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Goldman Sachs Closes GS Capital Partners V At $8.5 Billion

NEW YORK, April 13, 2005 -- The Goldman Sachs Group, Inc. (NYSE: GS) today announced it has completed fundraising for GS Capital Partners V with $8.5 billion in committed capital.  This is Goldman Sachs' fifth global, diversified fund dedicated to making privately negotiated equity investments.

"We are particularly pleased by the high rate of returning investors to our Fund and the fact that the firm and its employees continue to be such strong supporters of this business," said Richard A. Friedman, Managing Director and Head of Goldman Sachs' Principal Investment Area.  "With GS Capital Partners V, Goldman Sachs is well positioned to continue to participate in the corporate buyout market, which has grown in scale over the past few years."

Like its predecessors, GS Capital Partners V will seek long-term capital appreciation by committing equity to high-quality companies with superior management in a variety of situations, including leveraged buyouts, recapitalizations, and growth investments to fund acquisition or expansion.  The Fund will invest across a broad range of industries and will seek to create value through meaningful involvement with portfolio companies' strategic decision-making and operating philosophy.

Goldman Sachs has committed in excess of $2.5 billion, or 30%, of the Fund's total capital.  Other investors in GS Capital Partners V are part of the firm's network of qualified institutional and high net worth clients.

With a team of 100 professionals in New York, San Francisco, London, Hong Kong and Tokyo, the Principal Investment Area of Goldman Sachs has expertise in a variety of industries.  Past investments include: Allied World Assurance Company; Burger King; Cognis GmbH; Executive Jet; Hexcel Corporation; Kabel Deutschland GmbH; Kookmin Bank; Messer Griesheim Group GmbH; Nalco Company; Orion Power Holdings; Ping An Insurance Co. of China; Polo Ralph Lauren; R.H. Donnelley; VoiceStream Wireless; Western Wireless; Westminster Health Care; Wincor-Nixdorf GmbH; and Yankees Entertainment and Sports Network.

Founded in 1869, Goldman Sachs is one of the oldest and largest investment banking firms.  Goldman Sachs is also a global leader in private corporate equity and mezzanine investing.  Established in 1991, the GS Capital Partners Funds are part of the firm's Principal Investment Area in the Merchant Banking Division.  Goldman Sachs' Principal Investment Area has formed 11 investment vehicles aggregating $26 billion of capital to date.  With $8.5 billion in committed capital, GS Capital Partners V is the current primary investment vehicle for Goldman Sachs to make privately negotiated equity investments.