The Goldman Sachs Group, Inc. PFD 1/1000 C

Strong Q3 financial performance; charity item boosted/altered comparability - Net revenues: $18.7B (2nd highest in history); EPS $17.01 - Returns: ROE 18.7%, ROTE 20.5% - Accelerated charitable contribution: management says without it, Q3 EPS ~ $18 and ROE/ROTE would be ~20% / ~21.5% (i.e., reported numbers were higher with the tax-efficient contribution structure and accounting effects) - No unique situational/one-off trading factor called out that would obviously distort Q4 run-rate (per CEO/CFO response)

Core business momentum: IB, Markets, and growing “durable” revenues - Global Banking & Markets: $13.5B revenues (2nd highest quarter); segment ROE 23.5% (YTD) - Investment Banking Advisory: $1.7B revenues, record and +18% YoY (driven by higher volumes) - #1 M&A franchise: $1.5T announced transactions YTD; ~$430B lead vs closest peer (largest lead ever noted); examples cited: Hugging Face $13B to NVIDIA, Integer $6B to KKR - Equities: $6.4B revenues, +72% YoY (2nd best quarter); strong intermediation +52% and financing +96% (record) - FICC: essentially flat YoY; intermediation -7%, but financing +14% (2nd highest) - Structural shift: Equities + FICC financing = >40% of those revenues YTD, adding durability

Asset & Wealth Management growth at scale (with record inflows and expanding alternatives) - AWM revenues: $5.1B (+14% YoY) - Management & other fees: $3.6B (+22% YoY, record); incentive fees $587M (and guidance suggests they remain elevated in Q4) - Assets under supervision (AUS): $4.1T (record) with $97B long-term net inflows (35th consecutive quarter of inflows) - Wealth Management AUS: $2.1T (record); $47B long-term net inflows - Alternatives: AUS $491B (+26% YoY, record); $37B fundraising in the quarter, $122B YTD - Full-year alternatives fundraising outlook: now expects ~$150B (implying continued strong client demand)