This material has been prepared by the Investment Strategy Group (“ISG”), which is part of the Investment Management Division of Goldman Sachs and is not

This material has been prepared by the Investment Strategy Group (“ISG”), which is part of the Investment Management Division of Goldman Sachs and is not a product of the Goldman Sachs Global Investment Research Department. This information is provided to discuss general market activity, industry or sector trends, or other broad-based economic, market or political conditions. This material is for informational purposes only, is not a solicitation and no action is being solicited based upon it. It does not take into account the particular investment objectives, restrictions, tax and financial situation or other needs of any specific client. Any models referred to herein are largely based on assumptions and there can be no assurance that the performance shown herein can or will be achieved. Any customization of these models should be discussed with your Private Wealth Management Private Wealth Advisor and may differ significantly from the ISG models shown herein.

Investment Strategy Group

Investment Building Blocks

June 2009

2

Introduction to InvestingTable of Contents

Source: Datastream, Bloomberg, Investment Strategy Group This material represents the views of the Investment Strategy Group of the Investment Management Division of Goldman Sachs and is not a product of the Goldman Sachs Global Investment Research Department.

Slide

What is Investing and Why Invest? 2

The Tradeoff of Risk and Return

The Risk/Return Spectrum 3Types of Risk 4Downside Risk: Size and Frequency 5The Power of Diversification 6Why Diversification is Important 7

How We InvestThe Power of Asset Allocation? 8How Do We Approach Asset Allocation? 9-10

What Role Does Each Asset Class Play in a Diversified Portfolio?Fixed Income 12Equities 13Hedge Funds 14Private Equity 15Real Estate 16Commodities 17

3

What is Investing and Why Invest?

Source: Datastream, Bloomberg, Investment Strategy Group This material represents the views of the Investment Strategy Group of the Investment Management Division of Goldman Sachs and is not a product of the Goldman Sachs Global Investment Research Department.

Investing is the act of putting money to work with the expectation of growing one’s assets over time.

Cumulative Value of $100 Invested in 1970 (Inflation Adjusted) Jan-70 through May-09

To protect the purchasing power of your money

Money has value that can change over time (a dollar today is worth more than a dollar tomorrow)—this value can be measured by purchasing power

Inflation—the phenomenon of rising prices, erodes purchasing power. Investing can help protect against this erosion by providing growth and income that offsets the effect of inflation

To grow your asset base and/or to provide income

Investing can not only preserve the purchasing power of your money (i.e. the real value), but it can also provide excess income and/or grow the size of the underlying investment by generating returns above the rate of inflation

Through the power of compounding, a small amount of money can grow into a substantial sum. When returns are reinvested you are able to earn returns on top of returns.

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100% Cash

4

Historical Asset Class Returns and Volatilities Jan-71 through Sept-08

The Risk/Return Spectrum

Source: Datastream, Bloomberg, Investment Strategy GroupThis material represents the views of the Investment Strategy Group of the Investment Management Division of Goldman Sachs and is not a product of the Goldman Sachs Global Investment Research Department.

Risk refers to the measurable possibility that the investment could decline. When you put your money to work, it will be subject to some degree of risk.

Investing requires that money be put at risk in order to receive a return, thus the risk/return tradeoff.

Financial professionals frequently quantify risk by looking at the historical volatility of an investment’s returns as a proxy for the asset’s risk.

Investors are able to define volatility by looking at the deviation of returns around their average.

The variability of the expected outcome is incorporated into the volatility of the investment. Investments that are more volatile are considered riskier in this context.

There are multiple asset classes to invest in beyond bonds and stocks. Each asset class has its own unique set of risk/return characteristics (see chart).

Historically, there has been a strong positive relationship between the two – the higher the risk, the greater the expected rate of return.

When thinking about investing, it is important to weigh your options against your risk appetite.

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5

Liquidity and Transparency Risk

Types of Risk

Source: Investment Strategy GroupThis material represents the views of the Investment Strategy Group of the Investment Management Division of Goldman Sachs and is not a product of the Goldman Sachs Global Investment Research Department.

