Company Press Releases

GOLDMAN SACHS ASSET MANAGEMENT LAUNCHES GOLDMAN SACHS RISING DIVIDEND GROWTH FUND AND COMPLETES FUND ACQUISITION FROM DIVIDEND GROWTH ADVISORS

NEW YORK, February 27, 2012 – Goldman Sachs Asset Management, L.P. (GSAM) today announced that it has launched the Goldman Sachs Rising Dividend Growth Fund (Class A Shares: GSRAAX) following the completion of the acquisition of the mutual fund management business of Dividend Assets Capital, LLC (formerly Dividend Growth Advisors, LLC). The new offering broadens GSAM’s mutual fund platform to include a rising dividend equity strategy.

"In today's markets, many investors are looking for ways to increase income and build long-term wealth,” said Glen Casey, Managing Director and Head of Product Strategy and Development at Goldman Sachs Asset Management. "The Goldman Sachs Rising Dividend Growth Fund seeks to address these needs by owning companies that have the potential to grow dividends and also investing in energy Master Limited Partnerships (MLPs) that can provide a differentiated income stream."

Dividend Assets Capital is the sub-adviser of the Goldman Sachs Rising Dividend Growth Fund. The investment objective of the Fund is to seek long-term growth of capital and current income. The Fund seeks to achieve its objective by investing in companies that pay consistent and increasing dividends, and through an allocation to MLPs.

"We believe good companies pay dividends, but great companies grow dividends," added Troy Shaver, Portfolio Manager of the Goldman Sachs Rising Dividend Growth Fund. "To us, this means the companies that consistently grow and distribute profits to shareholders demonstrate their ability to generate earnings, manage risk and appreciate in value over time."

The Fund employs a proprietary "10/10 test" designed to identify companies that pay dividends at an increasing rate that averages approximately 10% per year over a ten-year trailing period. The Fund seeks to generate additional income through an approximate 20% allocation to MLPs, which are typically energy or infrastructure companies. Investment in energy MLPs provides capital for funding energy infrastructure development projects and may allow the Fund to capitalize on the growing US demand and discovery of energy sources and supporting infrastructure.

The Fund is sub-advised by Dividend Assets Capital’s portfolio management team, which has over six decades of dividend investing experience. The integration of the $182 million Rising Dividend Growth Fund, which had a Four-Star Morningstar rating as of 1/31/121 into the Goldman Sachs fund family was approved by Dividend Assets Capital Rising Dividend Growth Fund shareholders during a shareholder meeting on February 23, 2012. The Fund is now offered in Class A and Class C shares, both with $1,000 minimum initial investments, as well as Institutional, Class R and Class IR Shares.

Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $821 billion as of December 31, 2011. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.

GOLDMAN SACHS ASSET MANAGEMENT LAUNCHES MANAGED FUTURES Strategy FUND

NEW YORK, February 29, 2012 – Goldman Sachs Asset Management, L.P. (GSAM) today announced the launch of the Goldman Sachs Managed Futures Strategy Fund (Class A Shares: GMSAX). The Fund provides investors with an opportunity to invest in a wide range of globally diversified asset classes that GSAM believes can potentially generate absolute returns and reduce risk during prolonged market declines.

"Managed futures strategies have historically provided a diversifying pattern of returns that behave differently than most traditional asset classes and alternative investment strategies. This diversification offers the potential to reduce portfolio risk and increase return, including the potential to offer strong performance in extreme up or down markets," said Glen Casey, Managing Director and Head of Product Strategy and Development at GSAM.

"Our analysis and research reveal that performance in a wide variety of markets tends to continue and exhibit patterns that are both predictable and exploitable," added William Fallon, Portfolio Manager of the Fund and Co-CIO of the Goldman Sachs Quantitative Investment Strategies (QIS) team. "The Goldman Sachs Managed Futures Strategy Fund seeks to identify price trends early, and potentially profit from them by taking long or short positions in a wide range of asset classes, including equities, fixed income and currencies."

Fallon and the QIS team will draw on more than 20 years of investing experience to seek to generate attractive risk-adjusted returns from market trends. The team employs 11 PhDs and 16 CFA charter holders with extensive academic and practitioner experience. With over 60 professionals dedicated to portfolio management and research, the QIS team oversees more than $47 billion in assets as of December 31, 2011.

This launch builds on GSAM’s commitment to bringing alternative strategies in daily liquid funds to investors. In 2008, GSAM introduced the first 1940 Act hedge fund replication fund, the Goldman Sachs Absolute Return Tracker Fund, to retail investors in the US.

The Fund is offered in Class A and Class C Shares, both with $1,000 minimum initial investments. The Fund also offers Institutional, Class R and Class IR Shares.

Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $821 billion as of December 31, 2011. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.

GOLDMAN SACHS ASSET MANAGEMENT LAUNCHES Short Duration income fund

NEW YORK, February 29, 2012 – Goldman Sachs Asset Management, L.P. (GSAM) today announced the launch of the Goldman Sachs Short Duration Income Fund (Class A Shares: GDIAX). The Fund uses a multi sector short duration strategy that seeks to provide investors with total return consisting of income and capital appreciation by investing in short duration fixed income securities, primarily investment grade, within sectors such as corporate bonds, mortgage- and asset-backed securities, and government securities.

"Faced with volatile markets and low US interest rates, investors are looking to maximize income from their fixed income portfolios while minimizing interest rate risk," said David Fishman, Co-Lead Portfolio Manager of the Goldman Sachs Short Duration Income Fund.

Added James McCarthy, the Fund's Co-Lead Portfolio Manager: "The Goldman Sachs Short Duration Income Fund seeks added income from a variety of fixed income sectors beyond government bonds. It provides flexible diversification that factors in market conditions and has the potential to dampen overall portfolio risk with lower interest rate sensitivity."

GSAM's Global Liquidity Management (GLM) team – one of the largest global teams in the industry with more than $250 billion in assets under management as of 12/31/2011 – will oversee the management of the Fund. Co-headed by James McCarthy and David Fishman, the team has been managing total return products and short duration strategies for over 20 years.

The Fund is offered in Class A and Class C Shares, both with $1,000 minimum initial investments, as well as Institutional, Class R and Class IR Shares.

Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $821 billion as of December 31, 2011. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.