Concentrated Growth

PERFORMANCE HIGHLIGHT 4Q 2010 INVESTMENT COMMENTARY 3Q 2010 FUNDAMENTAL EQUITY FUNDAMENTAL EQUITY

Market Review
US equities capped 2010 on a note of optimism as the S&P 500 Index rose 6.7% in December, lifting fourth quarter gains to 10.8% and year to date returns to 15.1%. The Energy sector posted the strongest performance for the quarter, as oil prices climbed back over $90/barrel during December, a high for the year and a level not seen since late 2008. Year to date, the US equity market significantly outperformed the MSCI World Index average of 9.6% in USD, as investors gained confidence in the economic recovery.

Composite Performance (%)

GSAM Concentrated Growth Returns

Gross
20 15 10 5 0 -5
9.32

Russell 1000 Growth Index

16.71 11.83 12.08 12.08 9.28 4.00 3.75 -1.44 -0.47 5.72 1.96 0.02 16.71 12.22

13.85 8.32 10.20

Portfolio Attribution
The Concentrated Growth strategy delivered strong absolute returns during the quarter, but lagged its benchmark the Russell 1000 Growth Index (gross). Weakness in select Information Technology and Telecommunication Services businesses detracted from relative performance while positive stock selection in the Energy and Financials sectors contributed to relative returns.

4Q 2010

YTD

One Year

Three Years

Five Years
25 bps

Ten Years
194 bps

Fifteen Years

Since Twenty Inception Years (7/1/84)

365 bps

Gross Excess -251 bps -463 bps -463 bps -96 bps Returns

356 bps 389 bps

Sector Weights (%)

Concentrated Growth
Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities
1.22 0.85 0.00 0.08 5.26 6.82 0.00 4.72

Russell 1000 Growth Index

9.93 9.47 12.29 14.70

Outlook
Equity markets rallied strongly during the fourth quarter, extending gains that began in early September the previous quarter. Additionally, stock price momentum became a growing trend and investors appetite for equities increased, as noted in retail mutual fund flows. We are encouraged that the global economy appears to have entered its next chapter of recovery and a hand-off from government subsidized stimulus to a more self-sustainable stage lead by healthy corporate spending and consumer participation has begun. Recent tax policies out of Washington are also helpful in increasing confidence and helping create some needed visibility into the future so that longer-term investment plans can be put in place. We remain optimistic on corporate profits, predominantly driven by top line rather than margin expansion. We have seen and expect to continue to see more in the way of strategic mergers & acquisitions, private equity transactions, and corporate buybacks giving us a good backdrop for demand for equities, however, we believe that the need to pick the right stocks in the coming year will increase as not all companies will be beneficiaries of these trends. Greater differentiation between stocks will continue as correlations decline from their 2010 highs, in our view.

12.59 10.87 10.60 9.85 14.62 13.29 30.28 30.91

10

15

20

25

30

35

Characteristics
Portfolio Benchmark AUM (as of 9/30) $8.3B* N/A Number of Holdings 33 627 3 yr. Avg. Turnover 54.7% N/A P/E (1 yr. forecast) 17.6x 16.1x Weighted Average Market Cap $74.7B $85.2B Weighted Median Market Cap $31.5B $38.5B
* Includes Target 35 & Long Term Capital Appreciation

Top Ten Holdings (%)

Apple Inc. Schlumberger Ltd. Qualcomm Inc. American Tower Corp. CME Group Inc. Lowes Cos. Costco Wholesale Corp. PepsiCo Inc. Oracle Corp. Staples Inc. 6.51 5.79 5.23 4.45 4.18 3.85 3.73 3.62 3.53 3.51

Return difference vs. benchmark may not sum to excess return number due to rounding. The data shown is of a representative account, is for informational purposes only and is not indicative of future portfolio characteristics/returns. Actual results may vary for each client due to specific client guidelines and other factors. Past performance is not indicative of future results, which may vary. The returns presented above are gross and do not reflect the deduction of investment advisory fees, which will reduce returns. Please see the performance composite included herein for net results and additional disclosures. This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions. It also pertains to past performance or is the basis for previously-made discretionary investment decisions. This information should not be construed as a current recommendation, research or investment advice. It should not be assumed that investment decisions made in the future will be profitable or will equal the performance of investments discussed in this document. Any mention of a past investment decision is intended only to illustrate our investment approach or strategy, and is not indicative of the performance of our strategy as a whole. Any such illustration is not necessarily representative of other investment decisions. A complete list of past recommendations may be available on request. Please see additional disclosures.

