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Multi-Strategy Funds

» Performance
» Unit prices
» Keeping investors up to date
» Further information

A decision has been made by Goldman Sachs & Partners Australia Managed Funds Limited to terminate the Multi-Strategy Fund ARSN 104 751 135, the Retail Multi-Strategy Fund ARSN 104 764 883 and the Multi-Strategy Fund IDPS ARSN 114 217 622 (together ‘the Multi-Strategy Funds’), with effect from 2 February 2009. We appreciate that the volatility and uncertainty in financial markets has made this a difficult time for investors. We will endeavour to realise the Multi-Strategy Funds’ assets and return the proceeds to investors as quickly and effectively as possible.

With the September 2010 payment, investors have now received four termination payments totalling approximately 85% of the value of the units at 31 March 2009.

A decision to discontinue the foreign currency hedging of the Multi-Strategy Funds with immediate effect was made on 23 July 2009. As a result of the ongoing realisation of assets and subsequent distribution of cash to investors, the proportion of illiquid assets in the remaining portfolio has increased. This reduced liquidity means that we are no longer able to effectively hedge the foreign currency risk. The remaining assets in the portfolio are denominated in US dollars and the value of your investment will fluctuate with moves in the AUD/USD exchange rate.

Performance as at 30 June 2010

	1 mth %	3 mths %	1 yr %	3 yrs % p.a.	5 yrs % p.a.	Since inception % p.a.*	Since inception % p.a.⁺	Since inception % p.a.^
Multi-Strategy Fund	-1.3	6.5	5.7	-13.0	-2.9	2.0	N/A	N/A
Retail Multi-Strategy Fund	-1.3	6.3	5.2	-13.3	-3.4	N/A	0.3	N/A
Multi-Strategy Fund IDPS	-1.3	6.6	5.7	-12.6	0.0	N/A	N/A	-2.9
Past performance is not a reliable indicator of future performance. The total net fund returns shown are prepared on an exit to exit basis (i.e. they include all ongoing fees and expenses, assume reinvestment of all income distributions and exclude return of capital payments.). They do not take taxation into account. *July 2002 ⁺August 2003 ^ July 2005

Unit prices

We will publish a monthly unit price for the Multi-Strategy Funds on our website for as long as it is reasonably practicable to continue to calculate this.

Fund Name	Effective Date	Entry Price A$	Exit Price A$
ALTERNATIVE FUNDS
Multi-Strategy Fund	30/06/10		0.1518
Retail Multi-Strategy Fund	30/06/10		0.1446
Multi-Strategy Fund IDPS	30/06/10		0.1284

How will investors be kept up to date on the process for receiving investment proceeds?

Any new information that we consider is material to investors will be made available on this page. We will also communicate any such information directly to investors.

Further information

Should you require any further information in regard to your investment, please speak directly with your financial adviser, or alternatively contact our Fund Services team on 1800 034 494 between 8.30am to 5.00pm Monday to Friday (AEDT) or via email, fst@gs.com.au.

Important notices and disclosures

All units in the range of Goldman Sachs registered managed investment schemes in Australia (‘Funds’) are issued by Goldman Sachs & Partners Australia Managed Funds Limited ABN 63 005 885 567 AFSL 230251 (‘GS&PAMF’). Prior to investing in any of the Funds you should obtain and consider the product disclosure statement (‘PDS’) for the relevant Fund, available by contacting our Fund Services team on 1800 034 494 or from our website www.gs.com.au/funds. This document contains general financial product advice only. In preparing this document, GS&PAMF did not take into account the investment objectives, financial situation and particular needs (‘financial circumstances’) of any particular person. Accordingly, before acting on any advice contained in this document, you should assess whether the advice is appropriate in light of your own financial circumstances or contact your adviser. GS&PAMF manages each of these funds and will receive fees as set out in the relevant PDS. This document has been prepared by GS&PAMF. It is not a product of the Goldman Sachs & Partners Australia Investment Research. To the extent that this document discusses general market activity, industry or sector trends, or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent it includes references to specific securities, those references do not constitute a recommendation to buy, sell or hold such security, and the information may not be current. GS&PAMF believes that the information contained in this document is correct and that any estimates, opinions, conclusions or recommendations contained in this document are reasonably held or made as at the time of compilation. However, no warranty is made as to the accuracy or reliability of any estimates, opinions, conclusions, recommendations (which may change without notice) and, to the maximum extent permitted by law, GS&PAMF and its related bodies corporate disclaim all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from this document. Goldman Sachs is a registered trade mark of Goldman, Sachs & Co.