Prime Services Weekly Report 7.31.26

Global Banking & Markets Prime Insights & Analytics Prime Services July 31, 2026 Prime Services Weekly Report Friday 7/24 – Thursday 7/30

Prepared by Prime Brokerage. In evaluating this material, you should know that it could have been previously provided to other clients and/or internal Goldman Sachs personnel, who could have already acted on it. The views or ideas expressed here are those of the desk and/or author only and are not an official view of Goldman Sachs; others at Goldman Sachs may have opinions or may express views that are contrary to those herein. This material is not independent advice and is not a product of Global Investment Research. This material is a solicitation of derivatives business generally, only for the purposes of, and to the extent it would otherwise be subject to, CFTC Regulations 1.71 and 23.605. G

Key Takeaways ◼ The GS Equity Fundamental L/S Performance Estimate2 fell -2.32% between 7/24 and 7/30 (vs MSCI World TR +0.83%), driven by alpha of -1.77% on the back of long and short side losses and beta of -0.55%. The GS Equity Systematic L/S Performance Estimate2 fell -1.18% during the same period, driven by alpha of -1.54% on the back of short side losses, partially offset by beta of +0.36%. ◼ Overall book Gross leverage -2.9 pts to 304.6% (51st percentile 1-year) and Net leverage unchanged at 77.4% (37th percentile 1-year). Overall book L/S ratio +0.5% to 1.681 (31st percentile 1-year). Fundamental L/S Gross leverage -0.1 pts to 205.7% (18th percentile 1-year) and Net leverage -1.0 pts to 54.9% (26th percentile 1-year). ◼ Global equities saw significant and broad-based de-grossing activity (-3.6 SDs 1-year), driven by short covers and long sales (1.3 to 1). o Regional flows were split, as North America and Europe were net bought, while Asia (EM + DM) was net sold. o Macro Products saw the largest % net buying in 3 years, led by short covers, while Single Stocks were net sold, led by long sales. o Cons Disc, Financials, and Energy were the most $ net bought global sectors, while Info Tech, Industrials, and Health Care were the most net sold. ◼ Global equities saw the largest % de-grossing since late Jan ’21 at the peak of the meme stock frenzy and the second largest in the past decade. ◼ Info Tech was by far the most $ net sold global sector this week amidst regionally split Gross and Net trading flows, driven by long sales and to a lesser extent short sales.

GS VISP SPX Realized Gold MSCI World TR S&P 500 TR Eurostoxx Nikkei 225 CSI 300 GS VIP Long7 GS Most Short7 NYSE Volume VIX 10Y UST WTI Future Short7 Correlation Future Level % 4.7% 83.59 4,100.10 WoW Chg 0.8% 0.4% 2.2% -6.9% -5.9% -3.3% 1.0% -0.6% 3.7% -8.6% 0.9 pp -0.04 pp -9.3% 1.2%

Sources: Goldman Sachs Global Banking & Markets, Reuters as of 31-Jul-2026

GS Equity Fundamental Long/Short Performance Estimate (Asset Weighted)2

GS Global Equity L/S MTD Region Metric WoW MTD YTD 3% SPX MTD 2% Global wAvg -2.32% -5.69% 11.73% 1% MSCI MTD 0% U.S. wAvg -1.24% -3.80% 7.86% -1% Europe wAvg 1.19% 0.61% 7.53% -2% Asia wAvg -9.46% -19.35% 18.06% -3% -4% Indices -5% SPX TR 0.41% -0.76% 9.36% -6% -7% MSCI TR 0.83% -0.03% 9.66% 30-Jun 5-Jul 10-Jul 15-Jul 20-Jul 25-Jul 30-Jul

GS Equity Systematic Long/Short Performance Estimate (Asset Weighted)2

3% GS Global Systematic L/S MTD Metric WoW MTD YTD SPX MTD 2% MSCI MTD Global wAvg -1.18% 0.97% 12.25%

1% Indices SPX TR 0.41% -0.76% 9.36% -1% MSCI TR 0.83% -0.03% 9.66%

-3% 30-Jun 5-Jul 10-Jul 15-Jul 20-Jul 25-Jul 30-Jul

Source: Goldman Sachs Global Banking & Markets data as of 31-Jul-26. Past performance is not indicative of future results. All references to "we/us/our" refer to the views and observations of 1 the desk.

Gross and Net Leverage3 Leverage Overall Book: Gross Overall Book: Net Overall: L/S Ratio Fundamental L/S: Gross Fundamental L/S: Net Fundamental: L/S Ratio Current Current 1-Yr %ile 51% 37% 31% 18% 26% 45% Current 3-Yr %ile 84% 63% 16% 68% 44% 28% Current 5-Yr %ile 90% 66% 10% 81% 53% 20% T12M High T12M Low T12M Average \

325% Overall Book (left) Fundamental L/S (right) 230% 85% Overall Book (left) Fundamental L/S (right) 65% 320% 225% 315% 80% 60% 220% 310% 305% 215% 75% 55% 300% 210% 295% 205%…