The Investment Manager seeks to identify Advisors to which it may allocate GSDO's assets through investments in Portfolio Funds that they manage or Portfolio Companies. The Advisor selection process includes a review by the Investment Manager's team of professionals, which may include representatives of the Investment Manager's portfolio management, Advisor selection, risk and quantitative analysis, compliance, tax, legal, finance and operations areas.

Both qualitative and quantitative criteria are factored into the Advisor selection process. These criteria include portfolio management experience, strategy, style, historical performance, including risk profile and drawdown (i.e., downward performance) patterns, risk management philosophy and the ability to absorb an increase in assets under management without a diminution in returns. The Investment Manager also examines the organisational infrastructure, including the quality of the investment professionals and staff, the types and application of internal controls, and any potential for conflicts of interest.

In determining the relative allocations of capital to each Advisor, the Investment Manager considers the risk and return characteristics of each of the Advisors, including the average expected volatility of returns, drawdown patterns and liquidity and leverage characteristics, as well as their asset capacity limits and constraints. In addition, the Investment Manager considers how each Advisor's returns are expected to correlate to the other Advisors in GSDO's portfolio. It is expected that allocations will vary significantly over time as returns for different Advisors vary. The Investment Manager also may adjust allocations from time to time when it deems it appropriate to do so.

The identity and number of the Advisors of GSDO may change materially over time. The Investment Manager may withdraw from or invest with different Advisors without prior notice to, or the consent of, GSDO or Shareholders.