Change of naming convention for Factor Certificates / Factor Warrants

The German Derivatives Association has adjusted its product classifications for derivative securities, the so-called DDV Derivatives League. Factor Certificates will in the future be referred to as Factor Warrants. The change in the convention is intended to more clearly delineate the categories of investment and leverage products in the terminology as well. A change in the operation is not entailed with the change in the naming convention, i.e. Factor Warrants have the same mechanism and accordingly the same risks as the Securities previously named as “Factor Certificates”.

Goldman Sachs will implement this change of the naming convention proposed by the German Derivatives Association in the coming weeks in its documentations for new issuances as well as on its website. With the exception of the change in the naming convention, Goldman Sachs will not make any changes to the mechanism of Factor Warrants compared to Securities previously named as “Factor Certificates” they have issued. For products which Goldman Sachs has already issued as "Factor Certificates" or which will still be issued as "Factor Certificates" until the final change of the naming convention in the coming weeks, a change of the name in the respective documentations is not planned.