Goldman Sachs Goldman Sachs conducts a global full-service, integrated investment banking, investment management, and brokerage business. We have investment banking and other business relationships with a er dealer, is a member of SIPC (https://www.sipc.org). substantial percentage of the companies covered by our Global Investment Research Division. Goldman Sachs & Co. LLC, the United States brok Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and principal trading desks that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, principal trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research. erence y discuss in this report, trading strategies that ref The analysts named in this report may have from time to time discussed with our clients, including Goldman Sachs salespersons and traders, or ma y be directionally counter to the analyst’s published price target catalysts or events that may have a near-term impact on the market price of the equity securities discussed in this report, which impact ma expectations for such stocks. Any such trading strategies are distinct from and do not affect the analyst’s fundamental equity rating for such stocks, which rating reflects a stock’s return potential relative to its coverage universe as described herein. y or sell, the securities or We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and bu derivatives, if any, referred to in this research. hs, do not necessarily refl The views attributed to third party presenters at Goldman Sachs arranged conferences, including individuals from other parts of Goldman Sac ect those of Global Investment Research and are not an official view of Goldman Sachs. ve positions in the products mentioned that are inconsistent with the Any third party referenced herein, including any salespeople, traders and other professionals or members of their household, may ha views expressed by analysts named in this report. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation h is suitable for or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this researc red to in this research and the income from them may fluctuate. their particular circumstances and, if appropriate, seek professional advice, including tax advice. The price and value of investments refer Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Investors should review current options and futures disclosure documents which are available from Goldman Sachs sales representatives or at https://www.theocc.com/about/publications/character-risks.jsp and 18. Transaction costs may be significant in option strategies https://www.fiadocumentation.org/fia/regulatory-disclosures_1/fia-uniform-futures-and-options-on-futures-risk-disclosures-booklet-pdf-version-20 calling for multiple purchase and sales of options such as spreads. Supporting documentation will be supplied upon request. Differing Levels of Service provided by Global Investment Research: The level and types of services provided to you by the Global Investment Research division of GS may vary as compared to that provided to internal and other external clients of GS, depending on various factors including your individual preferences as to the frequency and manner of receiving communication, your risk profile and investment focus and perspective (e.g., marketwide, sector specific, long term, short term), the size and scope of your overall client relationship with GS, and legal and regulatory constraints. As an example, certain clients may request to receive notifications when research on specific securities is published, and certain clients may request that specific data underlying analysts’ fundamental analysis s fundamental research views (e.g., ratings, price targets, or material available on our internal client websites be delivered to them electronically through data feeds or otherwise. No change to an analyst’ changes to earnings estimates for equity securities), will be communicated to any client prior to inclusion of such information in a research report broadly disseminated through electronic publication to our internal client websites or through other means, as necessary, to all clients who are entitled to receive such reports. ebsites. Not all research content is redistributed to our clients or All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client w h, models or other data related to one or more securities, available to third-party aggregators, nor is Goldman Sachs responsible for the redistribution of our research by third party aggregators. For researc markets or asset classes (including related services) that may be available to you, please contact your GS representative or go to https://research.gs.com. Disclosure information is also available at https://www.gs.com/research/hedge.html or from Research Compliance, 200 West Street, New York, NY 10282. © 2022 Goldman Sachs. ior written consent of The Goldman Sachs Group, Inc. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the pr 3 May 2022 33
GS SUSTAIN: Circular Economy Report Page 33 Page 35