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GS-ART: Disclosure Document

Si vous avez des questions concernant ce produit, ou avez besoin de plus amples informations, veuillez contacter notre hotline au 044 224 11 44. Nous sommes à votre disposition les jours d'ouverture du marché suisse, de 09:00 à 19:00 heures.

AEX INDEX
Euronext Indices B.V. has all proprietary rights with respect to the Index. In no way Euronext Indices B.V. sponsors, endorses or is otherwise involved in the issue and offering of the product. Euronext Indices B.V. disclaims any liability to any party for any inaccuracy in the data on which the Index is based, for any mistakes, errors, or omissions in the calculation and/or dissemination of the Index, or for the manner in which it is applied in connection with the issue and offering thereof. AEX® and AEX-index® are registered trademarks of Euronext N.V. or its subsidiaries.

AMEX Biotechnology Index
The AMEX Biotechnology Index (BTK) (Index) is sponsored by, and is a service mark of, the American Stock Exchange LLC (the Exchange). The Index is being used with the permission of the Exchange. The American Stock Exchange LLC (the Exchange) in no way sponsors, endorses or is otherwise involved in the transactions specified and described in this document (the Transaction) and the Exchange disclaims any liability to any party for any inaccuracy in the data on which the AMEX Biotechnology Index (BTK) (Index) is based, for any mistakes, errors, or omissions in the calculation and/or dissemination of the Index, or for the manner in which it is applied in connection with the Transaction.

AMEX Gold BUGS Index
The AMEX Gold BUGS Index (HUI) (Index) is sponsored by, and is a service mark of, the American Stock Exchange LLC (the Exchange). The Index is being used with the permission of the Exchange. The American Stock Exchange LLC (the Exchange) in no way sponsors, endorses or is otherwise involved in the transactions specified and described in this document (the Transaction) and the Exchange disclaims any liability to any party for any inaccuracy in the data on which the Index is based, for any mistakes, errors, or omissions in the calculation and/or dissemination of the Index, or for the manner in which it is applied in connection with the Transaction.

AMEX Natural Gas Index
The AMEX Natural Gas Index (XNG) (Index) is sponsored by, and is a service mark of, the American Stock Exchange LLC (the Exchange). The Index is being used with the permission of the Exchange. The American Stock Exchange LLC (the Exchange) in no way sponsors, endorses or is otherwise involved in the transactions specified and described in this document (the Transaction) and the Exchange disclaims any liability to any party for any inaccuracy in the data on which the Index is based, for any mistakes, errors, or omissions in the calculation and/or dissemination of the Index, or for the manner in which it is applied in connection with the Transaction.

AMEX Oil Index
The AMEX Oil Index (XOI) (Index) is sponsored by, and is a service mark of, the American Stock Exchange LLC (the Exchange). The Index is being used with the permission of the Exchange. The American Stock Exchange LLC (the Exchange) in no way sponsors, endorses or is otherwise involved in the transactions specified and described in this document (the Transaction) and the Exchange disclaims any liability to any party for any inaccuracy in the data on which the Index is based, for any mistakes, errors, or omissions in the calculation and/or dissemination of the Index, or for the manner in which it is applied in connection with the Transaction.

ATX Index
The ATX Index is calculated and published by Wiener Börse and the term ATX is protected as a trademark of Wiener Börse. A non-exclusive authorisation for the use of the ATX trademark has been granted with respect to this Issue.

Bovespa
IBOVESPA is a trademark owned by the São Paulo Stock Exchange (BOVESPA) and has been licensed for use by Goldman, Sachs & Co. Wertpapier GmbH for this issuance. The product is not issued, sponsored, endorsed, sold or promoted by BOVESPA, neither BOVESPA makes any warranties or bears any liability with respect to the product. As per the index management, BOVESPA reserves the right to change any IBOVESPA's characteristics if judged necessary.

BRICs Nifty 50
BRICs Nifty 50 Emerging Markets Tradable Index/BRICs Nifty 50 Developed Markets Index (the “Index”) is the exclusive property of Goldman Sachs International (“GSI”), which has contracted with Standard & Poor’s Financial Services LLC (“S&P”) to calculate and maintain the Index. S&P’s sole relationship to GSI in relation to the Index is providing such calculation services. The Index is in no way related to, based upon or in any other way derived from the S&P BRIC 40 index or the S&P CNX Nifty index. The Index is not owned, endorsed, or approved by or associated with S&P, its affiliates or their third party licensors and neither S&P, its affiliates nor their third party licensors shall have any liability in connection to the Index.

BRL/EUR Exchange Rate
The Brazilian Real (BRL) is a free-floating currency, which is freely tradeable on international currency markets. However, foreign exchange rates may be influenced from time to time by Central Bank intervention. In addition, the Brazilian government may, for a limited period of time, impose restrictions on the remittance to foreign investors of the proceeds of their investments in Brazil and on the conversion of BRL into foreign currencies. There can be no assurance that the Brazilian government will not in the future impose more restrictive foreign exchange regulations. Any (i) measure or intervention under (ii) or change in the relevant exchange control regulations or (iii) implementation of more restrictive exchange control regulations may have an adverse affect on the BRL/EUR Exchange Rate and, consequently, on the Certificates. Changes in the BRL/EUR Exchange Rate may decrease the value of the Certificates and/or the amount of payments under the Certificates. Additionally, the foreign exchange markets have currently been reconstructed and as of 14 March 2005 all foreign exchange transactions in Brazil are now carried out in a single foreign exchange market through authorized financial institutions. The impact of the enactment of any new regulations on the foreign exchange market and, consequently, on the BRL/EUR Exchange Rate cannot be predicted. There can be no assurance that the Brazilian Real will depreciate or appreciate in value in relation to the Euro in the future.

CAC40 Index
Euronext Paris S.A. has all proprietary rights with respect to the Index. In no way Euronext Paris S.A. sponsors, endorses or is otherwise involved in the issue and offering of the product. Euronext Paris S.A. disclaims any liability to any party for any inaccuracy in the data on which the Index is based, for any mistakes, errors, or omissions in the calculation and/or dissemination of the Index, or for the manner in which it is applied in connection with the issue and offering thereof. CAC40® and CAC® are registered trademarks of Euronext N.V. subsidiary: Euronext Paris S.A.

CASE 30 Index
CASE and CASE 30 Index are service marks of CASE. CASE has no relationship with Goldman, Sachs & Co. Wertpapier GmbH and no liability or responsibility in connection with its activities, other than the non-exclusive licensing of the CASE 30 Index and its service marks for use in connection with the Product. The CASE 30 Index is owned by the Cairo & Alexandria Stock Exchanges (CASE), which does not sponsor, endorse or promote this Product. All copyright in the index values and constituent list vests in CASE. Goldman, Sachs & Co. Wertpapier GmbH has obtained a non-exclusive licence from CASE to use such copyright in the creation of this product.

CECE Index EUR
The CECEEUR (CECE Composite Index® in EUR) was developed and is real-time calculated and published by Wiener Börse AG. The full name of the Index and its abbreviation are protected by copyright law as trademarks. The CECEEUR index description, rules and composition are available online on www.indices.cc – the index portal of Wiener Börse AG. Wiener Börse does not guarantee the accuracy and/or the completeness of the CECEEUR index or any data included therein and Wiener Börse shall have no liability for any errors, omissions, or interruptions therein. A non-exclusive authorization to use the CECEEUR Index in conjunction with financial products was granted upon the conclusion of a license agreement between Issuer and Wiener Börse AG. The only relationship to the Licensee is the licensing of certain trademarks and trade names of CECEEUR Index which is determined, composed and calculated by Wiener Börse without regard to the Licensee or the Product(s). Wiener Börse reserves the rights to change the methods of index calculation or publication, to cease the calculation or publication of the CECEEUR Index or to change the CECEEUR trademarks or cease the use thereof. The issued Product(s) is/are not in any way sponsored, endorsed, sold or promoted by the Wiener Börse. Wiener Börse makes no warranty or representation whatsoever, express or implied, as to results to be obtained by Licensee, owners of the product(s), or any other person or entity from the use of the CECEEUR Index or any data included therein. Without limiting any of the foregoing, in no event shall Wiener Börse have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.

COMERGIX LNG Index (Price) EUR
LNG Index is the exclusive property of Goldman Sachs International, which has contracted with Standard & Poor's („S&P“) to maintain and calculate the Index. S&P shall have no liability for any errors or omissions in calculating the Index.

Commodity Basket
This Certificate is not sponsored, endorsed, sold or promoted by Goldman, Sachs & Co. or any of its affiliates (other that Goldman Sachs Bank AG, Goldman Sachs International and The Goldman Sachs Group, Inc.) (collectively Goldman Sachs). Goldman Sachs makes no representation or warranty, express or implied, to the owners of the Certificates or any member of the public regarding the advisability of investing in securities generally or in Certificates particularly or the ability of the Goldman Sachs Commodity Index or any sub-indices (individually and collectively, the GSCI Index to track general commodity market performance. Goldman Sachs' only relationship to Goldman Sachs International is the licensing of the GSCI Index, which is determined, composed and calculated by or on behalf of Goldman Sachs without regard to Goldman Sachs International or Certificates. Goldman Sachs has no obligation to take the needs of Goldman Sachs International or the owners of the Certificates into consideration in determining, composing or calculating the GSCI Index. Goldman Sachs is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Certificates to be issued or in the determination or calculation of the equation by which the Certificates to be converted into cash. Goldman Sachs has no obligation or liability in connection with the administration, marketing or trading of the Certificates. GOLDMAN SACHS DOES NOT GUARANTEE THE QUALITY, ACCURACY AND/OR THE COMPLETENESS OF THE GSCI INDEX OR ANY DATA INCLUDED THEREIN. GSCO MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE CERTIFICATES, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE GSCI INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. GOLDMAN SACHS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE GSCI INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL GSCO HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

CTX Index EUR
The CTXEUR® (Czech Traded Index® in EUR) was developed and is real-time calculated and published by Wiener Börse AG. The full name of the Index and its abbreviation are protected by copyright law as trademarks. The CTXEUR® index description, rules and composition are available online on www.indices.cc – the index portal of Wiener Börse AG Wiener Börse does not guarantee the accuracy and/or the completeness of the CTXEUR® index or any data included therein and Wiener Börse shall have no liability for any errors, omissions, or interruptions therein. A non-exclusive authorization to use the CTXEUR in conjunction with financial products was granted upon the conclusion of a license agreement between Issuer and Wiener Börse AG. The only relationship to the Licensee is the licensing of certain trademarks and trade names of CTXEUR® Index which is determined, composed and calculated by Wiener Börse without regard to the Licensee or the Product(s). Wiener Börse reserves the rights to change the methods of index calculation or publication, to cease the calculation or publication of the CTXEUR® Index or to change the CTXEUR® trademarks or cease the use thereof. The issued Product(s) is/are not in any way sponsored, endorsed, sold or promoted by the Wiener Börse. Wiener Börse makes no warranty or representation whatsoever, express or implied, as to results to be obtained by Licensee, owners of the product(s), or any other person or entity from the use of the CTXEUR® index or any data included therein. Without limiting any of the foregoing, in no event shall Wiener Börse have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.

