#1Fixed Income Investor Presentation Beth Hammack, Global Treasurer May 13, 2021 Goldman Sachs#2Macro Backdrop Recent Developments Central banks remained accommodative with the Federal Reserve and Bank of England holding short-term rates near 0% U.S. federal government passed additional $1.9 trillion in fiscal stimulus Improving GDP and unemployment expectations globally Rollout of the COVID-19 vaccines continues S&P 500 +6% Equity Markets 1Q21 (QoQ %▲) MSCI World +4% Credit Spreads 1Q21 (QoQ A) 10-Year Government Bond Yields U.S. U.K. Japan German Treasury Gilt Gov't Bund EUR IG Z-Spread U.S. IG Z-Spread EUR HY Z-Spread U.S. HY Z-Spread YE20 0.9% 0.2% 0.0% (0.6)% -10bps -15bps 1Q21 1.7% 0.8% 0.1% (0.3)% -30bps YE21 1.9% 1.1% 0.3% 0.0% -55bps (GIR1 est.) 1#3Strong Financial Position 1Q21 Financial Position Gross Leverage Average GCLA (% of Average Total Assets) Standardized CET1 Ratio 13.3x $299bn (24%) 14.3% 2#4Solid 2020 Performance and Historical Earnings Stability Net Revenues Return on Equity Revenue & Pre-Tax Earnings Volatility1 (2010-2020) $37bn +22% Impact of Litigation $45bn FY19 -1.5pp Mid-Teens+ FY20 -3.9pp >13.0% +110bps 11.1% 10.0% 11% 10% FY19 FY20 FY19 FY20 Medium-Term Long-Term Target Revenue Target Volatility ■GS 17% 42% Pre-Tax Earnings Volatility ■US Peer Average 3#5Balance Sheet Dynamics Asset Growth ($bn) $993 Loan Growth vs. Deposit Growth Deposits ($bn) $1,302 $286 Key Growth Drivers $190 Prime Brokerage 4Q19 Reverse Repo 1Q21 Loans ($bn) 4Q19 1Q21 --- +$96bn (vs. 4Q19) Liquidity (Cash) $109 $121 +$12bn (vs. 4Q19) 4Q19 Prudently deployed our balance sheet to support client activity 1Q21 Deposit growth well in excess of loan growth given liability-led strategy 4#6Funding Strategy & Sources Key Tenets of Our Strategy Funding Sources 1 Further diversify funding mix via deposits 2 Enhance Asset-Liability management 3 Optimize liquidity pool Building a more diversified, lower cost funding profile Shareholders Secured Funding 23% Equity 11% Unsecured Long-Term Debt $854bn 26% As of 1Q21 Deposits 33% Unsecured Short-Term Debt 7% Deposits As % of Unsecured Funding¹ 43% As of 4Q19 51% As of 1Q21 5#7Deposit Growth Strong Inflows Driven by Strategic Channels ($bn) +51% $190 $286 2.50% 2.25% 28% Proven Ability to Reprice & Retain Deposits $72 $60 $55 38% $50 $46 72% 62% $100 $96 $97 $92 4Q19 1Q21 ■Strategic Channels¹ ■ Other $96bn of deposit growth vs. 4Q19, concentrated in our strategic channels 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Fed Funds Rate (Upper End) Consumer Deposits² ($bn) Marcus U.S. Online Savings Account Rate ~80% deposit beta³ on Marcus U.S. deposits over the recent rate cut cycle 0.50% 0.25% 6#8Embracing Our Bank Entities Growing Assets in Bank Entities Assets in Bank Entities¹ GS Bank USA: Balance Sheet (1Q21) Assets 4Q17 4Q18 4Q19 4Q20 1Q21 ■GS Bank GSIB GSBE % of Firm Assets in Bank Entities (1Q21)1 -25% Up ~10ppts vs. 4Q17 Other 12% Investments 8% Cash 34% Trading Assets 14% Loans 32% Liabilities & Shareholders' Equity ■Bank Entities Other Consistent growth in Bank assets; 85% of loans held at amortized cost in Bank entities at 1Q21 Shareholders' Equity 11% Other3 11% Deposits 78% 7#9Unsecured Benchmark Funding Expect FY21 benchmark issuance to outpace benchmark maturities and redemptions amid prime market share consolidation In 2021YTD1, we issued $31.2bn of benchmark debt ■ Diversified across tenor, currency, channel, and structure ■ ~7 year WAM of 2021 YTD¹ benchmark debt issuance Redeemed $2.0bn of preferred stock in January 2021 Announced redemption and replaced $675mm of preferred stock in April 2021 2021YTD1 Benchmark Debt Issuance by Currency GBP CAD 3% 6% EUR 29% USD 62% Benchmark Debt and Preferred Stock Issuance vs. Maturities² and Liability Management Actions ($bn) $31.9 $27.2 $30.6 $22.5 $21.8 $19.5 $22.0 $5.4 2018 2019 2020 2021YTD1 2021 Potential Outflows³ 2022 $23.5 2023 $21.2 ■Debt Issuance Preferred Stock Issuance ■Debt Maturities Liability Management Debt Eligible to Be Par Called 8#10Sustainability Bond Issuance Framework