Prime Services Weekly Report 8.21.26

Global Banking & Markets Prime Insights & Analytics Prime Services August 21, 2026 Prime Services Weekly Report Friday 8/14 – Thursday 8/20

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 -0.46% between 8/14 and 8/20 (vs MSCI World TR -1.68%), driven by beta of -1.30%, partially offset by alpha of +0.84% on the back of long side gains. The GS Equity Systematic L/S Performance Estimate2 rose +0.25% during the same period, driven by alpha of +0.13% on the back of long side gains and beta of +0.12%. ◼ Overall book Gross leverage +3.7 pts to 303.2% (49th percentile 1-year) and Net leverage -1.4 pts to 76.8% (27th percentile 1-year). Overall book L/S ratio -1.6% to 1.679 (29th percentile 1-year). Fundamental L/S Gross leverage +0.2 pts to 201.4% (3rd percentile 1-year) and Net leverage -2.0 pts to 53.1% (4th percentile 1-year). ◼ Global equities were net sold for the first time in a month and at the fastest pace in 2 months (-2.3 SDs 1-year), driven by both long sales and to a lesser extent short sales (1.8 to 1). o All major regions were net sold, led in $ terms by North America and EM Asia. o Single Stocks and Macro Products were both net sold and made up 65% and 35% of the total $ net selling, respectively, both driven by long and to a lesser extent short sales. o Info Tech, Financials, and Materials were the most $ net sold global sectors, while Energy, Comm Svcs, and Health Care were the most net bought. ◼ Info Tech was by far the most $ net sold global sector this week, driven almost entirely by long sales, as the sector saw the largest % de-grossing in over 2 years. ◼ Energy was the most $ net bought global sector this week as the sector saw the largest % net buying in nearly 4 years, driven by long buys and to a lesser extent short covers. Global Energy has now been bought in 12 of the last 13 weeks.

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% 87.83 4,516.30 WoW Chg -1.7% -2.0% -1.9% -3.1% -4.6% -2.1% -2.7% -0.4% -6.7% 9.4% 0.2 pp 0.06 pp 8.1% 3.5%

Sources: Goldman Sachs Global Banking & Markets, Reuters as of 21-Aug-2026

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

5% GS Global Equity L/S MTD Region Metric WoW MTD YTD SPX MTD 4% Global wAvg -0.46% 1.15% 14.26% MSCI MTD U.S. wAvg -0.51% 1.36% 10.16% 3% Europe wAvg 0.49% 2.35% 9.74%

2% Asia wAvg -0.15% 0.48% 22.73% Indices 1% SPX TR -1.98% 2.10% 12.45%

0% MSCI TR -1.68% 2.13% 12.61% 31-Jul 5-Aug 10-Aug 15-Aug 20-Aug

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

5% GS Global Systematic L/S MTD Metric WoW MTD YTD SPX MTD 4% MSCI MTD Global wAvg 0.25% 1.84% 15.20%

3% Indices SPX TR -1.98% 2.10% 12.45% 2% MSCI TR -1.68% 2.13% 12.61%

0% 31-Jul 5-Aug 10-Aug 15-Aug 20-Aug

Source: Goldman Sachs Global Banking & Markets data as of 21-Aug-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 49% 27% 29% 3% 4% 49% Current 3-Yr %ile 83% 54% 16% 56% 20% 30% Current 5-Yr %ile 90% 62% 9% 74% 37% 21% T12M High T12M Low T12M Average \

325% Overall Book (left) Fundamental L/S (right) 230% 85% Overall Book (left) Fundamental L/S (right)…