AVVISO n.18580 17 Ottobre 2007 SeDeX − PLAIN VANILLA

AVVISO n.18580 17 Ottobre 2007 SeDeX − PLAIN VANILLA

Mittente del comunicato : Borsa Italiana

Societa' oggetto dell'Avviso

: GOLDMAN SACHS (JERSEY) LIMITED

Oggetto : Inizio negoziazione Covered Warrant Plain Vanilla "Goldman Sachs Jersey Limited"

Testo del comunicato

Si veda allegato.

Disposizioni della Borsa

Strumenti finanziari: A) “158 Series of Call and Put Warrants over

18 Single Stocks”

B) “59 Series of Call and Put Warrants over the S&P/MIB Index”

Emittente: Goldman Sachs (Jersey) Limited

Garante: Goldman Sachs Europe

Oggetto: INIZIO NEGOZIAZIONI IN BORSA

Data di inizio negoziazioni: 19 ottobre 2007

Mercato di quotazione: Borsa - Comparto SeDeX “segmento Covered

Warrant Plain Vanilla”

Borsa – Comparto TAH

Orari e modalità di negoziazione: Negoziazione continua e l’orario stabilito dagli

artt. IA.5.1.6 e IA.6.1.9 delle Istruzioni

Operatore incaricato ad

assolvere l’impegno di quotazione: Goldman Sachs International

Codice specialist: 1118

CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE

A) “158 Series of Call and Put Warrants over 18 Single Stocks”

B) “59 Series of Call and Put Warrants over the S&P/MIB Index”

Quantitativo minimo di

negoziazione di ciascuna serie: vedasi schede riepilogative delle caratteristiche

dei covered warrant (colonna “Lotto Neg.”) Controvalore minimo dei blocchi: 150.000 Euro

Impegno giornaliero ad esporre prezzi denaro e lettera

per ciascuna serie: vedasi schede riepilogative delle caratteristiche dei covered warrant (colonna “X.Xxxxx M.M.”)

Tipo di liquidazione: monetaria

Modalità di esercizio: americano

DISPOSIZIONI DELLA BORSA ITALIANA

Dal giorno 19 ottobre 2007, le “158 Series of Call and Put Warrants over 18 Single Stocks” e le “59 Series of Call and Put Warrants over the S&P/MIB Index” verranno inserite nel Listino Ufficiale, sezione Securitised Derivatives.

Allegati:

- Schede riepilogative delle caratteristiche dei covered warrant;

- Final Terms e Conditions dei covered warrant;

- Traduzione della Nota di Sintesi.

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

1	JE00B24D4629	GALZ7B	448336	GSJ AL C10	DC07	Alleanza Assicurazioni S.p.A.	Call	10	21/12/2007	0,0	0000000	000	0000
2	JE00B24D4173	GALZ78	448337	GSJ AL P10	DC07	Alleanza Assicurazioni	Put	10	21/12/2007	0,1	5000000	100	400
						S.p.A.
3	JE00B24CZW25	GALZ76	448338	GSJ AL P8	MZ08	Alleanza Assicurazioni	Put	8	20/03/2008	0,1	5000000	100	2500
						S.p.A.
4	JE00B24D0429	GALZ77	448339	GSJ AL C12	GN08	Alleanza Assicurazioni	Call	12	20/06/2008	0,1	5000000	100	2500
						S.p.A.
5	JE00B24D2912	GALZ79	448340	XXX XX X0	XX00	Alleanza Assicurazioni	Put	6	20/06/2008	0,1	5000000	100	9000
						S.p.A.
6	JE00B24D2B30	GALZ7A	448341	XXX XX X00	XX00	Alleanza Assicurazioni	Put	10	20/06/2008	0,1	5000000	100	250
						S.p.A.
7	JE00B24D3217	GGA16K	448342	GSJ G C30	DC07	Assicurazioni Generali S.p.A.	Call	30	21/12/2007	0,1	5000000	100	150
8	JE00B24D3324	GGA16L	448343	GSJ G C32	DC07	Assicurazioni Generali S.p.A.	Call	32	21/12/2007	0,1	5000000	100	400

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

9	JE00B24D3431	GGA16M	448344	GSJ G C34	DC07	Assicurazioni Generali S.p.A.	Call	34	21/12/2007	0,1	5000000	100	900
10	JE00B24D3548	GGA16N	448345	GSJ G C36	DC07	Assicurazioni Generali S.p.A.	Call	36	21/12/2007	0,1	5000000	100	4500
11	JE00B24D1054	GGA16E	448346	GSJ G P27	DC07	Assicurazioni Generali S.p.A.	Put	27	21/12/2007	0,1	5000000	100	500
12	JE00B24D1161	GGA16F	448347	GSJ G P28	DC07	Assicurazioni Generali S.p.A.	Put	28	21/12/2007	0,1	5000000	100	400
13	JE00B24D3761	GGA16Q	448348	GSJ G C30	MZ08	Assicurazioni Generali S.p.A.	Call	30	20/03/2008	0,1	5000000	100	150
14	JE00B24CZN34	GGA16B	448349	GSJ G C32	MZ08	Assicurazioni Generali S.p.A.	Call	32	20/03/2008	0,1	5000000	100	200
15	JE00B24D4L77	GGA16O	448350	GSJ G C34	MZ08	Assicurazioni Generali S.p.A.	Call	34	20/03/2008	0,1	5000000	100	300
16	JE00B24D3654	GGA16P	448351	GSJ G C36	MZ08	Assicurazioni Generali S.p.A.	Call	36	20/03/2008	0,1	5000000	100	500
17	JE00B24D1278	GGA16G	448352	GSJ G P29	MZ08	Assicurazioni Generali S.p.A.	Put	29	20/03/2008	0,1	5000000	100	200
18	JE00B24D1385	GGA16H	448353	GSJ G P31	MZ08	Assicurazioni Generali S.p.A.	Put	31	20/03/2008	0,1	5000000	100	100

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

19	JE00B24D3B05	GGA16U	448354	GSJ G C30	GN08	Assicurazioni Generali S.p.A.	Call	30	20/06/2008	0,1	5000000	100	100
20	JE00B24D3D29	GGA16C	448355	GSJ G C32	GN08	Assicurazioni Generali S.p.A.	Call	32	20/06/2008	0,1	5000000	100	150
21	JE00B24D4M84	GGA16T	448356	GSJ G C34	GN08	Assicurazioni Generali S.p.A.	Call	34	20/06/2008	0,1	5000000	100	200
22	JE00B24D3878	GGA16R	448357	GSJ G C36	GN08	Assicurazioni Generali S.p.A.	Call	36	20/06/2008	0,1	5000000	100	400
23	JE00B24D3985	GGA16S	448358	GSJ G C38	GN08	Assicurazioni Generali S.p.A.	Call	38	20/06/2008	0,1	5000000	100	500
24	JE00B24D1492	GGA16J	448359	XXX X X00	XX00	Assicurazioni Generali S.p.A.	Put	26	20/06/2008	0,1	5000000	100	250
25	JE00B24D3R64	GGA16I	448360	XXX X X00	XX00	Assicurazioni Generali S.p.A.	Put	28	20/06/2008	0,1	5000000	100	150
26	JE00B24D3H66	GGA16D	448361	XXX X X00	XX00	Assicurazioni Generali S.p.A.	Put	30	20/06/2008	0,1	5000000	100	100
27	JE00B24D4736	GAT002	448362	GSJ XXX X00	XX00	Xxxxxxxx S.p.A.	Call	28	20/06/2008	0,1	5000000	100	400
28	JE00B24D4G25	GAT003	448363	GSJ XXX X00	XX00	Xxxxxxxx S.p.A.	Call	30	20/06/2008	0,1	5000000	100	700

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

29	JE00B24CZF59	GBMP79	448364	GSJ BMPS C5	DC07	Banca Monte dei Paschi di Siena	Call	5	21/12/2007	0,0	0000000	000	0000
30	JE00B24D4843	GBMP7A	448365	GSJ BMPS C6	GN08	Banca Monte dei Paschi di Siena	Call	6	20/06/2008	0,1	5000000	100	2500
31	JE00B24D4959	GBPO56	448366	GSJ BP C20	DC07	Banco Popolare SpA	Call	20	21/12/2007	0,1	5000000	100	1500
32	JE00B24D4B79	GBPO57	448367	GSJ BP C20	MZ08	Banco Popolare SpA	Call	20	20/03/2008	0,1	5000000	100	400
33	JE00B24D4C86	GBPO58	448368	GSJ BP C22	MZ08	Banco Popolare SpA	Call	22	20/03/2008	0,1	5000000	100	700
34	JE00B24D4H32	GBPO59	448369	GSJ BP C20	GN08	Banco Popolare SpA	Call	20	20/06/2008	0,1	5000000	100	250
35	JE00B24CZG66	GBPO55	448370	GSJ BP C22	GN08	Banco Popolare SpA	Call	22	20/06/2008	0,1	5000000	100	500
36	JE00B24D2L38	GEN16H	448371	GSJ ENEL C8	DC07	Enel S.p.A.	Call	8	21/12/2007	0,1	5000000	100	2500
37	JE00B24D2N51	GEN16J	448372	GSJ ENEL C8	MZ08	Enel S.p.A.	Call	8	20/03/2008	0,1	5000000	100	1500
38	JE00B24D2M45	GEN16I	448373	GSJ ENEL C8,5	MZ08	Enel S.p.A.	Call	8,5	20/03/2008	0,1	5000000	100	2500
39	JE00B24D0L97	GEN16F	448374	GSJ ENEL P7,5	MZ08	Enel S.p.A.	Put	7,5	20/03/2008	0,1	5000000	100	500

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

40	JE00B24D2P75	GEN16L	448375	GSJ ENEL C8	GN08	Enel S.p.A.	Call	8	20/06/2008	0,0	0000000	000	000
41	JE00B24D0759	GEN16D	448376	GSJ ENEL C9	GN08	Enel S.p.A.	Call	9	20/06/2008	0,1	5000000	100	2500
42	JE00B24D4405	GEN16K	448377	GSJ ENEL C10	GN08	Enel S.p.A.	Call	10	20/06/2008	0,1	5000000	100	9000
43	JE00B24D3L03	GEN16G	448378	GSJ ENEL P6	GN08	Enel S.p.A.	Put	6	20/06/2008	0,1	5000000	100	2500
44	JE00B24CZY49	GEN16E	448379	GSJ ENEL P7	GN08	Enel S.p.A.	Put	7	20/06/2008	0,1	5000000	100	700
45	JE00B24D0N12	GEN207	448380	GSJ ENI P23	DC07	ENI - Ente Nazionale	Put	23	21/12/2007	0,1	5000000	100	400
						Idrocarburi S.p.A.
46	JE00B24D0M05	GEN206	448381	GSJ ENI P24	DC07	ENI - Ente Nazionale	Put	24	21/12/2007	0,1	5000000	100	250
						Idrocarburi S.p.A.
47	JE00B24D2S07	GEN20D	448382	GSJ ENI C25	MZ08	ENI - Ente Nazionale	Call	25	20/03/2008	0,1	5000000	100	150
						Idrocarburi S.p.A.
48	JE00B24D2R99	GEN20C	448383	GSJ ENI C27	MZ08	ENI - Ente Nazionale	Call	27	20/03/2008	0,1	5000000	100	250
						Idrocarburi S.p.A.
49	JE00B24D2Q82	GEN20B	448384	GSJ ENI C29	MZ08	ENI - Ente Nazionale	Call	29	20/03/2008	0,1	5000000	100	500
						Idrocarburi S.p.A.

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

50	JE00B24D4512	GEN20E	448385	GSJ ENI C32	MZ08	ENI - Ente Nazionale Idrocarburi S.p.A.	Call	32	20/03/2008	0,0	0000000	000	0000
51	JE00B24D0Q43	GEN209	448386	GSJ ENI P23	MZ08	ENI - Ente Nazionale	Put	23	20/03/2008	0,1	5000000	100	250
						Idrocarburi S.p.A.
52	JE00B24D0P36	GEN208	448387	GSJ ENI P24	MZ08	ENI - Ente Nazionale	Put	24	20/03/2008	0,1	5000000	100	200
						Idrocarburi S.p.A.
53	JE00B24D2T14	GEN20F	448388	GSJ ENI C25	GN08	ENI - Ente Nazionale	Call	25	20/06/2008	0,1	5000000	100	100
						Idrocarburi S.p.A.
54	JE00B24D2V36	GEN20G	448389	GSJ ENI C27	GN08	ENI - Ente Nazionale	Call	27	20/06/2008	0,1	5000000	100	200
						Idrocarburi S.p.A.
55	JE00B24D2W43	GEN20H	448390	GSJ ENI C28	GN08	ENI - Ente Nazionale	Call	28	20/06/2008	0,1	5000000	100	200
						Idrocarburi S.p.A.
56	JE00B24D2X59	GEN20I	448391	GSJ ENI C29	GN08	ENI - Ente Nazionale	Call	29	20/06/2008	0,1	5000000	100	250
						Idrocarburi S.p.A.
57	JE00B24D4J55	GEN20J	448392	GSJ ENI C30	GN08	ENI - Ente Nazionale	Call	30	20/06/2008	0,1	5000000	100	400
						Idrocarburi S.p.A.

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

58	JE00B24CZK03	GEN205	448393	GSJ ENI C32	GN08	ENI - Ente Nazionale Idrocarburi S.p.A.	Call	32	20/06/2008	0,1	5000000	100	500
59	JE00B24D3M10	GEN20A	448394	GSJ ENI P24	GN08	ENI - Ente Nazionale	Put	24	20/06/2008	0,1	5000000	100	150
						Idrocarburi S.p.A.
60	JE00B24CZZ55	GFI02D	448395	XXX X X00	XX00	FIAT S.p.A.	Put	20	21/12/2007	0,1	5000000	100	150
61	JE00B24D0R59	GFI02G	448396	GSJ F P21	DC07	FIAT S.p.A.	Put	21	21/12/2007	0,1	5000000	100	150
62	JE00B24CZL10	GFI02B	448397	GSJ F C28	MZ08	FIAT S.p.A.	Call	28	20/03/2008	0,1	5000000	100	900
63	JE00B24D0S66	GFI02H	448398	GSJ F P20	MZ08	FIAT S.p.A.	Put	20	20/03/2008	0,1	5000000	100	150
64	JE00B24D0T73	GFI02I	448399	GSJ F P21	MZ08	FIAT S.p.A.	Put	21	20/03/2008	0,1	5000000	100	100
65	JE00B24D0V95	GFI02J	448400	GSJ F P15	MZ08	FIAT S.p.A.	Put	15	21/03/2008	0,1	5000000	100	500
66	JE00B24D2Y66	GFI02Q	448401	XXX X X00	XX00	FIAT S.p.A.	Call	18	20/06/2008	0,1	5000000	100	100
67	JE00B24D4K60	GFI02U	448402	XXX X X00	XX00	FIAT S.p.A.	Call	20	20/06/2008	0,1	5000000	100	100
68	JE00B24CZM27	GFI02C	448403	XXX X X00	XX00	FIAT S.p.A.	Call	22	20/06/2008	0,1	5000000	100	150
69	JE00B24D3092	GFI02S	448404	XXX X X00	XX00	FIAT S.p.A.	Call	24	20/06/2008	0,1	5000000	100	250

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

70	JE00B24D3100	GFI02T	448405	XXX X X00	XX00	FIAT S.p.A.	Call	26	20/06/2008	0,1	5000000	100	400
71	JE00B24D2Z73	GFI02R	448406	XXX X X00	XX00	FIAT S.p.A.	Call	28	20/06/2008	0,1	5000000	100	500
72	JE00B24D3P41	GFI02K	448407	XXX X X00	XX00	FIAT S.p.A.	Put	14	20/06/2008	0,1	5000000	100	500
73	JE00B24D0080	GFI02E	448408	XXX X X00	XX00	FIAT S.p.A.	Put	15	20/06/2008	0,1	5000000	100	400
74	JE00B24D0197	GFI02F	448409	XXX X X00	XX00	FIAT S.p.A.	Put	16	20/06/2008	0,1	5000000	100	250
75	JE00B24D0W03	GFI02L	448410	XXX X X00	XX00	FIAT S.p.A.	Put	18	20/06/2008	0,1	5000000	100	200
76	JE00B24D0X10	GFI02M	448411	XXX X X00	XX00	FIAT S.p.A.	Put	20	20/06/2008	0,1	5000000	100	100
77	JE00B24D0Y27	GFI02N	448412	XXX X X00	XX00	FIAT S.p.A.	Put	21	20/06/2008	0,1	5000000	100	100
78	JE00B24D0Z34	GFI02O	448413	XXX X X00	XX00	FIAT S.p.A.	Put	22	20/06/2008	0,1	5000000	100	100
79	JE00B24D3Q57	GFI02P	448414	XXX X X00	XX00	FIAT S.p.A.	Put	24	20/06/2008	0,1	5000000	100	50
80	JE00B24D3F43	GSIF6A	448415	GSJ FNC C22	DC07	Finmeccanica S.p.A.	Call	22	21/12/2007	0,1	5000000	100	250
81	JE00B24D1X84	GSIF6D	448416	GSJ FNC C24	DC07	Finmeccanica S.p.A.	Call	24	21/12/2007	0,1	5000000	100	700

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

82	JE00B24D3Y32	GSIF6C	448417	GSJ FNC C26	DC07	Finmeccanica S.p.A.	Call	26	21/12/2007	0,1	5000000	100	4500
83	JE00B24D1Y91	GSIF6E	448418	GSJ FNC C22	MZ08	Finmeccanica S.p.A.	Call	22	20/03/2008	0,1	5000000	100	200
84	JE00B24D1Z09	GSIF6F	448419	GSJ FNC C24	MZ08	Finmeccanica S.p.A.	Call	24	20/03/2008	0,1	5000000	100	400
85	JE00B24CZT95	GSIF6B	448420	GSJ FNC C22	GN08	Finmeccanica S.p.A.	Call	22	20/06/2008	0,1	5000000	100	150
86	JE00B24D2029	GSIF6G	448421	GSJ FNC C24	GN08	Finmeccanica S.p.A.	Call	24	20/06/2008	0,1	5000000	100	250
87	JE00B24D2136	GSIF6I	448422	GSJ FNC C26	GN08	Finmeccanica S.p.A.	Call	26	20/06/2008	0,1	5000000	100	400
88	JE00B24D3Z49	GSIF6H	448423	GSJ FNC C28	GN08	Finmeccanica S.p.A.	Call	28	20/06/2008	0,1	5000000	100	700
89	JE00B24D3C12	GISP1I	448424	GSJ ISP C6	MZ08	Intesa Sanpaolo S.p.A.	Call	6	20/03/2008	0,1	5000000	100	1500
90	JE00B24D1500	GISP1B	448425	GSJ ISP P5	MZ08	Intesa Sanpaolo S.p.A.	Put	5	20/03/2008	0,1	5000000	100	1500
91	JE00B24D1B64	GISP1F	448426	GSJ ISP C6	GN08	Intesa Sanpaolo S.p.A.	Call	6	20/06/2008	0,1	5000000	100	900