Sustainable Finance Commitment Target $750bn Financing, investing, and advisory activities by 2030 Sustainability Bond Inaugural Issuance $800mm Sustainability Bond Issuance in 1Q21 2020 Progress Robust Framework Climate Inclusive Multi-Theme Integrated with $750bn sustainable finance target Transition Growth $93bn $26bn $37bn Funds projects, including maximum one-year lookback period Total $156bn Robust project selection process, asset tracking, and reporting Planned programmatic issuance 6#11Unsecured Non-Benchmark & Secured Funding " ப As part of our broader non-deposit funding strategy, we strive for a diversified funding mix across various products, issuing entities, currencies, tenors and investor types Unsecured Non-Benchmark Funding Structured debt (~$81bn as of 1Q21) Issue across various entities at attractive levels $18bn issued during 1Q21 (24% in non-USD currencies) Non-structured debt (~$27bn as of 1Q21) Provides incremental diversification opportunities Includes our CP program in GSI (~$8bn balances at 1Q21) Non-Benchmark Unsecured Debt Outstanding (1Q21) Secured Funding Diversified across counterparties, tenor, and geography Term dictated by composition of fundable assets Target longer tenors for less liquid assets Stress testing to ensure sufficient liquidity Collateralized Financings ($bn) Currency Other 8% EUR 14% JPY 15% USD 63% Tenor >20yr 6% $193 $174 $152 $147 $144 $131 <2yr 37% 10yr-20y 14% 5yr-10yr 2yr-5yr 4Q19 16% 27% ■Repo 1Q20 2Q20 ■Securities Loaned 3Q20 4Q20 ■Other Secured Financings 1Q21 10#12Asset Liability Management: Interest Rate Risk While our balance sheet is modestly asset sensitive, Net Interest Income (NII) remains a relatively small portion of our revenues Net Interest Income ($bn) NII Contribution vs. Peers (FY20) As % of Net Revenues $4.8 $4.4 $3.8 59% Average: 52% 51% 46% $1.5 11% 13% FY18 FY19 FY20 1Q21 GS MS JPM BAC Expect NII to gradually grow even if rates remain low as we further grow deposits and loans 11#13LIBOR Transition We are committed to ensuring a seamless transition for our clients, the marketplace and our firm LIBOR Transition Timeline November 30, 2020: LIBOR's administrator announced an extension to the publication of most USD LIBOR tenors through June 2023, and the Federal Reserve issued a supervisory notice encouraging markets to transition away as soon as practicable March 5, 2021: FCA announced official dates for when 35 IBOR rates will cease to exist or no longer be representative March 9, 2021: The Federal Reserve issued another supervisory notice, highlighting that entrance into new contracts that reference LIBOR after December 31, 2021 would create safety and soundness risks. The Fed alerted examiners to issue supervisory findings if a regulated firm is not ready to stop issuing LIBOR-based contracts by year-end January 1, 2022: Cessation of GBP, JPY, CHF, EUR, and select USD LIBOR tenors June 30, 2023: Discontinuation of the remaining USD LIBOR tenors Outstanding Benchmark Debt and Preferred Stock Referencing USD LIBORS ($bn) As of 1Q21 Total Preferred Shares $7.1 Total Benchmark Debt $33.7 ~$11.4bn of benchmark debt matures before July 2023 12#14Liquidity Risk Management Average Liquidity Coverage Ratio Trend 131% 118% 1Q20 144% 130% 126% 128% 123% 120% 138% 117% 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 $299bn for 1Q21 2Q20 3Q20 4Q20 1Q21 ☐ Compliant² with NSFR requirements as of 1Q21 GS US Peer Average¹ 100% Requirement Robust liquidity position with comfortable buffers above regulatory minimums 13#15Strong Capital & Leverage Position Standardized CET1 Ratio Supplementary Leverage Ratio (1Q21) 8.8% (0.8%) 14.3% 2.4% 1.8% 13.6% 13.3% 13-13.5% 6.5% 0.8% 6% min. 5% min. Meaningful capital build, while supporting client needs throughout the pandemic GS Group GS Bank¹ 4Q19 Capital Build RWA Growth 1Q21 Buffer excluding relief 70bps 40bps Current Requirement Target Excess capital to return to shareholders, while continuing to support client demands ■SLR (excl. relief) Impact of Relief Above minimum