Page 2 of 2

The lack of liquidity in RBOB has made funds with large
positions hesitant to shift out of gasoline, especially during
the key summer driving months, traders said.

"Goldman Sachs will continue to monitor market conditions

and keep market participants apprised of its intentions with
respect to the GSCI and the gasoline futures market, and will
many additional announcements, as necessary or appropriate in
connection with any future developments," the company said in a
press release.

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UPDATE 1-Goldman Sachs index changes RBOB Sept roll

Wed Jul 12, 2006 6:29 PM ET

(adds background about index, contracts, paragraphs 3-11)

NEW YORK, July 12 (Reuters) - The Goldman Sachs Commodity
Index will not roll any portion of its New York Mercantile
Exchange reformulated gasoline position <O#HU:> into the
exchange's RBOB contract <0#RB:> in September, Goldman Sachs
said on Wednesday.

Half of the index's gasoline position will be rolled into
energy contracts other than RBOB in September, the company said
in a statement.

The September positions give the competing gasoline
contracts equal weight, as the RBOB contract supercedes the
gasoline contract which will be delisted at the end of 2006

Experts have said they expect the RBOB contract to overtake
the gasoline contract after the end of summer driving season.

The following table shows the GSCI's planned position for
August and September.
Contract Aug Roll Sept Roll

Crude WTI 11730.68 12121.69
Crude Brent 5555.881 5741.070
No 2 Heating Oil 111515.9 115233.0
Gasoil 194.4298 200.9106

Unl. Gasoline (HU) 72221.80 36110.90
Unl. Gasoline (RB) 36110.90 36110.90

In June, Goldman said it would roll a third of the gasoline
position to the new RBOB contract in August but would wait and
see about whether to roll the other two-thirds in September and
October, as initially announced.

The oil industry has been shifting away from producing
gasoline that matches the NYMEX gasoline contract because it
contains MTBE, a chemical banned in several states for
polluting ground water.

As an alternative, companies are producing RBOB, a gasoline
feedstock designed for blending with ethanol, the most popular
alternative oxygenate to MTBE.

The NYMEX launched the RBOB contract last October to match
the industry shift, but its open interest continues to lag that
for the traditional gasoline contract.

NYMEX, the world's largest energy bourse, said it will
delist the gasoline contract at the end of the year.

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cme @

Chicago Mercantile Exchange

20 South Wacker Drive 312/930.1000 tel
Chicago, It 60606-7499 312/466.4410 fax
www.cme.com

July 13, 2006

Ms. Eileen Donovan

Office of the Secretariat

Commodity Futures Trading Commission
Three Lafayette Centre

1155 21" Street, NW

Washington, DC 20581

(yIyWL28938 2H! 49°940

RE: Section Sc(c)(1) and Regulation Section 40.6. Certification of Revisions to the Goldman

Sachs Commodity Index for October 2006. CME Submission #06-62.

Dear Ms. Donovan:

In CME Submission #06-53 dated June 9, 2006, Chicago Mercantile Exchange Inc. (““CME” or
“Exchange”) notified the Commission of changes to the Goldman Sachs Commodity Index
(“GSCI”) Futures and Options contracts for September 2006 through January 2007.

Subsequent to that submission, Goldman Sachs announced on June 29, 2006 that it was giving
further consideration to the manner in which the gasoline component of the GSCI would be
converted from the New York Harbor Unleaded Gasoline ("HU") futures contract to the

Reformulated Gasoline Blendstock for Oxygen Blending ("RB") futures contract, and that details
would be forthcoming.

On Wednesday, July 12, 2006, Goldman Sachs announced revised plans for changes to the
composition of the October 2006 GSCI Futures and Options contracts (copies of the Goldman
Sachs press release and Reuters news story are attached). To understand these latest revisions,
recall that the gasoline component in the August 2006 GSCI consists of no RB and all HU, and
in the September 2006 GSCI it consists of 1/3 RB and 2/3 HU. For the October 2006 GSCI, an

additional one-third of the “original” HU was scheduled to be replaced with RB, resulting in a
gasoline component consisting of 2/3 RB and 1/3 HU.


Ms. Eileen Donovan

GSCI Revisions for October 2006
July 13, 2006

Page 2

Instead, according to the July 12 announcement, Goldman Sachs will distribute this “second”
one-third of the HU into the other, non-gasoline components of the GSCI, namely NYMEX
Crude Oil, ICE Brent Crude, NYMEX Heating Oil, and ICE Gas Oil. As a result, the RB
component in the October 2006 GSCI will remain the same as in the September 2006 GSCI.
Goldman Sachs indicates that it will monitor market conditions before announcing any plans for
the November 2006 and subsequent contract months.

Notice that the October 2006 contract month will not be listed for trading until Wednesday, July
19, so these changes do not affect any contracts with open interest.

The Exchange certifies that these amendments comply with the Commodity Exchange Act and
the rules thereunder.

If you have any questions regarding this submission, please contact Mr. Paul Peterson at (312)

930-4587 or via e-mail at ppeterso@cme.com. Please refer to CME Submission #06-62 in all
correspondence regarding this matter.

Sincerely,

John W. Labuszewski, Managing Director
Research & Product Development


Find below a press release we just posted on the GSCI Reuters page.

PRESS RELEASE
JULY 12, 2006

On June 29, 2006 Goldman, Sachs & Co. (“Goldman Sachs”) announced that it was giving further
consideration to the question of whether, and the extent to which, the portion of the Goldman Sachs Commodity Index
(“GSCI”) attributable to the New York Harbor Unleaded Gasoline (“HU”) futures contract would be rolled into the
Reformulated Gasoline Blendstock for Oxygen Blending (“RB”) futures contract on the New York Mercantile
Exchange.

Goldman Sachs has determined that for the roll occurring in September 2006 (the “September Roll”) in relation
to the GSCI futures contract expiring in October 2006 it will roll the existing portion of the GSCI that is attributable to
RB contract but will not roll any portion of the GSCI that is attributable to the HU contract into the RB contract.
Accordingly, for the September Roll one half of the portion of the GSCI that, as of the time immediately preceding
such roll, is attributable to the HU contract will be distributed to other contracts included in the non-RB petroleum
product complex of the GSCI. The precise weights of the contracts to be included in the GSCI for purposes of the
GSCI futures contract expiring in October 2006 are attached. Goldman Sachs will continue to monitor market
conditions and keep market participants apprised of its intentions with respect to the GSCI and the gasoline futures
market, and will make additional announcements, as necessary or appropriate in connection with any further
developments.

contract Aug Rol] Sep Roll
Crude wri 11730.68  12121.69
Crude Brent 5555.881  5741.070
No 2 Heating 071 111515.9 —115233.0
Gasoil 194.4298 200.9106

Un]. Gasoline (HU) 72221.80 36110.90
unl. Gasoline (RB) 36110.90 36110.90

7/13/2006