NEW YORK, April 14, 2021 — The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $17.70 billion and
net earnings of $6.84 billion for the first quarter ended March 31, 2021.
Diluted earnings per common share (EPS) was $18.60 for the first quarter of 2021 compared with $3.11 for the first quarter of
2020 and $12.08 for the fourth quarter of 2020.
Annualized return on average common shareholders’ equity (ROE)1 was 31.0% and annualized return on average tangible
common shareholders’ equity (ROTE)1 was 32.9% for the first quarter of 2021.

The firm’s results reflected record quarterly net revenues of $17.70 billion, more than double the amount in the first quarter of 2020, record
quarterly net earnings of $6.84 billion and record quarterly diluted EPS of $18.60. Annualized ROE1 of 31.0% was the highest quarterly
ROE since 2009.
 Investment Banking generated record quarterly net revenues of $3.77 billion, including record Equity underwriting net revenues and strong
net revenues in Financial advisory and Debt underwriting. The backlog2 ended the quarter at a record level.
 The firm retained its #1 rankings in worldwide announced and completed mergers and acquisitions, worldwide equity and equity-related
offerings and common stock offerings for the year-to-date3.
 Global Markets generated quarterly net revenues of $7.58 billion, 47% higher than the first quarter of 2020, and its highest quarterly net
revenues since 2010, reflecting the second highest quarterly net revenues in Equities and strong net revenues in Fixed Income, Currency
and Commodities (FICC).
 Asset Management generated record quarterly net revenues of $4.61 billion, reflecting record net revenues from Equity investments.
 Consumer & Wealth Management generated record quarterly net revenues of $1.74 billion, reflecting continued growth in both Wealth
management and Consumer banking net revenues.
 Firmwide assets under supervision2,4 increased $59 billion during the quarter, including long-term net inflows of $37 billion, to a record
$2.20 trillion. Firmwide Management and other fees were $1.77 billion for the first quarter of 2021.
 Book value per common share increased by 6.2% during the quarter to $250.81.

 The firm returned $3.15 billion of capital to common shareholders during the quarter, including $2.70 billion of share repurchases and $448
million of common stock dividends.