Goldman Sachs Continues Expansion in India

Goldman Sachs Asset Management Acquires Benchmark Asset Management Company
Intends to Bring Actively Managed On-shore Funds to India

Mumbai, March 16, 2011 - Goldman Sachs Asset Management today announced it has agreed to acquire Benchmark Asset Management Company, an asset management company in India. The transaction is expected to close later in the year, subject to regulatory approvals. The terms of the transaction were not disclosed.

Benchmark Asset Management Company was founded in 2001 and is the number one Exchange Traded Funds (ETFs) provider by both market share and assets under management (AUM) in India. It has approximately $700 million* AUM.

In addition, Goldman Sachs Asset Management intends to bring actively managed on-shore funds to India.

Goldman Sachs Asset Management already has an experienced team of eight based in Mumbai, headed by Prashant Khemka. The team currently provides research for off-shore funds including Indian equities and BRIC equities.

Oliver Bolitho, Head of Goldman Sachs Asset Management in Asia, said:

“India is one of the world’s largest growth markets and a strategic priority for our firm. The acquisition of Benchmark illustrates our commitment to expand in India and we look forward to working closely with Benchmark to accelerate the growth of the business. We are also pleased to announce that we will bring on-shore funds to India – building on the strong expertise that Prashant Khemka's team has established."

Sanjiv Shah, Executive Director and Co-founder of Benchmark Asset Management Company, said:

“As index and ETF product demand continues to grow significantly in India, Goldman Sachs’ local expertise and global platform will provide us the opportunity to grow further and enhance our offering for clients.”

Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $840 billion as of end December 2010. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1989 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 financial services firm providing investment banking, securities and investment management services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.

Goldman Sachs has been serving Indian clients since the early 1990s and established an onshore presence in India in December 2006 following a ten-year joint venture. Today, it serves leading corporate and institutional clients through corporate finance (investment banking), equity sales and trading and fixed income securities businesses, as well as providing macro economic and investment research and offshore asset management services. Goldman Sachs is also active in private equity and principal investing in India, deploying more than US$2 billion in capital since 2006. In addition, the firm's 3,000-person Bangalore office provides critical support and service functions for Goldman Sachs around the world.

Media Contacts:
Nik Ekholm, Goldman Sachs
Tel: +44 207 051 9270

Anisha Patel, Goldman Sachs
Tel: +44 207 774 2523

* As of December 31, 2010