Content thumbnail Sustainability Report | Goldman Sachs
AI Content Chat (Beta) logo

Sustainability Report | Goldman Sachs

SUSTAINABILITY REPORT 2021 Progress Through Performance Advancing the climate transition and inclusive growth across the full financial system

Contents 3 Introduction: Performance that 48 Inclusive Growth: An economy that matters — advancing our purpose works better for all through sustainability 49 Executive Summary 4 Letter to Our Shareholders 50 Introduction 6 Activating the Power of the Financial System 54 One Million Black Women for a Sustainable Future 63 Defining and Executing on Our Strategy 15 Climate Transition: Accelerating 74 Leveraging Partnerships to Unlock Sustainable the next industrial revolution Economic Growth 79 Driving Change Across Our Firm 16 Executive Summary 85 What to Expect Next 17 Introduction 20 Driving Transition 87 Governance: Managing our 27 Accelerating Innovation progress 33 Mobilizing Capital 88 Governance at Our Firm 37 Closing the Gap Through Partnerships 90 2021 Transaction Breakdown and Highlights 39 Meeting the Net Zero Challenge in Asia 93 Key Metrics & Indicators: 42 Driving Sustainability in Our Own Business Measuring our progress 46 Looking Ahead: Climate Change and Biodiversity 94 Environmental Indicators 98 Recognition 100 SASB Index 108 Sustainability Issuance Report 2021 2

SECTION 1 Introduction 33

Letter to Our Shareholders INTRODUCTION Fellow Shareholders: As a financial institution, we work hard every day to help our clients take on their biggest challenges. Their success is essential to our growth. And in 2021, David Solomon as supply chain disruptions spread, geopolitical Chairman and tensions rose, and inflation took off, we strengthened Chief Executive Officer our focus on helping our clients achieve their sustainability objectives. Our focus may be straightforward, but the sustainability Beyond targets and plans, clients need capital and tools to transition itself is complex. If the world is to achieve net zero help them align their sustainability goals with their financial emissions by 2050, financial institutions like ours will need well-being, and as a trusted advisor, we are well-positioned to partner with clients to reimagine not just how they power to provide them the commercial solutions they need, their businesses, but also the entire energy ecosystem, whether it’s an ESG-linked Transaction Banking account or a ranging from long-duration storage to carbon capture clean energy-themed ETF. technology. Our own Carbonomics research indicates that $56 trillion of investment in green infrastructure is needed to But commercial solutions on their own won’t solve reach the goals of the Paris Agreement. everything. Not enough private capital will flow to green infrastructure projects unless public policy creates the right And in the near term, we won’t be able to rely on renewables incentives. Our economists estimate that the energy sector alone. The current energy crisis has only underscored how will need an additional $1.5 trillion in capital expenditures important it is to maintain access to reliable and affordable per year by 2032 to ensure a smooth transition to a low- energy, and to do so we will need to use all the tools at our carbon economy, and the economic ramifications of the disposal. At Goldman Sachs, we will continue providing war in Ukraine have only added to the sense of urgency. For support, capital, and advice to traditional energy producers its part, the US Congress could help by passing the Build both in the near team, as they supply energy, and in the long Back Better Act’s energy provisions, which include support term, as they decarbonize their businesses. for greater investment in renewables and electric vehicles, methane restrictions, and carbon capture tax credits. Sustainability Report 2021 Introduction 4

INTRODUCTION It’s the very complexity of the challenge that demands a There’s still a long way to go, but we’ve made good progress: holistic approach, and what makes ours different is that Of our ten-year goal of $750 billion in sustainable finance we’ve integrated sustainability across our business, our activity, we’ve achieved approximately $300 billion so far, operations, and our partnerships with the outside world. including $167 billion in climate transition, $50 billion in inclusive growth, and the remainder in multiple themes. One reason our clients turn to us is that we define sustainability broadly, treating climate transition and inclusive Looking ahead, we expect client demand for sustainable growth as two sides of the same coin. Building on our years solutions to continue to grow. Our clients know that building of work promoting the economic empowerment of women, a more sustainable and inclusive economy is not only the we’re continuing to make headway with our new initiative, right thing to do, it’s the smart thing to do, especially in a One Million Black Women, and we have a wide range of world that’s becoming more competitive. offerings that advance progress in both climate transition and inclusive growth. For instance, our Asset Management And we’ll be there for them every step of the way. We are, business has invested in a company that is training and after all, in the midst of a transition. And by taking action hiring unemployed union workers to make buildings more now, we can help our clients produce more reliable and energy efficient and another company that is creating affordable energy as well as build a more sustainable and affordable housing options as well as building the world’s inclusive economy for today’s generation and the next. most sustainable high-rise apartment building. Every day we are supporting clients as they navigate climate transition and David Solomon inclusive growth across their portfolios and investments. Chairman and Chief Executive Officer Sustainability Report 2021 Introduction 5 5

INTRODUCTION Activating the Power of the Financial System for a Sustainable Future At Goldman Sachs, we have placed sustainability at the core of our business. Building on decades of experience, we have accelerated our commitment to sustainable finance as we continue to put our broader purpose to work: to advance sustainable economic growth and financial opportunity for our clients, people, partners, and communities in which we work. In December, we published our Task Force on Climate-related Financial Disclosures (TCFD) report, Accelerating Transition, in which we shared how we are leveraging the full breadth of our business to help support the low-carbon transition efforts of our clients, as well as our roadmap to deliver on progress for our commitment to align our business with a net zero by 2050 pathway. Our 2020 Sustainability Report tracked our progress in advancing the climate transition and driving inclusive growth — the two holistic pillars that underpin our sustainability efforts as a firm. In this report, we will share how we are continuing to execute on our climate transition and inclusive growth commitments through development of innovative solutions and new commercial capabilities. As we progress toward our own goals, we are supporting our clients on their individual journeys and are driving sustainable change in the real economy. We believe that capital is critical to transform the global economy — yet its full potential is still untapped. At Goldman Sachs, we recognize it takes an interconnected, converging ecosystem of stakeholders, capital, and partnerships to mobilize capital toward sustainable outcomes. Our firm leverages our unique position at the center of global markets to catalyze vital connections at scale across the financial system, in collaboration with our stakeholders. Sustainability Report 2021 Introduction 6

INTRODUCTION We remain focused on where we believe we are able to drive the greatest impact — our commercial work with clients. Through market intelligence, financing, and advisory services, we help our clients build the capabilities they need to navigate complex sustainability challenges. With a relentless focus on driving results, a commitment to excellence in service, and a firm fully mobilized to deploy capital and resources at scale, we believe that Goldman Sachs is well-equipped to develop innovative solutions and tools to meet the needs of our clients and the market. Systemic change requires interconnected solutions. Across our work in advancing both the climate transition and inclusive growth, our work with clients is bolstered by collaborations with partners across industries, regions, and disciplines. Sustainable economic growth and the transition to a low-carbon economy cannot be driven in isolation. When we work together, we can drive a greater and more holistic impact. Our collaboration with Bloomberg Philanthropies and the Asian Development Bank on the launch of the Climate Innovation and Development Fund is one example of how we are leveraging partnerships to help address financing gaps in emerging markets, where we must consider region-specific challenges and opportunities to enable and accelerate the climate transition. Our inclusive growth strategy is grounded in our expertise derived from investing in underserved communities, and it is further catalyzed by partnership and philanthropic capital. In order to drive commercial solutions for the communities in which we serve, we have built connections with stakeholders whom we listen to and learn from during an ongoing process. In advancing inclusive growth, we remain focused on increasing access to affordable, quality care and opportunities for members of these communities, whether those communities be large or small. Importantly, we recognize that our people are crucial in driving progress on sustainability, and they underpin all our commercial work with clients and partners. As such, we are continuing to build our capacity as a firm and centralize sustainability, diversity, and inclusivity efforts across our organization. In turn, we leverage the insights gained from our experience to support our clients on their journeys. Sustainability Report 2021 Introduction 7

Our Strategic INTRODUCTION Framework At Goldman Sachs, we have identified two imperatives through which we can make the most material impact as a firm: climate transition and inclusive growth. We continue to view these two themes as key drivers of risk and opportunity for our firm and our clients. To accelerate the To advance climate transition inclusive growth We are expanding the scale and speed of We’re actively listening to, amplifying, and partnering our impact. We look to mobilize capital, with people, communities, and organizations to accelerate innovation, and fuel the improve accessibility, affordability, and outcomes transition to a low-carbon economy at both to help drive more inclusive, sustainable growth. a client and systemic level, grounded in the We’re continuing to accelerate our work in this space insights we gain through partnerships and through signature initiatives, including One Million our flagship research initiatives, such as GS Black Women, 10,000 Small Businesses, and 10,000 SUSTAIN and Carbonomics. Women. We acknowledge that long-term outcomes will be the true test of our impact in helping to build a more diverse, equitable, and inclusive economy. We also remain focused on the growing impacts of climate change on sustainable, inclusive economic What We’ve Learned growth. We remain steadfast in our belief that growth Synergies between climate transition and inclusive growth: that is not inclusive is not sustainable, and we remain • Complex, large-scale challenges require interconnected, committed to supporting an inclusive transition. Our dynamic, and scalable solutions. work here is just beginning, and we will continue to • Working with clients, partners, and our people amplifies our impact. report on our areas of focus and impact in this space. Sustainability Report 2021 Introduction 8

INTRODUCTION OUR PURPOSE To Advance Sustainable Economic Growth and Financial Opportunity ADVANCING THE CLIMATE TRANSITION DRIVING INCLUSIVE GROWTH Clean Energy Accessible & Innovative Healthcare Sustainable Transport Financial Inclusion Sustainable Food & Agriculture Accessible & Affordable Education Waste & Materials Communities Ecosystem Services ACHIEVING OUR PURPOSE What We Do: Our Work With Clients How We Do It: Our Firm How We Address Gaps: We will continue to develop solutions Goldman Sachs has also operationalized Our Partnerships, Engagement, that meet our clients’ needs. As they sustainability and inclusivity across our and Impact prepare for a more sustainable future — own global footprint. By extending our Sustainable, inclusive growth spans and ready themselves for the business commitments across regions, focusing beyond any one organization or impact that this change will bring — it is on our supply chain, and providing individual. We must work collectively critical that we meet clients where they our people with the tools they need to overcome challenges and impact are on their sustainability journey and to succeed, we’ve led through action meaningful shifts. That’s why Goldman look to develop customized solutions to advance sustainable business Sachs identifies strategic partners for them. We leverage the full breadth outcomes. across sectors — with expertise of our commercial franchise so that that complements our own — to fill Goldman Sachs is well-positioned to underlying gaps and address the address our clients’ unique challenges complexity together. By joining forces, and opportunities — client by client, we believe we help drive lasting change business by business, and asset by for years to come. asset. Sustainability Report 2021 Introduction 9

Our Commitment INTRODUCTION to Drive Sustainable Outcomes As a global financial institution, we recognize that capital is most powerful in advancing sustainable outcomes when deployed with a holistic lens. ~$300B $750B $167B $50B In Climate Transition In Inclusive Growth We understand that there are gaps in how capital is deployed throughout our world’s financial systems, and we seek to both illuminate those gaps and to support clients with capital, knowledge, and resources. In 2019, we crystallized our efforts with a commitment to deploy $750 billion toward sustainable finance, advisory, and investment activities by 2030. We took this step because we recognized that advancing climate transition and inclusive growth challenges will require innovation, mobilization, and united “Building a sustainable and inclusive economy efforts toward systemic change. will be no small challenge, but it’s also a huge opportunity. An energy transition that promotes Since setting our ten-year goal, we’ve achieved long-term, equitable growth will require a approximately $300 billion in commercial activity, tremendous amount of investment capital, including $167 billion in climate transition, $50 billion in and that’s why we’re using the full range of our inclusive growth, and the remainder in multiple themes. capabilities to create the innovative, commercial solutions our clients need.” Dina Powell McCormick Sustainability Report 2021 Global Head of Sustainability and Inclusive Growth, Introduction Goldman Sachs 1010

In the past year, we achieved meaningful INTRODUCTION outcomes across a number of key initiatives: $10B $1B+ $19M $3B+ Commitment in direct Raised to date from Loop Investment in Deployed in 2021 through investment capital and Money Market Funds, which Wonderschool, a Black- our Urban Investment Group, $100 million in philanthropic shares 10% of net revenues led innovative child care lending and investing in capital over the next decade to fund programs focused technology company underserved places and to address opportunity on housing and education people through real estate gaps for at least one million projects, social enterprises, Black women, as part of our and lending facilities for small One Million Black Women businesses initiative 2050 2030 150+ $2.2B Committed to aligning Committed to achieving Corporate clients In January 2021, led Shoals our business with a net net zero emissions in engaged across Technology’s IPO, the zero by 2050 pathway our operations and 12 industry groups largest-ever US-listed IPO in and shared an initial set supply chain by 2030 through our cross-firm the renewables sector of sectoral goals Decarbonization offering for 2030 1,000+ 1,172 $1B ~1,800 Released the Marquee Updated our US proxy voting Global thematic Transactions reviewed Carbon Portfolio Analytics policy to consider director environmental equity- for environmental and tool to help clients measure race, ethnicity, and sexual focused strategies topped social risk and manage their carbon orientation, as well as gender $1 billion Assets Under emissions exposure across — we voted against directors Supervision (AUS) in 2021 their equities and credit at 1,172 companies in 2021 portfolios, with more than due to lack of board diversity 1,000 unique users in the first months of launch Sustainability Report 2021 Introduction 11

INTRODUCTION Building on Our Work Over the Past 20 Years 2021 / Year-to-date 2022 • Launched One Million Black Women initiative 2020 • Issued $800 million inaugural Goldman Sachs Met many of our five-year operational Sustainability Bond sustainability goals early; inaugurated • Facilitated more than 50 diverse board Launch With GS Black and Latinx Cohort placements at client organizations • Deployed over $12 billion through our Urban 2019 Investment Group since inception • Committed to align our business with a Established our Sustainable Finance net zero by 2050 pathway and shared our Group; announced $750 billion by 2030 roadmap for progress sustainable finance commitment; set 2025 operational goals 2018 Committed to 50% global talent 2015 represented by women First of our peers to reach carbon neutrality; set new five year operational 2014 impact goals for 2020 Expanded green bond market — first century green bond, first green energy market securitization, first 2012 Latin America renewable project green bond Inaugural clean energy financing and investment target set 2009 Launched 10,000 Small Businesses initiative; 2008 committed to achieving carbon neutrality in our operations by 2020 (achieved in 2015) Launched 10,000 Women initiative 2007 Launched GS SUSTAIN, which 2005 incorporates ESG criteria into the fundamental analysis of companies to One of the first US banks to develop an identify long-term outperformers Environmental Policy Framework 2001 Sustainability Report 2021 Launched our Urban Investment Group Introduction 12

INTRODUCTION Operationalizing Our Ambition At Goldman Sachs, we have We have operationalized our ambition to meet our targets developed a firmwide commercial for shareholders, to retain top talent, and to meet the needs of our clients. With this approach, Goldman Sachs can model that leverages the full move nimbly, continually improve our offerings, and better breadth and depth of our respond to today’s challenges for our clients, our partners, franchise, with the goal of bringing and our people. Following the announcement of our 10- year sustainable finance target, we launched dedicated the best of Goldman Sachs’ Sustainability Councils within each of our business offerings to all our sustainable segments. Within each business, a divisional Sustainability Council of senior leaders provides the capacity to formulate, finance-related efforts. streamline, and scale innovation and product development. These councils have become a central point of connectivity for our firm and a catalyst for sustainability-related commercial initiatives across our business. Sustainability Report 2021 Introduction 13