DAX (Performance Index)
DAX® is a registered trademark of Deutsche Börse AG. This financial instrument is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the Licensor). Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilization in connection with the financial instrument or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness of an investment in this product.

DAX (Performance Index)
Die Bezeichnungen DAX®/X-DAX® sind eingetragene Marken der Deutsche Börse AG (der Lizenzgeber). Die auf den Indizes basierenden Finanzinstrumente werden vom Lizenzgeber nicht gesponsert, gefördert, verkauft oder auf eine andere Art und Weise unterstützt. Die Berechnung der Indizes stellt keine Empfehlung des Lizenzgebers zur Kapitalanlage dar oder beinhaltet in irgendeiner Weise eine Zusicherung des Lizenzgebers hinsichtlich einer Attraktivität einer Investition in entsprechende Produkte.

DAXglobal® Agribusiness
DAXglobal® Agribusiness is a registered trademark of Deutsche Börse AG. This financial instrument is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the “Licensor”). Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilization in connection with the financial instrument or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness of an investment in this product.

DAXglobal Alternative Energy Index (Price)
DAX® and DAXglobal® are registered trademarks of Deutsche Börse AG. This financial instrument is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the Licensor). Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilization in connection with the financial instrument or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness of an investment in this product.

DAXglobal Alternative Energy Index (Price)
Die Bezeichnungen DAX® und DAXglobal® sind eingetragene Marken der Deutsche Börse AG (der Lizenzgeber). Die auf den Indizes basierenden Finanzinstrumente werden vom Lizenzgeber nicht gesponsert, gefördert, verkauft oder auf eine andere Art und Weise unterstützt. Die Berechnung der Indizes stellt keine Empfehlung des Lizenzgebers zur Kapitalanlage dar oder beinhaltet in irgendeiner Weise eine Zusicherung des Lizenzgebers hinsichtlich einer Attraktivität einer Investition in entsprechende Produkte.

DAXglobal BRIC Price Return Index
DAX® and DAXglobal® are registered trademarks of Deutsche Börse AG. This financial instrument is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the Licensor). Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilization in connection with the financial instrument or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness of an investment in this product.

DAXglobal BRIC Price Return Index
Die Bezeichnungen DAX® und DAXglobal® BRIC sind eingetragene Marken der Deutsche Börse AG (der Lizenzgeber). Die auf den Indizes basierenden Finanzinstrumente werden vom Lizenzgeber nicht gesponsert, gefördert, verkauft oder auf eine andere Art und Weise unterstützt. Die Berechnung der Indizes stellt keine Empfehlung des Lizenzgebers zur Kapitalanlage dar oder beinhaltet in irgendeiner Weise eine Zusicherung des Lizenzgebers hinsichtlich einer Attraktivität einer Investition in entsprechende Produkte.

DAXglobal BRIC USD Price Return Index
DAX® and DAXglobal® are registered trademarks of Deutsche Börse AG. This financial instrument is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the Licensor). Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilization in connection with the financial instrument or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness of an investment in this product DAXglobal BRIC USD Price Return Index.

DAXglobal BRIC USD Price Return Index
Die Bezeichnungen DAX® and DAXglobal® sind eingetragene Marken der Deutsche Börse AG (der Lizenzgeber). Die auf den Indizes basierenden Finanzinstrumente werden vom Lizenzgeber nicht gesponsert, gefördert, verkauft oder auf eine andere Art und Weise unterstützt. Die Berechnung der Indizes stellt keine Empfehlung des Lizenzgebers zur Kapitalanlage dar oder beinhaltet in irgendeiner Weise eine Zusicherung des Lizenzgebers hinsichtlich einer Attraktivität einer Investition in entsprechende Produkte.

DAXglobal BRIC USD Total Return Index
DAX® and DAXglobal® are registered trademarks of Deutsche Börse AG. This financial instrument is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the Licensor). Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilization in connection with the financial instrument or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness of an investment in this product.

DAXglobal BRIC USD Total Return Index
Die Bezeichnungen DAX® and DAXglobal® sind eingetragene Marken der Deutsche Börse AG (der Lizenzgeber). Die auf den Indizes basierenden Finanzinstrumente werden vom Lizenzgeber nicht gesponsert, gefördert, verkauft oder auf eine andere Art und Weise unterstützt. Die Berechnung der Indizes stellt keine Empfehlung des Lizenzgebers zur Kapitalanlage dar oder beinhaltet in irgendeiner Weise eine Zusicherung des Lizenzgebers hinsichtlich einer Attraktivität einer Investition in entsprechende Produkte.

DAXplus Export Strategy (Price Index)
DAXplus Export is a registered trademark of Deutsche Börse AG. This financial instrument is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the Licensor). Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilization in connection with the financial instrument or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness of an investment in this product.

DAXplus Export Strategy (Price Index)
Die Bezeichnung DAXplus Export ist eine eingetragene Marken der Deutsche Börse AG (der Lizenzgeber). Die auf den Indizes basierenden Finanzinstrumente werden vom Lizenzgeber nicht gesponsert, gefördert, verkauft oder auf eine andere Art und Weise unterstützt. Die Berechnung der Indizes stellt keine Empfehlung des Lizenzgebers zur Kapitalanlage dar oder beinhaltet in irgendeiner Weise eine Zusicherung des Lizenzgebers hinsichtlich einer Attraktivität einer Investition in entsprechende Produkte.

DB India EUR Index (Price)
This financial instrument is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the Licensor). The Licensor does not give any explicit or implicit warranty or representation, neither regarding the results deriving from the use of the Index and/or the Index Trademark nor regarding the Index value at a certain point in time or on a certain date nor in any other respect. The Index is calculated and published by the Licensor. Nevertheless, as far as admissible under statutory law the Licensor will not be liable vis-à-vis third parties for potential errors in the Index. Moreover, there is no obligation for the Licensor vis-à-vis third parties, including investors, to point out potential errors in the Index. Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilization in connection with the financial instrument or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness of an investment in this product. In its capacity as sole owner of all rights to the Index and the Index Trademark the Licensor has solely licensed to the issuer of the financial instrument the utilization of the Index and the Index Trademark as well as any reference to the Index and the Index Trademark in connection with the financial instrument.

DB India USD Index (Price)
The financial instruments based on the indices are not sponsored, funded, sold or supported in any other way by the licensor. The calculation of the indices does not represent a recommendation to invest by the licensor, nor does it contain any assurance by the licensor as regards the attractiveness of an investment in the products concerned. Deutsche Börse AG has applied for protection of trademark with the Deutsche Patent- und Markenamt for DBIX Deutsche Börse India Index and DAXglobal.

DFI – Amex Defense Index
The AMEX Defense Index (DFI) (Index) is sponsored by, and is a service mark of, the American Stock Exchange LLC (the Exchange). The Index is being used with the permission of the Exchange.The American Stock Exchange LLC (the Exchange) in no way sponsors, endorses or is otherwise involved in the transactions specified and described in this document (the Transaction) and the Exchange disclaims any liability to any party for any inaccuracy in the data on which the Index is based, for any mistakes, errors, or omissions in the calculation and/or dissemination of the Index, or for the manner in which it is applied in connection with the Transaction.

DivDAX®
DivDAX® is a registered trademark of Deutsche Börse AG. This financial instrument is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the “DBAG"). DBAG does not give any explicit or implicit warranty or representation, neither regarding the results deriving from the use of the Index, its underlying Index Data and/or the Index Trademark nor regarding the Index value at a certain point in time or on a certain date nor in any other respect. The Index and its underlying Index Data are calculated and published by DBAG. Nevertheless, as far as admissible under statutory law DBAG will not be liable vis-à-vis third parties for potential errors in the Index or its underlying Index Data. Moreover, there is no obligation for DBAG vis-à-vis third parties, including investors, to point out potential errors in the Index. Neither the publication of the Index by the DBAG nor the granting of any right to use the Index, its underlying Index Data as well as the Index Trademark for the utilization in connection with the financial instrument or other securities or financial products, which derived from the Index, represents a recommendation by DBAG for a capital investment or contains in any manner a warranty or opinion by DBAG with respect to the attractiveness of any investment in this product. In its capacity as sole owner of all rights to the Index, its underlying Index Data, and the Index Trademark DBAG has solely granted to the issuer of the financial instrument the utilization of the Index Data and the Index Trademark as well as any reference to the Index Data and the Index Trademark in connection with the financial instrument.

DJ Titans Turkey 20
Dow Jones and Dow Jones Indexes are service marks of Dow Jones & Company, Inc. Dow Jones does not sell, nor does it sponsor, endorse, or make any recommendation regarding the purchase or sale of any security. © 2004 Dow Jones & Company, Inc. All Rights Reserved.

Dow Jones Global Titans 50 (USD)
The Dow Jones Global Titans Index is a capitalization-weighted index of the 50 largest multinational companies.

Dow Jones Industrial Average Index
Dow Jones and Dow Jones Industrial Average Index SM are service marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes by the Goldman Sachs group and its affiliates. The Warrants issued by Goldman Sachs & Co. Wertpapier GmbH as affiliate of the Goldman Sachs group based on the Dow Jones Industrial Average Index SM, are not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no representation regarding the advisability of investing in such product(s).

Dow Jones-UBS Commodity Index
“Dow Jones®”, “DJ”, “UBS” “Dow Jones-UBS Commodity Index SM” and “DJUBSCI SM” are service marks of Dow Jones & Company, Inc. (“Dow Jones”) and UBS AG (“UBS AG”), as the case may be, and have been licensed for use for certain purposes by the Issuer.

