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Investor Presentaiton

Track 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
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