Sustainability Report 2021 Climate Transition | Mobilizing Capital ActiveBeta® Paris-Aligned US Large Cap Equity Strategy Goldman Sachs Asset Management has launched a Paris- aligned investment strategy that seeks to align with the goals of the Paris Climate Agreement to combat climate change and its effects. The purpose of our Paris-aligned investment approach is to decarbonize public equity investment portfolios and increase investment in climate solutions in a way that is consistent with a 1.5°C net zero emissions future, in line with the stated goals of the Paris Agreement. The strategy supports many investors’ growing desire to reduce carbon emissions and more deliberately manage the transition to a low-carbon economy through our rules-based and transparent approach. Just Climate In October 2021, Goldman Sachs Asset Management Imprint (“Imprint”) announced its strategic partnership with Generation IM in the foundation of Just Climate. The mission of Just Climate is to limit the global temperature rise to 1.5°C by catalyzing and scaling capital toward the most impactful climate solutions. Our Asset Management group served as a founding strategic partner in Just Climate alongside Microsoft Climate Innovation and Development Fund, Ireland Strategic Investment Fund (ISIF), IMAS Foundation, and Harvard Management Company. Structured Notes Issuance Our structured note issuance in the sustainable space has risen by more than 50% in the past year, with demand continuing to grow as retail investors become increasingly concerned with integrating ESG into their financial investments on indices that can filter and reflect ESG considerations. French accounts led the European demand for products linked to third-party ESG indices, and we’re starting to gauge growing interest from the APAC region. While sector exclusions and absolute scores remain popular, there has been a wider variety of approaches used by clients as they seek out improvers in this space. To help meet the increasing demand for environmental and climate- related products, S&P launched a range of indices that were exclusive to Goldman Sachs and designed to meet Paris Aligned Benchmark and Climate Aligned Benchmark requirements. “This acquisition advances our commitment to put sustainability at the heart of our investment platform. We are excited to welcome the talented team at NN Investment Partners, a center of excellence in sustainable investing, to Goldman Sachs and together we will focus on delivering long-term value to our clients and shareholders.” DAVID SOLOMON Chairman and Chief Executive Officer, Goldman Sachs CLIMATE TRANSITION NN Investment Partners G oldman Sachs anno unced the completion of the acquisition of NN Investment Partners from NN Group N.V. for €1.7 billion. With a heritage dating back alm ost 175 years, NN I nvestment P artners is a leading sustainable investment manager in Europe. NN Investment Partners will be i nteg rate d into Goldman Sachs Asset Management with the company’s mo re tha n 900 professionals joining the Goldman Sachs fami ly. The Netherlands is now an important location in Goldma n S achs’ European business and a center of exce llence for sustainability in public markets investing. The acq uisition brings Goldman Sachs’ assets under supervision t o ap pro ximately $2.8 trillion 1 and affirms its position as a top five active asset manager globally with leading franchises i n fixed i ncome, l iquidity, e quities, a lternatives a nd i ns urance asset m anagement. N N I nvestment P artners has been successful in incorporating Environmental, Social and Governance (ESG) factors across its product range, with ESG criteria integrated into approximately 90% of assets under supervision 2 . Over time, G oldman S achs A sset M anagement intends to leverage the expertise of NN Investmen t Partners to complement i ts e xis ting inves tment processes, h elping t he firm to deepen ESG integration across its produc t range and deliver on c lients’ sus tainable i nvesting priorities. 1—All data as of December 2021. 2—NN Group: “N.V. Annual Report 2021.” 36