The Products are not sponsored, endorsed, sold or promoted by Dow Jones, UBS AG, UBS Securities LLC (“UBS Securities”) or any of their subsidiaries or affiliates. None of Dow Jones, UBS AG, UBS Securities or any of their subsidiaries or affiliates makes any representation or warranty, express or implied, to the owners of or counterparts to the Product(s) or any member of the public regarding the advisability of investing in securities or commodities generally or in the Product(s) particularly. The only relationship of Dow Jones, UBS AG, UBS Securities or any of their subsidiaries or affiliates to the Licensee is the licensing of certain trademarks, trade names and service marks and of the DJ-UBSCI SM, which is determined, composed and calculated by Dow Jones in conjunction with UBS Securities without regard to the Issuer or the Product(s). Dow Jones and UBS Securities have no obligation to take the needs of the Issuer or the owners of the Product(s) into consideration in determining, composing or calculating DJ-UBSCI SM. None of Dow Jones, UBS AG, UBS Securities or any of their respective subsidiaries or affiliates is responsible for or has participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) are to be converted into cash. None of Dow Jones, UBS AG, UBS Securities or any of their subsidiaries or affiliates shall have any obligation or liability, including, without limitation, to the Products customers, in connection with the administration, marketing or trading of the Product(s). Notwithstanding the foregoing, UBS AG, UBS Securities and their respective subsidiaries and affiliates may independently issue and/or sponsor financial products unrelated to the Products currently being issued by Licensee, but which may be similar to and competitive with the Products. In addition, UBS AG, UBS Securities and their subsidiaries and affiliates actively trade commodities, commodity indexes and commodity futures (including the Dow Jones-UBS Commodity Index SM and Dow Jones-UBS Commodity Index Total Return SM), as well as swaps, options and derivatives which are linked to the performance of such commodities, commodity indexes and commodity futures. It is possible that this trading activity will affect the value of the Dow Jones-UBS Commodity Index SM and the Products.

This document relates only to the Products and does not relate to the exchange-traded physical commodities underlying any of the Dow Jones-UBS Commodity Index SM components. Purchasers of the Products should not conclude that the inclusion of a futures contract in the Dow Jones-UBS Commodity Index SM is any form of investment recommendation of the futures contract or the underlying exchange-traded physical commodity by Dow Jones, UBS AG, UBS Securities or any of their subsidiaries or affiliates. The information in the this document regarding the Dow Jones-UBS Commodity Index SM components has been derived solely from publicly available documents. None of Dow Jones, UBS AG, UBS Securities or any of their subsidiaries or affiliates has made any due diligence inquiries with respect to the Dow Jones-UBS Commodity Index SM components in connection with the Products. None of Dow Jones, UBS AG, UBS Securities or any of their subsidiaries or affiliates makes any representation that these publicly available documents or any other publicly available information regarding the Dow Jones-UBS Commodity Index SM components, including without limitation a description of factors that affect the prices of such components, are accurate or complete. NONE OF DOW JONES, UBS AG, UBS SECURITIES OR ANY OF THEIR SUBSIDIARIES OR AFFILIATES GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE DOW JONES-UBS COMMODITY INDEX SM OR ANY DATA RELATED THERETO AND NONE OF DOW JONES, UBS AG, UBS SECURITIES OR ANY OF THEIR SUBSIDIARIES OR AFFILIATES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. NONE OF DOW JONES, UBS AG, UBS SECURITIES OR ANY OF THEIR SUBSIDIARIES OR AFFILIATES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, OWNERS OF THE PRODUCT(S) OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE DOW JONES-UBS COMMODITY INDEX SM OR ANY DATA RELATED THERETO. NONE OF DOW JONES, UBS AG, UBS SECURITIES OR ANY OF THEIR SUBSIDIARIES OR AFFILIATES MAKES ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE DOW JONES-UBS COMMODITY INDEX SM OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DOW JONES, UBS AG, UBS SECURITIES OR ANY OF THEIR SUBSIDIARIES OR AFFILIATES HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS AMONG DOW JONES, UBS SECURITIES AND THE ISSUER, OTHER THAN UBS AG.

EURO STOXX 50
This index and the trademarks used in the index name are the intellectual property of STOXX Limited, Zurich, Switzerland and/or its licensors. The index is used under license from STOXX. The securities or other financial instruments based on the index are in no way sponsored, endorsed, sold or promoted by STOXX and/or its licensors and neither STOXX nor its licensors shall have any liability with respect thereto.

EURO STOXX® Banks Index
The EURO STOXX® Banks is the intellectual property of STOXX Limited, Zurich, Switzerland and/or its licensors (“Licensors“), which is used under license. The securities or other financial instruments based on the index are in no way sponsored, endorsed, sold or promoted by STOXX and its Licensors and neither STOXX nor its licensors shall have any liability with respect thereto.

EURO STOXX Select Dividend 30
This index and the trademarks used in the index name are the intellectual property of STOXX Limited, Zurich, Switzerland and/or its licensors. The index is used under license from STOXX. The securities or other financial instruments based on the index are in no way sponsored, endorsed, sold or promoted by STOXX and/or its licensors and neither STOXX nor its licensors shall have any liability with respect thereto.

FTSE 100 Index
These Products are not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (FTSE) or by The London Stock Exchange Plc (the Exchange) or by The Financial Times Limited (FT) and neither FTSE or Exchange or FT makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE™ 100 (the Index) and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated solely by FTSE. However, neither FTSE or Exchange or FT shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE or Exchange or FT shall be under any obligation to advise any person of any error therein.

FTSE Latibex Top Index
The Certificates are not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (FTSE) or by the Bolsa de Madrid or by the London Stock Exchange Plc (the Exchange) or by The Financial Times Limited (FT) and neither FTSE nor Bolsa de Madrid nor Exchange nor FT makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Latibex Top Index (the Index) and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor Bolsa de Madrid nor Exchange nor FT shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor Bolsa de Madrid nor Exchange nor FT shall be under any obligation to advise any person of any error therein. ”FTSE®”, FT-SE®” and Footsie®” are trade marks of the London Stock Exchange Plc and The Financial Times Limited and are used by FTSE International Limited under licence. "All-Share” is a trade mark of FTSE International Limited. Latibex” is a trade mark of Bolsa de Madrid. The FTSE Latibex Top Index is calculated by FTSE International Limited. Neither FTSE International Limited nor Bolsa de Madrid sponsor, endorse or promote this product and are not in any way connected to it and do not accept any liability in relation to its issue, operation and trading. All copyright in the index values and constituent list vests in FTSE International Limited and Bolsa de Madrid. Goldman, Sachs & Co. Wertpapier GmbH has obtained full licence from FTSE International Limited to use such copyright in the creation of this product.

FTSE/JSE Africa Top 40 Index
This/These [SECURITIES] is/are not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (FTSE) or by the London Stock Exchange Plc (the Exchange) or by The Financial Times Limited (FT) or by the JSE Securities Exchange South Africa ("JSE”) and neither FTSE nor Exchange nor FT nor the JSE makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE/JSE Africa Top 40 Index (the Index) and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE in conjunction with the JSE. However, neither FTSE nor Exchange nor FT nor the JSE shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE nor Exchange nor FT nor the JSE shall be under any obligation to advise any person of any error therein. ”FTSE™”, "FT-SE®” and "Footsie®” are trade marks of the London Stock Exchange Plc and The Financial Times Ltd and are used by FTSE International Limited under licence. "JSE” is a trade mark of the JSE Securities Exchange South Africa and is used by FTSE International Limited under licence.”

FTSE/Xinhua China 25 Index
Copyright 2001 FTSE/Xinhua Index Limited. All rights in and to the FTSE/Xinhua China 25 Index vest in FTSE/Xinhua Index Limited. All information is provided for information purposes only. Every effort is made to ensure that all information given in this publication is accurate, but no responsibility or liability can be accepted by FTSE/Xinhua Index Limited for any errors or for any loss arising from use of this publication. Correct as of 03/09/01. "Xinhua” is a trademark of the Xinhua News Agency and is used by FTSE/Xinhua Index Limited under licence. FTSE/Xinhua Index Limited is a subsidiary of FTSE International Limited ("FTSE”) and Xinhua Financial Network Limited. "FTSE™” is a trademark of the London Stock Exchange plc and the Financial Times Limited and is used by FTSE under licence. "All-World” is a trade mark of FTSE. All rights in and to the FTSE Global Classification System and the FTSE All-World Index Series vest in FTSE.

Hang Seng China Enterprises Index
The Hang Seng China Enterprises Index (the "Index(es)”) is/are published and compiled by HSI Services Limited pursuant to a licence from Hang Seng Data Services Limited. The mark(s) and name(s) Hang Seng Index are proprietary to Hang Seng Data Services Limited. HSI Services Limited and Hang Seng Data Services Limited have agreed to the use of, and reference to, the Index(es) by Goldman Sachs International (GSI) in connection with the securities, BUT NEITHER HSI SERVICES LIMITED NOR HANG SENG DATA SERVICES LIMITED WARRANTS OR REPRESENTS OR GUARANTEES TO ANY BROKER OR HOLDER OF THE PRODUCT OR ANY OTHER PERSON (i) THE ACCURACY OR COMPLETENESS OF ANY OF THE INDEX(ES) AND ITS COMPUTATION OR ANY INFORMATION RELATED THERETO OR (ii) THE FITNESS OR SUITABILITY FOR ANY PURPOSE OF ANY OF THE INDEX(ES) OR ANY COMPONENT OR DATA COMPRISED IN IT OR (iii) THE RESULTS WHICH MAY BE OBTAINED BY ANY PERSON FROM THE USE OF ANY OF THE INDEX(ES) OR ANY COMPONENT OR DATA COMPRISED IN IT FOR ANY PURPOSE, AND NO WARRANTY OR REPRESENTATION OR GUARANTEE OF ANY KIND WHATSOEVER RELATING TO ANY OF THE INDEX(ES) IS GIVEN OR MAY BE IMPLIED. The process and basis of computation and compilation of any of the Index(es) and any of the related formula or formulae, constituent stocks and factors may at any time be changed or altered by HSI Services Limited without notice. TO THE EXTENT PERMITTED BY APPLICABLE LAW, NO RESPONSIBILITY OR LIABILITY IS ACCEPTED BY HSI SERVICES LIMITED OR HANG SENG DATA SERVICES LIMITED (i) IN RESPECT OF THE USE OF AND/OR REFERENCE TO ANY OF THE INDEX(ES) BY GSI IN CONNECTION WITH THE PRODUCT OR (ii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES OR ERRORS OF HSI SERVICES LIMITED IN THE COMPUTATION OF ANY OF THE INDEX(ES) OR (iii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES, ERRORS OR INCOMPLETENESS OF ANY INFORMATION USED IN CONNECTION WITH THE COMPUTATION OF ANY OF THE INDEX(ES) WHICH IS SUPPLIED BY ANY OTHER PERSON OR (iv) FOR ANY ECONOMIC OR OTHER LOSS WHICH MAY BE DIRECTLY OR INDIRECTLY SUSTAINED BY ANY BROKER OR HOLDER OF THE PRODUCT OR ANY OTHER PERSON DEALING WITH THE PRODUCT AS A RESULT OF ANY OF THE AFORESAID, AND NO CLAIMS, ACTIONS OR LEGAL PROCEEDINGS MAY BE BROUGHT AGAINST HSI SERVICES LIMITED AND/OR HANG SENG DATA SERVICES LIMITED in connection with the Product in any manner whatsoever by any broker, holder or other person dealing with the Product. Any broker, holder or other person dealing with the Product does so therefore in full knowledge of this disclaimer and can place no reliance whatsoever on HSI Services Limited and Hang Seng Data Services Limited. For the avoidance of doubt, this disclaimer does not create any contractual or quasi-contractual relationship between any broker, holder or other person and HSI Services Limited and/or Hang Seng Data Services Limited and must not be construed to have created such relationship.

