#1Goldman Sachs Goldman Sachs Presentation to Deutsche Bank Global Financial Services Investor Conference Gary D. Cohn President and Chief Operating Officer June 2, 2015#2Goldman Cautionary Note Sachs on Forward-Looking Statements Today's presentation and any presentation summary on our website may include forward-looking statements. These statements are not historical facts, but instead represent only the Firm's beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Firm's control. It is possible that the Firm's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the Firm's future results and financial condition, see "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2014. You should also read the forward-looking disclaimers in our Form 10-Q for the quarter ended March 31, 2015, particularly as it relates to capital and leverage ratios, and 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, June 2, 2015. 2#3Sachs Goldman Clients and their needs drive our business We have a diverse, global and broad client franchise Investment Banking Boards of Directors Corporates Public Authorities Asset Managers Governments Financial Sponsors Financial Institutions Corporates Institutional Client Services Hedge Funds Banks and Broker-Dealers Governments, Central Banks Pensions, Endowments, Foundations and Insurers Our business is Asset Managers Entrepreneurs Mid/Late-Stage Ventures oriented to our clients Public Equity Middle Market Corporates Private Equity Investing & Lending Third Party Distributors Insurance Companies Pension Funds High-net-worth Individuals Large-cap Corporates Foundations Endowments PWM Clients Investment Management 3#4Goldman Diversified Client-Driven Franchise Sachs Leading position and strong financial results in each of our businesses Investment Banking 19% of 2014 Net Revenues Delivers the whole firm to clients #1 ranked merger advisor and equity underwriting franchise More than 8,000 clients globally in nearly 100 countries across a broad range of industries Advice, capital raising, hedging and risk management solutions; leading defense franchise Investing & Lending 20% of 2014 Net Revenues Operates as an extension of our client franchise Generating strong risk-adjusted returns from Investing & Lending portfolios over the long-term Private Equity Corporate, PWM and Real Estate Lending Middle Market and Specialty Financing Investing in a Volcker-compliant manner Institutional Client Services 44% of 2014 Net Revenues Among the few global players with leading FICC and Equities franchises, with ~7,000 active clients Comprehensive capabilities across: - FICC: Credit, Rates, Currencies, Mortgages and Commodities Equities: Cash, Derivatives and Prime Services Robust ROAE framework creates discipline and drives opportunities Investment Management 17% of 2014 Net Revenues Strong Fixed Income and Equity performance with 82% and 73% of fund assets ranked in the top two quartiles over 3 and 5 years, respectively1 ~14,000 clients across PWM, Institutions and Third Party Distributors Global, broad and deep offerings; managing assets across all major asset classes and serving clients in over 120 countries 1 Performance calculated using period-end data for global long-term fund assets (non-money market) for all share classes ranked by Morningstar as of 1Q15 4#5Goldman Competitive Dynamics Sachs Lagging ROEs drive strategic reassessments and more rational marketplace Peer Group Average Gross Leverage 1,2 -24% 22x 17x 2011 1Q15 Peer Group Average Price to Book Value 1,3 73% 0.95x Increased capital requirements and tougher macro backdrop have led to asset reductions across the industry Deleveraging and improved credit profiles have boosted multiples, though ROES continue to lag at an average of 4.2% in 2014 Lagging returns have led many peers to rethink their strategic priorities and businesses Peer Group Average ROE1 GS Average ROE 2011 to 2014: 9.2% 0.55x 2011 2015 1 Peer data represents average for JPM, MS, C, BAC, CS, DB, UBS and BARC 2 Euro banks' gross leverage calculation reflects IFRS, except for CS which reflects US GAAP 3 2015 through 5/22/15 6% 2% 5% 4% 2011 2012 2013 2014 LO 5#6Goldman Quest for Growth Sachs M&A Announced M&A % of Global Market Cap 12% 10.2% 10% 40% 30% 20% 10% 8.5% 8% 7.4% 7.8% 2015YTD²: 5.9% 0% 6.2% .6.0% 6.5% 5.5% 6% 5.0% 5.6% 5.5%5.1% 5.4% 5.5% 