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This material is provided for educational purposes only and should not be construed as investment advice or an offer or solic itation to buy or sell securities.

5.0% 4.8%3.8%

3.0% 2.9%2.2%

1.4% 1.3%0.8%

0.0%

-1.3%

Financials

Info.

Tech.

Energy

Industrials

S

&P500

He

althcare

Discr

etionary

Utilities

M

aterials

Staples

Telecom

5.0% 4.8%

3.8%3.0% 2.9%

2.2%1.4% 1.3%

0.8%0.0%

-1.3%

Financials

Info.Tech.

Energy

Indust

rials

S&P

500

Healthcare

Discretionary

Utilities

Mate

rials

Sta

ples

Telecom

0

200

400

600

800

1000

1200

1400

1/14/10 4/14/10 7/14/10 10/14/10 1/14/11

0.0

1.0

2.0

3.0

4.0

5.0

1 /1 4/ 08 7 /1 4/ 08 1 /1 4/ 09 7 /1 4/ 09 1 /1 4/ 10 7 /1 4/ 10 1 /1 4/ 11

1

Morningstar US Equity Size & Style Returns3

10-Year Treasury Note Yields2

S&P 500 Trailing 1-Year Index Levels2

S&P 500 Sector Returns: Month-to-Date2 (As of 1/14/2011)

S&P 500 Sector Returns: Year-to-Date2 (As of 1/14/2011)

Past performance is not indicative of future results, which may vary.

For More Information:Contact your Goldman Sachs representative:

ICG: 800-292-GSAM Bank: 888-444-1511Retirement:800-559-9778 IAC: 866-473-8637Global Liquidity Management: 800-621-2550

Commodities 2 1/14/11 12/31/10 9/30/10 12/31/09

Oil ($/bar rel) $91.54 $91.38 $79.97 $79.36

Gold ($/oz) $1,361.72 $1,420.78 $1,308.35 $1,096.95

Gasoline ($/gallon) $2.724 $3.073 $2.692 $2.651

Currencies2 1/14/11 12/31/10 9/30/10 12/31/09

Euro ($/) $1.3388 $1.3384 $1.3634 $1.4321Pound ($/) $1.5870 $1.5612 $1.5716 $1.6170

Yen (/$) 82.87 81.12 83.53 93.02

Value C ore Growth Value Core Gro wth

3 .0 8 % 2 . 9 0 % 3 .3 3 % 3 . 0 8 % 2 .9 0 % 3 . 3 3 % Small

2 .5 8 % 2 . 96 % Large

( as of 1/ 14/ 11)

2 .8 8 % 3 .4 3 % M id2 . 9 1% 2 . 8 8 % 3 .4 3 % 2 . 9 1%

M ont h- t o- Dat e Y ear- t o- D at e

3 . 3 5% 2 .58 % 2 .9 6 % 3 . 3 5%

January 14, 2011

Index Returns2

(as of 1/14/2011) 1 Wee k MTD QTD YTD

DJIA 0.97% 1.89% 1.89% 1.89%S&P 500 1.72% 2.90% 2.90% 2.90%

NASDAQ 1.94% 3.88% 3.88% 3.88%

MSCI EAFE (USD) 3.21% 1.56% 1.56% 1.56%

Barclays Aggregate 0.01% 0.13% 0.13% 0.13%

S&P GSCI 3.58% 1.13% 1.13% 1.13%

GS A RT Index 0.62% 0.24% 0.24% 0.24%

Bond Rates2 1/14/11 12/31/10 9/30/10 12/31/09

Fed Funds Tar get 0.25% 0.25% 0.25% 0.25%

3-Month Libor 0.30% 0.30% 0.29% 0.25%2- Year Tr eas ur y 0.57% 0.60% 0.43% 1.14%

10- Year Tr eas ur y 3.33% 3.30% 2.51% 3.84%2-10 slope 2.75% 2.70% 2.09% 2.70%

HY Corp. spread (bps) 529 561 631 657IG Corp. s pread (bps) 152 156 175 172

EMD spread (bps) 277 274 303 288

High 4.27

Low 2.06

Current 3.33

High 1285.96

Low 1022.58

Current 1198.35

Upcoming Economic Releases1

Date Indicator GS & Co. Consensus Previous

Wednesday

(1/19/11) Housing Starts (Dec) Flat -0.9% +3.9%

Exist ing Home Sales (Dec) +8.0% +3.8% +5.6%

Leading Ind icators (Dec) +0.5% +0.6% +1.1%

Philadelphia Fed Survey (Jan) +18.0 +20.4 +20.8

Forecast

Thursday

(1/20/11)

Economic & Market news GS & Co.1The jobless claims data gave conflicting signals as initial claims

jumped 35k to 445k, but continuing claims fell significantly by250k to 3.88mm. This data, particularly for initial claims and

possibly for continuing benefits, may reflect post-holiday catch-up

in processing initial claims. In this regard, the four-week average

of initial claims, at 416,500, is still fairly low.

The producer price index increased by 1.1% in December as

broadly expected. Energy and food price increases pushed the

headline index up sharply. Excluding food and energy, the index

increased by 0.2%.The consumer price index rose a sharp 0.5% in December due

to a sizable increase in energy prices while prices of food rose

only slightly. Core consumer prices rose a modest 0.09%.Retail sales disappointed in December, rising a less-than-

expected 0.6%. The report suggested that real consumer

spending was not quite as firm as it previously appeared in Q4,

though the gain should still be solidly in the 3% to 4% range

(annual rate). Ex autos, sales rose by 0.5%.

Industrial production rose a more-than-expected 0.8% in

December with more than half of the gains sparked by an

increase in electricity and natural gas. Data for prior months was

revised up within manufacturing.

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This material is provided for educational purposes only and should not be construed as investment advice or an offer or solic itation to buy or sell securities. 2

GENERAL DISCLOSURES

January 14, 2011

The first two paragraphs of the disclosures below do not apply to the information sourced to footnote 1.

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.

This material has been prepared by GSAM and is not a product of the Goldman Sachs Global Investment Research (GIR) Department. The views and opinions expressed may differ from those of the GIR Department or other

departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and GSAM has no obligation toprovide any updates or changes.

The information contained in this presentation is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations. This presentation makes no implied or expressrecommendations concerning the manner in which any clients account should or would be handled, as appropriate investment strategies depend upon the clients investment objectives.

This presentation is for general information purposes only. It does not take into account the particular investment objectives, restrictions, tax and financial situation or other needs of any specific client. This information does notrepresent any Goldman Sachs product.

Special risks are inherent in international investing including those related to currency fluctuations and foreign, political, and economic events.

The economic and market forecasts presented herein have been generated by Goldman Sachs for informational purposes as of the date of this presentation. They are based on proprietary models and there can be no assurancethat the forecasts will be achieved.

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives,restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance.

Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may changematerially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

Past performance is not indicative of future results, which may vary. The value of investments and the income derived from investments can go down as well as up. Future returns are not guaranteed, and a loss of principal may

occur.

Opinions expressed are current opinions as of the date appearing in this material only. No part of this material may, without Go ldman Sachs Asset Managements prior written consent, be ( i) copied, photocopied or duplicated in

any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient.

Indices are unmanaged. The figures for the index reflect the reinvestment of dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy

and completeness of all information available from public sources.

This material is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities.

1 Source: Goldman, Sachs & Co. (as of 1/10/2011 1/14/2011)2 Source: Bloomberg (as of 1/14/2011)

3 Source: Morningstar (as of 1/14/2011)

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