Hang Seng Index
The Hang Seng Index ("the Index(es)") is/are published and compiled by HSI Services Limited pursuant to a licence from Hang Seng Data Services Limited. The mark(s) and name(s) Hang Seng Index are proprietary to Hang Seng Data Services Limited. HSI Services Limited and Hang Seng Data Services Limited have agreed to the use of, and reference to, the Index(es) by Goldman Sachs International (GSI) in connection with the securities, BUT NEITHER HSI SERVICES LIMITED NOR HANG SENG DATA SERVICES LIMITED WARRANTS OR REPRESENTS OR GUARANTEES TO ANY BROKER OR HOLDER OF THE PRODUCT OR ANY OTHER PERSON (i) THE ACCURACY OR COMPLETENESS OF ANY OF THE INDEX(ES) AND ITS COMPUTATION OR ANY INFORMATION RELATED THERETO OR (ii) THE FITNESS OR SUITABILITY FOR ANY PURPOSE OF ANY OF THE INDEX(ES) OR ANY COMPONENT OR DATA COMPRISED IN IT OR (iii) THE RESULTS WHICH MAY BE OBTAINED BY ANY PERSON FROM THE USE OF ANY OF THE INDEX(ES) OR ANY COMPONENT OR DATA COMPRISED IN IT FOR ANY PURPOSE, AND NO WARRANTY OR REPRESENTATION OR GUARANTEE OF ANY KIND WHATSOEVER RELATING TO ANY OF THE INDEX(ES) IS GIVEN OR MAY BE IMPLIED. The process and basis of computation and compilation of any of the Index(es) and any of the related formula or formulae, constituent stocks and factors may at any time be changed or altered by HSI Services Limited without notice. TO THE EXTENT PERMITTED BY APPLICABLE LAW, NO RESPONSIBILITY OR LIABILITY IS ACCEPTED BY HSI SERVICES LIMITED OR HANG SENG DATA SERVICES LIMITED (i) IN RESPECT OF THE USE OF AND/OR REFERENCE TO ANY OF THE INDEX(ES) BY GSI IN CONNECTION WITH THE PRODUCT OR (ii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES OR ERRORS OF HSI SERVICES LIMITED IN THE COMPUTATION OF ANY OF THE INDEX(ES) OR (iii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES, ERRORS OR INCOMPLETENESS OF ANY INFORMATION USED IN CONNECTION WITH THE COMPUTATION OF ANY OF THE INDEX(ES) WHICH IS SUPPLIED BY ANY OTHER PERSON OR (iv) FOR ANY ECONOMIC OR OTHER LOSS WHICH MAY BE DIRECTLY OR INDIRECTLY SUSTAINED BY ANY BROKER OR HOLDER OF THE PRODUCT OR ANY OTHER PERSON DEALING WITH THE PRODUCT AS A RESULT OF ANY OF THE AFORESAID, AND NO CLAIMS, ACTIONS OR LEGAL PROCEEDINGS MAY BE BROUGHT AGAINST HSI SERVICES LIMITED AND/OR HANG SENG DATA SERVICES LIMITED in connection with the Product in any manner whatsoever by any broker, holder or other person dealing with the Product. Any broker, holder or other person dealing with the Product does so therefore in full knowledge of this disclaimer and can place no reliance whatsoever on HSI Services Limited and Hang Seng Data Services Limited. For the avoidance of doubt, this disclaimer does not create any contractual or quasi-contractual relationship between any broker, holder or other person and HSI Services Limited and/or Hang Seng Data Services Limited and must not be construed to have created such relationship.
Information referred to in this section is provided by Hang Seng Indexes Company Limited. Neither Hang Seng Indices Company Limited nor any of its holding companies and subsidiaries nor Goldman Sachs International provides any warranties of any kind in relation to such Information (including, without limitation, that the Information is fit for a particular purpose) or accepts any responsibilities for its accuracy, completeness and/or consistency, or for any loss or damage whatsoever and howsoever suffered or incurred by any party. With the use of or the access to the Information referred to in this section, the subscriber or any party irrevocably and unconditionally accepts and agrees to be bound by this disclaimer.

HTX Index EUR
The HTXEUR® (Hungarian Traded Index® in EUR) was developed and is real-time calculated and published by Wiener Börse AG. The full name of the Index and its abbreviation are protected by copyright law as trademarks. The HTXEUR® index description, rules and composition are available online on www.indices.cc – the index portal of Wiener Börse AG. Wiener Börse does not guarantee the accuracy and/or the completeness of the HTXEUR® index or any data included therein and Wiener Börse shall have no liability for any errors, omissions, or interruptions therein. A non-exclusive authorization to use the HTXEUR in conjunction with financial products was granted upon the conclusion of a license agreement between Issuer and Wiener Börse AG. The only relationship to the Licensee is the licensing of certain trademarks and trade names of HTXEUR® Index which is determined, composed and calculated by Wiener Börse without regard to the Licensee or the Product(s). Wiener Börse reserves the rights to change the methods of index calculation or publication, to cease the calculation or publication of the HTXEUR® Index or to change the HTXEUR® trademarks or cease the use thereof. The issued Product(s) is/are not in any way sponsored, endorsed, sold or promoted by the Wiener Börse. Wiener Börse makes no warranty or representation whatsoever, express or implied, as to results to be obtained by Licensee, owners of the product(s), or any other person or entity from the use of the HTXEUR® index or any data included therein. Without limiting any of the foregoing, in no event shall Wiener Börse have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.

INFRAX® Infrastructure Index (Performance) EUR
Die Bezeichnung „INFRAX® Infrastructure Index“ ist eine eingetragene Marke von Goldman Sachs.

INFRAX® Infrastructure Index (Price) EUR
Die Bezeichnung „INFRAX® Infrastructure Index“ ist eine eingetragene Marke von Goldman Sachs.

Kazakh Traded Index EUR
The Kazakh Traded Index (KTX) is a capitalization-weighted price index and is made up of the most liquid stocks and Global Depositary Receipts (GDRs) of companies which have their core business operations in Kazakhstan and which are traded on the London Stock Exchange.

Kospi 200 Index
The Product(s) is not sponsored, endorsed, sold or promoted by Korea Exchange (KRX). KRX makes not representation or warranty, express or implied, to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product particularly or the ability of the KOSPI and (or) KOSDAQ Indexes to track general stock market performance. KRX's only relationship to the Licensee is the licensing of certain trademarks and trade names of KRX and of the KOSPI and (or) KOSDAQ Indexes which is determined, composed and calculated by KRX without regard to the Licensee or the Product. KRX has no obligation to take the needs of the Licensee or the owners of the Product into consideration in determining, composing or calculating the KOSPI and (or) KOSDAQ Indexes. KRX is not responsible for and has not participated in the determination of the prices and amount of the Product or the timing of the issuance or sale of the Product or in the determination or calculation of the equation by which the Product is to be converted into cash. KRX has no obligation or liability in connection with the administration, marketing or trading of the Product. KRX DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE KOSPI INDEXES OR ANY DATA INCLUDED THEREIN AND KSE SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. KSE MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OR THE PRODUCT, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE KOSPI INDEXES OR ANY DATA INCLUDED THEREIN. KSE MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE KOSPI INDEXES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL KSE HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGNES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBLITY OF SUCH DAMAGES.

MDAX (Performance Index)
MDAX® is a registered trademark of Deutsche Börse AG. This financial instrument is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the Licensor). Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilization in connection with the financial instrument or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness of an investment in this product.

MDAX (Performance Index)
Die Bezeichnung MDAX® ist eine eingetragene Marken der Deutsche Börse AG (der Lizenzgeber). Die auf den Indizes basierenden Finanzinstrumente werden vom Lizenzgeber nicht gesponsert, gefördert, verkauft oder auf eine andere Art und Weise unterstützt. Die Berechnung der Indizes stellt keine Empfehlung des Lizenzgebers zur Kapitalanlage dar oder beinhaltet in irgendeiner Weise eine Zusicherung des Lizenzgebers hinsichtlich einer Attraktivität einer Investition in entsprechende Produkte.

Mexbol (IPC)
Bolsa Mexicana De Valores®, BMV®, Indice De Precios Y Cotizaciones Bolsa Mexicana De Valores®, IPC®, Price And Quotations Index Mexican Stock Exchange®, Mexican Stock Exchange® are registered trademarks owned by "BMV" and that these are being used under its authorization, through a License Agreement. The license does not imply that "BMV" is guaranteeing, suggesting to buy or sell or that it is involved in the public offer process of the PRODUCTS. The placement prospectus, the notice of public offer and the issue certificate must not include any reference that may imply otherwise. BMV” shall not be bound to assume any commitments, guarantee or indemnify in any manner whatsoever the holders of the PRODUCTS or any third party for the behavior of the PRODUCTS that are components of the INDEX, and for any involuntary errors or omissions made or due to the suspension of the estimation and dissemination of the INDEX.

