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The Goldman Sachs Group, Inc. Goldman Sachs Research Global Themes and Risks Presentation prepared for meetings in Israel, 31 January-3 February, 2012 Abby Joseph Cohen, CFA Goldman, Sachs & Co. 1-212-902-4095 abby.cohen@gs.com Rachel Siu Goldman, Sachs & Co. 1-212-357-0493 rachel.siu@gs.com Koby Sadan Goldman, Sachs & Co. 1-212-902-7009 koby.sadan@gs.com The Global Markets Institute is the public policy research unit of Goldman Sachs Global Investment Research. Its mission is to provide research and high-level advisory services to policymakers, regulators and investors around the world. The Institute leverages the expertise of Research and other Goldman Sachs professionals, as well as highly regarded partners, to offer written analyses and host discussion forums.

Exports and business equipment lead all other GDP sectors Private construction showing some life; government spending now turning down Source: Bureau of Economic Analysis.

Technology and capital spending have expanded beyond earlier peaks Source: Federal Reserve Board.

Changes in industrial production Stronger growth in Israel, lesser impact from the GFC Source: Federal Reserve Board, Bank of Israel.

Employment changes during selected recessions and recoveries Source: Brookings, Bureau of Labor Statistics, Goldman Sachs Global Markets Institute.

Employment levels Disappointing employment growth in the US Note: Israel employment refers to number of jobs, excluding Palestinian Authority and US employment refers to total nonfarm employees. Source: Bureau of Labor Statistics, Central Bureau of Statistics.

Employment gap by education Unemployment rates for adults, 25 years and over Source: Bureau of Labor Statistics

Share price performance for major indices Significant divergences have emerged Source: FactSet.

Global growth outlook. Global GDP projected at 3 Global growth outlook Global GDP projected at 3.3% in 2012, with recession in Europe Source: Goldman Sachs Economics Research.

US federal debt as a percentage of GDP Source: USGovernmentSpending.com.

Disclosures January 26, 2012

Disclosures Disclosures This report has been prepared by the Global Markets Institute, the public policy research unit of the Global Investment Research Division of The Goldman Sachs Group, Inc. (“Goldman Sachs”). As public policy research, this report, while in preparation, may have been discussed with or reviewed by persons outside of the Global Investment Research Division, both within and outside Goldman Sachs, and all or a portion of this report may have been written by policy experts not employed by Goldman Sachs. While this report may discuss implications of legislative, regulatory and economic policy developments for industry sectors, it does not attempt to distinguish among the prospects or performance of, or provide analysis of, individual companies and does not recommend any individual security or an investment in any individual company and should not be relied upon in making investment decisions with respect to individual companies or securities. Distributing entities This research is disseminated in Australia by Goldman Sachs Australia Pty Ltd (ABN 21 006 797 897); in Brazil by Goldman Sachs do Brasil Banco Múltiplo S.A.; in Canada by Goldman, Sachs & Co. regarding Canadian equities and by Goldman, Sachs & Co. (all other research); in Hong Kong by Goldman Sachs (Asia) L.L.C.; in India by Goldman Sachs (India) Securities Private Ltd.; in Japan by Goldman Sachs Japan Co., Ltd.; in the Republic of Korea by Goldman Sachs (Asia) L.L.C., Seoul Branch; in New Zealand by Goldman Sachs New Zealand Limited; in Russia by OOO Goldman Sachs; in Singapore by Goldman Sachs (Singapore) Pte. (Company Number: 198602165W); and in the United States of America by Goldman, Sachs & Co. Goldman Sachs International has approved this research in connection with its distribution in the United Kingdom and European Union.. European Union: Goldman Sachs International, authorized and regulated by the Financial Services Authority, has approved this research in connection with its distribution in the European Union and United Kingdom; Goldman Sachs AG, regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht, may also distribute research in Germany.. General disclosures in addition to specific disclosures required by certain jurisdictions Goldman Sachs conducts a global full-service, integrated investment banking, investment management and brokerage business. It has investment banking and other business relationships with governments and companies around the world, and publishes equity, fixed income, commodities and economic research about, and with implications for, those governments and companies that may be inconsistent with the views expressed in this report. In addition, its trading and investment businesses and asset management operations may take positions and make decisions without regard to the views expressed in this report. Copyright 2012 The Goldman Sachs Group, Inc. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of The Goldman Sachs Group, Inc.