INTRODUCTION GLOBAL INVESTMENT MARKETS BANKING SUSTAINABILITY SUSTAINABILITY COUNCIL COUNCIL SUSTAINABLE FINANCE GROUP CONSUMER AND WEALTH ASSET MANAGEMENT MANAGEMENT SUSTAINABILITY SUSTAINABILITY COUNCIL COUNCIL To ensure global coverage of our sustainable finance- investments has been strongest from our largest clients, related efforts, we also have regionally focused Sustainability and this year we launched an ESG diagnostic to help Councils that partner with our businesses and connect the clients identify and work toward their long-term firm to our clients. This integrated approach has allowed sustainability goals within their public market portfolios. us to deliver OneGS to our clients globally — working across the firm and leveraging the expertise of our people • Investment Banking continues to deliver holistic services to and resources across different areas of our business and our clients including integrating ESG into their financing regions to provide differentiated, innovative sustainable activities through green, social, and sustainability bonds; finance products and offerings. These councils have not issuing sustainable KPI-linked issuances; and leveraging only transformed how our clients engage with our firm equity offerings such as IPOs to enhance and accelerate on sustainable finance, but also how we mobilize our their sustainability missions. sustainability efforts as a global institution. • Asset Management facilitated our recent acquisition of • Global Markets launched a Carbon Portfolio Analytics NN Investment Partners, a leading sustainable investment offering within Marquee that provides carbon data, tools, manager in Europe. and analytics that empower clients. • Leveraging our OneGS model, we launched a new and • Consumer and Wealth Management now offers sustainable unique Decarbonization offering that leverages commercial investing solutions to clients of all sizes, from our consumer capabilities and capital solutions across the firm. to our ultra-high-net-worth business. In our Private Wealth Management business, demand for sustainable In the following sections of our 2021 Sustainability Report, we’ll dive deeper into our approach and highlight how we are executing on our strategy across climate transition and inclusive growth. Sustainability Report 2021 Introduction 14

XXSECTION 2 DClivimidatere hTreaansdlinitioen 1515

CLIMATE TRANSITION Executive Summary At Goldman Sachs, we are investing resources, capital, and expertise to support the decarbonization of our economy. Solving this complex challenge will require the contributions of many businesses, organizations, governments, and individuals. We belong to a greater ecosystem of efforts, and we must all work together to drive real and meaningful shifts. We take an integrated approach to prioritizing climate We begin Climate Transition by detailing Our Work With transition and inclusive growth across our business — in Clients across three key priority areas: our work with clients, through our partnerships, and as a firm. In our efforts to effectively mitigate climate risk • Driving Transition focuses on how we support our clients and to help accelerate the climate transition required on their decarbonization goals across all sectors and at to meet the goals of the Paris Agreement, we need to every stage of their journeys. actively engage clients, investors, advocacy groups, and multi-stakeholder organizations working to address the • Accelerating Innovation outlines how we partner with pressing issue of climate change. In executing this holistic companies who are developing innovative solutions that engagement strategy, we have identified gaps that need to help to accelerate transition in critical sectors of the be addressed to accelerate the transition to a low-carbon economy. economy, and we have channeled our resources toward • Mobilizing Capital explains how we use our research, closing them. knowledge, and expertise to drive capital and launch In this Climate Transition section, we describe how we commercial products that support clients and investors continue to deliver on our client, partner, and firmwide achieving their climate alignment and net zero goals. initiatives to enable and accelerate the global climate In Closing the Gap Through Partnerships, we address our transition — bearing in mind that our work is far from done. collaborations with other organizations and describe how we’re jointly navigating massive and complex challenges posed by the climate transition — challenges that no institution can solve alone. Lastly, Driving Sustainability in Our Own Business outlines how we are making steady, incremental progress against our net zero and ESG-related goals for our operations and supply chain. Sustainability Report 2021 Climate Transition | Executive Summary 16

Introduction CLIMATE TRANSITION Accelerating Climate Transition As climate change continues to impact global economies, businesses, and communities across the world, accelerating the transition to a low- carbon economy is more important than ever. Meeting this challenge will require nothing less than transformative changes across our economy. Goldman Sachs Global Investment Research group estimates that $56 trillion in incremental infrastructure investment is needed to achieve net zero carbon emissions by 2050. Our research estimates that half of the decarbonization required is reliant on access to clean power generation and that the decarbonization of transport, buildings, and industry will require a complex ecosystem of low-carbon technologies, including energy storage and carbon capture alongside the supply of clean power. There is also a significant challenge in that in many parts of the world, inexpensive, reliable, and clean energy is not available at scale. In addition to thoughtful public policy that considers the current dynamics of the energy system, we believe that capital markets and innovation will play a critical role in driving a just and orderly global transition — by both supporting these sectors in transition and investing in the necessary technologies and solutions that may not be available at scale today. We acknowledge that achieving decarbonization in the real economy cannot succeed without a global, united effort, which includes supportive public policy and technological advancement. Sustainability Report 2021 Climate Transition | Introduction 17

CLIMATE TRANSITION OUR PURPOSE Our approach to climate is grounded in the areas where we, as a financial institution, can drive the most material impact: ACHIEVING OUR PURPOSE What We Do: Our Work With Clients How We Do It: Our Firm How We Address Gaps: Our Partnerships, Engagement, and Impact As a financial institution, we believe the most perspectives from our holistic engagement strategy meaningful role we can play in the global climate with clients, civil society, and the public sector. By transition is to drive decarbonization in the real leveraging our experience managing sustainability and economy, in partnership with our clients. We see climate transition for our own operations, we can better significant opportunities to further mobilize the full support clients throughout their journeys. Through breadth of our franchise to support this effort. In 2005, these efforts, we’ve developed a differentiated view Goldman Sachs was one of the first major banks to of the market and can identify potential gaps — all acknowledge the scale and urgency of climate change with the aim to drive climate solutions for clients and with our Environmental Policy Framework. Since then, investors through strategic advice, innovative financing we have accelerated our efforts to integrate climate- tools, partnership on investment, and other commercial focused efforts across our business. In early 2021, we products and capabilities. made a long-term commitment to align our business with a net zero by 2050 pathway, and we shared We also recognize that clients in different industries our roadmap for progress in December, including and regions will face different paths in their an initial set of sectoral goals for 2030. As part of decarbonization journeys. We are committed to this commitment, we have developed a dynamic supporting our clients — particularly those in emerging model to engage our clients throughout their climate economies that face a more challenging transition — transition. We leverage the breadth of resources and and tailoring sustainability and climate solutions for capabilities across our business as well as insights and each client’s unique circumstance. 3,000 2.5% al b o l g 2,500 2.0% th i w t sten 2,000 si n 1.5% co bn) ath 1,500 p US$ r ( fo 1.0% ts 2050 1,000 by vestemo n zer i 0.5% re net 500 ctu frastru - 0.0% n i 202120222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044204520462047204820492050 al u n Power generation Power networks Energy storage (batteries) n A EV and FCEV charging stations Biorefineries Industry (incl. CCUS) Hydrogen plants Building upgrades/retrofits DACCS 18 as a % of global GDP - RHS

Our Work With Clients CLIMATE TRANSITION At Goldman Sachs, we leverage our OneGS model to deliver multifaceted client solutions that aim to execute on sustainability commitments. Across teams, divisions, and geographies, we constantly strive to understand the rapidly changing needs of our clients, and we work with them to advocate for comprehensive actions that address today’s pressing need for climate transition while laying the foundation for long-term solutions. We are actively engaging with clients to understand where they are in their journeys and are providing them with guidance, capital, and products curated to their distinct needs — Driving Transition across their businesses. Across our firm, we also work with clients that are at the forefront of Accelerating Innovation, delivering new solutions both within sectors as well as across the broader ecosystem that will be critical as we shift to a low-carbon economy. As we engage across the global economy, we’re also tapping into our analytics and research to identify where, when, and how we can Mobilize Capital and structure unique commercial capabilities and products to drive the greatest impact. Sustainability Report 2021 Climate Transition | Introduction 1919

Driving Transition CLIMATE TRANSITION In our Task Force on Climate-related Financial Disclosures (TCFD) report, Accelerating Transition, we shared an interim roadmap for our long-term commitment to align our business with a net zero by 2050 pathway, including an initial set of ranged targets for 2030 across Power, Oil & Gas, and Auto Manufacturing. These represent sectors of the economy where we see the most impactful opportunities to invest in new commercial solutions to drive decarbonization in the real economy through proactive engagement with our clients and deployment of the capital required for transition. Notably, we recognize that the ability for us and our clients to achieve our climate-related goals will depend on a variety of factors, including supportive public policy, technological advancement, and the ambition of clients’ decarbonization commitments. 2019 BASELINE AND 2030 TARGETS FOR OUR PRIORITY SECTORS Sector Metrics 2019 Baseline 2030 Targets % Reduction 2019-30 Oil & Gas gCO2e / MJ 72 56-60 17%-22% Power kgCO2e / MWh 417 147-219 48%-65% Auto Manufacturing gCO2e / km 152 70-77 49%-54% As part of our commitment, we have prioritized climate transition in our commercial efforts with clients, leveraging insights from our experience managing climate for our own business and our holistic engagement strategy to develop a comprehensive commercial offering that supports our clients’ low-carbon transition efforts. Fueling Transition-related Projects In addition to public sector support and technological advancement, carbon-intensive industries — such as energy and power — will require significant capital to transition to more carbon-efficient sources. In 2021, we helped accelerate capital flows into energy transition-related projects through innovative structures, including sustainability-linked bonds (SLBs), which enable clients to raise capital in a way that is aligned with their decarbonization goals. Sustainability Report 2021 Climate Transition | Driving Transition 20

CLIMATE TRANSITION Energy: Eni Italian multinational energy company Eni — considered one of the major global energy players — was the first major energy business to publish a Sustainability-Linked Financing Framework, affirming its commitment to being fully carbon neutral by 2050 and tying those goals to its financing activity. As joint sustainability structuring agent and joint bookrunner, Goldman Sachs financed the first-ever energy SLB for the company as part of its €1 billion, seven-year commitment. Power: Enel Working with Enel, the global energy company and Europe’s largest utility company by market capitalization, provides us with an opportunity to think bigger about driving sustainable global outcomes. In 2020, Goldman Sachs worked with Enel to issue the first bond linked to the UN’s Sustainable Development Goals. Building on that work in 2021, we acted as an active bookrunner on the largest-to-date SLB issuance to help the organization accelerate its sustainability goals. We continue to work with Enel as it builds toward a full range of KPI-linked transactions to help align various financing efforts and activities with its broader sustainability objectives. Vistra Vistra is an integrated electric power generation and retail company with a diversified generation portfolio, serving more than four million residential, commercial, and industrial customers. By 2030, the company expects to have approximately 90% of its generation capacity comprised of low-to-no carbon-emitting resources. In 2021, we supported the company’s ambition by serving as left lead bookrunner on a $1 billion 7.00% Green Perpetual Preferred Stock offering, the first-ever green perpetual preferred stock issuance for a US corporation. This instrument provides Vistra with capital that achieves rating agency equity credit, and the proceeds will be invested toward a range of sustainability initiatives, including its Vistra Zero zero-carbon generation portfolio. Sustainability Report 2021 Climate Transition | Driving Transition 21

CLIMATE TRANSITION Driving ESG Product Advancing Toward a Lower- Innovation Through carbon Future Transaction Banking Replacing fossil fuels with lower-carbon alternatives has the potential to make a significant impact on both emissions and We aim to build a smarter and greener treasury — and energy resource stability. Biofuels, which are widely viewed as low- by partnering with our clients, we support both their emitting assets, can help meet increasing energy needs globally. sustainability objectives and our own. Our Transaction Goldman Sachs has supported a number of transactions geared Banking Services team introduced an innovative product toward expanding capacity and driving innovation across biofuels that links yield to ESG goals — complementing our existing development. suite of ESG-related finance solutions. Xylem Restaurant Technologies Innovative, sustainable culinary products and processes have Xylem, a leading water technology company, aims to use moved to the forefront of the restaurant industry, a prime example 100% process water recycling at all major facilities by 2025. being the renewable diesel produced from cooking oil. When Our Transaction Banking team launched a new ESG-linked Restaurant Technologies — the leading provider of cooking oil Demand Deposit Account — the first of its kind in this management and back-of-house hood- and exhaust-cleaning space. By linking the yield Xylem earns on its deposits to solutions — was set to have a portion of its business acquired by this recycling goal, the solution encourages the company ECP, Goldman Sachs served as financial advisor to Restaurant to focus on its sustainability targets and drive positive Technologies and helped the company with positioning the used outcomes with even broader impact. cooking oil (UCO) portion of its business within the renewable diesel feedstock market landscape. This helped ensure Restaurant Technologies could create an ESG-friendly process of providing recycled cooking oil for its customers. Sustainability Report 2021 Climate Transition | Driving Transition 22

CLIMATE TRANSITION Decarbonization Offering THE DECARBONIZATION JOURNEY We’ve leaned into helping clients accelerate their climate-related strategies and objectives. In doing so, Goldman Sachs is developing a new and unique Step 1: Measure and Plan cross-firm Decarbonization offering to cover a full suite Understand current climate positioning, performance, and forward- of tools, delivered through our holistic, differentiated looking trajectory; set targets and develop plans to achieve them OneGS model. Our aim is a client solution that leverages • We leverage our insight as investors to provide an outside-in view on commercial capabilities and capital solutions across their climate positioning and stated or prospective targets. the firm, including Net Zero Advisory, M&A, Financing, • We identify ways to accelerate their journey with M&A and strategic investment solutions. Renewable and Alternative Fuels and Energy, Carbon Capture and Sequestration, Commercialization Strategy, and Carbon Offsets. Recognizing that different geographies, industries, and even clients within each industry are at distinct stages of their decarbonization Step 2: Reduce journey, we strive to customize solutions so they’re most relevant to our clients’ unique path to developing Reduce Scope 1 emissions (direct emissions from sources owned by the company); Reduce Scope 2 emissions or improve operational efficiency project solutions and net zero emissions. • We leverage and develop green finance for operational investments. • We raise capital and develop solutions for decarbonization and climate transition projects, including greenfield projects as well as brownfield/transition projects. As part of a new Step 3: Replace cross-firm initiative, we Replace traditionally consumed power with renewable clean power • As an active player in power and energy certificate markets, Goldman Sachs supports our clients with power risk management and spoke with over 150 financing solutions. • Our Renewable Power Group provides investment structures for on- site solar and energy storage facilities so clients can make the switch corporate clients across to renewable power. 12 industry groups on the entire spectrum of decarbonization Step 4: Offset solutions in 2021. “Offset” and neutralize unavoidable or residual emissions • We support our clients with supply, offtake, and financing solutions in the Voluntary Carbon Markets. • We also develop financial solutions for companies investing in or providing offsets, including nature-based carbon offset project platforms focused on localized social benefits and developing blue- green local economies. Sustainability Report 2021 Climate Transition | Driving Transition 23

CLIMATE TRANSITION Spotlight on Carbon Markets: Our Commercial Framework carbon markets, we offer a variety of trading, financing, and Approach and risk management solutions to help corporates and As an important tool to reduce carbon emissions, carbon investors manage their carbon exposure and meet their markets can drive reductions at the most efficient price. By sustainability goals. offering solutions within carbon markets as part of our cross- firm Decarbonization offering, Goldman Sachs can help to Setting the Scene: Carbon Pricing Initiatives on the Rise better position industries and clients for continued progress Carbon pricing initiatives, of which there are more than in their climate transition journey. 60 globally, are an important tool to achieve the emission reduction ambitions under the Paris Agreement. We believe For more than 10 years, Goldman Sachs has been active in that a global carbon price can serve as a critical path major compliance carbon markets, such as the European to advancing global net zero ambitions by incentivizing Union Emissions Trading System (EU ETS) and the California technological innovation and progress in decarbonization Cap and Trade Program. We are also active in the growing technologies. global voluntary carbon offset market — and within several industry and advisory bodies. For example, we are members While carbon pricing and taxes can be an effective policy of the “Taskforce on Scaling Voluntary Carbon Markets,” a instrument, market-based mechanisms allow the supply and private sector-led initiative working to scale an effective and demand for carbon allowances — or credits — to determine efficient voluntary carbon market to help meet the the price of carbon. These voluntary markets can effectively Paris Agreement goals. Within the compliance and voluntary aim to drive finance to activities that reduce emissions. Sustainability Report 2021 Climate Transition | Driving Transition 24