Liquidity Risk: Some investments are illiquid. Being able to “cash in” and liquidate an investment can be difficult with some asset classes (such as private equity or real estate).

Transparency Risk: Some investments lack transparency. For example, hedge funds may not reveal, even to their own investors, exactly what they are doing.

Manager Risk: Alternative assets (such as private equity and hedge funds) tend to have high manager risk. In other words, the returns may be driven as much by the manager as by the market. This means alternative assets must offer some return premium in order to justify these extra risks.

Leverage Risk: Managers can employ leverage in an attempt to enhance returns; however, this can substantially increase risk due to magnified returns and forced liquidations.

HEDGE FUNDS

LESS TRANSPARENT

2

LESS LIQUID

CASH

BONDS

REAL ESTATE

DEVELOPED EQUITY MARKETS

EMERGING EQUITY MARKETS

PRIVATE EQUITY

ART

There are many types of asset classes, each with its unique form of risk factors.

Only measuring the potential loss of capital of the asset universe misses some major risks that some asset classes contain. These risks may be less tangible and more difficult to quantify. Below are some examples:

For Illustrative Purposes Only

6

Probability of Losing Money in One Year and Potential Size of Loss

Downside Risk: Size and Frequency


Two risks—size of loss and frequency of loss—are shown in the Exhibits.

The upper bars show how often each asset is likely to lose money.1

The lower bars show how big these losses could be.2

It is important to keep in mind that these measures of risk are not flawless, but are subject to the underlying assumptions of the quantitative model.

For example, although it appears here that hedge funds have relatively low volatility as an asset class we have seen historically that severe downside events occur more frequently than would be predicted. This phenomenon is often referred to as “exhibiting fat tails”.

1 We assume our standard Black-Litterman set of risks and returns. We use a risk-free rate of 5%. We assume no unusual leverage in the investment. We assume a diversified multi-manager multi-strategy hedge fund portfolio. 2 We show a 2 standard deviation downside event.

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Probability of Loss

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Investors should also consider their risk exposure to asset classes that have greater than average losses, or losses that happen more frequently than others.

7

Combining Assets can Reduce a Portfolio’s Risk

Volatility Increasing

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100% Fixed Income

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The Power of DiversificationA Way To Increase Returns At A Given Level Of Risk


Through diversification: Mathematically, proper diversification can be proven to reduce a portfolio’s risk without sacrificing return. Assets with low correlations can be combined in such a way that their combined volatility is reduced.

Correlation measures how the value of an asset moves against another, and how they are related to each other. For example, if you own a risky asset, you want to buy other assets which have low correlation to this asset. That way, if your risky asset drops in value, your other assets should not be affected, or might even increase in value.

By combining assets with low correlations, an investor is able to minimize the overall volatility of the portfolio.

This can be shown in the graph on the right - The lower red line shows the risk/return trade off for a portfolio made up of only two assets: fixed income and equities. The top blue line shows the risk/return tradeoff for portfolio which consist of a more diverse set of asset classes. The top line is able to achieve a higher return for a set level of risk.

Diversification: When you include a broader universe of asset classes you are able to achieve higher returns for similar risk.

Stock/Bond Frontier: The efficient frontier of only two asset classes-US Equity and US Investment Grade Fixed Income

To help mitigate risk exposure to individual asset classes, investors can diversify their investments

Our primary goal is to preserve capital and take prudent risk according to a set of investment goals and objectives.


8

Why Diversify?

Asset classes have fluctuating returns and correlations over different time horizons.

No one asset class tends to outperform others consistently, therefore it is critical to diversify and adapt your portfolio to the dynamic investment climate.