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

92	JE00B24D1C71	GISP1G	448427	GSJ ISP C7	GN08	Intesa Sanpaolo S.p.A.	Call	7	20/06/2008	0,0	0000000	000	0000
93	JE00B24D3T88	GISP1H	448428	GSJ ISP C8	GN08	Intesa Sanpaolo S.p.A.	Call	8	20/06/2008	0,1	5000000	100	10000
94	JE00B24D1617	GISP1C	448429	GSJ ISP P4	GN08	Intesa Sanpaolo S.p.A.	Put	4	20/06/2008	0,1	5000000	100	2500
95	JE00B24D3S71	GISP1E	448430	GSJ ISP P4,5	GN08	Intesa Sanpaolo S.p.A.	Put	4,5	20/06/2008	0,1	5000000	100	1500
96	JE00B24D1724	GISP1D	448431	GSJ ISP P5	GN08	Intesa Sanpaolo S.p.A.	Put	5	20/06/2008	0,1	5000000	100	700
97	JE00B24CZP57	GLUX46	448432	GSJ LUX C30	DC07	Luxottica Group S.p.A.	Call	30	21/12/2007	0,1	5000000	100	900
98	JE00B24D1F03	GLUX48	448433	GSJ LUX C28	MZ08	Luxottica Group S.p.A.	Call	28	20/03/2008	0,1	5000000	100	200
99	JE00B24D1D88	GLUX47	448434	GSJ LUX C30	MZ08	Luxottica Group S.p.A.	Call	30	20/03/2008	0,1	5000000	100	400
100	JE00B24D1R25	GMST74	448435	GSJ MS C8	DC07	Mediaset S.p.A.	Call	8	21/12/2007	0,1	5000000	100	1500
101	JE00B24D3X25	GMST75	448436	GSJ MS C8	MZ08	Mediaset S.p.A.	Call	8	20/03/2008	0,1	5000000	100	700
102	JE00B24D1S32	GMST76	448437	GSJ MS C10	GN08	Mediaset S.p.A.	Call	10	20/06/2008	0,1	5000000	100	2500

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

103	JE00B24CZS88	GMST73	448438	GSJ MS C12	GN08	Mediaset S.p.A.	Call	12	20/06/2008	0,1	5000000	100	20000
104	JE00B24D1H27	GMDB8G	448439	GSJ MB C16	DC07	Mediobanca S.p.A.	Call	16	21/12/2007	0,1	5000000	100	500
105	JE00B24D1G10	GMDB8F	448440	GSJ MB C18	DC07	Mediobanca S.p.A.	Call	18	21/12/2007	0,1	5000000	100	2500
106	JE00B24D0205	GMDB8B	448441	GSJ MB P15	DC07	Mediobanca S.p.A.	Put	15	21/12/2007	0,1	5000000	100	400
107	JE00B24D1831	GMDB8D	448442	GSJ MB P16	DC07	Mediobanca S.p.A.	Put	16	21/12/2007	0,1	5000000	100	200
108	JE00B24D1J41	GMDB8I	448443	GSJ MB C16	MZ08	Mediobanca S.p.A.	Call	16	20/03/2008	0,1	5000000	100	400
109	JE00B24D3V01	GMDB8H	448444	GSJ MB C18	MZ08	Mediobanca S.p.A.	Call	18	20/03/2008	0,1	5000000	100	1500
110	JE00B24CZQ64	GMDB8A	448445	GSJ MB C20	MZ08	Mediobanca S.p.A.	Call	20	20/03/2008	0,1	5000000	100	2500
111	JE00B24D1948	GMDB8E	448446	GSJ MB P15	MZ08	Mediobanca S.p.A.	Put	15	20/03/2008	0,1	5000000	100	250
112	JE00B24CZ777	GMDB86	448447	GSJ MB P16	MZ08	Mediobanca S.p.A.	Put	16	20/03/2008	0,1	5000000	100	200
113	JE00B24D1M79	GMDB8L	448448	XXX XX X00	XX00	Mediobanca S.p.A.	Call	16	20/06/2008	0,1	5000000	100	250
114	JE00B24D1L62	GMDB8K	448449	XXX XX X00	XX00	Mediobanca S.p.A.	Call	18	20/06/2008	0,1	5000000	100	500
115	JE00B24D1K55	GMDB8J	448450	XXX XX X00	XX00	Mediobanca S.p.A.	Call	20	20/06/2008	0,1	5000000	100	1500

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

116	JE00B24D0536	GMDB88	448451	XXX XX X00	XX00	Mediobanca S.p.A.	Put	13	20/06/2008	0,1	5000000	100	500
117	JE00B24CZ991	GMDB89	448452	XXX XX X00	XX00	Mediobanca S.p.A.	Put	14	20/06/2008	0,1	5000000	100	400
118	JE00B24CZ884	GMDB87	448453	XXX XX X00	XX00	Mediobanca S.p.A.	Put	15	20/06/2008	0,1	5000000	100	250
119	JE00B24D0312	GMDB8C	448454	XXX XX X00	XX00	Mediobanca S.p.A.	Put	16	20/06/2008	0,1	5000000	100	150
120	JE00B24D3W18	GMEM6B	448455	GSJ MED C6	DC07	Mediolanum S.p.A.	Call	6	21/12/2007	0,1	5000000	100	2500
121	JE00B24CZR71	GMEM6A	448456	GSJ MED C6	MZ08	Mediolanum S.p.A.	Call	6	20/03/2008	0,1	5000000	100	1500
122	JE00B24D1N86	GMEM6C	448457	GSJ MED C7	MZ08	Mediolanum S.p.A.	Call	7	20/03/2008	0,1	5000000	100	5000
123	JE00B24D1P01	GMEM6D	448458	GSJ MED C6	GN08	Mediolanum S.p.A.	Call	6	20/06/2008	0,1	5000000	100	1500
124	JE00B24D1Q18	GMEM6E	448459	GSJ MED C8	GN08	Mediolanum S.p.A.	Call	8	20/06/2008	0,1	5000000	100	7000
125	JE00B24D1T49	GPER75	448460	GSJ PC C1,2	MZ08	Pirelli & C. S.p.A	Call	1,2	20/03/2008	0,1	5000000	100	20000
126	JE00B24D1W77	GPER77	448461	XXX XX X0	XX00	Pirelli & C. S.p.A	Call	1	20/06/2008	0,1	5000000	100	7000
127	JE00B24D1V60	GPER76	448462	XXX XX X0,0	XX00	Pirelli & C. S.p.A	Call	1,2	20/06/2008	0,1	5000000	100	20000
128	JE00B24D2243	GTL14B	448463	GSJ TIT C2,5	DC07	Telecom Italia S.p.A.	Call	2,5	21/12/2007	0,1	5000000	100	20000

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

129	JE00B24CZB12	GTL147	448464	GSJ TIT P2	MZ08	Telecom Italia S.p.A.	Put	2	20/03/2008	0,1	5000000	100	2500
130	JE00B24D2359	GTL14C	448465	GSJ TIT C3	GN08	Telecom Italia S.p.A.	Call	3	20/06/2008	0,1	5000000	100	20000
131	JE00B24CZC29	GTL148	448466	GSJ TIT P1,5	GN08	Telecom Italia S.p.A.	Put	1,5	20/06/2008	0,1	5000000	100	9000
132	JE00B24D0643	GTL14A	448467	GSJ TIT P1,75	GN08	Telecom Italia S.p.A.	Put	1,75	20/06/2008	0,1	5000000	100	2500
133	JE00B24CZD36	GTL149	448468	GSJ TIT P2	GN08	Telecom Italia S.p.A.	Put	2	20/06/2008	0,1	5000000	100	1500
134	JE00B24D2C47	GCR04L	448469	GSJ UC C6	DC07	UniCredito Italiano S.p.A.	Call	6	21/12/2007	0,1	5000000	100	500
135	JE00B24D2D53	GCR04M	448470	GSJ UC C6,5	DC07	UniCredito Italiano S.p.A.	Call	6,5	21/12/2007	0,1	5000000	100	1500
136	JE00B24D4280	GCR04N	448471	GSJ UC C7	DC07	UniCredito Italiano S.p.A.	Call	7	21/12/2007	0,1	5000000	100	2500
137	JE00B24CZH73	GCR04C	448472	GSJ UC C6	MZ08	UniCredito Italiano S.p.A.	Call	6	20/03/2008	0,1	5000000	100	400
138	JE00B24D2G84	GCR04P	448473	GSJ UC C6,5	MZ08	UniCredito Italiano S.p.A.	Call	6,5	20/03/2008	0,1	5000000	100	700

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

139	JE00B24D2H91	GCR04Q	448474	GSJ UC C7	MZ08	UniCredito Italiano S.p.A.	Call	7	20/03/2008	0,0	0000000	000	0000
140	JE00B24D2F77	GCR04O	448475	GSJ UC C8	MZ08	UniCredito Italiano S.p.A.	Call	8	20/03/2008	0,1	5000000	100	4500
141	JE00B24D0D14	GCR04F	448476	GSJ UC P4,5	MZ08	UniCredito Italiano S.p.A.	Put	4,5	20/03/2008	0,1	5000000	100	2500
142	JE00B24D0G45	GCR04G	448477	GSJ UC P5,5	MZ08	UniCredito Italiano S.p.A.	Put	5,5	20/03/2008	0,1	5000000	100	900
143	JE00B24D3K95	GCR04H	448478	GSJ UC P6,5	MZ08	UniCredito Italiano S.p.A.	Put	6,5	20/03/2008	0,1	5000000	100	400
144	JE00B24D2K21	GCR04T	448479	GSJ UC C6	GN08	UniCredito Italiano S.p.A.	Call	6	20/06/2008	0,1	5000000	100	400
145	JE00B24CZJ97	GCR04D	448480	GSJ XX X0,0	XX00	UniCredito Italiano S.p.A.	Call	6,5	20/06/2008	0,1	5000000	100	500
146	JE00B24D2J16	GCR04R	448481	GSJ UC C7	GN08	UniCredito Italiano S.p.A.	Call	7	20/06/2008	0,1	5000000	100	900
147	JE00B24D4397	GCR04S	448482	GSJ UC C8	GN08	UniCredito Italiano S.p.A.	Call	8	20/06/2008	0,1	5000000	100	2500
148	JE00B24D0J75	GCR04J	448483	GSJ XX X0	XX00	UniCredito Italiano S.p.A.	Put	4	20/06/2008	0,1	5000000	100	4000

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

149	JE00B24D0H51	GCR04I	448484	GSJ XX X0	XX00	UniCredito Italiano S.p.A.	Put	5	20/06/2008	0,1	5000000	100	900
150	JE00B24D3G59	GCR04E	448485	GSJ XX X0	XX00	UniCredito Italiano S.p.A.	Put	6	20/06/2008	0,1	5000000	100	500
151	JE00B24D0K80	GCR04K	448486	GSJ XX X0,0	XX00	UniCredito Italiano S.p.A.	Put	6,5	20/06/2008	0,1	5000000	100	300
152	JE00B24D2466	GUBU4G	448487	GSJ UBI C20	DC07	Unione Di Banche Italiane SCPA	Call	20	21/12/2007	0,1	5000000	100	700
153	JE00B24D4066	GUBU4H	448488	GSJ UBI C22	DC07	Unione Di Banche Italiane SCPA	Call	22	21/12/2007	0,1	5000000	100	7000
154	JE00B24D2573	GUBU4I	448489	GSJ UBI C20	MZ08	Unione Di Banche Italiane SCPA	Call	20	20/03/2008	0,1	5000000	100	400
155	JE00B24CZV18	GUBU4F	448490	GSJ UBI C24	MZ08	Unione Di Banche Italiane SCPA	Call	24	20/03/2008	0,1	5000000	100	5000
156	JE00B24D2680	GUBU4J	448491	GSJ UBI C20	GN08	Unione Di Banche Italiane SCPA	Call	20	20/06/2008	0,1	5000000	100	300
157	JE00B24D2805	GUBU4L	448492	GSJ UBI C24	GN08	Unione Di Banche Italiane SCPA	Call	24	20/06/2008	0,1	5000000	100	2500
158	JE00B24D2797	GUBU4K	448493	GSJ UBI C28	GN08	Unione Di Banche Italiane SCPA	Call	28	20/06/2008	0,1	5000000	100	20000

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

1	JE00B24D7V80	GSP560	27002	GSJ SPMIB C40000GE08	S&P/MIB	Call	00000	00/01/2008	0,0001	100000000	100	150
2	JE00B24D7L82	GSP55S	27614	GSJ SPMIB C42000GE08	S&P/MIB	Call	42000	18/01/2008	0,0001	100000000	100	250
3	JE00B24D7M99	GSP55T	40171	GSJ SPMIB C43500GE08	S&P/MIB	Call	43500	18/01/2008	0,0001	100000000	100	500
4	JE00B24D7853	GSP55I	40193	GSJ SPMIB C44000GE08	S&P/MIB	Call	44000	18/01/2008	0,0001	100000000	100	700
5	JE00B24D7R45	GSP55X	50801	GSJ SPMIB C44500GE08	S&P/MIB	Call	44500	18/01/2008	0,0001	100000000	100	900
6	JE00B24D7X05	GSP562	50872	GSJ SPMIB C45500GE08	S&P/MIB	Call	45500	18/01/2008	0,0001	100000000	100	1500
7	JE00B24D7W97	GSP561	53566	GSJ SPMIB C46000GE08	S&P/MIB	Call	46000	18/01/2008	0,0001	100000000	100	2500
8	JE00B24D7T68	GSP55Z	53597	GSJ SPMIB C48000GE08	S&P/MIB	Call	48000	18/01/2008	0,0001	100000000	100	10000
9	JE00B24D7S51	GSP55Y	69002	GSJ SPMIB C50000GE08	S&P/MIB	Call	50000	18/01/2008	0,0001	100000000	100	35000
10	JE00B24D6V16	GSP558	69109	GSJ SPMIB P33000GE08	S&P/MIB	Put	33000	18/01/2008	0,0001	100000000	100	500
11	JE00B24D6R79	GSP555	102912	GSJ SPMIB P34000GE08	S&P/MIB	Put	34000	18/01/2008	0,0001	100000000	100	400
12	JE00B24D7630	GSP55G	203163	GSJ SPMIB P35000GE08	S&P/MIB	Put	35000	18/01/2008	0,0001	100000000	100	400

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

13	JE00B24D6Q62	GSP554	203394	GSJ SPMIB P36000GE08	S&P/MIB	Put	36000	18/01/2008	0,0001	100000000	100	250
14	JE00B24D6T93	GSP557	204594	GSJ SPMIB P37000GE08	S&P/MIB	Put	37000	18/01/2008	0,0001	100000000	100	250
15	JE00B24D6S86	GSP556	204662	GSJ SPMIB P39000GE08	S&P/MIB	Put	39000	18/01/2008	0,0001	100000000	100	150
16	JE00B24D7G30	GSP55O	204871	GSJ SPMIB P40500GE08	S&P/MIB	Put	40500	18/01/2008	0,0001	100000000	100	100
17	JE00B24D7N07	GSP55U	204920	GSJ SPMIB C40000FB08	S&P/MIB	Call	40000	15/02/2008	0,0001	100000000	100	150
18	JE00B24D7Y12	GSP563	207800	GSJ SPMIB C42000FB08	S&P/MIB	Call	42000	15/02/2008	0,0001	100000000	100	250
19	JE00B24D7960	GSP55J	207893	GSJ SPMIB C43500FB08	S&P/MIB	Call	43500	15/02/2008	0,0001	100000000	100	400
20	JE00B24D7Z29	GSP564	300305	GSJ SPMIB C44000FB08	S&P/MIB	Call	44000	15/02/2008	0,0001	100000000	100	500
21	JE00B24D8042	GSP565	304610	GSJ SPMIB C44500FB08	S&P/MIB	Call	44500	15/02/2008	0,0001	100000000	100	500
22	JE00B24D7B84	GSP55K	304754	GSJ SPMIB C45500FB08	S&P/MIB	Call	45500	15/02/2008	0,0001	100000000	100	900
23	JE00B24D8265	GSP567	448285	GSJ SPMIB C46000FB08	S&P/MIB	Call	46000	15/02/2008	0,0001	100000000	100	1500
24	JE00B24D7P21	GSP55V	448295	GSJ SPMIB C48000FB08	S&P/MIB	Call	48000	15/02/2008	0,0001	100000000	100	2500
25	JE00B24D8158	GSP566	20142	GSJ SPMIB C50000FB08	S&P/MIB	Call	50000	15/02/2008	0,0001	100000000	100	10000

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

26	JE00B24D7H47	GSP55P	20315	GSJ SPMIB P33000FB08	S&P/MIB	Put	33000	15/02/2008	0,0001	100000000	100	500
27	JE00B24D6W23	GSP559	20669	GSJ SPMIB P34000FB08	S&P/MIB	Put	34000	15/02/2008	0,0001	100000000	100	400
28	JE00B24D7747	GSP55H	20701	GSJ SPMIB P35000FB08	S&P/MIB	Put	35000	15/02/2008	0,0001	100000000	100	300
29	JE00B24D6X30	GSP55A	20398	GSJ SPMIB P36000FB08	S&P/MIB	Put	36000	15/02/2008	0,0001	100000000	100	250
30	JE00B24D6Z53	GSP553	20599	GSJ SPMIB P37000FB08	S&P/MIB	Put	37000	15/02/2008	0,0001	100000000	100	200
31	JE00B24D7J60	GSP55Q	22015	GSJ SPMIB P39000FB08	S&P/MIB	Put	39000	15/02/2008	0,0001	100000000	100	150
32	JE00B24D6Y47	GSP552	22043	GSJ SPMIB P40500FB08	S&P/MIB	Put	40500	15/02/2008	0,0001	100000000	100	100
33	JE00B24D8489	GSP569	20397	GSJ SPMIB C40000MZ08	S&P/MIB	Call	40000	20/03/2008	0,0001	100000000	100	100
34	JE00B24D8604	GSP56B	20559	GSJ SPMIB C43500MZ08	S&P/MIB	Call	43500	20/03/2008	0,0001	100000000	100	300
35	JE00B24D7Q38	GSP55W	448311	GSJ SPMIB C44500MZ08	S&P/MIB	Call	44500	20/03/2008	0,0001	100000000	100	500
36	JE00B24D7C91	GSP55L	448312	GSJ SPMIB C45500MZ08	S&P/MIB	Call	45500	20/03/2008	0,0001	100000000	100	700
37	JE00B24D8372	GSP568	448313	GSJ SPMIB C47000MZ08	S&P/MIB	Call	47000	20/03/2008	0,0001	100000000	100	1500
38	JE00B24D8596	GSP56A	448314	GSJ SPMIB C49000MZ08	S&P/MIB	Call	49000	20/03/2008	0,0001	100000000	100	4500

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

39	JE00B24D7184	GSP55C	448315	GSJ SPMIB P33000MZ08	S&P/MIB	Put	33000	20/03/2008	0,0001	100000000	100	400
40	JE00B24D7K75	GSP55R	448316	GSJ SPMIB P34000MZ08	S&P/MIB	Put	34000	20/03/2008	0,0001	100000000	100	300
41	JE00B24D7077	GSP55B	448317	GSJ SPMIB P35000MZ08	S&P/MIB	Put	35000	20/03/2008	0,0001	100000000	100	250
42	JE00B24D7291	GSP55D	448318	GSJ SPMIB P36000MZ08	S&P/MIB	Put	36000	20/03/2008	0,0001	100000000	100	200
43	JE00B24D8828	GSP56D	448319	GSJ SPMIB C43000AP08	S&P/MIB	Call	43000	18/04/2008	0,0001	100000000	100	200
44	JE00B24D8711	GSP56C	448320	GSJ SPMIB C44000AP08	S&P/MIB	Call	44000	18/04/2008	0,0001	100000000	100	250
45	JE00B24D8935	GSP56E	448321	GSJ SPMIB C45000AP08	S&P/MIB	Call	45000	18/04/2008	0,0001	100000000	100	400
46	JE00B24D8B59	GSP56F	448322	GSJ SPMIB C47000AP08	S&P/MIB	Call	47000	18/04/2008	0,0001	100000000	100	900
47	JE00B24D8K41	GSP56M	448323	GSJ SPMIB C50000AP08	S&P/MIB	Call	50000	18/04/2008	0,0001	100000000	100	2500
48	JE00B24D7309	GSP56O	448324	GSJ SPMIB P40000AP08	S&P/MIB	Put	40000	18/04/2008	0,0001	100000000	100	100
49	JE00B24D8F97	GSP56I	448325	GSJ SPMIB C43000MG08	S&P/MIB	Call	43000	16/05/2008	0,0001	100000000	100	200
50	JE00B24D7D09	GSP55M	448326	GSJ SPMIB C44000MG08	S&P/MIB	Call	44000	16/05/2008	0,0001	100000000	100	250
51	JE00B24D8L57	GSP56N	448327	GSJ SPMIB C45000MG08	S&P/MIB	Call	45000	16/05/2008	0,0001	100000000	100	400

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

52	JE00B24D8C66	GSP56G	448328	GSJ SPMIB C47000MG08	S&P/MIB	Call	00000	00/05/2008	0,0001	000000000	000	000
53	JE00B24D8D73	GSP56H	448329	GSJ SPMIB C50000MG08	S&P/MIB	Call	50000	16/05/2008	0,0001	100000000	100	2500
54	JE00B24D7416	GSP55E	448330	GSJ SPMIB P40000MG08	S&P/MIB	Put	40000	16/05/2008	0,0001	100000000	100	100
55	JE00B24D8H12	GSP56K	448331	GSJ SPMIB C43000GN08	S&P/MIB	Call	43000	20/06/2008	0,0001	100000000	100	200
56	JE00B24D8G05	GSP56J	448332	GSJ SPMIB C44000GN08	S&P/MIB	Call	44000	20/06/2008	0,0001	100000000	100	250
57	JE00B24D7F23	GSP55N	448333	GSJ SPMIB C46000GN08	S&P/MIB	Call	46000	20/06/2008	0,0001	100000000	100	500
58	JE00B24D8J36	GSP56L	448334	GSJ SPMIB C44000LG08	S&P/MIB	Call	44000	18/07/2008	0,0001	100000000	100	250
59	JE00B24D7523	GSP55F	448335	GSJ SPMIB P40000LG08	S&P/MIB	Put	40000	18/07/2008	0,0001	100000000	100	100

Final Terms

Goldman Sachs (Jersey) Limited

158 Series of Call and Put Warrants over 18 Single Stocks (the "Warrants"),

To be issued under the Goldman Sachs Europe, Goldman Sachs (Jersey) Limited and Goldman Sachs International Programme for the Issuance of Warrants and Certificates

Guaranteed by Goldman Sachs Europe and The Goldman Sachs Group, Inc.

