The Goldman Sachs Group, Inc.

Strong headline results; “durability” supported but EPS/ROE flattered by special item - Q3 net revenues: $18.7B (2nd highest in history); EPS $17.01; ROE 18.7%, ROTE 20.5%. - One-off: accelerated charitable contribution; ex-contribution EPS ~ $18 and ROE/ROTE ~ 20% / 21.5%. - YTD: record revenues; ROE 20.7%, ROTE 22.4%. - Surprising/important: management emphasized earnings quality by noting revenue base with more durable revenues ~45% of YTD revenues, up from ~<22% in 2020 Investor Day levels.

Markets/I-B outperformance: advisory and equity strength; rates volatility not causing visible slowdown - Global Banking & Markets revenues: $13.5B (2nd highest quarter); segment ROE 23.5% YTD. - Investment Banking: Advisory revenues $1.7B (quarterly record, +18% YoY); #1 M&A advised $1.5T announced for the year; ~$430B lead vs closest peer. - Equities: net revenues $6.4B (+72% YoY); driven by intermediation (+52%) and financing (+96%) (record). - FICC: net revenues flat YoY; intermediation down -7% (mortgages/rates/credit) offset by currencies/commodities; financing up +14%. - Outlook nuance: CEO said no unique situational factor driving Q3; markets activity still viewed as “top quartile” despite higher rates.

Financing growth is a key “durability” driver (but still some cyclicality remains) - Financing revenues are now a larger, more durable portion: FICC + Equities financing = 40%+ of YTD revenues; Q3 financing strength helped offset other areas. - Q&A on “prime/equity financing cyclicality”: management acknowledged equity-prime has market-cycle sensitivity, but argued baseline durability over 3–5+ years given GDP/market cap/tech growth. - Industry capacity constraint noted: Equities financing demand > available industry capacity, supporting pricing and selectivity.