#1Fixed Income Investor Presentation Brian J. Lee, Chief Risk Officer Beth Hammack, Global Treasurer December 3, 2020 Goldman Sachs#2Strong Financial Position Net Revenues ($bn) ROE $26.6 $32.8 +5.5pp +0.2pp 10.4% 3Q20 Gross Leverage 12.2x Average GCLA (% of Average Total Assets) $302bn (26%) 7.6% 2019YTD 2020YTD 2019YTD 2020YTD ☐ Excluding litigation Standardized CET1 Capital 14.5% 1#3Track Record of Earnings Stability Greater earnings stability vs. peers, benefitting from dynamic and disciplined expense management Revenue Volatility1 Earnings Volatility1 11% 8% 7% 6% 2010-2014 2015-2019 ■ GS ■US Peer Average 71% 43% 35% 34% 2010-2014 2015-2019 ■ GS ■US Peer Average 2#4Clear Strategic Direction Grow and Strengthen Existing Businesses Diversify Our Products and Services Driving Credit Positives More stable, durable revenues and earnings Increased diversification Enhanced franchise strength Operate More Efficiently Improved capital efficiency and enhanced funding profile 3#5Strong Risk Management Oversight Culture of Risk Management Goldman Sachs Continuous Improvement Process and Structural Oversight Culture of Risk Management Disciplined risk-reward approach Deep bench of risk managers Consensus-driven decision making Process and Structural Oversight Independent controls and governance Comprehensive stress testing Mark-to-market discipline Continuous Improvement Reputational risk and compliance Cycle preparedness Cyber risk 4#6Dynamically Navigating Across Risk Dimensions Key Measures Taken Current Areas of Focus Operational Resilience Seamlessly transitioned to 98% working remotely + Returning our people to the office safely in accordance with local guidelines Liquidity Risk Prefunded for stress outflows; close monitoring of revolver draws + Maintaining strong liquidity position while prudently deploying excess Market Risk Carefully managed positions and directional risk + Continuing to invest in scenario analysis, stress testing, risk capacity and limits framework Strong upfront underwriting framework and processes + Appropriately reserved with 3.7% ALLL to gross loans as of 3Q20 Credit Appropriate collateral and structural protections + Tightened policy and moderated origination of Consumer credit Risk Proactive client dialogues to manage distressed situations; in-depth portfolio reviews + Heightened focus on impacted sectors 5#7Credit Risk: Overview of Loan Portfolio Loans Breakdown ($bn)1 Key Credit Metrics2 3.7% ALLL to Total Gross Loans 3Q20 Loans at Amortized Cost $99.2 Loans at Fair Value $13.9 Loans Held for Sale $2.5 Total Gross Loans $115.6 Allowance for Loan Losses $3.7 Total Loans $111.8 By Segment By Geography Asia $7 Wealth Management $30 Investment Banking EMEA $22 $30 Consumer Consumer & Wealth Management $36 $6 Asset Management $17 Global Markets $29 2.8% ALLL to Gross Wholesale Loans 1.0% Annualized Net Charge-off Rate 16.1% ALLL to Gross Consumer Loans Americas $83 0.7% Wholesale Annualized Net Charge-off Rate 4.5% Consumer Annualized Net Charge-off Rate 6#8Review of Select Loan Exposure Select Sector Credit Exposures CRE Exposure³ Sector Corporate Oil and Gas Funded Commitments¹ Exposure ($bn) % of Total 2 Secured % Exposure % of ($bn) Total² Office 6% Industrial 6% Residential Property $52 100% 76% $120 100% 7% $4 7% 65% $9 7% Lodging 7% Gaming & Lodging (incl. $1 2% 78% $1 1% hotel owners & operators) Mixed 11% Airlines $2 4% 95% $1 1% Retail 3% Warehouse Facilities 32% Multi-Family 14% Other 14% $22bn of CRE exposure, of which $18bn is funded 7#9Asset Management Balance Sheet Equity Portfolio Debt Portfolio Corporate 67% Private Equity $16bn By Vintage % 2017-Present 33% 2014-2016 35% Public Equity Loans at $19bn Public 2013 or Earlier 32% Total Equity $3bn FV 13%2 $31bn 15% By Geography % Total Real Estate Americas Asia 52% 32% 