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Goldman Sachs Special
   Opportunities (Asia) Fund
Telstra Corporation Limited
Repsol YPF
Central States Southeast and
    Southwest Areas Pension Fund
Duke-Weeks Realty Corporation
Kookmin Bank


Lincoln Financial Group UK
EOG Resources, Inc.
Juniper Networks, Inc.
China Telecom (Hong Kong) Ltd.
Vivendi S.A.
Sumitomo Bank, Limited
The Allstate Corporation


Global Crossing Ltd.
Swiss Reinsurance Company
Goldman Sachs Funds
AstraZeneca PLC
Lucent Technologies Inc.
Extendible Commercial Notes
Red Hat, Inc.

Nippon Telegraph & Telephone
   Corporation (NTT)
The Republic of Argentina
United Pan-Europe
   Communications N.V. (UPC)
Vodafone AirTouch PLC
Charter Communications, Inc.
Exchange Fund Investment, Ltd
Internet Initiative Japan Inc. (IIJ)

United Pan-Europe Communications N.V. (UPC)

Goldman Sachs’ relationship with UPC illustrates the firm’s significant role in helping communications companies gain leadership positions in businesses driven by emerging technologies. Early in 1999, we were lead manager and joint global coordinator for UPC’s $1.5 billion global IPO - the largest to date in the Netherlands and the first ever for a company providing cable television, telephony and high-speed Internet access services. The offering was well received, enabling UPC to obtain an attractive market debut. In July, we were joint lead manager and joint bookrunner for the company's inaugural $1.5 billion high-yield bond offering, the largest high-yield offering ever for a European issuer. This bond offering was successfully completed despite difficult high-yield market conditions. We also lead managed a follow-on $970 million global equity offering for UPC that was increased in size to meet investor demand. These transactions, by providing capital for acquisitions and operating expenditures, helped to position the company as the frontrunner in the consolidation of the European broadband communications industry. UPC drew on the expertise of Goldman Sachs professionals worldwide in research, strategy development, structuring and distribution, and continues to look to our firm for advice on strategic acquisitions.

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