PowerPoint Presentation

Executing Our Strategy

January 29, 2020

John Waldron

President and Chief Operating Officer

Executing Our Strategy

Execution in the

Core Franchise

Investing

for Growth

Operating

Efficiency

Brand ● One Goldman Sachs ● Engineering ● Talent

Operating Approach

Investment Banking

Narrow Wallet Share Gaps

Expand Client Footprint

Source Firmwide

Opportunities

Invest in Talent

M E A S U R I N G O U R P R O G R E S S

 Top 3 M&A and Equity ranking in every

subsector globally

 Relationship status improvement

 Narrow ECM and DCM wallet share gaps

 Coverage of >1,700 new corporates

 Track sourcing of investment opportunities

 #1 in IB fees

 #1 in M&A Market Share

 #1 in Equity Market Share

 Top 4 Debt Market Share

Global Markets

Increase Client Financing

Deploy Technology

to Improve Client Experience

Enhance Corporate Offerings

Optimize Resource Utilization

Deepen Relationships with

Institutional Clients

M E A S U R I N G O U R P R O G R E S S

 Top 3 position with Top 100 clients

 Increasing FICC financing revenues

 Narrow Systematic/Quant wallet share

gap

 Measure utilization of key platforms

 $700mm OpEx reduction in 3 years

 $250mm funding cost savings in 3 years

 ROE expansion from 7% to 10%+ in 3 years

Asset Management

Partner with Asset Allocators

Deliver Holistic Solutions

Innovate to

Serve Client Needs

Invest in

Institutional Sales Force

M E A S U R I N G O U R P R O G R E S S

 Consistent strong investment performance

 Morningstar rankings

 Measure quality of institutional client

relationships

 Organic long-term fee-based AUS growth

 Advisory / outsourced CIO revenues

 +$250bn of firmwide Traditional AUS

inflows in 5 years

Consumer & Wealth Management

M E A S U R I N G O U R P R O G R E S S

Organic Advisor Growth

in Americas

Source Experienced

PWA Hires in EMEA / APAC

Increase Lending to

Private Wealth Clients

 +20% Advisor headcount in Americas

 Measure Advisor productivity

 UHNW market share

 +50% Advisor headcount in

EMEA / APAC

 PWM lending penetration

 C&WM margin to 20%+ at scale

Investing for Growth: Four Areas of Focus

Transaction

Banking

Third Party

Alternatives

Digital

Consumer Bank

Wealth

Management

Build Transaction Banking

Built 350 Person Team

Processed >$3tn for

Goldman Sachs in 5 Currencies

Opened Deposit Accounts

with over 25 Clients

Full Platform Launch – 1H 2020

Progress and Forward Plan5+ Year Opportunity

$50bn

Deposit Balances

$1bn

in Revenues

Strong Client Value Proposition

Analytics and actionable

insights

Fast and easy onboarding

Modern tools and simple

processes

Scalable client

customization

Grow Third Party Alternatives

Unified 5 Investing Platforms

Established Investing Teams

Across Asset Classes

Created Alternatives Capital

Markets + Strategy Group

Optimizing Capital Efficiency

Progress and Forward Plan5-Year Opportunity

$100bn

Alternative Net Inflows

$4bn

Capital Reduction

Strong Client Value Proposition

Global multi-asset class

franchise

Unique sourcing

capabilities

Experienced investment

team

Strong long-term

track record

Scale Digital Consumer Banking

Launched Marcus Deposits,

Lending and Apple Card

Progress and Forward Plan5-Year Opportunity

Building Integrated Digital Bank

and Wealth Platform

Growing Deposits, Lending

and Card Balances

Pursue Additional Products

and Partnership Opportunities

Grow to

$125bn+

Consumer

Deposit Balances

Grow to

$20bn+

Consumer

Loan/Card Balances

Strong Client Value Proposition

Simple

Transparent

Personal

Secure

Valuable

Building products that are:

Expand Wealth Offering

Complete Integration of

United Capital

Progress and Forward Plan5-Year Opportunity

Drive Synergies Between

Ayco and United Capital

Launch New Marcus Products

Increase Digital Utilization

Corporate clients

added annually

300k

Employees added

annually

Strong Client Value Proposition

Advice-driven solutions

Innovative digital capabilities

Holistic offering

Tailored to client needs

Deep Global Network of Client Relationships

Execution Priorities

~40

International

Offices

~18k

International

Employees

~100

Offices

Globally

~38k

Employees

Globally

~$15bn

International

Revenues

~$37bn

Firmwide

Revenues

Grow PWM

Advisors

Grow IB

Corporate

Footprint

Close Institutional

Investor Wallet

Share Gaps

China

5-Year Plan

$1.2

$2.1

2011 2019

$285

$1,859

4Q99 4Q19

Track Record of Building Businesses

Debt Underwriting

Institutional Loans

+84%

Net Revenues ($bn)