Source: Datastream, CSFB/Tremont. Indices: Large Cap Value - Russell 1000 Value; Large Cap Growth - Russell 1000 Growth; Small Cap Equity - Russell 2000; Non-US Equity - MSCI EAFE; Investment Grade Fixed Income - Lehman Aggregate; High Yield - Lehman High Yield; Hedge Funds (40% Relative Value: Convertible Arbitrage Index (40%), Equity Market Neutral Index (40%) and Fixed Income Arbitrage Index (20%), 23% Event Driven, 14% Equity Long/Short, 23% Macro Tactical Trading: Managed Futures (60%) and Global Macro (40%)) Commodities – GSCI Total Return. Past performance is not indicative of future returns, which will vary. Indices are unmanaged and do not reflect the deduction of management fees, brokerage or other commissions, exchange fees or any other expenses a client would have to pay. Investors cannot invest directly in indices.

20022001200019991998 20082003

S&P 500-37.00

Small CapEquity-33.79

REIT-39.20

Hedge Funds-17.15

High Yield-26.15

Non-USEquity-43.06

InvestmentGrade Bonds

5.24

S&P 50028.57

Non-USEquity20.34

InvestmentGrade Bonds8.67

Hedge Funds4.61

High Yield1.60


REIT-17.00

Non-USEquity27.31

Small CapEquity21.26

S&P 50021.03

Hedge Funds17.02

High Yield2.39


-0.83

REIT-2.57

REIT31.04



High Yield-5.86

S&P 500-9.08

Hedge Funds10.73

Non-USEquity-13.95

REIT12.36


Hedge Funds8.51

High Yield5.28

Small CapEquity2.49

S&P 500-11.88

Non-USEquity-21.21


10.26

Hedge Funds5.99

REIT3.60

High Yield-1.36


Non-USEquity-18.97

S&P 500-22.10


Non-USEquity39.13

REIT36.18

High Yield28.96

S&P 50028.70

Hedge Funds14.50


4.11

2004


Non-USEquity20.70

REIT33.13

High Yield11.13

S&P 50010.88

Hedge Funds8.49


4.33

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Non-USEquity14.02

High Yield2.73

S&P 5004.91

Hedge Funds4.86


2.43

REIT14.00

Small CapEquity4.55

2006

Non-USEquity26.86

High Yield11.86

S&P 50015.80

Hedge Funds12.78


4.33

REIT35.09


Commodities-46.49

Commodities-35.75%

Commodities40.92%

Commodities49.74%

Commodities-31.93%

Commodities32.07%

Commodities20.72%

Commodities17.28%

Commodities25.55%

Commodities-15.09%

2007

REIT-17.55

S&P 5005.49

Hedge Funds9.64


High Yield1.87

Non-USEquity11.63


6.98

Commodities32.67%

9

The Power of Asset Allocation

According to a study by Roger Ibbotson* and Paul Kaplan* the asset allocation policy explains approximately 90%1 of the variability of a fund’s returns over time and approximately 40%1 of the variation of returns among the institutional portfolios they sampled. Therefore having the proper policy in place is critical, not only to controlling the risk of the portfolio, but also maximizing the return.

Using the Black-Litterman Asset Allocation Model* and a range of other analytical tools we are able build portfolios which maximize the return for a given level of risk.

The exhibit here shows our recommended asset class exposures based on the client’s risk tolerance. We derive these exposures using a constrained optimization approach with the end-goal of maximizing the portfolio’s return.

Given that each client’s objectives and constraints are unique we are able to customize their portfolio taking these factors into account.

Conservative Moderate AggressiveAllocation Allocation Allocation

Investment Grade Fixed Income 49.0% 31.0% 14.0% US Investment Grade Municipal Bonds 49.0 31.0 14.0Other Fixed Income 6.0% 5.0% 2.0% Municipal High Yield 6.0 5.0 2.0

U.S. Equity 18.0% 24.0% 30.0% US Large Cap Grow th 8.0 10.5 13.0 US Large Cap Value 8.0 10.5 13.0 US Small Cap 2.0 3.0 4.0Non-U.S. Equity 8.0% 13.0% 21.0% Non-US Equity 8.0 11.0 16.0

