Bond Goldman & Sachs 0% ( GB00B4YGF407 ) in USD

Goldman & Sachs

100 % ▲

United States

GB00B4YGF407 ( in USD )

10/02/2014 - Bond has expired

Prospectus brochure of the bond Goldman Sachs GB00B4YGF407 in USD 0%, expired

Goldman Sachs is a leading global investment banking, securities, and investment management firm that provides a wide range of financial services to corporations, governments, and high-net-worth individuals.

Goldman Sachs USD-denominated bond (ISIN: GB00B4YGF407), a zero-coupon instrument maturing on 10/02/2014, with a semi-annual payment frequency, has reached maturity and been redeemed at 100% of face value.

GOLDMAN SACHS INTERNATIONAL
(Incorporated with unlimited liability in England)
GOLDMAN SACHS (JERSEY) LIMITED
(Incorporated with limited liability in Jersey)
GOLDMAN, SACHS & CO. WERTPAPIER GMBH
(Incorporated with limited liability in Germany)
GOLDMAN SACHS BANK (EUROPE) PLC
(Incorporated with limited liability in Ireland)

PROGRAMME FOR THE ISSUANCE OF
WARRANTS, NOTES AND CERTIFICATES
in respect of which the payment and delivery
obligations of Goldman Sachs (Jersey) Limited
are guaranteed by

GOLDMAN SACHS INTERNATIONAL

and the obligations of Goldman Sachs International,
Goldman, Sachs & Co. Wertpapier GmbH and
Goldman Sachs Bank (Europe) plc are
guaranteed by
THE GOLDMAN SACHS GROUP, INC.
(A corporation organised under the laws of the State of Delaware)
Goldman Sachs International ("GSI"), Goldman Sachs (Jersey) Limited ("GSJ"), Goldman, Sachs &
Co. Wertpapier GmbH ("GSW") and Goldman Sachs Bank (Europe) plc ("GSBE", and together with
GSI, GSJ and GSW, the "Issuers" and each an "Issuer") may from time to time issue warrants or other
similar instruments (the "Warrants"), certificates or other similar instruments (the "Certificates" and
together with the Warrants, the "Instruments") and notes or other similar instruments (the "Notes",
and together with the Warrants and the Certificates, the "Securities") under the programme (the
"Programme") described in this base prospectus (as supplemented or replaced, the "Base
Prospectus") upon the terms and conditions of the Securities described herein as completed, in the case
of each issue of Securities, by final terms (the "Final Terms") to this Base Prospectus. Securities of
any series (a "Series") will, in the circumstances described in the relevant Final Terms, give the holder
(a "Holder") thereof certain rights against the relevant Issuer as described herein and in the relevant
Final Terms, which rights may include the right to have the principal amount of such Securities repaid
by such Issuer at maturity, the right to receive interest based on the principal amount of such Securities
or otherwise, the right to receive a cash amount from the relevant Issuer calculated in accordance with
the relevant Final Terms or the right to receive delivery of a specified asset or assets against payment
of a specified sum, all as more particularly described in the relevant Final Terms.
Application has been made to the Luxembourg Commission de Surveillance du Secteur Financier (the
"CSSF"), which is the Luxembourg competent authority for the purpose of Directive 2003/71/EC (the
"Prospectus Directive") for approval of this Base Prospectus and relevant implementing measures in
Luxembourg, as a base prospectus issued in compliance with the Prospectus Directive and relevant
implementing measures in Luxembourg for the purpose of giving information with regard to the issue
of Securities under the Programme on and during the period of twelve months after the date hereof.
This prospectus constitutes four Base Prospectuses for the purpose of Article 5.4 of the Prospectus
Directive. Application has also been made to the Luxembourg Stock Exchange (the "Luxembourg
Stock Exchange") for Securities issued under the Programme to be listed on the Official List of the
Luxembourg Stock Exchange and admitted to trading on the regulated market of the Luxembourg
Stock Exchange (a regulated market for the purposes of Directive 2004/39/EC on Markets in Financial

