Estimated Net Asset Value and Performance Data (9665F)

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RNS Number : 9665F

Goldman Sachs Dynamic Opportunities

04 May 2011

MONTHLY NAV ESTIMATE

Goldman Sachs Dynamic Opportunities Limited (the "Company")

Estimated Net Asset Value and Performance Data*

As at the close of business on 29 April 2011, the estimated net asset value and performance of the Company's shares are as follows:

 
                   Net Asset       WTD            MTD            YTD 
 Share Class           Value    performance    performance    performance 
 GBP Shares     114.26 pence      0.08 %         0.78%          1.78 % 
 EUR Shares       EUR 1.3885     (1.31) %       (3.58) %       (7.92) % 
 US$ Shares       US$ 2.1232      0.10 %         0.75 %         1.76 % 
 

*IMPORTANT NOTES

1. Calculation of Net Asset Value

This estimate of the Company's net asset value, which has been prepared in good faith by the Company's administrator, is for information only. Save as set forth below, it is determined based upon the latest available valuations (or estimated valuations) provided, directly or indirectly, by the Company's underlying investment managers ("Advisors").

Pursuant to the acceptances of the redemption proposals for the US$ Shares and EUR Shares, the net asset values (including the costs and expenses incurred by redeeming shareholders and assuming no currency hedging is undertaken) of the Company's redeemed shares are as follows: EUR Redeemed Shares EUR 1.3920 and US$ Redeemed Shares US$ 2.1311.

2. Calculation of Performance Data

Set out above are the estimated week to date ("WTD"), estimated month to date ("MTD") and estimated calendar year to date ("YTD") performance figures. The WTD performance figure is calculated by reference to the previously published estimated NAV. The MTD performance figure is calculated by reference to the previous month's estimated NAV as published or, if published, the previous month's final NAV. The YTD performance figure is calculated by reference to the NAV at the end of the last calendar year.

As announced on 22 March 2010, the Company has reinstated the currency hedging arrangements in full for its GBP Shares only (through the use of rolling forward foreign exchange contracts) effective 30 March 2010. Currency hedging was suspended in November 2008 and will not be reinstated for the EUR Shares. As a result, the EUR Shares performance figures as set out above reflect currency movements for EUR against the US$ as well as net performance of the underlying portfolio investments net of the Company's fees and expenses. Changes in the value of EUR against the US$ may result in significant differences between EUR Shares performance figures when compared to those of the US$ and the GBP Shares. The US$ Share performance figures reflect the Company's underlying portfolio return net of the Company's fees and expenses.

3. ERISA

The articles of association of the Company 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 the Company and the Company 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.

4. For the Attention of United States Residents

The shares may not be offered or sold within the United States or to, or for the account or benefit of, US Persons (as defined in the Regulation S under the Securities Act of 1933 or any person who would not be considered a Non-US person under Rule 4.7 of the United States Commodity Exchange Act).

5. Investment Policy

In seeking to achieve its investment objective, the Company allocates its assets (directly or indirectly) to a relatively concentrated portfolio of Advisors (or entities managed by them) selected by the Company's investment manager (the "Investment Manager"). Such Advisors employ a broad range of alternative investment strategies within the event driven, tactical trading, equity long/short and relative value sectors. The Company seeks to make longer term core investments whilst also allocating more opportunistically to niche Advisors.

There can be no assurance that the Company will achieve its investment objective or that it will be able to continue to implement its investment policy, or that the portfolio design, risk monitoring and hedging strategies of the Company will be successful.

6. Notes on Estimated Valuation

Certain securities or other assets in which the Advisors invest may not be readily realisable or have a readily ascertainable market price or may otherwise be extremely difficult to value and will be priced by the Advisors.

The Company 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 the net asset value, the Company will generally use the latest available valuations (or estimated valuations) provided, directly or indirectly, by the Advisors. Valuations (or estimated valuations) received by the Company 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. Such estimates and valuations may not be considered "independent" or may be subject to potential conflicts of interest. Further such valuations may take no account of any limited rights, lock-ups or other restrictions attached to those investments.

In addition, neither the Company's administrator nor its Investment Manager will generally have sufficient information to be able to independently confirm or review the completeness, genuineness or accuracy of the Advisors' valuations (or estimated valuations). In certain circumstances as set out in the Company's prospectus dated 2 May 2008, including if the Investment Manager determines, in its sole discretion, that a valuation is inaccurate or incomplete, the Investment Manager may, in its sole discretion, determine the fair value of the Company's interests independently of the Advisor's valuations based on information available to, and factors deemed relevant (at its sole discretion) by, the Investment Manager at the time of such valuation.

Other risk factors which may be relevant to this estimated valuation are set out in the Company's prospectus dated 2 May 2008.

As a result of these factors, the actual value of the Company's assets may be materially different from this published estimated value. In the event that an estimated valuation subsequently proves to be incorrect, no adjustment to a previously published estimated valuation is expected to be made nor would compensation be payable.

This information is provided by RNS

The company news service from the London Stock Exchange

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