MSCI Daily TR Net EM Indonesia Local
The MSCI indexes are the exclusive property of Morgan Stanley Capital International Inc. ('MSCI'). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Goldman Sachs International. The financial securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial securities. The Prospectus contains a more detailed description of the limited relationship MSCI has with Goldman Sachs International and any related financial securities. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

MSCI Daily TR Net EM Korea Local
The MSCI indexes are the exclusive property of Morgan Stanley Capital International Inc. ('MSCI'). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Goldman Sachs International. The financial securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial securities. The Prospectus contains a more detailed description of the limited relationship MSCI has with Goldman Sachs International and any related financial securities. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

MSCI Daily TR Net EM Mexico Local
The MSCI indexes are the exclusive property of Morgan Stanley Capital International Inc. ('MSCI'). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Goldman Sachs International. The financial securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial securities. The Prospectus contains a more detailed description of the limited relationship MSCI has with Goldman Sachs International and any related financial securities. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

MSCI Daily TR Net EM Philippines Local
The MSCI indexes are the exclusive property of Morgan Stanley Capital International Inc. ('MSCI'). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Goldman Sachs International. The financial securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial securities. The Prospectus contains a more detailed description of the limited relationship MSCI has with Goldman Sachs International and any related financial securities. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

MSCI Daily TR Net EM Turkey Local
The MSCI indexes are the exclusive property of Morgan Stanley Capital International Inc. ('MSCI'). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Goldman Sachs International. The financial securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial securities. The Prospectus contains a more detailed description of the limited relationship MSCI has with Goldman Sachs International and any related financial securities. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

MSCI Thailand Index SM
The Morgan Stanley Capital International, Inc. (MSCI) Thailand IndexSM is a free float-adjusted market capitalisation index that is designed to measure equity market performance of Thailand. As of 31st October 2006, the Index had 41 constituents and had a free float adjusted market capitalisation of U.S. $34,872 million.

MSCI Emerging Markets Argentina Local Index
The MSCI indexes are the exclusive property of Morgan Stanley Capital International Inc. (MSCI). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Goldman, Sachs & Co. Wertpapier GmbH. The financial securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial securities. The [Prospectus] contains a more detailed description of the limited relationship MSCI has with Goldman, Sachs & Co. Wertpapier GmbH and any related financial securities. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

MSCI Singapore Cash Index
The MSCI indexes are the exclusive property of Morgan Stanley Capital International Inc. ('MSCI'). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Goldman, Sachs & Co. Wertpapier GmbH. The financial securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial securities. The Prospectus contains a more detailed description of the limited relationship MSCI has with Goldman, Sachs & Co. Wertpapier GmbH and any related financial securities. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

MSCI Taiwan Index
The MSCI indexes are the exclusive property of Morgan Stanley Capital International Inc. (MSCI). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Goldman, Sachs & Co. Wertpapier GmbH. The financial securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial securities. The [Prospectus] contains a more detailed description of the limited relationship MSCI has with Goldman, Sachs & Co. Wertpapier GmbH and any related financial securities. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

MSCI World Index
The MSCI indexes are the exclusive property of Morgan Stanley Capital International Inc. ('MSCI'). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Goldman, Sachs & Co. Wertpapier GmbH. The financial securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial securities. The Prospectus contains a more detailed description of the limited relationship MSCI has with Goldman, Sachs & Co. Wertpapier GmbH and any related financial securities. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

N-11-Core-5 (Price Return) Index
Next-11-Core-5 Index – The index includes companies from the Philippines, Turkey, Mexico, South Korea, and Indonesia meeting the criteria mentioned below. The price index will be published in real-time during European and US market hours under the following trading codes in Reuters ‘.N11C5’ and Bloomberg ‘N11C5 Index’. Efforts will be made to make the index available in SIX Financial Information. The total return index will be published in real-time during European and US market hours only under Reuters ‘.N11C5T’ and Bloomberg ‘N11C5T Index’.

N-11-Core-5 (Total Return) Index
Next-11-Core-5-Index is the exclusive property of Goldman Sachs International, which has contracted with Standard & Poor’s® ("S&P®") to maintain and calculate the Index. Goldman Sachs International and S&P® shall have no liability for any errors or omissions in calculating or publishing the Index.

N-11-Core-8 (Price Return) Index
Next-11-Core-8 Index – The index includes companies from the Philippines, Turkey, Mexico, South Korea, Indonesia, Bangladesh, Egypt and Vietnam meeting the criteria mentioned below. The price index will be published in real-time during European and US market hours under the following trading codes in Reuters ‘.N11C8’ and Bloomberg ‘N11C8 Index’. Efforts will be made to make the index available in SIX Financial Information. The total return index will be published in real-time during European and US market hours only under Reuters ‘.N11C8T’ and Bloomberg ‘N11C8T Index’.

N-11-Core-8 (Total Return) Index
Next-11-Core-8-Index is the exclusive property of Goldman Sachs International, which has contracted with Standard & Poor’s® ("S&P®") to maintain and calculate the Index. Goldman Sachs International and S&P® shall have no liability for any errors or omissions in calculating or publishing the Index.

Nasdaq-100 Index
The Nasdaq-100®, Nasdaq-100 Index®, and Nasdaq® are trade or service marks of the Nasdaq Stock Market, Inc (which with its affiliates are the Corporations) and are licensed for use by Goldman Sachs International. The product(s) have not been passed on by the Corporations as to their legality or suitability. The product(s) are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

Nikkei 225
All rights, including copyright and intellectual property rights, in the name Nikkei Stock Average, Nikkei Average and Nikkei-225 belong to the Nihon Keizai Shimbun, Inc. (NKS). NKS has the right to amend the contents, and to suspend the publication, of the Nikkei-225. The Licensee and the Issuing Parties are mainly responsible for all business relating to this agreement as well as to the implementation hereof, and NKS assumes no obligation or responsibility in relation thereto.

Nikkei Stock Average ("Index")

The Nikkei Stock Average ("Index") is an intellectual property of Nikkei Inc., the “Index Sponsor”, formerly known as Nihon Keizai Shimbun, Inc. (Name changed on January 1, 2007). "Nikkei", "Nikkei Stock Average", and "Nikkei 225" are the service marks of Nikkei Inc. Nikkei Inc. reserves all the rights, including copyright, to the index.

The Products [or the specific name of the products to which the Index is licensed] are not in any way sponsored, endorsed or promoted by the Index Sponsor. The Index Sponsor does not make any warranty or representation whatsoever, express or implied, either as to the results to be obtained as to the use of the Index or the figure as which the Index stands at any particular day or otherwise. The Index is compiled and calculated solely by the Index Sponsor. However, the Index Sponsor shall not be liable to any person for any error in the Index and the Index Sponsor shall not be under any obligation to advise any person, including a purchase or vendor of the Products, of any error therein.

In addition, the Index Sponsor gives no assurance regarding any modification or change in any methodology used in calculating the Index and is under no obligation to continue the calculation, publication and dissemination of the Index.

OMXS30™ Index
This security is not in any way sponsored, endorsed, sold or promoted by OMX AB (publ) (OMX) and OMX makes no warranty or representation whatsoever, express or implied, either as to the results to be obtained from the use of the OMXS30™ index and/or the figure at which the said OMXS30™ index stands at any particular time on any particular day or otherwise. The OMXS30™ index is compiled and calculated solely by an index calculator on behalf of OMX. However, neither OMX nor the index calculator shall be liable (whether in negligence or otherwise) to any person for any error in the OMXS30™ index and neither OMX nor the index calculator shall be under any obligation to advise any person of any error therein. All rights to the trademarks OMX™ and OMXS30™ index are vested in OMX and are used under licence from OMX.

Philips Electronics
The Warrants are not obligations of Koninklijke Philips Electronics NV (Philips). The Warrant holder will not have any right through the Warrants to any information, votes or dividends in Philips and Philips is not involved with the issuance or trading of the Warrants.

PHLX Oil Service Index
PHLX Oil Service Sector SM, OSX SM are service marks of the Philadelphia Stock Exchange, Inc. and have been licensed for use by The Goldman Sachs Group, Inc. The notes are not sponsored, endorsed, sold or promoted by the Philadelphia Stock Exchange, Inc. (PHLX). PHLX makes no representation or warranty, express or implied, to the owners of the notes or any member of the public regarding the advisability of investing in securities generally or in the notes particularly or the ability of the PHLX Oil Service Sector SM (OSX) (Index) to track market performance. PHLX.s only relationship to The Goldman Sachs Group, Inc. is the licensing of certain names and marks and of the Index, which is determined, composed and calculated without regard to The Goldman Sachs Group, Inc. PHLX has no obligation to take the needs of The Goldman Sachs Group, Inc. or the owners of the notes into consideration in determining, composing or calculating the Index. PHLX is not responsible for and has not participated in any determination or calculation made with respect to the issuance or redemption of the notes. PHLX has no obligation or liability in connection with the administration, purchase, sale, marketing, promotion, or trading of the notes.

PTX Index EUR
The PTXEUR® (Polish Traded Index® in EUR) was developed and is real-time calculated and published by Wiener Börse AG. The full name of the Index and its abbreviation are protected by copyright law as trademarks. The PTXEUR® index description, rules and composition are available online on www.indices.cc – the index portal of Wiener Börse AG. Wiener Börse does not guarantee the accuracy and/or the completeness of the PTXEUR® index or any data included therein and Wiener Börse shall have no liability for any errors, omissions, or interruptions therein. A non-exclusive authorization to use the PTXEUR in conjunction with financial products was granted upon the conclusion of a license agreement between Issuer and Wiener Börse AG. The only relationship to the Licensee is the licensing of certain trademarks and trade names of PTXEUR® Index which is determined, composed and calculated by Wiener Börse without regard to the Licensee or the Product(s). Wiener Börse reserves the rights to change the methods of index calculation or publication, to cease the calculation or publication of the PTXEUR® Index or to change the PTXEUR® trademarks or cease the use thereof. The issued Product(s) is/are not in any way sponsored, endorsed, sold or promoted by the Wiener Börse. Wiener Börse makes no warranty or representation whatsoever, express or implied, as to results to be obtained by Licensee, owners of the product(s), or any other person or entity from the use of the PTXEUR® index or any data included therein. Without limiting any of the foregoing, in no event shall Wiener Börse have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.

