Goldman Sachs to Speak at Bernstein’s 41st Annual Strategic Decisions Conference

Cautionary Note on Forward-Looking Statements

Today’s remarks include forward-looking statements. These statements are not historical facts, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. Forward-looking statements include statements about potential revenue and growth opportunities, including the timing, profitability, benefits and other prospective aspects of business initiatives (including financing activity, projected fundraising, AUM and related profitability of our Asset & Wealth Management (AWM) business, and our ability to sell Asset & Wealth Management historical principal investments and to transition the GM credit card program to another issuer) and the achievability of medium- and long-term targets and goals, including expense management and productivity enhancements, the opportunities presented by AI, estimated GDP growth or contraction, interest rate and inflation trends and volatility and the impacts of trade policy, the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s G-SIB buffer and the impact of potential changes in the regulatory capital requirements applicable to us resulting from changes in regulations), the firm’s prospective capital distributions (including dividends and repurchases), changes in other regulations, and the firm’s Investment banking fees backlog and future results. It is possible that the firm’s actual results, including the incremental revenues, if any, from such opportunities, and financial condition, may differ, possibly materially, from the anticipated results, financial condition and incremental revenues indicated in these forward-looking statements.

Statements about our revenue and growth opportunities, including the timing, profitability, benefits and other prospective aspects of business initiatives, including expense management and productivity initiatives, the opportunities presented by AI, and the achievability of medium- and long-term targets and goals are subject to the risk that the firm’s businesses may be unable to generate additional incremental revenues or take advantage of growth opportunities and that we may not be able to implement the business initiatives (including our ability to sell AWM historical principal investments and the proposed transition of the GM credit card program) on the terms or otherwise as we currently expect. Statements about macroeconomic factors are subject to the risk that actual conditions may differ, possibly materially, due to, among other things, changes in general economic conditions and monetary, fiscal and trade policies. Statements about the future state of the firm’s regulatory capital ratios and distributions are subject to the risk that the firm’s actual ratios and distributions may differ, possibly materially, from what is currently expected. Statements about changes in regulations are subject to the risk that regulations may not change as currently expected. For a discussion of some of the risks and important factors that could affect the firm’s future results and financial condition, see “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024. You should also read the forward-looking disclaimers in our Form 10-Q for the period ended March 31, 2025 and information on the calculation of non-GAAP financial measures that is posted on the Investor Relations portion of our website: www.gs.com.

These remarks are current only as of their date, May 29, 2025.