Steve Friedman Nominated to Goldman Sachs' Board of Directors

    Business Editors

    NEW YORK--(BUSINESS WIRE)--Feb. 23, 2005--The Goldman Sachs Group, Inc. (NYSE: GS) announced today that its Board of Directors has nominated Stephen Friedman for re-election to the Goldman Sachs Board. Mr. Friedman resigned from the Goldman Sachs Board in December 2002 when he became Director of the White House National Economic Council and Assistant to the President for Economic Policy. Mr. Friedman resigned those positions in December 2004. He served as Chairman and Senior Partner of Goldman Sachs from 1990 to 1994, having joined the firm in 1966.
    "Over the course of his three decade-long career at Goldman Sachs, Steve's keen strategic sense and focus helped us expand our global presence and achieve preeminence in our core businesses," said Henry M. Paulson, Jr., Chairman and Chief Executive Officer of Goldman Sachs. "In addition to a deep knowledge of financial markets and the securities industry, Steve has significant insight into the policy issues that shape the global markets in which Goldman Sachs does business."
    Mr. Friedman spent nearly 30 years with Goldman Sachs; for many years, he worked closely in the executive leadership of the firm with Bob Rubin, first as Vice Chairman and Co-Chief Operating Officer and then as Senior Partner and Co-Chairman, until Mr. Rubin resigned to join the Clinton Administration in 1992. Mr. Friedman continued as sole Senior Partner and Chairman until his retirement from the firm in 1994. Earlier assignments at Goldman Sachs included co-head of the Investment Banking and Fixed Income Divisions and head of the Mergers and Acquisitions Department. He became a partner in 1973 and joined the Management Committee in 1982.
    Mr. Friedman is Chairman Emeritus of Columbia University in New York City.

    Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.

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CONTACT: The Goldman Sachs Group, Inc. Media: Peter Rose, 212-902-5400 Investors: John Andrews, 212-357-2674

KEYWORD: NEW YORK INDUSTRY KEYWORD: BANKING MANAGEMENT CHANGES SOURCE: The Goldman Sachs Group, Inc.

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