Emerging Markets Equity 2.0 5.0Hedge Funds 6.0% 10.0% 12.0% Relative Value 0.9 1.5 1.8 Event Driven 2.1 3.5 4.2 Equity Long/Short 2.1 3.5 4.2 Macro Tactical Trading 0.9 1.5 1.8Private Equity 8.0% 12.0% 15.0% Buyout 4.0 7.0 9.0 Mezzanine 2.0 2.0 2.0

Distressed 1.0 1.0 Venture 1.0

Energy Private Equity 2.0 2.0 2.0

Real Estate 5.0% 5.0% 6.0%

Private Real Estate 5.0 5.0 6.0

TOTAL 100.0% 100.0% 100.0%

Pre-Tax Equilibrium Return 4.04% 4.91% 5.81%Pre-Tax Volatility 4.93% 6.94% 9.36%

After-Tax Equilibrium Return 3.74% 4.47% 5.25%After-Tax Volatility 4.61% 6.43% 8.66%

1 Ibbotson and Kaplan, 2000Source: Investment Strategy GroupThis material represents the views of the Investment Strategy Group of the Investment Management Division of Goldman Sachs and is not a product of the Goldman Sachs Global Investment Research Department.

*Roger Ibbotson is a professor of finance at the Yale School of Management and chair of Ibbotson Associates. Paul Kaplan is the director of the Morningstar Center for Quantitative Research. Both have published widely on the topics of asset allocation and capital market returns. The Black-Litterman Asset Allocation Model was developed by Fischer Black and Bob Litterman both of whom worked at Goldman Sachs.

10

How Do We Approach Asset Allocation?

Strategic Asset Allocation

The first step is to identify an appropriate mix of asset classes (e.g. cash, fixed income, domestic equities, international equities and alternative investments) that maximizes the rate of return on a given set of investment objectives and the suitable level of risk for that long-term investor.

Each investor has a unique set of investment objectives that will determine the approach towards strategic asset allocation. For example: liquidity needs, income requirements, tax status, liability profile, experience, philanthropic plans, and risk tolerance.

Tactical Asset Allocation

Tactical asset allocation changes or short-term shifts in portfolio weights may be taken in response to prevailing market conditions. It is important to be proactive and to keep abreast of current investment opportunities, which may be driven by the economic, political, and market changes.

Benchmarks

We evaluate our customized client portfolios by comparing them against a reference allocation of stocks and bonds (a “benchmark”). This benchmark allows the client to measure the value added to their investments through strategic and tactical asset allocation.

Each investment vehicle will have its own appropriate benchmark.

11

What is the Role of the PWA and the Role of ISG?

The Private Wealth Advisor will…

• Partner with you to develop a complete understanding of your unique circumstances and needs

• Assemble a customized approach to asset allocation based on your financial goals and investment objectives.

• Incorporate ISG and other GS investment views

• Determine the appropriate mix of managers, rebalance / review asset allocation and manage the flow of funds.

The role of ISG is to…

• Leverages the full range of Goldman Sachs and external resources.

• Provides objective, tailored and analytically rigorous investment advice.

Our responsibilities include:

• Optimal strategic asset allocation utilizing the Black-Litterman Model.

• Generating tactical investment ideas.

• Providing insightful analysis and optimal implementation of our views.

GS PWM Private Wealth Advisors

Investment Strategy Group

Goldman Sachs

Research

Investment Strategists

Geo- Political & Economic Consultants

Goldman Sachs Asset Management

External Resources

The Client

Equities Fixed Income Alternatives

Goldman Sachs Internal

Resources

The Private Wealth Advisor connects each client to the resources of Goldman Sachs.

What Role does Each Asset Class Play in a Diversified Portfolio?

13

Risk / Return Profile within Fixed Income


Investment Grade Fixed Income plays several important roles in a diversified portfolio:

“Safe haven” money: High quality bonds are considered the safest asset after cash. For example, US Treasury bonds are considered the safest and are rated AAA / Aaa by the rating agencies.

