#1Second Quarter 2023 Earnings Results Presentation July 19, 2023 Goldman Sachs#2Results Snapshot 2Q23 2Q23 YTD Net Revenues 2Q23 2Q23 YTD $10.90 billion $23.12 billion Annualized ROE¹ 4.0% 7.8% 2Q23 2Q23 YTD Record AUS3,4 of $2.71 trillion 2Q23 2Q23 YTD Net Earnings Highlights #1 in M&A, Equity & equity-related offerings, HY debt offerings² Annualized ROTE¹ Strong Equities performance, including record financing net revenues Record Management and other fees of $2.35 billion $1.22 billion $4.45 billion Increased quarterly dividend by 10% to $2.75 per common share in 3Q23 4.4% 8.5% Pre-tax earnings: 2Q23 2Q23 YTD 2Q23 YTD Growth Book Value Per Share Selected Items5 $ in millions, except per share amounts EPS Marcus loans portfolio AWM historical principal investments GreenSky Total impact to pre-tax earnings $ Impact to net earnings Impact to EPS Impact to annualized ROE 2Q23 Goldman Sachs $3.08 $11.91 $309.33 1.9% 154 (1,151) (677) (1,674) (1,372) (3.95) (5.2)pp 1#3Financial Overview $ in millions, except per share amounts Global Banking & Markets Asset & Wealth Management Platform Solutions Net revenues Provision for credit losses Operating expenses Pre-tax earnings $ Net earnings Net earnings to common $ Diluted EPS $ ROE¹ ROTE¹ Efficiency Ratio³ Financial Results 2Q23 7,189 3,047 659 10,895 615 8,544 1,736 1,216 1,071 3.08 4.0% 4.4% 78.4% VS. 1Q23 (15)% (5)% 17% (11)% N.M. 2% (57)% (62)% (65)% (65)% (7.6)pp (8.2)pp 9.7pp VS. 2Q22 (14)%$ (4)% 92% (8)% (8)% 12% (58)%$ 2Q23 YTD 15,633 13.9pp 6,263 1,223 23,119 444 (51) % $ 5,729 16,946 4,450 (62)% $ 4,158 (60)% $ 11.91 (6.6)pp (7.0)pp 7.8% 8.5% 73.3% VS. 2Q22 YTD (15)% 8% 100% (7)% (64)% 10% (30)% (35)% (37)% (36)% (5.0)pp (5.1)pp 11.3pp ■2Q23 results included EPS of $3.08 and ROE of 4.0% 2Q23 net revenues were lower YoY in Global Banking & Markets and Asset & Wealth Management and higher in Platform Solutions 2Q23 provision for credit losses was $615 million, reflecting net provisions related to the credit card and point-of-sale loan portfolios, driven by net charge-offs and growth, and individual impairments on wholesale loans, partially offset by a reserve reduction related to the repayment of a term deposit with First Republic Bank Financial Overview Highlights 2Q23 operating expenses were higher YoY, driven by an impairment of goodwill of $504 million related to Consumer platforms and impairments of $485 million related to consolidated real estate investments $10,895 Net Revenues by Segment ($ in millions) $7,189 $3,047 2Q23 $659 $12,224 $8,444 $3,216 1Q23 $564 $11,864 $8,342 Goldman Sachs $3,179 2Q22 ■ Global Banking & Markets Asset & Wealth Management ■Platform Solutions $343 2#4Global Banking & Markets $ in millions Investment banking fees $ FICC Equities Other Net revenues Provision for credit losses Operating expenses Pre-tax earnings $ Net earnings $ Net earnings to common Financial Results Return on average common equity 2Q23 1,431 2,711 2,966 81 7,189 56 4,282 2,851 2,091 1,982 Average common equity $ 71,205 11.1% VS. 1Q23 (9)% (31)% (2)% N.M. (15)% (57)% (7)% (23)% (30)% (31)% 2% (5.5)pp VS. 2Q22 (20)% $ (26)% 1% N.M. (14)% (73)% (3)% (23)% $ (32)% $ (33)% $ T (5.5)pp LA 2Q23 YTD 3,010 6,642 5,981 15,633 185 8,911 6,537 5,077 4,858 70,362 13.8% VS. 2Q22 YTD (24)% (21)% (3)% N.M. (15)% (54)% (5)% (24)% (30)% (31)% 1% (6.4)pp 2Q23 net revenues were lower YoY Investment banking fees primarily reflected significantly lower net revenues in Advisory, partially offset by significantly higher net revenues in Equity underwriting FICC reflected significantly lower net revenues in intermediation compared with a strong 2Q22 and lower net revenues in financing Global Banking & Markets Highlights Equities reflected significantly higher net revenues in financing, largely offset by lower net revenues in intermediation ■ Investment banking fees backlog³ increased vs. 1Q23, primarily reflecting an increase in Advisory, partially offset by a decrease in Equity underwriting ■ 2Q23 provision for credit losses included a reserve reduction related to the repayment of a term deposit with First Republic Bank ■2Q23 select data4: $7,189 $1,431 Total assets of $1.31 trillion Loan balance of $110 billion Net interest income of $202 million Global Banking & Markets Net Revenues ($ in millions) $8,444 $8,342 $1,799 $2,711 $2,966 2Q23 $81 $1,579 $3,931 $3,015 Goldman Sachs 1Q23 $(81) $3,642 $2,944 2Q22 ■ Investment $(43) banking fees FICC ■ Equities Other 3#5Global Banking & Markets - Net Revenues $ in millions Advisory $ Equity underwriting Debt underwriting Investment banking fees FICC intermediation FICC financing FICC Equities intermediation Equities financing Equities Other Net revenues Net Revenues 2Q23 645 338 448 1,431 2,089 622 2,711 1,533 1,433 2,966 81 7,189 VS. 1Q23 (21)% 33% (11)% (9)% (36)% (4)% (31)% (12)% 12% (2)% N.M. (15)% 2Q23 YTD (46)%$ 1,463 VS. 2Q22 133% (2)% (20)% (28)% (14)% (26)% (13)% 22% 1% N.M. 593 954 3,010 5,369 1,273 6,642 3,274 2,707 5,981 (14)%$ 15,633 VS. 2Q22 YTD (37)% 41% (20)% (24)% (24)% (6)% (21)% (17)% 21% (3)% N.M. (15)% Global Banking & Markets Net Revenues Highlights 2Q23 Investment banking fees were significantly lower YoY - Goldman Sachs Equity underwriting primarily reflected a significant increase in industry-wide volumes 2Q23 FICC net revenues were significantly lower YoY compared with a strong 2Q22 FICC intermediation reflected significantly lower net revenues in commodities, interest rate products and currencies, partially offset by significantly higher net revenues in mortgages and higher net revenues in credit products FICC financing primarily reflected lower net revenues in commodities financing ■2Q23 Equities net revenues were essentially unchanged YoY Equities intermediation primarily reflected lower net revenues in derivatives Equities financing net revenues were a record and primarily reflected significantly higher net revenues in prime financing - - Advisory reflected a significant decline in industry-wide completed mergers and acquisitions transactions ■ 2Q23 Other net revenues reflected net gains from direct investments compared with net losses in 2Q22 4#6Asset & Wealth Management $ in millions Management and other fees Incentive fees Private banking and lending Equity investments Debt investments Net revenues Provision for credit losses Operating expenses Pre-tax earnings / (loss) Net earnings / (loss) Net earnings / (loss) to common Financial Results Return on average common equity 2Q23 2,354 25 874 (403) 197 3,047 15 3,275 (243) (208) (239) Average common equity $ 31,047 (3.1)% VS. 1Q23 3% (53)% 147% N.M. (52)% (5)% N.M. 3% N.M. N.M. N.M. (5)% (8.8)pp VS. 2Q22 5% $ (86)% 62% N.M. (38)% (4)% (90)% 16% N.M. $ N.M. $ N.M. $ (4.9)pp 2Q23 YTD 4,636 78 1,228 (284) 605 6,263 (550) 6,443 370 288 225 31,781 1.4% VS. 2Q22 YTD 8% (70)% 19% N.M. 8% N.M. 23% 87% 73% 108% 3% 0.7pp - ■2Q23 net revenues were slightly lower YoY Record Management and other fees primarily reflected the impact of higher average AUS Incentive fees were significantly lower, driven by significant harvesting in 2Q22 Private banking and lending net revenues were a record, primarily reflecting the impact of higher deposit spreads and balances, as well as a gain of ~$100 million related to the sale of substantially all of the remaining Marcus loans portfolio Equity investments reflected net losses from real estate investments compared with net gains in 2Q22, partially offset by significantly lower net losses from investments in public equities O Private: 2Q23 ~$(305) million, compared to 2Q22 ~$540 million O Public: 2Q23 -$(100) million, compared to 2Q22 ~$(640) million Debt investments reflected net mark-downs in real estate investments 2Q23 operating expenses included impairments of ~$485 million related to consolidated real estate investments Asset & Wealth Management Highlights ■ The impact to 2Q23 YTD pre-tax margin of 6% from the results of Marcus loans and historical principal