Consolidated Financial Information November 30, 2019

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF GOLDMAN SACHS GROUP UK LIMITEDResponsibilities for the non-statutory consolidated financial information and the auditResponsibilities of the directors for the non-statutory consolidated financial informationAs explained more fully in the Statement of Directors’ Responsibilities set out on page 2, the directors are responsible for thepreparation of the financial information in accordance with the basis of preparation in note 1 and accounting policies in note 1 to thefinancial information and for determining that the basis of preparation and accounting policies are acceptable in the circumstances.The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financialinformation that is free from material misstatement, whether due to fraud or error.In preparing the financial information, the directors are responsible for assessing the group’s ability to continue as a going concern,disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors eitherintend to liquidate the group or to cease operations, or have no realistic alternative but to do so.Auditors’ responsibilities for the audit of the consolidated financial informationOur objectives are to obtain reasonable assurance about whether the financial information as a whole is free from materialmisstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a highlevel of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financialinformation.A further description of our responsibilities for the audit of the financial information is located on the FRC’s website at:www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.Use of this reportThis report, including the opinion, has been prepared for and only for the company’s directors as a body for management purposesand in support of the consolidated Pillar III reporting of the U.K. regulated group in accordance with our engagement letter datedJune 1, 2020 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or toany other person to whom this report is shown or into whose hands it may come, including without limitation under any contractualobligations of the company, save where expressly agreed by our prior consent in writing.PricewaterhouseCoopers LLPChartered AccountantsLondonJune 30, 20204

GOLDMAN SACHS GROUP UK LIMITEDConsolidated Profit and Loss AccountNote in millionsNet revenuesAdministrative expensesOperating profit2Interest payable and similar expensesNet finance incomeProfit before taxationTax on profitProfit for the financial period3Period Ended November20192018 9,841(6,391)3,450 9,141(5,574)3,567(292)133,171(272)83,303(662) 2,509(887) 2,4162,49316 2,5092,40313 2,416Attributable to:Owners of the companyNon-controlling interestsConsolidated Statement of Comprehensive IncomePeriod Ended November2019 in millionsProfit for the financial period2018 2,509 38(274) 2,235431 2,8472,21916 2,2352,8407 2,847Other comprehensive incomeItems that will not be reclassified subsequently to consolidated profit or lossActuarial profit/(loss) relating to the pension schemeDebt valuation adjustmentU.K. deferred tax attributable to components of other comprehensive incomeU.K. current tax attributable to components of other comprehensive incomeTotal items that will not be reclassified subsequently to consolidated profit or lossaccountItems that will be reclassified subsequently to consolidated profit or lossCurrency translation differenceMovement in net investment hedgeTotal items that will be reclassified subsequently to consolidated profit or lossOther comprehensive income/(loss) for the financial period, net of taxTotal comprehensive income for the financial periodAttributable to:Owners of the companyNon-controlling interests5

GOLDMAN SACHS GROUP UK LIMITEDConsolidated Balance SheetAs of November2019Note in millionsFixed assetsIntangible assetsTangible assets Current assetsFinancial instruments ownedCollateralised agreementsInvestmentsDebtorsCash at bank and in handAssets held for sale45Provisions for liabilitiesNet assets excluding pension surplusPension surplusNet assets including pension (72,207)(1)39,49726439,761(78)38,97540639,381 Capital and reservesCalled up share capitalShare premium accountPreferred sharesOther equity instrumentsOther reservesProfit and loss accountAccumulated other comprehensive incomeEquity attributable to owners of the parent company g interests 117Total shareholder’s funds 39,7612,1353883008,30018327,85112339,280101 The consolidated financial information was approved by the Board of Directors on June 30, 2020 and signed on its behalf by:R. J. 2,09737907,760Net current assetsTotal assets less current liabilitiesCreditors: amounts falling due after more than one yearCollateralised financingsOther creditors rs: amounts falling due within one yearFinancial instruments sold, but not yet purchasedCollateralised financingsOther creditors391138529201839,381