Provides cash flow: Bonds are a relatively low risk way to generate stable, regular cash flows.

Serves as a deflation hedge: During periods of deflation (such as Japan in the late 1990’s and the U.S. in the 1930’s), bonds tend to outperform stocks.

Dampens volatility: Since fixed income investments tend to be less volatile than equities and most alternatives, their inclusion in a diversified portfolio dampens overall volatility.

Provides diversification benefits: The correlation between equities and bonds is low and during periods of financial stress, bonds often benefit from a “flight to quality”.

Risks to bond investing:

Anticipated changes in future interest rates will impact bond yields (and hence returns). As interest rates rise, so do bond yields, thus the price of bonds declines.

Anticipated changes in future inflation levels will also impact bond yields, and therefore the market value / price of bonds.

Any change in the credit-worthiness of the underlying issuer/borrower will affect the value of their bonds.

Any changes in the tax-code of the bond issuing jurisdiction will impact bond yields, and therefore the market value / price of bonds.

Role of Fixed Income in a Diversified Portfolio

Risk

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Investment Grade Debt

Long-Term US Government

DebtShort-Term

US Government Debt / Cash


14

Global Equity Market Representation by Country (As of Q1 2008)

Source: MSCI, Investment Strategy GroupThis material represents the views of the Investment Strategy Group of the Investment Management Division of Goldman Sachs and is not a product of the Goldman Sachs Global Investment Research Department.

Role of Equities in a Diversified Portfolio

Equities play several important roles in a diversified portfolio:

Provides exposure to the growth of the economy and consequent profit generation. Equities represent ownership in a corporation and the investor has the rights to any residual profits.

Provides long-term appreciation potential: Over longer time horizons, equities tend to outperform other asset classes.

Acts as inflation hedge: Over the long run, equities have provided returns in excess of inflation. However, over shorter periods, real returns from equities can be substantially eroded by inflationary shocks.

International diversification: Adding international exposure beyond a client’s local equity market to a portfolio would generally decrease the risk of the overall portfolio without lowering the returns.

Risks to equity investing:

Equities are highly volatile. Markets can and do fall 20% or more in a bad year.

Market movements can be driven by investor sentiment as much as by fundamentals. Equities are highly sensitive to cyclical changes in the economy (i.e. companies’ earnings, etc.)

UNITED KINGDOM

9%

JAPAN9%

FRANCE5%

GERMANY4%

CANADA4%

Other28%

USA41%

15Source: Investment Strategy GroupThis material represents the views of the Investment Strategy Group of the Investment Management Division of Goldman Sachs and is not a product of the Goldman Sachs Global Investment Research Department.

Role of Hedge Funds in a Diversified Portfolio

Hedge Funds play several important roles in a diversified portfolio:

Improve risk/return: Hedge funds are typically included in a diversified portfolio to improve the Risk/Return tradeoff of the overall portfolio, i.e. higher return for the same level of volatility or same return for less volatility.

Provide diversification benefits: Hedge funds often have low correlations to equities and bonds.

Absolute return potential: Some hedge fund strategies have the potential to make money in up and down markets.

Risks to investing:

Hedge funds ARE NOT fixed income or cash substitutes: Instead of increasing the allocation to fixed income, an allocation to hedge funds results in a reduction of overall portfolio risk. However, this does not mean that hedge funds are fixed income substitutes.

Most individual hedge funds or fund of funds of different strategies (e.g. event driven, relative value etc.), are more volatile than fixed income.

Many hedge funds have “fat tail” risk, i.e. potential to lose money more severely than volatility might suggest

Hedge funds have poor liquidity due to initial lockup, redemption schedules, etc.

Lack of income, tax inefficiency for some investors, higher fees, and less transparency.

Greater risk in implementation due to much higher dispersion among managers.

Q: What is a Hedge Fund?

A: Hedge funds might be best described as unconstrained funds or unregulated funds. They can trade in any market, they can go long (bet on) or go short (bet against) any asset, and they typically use leverage too.

Q: What is a Fund of Funds?

