UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                     FORM 4

                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(f) of the Investment Company Act of 1940

[ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5
      obligations may continue. See Instruction 1(b).
================================================================================
1. Name and Address of Reporting Person*

    The Goldman Sachs Group, Inc.
--------------------------------------------------------------------------------
   (Last)                           (First)             (Middle)

    85 Broad Street
--------------------------------------------------------------------------------
                                    (Street)

    New York,                        New York             10004
--------------------------------------------------------------------------------
   (City)                           (State)              (Zip)


================================================================================
2. Issuer Name and Ticker or Trading Symbol

    StorageNetworks, Inc.
    (STOR)
================================================================================
3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)


================================================================================
4. Statement for Month/Year

    May/2001
================================================================================
5. If Amendment, Date of Original (Month/Year)


================================================================================
6. Relationship of Reporting Person(s) to Issuer
   (Check all applicable)

   [   ]   Director                             [   ]   10% Owner
   [   ]   Officer (give title below)           [ X ]   Other (specify below)


                          Former 10% Owner
               -------------------------------------------

================================================================================
7. Individual or Joint/Group Filing (Check Applicable Line)

   [   ] Form filed by One Reporting Person
   [ X ] Form filed by More than One Reporting Person

================================================================================



====================================================================================================================================
                              Table I -- Non-Derivative Securities Acquired, Disposed of,                                          |
                                                 or Beneficially Owned                                                             |
====================================================================================================================================
                                    |            |            |                                |              |6.       |          |
                                    |            |            | 4.                             |5.            |Owner-   |          |
                                    |            |            | Securities Acquired (A) or     |Amount of     |ship     |          |
                                    |            | 3.         | Disposed of (D)                |Securities    |Form:    |7.        |
                                    |2.          | Transaction| (Instr. 3, 4 and 5)            |Beneficially  |Direct   |Nature of |
                                    |Transaction | Code       | -------------------------------|Owned at End  |(D) or   |Indirect  |
1.                                  |Date        | (Instr. 8) |               | (A) |          |of Month      |Indirect |Beneficial|
Title of Security                   |(Month/Day/ | -----------|     Amount    | or  |  Price   |(Instr. 3     |(I)      |Ownership |
(Instr. 3)                          |Year)       |  Code  | V |               | (D) |          |and 4)        |(Instr.4)|(Instr. 4)|
-----------------------------------------------------------------------------------------------------------------------------------|
                                                                                             
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/03/01  |        |   |    170,000    |  D  |  $14.00  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/03/01  |        |   |     30,000    |  D  |  $14.25  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     20,000    |  D  |  $14.00  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $14.01  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $14.04  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $14.05  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $14.07  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $14.08  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $14.09  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $14.10  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $14.11  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $14.17  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     15,000    |  D  |  $14.20  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $14.30  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $14.32  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $14.35  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $14.38  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $14.48  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     15,000    |  D  |  $14.52  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     15,000    |  D  |  $14.59  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $14.64  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     20,000    |  D  |  $14.67  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $14.70  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $14.77  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $14.87  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $15.00  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $15.03  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     15,000    |  D  |  $15.05  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $15.09  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     25,000    |  D  |  $15.10  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $15.15  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     35,000    |  D  |  $15.16  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $15.17  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     25,000    |  D  |  $15.18  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     35,000    |  D  |  $15.20  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $15.21  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     20,000    |  D  |  $15.22  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     15,000    |  D  |  $15.24  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     30,000    |  D  |  $15.25  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $15.29  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $15.30  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $15.31  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $15.33  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $15.34  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |    120,000    |  D  |  $15.35  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $15.37  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $15.38  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $15.40  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     15,000    |  D  |  $15.42  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $15.43  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $15.45  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     60,000    |  D  |  $15.50  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $15.51  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $15.52  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $15.53  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     20,000    |  D  |  $15.54  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $15.55  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     50,000    |  D  |  $15.60  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     50,000    |  D  |  $15.65  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |    125,000    |  D  |  $15.70  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |    155,000    |  D  |  $15.75  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $15.77  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $15.78  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $15.79  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $15.80  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     15,000    |  D  |  $15.81  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $15.88  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $15.90  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $15.95  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $15.97  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $15.99  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $16.05  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $16.14  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $16.17  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $16.19  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $16.20  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $16.22  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $16.24  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $16.27  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |     10,000    |  D  |  $16.31  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $16.36  |              |   01    |    01    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                    |            |        |   |               |     |          |              |         |          |
Common Stock                        |  05/04/01  |        |   |      5,000    |  D  |  $16.40  |      01      |    01   |     01   |
====================================================================================================================================

Reminder: Report on a separate line for each class of securities beneficially
          owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction
  4(b)(v).

