o\ue000 Written\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 425\ue000 under\ue000 the\ue000 Securities\ue000 Act\ue000 (17\ue000 CFR\ue000 230.425)
o\ue000 Soliciting\ue000 material\ue000 pursuant\ue000 to\ue000 Rule\ue000 14a-12\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.14a-12)
o\ue000 Pre-commencement\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 14d-2(b)\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.14d-2(b))
o\ue000 Pre-commencement\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 13e-4(c)\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.13e-4(c))

S a f e \ue000 Ha r b o r \ue000 S t a t e m e n t \ue000 Th i s \ue000 p r e s e n t a t i o n \ue000 c o n t a i n s \ue000 f o r wa r d - l o o k i n g \ue000 s t a t e m e n t s \ue000 wi t h i n \ue000 t h e \ue000 m e a n i n g \ue000 o f \ue000 t h e \ue000 P r i v a t e \ue000 S e c u r i t i e s \ue000 Li t i g a t i o n \ue000 Re f o r m \ue000 Ac t \ue000 o f \ue000 1 9 9 5 . \ue000 Al l \ue000 s t a t e m e n t s \ue000 m a d e \ue000 i n \ue000 t h i s \ue000 p r e s e n t a t i o n , \ue000 o t h e r \ue000 t h a n \ue000 s t a t e m e n t s \ue000 o f \ue000 h i s t o r i c a l \ue000 f a c t , \ue000 a r e \ue000 f o r wa r d - l o o k i n g \ue000 s t a t e m e n t s . \ue000 Th e \ue000 wo r d s \ue000 " l o o k \ue000 f o r wa r d \ue000 t o , " \ue000 " a n t i c i p a t e , " \ue000 " b e l i e v e , " \ue000 " e s t i m a t e , " \ue000 " e x p e c t , " \ue000 " i n t e n d , " \ue000 " m a y , " \ue000 " p l a n , " \ue000 " wi l l , " \ue000 " wo u l d , " \ue000 " s h o u l d , " \ue000 " c o u l d , " \ue000 " g u i d a n c e , " \ue000 " p o t e n t i a l , " \ue000 " o p p o r t u n i t y , " \ue000 " c o n t i n u e , " \ue000 " p r o j e c t , " \ue000 " f o r e c a s t , " \ue000 " c o n f i d e n t , " \ue000 " p r o s p e c t s , " \ue000 " s c h e d u l e , " \ue000 " d e s i g n e d , " \ue000 " f u t u r e , " \ue000 " d i s c u s s i o n s , " \ue000 " i f , " \ue000 " o b j e c t i v e , " \ue000 a n d \ue000 s i m i l a r \ue000 e x p r e s s i o n s \ue000 t y p i c a l l y \ue000 a r e \ue000 u s e d \ue000 t o \ue000 i d e n t i f y \ue000 f o r wa r d - l o o k i n g \ue000 s t a t e m e n t s . F o r wa r d - l o o k i n g \ue000 s t a t e m e n t s \ue000 a r e \ue000 b a s e d \ue000 o n \ue000 t h e \ue000 t h e n - c u r r e n t \ue000 e x p e c t a t i o n s , \ue000 b e l i e f s , \ue000 a s s u m p t i o n s , \ue000 e s t i m a t e s \ue000 a n d \ue000 f o r e c a s t s \ue000 a b o u t \ue000 t h e \ue000 b u s i n e s s \ue000 o f \ue000 GS I \ue000 Co m m e r c e . \ue000 Th e s e \ue000 s t a t e m e n t s \ue000 a r e \ue000 n o t \ue000 g u a r a n t e e s \ue000 o f \ue000 f u t u r e \ue000 p e r f o r m a n c e \ue000 a n d \ue000 i n v o l v e \ue000 r i s k s , \ue000 u n c e r t a i n t i e s \ue000 a n d \ue000 a s s u m p t i o n s \ue000 wh i c h \ue000 a r e \ue000 d i f f i c u l t \ue000 t o \ue000 p r e d i c t . \ue000 Th e r e f o r e , \ue000 a c t u a l \ue000 o u t c o m e s \ue000 a n d \ue000 r e s u l t s \ue000 m a y \ue000 d i f f e r \ue000 m a t e r i a l l