requirements, even excluding temporary relief 14#16Conclusion: Credit-Positive Strategic Direction Grow and Strengthen Existing Businesses Diversify Our Products and Services Operate More Efficiently Driving Credit Positives More stable, durable revenues and earnings Increased diversification Enhanced franchise strength Improved capital efficiency and enhanced funding profile 15#17Fixed Income Investor Presentation Beth Hammack, Global Treasurer May 13, 2021 Goldman Sachs#18End Notes Note: All data as of the end of 1Q21, unless otherwise indicated These notes refer to the financial metrics and/or defined term presented on: Slide 1: 1. GIR represents Goldman Sachs Global Investment Research Slide 3: 1. Slide 5: Slide 6: 1. Annual revenue volatility is calculated by dividing the standard deviation of reported revenues by the average revenues over the period. Annual pre-tax earnings volatility is calculated by dividing the standard deviation of reported pre-tax earnings by the average pre-tax earnings over the period. US peers include JPM, C, BAC and MS Unsecured funding includes Deposits, Unsecured short-term borrowings, and Unsecured long-term borrowings 1. Strategic channels include Consumer, Private Bank, and Transaction Banking deposits Slide 7: 2. 3. Consumer deposits includes total Consumer deposits across the U.S. and U.K. Deposit beta calculated as the change in the Marcus U.S. Online Savings Account Rate divided by the change in the Federal Funds Rate (Upper Bound) 123 1. Excludes affiliate assets 2. Other includes Collateralized Agreements, Customer and Other Receivables, and Other Assets 3. Other Includes Collateralized Financings, Customer and Other Payables, Trading Liabilities, Unsecured Borrowings, and Other Liabilities Slide 8: -23 1. 2021YTD defined as January 1, 2021 through April 30, 2021 2. Debt Issuances and Maturities include both senior and subordinated debt 3. Slide 13: 1. 2. Potential outflows for 2021, 2022 and 2023 as of April 30, 2021. Potential outflows for 2021 include $11.0bn of contractual maturities (of which $1.1bn occurred YTD), $2.7bn of preferred redemptions (including $675mm Series N Preferred Stock redemption settling on May 19, 2021), $8.6bn of debt par calls redeemed, and $8.3bn of additional debt outstanding eligible to be par called during the year. Maturities for 2021, 2022, and 2023 include contractual maturities less amounts eligible to be par called in periods prior to contractual maturity dates U.S. peers include JPM, MS, C, and BAC Based on our current interpretation of the final NSFR rule Slide 14: 17 1. Upon expiration of the SLR temporary amendment on April 1, 2021, GS Bank USA received a $750mm capital contribution from GS Group#19Cautionary Note on Forward-Looking Statements Statements about GDP growth, unemployment expectations, future bond yields and inflation, the firm's target metrics, including its target ROE, ROTE, efficiency ratio, CET1 capital ratios, and statements about its other future regulatory capital metrics, and how they can be achieved (including dividends and 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 regarding estimated GDP growth, unemployment expectations, future bond yields and inflation are subject to the risk that actual GDP growth, unemployment, bond yields and inflation may differ, possibly materially, due to, among other things, changes in general economic conditions. Statements about the firm's target ROE, ROTE, CET1 capital ratios, and statements about its other future regulatory capital metrics, 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 Annual Report on Form 10-K for the year ended December 31, 2020. You should also read the cautionary notes on forward-looking statements in our Form 10-Q for the quarter ended March 31, 2021 and Earnings Results Presentation for the quarter ended March 31, 2021. 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 May 13, 2021 and the firm does not undertake to update forward-looking statements to reflect the impact of subsequent events or circumstances. 18