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Disclosure of SEC-Required Order Routing Information

1st Quarter 2008

Important Note

In accordance with SEC requirements, Goldman, Sachs & Co. ("Goldman Sachs") is publishing statistical information about our routing of certain customers' orders in NASDAQ and listed stocks and listed options.

Securities and Exchange Commission ("SEC") rules require broker-dealers that route orders in certain equity and option securities to make available quarterly reports that present a general overview of their routing practices. You should note that based on the SEC's requirements, these statistics capture only a portion of Goldman Sachs' order flow.

The required statistics are intended to provide only an overview of our order routing practices. Accordingly, the statistics do not create a reliable basis on which to assess whether Goldman Sachs or any other trading venue has satisfied its duty of best execution.

We have made every attempt to prepare these statistics in compliance with the SEC's rules. However, these statistics have not been audited and may contain errors. Accordingly, any decision about whether to open an account or to direct orders to Goldman Sachs should not be based solely on these statistics, but on an evaluation of the full range of services that we provide.

You may visit the SEC Web site for more information on the Disclosure of SEC-Required Order Execution and Routing Practices , Regulation NMS and interpretative frequently asked questions ( Staff Legal Bulletin No. 13A).


Rule 606 (formerly known as Rule 11Ac1-6) Report: Network A Securities - NYSE

Non-Directed Orders as a Percentage of Total Customer Orders Having a Market Value Less Than $200,000:

100.0%

Percentage of Non-Directed Customer Orders That Were:

Market

Limit

Other (includes "Not Held")

4.7%

1.6%

93.6%


Routing Information Concerning Significant Venues
All information relates to customer orders of less than $200,000

Percentage of Orders Routed to Significant Venues

Total Non-Directed Orders

Non-Directed Market Orders

Non-Directed Limit Orders

Non-Directed Other Orders

New York Stock Exchange, Inc.*

83.0%

96.0%

97.6%

82.1%

The NASDAQ Stock Market,Inc.**

6.8%

0.0%

0.0%

7.2%

Goldman Sachs Execution & Clearing, L.P.***

5.2%

0.0%

0.0%

5.6%

*New York Stock Exchange, Inc. ("NYSE") - Spear, Leeds & Kellogg Specialists LLC ("SLKS") and SLK Index Specialists, LLC ("SIS"), affiliates of Goldman, Sachs & Co. ("Goldman Sachs"), are specialists in certain securities listed on NYSE. Goldman Sachs has direct and indirect interests in NYSE Group, Inc., the parent company of the NYSE. Accordingly, Goldman Sachs stands to share indirectly in any profits that SLKS, SIS or NYSE Group, Inc. generates from the execution of customer orders on the NYSE.
**The NASDAQ Stock Market, Inc. ("NASDAQ") - Goldman, Sachs & Co. ("Goldman Sachs") has direct and indirect ownership interests in NASDAQ. Goldman Sachs stands to share indirectly in any profits that NASDAQ derives from the execution of Goldman Sachs customer orders on NASDAQ.
***Goldman Sachs Execution & Clearing, L.P. ("GSEC"), is an affiliate of Goldman, Sachs & Co. ("Goldman Sachs"). Accordingly, Goldman Sachs stands to share indirectly in any profits that GSEC derives from its execution of Goldman Sachs customer orders.


Rule 606 (formerly known as Rule 11Ac1-6) Report: NASDAQ Securities

Non-Directed Orders as a Percentage of Total Customer Orders Having a Market Value Less Than $200,000:

100%

Percentage of Non-Directed Customer Orders That Were:

Market

Limit

Other (includes "Not Held")

7.9%

6.7%

85.4%


Routing Information Concerning Significant Venues
All information relates to customer orders of less than $200,000

Percentage of Orders Routed to Significant Venues

Total Non-Directed Orders

Non-Directed Market Orders

Non-Directed Limit Orders

Non-Directed Other Orders

The NASDAQ Stock Market,Inc.*

56.9%

23.6%

40.1%

61.3%

Goldman, Sachs &Co.**

20.4%

74.6%

56.3%

12.5%

NYSE Arca,L.L.C.***

9.8%

0.4%

0.7%

11.4%

Goldman Sachs Execution & Clearing, L.P.****

7.0%

0.0%

0.5%

8.2%

*The NASDAQ Stock Market, Inc. ("NASDAQ") - Goldman, Sachs & Co. ("Goldman Sachs") has direct and indirect ownership interests in NASDAQ. Goldman Sachs stands to share indirectly in any profits that NASDAQ derives from the execution of Goldman Sachs customer orders on NASDAQ.
**Goldman, Sachs & Co. ("GSCO") - Goldman, Sachs & Co. ("Goldman Sachs") executes orders on a principal or agency basis and receives compensation for doing so.
***NYSE Arca, L.L.C. (formerly known as Archipelago Exchange, L.L.C.) ("ArcaEx") - Goldman, Sachs & Co. ("Goldman Sachs") has direct and indirect ownership interests in NYSE Group, Inc., the parent company of ArcaEx. Accordingly, Goldman Sachs stands to share indirectly in any profits that NYSE Group, Inc. derives from the execution of Goldman Sachs customer orders on ArcaEx.
****Goldman Sachs Execution & Clearing, L.P. ("GSEC"), is an affiliate of Goldman, Sachs & Co. ("Goldman Sachs"). Accordingly, Goldman Sachs stands to share indirectly in any profits that GSEC derives from its execution of Goldman Sachs customer orders.


