Goldman Sachs Global Economics Analyst Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. es or at Investors should review current options and futures disclosure documents which are available from Goldman Sachs sales representativ https://www.theocc.com/about/publications/character-risks.jsp and ersion-2018. https://www.fiadocumentation.org/fia/regulatory-disclosures_1/fia-uniform-futures-and-options-on-futures-risk-disclosures-booklet-pdf-v Transaction costs may be significant in option strategies 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 actors including your Research division of GS may vary as compared to that provided to internal and other external clients of GS, depending on various f e (e.g., individual preferences as to the frequency and manner of receiving communication, your risk profile and investment focus and perspectiv marketwide, sector specific, long term, short term), the size and scope of your overall client relationship with GS, and legal and regulatory constraints. y request As an example, certain clients may request to receive notifications when research on specific securities is published, and certain clients ma that specific data underlying analysts fundamental analysis available on our internal client websites be delivered to them electronically through data or feeds or otherwise. No change to an analysts fundamental research views (e.g., ratings, price targets, or material changes to earnings estimates f equity securities), will be communicated to any client prior to inclusion of such information in a research report broadly disseminated through electronic h reports. publication to our internal client websites or through other means, as necessary, to all clients who are entitled to receive suc ebsites. Not all All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client w research content is redistributed to our clients or available to third-party aggregators, nor is Goldman Sachs responsible for the redistribution of our research by third party aggregators. For research, models or other data related to one or more securities, 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. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of The Goldman Sachs Group, Inc. 16 November 2022 24
Goldman Sachs Global Economics Analyst Macro Outlook 2023 Page 23