New Issue: Goldman Sachs sells $5 million 12.2% reverse exchangeables linked to Chesapeake Energy

By Angela McDaniels

Seattle, Jan. 13 - The Goldman Sachs Group Inc. priced $5 million 12.2% reverse exchangeable notes due July 2006 linked to Chesapeake Energy Corp. stock, according to a 424B3 filing with the Securities and Exchange Commission.

Issuer:	The Goldman Sachs Group Inc.
Issue:	Reverse exchangeable medium-term series B notes
Underlying stock:	Chesapeake Energy Corp.
Amount:	$5,000,010.26
Maturity:	July 18, 2006
Coupon:	12.2%
Price:	Par of $32.265 (closing price of Chesapeake stock on pricing date)
Payout at maturity:	If Chesapeake stock finishes at or above the threshold price (85% of initial level), payout is par; if stock closes below threshold price then par minus 1.1765 times decline beyond 15%
Initial price:	$32.265 (closing price of Chesapeake stock on pricing date)
Threshold price:	85% of initial price, or $27.425 per share
Pricing date:	Jan. 6
Settlement date:	Jan. 18
Underwriter:	Goldman Sachs & Co.
Distribution:	Off shelf

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