Please see page 2 for required research analystcertification disclosure.

Further information on S&P's fund coverage can be found at www.funds.standardandpoors.com

Performance Data Source - © 2009 Morningstar, Inc. All Rights Reserved. All statistical data on this report has been run to 31/03/2009 on NAV to NAV basis, with gross income reinvested, in Japanese Yen.

Group Contact No: +44 20 7774 6366Website: www.gs.comS&P ID Number: OS306088Share class screened: Base

Peer Group: Japanese Mainstream EquitiesFund Manager/Adviser: Hiroyuki Ito (since October 2005)Location: TokyoLaunch Date: April 1996Fund Size (April 2009): US$168m

INVESTMENT STYLE

RISK RETURN (STD DEVIATION) OVER 5 YEARS

3 YEAR RISK CHARACTERISTICS

SHARPE RATIO VS PEER GROUP

CALENDAR YEAR DECILE RANKS

Decile ranking in discrete annual periods. 1st decile shown as rank 10, 2nd decile as rank 9, etc. to 10th decile as Rank 1.

Maximum Drawdown (%) Medium -56.6

Volatility Medium 20.3

Correlation High 1.0

Beta Medium 1.0

GOLDMAN SACHS JAPAN PORTFOLIOGoldman Sachs Asset ManagementSub-fund of Luxembourg domiciled Sicav - Part 1.Report Issued: June 2009

STANDARD & POOR'S OPINION (MAY 2009)David Townshend moved to Tokyo in September2005 as new team head. Since then, the team andprocess applied to this fund have been revampedconsiderably and to good effect, which is reflected ina sustained improvement to relative returns.

Townshend heads a team of six sector specialists(he is the financials analyst) and one portfoliomanager/analyst. The approach is truly collegial andTownshend has instilled a culture focused on debateand promoting cross-fertilisation of ideas.

Analysts are encouraged to challenge each other'sviews through the adoption of a "three-day rule"where ideas are put forward in advance and eachteam member has to submit questions anonymouslyand challenge assumptions.

There is freedom to invest across the qualityspectrum. A watch list of non-consensual ideas is asource of debate, to monitor market movements andavoid missing opportunities. The final decision restswith the experienced Hiroyuki Ito but the portfoliotends to closely reflect the team's views.

As the team is keen to achieve performanceconsistency, the portfolio is kept well diversified andis run in a process that recognises the short-termrotational nature of the Japanese market. This isfocused on early identification of stocks that arelikely to bounce back quickly to a "normal" valuationand relies on regular updating of relative value andprice targets by the analysts.

The fund's well-structured approach, the strength ofthe resources and the performance record result inthe upgrade to an S&P AA rating.

FACT FILEGroup: Goldman Sachs, founded in 1869, is one ofthe US's oldest and largest banks. After more than100 years as a private partnership, the firm wentpublic in 1999. Goldman Sachs Asset Management(GSAM) was established in 1988.

Team: Townshend heads the Tokyo-based team ofseven, with an average 13 years' investmentexperience. Responsibilities are split across sectorlines. They manage assets worth around $680m.

Fund Manager: Ito has 19 years' experience andjoined GSAM in October 2005 to manage all the

portfolios run by this team. He also coversconsumer, utilities and auto stocks.

Style: A portfolio of 60-100 stocks primarily builtfrom the bottom-up. The fund can invest across themarket cap spectrum. Tracking error tends to be inthe 4-7% range.

Performance: Over the five years to 31/03/2009,the fund has returned -28.7%, compared with-37.7% for the sector median and -27.6% for theindex, ranking 73/611.

FUND MANAGER & TEAMThe Japan team of six analysts and one portfolio manager/analyst is headed by David Townshend. Theyare exclusively focused on investment-related issues and are supported by one dedicated trader, one junioranalyst and one further member dedicated to portfolio construction (cash management).

Hiroyuki Ito - BA commerce (Waseda University), was a fund manager responsible for several institutionaland retail large-cap equity portfolios at DLIBJ Asset Management. He joined GSAM in October 2005 as aportfolio manager and analyst covering consumers, utilities and autos.

David Townshend - BSc economics (LSE), was a sell-side analyst for nine years at Goldman Sachs. Hetransferred to GSAM in 2001 as co-head of the European financial equity research team. He moved toTokyo in September 2005 to head the fundamental equity team.

All of the views expressed in this research report accurately reflect our committee's views regarding any and all of the subject securities or issu-ers.No part of the committee's compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.© [2009] The McGraw-Hill Companies, Ltd trading as Standard & Poor's ("S&P") 20 Canada Square, Canary Wharf, Lon-don, E14 5LH Tel: +44 (0)20-7176 3800. All rights reserved. No part of this publication shall be reproduced, stored in any retrieval system ortransmitted in any form electronic or otherwise without the prior written consent of S&P. Any part of the publication by S&P of which this page is apart is made accessible subject to the terms and conditions which are accessible at the url address below ("S&P Terms") - by accessing and view-ing this page and/or and pages associated with or attached to it you accept the S&P Terms. Go to http://www.funds-info.standardandpoors.comPerformance Data Source - © 2009 Morningstar, Inc. All Rights Reserved. The performance information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. NeitherMorningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is noguarantee of future results.

