The Goldman Sachs Group, Inc.

Strong Q3 results; “accelerated charitable contribution” inflated reported EPS/ROE - Q3 net revenues: $18.7B (2nd highest in history); EPS $17.01; ROE 18.7%, ROTE 20.5%. - Reported results included an accelerated charitable contribution; ex this item: EPS ~$18, ROE/ROTE ~20% / 21.5%. - YTD: record revenues; ROE 20.7%, ROTE 22.4%.

Markets/IB momentum is very strong; no obvious “one-off” negative to expect in Q4 - Global Banking & Markets Q3 revenues: $13.5B (2nd highest quarterly); IB performance highlighted by record Advisory revenues ($1.7B, +18% YoY). - M&A leadership: #1 in M&A; $1.5T announced YTD; ~$430B lead vs closest peer (largest lead ever). - Question on sustainability: management said no specific unique quarter factor that would “over-model” Q4—i.e., nothing exceptional/situational they’re flagging as distorting results.

Financing growth is becoming more durable (a key “quality” theme for investors) - Equities net revenues: $6.4B (+72% YoY); particularly strong financing: +96% YoY to a record driven by elevated prime balances and Asia activity. - FICC: net revenues essentially flat YoY; intermediation -7% offset by stronger financing (+14% YoY). - Financing mix: Financing revenues now >40% of combined FICC + Equities YTD, supported by risk framework (limits, diversification, stress testing, concentration management).