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00:06:07 audio/x-pn-realaudio Audio pnm://real.nvglb.com/goldman/ir/morningcallsummary/fst_mcs_022801_audio.rm 00:06:07.1 audio/x-pn-realaudio AudioVideo pnm://real.nvglb.com/goldman/ir/morningcallsummary/fst_mcs_022801.rm Retailing Consumer Discretionary Oil and Gas Energy Energy Telecommunication Services Telecommunication Services Comment 2001-02-28T16:00:00-05:00 Chevron Corp. Texaco Inc. ExxonMobile Monsanto Federated Department Stores Sears, Roebuck and Company The May Department Stores C)2001 Goldman,Sachs & Co.All rights reserved. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.We are not soliciting any action based upon this material.This material is for the general information ofclients of Goldman Sachs.It does not take into account the particular investment objectives,financial situation or needs of individual clients.Before acting on any advice or recommendation in this material,a client should consider whether it is suitable for their particular circumstances and,if necessary,seek professional advice.Certain transactions,including those involving futures,options,and high yield securities,give rise to substantial risk and are not suitable for all investors.The material is based upon information that we consider reliable,but we do not represent that it is accurate or complete,and it should not be relied upon as such.Opinions expressed are our current opinions as of the date appearing on this material only.While we endeavor to update on a reasonable basis the information discussed in this material,there may be regulatory,compliance,or other reasons that prevent us from doing so.We and our affiliates,officers,directors,and employees,including persons involved in the preparation or issuance of this material may,from time to time,have long or short positions in,and buy or sell,the securities,or derivatives (including options)thereof,of companies mentioned herein.No part of this material may be (i)copied,photocopied or duplicated in any form by any means or (ii) redistributed without Goldman,Sachs & Co.’s prior written consent. This material has been issued by Goldman,Sachs & Co.and/or one of its affiliates and has been approved by Goldman Sachs International,which is regulated by The Securities and Futures Authority,in connection with its distribution in the United Kingdom and by Goldman Sachs Canada in connection with its distribution in Canada.This material is distributed in Hong Kong by Goldman Sachs (Asia)L.L.C.,in Korea by Goldman Sachs (Asia)L.L.C.,Seoul Branch,in Japan by Goldman Sachs (Japan)Ltd.,in Australia by Goldman Sachs Australia Pty Limited (ACN 092 589 770),and in Singapore through Goldman Sachs (Singapore)Pte.This material is not for distribution in the United Kingdom to private customers,as that term is defined under the rules of The Securities and Futures Authority;and any investments,including any convertible bonds or derivatives,mentioned in this material will not be made available by us to any such private customer.Goldman Sachs International and its non-U.S.affiliates may,to the extent permitted under applicable law, have acted upon or used this research,to the extent it relates to non-U.S.issuers,prior to or immediately following its publication.Foreign-currency-denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of,or income derived from,the investment.In addition,investors in securities such as ADRs,the valuesof which are influenced by foreign currencies,effectively assume currency risk. Goldman,Sachs Co.or an affiliate has rendered significant corporate finance services. Goldman,Sachs Co.or an affiliate makes an over-the-counter market