Investor Presentaiton

Solid 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

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