Morris Chang to Join Goldman Sachs' Board of Directors

NEW YORK – The Goldman Sachs Group, Inc. (NYSE: GS) announced today that Morris Chang, the founding Chairman of Taiwan Semiconductor Manufacturing Company Ltd. (TSMC), will join its Board of Directors with effect from December 1, 2001. TSMC pioneered the development of the dedicated silicon chip foundry and today it is the largest dedicated silicon chip foundry in the world.

Commenting on Dr. Chang's election, Henry M. Paulson, Jr., Chairman and Chief Executive Officer of Goldman Sachs, said: "We are honored to welcome Dr. Chang to our Board of Directors. He is recognized both for his global business vision, and his role as a technological innovator, as the growth and success of TSMC demonstrates. We will benefit from Dr. Chang's experience and insight, and look forward to working with him."

Goldman Sachs is a leading global investment banking and securities firm that provides a wide range of services worldwide to a substantial and diversified client base that 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.