The document provides an overview of Goldman Sachs, including: 1) It operates diverse businesses across investment banking, sales and trading, principal investing, asset management, and securities services. 2) It maintains a conservative funding and liquidity risk management framework including pre-funded excess liquidity and stress testing. 3) Over the long term, Goldman Sachs has achieved 12% annual revenue growth compared to 6% global GDP growth, focusing on returning over 20% tangible common equity.

1. Overview of Goldman Sachs

2. Cautionary Note on Forward-Looking Statements
Today’s presentation may include forward-looking statements. These statements represent the Firm’s belief
regarding future events that, by their nature, are uncertain and outside of the Firm’s control. The Firm’s
actual results and financial condition may differ, possibly materially, from what is indicated in those forward-
looking statements.
For a discussion of some of the risks and factors that could affect the Firm’s future results, please see the
description of “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended
28 November 2008. You should also read the information on the calculation of non-GAAP financial
measures that is posted on the Investor Relations portion of our website: www.gs.com.
The statements in the presentation are current only as of January 27, 2009.
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3. Introduction to Goldman Sachs
A leading global bank with broad and diverse businesses
• Investment Banking
• Sales and Trading
• Principal Investing
• Asset Management and Securities Services
Focused strategy to grow our core businesses
Straightforward financial goal
• Return on tangible common equity > 20% over the cycle
People, culture and reputation are the keys to our long-term success
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4. Goldman Sachs Financial Performance
Net Earnings ($mm) & ROTCE1 (%)
Net Revenues ($mm)
$12,000 39.8% 38.2%
$50,000
$10,000
26.7%
25.2%
$40,000
$8,000
19.9%
$30,000
$6,000 11,599
45,987
9,537
$20,000
37,665
$4,000
5.5%
22,222
25,238
5,626
20,951
$10,000 4,553
$2,000
16,023
2,322
3,005
$0 $0
2003 2004 2005 2006 2007 2008 2003 2004 2005 2006 2007 2008
Net Earnings ROTCE
(1) Return on Tangible Common Equity 4

5. Long Term Growth
Net Revenues 1988 to 2008
($ in billions)
1988 to 2008
Global GDP CAGR(1): 6%
GS Net Revs CAGR: 12%
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
5
(1) Compound Annual Growth Rate; Source: International Monetary Fund

6. Investment Banking
GS Leadership and Net Revenues ($mm)
2003 2004 2005 2006 2007 2008
(1)
M&A Ranking #1 #1 #1 #1 #1 #1
$8,000
7 ,555
$7,000
$6,000 3 ,333
5,62 9
5,185
$5,000
3,04 9
$4,000 3,67 1 2 ,529
3,3 74
$3,000 2,7 11
1,76 6
1,6 37
4 ,222
$2,000 1,5 09
2 ,656
2,58 0
$1,000 1,90 5
1,7 37
1,2 02
$0
2003 2004 2005 2006 2007 2008
Financial Advisory Underwriting
6
(1) League Table Source: Thomson Reuters. Rankings are global; on a calendar-year basis - January 1, 2008 through November 28, 2008. Represents Announced M&A

7. Fixed Income, Currency & Commodities
Net Revenues ($mm) Diverse Business
Credit Products
$18,000
$16,500 Interest Rate Products
$15,000
Mortgages
$13,500
Currencies
$12,000
Commodities
$10,500
$9,000
16,165
$7,500
14,262
$6,000
$4,500 8,940
7,723
$3,000 5,607
3,713
$1,500
$0
2003 2004 2005 2006 2007 2008
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8. Equities
Net Revenues ($mm) Diverse Business
Customer Franchise Business
$12,000
Principal Strategies
$10,500
Specialist Activities
$9,000
Insurance Activities
$7,500
$6,000
11,304
9,206
$4,500
8,483
$3,000 5,650
4,673
4,281
$1,500
$0
2003 2004 2005 2006 2007 2008
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9. Principal Investments
YE 2008 Carrying Value2
Net Revenues Since 2003 ($mm)
3,757
495
2,817
2,228
937
Real Estate
1,332 3,391
527
1475
17%
566 771
1,353
293 753
561
273
ICBC
(129) 12%
Corporate
(3,410)
71%
-446
(3,856)
2003 2004 2005 2006 2007 2008
Total: $17.2bn
Corporate and Real Estate(1) SMFG ICBC
9
(1) Includes Other Corporate and Real Estate gains and losses, and Overrides; starting in 1Q08 this also includes Sumitomo Mitsui Financial Group; as of February 2008, we had hedged all of the common
stock underlying our investment in SMFG
(2) ICBC represents GS’ economic interest of $2.0bn as of November 2008

