Goldman Sachs Files Registration Statement Covering the Sales of Shares Held by Retired Limited Partners and Employees

NEW YORK - The Goldman Sachs Group, Inc. (NYSE: GS) announced today that it has filed a registration statement with the Securities and Exchange Commission in connection with the resale by Goldman, Sachs & Co. of up to 40 million shares of common stock that are scheduled to become freely transferable after the first anniversary of the IPO.

Approximately 30 million shares held by retired limited partners will become available for sale on May 8, 2000. In June 2000, approximately 10 million shares of common stock relating to the firm's IPO awards will be deliverable to employees. Goldman Sachs cannot currently estimate either the quantity or timing of any sales that retired limited partners or employees may elect to make once the shares become available to them.

Goldman Sachs may facilitate the sale of these shares from time to time in underwritten public offerings, in brokerage transactions on securities exchanges, including The New York Stock Exchange, in one or more block transactions as principal or agent, or in one of more negotiated transactions. Goldman Sachs will not receive any of the proceeds from the sale of these shares.

Goldman Sachs is a leading global investment banking and securities firm, providing a full range of investing, advisory and financing services worldwide to a substantial and diversified client base, which includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. Goldman Sachs is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.

A registration statement relating to the common stock has been filed with the Securities and Exchange Commission but has not yet become effective. The common stock may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A copy of the preliminary prospectus relating to the offering may be obtained from the Prospectus Department at Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004. The prospectus is also available from our Web site as a printable PDF [560KB]