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PRESS STATEMENT FROM GOLDMAN SACHS, INDIA

Date: September 6, 2012

Goldman Sachs today announced that it strongly disagrees with remarks about the Prime Minister attributed to the firm’s India economist Tushar Poddar in an article in yesterday’s Washington Post and acknowledges Mr Poddar’s concerns over the accuracy of those remarks, as reflected in the following letter to the Editor of that newspaper.

MAIL FROM TUSHAR PODDAR TO WASHINGTON POST

Dear Sir,

I was dismayed to read in your newspaper yesterday comments attributed to me about India’s Prime Minister Manmohan Singh. These published remarks bear little or no resemblance to my recollection of a conversation I had with your correspondent several months ago. It is my view that the Prime Minister is a highly respected leader. Financial markets took his and his party’s decisive victory at the 2009 elections extremely positively, given his track record, and expecting a reform-oriented government. However, investors have been disappointed with the pace of economic reforms from his government.

Sincerely,

Tushar Poddar

India Economist

Goldman Sachs

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