Page 2

GOLDMAN SACHS JAPAN PORTFOLIOPeer Group: Japanese Mainstream Equities

MANAGEMENT STYLE• The fund aims to outperform the TOPIXindex primarily through active bottom-upstock selection.

• The approach is collegial, but the finaldecision rests with the portfolio manager. Theteam covers around 500 companiescapitalised above $700m. Company researchis focused on business growth, managementcredibility and attractive valuations. Theemphasis is on companies that are able togrow at above the market average, have arelevant and effectively implemented strategyand are cheap compared to peers and ownhistory. Analysts are encouraged to look foropportunities outside their usual huntingground and build a watch list of non-

consensus ideas, which might include lower-quality names, turnarounds or thematicplays.

• The portfolio tends to have 60-100 namesbuilt on conviction. Stock positions are keptwithin +/-3% of the index level. Small-capsare usually limited to 50bps. Sectors areallowed to range between +/-5%. Further riskcontrols include monitoring volatility and thecontribution earned by stock and sectorpositioning as well as by analystrecommendation. Tracking error is the resultof the process and has averaged 3-5%.Turnover is around 160% and cash keptaround 3%.

PORTFOLIO REVIEWThe portfolio at the end of Q1 2009 consistedof 89 holdings, having seen a gradualincrease from less than 70 stocks inSeptember 2007 as a deliberate reaction toincreased market volatility. The top 10concentration fell slightly to 26%.

Industry exposure favoured other products,telecoms and glass ceramics (as a play on thegrowth in the LCD TV market) andunderweighted electrical machinery, transportequipment and banks, but none of thesepositions were more than 2% away from thebenchmark weight. This reflects the approach

of limiting the Barra risk factors for size, value,momentum, growth, leverage, foreignsensitivity and interest rate sensitivity. As aresult the portfolio is not reliant on any onefactor to drive returns.

Stock exposure is a combination of highconviction holdings such as Kansai ElectricPower, KDDI and Nisha Printing as well aspreferred market leaders such as Fuji Filmand Toyota Motor (added to after theunderweight to motors was closed inDecember).

PERFORMANCE ANALYSIS (MARCH 2009)Managed under the new team and approachsince October 2005, the fund has deliveredgood outperformance and is in the top quartileof the peer group over the three years to April2009. Success came from broad-based stockselection and maintaining severaluncorrelated bets.

In 2008 relative performance was well aheadof the peer group and benchmark and thefund gained from holding cash and fromsound stock picking in retail, construction,chemicals and precision instruments. Electric

power & gas, wholesale trade, and machinery& goods were weak. At the stock level,Kyushu Electric Power, KDDI and ChugaiPharmaceuticals were the main positives,while Hitachi Metals, Isuzu, Tokyo ElectricPower and NTT DoCoMo all disappointed.

In Q1 2009, returns were marginally ahead ofboth benchmark and peer group. HitachiMetals, Funai Electric and Nisha Printingwere the main stock contributors whilepositioning in consumer goods, industrialsand utilities added value at the sector level.

DISCRETE PERFORMANCE (CALENDAR YEARS)

2005 2006 2007 2008 YTD 31/03/2009% Rank % Rank % Rank % Rank % Rank

Fund 50.6 165/696 1.8 394/788 -11.7 302/995 -40.8 175/1111 -8.0 491/1160Index** 44.7 6.9 -10.0 -42.1 -9.1Median 45.3 1.8 -13.3 -45.3 -8.6** S&P Japan 500!

PORTFOLIO CHARACTERISTICSNo. of holdings 89Turnover ratio (%) 180% in top 10 26

TOP 10 HOLDINGS (01/04/09)

* In top 10 holdings a year ago

ALLOCATION BREAKDOWN (01/04/09)

PERFORMANCE STATISTICS

CUMULATIVE PERFORMANCE

%

Toyota Motor 4.2

Kansai Electric Power 3.2

Mitsubishi UFJ Financial 2.9

KDDI 2.8

East Japan Railway 2.4

Honda Motor 2.2

Mitsui Sumitomo Insurance 2.2

Mitsui & Co 2.1

Mitsui Fudosan 1.9

Fujifilm 1.8

Fund %

Cash 4.0

Consumer discretionary 17.5

Consumer staples 0.0

Energy 0.0

Financials 17.2

Healthcare 0.0

Industrials 18.3

Information technology 14.3

Materials 6.4

Telecom 0.0

Utilities 5.4

3 Years 5 Years

Fund -53.4% -28.7%

Standard & Poor's Peer Median -58.7% -37.7%

Index** -52.6% -27.6%

Fund Rank 134/811 73/611

Standard Deviation 20.3 -

Relative Standard Deviation 0.9 -

Volatility Adjusted Ranking 295/811 -

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