Investor Presentaiton

Goldman 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

View entire presentation