CLIMATE TRANSITION DYNAMICS AND CHALLENGES OF A NASCENT VOLUNTARY CARBON MARKET Market Demand for Carbon Offsets Carbon offset demand has increased significantly in the past few years on the back of a rapid expansion in corporate sustainability commitments. However, compared to compliance markets, the voluntary market is still quite small, with current annual trading volumes amounting to around $1 billion1 compared to roughly $750 billion annually in the EU ETS2. Demand-Side Trends Supply-Side Trends: Obstacles for As corporates set net zero or carbon neutrality targets Growth and increase their sustainability commitments, the Carbon offsets supply remains fragmented due demand has increased for carbon offsets. to a wide range of project types and a number of independent standards and associated registries. Registries play an important role in the voluntary carbon market by dictating which methodologies are viable for assessing a carbon offset project, issuing the actual credits, and keeping track of credit ownership. 1—Ecosystem Marketplace: “State of the Voluntary Carbon Markets 2021,” September 2021. 2—Anders Nordeng, Refinitiv: “Carbon trading: exponential growth on record high,” February 2022. Our Involvement in Carbon Markets Advocacy Work actions, as well as a roadmap for implementing a high- Goldman Sachs served on a private sector-led task force quality, high-integrity voluntary carbon market at pace aimed at scaling global voluntary carbon markets to help and scale. meet the goals of the Paris Agreement. The Taskforce on Scaling Voluntary Carbon Markets — launched by Mark Looking Ahead: Additional Learnings from Offset Carney, UN Special Envoy for Climate Action and finance Sourcing Initiatives advisor to UK Prime Minister Boris Johnson for COP26 — is The availability of carbon offsets from certain projects, sponsored by the Institute of International Finance. particularly nature or technology projects that remove CO2, is limited. In response, Global Markets has issued requests The task force published its blueprint on creating a large- for removal project proposals that can address client scale, transparent carbon credit trading market in January interest in the market as well as meet the firm’s own net zero 2021. The blueprint included 20 comprehensive and tangible objectives in offsetting its operational emissions. Sustainability Report 2021 Climate Transition | Driving Transition 25

CLIMATE TRANSITION Active Engagement With Our Clients, Investors, and Portfolio Companies on Climate Transition We strive to support both clients and companies that we invest in with the resources and knowledge they need to make progress on their climate transition journey, and we actively engage with companies to help drive best practices. Goldman Sachs Asset Management Stewardship Engaging Next-Generation Investors on Climate Our Global Stewardship Team seeks to promote best In Consumer and Wealth Management, our Client practices in ESG and corporate governance at portfolio Engagement Team hosted an event called the Next Gen companies through proxy voting, direct engagement, Change Makers program, highlighting the many ways clients and industry collaboration. can make a difference in their local communities and across the globe. This year’s topic was “Accelerating the Climate Examples of the Global Stewardship Team’s Transition,” and both industry experts and Goldman Sachs initiatives on climate transition include: specialists joined to discuss how consumer behavior, impact investing, and philanthropy can help drive change in sectors • Using Proxy Voting and Engagement to Improve like clean energy, sustainable food and agriculture, and Disclosure of Material Emissions Data waste and ecosystem services. In 2022, we updated our proxy voting policy to vote against directors at companies not disclosing greenhouse gas emissions considered material to their business. Since October 2020, we have engaged either directly or via letter with 271 companies to encourage disclosure of material emissions data, and through these efforts we aim to push for greater transparency at these companies. • Encouraging Targets to Reduce Greenhouse Gas Emissions We have identified companies across our portfolios that have not yet disclosed a target to reduce emissions, and we seek to engage with these companies to set and disclose targets to reduce GHG emissions. • Managing Risks Related to Biodiversity We are engaging with a targeted group of high- impact companies to understand their approach to key issues such as plastics, packaging and waste, and responsible land use while promoting accountability and best practices. For more information on how Goldman Sachs Asset Management engages with hundreds of companies around the world, please review our Stewardship Report. Sustainability Report 2021 Climate Transition | Driving Transition 26

CLIMATE TRANSITION Accelerating Innovation The level of effort required to enact While we know that driving change in the short term is a systemic change extends beyond any critical input to mitigating the impact of a changing climate, we also take an expansive view — leveraging our resources one business, organization, government, and financial expertise to help scale emerging innovation NGO, or individual. We must work across sectors that will be critical to driving economy- wide decarbonization efforts. We support companies that together, using our respective insights, face unique transition-related challenges today, while also innovation potential, and perspectives to supporting emerging markets and sectors that are evolving connect points of leverage so that we’re the way business will be done in the future. collectively driving real and meaningful shifts at the system level. Sustainability Report 2021 Climate Transition | Accelerating Innovation 27

CLIMATE TRANSITION Electrification Value Chain Catalyzing decarbonization across industries will require not Goldman Sachs supports this technology innovation and only changes at the company level but also at the system development at every stage of the value chain — from level. We’ve seen firsthand this potential for system-level helping automakers access key metals and manage price change through our work activating the full life cycle of risk in production, to advising on acquisitions for emerging electrification. In the US, the transportation sector generates electric vehicle (EV) charging network operators, to financing the largest portion of greenhouse gas emissions at 29%. Not the rapid growth of next-generation battery manufacturers. only can vehicle electrification significantly reduce emissions output, but it can also encourage technological innovation through critical areas of vehicle development, such as batteries and charging networks. Battery Materials: Price Risk Redwood Management: Materials Metals Electrification Value Chain Charging Networks: Battery ChargePoint Manufacturing: Northvolt Sustainability Report 2021 Climate Transition | Accelerating Innovation 28

CLIMATE TRANSITION Price Risk Management: Metals Battery Materials: Redwood Through the direct efforts of our Global Markets Materials Commodities team, Goldman Sachs supports the The transition to EVs will require increased battery auto industry in shifting production toward EVs and recycling capacity as well as a rapid increase in making them economically viable. We develop risk battery materials production capacity in the US and management strategies for key raw materials — or Europe. To meet demand, Redwood Materials is refined metals — and for batteries, which have a recycling batteries, optimizing battery materials, and commodity price that can account for 30% of the designing recycling programs and collaborations with production cost. Our products allow automakers to both Ford and Volvo. Our Asset Management group mitigate price risks through financial and physical invested in Redwood’s Series C equity round in 2021, hedging, and we include solutions to streamline helping to accelerate their development and further sourcing of metals. driving the transition to electric vehicles. Battery Manufacturing: Northvolt Our Asset Management group has co-led the last three equity financing rounds for Northvolt AB, the leading independent sustainable lithium ion battery “The future of fleets is electric. Adding ViriCiti’s cell supplier in Europe, totaling over $1.6 billion of vehicle management capabilities to our fleet investment in the company. Northvolt has been able portfolio … underscores the importance of software to accelerate its plans to expand manufacturing and to EV charging and will ensure operational readiness reach true scale while bringing sustainable batteries at low cost as fleets of all types across North to the automotive and energy storage industries. America and Europe continue to electrify.” Charging Networks: ChargePoint PASQUALE ROMANO President and CEO, ChargePoint We acted as exclusive financial advisor to ChargePoint, a leading EV charging network operating in North America and Europe, during its acquisition of ViriCiti, a provider of electrification for eBus and commercial vehicles. The acquisition accelerates Financing Micro-Mobility ChargePoint’s electrification of fleets and resulted with TIER in the creation of a combined charging-telematics solution designed to ensure operational readiness at Goldman Sachs helped TIER, the European a low cost. micro-mobility leader, raise $60 million to directly deploy e-scooters and its network of battery- charging stations last year. One-third of TIER’s trips replace a car ride1, with the potential to avoid ~14 kilotons of CO2 from entering the atmosphere. TIER’s new scooters also contain several hardware improvements, such as swappable batteries, that improve their energy efficiency and result in reduced emissions per trip. 1—YouGov study; SFMTA (2019): San Francisco Sustainability Report 2021 Municipal Transportation Agency. Powered Scooter Climate Transition | Accelerating Innovation Share Mid-Pilot Evaluation. 2929

CLIMATE TRANSITION Next Phase of Renewables Energy Vault Accelerating the transition to a low-carbon economy will Goldman Sachs acted as financial advisor to Energy Vault require innovative solutions that catalyze not only renewable in its $1.1 billion merger with Novus Capital Corporation II to energy generation but also improvements in energy efficiency become a public company. Energy Vault is a creator of gravity- and storage, as well as grid services to shift to a clean energy based, grid-scale energy storage solutions that recycle waste future. We work with our clients to develop market-based, products like coal ash and glass fibers from retired wind commercially viable solutions as we look to unlock the next turbine blades into energy storage. These solutions are key phase of rapid renewable expansion. to building needed energy storage infrastructure at locations where lithium battery storage or pumped-storage hydropower Marin Clean Energy may not be feasible. In 2021, Goldman Sachs executed its first renewable energy prepay transaction with Marin Clean Energy (MCE), leveraging our expertise in municipal prepays and renewables to adapt a transaction structure commonly used to procure natural gas and apply it to enable savings in the procurement of clean energy. This approach will help lower MCE’s procurement costs for existing renewable power purchase agreements over the next six years and is expected to lower energy costs by more than $14 million for the more than one million residents and businesses in the San Francisco Bay Area served by MCE. Hydrostor Energy storage is a key enabler to continued renewable energy penetration on the power grid. The existing energy grid requires significant advancement to add more renewable power to the system. Through a preferred equity financing commitment, our Asset Management group committed to invest $250 million in Hydrostor Inc., a long-duration energy technology company. The company is developing Advanced Compressed Air Energy Storage (A-CAES) technology targeting the growing long-duration “Through the deployment energy storage market globally. With A-CAES, Hydrostor of our transformative leverages existing industrial equipment with established supply chains to evolve the energy grid. technology … Energy Vault is redefining the role that energy storage companies can and should play within a circular economic framework.” Sustainability Report 2021 ROBERT PICONI Climate Transition | Accelerating Innovation CEO and Co-founder, Energy Vault 30

CCLLIIMMAATTEE TR TRAANNSSIITITIOONN GridLiance and NextEra Energy Reliance Industries Transmission In October 2021, Goldman Sachs acted as an exclusive As a company that’s well-positioned to benefit from the financial advisor to Reliance Industries on Reliance New substantial expected renewables growth over the coming Energy Solar’s acquisition of REC Solar Holdings for an years, GridLiance’s core business model is to partner with enterprise value of $771 million. REC Solar will be a key part electric cooperatives, public power, and others to plan of Reliance’s new energy vision to become a global-scale for the future of the grid — and invest in transmission photovoltaic manufacturing player with industry-leading infrastructure while improving grid reliability. NextEra Energy heterojunction cell technology. The acquisition of REC Solar Transmission develops, finances, constructs, operates, and will help equip Reliance with a ready global platform and the maintains transmission assets across North America, and opportunity to expand and grow in key green energy markets it operates through its regional subsidiaries to integrate globally, including in the US, Europe, Australia, and elsewhere renewable energy and strengthen the electric grid. Together, in Asia. these two companies can unlock opportunities for the next Capital Markets Innovation: Building generation of energy creation and delivery. Goldman Sachs served as exclusive financial advisor to Blackstone in its a $1 Billion+ Renewables Business in sale of GridLiance to NextEra Energy Transmission for $660 Japan million — including the assumption of debt — which furthered NextEra’s goal to create America’s leading competitive In the wake of the Fukushima nuclear accident, the Japanese transmission company. government overhauled its energy policy and implemented Sabre Industries a new renewables law to stimulate the Japanese renewables sector. To support that initiative, Goldman Sachs adapted the Green Project Bond Structure used in other countries When it comes to planning infrastructure that enables the to Japan’s renewable energy sector in 2013. This helped to future of the grid, Sabre is focused on providing highly provide quality debt financing to non-traditional renewables engineered, mission-critical overhead steel poles, towers, developers — many of whom did not have a long-standing battery storage solutions, and related services for electrical relationship with Japanese banks. We are proud to have utility and telecom end markets. Sabre Industries’ work is supported a significant contribution to renewables key to modernizing and strengthening the US electrical deployment in Japan by having arranged an over JPY100 transmission and distribution grid, safely and efficiently billion bond issuance for 86 renewable power facilities with a interconnecting rapidly growing renewable generation cumulative capacity of 338.9 megawatts. Today — more than capacity and battery storage facilities, and expanding ten years after the Fukushima accident — Japan has become 4G and 5G wireless telecom infrastructure for enhanced a world leader in renewables deployment. network reliability and connectivity. In 2021, Goldman Sachs provided financing of $1 billion to Blackstone Energy Partners in its acquisition of Sabre Industries, continuing In addition, Goldman Sachs served as sole arranger on Blackstone’s focus on investing in companies that support Canadian Solar’s JPY8.1 billion ($75 million) green project the transition to cleaner, more affordable energy. bond that combines a dual tenor structure with a multi- asset cross-collateralization scheme to finance three solar projects in Japan, with a peak combined generating capacity of 43MW. The bond was awarded the highest “Green 1” rating under the Japanese Green Bond guidelines by the Japan Credit Rating Agency and also won green Project Bond of the Year as part of Environmental Finance’s Bond Awards 2022. Sustainability Report 2021 Climate Transition | Accelerating Innovation 31

CLIMATE TRANSITION Waste and Materials Sustainable Food and We believe that advancements in waste and material Agriculture management will promote sustainable production and consumption, support increased resource efficiency, and Food and agricultural production drives a significant portion drive commercial success. of global emissions today and it is critical to shift to more sustainable global production practices. Our work increases Oikos value across the full supply chain — from agricultural production through storage, processing, and distribution — When Goldman Sachs acquired a majority stake in Oikos and improves environmental quality control to enable more — Germany’s second-largest provider of high-quality sustainable outcomes, from farm to table. prefabricated homes — in May 2021, we embarked on a journey toward further accelerating the decarbonization Miyoko’s of the housing industry. While traditional brick and mortar homes can cause significant environmental cost and GHG Miyoko’s Creamery Inc. is a leading plant milk creamery with emissions during production, Oikos’ homes are made from artisanal, fermented plant-based butter and cheeses that environmentally friendly materials with the goal of resulting in are loved by chefs, foodies, and consumers. Miyoko’s is a lower emissions. Oikos also has a strong sustainability focus market leader within alternative dairy and has an established along its entire value chain. We helped the company identify presence in the natural retail channel, with efforts underway numerous initiatives that fully align with the goals in the to expand into conventional (Target, Publix, Walmart), club Paris Agreement — including phasing out diesel-powered (Costco), and food service. The company’s mission is to production vehicles, investing in new heating systems, reduce the planetary impact of the human diet through a installing solar photovoltaic systems on its plants, and shift to plant-based foods, which have a significantly lower extending the environmental commitment along the supply carbon footprint and require less water relative to animal chain through purchasing FSC/PEFC-certified timber from protein. With their products, the company is also dedicated responsibly managed forests. to reducing the number of animals inhumanely used in our global food system. To support their goals, Goldman Sachs Asset Management invested $12.5 million into Miyoko’s in Oikos is accelerating decarbonization in the housing July 2021 as part of the company’s $40 million industry with approximately 99% lower CO2/sqm emissions Series C financing. over traditional houses and approximately 80%–90% environmental cost advantage. Nature’s Fynd TemperPack Nature’s Fynd, a food technology company, has developed a new protein that is highly nutritious and contains 51% protein by dry mass and all 20 amino acids used by the human Goldman Sachs Asset Management invested in TemperPack, body. The protein’s structure is versatile, which allows it to a leading manufacturer of sustainable thermal insulation be manufactured into different form factors across meat and for cold chain packaging. The new funding will expand dairy. Nature’s Fynd’s protein production is more resource- TemperPack’s capacity for protective materials technologies, efficient than that of other proteins, such as soy and pea grow its geographic footprint, and extend its customer reach isolates, with a lower cost at scale, enabling it to produce the — helping to keep plastic waste out of the environment and protein with a fraction of the land (99% less) and water (99% reduce carbon emissions. less) that meat production requires. Sustainability Report 2021 Climate Transition | Accelerating Innovation 32

Mobilizing Capital CLIMATE TRANSITION To transition to a low-carbon economy, an estimated $100 trillion to $150 trillion¹ in capital will be required to decarbonize the hardest-to-abate sectors over the next GS SUSTAIN provides a mosaic-based approach to three decades. assessing ESG under five principal areas: Governance, Operational Environmental and Social Performance, Product To support this work, we tap research and analytics tools Alignment, Controversies, and ESG Fund Holdings. By and teams from across the firm to inform our decisions analyzing data from ESG data providers and GIR equity and our approach to engaging with clients. We also analysts, the GS SUSTAIN team has identified what it create new products and services across a full range of believes to be the most relevant metrics through which to asset classes to provide differentiated, performance- evaluate ESG engagement for more than 7,000 companies. driven strategies that fit each client’s needs. 1—Global Financial Markets Association and Boston Consulting Group: “Climate Finance Markets and the Real Economy,” December 2020. Many of these metrics have been externalized via API so that clients can now analyze their portfolios through GS SUSTAIN’s Differentiated Insights and ESG lenses. In addition, GS SUSTAIN’s offering now includes an assessment of how these companies align with the Capabilities United Nations (UN) Sustainable Development Goals and the EU Taxonomy, which provides clients with further insight into potential revenue eligibility or alignment. We leverage proprietary insights and intelligence from our Global Investment Research (GIR) group to drive performance for our clients as they navigate the climate transition. By leveraging our industry-leading research and GIR expects that Green Capex will be the dominant driver analysis, our clients are better equipped to make decisions of global infrastructure over the next decade, with $6 trillion that drive results. of investment needed annually to decarbonize the world, address water needs, and shore up transportation and other GS SUSTAIN critical systems. Formed in 2007, the GS SUSTAIN team provides GS SUSTAIN’s 2021 publication, Green Capex: Making thought-leading research, data tools, and analysis that Infrastructure Happen, addresses the products and equip investors, companies, and other stakeholders with technologies that need investment, what is on track, resources to understand how innovation, regulation, where there is capacity for additional Green Capex among and implementation of ESG factors influence investment publicly traded companies, sectors where Green Capex is outcomes and broader capital flows. needed more urgently to help alleviate future supply-chain bottlenecks, and how companies investing in Green Capex Through GS SUSTAIN, our Global Investment Research have received support from equity markets. group has been at the forefront of bringing greater investor attention to the importance of ESG factors as a way of understanding how companies are managing 21st-century business risks. GS SUSTAIN published a thematic outlook In concert with the rest of the firm, GS SUSTAIN led our 2021 for investing as ESG focus shifts “From Aspiration to Action.” Global Sustainability Forum, attended virtually by more than 1,000 clients. Sustainability Report 2021 Climate Transition | Mobilizing Capital 3333