10. Asset Management
Assets Under Management ($bn) Net Revenues ($mm)
$4,500
$900 868
$4,000
779
$800 151
$3,500
676 146
$700
$3,000
$600 145 255 112
532
$2,500
$500 452 4,552
110 4,490
4,294
$2,000
215
373 95
$400 273
206
68 167
$1,500 2,956
$300 133
2,553
118
104
$1,000
101
$200 1,853
89
89
256 248
$500
$100 198
154
134
112
$0 $0
2003 2004 2005 2006 2007 2008 2003 2004 2005 2006 2007 2008
Fixed Income and Currency Money Markets
Equity Alternative Investments
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11. Securities Services
Net Revenues ($mm) Market Leading Franchise
Leading market franchise driven by:
$3,000
•
$2,800 Front-to-back service offering
$2,600
• Extensive securities lending relationships
$2,400
$2,200
• Advanced client facing technology platforms
$2,000
Significant recurring fee revenue
$1,800
3,422
$1,600
$1,400 2,716
$1,200
2,180
$1,000
1,793
$800
1,296
$600
1,005
$400
$200
$0
2003 2004 2005 2006 2007 2008
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12. Equity Capital Base ($bn)
• The firm has always maintained a significant core equity capital base comprised mainly of vanilla common stock
• In September 2008, we enhanced our equity base with a $10.75bn capital raise:
– $5.0bn investment by Berkshire Hathaway in cumulative perpetual preferred stock (qualifies for Tier 1 capital
treatment); Berkshire also received warrants to purchase up to $5bn of our common stock
– $5.75bn common stock offering placed with long-term institutional holders of our stock
• Our capital position was further strengthened by the Treasury’s $10bn perpetual preferred investment; the Treasury
also received warrants to purchase up to $1.5bn of our common stock
Equity Capital: (in $ billions)
$75 69.4
5.0
$65
16.5
$55
47.8
5.0
$45 38.6
3.1
2.8
30.9
$35 3.1
27.9
2.8
1.8
2.8
21.6
$25 47.9
39.7
32.7
$15 26.3
25.1
21.6
$5
-$5 2003 2004 2005 2006 2007 2008
Equity Perpetual Preferred Hybrids
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13. Conservative Funding Profile
Unsecured Short-term Borrowings = $53bn Unsecured Long-term Borrowings = $168bn
Weighted Average Years to Maturity:
Approximately 8 years
CP
2%
Hybrids
3%
Other
Othe r 8%
Subordinated
12%
Debt
8% Global
Bonds - USD
Pr om Note s 32%
13%
Cur re nt LTD
Euro MTNs
50%
19%
Hybrid De bt Global
23% Bonds -
U.S. MTNs Other
11% 16%
Samurai
Bonds
3%
Moody’s S&P Fitch DBRS Moody’s S&P Fitch DBRS
Ratings P-1 A-1 F1+ R-1 (middle) Ratings A1 A A+ A (high)
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Note: Data for the year ended November 28, 2008; Ratings current as of January 27, 2008

14. Conservative and Comprehensive
Liquidity Risk Management Framework
Pre-Funded Excess Liquidity
Asset-Liability Management
• Asset Quality and Balance Sheet Composition
• Total Capital Surplus
• Conservative Spacing of Debt Maturities
• Focus on Diversification and Depth of Funding
Prudent Intercompany Funding Policies
Continuing Liquidity Stress Testing and Crisis Planning
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15. Pre-Funded Excess Liquidity
Average Global Core Excess ($bn)1 Pre-Funded Potential Outflows
Disruptions to unsecured and secured financing
113 flows
111
Collateral outflows
88
Draws on unfunded commitments
69
Other upcoming cash outflows
64 61
55 53
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
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(1) In the 3Q08 and 4Q08, the Global Core Excess includes the global core excess of Goldman Sachs Bank USA and Goldman Sachs Bank (Europe) PLC

16. Market and Credit Risk Tools
Market Risk Credit Risk
Value at Risk (VaR) Fundamental Credit Analysis at Sovereign,
Industry, and Company Levels
Stress Tests, including but not limited to:
Current Exposure
• Credit Spread Widening
Expected Exposure
• Equity Crash
Stress Tests
• Emerging Markets
Use of Netting, Triggers, and Collateral
Idiosyncratic Risk of Loss
Single Name Limits
Asset Liquidity Considerations
Focus on Crowded Trades
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17. Credit Summary
Leading firm providing advisory and underwriting services
Diversified trading operations with sound risk management policies
More stable revenue streams from asset management and securities services
Well capitalized with excess liquidity
Focus on risk management
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