Goldman Sachs Files Registration Statement for Secondary Offering

NEW YORK, July 5, 2000 - The Goldman Sachs Group, Inc. (NYSE: GS) announced today that it filed a registration statement with the Securities and Exchange Commission in connection with a secondary offering of 40 million shares of common stock.

The offering will cover 12.6 million shares owned by Sumitomo Bank Capital Markets, Inc., 11.0 million shares owned by Kamehameha Activities Association and 16.4 million shares held by our former partners, including up to four million shares held by our former retired partners.

The firm is undertaking this offering to address three important objectives: increased public float, broader ownership of the firm's common stock, and the orderly entry of shares into the market. The number of shares offered for sale by the former profit participating limited partners is less than 7% of the total shares they own.

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. The firm 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 and is also available from our Web site as a printable PDF [130KB].


Investor Contact:
John Andrews
Tel: 1-212-357-2674

Media Contact:
Kate Baum
Tel: 1-212-902-5400