CLIMATE TRANSITION Carbonomics To guide clients through their transition to a net zero have the potential to be involved in cross-border transport, economy, we need to understand the economics that shape with the total addressable market for hydrogen generation it. Carbonomics is Goldman Sachs’ GIR’s flagship research alone having the potential to double to around $250 billion series that focuses on the economics of decarbonization by 2030 and reach over $1 trillion by 2050. and sustainable growth. Carbonomics’s — “Introducing the GS Net Zero Carbon On November 16, 2021, we hosted our second Carbonomics: Models and Sector Frameworks” The Green Engine of Economic Recovery Conference virtually from London. With more than 6,000 registered • A global transition to net zero will require decarbonization attendees, the conference provided a platform for 40 CEOs of leading corporates as well as key policymakers to speak across multiple industries and sectors, with existing on their strategies for delivering sustainable growth across and emerging clean technologies playing a critical role key global industries. in driving the pace of decarbonization. In this report, Goldman Sachs Research presents modeling for two paths to net zero carbon, with two global models of Marquee decarbonization by sector and technology, leveraging the team’s proprietary Carbonomics cost curve. The report Access to data is critical for investors to make sustainable finds a wide range of investment opportunities associated investment decisions. Marquee — Goldman Sachs’ digital with what GIR believes are the key infrastructure marketplace for our institutional investor clients — delivers milestones required to achieve net zero emissions by unparalleled, cross-asset access to global markets. The 2050, with an expectation for a cumulative $56 trillion platform allows us to share the analytics, data, and tools of green infrastructure investments to reach net zero, that we use internally with our clients. With the Marquee encompassing >2% of GDP by 2032. ESG client portal, our clients gain access to a range of ESG capabilities, tools, and resources — including ESG • GIR also translates its global net zero models into pathways commentary, thought leadership pieces across asset for emission intensity reduction for 30 key emitting classes, ESG fund flow analytics, ESG thematic baskets, and corporate industries, providing alternative energy transition ESG datasets. In addition, when equity or corporate credit scenarios for investors and corporates to leverage. clients use our pre-trade analytics within Marquee, they can compare the Environmental & Social (E&S) and Governance Carbonomics’s — The Clean Hydrogen Revolution (G) rating of their portfolio to a benchmark using Goldman • GIR believes it is now time to revisit the clean hydrogen Sachs’ proprietary SUSTAIN methodology, which covers theme as policy, affordability, and scalability seem to be more than 7,000 companies and 52 sectors. converging to create unprecedented momentum for the Carbon Portfolio Analytics on Marquee clean hydrogen economy. In this report, GIR analyzes We recently announced the launch of Carbon Portfolio this critical pillar to any aspiring net zero path, aiding the Analytics on Marquee, which allows clients to analyze their decarbonization of around 15% of global GHG emissions, portfolios through a carbon lens. Housed within Marquee’s with an estimated $5.0 trillion worth of cumulative portfolio analytics ecosystem, Carbon Portfolio Analytics investments required in the clean hydrogen supply chain. helps clients measure and manage their carbon footprint. The report highlights that clean hydrogen can develop Beyond providing carbon data, this new offering provides into a major global market, impacting geopolitical patterns tools and analytics designed to empower clients to better in energy supply, and examines the case for international understand their portfolio risks and opportunities from a trade, concluding that 30% of global hydrogen volumes carbon perspective — and can even inform their investment decisions. Sustainability Report 2021 Climate Transition | Mobilizing Capital 34

CLIMATE TRANSITION Investing for the Future Beyond insights, the global shift to net zero and expansion based on BNEF estimates of a company’s value attributable of more carbon-efficient resources represents an important to its activities across the clean energy themes of wind investment opportunity. We are committed to developing energy, energy storage, clean power, networks, digitalization, products and solutions that help our clients and investors bioenergy, solar energy, and hydrogen energy. capitalize on the opportunities presented by these changes. Global Environmental Impact Strategy Bloomberg Goldman Sachs Clean Energy Equity Index Goldman Sachs Asset Management has developed an In February 2021, our Asset Management group and investment product that seeks to keep investors on the Bloomberg launched a clean energy equity index, building right side of disruption by moving beyond backward-looking on the strength of our partnership to direct capital and benchmarks to identify innovative, attractively valued utilize data in the fight against climate change. We jointly companies aligned with durable secular growth themes. recognize the significant global investments necessary for The product in the US focuses on companies that seek decarbonization — coupled with declining renewable energy to provide solutions to environmental problems aligned costs and ever-increasing technologies for renewable with five key themes: clean energy, resource efficiency, energy. We developed the index using a proprietary sustainable consumption, the circular economy, and water approach informed by insights from BloombergNEF sustainability. (BNEF) analysts, who identify companies that are active and impactful in their respective sectors as well as assess their exposure to clean energy. This data-driven approach Global thematic environmental equity-focused strategies topped $1 billion AUS in 2021. selects securities from the broader Bloomberg World Index, Sustainability Report 2021 Climate Transition | Mobilizing Capital 35

CLIMATE TRANSITION ActiveBeta® Paris-Aligned US Large Cap Equity Strategy NN Investment Partners Goldman Sachs Asset Management has launched a Paris- Goldman Sachs announced the completion of the aligned investment strategy that seeks to align with the goals acquisition of NN Investment Partners from NN Group N.V. of the Paris Climate Agreement to combat climate change for €1.7 billion. With a heritage dating back almost 175 years, and its effects. The purpose of our Paris-aligned investment NN Investment Partners is a leading sustainable investment approach is to decarbonize public equity investment manager in Europe. NN Investment Partners will be integrated portfolios and increase investment in climate solutions in into Goldman Sachs Asset Management with the company’s a way that is consistent with a 1.5°C net zero emissions more than 900 professionals joining the Goldman Sachs future, in line with the stated goals of the Paris Agreement. family. The Netherlands is now an important location in The strategy supports many investors’ growing desire to Goldman Sachs’ European business and a center of reduce carbon emissions and more deliberately manage the excellence for sustainability in public markets investing. The transition to a low-carbon economy through our rules-based acquisition brings Goldman Sachs’ assets under supervision and transparent approach. to approximately $2.8 trillion1 and affirms its position as a top five active asset manager globally with leading franchises in Just Climate fixed income, liquidity, equities, alternatives and insurance In October 2021, Goldman Sachs Asset Management asset management. NN Investment Partners has been Imprint (“Imprint”) announced its strategic partnership with successful in incorporating Environmental, Social and Generation IM in the foundation of Just Climate. The mission Governance (ESG) factors across its product range, with ESG of Just Climate is to limit the global temperature rise to 1.5°C criteria integrated into approximately 90% of assets under by catalyzing and scaling capital toward the most impactful 2. Over time, Goldman Sachs Asset Management supervision climate solutions. Our Asset Management group served intends to leverage the expertise of NN Investment Partners as a founding strategic partner in Just Climate alongside to complement its existing investment processes, helping the Microsoft Climate Innovation and Development Fund, Ireland firm to deepen ESG integration across its product range and Strategic Investment Fund (ISIF), IMAS Foundation, and deliver on clients’ sustainable investing priorities. Harvard Management Company. 1—All data as of December 2021. Structured Notes Issuance 2—NN Group: “N.V. Annual Report 2021.” 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 “This acquisition advances our investments on indices that can filter and reflect ESG considerations. French accounts led the European demand commitment to put sustainability at the for products linked to third-party ESG indices, and we’re heart of our investment platform. We starting to gauge growing interest from the APAC region. are excited to welcome the talented While sector exclusions and absolute scores remain popular, team at NN Investment Partners, a there has been a wider variety of approaches used by center of excellence in sustainable clients as they seek out improvers in this space. To help meet the increasing demand for environmental and climate- investing, to Goldman Sachs and related products, S&P launched a range of indices that together we will focus on delivering were exclusive to Goldman Sachs and designed to meet long-term value to our clients and Paris Aligned Benchmark and Climate Aligned Benchmark shareholders.” requirements. DAVID SOLOMON Sustainability Report 2021 Chairman and Chief Executive Officer, Climate Transition | Mobilizing Capital Goldman Sachs 36

CLIMATE TRANSITION Closing the Gap Through Partnerships The climate challenge is complex and cannot be addressed by any one firm alone. This reality requires partnership, which is why we consistently engage external stakeholders and establish strategic partnerships with other organizations to complement our work with clients. In particular, we look to work collaboratively with partners whose strengths and areas of focus complement our own, such as in regional and emerging markets where there may be varying paths to climate transition. Driving Sustainable Growth in Emerging Markets Through Partnerships Emerging markets are critical to the overall transition to a Financial Markets Association (GFMA) report Climate Finance net zero future. In the past 10 years, annual global energy Markets and the Real Economy, demand for resources and transition investment notably increased, from $290 billion capital in Asia is estimated at $66 trillion — 55% of the total in 2011 to $501 billion in 2020. While emerging markets investment required for a complete global climate transition. accounted for an increasingly large share of global investment, high-income economies have been pulling ahead The largest investment need by sector is for electrification of in recent years, with high-income markets recording a 24% technologies and processes and the corresponding switch year-on-year increase in investment, while emerging markets from fossil fuel-based power to renewable power. To achieve experienced a 21% contraction in 20201. We are firmly this, we need clean energy investment to reach five to eight committed to leveraging our position to drive capital toward times the amount of current levels. regions of the world that have the greatest need, and we are looking for ways to alleviate the financial burden of moving A lack of urgent action today will result in significantly higher from high-carbon to more sustainable economic solutions. need for climate adaptation and mitigation investments tomorrow. The need is clear: we need more investment, From engagement with external stakeholders to collaborative at a faster pace, in emerging markets, such as South and program development and philanthropic initiatives, we Southeast Asia. We believe that regional partnerships are key leverage our full toolkit to identify and support growth to achieving this goal. and opportunity in these areas, creating a wide range of 1—Climate Finance Leadership Initiative: “Unlocking Private Climate Finance cascading solutions. in Emerging Markets,” April 2021. Among the world’s emerging and regional markets, Asia has tremendous potential for decarbonization but requires the heaviest level of outside investment. According to the Global Sustainability Report 2021 Climate Transition | Closing the Gap Through Partnerships 37

CLIMATE TRANSITION The Climate Innovation and Development Fund With Bloomberg Philanthropies and the Asian Development Bank (ADB) Last April, we announced the Bloomberg Philanthropies and Goldman Sachs Climate Finance partnership in an effort to drive more capital and develop tools that equip investors to accelerate climate transition and address the needs in emerging markets, such as Asia. Together with the ADB, we launched the Climate Innovation and Development Fund to deploy capital and catalyze investment in clean energy projects across South and Southeast Asia, with a special focus on India and Vietnam. Structured as a blended financing facility, the fund is seeded with $25 million of grant capital and has the potential to unlock up to $500 million in private-sector and governmental investments in critical solutions to accelerate technologies and markets for a net zero future. Managed by the ADB, the fund will target projects with direct, measurable, and positive climate-related outcomes, including clean energy systems, sustainable transportation, and energy efficiency. “India and Vietnam are dynamic and growing markets, and both have the potential to lead the way in the global fight against climate change. This fund will give them access to the capital and direct investment they need to do just that, and I’m looking forward to working with our partners at Goldman Sachs and the Asian Development Bank as we expand our efforts in the region and help other countries do the same.” MICHAEL R. BLOOMBERG Founder, Bloomberg LP and Bloomberg Philanthropies Sustainability Report 2021 Climate Transition | Closing the Gap Through Partnerships 3838

CLIMATE TRANSITION Meeting the Net Zero Challenge in Asia As part of a special miniseries on Exchanges at Goldman Sachs, Accelerating Transition, Goldman Sachs Global Head of Climate Strategy Kara Mangone spoke with the Asian Development Bank (ADB) Vice President Ahmed Saeed about a unique effort that connects public and private sectors to leverage capital to accelerate the transition to a net zero future in Asia. KM: What are the key priorities for the Asian Development Bank? What are your top strategic priorities today? AS: We’re working with governments to provide them with the financing they need to do the things they must around building sustainable infrastructure and around mitigation and adaptation planning in a number “Our role as we see it in that process of different ways. But those sums will simply not be is to become a better collaborator achievable through the public sector alone, and we need the private sector to step up in a big way. Our and partner.” role as we see it in that process is to become a better collaborator and partner. AHMED SAEED Vice President for East Asia, Southeast Asia, KM: What does this partnership look like for you? and the Pacific, Asian Development Bank AS: Firstly, the fact that the private sector needs to act doesn’t mean that the private sector has all the tools it needs at its disposal. In particular, the interface with government is absolutely critical. And so multilateral KM: One of the solutions is going to be pulling together development banks have a very unique role to play different sources of capital — how do you see this in helping the private sector engage government. … playing out in markets? The Climate Innovation and Development Fund with AS: Decarbonization is development. The single greatest Bloomberg and Goldman Sachs is one example of a opportunity that countries in Asia and elsewhere in the very high-impact collaborative model. world will find to mobilize capital — and capital married to skills and technology to come into their countries — is going to be around decarbonization agendas. I really think the biggest opportunity in emerging markets is to pivot from a conversation that this is a price to be paid to a dialogue that says, “Wow, this is an unbelievable opportunity to improve the livelihoods of people.” And I think it happens to be true. Sustainability Report 2021 Climate Transition | Meeting the Net Zero Challenge in Asia 3939

CLIMATE TRANSITION Partnerships & Commercial Initiatives in India China’s Path to Net Zero India is the world’s third-largest energy consuming country, China has pledged to achieve net zero carbon by 2060. driven by rising incomes and improving standards of living. China’s commitment represents nearly half of global Energy use has doubled since 2000, with 80% of demand emissions and two-thirds of the global emissions from still being met by coal, oil, and solid biomass¹. countries that have pledged to net zero. Reducing carbon emissions could transform China’s economy and critically India’s clean energy transition could demonstrate to the advance global net zero goals. world that robust economic expansion can be compatible with emission reduction and achievement of other Through our Carbonomics — China Net Zero: The Clean development goals. As new industrial sectors emerge and Tech Revolution report, we modeled the country’s potential clean energy jobs grow, the country will need to ensure path to net zero by sector and technology, laying out $16 that no one is left behind, including regions that are heavily trillion of clean-tech infrastructure investments by 2060 that dependent on coal today. could create 40 million net-new jobs and drive large-scale 1—International Energy Agency: “India Energy Outlook 2021: World economic growth. Energy Outlook Special Report,” February 2021. Climate Innovation and Development Fund The Green Finance Working Group The Climate Innovation and Development Fund Goldman Sachs, together with the China-based will tackle investment opportunities with direct, International Finance Forum (IFF), launched a measurable, and positive climate-related outcomes Green Finance Working Group in December 2021. in the most carbon-intensive areas across India, Co-chaired by John Waldron, President and Chief including sustainable transport. Operating Officer of Goldman Sachs, and Zhu Xian, Vice President and Secretary-General of the IFF, the group will facilitate dialogue on climate action among senior executives from global corporations and researchers from leading institutions to push forward a solutions-focused dialogue on how best to leverage green finance and capital markets as key tools to mitigate climate change and transition to a low-carbon economy. Climate Finance Leadership Initiative (CFLI) The CFLI is an industry-led initiative to unlock private capital to help finance the low-carbon transition in emerging markets. CLFI has piloted a Goldman Sachs Asia Pacific Sustainability program to strengthen the enabling environment for Conference 2021 the climate transition in India and accelerate private Goldman Sachs hosted an inaugural Asia Pacific capital to drive this transition. We are a founding Sustainability Conference last year to help advance member of this pilot, and through collaboration regional dialogue on this key area of focus. with the government of India, the multilateral community, and local stakeholders, CFLI India will Singapore Green Finance Center (SGFC) seek to accelerate financing for opportunities in We continue our support and partnership with the enabling infrastructure for renewables; water and SGFC, Singapore’s first research institute dedicated waste infrastructure for a circular economy; scaling to green finance and talent development for Asia. The electric mobility and charging infrastructure; and only US bank among SGFC’s founding members, we innovations for decarbonizing difficult-to-abate now serve on the Advisory Board, contributing our Sustainability Report 2021 Climate Transition | Meeting the Net Zero Challenge in Asia insights to help guide strategic direction. 4040 sectors, including hydrogen.