A: A fund of funds is an investment vehicle which invests in other funds rather than investing directly in securities. The fund of funds attempts to add value by identifying top fund managers in which to invest.

16

Private Equity Market Growth (Through 2006)


Role of Private Equity in a Diversified Portfolio

Private Equity plays several important roles in a diversified portfolio:

Return potential: The goal is to provide returns in excess of major equity benchmarks. This may be achieved by private equity due to:

Better operating and management efficiencies, and

Use of financial engineering including leverage.

Tax efficient: Private equity tends to be more tax efficient as returns are more frequently taxed as long-term capital gains.

Gain exposure to entrepreneurial ventures: Investors can gain access to potentially high returns through select venture capital investments – which are typically much riskier.

Risks to Investing:

Private equity investments are highly illiquid – up to 10 years in duration.

Total fees paid by the investor are generally quite high.

Sensitivity to public market conditions are still high.

Because the investments are not fully marked to market prices, an investor usually does not know the value of their investment.

Q: What is Private Equity?

A: Private equity invests in companies away from the public market. Investors (the limited partners) typically commit an amount of capital, which is then drawn down by the fund manager (the general partner) over a number of years. Returns are then distributed back to the investor over the following years as investments are harvested.

The most well-known types of private equity investments are buy-out funds and venture capital. Other approaches include mezzanine and distressed funds.

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17Source: Investment Strategy Group, NAREIT, DatastreamThis material represents the views of the Investment Strategy Group of the Investment Management Division of Goldman Sachs and is not a product of the Goldman Sachs Global Investment Research Department.

Role of Real Estate in a Diversified Portfolio

Real Estate plays several important roles in a diversified portfolio:

Real asset exposure: Provides a hedge against inflation.

Provides diversification benefits: Traditional private and public real estate have low correlations to other asset classes.

Liquidity: Direct real estate is an illiquid asset class. For clients that desire a more liquid alternative, the $500 billion liquid (public) global real estate or REIT market provides an investable universe.

Source of income: Real estate can be a source of income either in the form of dividends (REITs) or in the form of income from real estate ownership

Risk to Investing:

Direct investors hold an illiquid asset class, which takes a long time to trade and has very high transaction costs.

The ability to borrow heavily against property means investment losses can be magnified.

Historically, real estate returns have been enhanced by leverage. Small changes in the value of the property can result in large changes to the underlying equity position.

Residential real estate is not necessarily included in a client’s real estate exposure. This decision should be made on a case by case basis.

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Market Cap of REITs as a Percentage of S&P 500 Market Cap

Q: How can one invest in Real Estate?

A: Two ways investors commonly gain exposure to real estate is by either investing in public real estate like REITs or participating as limited partners (LP’s) in private real estate funds. As a limited partner you contribute funds which are then invested by the general partner (GP). Private real estate operates in a similar fashion to private equity except that the underlying assets generally consist of real estate investments rather than investments in businesses.

18Source: Investment Strategy GroupThis material represents the views of the Investment Strategy Group of the Investment Management Division of Goldman Sachs and is not a product of the Goldman Sachs Global Investment Research Department.

Role of Commodities in a Diversified Portfolio

Commodities play several important roles in a diversified portfolio:

Actively managed excess returns: Investors with specific commodity views can take advantage of risk averse hedgers in order to generate excess returns.

Provide diversification benefits: Commodities tend to have low correlations with other asset classes.

Serves as an inflation hedge: Given that commodity prices are an input into inflation levels, commodities can be used as a hedge against inflation.

Risk to Investing:

We do not recommend a passive commodity allocation in our strategic portfolio. Instead, we recommend investors gain commodity exposure through actively managed hedge funds and private equity investments.

Commodities returns are extremely volatile. Returns can range between +100% and -50% in a year.

Commodities prices can move in very unexpected ways, due to market mood or sentiment.

There can be differences in the movement of the commodities spot price, and the movement of the futures price.

Q: How can one invest in Commodities?

