H. Lee Scott, Jr. Will Not Stand for Re-Election to the Goldman Sachs Board of Directors

New York, March 17, 2011 - The Goldman Sachs Group, Inc. (NYSE: GS) today announced that H. Lee Scott, Jr. has decided not to stand for re-election to the Board of Directors at the 2011 Annual Meeting of Shareholders as a result of increasing time requirements associated with his other commitments.

“Lee made an important contribution to our Board and the firm during a challenging period,” said Lloyd C. Blankfein, Chairman and CEO of The Goldman Sachs Group, Inc. “I am particularly grateful for the enormous time and effort he committed to the Board’s efforts related to the Business Standards Committee.”

The Goldman Sachs Group, Inc. 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. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.

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