Estimated NAV 30 June 2008

    RNS Number : 1703Y
  Goldman Sachs Dynamic Opportunities
  02 July 2008
   


    MONTHLY NAV ESTIMATE

    Goldman Sachs Dynamic Opportunities Limited (the "Company")

    Estimated Net Asset Value and Performance Data*

    As at the close of business on 30 June 2008, the estimated net asset value and performance of the Company's shares are as follows:

 Ordinary Shares     Net Asset     WTD       MTD       YTD 
                         Value             performa  performa
                                performan    nce       nce
                                   ce
 GBP Shares       115.28 pence  (0.14) %   (0.71) %   0.55 %
 EUR Shares         EUR 1.6369  (0.16) %   (0.80) %  (0.09) %
 US$ Shares         US$ 2.1034  (0.20) %   (0.95) %  (0.43) %

 C Shares        Net Asset
                     Value
 C GBP Shares  98.31 pence
 C EUR Shares   EUR 0.9831
 C US$ Shares  US$  0.9828

    Illustrative Conversion Ratios

    On the basis of the estimated net asset values set out above, the illustrative Conversion Ratios as at 30 June 2008, calculated in
accordance with the Company's prospectus dated 2 May 2008, are as follows:

 0.8528 GBP Shares for every one C GBP Share
 0.6006 EUR Shares for every one C EUR Share
 0.4672 US$ Shares for every one C US$ Share
    On the basis of the illustrative Conversion Ratios:

 a holder of 1,000 C GBP Shares would receive 852 new GBP Shares on Conversion
 a holder of 1,000 C EUR Shares would receive 600 new EUR Shares on Conversion
 a holder of 1,000 C US$ Shares would receive 467 new US$ Shares on Conversion

    The illustrative Conversion Ratios have been calculated for information purposes only and are not intended to be, nor should they be
taken as, a forecast of either the actual Conversion Ratios or a forecast of the number of GBP Shares, EUR Shares or US$ Shares (as
appropriate) which will arise on Conversion. The actual Conversion Ratios will be based on the final net asset values as at 30 June 2008 and
are expected to be announced on or about 8 August 2008.



    Expected Timetable to Conversion of C Shares

    As announced on 1st July 2008, the Calculation Time in respect of Conversion of C Shares is 30 June 2008. The actual Conversion Ratios
for C GBP Shares, C EUR Shares and C US$ Shares into GBP Shares, EUR Shares and US$ Shares respectively are expected to be calculated and
announced in accordance with the following expected timetable:

                                                                          2008

 Announcement of actual Conversion Ratios                             8 August

 Record date for Conversion and C Share registers close        5pm on 8 August

 Conversion Time and C Shareholder CREST, Euroclear or              11 August 
 Clearstream accounts credited with new Ordinary Shares (of
 the relevant class)
                                                                     11 August


     *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"). 
    2. Calculation of Performance Data
    Set out above for the Ordinary Shares 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.
    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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