The following table sets forth the consolidated capitalization of
Goldman Sachs as of February 26, 1999:
This table should be read in conjunction with the consolidated
financial statements and their notes and the Pro Forma Consolidated Financial
Information and their notes.
(1) Includes current portion of long-term borrowings of $6,285 million.
See Note 4 to the unaudited condensed consolidated financial
statements as of February 26, 1999 for further information regarding
Goldman Sachs' short-term borrowings.
(2) After the offerings and subject to market conditions, we intend to
raise additional funds in the public debt securities market,
including through an anticipated $1 billion offering of long-term
debt securities and an anticipated €1 billion offering of long-term
debt securities payable in euros.
(3) Includes subordinated debt of Goldman, Sachs & Co. of $275
(4) Consists of junior subordinated debentures issued to the retired
limited partners as part of the incorporation transactions. See
"Certain Relationships and Related Transactions Incorporation
and Related Transactions" for further information regarding the
issuance of the debentures.
(5) Common stock outstanding includes 12,555,866 shares of common stock
irrevocably contributed to the defined contribution plan. Common
stock outstanding excludes 40,127,592 shares of common stock
deliverable pursuant to the options awarded to employees on a
discretionary basis. See "Management The Employee Initial
Public Offering Awards" for more detailed information regarding
(6) Restricted stock units include 30,025,946 shares of common stock
underlying the restricted stock units awarded to employees based on
a formula and 33,292,869 shares of common stock underlying the
restricted stock units awarded to employees on a discretionary
(7) Unearned compensation relates to the award of the restricted stock units awarded to employees on a discretionary basis.