4.3% Announced M&A % of Global Market Cap and GS Volume Share¹ 14% Average GSI Top Announced M&A Sectors1 Industry GS Share: 28% Global Time Period Rank Leading Industry GS Share % of Global Volume **** #1 2000-2002 TMT 35% #1 2003 FIG 22% #1 2004-2005 TMT 22% #1 2006-2007 Nat. Resources 23% #1 4% 1 #1, #2 2008 2009-2012 FIG 24% Nat. Resources 28% 2% I #1 2013 TMT 23% 2000 2002 2004 Total Announced M&A Volume as % of Global Market Cap 2006 2008 2010 2012 2014 I #1 | 2014-2015YTD³ Nat. Resources 22% GS Share Long-term Performance Current Performance While dominant sectors have varied over different periods, GS held the #1 rank in announced M&A in 13 of the last 15 years GS average share 2000-2014: 28% Participated in 18 of the 20 largest completed M&A deals since our IPO in 1999 Advisory net revenues in 1Q15 were ~1.8x our closest peer4 1Q15 total investment banking backlog up significantly YoY 1 Source: M&A from Thomson Reuters. Global market cap from Factset 2 Annualized announced M&A as of 5/20/15 3 As of 5/20/15; 4 Peers include JPM, MS, C, BAC, CS, DB and UBS CO 6#7Goldman Quest for Growth Sachs Cross-border Cross-Border Announced M&A Activity ($ trillion)1 $5.0 $4.0 45% $3.0 34% 33% 34% $2.0 32% 36% 26% $1.0 30% $0.0 2015YTD²: 41% 38% 38% 37% 35% 35% 30% 27% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 ■Global Volume ex-Cross Border ■Cross-Border Cross-Border Opportunity: Comparing M&A Cycles ($ trillion) 1,3 Cross-border transactions have increased in share in the recent upcycle In the last M&A cycle, cross- border transactions grew 4.3x from the trough, vs. only 1.8x in the current cycle GS historically has shown leadership, with almost 30% share of cross-border transactions since 2000 $1.5 +4.3x +1.8x $1.3 $0.7 $0.4 Trough: 2002-2003 Peak: 2006-2007 Trough: 2009-2010 2014 1 Source: Thomson Reuters 2 As of 5/20/15 3 Trough and peak periods represent average annual announced cross-border M&A volume during the period GS has ranked #1 in announced cross-border transactions in 12 of the last 15 years 7#8Goldman Low Interest Rates Sachs How GS helps Investment Banking clients navigate the low rate environment US Corporate Bond Market Growth ($tn)1 $3.0 +48% $4.4 European Corporate Bond Market Growth (€tn)² €0.7 +75% €1.2 2008 2014 GS European HY Debt Underwriting Volumes 2010 +3.5x 2014 2008 2014 Significant opportunity in European bank disintermediation Growth in European corporate bond market penetration to US levels would equate to an increase of ~5 times 1,2 New EU leverage constraints and competitor retrenchment have opened new opportunities GS Europe HY Debt U/W rank averaged #3 from 2011 to 2014, up 4 spots from an average of #7 from 2005 to 2010³ 1 Source: Federal Reserve; represents non-financial corporate bond market. US corporate bonds represent 58% of US credit 2 Source: ECB. Represents non-financial corporate bond market in all countries in the European Monetary Union; EU corporate bonds represent 11% of EU credit 3 Source: Bloomberg 8#9Goldman Low Interest Rates Sachs How GS helps Asset Management clients navigate the low rate environment GS Asset Management Insurance Assets ($bn) +1.8x $65 2009 $114 GS Asset Management Advisory & Solutions Assets ($bn) +8.3x Pacific Global acquisition¹ $18 $57 $9 1Q15 1Q15 2009 Global Outsourced Insurance Assets ($ trillion)² $2.6 $2.2 $2.6 $2.3 $2.1 $2.0 $1.8 $1.8 $1.6 $1.5 $1.4 $1.4 $1.2 $1.3 $1.1 $1.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Insurance & Advisory Incremental AUS Opportunity: $100-150bn 1 Pacific Global Advisors acquisition announced in April 2015 2 Source: The Insurance Investment Outsourcing Report, November 2014. Data from 2014 to 2019 represent estimates - GS is a leader in global fixed income and asset liability management Our insurance clients have increasingly sought our advice and risk management expertise GS Asset Management Insurance Assets grew 1.8x since 2009 Industry projected to grow more than 1.6x over next ~5 years² Our advisory clients also include a growing number of corporate pensions seeking outsourcing solutions Announced acquisition of $18bn Pacific Global Advisors pension management and solutions portfolio 9#10Goldman Diverging Monetary Policy Sachs Revenue is leveraged to higher volatility in a normal environment +28% Recent performance: Volatility and Quarterly GS ICS Product Net