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doctop rhorwitz 24 Oct 2009 12:00 1/1

Goldman Sachs Pays $1.1 Billion to Redeem TARP Warrants

July 22, 2009

US Taxpayers Make 23 Percent Return

New York, NY July 22, 2009 - The Goldman Sachs Group, Inc. (NYSE: GS) announced today
that it has redeemed the warrants the U.S. government received in connection with its
investment in the firm through the TARP’s Capital Purchase Program at $1.1 billion, the full
value the U.S. Treasury Department has determined.

While there are a number of ways to value the warrants, including through a public auction, we
believe that in the context of the extraordinary actions taken by the government to help stabilize
the financial system, this valuation of the warrants represents full and fair value.

In June, Goldman Sachs repaid the U.S. Treasury’s investment of $10 billion, and during the
eight months of the investment, the firm paid $318 million in preferred dividends. We are
pleased that the payment of the dividends and the redemption of the warrants, which total
$1.418 billion, represent an annualized return of 23 percent for US taxpayers.

“This return is reflective of the government’s assistance, which benefitted the financial system,
our firm and our shareholders,” said Lloyd C. Blankfein, Chairman and CEO. “We are grateful
for the government efforts and are pleased that this additional money can be used by the
government to revitalize the economy, a priority in which we all have a common stake.”

He added, “Because Goldman Sachs advises companies with their growth plans and raises
capital to support that growth, the best and most sustainable operating environment for us is
one where consumer and business confidence and economic growth flourish. We are
committed to allocating capital and providing liquidity to our clients to help stimulate growth and
job creation.”

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