CLIMATE TRANSITION Featured Global Industry Partnerships and Memberships To unlock the financial sector’s full capacity to aid in the UN Principles for Responsible Banking global climate transition, participants will need to overcome The UN Principles for Responsible Banking is a platform significant data, analytic, and economic gaps. Addressing these for partnering with the financial sector to deliver on the challenges will require significant innovation and coordination Paris Agreement goals. As a member, Goldman Sachs across the financial sector — and we are leaning in. acknowledges the broad, collaborative industry effort required to address climate change. Using this platform to OS-Climate collaborate with our clients, peers, and broader stakeholders, Goldman Sachs is the founding US bank member of OS- we are committed to setting business-related climate goals. Climate, a cross-industry coalition and open-source platform for climate data and analytical tools that will be critical for Rocky Mountain Institute and Center for clients to achieve their net zero ambitions. This collaborative Climate-Aligned Finance nonprofit platform will develop open-data and open-source We are a founding partner of the Center for Climate-Aligned analytics for climate risk management and climate-aligned Finance, which was established by the RMI in July 2020 finance and investing. We look to contribute our expertise in to help the financial sector transition the global economy climate risk, product development, and financial reporting to toward a zero carbon, 1.5°C future. With deep partnerships support better tools to help all companies, asset managers, in finance, industry, government, and civil society, the and investors more consistently and effectively evaluate center works to develop decarbonization agreements within progress against decarbonization goals. high-emitting sectors, build global frameworks for climate alignment, and support financial institutions in decarbonizing GFANZ Net Zero Banking Alliance their lending and investing. The Net Zero Banking Alliance is a UN-sponsored and bank- led platform that develops standards for bank commitments 2021 was also a landmark year for sustainable finance to net zero. As an alliance member, Goldman Sachs remains regulation in the US and across the world. As we continue committed to partnering with our clients, industry peers, and to support our clients as they look to adapt to these policymakers to deliver in the transition to net zero. developments and also assess potential impacts of public policy on our own business, we engage with policymakers Sustainable Markets Initiative (SMI) and industry associations on issues of importance to our Launched by Prince Charles at the World Economic Forum in firm, our clients, and the global communities in which we 2020, SMI aims to create global engagement, inspire change, work. We remain focused on advocating for core principles and accelerate investments toward sustainable markets. across issues of importance to us and our clients, including Flagship initiatives include “Terra Carta,” a charter that carbon pricing and thoughtful policy, which support the provides a roadmap to 2030 for businesses to put nature, private sector’s role in helping to drive the climate transition. people, and the planet at the heart of global value creation driven by the private sector. Last year, Goldman Sachs joined the SMI Financial Services Taskforce, which brings together executives from the world’s largest banks to work on meaningful and actionable plans to help accelerate a global transition to a sustainable future. Sustainability Report 2021 Climate Transition | Meeting the Net Zero Challenge in Asia 41

Driving Sustainability in Our Own Business CLIMATE TRANSITION Our Net Zero Journey: Incremental Progress Early last year and in conjunction with the announcement Supporting behavior change among our people will contribute of our long-term commitment to align our financing to reducing our firm’s emissions footprint by making more activities with a net zero by 2050 pathway, we expanded sustainable choices in how we work and travel. In Bengaluru, our operational carbon neutrality commitment with a goal we introduced 40 electric vehicles to our employee to achieve net zero carbon emissions in our operations and commutation program, and we plan to increase this to 150 supply chain by 2030. in the coming year. As part of a developing Green Traveler program, we are exploring ways to provide increased internal Our net zero carbon strategy focuses on five key areas transparency on business travel and commuting impacts, across our operations and supply chain. These five key areas which will help our people understand how their actions can include increasing energy efficiency in our buildings, sourcing support our efforts. renewable energy, engaging with our vendors, encouraging behavior change among our people, and purchasing carbon We also recognize that a portion of our journey to net offsets for the emissions that we cannot reduce. zero will require investments in carbon removal offsets to neutralize the emissions we are unable to eliminate through Increasing energy efficiency in our buildings is paramount the four strategies above. This has presented an opportunity to our net zero journey. To do this, we have continued to to partner with our financing and global markets groups to focus on reducing our energy consumption through LEED explore carbon removal projects and bring new solutions to certified smart building design and upgrading equipment to the market that we and our clients can leverage. maintain ongoing operational efficiency. We also continue to source renewable energy for 100% of our electricity use. With an increase in corporate net zero commitments over In the past year, we signed long-term solar power purchase the last year, demand for carbon removal has risen faster agreements, which will position us to achieve our 2025 than existing projects can supply. Through collaboration, target of sourcing 80% of our renewable energy from long- we hope to support the nascent carbon project market term, impactful agreements. challenges by connecting corporate needs and available capital, while navigating developing standards, regulations, Engaging with our vendors is an important step in and transparency. addressing Scope 3 supply chain emissions and is critical to achieving our 2030 net zero carbon commitment. In 2021, to facilitate dialogue with our vendors around their own emissions management programs, we joined CDP Supply Chain as a lead member. Through this program, we engaged with vendors representing a majority of our supply chain emissions to gain a better understanding of their GHG emissions and climate actions. We also integrated standard climate-related RFP and vendor assessment questions in our sourcing and vendor review processes. Combined, this information will allow us to build further dialogue with our vendors to support and catalyze their own decarbonization journeys. Sustainability Report 2021 Climate Transition | Driving Sustainability in Our Own Business 4242

CLIMATE TRANSITION Progress Toward Our 2025 Goals In December 2019, we established a set of 2025 ESG targets with the aim of minimizing the environmental impact of our operations, while enabling collaborative partnerships that help us to drive market transformation. PROGRESS TOWARD 2025 ESG AND NET ZERO COMMITMENTS Category 2021 Status 2025 Goal Carbon, Energy, and Business Travel Reduce energy intensity by 20% from a 2017 baseline for offices -36% -20% under operational control Establish a Green Traveler program for Goldman Sachs employees to In progress minimize the environmental impact of business travel Water Achieve 20% reduction in water use for all new construction and In progress major renovation projects Reduce water intensity by 15% from a 2017 baseline for offices under -47% -15% operational control Plastics Remove 100% of plastic beverage bottles and disposables from on- In progress 100% site cafeterias, micro-markets, and vending machines globally Reduce the amount of firm-provided office supplies that contain In progress plastic Sourcing Reduce internal paper use per-capita by 30% from a 2017 baseline -79% -30% Events/Hospitality Procure 100% green cleaning products for on-site cafeterias globally 40% 100% Procure 50% sustainably sourced food for on-site cafeterias globally 21% 50% Supply Chain Assess 100% of global vendors for ESG risks 60% 100% Increase spending with diverse vendors by 50% from a 2020 baseline 26% 50% Already met or exceeded commitment On track to meet commitment Sustainability Report 2021 Climate Transition | Driving Sustainability in Our Own Business 43

CLIMATE TRANSITION Progress Toward Our 2025 Goals 2021 is the first year for reporting progress toward our efforts. While COVID-19 continued to have an impact on our operations and supply chain during the last year, we remained focused on our commitments. • We increased our efforts to advance smarter sourcing • We continue to maintain carbon neutrality for Scope choices for the cleaning products used in our offices 1, Scope 2, and Scope 3 business travel emissions, and and the food offered in our cafeterias. Currently, 40% we neutralized these emissions through a combination of of our cleaning products and 21% of our food are carbon removal and avoidance offset credits. We intend to sustainably sourced. These products are either certified continue working with our investment team to increase our by an approved standard or meet outlined criteria to be sourcing of carbon removal credits each year as we work classified as environmentally preferred. We are continuing toward phasing out carbon avoidance offsets by 2030. to work with key vendors toward meeting our commitment of 100% green cleaning products and 50% sustainably • Our Scope 1 and 2 emissions increased by 60% from sourced food by 2025. 2020 to 2021 but are 25% lower than our 2017 baseline. This year-over-year change reflects an increase in activity • We continue to progress our strategy to remove 100% as our people began to return to offices, and challenges of plastic beverage bottles and disposables from on- in sourcing market-matched renewable energy in certain site cafeterias, micro-markets, and vending machines locations, specifically Singapore. We continue to seek globally, as well as reduce the amount of firm-provided opportunities for further reductions. office supplies that contain plastic by 2025. Over the past year, we have reverted to compostable disposables in our • As of 2021, 74% of our global square footage has been offices following a temporary hiatus in 2020 due to health LEED certified. All newly certified facilities are LEED concerns and supply chain challenges. Gold or equivalent, with the exception of two LEED Silver certified properties that had leases signed prior to 2021. • With many employees working from home in 2020 and Also, 100% of our facilities continue to be ISO 14001 2021, we achieved a 79% reduction per-capita on our certified, and all our on-site events continue to be 100% internal paper use, far exceeding our 30% reduction ISO 20121 certified. target. We will continue to monitor paper use in offices as our staff fully returns to offices. • In 2021, the energy and water intensity of our offices decreased by 36% and 42%, respectively, from a 2017 baseline. As a result, we have already exceeded our energy intensity target of 20% reduction and our water intensity target of 15% reduction by 2025. We will be closely monitoring performance of these metrics as staff fully returns to our offices. • We continue to procure 100% renewable energy for all of our global electricity consumption — and work toward our commitment to have 80% of this from long-term contracts. Sustainability Report 2021 Climate Transition | Driving Sustainability in Our Own Business 44

CLIMATE TRANSITION Sustainable Supply Chain vendors’ controls to prevent environmental, modern slavery, Management and human trafficking issues. We continue to educate our vendor managers and sourcing Last year, we further enhanced our ESG requirements professionals on the issue of modern slavery and human and controls within both our sourcing and ongoing vendor trafficking in the supply chain. Last year we invited nonprofit management processes, developing a suite of ESG Hope.Inspire.Love to speak to our sourcing teams and standards for all vendors to meet. We made significant provide a better understanding of human trafficking issues in progress toward our commitment to assess 100% of vendors the US, including how to spot the signs of human trafficking for ESG risk, with new risk screening criteria embedded into and how to take action against it. This year, we will continue our vendor management platform, with the aim of identifying to partner with organizations at the forefront of these issues vendors with higher inherent ESG risks. This in turn enabled to educate and raise awareness. us to conduct deeper ESG assessments focused on our Sustainability Report 2021 Climate Transition | Driving Sustainability in Our Own Business 45

CLIMATE TRANSITION Looking Ahead: Climate Change and Biodiversity The climate challenge is complex and will require transformative change across our economy to both mitigate further global warming and establish measures to protect the most vulnerable from the impacts we’re already seeing. Our interim roadmap for net zero and 2030 sectoral targets are a key step forward in our journey to align our financing portfolio to a net zero pathway by 2050. Our initial focus is on building our infrastructure to increase efficiency and scalability of carbon intensity analysis to support our clients’ decarbonization efforts. Over time, we plan to further embed these targets into our business practices and risk management framework — and expand our target-setting framework to include additional sectors that are important to our financing portfolio. As we look forward, our climate commitment extends beyond our long-term net zero pledge. Biodiversity is just one area where we see growing interest from clients, investors, and broader stakeholders from both a risk and opportunity perspective. Forests are critical for the environment and provide livelihoods for people across the world. They also act as carbon sinks, sequestering carbon dioxide from the atmosphere. Deforestation and degradation of forests remain significant challenges in many regions — and both are major contributors to greenhouse gas emissions. In addition, the ocean constitutes the vast majority of habitable space on our planet and contains a significant portion of the world’s biodiversity. The ocean is critical to the functioning of our planet, as this natural resource absorbs carbon dioxide emissions from the atmosphere. Ocean biodiversity is also a crucial source of income for many communities around the world, and the effects of climate change on ocean biodiversity will have economic impacts around the world. Sustainability Report 2021 Climate Transition | Looking Ahead 46

CLIMATE TRANSITION In addition to supporting the health of communities with the Conservation Fund. We recognize the importance of and the planet, nature and biodiversity have significant critical natural habitats that have high biodiversity value and economic value and are important to driving include areas that are under legal or proposed government sustainable growth: protection. We have established related environmental and social risk guidelines as part of our firmwide transactional • According to the World Economic Forum, more than half of due diligence process, and we have committed to forgo the world’s GDP, $44 trillion of economic value generation, financing any projects or initiating loans where proceeds is highly or moderately dependent on nature. would significantly convert or degrade a critical natural habitat. • The World Economic Forum also reports that, together, the three largest sectors that are highly dependent on nature Goldman Sachs is also a member of the forum for the generate close to $8 trillion of gross value added (GVA): Taskforce on Nature-related Financial Disclosures (TNFD), construction ($4 trillion), agriculture ($2.5 trillion), and food a new market-led initiative that aims to develop a risk and beverages ($1.4 trillion)1. management and disclosure framework for organizations to report and act on evolving nature-related risks and help For these reasons, Goldman Sachs remains committed to shift global financial flows toward nature-positive outcomes. the global effort to protect the world’s forests and oceans Building on the momentum of the Taskforce on Climate- and seeks to act responsibly when financing or investing in Related Financial Disclosures (TCFD) framework, we believe companies or projects in sectors that have potential impact that quality, reliable information on biodiversity and nature- on nature and biodiversity across both terrestrial and marine related impacts, facilitated by better disclosure, will allow ecosystems. corporations and financial institutions to better understand Goldman Sachs has a long history of protecting nature and and measure nature-related impacts and ultimately biodiversity, from our conservation efforts establishing the incorporate nature-related risks and opportunities into Karukinka preserve in Tierra del Fuego to our recent work strategic planning and risk management. 1—World Economic Forum: “Nature Risk Rising: Why the Crisis Engulfing Nature Matters for Business and the Economy,” January 2020. Sustainability Report 2021 Climate Transition | Looking Ahead 47

SECTION 3 Inclusive Growth 4848

Executive INCLUSIVE GROWTH Summary We recognize that growth that is not inclusive is not sustainable. In Inclusive Growth, we explore the challenges of creating a more inclusive, equitable society through our work across the firm. As with the complexity of a transition to a low-carbon economy, advancing inclusive growth cannot be solved by a single policy or single financial institution. Our approach combines experience, learnings from listening to the needs of diverse communities, expertise in activating different organizational capabilities, and partnerships across the financial system to drive solutions that improve affordability, access, and quality of life. Inclusive Growth consists of six sections: 1. The Introduction demonstrates the economic and social 4. Leveraging Partnerships to Close Gaps examines imperative for inclusive growth, supported by key insights how we partner with and provide grant funding to from Goldman Sachs’ proprietary research. world-class community organizations to amplify our own impact and build long-term relationships with 2. Our History outlines leading initiatives the firm has communities. launched to advance inclusive growth, such as 10,000 Small Businesses and 10,000 Women, and investments 5. Driving Change Across Our Firm focuses on how led by our Urban Investment Group. Within this section, we promote diversity and inclusivity within Goldman One Million Black Women highlights how all of the lessons Sachs and highlights programs launched by and for learned throughout our history of investing in underserved our own people. communities have culminated in our latest signature inclusive growth initiative, which focuses on increasing 6. What to Expect Next gives a sense of the work to opportunity at key moments in Black women’s lives. come, including the ways in which we continue to take a holistic, interconnected approach to our work 3. Defining and Executing on Our Strategy illustrates on climate transition and inclusive growth. the ways we are leveraging the breadth of our business and commercial capabilities to help expand access, lower costs, and improve outcomes. Sustainability Report 2021 Inclusive Growth | Executive Summary 49

Introduction INCLUSIVE GROWTH The Economic Imperative for Inclusive Growth Inclusive growth is critical to a healthier, more vibrant economy for all and is a powerful performance driver for companies and investors. Growth That Is Not Inclusive Is Not Sustainable Our Womenomics research demonstrates We believe that there is an economic and social the economic case for increasing opportunities imperative to close access gaps in emerging for women. markets and low socioeconomic communities. Making these changes is essential to driving long- • The Womenomics 5.0 report estimates that term inclusive, sustainable outcomes. closing the gender employment gap could lift Japan’s GDP by 15%. • While people across all income groups experienced losses during the pandemic, the • The Investing in EM Womenomics report poorest 20% of the world experienced the found that investing in emerging markets with steepest decline in incomes1. higher gender equality would have yielded outperformance over time. • Low-income countries show the highest rates of women’s business startup but lower levels of • The Black Womenomics report estimates that investment2. reducing the earnings gap for Black women could create 1.2 million to 1.7 million US jobs and raise • In a variety of contexts, lower socioeconomic the annual US GDP by 1.4% to 2.1% each year status is associated with more access barriers to — which translates to $300 to $450 billion in healthcare, which is subsequently associated with current dollars. worse health outcomes3. • For companies in the top quartile for ethnic and cultural diversity, there is a 36% higher likelihood of industry-leading profitability — and top-quartile companies in gender diversity have a 25% higher 1—Worldbank: “2021 Year in Review in 11 Charts: The Inequality likelihood of outperforming on profitability when Pandemic,” December 2021. compared to less diverse companies4. 2—Global Entrepreneurship Monitor: “COVID-19 Impacts on Yet, women-only founded companies received Women Entrepreneurs in Emerging Economies: Insights and Indicators,” February 2022. only 2% of US VC investment, and Black 3—Frontiers in Public Health: “Socioeconomic Status and entrepreneurs received just 1.2% in the first half Access to Healthcare: Interrelated Drivers for Healthy Aging,” June 2020. of 20215. 4—McKinsey & Company: “Diversity wins: How inclusion matters,”May 2020. Sustainability Report 2021 5—Crunchbase: “Black Women Still Receive Just A Tiny Fraction Inclusive Growth | Introduction 50 Of VC Funding Despite 5-Year High,” July 2021.