18% EMEA 16% Debt Investments at FV 45% Financials By Sector Healthcare Natural Resources & Utilities 32% 23% 18% 8% 7% 7% 5% TMT Real Estate (Mixed Use 6%, Office 3%, Multifamily 2%, Other 7%) Other Loans Amortized at Cost Industrials 42% By Sector Secured/Unsecured³ % Secured Unsecured 88% 12% By Geography % Americas 47% Asia 20% EMEA 33% TMT Healthcare Natural Resources & Utilities 34% 15% 14% 13% 8% 8% 4% 4% Industrials Real Estate Additionally, the firm has $21bn of total CIES1, of which ~$12bn are funded with liabilities (substantially all nonrecourse) Other Financials Consumer Debt portfolio diversified across sectors and geographies 8#10Interest Rate Risk Net Interest Income ($bn) $4.4 $3.8 $2.9 $3.3 2017 2018 2019 2020YTD As % of Total Net Revenues 9% 10% 12% 10% NII Contribution vs. Peers (2020YTD) As % of Net Revenues 10% 13% 46% 57% 51% GS MS JPM BAC Rate Sensitivity ■ Interest Rate Risk Management We centrally monitor and manage interest rate risk across the organization ▪ Interest Rate Sensitivity Our balance sheet is modestly asset sensitive - largely comprised of high turnover, floating rate assets that are primarily funded by liabilities that have been hedged to floating rate ■ We expect NII to gradually grow over time as we prudently increase financing activities and further reprice deposits 9#11Balance Sheet Balance Sheet Mix ($bn) $993 +14% Sources of Funding $1,132 3% 7% Other Assets 4% 10% Investments 6% Funding 19%2 Secured Shareholders' Equity 12% Loans 11% ~90% Of balance sheet 36% Trading Assets. 36% comprised of liquid assets 1 ~$760bn As of 3Q20 Unsecured Long-Term Debt 28% Customer & Other 10% 8% Receivables Deposits 35% Collateralized 20% 22% Agreements Unsecured Short-Term Debt 6% Cash and Cash 13% Equivalents 4Q19 14% 3Q20 $139bn of balance sheet growth vs. 4Q19, reflecting higher GCLA from deposit inflows, in addition to increased client demand and activity Highly diverse funding sources ■ Increased contribution from deposit funding ■ Term: Secured funding WAM of > 120 days, Time Deposits WAM of ~1.3 yrs, and LTD WAM of ~7yrs 10#12Funding Strategy Increasing high-quality deposits to improve funding diversification and drive lower interest expense Key Tenets of our Strategy 1 Further diversify funding mix via deposits 2 Enhance Asset-Liability Management 3 Optimize liquidity pool Funding Costs Legend Current State ―Future State 3 Target State Lowering net interest expense 2 3M 6M 9M 1Y 2Y 3Y 5Y 7Y Tenor 1 10Y 11#13Deposit Growth Strong Deposit Inflows $261bn $96bn Consumer Deposits $190bn +$36bn $60bn $66bn Private Bank Deposits +$10bn $56bn Transaction +$25bn $28bn Banking $3bn $71bn Flat $71bn 4Q19 3Q20 Ongoing Unsecured Funding Mix Shift 3Q20 Deposits 50% Wholesale Unsecured 50% Achieved our medium-term target of at least 50% deposits Brokered CDs, Deposit Sweeps, and Other % of Firm Assets in Bank Entities1 -15% As of 4Q17 ~25% As of 3Q20 ~$70bn of deposit growth, concentrated in our strategic channels Continuing to move assets into Bank entities to be funded by growing deposit base 12#14Unsecured Benchmark Funding Diversified across Tenor, Currency, Channel and Structure 2020 Benchmark Issuance by Currency through 3Q20 During the first nine months of 2020 we raised $14.2bn of benchmark debt and preferred stock ■ No benchmark or preferred stock issuance in 2Q20 or 3Q20 Diversified across tenors, markets and currencies ■ ~6 year WAM of 2020 issuance $0.4bn of perpetual preferred stock issued in 1Q20 USD 58% EUR 42% Benchmark Debt and Preferred Stock Issuance vs. Maturities¹ and Liability Management Actions ($bn) $41.8 $27.2 $22.5 $18.7 $21.8 $14.2 $18.5 $5.4 Scheduled Maturities $19.1 $17.9 2020YTD 2020 2021 2022 ■Maturities ■Liability Management 13 2017 2018 2019 ■Benchmark Issuance Preferred Stock Issuance#15Unsecured Non-Benchmark