y \ue000 f r o m \ue000 wh a t \ue000 i s \ue000 e x p r e s s e d \ue000 o r \ue000 i m p l i e d \ue000 b y \ue000 t h e s e \ue000 f o r wa r d - l o o k i n g \ue000 s t a t e m e n t s . \ue000 F a c t o r s \ue000 wh i c h \ue000 m a y \ue000 a f f e c t \ue000 GS I \ue000 Co m m e r c e 's \ue000 b u s i n e s s , \ue000 f i n a n c i a l \ue000 c o n d i t i o n \ue000 a n d \ue000 o p e r a t i n g \ue000 r e s u l t s \ue000 i n c l u d e \ue000 t h e \ue000 e f f e c t s \ue000 o f \ue000 c h a n g e s \ue000 i n \ue000 t h e \ue000 e c o n o m y , \ue000 c o n s u m e r \ue000 s p e n d i n g , \ue000 t h e \ue000 f i n a n c i a l \ue000 m a r k e t s \ue000 a n d \ue000 t h e \ue000 i n d u s t r i e s \ue000 i n \ue000 wh i c h \ue000 GS I \ue000 Co m m e r c e \ue000 a n d \ue000 i t s c l i e n t s \ue000 o p e r a t e , \ue000 c h a n g e s \ue000 a f f e c t i n g \ue000 t h e \ue000 I n t e r n e t \ue000 a n d \ue000 e - c o m m e r c e , \ue000 t h e \ue000 a b i l i t y \ue000 o f \ue000 GS I \ue000 Co m m e r c e \ue000 t o \ue000 d e v e l o p \ue000 a n d \ue000 m a i n t a i n \ue000 r e l a t i o n s h i p s \ue000 wi t h \ue000 s t r a t e g i c \ue000 c l i e n t s \ue000 a n d \ue000 s u p p l i e r s \ue000 a n d \ue000 t h e \ue000 t i m i n g \ue000 o f \ue000 t h e \ue000 e s t a b l i s h m e n t , \ue000 e x t e n s i o n \ue000 o r \ue000 t e r m i n a t i o n \ue000 o f \ue000 i t s \ue000 r e l a t i o n s h i p s \ue000 wi t h \ue000 s t r a t e g i c \ue000 c l i e n t s , \ue000 t h e \ue000 a b i l i t y \ue000 o f \ue000 GS I \ue000 Co m m e r c e \ue000 t o \ue000 t i m e l y \ue000 a n d \ue000 s u c c e s s f u l l y \ue000 d e v e l o p , \ue000 m a i n t a i n \ue000 a n d \ue000 p r o t e c t \ue000 i t s \ue000 t e c h n o l o g y , \ue000 c o n f i d e n t i a l \ue000 a n d \ue000 p r o p r i e t a r y \ue000 i n f o r m a t i o n \ue000 a n d \ue000 p r o d u c t \ue000 a n d \ue000 s e r v i c e \ue000 o f f e r i n g s \ue000 a n d \ue000 e x e c u t e \ue000 o p e r a t i o n a l l y , \ue000 t h e \ue000 a b i l i t y \ue000 o f \ue000 GS I \ue000 Co m m e r c e \ue000 t o \ue000 a t t r a c t \ue000 a n d \ue000 r e t a i n \ue000 q u a l i f i e d \ue000 p e r s o n n e l , \ue000 a n d \ue000 t h e \ue000 p e r f o r m a n c e \ue000 o f \ue000 a c q u i r e d \ue000 b u s i n e s s e s . \ue000 M o r e \ue000 i n f o r m a t i o n \ue000 a b o u t \ue000 p o t e n t i a l \ue000 f a c t o r s \ue000 t h a t \ue000 c o u l d \ue000 a f f e c t \ue000 GS I Co m m e r c e \ue000 c a n \ue000 b e \ue000 f o u n d \ue000 i n \ue000 i t s \ue000 m o s t \ue000 r e c e n t \ue000 F o r m \ue000 1 0 - K, \ue000 F o r m \ue000 1 0 - Q\ue000 a n d \ue000 o t h e r \ue000 r e p o r t s \ue000 a n d \ue000 s t a t e m e n t s \ue000 f i l e d \ue000 b y \ue000 GS I \ue000 Co m m e r c e \ue000 wi t h \ue000 t h e \ue000 S EC. \ue000 GS I \ue000 Co m m e r c e \ue000 e x p r e s s l y \ue000 d i s c l a i m s \ue000 a n y \ue000 i n t e n t \ue000 o r \ue000 o b l i g a t i o n \ue000 t o \ue000 u p d a t e \ue000 t h e s e \ue000 f o r wa r d - l o o k i n g \ue000 s t a t e m e n t s .