INCLUSIVE GROWTH How We’re Responding We are leveraging the lessons from our history of leadership, our work with clients at the core of our business, our own organization and supply chain, and our external partnerships and philanthropy to advance inclusive growth. We believe that the private sector has tremendous power to drive change and contribute to a more diverse and inclusive economy. By working with our clients, our partners, and our people, and by helping our clients and investors build their capacities to drive impact on inclusive growth, we believe we can make a meaningful and enduring impact. But we also recognize that this work is a journey. As we look to make progress on our commitment to advance inclusive growth, we recognize that we must continue to listen to, learn from, and navigate the evolving sensitivities for the different communities in which we serve. Sustainability Report 2021 Inclusive Growth | Introduction 51

Our History of INCLUSIVE GROWTH Leadership in Inclusive Growth Our 20-year history of investing in underserved communities serves as the foundation of our work to advance inclusive growth. Urban Investment Group (UIG) Leveraging capital and community connection to drive outcomes We established our Urban Investment Group (UIG) in 2001, grounded in the belief that capital markets can and should play an important role in creating opportunities for underserved people and places. Since its inception, UIG has invested more than $12 billion in innovative capital solutions that strengthen communities and promote long-term economic growth. Partnering with local public- and private-sector leaders, UIG makes investments to strengthen the fundamental building blocks of opportunity — including affordable housing, commercial and community facility space in underserved areas, quality education and healthcare, and growth capital for social enterprises and small businesses. Sustainability Report 2021 Inclusive Growth | Introduction 52

INCLUSIVE GROWTH Launch With GS all of our companies we invest in and achieved our 2020 goal to have a diverse director on 100% of controlled Acting on data to expand business opportunities portfolio company boards (those where Asset Management We believe the evidence that diversity is good for business owns 50% or greater of the company). In 2021, we made is clear, yet only a small percentage of US venture capital substantial progress on the private side through our goes to diverse teams. Our $1 billion investment strategy, requirements that any portfolio company that goes public Launch With GS, aims to increase access to capital and and any new controlled portfolio company must have two facilitate connections for women, Black, Latinx, and other diverse board members, and that a substantial majority diverse entrepreneurs and investors. of non-controlled portfolio companies have board-level diversity. Board Diversity Commitment 10,000 Women and 10,000 Small Driving action through our firm Businesses In 2020, we committed to ensuring every company we take public in the US or Western Europe includes at least Matching the power of capital with philanthropy to one diverse board member. Last year, we increased the maximize impact requirement to two diverse board members, specifying In 2008, Goldman Sachs launched 10,000 Women — a that one must be a woman. We have also helped facilitate global initiative that provides thousands of underserved more than 50 diverse board placements across our clients. women entrepreneurs around the world with business Additionally, we have welcomed a third cohort of our and management education. To date, 10,000 Women has Spotlight initiative, which provides a platform as well as supported more than 150,000 women from around the exposure and networking opportunities to a select group of world through a network of 100 academic and nonprofit talented, diverse board candidates who have not yet served partners and coaching with Goldman Sachs employees. on public boards — providing them with ease of entry to corporate board service. In 2014, in partnership with the International Finance Corporation (IFC), 10,000 Women launched the Women We are also focused on board diversity within Asset Entrepreneurs Opportunity Facility (WEOF), a first-of-its-kind Management, where we have influence on the companies in global facility dedicated exclusively to expanding access to our portfolios. On the public side, our Global Stewardship finance for Small and Medium Enterprises (SMEs) managed team promotes greater levels of board diversity through by women in developing countries. To date, we have reached selected proxy voting rules we have established. On the over 144,000 women entrepreneurs across 42 markets and private side, we have improved board diversity across have mobilized $2.1 billion. Building on the success of 10,000 Women, in 2010, Goldman Sachs launched 10,000 Small Businesses, a program designed to provide entrepreneurs with business education, access capital, and support services. To date, over 12,350 small businesses have graduated from the education program, and over 37,000 have accessed over $1.6 billion in lending capital through our investments in Community Development Financial Institutions (CDFIs). 10,000 Small Businesses expanded to the United Kingdom in 2010 and to France in 2020, serving over 2,000 entrepreneurs across both countries to date. Sustainability Report 2021 Inclusive Growth | Introduction 53

INCLUSIVE GROWTH One Million Black Women Introduction In partnership with Black women-led organizations and other a business. Fifty-five percent of Black women in renting partners, One Million Black Women commits $10 billion in households are rent-burdened — spending 30% or more investment capital and $100 million in philanthropic grants of their income on rent. Black women are 35% more likely to narrow opportunity gaps for at least one million Black to report fair or poor health, and they have a pregnancy- women in the next decade. This initiative seeks to address mortality rate that is more than three times higher than white the dual disproportionate gender and racial biases that women. One of the fastest ways to accelerate change and Black women have faced for generations and that have only effectively begin to address the racial wealth gap is to listen been exacerbated by the pandemic. to and invest in Black women. Our Black Womenomics research has shown that Black Investments and philanthropic grants focus on key moments women remain heavily disadvantaged across a broad range in Black women’s lives from early childhood through of economic measures including wealth, earnings, and retirement. Most importantly, the investments are grounded health. Black women face a 90% wealth gap. Single Black in the stories, voices, and experiences of Black women. women are 24 times less likely than single white men to own SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 IInncclluussiive Gve Grroowwtth | Oh | Onne Me Milliilolion Bn Blalacck Wk Woommeenn 5454

INCLUSIVE GROWTH One Million Black Women focuses One Million Black Women builds on the on key impact areas to help key lessons that we’ve learned through narrow specific gaps in: decades of listening, learning, and • Accessible and Innovative Healthcare engaging with Black communities: • Financial Inclusion: Access to Capital, Job Creation • Connection with communities is critical. We are focused and Workforce Development, and Financial Health on making a real impact by listening and learning from lived experiences of the community and building long-term • Communities: Affordable and Quality Housing and relationships to facilitate sustainable change. Digital Connectivity • Leveraging our research and voice can make a difference. • Accessible and Affordable Education When our research can both identify opportunity and leverage our voice to mobilize others around that opportunity, we can make a greater impact. OUR INVESTMENTS WILL FOCUS ON • Driving access to capital is important, but it is not enough. INCREASING OPPORTUNITY ACROSS Changing the economic disadvantages that Black women face KEY MOMENTS IN BLACK WOMEN’S LIVES requires a multidimensional commitment across the public and private sector that span education, healthcare, financial health, Saving / Retiring and communities. • Commercial capital is key, but we also need to leverage Having a Child the full spectrum of resources available to us — including strategic philanthropy and partnership. With this program, we pair $10 billion in direct investment capital and $100 million in Buying / philanthropic capital to drive holistic solutions that help meet Renting a Home our goal of impacting the lives of at least one million Black women. Growing a Business / Building a Career College Quality Preventative Healthcare K-12 School Early Childhood Education Birth Sustainability Report 2021 Inclusive Growth | One Million Black Women 5555

INCLUSIVE GROWTH ADVISORY COUNCIL LISTENING SESSIONS BY THE NUMBERS To ensure our investments are guided by • More than 50 listening sessions those in the Black community, we have enlisted the support of an advisory council of notable • Reached nearly 20,000 Black business and community leaders across Black women and girls sectors to help shape, guide, and support the initiative. See more on the individuals supporting • Co-hosted by 10 Black our work to radically transform the future of Black women-led organizations women and the community overall. “Through the listening sessions, KEY PARTNERS we’ve heard from Black women Implementing Partner all over the country. These LISTENING AND LEARNING Organizations: In addition to women are building nonprofit To uphold our commitment to support and guidance from organizations and companies with listening to the communities we across our advisory council, their personal savings and loans seek to support before taking we partnered with 10 Black from family members because action, we connected with Black women-led organizations they care so deeply about their women across the country, across the country to design communities. I am so pleased soliciting their perspectives on and implement One Million that we are able to support these challenges that could be solved Black Women. phenomenal women, and we with investment capital. can see how transformative their initiatives and projects can be.” DR. RUTH J. SIMMONS Black Women’s Roundtable, National Coalition on Black Civic Participation President, Prairie View A&M University and One Million Black Women Advisory Council Member “In addition to access to capital, we have to provide Black women with a safe space to learn Delta Sigma Theta Sigma Gamma Rho Zeta Phi Beta Sorority Inc. Sorority Inc. Sorority Inc. and grow. This is why I am so proud to be a member of the advisory council. I look forward to sharing the lessons that I’ve learned as an entrepreneur, as well as growing and evolving Alpha Kappa Alpha with the women in this community.” National Council Power Rising Sorority Inc. of Negro Women AYESHA CURRY Entrepreneur, TV Host, and Restaurateur and One Million Black Women Advisory Council Member Walker’s Legacy Sistahs in Business The Links Inc. Sustainability Report 2021 Foundation Expo Inclusive Growth | One Million Black Women 5656

Driving Impact Through Investments and IINCNCLLUUSSIIVEVE G GRROOWWTTHH Philanthropic Partnerships We believe that a combination of commercial and philanthropic capital can be harnessed to create meaningful, lasting impact. In the past year, we’ve focused on a variety of investments, partnerships, and grants that align with important moments in Black women’s lives. Many of our focus areas for these investments and initiatives were identified through our listening sessions. Growing a Business Over $870 million of investment capital and more than $9 million Grameen America in philanthropic capital has been For the first time, Goldman Sachs has provided capital for invested alongside Black women microloans through a new partnership with Grameen. Our to date, laying the groundwork $20 million loan will help finance small business loans to low- income Black women entrepreneurs as part of Grameen’s to directly impact the lives over new “Elevating Black Women Entrepreneurs” initiative 107,000 Black women across “Elevate.” Launched in May 2021, “Elevate” is a dedicated the country. program that will offer loan capital, technical assistance, and financial coaching to Black women small business owners. Grameen will partner with local organizations on outreach and recruitment, as well as tailor and strengthen its business and financial education programming to better meet the needs of Black women entrepreneurs. Collab Capital We invested in Collab Capital, an early-stage venture “This significant partnership with Goldman Sachs’ capital fund investing in Black founders. Collab Capital One Million Black Women will meaningfully address seeks to address the lack of capital access for Black funding gaps faced by emerging Black women entrepreneurs; currently, approximately 1% of venture entrepreneurs. By engaging with and directly capital goes to Black-founded companies while Black lending to communities of color, we are making Americans represent 14% of the US population. Collab financial inclusion a reality for tens of thousands of Capital also looks to optimize financial and social capital Black women now and far into the future.” to help Black founders build profitable and sustainable businesses, investing in tech and tech-enabled companies working on innovative solutions in niche or growth markets. ALETHIA MENDEZ Division President for Elevating Black Women SSSuuussstttaaaiiinnnaaabbbiiillliiitttyyy Re Re Repppooorrrttt 2 2 2000212121 IIInnncccllluuusssiiive Gve Gve Grrrooowwwttth | Oh | Oh | Onnne Me Me Miiilllllliiiooon Bn Bn Blllaaaccck Wk Wk Wooommmeeennn 575757 Entrepreneurs, Grameen America

INCLUSIVE GROWTH Building a Career Buying / Renting a Home Chime Solutions · $35 million loan South Meadows · $75 million investment in the NAHT BDI Black women entrepreneurs cite limited access to Commercial real estate remains one of the least diverse capital as the largest barrier to success. We provided industries in the US. We made a commitment to invest $75 a $35 million loan to Chime Solutions, a Black woman- million in the National Affordable Housing Trust (NAHT) led human resources and staffing company that “Black Developers Initiative,” a fund that will finance provides customer support and outsourced contact affordable housing projects sponsored by primarily center services to blue-chip organizations across the Black women-led developers. Through the NAHT “Black financial services, healthcare, and telecommunications Developers Initiative,” Goldman Sachs is providing capital sectors. Chime’s mission is to create jobs with family- to Laurel Street, a Black woman-led real estate firm, to sustaining wages and economic opportunity for people develop South Meadows, a mixed-use project in Rome, in underserved communities while helping its clients Georgia. South Meadows is a 100% affordable residential deliver high-value customer care solutions. Chime’s development with 80 multifamily units, all of which will be offices are located in underserved communities, and affordable to households earning between 30% and 80% they employ over 2,000 professionals, of which a of the area’s median income. South Meadows is adjacent to majority are Black Women. Chime also partners with a community farm providing healthy food in a low-income daycare operators to provide on-site subsidized child neighborhood and features a stand-alone learning facility. care services to its employees, a critical need in low- The housing, educational, and health programming are income communities that enables working parents to operated in partnership with the South Rome Alliance, a remain in the workforce. local nonprofit organization. SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 IInncclluussiive Gve Grroowwtth | Oh | Onne Me Milliilolion Bn Blalacck Wk Woommeenn 5858

INCLUSIVE GROWTH By working with partner organizations to effect change, we’re better positioned to broaden and deepen our impact among communities close to home and across the globe. Quality Preventative Health / Having a Child Morehouse School of Medicine’s (MSM) Center for This funding will support: Maternal Health Equity • Culturally competent and knowledgeable communications This foundational grant directly addresses the training among providers, which can prevent health disproportionate maternal mortality that Black women mismanagement, delays, failure in diagnoses, and poor face in comparison to white women. The Goldman Sachs patient advocacy Foundation grant funds will help the center to build • Additional training and education for perinatal key partnerships, conduct research, and train clinicians professionals and initiatives to create a pipeline of more to reduce maternal morbidity and mortality at local, diverse caregivers national, and global levels. • Creation of a rural maternity health residency program designed to expand the maternal health workforce in Georgia individuals are gainfully employed, they can make more informed decisions on acquiring Goldman Sachs is proud to be a foundational partner healthcare benefits. Those benefits should for the MSM’s Center for Maternal Health Equity. include prevention and wellness strategies to Below is an excerpt from a conversation with Dr. Valerie promote health versus promoting sick care. Montgomery Rice, President and CEO of the Morehouse Q: How does this foundational grant lay the School of Medicine and One Million Black Women groundwork for MSM to implement sustainable Advisory Council Member. solutions for equitable access to healthcare? Q: COVID-19 laid bare the health disparities in A: Addressing maternal health inequities Black communities — are you confident these requires targeted efforts toward modifiable communities will have increased access to factors grounded in health equity and quality quality healthcare going forward? improvement. Our patient-centered training program promotes a culture of equity by A: While I remain hopeful, I am not convinced that addressing implicit bias and individual and we will not fall back into our previously held systemic racism while also utilizing quality comfort level … To avoid this, we need to ensure improvement tools and transforming culture. that there continues to be a pathway of access The foundational grant from Goldman Sachs to healthcare. For that to be sustained, one allowed MSM to develop training programs solution is to advance opportunities for more that are aligned with the organizational and Sustainability Report 2021 leadership priorities of MSM. secure employment. I am confident that when Inclusive Growth | One Million Black Women 59