GOLDMAN SACHS GROUP UK LIMITEDConsolidated Statement of Changes in EquityPeriod Ended November20192018 in millionsCalled up share capitalBeginning balanceEnding balance 2,1352,135 2,1352,135388388388388Preferred sharesBeginning balanceConversion of preferred shares to debt instrumentsEnding balance300(300)–300–300Other equity instrumentsBeginning balanceAdditional Tier 1 notes issuedEnding 7123101–16–117 39,761732113(6)101 39,381Share premium accountBeginning balanceEnding balanceOther reservesBeginning balanceEnding balanceProfit and loss accountBeginning balanceProfit for the financial periodInterim dividends paidPreferred dividend paidInterest on Additional Tier 1 notes, net of taxShare-based paymentsManagement recharge related to share-based paymentsEnding balanceAccumulated other comprehensive incomeBeginning balanceOther comprehensive income/(loss)Ending balanceNon-controlling interestsBeginning balanceCapital injectionProfit for the financial periodOther comprehensive income/(loss)Ending balanceTotal shareholder’s funds7

GOLDMAN SACHS GROUP UK LIMITEDNotes to the Consolidated Financial InformationNote 1.New Standards, Amendments and InterpretationsIFRS 16 ‘Leases’. In January 2016, the InternationalAccounting Standards Board issued IFRS 16 ‘Leases’ (IFRS16), which replaces IAS 17 ‘Leases’, IFRIC 4 ‘Determiningwhether an Arrangement contains a Lease’ and SIC-15‘Operating Leases – Incentives’ for annual periods beginningon or after January 1, 2019 with early adoption permitted. InNovember 2017, the E.U. endorsed IFRS 16.Summary of Significant Accounting PoliciesBasis of PreparationThe non-statutory consolidated financial information ofGSGUK has been prepared by the directors to support theconsolidated Pillar 3 reporting of GSGUK.The consolidated primary statements have been prepared onthe going concern basis, under the historical cost convention(modified as explained in “Pension Arrangements” and“Financial Assets and Liabilities” below) and in line with therecognition and measurement requirements of EU-adoptedInternational Financial Reporting Standards. These recognitionand measurement requirements have been chosen to align withthose followed by the company’s principal subsidiaries whichprepare financial statements under Financial ReportingStandard 101 (FRS 101). The accounting policies applied inrespect of measurement and recognition are set out below.IFRS 16 requires that, for leases that are not short-term and forlow value assets, a lessee recognise on the balance sheet aright-of-use asset, representing the right to use the underlyingasset for the lease term, and a lease liability, representing theliability to make lease payments. It also requires that a lesseerecognises interest on the lease liability and depreciation on theright-of-use asset in the profit and loss account.The group adopted this standard from December 1, 2019.Adoption of this standard did not have a material impact on thegroup’s balance sheet or comprehensive income.The consolidated primary statements are presented inaccordance with the formats of the Companies Act 2006. Thedirectors have also prepared statutory financial statements forthe standalone company, which will be delivered to theRegistrar of Companies. These included an auditors’ reportwhich was unqualified and neither drew attention to anymatters by way of emphasis nor contained a statement undereither section 498(2) or section 498(3) of the Companies Act2006.Accounting PoliciesRevenue Recognition. Net revenues include the net profitarising from transactions, with both third parties and affiliates,in derivatives, securities and other financial instruments, andfees and commissions. This is inclusive of associated interestand dividends. Net revenues have been disclosed instead ofturnover as this reflects more meaningfully the nature andresults of the group’s activities.ConsolidationThe consolidated primary statements include the company andall of its subsidiaries. Acquisition accounting is used toconsolidate subsidiaries acquired during the period. Inaccounting for subsidiaries the group fully consolidates theirassets, liabilities and results for the period. All intercompanybalances and transactions are eliminated from the consolidatedprimary statements. The accounting reference date of thecompany and certain subsidiary undertakings is November 30,with the exception of those subsidiaries which have differentaccounting reference dates, and which have been consolidatedon the basis of interim financial statements for the period toNovember 30, 2019.Financial Assets and Liabilities Measured at FairValue Through Profit or LossFinancial assets and liabilities measured at fair value throughprofit or loss are recognised at fair value with realised andunrealised gains and losses as well as associated interest anddividend income and expenses included in net revenues, withthe exception of debt valuation adjustments (DVA), which isrecognised in other comprehensive income, unless this wouldcreate or enlarge an accounting mismatch in profit or loss.Financial assets are marked to bid prices and financialliabilities are marked to offer prices. Fair value measurementsdo not include transaction costs. The group measures certainfinancial assets and liabilities as a portfolio (i.e., based on itsnet exposure to market and/or credit risks).Unrealised gains and losses related to the change in fair valueof financial assets and liabilities measured at fair value throughprofit or loss are recognised from trade date in net revenues orother comprehensive income in the case of DVA.8

