Goldman Sachs Global Economics, Commodities and Strategy Research The Global FX Monthly Analyst

Recommended Top Trades

Our Top Trades for 2010

Trade Entry Level Target

1. Short S&P 500 Dec10/Dec11 Forward Starting Variance Swap 28.20 21.00

2. Long Russian Equities (RDXUSD) 1645.9 2050

3. Long GBP/NZD 2.29 2.60

4. Pay UK Rates vs. Receiving AUD Rates via 1-yr Forward 2-yr Swaps** -268.5bp -150bp

5. Pay 2y Rates in Turkey 8.77% 12.00%

6. Long Credit Protection on Spain, Short Credit Protection on Ireland* 70.2bp 20bp

7. Long 'Growth' FX Current 103.5 111.8

8. Long PLN/JPY 32.1 37.5

9. Long Chinese Equities (HSCEI)*** 12616.01 15000

*Closed 29 Jan 2010; **Closed 11 Feb 2010; ***Opened on 01 Apr 2010.

Tactical FX Trade Performance Fiscal Year 2010

Number Cum Return Avg Return Avg Duration

All Trades 17 13.6% 0.80% 21 days

Profitable 10 27.8% 2.78% 27 days
Loss-Making 7 -14.2% -2.03% 12 days

Please see our Global Markets Daily Comment and Trade Updates for changes in these live trading strategies, as they
change in line with market developments and our views.

i May 2010