INCLUSIVE GROWTH Growing a Business “Through our partnership, we will support Echoing Green the leadership of Black women who Echoing Green and Goldman Sachs are accelerating the leverage social innovation as a tool to impact of Black women social innovators by launching a create transformative solutions for their cohort of Echoing Green Fellows, a group of people who communities. One Million Black Women is are working to positively impact and radically transform the an exemplar of the tangible and sustained futures of Black women and girls across the US in order to ultimately drive global impact. The fellows will focus on impact the corporate and philanthropic projects that address housing, education, healthcare, digital sectors can have in building a world connectivity, access to capital, workforce development, where all people can truly thrive.” financial literacy, and climate justice — all critical needs in underserved communities. Goldman Sachs Foundation has committed $1 million to the organization to support development of the cohort. CHERYL DORSEY President, Echoing Green Supporting K–12 Students “We will now be able to take this program The King Center to new heights by developing hundreds Supporting Black women means not only focusing on of young people who will be inspired to the leaders of today but also those of tomorrow. This become beloved community leaders by foundational grant supports the launch of The King Center’s embracing the philosophy of nonviolence reimagined Beloved Community Leadership Academy, as epitomized by my father and mother. designed to help 13- to 18-year-olds grow their leadership skills and learn about nonviolent strategies that can help Let us all remember to collectively use drive societal change. The partnership will also mark the our platforms to do what my father would start of a One Million Black Women cohort in which Black do, which is to work tirelessly to ensure girls from across the country can participate in related that this nation lives up to its promise of programs and access mentorship. democracy, justice, and equity for all.” DR. BERNICE KING CEO, The King Center SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 IInncclluussiive Gve Grroowwtth | Oh | Onne Me Milliilolion Bn Blalacck Wk Woommeenn 6060

INCLUSIVE GROWTH Supporting Nonprofits Focused on Black Women Goldman Sachs Foundation initiated community grants to Black women-led nonprofits across One Million Black Women areas with both national and local impact. NATIONAL Birth Center Equity Black Girls Breathing Buy From a Black Woman Growing and sustaining birth centers led Addressing systemic issues impacting Providing support for website redevelopment and by Black, Indigenous, people of color by Black women’s and girls’ health technical assistance to help promote and amplify innovating full-spectrum capital approaches outcomes by providing free and Black women-owned businesses and building vibrant community birth accessible mental healthcare resources infrastructure for generations to come while filling the gap on data and research available on this demographic BlackFem The Sadie Collective Prosp(a)rity Project Partnering with governments and communities Supporting Black girls’ participation in Funding the development of the 35*2 Free to dismantle inequities and rebuild policies economics and journey toward becoming Initiative, which provides personalized financial to maximize the financial potential of Black economists, leveraging partnerships with coaching and retroactive scholarships for women and their communities the New York Fed and broader community of “Prosperettes” to help manage student loan debt Black women economists and improve socioeconomic trajectories Jeremiah Program Helping single mothers invest in themselves so they can thrive and take steps toward economic mobility through access to higher education, affordable child care, housing, skills training, and career development LOCAL Columbus Urban League The Women’s Fund of Central Ohio Springboard to Opportunities: Columbus, Ohio Ohio Magnolia Mother’s Trust Funding the pilot launch of “Incubate Her,” Funding the “Enduring Progress Initiative” Jackson, Mississippi which will improve the economic health and to fill the systemic funding gap faced by Funding the next iteration of the Magnolia Mother’s outlook for Black women in Central Ohio nonprofits led by women of color Trust program, which provides Black mothers living in extreme poverty with a $1,000 monthly stipend Corner to Corner Nashville, Tennessee The Fund for the School District of Philadelphia Crittenton Services of Greater Washington Helping underestimated entrepreneurs in Philadelphia, Pennsylvania Washington, D.C. Nashville plan, start, and grow their own small Increasing the hiring and retention of BIPOC Supporting the social and emotional skills businesses teachers working in Philadelphia schools development of middle- and high-school girls from low-income families to help them complete college and become economically secure SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 IInncclluussiive Gve Grroowwtth | Oh | Onne Me Milliilolion Bn Blalacck Wk Woommeenn 6161

INCLUSIVE GROWTH Black Women Impact Grants and Black in Business In direct response to input received from nearly 20,000 Black women and girls, we announced two new programs as part of One Million Black Women: Black Women Impact Grants, providing multiyear funding for Black women nonprofit leaders, and Black in Business, providing business education for Black women sole proprietors across the US. Growing a Business Supporting Black women-led nonprofits Black Women Impact (BWI) Grants Program Black in Business Black Women Impact Grants is a $10 million grant program Black in Business leverages our decade-long track record of with an open call application process for Black women-led 10,000 Small Businesses, with which we’ve supported the charitable nonprofits in the US. The program will support growth of over 12,000 small businesses across the US. Black community-driven nonprofit organizations created by and for in Business is designed specifically to help Black women Black women and girls. Fifty Black women-led organizations sole proprietors unlock their future, their power, and their will receive general operating funding ranging from $50,000 wealth. to $250,000 over two years. The program provides Black women sole proprietors with the tools necessary to turn their business potential into business growth. The 12-week education program provides business education, advisory services, and a powerful network of like- minded business owners. “Across the country we’re seeing that the women who are most impacted by systemic inequities are the very ones spearheading movements to create positive change in our communities. For far too long, these leaders have been under-resourced and underfunded. It’s time for that to change. This new program will provide multiyear funding and resources to lift up Black women-led nonprofits working for lasting change and help to narrow opportunity gaps for Black women across America.” DARREN WALKER President, Ford Foundation, and One Million Black Women SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 IInncclluussiive Gve Grroowwtth | Oh | Onne Me Miilllliioon Bn Bllaacck Wk Woommeenn 62 Advisory Council Member 62

INCLUSIVE GROWTH Defining and Executing on Our Strategy In line with our broader approach to sustainability, our approach to inclusive growth is grounded in the areas where we believe we as a financial institution can drive the most material impact — our work with clients and investments; our own organization, operations, and footprint; and how we tackle gaps we cannot address on our own through partnerships, policy, and philanthropy. Commercial Work With Clients THREE CORE ELEMENTS OF INCLUSIVE GROWTH Expanding access Increasing affordability Driving outcomes COMMERCIAL LEVERS TO ADVANCE INCLUSIVE GROWTH 1 4 Technology that’s integrated into businesses can Power of data can provide new ways to direct enable them to reach more people, at lower cost, capital to traditionally underserved populations with greater speed, and with more impact. or support investors in advancing their goals. 2 5 Business model innovations can find alternative Commitment and leadership to set an ambition revenue models to support impactful products or and apply the drive, resources, and creativity to services in cases where communities may not be make progress creates the potential for greater able to pay for them directly. long-term impact. 3 Supporting the public sector can drive government funding for services or catalyze capital markets innovation for inclusive growth. Sustainability Report 2021 Inclusive Growth | Defining and Executing on Our Strategy 63

INCLUSIVE GROWTH Bringing the Power of Goldman Sachs to Consumers Building on our long history as a firm and the commercial with General Motors, furthering our commitment to creating insights we have gained over the years, we continue to great products within the ecosystems where our consumers infuse lessons into our own consumer business — where spend their time. the power of technology, data, and our own leadership and commitment to consumers converge to help Being a part of our customers’ financial journey means being democratize consumer finance at scale. there every step of the way — including when customers need us most. With the onset of COVID-19, we were one of 3 In the consumer business, our vision is to build the the first banks to design and launch a customer assistance consumer banking platform of the future to meet the program that allowed customers to defer payments at no cost saving, spending, borrowing, and investing needs of our across our lending products and Apple Card. By intertwining customers. We believe in playing an impactful role in shaping an understanding of our customers’ needs with social consumers’ wealth, so our products are designed to help responsibility and simplicity of design, we worked with Apple power consumers’ financial ambitions and their pursuit of to create a practical and useful solution that emphasized better financial outcomes. We are uniquely positioned to empathy and our commitment to customers. Additionally, as serve our customers by marrying two distinct Goldman a result of our continued focus on customer centricity with Sachs capabilities: our 150+ years of financial expertise and Apple Card, this past year, customers recognized Goldman excellence and an interconnected, tech-fueled consumer Sachs and Apple Card with the number one ranking in banking platform. Customer Satisfaction in the Midsize Credit Card Issuers Segment according to J.D. Power — highest in the Midsize Customers experience our consumer business in two ways: Credit Card segment among all of the surveyed factors4. through our direct-to-consumer business Marcus and in the ecosystems of our partners. We use our technology and our Looking ahead, we’re excited to connect with our customers’ expertise to embed powerful financial tools into consumers’ everyday money with our Marcus Checking product, which daily lives — meeting them where they are, anticipating their launches later this year. We know that the small decisions needs, removing friction, and providing insights into consumers make every day have an enormous impact on their finances. wealth, which is why we have designed Marcus Checking to focus on growth, rather than fees. In everything we do, we put customers at the center through a variety of financial products that meet their needs: a We’re just getting started, and we will work to keep up with our high-yield online savings account; certificates of deposit in customers’ and partners’ ambitions through listening, learning, a variety of terms; no-fee, fixed-rate, unsecured personal and co-creating to drive the future of financial services. loans; financing for small businesses; managed portfolios of of exchange-traded funds (ETFs); and free financial literacy 1—Variable APRs range from 11.24% to 22.24% based on creditworthiness. Rates as of April 1, 2022. tools all integrated into a digital app experience. Apple 2—Apple Card will be reported to credit bureaus for each co-owner. Co-owners will have full Card, launched in 2019 in partnership with Apple, aims to visibility into all account activity and each co-owner is responsible for the other co-owner’s instructions or requests. Each co-owner is individually liable for all balances as they have joint revolutionize the credit card experience and help consumers responsibility for all aspects of the account, including all transactions and payment obligations on the co-owned Apple Card, and each will be reported to credit bureaus as an owner on the account. lead a healthier financial life with features that include: no Credit reporting includes payment history and other information about your Apple Card, including negative items like missed payments. Card usage and payment history may impact each co-owners 1 credit score differently because each individual’s credit history will include information that is fees, Daily Cash back, and seamless integration into Apple’s unique to them. Either co-owner can close the account at any time but you will still be responsible for paying all balances on the account. For details on account sharing options including some of mobile devices. Customers also have access to inventive the risks and benefits, click here. features, such as Apple Card Family, which allows individuals 3—The New York Times: “Which Consumer Lenders Are (and Aren’t) Helping the Most,” March 2020. to build credit together as equals2. In January, we launched Nerd Wallet: “How Credit Card Issuers are Responding to COVID-19,” October 2021. our second co-branded credit card, GM Card, in partnership 4—Apple Newsroom: “Apple Card customers ranked Goldman Sachs and Apple Card No. 1 in customer satisfaction among Midsized Credit Card segment, according to J.D. Power,” August 2021. SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 IInncclluussiive Gve Grroowwtth | Dh | Deefifinniinng ag annd Ed Exxeeccuuttiinng og on On Ouur Sr Sttratrateeggyy 64

INCLUSIVE GROWTH 1 Technology Applying technology to critical services, such as “What’s so beautiful about Wonderschool is we truly healthcare and child care, can help reach more do serve the entire community. Parents, program people at lower costs to both companies and directors, and children are all part of the work we end users. do, and they’re the reason we fight so hard for education. … We’re working so hard to ensure equal Propel opportunities for children, and it’s so exciting to see Imprint is supporting Propel in its effort to provide world- access expand for all types of communities.” class technology to serve low-income Americans. Our investment will contribute to Propel’s mission to remove systemic barriers to financial services for marginalized populations. With a focus on supporting individuals that qualify for Electronic Benefits Transfer (EBT) cards that accompany the Supplemental Nutrition Assistance Program CHRIS BENNETT (SNAP), Propel’s platform enables users to manage their Co-founder and CEO, Wonderschool EBT benefits, plan their shopping trips, save money on groceries, and connect to other essential resources. Wonderschool and the Care Economy Goldman Sachs has invested in Wonderschool, a Black-led child care technology company that offers cutting-edge software solutions that help deliver value across the child care landscape, from providers, employers, and parents to government and nonprofits. With its robust software platform, Wonderschool seeks to help expand access to those who need it most by enabling critical home- based child care in areas with limited or no availability — particularly in chronically underserved communities of color and among low-income families. Sustainability Report 2021 Inclusive Growth | Defining and Executing on Our Strategy 65

INCLUSIVE GROWTH 1 2 Technology Business Model Innovations Mercado Libre Brazil Innovative and forward-thinking business models As host to the largest online commerce and payments can unlock opportunities and access to services by ecosystem in Latin America, Mercado Libre has a mission creating new revenue streams and reducing cost to provide tools that contribute to the development of the region’s growing e-commerce community while also barriers compared to traditional models. fostering entrepreneurship and social mobility. They also provide access to a digital account through Mercado EVERFI Pago, which allows users to access a centralized money Using cutting-edge technology and building the infrastructure management system to receive, transfer, save, and access to provide impact-as-a-service within communities, EVERFI is credit in one place. We increased Mercado Libre’s credit connecting learning to the real world by delivering research- line to help them support those in the region who have backed education to more than seven million learners traditionally faced a barrier to credit access. annually and more than 2,000 global customers, making learning scalable and impact measurable. EVERFI’s innovative Reach Capital business model provides free access for students and Reach Capital, an Imprint-funded manager, invests in employees to evidence-based educational curricula, offering early- to growth-stage impactful education technology high-impact classes for underserved communities that may companies focused on B2B, B2C, and marketplace solutions. otherwise face cost barriers. Goldman Sachs acted as an Comprised of former teachers and operators, the Reach exclusive financial advisor to EVERFI, including on their recent team is diverse in both identity and experience, having acquisition by social impact computer software recently topped the Information’s VC Diversity Index. Reach organization Blackbaud. Capital targets investments across the early childhood, K–12, higher education, workforce development, and human 303 Battery by Sustainable Living Innovations (SLI) empowerment sectors that may lead to strong financial Goldman Sachs provided a loan for the construction of outcomes in addition to tangible impact across educational SLI’s 303 Battery, a 15-story, 112-unit, mixed-use, mixed- access, affordability, quality, and outcomes. This includes income building located in Belltown, one of the most densely investments in Springboard, which provides advanced online populated neighborhoods in Seattle. The technology and courses for students to learn data, design, and coding skills design incorporated into 303 Battery’s construction are with wraparound support from mentors and community, aimed at producing a high level of energy efficiency. as well as BookNook, an online learning platform that This loan is designed to create new affordable housing provides reading and math support through engaging and by using patented prefabricated, panelized material collaborative technology. and technology to reduce construction costs, increase environmental efficiency, and promote safer construction conditions. Moreover, 303 Battery will be a Zero Net Energy residential tower. The project will achieve net climate positive energy by providing at least 105% of all energy consumed via a combination of on-site and off-site clean energy production, allowing additional density and operational cost savings. Sustainability Report 2021 Inclusive Growth | Defining and Executing on Our Strategy 66

INCLUSIVE GROWTH 2 Business Model Innovations NextStep NextStep, a portfolio company of an Imprint-funded manager, is a healthcare innovation company that is addressing the dramatic shortage of frontline caregivers, focusing on nursing assistants. NextStep is creating opportunities for low-wage workers and those whose jobs have been displaced by AI or automation to receive technology-enabled training, along with individualized job placement and mentorship services, enabling workers to start a productive career while addressing the biggest business challenge facing long term care providers. Brigit Brigit, a portfolio company of an Imprint-funded manager, is a leading holistic financial health application for millions of underserved Americans that provides its members with budgeting tools, access to early paycheck advances, a credit building and savings product, and opportunities to earn additional income. The company’s business model doesn’t rely on the continuous use of its advances or borrowing in ever larger amounts — instead, Brigit benefits when its members are better able to manage their earnings and expenses and use advances with less frequency. Through its cash flow based engine, which analyzes billions of transactions in real time, Brigit is able to underwrite users without relying on traditional credit scores, while remaining focused on low loss rates. This innovative, machine learning platform also provides personalized financial recommendations and insights to help them improve their finances. Since its launch only three years ago, Brigit has distributed $1 billion in advances, helping more than 3 million users reduce their financial stress, and saving them over $360 million in predatory fees. Cityblock Health To support a shift toward more inclusive healthcare systems, Medicare beneficiaries, some of the most vulnerable and Imprint participated in the $160 million Series C funding underserved populations in the country. The organization round of Cityblock Health. The healthcare provider’s provides members with primary care, behavioral health community- and value-based care model aims to bring services, and services to address the social determinants of necessary transformation to Medicaid and lower-income health, both virtually and in person. Sustainability Report 2021 Inclusive Growth | Defining and Executing on Our Strategy 67

