Goldman Sachs Asset Management to Launch Core Real Estate Investment Business

New York, NY, October 12, 2010 – Goldman Sachs Asset Management announced today that it is launching a new core real estate investment business and it has hired Jeffrey A. Barclay to lead the effort. This new business will focus on investing in and managing core and core plus real estate assets primarily in the US on behalf of GSAM’s clients. Mr. Barclay will join GSAM from ING Clarion Partners, where he most recently served as Managing Director.

"We are delighted to have a leader of Jeff's experience and proven track record joining our team,” said Eric Lane, co-chief operating officer of Goldman Sachs' Investment Management Division. “Our institutional and high net worth clients are looking for investments that can perform in a range of economic environments. As GSAM continues to expand its investment expertise, we believe there will be attractive opportunities in core and core plus real estate over the near to medium term."

Mr. Barclay has over 25 years of real estate investing experience. He is expected to join GSAM in November 2010 and will be based in New York, reporting to Mr. Lane. Prior to joining ING Clarion Partners in 1993, he was a partner at Hamilton Securities, a Washington, DC-based investment bank. From 1989 to 1992, he was responsible for investment sales at Jones Lang LaSalle. He began his real estate investment career in 1983 at the Lawrence Ruben Company, a private development and investment company. Mr. Barclay also worked in the real estate department of Chemical Bank and in the Equity Research group at CS First Boston.

Mr. Barclay is chairman of the Institute Committee of the Pension Real Estate Association (PREA); vice chairman of the board of directors of the National Association of Real Estate Investment Managers (NAREIM); and chairman of the IOPC Gold Council of the Urban Land Institute (ULI). He currently serves as Adjunct Professor at Columbia Business School.

Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $802 billion as of June 30, 2010. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.

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