GOLDMAN SACHS GROUP UK LIMITEDNotes to the Consolidated Financial InformationIn applying the provisions of IFRS 9 ‘Financial Instruments’(IFRS 9) relating to DVA, the group is departing from therequirements of paragraph 40 of Schedule 1 of SI 2008/410relating to recognising the changes in the fair value of financialinstruments in the profit or loss account. The directors considerthis departure is necessary in order for the accounts to give atrue and fair view.Commissions and FeesRevenue from commissions and fees from executing andclearing client transactions on stock, options and futuresmarkets, as well as OTC transactions is recognised in netrevenues on the day the trade is executed. The group alsoprovides third-party research services to clients in connectionwith soft-dollar arrangements.Revenue from Contracts with ClientsRevenues earned from contracts with clients for services suchas investment banking, investment management, and executionand clearing (contracts with clients) are recognised when theperformance obligations related to the underlying transactionsare completed.Operating Leases. The group has entered into operatinglease arrangements as the lessee. Leased assets are notrecognised in the balance sheet. Costs in respect of operatingleases, adjusted for any incentives granted by the lessor, arecharged on a straight-line basis over the lease term andincluded in administrative expenses.If the group is principal to the transaction, the group recognisesrevenue on contracts with clients, gross of expenses incurred tosatisfy some or all of its performance obligations. The group isprincipal to the transaction if it has the primary obligation toprovide the service to the client. The group satisfies theperformance obligation by itself, or by engaging other GSGroup entities to satisfy some or all of its performanceobligations on its behalf. Such revenue is recognised in netrevenues and expenses incurred are recognised inadministrative expenses.Short-Term Employee Benefits. Short-term employeebenefits, such as wages and salaries, are measured on anundiscounted basis and accrued as an expense over the periodin which the employee renders the service to the group.Provision is made for discretionary year-end compensationwhether to be paid in cash or share-based awards where, as aresult of group policy and past practice, a constructiveobligation exists at the balance sheet date.Share-Based Payments. Group Inc. issues awards in theform of restricted stock units (RSUs) and stock options to thegroup’s employees in exchange for employee services. Awardsare classified as equity settled and hence the cost of sharebased transactions with employees is measured based on thegrant-date fair value of the award. Share-based awards that donot require future service (i.e., vested awards, including awardsgranted to retirement eligible employees) are expensedimmediately. Share-based awards that require future serviceare amortised over the relevant service period. Expectedforfeitures are included in determining share-based employeecompensation expense.Net revenues are recognised as follows:Investment BankingFees from financial advisory and underwriting engagementsare recognised in profit and loss when the services related tothe underlying transactions are completed under the terms ofthe engagement.Investment ManagementManagement fees are recognised on an accrual basis and aregenerally calculated as a percentage of a fund or a separatelymanaged account’s average net asset value. All managementfees are recognised over the period that the related service isprovided.Group Inc. generally issues new shares of common stock upondelivery of share-based awards. Cash dividend equivalents,unless prohibited by regulation, are generally paid onoutstanding RSUs. The group has also entered into achargeback agreement with Group Inc. under which it iscommitted to pay the grant-date fair value as well assubsequent movements in the fair value of those awards toGroup Inc. at the time of delivery to its employees. As a result,the share-based payment transaction and chargeback agreementcreates a total charge to the consolidated profit and lossaccount based on the grant-date fair value of the awardsadjusted for subsequent movements in the fair value of thoseawards prior to delivery.Incentive fees are calculated as a percentage of a fund’s returnor a percentage of a fund’s excess return above a specifiedbenchmark or other performance target.9

