Document:

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                                                                   Exhibit 10.60

August 1, 2000

Mr. Ryuzo Kodama
Managing Director
Head of Americas Division
The Sumitomo Bank, Limited
277 Park Avenue
New York, NY 10172

Dear Mr. Kodama:

         This letter (this "Letter Agreement") sets forth the agreement among
The Sumitomo Bank, Limited ("Sumitomo"), Sumitomo Bank Capital Markets, Inc.
("SBCM") and The Goldman Sachs Group, Inc. ("GS Inc.") with respect to certain
matters. Reference is made to (i) the Amended and Restated Subscription
Agreement, dated as of March 28, 1989 (as amended from time to time, the
"Subscription Agreement"), among Sumitomo, SBCM, Goldman, Sachs & Co. ("GS&Co.")
and The Goldman Sachs Group, L.P. ("Group LP"), (ii) the Amended and Restated
Registration Rights Agreement, dated as of March 28, 1989 (as amended from time
to time, the "Registration Rights Agreement"), among Sumitomo, SBCM, GS&Co. and
Group LP, (iii) the Letter Agreement, dated March 15, 1999 (as amended from time
to time, the "1999 Letter Agreement"), among Sumitomo, SBCM and Group LP and
(iv) the Amendment to the Letter Agreement, dated April 30, 1999 (the "1999
Letter Agreement Amendment"), among Sumitomo, SBCM, Group LP, GS Inc. and GS&Co.

         Pursuant to Section 5(b) of the 1999 Letter Agreement, SBCM has made a
request of GS Inc. that SBCM be permitted to dispose of 12,621,804 shares of the
common stock, par value $.01 per share (the "Common Stock"), of GS Inc. in an
underwritten public offering (the "Offering"), and concurrently with the
execution and delivery of this Letter Agreement, SBCM is entering into
underwriting agreements with respect to the Offering. Accordingly, the parties
hereby agree as follows:

                  1. Conversion of Nonvoting Common Stock by SBCM. Each of SBCM
         and GS Inc. agrees that SBCM shall convert its shares of nonvoting
         common stock, par value $.01 per share, of GS Inc. into Common Stock
         promptly after the closing of the Offering.

                  2. Agreements Otherwise Unimpaired. Except as expressly
         provided in this Letter Agreement, the Subscription Agreement, the
         Registration Rights Agreement, the 1999 Letter Agreement, the 1999
<PAGE>   2
The Sumitomo Bank, Ltd.
August 1, 2000
Page 2

         Letter Agreement Amendment and any other agreements between or among
         the parties to this Letter Agreement shall not be modified, impaired or
         affected by the execution and delivery of this Letter Agreement.

                  3. Successors and Assigns. This Letter Agreement will be
         binding upon and inure to the benefit of and be enforceable by the
         respective successors and assigns of the parties hereto.

                  4. Governing Law. This Letter Agreement is being entered into
         and is intended to be performed in the State of New York and will be
         construed and enforced in accordance with and governed by the laws of
         the State of New York.

                  5. Counterparts. This Letter Agreement may be executed
         simultaneously in several counterparts, each of which is an original,
         but all of which together shall constitute one instrument.
<PAGE>   3
         Please indicate your agreement to the terms of this letter by signing
in the space provided below.

                                    THE GOLDMAN SACHS GROUP, INC.

                                    By:     /s/ Dan H. Jester
                                            --------------------------------
                                            Name:      Dan H. Jester
                                            Title:         Authorized Person

Accepted and Agreed to as of the date first above written:

THE SUMITOMO BANK, LIMITED

By:     /s/ Ryuzo Kodama
-------------------------------
     Name:  Ryuzo Kodama
     Title:    Managing Director and Head of the Americas Division

SUMITOMO BANK CAPITAL MARKETS, INC.

By:    /s/ Natsuo Okada
-------------------------------
     Name:  Natsuo Okada
     Title:     President<PAGE>   1

                                                                   Exhibit 10.61

February 6, 2001

Wallace G.K. Chin
President
Kamehameha Activities Association
567 South King Street, Suite 301
Honolulu, HI 96813

The Trustees of the Estate of Bernice Pauahi Bishop
P.O. Box 3466
567 South King Street, Suite 200
Honolulu, HI 96813

Dear Mr. Chin and Bishop Estate Trustees:

