Source: Goldman Sachs Asset Management. For illustrative purposes only. This hypothetical example assumes an initial one time investment of $10,000 beginning in 1982 through 12/31/10. Gray shaded areas denote recession years. The S&P 500 Index is an unmanaged index of common stock prices. 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 yearly returns reflect dividends reinvested. For years prior to 1950, returns including dividend reinvestment were not available. Past performance does not guarantee future results.