Co-Heads of Goldman Sachs JBWere (NZ) appointed

-Press Release

Tuesday 19th June 2007

Goldman Sachs JBWere today announced that Lance Jenkins, CEO of Goldman Sachs JBWere (NZ) will resign from his position, effective 31 July, after a successful 15 year career with the firm.

John Cobb and Andrew Barclay have been appointed Co-Heads of Goldman Sachs JBWere (NZ), based in the firm's Auckland office. John Cobb is currently Managing Director and Head of New Zealand Private Wealth Management and Andrew Barclay is Managing Director and Co-Head of the New Zealand Investment Banking team alongside David Cameron-Brown.

Craig Drummond, Chief Executive Officer of Goldman Sachs JBWere said that the New Zealand business has experienced particularly strong growth in recent years, through its focus on expanding the firm's product and service offering for clients.

"In recent years under the leadership of Lance Jenkins, we have seen many of our businesses achieve leading positions in the New Zealand market. The team has successfully expanded our offering to clients to include access to Australasian investment opportunities as well as international investment products through our integration with the Goldman Sachs global network.

"During his 15 years at Goldman Sachs JBWere, Lance worked in the institutional equities team, moved to New York in 1995 as part of our research sales team and was appointed President of Goldman Sachs JBWere Inc. (New York) in 1999.

"In 2004, Lance returned to Auckland to head our New Zealand business. Following his decision to resign his role as Chief Executive of Goldman Sachs JBWere (NZ), I would like to thank Lance for his significant contribution to our clients and our business and wish him every success in his future endeavours."

Craig Drummond said that the appointment of John and Andrew as Co-Heads of New Zealand reflects the firm's commitment to recognising and rewarding talented team members and its commitment to succession planning.

"The appointment of John and Andrew reflects the depth of experience and the proven performance of our leadership team in New Zealand. In their new roles, John and Andrew will lead our New Zealand business as we seek to broaden the range of domestic and global products and services we offer to our New Zealand clients and to further build on the current strong momentum in this business," Mr Drummond said.

John Cobb joined the firm in 1992 as a Private Client Adviser. During his time with the firm, John has also held positions in our institutional equities business and was appointed Head of NZ Private Wealth Management in 2000. Under his direction the GSJBWNZ Private Wealth Management business has become an industry leader, developing a strong presence in the high net worth advisory market.

Andrew Barclay joined the firm in 1999 and has over 15 years of Investment Banking and capital markets experience in New Zealand and Australia. Andrew has a strong background in advising on equity and debt capital markets transactions, mergers, acquisitions and divestments. Under Andrew and David's leadership, the New Zealand investment banking business has advised on many of New Zealand's most significant transactions and in 2006 was ranked #1 M&A adviser* for completed New Zealand merger and acquisition transactions.

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