Revenues¹ 1Q14 3.2x +41% 3Q14 2.7x +25% 1Q15 1.8x Commodities Volatility Commodities Net Revenues Cold weather drives significant increase in natural gas prices, better operating environment and increased opportunities Currencies Volatility Currencies Net Revenues ■Pick-up in volatility amid idiosyncratic market events and strong-dollar trends drives activity Interest Rate Volatility Interest Rates Net Revenues ■ Expectation of a Federal Reserve shift to higher rates vs. accommodative monetary policy elsewhere drives global activity In these examples, avg. increase of ~30% in volatility translated into avg. quarterly net revenue growth of 2.6x 1 GS net revenues versus trailing 4 quarter average; volatility indices versus prior quarter-end. Commodities volatility per the MLCX Index; Currencies volatility per the CVIX Index; Interest Rate volatility 10 per the MOVE Index#11Sachs Goldman Technology-Driven Change Technology is critical for us and our clients Risk Management & Capital Efficiency Commercial Opportunities SecDB - Tracking risk across the firm - - - 23 billion prices calculated daily across 2.8mm positions and 500k market scenarios 7.5 quintillion instructions executed around the clock Hundreds of stress tests run on a regular basis ROAE framework Dynamic top-down and bottom-up capital attribution process Full capital and cost allocations enable real view of returns ■Symphony Cloud-based, encrypted platform for secure instant communication and content Communicate Ideas Share Analysis Disseminate Pricing and Request Quotes Facilitate Pre-Trade and Post-Trade Workflows Marquee GS' open architecture platform for electronic delivery of content to institutional clients including: Ideas and intellectual capital - Market analytics and data ― Trade execution 11#12Goldman Technology-Driven Change Sachs GS Marquee supports all phases of our clients' transaction life-cycle MARQUEE Strategy Studio Home Explore Monitor Create Risk Premia Cross Asset Risk Premia Basket Series 11 GSISX11E Summary Constituents Customize ANNUAL RETURN VOLATILITY Zoom 1m 3m 6m YTD 1y 3y 15.06% 8.15% CURRENCY USD SHARPE RATIO 1.85 100 MAX DRAWDOWN -17.27% DRAW/RETURNI 1.15 75 BEST MONTH WORST MONTH 50 7.48% -5.72% START DATE LIVE DATE 29 Mar 2005 27 Nov 2013 ° 2006 -25 -15 -5 15 25 2006 Portfolio Construction Strategy Studio MARQUEE Eq Trade Tracker Overview Explore 100.0k AAPL 19Jun15 100.00/120.00 Long Call Spread Trade Date Asset Denominated Put/Call Buy/Sell AAPL.OQ (2 items) 2015-02-19 2015-02-19 AAPLOQ AAPLOQ USD Call USD Call Buy Sell PERFORMANCE ATTRIBUTION ? Since Inception 400k 2:00k Ok Last 1m Last w www.ATAT EUR USD 1.2846 6:36PM MY GS 4 EDIT USD JPY AUD USO 1.982.77 0.894 US SANGAS FUTURE 2887 SOLD FUTURE 108.86 GOLD SPOT Goldman Sachs 6.36PM EUR USD 1.2846 -0.02 Market Data & Research GS Markets Marquee Marketplace Top Offerings Periodic Income PIN UNDERLIER GSMBMA5 MATURITY 7Y CUSIP 38148D5C4 Periodic Income PIN UNDERLIER CUSIP 381-48D586 Wrapper Yield Type Frequency Coupon CD Hybrid Annual 1% Additional Part 1.25x Wrapper CD Vield Type Frequency Min Coupon Income Annual 0.5% GSMBMA5 MATURITY 7Y Current Offerings Browse currently available investments as well as past offerings Buffered Note BUFF Underlier Maturity SPX 5y DETAILS BUY NOTE Periodic Income GSMBMAS 0 DETAILS BUY CD 7y Point GSMBMAS 0 6y, 6m DETAILS BUY CD Point GSMBMAS DETAILS BUY CD 7y Sales & Pre-Trade SIMON EUR GBP AUD CHF 0.78 JOM 0.78 0.83 10M 0.83 B B 231 244 915 932 buy EUR sell AUD buy AUD Post-Trade Trade Tracker Execution Marquee Trader 0.7851 0.8307 0.8396 26-Sep2014 AUD 100,000 26-Sep2014 S+ 12#13Goldman Other Important Trends Affecting our Clients Sachs Low Interest Rates Diverging Monetary Policy GS Key Highlights Leading position across all of our businesses Quest for Growth Consolidation of Asset Management Our Clients Technology- Driven Change Growth of Capital Markets "New Oil Order" Global Demographic Trends Strengthened financial profile Expense discipline and capital efficiency Significant operating leverage Improved competitive positioning Positioned for revenue leverage Additional trends affecting our clients create further opportunities for GS 13#14Goldman Sachs Goldman Sachs Presentation to Deutsche Bank Global Financial Services Investor Conference Gary D. Cohn President and Chief Operating Officer June 2, 2015