1

Instruments). GSBE will not offer Securities to the public or request to admit to trading any Securities
on any regulated market until such time as it has prepared audited financial statements and incorporated
those financial statements into this Base Prospectus by way of Supplement hereto.
Any person (an "Investor") intending to acquire or acquiring any securities from any person (an
"Offeror") should be aware that, in the context of an offer of securities to the public as defined in
Article 2(1)(d) of the Prospectus Directive, the Issuers may be responsible to the Investor for the Base
Prospectus under Article 6 of the Prospectus Directive (and relevant implementing legislation in each
Member State) only if the relevant Issuer has authorised that Offeror to make the offer to the Investor.
Each Investor should therefore enquire whether the Offeror is so authorised by the relevant Issuer. If
the Offeror is not authorised by the relevant Issuer, the Investor should check with the Offeror whether
anyone is responsible for the Base Prospectus for the purposes of Article 6 of the Prospectus Directive
(and relevant implementing legislation in each Member State) in the context of the offer to the public,
and, if so, who that person is. If the Investor is in any doubt about whether it can rely on the Base
Prospectus and/or who is responsible for its contents it should take legal advice.
The payment and delivery obligations of GSJ only are guaranteed by GSI pursuant to a guarantee dated
24 July 2008 (the "GSI Guarantee"). The payment, delivery and guarantee (where applicable)
obligations of GSI, GSW and GSBE only are guaranteed by The Goldman Sachs Group, Inc. ("GSG"
and together with GSI, the "Guarantors") pursuant to a guaranty dated 24 July 2008 (the "GSG
Guaranty" and together with the GSI Guarantee, the "Guarantees"). GSG has the right in its sole and
unfettered discretion pursuant to the GSG Guaranty to discharge any obligation to deliver the Physical
Settlement Amount by payment of the Physical Settlement Disruption Amount instead of delivery of
the Deliverable Assets.
None of the Securities, the Guarantees and any securities to be delivered upon exercise or settlement of
the Securities have been, nor will be, registered under the US Securities Act of 1933, as amended (the
"Securities Act"), or any state securities laws and trading in the Securities has not been and will not be
approved by the United States Commodity Futures Trading Commission (the "CFTC") under the
United States Commodity Exchange Act of 1936, as amended (the "Commodity Exchange Act").
Securities may not be offered, sold or delivered within the United States or to U.S. persons (as defined
in Regulation S under the Securities Act), except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and applicable state securities laws. The
Final Terms relating to an Instrument (but not a Note) may provide for an offer and sale of the whole or
a portion of a Series of Instruments issued by GSI (but not any other Issuer) within the United States
exclusively to qualified institutional buyers ("QIBs") (as defined in Rule 144A under the Securities
Act) in reliance on the exemption provided by Rule 144A under the Securities Act. Each purchaser of
Instruments offered within the United States is hereby notified that the offer and sale of such
Instruments to it is made in reliance upon the exemption from the registration requirements of the
Securities Act provided by Rule 144A and that such Instruments are not transferable except as provided
under "Selling Restrictions" below. Rights arising under the Securities will be exercisable by the
Holder only upon certification as to non-U.S. beneficial ownership, unless the Final Terms relating to
an Instrument expressly provides otherwise in connection with an offering of the Instrument pursuant
to Rule 144A under the Securities Act.
The Securities described in this Base Prospectus do not constitute a collective investment fund for
the purpose of the Collective Investment Funds (Jersey) Law 1988, as amended, on the basis that
they are investment products designed for investors with the requisite knowledge of, and
experience of investing in, such investments, who are capable of fully evaluating the risks
involved in making such investments and who have an asset base sufficiently substantial as to
enable them to sustain any loss that they might suffer as a result of making such investments.
These investments are not regarded by the Jersey Financial Services Commission as suitable
investments for any other type of investor. Any individual intending to invest in any investment
described in this Base Prospectus should consult his or her professional adviser and ensure that
he or she fully understands all the risks associated with making such an investment and has
sufficient financial resources to sustain any loss that may arise from it.
Warrants relating to commodities may not be offered, sold or resold in or into the United States absent
an applicable exemption under the Commodity Exchange Act. Unless otherwise stated in the applicable
Final Terms, such warrants may not be offered, sold or resold in the United States and the Issuers and