investments was a reduction of 15pp ■2Q23 select data4: $3,047 Total assets of $196 billion Loan balance of $49 billion, of which $33 billion related to Private banking and lending Net interest income of $821 million Asset & Wealth Management Net Revenues ($ in millions) $3,216 $2,354 $874 $(403) 2Q23 $25 $197 $2,282 $354 $408 1Q23 $53 $119 $3,179 $2,243 Goldman Sachs $538 $317 2Q22 $185 $(104) ■Management and other fees Incentive fees ■ Private banking and lending Equity investments Debt investments 5#7Assets Under Supervision AUS Rollforward³,4 $ in billions Beginning balance Long-term AUS net inflows / (outflows) Liquidity products Total AUS net inflows / (outflows) Acquisitions / (dispositions) Net market appreciation / (depreciation) Ending balance $ in billions Alternative investments Equity Fixed income Long-term AUS Liquidity products 2Q23 Total AUS 2,672 $ 2Q23 8 AUS by Asset Class 3,4 4 12 30 2,714 $ 267 $ 627 1,056 1,950 764 2,714 $ 1Q23 1Q23 2,547 $ 8 49 57 68 2,672 $ 268 $ 597 1,047 1,912 760 2,672 $ 2Q22 2Q22 2,394 2 (7) 305 (199) 2,495 254 552 1,007 1,813 682 2,495 AUS Highlights 3,4 During the quarter, AUS increased $42 billion to a record $2.71 trillion Net market appreciation of $30 billion, driven by net appreciation in equity assets Long-term net inflows of $8 billion, driven by net inflows in fixed income assets Liquidity products net inflows of $4 billion 23% 22% 10% Asset Class 28% 7% Region 39% 71% 2Q23 AUS Mix3,4 Fixed income Liquidity products Equity Alternative investments Americas EMEA Asia 29% 34% Client Channel 35% 12% Vehicle 36% 54% Goldman Sachs Third-party distributed Institutional Wealth management Separate accounts Public funds Private funds and other 6#8Asset & Wealth Management - Alternative Investments Alternative Investments AUS and Effective Fees4 $ in billions Corporate equity Credit Real estate Hedge funds and other Funds and discretionary accounts Advisory accounts Total alternative investments AUS $ $ in billions Equity securities Loans Debt securities CIE investments and other7 Total On-B/S alternative investments Average AUS Client co-invest Firmwide initiatives / CRA investments Historical principal investments Total On-B/S alternative investments 2Q23 On-Balance Sheet Alternative Investments4 2Q23 98 45 20 65 228 39 267 13.5 $ 16.1 12.1 11.5 53.2 $ Effective Fees (bps) 22.8 $ 6.6 23.8 53.2 $ 1Q23 78 77 69 63 73 16 65 14.5 17.3 12.3 12.4 56.5 22.8 6.3 27.4 56.5 Alternative Investments Highlights4 2Q23 Management and other fees from alternative investments were $521 million, up 12% compared with 2Q22 ■ During the quarter, alternative investments AUS decreased $1 billion to $267 billion 2Q23 gross third-party alternatives fundraising across strategies was $11 billion, including: $5 billion in corporate equity, $2 billion in credit, $2 billion in real estate and $2 billion in hedge funds and other $204 billion raised since the end of 2019 During the quarter, on-balance sheet alternative investments declined by $3.3 billion to $53.2 billion Historical principal investments6 declined by $3.6 billion to $23.8 billion and included $4.5 billion of equity securities, $5.8 billion of loans, $4.6 billion of debt securities and $8.9 billion of CIE investments and other Historical Principal Investments Rollforward 4,6 ($ in billions) $29.7 YE22 $(1.5) Net mark-ups / (mark-downs) $1.2 Additions Goldman Sachs $(5.6) Dispositions / Paydowns 8 $23.8 2Q23 7#9Platform Solutions $ in millions Consumer platforms Transaction banking and other Net revenues Provision for credit losses Operating expenses Pre-tax earnings / (loss) Net earnings / (loss) $ Net earnings / (loss) to common $ Average common equity $ Return on average common equity Financial Results 2Q23 577 82 659 544 987 (872) (667) (672) 4,022 (66.8)% VS. 1Q23 18% 11% 17% 105% 63% N.M. N.M. N.M. 2% VS. 2Q22 129% $ (10)% 92% 75% 147% N.M. $ N.M. $ N.M. $ 2Q23 YTD (41.1)pp (33.2)pp 1,067 156 1,223 809 1,592 (1,178) (915) (925) 