#1International Strategy Richard Gnodde Chief Executive Officer | Goldman Sachs International January 29, 2020 Goldman Sachs#2Growth of International Footprint A Remarkable, Organic Growth Story 98 REVENUES¹ 1990 $0.7bn HEADCOUNT1 1990 ~1,500 OFFICES1 1990 8 1#3Growth of International Footprint A Remarkable, Organic Growth Story REVENUES¹ 1990 HEADCOUNT1 OFFICES1 2019 GROWTH 1990 2019 GROWTH 1990 2019 $0.7bn ~$15bn +22x ~1,500 ~17,800 +12x 8 41 GROWTH +5x 2#4Deep International Footprint: Differentiated in Reach and Share The scale and breadth of our international businesses position us to better serve our clients ~40% Firmwide Revenues ($bn) Asia $4.7 LatAm $0.8 Investment Banking 16% Consumer & Wealth Mgmt 5% By Region EMEA $9.7 Asset Mgmt 31% 28% Pre-tax Margin¹ By Segment (EMEA & Asia) ~45% Headcount ~40% Female Global Markets Q-100 Languages 48% ~140 Nationalities 3#5Deliver the Firm: One Goldman Sachs A Local Client Accessing Global Capabilities Asset Management Global Markets Consumer & Wealth Management Investment Banking Orsted Financing UHNW Clients Institutional Clients Goldman Sachs Advisory & Underwriting Asset Divestitures Green Bond Issuance Strategic Advice Sustainable Investing Investing Opportunity 4#6Deliver the Firm: One Goldman Sachs A Global Client Accessing Local Capabilities Asset Management Global Markets Consumer & Wealth Management Investment Banking CH 長江和記實業有限公司 CK HUTCHISON HOLDINGS LIMITED Cross-border Acquisitions Corporate Restructuring Trusted Advisor Asset Sales / Divestitures Long-term Financier JV Formation Lead IPO Underwriter Bond and Loan Issuance Provider of Intellectual Capital Market Insights Entry / Exit Strategies Strategic Advice 5#7Leading Global Investment Banking and Market Making Franchise Enabled by our International Footprint M&A Investment Banking1 Equity Underwriting High Yield Debt FICC Global Markets² Equities Alternatives Asset Management EMEA Asia Pacific Latin America #1 #2 #4 #2 Consumer & Wealth Management GSAM Private Wealth Consumer Leading Platform Growing Platform CO 6#8Firmwide Strategy Consistent Globally Grow and Strengthen Existing Businesses Diversify Our Products and Services Investment Banking client expansion Build Transaction Banking Grow in new geographies Grow third party Alternatives Operate More Efficiently Invest in automation and digitization Streamline organizational structure Wealth Management penetration Scale Consumer Banking Grow strategic locations 7#9Substantial and Growing Footprint in Developed Markets Continental Europe Evolving structure of European bank balance sheets creating commercial opportunities Longstanding presence in large and diverse region - Goldman Sachs well positioned to benefit from competitive dynamics and development of EU capital markets Market share opportunities as large competitors reposition Incremental push to complete EU Banking and Capital Markets Union, stimulating cross-border activity Significant growth in EU-27 headcount, moving coverage closer to our clients 8#10Substantial and Growing Footprint in Developed Markets Japan Leading international bank in well- developed and significant market Japan is one of the highest revenue contributors in the APAC region with opportunity to grow our strong franchise Engage in transformational domestic transactions, as well as cross-divisional focus on Alternatives products Grow market share through rollout of systematic execution platform with competitive pricing Facilitate transaction banking for global clients 9#11China: Expand Footprint Across Developing Markets GS China Background 25+ Years Onshore in China #1 Foreign Firm $10bn Invested in China Established in 1994 in Equity and M&A¹ Principal Investments over the last 25 years² Shifting Landscape Acceleration of Capital Markets Reforms Rebalancing of Funding from Banking System to Capital Markets Structural Change in Asset Management $100bn+ Estimated Industry Revenue Pool by mid-2020s³ Significant Opportunities Increase in foreign 1 inflows to onshore 2 trading markets Increase in cross-border Investment Banking activities 3 Expand Private Wealth and Asset Management franchises Achieve 100% ownership of our business China is a major focus area with an increasing addressable market and opportunity set 10#12Alternative Investment Platform Operating at Scale >400 Investment professionals based across 18 countries outside the U.S. ~$110bn of alternative assets internationally >50% of 3rd party capital1 raised from international investors ~35% of global alternative assets > $20bn of alternative assets invested in developing markets Well-diversified portfolio and pipeline of alternative investments with track record of delivering strong returns 11#13Alternative Investment Platform Private Equity JUMIAO ICBC 泰康 Taikang 保险 商管 医养 meilleurtaux.com Real Estate ROBYG KK HOTELS LEG Grupo oncoCLINICAS UNIVERSAL STUDIOs TIFCO JAPAN RADIOTERAPIA HOTEL GROU Private Credit Student Accommodation Infrastructure RCO RED DE CARNET DE DECODENTE JAPAN RENEWABLE ENERGY Alliance Boots ($) Healthium nexi Swisse TOTTENHAN HOTSPUR ELENIA EURO TUNNEL Redexis gas Well-diversified portfolio and pipeline of alternative investments with track record of delivering strong returns 12#14Alternative Investment Platform to Scale Further -$100bn Alternatives Net Inflows Global Long-term Target¹ Our international franchise will be a critical contributor in achieving our firmwide targets 13#15Unique Wealth Management Capabilities with Room to Increase Share Global UHNW Investable Assets ($tn)¹ <1% ~1% $9 $8 ~$26tn Global Assets $9 ~7% ■ Americas ■ EMEA ■ Asia GS market share² Medium-term Expectations Goal to hire -250 new Private Wealth Advisors globally +50% EMEA +50% APAC Advisor growth to achieve scale in key geographies: China, Germany, U.K. and Switzerland Investing in platform capabilities, e.g. Swiss bank and China onshore RMB 14#16Key Takeaways Continue to grow longstanding franchises Scale Alternatives and Wealth Management Businesses Operating Efficiency Maintain leading position and strengthen our footprint in Europe, Japan, and China Focus on fundraising to scale our third party alternative assets under supervision and addressing the under-penetrated UHNW space Continue to improve efficiency