NEW YORK, NY, December 18, 2020 — Today the firm made the following statement

“We are pleased that the results of the Federal Reserve’s latest stress test demonstrate the resilience of the largest US financial institutions in the midst of a devastating pandemic. Based on the results and guidance from the Federal Reserve, we intend to resume share repurchases next quarter. In the meantime, we will continue to serve our clients and help them navigate a challenging economic environment.”

Statements about prospective capital distributions (including stock repurchases) constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Statements about our prospective capital distributions (including stock repurchases) are subject to the risk that our actual capital distributions may differ, possibly materially, from what is currently expected due to, among other things, the need to use capital to support clients, our financial performance, increased regulatory requirements and changes to the composition of our balance sheet. For a discussion of some of the risks and important factors that could affect the firm’s actual capital distributions, see “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and in our Annual Report on Form 10-K for the year ended December 31, 2019.

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.