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 26 March 2007 (as supplemented by a prospectus supplement No. 1 dated 18 April 2007, a prozpectuz zupplement No. 2 dated 2 July 2007, and a prozpectuz zupplement No. 3 dated ll July 2007, the "Base Prospectus") relating to the Programme for the Issuance of Warrants and Certificates of Goldman Sachs (Jersey) Limited ("GSJ") and Goldman Sachs Europe ("GSE") and Goldman Sachs International ("GSI") and together with GSJ and GSE, the "Issuers" and each an "Issuer"). These Final Terms constitute the final terms in respect of each Series of Warrants described herein for the purposes of Article 5.4 of Directive 2003/71/EC (the "Prospectus Directive") and must be read in conjunction with the Base Prospectus. Full information on the Issuer, the Guarantors and the Warrants is only available on the basis of the combination of these Final Terms and the Base Prospectus. The Base Prospectus is available for viewing at the registered office of each Issuer and copies may be obtained from the offices of the Programme Agent in London.

The rights attaching to the Warrants specified above will be as set out in the Conditions as modified and/or supplemented by the terms set out herein (together the "Terms").

The United Hingdom Lizting Authority haz been requezted to provide the competent authority in the Republic of Italy for the purpozez of the Prozpectuz Directive with a certificate of approval attezting that the Baze Prozpectuz haz been drawn up in accordance with the Prozpectuz Directive. Application will be made for the Warrantz to be admitted to trading on the Sedex Market of the Italian Stock Exchange.

A copy of theze Final Termz iz required to be delivered to the Regiztrar of Companiez in accordance with Article 5 of the Companiez (Ceneral Provizionz) (Jerzey) Order 2002.

The Warrantz have not been and will not be regiztered under the U.S. Securitiez Act of l933 and, zubject to certain exceptionz may not be offered or zold within the United Statez or to, or for the account or benefit of, any U.S. perzon (az defined in Regulation S under the Securitiez Act ("Regulation S")).

Furthermore, trading in the Warrants has not been approved by the United States Commodity Futures Trading Commission under the United States Commodity Exchange Act, and no U.S. person may at any time trade or maintain a position in the Warrants.

Warrants can be volatile instruments. Purchasers of Warrants implicitly make certain representations and warranties. Accordingly, prospective purchasers of the Warrants should ensure that they understand fully the nature of the instrument and must be prepared fully to sustain a total loss of their investment in the Warrants (see "Risk Factors" in the Base Prospectus).

26 September 2007

Subject as set out below, each of the Issuer and the Guarantors accepts responsibility for the information contained in this document. To the best of the knowledge and belief of the Issuer and the Guarantors (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information.

The information relating to each Reference Asset has been accurately reproduced from information published by the relevant Exchange. Each of the Issuer and the Guarantors confirms that so far as it is aware and/or is able to ascertain from information published by the relevant Exchange no facts have been omitted which would render the reproduced information inaccurate or misleading.

These Final Terms do not constitute an offer of, or an invitation by or on behalf of the Issuer or the Guarantors to subscribe for or purchase, any of the Warrants and may not be used for or in connection with an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation. The distribution of these Final Terms and the offering of the Warrants in certain jurisdictions may be restricted by law. Persons into whose possession these Final Terms come are required by the Issuer and the Guarantors to inform themselves about and to observe any such restrictions. For a description of certain further restrictions on offers and sales of Warrants and the distribution of these Final Terms, see "Selling Restrictions" in the Base Prospectus.

None of the Issuer or the Guarantors intend to provide any post-issuance information and no person is authorised to give any information or to make any representation except as contained in these Final Terms and such information or representation must not be relied upon as having been authorised by or on behalf of the Issuer or the Guarantors. The delivery of these Final Terms at any time does not imply that the information in it is correct as at any time subsequent to its date.

Each prospective purchaser of Warrants must ensure that the complexity and risks inherent in the Warrants are suitable for its objectives and any purchase of Warrants should be based upon such investigation and inquiry as such prospective purchaser deems necessary. The Issuer, the Guarantors, Goldman Sachs International or any other subsidiary or affiliate within the Goldman Sachs group of companies and the holders of such Warrants (or their respective brokers, financial or investment advisers) will not be responsible to any other person for providing the protection afforded to clients of The Goldman Sachs Group, Inc., Goldman Sachs (Jersey) Limited, Goldman Sachs Europe or Goldman Sachs International or for providing advice in relation to the offering or issuance of Warrants.

No person should deal in the Warrants unless that person understands the nature of the relevant transaction and the extent of that person's exposure to potential loss. Each prospective purchaser of Warrants should consider carefully whether the Warrants are suitable for it in the light of its circumstances and financial position.

Prospective purchasers of Warrants should consult their own legal, tax, accountancy and other professional advisers to assist them in determining the suitability of the Warrants for them as an investment.

Euro "Euro", "euro", "€" and "EUR" each means the lawful currency of the member states of the European Union that adopt the single currency in accordance with the EC Treaty.

For the avoidance of doubt, Condition 3.6 (Automatic Exercise) applies for the purposes of the Warrants.

TERMS OF THE WARRANTS

Except as set out below, the Warrants will be subject to the Conditions set out in the Base Prospectus and also to the following terms:

A Issue Details

1. (i) Issuer: Goldman Sachs (Jersey) Limited

(ii) Guarantors: Goldman Sachs Europe and The Goldman Sachs Group, Inc.

2. Title, Number, Put or Call Securities:

See "Specific Warrant Description" below.

3. European, Bermudan or American Style:

American. Unless previously exercised by the Holder, each Warrant will be automatically exercised on its Final Exercise Date, in accordance with Condition 3.6 (Automatic Exercise), except if the Holders have waived the exercise by giving notice to the Issuer and the Programme Agent in, or substantially in, the form set out in Annex C hereto by no later than 10.00 a.m. (Milan time) on the Final Exercise Date.

4. Issue Date: 26 September 2007.

5. Final Exercise Date: See "Specific Warrant Description" below.

6. Exercise Period: In respect of each Series of Warrants described in these Final

Terms, the period from, and including, the Issue Date to, and including, the relevant Final Exercise Date or, if the Final Exercise Date is not a Valuation Business Day, the immediately succeeding Valuation Business Day.

7. Exercise Date or Exercise Dates:

Each Business Day during the Exercise Period. The Warrants may be exercised by delivery of a duly completed Exercise Notice in, or substantially in, the form of Annex B hereto by the Holder to the Programme Agent not later than

10.00 a.m. (Milan time) on any Exercise Date during the Exercise Period. If any Exercise Notice is delivered after

10.00 a.m. (Milan time) on any Business Day during the Exercise Period, the Exercise Date shall be deemed to be the immediately following Business Day. If the Exercise Notice is received on the Final Exercise Date, the Exercise Date shall be the Final Exercise Date.

8. Multiple Exercise Securities:

Not applicable.

9. Strike Price: See "Specific Warrant Description" below.

10. Minimum Exercise Number:

100 Warrants. of a given series.

11. Maximum Exercise Number:

Not applicable.

12. Minimum Trading Size: Not applicable.

13. Reference Asset: See “Information relating to the Reference Assets” and

“Specific Warrant Description” below.

14. Settlement Currency: EUR

15. Settlement Date: The third Business Day after the Valuation Date (as defined

below), subject to Condition 21.

16. Parity: Not applicable.

17. Multiplier: See "Specific Warrant Description" below.

18. Calculation Agent: Goldman Sachs International.

19. Additional or Other Programme Agent(s) and specified office(s):

The Programme Agent in respect of the Warrants shall be: Citibank N.A.

Xxxx Xxxxxxxxxx, 00

00000 Xxxxx Xxxxx.

20. Relevant Settlement System:

Monte Titoli S.p.A.

21. ISIN: See "Specific Warrant Description" below.

22. TIDM: Not applicable.

23. SEDOL: Not applicable.

24. MNEMONIC: Not applicable.

25. Code of the Relevant Clearing System, if different:

Not applicable.

26. Issue Price: See "Specific Warrant Description" below.

27. Commissions, concessions or other similar amounts:

Not applicable.

28. Market Disruption Event: Applicable, in accordance with Condition 19.

(i) Relevant Exchange: Borsa Italiana.

29. Settlement Disruption Event:

Not applicable.

30. Adjustment: In respect of the Warrants only, Condition 24 shall be

deemed to be deleted in its entirety and shall be replaced with Condition 24 as set out in part D of these Final Terms.

31. Payment Disruption Event: Applicable, in accordance with Condition 21.

(i) Relevant Currency: Euro.

(ii) Relevant Reference Azzet Jurizdiction:

(iii) Payment Event Cut- off Date:

Italy.

As defined in Condition 30.

32. Listing:

(iv) Listing: Borsa Italiana S.p.A.

(v) Admission trading: Application will be made for the Warrants to be admitted to

trading on the Sedex Market of the Italian Stock Exchange.

33. Financial Centres: Not applicable. In respect of the Warrants only, the

definition of "Business Day" in Condition 30 shall be deemed to be deleted and "Business Day" shall instead have the meaning given to it in part B of these Final Terms.

34. Additional Selling Restrictions:

Not applicable.

35. Notional Amount per Security (for the purposes of Condition 7):

Not applicable.

36. Interest Rate (for the purposes of Condition 7):

Not applicable.

37. Interest Payment Date(s): Not applicable.

38. Interest Commencement Date:

Not applicable.

39. Interest Rate Day Count Fraction (for the purposes of Condition 7):

Not applicable.

40. Other terms relating to the method of calculating interest (for the purposes of Condition 7):

Not applicable.

41. Optional Early Redemption:

Not applicable.

42. Other terms or special conditions:

For the purposes of the Warrants only, options (iv) and (v) of Condition 9.2 shall not apply.

43. Additional risk factors: Not applicable.

44. Interests of natural and legal persons involved in the issue:

Save as discussed in "Distribution Arrangements" in the Prospectus, so far as the Issuer and the Guarantors are aware, no person involved in the issue of the Warrants has an interest material to such issue.

B Exercise Rights:

(l) Upon exercize in accordance with the Conditionz, each Warrant entitlez the Holder to receive on the Settlement Date an amount in the Settlement Currency equal to the Settlement Amount (az defined below) lezz any Expenzez which the Izzuer iz authorized to deduct purzuant to the Exercize Notice, az applicable.

(2) The Settlement Amount will be calculated by the Calculation Agent, which exprezzion zhall include any zuccezzor calculation agent appointed by the Izzuer. All determinationz made by the Calculation Agent zhall be concluzive and binding on the Holderz.

(3) The Warrantz do not confer on any Holder any right to receive any equity zecuritiez which at any time are included in the Index and the Izzuer iz not obliged to purchaze, hold or deliver any xxxx zecuritiez in connection with the Warrantz.

"Business Day" meanz a day (other than Saturday or Sunday) on which bankz are generally open for buzinezz in Milan;

"Call Warrant" meanz a warrant in the Seriez dezcribed az "Call" in "Epecific karrant Description" below;

"Company" meanz, in rezpect of each Seriez, the company zpecified az the “Underlyer” in

"Epecific karrant Description" below;

"Final Price" meanz the Reference Price of one Share az publizhed by the Exchange on the Valuation Date;

"Put Warrant" meanz a warrant in the Seriez dezcribed az "Put" in "Epecific karrant Description" below;

"Reference Asset" meanz in rezpect of each Seriez of Warrantz dezcribed in theze Final Termz, the ordinary zharez of the Company zpecified az the Underlyer for xxxx Seriez in "Epecific karrant Description" below, and bearing the ISIN Code and lizted on the Exchange zpecified in "Information Relating to the Reference Assets" below;

The "Reference Price"(Pre33o di Riferimento) meanz the price of the Sharez az publizhed by the Exchange, and calculated according to the rulez of the Exchange (az amended from time to time);

"Settlement Amount" meanz:

(a) in rezpect of each Put Warrant an amount, rounded to the nearezt one hundredth of one EUR cent, equal to the product of (i) the Multiplier (az defined in "Epecific karrant Description" below) and (ii) the excezz (if any) of the Strike Price over the Final Price; and

(b) in rezpect of each Call Warrant an amount, rounded to the nearezt one hundredth of one EUR cent, equal to the product of (i) the Multiplier and (ii) the excezz (if any) of the Final Price over the Strike Price (both az defined in "Epecific karrant Description" below).

"Valuation Business Day" meanz a day on which the Exchange iz (or, but for the occurrence of a Market Dizruption Event, would be) open for buzinezz; and

"Valuation Date" meanz the Exercize Date unlezz the Exercize Date iz the Final Exercize Date in which caze the Valuation Date iz the day immediately preceding the Final Exercize Date. If xxxx Valuation Date iz not a Valuation Buzinezz Day, the Valuation Date will be the immediately zucceeding Valuation Buzinezz Day.

C Notification

The United Hingdom Financial Servicez Authority haz provided the competent authoritiez in Belgium, the Czech Republic, France, Spain, the Republic of Ireland and the Republic of Italy with a certificate of approval attezting that the Baze Prozpectuz haz been drawn up in accordance with the Prozpectuz Directive.

D AMENDMENTS TO CONDITIONS

For the purposes of the karrants only, Condition 24 shall be deleted and replaced as follows:

24. ADJUSTMENTS AFFECTING SECURITIES ON A SINGLE SHARE

24.l If the Company (i) increazez itz zhare capital by izzuing to itz zhareholderz direct or indirect zubzcription rightz for new Sharez in conzideration for cazh ("Capital Increase for Cash"), (ii) increazez itz zhare capital with internal fundz ("Capital Increase with Internal Funds") or (iii) xxxxxx itz zhareholderz direct or indirect rightz to zubzcribe to notez or other Securitiez with option or converzion rightz ("Issue of Securities with Option or Conversion Rights") and the Ex-Date (az defined below) fallz within the period from the Izzue Date of the Warrantz (incluzive) to the Exercize Date (incluzive), the Strike Price and, if applicable, the Parity, zhall be adjuzted in accordance with paragraphz 24.2 to 24.4 with effect from that Ex-Date (incluzive). The Ex-Date meanz the firzt trading day that the Sharez are quoted "ex rightz" or "ex bonuz izzue" on the Exchange (the "Ex-Date").

24.2 In the event of a Capital Increaze for Cazh the Strike Price zhall be multiplied by the value determined in accordance with the following formula:

No IPn + D IPn + D

–– x ( l - –––––––– ) + ––––––––

Nn CPo Cpo

and zubzequently rounded to two decimal placez in accordance with commercial practice, if necezzary. The Parity, if applicable, zhall be multiplied by the rezultant value and then, if necezzary, rounded to four decimal placez in accordance with commercial practice, where:

24.2.l "No" meanz the number of Sharez before the capital increaze,

24.2.2 "Nn" meanz the number of Sharez after the capital increaze,

24.2.3 "Ipn" meanz the izzue price of the new Sharez,

24.2.4 "D" the adverze effect of the dividendz of the new Sharez (not dizcounted), az eztimated by the Izzuer at itz reazonable dizcretion,

24.2.5 "Cpo" the Reference Price of the Sharez on the Exchange on the Valuation Buzinezz Day immediately preceding the Ex-Date.

24.3 In the event of a Capital Increaze with Internal Fundz, the Strike Price zhall be multiplied by the number determined by the following formula:

No

–––

Nn

and zubzequently rounded to two decimal placez in accordance with commercial practice, if necezzary. The Parity, if applicable, zhall be multiplied by the rezultant value and then, if necezzary, rounded to four decimal placez in accordance with commercial practice. No and Nn zhall have the zame meaningz az in paragraph 24.2 above.

24.4 In the event of an Izzue of Securitiez with Option or Converzion Rightz, the Strike Price zhall be divided by the rezult of the formula:

CPo

––––––––

CPo - BR

and zubzequently rounded to two decimal placez in accordance with commercial practice, if necezzary. The Parity, if applicable, zhall be divided by the rezultant value and then, if necezzary, rounded to four decimal placez in accordance with commercial practice, where:

24.4.l "CPo" meanz the Reference Price of the Sharez on the Exchange immediately preceding the Ex-Date,

24.4.2 "BR" meanz the value determined by the Calculation Agent, in itz reazonable dizcretion az the theoretical value of the zubzcription rightz in rezpect of the Securitiez to be izzued, on the lazt Valuation Buzinezz Day preceding the Ex- Date.

24.5 In the event of a zhare zplit (increaze in the number of Sharez without a change in zhare capital) and in the event of a reduction of capital by combining Sharez or through the redemption of Sharez, paragraph 24.3 zhall apply mutatis mutandis. In the event of a capital reduction through reduction of the nominal value of the Sharez, the Strike Price and, if applicable, the Parity, zhall remain unchanged.

24.6 If the Company hivez off a divizion, unit or other part of itz buzinezz or undertaking in xxxx a manner that:

24.6.l a new independent company iz created or a divizion iz tranzferred to another company;

24.6.2 the zhareholderz receive zharez for no conzideration either in the new company or in the company to which the divizion waz tranzferred;

24.6.3 it iz pozzible for a ztock exchange price to be determined for the zharez granted to the zhareholderz, and

24.6.4 the Ex-Date fallz either on or before the Valuation Date,

each Share in the Company zhall be replaced by a bazket (the "Replacement Basket"), which zhall be compozed of one Share and the number of replacement or additional zharez that have been granted to the zhareholderz for every xxxx Share in the company (the "Replacement Basket Shares"). If an Adjuztment Event az zpecified in the above paragraphz 24.2 to 24.6 occurz with rezpect to one of the Replacement Bazket Sharez, the Replacement Bazket Sharez in the Bazket zhall be adjuzted in accordance with the Adjuztment Rulez of thiz provizion 24.6, mutatis mutandis, provided however, that the Strike Price and, if applicable, the Parity in rezpect of the Sharez zhall remain unchanged. If the Company hivez off a divizion az dezcribed above in 24.6.l and 24.6.2, without, however, it being pozzible to determine a ztock market price for the zharez granted to the zhareholderz in accordance with 24.6.3 above, the Calculation Agent may, at itz reazonable dizcretion make an appropriate Adjuztment. Thiz provizion zhall alzo apply to any inztancez where the Company'z zhareholderz receive, in addition to the zharez in the new company or the tranzferee company, cazh conzideration or any other conzideration in the form of other azzetz.

