Press Release

The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of S12.78 billion and net earnings of $3.46 billion for its first quarter ended March 31, 2010. Diluted earnings per common share were $5.59 compared with S3 39 for the first quarter of 2009 and $8.20 for the fourth quarter of 2009 Annualized return on average common shareholders' equity (ROE) was 20.1% for the first quarter of 2010.

Business Highlights

- The firm continued its leadership in investment banking, ranking first in worldwide announced and completed mergers and acquisitions and public common stock offerings for the year-to-date.

- Fixed Income, Currency and Commodities (FICC) generated quarterly net revenues of $7.39 billion, reflecting strength in the franchise across products and regions.

- The accrual for compensation and benefits expenses was 43.0% of net revenues for tie first quarter of 2010, down from 50.0% for the first quarter of 2009. The ratio of compensation and benefits to net revenues for the first quarter of 2010 is the firm's lowest ever first quarter ratio, 650 basis points tower than the firm's historical reported first quarter average ratio of 49.5%.

- Book value per common share increased 4% during the quarter to $122.52 and tangible book value per common share m increased 3% during the quarter to $111 41.

- The firm continues to manage its capital conservatively. The firm's Tier 1 capital ratio under Basel I was 15.0% as of March 31, 2010. The firms Tier 1 common ratio under Basel I was 12.4% as of March 31, 2010.

«Our performance in the first quarter reflects more signs of growth across the economy and the strength of our client franchise,» said Lloyd С Blankfein, Chairman and Chief Executive Officer. «While we are encouraged by growth prospects for the economy, we continue to put a premium on strong capital and liquidity levels, and disciplined risk management. In light of recent events involving the firm, we appreciate the support of our clients and shareholders, and the dedication and commitment of our people.»

Additional information:

Goldman Sachs
Date: 20.04.2010

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