10% $ 3,965 (46.7)% VS. 2Q22 YTD 136% (1)% 100% 70% 117% N.M. N.M. N.M. 25% (14.8)pp ■2Q23 net revenues were higher YoY Consumer platforms primarily reflected significantly higher average credit card balances and higher average point-of-sale loan balances Platform Solutions Highlights Transaction banking and other reflected lower deposit spreads, partially offset by higher average deposit balances ■2Q23 provision for credit losses reflected provisions related to the credit card portfolio, primarily driven by net charge-offs, and the point-of-sale loan portfolio, primarily driven by growth 2Q23 operating expenses included an impairment of goodwill of $504 million related to Consumer platforms 2Q23 select data4: Total assets of $64 billion Loan balance of $19 billion Net interest income of $661 million Active Consumer platforms customers of 14.3 million Platform Solutions Net Revenues ($ in millions) $659 $577 $82 2Q23 $564 $490 $74 1Q23 Goldman Sachs $343 $252 $91 2Q22 Consumer platforms ☐Transaction banking and other 8#10Loans and Net Interest Income $178 $110 $49 $19 2Q23 $1,684 $202 $821 $661 Loans by Segment4 ($ in billions) $178 2Q23 $109 $53 $16 1Q23 $1,781 $347 Net Interest Income by Segment ($ in millions) $886 $548 $176 1Q23 $106 $59 $11 2Q22 $1,734 $483 $855 $396 ■ Global Banking & Markets 2Q22 Asset & Wealth Management ■Platform Solutions ■ Global Banking & Markets Asset & Wealth Management ■ Platform Solutions $ in billions Corporate Commercial real estate Residential real estate Securities-based lending Other collateralized lending Installment Credit cards Other Allowance for loan losses Total loans — Loans by Type4 2Q23 O 38 28 24 15 54 17 2 (5) 178 $ 1Q23 40 29 22 16 53 6 15 2 (5) 178 SA $ 2Q22 41 32 26 17 45 5 12 3 (5) 176 Loans and Net Interest Income Highlights4 O $3.23 billion for wholesale loans, $2.78 billion for consumer loans Net charge-offs of $444 million for an annualized net charge-off rate of 1.0% 0.4% for wholesale loans, 5.8% for consumer loans ■2Q23 net interest income was slightly lower YoY 2Q23 average interest-earning assets³ of $1.44 trillion Goldman Sachs 2Q23 Metrics 3.0% ALLL to Total Gross Loans, at Amortized Cost 1.7% ALLL to Gross Wholesale Loans, at Amortized Cost ■2Q23 total loans were unchanged QoQ Gross loans by type: $172 billion - amortized cost, $7 billion - fair value, $4 billion - held for sale Average loans of $178 billion Total allowance for loan losses and losses on lending commitments was $6.01 billion ($5.23 billion for funded loans) 12.6% ALLL to Gross Consumer Loans, at Amortized Cost -80% Gross Loans Secured 9#11Commercial Real Estate (CRE) ● $27 ■CRE loans 2Q23 Firmwide Loans, Net of ALLL4 $ in billions 15.4% CRE Loans to Total Loans, Net of ALLL Other loans Warehouse / other indirect Industrials Multifamily Hospitality Office Mixed use Other 1.5% Past Due (30+ days) Ratio on CRE Loans, at Amortized Cost 2Q23 $11 $4 $3 $2 $2 $2 $3 0.3% 2Q23 Annualized Net Charge-Off Ratio on CRE Loans, at Amortized Cost ■ 42% of the CRE loan portfolio was investment-grade, based on internally determined public rating agency equivalents ■ Office-related loans were primarily secured by Class A office properties ■ Additionally, the firm has $3.9 billion of CRE-related unfunded lending commitments, including $0.9 billion of office-related commitments 2Q23 AWM On-Balance Sheet Alternative Investments4 $ in billions Equity securities Loans (included in firmwide loans) $ Debt securities CIE investments and other7 CRE-related 4.2 3.3 0.7 9.7 / 4.1 gross / net of financings SA Office-related 0.4 0.4 0.1 0.8 net of financings Goldman Sachs ■ Office-related exposures were primarily secured by Class A office properties ■ ~50% of the CRE-related on-balance sheet alternative investments consisted of historical principal investments, which the firm intends to exit over the medium term 10#12Expenses $ in millions Compensation and benefits $ Transaction based Market development Communications and