Overview Of Goldman Sachs

Overview of Goldman SachsAugust 2021

Cautionary Note on Forward-Looking StatementsThis presentation includes forward-looking statements. These statements are not historical facts, but instead represent only the Firm’sbeliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Firm’s control. It is possiblethat the Firm’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial conditionindicated in these forward-looking statements.For a discussion of some of the risks and important factors that could affect the Firm’s future results and financial condition, see “RiskFactors” in our Annual Report on Form 10-K (“Form 10-K”) for the year ended December 31, 2020. You should also read the cautionarynote on forward-looking statements in our Quarterly Report on Form 10-Q (“Form 10-Q”) for the period ended June 30, 2021, andinformation on non-GAAP financial measures that is posted on the Investor Relations portion of our website: www.gs.com. See theappendix for more information about non-GAAP financial measures in this presentation.The financial and other information provided herein is provided for the periods ended, or the dates, indicated on the relevant slide. Noinformation is provided for a date more recent than August 3, 2021.1

Key Credit StrengthsRegulatoryCapitalRatios andLeverage 2Q21 Common Equity Tier 1 (“CET1”) capital ratios were 14.4% as calculated in accordance with the StandardizedCapital Rules and 13.4% as calculated in accordance with the Advanced Capital Rules Our gross leverage was 13.6x as of 2Q21 We have in place a comprehensive and conservative set of liquidity and funding policies that allows us tomaintain significant flexibility to address both GS-specific and broader industry or market liquidity stress events Our major liquidity and funding policies are based on the core principles of:Best in ClassLiquidity RiskManagement— Excess liquidity – having sufficient cash or highly liquid instruments on hand to meet contractual, contingentand intraday outflows in a stressed environment— Asset-liability management – having a liability profile that has sufficient term and diversificationbased upon the liquidity profile of our assets Our average daily liquidity coverage ratio (“LCR”) was 138% for the three months ended June 2021 In addition, our U.S. bank subsidiary, GS Bank USA, has access to funding through the Federal Reserve Bankdiscount window. While we do not rely on this funding in our liquidity planning and stress testing, we maintainpolicies and procedures necessary to access this funding and test discount window borrowing procedures We hold sufficient excess liquidity in the form of Global Core Liquid Assets (“GCLA”) to cover potential outflowsduring a stressed periodGlobal CoreLiquid Assets— GCLA averaged 329 billion during 2Q21— GCLA consists of cash, high quality and narrowly defined unencumbered assets, including U.S. Treasuries andGerman, French, Japanese and United Kingdom government obligations2

Key Credit Strengths (cont’d) Our principal objective is to fund our balance sheet and run the firm with the ability to weather stressedmarket conditions without dependence on government support Balance sheet includes a large amount of highly liquid assets, and mark to market remains critical to the firm’srisk management processes— 90% of the balance sheet consisted of more liquid assets1 (e.g., cash, reverses/borrows, U.S. government/agencyand other financial instruments) as of 2Q21ConservativeAsset-LiabilityManagement— Businesses subject to conservative balance sheet limits that are reviewed regularly and monitored daily Liability term structure – we seek to have long-dated liabilities to reduce our refinancing risk— Weighted Average Maturity (WAM) of approximately 7 years as of 2Q21 for unsecured long-term borrowings— WAM 120 days for secured funding2 as of 2Q21 (excluding funding that can only be collateralized by liquidgovernment and agency obligations and funding through participation in Federal Reserve facilities) We maintain broad and diversified funding sources globally Counterparties are well distributed throughout the U.S., Europe and Asia The balance sheet stands at 1.39 trillion as of 2Q21, up 24% vs. 4Q07Strong AssetQuality Our asset quality has substantially improved since 4Q07 as we targeted reductions in less liquid, legacy exposures suchas Level 3 assets— Level 3 assets3 are down by more than 50% since 4Q07 to 26 billion and represent 1.8% of our balancesheet as of 2Q21DiversifiedGlobalBusiness withProfitable TrackRecord1 Excludes From 1999-2020, net revenues have grown at a compound annual growth rate of 6% Average ROE from 1999-2020 of 15% Our diversified business model allows us to outperform through cyclesLevel 3, other assets, investments in funds at NAV and certain loans accounted for at amortized cost and held for sale that would have been classified as Level 3 if carried at fair value 2 Comprisedof collateralized financings in the Consolidated Balance Sheets 3 4Q07 Level 3 assets included investments in funds at NAV, 2Q21 excludes these funds3

Goldman Sachs’ Credit ProfileCredit Ratings as of August 3, 2021FitchMoody'sS&PShort-term DebtF1P-1A-2Long-term DebtAA2BBB Subordinated DebtBBB Baa2BBB-Preferred Stock1BBB-Ba1BBRatings OutlookStableStableStableShort-term DebtF1P-1A-1Long-term DebtA A1A Short-term Bank DepositsF1 P-1—Long-term Bank DepositsAA-A1—StableStableStableShort-term DebtF1P-1A-1Long-term DebtA A1A Short-term Bank DepositsF1P-1—Long-term Bank DepositsA A1—StableStableStableShort-term DebtF1P-1A-1Long-term DebtAA1A Short-term Bank Deposits—P-1—Long-term Bank Deposits—A1—StableStableStableShort-term DebtF1—A-1Long-term DebtA —A Ratings OutlookStable—StableShort-term DebtF1P-1A-1Long-term DebtA A1A Ratings OutlookStableStableStableThe Goldman Sachs Group, Inc.Goldman Sachs Bank USARatings OutlookGoldman Sachs International BankRatings OutlookGoldman Sachs Bank Europe SERatings OutlookGoldman Sachs & Co. LLCGoldman Sachs International1Preferred Stock includes Group Inc.’s preferred stock and the Normal Automatic Preferred Enhanced Capital Securities (APEX) issued by Goldman Sachs Capital II and Goldman Sachs Capital III4

Diversified Net Revenue MixDiversified by BusinessAverage 2018 – 2020Consumer &WealthManagement14%Diversified by GeographyAverage 2018 – MEA25%FICC22%Americas61%Equities21%Global Markets43%Our goal is to strengthen our leading, diverse franchise businesses and invest for growth in new businesses5

Financial PerformanceNet Earnings ( bn) & ROE (%)1Net Revenues ( bn)1 46.0 45.2 44.632.7% 13.4 39.2 12.3 34.4 34.6 34.1 34.2 36.6 36.5 32.7 30.827.3% 11.6 33.122.5% 10.5 28.8 9.5 8.4 8.0 8.5 8.5 7.5 22.211.5%10.7% 7.413.3% 6.111.2%11.0%9.4% 4.37.4% 4.411.1%10.0% 2.34.9%4.9%3.7%2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H212007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H21Net Earnings1ROEIn connection with becoming a bank holding company, the firm was required to change its fiscal year-end from November to December. This change in the firm’s fiscal year-end resulted in a one-month transition period. For theone-month ended December 2008, we reported net revenues of 183 million and a net loss of 780 million6

Our Risk Philosophy Enterprise Risk Management frameworkemploys a comprehensive, integratedapproach to risk managementCorporate Oversight Senior manage

4 Goldman Sachs’ Credit Profile Credit Ratings as of August 3, 2021 1 Preferred Stock includes Group Inc.’s preferred stock and the Normal Automatic Preferred Enhanced Capital Securities (APEX) issued by Goldman Sachs Capital II and Goldman Sachs Capital III Fitch Moody's S&P The Goldman Sachs Group, Inc. Short-term Debt F1 P-1 A-2 Long-term Debt A A2 BBB