New Issue: Goldman sells $13.23 million 9.6% exchangeables linked to EchoStar

New York, Nov. 20 - Goldman Sachs Group, Inc. Wednesday priced $13,232,885 of 9.6% mandatory exchangeable notes due 2002, exchangeable for EchoStar Communications Corp. common stock, according to a filing with the Securities and Exchange Commission. The notes, sold from the investment bank's medium-term note program, were brought to market via Goldman, Sachs & Co.

At maturity the notes will be exchanged for stock or the cash equivalent, at Goldman's option. The payout is capped at 30% above the level of EchoStar stock at pricing.

Issuer:	The Goldman Sachs Group, Inc.
Amount:	$13,232,885
Maturity:	Nov. 22, 2002, unless extended for up to six business days
Price:	Par of $25.67
Coupon:	9.6% payable quarterly beginning Feb. 22, 2002
Payout:	At maturity, holders receive one share of EchoStar stock per note as long as EchoStar
	stock closes no more than 30% above the pricing level of $25.67, equivalent to $33.371.
	If EchoStar stock closes above that level, holders receive $33.371 worth of EchoStar
	stock. At Goldman's option, the payout is in cash instead of stock.
Settlement:	Nov. 21
Cusip:	38141G542
End

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