Prime Services Weekly Report 9.18.26

Global Banking & Markets Prime Insights & Analytics Prime Services September 18, 2026 Prime Services Weekly Report Friday 9/11 – Thursday 9/17

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 -1.02% between 9/11 and 9/17 (vs MSCI World TR +0.35%), driven by alpha of -0.95% on the back of long side losses and beta of -0.07%. The GS Equity Systematic L/S Performance Estimate2 rose +1.28% during the same period, driven by alpha of +1.21% on the back of short side gains and beta of +0.07%. ◼ Overall book Gross leverage +4.6 pts to 309.2% (65th percentile 1-year) and Net leverage +0.7 pts to 77.5% (34th percentile 1-year). Overall book L/S ratio -0.3% to 1.670 (25th percentile 1-year). Fundamental L/S Gross leverage +2.7 pts to 207.7% (30th percentile 1-year) and Net leverage +0.1 pts to 56.4% (65th percentile 1-year). ◼ Global equities were net bought (+0.5 SDs 1-year), as gross trading activity continued to increase driven by long buys outpacing short sales (3.9 to 1). o Regional flows were split, as buying in North America and Europe outpaced selling in Asia (EM + DM). o Macro Products were net bought, driven by long buys and short covers, while Single Stocks were modestly net sold, as short sales slightly outpaced long buys. o Comm Svcs, Cons Disc, and Industrials were the most $ net bought sectors this week, while Health Care, Energy, and Info Tech were the most net sold. ◼ European equities were net bought at the fastest pace in 5 months, driven by short covers and to a lesser extent long buys. ◼ HFs net sold global Energy at the fastest pace in 4 months, driven by a roughly equal number of short and long 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 % 5.0% 101.91 4,399.70 WoW Chg 0.4% 0.6% 0.9% -1.7% -2.3% -1.2% -2.8% -4.7% 7.0% 24.6% 2.0 pp 0.00 pp -0.6% -0.2%

Sources: Goldman Sachs Global Banking & Markets, Reuters as of 18-Sept-2026

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

2% GS Global Equity L/S MTD Region Metric WoW MTD YTD SPX MTD Global wAvg -1.02% -1.08% 12.07% MSCI MTD 1% U.S. wAvg -0.73% -0.95% 8.14% Europe wAvg 0.00% -1.22% 8.16% 0% Asia wAvg -2.11% -0.51% 21.49% Indices -1% SPX TR 0.64% -0.55% 12.52%

-2% MSCI TR 0.35% -0.86% 12.13% 31-Aug 5-Sep 10-Sep 15-Sep

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

GS Global Systematic L/S MTD Metric WoW MTD YTD 3% SPX MTD MSCI MTD Global wAvg 1.28% 3.44% 19.77% 2% Indices 1% SPX TR 0.64% -0.55% 12.52% 0% MSCI TR 0.35% -0.86% 12.13%

-2% 31-Aug 5-Sep 10-Sep 15-Sep

Source: Goldman Sachs Global Banking & Markets data as of 18-Sept-26. Past performance is not indicative of future results. All references to "we/us/our" refer to the views and observations 1 of 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 65% 34% 25% 30% 65% 69% Current 3-Yr %ile 88% 63% 13% 76% 75% 42% Current 5-Yr %ile 93% 69% 8% 86% 76% 30% 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% 70% 50% 290% 200% 285% 65% 45% 280% 195% 275% 190% 60% 40% 17-Sep-25 17-Dec-25 17-Mar-26 17-Jun-26 17-Sep-26 17-Sep-25…