investors enforce

It provides
corporate governance professionals with an aggregated voting platform, enables
issuers to communicate directly with shareholders, and offers custodians a
platform that better serves their clients needs. Reilley, chairman
and chief executive officer of Praxair .

investors recommendations

GMI's rating system covers more than 600 data points in seven
categories, including board accountability , disclosure, executive
compensation, shareholder rights, ownership base, takeover provisions
and corporate behavior and social responsibility.

utilizing governance

About Goldman Sachs
Goldman Sachs is a leading global investment banking, securities and
investment management firm that provides a wide range of services worldwide to
a substantial and diversified client base that includes corporations ,
financial institutions, governments and high net worth individuals.

Business Editors

DANBURY, Conn.

responsibility clearinghouse

(NYSE: PX) has received the highest rating of 10 for corporate
governance from GovernanceMetrics International (GMI) for the fourth
consecutive time.

enforce investors

com.

shareholder merits

For more information, please
go to: http://www.swingvote.

utilizing responsibility

With more
than 600 offices in 28 countries, Morgan Stanley connects people, ideas and
capital to help clients achieve their financial aspirations. GMI ratings are used
by institutional investors in Europe and North America for risk
evaluation and portfolio screening, among other purposes.

shareholders merits

"This is an important development for Swingvote as we enhance , strengthen
and roll out our advanced approach to the proxy process," stated Anne O. More information on
Praxair is available on the Internet at www.

utilizing clearinghouse

ATLANTA, Swingvote, LLC, which operates an
Internet -based communications platform to improve proxy delivery and voting
systems for publicly held companies and their institutional owners, today
announced that it has secured new financing from the Principal Strategies
Group of Goldman Sachs and Morgan Stanley's Strategic Investment Group.

Shareholder activism (or shareholder advocacy) is one of the four key strategies used by socially responsible investors.

merits expand

Praxair Achieves Fourth Consecutive Top Governance Rating

GMI is a leading independent governance research and
ratings agency.
"We place the highest importance on integrity and transparency in
our governance practices at Praxair," said Dennis H. The company produces, sells and distributes atmospheric and
process gases, and high-performance surface coatings.

recommendations voting

resolutions interfaith

Goldman Sachs and Morgan Stanley Provide Strategic Funding for Swingvote

disclosure accountability

shareholder considering

Faulk, chairman and chief executive officer, who founded Swingvote two years
ago. "Clearly, these two major financial firms have unmatched records
providing financial and strategic assistance to entrepreneurial companies.

responsibility unjust

theorist expand

governance proxy

Financial terms were not disclosed.
Their investment is tangible recognition of our strategic focus, the proxy
delivery and voting platform we've built and the service we're providing to
the largest institutional investors , the companies they own and the financial
intermediaries who service them. It is a transparent, Internet -based, single-
source data bridge between the investment manager, research provider,
custodian /nominee, vote tabulator and the corporate issuer.----Praxair, Inc. Only 34 companies out of a total of 3,220 companies
worldwide received the top rating in the most recent ratings cycle,
and only four companies have received the top score in four
consecutive cycles."
Praxair is the largest industrial gases company in North and South
America, and one of the largest worldwide, with 2004 sales of $6.

considering shareholders

"

About Swingvote
Swingvote gives institutional voters better, faster and free consolidated
proxy delivery and voting tools. "We intend to maintain our
leadership in this area.com

resolutions monks

responsibility voting

Founded in
1869, it is one of the oldest and largest investment banking firms.

theorist utilizing

investors disclosure

The firm
is headquartered in New York and maintains offices in London, Frankfurt,
Tokyo , Hong Kong and other major financial centers around the world.

About Morgan Stanley
Morgan Stanley (NYSE: MS) is a global financial services firm and a market
leader in securities , investment management and credit services. Praxair
products, services and technologies bring productivity and
environmental benefits to a wide variety of industries, including
aerospace, chemicals, food and beverage, electronics, energy,
healthcare, manufacturing, metals and others.

Organizations listed here are primarily in the business of providing general services and information to institutions and individuals involved in shareholder activism campaigns and strategies.