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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.

4.7%3.5% 3.3%

1.8% 1.6%1.1%

0.4%

-0.8%-1.3% -1.6%

-2.9%

    E   n   e   r   g   y

    I   n    f   o

 .    T   e   c    h .

    I   n    d   u   s    t   r    i   a    l   s

    F    i   n

   a   n   c    i   a    l   s

    S    &    P    5    0    0

    U    t    i    l    i    t    i   e   s

    H   e   a

    l    t    h   c   a   r   e

    D    i   s   c   r   e

    t    i   o   n   a   r   y

    S    t   a   p    l   e   s

    M   a    t   e   r    i   a    l   s

    T   e    l   e   c   o   m

4.7%

3.5% 3.3%

1.8% 1.6%1.1%

0.4%

-0.8%-1.3% -1.6%

-2.9%

    E   n

   e   r   g   y

    I   n    f   o .    T

   e   c    h .

    I   n    d   u   s    t   r    i   a    l   s

    F    i   n   a   n   c    i   a    l   s

    S    &    P

    5    0    0

    U    t    i    l    i    t    i   e   s

    H   e   a    l    t    h

   c   a   r   e

    D    i   s   c   r   e    t    i   o

   n   a   r   y

    S    t   a

   p    l   e   s

    M   a    t   e

   r    i   a    l   s

    T   e    l   e

   c   o   m

950

1000

1050

1100

1150

1200

1250

1300

1350

1/28/10 4/28/10 7/28/10 10/28/10 1/28/11

2.0

2.5

3.0

3.5

4.0

4.5

5.0

1 /2 8/ 08 7 /2 8/ 08 1 /2 8/ 09 7 /2 8/ 09 1 /2 8/ 10 7 /2 8/ 10 1 /2 8/ 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 1/28/2011)

S&P 500 Sector Returns: Year-to-Date2 (As of 1/28/2011)

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 1/28/11 12/31/10 9/30/10 12/31/09

Oil ($/bar rel) $89.34 $91.38 $79.97 $79.36

Gold ($/oz) $1,336.75 $1,420.78 $1,308.35 $1,096.95

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

Currencies2 1/28/11 12/31/10 9/30/10 12/31/09

Euro ($/€) $1.3611 $1.3384 $1.3634 $1.4321

Pound ($/£) $1.5860 $1.5612 $1.5716 $1.6170

Yen (¥/$) ¥82.12 ¥81.12 ¥83.53 ¥93.02

Value C ore Growth Value Core Gro wth

0 .8 3 % 0 .19 % - 0 . 4 7% 0 . 8 3 % 0 .19 % - 0 .4 7%  Small

1. 56 % 1. 12 %  Large

( as of 1/ 28 / 11)

1. 8 1% 1. 4 0 %  M id2 . 0 5% 1. 8 1% 1. 4 0 % 2 . 0 5%  

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

2 . 2 5% 1. 56 % 1.12 % 2 . 2 5%  

January 28, 2011

Index Returns2

(as of 1/28/2011) 1 Wee k MTD QTD YTD

DJIA -0.41% 2.26% 2.26% 2.26%S&P 500 -0.53% 1.59% 1.59% 1.59%

NASDAQ -0.09% 1.31% 1.31% 1.31%

MSCI EAFE (USD) 0.41% 2.27% 2.27% 2.27%

Barclays Aggregate 0.39% 0.27% 0.27% 0.27%

S&P GSCI 0.65% 0.98% 0.98% 0.98%

GS ART Index -0.40% -0.30% -0.30% -0.30%

Bond Rates2 1/28/11 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 0.54% 0.60% 0.43% 1.14%10- Year Tr eas ur y 3.32% 3.30% 2.51% 3.84%

2-10 slope 2.78% 2.70% 2.09% 2.70%HY Corp. spread (bps) 518 561 631 657

IG Corp. s pread (bps) 150 156 175 172EMD spread (bps) 277 274 303 288

High 4.27

Low 2.06

Current 3.32

High 1299.54

Low 1022.58

Current 1276.34

Upcoming Economic Releases1

Date Indicator GS & Co. Consensus Previous

Construction Spending (Dec) +0.5% +0.1% +0.4%

ISM Manufacturing Index (Jan) 57.5 57.9 57.0

ISM Nonmanufacturing Index 57.0 57.0 57.1

Factory Orders (Dec) -1.0% +1.0% +0.7%

Unemployment Rate (Jan) 9.5% 9.5% 9.4%

Nonfarm Payrolls (Jan) +175,000 +135,000 +103,000

Forecast

Tuesday

(2/1/11)

Wednesday

(2/3/11)

Thursday

(2/4/11)

Economic & Market news – GS & Co.1  The Case-Shiller home price index declined less sharply than

generally expected, falling by 0.54% in November. As the index is basedon three-month averages and we saw declines of 1% in each

September and October, this release suggests that home prices mighthave stabilized in November. On a year-to-year basis, the Case-Shiller 

index is down 1.6%. Consumer confidence rose to 60.6 from 53.3 in January. The latest

reading is the highest since May 2010, with the gain split about equallybetween expectations and the assessment of the present situation.

There was a substantial improvement in job market perceptions as thegap between respondents viewing jobs as "hard to get" vs. "plentiful"

narrowed. It is consistent with our expectation of incrementalimprovement in the labor market in coming months.

 New home sales rose by 17.5% to 329k in December, far ahead of 

expectations. According to the report, however, almost all of theheadline increase was due to a surge in new home sales in the West of the United States. Despite the sharp December increase, new home

sales remain at depressed levels. Pending home sales, which measures changes in the number of 

existing homes under sales contracts that have not yet settled, rises

slightly ahead of expectations in December. Gains were largest in theSouth, Midwest, and Northeast, but declined in the West. While this

increase is moderately good news for existing home sales, the declineof mortgage applications during the last few weeks points to weakness

in existing and new home sales during the next couple of months.

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GENERAL DISCLOSURES

January 28, 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 client’s account should or would be handled, as appropriate investment str ategies depend upon the client’s 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 Management’s 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 1/24/2011  – 1/28/2011)2 Source: Bloomberg (as of 1/28/2011)

3 Source: Morningstar (as of 1/28/2011)

Copyright © 2010 Goldman, Sachs & Co. All Rights Reserved. Date of First Use: January 31, 2011Compliance Code: 28882.NPS.TMPL

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