FORM 4 (continued)


====================================================================================================================================
                    Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned                                 |
                            (e.g., puts, calls, warrants, options, convertible securities)                                         |
====================================================================================================================================

               |        |        |      |               |                 |                       |        |9.       |10.   |      |
               |        |        |      |               |                 |                       |        |Number   |Owner-|      |
               |        |        |      |               |                 |                       |        |of       |ship  |      |
               |2.      |        |      |               |                 |                       |        |Deriv-   |of    |      |
               |Conver- |        |      | 5.            |                 |7.                     |        |ative    |Deriv-|11.   |
               |sion    |        |      | Number of     |                 |Title and Amount       |        |Secur-   |ative |Nature|
               |or      |        |      | Derivative    |6.               |of Underlying          |8.      |ities    |Secur-|of    |
               |Exer-   |        |4.    | Securities    |Date             |Securities             |Price   |Bene-    |ity:  |In-   |
               |cise    |3.      |Trans-| Acquired (A)  |Exercisable and  |(Instr. 3 and 4)       |of      |ficially |Direct|direct|
               |Price   |Trans-  |action| or Disposed   |Expiration Date  |-----------------------|Deriv-  |Owned    |(D) or|Bene- |
1.             |of      |action  |Code  | of (D)        |(Month/Day/Year) |             |Amount   |ative   |at End   |In-   |ficial|
Title of       |Deriv-  |Date    |(Instr| (Instr. 3,    |-----------------|             |or       |Secur-  |of       |direct|Owner-|
Derivative     |ative   |(Month/ |8)    | 4 and 5)      |Date    |Expira- |             |Number   |ity     |Month    |(I)   |ship  |
Security       |Secur-  |Day/    |------| ------------  |Exer-   |tion    |             |of       |(Instr. |(Instr.  |(Instr|(Instr|
(Instr. 3)     |ity     |Year)   |Code|V|  (A)  | (D)   |cisable |Date    |Title        |Shares   |5)      |4)       |4)    |4)    |
-----------------------------------------------------------------------------------------------------------------------------------|
                                                                                  
Stock Option   |        |        |    | |       |       |        |        |             |         |        |         |      |      |
(right to buy) | $8.00  |        |    | |       |       |   02   |01/27/10|Common Stock |  25,000 |        |  25,000 |  02  |  02  |
====================================================================================================================================

Instruction 4(b)(v) list of other Reporting Persons:

This  statement is being filed by GS Capital  Partners  III,  L.P.  ("GS Capital
III"),  GS Capital  Partners III  Offshore,  L.P.  ("GS  Offshore"),  GS Capital
Partners III Germany Civil Law  Partnership  ("GS  Germany"),  Stone Street Fund
1999, L.P. ("1999 Stone", and together with GS Capital III, GS Offshore,  and GS
Germany, the "Limited Partnerships"), Stone Street 1999, L.L.C. ("Stone GP"), GS
Advisors  III,  L.L.C.  ("GS  Advisors"),  Goldman,  Sachs & Co. oHG ("GS oHG"),
Goldman,  Sachs & Co. ("Goldman Sachs"),  and The Goldman Sachs Group, Inc. ("GS
Group" and, together with GS Capital III, GS Offshore,  GS Germany,  1999 Stone,
Goldman Sachs, GS Advisors, GS oHG and Stone GP, the "Reporting  Persons").  The
principal  business address of each of GS Capital III, 1999 Stone,  Stone GP, GS
Advisors,  Goldman  Sachs and GS Group is 85 Broad Street,  New York,  New York,
10004.  The principal  business address of GS Offshore is c/o Maples and Calder,
P.O. Box 309, Grand Cayman,  Cayman Islands.  The principal  business address of
each of GS Germany and GS oHG is MesseTurm, 60308 Frankfurt am Main, Germany.

Explanation of Responses:

01: The securities reported herein as sold were sold and were beneficially owned
by the Limited  Partnerships and may be deemed to have been  beneficially  owned
indirectly by GS Group. On May 3, 2001 GS Capital Partners III, GS Offshore,  GS
Germany and 1999 Stone sold 145,336,  39,955,  6,709, and 8,000 shares of Common
Stock,  respectively.  On May 4, 2001, GS Capital Partners III, GS Offshore,  GS
Germany and 1999 Stone sold 944,684, 259,705, 43,612 and 51,999 shares of Common
Stock, respectively.