A: Typically, investors do not buy the actual commodities themselves. Instead, they buy futures contracts on the commodities, which are traded by producers and consumers, for whom the prices of the commodities are central to their businesses.

19

AppendixImportant InformationIRS Circular 230

IRS Circular 230 disclosure: Goldman Sachs does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties imposed on the relevant taxpayer. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

20

AppendixImportant Information

This material represents the views of the Investment Strategy Group (“ISG”), which is part of the Investment Management Division of Goldman Sachs and is not a product of the Goldman Sachs Global Investment Research Department. This information is provided to discuss general market activity, industry or sector trends, or other broad-based economic, market or political conditions. This information should not be construed as research or investment advice, and investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and Goldman Sachs has no obligation to provide any updates or changes to such information. The views and opinions expressed herein may differ from the views and opinions expressed by the Global Investment Research Department or other departments or divisions of Goldman Sachs.

Investment Strategy Group (“ISG”) model portfolios do not take into account the particular financial circumstances, objectives, risk tolerance, goals or other needs of any specific client. ISG model portfolios do not take into account any use of leverage (either via the use of margin, options or otherwise) which may significantly alter the risks associated with any strategy. ISG model assumptions may change, without notice, resulting in higher or lower equilibrium returns for asset classes and/or portfolios. A client's actual portfolio and investment objective(s) for accounts managed by Goldman Sachs may look significantly different from ISG or other Goldman Sachs models, as appropriate, based on a client's particular financial circumstances, objectives, risk tolerance, goals or other needs. Any customization of these models should be discussed with your Private Wealth Management Private Wealth Advisor.

This material is intended only to facilitate your discussions with Goldman, Sachs & Co. (“Goldman Sachs”) as to the opportunities available to our private clients and is provided solely in our capacity as a broker-dealer. This does not constitute an offer or solicitation with respect to the purchase or sale of any security in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. This material is based upon information which we consider reliable, but we do not represent that such information is accurate or complete, and it should not be relied upon as such. Any historical price(s) or value(s) is as of the date indicated. Information and opinions are as of the date of this material only and are subject to change without notice.

Client-specific target asset allocations are based upon the investment objectives and other information conveyed by you to Goldman Sachs. Specific investments were chosen based upon your investment objectives and what is available to private clients of Goldman Sachs. Other investments, which may be available elsewhere, may be similar to those selected or may have characteristics similar or superior to those selected. Client-specific target asset allocation material is based on the current views of Goldman Sachs and considers any information included in our records and/or made available to us by you and/or a third party. In the event of any discrepancy between the information contained herein and the information contained in your monthly account statement(s) either at Goldman Sachs or another institution, the latter shall govern. A client's actual portfolio and investment objective(s) for accounts managed by Goldman Sachs may look significantly different from the asset allocation information provided herein. This asset allocation material may differ from the Investment Strategy Group or other Goldman Sachs model portfolios, as appropriate, based on a client's particular financial circumstances, objectives, risk tolerance, goals or other needs.

Goldman Sachs, or persons involved in the preparation or issuance of these materials, may from time to time, have long or short positions in, buy or sell (on a principal basis or otherwise), and act as market makers in, the securities or options, or serve as a director of any companies mentioned herein. In addition, Goldman Sachs may have served as manager or co-manager of a public offering of securities by any such company within the past 12 months.

Goldman Sachs does not provide accounting, tax or legal advice to its clients and all investors are strongly urged to consult with their own advisors regarding any potential strategy or investment. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind.

The price or value of any strategy identified directly in this asset allocation may fall or rise against your interests.

Assumptions:This material is based on the assumptions stated herein. In the event any of the assumptions used do not prove to be true, results are likely to vary substantially from the examples shown herein. These examples are for illustrative purposes only and no representation is being made that any client will or is likely to achieve the results shown. Simulated, modeled, or hypothetical performance results have certain inherent limitations. Simulated results are hypothetical and do not represent actual trading, and thus may not reflect material economic and market factors, such as liquidity constraints, that may have had an impact on actual decision-making.

