This part of the Goldman Sachs Web site (the “Sub site”) relates solely to Goldman Sachs Dynamic Opportunities Limited (“GSDO”), a Guernsey incorporated limited liability company whose shares are traded on the London Stock Exchange. GSDO is not an affiliate of GS and it is solely GSDO, and not GS, which is, to the extent set out below, responsible for the content of this Sub site. GS does not accept any liability for this Sub site or its content. You must read the following information for your own protection and benefit. It explains certain legal and regulatory restrictions which apply to this Sub site and the investments referred to in it. When you have read the following information, please tick the appropriate box below to acknowledge that you have read and understood the information and to proceed to the main part of this Sub site.

This information is not intended to, and will not, transfer or grant any rights in or to the information other than those which are specifically described herein, and all rights not expressly granted herein are reserved by GSDO. You should be aware that additional and/or substitute information may be posted on this Sub site from time to time which new information may vary and/or amend existing information.

All the material on this Sub site, including net asset values, share price performance information and performance reports (the “Material”) has been prepared for information purposes only without regard to any particular user’s investment objectives, financial situation, or means, and GSDO is not soliciting any action based upon such information. The Material is not to be construed as a recommendation; or an advertisement; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any particular trading strategy in any jurisdiction. Although the Material is based upon information that GSDO in its reasonable opinion considers reliable and endeavours to keep current, GSDO has not verified this information and does not represent that the Material is accurate, current, or complete and the Material should not be relied upon as such. GSDO will have no responsibility to maintain the Material or to supply any corrections, updates or releases concerning the Material. By accessing this Sub site, you expressly acknowledge and agree that the Material provided to you is on an “as is” basis, and used at your sole risk.

Net asset values have been prepared in good faith by GSDO’s administrator, and should not be relied on for any purpose. They are based upon their latest investment valuations (or estimated valuations) provided, directly or indirectly, by the investment managers (“Advisors”) selected by GSDO’s investment manager, Goldman Sachs Hedge Fund Strategies LLC (“HFS”).

Although the Advisors are independent of HFS, their valuations (or estimated valuations) should not be considered “independent” because of the conflicts faced by the Advisors. Certain securities or other assets in which the Advisors invest may not have a readily ascertainable market price or may otherwise be difficult to value and will be priced by the Advisors.

GSDO or its administrator may not have received valuations (or estimated valuations) from Advisors on a timely or current basis, and may not have received valuations at all. In order to arrive at a net asset value, GSDO’s administrator uses the latest available valuations (or estimated valuations) provided, directly or indirectly, by the Advisors. Valuations (or estimated valuations) received by the administrator may be unaudited or may be subject to little verification or other due diligence and may not comply with generally accepted accounting practices or other valuation principles.

In addition, neither the Company’s administrator nor HFS will generally have sufficient information to be able to confirm or review the completeness, genuineness or accuracy of the Advisors’ valuations (or estimated valuations).

As a result, the actual values of GSDO’s assets may be materially different from published estimated values.

The articles of association of GSDO prohibit any purchase or acquisition of shares by or on behalf of or for the benefit of an ERISA plan or benefit plan investor subject to similar laws (a “Plan Investor”), and incorporate provisions whereby purported purchases of shares by or on behalf of or for the benefit of an ERISA plan or Plan Investor will not operate to confer any interest or rights whatsoever in such shares in favour of an ERISA plan or Plan Investor, but instead will take effect as a trust for redemption in favour of GSDO and GSDO will subsequently purchase or redeem such shares, which purchase or redemption may take place at an amount per share which is less than the price paid by an ERISA plan or Plan Investor on the purported acquisition.

GSDO shall have no liability to you for the correctness, accuracy and completeness of the Material on this Sub site. In no event will GSDO be liable for any special, indirect, incidental or consequential damages which may be incurred or experienced on account of you using the Material, even if GSDO has been advised of the possibility of such damages.

The content of this Sub site does not constitute business, financial, investment, hedging, trading, legal, regulatory, tax or accounting advice or services and as such, you should not make this service the basis for any investment decisions made by or on behalf of you, your accountants, or your managed or fiduciary accounts, and you are advised to consult your business, tax, accounting and legal advisers concerning any contemplated transactions.

Past performance is no guide to future returns. The value of shares in GSDO and the income from them, if any, may fall as well as rise. Investing in GSDO involves certain risks, including risks in relation to GDSO, its shares and the underlying funds and the strategies those funds employ. Because the return and principal value of an investment in GSDO will fluctuate with changes in market conditions, an investor’s shares, when disposed of, may be worth more or less than their original cost. Investors may also incur a sales charge when purchasing shares, as a result of which, in the absence of investment returns, investors will not get back the amount invested.

