Goldman Sachs 2001 Annual Report Goldman Sachs

Letter to Shareholders Core Businesses Business Principles Sept 11 Response Financials Clients

Principle No. 1 Principle No. 2 Principle No. 3 Principle No. 4 Principle No. 5 Principle No. 6 Principle No. 7 Principle No. 8 Principle No. 9 Principle No. 10 Principle No. 11 Principle No. 12 Principle No. 13 Principle No. 14
Our Principles

Starbucks Coffee Japan Goes Public
"Our Japanese joint venture operations had been growing very quickly so when we decided to support further growth by going public, most of the major investment banks came knocking on our door. After a rigorous selection process, we chose Goldman Sachs, a decision that the team and the results of the transaction have more than justified.

Execution of the transaction required an understanding of two very different business cultures as well as the effective balancing and management of the interests of Starbucks and our joint venture partner, Sazaby. With significant involvement by bankers in both Japan and the U.S. and a skillful understanding of the Japanese deal-making process, Goldman Sachs was more than up to the task.

Amidst challenging equity markets in Japan in which 15 IPOs were either cancelled or postponed in the month of September alone, the offering went extremely well. On October 10, Starbucks Japan shares listed on Nasdaq Japan in a deal that was oversubscribed and priced near the high end of our pricing range."

Michael Casey
Chief Financial Officer
Starbucks Corporation

<Principle 13 Principle 14>



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