2

the Guarantors reserve the right not to make payment or delivery in respect of a warrant to a person in
the United States if such payment or delivery would constitute a violation of US law.
INVESTING IN THE SECURITIES INVOLVES CERTAIN RISKS, WHICH INVESTORS
SHOULD ENSURE THEY FULLY UNDERSTAND (SEE "RISK FACTORS" ON PAGES 16
TO 32 OF THIS BASE PROSPECTUS).
This Base Prospectus replaces the Base Prospectus dated 7 August 2007 (as supplemented or replaced).
The date of this Base Prospectus is 24 July 2008

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Subject as set out below, each of the Issuers and the Guarantors accepts responsibility for the
information contained in this Base Prospectus. To the best of the knowledge of the Issuers and the
Guarantors (who have taken all reasonable care to ensure that such is the case) the information
contained in this Base Prospectus is in accordance with the facts and does not omit anything likely to
affect the import of such information. Where information contained in this Base Prospectus has been
sourced from a third party, this information has been accurately reproduced and, so far as the Issuers
and the Guarantors are aware and are able to ascertain from information published by that third party,
no facts have been omitted which would render the reproduced information inaccurate or misleading.
This paragraph should be read in conjunction with the third paragraph on page 2 of this Base
Prospectus (beginning with "Any person (an "Investor")...").
This Base Prospectus should be read and construed together with any supplements hereto and with any
other documents incorporated by reference herein and, in relation to any Securities which are the
subject of Final Terms (as defined herein) should be read and construed together with the relevant Final
Terms. This Base Prospectus may only be used for the purposes for which it has been published.
Neither the Issuers nor the Guarantors intend to provide any post-issuance information or have
authorised the making or provision of any representation or information regarding the Issuers, the
Guarantors or the Securities other than as contained or incorporated by reference in this Base
Prospectus, in any other document prepared in connection with the Programme or any Final Terms or
as expressly approved for such purpose by the Issuers or the Guarantors. Any such representation or
information should not be relied upon as having been authorised by the Issuers or the Guarantors.
Neither the delivery of this Base Prospectus nor the delivery of any Final Terms shall, in any
circumstances, create any implication that there has been no adverse change in the financial situation of
the Issuers or the Guarantors since the date hereof or, as the case may be, the date upon which this Base
Prospectus has been most recently supplemented.
The distribution of this Base Prospectus and any Final Terms and the offering, sale and delivery of the
Securities in certain jurisdictions may be restricted by law. Persons into whose possession this Base
Prospectus or any Final Terms comes are required by the Issuers and the Guarantors to inform
themselves about and to observe any such restrictions. For a description of certain restrictions on
offers, sales and deliveries of Securities and the distribution of this Base Prospectus, any Final Terms
and other offering material relating to the Securities see "Selling Restrictions" below.
Neither this Base Prospectus nor any Final Terms may be used for the purpose of an offer or
solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any
person to whom it is unlawful to make such offer or solicitation, and no action has been taken or will
be taken to permit an offering of the Securities or the distribution of this Base Prospectus in any
jurisdiction where any such action is required.
The Securities have not been approved or disapproved by the Securities and Exchange Commission or
any state securities commission in the United States nor has the Securities and Exchange Commission
or any state securities commission passed upon the accuracy or the adequacy of this Base Prospectus.
Any representation to the contrary is a criminal offence in the United States.
An Investor intending to acquire or acquiring any Securities from an Offeror will do so, and offers and
sales of the Securities to an Investor by an Offeror will be made, in accordance with any terms and
other arrangements in place between such Offeror and such Investor including as to price, allocations
and settlement arrangements. The Issuers will not be a party to any such arrangements with Investors in
connection with the offer or sale of the Securities and, accordingly, this Base Prospectus and any Final
Terms will not contain such information and an Investor must obtain such information from the
Offeror.
A copy of this Base Prospectus has been delivered to the Registrar of Companies in accordance with
Article 5 of the Companies (General Provisions) (Jersey) Order 2002, and he has given, and has not
withdrawn, his consent to its circulation. The Jersey Financial Services Commission has given, and
has not withdrawn, its consent under Article 4 of the Control of Borrowing (Jersey) Order, 1958 as
amended to the issue of the Securities by GSJ. The Jersey Financial Services Commission is protected
by the Control of Borrowing (Jersey) Law, 1947, as amended, against liability arising from the
discharge of its functions under that law. It must be distinctly understood that, in giving these
consents, neither the Registrar of Companies nor the Jersey Financial Services Commission takes any

