Sustainability Report 2021 Inclusive Growth | What to Expect Next 85 What to Expect Next Our commitment to driving inclusive growth can be successful only if we prioritize longevity, and we see continuous growth and evolution ahead for our key initiatives. Through One Million Black Women, we will strive to be continuously responsive to the challenges, needs, solutions, and desires we uncovered through listening sessions, our partner organizations, and our advisory council. A listening- first approach remains critical as we continue to evaluate areas in which capital and investment can make the biggest difference. However, we also understand the imperative of translating our learnings into action — we continue to focus on implementation and look for opportunities to partner with our clients to deepen our impact together. Importantly, climate change has continued to disproportionately impact low-income and marginalized communities, and we must prepare for the economic and structural changes that will be required to ensure an inclusive transition. We believe thoughtful public policy, in addition to capital, will play a vital role in addressing the disproportionate impacts that these groups face. At Goldman Sachs, the imperative of an inclusive transition sits at the crux of our core sustainability priorities: climate transition and inclusive growth. By connecting our experience as a financial institution with the insights gained through our work with clients and partners and our ongoing engagement with the public sector and the broader community, we believe we can drive capital toward solutions that will help communities not only adapt but also take ownership to drive the transition to a low-carbon economy. Our approach to supporting an inclusive transition will continue to evolve as we address the growing and dynamic needs of our clients, markets, and communities. INCLUSIVE GROWTH CLIMATE TRANSITION INCLUSIVE TRANSITION INCLUSIVE TRANSITION • Climate resilience: lower-income and marginalized communities who are more prepared and protected from the impact of climate change • Workforce development and job training: accessible re-skilling to meet new market demands • Energy access for all groups INCLUSIVE GROWTH