6 2

High Yield

Ranking

Asset and Wealth Management

+6.5x

Firmwide AUS ($bn)

Not Ranked

Top 10

Ranking

4Q99 Current

20192011

$1.3bn Run-rate Expense Savings in 3 Years

• Pyramid evolution

• Business alignment of

7,500 engineering and

operations individuals

• Embed organizational

design capabilities

• Digital transformation

• Straight-through-

processing

• Platform consolidation

• Strategic technology

capabilities

• Improved governance

and transparency

• Holistic financial planning

• Strategic locations

• Campus consolidation

Streamlined Organization

Real Estate Strategy

Investment in

Automation and Infrastructure

Integrated

Expense Management

Drives Capacity for Investment

One Goldman Sachs

Client-

centricity drives

everything we do

–

from

organizational structure

to talent deployment

Investment

Banking

Consumer

& Wealth

Management

Asset

Management

Global

Markets

One Goldman Sachs

Initial Phase

~30

Identified key

clients with

complex needs

97%

Positive client

feedback

>200

Dedicated

Goldman Sachs

professionals

>100

Clients in

expansion

plan

Forward Plan

One Goldman Sachs

Client

Coverage

Thought

Leadership

Digital

Client Experience

 Increasing collaboration

 Institutionalizing incentives

 Leveraging sourcing network

 Best-in-class intellectual capital

 Curated content

 Dedicated senior leadership

 Digital delivery channels

 Unified platform experience

 Harmonized client analytics

Engineering Core to Execution Strategy

Platform Engagement ● Resiliency ● APIs ● Productivity ● Cloud Usage

Investing for Growth

 Build, scale and operate new

platform businesses

 Develop and extend differentiated

services via API

ecosystem

 Shape and enable One Goldman

Sachs capabilities

 Ignite the innovative capacity of our

people

$4bn

2019

Engineering

Spend

~53%

~47%

Run

the Bank

Investing for

Growth

Run the Bank

 Enhance foundational shared services

 Promote secure, flexible and resilient

infrastructure

 Drive platform simplification

Metrics

Enhancing Our World-Class Engineering Team

>80%

Acceptance rate for full-time offers

40%

of Engineers have PhDs or Advanced

Degrees

Successfully hired Co-CIO

and CTO

9K+

Engineers employed at

Goldman Sachs

Growing Cutting-Edge Engineering

Capabilities to Better Serve Clients

Firmwide

One Goldman Sachs

Partnership

Management Committee

Incentives Align to Long-Term Shareholder Value

Increased use of performance-based equity

Long-term compensation closely tied to performance

Incentivizing a client-centric and collaborative culture

Pay-for-performance philosophy with long-term orientation

Executing Our Strategy

Execution in the

Core Franchise

Investing

for Growth

Operating

Efficiency

Brand ● One Goldman Sachs ● Engineering ● Talent

Operating Approach

Executing Our Strategy

January 29, 2020

John Waldron

President and Chief Operating Officer

End Notes

These notes refer to the financial metrics and/or defined term presented on:

Slide 8:

1. Growth shown net of realizations

2. Capital efficiencies across Alternatives in Asset Management

Slide 11:

1. Excludes the US and Canada from total international figures

Slide 12:

1. High Yield per Dealogic, Institutional Loans per Bloomberg

2. Data as of 3Q19. Competitor data compiled from publicly available Quarterly Earnings Releases and Supplements, eVestment database and Morningstar Direct. Where product

classification (e.g. fixed income vs. alternatives) and portfolio management style (passive vs. active) were not explicit in competitors’ publicly available data, GS applied certain

assumptions for purposes of making comparisons. Peer population represents key competitors tracked internally by product classification and portfolio management style

Slide 17:

1. Application programming interface

Slide 18:

1. Refers to acceptance rate for 2020 full-time positions as of January 2020

2. Includes Engineers and Strats

Statements about the firm’s target metrics, including its target ROE, ROTE, efficiency ratio and CET1 capital ratios, and how they can be achieved, and statements about future

operating expense (including future litigation expense), amount and composition of future Assets under Supervision, planned debt issuances, growth of deposits and associated

interest expense savings, 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 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, the level and composition of

more durable revenues 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. 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, 2018. You should also read the cautionary notes on forward-looking statements in our Form 10-Q for the period ended September 30,

2019 and Earnings Results Presentation for the Full Year and Fourth Quarter 2019. For more information regarding non-GAAP financial measures such as ROTE, refer to the

footnotes in the Earnings Release and Earnings Presentation for the Full Year and Fourth Quarter 2019 and 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 January 29, 2020 and the firm does not undertake to update forward-looking statements to reflect the impact of

subsequent events or circumstances.

Cautionary Note on Forward-Looking Statements