Goldman Sachs Names Blankfein, Steel and Kaplan Vice Chairmen

NEW YORK – The Goldman Sachs Group, Inc. (NYSE: GS) today announced that Lloyd C. Blankfein, Robert K. Steel and Robert S. Kaplan have been appointed Vice Chairmen of the firm. They will assume broad, cross-divisional responsibility for policy, strategy and people globally, reporting to John Thain and John Thornton, Co-Presidents and Co-Chief Operating Officers.

"The complexity of our clients' needs continues to grow and with it, the challenge of leading and managing our efforts seamlessly across business lines and markets," said Henry M. Paulson, Jr., Chairman and Chief Executive Officer. "We have asked Lloyd, Bob and Rob to bring together our resources in a systematic fashion, enhancing and further differentiating the service we provide our advisory, issuer and investors clients."

In their new roles, Mr. Blankfein and Mr. Steel will share management responsibilities for the Equities Division and Fixed Income, Currency and Commodities Division. Jon Winkelried will continue to manage Fixed Income, Currency and Commodities (FICC), joined by Gary Cohn and Tom Montag, who will become Co-Chief Operating Officers. The Equities Division will be managed jointly by J. Michael Evans, Eric Mindich and Eric Schwartz.

Mr. Kaplan will take on responsibility for the Investment Banking and Investment Management Divisions. Scott Kapnick will continue as head of Investment Banking, and Philip Murphy and Peter Kraus as Co-Heads of Investment Management.

As part of this broadening of global leadership, all the business unit leaders named today have also been named to the firm's Management Committee, the firm's most senior decision-making group.

Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.

Addendum to the Press Release

Lloyd C. Blankfein has been Co-Head of the Fixed Income, Currency, and Commodities Division since its formation in 1997. Prior to that, he was head of the J. Aron Currency and Commodities Division from 1994. Mr. Blankfein joined the firm, in 1982, in J. Aron Metals, moving to Foreign Exchange in 1984. He became a partner in 1988.

Robert K. Steel has led the Equities Division since 1998. He joined Goldman Sachs in 1976, in Chicago, as an individual/institutional salesperson. In 1980 he moved to the Chicago Institutional Department, remaining with CID until his relocation to London in 1986 to work in Equity Capital Markets. Mr. Steel became a partner in 1988, and assumed the position as Head of the Equities Division in Europe. In 1994 he relocated to New York where he assumed responsibility for all institutional equities in the United States.

Robert S. Kaplan has been global Co-Head of the Investment Banking Division since 1999. Previously, he was Co-Head of Asia-Pacific Investment Banking from 1990 to 1993. He relocated back to New York and became head of the Americas Corporate Finance Department in 1994. In 1998, he became Co-Chief Operating Officer of global Investment Banking. He became a partner in 1990.