Date of First Use: July 14, 2008

Goldman SachsStructured International Small Cap Fund

Offering Fundamental Investment Appeal in the International Markets

SEEKS LONG-TERM GROWTH OF CAPITAL

FUNDAMENTALLY BASED

We use 6 historically proven

investment themes to calculate

expected returns for 8,500 stocks

daily.

QUANTITATIVELY CONSTRUCTED

Our proprietary risk model helps

construct a well-diversified small

cap portfolio that seeks to fluctuate

in price at the same rate as the

market, has similar sector, style

and capitalization characteristics to

the MSCI EAFE Small Cap Index,

and maximizes return potential

from our six fundamental themes.

EFFICIENT IMPLEMENTATION

Transaction costs are considered at

every step of the process, from the

weighting of investment themes, to

portfolio optimization, to trading.

Portfolios are traded with

maximum efficiency using

integrated trading systems and

sophisticated transaction cost

management techniques.

Total Fund Net Assets (MM) $160.9 Weighted Average Market Cap $1.52B

NAV - Class A $8.37 Weighted Median Market Cap $1.08B

Total Number of Holdings 488

3 Year Beta - Net Expense Ratio - Class A (Current) 1.30%

3 Year R-Squared - Gross Expense Ratio - Class A (Before Waiver) 1.54%

3 Year Standard Deviation -

TOTAL RETURNS AT NAV (%)

-12-10-8-6-4-2024

-3.46

3 Months

-4.63 -9.02

YTD

-10.40 N/A

1 Year

N/A N/A

3 Years

N/A N/A

5 Years

N/A N/A

10 Years

N/A N/A

Since Inception9.28.07

N/A

Class A MSCI EAFE Small Cap - Net Unhedged USD

Below are the fund’s average annual total returns with all distributions reinvested for periods ended 6.30.08, assuming payment of the maximum sales charge at the beginning of the stated periods:

1 Yr: N/A 5 Yrs: N/A Since Inception: -20.68%

The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above.

The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value. These returns reflect the maximum initial sales charge of 5.5% for Class A Shares. The Fund will charge a 2% redemption fee on the redemption of Class A Shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.

Performance reflects cumulative total returns for periods of less than one year and average annual total returns for periods of greater than one year. Since inception returns for periods of less than one year are cumulative. All Fund performance data reflect the reinvestment of distributions.

The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations) are as set forth above. Waivers and expense limitations are voluntary and the Investment Adviser may modify or terminate them at any time without shareholder approval. If this occurs, the expense ratios may change.

As of 6.30.08

Class A: GICAX

Class C: GICCX

Goldman Sachs Asset

Management, the asset

management arm of The

Goldman Sachs Group, Inc.,

is among the world’s largest

asset managers, with over

$780.5 billion in assets under

management as of 03.31.08.

Founded in 1869, Goldman Sachs

is a leading global investment

banking, securities and

investment management firm.

Date of First Use: July 14, 2008

Goldman Sachs Structured International Small Cap Fund

Access a world-class

investment team

The Quantitative Investment Strategies (QIS) team has a thorough understanding of our model’s intricacies and participates in the ongoing research that keeps our quantitative process state-of-the-art.

The team is comprised of more than 125 experienced professionals, including over 15 PhDs and 25 CFA charter holders, offering a high degree of strength and stability.

Our team based approach to portfolio construction ensures a high degree of continuity.

Mark M. Carhart,Ph.D., CFA

Co-Chief Investment Officer

15 Years of Investment

Experience

Robert C. Jones, CFA

Co-Chief Investment

Officer

27 Years of Investment

Experience

Len Ioffe, CFA

Senior Portfolio Manager

17 Years of Investment

Experience

TOP TEN HOLDINGS (%)

Deep Sea Supply Plc 1.7

Wh Smith Plc 1.5

Regus Group PLC 1.4

Tessenderlo Chemie NV 1.3

Centennial Coal Co Ltd 1.2

Petrofac Ltd 1.2

Cookson Group PLC 1.2

ASM International NV 1.2

Saras SpA 1.1

DS Smith PLC 1.1

QUARTERLY DIVIDENDS

Class A Class C

6.30.08 $0.000 $0.000

TOP TEN COUNTRY WEIGHTS (%)

Fund Index

Japan 26.3 26.3

United Kingdom 20.0 20.1

Australia 7.9 7.9

Germany 6.3 6.3

France 5.0 4.9

Switzerland 4.8 4.7

Sweden 3.8 3.8

Italy 3.8 3.9

Norway 2.9 3.0

Netherlands 2.7 2.7

The Goldman Sachs Structured International Small Cap Fund invests primarily in a broadly diversified portfolio of equity investments in small cap companies organized outside the U.S. or whose securities are principally traded outside the U.S., and is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Stocks of small cap companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Foreign and emerging market securities may be more volatile than investments in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all.

Effective June 1, 2008, the MSCI Provisional EAFE Small Cap Index was renamed the MSCI EAFE Small Cap Index. The MSCI EAFE Small Cap Index is a free float adjusted market capitalization index that is designed to measure the equity market performance of the small market capitalization segment of developed markets, excluding the US and Canada. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged Index.

The 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 & Poor’s, 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.

Holdings and allocations shown are unaudited, and may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

The Net Asset Value (NAV) is the market value of one share of the Fund.

Percentages may not sum to 100% due to rounding.

Correlation Measure - R-squared: Measures how closely the movement of a portfolio’s returns relates to a particular market index. Risk Measures - Standard Deviation: Measures the total risk of a portfolio by assessing the probable range within which a portfolio’s return is likely to deviate from its average return over a defined period of time. Beta: Measures the market risk of a portoflio or the volatility of a portfolio relative to an underlying index. Risk-Adjusted-Return Measure - Alpha: Measures how a portfolio has actually performed against its expected returns based on the beta figure.

A prospectus for the Fund containing more complete information may be obtained from your authorized dealer or from Goldman, Sachs Co. by calling 1–800–526–7384. Please consider a fund’s objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund. Visit our Web site www.goldmansachsfunds.com to obtain month-end returns.Please see the glossary of terms. Goldman Sachs Co. is the distributor of the Goldman Sachs Funds.Copyright 2008 Goldman, Sachs & Co. All Rights Reserved. STRCTINTSCFCT_ABC/7-08

NOT FDIC-INSURED May Lose Value No Bank Guarantee