23-Sep-08

September 23, 2008 The Goldman Sachs Group, Inc. (NYSE: GS) announced today that it has reached an
offering. The preferred stock has a dividend of 10 percent and is callable at any time at a 10 percent p
purchase $5 billion of common stock with a strike price of $115 per share, which are exercisable at an

18-Apr-11 In a news release, Goldman says it will buy back those preferred shares as of April 18 (Goldman had to
unpaid dividends.”
A spokesman tells that Goldman will be paying Berkshire:
$5 billion principal for the preferred shares
$500 million one-time repayment dividend
$125 million in accrued dividends since the anniversary date in September
$24 million for the first 17 days of April
TOTAL: $5,649,000,000

In 2011, Goldman Sachs redeemed the shares, earning Berkshire Hathaway a profit of $3.7 billion.
Ten years after the crisis, Berkshire Hathaway still owns $3.13 billion of Goldman Sachs stock.

Amount Unit Price Volume Type

5,000,000,000 100,000 50,000 Series G
5,000,000,000 115 43,478,261 common stock

2008 2009 2010

23-Sep-08 $ (5,000,000,000)
31-Dec-08 $ 135,616,438
31-Dec-09 $ 500,000,000
31-Dec-10 $ 500,000,000
18-Apr-11 principal for the preferred shares
18-Apr-11 one-time repayment dividend
18-Apr-11 accrued dividends since the anniversary date in September
18-Apr-11 first 17 days of April
 announced today that it has reached an agreement to sell $5 billion of perpetual preferred stock to Berkshire Hathaway, Inc. in a private
s callable at any time at a 10 percent premium. In conjunction with this offering, Berkshire Hathaway will also receive warrants to
5 per share, which are exercisable at any time for a five year term.

shares as of April 18 (Goldman had to provide 30 days notice) for “the stated redemption price of $110,000 per share, plus accrued and

n September

e Hathaway a profit of $3.7 billion.

llion of Goldman Sachs stock.
36%

2011 2012 2013

$ 5,000,000,000
$ 500,000,000
$ 125,000,000
$ 24,000,000
shire Hathaway, Inc. in a private
also receive warrants to

00 per share, plus accrued and

https://www.goldmansachs.com/media-relations/press-releases/archived/2008/berkshire-hathaway-invest.html

New York, NY - September 23, 2008 -- The Goldman Sachs Group, Inc. (NYSE: GS) announced today that it has reached an agre
Inc. in a private offering. The preferred stock has a dividend of 10 percent and is callable at any time at a 10 percent premium
warrants to purchase $5 billion of common stock with a strike price of $115 per share, which are exercisable at any time for

In addition, Goldman Sachs is raising at least $2.5 billion in common equity in a public offering.

“We are pleased that given our longstanding relationship, Warren Buffett, arguably the world’s most admired and successful i
We view it as a strong validation of our client franchise and future prospects,” said Lloyd C. Blankfein, Chairman and CEO of Th
capitalization and liquidity position.”

“Goldman Sachs is an exceptional institution,” said Warren Buffett, Chairman and CEO of Berkshire Hathaway, Inc. “It has an u
intellectual and financial capital to continue its track record of outperformance.”

The Goldman Sachs Group is a bank holding company and a leading global investment banking, securities and investment man
a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth indi
maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.
away-invest.html

day that it has reached an agreement to sell $5 billion of perpetual preferred stock to Berkshire Hathaway,
time at a 10 percent premium. In conjunction with this offering, Berkshire Hathaway will also receive
re exercisable at any time for a five year term.

most admired and successful investor, has decided to make such a significant investment in Goldman Sachs.
kfein, Chairman and CEO of The Goldman Sachs Group, Inc. “This investment will further bolster our strong

ire Hathaway, Inc. “It has an unrivaled global franchise, a proven and deep management team and the

securities and investment management firm. Goldman Sachs provides a wide range of services worldwide to
ments and high net worth individuals. Founded in 1869, the firm is headquartered in New York and
nd the world.
https://www.goldmansachs.com/media-relations/press-releases/archived/2011/redeem-stock.html
Goldman Sachs to Redeem Preferred Stock Issued to Berkshire Hathaway

New York, March 18, 2011 -- The Goldman Sachs Group, Inc. (NYSE: GS) today announced that the Federal Reserve has conclu
which include the redemption in full of the 50,000 shares of the Company’s 10% Cumulative Perpetual Preferred Stock, Serie
subsidiaries (collectively, Berkshire Hathaway), the repurchase of outstanding common stock and a potential increase in our q

The Company has mailed notices of redemption to Berkshire Hathaway stating that the Company will redeem in full the Prefer
$110,000 per share, plus accrued and unpaid dividends. The redemption date will be April 18, 2011. Berkshire Hathaway con
common stock, par value $0.01 per share, which Berkshire Hathaway purchased from the Company concurrently with the Pre

The redemption includes a one-time preferred dividend of approximately $1.64 billion which will be reflected in the Compan
per common share for the first quarter by approximately $2.80 per share. The redemption also results in the acceleration of $
redemption date, which will reduce reported diluted earnings per common share for the first quarter by approximately $0.04.
dividend expense of $125 million per quarter, or $500 million annually, which reduced diluted earnings per common share b
he Federal Reserve has concluded that it has no objection to Goldman Sachs’ proposed 2011 capital actions,
rpetual Preferred Stock, Series G (Preferred Shares) held by Berkshire Hathaway Inc. and certain of its
d a potential increase in our quarterly common stock dividend.

y will redeem in full the Preferred Shares held by Berkshire Hathaway, for the stated redemption price of
011. Berkshire Hathaway continues to hold the warrant to purchase 43,478,260 shares of the Company’s
pany concurrently with the Preferred Shares on October 1, 2008.

ill be reflected in the Company’s first quarter results. This is expected to reduce reported diluted earnings
esults in the acceleration of $24 million of preferred dividends that are payable from April 1 to the
uarter by approximately $0.04. While the Preferred Shares were outstanding, the Company incurred a
earnings per common share by $0.85 in 2010.