If your jurisdiction of residence is not listed in the list of countries set out below, it is not intended for your use and you are not entitled to view this Sub site.

 If you are resident in Australia, the following additional warnings apply. The Material available through the Sub site is prepared by GSDO. GSDO is not licensed to provide financial product advice in relation to the shares in GSDO. No cooling off regime applies in respect of the acquisition of GSDO shares. The Sub site is a service intended for use in Australia only by:

 and you accept the Material on this basis. If you are not such an investor, you may not consider the Material. GS, Goldman Sachs Asset Management L.P. and HFS each do not hold an Australian financial services licence.

GSDO has not been and will not be registered with the Belgian Banking, Finance and Insurance Commission ("Commissie voor het Bank-, Financie- en Assurantiewezen" / "Commission bancaire, financière et des assurances") as a foreign collective investment institution under Article 127 of the Belgian Law of 20 July 2004 on certain forms of collective management of investment portfolios (the "CIS Law"). Any offering of shares of GSDO (the "GSDO Shares") in Belgium (to the extent applicable) has not been and will not be notified to the Belgian Banking, Finance and Insurance Commission, nor has any information available on this Sub site or elsewhere in relation to the GSDO Shares been nor will it be approved by the Belgian Banking, Finance and Insurance Commission under either the CIS Law or the Belgian Law of 16 June 2006 on public offerings of investment instruments and the admission of investment instruments to trading on regulated markets (the “Prospectus Law”). Accordingly, the GSDO Shares shall, whether directly or indirectly, only be offered, sold, transferred or delivered in Belgium to individuals or legal entities (i) who are both "professional or institutional Investors" under Article 5§3 of the CIS Law and "qualified investors" under the Prospectus Law, acting on their own behalf, or (ii) investing at least €250,000 (or its equivalent in other currencies) per transaction.

Nothing on this Sub site constitutes an offer to sell or an invitation to subscribe for any of GSDO's shares in the Cayman Islands. The funds or securities that are mentioned on this Sub site have not been registered with the Superintendencia de Valores y Seguros of Chile and are not governed by the laws of Chile. The securities mentioned in the Material are not being offered or sold publicly in Egypt nor have they been nor will they be registered with the Egyptian Capital Markets Authority and they may not be offered or sold to the public in Egypt. Except in compliance with any applicable Egyptian laws and regulations, no offer, sale or delivery of such securities, or distribution of any prospectus relating thereto, may be made in or from Egypt.

If you are resident in Monaco, the information contained on this Sub site shall not be considered by users of the Sub site as promotional material, and is only available to give general information about GSDO. The information is not intended to incite individuals using this Sub site to subscribe to any offering. Should users of the Sub site want more information about GSDO, they should contact a Monaco duly authorized intermediary acting as a professional institutional investor which has such knowledge and experience in financial and business matters as to be capable of evaluating the risks and merits of an investment in the shares. Documents concerning the offering may only be communicated by banks duly licensed by the “Comité des Etablissements de Crédit et des Enterprises d’Investissement” and fully licensed portfolio management companies by virtue of Law n° 1.144 of July 26, 1991 and Law 1.194 of July 9, 1997 duly licensed by the “Commission de Contrôle de la gestion de portefeuilles et des activités boursières assimilées.

For the purposes of Switzerland, GSDO is not a fund authorized for distribution to the public in Switzerland and only qualified investors shall have the right to access information on the Sub site and/or to subscribe to units in GSDO. For the purposes of Swiss law, qualified investors means exclusively (a) regulated financial intermediaries, such as banks, securities dealers and fund management companies, (b) regulated insurance companies, (c) public institutions and pension fund institutions with a professional treasury management, (d) companies with a professional treasury management (i.e. with at least one person with experience and adequate education in charge of managing investor’s assets on a continuous basis), (e) wealthy individuals (to qualify as a wealthy individual, the person must enter into a written advisory agreement with a regulated financial intermediary, regulated insurance company or to an independent asset manager (which is subject to the Anti-Money Laundering Act or corresponding supervisory rules of its jurisdiction and to professional rules) and shall have financial investments of at least CHF 2 million (in Swiss francs and/or other currencies) at the time of the acquisition of GSDO shares), (f) investors who have entered into a written fee-based asset management agreement with a financial intermediary within the meaning of (a) above provided that any subscription is made based on this agreement.

Shares in GSDO are not permitted to be offered in the United States and may not be acquired by or for the benefit of persons who are US Persons (as defined in Regulation S of the US Securities Act 1933, as amended), or are not Non-United States Persons (as defined in Rule 4.7 of the United States Commodity Exchange Act), Employee Benefit Plans subject to ERISA or plans subject to s4975 of the US Internal Revenue Code or materially similar laws.

GSDO will not be liable for any access to the Sub site in breach of the access criteria.