FX Liquidity Monitor: Sydney Edition: Tuesday 28th July in Review

Research evidence excerpt

FX Liquidity Monitor: Sydney Edition: Tuesday 28th July in Review

ate 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"). Goldman Sachs at any time may have long or short positions in, or buy and sell Products (on a principal basis or otherwise) identical or related

to those mentioned herein. Goldman Sachs hedging and trading activities may affect the value of the Products.

Counterparty Credit Risk: Because Goldman Sachs, may be obligated to make substantial payments to you as a condition of an OTC derivative transaction, you must evaluate the credit risk of doing business with

Goldman Sachs or its affiliates.

Pricing and Valuation: The price of each OTC derivative transaction is individually negotiated between Goldman Sachs and each counterparty and Goldman Sachs does not represent or warrant that the prices for