New Issue: Goldman Sachs prices $88 million enhanced-participation notes linked to Topix

By Jennifer Chiou

New York, Jan. 26 - The Goldman Sachs Group Inc. priced an $88 million issue of 0% enhanced-participation notes due March 31, 2008 linked to the Topix index, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be determined according to the index value on the determination date. If the index value rises, investors will receive par plus three times the return on the index, capped at a 24.6% appreciation.

Investors will receive par if the index declines by 7% or less. If the index drops by more than 7%, investors will lose 1% for each 1% decline beyond 7%.

Issuer:	The Goldman Sachs Group Inc.
Issue:	Enhanced-participation medium-term notes, series B
Underlying index:	Topix
Amount:	$88 million
Maturity:	March 31, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus three times the return on the index, capped at 24.6%; par if the index declines by 7% or less; investors will lose 1% for each 1% decline beyond 7%
Pricing date:	Jan. 24
Settlement date:	Jan. 31
Agent:	Goldman, Sachs & Co.
Fees:	0.10%

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