Investor Presentaiton

Goldman 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

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