in line with the firm, including growth in strategic locations 15 15#17International Strategy Richard Gnodde Chief Executive Officer | Goldman Sachs International January 29, 2020 Goldman Sachs#18End Notes These notes refer to the financial metrics and/or defined term presented on: Slide 1: 1. Excludes the U.S. and Canada from total international figures Slide 2: 1. Excludes the U.S. and Canada from total international figures Slide 3: 1. International revenues by segment and pre-tax margin are non-GAAP presentations and may not be comparable to similar non-GAAP presentations used by other companies. We believe that calculating these measures on this basis is meaningful because it is consistent with the way management views our international businesses. Pre-tax margin excludes U.S. and Canada figures and is calculated including $820mm of total net revenues and $254mm of total pre-tax earnings from Latin America, with Latin America using the pre-tax margin for the Americas Slide 4: Slide 5: Note: Third-party brands used in this presentation are the property of their respective owners and are not intended to imply an affiliation with or endorsement of GS or its products/services Note: Third-party brands used in this presentation are the property of their respective owners and are not intended to imply an affiliation with or endorsement of GS or its products/services Slide 6: 1. Source: Dealogic rankings for 2015 to 2019 2. Source: Coalition institutional client analytics for FY2018. Institutional clients only. Analysis excludes captive and non-core products Slide 10: -23 1. Source: Dealogic; from 1994 to 2019 2. Includes investments in the firm and clients 3. Source: Based on GIR estimates; industry pool primarily domestic Slide 11: 1. Includes 3rd party capital committed in recent MBD Funds. Recent MBD Funds include Loan Partners III, Real Estate Credit Partners III, Mezzanine Partners VII, Capital Partners VII, China Coop Fund and Infrastructure Partners III as of 3Q19; includes open architecture 3rd party capital as of 2Q19 from most recent completed fundraises for core funds currently earning management fees (PEM 2018, Vintage VII, Petershill Private Equity, Private Equity Co-Investment Partners II) 17#19End Notes 1. Growth shown net of realizations Slide 12: Slide 13: Note: Third-party brands used in this presentation are the property of their respective owners and are not intended to imply an affiliation with or endorsement of GS or its products/services Slide 14: 1. Represents global personal financial assets >$30mm Source: McKinsey Wealth Pools; Includes cash deposits, investments, life insurance and pensions / retirement assets 2. GS market share reflects client assets from our Wealth Management business as of 2019YE 18 188#20Cautionary Note on Forward-Looking Statements Statements about the firm's target metrics, including its target ROE, ROTE, efficiency ratio and CET1 capital ratios, and how they can be achieved, and statements about future operating expense (including future litigation expense), amount and composition of future Assets under Supervision, planned debt issuances, growth of deposits and associated interest expense savings, future geographic location of its employees, and the timing and profitability of its business initiatives, including its launch of new businesses or new activities, its ability to increase its market share in incumbent businesses and its ability to achieve more durable revenues and higher returns from these initiatives, are forward- looking statements, and it is possible that the firm's actual results may differ, possibly materially, from the targeted results indicated in these statements. Forward looking statements, including those about the firm's target ROE, ROTE, efficiency ratio, and expense savings, and how they can be achieved, are based on the firm's current expectations regarding its business prospects and are subject to the risk that the firm may be unable to achieve its targets due to, among other things, changes in the firm's business mix, lower profitability of new business initiatives, increases in technology and other costs to launch and bring new business initiatives to scale, and increases in liquidity requirements. Statements about the firm's target ROE, ROTE and CET1 capital ratios, and how they can be achieved, are based on the firm's current expectations regarding the capital requirements applicable to the firm and are subject to the risk that the firm's actual capital requirements may be higher than currently anticipated because of, among other factors, changes in the regulatory capital requirements applicable to the firm resulting from changes in regulations or the interpretation or application of existing regulations or changes in the nature and composition of the firm's activities. Statements about the timing and benefits of business and expense savings initiatives, the level and composition of more durable revenues and increases in market share are based on the firm's current expectations regarding its ability to implement these initiatives and may change, possibly materially, from what is currently expected. Due to the inherent uncertainty in these forward-looking statements, investors should not place undue reliance on the firm's ability to achieve these results. For a discussion of some of the risks and important factors that could affect the firm's future business, results and financial condition, see "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2018. You should also read the cautionary notes on forward-looking statements in our Form 10-Q for the period ended September 30, 2019 and Earnings Results Presentation for the Full Year and Fourth Quarter 2019. For more information regarding non-GAAP financial measures such as ROTE, refer to the footnotes in the Earnings Release and Earnings Presentation for the Full Year and Fourth Quarter 2019 and information on the calculation of non-GAAP financial measures that is posted on the Investor Relations portion of our website: www.goldmansachs.com. The statements in the presentation are current only as of January 29, 2020 and the firm does not undertake to update forward-looking statements to reflect the impact of subsequent events or circumstances. 19