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responsibility for the financial soundness of GSJ or for the correctness of any statements made, or
opinions expressed, with regard to it.
In this Base Prospectus references to "U.S.$", "US$", "$", "U.S. dollars", "dollars" and "cents" are to
the lawful currency of the United States of America and references to "", "euro" and "EUR" are to the
single currency introduced at the start of the third stage of European Economic Monetary Union
pursuant to the Treaty establishing the European Community, as amended. Any other currency
referred to in any Final Terms will have the meaning specified in the relevant Final Terms.
In this Base Prospectus, references to the "Conditions" are: (1) in relation to Instruments, references to
the General Instrument Conditions (as completed, amended and/or replaced by any of the Specific
Product Provisions (if applicable)) set out below in this Base Prospectus and, in relation to any
particular Tranche or Tranches of Instruments, references to such General Instrument Conditions (as
completed, amended and/or replaced by any of the Specific Product Provisions (if applicable)) as
completed and (if applicable) amended to the extent described in the relevant Final Terms; and (2) in
relation to Notes, references to the General Note Conditions (as completed, amended and/or replaced
by any of the Specific Product Provisions (if applicable)) set out below in this Base Prospectus and, in
relation to any particular Tranche or Tranches of Notes, references to such General Note Conditions (as
completed, amended and/or replaced by any of the Specific Product Provisions (if applicable)) as
completed and (if applicable) amended to the extent described in the relevant Final Terms.
In connection with the issue of any Tranche of Notes, the person or persons (if any) named as the
Stabilising Manager(s) (or persons acting on behalf of any Stabilising Manager(s)) in the relevant
Final Terms may over-allot Notes or effect transactions with a view to supporting the market
price of the Notes at a level higher than that which might otherwise prevail. However, there is no
assurance that the Stabilising Manager(s) (or persons acting on behalf of a Stabilising Manager)
will undertake stabilisation action. Any stabilisation action may begin on or after the date on
which adequate public disclosure of the terms of the offer of the relevant Tranche of Notes is
made and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days
after the issue date of the relevant Tranche of Notes and 60 days after the date of the allotment of
the relevant Tranche of Notes. Any stabilisation action or over-allotment must be conducted by
the relevant Stabilising Manager(s) (or person(s) acting on behalf of any Stabilising Manager(s))
in accordance with all applicable laws and rules.
On the approval of this Base Prospectus as a Base Prospectus for the purpose of Article 5.4 of the
Prospectus Directive by the CSSF, notification of such approval will be made to the competent
authorities of Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Hungary,
Ireland, Italy, The Netherlands, Norway, Poland, Slovakia, Spain, Sweden and the United Kingdom.
An Index of Defined Terms is set out on pages 386 to 396 of this Base Prospectus.