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Projections:IMPORTANT: The projections or other information generated by the Goldman Sachs Investment Strategy Report regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results.

This material has been approved for issue in the United Kingdom solely for the purposes of Section 21 of the Financial Services and Markets Act of 2000 by Goldman Sachs International (“GSI”), Peterborough Court, 133 Fleet Street, London EC4A 2BB authorised and regulated by the Financial Services Authority; by Goldman Sachs Canada, in connection with its distribution in Canada; in the U.S. by Goldman Sachs, & Co.; in Hong Kong by Goldman Sachs (Asia) L.L.C., Seoul Branch; in Japan by Goldman Sachs (Japan) Ltd.; in Australia by Goldman Sachs Australia Pty Limited (CAN 092 589 770); and in Singapore by Goldman Sachs (Singapore) Pte.

Alternative Investments:Supplemental Risk Disclosure for All Potential Investors in Hedge Funds and other private investment funds (collectively, “Alternative Investments”). In connection with your consideration of an investment in any Alternative Investment, you should be aware of the following risks:

Alternative Investments are not subject to the same regulatory requirements or governmental oversight as mutual funds. The sponsor or manager of any Alternative Investment may not be registered with any governmental agency.

Alternative Investments often engage in leverage and other investment practices that are extremely speculative and involve a high degree of risk. Such practices may increase the volatility of performance and the risk of investment loss, including the loss of the entire amount that is invested.

Alternative Investments may purchase instruments that are traded on exchanges located outside the United States that are “principal markets” and are subject to the risk that the counterparty will not perform with respect to contracts. Furthermore, since there is generally less government supervision and regulation of foreign exchanges, Alternative Investments are also subject to the risk of the failure of the exchanges and there may be a higher risk of financial irregularities and/or lack of appropriate risk monitoring and controls.

Past performance is not a guide to future performance and the value of Alternative Investments and the income derived from them can go down as well as up. Future returns are not guaranteed and a loss of principal may occur.

Alternative Investments may impose significant fees, including incentive fees that are based upon a percentage of the realized and unrealized gains, and such fees may offset all or a significant portion of such Alternative Investment’s trading profits.

Alternative Investments are offered in reliance upon an exemption from registration under the Securities Act of 1933, as amended, for offers and sales of securities that do not involve a public offering. No public or other market is available or will develop. Interests in an Alternative Investment are highly illiquid and generally are not transferable without the consent of the sponsor, and applicable securities and tax laws will limit transfers.

Alternative Investments may themselves invest in instruments that may be highly illiquid and extremely difficult to value. This also may limit your ability to redeem or transfer your investment or delay receipt of redemption proceeds.

Alternative Investments are not required to provide their investors with periodic pricing or valuation information.

We refer you to the offering materials for a more complete discussion of the risks relating to an investment in any particular Alternative Investment.You are urged to read all of the offering materials, including the entire offering memorandum, prior to any investment in any Alternative Investment, and to ask questions of the investment manager or sponsor of such Alternative Investment.

Investment Restrictions apply to many of Goldman Sachs’ Alternative Investments.

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There may be conflicts of interest relating to the Alternative Investment and its service providers, including Goldman Sachs and its affiliates, who are engaged in businesses and have interests other than that of managing, distributing and otherwise providing services to the Alternative Investment. These activities and interests include potential multiple advisory, transactional and financial and other interests in securities and instruments that may be purchased or sold by the Alternative Investment, or in other investment vehicles that may purchase or sell such securities and instruments. These are considerations of which investors in the Alternative Investment should be aware. Additional information relating to these conflicts is set forth in the offering materials for the Alternative Investment.

Copyright 2009 The Goldman Sachs Group, Inc. All rights reserved. Services offered through Goldman, Sachs & Co. Member SIPC/FINRA.

Documents

This material has been prepared by the Investment Strategy Group (“ISG”), which is part of the Investment Management Division of Goldman Sachs and is not