PC Factor Model: 1 Factor Model Residuals

Research evidence excerpt

PC Factor Model: 1 Factor Model Residuals

own herein. Additionally, the results may not reflect material economic and market factors, such as liquidity, transaction costs and other expenses which could

reduce potential return.

OTC Derivatives Risk Disclosures:

Terms of the Transaction: To understand clearly the terms and conditions of any OTC derivative transaction you may enter into, you should carefully review the Master Agreement,

including any related schedules, credit support documents, addenda and exhibits. You should not enter into OTC derivative transactions unless you understand the terms of the

transaction you are entering into as well as the nature and extent of your risk exposure. You should also be satisfied that the OTC derivative transaction is appropriate for you in light

of your circumstances and financial condition. You may be requested to post margin or collateral to support written OTC derivatives at levels consistent with the internal policies of

Goldman Sachs.

Liquidity Risk: There is no public market for OTC derivative transactions and, therefore, it may be difficult or impossible to liquidate an existing position on favorable terms. Transfer

Restrictions: OTC derivative transactions entered into with one or more affiliates of The Goldman Sachs Group, Inc. (Goldman Sachs) cannot be assigned or otherwise transferred

without its prior written consent and, therefore, it may be impossible for you to transfer any OTC derivative transaction to a third party.

Conflict of Interests: Goldman Sachs may from time to time be an active participant on both sides of the market for the underlying securities, commodities, futures, options or any

other derivative or instrument identical or related to those mentioned herein (together, "the Product").