Goldman Sachs Investment Banking Pitch Book

Goldman Sachs US M&A Market Update $1,059 While Year-to-Date M&A Volume was Down 46% vs. 2021 YTD, Activity is Roughly in Line with Prior 5 Year Levels $3,077 2012 YTD $509 $741 $1,280 Q3 Q4 ¹20 ¹20 2013 YTD $839 Q1 U.S. M&A Activity Has Slowed in the Second Half 21 $1,655 2014 YTD Q2 '21 $888 $899 $701 $2,205 Q3 Q4 21 ¹21 2015 YTD $578 Q1 ¹22 $516 $1,865 Q2 ¹22 2016 YTD $319 Q3 ¹22 $366 $241 | ៩ន Q4 $1,375 2017 YTD % of $ Volume of $1bn+ Deals $2,008 2018 YTD % 27% 52% $1,999 2018 2019 YTD 8% Public to Private Transactions Have Been a Material Contributor in 2022¹ 7% 29% 47% 2019 $1,394 ■ Corporate / Corporate ■ Divestiture - LBO Buyer ☐ SPAC ■ Other 2020 YTD 10% 11% 23% INVESTMENT BANKING DIVISION 42 % 2020 CONFIDENTIAL 5% 3% 2021 YTD 19% 11% 35% 21% 2021 A (46)% Source: Dealogic $ in billions. U.S. M&A defined as transactions with any U.S. involvement 'Analysis for U.S. targeted transactions greater than $1 billion. "Other" incudes negotiated share repurchases, minority stake purchases and government rescues M&A Update and Sponsor Market Considerations % 6% 6% $1,654 2022 YTD 18% 31% 37% 2022 YTD % 2% 18% Divestiture - Corporate Buyer > Public to Private RR Spin-off 29

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