GSGoldman Sachs

These statements may relate to, among other things, (i) our future plans and results, including our target return on average common shareholders’ equity (ROE), return on average tangible common shareholders’ equity (ROTE), efficiency ratio, Common Equity Tier 1 (CET1) capital ratio and firmwide ratio, total credit alternative assets, total alternative assets under supervision (AUS), long-term wealth management inflows and percentage growth rate for Management and other fees from alternatives, and how they can be achieved, (ii) trends in or growth opportunities for our businesses, including the timing, costs, profitability, benefits and other aspects of business and strategic initiatives initiatives, such as OneGS 3.0, and their impact on our efficiency ratio, as well as (iii) the opportunities and challenges presented by artificial intelligence (AI), (iii) our level of future compensation expense, (iv) our Investment banking fees backlog and future advisory and capital markets results, (v) our expected interest income and interest expense, (vi) our expense savings and strategic locations initiatives, (vii) expenses we may incur, including the level of future litigation compensation expense, (viii) (vi) the projected growth of our deposits and other funding, asset liability management and funding strategies and related interest expense savings, (ix) (vii) our business and expense savings initiatives, (x) including OneGS 3.0, (viii) our planned 2025 benchmark debt issuances, (xi) the amount, composition and location of global core liquid assets (GCLA) we expect to hold, (xii) (ix) our credit exposures, (xiii) (x) our expected provision for credit losses, (xiv) losses and the adequacy of our allowance for credit losses, (xv) the narrowing of our consumer business, (xvi) (xi) the objectives and effectiveness of our business continuity planning (BCP), information security program, risk management and liquidity policies, (xvii) (xii) our resolution plan and its implications for stakeholders, (xviii) the design and effectiveness of our resolution capital and liquidity models and triggers and alerts framework, (xix) the results of stress tests, (xiii) the effect of changes to regulations, and our future status, activities or reporting under banking and financial regulation, (xx) (xiv) our expected tax rate, (xxi) (xv) the future state of our liquidity and regulatory capital ratios, and our prospective capital distributions (including dividends and repurchases), (xxii) (xvi) our expected stress capital buffer (SCB) and global systemically important bank (G-SIB) surcharge, (xxiii) (xvii) legal proceedings, governmental investigations or other contingencies, (xxiv) (xviii) the asset recovery guarantee and our remediation activities applications for exemptions and authorizations from regulatory authorities related to our 1Malaysia Development Berhad (1MDB) settlements, (xxv) (xix) the effectiveness of our management of our human capital, (xxvi) capital and changes in headcount, (xx) our sustainability and carbon neutrality targets and goals, (xxvii) (xxi) future inflation, (xxviii) the impact of Russia’s invasion of Ukraine and related sanctions and other developments on our business, results and financial position, (xxix) (xxii) our ability to sell, and the terms of any proposed or pending sales of, Asset & Wealth Management historical principal investments, and our ability to transition the General Motors (GM) credit card program, (xxx) the impact of the conflicts in the Middle East, (xxxi) our ability Apple Card program to manage our commercial real estate exposures, (xxxii) the profitability of Platform Solutions and (xxxiii) another issuer, (xxiii) the effectiveness of our cybersecurity risk management process. process and (xxiv) our completed and announced partnership and acquisitions.

Other Financial Guarantees. In the ordinary course of business, the firm provides other financial guarantees of the obligations of third parties (e.g., standby letters of credit and other guarantees to enable clients to complete transactions and fund-related guarantees). These guarantees represent obligations to make payments to beneficiaries if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Other financial guarantees also include a guarantee that the firm has provided to the Government of Malaysia that it will would receive, by August 2025, at least $1.4 billion in assets and proceeds from assets seized by governmental authorities around the world related to 1Malaysia Development Berhad, a sovereign wealth fund in Malaysia (1MDB). In connection with this guarantee, the The firm agreed to make a one-time interim payment of $250 million towards the $1.4 billion if initiated arbitration against the Government of Malaysia did not receive at least $500 million in October 2023 concerning its approach to recovering and crediting assets under the guarantee and proceeds by the arbitral process is ongoing. In August 2022. The firm does not believe that any interim payment is required. Any amounts paid by the firm would, in any event, be subject to reimbursement in the event the assets and proceeds received by 2025, the Government of Malaysia made a demand for a final payment of approximately $1 billion towards the guarantee. The firm believes that the Government of Malaysia has recovered in excess of $1.4 billion in creditable assets and that no payment should be required. Final determinations on all issues, including whether any payment is required, will be made through August 18, 2028 exceed $1.4 billion. the arbitral process. See Note 27 for further information about matters related to 1MDB.

In the E.U., certain of our entities are expected to be subject in varying degrees to sustainability-related laws being implemented, including directives, such as the CSRD and the CSDDD, which would significantly expand the scope of sustainability disclosure requirements applicable to us and impose stringent due diligence requirements with respect to adverse human rights and environmental impacts. These, as well as any additional or heightened laws, regulations, guidance and expectations, many of which may have broad and extraterritorial application, have in the past subjected and may in the future, future subject us to different and potentially conflicting requirements and expectations in the various jurisdictions in which we operate, and have in the past resulted in and could in the future result in increased regulatory, compliance or other costs or higher capital requirements. The risks associated with, and the perspective of government officials, regulators, shareholders, employees and other stakeholders regarding, climate change are continuing to evolve rapidly, which can make makes it difficult to assess the ultimate impact on us of climate change-related risks and uncertainties, but we expect that uncertainties. In addition, due to divergent stakeholder views relating to climate change-related risks will increase over time. change, any actual or perceived action, or lack thereof, by us relating to climate change could be perceived negatively by some stakeholders and subject us to criticism, which may adversely affect our business, reputation, and efforts to recruit and retain employees.

Troubled Debt Restructurings Measurement of Credit Losses for Accounts Receivable and Vintage Disclosures Contract Assets (ASC 326). In March 2022, July 2025, the FASB issued ASU No. 2022-02, “Financial Instruments — 2025-05, “Measurement of Credit Losses (Topic 326) — Troubled Debt Restructurings for Accounts Receivable and Vintage Disclosures.” Contract Assets.” This ASU eliminates simplifies the recognition estimation of credit losses on accounts receivable and measurement guidance contract assets arising from transactions accounted for troubled debt restructurings and requires enhanced disclosures about loan modifications under ASC 606, “Revenue from Contracts with Customers,” by providing companies an option to assume that the conditions as of the balance sheet date will remain unchanged for borrowers experiencing financial difficulty. the remaining life of these assets while estimating expected credit losses. This ASU also requires enhanced disclosure for loans that have been charged off. This ASU became is effective for the firm beginning in January 2023 2026 under a prospective approach. Adoption of this ASU did will not have a material impact on the firm’s consolidated financial statements. condition, results of operations or cash flows.