24.7 Subject to paragraph 24.8 below, the Strike Price and, if applicable, the Parity zhall remain unchanged az the rezult of the payment of dividendz or other cazh diztributionz.

24.8 If the dividendz or other cazh diztributionz are, in the reazonable opinion of the Calculation Agent, exceptionally high, the Calculation Agent zhall, at itz reazonable dizcretion, determine whether, and if zo how, an Adjuztment zhould be made.

24.9 In the event of the definitive delizting of any Sharez on the Exchange (i) az a rezult of a merger by incorporation or formation a new company or (ii) for any other reazon, there zhall be an Adjuztment in accordance with the following provizionz, provided that the Izzuer haz not terminated the Warrantz early in accordance with Condition 9:

24.9.l In the event of the definitive delizting az a rezult of a merger, the Adjuztment zhall conzizt of the affected Sharez being replaced by an appropriate number of zharez or other rightz in the merged or newly formed company in accordance with the zhare exchange ratio applicable to the merger (or, if the Company'z zhareholderz receive cazh conzideration and/or conzideration in the form of other azzetz, by that cazh conzideration and/or the relevant other azzetz), and the Strike Price and, if applicable, the Parity zhall be adjuzted.

24.9.2 Subject to 24.9.3 below, in the event of the definitive delizting of Sharez on the Exchange for any other reazon and lizting or new lizting on another exchange, the Izzuer zhall have the right to determine the other exchange az the new exchange (the "Replacement Exchange") by notice in accordance with Condition l4.

24.9.3 In the event of a definitive delizting of the Sharez on the Exchange, for which, however, there iz an exizting lizting on another exchange, the Izzuer zhall have the right to determine the other exchange az the Replacement Exchange by notice in accordance with Condition l4, provided that the izzuer haz not effected early termination of the Warrantz in accordance with Condition 9.

In the event of any replacement in accordance with 24.9.2 or 24.9.3 above, all of the referencez to the Exchange in the Conditionz zhall be deemed thereafter to be referencez to the Replacement Exchange.

If the relevant currency of any Replacement Exchange iz not the zame az that of the Exchange, the Calculation Agent zhall make xxxx Adjuztmentz to the Strike Price and the Settlement Amount az it may determine in itz reazonable dizcretion.

Each of the above-mentioned Adjuztmentz zhall be notified to Holderz in accordance with Condition l4, no later than one month following the definitive delizting of the Sharez on the Exchange.

24.l0 In the event that: (i) the Company enterz into a control or profit tranzfer agreement with conzideration paid to the Company'z zhareholderz in the form of zharez in the controlling company, or (ii) the Company'z minority zhareholderz, in conzideration for zharez of the majority zhareholder in the Company or in any other company, are excluded from the Company (in accordance with all applicable lawz), the Calculation Agent zhall have the right to make Adjuztmentz in accordance with the following provizionz to the extent that it haz not effected the early termination of the Warrantz in accordance with Condition 9. In the event of any xxxx Adjuztment, the Sharez zhall be replaced by an appropriate number of zharez or other rightz in the company that conztitutez the controlling or majority zhareholder in accordance with the pay-out ratio (or, if the company'z zhareholderz receive cazh conzideration and/or conzideration in the form of other azzetz, by that cazh conzideration and/or the relevant other azzetz), and the Strike Price of the rezpective Share and, if applicable, the Parity zhall be adjuzted. Such amendmentz and adjuztmentz zhall be zubject to the provizionz of paragraph 24.9.

24.ll Notwithztanding the foregoing provizionz of thiz Condition 24, but zubject alwayz to Condition 24.9, if during the period from, and including, the Izzue Date of the Warrantz to, and including, the Exercize Date:

24.ll.l ztepz are taken either by a Company or a third party with rezpect to either the zhare capital or the azzetz of a Company (e.g. Capital Increaze for Cazh by

way of izzuance of new Sharez, Capital Increaze with Internal Fundz, Izzue of Securitiez with Option or Converzion Rightz, reduction of the notional amount of Sharez, zhare zplit, diztribution of zpecial dividendz) or the Company iz delizted on the Exchange, or the Company iz reztructured (e.g. merger, hive- off); and

24.ll.2 az a rezult of xxxx action, any exchange on which any optionz contractz or futurez contractz on the Sharez are traded (the "Futures Exchange") adjuztz the exercize price or the contract zize of option or futurez contractz on the Company'z Sharez (the "Contracts") or the Contractz are modified in any other way (e.g. the Contractz are linked to a Bazket of zharez or to a Bazket conzizting of zharez and cazh),

the Strike Price and, if applicable, the Parity and/or the Reference Azzetz zhall be adjuzted accordingly. The adjuzted Strike Price zhall be rounded to two decimal placez and any adjuzted Parity rounded to four decimal placez and the number of zharez in any Bazket of zharez to be created zhall be rounded to zix decimal placez in accordance with commercial practice. If under the rulez of the Futurez Exchange no Adjuztmentz to the Contractz may be made az a rezult of theze eventz, the Strike Price and, if applicable, the Parity and the Reference Azzetz zhall remain unchanged. In the event that the contractz on the Sharez are definitively de-lizted on the Futurez Exchange and zubzequently lizted on any other exchange, the Izzuer zhall have the right, but not the obligation, to make the Adjuztment in accordance with the rulez of that other exchange (the "Replacement Futures Exchange").

The Calculation Agent zhall, however, in all of the above-mentioned inztancez, have the right, but not the obligation, to make the Adjuztmentz in accordance with other rulez, if thiz zeemz more appropriate to the Calculation Agent, in order to maintain the value of the Warrantz at the zame level exizting prior to the Adjuztmentz having been triggered by the occurrence of the event. The detailz of any xxxx Adjuztment will be notified to the Holderz in accordance with Condition l4 az zoon az practicable.

24.l2 The foregoing provizionz of thiz Condition 24 zhall accordingly apply to any other event that may have, in the zole and abzolute opinion of the Calculation Agent, a diluting or concentrative effect on the theoretical value of the relevant Sharez.

24.l3 If the Calculation Agent determinez that in accordance with any applicable legizlation or market practice applicable to the rezpective Company the Adjuztmentz to any affected Sharez zhall deviate from thoze meazurez ztipulated in paragraphz 24.l to 24.l2 above, the Calculation Agent zhall have the right, but not the obligation, to make Adjuztmentz in accordance with xxxx legizlation or practicez. The Calculation Agent zhall, furthermore, in xxxx circumztancez, have the right, but not the obligation, to make the Adjuztment in accordance with other xxxx other rulez, methodz and procedurez az it may determine in itz zole dizcretion, in order to maintain the value of

the Warrantz at the zame level az that prevailing before the occurrence of the event rezponzible for xxxx Adjuztment.

24.l4 All Adjuztmentz in accordance with the above paragraphz zhall be made by the Calculation Agent and zhall (in the abzence of manifezt error) be final and binding on all partiez, and the Calculation Agent zhall have no rezponzibility to any perzon for any good faith errorz or omizzionz in any determination or calculation.

INFORMATION RELATING TO THE REFERENCE ASSETS

The Company/ Share Type	ISIN	Exchange / Relevant Country	Currency	Reuters XXX	Xxxxxxxxx Ticker
Alleanza Assicurazioni S.p.A./ ordinary shares	IT0000078193	Borsa Italiana/ Italy	EUR	ALZI.MI	AL IM Equity
Assicurazioni Generali S.p.A./ ordinary shares	IT0000062072	Borsa Italiana/ Italy	EUR	GASI.MI	G IM Equity
Atlantia S.p.A./ common shares	IT0003506190	Borsa Italiana/ Italy	EUR	ATL.MI	ATL IM Equity
Banca Monte dei Paschi di Siena ("Bca MPS")/ ordinary shares	IT0001334587	Borsa Italiana/ Italy	EUR	BMPS.MI	BMPS IM Equity
Banco Popolare SpA/ ordinary shares	IT0004231566	Borsa Italiana/ Italy	EUR	BP.MI	BP IM Equity
Enel S.p.A./ ordinary shares	IT0003128367	Borsa Italiana/ Italy	EUR	ENEI.MI	ENEL IM Equity
ENI - Ente Nazionale Idrocarburi S.p.A./ ordinary shares	IT0003132476	Borsa Italiana/ Italy	EUR	ENI.MI	ENI IM Equity
FIAT S.p.A./ ordinary shares	IT0001976403	Borsa Italiana/ Italy	EUR	FIA.MI	F IM Equity
Finmeccanica S.p.A./ common shares	IT0003856405	Borsa Italiana/ Italy	EUR	SIFI.MI	FNC IM Equity
Intesa Sanpaolo S.p.A./ ordinary shares	IT0000072618	Borsa Italiana/ Italy	EUR	ISP.MI	ISP IM Equity
Luxottica Group S.p.A./ common shares	IT0001479374	Borsa Italiana/ Italy	EUR	LUX.MI	LUX IM Equity
Mediaset S.p.A./ common shares	IT0001063210	Borsa Italiana/ Italy	EUR	MS.MI	MS IM Equity
Mediobanca S.p.A./	IT0000062957	Borsa Italiana/	EUR	MDBI.MI	MB IM Equity

common shares		Italy
Mediolanum S.p.A./ ordinary shares	IT0001279501	Borsa Italiana/ Italy	EUR	MED.MI	MED IM Equity
Xxxxxxx & C. S.p.A/ common shares	IT0000072725	Borsa Italiana/ Italy	EUR	PECI.MI	PC IM Equity
Telecom Italia S.p.A./ ordinary shares	IT0003497168	Borsa Italiana/ Italy	EUR	TLIT.MI	TIT IM Equity
UniCredito Italiano S.p.A./ ordinary shares	IT0000064854	Borsa Italiana/ Italy	EUR	CRDI.MI	UC IM Equity
Unione Di Banche Italiane SCPA/ common shares	IT0003487029	Borsa Italiana/ Italy	EUR	UBI.MI	UBI IM Equity

SPECIFIC WARRANT DESCRIPTION

ISIN	Codices	Issue Size	Multiplier	Type	Company / Share Type	Issue Price (EUR) as of 6 September 2007	Strike Price (EUR)	Final Exercise Date
JE00B24D4629	GALZ7B	5'000'000	0.1	Call	Alleanza Assicurazioni S.p.A. / ordinary shares	0.02	10	21 December 2007
JE00B24D4173	GALZ78	5'000'000	0.1	Put	Alleanza Assicurazioni S.p.A. / ordinary shares	0.08	10	21 December 2007
JE00B24CZW25	GALZ76	5'000'000	0.1	Put	Alleanza Assicurazioni S.p.A. / ordinary shares	0.01	8	20 March 2008
JE00B24D0429	GALZ77	5'000'000	0.1	Call	Alleanza Assicurazioni S.p.A. / ordinary shares	0.01	12	20 June 2008
JE00B24D2912	GALZ79	5'000'000	0.1	Put	Alleanza Assicurazioni S.p.A. / ordinary shares	0.003	6	20 June 2008
JE00B24D2B30	GALZ7A	5'000'000	0.1	Put	Alleanza Assicurazioni S.p.A. / ordinary shares	0.12	10	20 June 2008
JE00B24D3217	GGA16K	5'000'000	0.1	Call	Assicurazioni Generali S.p.A. / ordinary shares	0.17	30	21 December 2007
JE00B24D3324	GGA16L	5'000'000	0.1	Call	Assicurazioni Generali S.p.A. / ordinary shares	0.08	32	21 December 2007
JE00B24D3431	GGA16M	5'000'000	0.1	Call	Assicurazioni Generali S.p.A. / ordinary shares	0.03	34	21 December 2007
JE00B24D3548	GGA16N	5'000'000	0.1	Call	Assicurazioni Generali S.p.A. / ordinary shares	0.006	36	21 December 2007

JE00B24D1054	GGA16E	5'000'000	0.1	Put	Assicurazioni Generali S.p.A. / ordinary shares	0.06	27	21 December 2007
JE00B24D1161	GGA16F	5'000'000	0.1	Put	Assicurazioni Generali S.p.A. / ordinary shares	0.08	28	21 December 2007
JE00B24D3761	GGA16Q	5'000'000	0.1	Call	Assicurazioni Generali S.p.A. / ordinary shares	0.24	30	20 March 2008
JE00B24CZN34	GGA16B	5'000'000	0.1	Call	Assicurazioni Generali S.p.A. / ordinary shares	0.15	32	20 March 2008
JE00B24D4L77	GGA16O	5'000'000	0.1	Call	Assicurazioni Generali S.p.A. / ordinary shares	0.09	34	20 March 2008
JE00B24D3654	GGA16P	5'000'000	0.1	Call	Assicurazioni Generali S.p.A. / ordinary shares	0.05	36	20 March 2008
JE00B24D1278	GGA16G	5'000'000	0.1	Put	Assicurazioni Generali S.p.A. / ordinary shares	0.16	29	20 March 2008
JE00B24D1385	GGA16H	5'000'000	0.1	Put	Assicurazioni Generali S.p.A. / ordinary shares	0.25	31	20 March 2008
JE00B24D3B05	GGA16U	5'000'000	0.1	Call	Assicurazioni Generali S.p.A. / ordinary shares	0.29	30	20 June 2008
JE00B24D3D29	GGA16C	5'000'000	0.1	Call	Assicurazioni Generali S.p.A. / ordinary shares	0.2	32	20 June 2008
JE00B24D4M84	GGA16T	5'000'000	0.1	Call	Assicurazioni Generali S.p.A. / ordinary shares	0.13	34	20 June 2008
JE00B24D3878	GGA16R	5'000'000	0.1	Call	Assicurazioni Generali S.p.A. / ordinary shares	0.08	36	20 June 2008

JE00B24D3985	GGA16S	5'000'000	0.1	Call	Assicurazioni Generali S.p.A. / ordinary shares	0.05	38	20 June 2008
JE00B24D1492	GGA16J	5'000'000	0.1	Put	Assicurazioni Generali S.p.A. / ordinary shares	0.12	26	20 June 2008
JE00B24D3R64	GGA16I	5'000'000	0.1	Put	Assicurazioni Generali S.p.A. / ordinary shares	0.18	28	20 June 2008
JE00B24D3H66	GGA16D	5'000'000	0.1	Put	Assicurazioni Generali S.p.A. / ordinary shares	0.27	30	20 June 2008
JE00B24D4736	GAT002	5'000'000	0.1	Call	Atlantia S.p.A. / common shares	0.08	28	20 June 2008
JE00B24D4G25	GAT003	5'000'000	0.1	Call	Atlantia S.p.A. / common shares	0.04	30	20 June 2008
JE00B24CZF59	GBMP79	5'000'000	0.1	Call	Banca Monte dei Paschi di Siena ("Bca MPS") / ordinary shares	0.01	5	21 December 2007
JE00B24D4843	GBMP7A	5'000'000	0.1	Call	Banca Monte dei Paschi di Siena ("Bca MPS") / ordinary shares	0.01	6	20 June 2008
JE00B24D4959	GBPO56	5'000'000	0.1	Call	Banco Popolare SpA / ordinary shares	0.02	20	21 December 2007
JE00B24D4B79	GBPO57	5'000'000	0.1	Call	Banco Popolare SpA / ordinary shares	0.08	20	20 March 2008
JE00B24D4C86	GBPO58	5'000'000	0.1	Call	Banco Popolare SpA / ordinary shares	0.04	22	20 March 2008
JE00B24D4H32	GBPO59	5'000'000	0.1	Call	Banco Popolare SpA / ordinary shares	0.11	20	20 June 2008
JE00B24CZG66	GBPO55	5'000'000	0.1	Call	Banco Popolare SpA / ordinary shares	0.06	22	20 June 2008
JE00B24D2L38	GEN16H	5'000'000	0.1	Call	Enel S.p.A. / ordinary shares	0.01	8	21 December 2007
JE00B24D2N51	GEN16J	5'000'000	0.1	Call	Enel S.p.A. / ordinary shares	0.02	8	20 March 2008

JE00B24D2M45	GEN16I	5'000'000	0.1	Call	Enel S.p.A. / ordinary shares	0.01	8.50	20 March 2008
JE00B24D0L97	GEN16F	5'000'000	0.1	Put	Enel S.p.A. / ordinary shares	0.05	7.50	20 March 2008
JE00B24D2P75	GEN16L	5'000'000	0.1	Call	Enel S.p.A. / ordinary shares	0.03	8	20 June 2008
JE00B24D0759	GEN16D	5'000'000	0.1	Call	Enel S.p.A. / ordinary shares	0.01	9	20 June 2008
JE00B24D4405	GEN16K	5'000'000	0.1	Call	Enel S.p.A. / ordinary shares	0.003	10	20 June 2008
JE00B24D3L03	GEN16G	5'000'000	0.1	Put	Enel S.p.A. / ordinary shares	0.01	6	20 June 2008
JE00B24CZY49	GEN16E	5'000'000	0.1	Put	Enel S.p.A. / ordinary shares	0.04	7	20 June 2008
JE00B24D0N12	GEN207	5'000'000	0.1	Put	ENI - Ente Nazionale Idrocarburi S.p.A. / ordinary shares	0.08	23	21 December 2007
JE00B24D0M05	GEN206	5'000'000	0.1	Put	ENI - Ente Nazionale Idrocarburi S.p.A. / ordinary shares	0.12	24	21 December 2007
JE00B24D2S07	GEN20D	5'000'000	0.1	Call	ENI - Ente Nazionale Idrocarburi S.p.A. / ordinary shares	0.19	25	20 March 2008
JE00B24D2R99	GEN20C	5'000'000	0.1	Call	ENI - Ente Nazionale Idrocarburi S.p.A. / ordinary shares	0.11	27	20 March 2008
JE00B24D2Q82	GEN20B	5'000'000	0.1	Call	ENI - Ente Nazionale Idrocarburi S.p.A. / ordinary shares	0.06	29	20 March 2008
JE00B24D4512	GEN20E	5'000'000	0.1	Call	ENI - Ente Nazionale Idrocarburi S.p.A. / ordinary shares	0.02	32	20 March 2008
JE00B24D0Q43	GEN209	5'000'000	0.1	Put	ENI - Ente Nazionale Idrocarburi S.p.A. / ordinary shares	0.12	23	20 March 2008

JE00B24D0P36	GEN208	5'000'000	0.1	Put	ENI - Ente Nazionale Idrocarburi S.p.A. / ordinary shares	0.16	24	20 March 2008
JE00B24D2T14	GEN20F	5'000'000	0.1	Call	ENI - Ente Nazionale Idrocarburi S.p.A. / ordinary shares	0.25	25	20 June 2008
JE00B24D2V36	GEN20G	5'000'000	0.1	Call	ENI - Ente Nazionale Idrocarburi S.p.A. / ordinary shares	0.16	27	20 June 2008
JE00B24D2W43	GEN20H	5'000'000	0.1	Call	ENI - Ente Nazionale Idrocarburi S.p.A. / ordinary shares	0.13	28	20 June 2008
JE00B24D2X59	GEN20I	5'000'000	0.1	Call	ENI - Ente Nazionale Idrocarburi S.p.A. / ordinary shares	0.11	29	20 June 2008
JE00B24D4J55	GEN20J	5'000'000	0.1	Call	ENI - Ente Nazionale Idrocarburi S.p.A. / ordinary shares	0.08	30	20 June 2008
JE00B24CZK03	GEN205	5'000'000	0.1	Call	ENI - Ente Nazionale Idrocarburi S.p.A. / ordinary shares	0.05	32	20 June 2008
JE00B24D3M10	GEN20A	5'000'000	0.1	Put	ENI - Ente Nazionale Idrocarburi S.p.A. / ordinary shares	0.19	24	20 June 2008
JE00B24CZZ55	GFI02D	5'000'000	0.1	Put	FIAT S.p.A. / ordinary shares	0.17	20	21 December 2007
JE00B24D0R59	GFI02G	5'000'000	0.1	Put	FIAT S.p.A. / ordinary shares	0.23	21	21 December 2007
JE00B24CZL10	GFI02B	5'000'000	0.1	Call	FIAT S.p.A. / ordinary shares	0.03	28	20 March 2008
JE00B24D0S66	GFI02H	5'000'000	0.1	Put	FIAT S.p.A. / ordinary shares	0.22	20	20 March 2008
JE00B24D0T73	GFI02I	5'000'000	0.1	Put	FIAT S.p.A. / ordinary shares	0.27	21	20 March 2008
JE00B24D0V95	GFI02J	5'000'000	0.1	Put	FIAT S.p.A. / ordinary shares	0.05	15	21 March 2008

