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Goldman Sachs Special
   Opportunities (Asia) Fund
Telstra Corporation Limited
Repsol YPF
Central States Southeast and
    Southwest Areas Pension Fund
Duke-Weeks Realty Corporation
Kookmin Bank


Lincoln Financial Group UK
EOG Resources, Inc.
Juniper Networks, Inc.
China Telecom (Hong Kong) Ltd.
Vivendi S.A.
Sumitomo Bank, Limited
The Allstate Corporation


Global Crossing Ltd.
Swiss Reinsurance Company
Goldman Sachs Funds
AstraZeneca PLC
Lucent Technologies Inc.
Extendible Commercial Notes
Red Hat, Inc.

Nippon Telegraph & Telephone
   Corporation (NTT)
The Republic of Argentina
United Pan-Europe
   Communications N.V.(UPC)
Vodafone AirTouch PLC
Charter Communications, Inc.
Exchange Fund Investment, Ltd
Internet Initiative Japan Inc. (IIJ)

Extendible Commercial Notes (ECNs)

Goldman Sachs made a significant contribution to the world of debt capital markets through the invention of Extendible Commercial Notes. ECNs offer an attractive alternative to traditional and nontraditional institutional investors and simultaneously add new options for issuers, particularly with regard to short-term financing needs that may relate to mergers and acquisitions activity.

As a creative mechanism for accessing liquidity from investors, ECNs replicate the flexibility of a credit facility and provide a threefold benefit: They satisfy the requirements of rating agencies while simultaneously providing a premium to investors and lowering costs for issuers. ECNs were created in response to the long-standing requirement by rating agencies that certain issuers provide backup liquidity for their commercial paper notes through bank credit facilities. In recent years, however, such facilities have grown increasingly expensive. In reducing costs by as much as 20 percent, ECNs provide a valuable addition to the $1.3 trillion market for short-term commercial debt.

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