RDX Index EUR
The RDX® (Russian Depositary Index®) was developed and is real-time calculated and published by Wiener Börse AG. The full name of the Index and its abbreviation are protected by copyright law as trademarks. The RDX index description, rules and composition are available online on www.indices.cc – the index portal of Wiener Börse AG. A non-exclusive authorisation to use the RDX in conjunction with financial products by Issuer was granted upon the conclusion of a license agreement with Wiener Börse AG.

RDXxt® - RDX Extended Index (EUR)
The RDX® (Russian Depositary Index®) was developed and is real-time calculated and published by Wiener Börse AG. The full name of the Index and its abbreviation are protected by copyright law as trademarks. The RDX index description, rules and composition are available online on www.indices.cc – the index portal of Wiener Börse AG. A non-exclusive authorisation to use the RDX in conjunction with financial products by Issuer was granted upon the conclusion of a license agreement with Wiener Börse AG.

Royal Dutch

The Option Certificates are not obligations of The Royal Dutch Petroleum Company NV. This is not an offer of shares. Royal Dutch Petroleum NV has not been involved in the preparation of this document or the constitution of the Option Certificate holder will not have any right through the Option Certificate to any information, votes or dividends in Royal Dutch Petroleum Company NV.

RTX
The RTX - Russian Traded Index® was developed and is real-time calculated and published by Wiener Börse AG (Vienna Stocks and Derivatives Exchange). The name of the Index and its abbreviation are protected by copyright law as trademarks. A non-exclusive authorisation for the use of the RTX by Goldman, Sachs & Co. Wertpapier GmbH in conjunction with financial products was granted upon the conclusion of a license agreement with Wiener Börse AG.

Russell 2000 Index
The Product(s) is (are) not sponsored, endorsed, sold or promoted by Frank Russell Company (Russell). Russell makes no representation or warranty, express or implied, to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly or the ability of the Russell 2000® Index to track general stock market performance or a segment of the same. Russell's publication of the Russell 2000® Index in no way suggests or implies an opinion by Russell as to the advisability of investment in any or all of the securities upon which the Russell 2000® Index is based. Russell's only relationship to Goldman Sachs Int. is the licensing of certain trademarks and trade names of Russell and of the Russell 2000® Index which is determined, composed and calculated by Russell without regard to Goldman Sachs Int. or the Product(s). Russell is not responsible for and has not reviewed the Product(s) nor any associated literature or publications and Russell makes no representation or warranty express or implied as to their accuracy or completeness, or otherwise. Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell 2000® Index. Russell has no obligation or liability in connection with the administration, marketing or trading of the Product(s).

Standard & Poor’s
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman, Sachs & Co. Wertpapier GmbH. The Securities (including warrants and certificates) are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation, warranty or condition regarding the advisability of investing in the respective security.

S&P 500®

Standard & Poor's, S&P, S&P/IFCI INDEXES, S&P/IFCI, S&P/IFCG and S&P/IFCG Frontier Markets are trademarks of The McGraw-Hill Companies, Inc.and have been licensed for use by Goldman Sachs & Co., Inc. IFCG and IFCI are trademarks of the International Finance Corporation. The Product is not sponsored or endorsed by S&P.

S&P/ASX 200 Index
The Product(s) is not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of the McGraw-Hill Companies, Inc. (S&P). Neither S&P, The nor the Australia Stock Exchange ("ASX") makes any representation or warranty, express or implied, to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly or the ability of the S&P Indices to track general stock market performance. S&P's and the Australian Stock Exchange’s only relationship to the Licensee is the licensing of certain trademarks and trade names of S&P and the Australian Stock Exchange and of the S&P Indices which is determined, composed and calculated by S&P without regard to the Licensee or the Product(s). S&P and the Australian Stock Exchange have no obligation to take the needs of the Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the S&P Indices. S&P and the Australian Stock Exchange are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. S&P and the Australian Stock Exchange have no obligation or liability in connection with the administration, marketing or trading of the Product(s). S&P AND THE AUSTRALIAN STOCK EXCHANGE DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P INDICES OR ANY DATA INCLUDED THEREIN AND S&P AND THE AUSTRALIAN STOCK EXCHANGE SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P AND THE AUSTRALIAN STOCK EXCHANGE MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE PRODUCT(S), OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P INDICES OR ANY DATA INCLUDED THEREIN. S&P AND THE AUSTRALIAN STOCK EXCHANGE MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P OR THE AUSTRALIAN STOCK EXCHANGE HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. Standard & Poor's®, S&P®, and S&P 500® are trademarks of The McGraw-Hill Companies, Inc. "ASX®" is a trademark of ASX Operations Pty Limited ("ASX"). These marks have been licensed for use by Goldman, Sachs & Co. Wertpapier GmbH. The Product is not sponsored, endorsed, sold or promoted by Standard & Poor's and neither Standard & Poor's nor the Australian Stock Exchange makes any representation regarding the advisability of investing in the Product.

S&P China Water Index and S&P China Infrastructure Index
The Standard & Poor’s China Water Index and the Standard & Poor's China Infrastructure Index ("the Indices") reflect the Total Return (broadly, the income and capital return) on a basket of equities derived from investment research produced by Goldman Sachs Global Investment Research (“Goldman Sachs GIR”), a division of Goldman Sachs International ("GSI"). The range of equities comprised in the baskets is intended to give an indication of the performance of the water sector of the Chinese economy. In this document, references to "Goldman Sachs" are to GSI and its affiliates.

S&P/MIB Index
S&P/MIB SM is a registered trademark used by GSI (hereinafter the Licensee) on the basis of licensing of Standard & Poor's, a division of McGraw-Hill Companies, Inc. (hereinafter S&P). The financial products to be issued under the Programme (hereinafter the Products) are not sponsored, endorsed, sold or promoted by S&P. S&P and Borsa Italiana S.p.A. (the Italian Stock Exchange, hereinafter the EX) make no representation or warranty, express or implied, to the holders of the Products or any member of the public regarding the advisability of investing in securities generally or in the Products particularly or the ability of the S&P indices to track general stock market performance. S&P and EX's only relationship to Licensee is the licensing of certain trademarks and trade names of S&P and EX and of the S&P indices which are determined, composed and calculated by S&P without regard to Licensee or the Products. S&P and EX have no obligation to take the needs of Licensee or the owners of the Products into consideration in determining, composing or calculating the S&P indices. S&P and EX are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Products to be issued or in the determination or calculation of the equation by which the Products are to be covered into cash. S&P and EX have no obligation or liability in connection with the administration, marketing or trading of the Products. S&P AND EX DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P INDICES OR ANY DATA INCLUDED THEREIN AND S&P AND EX SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P AND EX MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, HOLDERS OF THE PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P INDICES OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED UNDER THE AGREEMENT OR FOR ANY OTHER USE. S&P AND EX MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P AND EX HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

​S&P/TSX 60 Index
The Product(s) is not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of The McGraw-Hill Companies, Inc. or (S&P) or The Toronto Stock Exchange ("TSX”). Neither S&P nor TSX makes any representations or warranties, express or implied, to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly or the ability of the S&P Indices to track general stock market performance or any economic factors. S&P's and TSX’s only relationship to the Licensee is the licensing of certain trademarks and trade names of S&P, TSX and/or of the S&P Indices which are determined, composed and calculated by S&P without regard to the Licensee or the Product(s). S&P and TSX have no obligation to take the needs of the Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the S&P Indices. S&P and TSX are not responsible for and have not participated in the determination of, the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. S&P and TSX have no obligation or liability in connection with the administration, marketing or trading of the Product(s). S&P AND TSX DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P INDICES OR ANY DATA INCLUDED THEREIN AND S&P AND TSX SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P AND TSX MAKE NO WARRANTIES, EXPRESS OR IMPLIED, CONDITIONS OR REPRESENTATIONS AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE PRODUCT(S) OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P INDICES OR ANY DATA INCLUDED THEREIN. S&P AND TSX MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P OR TSX HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. Standard & Poor's®, S&P®, and S&P 500® are trademarks of The McGraw-Hill Companies, Inc. "TSX" is a trademark of The Toronto Stock Exchange. These marks have been licensed for use by Goldman, Sachs & Co. Wertpapier GmbH. The Product(s) are not sponsored, endorsed, sold or promoted by Standard & Poor's, The Toronto Stock Exchange ("the parties") and the parties make no representation, condition, or warranty, express or implied, regarding the advisability of investing in the Product(s).

S&P GSCI® Agriculture Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Agriculture Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Agriculture Total Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Agriculture Total Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Agriculture Excess Return E28 Strategy Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Agriculture Excess Return E28 Strategy Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Agriculture Total Return E28 Strategy Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Agriculture Total Return E28 Strategy Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Brent Crude Oil Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Brent Crude Oil Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Coffee Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Coffee Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Corn Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Corn Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Corn Total Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Corn Total Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Crude Oil Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Crude Oil Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Crude Oil Total Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Crude Oil Total Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Dynamic Excess Return Index

"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Dynamic Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Dynamic Total Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Dynamic Total Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Energy ER & Industrial Metals ER Indices Basket
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Energy ER & Industrial Metals ER Indices Basket is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Energy Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Energy Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Energy Total Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Energy Total Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® ER Agriculture & GSCI ER Livestock Basket
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® ER Agriculture & GSCI ER Livestock Basket is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® GasOil Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® GasOil Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Gold Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Gold Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Industrial Metals Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Industrial Metals Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Industrial Metals Total Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Industrial Metals Total Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Light Energy Dynamic Total Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Light Energy Dynamic Total Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Light Energy Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Light Energy Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Light Energy Total Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Light Energy Total Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Livestock Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Livestock Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Livestock Total Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Livestock Total Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P® GSCI Natural Gas Index Excess Return
"S&P®", ""Standard & Poor's®" and "S&P GSCI®" are trademarks of Standard & Poor's, a division of The McGraw-Hill Companies, Inc., and have been licensed for use by Goldman Sachs. None of the financial products based on the S&P GSCI® indices are sponsored, endorsed, sold or promoted by Standard & Poor's, and Standard & Poor's makes no representation regarding the advisability of investing in such products. Standard & Poor's does not guarantee the accuracy and/or the completeness of the indices or any data contained therein. "GSCI®" is not owned, endorsed or approved by or associated with Goldman Sachs & Co. or its affiliated companies (collectively "Goldman Sachs"). No person has been authorised to give any representation not consistent therewith and, if given or made, such representation must not be relied upon as having been authorised by or on behalf of Goldman Sachs. Goldman Sachs makes no representation or warranty, express or implied, to the owners of the Certificates or any member of the public regarding the advisability of investing in securities generally or in the Certificates or the ability of the S&P Goldman Sachs Commodity Index or any sub-indices (individually and collectively, the "S&P GSCI® Index") to track general commodity market performance. GOLDMAN SACHS DOES NOT GUARANTEE THE QUALITY, ACCURACY AND/OR THE COMPLETENESS OF THE S&P GSCI™ INDEX OR ANY DATA INCLUDED THEREIN. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF THE CERTIFICATES, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P GSCI® INDEX OR ANY DATA INCLUDED THEREIN. GOLDMAN SACHS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P GSCI® INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL GOLDMAN SACHS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

