Steve Friedman Joins Goldman Sachs' Board of Directors

NEW YORK – The Goldman Sachs Group (NYSE: GS) announced today that Stephen Friedman, Senior Principal of Marsh & McLennan Capital, Inc., has joined its Board of Directors. Mr. Friedman served as Chairman and Senior Partner of Goldman Sachs from 1990 to 1994.

"Over the course of his three decade-long career at Goldman Sachs, Steve's keen strategic sense and focus helped us expand our global presence and achieve preeminence in our core investment banking businesses," said Henry M. Paulson, Jr., Chairman and Chief Executive Officer of Goldman Sachs. "Steve has a deep knowledge and understanding of our firm and industry and is a highly-qualified addition to our Board of Directors."

Mr. Friedman spent nearly 30 years with Goldman Sachs, retiring as Chairman and Senior Partner. From 1987, he worked closely in executive leadership of the firm with Bob Rubin, first as Vice Chairmen and Co-Chief Operating Officers and then as Senior Partners and Co-Chairmen, until Mr. Rubin joined the Clinton Administration in 1992. Mr. Friedman continued as sole Senior Partner and Chairman until his retirement from the firm. Earlier assignments at Goldman Sachs included co-head of the Investment Banking and Fixed Income Divisions and head of the Mergers and Acquisitions Department. He became a partner in 1973 and joined the Management Committee in 1982.

In addition to his role as Senior Principal of MMC Capital, Mr. Friedman currently serves as a director of Wal-Mart Stores, Inc. and Fannie Mae. Mr. Friedman is also a member of the President's Foreign Intelligence Advisory Board and is Chairman Emeritus of Columbia University.

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.