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Important Information – Investment Risks
Investment Management Division
Goldman Sachs

Currencies. Currency exchange rates can be extremely volatile, particularly during times of political or economic uncertainty. There is a risk of loss when an investor as exposure to foreign currency or are in foreign currency traded investments.

Derivatives. Investments that involve futures, equity swaps, and other derivatives give rise to substantial risk and are not available to or suitable for all investors.

Emerging Markets and Growth Markets. Investing in the securities of issuers in emerging markets and growth markets involves certain considerations, including: political and economic conditions, the potential difficulty of repatriating funds or enforcing contractual or other legal rights, and the small size of the securities markets in such countries coupled with a low volume of trading, resulting in potential lack of liquidity and in price volatility.

Equity Investments. Equity investments are subject to market risk, which means that the value of the securities may go up or down in respect to the prospects of individual companies, particular industry sectors and/or general economic conditions. The securities of small and mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements.

Fixed Income. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit/default, liquidity and interest rate risk. Any guarantee on an investment grade bond of a given country applies only if held to maturity.

Futures. Security futures involve a high degree of risk and are not suitable for all investors. The possibility exists that an investor could lose a substantial amount of money in a very short period of time because security futures are highly leveraged. The amount they could lose is potentially unlimited and can exceed the amount they originally deposited with your firm. Prior to buying a security future you must receive a copy of the Risk Disclosure Statement for Security Futures Contracts.

Non-US Securities. Investing in non-US securities involves the risk of loss as a result of more or less non-US government regulation, less public information, less liquidity and greater volatility in the countries of domicile of the issuers of the securities and/ or the jurisdiction in which these securities are traded. In addition, investors in securities such as ADRs/ GDRs, whose values are influenced by foreign currencies, effectively assume currency risk.

Options. Options involve risk and are not suitable for all investors. Options investors may lose the entire amount of their investment in a relatively short period of time. Before entering into any options transaction, be sure to read and understand the current Options Disclosure Document entitled, The Characteristics and Risks of Standardized Options. This booklet can be obtained at http://www. theocc.com/about/publications/character-risks.jsp.

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