      This letter (this "Letter Agreement") sets forth the agreement among
Kamehameha Activities Association ("KAA" or "Knight"), The Trustees of the
Estate of Bernice Pauahi Bishop (the "Bishop Estate") and The Goldman Sachs
Group, Inc. ("GS Inc.") with respect to certain matters. Reference is made to
(i) the Subscription Agreement, dated as of April 24, 1992 (as amended from time
to time, the "1992 Subscription Agreement"), among the Bishop Estate, Pauahi
Holdings Corporation ("Knight's Parent") and Royal Hawaiian Shopping Center,
Inc. ("RHSC"), which transferred all its interests in The Goldman Sachs Group,
L.P. ("Group LP") to KAA pursuant to an Assumption Agreement, dated July 15,
1998 (the "Assumption Agreement"), between KAA and RHSC for the benefit of Group
LP, (ii) the Subscription Agreement, dated as of November 21, 1994 (as amended
from time to time, the "1994 Subscription Agreement" and, collectively with the
1992 Subscription Agreement, the "Subscription Agreements"), among the Bishop
Estate, Knight's Parent and RHSC and Group LP, (iii) the Registration Rights
Agreement, dated as of April 24, 1992 (as amended from time to time, the
"Registration Rights Agreement"), between RHSC and Group LP, as amended by
Amendment No. 1 thereto dated November 21, 1994, (iv) the Letter Agreement,
dated March 15, 1999 (as amended from time to time, the "1999 Letter
Agreement"), between KAA and Group LP, (v) the Amendment to the Letter
Agreement, dated April 30, 1999 (the "1999 Letter Agreement Amendment"), among
KAA, the Bishop Estate, Group LP and GS Inc. and (vi) the Amendment to the
Letter Agreement, dated August 1, 2000 (the "2000 Letter Agreement Amendment"
and, together with the 1999 Letter Agreement and the 1999 Letter Agreement
Amendment, the "Letter Agreement"), among KAA, the Bishop Estate and GS Inc. KAA
has assumed all of RHSC's rights and obligations under the Subscription
Agreements and the Registration Rights Agreement pursuant to the Assumption
Agreement. This Letter Agreement shall
<PAGE>   2

Kamehameha Activities Association
February 6, 2001
Page 2

be a modification of and an amendment to the Subscription Agreements, the
Registration Rights Agreement and the Letter Agreement, to the extent set forth
herein.

      Pursuant to Section 4(c) of the 1999 Letter Agreement, KAA has made a
request of GS Inc. that KAA be permitted to dispose of shares of common stock,
par value $.01 per share (the "Common Stock"), of GS Inc. pursuant to Rule 144
under the Securities Act of 1933, as amended (each, a "Rule 144 Sale").
Accordingly, the parties hereby agree as follows:

            1. Future Dispositions of Common Stock by KAA. The number of shares
      that KAA shall have a right to dispose of without the consent of GS Inc.
      pursuant to Section 4(a)(2) of the Letter Agreement for the twelve-month
      period commencing May 7, 2001 shall be reduced by the number of shares of
      common stock sold in the Rule 144 Sales.

            2. Agreements Otherwise Unimpaired. Except as expressly provided in
      this Letter Agreement, the Subscription Agreements, the Registration
      Rights Agreement, the Letter Agreement and any other agreements between or
      among the parties to this Letter Agreement shall not be modified, impaired
      or affected by the execution and delivery of this Letter Agreement.

            3. Successors and Assigns. This Letter Agreement will be binding
      upon and inure to the benefit of and be enforceable by the respective
      successors and assigns of the parties hereto.

            4. Governing Law. This Letter Agreement is being entered into and is
      intended to be performed in the State of New York and will be construed
      and enforced in accordance with and governed by the laws of the State of
      New York.

            5. Counterparts. This Letter Agreement may be executed
      simultaneously in several counterparts, each of which is an original, but
      all of which together shall constitute one instrument.
<PAGE>   3

            Please indicate your agreement to the terms of this letter by
signing in the space provided below.

                        THE GOLDMAN SACHS GROUP, INC.