5

TABLE OF CONTENTS
Page
SUMMARY OF THE PROGRAMME ..................................................................................................... 9
RISK FACTORS..................................................................................................................................... 16
1.
Risks relating to loss of investment and suitability of Securities .............................................. 16
2.
Risks associated with all Securities........................................................................................... 17
3.
Risks associated with Securities that include certain features ................................................... 18
4.
Risks associated with Securities that reference one or more Underlying Asset(s) .................... 19
5.
Risks associated with the creditworthiness of the Issuers and The Goldman Sachs Group,
Inc. as the Guarantor ................................................................................................................. 31
6.
Risks associated with conflicts of interest between Goldman Sachs and purchasers of
Securities ................................................................................................................................... 31
DOCUMENTS INCORPORATED BY REFERENCE .......................................................................... 33
GENERAL DESCRIPTION OF THE PROGRAMME .......................................................................... 38
COMMONLY ASKED QUESTIONS ABOUT THIS PROGRAMME................................................. 39
INTRODUCTION TO THE SHARE LINKED PROVISIONS.............................................................. 48
INTRODUCTION TO THE INDEX LINKED PROVISIONS .............................................................. 52
INTRODUCTION TO THE COMMODITY LINKED PROVISIONS.................................................. 57
INTRODUCTION TO THE FX LINKED PROVISIONS...................................................................... 63
GENERAL TERMS AND CONDITIONS OF THE INSTRUMENTS.................................................. 66
1.
Introduction ............................................................................................................................... 66
2.
Definitions and Interpretation.................................................................................................... 68
3.
Form .......................................................................................................................................... 81
4.
Title ........................................................................................................................................... 81
5.
Transfers.................................................................................................................................... 82
6.
Status and Guarantees ............................................................................................................... 83
7.
Exercise Rights.......................................................................................................................... 83
8.
Exercise Procedure - Instruments held in a Clearing System.................................................... 87
9.
Exercise Procedure - Non-cleared Instruments ......................................................................... 93
10.
Calculations, Determinations and Adjustments by the Calculation Agent................................ 94
11.
Limits on the Number of Instruments Exercisable .................................................................... 96
12.
Certificates - Interest ................................................................................................................. 96
13.
Interest linked to one or more Underlying Assets Provisions.................................................... 97
14.
Postponement of Maturity Date on the Occurrence of an FX Disruption Event ....................... 98
15.
Automatic Early Redemption .................................................................................................... 98
16.
Optional Early Redemption....................................................................................................... 98
17.
Illegality .................................................................................................................................... 99
18.
Purchase by the relevant Issuer ................................................................................................. 99
19.
Programme Agents and Calculation Agent ............................................................................... 99
20.
Further Issues ............................................................................................................................ 99
21.
Notices..................................................................................................................................... 100
22.
Modification and Waiver, Meetings of Holders ...................................................................... 101
23.
Currency Indemnity................................................................................................................. 102
24.
Rounding ................................................................................................................................. 102
25.
Substitution.............................................................................................................................. 102
26.
Prescription.............................................................................................................................. 103
27.
Taxation................................................................................................................................... 103
28.
Governing Law........................................................................................................................ 103
29.
Third Party Rights ................................................................................................................... 103
GENERAL TERMS AND CONDITIONS OF THE NOTES............................................................... 104
1.
Introduction ............................................................................................................................. 104
2.
Definitions and Interpretation.................................................................................................. 105
3.
Form and Denomination.......................................................................................................... 118
4.
Title ......................................................................................................................................... 119
5.
Transfers of Registered Notes ................................................................................................. 121
6.
Status and Guarantees ............................................................................................................. 121
7.
Fixed Rate Note Provisions ..................................................................................................... 122

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8.
Floating Rate Note Provisions................................................................................................. 122
9.
Zero Coupon Note Provisions ................................................................................................. 124
10.
Interest linked to one or more Underlying Assets Provisions.................................................. 125
11.
Redemption and Purchase ....................................................................................................... 125
12.
Payments - Bearer Notes ......................................................................................................... 127
13.
Payments - Registered Notes................................................................................................... 129
14.
Physical Settlement ................................................................................................................. 131
15.
Postponement of Maturity Date on the Occurrence of an FX Disruption Event ..................... 132
16.
Events of Default..................................................................................................................... 133
17.
Modification and Waiver, Meetings of Noteholders ............................................................... 135
18.
Replacement of Notes and Coupons........................................................................................ 135
19.
Illegality .................................................................................................................................. 136
20.
Agents...................................................................................................................................... 136
21.
Further Issues .......................................................................................................................... 137
22.
Notices..................................................................................................................................... 137
23.
Currency Indemnity................................................................................................................. 137
24.
Rounding ................................................................................................................................. 138
25.
Substitution.............................................................................................................................. 138
26.
Prescription.............................................................................................................................. 139
27.
Taxation................................................................................................................................... 139
28.
Governing Law........................................................................................................................ 139
29.
Third Party Rights ................................................................................................................... 139
SCHEDULE TO THE GENERAL TERMS AND CONDITIONS OF THE INSTRUMENTS AND
THE GENERAL TERMS AND CONDITIONS OF THE NOTES...................................................... 140
SHARE LINKED PROVISIONS.......................................................................................................... 140
1.
Consequences of Non-Scheduled Trading Days, Non-Common Scheduled Trading Days or
Disrupted Days ........................................................................................................................ 141
2.
Fallback Valuation Date.......................................................................................................... 147
3.
Adjustments............................................................................................................................. 147
4.
Correction of Share Price ........................................................................................................ 149
5.
Depositary Receipts Provisions............................................................................................... 149
6.
Definitions............................................................................................................................... 151
INDEX LINKED PROVISIONS .......................................................................................................... 158
1.
Consequences of Non-Scheduled Trading Days, Non-Common Scheduled Trading Days or
Disrupted Days ........................................................................................................................ 159
2.
Fallback Valuation Date.......................................................................................................... 171
3.
Adjustments............................................................................................................................. 172
4.
Correction of Index Level ....................................................................................................... 173
5.
Index Disclaimer ..................................................................................................................... 173
6.
Definitions............................................................................................................................... 174
COMMODITY LINKED PROVISIONS.............................................................................................. 182
1.
Consequences of Non-Scheduled Commodity Business Days, Non-Common Scheduled
Commodity Business Days or Disrupted Days ....................................................................... 183
2.
Successor Entity Calculates and Reports a Commodity Reference Price................................ 189
3.
Corrections to Published Commodity Reference Prices.......................................................... 189
4.
Fallback Pricing Date for a Single Commodity or Commodity Basket................................... 189
5.
Additional Bullion Provisions ................................................................................................. 190
6.
Consequences of Disruption Days and Disruption Events in respect of a Commodity Index
or a Commodity Strategy......................................................................................................... 190
7.
Adjustments for a Commodity Index or Commodity Strategy................................................ 191
8.
Corrections to Published Closing Levels in respect of a Commodity Index or a Commodity
Strategy.................................................................................................................................... 194
9.
General Definitions ................................................................................................................. 194
10.
Commodity Reference Price and Related Definitions............................................................. 202
FX LINKED PROVISIONS.................................................................................................................. 214
1.
Consequences of Non-Fixing Days ......................................................................................... 215
2.
Definitions............................................................................................................................... 220
FORMS OF THE NOTES..................................................................................................................... 224
USE OF PROCEEDS ............................................................................................................................ 229
GOLDMAN SACHS INTERNATIONAL............................................................................................ 230

