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Goldman Sachs Asset Management | 200 West Street | New York, New York 10282

September 14, 2011



Re: Quantitative Investment Strategies (QIS) Team Update

After 13 years of distinguished service, Katinka Domotorffy, CIO and head of QIS, has decided
to retire from the firm at the end of this year.
Katinka joined Goldman Sachs in 1998 as a portfolio manager and researcher working with the
quantitative global macro and fixed income teams. In 2007, Katinka took on broader role as the
head of strategy for the QIS, where she led a number of strategic priorities including the
integration of research and portfolio management, a focus on new and innovative client solutions
and the build-out of the group's broader beta capabilities. In 2009, Katinka became the CIO and
head of QIS.
Katinka has been a strong leader for the QIS organization. During her tenure, she reinforced and
enhanced our investment discipline, placed increased emphasis on our research models and led
the team through a time of tremendous market volatility and change. We thank her for her
contributions to the firm and our clients and wish her well in retirement.
Going forward, we are pleased to announce that Armen Avanessians will join GSAM as
head of our global quantitative business. In this role, he will be responsible for overseeing
our quantitative, rules-based and indexing businesses. Armen has been with the firm since
1985 and has extensive experience across a wide variety of quantitative, electronic, rules-
based and analytical businesses. Armen joined Goldman Sachs in 1985 as a foreign
exchange strategist. He became a partner in 1994 and a member of the Securities Division
Executive Committee in 2003.
Armen's experience across a wide variety of quantitative, electronic, rules-based and analytical
businesses will be instrumental to our clients. Armen will be based in New York and will report to
us.
In addition, we are pleased to announce that we have hired Ron Hua as a partner to serve as the
chief investment officer and head of our quantitative equity alpha business, which will include our
research and portfolio management activities. Ron joins us from PanAgora Asset Management
where he was the chief investment officer and head of equity investments. In that role, he was
responsible for overseeing over $12 billion in equity assets under management.
Ron has worked in quantitative research and investing since 1992 and has served as both a
researcher and portfolio manager. Throughout his career, he has been responsible for structured
equity portfolios, including US, non-US, global and emerging markets strategies. Ron will report
to Armen. We are delighted to have Ron join our team and are pleased that we can augment our
existing quantitative equity team with such a high caliber investor.
With Ron taking on responsibility for our quantitative equity alpha business, Bill Fallon, CIO and
head of our alpha strategies, will now focus exclusively on our quantitative macro businesses.
Don Mulvihill, the CIO and head of our customized beta strategies, will continue in his current
role. Both Bill and Don will report to Armen.
All of Katinka's direct investment responsibilities were performed within a co-lead or team
leadership structure. Therefore, we expect no interruption in day-to-day investment decision-
making in any portfolios. Her responsibilities will be absorbed by the respective portfolio
managers and CIOs for each portfolio: Ron will assume CIO responsibilities for equities, Bill for
macro strategies and Don for customized beta and tax-advantages strategies.
Please join us in thanking Katinka for her many contributions to the firm and in welcoming Armen
and Ron to GSAM.


Timothy J. O'Neill
Edward C. Forst









































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2011 Goldman Sachs. All rights reserved.

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