technology Depreciation and amortization Occupancy Professional fees Other expenses Total operating expenses $ Provision for taxes $ Effective Tax Rate Financial Results 2Q23 3,619 1,385 146 482 1,594 253 392 673 8,544 520 VS. 1Q23 (12)% (1)% (15)% 3% 64% (5)% 2% 3% 2% (31)% VS. 2Q22 (2)%$ 5% (38)% 9% 180% (2)% (20)% 5% 12% $ (16)% $ 2Q23 YTD 7,709 2,790 318 948 2,564 518 775 1,324 16,946 1,279 22.3% VS. 2Q22 YTD (1)% 9% (20)% 9% 141% 2% (16)% 5% 10% (4)% 6.Opp ■2Q23 total operating expenses increased YoY Expense Highlights Non-compensation expenses were significantly higher, reflecting: O An impairment of goodwill of $504 million related to Consumer platforms (in depreciation and amortization) O Impairments of ~$485 million related to consolidated real estate investments (in depreciation and amortization) 73.3% Partially offset by slightly lower compensation and benefits expenses 2Q23 YTD effective income tax rate was 22.3%, up from 19.0% for 1Q23, primarily due to the impact of an increase in taxes on non-U.S. earnings 2Q23 YTD Goldman Sachs Efficiency Ratio³ 62.0% 2Q22 YTD 11#13Capital and Balance Sheet Capital ³,4 Standardized CET1 capital ratio Advanced CET1 capital ratio Supplementary leverage ratio (SLR) $ in billions Total assets Deposits Unsecured long-term borrowings Selected Balance Sheet Data4 Shareholders' equity Average GCLA³ 2Q23 SA 14.9% 14.4% 5.6% 2Q23 1,571 399 231 116 410 GA SA 1Q23 SA 14.8% 14.5% 1Q23 5.8% 1,538 $ 376 241 117 399 SA SA 4Q22 15.0% 14.4% 4Q22 5.8% 1,442 387 247 117 409 Capital and Balance Sheet Highlights 3,4 Standardized CET1 capital ratio increased slightly QoQ, primarily reflecting an increase in CET1 capital ■ Advanced CET1 capital ratio decreased slightly QoQ, primarily reflecting an increase in market RWAS driven by increased exposures ■ SLR decreased QoQ, primarily reflecting an increase in average total assets ■ As of October 1, 2023, the firm's SCB will be reduced by 80bps from 6.3% to 5.5% ■ Returned $1.61 billion of capital to common shareholders during the quarter 2.2 million common shares repurchased for a total cost of $750 million³ $864 million of common stock dividends Increased the quarterly dividend from $2.50 to $2.75 per common share in 3Q23 2Q23 deposits of $399 billion consisted of consumer $148 billion, private bank $91 billion, transaction banking $71 billion, brokered CDs $39 billion, deposit sweep programs $34 billion and other $16 billion BVPS was essentially unchanged QoQ Book Value In millions, except per share amounts Basic shares³ Book value per common share Tangible book value per common share¹ 2Q23 342.0 309.33 286.34 1Q23 344.0 310.48 Goldman Sachs 286.05 $ 4Q22 350.8 303.55 279.66 12#14Goldman Sachs Cautionary Note Regarding Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm's beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm's control. It is possible that the firm's actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm's future results, financial condition and liquidity and the forward-looking statements below, see “Risk Factors” in Part I, Item 1A of the firm's Annual Report on Form 10-K for the year ended December 31, 2022. Information regarding the firm's assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets (GCLA) consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements. Statements regarding (i) estimated GDP growth or contraction, interest rate and inflation trends and volatility, (ii) the timing, profitability, benefits and other prospective aspects of business initiatives, business realignment and the achievability of medium- and long-term targets and goals, (iii) the future state of the firm's liquidity and regulatory capital ratios (including the firm's stress capital buffer and G-SIB buffer), (iv) the firm's prospective capital distributions (including dividends and repurchases), (v) the firm's future effective income tax rate, (vi) the firm's Investment banking fees backlog and future results, (vii) the firm's