S&P GSCI® Non-Energy Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Non-Energy Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Non-Energy Total Return Index

"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Non-Energy Total Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Petroleum Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Petroleum Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Petroleum Total Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Petroleum Total Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Precious Metals Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Precious Metals Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Precious Metals Total Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Precious Metals Total Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Reduced Energy Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Reduced Energy Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Reduced Energy Total Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Reduced Energy Total Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Silver Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Silver Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Soybeans Index Excess Return

"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Soybeans Index Excess Return is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Sugar Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Sugar Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Total Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Total Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Ultra-Light Energy ER Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Ultra-Light Energy ER Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® Ultra-Light Energy Total Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® Ultra-Light Energy Total Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® US Grain Excess Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® US Grain Excess Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P GSCI® US Grain Total Return Index
"Standard & Poor’s®", "S&P®" and "S&P GSCI®" are trademarks of Standard & Poor's Financial Services LLC ("Standard & Poor's") and have been licensed for use by Goldman Sachs International. The certificates are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in the certificates. The S&P GSCI® US Grain Total Return Index is not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.

S&P Global Timber & Forestry (Total Return) Index EUR

The S&P Global Timber & Forestry Index is comprised of 25 of the largest publicly traded companies engaged in the ownership, management or the upstream supply chain of forests and timberlands. These companies may be forest products companies, timber REITs, paper products companies, paper packaging companies, or agricultural product companies that are engaged in the ownership, management or the upstream supply chain of forests and timberlands. The index is part of the S&P Global Thematic Indices, which is designed to provide liquid exposure to emerging investment themes that cut across traditional industry definitions and geographical boundaries. The series incorporates a unique selection and weighting scheme that provides diversified and tradable exposure for these themes. Other indices in this series are the S&P Global Alternative Energy Index, the S&P Global Clean Energy Index, the S&P Global Infrastructure Index, the S&P Global Nuclear Energy Index, and the S&P Global Water Index. Index Methodology: The S&P Index Committee follows a set of published guidelines for maintaining the index. Complete details of these guidelines are available on the Web site at www.indices.standardandpoors.com. The index is rebalanced annually on the third Friday of November, when membership and initial constituent weights are set. There are no intra-year index additions, and intra-year deletions occur only because of delistings. Index Membership: • Universe. All publicly listed companies in Standard & Poor’s CapitalIQ (CIQ) database that have the following terms in their business description: Timber, Forest, Lumber, Wood, and/or Plantation. Their primary industry classification based on the Global Industry Classification Standard (GICS®) is considered in assigning exposure scores. • Companies that have a GICS classification of Specialized REITs or Forest Products and are primarily engaged in the ownership or management of forests, timberlands or plantations are given an exposure score of 1.0. • Companies are given an exposure score of 0.5 if they have a GICS classifi cation of Paper Products or Paper Packaging and own or manage timberlands or pulp mills as a captive raw material source or have a GICS classification of Forest Products or Agricultural Products, with timber and forestry being an important but not the principal business. Companies with exposure scores of 1.0 or 0.5 from the universe. • Investable Universe. Stocks from the universe must have a developed market listing or an advance emerging market listing, a market capitalization of at least US$ 250 million, and a 3-month daily value traded of more than US$ 2 million, as of the reference date of the year. • Index Constituents. The largest 25 stocks from the investable universe with an exposure score of 1.0 are selected as index members. If the count of stocks with an exposure score of 1.0 is less than 25, the largest stocks with an exposure score of 0.5 are selected until the count reaches 25. Index Weightings: Constituent weights are driven by size, with no single stock having a weight of more than 8% in the index at each rebalancing. The index follows a modified market capitalization weighted scheme that caps single stock concentration at a predefined percentage, while maintaining greater weight to companies more purely exposed to the timber and forestry theme.

SMI® Index

These securities are not in any way sponsored, ceded, sold or promoted by the SIX Swiss Exchange Ltd and the SIX Swiss Exchange Ltd makes no warranty or representation whatsoever, express or implied, either as to the results to be obtained from the use of the SMI® index [1] (the “Index”) and/or the level at which such index stands at any particular time on any particular day. However, the SIX Swiss Exchange Ltd shall not be liable (whether through negligence or otherwise) to any person for any error in the index and the SIX Swiss Exchange Ltd shall not be under any obligation to disclose such errors.

SIX®, SIX Swiss Exchange®, SPI®, Swiss Performance Index (SPI)®, SPI EXTRA®, SPI ex SLI®, SMI®, Swiss Market Index® (SMI)®, SMIM®, SMI MID (SMIM)®, SMI Expanded®, SLI®, SLI Swiss Leader Index®, SXI®, SXI LIFE SCIENCES®, SXI Bio+Medtech®, SBI®, SBI Swiss Bond Index®, VSMI®, SWX Immobilienfonds Index® and SWX Quotematch® are trademarks that have been registered in Switzerland and/or abroad by the SIX Group Ltd respectively SIX Swiss Exchange Ltd. Their use is subject to a licence.

[1] Or, as the case may be, the index concerned

STOXX® Europe 600 Banks Index
The STOXX® Europe 600 Banks is the intellectual property of STOXX Limited, Zurich, Switzerland and/or its licensors (“Licensors“), which is used under license. The securities or other financial instruments based on the index are in no way sponsored, endorsed, sold or promoted by STOXX and its Licensors and neither STOXX nor its licensors shall have any liability with respect thereto.

STOXX Basic Resources Index (Price)
This index and the trademarks used in the index name are the intellectual property of STOXX Limited, Zurich, Switzerland and/or its licensors. The index is used under license from STOXX. The securities or other financial instruments based on the index are in no way sponsored, endorsed, sold or promoted by STOXX and/or its licensors and neither STOXX nor its licensors shall have any liability with respect thereto.

STOXX Europe Mid 200
This index and the trademarks used in the index name are the intellectual property of STOXX Limited, Zurich, Switzerland and/or its licensors. The index is used under license from STOXX. The securities or other financial instruments based on the index are in no way sponsored, endorsed, sold or promoted by STOXX and/or its licensors and neither STOXX nor its licensors shall have any liability with respect thereto.

STOXX Europe Oil & Gas
This index and the trademarks used in the index name are the intellectual property of STOXX Limited, Zurich, Switzerland and/or its licensors. The index is used under license from STOXX. The securities or other financial instruments based on the index are in no way sponsored, endorsed, sold or promoted by STOXX and/or its licensors and neither STOXX nor its licensors shall have any liability with respect thereto.

TA-25 Index
The Tel Aviv Stock Exchange Ltd (‘TASE’) owns all the rights in the TA-25 index (‘the index’). The TA-25 index is a registered certification mark of TASE. TASE may, at any time and without notice, alter the composition of the index, alter its name, cease computing it or cease publishing it. TASE is not liable vis-à-vis the Company, the purchasers of the Certificates offered or any third party for any direct, indirect, consequential or other damages occasioned to them as a result of use of the index data or as a result of any mistake, inaccuracy or error in the index. The license granted to the Company by TASE to use the index data or its name does not constitute a recommendation to purchase the Certificates offered by the Company, the grant of sponsorship to the Certificates offered or the creation of any representation, expressly or impliedly, in connection with the profitability of investing in the Certificates offered.

TecDAX (Performance Index)
TecDAX® is a registered trademark of Deutsche Börse AG. This financial instrument is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the Licensor). Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilization in connection with the financial instrument or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness of an investment in this product.

TecDAX (Performance Index)
Die Bezeichnung TecDAX® ist eine eingetragene Marken der Deutsche Börse AG (der Lizenzgeber). Die auf den Indizes basierenden Finanzinstrumente werden vom Lizenzgeber nicht gesponsert, gefördert, verkauft oder auf eine andere Art und Weise unterstützt. Die Berechnung der Indizes stellt keine Empfehlung des Lizenzgebers zur Kapitalanlage dar oder beinhaltet in irgendeiner Weise eine Zusicherung des Lizenzgebers hinsichtlich einer Attraktivität einer Investition in entsprechende Produkte.

Topix Index
The copyright of TOPIX and other intellectual property rights related to TOPIX belong solely to the Tokyo Stock Exchange. No securities relating to a TSE Index are in any way sponsored, endorsed or promoted by the Tokyo Stock Exchange and the Tokyo Stock Exchange makes no warranty or representation whatsoever, express or implied, either as to the results to be obtained as to the use of any TSE Index or the figure at which any TSE Index stands on any particular day or otherwise. Each TSE Index is complied and calculated solely by the Tokyo Stock Exchange. However, the Tokyo Stock Exchange shall not be liable to any person for any error in any TSE Index and the Tokyo Stock Exchange shall not be under any obligation to advise any person, including a purchaser or vender of any securities, of any error therein. The Tokyo Stock Exchange gives no assurance regarding any modification or change in any methodology used in calculating any TSE Index and The Tokyo Stock Exchange is under no obligation to continue the calculation, publication and dissemination of any TSE Index.

