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Joint Statement from Goldman, Sachs & Co. and Citigroup Global Markets Inc.

Standard & Poor’s informed Goldman, Sachs & Co. (“Goldman”) and Citigroup Global Markets Inc. (“Citi”) today, July 27, 2011, that they will not be able to deliver at this time final ratings for the GS Mortgage Securities Trust 2011-GC4 transaction (the “GC4 transaction”), which ratings are a condition precedent to closing and settlement of the GC4 transaction scheduled for Thursday, July 28, 2011. As a result, Goldman and Citi are withdrawing the GC4 transaction from the market.

Standard & Poor’s stated that its inability to deliver final ratings at this time is based solely on an internal Standard & Poor’s review of its application of conduit/fusion commercial mortgage-backed securities (“CMBS”) ratings criteria with regard to debt service coverage ratio calculations. This evening, Standard & Poor’s issued press releases explaining the nature of its internal review, stating that the review may result in multiple technical changes to its conduit/fusion CMBS ratings criteria, and indicating that until its review is completed, it will not assign new ratings to transactions based on those criteria, including the GC4 transaction. Standard & Poor’s had previously informed Goldman and Citi that they were prepared to rate the GC4 transaction.

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

About Citi

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Contacts:

Media Contacts:
Goldman Sachs
Michael DuVally, 212-902-5400
or
Citi
Danielle Romero-Apsilos, 212-816-2264

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