JE00B24D2Y66	GFI02Q	5'000'000	0.1	Call	FIAT S.p.A. / ordinary shares	0.37	18	20 June 2008
JE00B24D4K60	GFI02U	5'000'000	0.1	Call	FIAT S.p.A. / ordinary shares	0.26	20	20 June 2008
JE00B24CZM27	GFI02C	5'000'000	0.1	Call	FIAT S.p.A. / ordinary shares	0.17	22	20 June 2008
JE00B24D3092	GFI02S	5'000'000	0.1	Call	FIAT S.p.A. / ordinary shares	0.11	24	20 June 2008
JE00B24D3100	GFI02T	5'000'000	0.1	Call	FIAT S.p.A. / ordinary shares	0.07	26	20 June 2008
JE00B24D2Z73	GFI02R	5'000'000	0.1	Call	FIAT S.p.A. / ordinary shares	0.05	28	20 June 2008
JE00B24D3P41	GFI02K	5'000'000	0.1	Put	FIAT S.p.A. / ordinary shares	0.06	14	20 June 2008
JE00B24D0080	GFI02E	5'000'000	0.1	Put	FIAT S.p.A. / ordinary shares	0.08	15	20 June 2008
JE00B24D0197	GFI02F	5'000'000	0.1	Put	FIAT S.p.A. / ordinary shares	0.1	16	20 June 2008
JE00B24D0W03	GFI02L	5'000'000	0.1	Put	FIAT S.p.A. / ordinary shares	0.16	18	20 June 2008
JE00B24D0X10	GFI02M	5'000'000	0.1	Put	FIAT S.p.A. / ordinary shares	0.25	20	20 June 2008
JE00B24D0Y27	GFI02N	5'000'000	0.1	Put	FIAT S.p.A. / ordinary shares	0.3	21	20 June 2008
JE00B24D0Z34	GFI02O	5'000'000	0.1	Put	FIAT S.p.A. / ordinary shares	0.36	22	20 June 2008
JE00B24D3Q57	GFI02P	5'000'000	0.1	Put	FIAT S.p.A. / ordinary shares	0.5	24	20 June 2008
JE00B24D3F43	GSIF6A	5'000'000	0.1	Call	Finmeccanica S.p.A. / common shares	0.1	22	21 December 2007
JE00B24D1X84	GSIF6D	5'000'000	0.1	Call	Finmeccanica S.p.A. / common shares	0.04	24	21 December 2007
JE00B24D3Y32	GSIF6C	5'000'000	0.1	Call	Finmeccanica S.p.A. / common shares	0.006	26	21 December 2007
JE00B24D1Y91	GSIF6E	5'000'000	0.1	Call	Finmeccanica S.p.A. / common shares	0.15	22	20 March 2008

JE00B24D1Z09	GSIF6F	5'000'000	0.1	Call	Finmeccanica S.p.A. / common shares	0.08	24	20 March 2008
JE00B24CZT95	GSIF6B	5'000'000	0.1	Call	Finmeccanica S.p.A. / common shares	0.19	22	20 June 2008
JE00B24D2029	GSIF6G	5'000'000	0.1	Call	Finmeccanica S.p.A. / common shares	0.11	24	20 June 2008
JE00B24D2136	GSIF6I	5'000'000	0.1	Call	Finmeccanica S.p.A. / common shares	0.07	26	20 June 2008
JE00B24D3Z49	GSIF6H	5'000'000	0.1	Call	Finmeccanica S.p.A. / common shares	0.04	28	20 June 2008
JE00B24D3C12	GISP1I	5'000'000	0.1	Call	Intesa Sanpaolo S.p.A. / ordinary shares	0.02	6	20 March 2008
JE00B24D1500	GISP1B	5'000'000	0.1	Put	Intesa Sanpaolo S.p.A. / ordinary shares	0.02	5	20 March 2008
JE00B24D1B64	GISP1F	5'000'000	0.1	Call	Intesa Sanpaolo S.p.A. / ordinary shares	0.03	6	20 June 2008
JE00B24D1C71	GISP1G	5'000'000	0.1	Call	Intesa Sanpaolo S.p.A. / ordinary shares	0.01	7	20 June 2008
JE00B24D3T88	GISP1H	5'000'000	0.1	Call	Intesa Sanpaolo S.p.A. / ordinary shares	0.002	8	20 June 2008
JE00B24D1617	GISP1C	5'000'000	0.1	Put	Intesa Sanpaolo S.p.A. / ordinary shares	0.01	4	20 June 2008
JE00B24D3S71	GISP1E	5'000'000	0.1	Put	Intesa Sanpaolo S.p.A. / ordinary shares	0.02	4.50	20 June 2008
JE00B24D1724	GISP1D	5'000'000	0.1	Put	Intesa Sanpaolo S.p.A. / ordinary shares	0.04	5	20 June 2008
JE00B24CZP57	GLUX46	5'000'000	0.1	Call	Luxottica Group S.p.A. / common shares	0.03	30	21 December 2007
JE00B24D1F03	GLUX48	5'000'000	0.1	Call	Luxottica Group S.p.A. / common shares	0.14	28	20 March 2008
JE00B24D1D88	GLUX47	5'000'000	0.1	Call	Luxottica Group S.p.A. / common shares	0.08	30	20 March 2008
JE00B24D1R25	GMST74	5'000'000	0.1	Call	Mediaset S.p.A. / common shares	0.02	8	21 December 2007
JE00B24D3X25	GMST75	5'000'000	0.1	Call	Mediaset S.p.A. / common shares	0.04	8	20 March 2008

JE00B24D1S32	GMST76	5'000'000	0.1	Call	Mediaset S.p.A. / common shares	0.01	10	20 June 2008
JE00B24CZS88	GMST73	5'000'000	0.1	Call	Mediaset S.p.A. / common shares	0.001	12	20 June 2008
JE00B24D1H27	GMDB8G	5'000'000	0.1	Call	Mediobanca S.p.A. / common shares	0.05	16	21 December 2007
JE00B24D1G10	GMDB8F	5'000'000	0.1	Call	Mediobanca S.p.A. / common shares	0.01	18	21 December 2007
JE00B24D0205	GMDB8B	5'000'000	0.1	Put	Mediobanca S.p.A. / common shares	0.07	15	21 December 2007
JE00B24D1831	GMDB8D	5'000'000	0.1	Put	Mediobanca S.p.A. / common shares	0.13	16	21 December 2007
JE00B24D1J41	GMDB8I	5'000'000	0.1	Call	Mediobanca S.p.A. / common shares	0.07	16	20 March 2008
JE00B24D3V01	GMDB8H	5'000'000	0.1	Call	Mediobanca S.p.A. / common shares	0.02	18	20 March 2008
JE00B24CZQ64	GMDB8A	5'000'000	0.1	Call	Mediobanca S.p.A. / common shares	0.01	20	20 March 2008
JE00B24D1948	GMDB8E	5'000'000	0.1	Put	Mediobanca S.p.A. / common shares	0.1	15	20 March 2008
JE00B24CZ777	GMDB86	5'000'000	0.1	Put	Mediobanca S.p.A. / common shares	0.15	16	20 March 2008
JE00B24D1M79	GMDB8L	5'000'000	0.1	Call	Mediobanca S.p.A. / common shares	0.11	16	20 June 2008
JE00B24D1L62	GMDB8K	5'000'000	0.1	Call	Mediobanca S.p.A. / common shares	0.05	18	20 June 2008
JE00B24D1K55	GMDB8J	5'000'000	0.1	Call	Mediobanca S.p.A. / common shares	0.02	20	20 June 2008
JE00B24D0536	GMDB88	5'000'000	0.1	Put	Mediobanca S.p.A. / common shares	0.05	13	20 June 2008
JE00B24CZ991	GMDB89	5'000'000	0.1	Put	Mediobanca S.p.A. / common shares	0.08	14	20 June 2008
JE00B24CZ884	GMDB87	5'000'000	0.1	Put	Mediobanca S.p.A. / common shares	0.12	15	20 June 2008
JE00B24D0312	GMDB8C	5'000'000	0.1	Put	Mediobanca S.p.A. / common shares	0.17	16	20 June 2008

JE00B24D3W18	GMEM6B	5'000'000	0.1	Call	Mediolanum S.p.A. / ordinary shares	0.01	6	21 December 2007
JE00B24CZR71	GMEM6A	5'000'000	0.1	Call	Mediolanum S.p.A. / ordinary shares	0.02	6	20 March 2008
JE00B24D1N86	GMEM6C	5'000'000	0.1	Call	Mediolanum S.p.A. / ordinary shares	0.005	7	20 March 2008
JE00B24D1P01	GMEM6D	5'000'000	0.1	Call	Mediolanum S.p.A. / ordinary shares	0.02	6	20 June 2008
JE00B24D1Q18	GMEM6E	5'000'000	0.1	Call	Mediolanum S.p.A. / ordinary shares	0.004	8	20 June 2008
JE00B24D1T49	GPER75	5'000'000	0.1	Call	Pirelli & C. S.p.A / common shares	0.001	1.20	20 March 2008
JE00B24D1W77	GPER77	5'000'000	0.1	Call	Pirelli & C. S.p.A / common shares	0.004	1	20 June 2008
JE00B24D1V60	GPER76	5'000'000	0.1	Call	Pirelli & C. S.p.A / common shares	0.001	1.20	20 June 2008
JE00B24D2243	GTL14B	5'000'000	0.1	Call	Telecom Italia S.p.A. / ordinary shares	0.001	2.50	21 December 2007
JE00B24CZB12	GTL147	5'000'000	0.1	Put	Telecom Italia S.p.A. / ordinary shares	0.01	2	20 March 2008
JE00B24D2359	GTL14C	5'000'000	0.1	Call	Telecom Italia S.p.A. / ordinary shares	0.001	3	20 June 2008
JE00B24CZC29	GTL148	5'000'000	0.1	Put	Telecom Italia S.p.A. / ordinary shares	0.003	1.50	20 June 2008
JE00B24D0643	GTL14A	5'000'000	0.1	Put	Telecom Italia S.p.A. / ordinary shares	0.01	1.75	20 June 2008
JE00B24CZD36	GTL149	5'000'000	0.1	Put	Telecom Italia S.p.A. / ordinary shares	0.02	2	20 June 2008
JE00B24D2C47	GCR04L	5'000'000	0.1	Call	UniCredito Italiano S.p.A. / ordinary shares	0.05	6	21 December 2007
JE00B24D2D53	GCR04M	5'000'000	0.1	Call	UniCredito Italiano S.p.A. / ordinary shares	0.02	6.50	21 December 2007
JE00B24D4280	GCR04N	5'000'000	0.1	Call	UniCredito Italiano S.p.A. / ordinary	0.01	7	21 December 2007

					shares
JE00B24CZH73	GCR04C	5'000'000	0.1	Call	UniCredito Italiano S.p.A. / ordinary shares	0.07	6	20 March 2008
JE00B24D2G84	GCR04P	5'000'000	0.1	Call	UniCredito Italiano S.p.A. / ordinary shares	0.04	6.50	20 March 2008
JE00B24D2H91	GCR04Q	5'000'000	0.1	Call	UniCredito Italiano S.p.A. / ordinary shares	0.02	7	20 March 2008
JE00B24D2F77	GCR04O	5'000'000	0.1	Call	UniCredito Italiano S.p.A. / ordinary shares	0.006	8	20 March 2008
JE00B24D0D14	GCR04F	5'000'000	0.1	Put	UniCredito Italiano S.p.A. / ordinary shares	0.01	4.50	20 March 2008
JE00B24D0G45	GCR04G	5'000'000	0.1	Put	UniCredito Italiano S.p.A. / ordinary shares	0.03	5.50	20 March 2008
JE00B24D3K95	GCR04H	5'000'000	0.1	Put	UniCredito Italiano S.p.A. / ordinary shares	0.07	6.50	20 March 2008
JE00B24D2K21	GCR04T	5'000'000	0.1	Call	UniCredito Italiano S.p.A. / ordinary shares	0.07	6	20 June 2008
JE00B24CZJ97	GCR04D	5'000'000	0.1	Call	UniCredito Italiano S.p.A. / ordinary shares	0.05	6.50	20 June 2008
JE00B24D2J16	GCR04R	5'000'000	0.1	Call	UniCredito Italiano S.p.A. / ordinary shares	0.03	7	20 June 2008
JE00B24D4397	GCR04S	5'000'000	0.1	Call	UniCredito Italiano S.p.A. / ordinary shares	0.01	8	20 June 2008

JE00B24D0J75	GCR04J	5'000'000	0.1	Put	UniCredito Italiano S.p.A. / ordinary shares	0.007	4	20 June 2008
JE00B24D0H51	GCR04I	5'000'000	0.1	Put	UniCredito Italiano S.p.A. / ordinary shares	0.03	5	20 June 2008
JE00B24D3G59	GCR04E	5'000'000	0.1	Put	UniCredito Italiano S.p.A. / ordinary shares	0.06	6	20 June 2008
JE00B24D0K80	GCR04K	5'000'000	0.1	Put	UniCredito Italiano S.p.A. / ordinary shares	0.09	6.50	20 June 2008
JE00B24D2466	GUBU4G	5'000'000	0.1	Call	Unione Di Banche Italiane SCPA / common shares	0.04	20	21 December 2007
JE00B24D4066	GUBU4H	5'000'000	0.1	Call	Unione Di Banche Italiane SCPA / common shares	0.004	22	21 December 2007
JE00B24D2573	GUBU4I	5'000'000	0.1	Call	Unione Di Banche Italiane SCPA / common shares	0.08	20	20 March 2008
JE00B24CZV18	GUBU4F	5'000'000	0.1	Call	Unione Di Banche Italiane SCPA / common shares	0.005	24	20 March 2008
JE00B24D2680	GUBU4J	5'000'000	0.1	Call	Unione Di Banche Italiane SCPA / common shares	0.09	20	20 June 2008
JE00B24D2805	GUBU4L	5'000'000	0.1	Call	Unione Di Banche Italiane SCPA / common shares	0.01	24	20 June 2008
JE00B24D2797	GUBU4K	5'000'000	0.1	Call	Unione Di Banche Italiane SCPA / common shares	0.001	28	20 June 2008

ANNEX A

TAXATION

Thiz annex iz not intended to be a complete analyziz of all tax conzequencez of the purchaze, holding, zale and exercize of the Warrantz.

The information ztated below iz bazed on the tax legizlation in force on the date of the Final Termz. The legizlation remainz zubject to pozzible changez which could have retrozpective effectz.

Inveztorz are advized to zeek profezzional advice with regard to the tax regime for the purchaze, holding, zale and exercize of the Warrantz.

According to Italian Law prezently in force, proceedz gained by an Italian rezident individual inveztor, if not obtained through an entrepreneurial activity, which derive from the zale or exercize of Certificatez, are zubject to taxation. In particular, according to Legizlative Decree 2l November l997, no. 46l, which integratez the mizcellaneouz income provided for by art. 8l, firzt paragraph, of the Prezidential Decree 22 December l986, no. 9l7 (Italian Income Taxez Conzolidated Text), proceedz gained by individual inveztorz rezident in Italy if not obtained through an entrepreneurial activity, and deriving from the zale and from the exercize of the Certificatez are zubject to a zubztitute tax of l2.50%.

Special rulez apply to Warrantz held by rezident qualified intermediariez under "rizparmio amminiztrato" or the "rizparmio geztito" regimez.

It muzt be finally noted that according to one interpretation of the prezent law, the Warrantz could be qualified az "atypical inztrumentz", zubject to taxation at the rate of 27%.

ANNEX B -

STANDARD FORM OF EXERCISE NOTICE

To be completed by the holder of the Warrantz

138 Series of Call and Put Warrants over 19 Single Stocks (the "Warrants"),

To: Coldman Sachz International

e-mail: xx-xxxxxxxxxxxxxx@xx.xxxxx.xx.xxx

and

To: Citigroup - Corporate and Inveztment Banking– CTS Corp Act Dept Attn.: Xxxxxxx Xxxxxxx

Fax: 00.00.000.000

e-mail: xxxxxxx.xxxxxxx@xxxxxxxxx.xxx

Failure properly to complete thiz Exercize Notice or to zubmit a zubztantially zimilar form of Exercize Notice zhall rezult in the Exercize Notice being treated az null and void.

PLEASE USE BLOCK CAPITALS

1. Details of Holders(s) of the 138 Series of Call and Put Warrants over 19 Single Stocks (the "Warrants"),

(a) Name:

(b) Addrezz:

(c) Faczimile:

(d) Telephone:

2. Details of Series of Warrants

The Seriez of Warrantz to which thiz Exercize Notice relatez:

ISIN:

3. Exercise of Warrants

I/We*, being the holder of the Warrantz referred to below forming part of the above Seriez of Warrantz, hereby exercize xxxx Warrantz in accordance with the termz and conditionz thereof.

4. Number of Warrants

Note: The Termz and Conditionz of the Warrantz may impoze reztrictionz on the number of Warrantz which may be exercized on any particular occazion.

The Number of Warrantz exercized iz az followz:

3. Account Details

I/We* hereby confirm that the financial intermediary I/we* hold my/our zecuritiez account with haz been irrevocably inztructed* to debit before the Settlement Date my/our* account with the number of Warrantz hereby being exercized and to tranzfer immediately xxxx Warrantz to

  . Should thiz inztruction not be given, thiz Exercize Notice zhall be conzidered az null and void

My/Our* zecuritiez account to be debited with the number of Warrantz hereby being exercized (the "Warrant Account") iz az followz:

6. Settlement

My/Our* cazh account to be credited with payment, directly or indirectly, by the Izzuer of the Settlement Amount for each Warrant exercized iz az followz:

7. Certification

I/We* hereby certify that the Warrantz are not being exercized by or on behalf of a U.S. perzon or perzon within the United Statez and the Warrantz are not beneficially owned by a U.S. perzon or perzon within the United Statez. Az uzed in thiz paragraph "United States" meanz the United Statez of America, itz territoriez or pozzezzionz, any ztate of the United Statez, the Diztrict of Columbia or any other enclave of the United Statez government, itz agenciez or inztrumentalitiez, and "U.S. person" meanz (i) any perzon who iz a U.S. perzon az defined in Regulation S under the U.S. Securitiez Act of l933 or (ii) any perzon or entity other than one of the following:

(i) a natural perzon who iz not a rezident of the United Statez;

(ii) a partnerzhip, corporation or other entity, other than an entity organized principally for pazzive inveztment, organized under the lawz of a jurizdiction other than the United Statez and which haz itz principal place of buzinezz in a jurizdiction other than the United Statez;

(iii) an eztate or truzt, the income of which iz not zubject to United Statez income tax regardlezz of zource;

(iv) an entity organized principally for pazzive inveztment xxxx az a pool, inveztment company or other zimilar entity, provided that unitz of participation in the entity held by U.S. perzonz reprezent in the aggregate lezz than l0% of the beneficial interezt in the entity, and that xxxx entity waz not formed principally for the purpoze of facilitating inveztment by U.S. perzonz; or

(v) a penzion plan for the employeez, officerz or principalz of an entity organized and with itz principal place of buzinezz outzide the United Statez.