TRY/EUR Exchange Rate
The Turkish Lira (TRY) is a free-floating currency, which is freely tradeable on international currency markets. However, any Turkish foreign exchange is governed by the Law Regarding Protection of the Value of Turkish Currency (Law No. 1567) (as amended from time to time), and the decrees thereunder. There can be no assurance that the Turkish government will not in the future impose more restrictive foreign exchange regulations. Any (i) measure or intervention under (ii) or change in the relevant exchange control regulations or (iii) implementation of more restrictive exchange control regulations may have an adverse affect on the TRY/EUR Exchange Rate and, consequently, on the Certificates. Changes in the TRY/EUR Exchange Rate may decrease the value of the Certificates and/or the amount of payments under the Certificates. There can be no assurance that the Turkish Lira will depreciate or appreciate in value in relation to the Euro in the future.

TSE REIT Index
The copyright of TOPIX and other intellectual property rights related to "TOPIX" belong solely to the Tokyo Stock Exchange. No securities relating to a TSE Index are in any way sponsored, endorsed or promoted by the Tokyo Stock Exchange and the Tokyo Stock Exchange makes no warranty or representation whatsoever, express or implied, either as to the results to be obtained as to the use of any TSE Index or the figure at which any TSE Index stands on any particular day or otherwise. Each TSE Index is complied and calculated solely by the Tokyo Stock Exchange. However, the Tokyo Stock Exchange shall not be liable to any person for any error in any TSE Index and the Tokyo Stock Exchange shall not be under any obligation to advise any person, including a purchaser or vender of any securities, of any error therein. The Tokyo Stock Exchange gives no assurance regarding any modification or change in any methodology used in calculating any TSE Index and the Tokyo Stock Exchange is under no obligation to continue the calculation, publication and dissemination of any TSE Index.

VDAX-NEW Index
VDAX-NEW® is a registered trademark of Deutsche Börse AG. This financial instrument is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the Licensor). Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilization in connection with the financial instrument or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness of an investment in this product.

VDAX-NEW Index
Die Bezeichnungen VDAX-NEW® sind eingetragene Marken der Deutsche Börse AG (der Lizenzgeber). Die auf den Indizes basierenden Finanzinstrumente werden vom Lizenzgeber nicht gesponsert, gefördert, verkauft oder auf eine andere Art und Weise unterstützt. Die Berechnung der Indizes stellt keine Empfehlung des Lizenzgebers zur Kapitalanlage dar oder beinhaltet in irgendeiner Weise eine Zusicherung des Lizenzgebers hinsichtlich einer Attraktivität einer Investition in entsprechende Produkte.

WIG 20® Index 
The WIG 20® Index is calculated and published by the Warsaw Stock Exchange (“WSE“). The index name is the WSE’s intellectual property and a protected trademark registered by the WSE; the issuer uses it under a granted licence. The WSE is not the issuer of product, and the product is not sponsored, offered, promoted or authorised in any way by the WSE. The WSE has no liability for any loss incurred in relation to investment in financial instruments based on the value of exchange indices.

X-DAX
Die Bezeichnungen DAX® und X-DAX® sind eingetragene Marken der Deutsche Börse AG („der Lizenzgeber“). Die auf den Indizes basierenden Finanzinstrumente werden vom Lizenzgeber nicht gesponsert, gefördert, verkauft oder auf eine andere Art und Weise unterstützt. Die Berechnung der Indizes stellt keine Empfehlung des Lizenzgebers zur Kapitalanlage dar oder beinhaltet in irgendeiner Weise eine Zusicherung des Lizenzgebers hinsichtlich einer Attraktivität einer Investition in entsprechende Produkte.

X-DAX
X-DAX is a registered trademark of Deutsche Börse AG. This financial instrument is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the "Licensor"). Neither the publication of the Index by the Licensor nor the granting of a license regarding the Index as well as the Index Trademark for the utilization in connection with the financial instrument or other securities or financial products, which derived from the Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness of an investment in this product.

ZAR/EUR Exchange Rate
The South African Rand (ZAR) is a free-floating currency, which is freely tradeable on international currency markets. However, any outflow of ZAR from South Africa is governed by exchange control regulations, which are administered by the Exchange Control Department of the South African Reserve Bank. The exchange control regulations apply only to the receipt and transfer of physical ZAR to and from South Africa. There can be no assurance that the South African government will not in the future impose more restrictive foreign exchange regulations. Any (i) measure or intervention under (ii) or change in the relevant exchange control regulations or (iii) implementation of more restrictive exchange control regulations may have an adverse affect on the ZAR/EUR Exchange Rate and, consequently, on the Certificates. Changes in the ZAR/EUR Exchange Rate may decrease the value of the Certificates and/or the amount of payments under the Certificates. There can be no assurance that the South African Rand will depreciate or appreciate in value in relation to the Euro in the future.

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Pour de plus amples informations, la politique de Goldman Sachs relative à la protection des données personnelles peut être téléchargée en cliquant sur le lien suivant : Déclaration de Goldman Sachs vis-à-vis de la protection de données personnelles

Risques généraux relatifs aux warrants et aux produits structurés

Les warrants et les produits structurés décrits sur ces pages Internet (ci-après, collectivement, les „dérivés“) garantissent à l’investisseur le droit d’exiger le paiement d’un montant en espèces ou la livraison de valeurs sous-jacentes. Il n’existe pas de droit au paiement d’intérêts, de dividendes ou d’autres montants courants pouvant compenser d’éventuelles pertes de valeur.
Les dérivés mentionnés sur ces pages Internet ne constituent pas des parts d’un placement collectif de capitaux au sens de la loi fédérale sur les placements collectifs de capitaux (LPCC) et ne sont par conséquent pas non plus soumis à la surveillance de l’Autorité fédérale de surveillance des marchés financiers (FINMA).
En acquérant les dérivés, l’investisseur accepte le risque de solvabilité de l’émetteur et, puisque pour tous les dérivés il existe une garantie de The Goldman Sachs Group Inc. (le „garant“), du garant. Ceci signifie que l’investisseur court le risque d’une perte totale des dérivés en cas d’insolvabilité ou d’autre impossibilité de payer de l’émetteur et du garant. Il n’existe pas, outre la garantie, de sûretés pour les dérivés. L’investisseur devrait dès lors, durant la durée de vie du dérivé qu’il a acquis, s’informer continuellement de la solvabilité de l’émetteur et du garant.
La durée de vie des dérivés est en règle générale limitée. Les pertes sur cours encourues durant la durée de vie des dérivés peuvent dès lors éventuellement ne pas être compensées par des gains sur cours subséquents. Il existe, pour les dérivés sans protection du capital, un risque de perte totale du montant payé lors de l’achat des dérivés, y compris les frais liés à cet achat, et ce indépendamment de la capacité financière de l’émetteur et du garant.
La valeur des dérivés est non seulement déterminée par les changements de cours des instruments sous-jacents du dérivé (par exemple une action, une obligation, etc., le „sous-jacent“), mais aussi par la durée de vie des dérivés, la volatilité du sous-jacent, le changement du credit spread (supplément d’intérêt par rapport à un intérêt sans risque) du garant et par le niveau des taux d’intérêt de l’économie globale. Une diminution de la valeur des dérivés peut dès lors survenir durant la durée de vie alors même que le cours du sous-jacent reste constant.
Les entreprises du groupe Goldman Sachs (ensemble „Goldman Sachs“) peuvent participer à des transactions sur le sous-jacent pour leur compte ou le compte de tiers, émettre de nouveaux dérivés qui présentent les mêmes caractéristiques de construction, ou des caractéristiques semblables, que les dérivés décrits ici, ainsi que procéder à des opérations de couverture afin d’assurer leurs positions. Ces mesures peuvent influencer positivement ou négativement le prix des dérivés. De plus amples informations sont disponibles sur demande.
La valeur des dérivés est déterminée par la valeur du sous-jacent et d’autres facteurs. Elle sera inférieure au prix initial d’émission, en particulier s’agissant des produits structurés directement après leur acquisition, dans la mesure où aucun changement n’est survenu dans les conditions du marché ou concernant d’autres facteurs pertinents.
Le prix fixé par des négociants tiers peut considérablement varier de celui déterminé par Goldman Sachs pour les dérivés. Les investisseurs doivent s’attendre à devoir payer, lors de la vente des dérivés, une prime et une remise en faveur du négociant. Le Programme for the Issuance of Derivatives actuel (le „Programme“) contient de plus amples informations sur l’établissement du prix des dérivés. Vous trouverez dans le Pricing Supplement des produits structurés émis après le 12 novembre 2007 de plus amples informations sur d’éventuelles commissions de vente qui peuvent être incluses dans le prix de vente.
L’évolution de la valeur des dérivés dont le sous-jacent est coté en devise étrangère ne dépend pas seulement du cours du sous-jacent mais aussi du développement de la devise étrangère. Des mouvements défavorables sur les marchés des devises peuvent augmenter le risque de perte.
Les coûts encourus lors de l’achat ou de la vente des dérivés diminuent les chances de gain de l’investisseur. Veuillez dès lors vous informer avant l’acquisition du dérivé de tous les coûts dus lors de l’achat et la vente.
Il n’est pas toujours possible, au cours de la durée de vie des dérivés, de procéder à des opérations excluant les risques initiaux ou à tout le moins les limitant. La possibilité de procéder à de telles opérations dépend des conditions du marché; le cas échéant, elles ne peuvent éventuellement être réalisables qu’à un prix du marché défavorable. En outre, il peut en résulter une perte.
Lorsque vous financez l’acquisition des dérivés par un crédit, vous devez, au cas où vos attentes sont déçues, non seulement assumer la perte enregistrée, mais aussi rembourser le crédit et payer les intérêts. Le risque de perte est ainsi considérablement accru.

Risques particuliers relatifs aux warrants

Les warrants sont des dérivés particulièrement risqués. Une série de facteurs en sont la cause, en particulier l’effet de levier par lequel les variations de cours du sous-jacent influencent plus que proportionnellement la valeur du dérivé. Dit de manière simplifiée (en faisant abstraction d’autres facteurs influençant la valeur, tels que la volatilité et les coûts), cela signifie que, pour un warrant avec un levier de par exemple 10x, une perte totale survient déjà lorsque la valeur du sous-jacent varie de 10% dans la mauvaise direction.
Les warrants qui, conformément à leurs conditions, ne sont pas exercés automatiquement expirent sans valeur si vous ne les exercez pas à temps conformément aux conditions du warrant.

Ces informations ne remplacent pas le conseil, indispensable dans chaque cas individuel, de votre banque ou de votre conseiller financier. Veuillez consulter votre conseiller fiscal pour toute question relative au traitement fiscal des dérivés.

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