Investment Goldman achs . Management Important Information Division Options. Options involve risk and are not suitable for all investors. The purchase of options can result in the loss of an entire investment and the risk of uncovered options is potentially unlimited. Please ensure that you have read and understood the current options disclosure document before entering into any standardized options transactions. The booklet entitled Characteristic and Risk of Standardized Options can be obtained from our sales representatives or at http:/Avww.theocc.com/components/docs/riskstoc.pdf. Transaction costs may be significant in option strategies that require multiple purchases and sales of options, such as spreads. Supporting documentation for any comparisons, recommendations, statistics, technical data, or other information will be supplied upon request. e Buying Options - Investors who buy call (put) options risk loss of the entire premium paid if the underlying security finishes below (above) the strike price at expiration. e Selling Options - Investors who sell puts risk loss of the strike price less the premium received for selling the put. OTC Derivatives. 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 may be requested to post margin or collateral at levels consistent with the internal policies of Goldman Sachs to support written OTC derivatives. Prior to entering into an OTC derivative transaction you should be aware of the below general risks associated with OTC derivative transactions: — 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. — Risk of Inability to Assign: OTC derivative transactions entered into with one or more affiliates of Goldman