Funding As part of our broader non-deposit unsecured funding strategy, we strive for a diversified funding mix across various products, channels, issuing entities, currencies, tenors and investor types In addition to benchmark funding, we utilize other unsecured funding channels to further diversify As of 3Q20, we had $101bn of unsecured non-benchmark debt outstanding The largest of these channels is our structured debt program (77% of unsecured non-benchmark funding), through which we issue across various entities at attractive levels ■ $53bn raised during the first nine months of 2020, 31% in non-USD currencies ■ $11bn raised in 3Q20, 20% in non-USD currencies The rest of our unsecured non-benchmark funding portfolio consists of other non-structured debt (23%) ☐ Incremental diversification opportunities, including 3Q20 launch of new commercial paper program out of GSI ($1bn raised in 3Q20) Non-Benchmark Debt Outstanding as of 3Q20 Currency Tenor Entity EUR 15% Other 8% JPY 17% USD 60% 10yr-20yr 16% >20yr 5% <2yr 32% 5yr-10yr 19% 2yr-5yr 28% Other 13% GSG 31% GSFC + GSFCI 29% GSI 27% 14#16Liquidity Risk Management Average Liquidity Coverage Ratio Trend 144% 134% 131% 130% 127% ☐ 126% 123% 121% 120% 118% 3Q19 GS 4Q19 1Q20 2Q20 3Q20 US Peer Average¹ 100% Requirement Solid Liquidity Positioning Well in excess of LCR requirements Eligible HQLA composed almost entirely of Level 1 assets ■ Highly liquid balance sheet with average GCLA of $302bn for 3Q ■ Will be compliant with NSFR requirements Robust liquidity position with comfortable buffers above regulatory minimums 15#17Prudently Managing Capital - Standardized CET1 Ratio Excess Capital Levels 14.5% 13-13.5% Robust Capital Accretion B/S Extension to Clients +200bps Capital Build in 2 Quarters Organic Capital Accretion 3Q20 Current Req. 13.6% G-SIB 3.0% Minimum 4.5% Target 13.3% 4Q19 12.5% 1Q20 13.3% 14.5% 2Q20 3Q20 Our capital levels are comfortably in excess of our 13.6% requirement, supported by our robust earnings generation and track record of dynamic capital management 16#18LIBOR Transition We are committed to ensuring a seamless transition for our clients, the marketplace and our firm Leadership Accountability Chief LIBOR transition officer and dedicated, global transition team since 2018 to drive work and be responsive to client needs in accordance with industry recommended timelines Meeting Investor Needs Diversifying our funding sources in alternative risk-free rates that will be suitable in a post LIBOR world Manageable LIBOR Exposure Majority of our LIBOR exposures are in derivatives, where we expect a reasonably orderly transition given industrywide ISDA protocols GS has adhered to the ISDA protocol across all applicable entities, and is supportive of widespread industrywide adherence Supportive of the proposed legislative solutions to aid with 'tough legacy' LIBOR contracts, in a globally coordinated manner Remain committed and continue to prepare to transition timelines Outstanding Benchmark Debt and Preferred Stock Referencing USD LIBORS ($bn) As of 3Q20 Total Preferred Shares $9.1 Total Benchmark Debt $36.5 ~$14.2bn of debt will mature before July 2023 17#19Key Takeaways الله Well positioned to navigate uncertain backdrop with strong balance sheet, robust capital, and ample liquidity Managing liquidity and capital to ensure ongoing financial strength and operational resiliency Commitment to delivering One Goldman Sachs and executing on our long-term strategy Continued focus on risk management consistent with historical track record and experience 18#20Fixed Income Investor Presentation Brian J. Lee, Chief Risk Officer Beth Hammack, Global Treasurer December 3, 2020 Goldman Sachs#21End Notes Note: All data as of 3Q20, unless otherwise indicated These notes refer to the financial metrics