                        By: /s/ Dan H. Jester
                            ------------------------
                            Name: Dan H. Jester
                            Title: Authorized Person

Accepted and Agreed to as of the date first above written:

KAMEHAMEHA ACTIVITIES ASSOCIATION

By: /s/ Wallace G.K. Chin
    -------------------------
    Name: Wallace G.K. Chin
    Title: President

By: /s/ Wendell F. Brooks, Jr.
    ------------------------------
    Name: Wendell F. Brooks, Jr.
    Title: Vice President

THE TRUSTEES OF THE ESTATE OF BERNICE PAUAHI BISHOP

By: /s/ Robert Kalani Uichi Kihune
    ----------------------------------

By: /s/ Diane J. Plotts
    ----------------------------------

By: /s/ Constance Hee Lau
    ----------------------------------<PAGE>   1

                                                                   Exhibit 10.62

February 6, 2001

Mr. Ryuzo Kodama
Managing Director
Head of Americas Division
The Sumitomo Bank, Limited
277 Park Avenue
New York, NY 10172

Dear Mr. Kodama:

      This letter (this "Letter Agreement") sets forth the agreement among The
Sumitomo Bank, Limited ("Sumitomo"), Sumitomo Bank Capital Markets, Inc.
("SBCM") and The Goldman Sachs Group, Inc. ("GS Inc.") with respect to certain
matters. Reference is made to (i) the Amended and Restated Subscription
Agreement, dated as of March 28, 1989 (as amended from time to time, the
"Subscription Agreement"), among Sumitomo, SBCM, Goldman, Sachs & Co. ("GS&Co.")
and The Goldman Sachs Group, L.P. ("Group LP"), (ii) the Amended and Restated
Registration Rights Agreement, dated as of March 28, 1989 (as amended from time
to time, the "Registration Rights Agreement"), among Sumitomo, SBCM, GS&Co. and
Group LP, (iii) the Letter Agreement, dated March 15, 1999 (as amended from time
to time, the "1999 Letter Agreement"), among Sumitomo, SBCM and Group LP, (iv)
the Amendment to the Letter Agreement, dated April 30, 1999 (the "1999 Letter
Agreement Amendment"), among Sumitomo, SBCM, Group LP, GS Inc. and GS&Co, and
(v) the Amendment to the Letter Agreement, dated August 1, 2000 (the "2000
Letter Agreement Amendment" and, together with the 1999 Letter Agreement and the
1999 Letter Agreement Amendment, the "Letter Agreement"), among Sumitomo, SBCM,
GS. Inc. and GS & Co.

      Pursuant to Section 5(b) of the 1999 Letter Agreement, SBCM has made a
request of GS Inc. that SBCM be permitted to dispose of shares of common stock,
par value $.01 per share (the "Common Stock"), of GS Inc. pursuant to Rule 144
under the Securities Act of 1933, as amended (each, a "Rule 144 Sale").
Accordingly, the parties hereby agree as follows:

            1. Future Disposition of Common Stock by SBCM. The number of shares
      of Common Stock that SBCM shall have a right to dispose of without the
      consent of GS Inc. pursuant to Section 5(a)(2) of the Letter Agreement for
      the twelve-month period commencing May 7, 2001 shall be reduced by the
      number of shares of Common Stock sold in the Rule 144 Sales.
<PAGE>   2

The Sumitomo Bank, Ltd.
February 6, 2001
Page 2

            2. Agreements Otherwise Unimpaired. Except as expressly provided in
      this Letter Agreement, the Subscription Agreement, the Registration Rights
      Agreement, the Letter Agreement and any other agreements between or among
      the parties to this Letter Agreement shall not be modified, impaired or
      affected by the execution and delivery of this Letter Agreement.

            3. Successors and Assigns. This Letter Agreement will be binding
      upon and inure to the benefit of and be enforceable by the respective
      successors and assigns of the parties hereto.

            4. Governing Law. This Letter Agreement is being entered into and is
      intended to be performed in the State of New York and will be construed
      and enforced in accordance with and governed by the laws of the State of
      New York.

            5. Counterparts. This Letter Agreement may be executed
      simultaneously in several counterparts, each of which is an original, but
      all of which together shall constitute one instrument.

<PAGE>   3

            Please indicate your agreement to the terms of this letter by
signing in the space provided below.

                        THE GOLDMAN SACHS GROUP, INC.

                        By: /s/ Dan H. Jester
                            ---------------------
                            Name: Dan H. Jester
                            Title: Authorized Person

                        GOLDMAN, SACHS & CO.

                        By: /s/ Dan H. Jester
                            ---------------------
                            Name: Dan H. Jester
                            Title: Authorized Person

Accepted and Agreed to as of the date first above written:

THE SUMITOMO BANK, LIMITED

By: /s/ Ryuzo Kodama
    ----------------------------------------
    Name: Ryuzo Kodama
    Title: Managing Director and Head of the
           Americas Division

SUMITOMO BANK CAPITAL MARKETS, INC.

By: /s/ Naoyuki Kawamoto
    ------------------------
    Name: Naoyuki Kawamoto
    Title: Chairman

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