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The holders of common stock and nonvoting common stock of Goldman Sachs
will share proportionately on a per share basis in all dividends and other
distributions declared by our board of directors. Our board of directors
currently intends to declare quarterly dividends on all outstanding shares of
common stock and nonvoting common stock and expects that the first quarterly
dividend will be $0.12 per share, and that it will be declared during the third
quarter of fiscal 1999.
The declaration of dividends by Goldman Sachs is subject to the discretion of our board of directors. Our board of directors will take into account such matters as general business conditions, our financial results, capital requirements, contractual, legal and regulatory restrictions on the payment of dividends by us to our shareholders or by our subsidiaries to us, the effect on our debt ratings and such other factors as our board of directors may deem relevant. See "Business — Regulation" for a discussion of potential regulatory limitations on our receipt of funds from our regulated subsidiaries.
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