GSAM US Concentrated Growth (Institutional)

As of: December 31, 2010
Annualized Since Inception1 Years 07/1984-12/1984" 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Gross Rate of Return (%)

13.85 7.99 46.36 30.61 3.14 28.25 35.31 (15.88) 46.11 14.81 27.36 0.05 24.02 20.84 44.47 35.21 41.35 (6.51) (8.17) (22.95) 27.01 5.98 4.78 10.91 14.59 (43.23) 50.47 12.08

Net Rate of Return2 (%)

12.85 7.52 45.09 29.47 2.22 27.13 34.13 (16.64) 44.84 13.80 26.25 (0.84) 22.93 19.77 43.22 34.03 40.12 (7.35) (8.99) (23.65) 25.90 5.04 3.85 9.92 13.58 (43.76) 49.17 11.09

Russell 1000 Growth Benchmark5 (%)

10.20 8.99 32.85 15.36 5.31 11.27 35.92 (0.26) 41.16 5.00 2.90 2.66 37.19 23.12 30.49 38.70 33.16 (22.43) (20.42) (27.88) 29.75 6.30 5.26 9.07 11.81 (38.44) 37.21 16.71

Gross Excess Return (bps)

365 (100) 1,350 1,524 (217) 1,698 (61) (1,562) 494 981 2,446 (261) (1,317) (229) 1,399 (349) 819 1,591 1,22v6 494 (274) (32) (48) 183 278 (479) 1,327 (463)

S&P 500 Total Return Benchmark6 (%)

10.95 11.75 31.73 18.67 5.25 16.61 31.70 (3.05) 30.47 7.62 10.08 1.32 37.58 22.95 33.37 28.57 21.04 (9.11) (11.89) (22.10) 28.68 10.88 4.91 15.79 5.49 (37.00) 26.46 15.06

Gross Excess Return (bps)

290 (376) 1,463 1,194 (211) 1,164 362 (1,283) 1,564 720 1,728 (127) (1,356) (211) 1,111 664 2,031 260 372 (85) (167) (490) (13) (489) 910 (623) 2,401 (298)

Dispersion3 (%)

No. of Portfolios

End of Period Assets (MM)

Percent of GSAM Assets4***

N/A N/A N/A N/A N/A 9.61 4.81 7.05 5.17 6.16 1.16 1.62 1.74 1.27 0.57 1.23 1.11 0.87 0.53 1.10 2.69 0.73 0.97 1.20 0.72 2.45 0.25

< 5 < 5 < 5 < 5 5 8 8 7 9 9 10 12 15 9 9 12 12 17 98 194 204 159 149 137 114 128 98

2 3 64 80 124 256 218 275 299 399 420 458 520 507 700 1,004 875 886 3,667 7,475 8,088 6,804 7,431 7,726 3,674 5,354 6,564

2.77 1.53 21.55 17.01 14.41 11.51 8.47 8.06 8.33 9.42 9.57 9.35 9.31 0.41 0.38 0.42 0.34 0.30 1.25 2.27 2.03 1.45 1.25 1.07 0.57 0.76 1.01