As of May 4, 2001,  Goldman Sachs and GS Group may be deemed to own beneficially
and  indirectly,  in  aggregate,  9,587,447  shares of Common Stock  through the
Limited  Partnerships of which  affiliates of Goldman Sachs and GS Group are the
general partner or managing partner.  Pursuant to a Voting Trust Agreement,  the
Limited Partnerships have placed the shares in a voting trust with United States
Trust Company of New York, as voting trustee (the "Voting Trustee"), pursuant to
which the Voting  Trustee has been given the power to exercise the voting rights
of such shares.  Goldman Sachs is the  investment  manager of GS Capital III, GS
Offshore and GS Germany. Goldman Sachs is an indirect wholly-owned subsidiary of
GS Group.  Goldman Sachs and GS Group each disclaim beneficial  ownership of the
shares of Common Stock owned by the Limited Partnerships except to the extent of
their pecuniary interest therein.

GS  Capital  III and its  general  partner,  GS  Advisors,  may be deemed to own
beneficially  and  indirectly  6,967,003  shares of Common  Stock.  GS  Advisors
disclaims  beneficial  ownership of the securities reported herein except to the
extent of its pecuniary interest therein.

GS  Offshore  and  its  general  partner,  GS  Advisors,  may be  deemed  to own
beneficially  and  indirectly  1,915,312  shares of Common  Stock.  GS  Advisors
disclaims  beneficial  ownership of the securities reported herein except to the
extent of its pecuniary interest therein.

GS Germany and its managing  partner,  GS oHG, may be deemed to own beneficially
and  indirectly  321,633  shares of Common Stock.  GS oHG  disclaims  beneficial
ownership  of  the  securities  reported  herein  except  to the  extent  of its
pecuniary interest therein.

1999 Stone and its general partner,  Stone GP, may be deemed to own beneficially
and  indirectly  383,499 shares of Common Stock.  Stone GP disclaims  beneficial
ownership  of  the  securities  reported  herein  except  to the  extent  of its
pecuniary interest therein.

02: These  options were  granted  pursuant to the Issuer's  Amended and Restated
1998  Stock  Incentive  Plan to a  director  of the  Issuer,  who is a  managing
director  of  Goldman  Sachs  (the  "Director").  Goldman  Sachs is an  indirect
wholly-owned  subsidiary of GS Group. These options are immediately  exercisable
in full,  subject to the Issuer's right to repurchase a percentage of any shares
of Common Stock issued upon exercise of these options ("Shares"), as follows: If
the Director ceases to be either an employee,  officer or director of the Issuer
at any time during the 12 month period between 01/26/01 and 01/26/02, the Issuer
has the right to repurchase 50% of the Shares.  These  repurchase  rights of the
Issuer terminate in any event upon certain  acquisition  events of the Issuer or
upon the death or disability of the Director.  The Director has an understanding
with GS Group  pursuant  to which he holds such  options  for the  benefit of GS
Group.

**Signatures:

GOLDMAN, SACHS & CO.


By:  s/ Roger S. Begelman
     -----------------------------
     Name:     Roger S. Begelman
     Title:    Attorney-in-fact


THE GOLDMAN SACHS GROUP, INC.


By:  s/ Roger S. Begelman
     -----------------------------
     Name:     Roger S. Begelman
     Title:    Attorney-in-fact


GS CAPITAL PARTNERS III, L.P.


By:  s/ Roger S. Begelman
     -----------------------------
     Name:     Roger S. Begelman
     Title:    Attorney-in-fact


GS CAPITAL PARTNERS III OFFSHORE, L.P.


By:  s/ Roger S. Begelman
     -----------------------------
     Name:     Roger S. Begelman
     Title:    Attorney-in-fact


GS CAPITAL PARTNERS III GERMANY CIVIL LAW PARTNERSHIP
(with limitation of liability)


By:  s/ Roger S. Begelman
     -----------------------------
     Name:     Roger S. Begelman
     Title:    Attorney-in-fact


GS ADVISORS III, L.L.C.


By:  s/ Roger S. Begelman
     -----------------------------
     Name:     Roger S. Begelman
     Title:    Attorney-in-fact


GOLDMAN, SACHS & CO. oHG


By:  s/ Roger S. Begelman
     -----------------------------
     Name:     Roger S. Begelman
     Title:    Attorney-in-fact


STONE STREET FUND 1999, L.P.


By:  s/ Roger S. Begelman
     -----------------------------
     Name:     Roger S. Begelman
     Title:    Attorney-in-fact


STONE STREET 1999, L.L.C.


By:  s/ Roger S. Begelman
     -----------------------------
     Name:     Roger S. Begelman
     Title:    Attorney-in-fact


Date:   June 11, 2001



**     Intentional misstatements or omissions of facts constitute Federal
       Criminal Violations.

       See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:  File three copies of this Form, one of which must be manually signed.
       If space provided is insufficient, see Instruction 6 for procedures.


       Alternatively,   this  Form  is  permitted  to  be  submitted  to  the
       Commission in electronic  format at the option of the reporting person
       pursuant to Rule 101(b)(4) of Regulation S-T.