planned 2023 benchmark debt issuances, (viii) the impact of Russia's invasion of Ukraine and related sanctions and other developments on the firm's business, results and financial position, and (ix) the firm's ability to sell, and the terms of any proposed sale of, the remaining Marcus loans portfolio, Asset & Wealth Management historical principal investments and GreenSky are forward-looking statements. Statements regarding estimated GDP growth or contraction, interest rate and inflation trends and volatility are subject to the risk that actual GDP growth or contraction, interest rate and inflation trends and volatility may differ, possibly materially, due to, among other things, changes in general economic conditions and monetary and fiscal policy. Statements about the timing, profitability, benefits and other prospective aspects of business initiatives, business realignment and the achievability of medium- and long-term targets and goals are based on the firm's current expectations regarding the firm's ability to effectively implement these initiatives and realignment and achieve these targets and goals and may change, possibly materially, from what is currently expected. Statements about the future state of the firm's liquidity and regulatory capital ratios (including the firm's stress capital buffer and G-SIB buffer), as well as its prospective capital distributions (including dividends and repurchases), are subject to the risk that the firm's actual liquidity, regulatory capital ratios and capital distributions may differ, possibly materially, from what is currently expected. Statements about the firm's future effective income tax rate are subject to the risk that the firm's future effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in the tax rates applicable to the firm, the firm's earnings mix or profitability, the entities in which the firm generates profits and the assumptions made in forecasting the firm's expected tax rate, and potential future guidance from the U.S. IRS or other tax authorities. Statements about the firm's Investment banking fees backlog and future results are subject to the risk that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, an outbreak or worsening of hostilities, including the escalation or continuation of the war between Russia and Ukraine, continuing volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. Statements regarding the firm's planned 2023 benchmark debt issuances are subject to the risk that actual issuances may differ, possibly materially, due to changes in market conditions, business opportunities or the firm's funding needs. Statements about the impact of Russia's invasion of Ukraine and related sanctions and other developments on the firm's business, results and financial position are subject to the risks that hostilities may escalate and expand, that sanctions may increase and that the actual impact may differ, possibly materially, from what is currently expected. Statements about the proposed sales of the remaining Marcus loans portfolio, Asset & Wealth Management historical principal investments and GreenSky are subject to the risks that buyers may not bid on these assets or bid at levels, or with terms, that are unacceptable to the firm, and that the performance of these activities may deteriorate as a result of the announced sales. 13#151. 2. 3. 4. 5. 6. 7. 8. Footnotes Annualized return on average common shareholders' equity (ROE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders' equity. Annualized return on average tangible common shareholders' equity (ROTE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly tangible common shareholders' equity. Tangible common shareholders' equity is calculated as total shareholders' equity less preferred stock, goodwill and identifiable intangible assets. Tangible book value per common share (TBVPS) is calculated by dividing tangible common shareholders' equity by basic shares. Management believes