1 Composite inception date: 07/01/1984 Currency used to express end of period assets and composite and benchmark performance: USD. 2 he composite net of fee returns are calculated by adjusting each monthly gross of fee composite return by the highest applicable fee rate listed in the Form ADV, Part II schedule or internal product fee schedule applicable to the prospective investor type. Actual T fees and expenses may differ from those reflected in this composite presentation which would cause performance to differ. Where performance fees exist, the calculation was based on assumptions as to how the rate was applied which could differ from how it was actually charged. The net performance may not reflect the deduction of custody, administrative and other fees and expenses or fund sales loads, if applicable. 3 ispersion represents an asset weighted standard deviation of annual portfolio returns. Dispersion is not considered meaningful where less than five portfolios have been in the composite for the entire year and therefore has not been presented in years where an D N/A appears. 4 Percentage of Firm assets are presented on an annual basis. Additional Firm asset and % of Firm asset information is available upon request. 5 The Firms asset related figures above are preliminary for 09/2010. 6 enchmark Source: Russell Investments The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted B growth values. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. 7 Benchmark Source 2: Standard & Poors The S&P 500 Index is a market-value weighted index comprised of 500 stocks selected for market size, liquidity and industry group representation. GSAM claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report in compliance with the GIPS standards. GSAM has been independently verified for the periods July 1, 2000 through June 30, 2006 by Deloitte & Touche, LLP and for the periods July 1, 2006 through December 31, 2009 by Ernst & Young LLP. Verification assesses whether (1) the Firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the Firms policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The GSAM US Concentrated Growth composite has been examined for the periods July 1,2000 through December 31,2009. The verification and performance examination reports are available upon request. Goldman Sachs Asset Management (excluding the following two business units (i) Goldman Sachs Hedge Fund Strategies LLC and (ii) the Private Equity Group), is referred to herein as the Firm or GSAM. GSAM provides advisory services globally to both individual and institutional clients and is defined as the Firm for purposes of complying with the Global Investment Performance Standards (GIPS). GSAM was established in 1988. GSAM acquired CIN Management (CIN) in August 1996 and merged CIN global investment management teams and assets with existing GSAM teams of similar strategies while also expanding to form new GSAM global strategies. In January 1997, GSAM also acquired and retained substantially all of the assets, historical performance results and investment management team of Liberty Investment Management and its predecessor Firm Eagle Asset Management, to form its US active growth equity business team. GSAM acquired Macquarie-IMM Investment Management Co. (Macquarie-IMM) in September 2007 to expand the Korean equity strategy offerings and distribution channels within the Firm. Macquarie-IMM had been in existence since March 2000 and GSAM retained substantially all of the assets, historical performance results and key investment team members. The GSAM US Concentrated Growth composite consists of portfolios that invest in large and mid cap companies representing the teams highest conviction ideas. Portfolios generally hold between 30-40 stocks and have meaningful weightings in individual holdings and sectors. The composite includes portfolios with assets in excess of the following account values during the referenced periods: Inception through 1985 > $100 Thousand, 1986 through 1988 > $2 Million, 1989 through 1996 > $5 Million. Portfolios from 1997 through present are included in the composite with no restrictions on asset size. Portfolios may include institutional accounts, pooled vehicles or private wealth accounts. On September 1, 2002 the composite was redefined to reflect a movement to fewer stocks and a broader range of weightings on individual holdings and sectors. * Standard Deviation and Tracking Error are calculated using quarterly returns.** The 14 through 26 year returns will not be calculated intra-quarter as only quarterly returns exist prior to 1997.*** Percentage of Liberty assets from inception through 1996 and percentage of GSAM assets from 1997 forward. These total return figures represent past performance and are not indicative of future returns which may vary. Performance results are calculated utilizing a time-weighted rate of return methodology and include the reinvestment of earnings. Institutional and private wealth accounts apply the Modified BAI calculation methodology based on a monthly valuation and daily weighted cash flows. Quarterly valuations were used until December 31,1996. Accounts are revalued at the time of large cash flows based on the consistent application of the current threshold in the revaluation policy. Accounts are valued pursuant to GSAMs Valuation Procedures and reflect GSAMs good faith estimate of fair market levels for all positions, which may not be realized upon liquidation. The circumstances of the transaction and transaction size will affect the price received upon liquidation.Gross performance results are presented before management and custodial fees but after all trading commissions and transaction costs. Net performance results are net of transaction costs and investment management fees as described in Note 2 above. Where composites include mutual fund portfolios, the mutual fund performance is calculated gross of management and other fund fees for all share classes. Gross mutual fund performance is derived from net fund performance, applying the funds total expense ratio. All relevant funds share class assets are reflected in the composite and total GSAM assets figures. Each share class is treated as one account.Account and mutual fund valuation sources and timing may sometimes differ causing dispersion within the composite. The composite may include portfolios of different base currencies which have been redenominated to a common currency using monthly exchange rates obtained from WM Reuters and Financial Times (FT). Composite monthly