886982--2/7/2006--GOLDMAN_SACHS_GROUP

related topics

{financial, litigation, operation}

{capital, credit, financial}

{system, service, information}

{stock, price, operating}

{personnel, key, retain}

{loss, insurance, financial}

{regulation, change, law}

{operation, international, foreign}

{cost, contract, operation}

{competitive, industry, competition}

{acquisition, growth, future}

{loan, real, estate}

{product, market, service}

{condition, economic, financial}

{gas, price, oil}

Our businesses may be adversely affected by conditions in the global financial markets and economic conditions generally. We may incur losses as a result of ineffective risk management processes and strategies. Our liquidity may be adversely affected by an inability to access the debt capital markets or to sell assets. A reduction in our credit ratings could adversely affect our liquidity and businesses in many ways. We may incur losses as a result of ineffective risk management processes and strategies. Our liquidity may be adversely affected by an inability to access the debt capital markets or to sell assets. A reduction in our credit ratings could adversely affect our liquidity and businesses in many ways. An inability of The Goldman Sachs Group, Inc. to access funds from its subsidiaries could adversely affect its ability to meet its obligations. Our businesses, profitability and liquidity may be adversely affected by a deterioration in the credit quality of, or defaults by, third parties who owe us money, securities or other assets. Mandatory physical settlement of derivative transactions may expose us to losses if we are unable to deliver the underlying security or obligation. An inability of The Goldman Sachs Group, Inc. to access funds from its subsidiaries could adversely affect its ability to meet its obligations. Our businesses, profitability and liquidity may be adversely affected by a deterioration in the credit quality of, or defaults by, third parties who owe us money, securities or other assets. Mandatory physical settlement of derivative transactions may expose us to losses if we are unable to deliver the underlying security or obligation. Unconfirmed derivative transactions and unauthorized assignments of derivatives by counterparties may expose us to unexpected risk and potential losses. A failure in our operational systems or infrastructure, or those of third parties, could impair our liquidity, disrupt our businesses, damage our reputation and cause losses. Unconfirmed derivative transactions and unauthorized assignments of derivatives by counterparties may expose us to unexpected risk and potential losses. A failure in our operational systems or infrastructure, or those of third parties, could impair our liquidity, disrupt our businesses, damage our reputation and cause losses. Conflicts of interest are increasing and a failure to appropriately deal with conflicts of interest could adversely affect our businesses. Our businesses and those of our clients are subject to extensive and pervasive regulation around the world. Conflicts of interest are increasing and a failure to appropriately deal with conflicts of interest could adversely affect our businesses. Our businesses and those of our clients are subject to extensive and pervasive regulation around the world. Many of our businesses are operating in an uncertain and difficult regulatory environment. Substantial legal liability or significant regulatory action against Goldman Sachs could have material adverse financial effects or cause significant reputational harm to Goldman Sachs, which in turn could seriously harm our business prospects. The interaction between our equity research analysts and investment banking businesses has been subject to new requirements and litigation. Litigation and regulatory scrutiny of complex, structured financial transactions remain high. Many of our businesses are operating in an uncertain and difficult regulatory environment. Substantial legal liability or significant regulatory action against Goldman Sachs could have material adverse financial effects or cause significant reputational harm to Goldman Sachs, which in turn could seriously harm our business prospects. The interaction between our equity research analysts and investment banking businesses has been subject to new requirements and litigation. Litigation and regulatory scrutiny of complex, structured financial transactions remain high. We are subject to regulatory inquiries and investigations into market timing, late trading and other activities involving mutual funds. Our specialist business is subject to a global settlement and civil actions. Employee misconduct is difficult to detect and prevent and may have an adverse effect on our businesses. Corporate governance and public disclosure requirements may adversely affect our investment banking businesses. We are subject to regulatory inquiries and investigations into market timing, late trading and other activities involving mutual funds. Our specialist business is subject to a global settlement and civil actions. Employee misconduct is difficult to detect and prevent and may have an adverse effect on our businesses. Corporate governance and public disclosure requirements may adversely affect our investment banking businesses. The financial services industry is highly competitive. The growth of electronic trading and the introduction of new technology may adversely affect our business and may increase competition. Our businesses may be adversely affected if we are unable to hire and retain qualified employees. The financial services industry is highly competitive. The growth of electronic trading and the introduction of new technology may adversely affect our business and may increase competition. Our businesses may be adversely affected if we are unable to hire and retain qualified employees. We may be unable to fully integrate future acquisitions or joint ventures into our businesses and systems. Our power generation interests subject us to the risks associated with owning power generation facilities. We may be unable to fully integrate future acquisitions or joint ventures into our businesses and systems. Our power generation interests subject us to the risks associated with owning power generation facilities. In conducting our businesses around the world, we are subject to political, economic, legal, operational and other risks that are inherent in operating in many countries. In conducting our businesses around the world, we are subject to political, economic, legal, operational and other risks that are inherent in operating in many countries.

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886982--2/7/2006--GOLDMAN_SACHS_GROUP_INC/