As of December 31, 2003, the average market capitalization of the issuers included in the WGI was $9.013 billion. The results of the WGI do not reflect the results of an actual trading in a client or proprietary account managed by Winslow. The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. The Russell 2000 Growth Index measures the performance of Russell 2000 companies with high price-to-book ratios and high forecasted growth values. Returns for the WGI, the S&P 500 Index and the Russell 2000 Growth Index are calculated monthly, assume reinvestment of dividends and, unlike an investment in a mutual fund or other account, do not reflect any fees, charges or expenses. An investor cannot invest directly in either index. Returns and principal values fluctuate and you may lose money investing in securities, including securities of environmentally friendly issuers.

The performance of the WGI does not represent actual trading in a client or proprietary account. Winslow began calculating the index in August 1999. From August 1, 1999 through September 30, 2003 there were no changes to the securities that comprised the index. As of October 1, 2003 Winslow reviews the securities on the first day of each calendar quarter. There have been no material changes to the criteria used to select securities for the WGI since its inception. The client accounts managed by Winslow had portfolios during the period that were materially different than the model.

Past performance is not indicative of future results.

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