GOLDMAN SACHS GROUP UK LIMITEDNotes to the Consolidated Financial InformationDividends. Final equity dividends are recognised as a liabilityand deducted from equity in the period in which the dividendsare approved by the group’s shareholder. Interim equitydividends are recognised and deducted from equity when paid.Tangible Fixed Assets. Tangible fixed assets are stated atcost less accumulated depreciation and provision forimpairment. Fixtures, fittings and equipment are depreciatedon a straight-line basis over their estimated useful lives, whichis between 3 to 7 years. Depreciation is included inadministrative expenses.Pension Arrangements. The group is a sponsor of adefined contribution pension plan, and a hybrid pension planfor the benefit of certain employees. The hybrid pension planhas both a defined benefit section (the Plan) and a definedcontribution section. These are accounted for as follows:Leasehold improvements are depreciated over the shorter ofthe useful economic life of the asset or the remaining life of thelease when the asset is brought into use. Depreciation policiesare reviewed on an annual basis. For the defined contribution pension plan and the definedcontribution section of the hybrid pension plan, thecontributions payable for the period are charged to operatingprofit. Differences between contributions payable for theperiod and contributions actually paid are shown as eitheraccruals or prepayments in the balance sheet.Current Asset Investments. Investments in associateundertakings and joint ventures are recorded at fair value inline with IFRS 9, as permitted by IAS 28 ‘Investments inAssociates and Joint Ventures’. Other investments consist ofpublic and private equity investments not held for trading andare recognised as financial assets mandatorily at fair valuethrough profit or loss. They are measured in the balance sheetat fair value and all subsequent gains or losses are recognisedin the consolidated profit and loss account. For the Plan, the amounts charged to operating profit are anypast service costs, administration costs and any gains orlosses on settlements and curtailments. These amounts areincluded in direct costs of employment. The net interest isincluded in net finance income. Actuarial gains and losses arerecognised immediately in other comprehensive income. Planassets are measured at fair value and Plan liabilities aremeasured on an actuarial basis using the projected unit creditmethod and discounted at a rate equivalent to the current rateof return on a high-quality corporate bond of equivalentcurrency and term to the Plan liabilities. Full actuarialvaluations are obtained at least triennially and updated ateach balance sheet date. Any surplus or deficit of Plan assetsover Plan liabilities is recognised in the balance sheet as anasset (surplus) or liability (deficit).Cash at Bank and In Hand. This includes cash at bank andin hand and highly liquid overnight deposits held in theordinary course of business.Foreign Currencies. The group’s financial information ispresented in U.S. dollars, which is also the group’s functionalcurrency.Transactions denominated in foreign currencies are translatedinto U.S. dollars at rates of exchange ruling on the date thetransaction occurred. Monetary assets and liabilities, and nonmonetary assets and liabilities measured at fair value,denominated in foreign currencies are translated into U.S.dollars at rates of exchange ruling at the balance sheet date.Foreign exchange gains and losses are recognised in operatingprofit.Intangible Fixed Assets. Intangible fixed assets are statedat cost less accumulated amortisation and provision forimpairment. Subject to the recognition criteria in IAS 38‘Intangible Assets’ being met, costs incurred during the periodthat are directly attributable to the development orimprovement of new business application software arecapitalised as assets in the course of construction. Assets in thecourse of construction are transferred to computer softwareonce completed and ready for their intended use.The results of subsidiaries with non-U.S. dollar functionalcurrencies are translated at the average rates of exchangeduring the period and their balance sheets at the rates ruling atthe balance sheet date. Exchange differences arising from theretranslation of the open

balance sheet as at November 30, 2019; the consolidated profit and loss account, the consolidated statement of comprehensive income, and the consolidated statement of changes in equity for the year ended; and the notes to the consolidated financial information, which include a description of the significan