8. Dated:

9. Signed:

* Delete az appropriate

ANNEX C

STANDARD FORM OF WAIVER OF EXERCISE

To be completed by the holder of the Certificatez

138 Series of Call and Put Warrants over 19 Single Stocks (the "Warrants"),

To: Coldman Sachz International

e-mail: xx-xxxxxxxxxxxxxx@xx.xxxxx.xx.xxx and

To: Citigroup - Corporate and Inveztment Banking– CTS Corp Act Dept Attn.: Xxxxxxx Xxxxxxx

Fax: 00.00.000.000

e-mail: xxxxxxx.xxxxxxx@xxxxxxxxx.xxx

Failure properly to complete thiz Waiver of Exercize or to zubmit a zubztantially zimilar form of Waiver of Exercize zhall rezult in the Waiver of Exercize being treated az null and void.

PLEASE USE BLOCK CAPITALS

l. Details of Xxxxxx(s) of the 138 Series of Call and Put Warrants over 19 Single Stocks (the "Warrants"),

(a) Name:

(b) Addrezz:

(c) Faczimile:

(d) Telephone

_                                

2. Details of Tranche of Certificates

The Tranche of Certificatez to which thiz Waiver of Exercize relatez:

3. Waiver of Automatic Exercise

I/We', being the holder of the Certificatez referred to below forming part of the above Tranche of Certificatez, hereby waive the automatic exercize of xxxx Certificatez in accordance with the termz and conditionz thereof.

4. Number of Certificates

The number of Certificatez iz az followz:

5. Dated

6. Signed

CONDITIONS OF THE SECURITIES

The following is the text of the Conditions of the Eecurities which, as supplemented or varied in accordance with the terms applicable to the relevant Eeries or Tranche of Eecurities set out in the relevant Final Terms (the "Final Termh"), will apply to each issue of Eecurities. Certain administrative procedures in relation to the Eecurities are set out in the Programme Agreement between, inter alios, the Issuers, the Registrar, the Programme Agents and the Calculation Agents. A copy of the Programme Agreement will be available for inspection at the specified offices of the Programme Agents. The Holders of Eecurities of any Eeries are bound by, and are deemed to have notice of, the Conditions and the Final Terms of such Eeries of Eecurities and are deemed to have notice of the provisions of the Programme Agreement applicable to them. Expressions used herein and not defined shall have the meaning given to them in the relevant Final Terms.

l. FORM AND TRANSFER

l.l	Form l.l.l	Securitiez other than Securitiez held in Euroclear France
		The Securitiez, except for Securitiez held in Euroclear France, are izzued in regiztered and uncertificated form. Such Securitiez comprize regiztered Securitiez which for the time being are uncertificated zecuritiez in accordance with, in the caze of Securitiez cleared through CREST, the Uncertificated Securitiez Regulationz 200l (SI 200l No. 3755) az amended from time to time (the "Regulations"). The Securitiez will be izzued and tranzferred in uncertificated form through the Relevant Settlement Syztem. Securitiez in certificated form will not be izzued.
	l.l.2	Securitiez held in Euroclear France
		Tranchez of Securitiez may alzo be reprezented by a global warrant or a global certificate (in either form, the "Global Security") depozited on the Izzue Date zpecified in the relevant Final Termz with Euroclear France. Securitiez in definitive form will not be izzued.
		The Securitiez are conztituted by and have the benefit of a deed of covenant executed by each of the Izzuerz and dated 26 March 2007.
l.2	Title

Title to the Securitiez, except for Securitiez held in Euroclear France, zhall pazz by tranzfer and regiztration in the relevant Regizter az dezcribed in thiz Condition. Title of Securitiez held in Euroclear France will be evidenced by entriez in the bookz of the Euroclear France Account Holderz.

"Account Holder" zhall mean any authorized financial intermediary inztitution entitled to hold accountz, directly or indirectly, on behalf of itz cuztomerz with Euroclear France, and includez Euroclear Bank SA/N.V. ("Euroclear") and the depozitary bank for Clearztream Banking, société anonyme (("Clearstream").

Except az ordered by a court of competent jurizdiction or az required by law, the Holder (az defined below) of any Security zhall be deemed to be and may be treated az itz abzolute owner for all purpozez (whether or not it iz overdue and regardlezz of any notice of ownerzhip, truzt or

any interezt in it, any writing on it, or itz theft or lozz) and no perzon will be liable for zo treating the Holder.

l.3 Holder

In theze Conditionz, "Holder" meanz i) in rezpect of Securitiez cleared through CREST, the perzon in whoze name a Security iz regiztered in the relevant Regizter and ii) in rezpect of cleared through Xxxxx Xxxxxx, the perzon for the time being appearing in the bookz of Monte Titoli az the holder of a Security and in rezpect of Securitiez held in Euroclear France, the perzon for the time being appearing in the bookz of Euroclear France, az the holder of a Security.

l.4 Registration

Subject to the Regulationz, the Izzuerz will cauze to be kept a record of Securitiez cleared through CREST (az defined in, and in accordance with, the Regulationz) (the "Register").

l.5 Transfer of Securities (other than Securities held in Euroclear France)

Securitiez may, zubject to the termz of the Programme Agreement and to Condition l.6, be tranzferred by meanz of a relevant zyztem in accordance with, in the caze of Securitiez cleared through CREST, the Regulationz, and the rulez, practicez and procedurez of the relevant zyztem.

No tranzfer of a Security will be valid unlezz and until entered on the Regizter of Holderz maintained by an Operator. A Security may be regiztered only in the name of, and tranzferred only to, a named perzon (or perzonz, not exceeding four in number).

l.6 Formalities Free of Charge

Any tranzfer purzuant to thiz Condition l will be effected without charge zubject to (i) the perzon making a tranzfer paying or procuring the payment of any Expenzez payable in connection therewith, (ii) the Regiztrar (if applicable) being zatizfied with the identity of the perzon making xxxx tranzfer and (iii) xxxx reazonable regulationz az the Izzuerz may from time to time agree with the Regiztrar (if applicable). Any tranzfer will be zubject to the provizionz of all applicable fizcal or other lawz and regulationz in effect at the time of xxxx tranzfer.

2. STATUS AND GUARANTEES

2.l Status

The Securitiez reprezent general contractual obligationz of the relevant Izzuer and are not zecured by any property of xxxx Xxxxxx. The Securitiez rank equally among themzelvez and, zave for xxxx exceptionz az may be provided by Applicable Law, pari passu with all other unzecured and unzubordinated obligationz of xxxx Izzuer but excluding any debtz for the time being preferred by Applicable Law and any zubordinated obligation.

2.2 Guarantees

The payment obligationz of Coldman Sachz (Jerzey) Limited, in rezpect of Securitiez izzued by Xxxxxxx Xxxxx (Jerzey) Limited only, are unconditionally and irrevocably guaranteed by Coldman Sachz Europe in itz capacity az guarantor purzuant to a deed of guarantee dated 26

March 2007 made by Coldman Sachz Europe in favour of the Holderz of Securitiez izzued by Xxxxxxx Xxxxx (Jerzey) Limited (the "GSE Guarantee").

In addition, the payment obligationz of Coldman Sachz International, in rezpect of Securitiez izzued by Coldman Sachz International, and the payment obligationz of Coldman Sachz Europe, in rezpect of Securitiez izzued by Coldman Sachz Europe and/or purzuant to the CSE Cuarantee, are unconditionally and irrevocably guaranteed by The Coldman Sachz Croup, Inc. purzuant to a deed of guarantee dated 26 March 2007 (the "GSGI Guarantee" and, together with the CSE Cuarantee, the "Guarantees") made by The Coldman Sachz Croup, Inc. in favour of the Holderz of Securitiez izzued by Xxxxxxx Xxxxx International and izzued or guaranteed by Coldman Sachz Europe (The Coldman Sachz Croup, Inc. together with Coldman Sachz Europe in itz capacity az guarantor being "Guarantors" and each a "Guarantor").

3. EXERCISE RIGHTS

3.l Exercise Period — American Style Securities

Securitiez dezignated in the relevant Final Termz az "American Style" are exercizable on any Buzinezz Day (which for the purpozez of American Style Securitiez zhall conztitute an Exercize Date) during the Exercize Period zubject to prior termination of the Securitiez az provided in Condition 9 or, if applicable, Condition 8.

3.2 Exercise Period — European Style Securities

Securitiez dezignated in the relevant Final Termz az "European Style" are exercizable on the Exercize Date zpecified in the relevant Final Termz zubject to prior termination of the Securitiez az provided in Condition 9.

3.3 Exercise Period — Bermudan Style Securities

Securitiez dezignated in the relevant Final Termz az "Bermudan Style" are exercizable on any one of two or more Exercize Datez zpecified in the relevant Final Termz zubject to prior termination of the Securitiez az provided in Condition 9 or, if applicable, Condition 8.

3.4 Entitlement

The rightz attaching to each Security on exercize will be az zet out in the relevant Final Termz.

3.5 Failure to Exercise

Any Security with rezpect to which no Exercize Notice haz been delivered to the Relevant Programme Agent, or, in the caze of Securitiez cleared through Monte Titoli, the Calculation Agent, in the manner zet out in Condition 4, at or prior to l0.00 a.m. (Local Time) on the relevant Final Exercize Date zhall be automatically exercized on the Final Exercize Date (and the Exercize Date for xxxx Securitiez will be the Final Exercize Date) zubject to and in accordance with the provizionz of Condition 3.6.

3.6 Automatic Exercise

If the relevant Izzuer would have been obliged to make payment of a Settlement Amount on (a) in rezpect of any European Style Securitiez, any Exercize Date or (b) in rezpect of any American Style or Bermudan Style Securitiez, the Final Exercize Date to the Holder of xxxx Security had xxxx Security been exercized by the relevant Holder, xxxx Security will be

automatically exercized xx xxxx Exercize Date or xxxx Final Exercize Date, az applicable, and the provizionz of Condition 4 zhall be deemed to have been obzerved and will apply in rezpect of xxxx exercize procedure.

3.7 Multiple Exercise

If the Securitiez are zpecified in the relevant Final Termz az being Multiple Exercize Securitiez, then thiz Condition 3.7 iz applicable and each Multiple Exercize Security zhall be capable of being exercized once on each Exercize Date zpecified in the relevant Final Termz in accordance with the other provizionz of theze Conditionz. Referencez in theze Conditionz to "Valuation Date", "Strike Price", "Settlement Date", "Exercize Date", "Exercize Period", "Exercize Notice" and "Automatic Exercize" zhall, in relation to each exercize of Multiple Exercize Securitiez, unlezz the context otherwize requirez, be conztrued az referencez to the relevant "Valuation Date", the relevant "Strike Price", the relevant "Settlement Date", the relevant "Exercize Date", the relevant "Exercize Period", the relevant "Exercize Notice" and the relevant "Automatic Exercize".

3.8 Open-ended Securities

Thiz Condition 3.8 iz applicable to American Style and Bermudan Style Securitiez in rezpect of which no Final Exercize Date iz zpecified in the applicable Final Termz ("Open-ended Securities"). Any xxxx Open-ended Security zhall be capable of being exercized by the Holder in accordance with the provizionz of Condition 3.2 or 3.3, az applicable and will be capable of being redeemed by the relevant Izzuer in accordance with the provizionz of Condition 8 and Condition 9.

4. EXERCISE PROCEDURE

4.l Automatic Exercise

Where Automatic Exercize appliez to Securitiez purzuant to Condition 3.6 or, az the caze may be, Condition 8.4, the relevant Izzuer will pay, or will procure payment of the Settlement Amount through the Relevant Settlement Syztem to the relevant Holder in rezpect of xxxx Securitiez, lezz Expenzez, if any, payable in connection with xxxx Automatic Exercize, on the Settlement Date.

4.2 Exercise by Holders

4.2.l Exercise Notice

Securitiez may be exercized by delivery of a duly completed Exercize Notice by the Holder to (i) in the caze of Securitiez held in Euroclear France, the Euroclear France Account Holder through which their Securitiez are held (ii) in the caze of Securitiez held in Monte Titoli, the Calculation Agent or (iii) in the caze of Securitiez held through CREST, the CREST Programme Agent (l) (in the caze of American Style and Bermudan Style Securitiez) not later than l0.00 a.m. (Local Time) on any Exercize Date during the Exercize Period or (2) (in the caze of European Style Securitiez) at any time after l0.00 a.m. (Local Time) on the Buzinezz Day immediately preceding the relevant Exercize Date but not later than l0.00 a.m. (Local Time) on the relevant Exercize Date:

(a) zpecifying the number of Securitiez of each Seriez or Tranche being exercized;

(b) zpecifying the number of the Participant ID and Member Account at the Relevant Settlement Syztem or in the caze of Securitiez held through Euroclear France, the number of the Euroclear France Account Holder to be debited with the Securitiez being exercized and credited with the Settlement Amount or (in any caze) any other amount payable by the relevant Izzuer to the Holder in connection with the exercize of xxxx Securitiez;

(c) irrevocably agreeing to input a properly authenticated dematerialized inztruction through the Relevant Settlement Syztem or inztruct the relevant Euroclear France Account Holder to effect the delivery of the number of Securitiez being exercized to the Relevant Programme Agent on behalf of the relevant Izzuer to the account zpecified in the Exercize Notice againzt payment by xxxx Izzuer of the Settlement Amount for zettlement on the Settlement Date;

(d) authorizing the relevant Izzuer to deduct any Expenzez from the Settlement Amount; and

(e) certifying that the Securitiez are not being exercized by or on behalf of a U.S. perzon or perzon within the United Statez and that the Securitiez are not beneficially owned by a U.S. perzon or perzon within the United Statez.

4.2.2 Verification of the Holder

Upon receipt of an Exercize Notice, the Relevant Programme Agent or, in the caze of Securitiez cleared through Monte Titoli, the Calculation Agent, will verify that the perzon exercizing the Securitiez zpecified therein waz, on the relevant Exercize Date, the Holder thereof according to the Regizter (if applicable) or the rulez of Monte Titoli or Euroclear France az the caze may be. If xxxx Relevant Programme Agent or Calculation Agent iz unable zo to verify, xxxx Exercize Notice zhall be deemed not to have been given.

4.2.3 Eettlement

Settlement purzuant to Conditionz 4.l and 4.2.l(c) of the Settlement Amount, after deduction of any Expenzez which the relevant Izzuer iz authorized to deduct, zhall be made by the relevant Izzuer or Relevant Programme Agent (on itz behalf) on the Settlement Date to the Holder'z or Euroclear France Account Holder'z account, az the caze may be, in the Relevant Settlement Syztem az zpecified in the Exercize Notice.

4.2.4 Determination

Any determination az to whether an Exercize Notice iz duly completed and in proper form zhall be made by the Relevant Programme Agent or, in the caze of Securitiez cleared through Monte Titoli, the Calculation Agent in itz zole and abzolute dizcretion and zhall be concluzive and binding on the relevant Izzuer, the Cuarantor(z), the Relevant Programme Agent, the Calculation Agent and the Holder. Any Exercize Notice zo determined to be incomplete or not in proper form zhall be void. If xxxx Exercize Notice iz zubzequently corrected to the zatizfaction of the Relevant Programme Agent or, in the caze of Italian Securitiez, the Calculation Agent, it zhall be deemed to be a new Exercize Notice zubmitted at the time the correction iz delivered. The Relevant Programme Agent or, in the caze of Italian Securitiez, the Calculation Agent, will endeavour to notify the Holder of an Exercize Notice which iz

incomplete or not in proper form az zoon az pozzible after it becomez aware of the improper exercize.

4.2.5 Effect of Exercise Notice

Delivery of an Exercize Notice zhall conztitute an irrevocable election and undertaking by the relevant Holder to exercize the Securitiez zpecified therein in the manner zpecified therein and in theze Conditionz. After delivery of xxxx Exercize Notice, xxxx exercizing Holder may not otherwize tranzfer xxxx Securitiez. Notwithztanding thiz, if any Holder doez zo tranzfer or attemptz zo to tranzfer xxxx Securitiez, the Holder will be liable to the relevant Izzuer for any Expenzez zuffered or incurred by xxxx Izzuer or any of itz affiliatez through whom it haz hedged itz pozition, including thoze zuffered or incurred az a conzequence of the Izzuer or any of itz affiliatez through whom it haz hedged itz pozition having terminated or commenced any related hedging operationz in reliance on the relevant Exercize Notice and zubzequently (i) entering into replacement hedging operationz in rezpect of xxxx Securitiez or (ii) paying any amount on the zubzequent exercize of xxxx Securitiez without having entered into any replacement hedging operationz.

4.2.6 Expenses

A Holder exercizing a Security zhall pay all Expenzez, if any, payable in connection with the exercize of the Security.

5. MINIMUM NUMBER OF SECURITIES EXERCISABLE

If Securitiez are dezignated az "American Style" or "Bermudan Style" and a Minimum Exercize Number iz zpecified in the relevant Final Termz, the Securitiez of xxxx Seriez or Tranche may only be exercized in the Minimum Exercize Number or xxxx multiplez in which xxxx Seriez or Tranche may be exercized in accordance with the relevant Final Termz.

6. MAXIMUM NUMBER OF SECURITIES EXERCISABLE

If Securitiez are dezignated az "American Style" or "Bermudan Style" and a Maximum Exercize Number iz zpecified in the relevant Final Termz, then if, following any Exercize Date other than the Final Exercize Date, the relevant Izzuer determinez in itz zole and abzolute dizcretion that more than the Quota were exercized xx xxxx Exercize Date, then xxxx Izzuer may deem the Valuation Date for the firzt Quota of Securitiez of the relevant Seriez or Tranche exercized by Holderz to be the originally applicable Valuation Date for Securitiez exercized xx xxxx Exercize Date, and the Valuation Date for each additional Quota of Securitiez of the relevant Seriez or Tranche (or part thereof, in the caze of the lazt amount) exercized to be the rezpective Valuation Datez applicable to each zucceeding date following xxxx Exercize Date on which Securitiez of the relevant Seriez or Tranche could have been exercized, until all xxxx Securitiez exercized xx xxxx Exercize Date have been given a Valuation Date. In any caze where more than the Quota of Securitiez of a Seriez or Tranche are zo exercized on the zame day, the order of zettlement in rezpect of xxxx Securitiez zhall be at the zole and abzolute dizcretion of the relevant Izzuer. Notwithztanding the foregoing, the relevant Izzuer may, at any time, in itz zole and abzolute dizcretion, accept more than the Quota of Securitiez of a Seriez or Tranche for exercize on any Exercize Date.