7

SELECTED FINANCIAL INFORMATION OF GOLDMAN SACHS INTERNATIONAL.............. 234
GOLDMAN SACHS (JERSEY) LIMITED.......................................................................................... 236
SELECTED FINANCIAL INFORMATION OF GOLDMAN SACHS (JERSEY) LIMITED............ 238
GOLDMAN, SACHS & CO. WERTPAPIER GMBH ......................................................................... 239
SELECTED FINANCIAL INFORMATION OF GOLDMAN, SACHS & CO. WERTPAPIER
GMBH................................................................................................................................................... 241
GOLDMAN SACHS BANK (EUROPE) PLC ..................................................................................... 243
HOLDING COMPANY STRUCTURE OF THE GOLDMAN SACHS GROUP, INC....................... 245
TAXATION .......................................................................................................................................... 246
SELLING RESTRICTIONS ................................................................................................................. 262
OFFERS AND SALES.......................................................................................................................... 269
GENERAL INFORMATION................................................................................................................ 270
ANNEX 1 FORM OF WHOLESALE FINAL TERMS (INSTRUMENTS) ....................................... 274
ANNEX 2 FORM OF WHOLESALE FINAL TERMS (NOTES) ...................................................... 297
ANNEX 3 FORM OF RETAIL FINAL TERMS (INSTRUMENTS) ................................................. 322
ANNEX 4 FORM OF RETAIL FINAL TERMS (NOTES) ................................................................ 349
ANNEX 5 FORM OF GSI GUARANTEE .......................................................................................... 379
ANNEX 6 FORM OF GSG GUARANTY .......................................................................................... 384
INDEX OF DEFINED TERMS ............................................................................................................ 386

8

Summary of the Programme
SUMMARY OF THE PROGRAMME
The following summary (the "Summary") should be read as an introduction to the Base Prospectus
and is qualified in its entirety by the more detailed information appearing elsewhere in the Base
Prospectus. Any decision to invest in the Securities should be based on consideration of the Base
Prospectus as a whole by the investor. Where a claim relating to the information contained in the Base
Prospectus is brought before a court, the plaintiff investor might, under the national legislation of the
relevant EEA Member State, have to bear the costs of translating the Base Prospectus before the legal
proceedings are initiated. Civil liability attaches to the persons who are responsible for the Summary
but only if the Summary is misleading, inaccurate or inconsistent when read together with the other
parts of the Base Prospectus. Terms used in this Summary but not defined have the meanings given to
them elsewhere in the Base Prospectus.
Issuers:
Goldman Sachs International ("GSI").

