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Goldman Sachs Responds to SEIU Statement About Stella D’Oro

Goldman Sachs Responds to SEIU Statement About Stella D’Oro

Goldman Sachs has never controlled Stella D'Oro and had no involvement in the decision to close Stella D’Oro baking operations in the Bronx, NY. The recent SEIU statement is wrong and fails to note the following facts:

• Goldman Sachs holds only about 2% of the outstanding shares of Stella D'Oro's parent company. Substantially all of those shares are held on behalf of clients.

• Goldman Sachs has never had any board representation at Stella D'Oro's parent company and therefore has never had any degree of control over the company's management or business decisions.

• Goldman Sachs repaid the TARP funds and repurchased the government's warrants, giving taxpayers a 23% return on their investment.

• Goldman Sachs has announced this week the establishment of the 10,000 Small Businesses program with a commitment of $500 million to unlock the job creation potential of small businesses through business education, mentors and networks, and financial capital.

Compensation will not be determined until the end of 2009. We have a structure in place that aligns compensation with long-term performance, which is in line with the G20 proposals.