Goldman Sachs Group Inc.: 10-K Risk Factor Changes

•Our businesses and those of our clients are subject to extensive and pervasive regulation around the world. •A failure to appropriately identify and address potential conflicts of interest has in the past adversely affected and may in the future adversely affect our businesses. •We may be adversely affected by governmental and regulatory scrutiny or negative publicity. •Substantial civil or criminal liability or significant regulatory action against us has in the past had and may in the future have material adverse financial effects and significant reputational consequences, which in turn could seriously harm our business prospects. •In conducting our businesses around the world, we are subject to political, legal, regulatory, tax and other risks that are inherent in operating in many countries. •The application of regulatory strategies and requirements in the U.S. and in non-U.S. jurisdictions to facilitate the orderly resolution of large financial institutions could create greater risk of loss for Group Inc.’s security holders. •The application of Group Inc.’s proposed resolution strategy could result in greater losses for Group Inc.’s security holders. •Our commodities activities, particularly our physical commodities activities, subject us to extensive regulation and involve certain potential risks, including environmental, reputational and other risks that may expose us to significant liabilities and costs.