returns are the size-weighted averages of the portfolios monthly returns. Composite monthly returns are geometrically linked to calculate composite annual returns. Segments of multiple asset class portfolios which have been managed as stand alone portfolios with separately managed cash may be included in the composite. Leverage and derivatives have not been actively used within portfolios in the composite unless specified. A complete list and description of GSAMs composites is available upon request. References to market or composite indices, benchmarks or other measures of relative market performance over a specified period of time (each, an index) are provided for your information only. Reference to an index does not imply that the portfolio will achieve returns, volatility or other results similar to the index. The composition of the index may not reflect the manner in which a portfolio is constructed in relation to expected or achieved returns, portfolio guidelines, restrictions, sectors, correlations, concentrations, volatility or tracking error targets, all of which are subject to change over time.Maximum Fees on Institutional GSAM US Concentrated Growth mandates: 90 bps on first $25 million, 65 bps on next $25 million, 55 bps on next $50 million, 50 bps on next $100 million, 40 bps on excess of $200 million. Performance based fees are also available in accordance with applicable regulations. Additional information regarding investment management fees is provided in our Form ADV, Part II.Effective July 1, 2005, GSAM changed its methodology for applying model fees for calculation of composite net returns on a prospective basis. The new methodology will reflect the application of the highest fee in the Form ADV, Part II or internal product fee schedule for each monthly period based on the applicable fee schedule in effect for that calendar year. When fee changes occur mid year, the highest fee is applied for the entire year. Previously, the current highest fee in the Form ADV, Part II was applied retroactively across all periods resulting in the net returns presented through June 30, 2005 reflecting fees based on the applicable fee schedule in existence at June 30, 2005. The effect of differences in the methodologies historically is considered immaterial for restatement. For the performance period presented, investment professionals may have changed or departed, none of which in the Firms view have altered the composites strategy. Benchmarks: Effective 03/01/02, the Concentrated Growth strategy added the Russell 1000 Growth as a benchmark, in addition to the S&P500. Both benchmarks are presented as consultants, potential clients, and existing clients may compare the result of this strategy against both of these benchmarks. The composite returns have been reported net of foreign withholding taxes on dividends, interest and capital gains based on the individual portfolios tax basis which may differ within the composite while the benchmark returns have been reported on a gross basis. The benchmark information presented above has been taken from published sources and has not been examined by the verifiers. On January 2, 1997, Liberty Investment Management became a division of Goldman Sachs Asset Management. Our composite reflects historical performance of Eagle Asset Management, Liberty Investment Managements predecessor firm through 1995, and of Liberty through 1996, and includes all Concentrated Growth accounts under management for a full quarter for the period from inception through December 1996 and for a full month from January 1997 to the present. Historical performance includes terminated accounts. Goldman Sachs Asset Managements Growth Equity accounts are managed on an individual basis. While the Growth Equity team essentially follows the general style outlined in this information in managing all of its accounts, from time to time specific portfolio management decisions may vary in one or more particulars (e.g., beta, percentage of cash, market capitalization, stock selection criteria, etc.) from the overall description presented here. In addition, the stock selection criteria represent the ideal situation, and any specific holding will not, and is not expected to, meet all criteria. This information is intended as a description which is generally accurate and not as a representation to be complied with at all times with all decisions. Thus, clients should not infer that any given portfolio will meet every stock selection criterion and match every portfolio characteristic outlined herein. As a manager with full discretion, we reserve the right to deviate from one or more aspects of its described style when we deem prudent to do so. Composite creation date: 01/01/2003 Published Final on: 1/10/2011 -111277The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poors, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. This material has been prepared by GSAM and is not a product of the Goldman Sachs Global Investment Research (GIR) Department. The views and opinions expressed may differ from the views and opinions expressed by the GIR Department or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information should not be relied upon in making an investment decision. GSAM has no obligation to provide any updates or changes. Holdings may change by the time you receive this report. The securities discussed do not represent all of the portfolios holdings and may represent only a small percentage of the strategys portfolio holdings. Future portfolio holdings may not be profitable. The information should not be deemed representative of future characteristics for the strategy. THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO. Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant. Past performance is not indicative of future results, which may vary. The value of investments and the income derived from investments can go down as well as up. Future returns are not guaranteed, and a loss of principal may occur. Opinions expressed are current opinions as of the date appearing in this material only. No part of this material may, without GSAMs prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorised agent of the recipient. Indices are unmanaged. The figures for the index reflect the reinvestment of dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices. References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

2011 Goldman Sachs. All rights reserved. This presentation is as of January 26, 2011. (46802.SA.OTU) FOR INSTITUTIONAL USE ONLY

CGPH/1-11