1

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How Exciting is Africa’s Potential?

Anna Stupnytska Executive Director Goldman Sachs Asset Management March 2011

2

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Please see additional disclosures. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities.

Top Contributors to Global GDP from 2010 to 2019

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,0002010 US$ bn

Change in US$ size of GDP from 2010 to 2019 **

**GDP projections have been re-based from 2007 to 2010 to incorporate recent data. Growth and currency appreciation paths from 2011 to 2050 are kept the same Source: GS Global ECS Research. GSAM Calculations

3

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Please see additional disclosures. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities.

Country Groupings

Source: GS Global ECS Research

BRICs N-11 African 11Brazil Bangladesh Congo, DRChina Egypt EgyptIndia Indonesia Ethiopia

Russia Iran KenyaKorea Morocco

Mexico NigeriaNigeria South Africa

Pakistan SudanPhilippines Tanzania

Turkey UgandaVietnam Zimbabwe

4

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Please see additional disclosures. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities.

World in 2010

Source: IMF, GS Global ECS Research

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000US$ bn

2010 GDP in current US$

5

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Please see additional disclosures. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities.

African 11 in 2010

Source: IMF

0

50

100

150

200

250

300

350US$bn

2010 GDP in current US$

6

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Please see additional disclosures. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities.

World in 2050

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,0002010 US$ bn *

In 2050 the BRICs and N11 will dominate

*GDP projections have been re-based from 2007 to 2010 to incorporate recent data. Growth and currency appreciation paths from 2011 to 2050 are kept the same Source: GS Global ECS Research. GSAM Calculations

7

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Please see additional disclosures. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities.

African 11 in 2050

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,5002010 US$ bn*

*GDP projections have been re-based from 2007 to 2010 to incorporate recent data. Growth and currency appreciation paths from 2011 to 2050 are kept the same Source: GS Global ECS Research. GSAM Calculations

8

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Please see additional disclosures. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities.

Source: GS Global ECS Research

Wealth Today

05,000

10,00015,00020,00025,00030,00035,00040,00045,00050,000

US$2010 GDP per capita in US$

Middle Income Class Threshold

9

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Please see additional disclosures. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities.

Source: GS Global ECS Research

Wealth in 2050

010,00020,00030,00040,00050,00060,00070,00080,00090,000

100,0002007 US$ 2050 GDP per capita in 2007 US$

Middle Income Class Threshold

10

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Please see additional disclosures. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities.

Source: GS Global ECS Research

The Rise of the Middle Class

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

10 20 30 40 50

Millions of people

Brazil China India

Russia N-11 African 11

11

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Please see additional disclosures. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities.

As Incomes Rise, Consumption Becomes More Discretionary

Source: GS Global ECS Research

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

800-1,000 1,500-2,000 3,500-7,500 20,000-35,000

Transport, recreation&culture, restaurants and hotelsHousing, water, electricity & other fuels

Health

Education

Communication

Furnishings, household equipment & maintenanceFood, beverages, tobacco, clothing and footwear

Share of consumption directed to major categories, average of countries in each wealth band

12

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Please see additional disclosures. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities.

BRICs & N-11 2010 Growth Environment Score (GES)

0

1

2

3

4

5

6

7

8GES 1997-2010 GES Change

1997 GES1997 Developing Average2010 Developing Average

Source: GS Global ECS Research

13

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Please see additional disclosures. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities.

0

1

2

3

4

5

6GES 1997-2010 GES Change

1997 GES1997 Africa Average2010 Africa Average

Source: GS Global ECS Research

African 11 2010 Growth Environment Score (GES)

14

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Please see additional disclosures. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities.

Source: GS Global ECS Research

Growth Conditions Progress Since 1997

0

1

2

3

4

5

6

7

Macro stability

Macro conditions

Human Capital

Political conditions

Technology

GES 1997 Average African 11 GES2009 Average African 11 GES

15

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. Please see additional disclosures. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities.

Disclaimer

This material does not constitute research, investment advice or trade recommendations. These views may not represent the views of GSAM’s portfolio management teams, the Global Investment Research (GIR) Department, and/or any other departments/divisions of Goldman Sachs and its affiliates which may differ. This material has been prepared by GSAM and is not a product of GIR. Investors are urged to consult with their financial advisors before buying or selling any securities. Views and opinions are current as of the date of this presentation and may be subject to change. GSAM has no obligation to provide any updates or changes. Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant. Past performance is not indicative of future results, which may vary. No part of this material may, without GSAM’s prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient. There may be conflicts of interest relating to GSAM and its service providers, including Goldman Sachs and its affiliates, who are engaged in businesses and have interests other than that of managing, distributing and otherwise providing services to GSAM. These activities and interests include potential multiple advisory, transactional and financial and other interests in securities and instruments that may be purchased or sold by GSAM , or in other investment vehicles that may purchase or sell such securities and instruments. These are considerations of which investors should be aware. Additional information relating to these conflicts is set forth in GSAM’s Conflicts of Interest Policy. Any references to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only. Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources. This material has been communicated in the United Kingdom by Goldman Sachs Asset Management International which is authorized and regulated by the Financial Services Authority (FSA). Please note that neither Goldman Sachs Asset Management International nor any other entities involved in the Goldman Sachs Asset Management (GSAM) business maintain any licenses, authorisations or registrations in Asia ex Japan, except that it conducts businesses (subject to applicable local regulations) in and from the following jurisdictions: Hong Kong, Singapore, Malaysia, Korea, and India. This material has been issued or approved by Goldman Sachs Canada, in connection with its distribution in Canada; in the United States by Goldman, Sachs & Co. This material has been issued for use in or from Hong Kong by Goldman Sachs (Asia) L.L.C, in or from Singapore by Goldman Sachs (Singapore) Pte. (Company Number: 198602165W), and in or from Korea by Goldman Sachs Asset management Korea Co. Ltd. Material has been issued or approved for use in or from Japan by Goldman Sachs Asset Management Co., Ltd. Copyright © 2011, Goldman, Sachs & Co. All rights reserved.