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➔ Index-Disclaimer
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) (In-dex”) 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
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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
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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 Borse and the term ATX is protected as a trademark of Wiener Borse. 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 International 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. 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 International 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 International 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. CRTX 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 International in conjunction with financial products was granted upon the conclusion of a license agreement with Wiener Börse AG. 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 on 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 on an investment in this product 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 on an investment in this product 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 on an investment in this product 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 on an investment in this product.” 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 visà- 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 on 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. DJ Basic Resources Index (Price) The Dow Jones STOXX Basic Resources ® (Price)
Index is the intellectual property of (including registered trademarks) Stoxx Limited, Zurich, Switzerland and/or Dow Jones & Company, Inc., a Delaware corporation, New York, USA, (the Licensors), which is used under license. The securities based on the Index are in no way sponsored, endorsed, sold or promoted by the
Licensors and neither of the Licensors shall have any liability with respect thereto.” DJ Oil & Gas Index (Price) The Dow Jones Europe STOXX Oil & Gas ® (Price) Index is the intellectual property of (including registered trademarks) Stoxx Limited, Zurich, Switzerland and/or Dow Jones & Company, Inc., a Delaware corporation,
New York, USA, (the Licensors), which is used under license. The securities based on the Index are in no way sponsored, endorsed, sold or promoted by the Licensors and neither of the Licensors shall have any liability with respect thereto.” 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 EURO STOXX 50 Index The Dow Jones Euro STOXX 50 ® is the intellectual property of
(including registered trademarks) Stoxx Limited, Zurich, Switzerland and/or Dow Jones & Company, Inc., a Delaware corporation, New York, USA, (the Licensors), which is used under license. The securities based on the Index are in no way sponsored, endorsed, sold or promoted by the Licensors and neither of the Licensors
shall have any liability with respect thereto.” Dow Jones EURO STOXX Select Dividend 30 Index EUR ® The Dow Jones Euro STOXX 50 ® is the intellectual property of (including registered trademarks) Stoxx Limited, Zurich, Switzerland and/or Dow Jones & Company, Inc., a Delaware corporation, New York, USA, (the
Licensors), which is used under license. The securities based on the Index are in no way sponsored, endorsed, sold or promoted by the Licensors and neither of the Licensors shall have any liability with respect thereto.” Dow Jones Industrial Average Index Dow Jones and Dow Jones Industrial Average IndexSM 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 IndexSM, are not sponsored,
endorsed, sold or pro-moted by Dow Jones, and Dow Jones makes no representation regarding the advisability of investing in such product(s). Dow Jones STOXX ® Mid 200 Price Index EUR The Dow Jones STOXX ® Mid 200 Price Index is the intellectual property of (including registered trademarks) Stoxx Limited,
Zurich, Switzerland and/or Dow Jones & Company, Inc., a Delaware corporation, New York, USA, (the Licensors), which is used under license. The securities [or financial instruments, or options or other technical term] based on the Index are in no way sponsored, endorsed, sold or promoted by the Licensors and neither of
the 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 International 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. FTSETM” 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. GSCI ®
Indizies This Certificate is not sponsored, endorsed, sold or promoted by Goldman, Sachs & Co. or any of its affiliates (other that Goldman Sachs International, Goldman Sachs International and Goldman, Sachs & Co. oHG) (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.
Goldman, Sachs & Co. makes no warranty, express or implied, as to results to be obtained by licensee, owners of the Certificates, or any other Person or Entiny 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 Goldman, Sachs & Co. have any liability for any special, punitive, indirect, or
consequential Damages (including lost Profits), even if notified of the possibility of such Damages. Hang Seng China Enterprises Index/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. 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. 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
on an investment in this product.” 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 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 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 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 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 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 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 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 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. 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. OMXS30TM 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 War-rants to any information, votes or dividends in Philips and Philips is not involved with the is-suance 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 SectorSM (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 deter-mined, 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. Royal Dutch The Option Certificates are not obligations of The Royal
Dutch Petroleum Company NV. This is not an offer of shares Royal Dutch Petro-leum NV has not been involved in the prepara-tion of this document or the constitution of the Option Certificate holder will not have any right through the Option Certificate to any informa-tion, votes or dividends in Royal Dutch Petro-leum Company
NV. 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). S&P 500 Standard & Poor's, S&P, S&P/IFCI INDEXES, S&P/IFCI, S&P/IFCG andS&P/IFCG Frontier Markets are trademarks of The McGraw-Hill Com-panies, Inc.and have been licensed for use by Goldman Sachs
& Co., Inc. IFCG and IFCIare 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 International. 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/MIB Index S&P/MIBSM 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 International. 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). SMI Index The product is not in any way sponsored, endorsed, sold or promoted by SWX Swiss Exchange and SWX Swiss Exchange makes no representation regarding the advisability of investing in the product. The SMI ® is a registered trademark of SWX
Swiss Exchange, and any use thereof is subject to a licensing fee. 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 on an investment in this product.” Topix Index The copyright of TOPIX and other intellectual property rights related to TOPIXbelong 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 on an investment in this product.”
59
RISIKO
GOLDMAN SACHS HINWEISE ZU INDEXLIZENZEN
KnowHow 06/2007
In Vereinbarung mit unseren Indexlizenzgebern werden nachfolgend die Disclaimer der in KnowHow angegebenen Indizes aufgeführt.