INCLUSIVE GROWTH 3 Supporting the Public Sector Rumichaca-Pasto Goldman Sachs was joint global coordinator, bookrunner, In complex areas where the risks or costs for and lead arranger on the $798 million-equivalent project private capital are high, the public sector can help 昀椀nancing for Rumichaca-Pasto, a toll road connecting the to close the gap. border crossing point between Colombia and Ecuador, with the city of Pasto, Colombia. Estimated to serve 7 million Smart Luz people, Rumichaca-Pasto will expand a major commercial In 2021, Brazilian subconcessionare Smart Luz issued route to help rural farmers reach larger markets and approximately $163 million in BRL-denominated 144a/ stimulate the local economy, in addition to generating travel- RegS bonds to 昀椀nance a street lighting public-private time savings. The transaction represents the largest social partnership project in Rio de Janeiro. Goldman Sachs acted bond tied to an infrastructure project in Latin America. as sole global coordinator, bookrunner, and sustainability California Statewide Communities Development Authority bond structuring agent. Beginning with street lighting, the (CSCDA) Workforce Housing project will modernize Rio de Janeiro through a “smart In 2021, Goldman Sachs Investment Banking raised more city” approach that includes cameras, Wi-Fi points, tra昀케c than $2.7 billion through 12 separate transactions for controllers, and manhole sensors. a CSCDA Community Improvement Authority (CSCDA CIA) public-private partnership program that utilizes governmental ownership and private sector asset management to create and sustain high-quality, a昀昀ordable housing for middle-income earners (also known as essential or workforce housing). This transaction series included the 昀椀rst social bond issuance in the essential housing sector, and each of the 12 transactions were ultimately designated social bonds pursuant to a social bond framework, which the Goldman Sachs team crafted with the issuer. Republic of Chile In July 2021, Goldman Sachs led a $5.8 billion multi- tranche and multi-currency social bond o昀昀ering for the Republic of Chile in support of the government’s COVID-19 relief package. The bond o昀昀ering represented the fourth consecutive transaction Goldman Sachs led for the Republic of Chile in 2021 (amounting to more than $9 billion in proceeds) — and further cemented Chile as the most active sovereign issuer of ESG bonds in Latin America. Chile intends to invest proceeds from the social bonds into projects that may qualify as eligible social expenditures under Chile’s Sustainable Bond Framework. Sustainability Report 2021 Inclusive Growth | De昀椀ning and Executing on Our Strategy 68