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Structured Notes and Certificates are complex products, and investors risk losing some or all of their capital by investing. Risks can include:


Potential total loss: Due to the leverage, high losses are possible. In the worst case, the total loss of the invested capital is possible.

Dependency on various price-determining factors: Factors that are difficult for investors to assess, such as dividend expectations, implied volatility and interest rate expectations, may also influence the Product price.

Issuer risk: A total loss is possible if the Issuer of the Products and the Guarantor, The Goldman Sachs Group, Inc., become insolvent.

Liquidity risk: Trading in the secondary market may be limited and investors bear the risk that they cannot buy or sell the products at any time and at a specific price (see information on Secondary Market for products issued by Goldman Sachs also here).

Interest rate risk: Price of securities with fixed coupons may decrease during the term if market interest rates rise.

Uncertain interest yield: Movements in reference rate(s) and/or inflation index may result in varying coupon payments, including coupon payment of zero. The Security Holder is therefore exposed to the risk of an uncertain interest yield.

Unless otherwise indicated the data source for Goldman Sachs products is Goldman Sachs.
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