Rule 606 (formerly known as Rule 11Ac1-6) Report: Network B Securities - AMEX and Regional Exchanges

Non-Directed Orders as a Percentage of Total Customer Orders Having a Market Value Less Than $200,000:

100.0%

Percentage of Non-Directed Customer Orders That Were:

Market

Limit

Other (includes "Not Held")

13.5%

6.6%

79.9%


Routing Information Concerning Significant Venues
All information relates to customer orders of less than $200,000

Percentage of Orders Routed to Significant Venues

Total Non-Directed Orders

Non-Directed Market Orders

Non-Directed Limit Orders

Non-Directed Other Orders

NYSE Arca, L.L.C.*

71.0%

92.3%

79.8%

66.7%

American Stock Exchange**

23.2%

6.4%

18.9%

26.3%

The NASDAQ Stock Market,Inc.***

2.1%

0.0%

0.0%

2.6%

*NYSE Arca, L.L.C. (formerly known as Archipelago Exchange, L.L.C.) ("ArcaEx") - Goldman, Sachs & Co. ("Goldman Sachs") has direct and indirect ownership interests in NYSE Group, Inc., the parent company of ArcaEx. Accordingly, Goldman Sachs stands to share indirectly in any profits that NYSE Group, Inc. derives from the execution of Goldman Sachs customer orders on ArcaEx.
**American Stock Exchange ("AMEX") - Goldman Sachs Execution & Clearing, L.P. ("GSEC"), an affiliate of Goldman, Sachs & Co. ("Goldman Sachs"), is a specialist in certain securities listed on the AMEX. Accordingly, Goldman Sachs stands to share indirectly in any profits that GSEC derives from the execution of Goldman Sachs customer orders on the AMEX.
***The NASDAQ Stock Market, Inc. ("NASDAQ") - Goldman, Sachs & Co. ("Goldman Sachs") has direct and indirect ownership interests in NASDAQ. Goldman Sachs stands to share indirectly in any profits that NASDAQ derives from the execution of Goldman Sachs customer orders on NASDAQ.


Rule 606 (formerly known as Rule 11Ac1-6) Report: Exchange-Listed Options

Non-Directed Orders as a Percentage of Total Customer Orders Having a Market Value Less Than $50,000:

100%

Percentage of Non-Directed Customer Orders That Were:

Market

Limit

Other (includes "Not Held")

26.3%

73.6%

0.1%


Routing Information Concerning Significant Venues
All information relates to customer orders of less than $50,000

Percentage of Orders Routed to Significant Venues

Total Non-Directed Orders

Non-Directed Market Orders

Non-Directed Limit Orders

Non-Directed Other Orders

International Securities Exchange*

51.3%

48.8%

52.2%

42.9%

Chicago Board Options Exchange*

22.5%

27.6%

20.7%

28.6%

NYSE Arca, Inc.*

12.5%

13.8%

12.0%

28.6%

Philadelphia Stock Exchange*

8.7%

4.7%

10.1%

0.0%

Boston Options Exchange*

4.2%

4.2%

4.2%

0.0%

*International Securities Exchange ("ISE"), Chicago Board Options Exchange ("CBOE"), NYSE Arca, Inc. ("PCX"), Philadelphia Stock Exchange ("PHLX"), Boston Options Exchange ("BOX"), American Stock Exchange ("AMEX") - Goldman, Sachs & Co. ("Goldman Sachs") (which has integrated the operations of SLK-Hull Derivatives LLC) is an electronic designated primary market maker on the CBOE, a primary market maker on the ISE, a lead market maker on PCX, and a market maker on PHLX, BOX and AMEX. Accordingly, Goldman Sachs stands to share directly in any profits that it generates (or has generated) from the execution of customer orders, including orders it has routed, on any of these exchanges. In addition, Goldman Sachs has an indirect ownership interest in the ISE, direct and indirect ownership interests in NYSE Group, Inc., the parent of NYSE Arca, Inc. (formerly known as the Pacific Exchange, Inc.), and a direct ownership in the PHLX. Accordingly, Goldman Sachs stands to share indirectly in any profits that the ISE, NYSE Group, Inc.and PHLX derived from the execution of Goldman Sachs customer orders on the relevant exchanges.


© 2007, The Goldman Sachs Group, Inc. All rights reserved.