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Goldman Sachs Asset Management Selected by the Federal Reserve to Purchase Mortgage-Backed Securities

On November 25, 2008, the Federal Reserve announced that it would initiate a program to purchase mortgage-backed securities backed by the housing-related government-sponsored entities, Fannie Mae, Freddie Mac and Ginnie Mae. At that time, the Federal Reserve announced that purchases would be conducted by asset managers selected via a competitive process.

We are pleased to report that, on December 30, 2008, the Federal Reserve announced that Goldman Sachs Asset Management, along with BlackRock Solutions, PIMCO and Wellington Management Company, has been selected to implement the program. Investment managers were selected based on each institution’s operational capacity, size and overall experience in the MBS market.

For more information, please visit the Federal Reserve Bank of New York Web site for a copy of the press release as well as an FAQ on the mortgage purchase program.