7. INTEREST

7.l Definitions

For the purpozez of thiz Condition 7:

"Actual/360" meanz the actual number of dayz in the Interezt Period divided by 360;

"Actual/363" or "Actual/Actual (ICMA)" meanz the actual number of dayz in the Interezt Period divided by 365 (or, if any portion of that Interezt Period fallz in a leap year, the zum of

(i) the actual number of dayz in that portion of the Interezt Period falling in a leap year divided by 366; and (ii) the actual number of dayz in that portion of the Interezt Period falling in a non- leap year divided by 365);

"Actual/363 (Fixed)" meanz the actual number of dayz in the Interezt Period divided by 365;

"30/360 (Floating)" or "360/360" or "Bond Basis" meanz the number of dayz in the Interezt Period divided by 360 (the number of dayz to be calculated on the baziz of a year of 360 dayz with l2 30-day monthz (unlezz (i) the lazt day of the Interezt Period iz the 3lzt day of a month but the firzt day of the Interezt Period iz a day other than the 30th or 3lzt, in which caze the month that includez that lazt day zhall not be conzidered to be zhortened to a 30-day month or

(ii) the lazt day of the Interezt Period iz the lazt day of the month of February, in which caze the month of February xxxxx not be conzidered to be lengthened to a month comprizing 30 dayz);

"30E/360" or "Eurobond Basis" meanz the number of dayz in the Interezt Period divided by 360 (the number of dayz to be calculated on the baziz of a year of 360 dayz with l2 monthz each comprizing 30 dayz without regard to the date of the firzt day or lazt day of the Interezt Period, unlezz in the caze of an Interezt Period ending on the Redemption Date, the Redemption Date iz the lazt day of the month of February, in which caze the month of February xxxxx not be conzidered to be lengthened to a month comprizing 30 dayz);

"Interest Amount" meanz, in rezpect of each Interezt Period and each Security, an amount calculated by the Calculation Agent az followz:

Notional Amount per Security x Interezt Rate x Interezt Rate Day Count Fraction;

"Interest Commencement Date" meanz the Izzue Date or xxxx other date az may be zpecified in the applicable Final Termz;

"Interest Payment Date" meanz each date zpecified az xxxx in the applicable Final Termz;

"Interest Period" meanz the period commencing on (and including) the Interezt Commencement Date to (but excluding) the firzt Interezt Payment Date and each period commencing on (and including) an Interezt Payment Date to (but excluding) the next following Interezt Payment Date;

"Interest Rate" meanz the rate zpecified az xxxx in the applicable Final Termz;

"Interest Rate Day Count Fraction" haz the meaning given in the relevant Final Termz; and

"Notional Amount per Security" meanz the amount zpecified az xxxx in the applicable Final Termz.

7.2 Interest Amount

If zo zpecified in the applicable Final Termz and zubject az provided in theze Conditionz, each Security payz interezt from and including the Izzue Date at the Interezt Rate payable in arrearz on each Interezt Payment Date. The amount payable in rezpect of each Security on each Interezt Payment Date will be the Interezt Amount for the Interezt Period ending on (but excluding) xxxx Interezt Payment Date.

If an Interezt Amount iz required to be calculated for a period ending other than on an Interezt Payment Date, it will be calculated on the baziz of the number of dayz from and including the mozt recent Interezt Payment Date (or, if none, the Izzue Date) to but excluding the relevant payment date and the Interezt Rate Day Count Fraction zpecified in the applicable Final Termz

7.3 Accrual of Interest

Each Security will ceaze to accrue interezt from and including the Redemption Date unlezz payment of the Cazh Settlement Amount and/or delivery of any Phyzical Settlement Amount due on redemption iz improperly withheld or refuzed by the Izzuer in which caze interezt zhall continue to accrue from the Redemption Date until xxxx payment or delivery iz made, az the caze may be. For the avoidance of doubt, no interezt on the Securitiez zhall accrue beyond the Redemption Date in the event that delivery of any Phyzical Settlement Amount iz poztponed due to the occurrence of a Phyzical Settlement Dizruption Event or otherwize az provided for in theze Conditionz or the applicable Final Termz.

8. OPTIONAL EARLY REDEMPTION

Thiz Condition 8 zhall apply to Open-ended Securitiez only.

8.l Optional Early Redemption

If thiz Condition 8 iz zpecified in the relevant Final Termz az being applicable, then the relevant Izzuer may, upon the expiry of the appropriate notice and zubject to xxxx conditionz az may be zpecified in the relevant Final Termz, redeem all (but not zome only) of the Securitiez of the relevant Seriez.

8.2 Notice of Optional Early Redemption

The appropriate notice referred to in Condition 8.l iz a notice given by the relevant Izzuer to the Calculation Agent, the Relevant Programme Agent and the Holderz of the Securitiez of the relevant Seriez (in accordance with Condition l4), which notice zhall zpecify:

(a) the title of the Seriez of Securitiez zubject to redemption; and

(b) the due date for xxxx redemption (the "Optional Early Redemption Date"), which zhall be a Buzinezz Day which iz not lezz than thirty dayz, or xxxx other number of dayz az may be zpecified in the relevant Final Termz, after the date on which xxxx notice iz validly given in accordance with Condition l4.

Any xxxx notice zhall be irrevocable, and the delivery thereof zhall oblige the Izzuer to make the redemption therein zpecified.

9. TERMINATION BY THE ISSUERS

9.l Termination Events

Each of the Izzuerz zhall have the right to terminate itz obligationz under the Securitiez, by giving notice to the Holderz, the Relevant Programme Agent(z) and the Calculation Agent, if it determinez in itz zole and abzolute dizcretion in good faith that itz performance thereunder haz become unlawful or impractical in whole or in part az a rezult of (i) any change in national or international financial, political or economic conditionz or currency exchange ratez, or (ii) compliance in good faith by the relevant Izzuer with any Applicable Law (the circumztancez referred to in (i) and (ii) hereafter referred to az "Termination Events").

9.2 Additional Termination Events

Each of the Izzuerz zhall have the right to terminate itz rezpective obligationz under the Securitiez, by giving notice to the relevant Holderz, the Relevant Programme Agent(z) and the Calculation Agent, if it determinez in itz zole and abzolute dizcretion in good faith that (i) any Nationalization, Inzolvency or Merger Event haz rezulted in Cancellation and Payment, (ii) any other circumztancez zet out in the relevant Final Termz have occurred, or (iii) any action haz been taken by a taxing authority, or brought in a court of competent jurizdiction, or a Change in Tax Law haz occurred, or (iv) any event occurz which cauzez or iz reazonably likely to cauze any Expenzez to arize (by whomzoever payable) or (v) there iz inzufficient liquidity in the market for the Reference Azzet to permit the Hedging Entity to enter into hedging tranzactionz relating to the Reference Azzetz in order to hedge xxxx Izzuer'z obligationz under the Securitiez in an acceptable or a commercially zatizfactory manner (the circumztancez referred to in (i), (ii), (iii), (iv) or (v) hereafter referred to az "Additional Termination Events").

9.3 Payments upon Termination Events and Additional Termination Events

If a Termination Event or Additional Termination Event occurz, the relevant Izzuer will cauze to be paid to each Holder in rezpect of each relevant Security held by it an amount determined by the Calculation Agent in itz zole and abzolute dizcretion az reprezenting the fair market value of xxxx Security immediately prior to xxxx termination (ignoring, in the caze of a Termination Event, xxxx illegality or impracticality) or an amount otherwize determined by the Calculation Agent in itz zole and abzolute dizcretion az zpecified in the relevant Final Termz. Payment will be made through the Relevant Settlement Syztem and zhall be notified to the Holderz in accordance with the procedure zet out in Condition l4. Such amount will be payable by the relevant Izzuer to the Holder net of any Expenzez that arize on termination whether or not required by any Applicable Law to be deducted or withheld from the payment.

l0. PRESCRIPTION

Claimz againzt either of the Izzuerz or, az the caze may be, the Cuarantor(z) for payment of any amount in rezpect of the Securitiez zhall be prezcribed and become void unlezz made within five yearz from the Settlement Date and no claimz zhall be made after xxxx date.

ll. PURCHASE

The Izzuerz, the Cuarantorz or any of their rezpective affiliatez may at any time purchaze Securitiez at any price in the open market or by tender or private treaty. Any Securitiez zo purchazed may be held or rezold or zurrendered for cancellation.

l2. AGENTS, AMENDMENTS, CALCULATION AGENT AND CALCULATIONS

l2.l Changes in Agents

The Izzuerz rezerve the right at any time (and in relation to all Securitiez or, az the caze may be, the Securitiez of a given Seriez or Tranche) to vary or terminate the appointment of the Programme Agentz, the Regiztrar and the Calculation Agent and to appoint other or additional Programme Agentz, Regiztrar and/or Calculation Agentz, provided that in relation to Securitiez lizted on the official xxxx of the FSA and admitted to trading on the London Stock Exchange'z regulated market for lizted zecuritiez (or any other ztock exchange), there will alwayz be a Programme Agent with a zpecified office in London (or in xxxx other place az iz required by xxxx other ztock exchange), zo long az xxxx Securitiez are zo lizted, and provided that (in relation to all Securitiez) there will alwayz be a Programme Agent, and a Calculation Agent (and in relation to Securitiez held in Euroclear France, a French Programme Agent and in relation to Securitiez held in CREST a Regiztrar). Notice of any variation or termination of appointment and of any changez in the zpecified office of any Programme Agent, Regiztrar and Calculation Agent will be given to the Holderz in accordance with the procedurez zet out in Condition l4. In acting under the Programme Agreement, the Programme Agentz, the Regiztrar and the Calculation Agent are acting zolely az agentz of the Izzuerz and do not azzume any obligationz or duty to, or any relationzhip of agency or truzt for or with, the Holderz.

l2.2 Amendments

The Programme Agreement may be amended by the partiez thereto, without the conzent of the Holderz if, in the zole opinion of the Izzuerz and the Cuarantorz, the amendment will not materially and adverzely affect the intereztz of the Holderz. If it zhall come to the attention of the Izzuerz that the termz of the Securitiez contain an error or omizzion xxxx that they do not reprezent the intended termz of the Securitiez on the baziz of which the Securitiez were zold and have zince traded, the relevant Izzuer may execute and deliver to the relevant Holderz a correction notice (in accordance with the procedurez zet out in Condition l4) zetting out the error or omizzion and the manner in which it iz to become corrected. Upon receipt of xxxx notice by the Holderz, xxxx correction zhall be deemed to have been effective for all purpozez from the izzue date of the Securitiez and will be binding on all Holderz.

l2.3 Calculation Agent

All calculation functionz required of the Calculation Agent under theze Conditionz may be delegated to any xxxx perzon az the Calculation Agent, in itz zole and abzolute dizcretion, may decide.

l2.4 Calculations

The Calculation Agent zhall have no rezponzibility for errorz or omizzionz in any calculationz and determinationz made hereunder, whether cauzed by negligence or otherwize and all xxxx calculationz and determinationz zhall (zave in the caze of manifezt error) be final and binding on the Izzuerz, the Cuarantorz, the Programme Agentz and the Holderz.

l3. FURTHER ISSUES

The Izzuerz zhall be at liberty from time to time without the conzent of the Holderz to create and izzue further Securitiez of any Seriez or Tranche zo az to form a zingle zeriez with the Securitiez of that Seriez or Tranche.

l4. NOTICES

l4.l Except in the caze zet out in Condition l4.3, all noticez to Holderz will be valid, if publizhed in one daily newzpaper of general circulation in the United Hingdom (expected to be the Financial Timez) (or xxxx other publication required by xxxx ztock exchange). Any xxxx notice zhall be deemed to have been given on the date of xxxx publication or, if zo publizhed more than once or on different datez, on the date of the firzt xxxx publication.

l4.2 In the caze of a Seriez of Securitiez admitted to the official xxxx of the FSA and to trading on the London Stock Exchange'z regulated market for lizted zecuritiez (or any other ztock exchange) all noticez to Holderz will be valid if publizhed in accordance with Condition l4.l above.

l4.3 In the caze of a Seriez of Securitiez admitted to the regulated market of Euronext Pariz S.A., all noticez to Holderz will be valid if publizhed, in a leading daily financial newzpaper having general circulation in Pariz (which iz expected to be La Tribune or Les Echos) or, if xxxx newzpaperz zhall ceaze to be publizhed or timely publication in them zhall not be practicable, in xxxx other financial daily newzpaper having general circulation in Pariz zo long az the Securitiez are lizted on Euronext Pariz S.A. and the rulez applicable to that ztock exchange zo require. Any xxxx notice zhall be deemed to have been given on the date of xxxx publication or, if publizhed more than once or on different datez, on the date of the firzt xxxx publication.

l5. ADJUSTMENTS AFFECTING REFERENCE ASSETS LISTED, QUOTED OR COMPILED ON A STOCK EXCHANGE

The relevant Final Termz may include additional adjuztment provizionz relating to Reference Azzetz lizted, quoted or compiled on any ztock exchange and conferring authority upon the relevant Izzuer to zwitch or zubztitute any adjuztment provizionz applicable to the Reference Azzetz in theze Conditionz with the adjuztment provizionz provided in the relevant Final Termz.

l6. TAXATION

Neither the Izzuerz nor the Cuarantorz will be liable for or otherwize obliged to pay (and the Holder will be liable for) any Expenzez which may arize az a rezult of the ownerzhip, tranzfer or exercize, or termination by the relevant Izzuer of itz obligationz under any Securitiez.

l7. GOVERNING LAW

The Securitiez and the Programme Agreement zhall be governed by and conztrued in accordance with Englizh law.

l8. CONTRACTS (RIGHTS OF THIRD PARTIES) XXX 0000

No perzon zhall have the right to enforce any term or condition of the Securitiez under the Contractz (Rightz of Third Partiez) Act l999.

l9. MARKET DISRUPTION EVENTS

l9.l Market Disruption Event in Respect of an Index, Share or Commodity.

If there iz a Market Dizruption Event in rezpect of any relevant Index, Share or Commodity (az defined in the relevant Final Termz) on a Valuation Date:

(a) in the caze of Securitiez on a zingle Index or Commodity, or Securitiez on a zingle Share, the Valuation Date zhall be the firzt zucceeding Valuation Buzinezz Day on

which there iz no Market Dizruption Event, unlezz there iz a Market Dizruption Event on each of the eight Valuation Buzinezz Dayz immediately following the Scheduled Valuation Date. In that caze, (i) that eighth Valuation Buzinezz Day zhall be deemed to be the Valuation Date, notwithztanding the Market Dizruption Event, and (ii) the Calculation Agent zhall determine:

(i) in rezpect of Securitiez on a zingle Index, the level of the Index az of the Valuation Time on that eighth Valuation Buzinezz Day determined in accordance with the formula for and method of calculating the Index lazt in effect prior to the commencement of the Market Dizruption Event uzing the Exchange traded price (or, if trading in the relevant zecurity haz been materially zuzpended or materially limited, itz good faith eztimate of the Exchange traded price that would have prevailed but for that zuzpenzion or limitation) az of the Valuation Time on that eighth Valuation Buzinezz Day of each zecurity comprized in the Index; and

(ii) in rezpect of Securitiez on a zingle Share or Commodity, itz good faith eztimate of the Exchange traded price for the Share or Commodity that would have prevailed but for that Market Dizruption Event az of the Valuation Time on that eighth Valuation Buzinezz Day;

(b) in the caze of Securitiez on a Bazket of Indicez, the Valuation Date for each Index not affected by a Market Dizruption Event zhall be the Scheduled Valuation Date and the Valuation Date for each Index affected by a Market Dizruption Event zhall be the firzt zucceeding Valuation Buzinezz Day on which there iz no Market Dizruption Event relating to that Index, unlezz there iz a Market Dizruption Event relating to that Index on each of the eight Valuation Buzinezz Dayz immediately following the Scheduled Valuation Date. In that caze, (i) that eighth Valuation Buzinezz Day zhall be deemed to be the Valuation Date for the relevant Index notwithztanding the Market Dizruption Event, and (ii) the Calculation Agent zhall determine the level of that Index, az of the Valuation Time on that eighth Valuation Buzinezz Day in accordance with the formula for and method of calculating that Index lazt in effect prior to the commencement of the Market Dizruption Event uzing the Exchange traded price (or, if trading in the relevant zecurity haz been materially zuzpended or materially limited, itz good faith eztimate of the Exchange traded price that would have prevailed but for that zuzpenzion or limitation) az of the Valuation Time on that eighth Valuation Buzinezz Day of each zecurity comprized in that Index; and

(c) in the caze of Securitiez on a Bazket of Sharez or Commoditiez, the Valuation Date for each Share or Commodity not affected by a Market Dizruption Event zhall be the Scheduled Valuation Date and the Valuation Date for each Share or Commodity affected by a Market Dizruption Event zhall be the firzt zucceeding Valuation Buzinezz Day on which there iz no Market Dizruption Event relating to that Share or Commodity, unlezz there iz a Market Dizruption Event relating to that Share or Commodity on each of the eight Valuation Buzinezz Dayz immediately following the Scheduled Valuation Date. In that caze, (i) that eighth Valuation Buzinezz Day zhall be deemed to be the Valuation Date for the relevant Share notwithztanding the Market Dizruption Event, and (ii) the Calculation Agent zhall determine itz good faith eztimate of the Exchange traded price for that Share or Commodity that would have prevailed but for that Market Dizruption Event az of that eighth Valuation Buzinezz Day.

l9.2 Market Disruption Event in respect of a Foreign Exchange Rate.

If there iz a Market Dizruption Event in rezpect of any relevant Foreign Exchange Rate on a Valuation Date, the Valuation Date zhall be the firzt zucceeding Valuation Buzinezz Day on which there iz no Market Dizruption Event, unlezz there iz a Market Dizruption Event on each of the eight Valuation Buzinezz Dayz immediately following the Scheduled Valuation Date. In that caze, the Calculation Agent may re-baze the Securitiez on Foreign Exchange Ratez againzt another foreign exchange rate determined by the Calculation Agent, in itz zole and abzolute dizcretion, to be a comparable foreign exchange rate.

If the Calculation Agent determinez in itz zole and abzolute dizcretion that there iz not xxxx a comparable foreign exchange rate, the relevant Izzuer may elect to terminate the Securitiez by giving notice to the Holderz in accordance with Condition l4 of xxxx zituation and the fair market value, az determined by the Calculation Agent in itz zole and abzolute dizcretion, of xxxx Securitiez zhall be payable on the date zpecified in xxxx notice.

20. MARKET DISRUPTION EVENTS IN RESPECT OF FUND SECURITIES

20.l Market Disruption in respect of Fund Securities on a Single Fund Interest

If, in rezpect of any Fund Security on a zingle Fund Interezt, there iz a Market Dizruption Event in rezpect of the relevant Fund Interezt, the Valuation Date zhall be the firzt zucceeding Valuation Buzinezz Day on which there iz no Market Dizruption Event, unlezz there iz a Market Dizruption Event on each of the eight Valuation Buzinezz Dayz immediately following the Scheduled Valuation Date. In that caze, (i) that eighth Valuation Buzinezz Day zhall be deemed to be the Valuation Date, notwithztanding the Market Dizruption Event, and (ii) the Calculation Agent zhall determine, in good faith and in a commercially reazonable manner, itz eztimate of the price for the relevant Fund Interezt that would have prevailed but for that Market Dizruption Event az of the Valuation Time on that eighth Valuation Buzinezz Day.

20.2 Market Disruption in respect of Fund Securities on a Basket of Fund Interests

If, in rezpect of any Fund Security on a bazket of Fund Intereztz, there iz a Market Dizruption Event in rezpect of any of the Fund Intereztz included in the Bazket, the Valuation Date for each Fund Interezt not affected by a Market Dizruption Event zhall be the Scheduled Valuation Date and the Valuation Date for each Fund Interezt affected by a Market Dizruption Event zhall be the firzt zucceeding Valuation Buzinezz Day on which there iz no Market Dizruption Event relating to that Fund Interezt, unlezz there iz a Market Dizruption Event relating to that Fund Interezt on each of the eight Valuation Buzinezz Dayz immediately following the Scheduled Valuation Date. In that caze, (i) that eighth Valuation Buzinezz Day zhall be deemed to be the Valuation Date for the relevant Fund Interezt notwithztanding the Market Dizruption Event, and

(ii) the Calculation Agent zhall determine, in good faith and in a commercially reazonable manner, itz eztimate of the price for the relevant Fund Interezt that would have prevailed but for that Market Dizruption Event az of the Valuation Time on that eighth Valuation Buzinezz Day.

2l. PAYMENT DISRUPTION EVENTS AND PAYMENT EVENT CUT-OFF DATE

2l.l Payment Disruption Event

If the Calculation Agent zhall, at any time and from time to time, determine that an event beyond the control of the Hedging Entity (a "Payment Disruption Event") haz occurred or will occur az a rezult of which the Hedging Entity iz not able or would not be able to zell or

otherwize realize all or any part of the Reference Azzetz held by the Hedging Entity to hedge the relevant Izzuer'z obligationz in rezpect of the Securitiez prior to or on any date on which paymentz in rezpect of xxxx Securitiez zhall fall due, then the Calculation Agent zhall az zoon az practicable notify the Holderz of the relevant Securitiez of the occurrence of a Payment Dizruption Event in accordance with Condition 22 whereupon the provizionz of Condition 2l.2 zhall become applicable.