that tangible common shareholders' equity and TBVPS are meaningful because they are measures that the firm and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders' equity, ROTE and TBVPS are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. The table below presents a reconciliation of average and ending common shareholders' equity to average and ending tangible common shareholders' equity: AVERAGE FOR THE THREE MONTHS ENDED JUNE 30, 2023 Unaudited, $ in millions Total shareholders' equity Preferred stock Common shareholders' equity Goodwill Identifiable intangible assets Tangible common shareholders' equity $ $ 116,977 $ (10,703) 106,274 (6,315) (1,942) 98,017 $ SIX MONTHS ENDED JUNE 30, 2023 116,811 (10,703) 106, 108 (6,341) (1,963) 97,804 JUNE 30, 2023 116,493 (10,703) 105,790 (5,942) (1,921) $ 97,927 $ AS OF MARCH 31, 2023 117,509 (10,703) 106,806 (6,439) (1,965) $ Goldman Sachs 98,402 $ DECEMBER 31, 2022 117,189 (10,703) 106,486 (6,374) (2,009) 98,103 Dealogic - January 1, 2023 through June 30, 2023. For information about the following items, see the referenced sections in Part I, Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the firm's Quarterly Report on Form 10-Q for the period ended March 31, 2023: (i) Investment banking fees backlog - see "Results of Operations - Global Banking & Markets" (ii) assets under supervision - see "Results of Operations - Asset & Wealth Management - Assets Under Supervision" (iii) efficiency ratio - see "Results of Operations - Operating Expenses" (iv) basic shares - see "Balance Sheet and Funding Sources - Balance Sheet Analysis and Metrics" (v) share repurchase program - see "Capital Management and Regulatory Capital - Capital Management" and (vi) global core liquid assets – see "Risk Management - Liquidity Risk Management." For information about the following items, see the referenced sections in Part I, Item 1 "Financial Statements (Unaudited)" in the firm's Quarterly Report on Form 10-Q for the period ended March 31, 2023: (i) interest-earning assets - see "Statistical Disclosures - Distribution of Assets, Liabilities and Shareholders' Equity" and (ii) risk-based capital ratios and the supplementary leverage ratio - see Note 20 "Regulation and Capital Adequacy." Represents a preliminary estimate for the second quarter of 2023 and may be revised in the firm's Quarterly Report on Form 10-Q for the period ended June 30, 2023. Includes selected items that the firm has sold, or is selling, or for which the firm has announced the exploration of a sale, related to the firm's narrowing of its ambitions in consumer-related activities and the transition of Asset & Wealth Management to a less capital-intensive business. Pre-tax earnings for each selected item includes the operating results of the item and, additionally, for the Marcus loans portfolio, a gain of approximately $100 million related to the sale of substantially all of the remaining portfolio, and for GreenSky, an impairment of goodwill of $504 million related to Consumer platforms. Net earnings reflects the 2Q23 effective income tax rate for the respective segment of each selected item. Includes consolidated investment entities (CIES) and other legacy investments the firm intends to exit over the medium term (medium term refers to a 3-5 year time horizon from year-end 2022). Includes CIEs and other investments. CIEs are generally accounted for at historical cost less depreciation. Substantially all of the firm's CIEs are engaged in commercial real estate investment activities. Assets held by CIEs of $10 billion as of June 30, 2023 and $11 billion as of March 31, 2023 were funded with liabilities of approximately $6 billion as of both June 30, 2023 and March 31, 2023. Substantially all such liabilities are nonrecourse, thereby reducing the firm's equity at risk. Includes approximately $1 billion of investments that were transferred out of historical principal investments, primarily to Global Banking & Markets. 14