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Goldman 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

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