and/or defined term presented on: Slide 1: Note: YTD refers to amounts through 3Q for each year represented. Slide 2: 1. Annual revenue volatility calculated by dividing standard deviation of reported revenues by the average revenues over the period. Annual earnings volatility calculated by dividing standard deviation of reported net income to common shareholders by the average net income to common shareholders over the period. US peers are JPM, C, BAC and MS. Slide 5: 1. Based on total loans at amortized cost. Slide 6: 2. Metrics based on total gross loans at amortized cost as of 3Q20. Charge-off metrics represent YTD annualized net charge-off rate through 3Q20. 1. Segment and geographical breakdowns based on total net loans. Slide 7: 1. Excludes $8bn of lending commitments relating to risk participations, for which the firm has transferred/sold credit exposures to third parties. 2. As a % of total Corporate loans and lending commitments, respectively. Slide 8: 3. 1. 2. 3. Excludes $4bn of commercial real estate loans and lending commitments extended by the firm to private bank clients. Comprised of consolidated investment entities, substantially all of which related to entities engaged in real estate investment activities. These assets are generally accounted for at historical cost less depreciation. Such amounts are in addition to the equity portfolio within Asset Management. Includes $155mm of corporate/other loans accounted for under HFS. Secured/unsecured breakdown pertains to loans only. Slide 10: 1. Excludes Level 3 assets, other assets, investments in funds at NAV, certain loans accounted for at amortized cost and held for sale loans that would have been classified as Level 3 if carried at fair value. 2. Comprised of collateralized financings in the consolidated balance sheet. 20 20#221. Scheduled benchmark maturity values for 2020, 2021 and 2022 as of September 30, 2020; 2020 maturities include the redemption of all outstanding Series L preferred stock and the redemption of certain senior benchmark notes through September 2020. End Notes Slide 12: 1. Excludes affiliate assets. Slide 13: Slide 15: 1. US peers are JPM, C, BAC and MS. 27 21#23Cautionary 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 (including resumption of share repurchases), and statements about future operating expense (including future litigation expense), the impact of the COVID-19 pandemic on its business, results, financial position and liquidity, the amount and composition of future Assets under Supervision, planned debt issuances, growth of deposits and other funding, asset liability management and liquidity pool strategies and associated interest expense savings, compliance with the NSFR rule, 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, lower costs 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, funding, asset liability management and liquidity pool strategies, the level and composition of more durable revenues, lower costs 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. Statements about the effects of the COVID-19 pandemic on the firm's business results, financial position and liquidity are subject to the risk that the actual impact may differ, 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and in our Annual Report on Form 10-K for the year ended December 31, 2019. You should also read the cautionary notes on forward-looking statements in our Form 10-Q for the period ended September 30, 2020 and Earnings Results Presentation for the Third Quarter 2020. For more information regarding non-GAAP financial measures such as ROTE, refer to the 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 December 3, 2020 and the firm does not undertake to update forward-looking statements to reflect the impact of subsequent events or circumstances. 22 22