Disclosure of SEC-Required Order Routing Information- Goldman Sachs Execution & Clearing, L.P.

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Disclosure of SEC - Required Order Routing Information- Goldman Sachs Execution & Clearing, L.P.

GSEC SEC - Required Report on Routing of Customer Orders 10/10/07 To 12/31/07

Goldman Sachs Execution & Clearing, L.P. ("GSEC") has prepared this report pursuant to a U.S. Securities and Exchange Commission rule requiring all brokerage firms to make publicly available quarterly reports on their order routing practices. The report provides information on the routing of "non-directed orders" - any order that the customer has not specifically instructed to be routed to a particular venue for execution. For these non-directed orders, GSEC has selected the execution venue on behalf of its customers. The report is divided into four sections: one for securities listed on the New York Stock Exchange, one for securities listed on The Nasdaq Stock Market, one for securities listed on the American Stock Exchange or regional exchanges, and one for exchange-listed options. For each section, this report identifies the venues most often selected by GSEC, sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of GSEC relationship with the venues.

AMEX and Regional Exchanges
	Non-Directed Orders	Market Orders	Limit Orders	Other Orders
Total GSEC Orders	23.94%	3.00%	94.89%	2.11%
The NASDAQ Stock Market, Inc. ²	42.62%	30.41%	43.95%	0.36%
NYSE Arca, LLC ¹	25.42%	46.28%	25.30%	0.95%
Direct Edge ECN LLC ⁵	11.78%	2.66%	12.33%	0.01%
American Stock Exchange³	10.06%	17.82%	10.00%	1.76%
Goldman Sachs Execution & Clearing, L.P.⁶	6.61%	0.00%	6.85%	5.24%

NASDAQ
	Non-Directed Orders	Market Orders	Limit Orders	Other Orders

Total GSEC Orders	58.97%	0.62%	98.48%	0.90%
Direct Edge ECN LLC⁵	35.14%	3.01%	35.64%	3.65%
The NASDAQ Stock Market, Inc.²	33.92%	60.05%	33.68%	42.62%
NYSE Arca, LLC.¹	20.25%	23.81%	20.27%	15.01%
Goldman Sachs Execution & Clearing, L.P.⁶	5.74%	0.00%	5.49%	36.78%

NYSE
	Non-Directed Orders	Market Orders	Limit Orders	Other Orders
Total GSEC Orders	44.08%	1.70%	44.71%	53.60%
New York Stock Exchange Inc.⁴	56.10%	72.72%	3.30%	99.62%
NASDAQ Stock Market, Inc.²	19.82%	1.45%	44.26%	0.00%
NYSE Arca, LLC.¹	16.48%	23.95%	35.92%	0.03%

Options⁷
	Non-Directed Orders	Market Orders	Limit Orders	Other Orders
Total GSEC Orders	15.36%	1.34%	98.64%	0.02%
International Securities Exchange, Inc.	38.84%	21.26	39.07%	65.88%
Chicago Board Options Exchange	29.12%	40.35%	28.96%	34.12%
Philadelphia Stock Exchange	12.52%	12.19%	12.53%	0.00%
Pasific Options Exchange	11.75%	14.67%	11.71%	0.00%
Boston Options Exchange	5.54%	7.40%	5.52%	0.00%

1 NYSE Arca, LLC - Goldman Sachs Execution & Clearing, L.P. ("GSEC") has direct and indirect ownership interests in NYSE Group, Inc., the parent company of ArcaEx. Accordingly, GSEC stands to share indirectly in any profits that NYSE Group, Inc. derives from the execution of GSEC customer orders on ArcaEx.

2 The NASDAQ Stock Market, Inc. ("NASDAQ") - Goldman Sachs Execution & Clearing, L.P. ("GSEC") has direct and indirect ownership interests in The NASDAQ Stock Market, Inc. ("NASDAQ"). In addition, Goldman, Sachs & Co., an affiliate of GSEC, is a market maker in certain securities traded on NASDAQ. Accordingly, GSEC stands to share indirectly in any profits that GS&Co. or NASDAQ derives from the execution of GSEC customer orders on NASDAQ.

3 American Stock Exchange ("AMEX") - Goldman Sachs Execution & Clearing, L.P. ("GSEC") is a specialist in certain securities listed on the AMEX. Accordingly, GSEC stands to profit from the execution of customer orders on the AMEX.

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

5 Direct Edge ECN LLC - Goldman Sachs Execution & Clearing, L.P. ("GSEC") has an indirect ownership interest in Direct Edge ECN LLC. Accordingly, GSEC stands to share indirectly in any profits that Direct Edge ECN LLC derives from the execution of GSEC customer orders on Direct Edge ECN.

6 Goldman Sachs Execution & Clearing, L.P. ("GSEC") - GSEC internalizes certain customer orders in its SIGMA ATS alternative trading system and receives compensation for doing so.

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