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
and financial condition, please see the description of “Risk Factors” in
our current annual report on Form 10-K for our fiscal year ended
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 its date,

February 4, 2009.
Goldman Sachs Presentation to
2009 Credit Suisse Financial
Services Conference

David Viniar
Chief Financial Officer
February 4, 2009
2008 Highlights

Net Revenues $22.2 bn

Net Earnings $2.3 bn

EPS $4.47

Return on Equity 4.9%

Return on Tangible Equity 5.5%

BV per share $98.68

 The Year in Context1
Performance Excluding Fair Value Losses and CVA

$8,914
27%
25%
21%

12%
($mm)

ROTE
$4,245

$2,876
$2,532

1Q08 2Q08 3Q08 4Q08

Cumulative Fair Value Losses Annualized ROTE Excluding FV Losses and CVA

1 Pro forma analysis excludes results from Principal Investments, leveraged loans, and residential and commercial
real estate and is net of CVA gains from the impact of our wider credit spreads on certain long-term debt. These
results are adjusted for taxes and compensation.
 Investment Banking
2003-2008 Contribution to Firmwide Net Revenues

#1 Ranked in Global M&A1

Securities
Growth in Non-League Table
Services Investment
7% Banking Business
17%

Integrated Client Service Model

Dominant Financial Institutions
Asset FICC
Management 34%
12%
Franchise
Principal
Investments Equities
4% 26%

1 Announced M&A based on Thomson Financial data on a calendar year basis

 Fixed Income Currency & Commodities
2003-2008 Contribution to Firmwide Net Revenues

Strength of macro businesses

Securities
Integrated platform
Services Investment
7% Banking
17%

Asset FICC
Management 34%
12%

Principal
Investments Equities
4% 26%

2005 2006 2007 2008

Commodities Currencies Interest Rate Products

 Equities
2003-2008 Contribution to Firmwide Net Revenues

Strong customer facing franchise

Securities
Market leading electronic trading
Services Investment
7% Banking platform
17%

Best in class execution from high

Asset
Management
FICC
34%
to low touch
12%

Principal
Investments Equities
4% 26%
 Principal Investments
2003-2008 Contribution to Firmwide Net Revenues

Committed to co-investing with

our clients
Securities

Successful long-term investment

Services Investment
7% Banking
17%
performance
Asset
Management
FICC
34%

$12bn raised in 2008
12%

Principal
Investments Equities
4% 26%
 Asset Management and Securities Services
2003-2008 Contribution to Firmwide Net Revenues

Asset Management
Securities  Solid investment
Services Investment
7% Banking performance and diversified
17%
product offerings
Asset
Management
FICC
34%

Securities Services
12%
 Front-to-Back service offering
 Extensive securities lending
Principal
Investments Equities
4% 26%
relationships
 Advanced client facing
technology platforms
 Risk Management
Reduction in Key Risk Exposures1 ($bn)

$77.7

$19.0 $20.3

$8.6
$15.7

$17.0

$7.7 $24.1 $53.6

$43.0
$10.9

$5.2
$8.0 $6.2

2007YE 1Q08 2Q08 3Q08 4Q08 2008YE Cumulative Net Marks

Reduction in
Exposure
Leveraged Residential Real Commercial Real Exposure
Loans Estate Estate Reductions

1 Key Risk Exposures include leveraged loans, commercial real estate, residential real estate
Capital Management- Growth in Book Value
Book Value per Common Share

$98.68
$90.43

19%
GR
C A $72.62

$57.02
$50.77
$43.60
$36.33 $38.69
$32.18
$20.94

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Conservative Financial Positioning
Balance Sheet

Total Assets and

Adjusted Assets ($bn) Leverage and Adjusted Leverage
27.9x
(21)%
24.3x
23.7x

18.6x 42% Decrease

$1,189
$1,120
14.7x
$1,082 13.7x 13.7x
$1,088
$885

8.2x

$746 $787
$651 $622 40% Decrease
$528

4Q07 1Q08 2Q08 3Q08 4Q08 1Q08 2Q08 3Q08 4Q08

Gross Leverage Adj. Leverage
Adjusted Assets Total Assets
 Conservative Financial Positioning
Capital and Key Risk Exposures

Key Risk Exposures

Tier 1 Ratio1 Relative to Capital2

15.6% 224%
400bps Increase

% of Tangible Common Equity

167%

134%

11.6%

10.8% 85%
56%

2Q08 3Q08 4Q08 4Q07 1Q08 2Q08 3Q08 4Q08

1 Tier 1 Ratio calculated under the Basel II framework as it applied to us when we were regulated as a CSE
2 Key Risk Exposures include leveraged loans, commercial real estate, residential real estate
 Conservative Financial Positioning
Liquidity

19.3%
17.7%

12.2%
9.5%
8.0%

$113 $111
$88
$69
$61

1 1
4Q07 1Q08 2Q08 3Q08 4Q08

Average GCE Average GCE as % of average Adjusted Assets

1 3Q08 and 4Q08 GCE includes balances held at GS Bank

Conservative Financial Positioning
Funding Model

Unsecured Short-
Short-Term Unsecured Long-
Long-Term
Secured Funding: $119bn Funding: $53bn Funding: $168bn

Other
CP GBP CAD
Secured Other
2% 1%
Debt AUD 3% 1%
9% 1%
JPY
5%
Prom Notes Other
Loans 13% 12%
8% Liquid
Gov'ts, Current
Agencies, LTD EUR
MBS 50% 28%
Equities USD
42% 61%
26% Hybrid Debt
Other
23%
Fixed
Income
Securities
15%
Future Opportunities
Looking Beyond 2008

• Integrated Business Model

• Leveraging Investment Banking, Securities Division and

Principal Investing

• Ability to Commit Capital

• Market Making

• Financing

• Distressed Investing

• Market Share Expansion

• Investment Banking, Securities Division, Private Wealth

Management
Goldman Sachs Presentation to
2009 Credit Suisse Financial
Services Conference

David Viniar
Chief Financial Officer
February 4, 2009