Investor Presentaiton

Goldman 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

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