Goldman Sachs Asset Management, L.P.

200 West Street New York, NY 10282

September 14, 2011 Dear Client: We would like to notify you that we have determined to close Goldman Sachs Global Alpha Fund, L.P. (the Fund). In connection with the dissolution of the Fund, we have begun liquidating the assets of the Fund. We anticipate it will take until no later than mid-October 2011 to finish liquidating the assets of the Fund, except with respect to assets that relate to the Funds claims against, and potential liabilities to, Lehman Brothers, which will take longer as described further below. Any undistributed liquidated proceeds will be invested in cash and cash equivalents. The Fund currently has claims against, and may be subject to certain potential liabilities to, Lehman Brothers. Pending the resolution of these matters, the Fund is holding back the portion of its assets that corresponds to these claims and potential liabilities. In determining the amount to hold back, we considered a range of potential outcomes and believe that we are being appropriately prudent. We have extensively reviewed the Funds claims against, and potential liabilities to, Lehman Brothers and intend to vigorously pursue a resolution with Lehman Brothers that is in the best interests of investors in the Fund. While the timing of closure to these matters is uncertain and could take a significant period of time (potentially years), we have dedicated significant resources to seek a resolution with Lehman Brothers. It is expected that the Fund will make one or more distributions by the end of October 2011 of approximately 85-90% of the estimated total proceeds from liquidating the Funds assets. The amount remaining in the Fund represents assets that have not yet been liquidated, assets held back pending resolution of certain potential liabilities and an estimate of the Funds operating expenses until its final dissolution. The undistributed assets may be subject to market risk, counterparty risk and legal risk until distributed. Additional distributions may be made from time to time as remaining assets are monetized and potential liabilities are resolved. All distributions will be made solely in accordance with the dissolution provisions and other terms of the Funds limited partnership agreement. In light of the uncertainty around the timing of reaching a resolution with Lehman Brothers, we cannot predict when the Fund will be able to make final distributions, if any, to investors in the Fund. However, we will continue to provide you with statements showing the estimated value of your investment as we have historically. No fees payable to us will be accrued after September 30, 2011. You should consult your own tax advisor with respect to the U.S. federal, state and local tax implications of the dissolution of the Fund. Should you have any questions, please do not hesitate to call your Goldman Sachs professional. Sincerely,

Goldman Sachs Asset Management, L.P.

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