GSI is an English company formed on 2 June 1988 and is successor
to a company formed in 1966. GSI was re-registered as a private
unlimited liability company in England and Wales with the
Registrar of Companies on 25 February 1994 (registration number
02263951), having previously been registered as a limited liability
company under the name "Goldman Sachs International Limited".

GSI is a leading international investment banking organisation. Its
activities and sources of revenue include and are derived from
securities underwriting and distribution; trading of corporate debt
and equity securities, non-U.S. sovereign debt and mortgage
securities; execution of swaps and derivative instruments; mergers
and acquisitions; financial advisory services for restructurings,
private placements and lease and project financings; real estate
brokerage and finance; merchant banking and stock brokerage and
research. Services are provided worldwide to a substantial and
diversified client base which includes corporations, financial
institutions, governments and individual investors.

Goldman Sachs (Jersey) Limited ("GSJ").

GSJ was incorporated as a public company with limited liability
under the laws of Jersey on 12 March 2003 with company
registration number 84992. The business of GSJ includes issuing
Securities, entering into the agreements and arrangements
contemplated in this Base Prospectus and exercising the rights and
performing the obligations under each such agreement and
arrangement and other transactions incidental thereto.

Goldman, Sachs & Co. Wertpapier GmbH ("GSW").

GSW was established on 6 November 1991 under the laws of the
Federal Republic of Germany. It is a company with limited liability
and has been established for an unlimited period of time.
GSW was established for the purpose of issuing securities, in
particular warrants. It has also been issuing certificates and
structured notes. GSW primarily operates on a national level in the
Federal Republic of Germany.

Goldman Sachs Bank (Europe) plc ("GSBE").

GSBE was incorporated as a public company with limited liability
under the laws of Ireland on 22 May 2007 with company
registration number 440142. The business of GSBE is of a
commercial and investment bank and carrying on banking business

9

Summary of the Programme
and providing financial services (amongst other things).
Guarantors:
Goldman Sachs International in respect of Securities issued by
GSJ.
The Goldman Sachs Group, Inc. ("GSG") in respect of Securities
issued by GSW, GSBE and issued or guaranteed by GSI.

GSG together with its consolidated subsidiaries ("Goldman Sachs")
is a leading global investment banking, securities and investment
management firm that provides a wide range of services worldwide
to a substantial and diversified client base that includes
corporations, financial institutions, governments and high-net-worth
individuals.

Goldman Sachs' activities are divided into three segments:

(1)
Investment Banking: Goldman Sachs provides a broad
range of investment banking services to a diverse group of
corporations, financial institutions, investment funds,
governments and individuals.

(2)
Trading and Principal Investments: Goldman Sachs
facilitates client transactions with a diverse group of
corporations, financial institutions, investment funds,
governments and individuals and takes proprietary
positions through market making in, trading of and
investing in fixed income and equity products, currencies,
commodities and derivatives on these products. In addition,
Goldman Sachs engages in specialist and market making
activities on equities and options exchanges and clears
client transactions on major stock, options and futures
exchanges worldwide. In connection with its investment
banking and other investment activities, Goldman Sachs
makes principal investments directly and through funds
that the firm raises and manages.

(3)
Asset Management and Securities Services: Goldman
Sachs provides investment advisory and financial planning
services and offers investment products (primarily through
separate accounts and funds) to a diverse group of
institutions and individuals worldwide, and provides prime
brokerage services, financing services and securities
lending services to institutional clients, including hedge
funds, mutual funds, pension funds and foundations, and to
high-net-worth individuals worldwide.
Risk Factors relating to the
The Issuers are part of the Goldman Sachs Group of companies and
Issuers and Guarantors
may be affected by uncertain or unfavourable economic, market,
legal and other conditions that are likely to affect the Goldman
Sachs Group of companies as a whole, including GSG's ability to
perform its payment obligations as a Guarantor. The risks relating to
GSG can be found on pages 21 to 31 in "Risk Factors" in Part I,
Item 1A of GSG's Form 10-K, which is incorporated by reference.

The above is a summary only: see "Risk Factors" below.
Fiscal Agent:
Citibank, N.A., London Branch.

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