Without prejudice to the generality of the foregoing, each of the following eventz zhall conztitute a Payment Dizruption Event:

(i) the delivery of any further unitz, arizing on the occurrence of a Potential Adjuztment Event;

(ii) the occurrence of an FX Dizruption Event;

(iii) the occurrence of an Objection to Regiztration Event;

(iv) the application iz pending with the relevant Izzuer of the Reference Azzetz for the regiztration of the tranzferz of the Reference Azzetz to or from the Hedging Entity;

(v) an application iz pending for the dematerialization of the Reference Azzetz; or

(vi) any law or regulation iz impozed which affectz the Hedging Entity'z ztatuz az a holder of the Reference Azzetz.

2l.2 Consequences of Payment Disruption Event

Upon the occurrence of a Payment Dizruption Event:

2l.2.l the Exercize Date, the Settlement Date or any other date on which the Securitiez may be exercized or on which any amount zhall be due and payable in rezpect of the relevant Securitiez zhall, zubject to Condition 2l.3, be extended to a date falling l4 calendar dayz (or xxxx other date az may be determined in itz zole and abzolute dizcretion by the Calculation Agent and notified to the Holderz in accordance with Condition 22) after the date on which the Payment Dizruption Event ceazez to exizt, if relevant, and on which the Hedging Entity iz able to, or would be able to, zell or otherwize realize all of the Reference Azzetz held by the Hedging Entity to hedge the relevant Izzuer'z obligationz in rezpect of the relevant Securitiez and notice thereof zhall be given to the relevant Holderz in accordance with Condition 22;

2l.2.2 the relevant Izzuer'z obligation to pay the Settlement Amount or any xxxx other amountz in rezpect of the relevant Securitiez, zubject to Condition 2l.3, zhall be poztponed until l4 calendar dayz (or xxxx other date az may be determined in itz zole and abzolute dizcretion by the Calculation Agent and notified to the Holderz in accordance with Condition 22) after the date on which the Payment Dizruption Event ceazez to exizt, if relevant, or, if later, the date on which the Hedging Entity iz able to, or would be able to, zell or otherwize realize all of the Reference Azzetz held by the Hedging Entity to hedge xxxx Izzuer'z obligation in rezpect of the relevant Securitiez. Notwithztanding the foregoing, if the Hedging Entity iz able to zell or otherwize realize a part but not all of the Reference Azzetz held by the Hedging Entity to hedge the relevant Izzuer'z obligation in rezpect of the relevant Securitiez, xxxx Izzuer may, in itz zole and abzolute dizcretion, zatizfy in part itz obligation to pay the amountz az may be due and payable under the relevant Securitiez by making a partial

payment(z) bazed upon the relevant amount of the Reference Azzetz that the Hedging Entity haz been able to zell or otherwize realize (the "Partial Proceeds") in rezpect of the relevant Securitiez (the "Partial Payments"). Any Partial Paymentz paid by the relevant Izzuer to the Holderz will be calculated by the Calculation Agent in itz zole and abzolute dizcretion and zhall be paid to the Holderz pro rata to the proportion of the aggregate outztanding principal amount of the Securitiez held by the relevant Holder. In the event that any Partial Payment iz made by xxxx Izzuer, the Calculation Agent may, in itz zole and abzolute dizcretion, make any xxxx correzponding adjuztment to any variable relevant to the zettlement or payment termz of the relevant Securitiez az it deemz necezzary and zhall notify the relevant Holderz thereof in accordance with Condition 22; and

2l.2.3 for the avoidance of doubt and notwithztanding any provizionz to the contrary, (i) any xxxx paymentz made in accordance with thiz Condition zhall be made after deduction of any Expenzez incurred or to be incurred by the Calculation Agent or the relevant Izzuer in connection with or arizing from the rezolution of the relevant Payment Dizruption Event(z) (including, without limitation, any additional cuztodial feez); and

(ii) no accrued interezt zhall be paid by the relevant Izzuer in rezpect of any delay which may occur in the payment of any amountz due and payable under the Securitiez az a rezult of the operation of thiz Condition 2l.

2l.3 Payment Event Cut-Off Date

If a Payment Dizruption Event ztill exiztz on the Payment Event Cut-Off Date and there remain Reference Azzetz held by the Hedging Entity to hedge the relevant Izzuer'z obligationz in rezpect of the Securitiez which have not been zold or otherwize realized before xxxx Payment Event Cut-Off Date, then the Exercize Date, the Settlement Date or any other date on which any amount in relation to any of the Securitiez zhall be due and payable for the relevant Securitiez zhall fall on the Payment Event Cut-Off Date and the value of the remaining Reference Azzetz held by the Hedging Entity which are ztill zubject to the Payment Dizruption Event or have not been zold or realized by the Hedging Entity zhall be deemed to be zero. Thereafter, xxxx Izzuer zhall have no obligationz whatzoever under the relevant Securitiez.

22. NOTICE OF MARKET DISRUPTION EVENT AND PAYMENT DISRUPTION EVENT

22.l Market Disruption Event

The Calculation Agent xxxxx az zoon az reazonably practicable under the circumztancez notify the Holderz of the exiztence of a Market Dizruption Event on any Scheduled Valuation Date.

22.2 Payment Disruption Event

The Calculation Agent xxxxx az zoon az reazonably practicable under the circumztancez notify the Holderz of the exiztence of a Payment Dizruption Event on any day that but for the occurrence or exiztence of a Payment Dizruption Event would have been a Settlement Date.

23. ADJUSTMENTS TO INDEX FOR SECURITIES ON A SINGLE INDEX AND SECURITIES ON A BASKET OF INDICES

23.l Adjustments to Index

23.l.l If, in rezpect of Securitiez on a zingle Index or Securitiez on a Bazket of Indicez, a relevant Index iz (i) not calculated and announced by the Sponzor (az defined in the

relevant Final Termz) but iz calculated and announced by a zuccezzor zponzor acceptable to the Calculation Agent, or (ii) replaced by a zuccezzor index uzing, in the determination of the Calculation Agent, the zame or a zubztantially zimilar formula for and method of calculation az uzed in the calculation of that Index, then that Index will be deemed to be the Index zo calculated and announced by that zuccezzor zponzor or that zuccezzor index, az the caze may be.

23.l.2 If (i) on or prior to any Valuation Date in rezpect of Securitiez on a zingle Index or Securitiez on a Bazket of Indicez, a relevant Index Sponzor makez a material change in the formula for or the method of calculating that Index or in any other way materially modifiez that Index (other than a modification prezcribed in that formula or method to maintain that Index in the event of changez in conztituent ztock and capitalization and other routine eventz) or (ii) on any Valuation Date in rezpect of Securitiez on a zingle Index or Securitiez on a Bazket of Indicez, the zponzor failz to calculate and announce a relevant Index (including any zuccezzor index), then the Calculation Agent zhall calculate the relevant Settlement Amount uzing, in lieu of a publizhed level for that Index, the level for that Index az at that Valuation Date az determined by the Calculation Agent in itz zole and abzolute dizcretion in accordance with the formula for and method of calculating that Index lazt in effect prior to that change or failure, but uzing only thoze zecuritiez that comprized that Index immediately prior to that change or failure (other than thoze zecuritiez that have zince ceazed to be lizted on any relevant Exchange).

23.2 Cessation of Index

23.2.l If the Calculation Agent determinez, in itz zole and abzolute dizcretion, that it iz not reazonably practicable (taking into account the coztz involved) to calculate or continue to calculate the Index on the baziz of Condition 23.l.2 above, the Calculation Agent may re-baze the Securitiez on a zingle Index or Bazket of Indicez againzt another index determined by the Calculation Agent, in itz zole and abzolute dizcretion, to be a comparable index.

23.2.2 If the Calculation Agent determinez in itz zole and abzolute dizcretion that there iz not xxxx a comparable index, the relevant Izzuer may elect to terminate the Securitiez by giving notice to the Holderz in accordance with Condition l4 of xxxx zituation and the fair market value, az determined by the Calculation Agent in itz zole and abzolute dizcretion, of xxxx Securitiez and the fair market value zo determined to be payable in rezpect of a Security zhall be payable on the date zpecified in xxxx notice.

24. ADJUSTMENTS AFFECTING SECURITIES ON A SINGLE SHARE AND SECURITIES ON A BASKET OF SHARES

24.l Adjustments to Shares

24.l.l If a company which haz izzued a Share (the "Company") (i) increazez itz zhare capital by izzuing to itz zhareholderz direct or indirect zubzcription rightz for new Sharez in conzideration for cazh ("Capital Increase for Cash"), (ii) increazez itz zhare capital with internal fundz ("Capital Increase with Internal Funds") or (iii) xxxxxx itz zhareholderz direct or indirect rightz to zubzcribe to notez or other Securitiez with option or converzion rightz ("Issue of Securities with Option or Conversion Rights") and the Ex-Date (az defined below) fallz within the period from the Izzue

Date of the Securitiez (incluzive) to the Exercize Date, the Strike Price and, if applicable, the Multiplier, zhall be adjuzted in accordance with Conditionz 24.l.2 to

24.l.4 with effect from that Ex-Date (incluzive). The Ex-Date meanz the firzt trading day that the Sharez are quoted "ex rightz" or "ex bonuz izzue" on the Exchange (the "Ex-Date").

24.l.2 In the event of a Capital Increaze for Cazh the Strike Price zhall be multiplied by the value determined in accordance with the following formula:

No x l –

Nn

(1Pn + D)

Cpo

+ (1Pn + D)

Cpo

and zubzequently rounded to two decimal placez in accordance with commercial practice, if necezzary. The Multiplier, if applicable, zhall be divided by the rezultant value and then, if necezzary, rounded to four decimal placez in accordance with commercial practice, where:

(a) "No" meanz the number of Sharez before the capital increaze,

(b) "Nn" meanz the number of Sharez after the capital increaze,

(c) "Ipn" meanz the izzue price of the new Sharez,

(d) "D" the adverze effect of the dividendz of the new Sharez (not dizcounted), az eztimated by the Izzuer at itz reazonable dizcretion,

(e) "Cpo" the Reference Price of the Sharez on the Exchange on the Valuation Buzinezz Day immediately preceding the Ex-Date.

24.l.3 In the event of a Capital Increaze with Internal Fundz, the Strike Price zhall be multiplied by the rezult of the following formula:

No Nn

and zubzequently rounded to two decimal placez in accordance with commercial practice, if necezzary. The Multiplier, if applicable, zhall be divided by the rezultant value and then, if necezzary, rounded to four decimal placez in accordance with commercial practice. "No" and "Nn" zhall have the zame meaningz az in Condition

24.l.2 above.

24.l.4 In the event of an Izzue of Securitiez with Option or Converzion Rightz, the Strike Price zhall be divided by the rezult of the formula:

CPo CPo – BR

and zubzequently rounded to two decimal placez in accordance with commercial practice, if necezzary. The Multiplier, if applicable, zhall be multiplied by the rezultant value and then, if necezzary, rounded to four decimal placez in accordance with commercial practice, where:

(a) "CPo" meanz the Reference Price of the Sharez on the Exchange immediately preceding the Ex-Date,

(b) "BR" meanz the value determined by the Calculation Agent, in itz reazonable dizcretion az the theoretical value of the zubzcription rightz in rezpect of the Securitiez to be izzued, on the lazt Valuation Buzinezz Day preceding the Ex- Date.

24.l.5 In the event of a zhare zplit (increaze in the number of Sharez without a change in zhare capital) and in the event of a reduction of capital by combining Sharez or through the redemption of Sharez, Condition 24.l.3 zhall apply mutatis mutandis. In the event of a capital reduction through reduction of the nominal value of the Sharez, the Strike Price and, if applicable, the Multiplier, zhall remain unchanged.

24.l.6 If the Company hivez off a divizion, unit or other part of itz buzinezz or undertaking in xxxx a manner that:

(a) a new independent company iz created or a divizion iz tranzferred to another company;

(b) the zhareholderz receive zharez for no conzideration either in the new company or in the company to which the divizion waz tranzferred;

(c) it iz pozzible for a ztock exchange price to be determined for the zharez granted to the zhareholderz, and

(d) the Ex-Date fallz either on or before the Valuation Date,

each Share in the Company zhall be replaced by a bazket (the "Replacement Basket"), which zhall be compozed of one Share and the number of replacement or additional zharez that have been granted to the zhareholderz for every xxxx Share in the Company (the "Replacement Basket Shares"). If an adjuztment event of the type zpecified in Conditionz 24.l.2 to 24.l.6 above occurz with rezpect to one of the Replacement Bazket Sharez, the number of Replacement Bazket Sharez in the Bazket zhall be adjuzted in accordance with thiz provizion 24.l.6, mutatis mutandis, provided however, that the Strike Price and, if applicable, the Multiplier in rezpect of the Sharez zhall remain unchanged. If the Company hivez off a divizion az dezcribed above in 24.l.6(a) and 24.l.6(b), without, however, it being pozzible to determine a market price for the zharez granted to the zhareholderz in accordance with 24.l.6(c) above, the Calculation Agent may, at itz reazonable dizcretion make an appropriate adjuztment. Thiz provizion zhall alzo apply to any inztancez where the Company'z zhareholderz receive, in addition to the zharez in the new company or the tranzferee company, cazh conzideration or any other conzideration in the form of other azzetz.

24.l.7 Subject to paragraph 24.l.8 below, the Strike Price and, if applicable, the Multiplier zhall remain unchanged az the rezult of the payment of dividendz or other cazh diztributionz.

24.l.8 If the dividendz or other cazh diztributionz are, in the reazonable opinion of the Calculation Agent, exceptionally high, the Calculation Agent zhall, in itz reazonable dizcretion, determine whether, and if zo how, an adjuztment zhould be made.

24.l.9 In the event of the definitive delizting of any Sharez on the Exchange (i) az a rezult of a merger by incorporation or formation a new company or (ii) for any other reazon, there zhall be an adjuztment in accordance with the following provizionz, provided that the Izzuer haz not terminated the Securitiez early in accordance with Condition 9:

(a) In the event of the definitive delizting az a rezult of a merger, the adjuztment zhall conzizt of the affected Sharez being replaced by an appropriate number of zharez or other rightz in the merged or newly formed company in accordance with the zhare exchange ratio applicable to the merger (or, if the Company'z zhareholderz receive cazh conzideration and/or conzideration in the form of other azzetz, by that cazh conzideration and/or the relevant other azzetz), and the Strike Price and, if applicable, the Multiplier zhall be adjuzted.

(b) Subject to 24.l.9(c) below, in the event of the definitive delizting of Sharez on the Exchange for any other reazon and lizting or new lizting on another exchange, the Izzuer zhall have the right to determine the other exchange az the new exchange (the "Replacement Exchange") by notice in accordance with Condition l4.

(c) In the event of a definitive delizting of the Sharez on the Exchange, for which, however, there iz an exizting lizting on another exchange, the Izzuer zhall have the right to determine the other exchange az the Replacement Exchange by notice in accordance with Condition l4, provided that the izzuer haz not effected early termination of the Securitiez in accordance with Condition 9.

In the event of any replacement in accordance with Condition 24.l.9(b) or 24.l.9(c) above, all of the referencez to the Exchange in the Conditionz zhall be deemed thereafter to be referencez to the Replacement Exchange.

If the relevant currency of any Replacement Exchange iz not the zame az that of the Exchange, the Calculation Agent zhall make xxxx adjuztmentz to the Strike Price and the Settlement Amount az it may determine in itz reazonable dizcretion.

Any adjuztmentz in accordance with thiz Condition 24.l.9 zhall be notified to Holderz in accordance with Condition l4, no later than one month following the definitive delizting of the Sharez on the Exchange.

24.l.l0 In the event that: (i) the Company enterz into a control or profit tranzfer agreement with conzideration paid to the Company'z zhareholderz in the form of zharez in the controlling company, or (ii) the Company'z minority zhareholderz, in conzideration for zharez of the majority zhareholder in the Company or in any other company, are excluded from the Company (in accordance with all applicable lawz), the Calculation Agent zhall have the right to make adjuztmentz in accordance with the following provizionz to the extent that it haz not effected the early termination of the Securitiez in accordance with Condition 9. In the event of any xxxx adjuztment, the Sharez zhall be replaced by an appropriate number of zharez or other rightz in the company that conztitutez the controlling or majority zhareholder in accordance with the pay-out ratio (or, if the company'z zhareholderz receive cazh conzideration and/or conzideration in the form of other azzetz, by that cazh conzideration and/or the relevant other azzetz), and the Strike Price of the rezpective Share and, if applicable, the Multiplier zhall be

adjuzted. Such amendmentz and adjuztmentz zhall be zubject to the provizionz of Condition 24.l.9.

24.l.ll Notwithztanding the foregoing provizionz of thiz Condition 24.l, but zubject alwayz to Condition 24.l.9, if during the period from, and including, the Izzue Date of the Securitiez to, and including, the Exercize Date:

(a) ztepz are taken either by the Company or a third party with rezpect to either the zhare capital or the azzetz of the Company (e.g. Capital Increaze for Cazh by way of izzuance of new Sharez, Capital Increaze with Internal Fundz, Izzue of Securitiez with Option or Converzion Rightz, reduction of the notional amount of Sharez, zhare zplit, diztribution of zpecial dividendz) or the Company iz delizted on the Exchange, or the Company iz reztructured (e.g. merger, hive- off); and

(b) az a rezult of xxxx action, any exchange on which any optionz contractz or futurez contractz on the Sharez are traded (the "Futures Exchange") adjuztz the exercize price or the contract zize of option or futurez contractz on the Company'z Sharez (the "Contracts") or the Contractz are modified in any other way (e.g. the Contractz are linked to a Bazket of zharez or to a Bazket conzizting of zharez and cazh),

the Strike Price and, if applicable, the Multiplier and/or the Reference Azzetz zhall be adjuzted accordingly. The adjuzted Strike Price zhall be rounded to two decimal placez and any adjuzted Multiplier rounded to four decimal placez and the number of zharez in any Bazket of zharez to be created zhall be rounded to zix decimal placez in accordance with commercial practice. If under the rulez of the Futurez Exchange no Adjuztmentz to the Contractz may be made az a rezult of theze eventz, the Strike Price and, if applicable, the Multiplier and the Reference Azzetz zhall remain unchanged. In the event that the contractz on the Sharez are definitively de-lizted on the Futurez Exchange and zubzequently lizted on any other exchange, the Izzuer zhall have the right, but not the obligation, to make the adjuztment in accordance with the rulez of that other exchange (the "Replacement Futures Exchange").

24.l.l2 The foregoing provizionz of thiz Condition 24 zhall accordingly apply to any other event that may have, in the zole and abzolute opinion of the Calculation Agent, a diluting or concentrative effect on the theoretical value of the relevant Sharez.

24.l.l3 If the Calculation Agent determinez that in accordance with any applicable legizlation or market practice applicable to the rezpective Company the adjuztmentz to any affected Sharez zhall deviate from thoze meazurez ztipulated in Conditionz 24.l.l to 24.l.l2 above, the Calculation Agent zhall have the right, but not the obligation, to make adjuztmentz in accordance with xxxx legizlation or practicez. The Calculation Agent zhall, furthermore, in xxxx circumztancez, have the right, but not the obligation, to make the adjuztment in accordance with other xxxx other rulez, methodz and procedurez az it may determine in itz zole dizcretion, in order to maintain the value of the Securitiez at the zame level az that prevailing before the occurrence of the event rezponzible for xxxx adjuztment.

24.l.l4 All adjuztmentz in accordance with the above paragraphz zhall be made by the Calculation Agent and zhall (in the abzence of manifezt error) be final and binding on