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 financing 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 finance 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, traffic 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, affordable housing for middle-income earners (also known as essential or workforce housing). This transaction series included the first 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 offering for the Republic of Chile in support of the government’s COVID-19 relief package. The bond offering 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 | Defining and Executing on Our Strategy 68

INCLUSIVE GROWTH 4 Power of Data Nova Credit Nova Credit, a portfolio company of a firm with whom clients Data can help to provide critical information to of Imprint have invested, is a borderless credit bureau that not only identify financing and knowledge gaps in helps newcomers to the US apply for financial services using need of further investment but also to empower their international credit histories from countries that include companies and their customers to make informed Australia, Brazil, Canada, India, Mexico, Nigeria, South Korea, and the UK. Historically, American underwriters have been decisions and act on new insights. unable to access international credit data, thus rendering newcomers to the US “credit invisible” upon arrival, which Esusu often prevents them from accomplishing basic tasks, such as Esusu, a leading financial technology company, reports securing an apartment lease, cell phone plan, credit card, or on-time rental payments data to credit bureaus on behalf of student loan. landlords, with the aim of helping renters access a meaningful credit-building opportunity. Our partnership began in 2019, JUST Muni Racial Equity Framework when we funded a pilot rent-reporting program implemented In an effort to evaluate more municipalities for racial equity by Esusu and the Credit Builders Alliance demonstrating practices, Goldman Sachs joined JUST Capital to develop how rent reporting can improve credit scores. In 2021, we a municipal racial equity engagement framework. Goldman expanded our partnership, extending Esusu’s rent-reporting Sachs and JUST Capital, along with BlackRock, Lord Abbett, data opportunity to thousands of residents in Goldman Sachs Morgan Stanley Investment Management, and Vanguard, properties nationwide. worked together to initiate an open, constructive, and voluntary dialogue with municipal issuers on critical issues surrounding racial equity and inclusion. The framework’s long-term goal is to build a broad partnership that includes “Credit is the building block of financial stability, municipal issuers, asset managers, and underwriters and opportunity, and resiliency in this country. Esusu improves transparency in a segment of the market where and Goldman Sachs are working together to help disclosure has been historically limited. renters access the same credit-building benefits that homeowners have utilized for generations. Leveraging Machine Learning to Determine This partnership, our first with a major financial Long-term Growth institution, is groundbreaking for us because We believe that companies that can effectively attract, we can scale across the Goldman Sachs real deploy, and retain high-quality employees are better estate investment portfolio and its extensive positioned for long-term growth. Our Quantitative Equity housing footprint while advocating for our shared business deploys Natural Language Processing (NLP) commitment to removing systemic housing techniques to extract insights from the written portions of inequalities that negatively impact the financial well- employee reviews on Glassdoor, in addition to analyzing the being of under-resourced communities.” numerical ratings. Our NLP algorithms treat each word, or set of words, in a review as a unique variable and then seek to identify which variables are best distinguished between ABBEY WEMIMO AND SAMIR GOEL positive and negative reviews. This approach enables us to Co-founders, Esusu use employee satisfaction data to determine the long-term growth potential of a business. Sustainability Report 2021 Inclusive Growth | Defining and Executing on Our Strategy 69

INCLUSIVE GROWTH 5 Goldman Sachs Asset Management Stewardship Our Global Stewardship Team seeks to promote best Commitment and Leadership practices in ESG and corporate governance at portfolio companies through proxy voting, direct engagement, and Within our firm and across our broader industry collaboration. ecosystem of partners, we have a range of For more information on how Goldman Sachs Asset Management tools designed to advance inclusive growth. engages with hundreds of companies around the world, please review our However, mobilizing these resources begins Stewardship Report. with leadership and commitment, which allow Promoting Board Diversity us to drive progress in key areas with an aim We use our voice as shareholders through proxy voting — toward long-term impact. encouraging greater levels of board diversity at our portfolio companies. Since 2019, we voted against directors at all-male boards in the US, and we are pleased to see that 68% of the 250 companies we voted against in 2019 have since added at least one woman director¹. In 2020, we made our approach Driving Diversity global and voted against 898 companies for not having at least one woman director. Twenty-seven percent of these companies We identify opportunities with our clients, partners, now have at least one woman director². and companies in which we invest to prioritize In 2021, we updated our US proxy voting policy to consider diversity among teams, brokers, and boards. the composition of boards across race, ethnicity, and sexual orientation, as well as gender, while globally we continued to Board Diversity Initiative push for gender representation. We voted against directors at In 2020, we announced that we would take a company 1,172 companies in 2021 due to lack of board diversity. public in the US or Western Europe only if it had at Trader Interactive least one diverse board member, founded on the belief In 2017, Goldman Sachs Private Equity group saw an opportunity that diverse leadership at companies leads to stronger to support Virginia-based Trader Interactive in its mission to performance and better governance. Building on that digitalize the search and purchase of non-automobile motor commitment, we increased this requirement last year to two vehicles through its online marketplaces. At this time, Trader diverse board members, one of whom must be a woman. Interactive — led by CEO Lori Stacy — was already a diverse We have helped facilitate more than 50 diverse board company, with 43% of leadership positions held by women placements across our clients. (compared to the average 11% in senior leadership roles within 3 technology and media ). Aligned on the importance of diversity As part of this initiative, we continue to elevate diverse talent in ideas and perspectives, Goldman Sachs has, over the years, through our networks in the firm, including individuals with advised on recruiting candidates with diverse backgrounds at relationships across Investment Banking, Private Wealth the executive level, while Trader Interactive prioritized diversity, Management, and Ayco as potential candidates, in addition equity, and inclusion to differentiate their company as the to external networks. employer of choice and as an innovator in the traditionally male-dominated vehicle and technology sector. By creating an inclusive workplace with 83% diversity at the executive level, Trader Interactive benefits from an engaged employee base — resulting in more stimulating discussions, increased innovation, and less turnover. 1, 2—Figures as of December 31, 2021. 3—McKinsey & Company: “Closing the tech gender gap through philanthropy and corporate social responsibility.” September 2018. Sustainability Report 2021 Inclusive Growth | Defining and Executing on Our Strategy 70

INCLUSIVE GROWTH 5 Commitment and Leadership Marquee for e-Quality Goldman Sachs recently announced the continuation of the Unlocking More Impact from Capital Marquee for e-Quality initiative for the second consecutive year. Building on the previous year’s success, we continue Through analysis, expertise, and curated to leverage commercial initiatives to scale our impact on inclusive growth. sustainable finance solutions, we can deliver even more value for our clients to achieve Through the initiative, Goldman Sachs committed to a better outcomes both today and tomorrow. This donation based on FX and Commodities volumes traded on practical ingenuity ensures we maximize results Marquee Trader, as well as FX volumes traded via Passive from capital. Currency Overlay, which will go to nonprofit grantees of the Goldman Sachs Fund for Racial Equity. Loop Capital To help promote racial equity and build diverse talent, Loop Last year’s inaugural campaign saw $1.1 million raised from Capital, a Black woman-owned financial services firm, and more than 56 different countries, supporting the vital work of leading organizations addressing racial injustice, structural Goldman Sachs partnered to launch two money market inequity, and economic disparity globally. products and offer clients a cash management solution aligned with the goals of One Million Black Women. Google made a $500 million catalytic seed investment and played a Choosing Who We Work With foundational role in developing the products. Ten percent of net revenues earned from share classes go toward funding Diverse Broker Dealers for programs focused on two priorities of One Million Black We actively engage with corporate clients on best practices Women — housing and education — and Goldman Sachs around diversity, equity, and inclusion, most recently shares a portion of its management fee with Loop Capital for providing a comprehensive scorecard to assist with distributing the share class to clients. assessing capabilities and authenticity of minority-owned broker dealers. To set an example, our $800 million debut sustainability bond in February 2021 had a syndicate of exclusively minority-led broker dealers. Supporting Diverse Leadership in the Broader Ecosystem “This launch creates a partnership for corporations to use the cash on their Nonprofit Diversity Fund (NDF) The NDF seeks to foster opportunities for commercial and balance sheets to further opportunities community impact by preparing diverse advisors to become for Black women and have a real, nonprofit leaders through education, cultivation, and lasting impact on communities far integration into the nonprofit community. Goldman Sachs and wide.” Private Wealth Management has committed $500,000 to cover board membership dues for diverse advisors to join nonprofit boards in their communities, thus decreasing the largest barrier to entry to board membership. KOURTNEY GIBSON President, Loop Capital Markets 71

INCLUSIVE GROWTH 5 Commitment and Leadership Empowering Workers We believe that engaged employees will be a driving force in building a more inclusive financial future. Sterling Employee Ownership Ayco Financial Wellness Goldman Sachs is partnering with background check Goldman Sachs’ Ayco Personal Financial Management’s firm Sterling as it shares the benefits of company Wellness Platform is an industry-pioneering digital platform success to drive financial inclusion and build a stronger designed to enable a more productive, financially well, and partnership across the employee base. Goldman Sachs engaged workforce. In partnering with Ayco, organizations Asset Management has been a controlling shareholder in can provide their employees with key resourcing, including Sterling for nearly seven years, working with the company’s financial coaching, helpful reports and viewpoints, and tailor- management team to build Sterling into one of the largest made programs for every career stage. providers of pre-employment background screening and ® identity services globally. Goldman Sachs acted as lead • SurvivorSupport ® bookrunning manager for the company’s IPO offering in Ayco’s SurvivorSupport provides specialized financial September 2021, where Sterling granted stock awards to guidance in times of personal crisis and loss, supporting each of its 5,513 employees globally. individuals and families through challenging financial decisions. It offers services to more than 130 corporate The companywide stock grant represents a continuing clients, covering more than 3.2 million employees in the commitment by the company and Goldman Sachs Asset US. During the height of the COVID-19 pandemic, we Management as a controlling shareholder to expand extended our services to hospital systems on a fee- access to wealth and ensure every Sterling employee has waived basis. compensation that grows alongside the company. For most employees granted the IPO stock award, it was their first • Diversity and Inclusion opportunity to share in company equity. Ayco is partnering with our corporate clients’ global diversity and inclusion networks and HR teams to Goldman Sachs Asset Management Joins Ownership provide diverse communities with group education Works Consortium sessions. In efforts to further our shared ownership program, Goldman Sachs joined a newly-formed coalition led by Ownership Works, a nonprofit focused on partnering with companies Ayco also works with corporate teams to advance their diversity and and investors to provide employees with the opportunity inclusion initiatives. We partnered with IBM to support its P-TECH to build wealth at work. As a founding partner, Goldman hiring programs. P-TECH is a public-education model that provides Sachs is committing to implement new models of employee high school students from underserved backgrounds with the academic, technical, and professional skills and credentials they need ownership within at least three controlled portfolio for competitive STEM jobs. companies by 2023. SurvivorSupport® is a registered trademark of the Ayco Company, L.P. and is provided exclusively by the Ayco Company, L.P. Sustainability Report 2021 Inclusive Growth | Defining and Executing on Our Strategy 72

INCLUSIVE GROWTH 5 Commitment and Leadership Supporting Inclusive Wealth As diverse populations continue to grow across the world, the face of wealth also continues to change. We see a significant opportunity to help our clients achieve their personal financial goals. Private Wealth Management In the Lead was launched in 2021 to help ultra-high net Inclusive Wealth Initiative worth women take the lead in their wealth, philanthropy, legacy, and beyond through a streamlined collection of We have made a conscious effort to ensure we have insights, resources, advice, and an exclusive community of accessible and relevant resources for women, the women who build upon each other’s experiences. We will be LGBTQ+ community, and ethnically diverse clients, and expanding our efforts to include resources specific to the we are proud to be considered a best-in-class wealth Black community in 2022. manager for these populations. Sustainability Report 2021 Inclusive Growth | Defining and Executing on Our Strategy 73

INCLUSIVE GROWTH Leveraging Partnerships to Unlock Sustainable Economic Growth At Goldman Sachs, we deploy our philanthropic capital to support the communities in which we work and live. “Our approach to investing in communities mirrors our commercial strategy: unlocking economic opportunity and growth. We have been able to differentiate our impact through sustained investment in entrepreneurs, whose success is critical to an inclusive economy.” ASAHI POMPEY Global Head of Corporate Engagement and Sustainability Report 2021 Inclusive Growth | Leveraging Partnerships 74 President, Goldman Sachs Foundation

INCLUSIVE GROWTH Unlocking Growth Through 10,000 Small Businesses 10,000 Small Businesses helps entrepreneurs grow and create jobs by providing business education, access to capital, and business support services. 10,000 Small Businesses in the US 10,000 Small Businesses is delivered in partnership with community colleges and academic institutions across the US. The program is offered to small business owners in all 50 states, Washington D.C., and Puerto Rico. Since 2010, over 12,350 small business owners have graduated from the business education program, and Goldman Sachs has deployed over $1.6 billion of capital through partnerships with Community Development Finance Institutions (CDFIs). IMPACT AND REACH TO DATE Education Access to Capital More than 12,350 small business Over $1.6B lending 45% of loans in owners served across the US capital deployed majority-minority areas and 32% in low- to moderate- income areas 10,000 Small Businesses alumni Over 37,000 small business loans funded represent more than $14B in across all 50 states through more than revenue and 200,000 jobs 30 mission-driven lending partners and Community Development Finance Institutions “To this day, the residual effect of Goldman Sachs’ “10,000 Small Businesses was a game changer for me. 10,000 Small Businesses is still present and integrated I was able to take lessons I learned and apply them to into our business growth, ultimately allowing us to my business immediately. This program enabled me to further innovate in our business.” refine my business strategy and position my company for growth.” BRANDI HARLEAUX MARC COLEMAN South Post Oak Recycling Center, Houston, TX The Tactile Group, Philadelphia, PA 10,000 Small Businesses Graduate 10,000 Small Businesses Graduate Sustainability Report 2021 Inclusive Growth | Leveraging Partnerships 75

INCLUSIVE GROWTH Launching a Workforce 10,000 Small Businesses Solution: 10,000 Small in France and the UK Businesses Fellows Pilot In December 2021, we synthesized insights from one thousand of the UK’s small business leaders and 10,000 Nearly 90% of small business owners report difficulty in Small Businesses UK to create the Engines of Growth report. 1. To recruiting qualified candidates for roles in their business This report gives a high-level look at small businesses’ address this challenge, we launched 10,000 Small Businesses contributions to the UK economy and 10,000 Small Fellows in 2021, a pilot program to connect more than 250 Businesses UK alumni’s success amid the COVID-19 recovery. talented community college students with 10,000 Small Businesses alumni for paid internships. In 2020, 10,000 Small Businesses France launched, and since then, we have welcomed three cohorts — engaging over 1—10,000 Small Businesses Voices: “Survey: The COVID Surge is 200 small businesses. After graduating, participants become Slowing the Road to Recovery,” September 2021. part of the alumni community and receive ongoing support through events, coaching, and exclusive access to the global 10,000 Small Businesses community. 10,000 SMALL BUSINESSES UK GRADUATES LED PANDEMIC-RESILIENT BUSINESSES 47% Of alumni increased the number of people they employ since the start of the pandemic, compared with only 26% of their high-growth peers. 48% Of alumni increased their revenue in the last 12 months, compared with 31% of similar high-growth businesses. “10,000 Small Businesses Fellows was pivotal in helping us make big steps for our business, and I cannot thank 26% Goldman Sachs enough for the opportunity.” TED HILL Of alumni increased their revenue by more than Life Benefits, Dallas, TX 20% from the previous year. 10,000 Small Businesses Graduate and Fellows Host Sustainability Report 2021 Inclusive Growth | Leveraging Partnerships 76

INCLUSIVE GROWTH 10,000 Women To date, 10,000 Women has supported more than 150,000 women globally through business education, access to capital, and support services. Both the online and in-person programs encompass all aspects of business growth, with practical interactive instruction from top business schools and access to a global network of alumni upon graduation. Through the Women Entrepreneurs Opportunity Facility, a global facility dedicated exclusively to expanding access to finance for women SMEs in developing countries, we have reached over 144,000 women entrepreneurs across 42 markets to date, mobilizing $2.1 billion in capital. Womenomics Research As part of the firm’s ongoing Womenomics research series, our Asset Management Strategic Advisory Solutions team authored a global research report titled Womenomics: COVID-19’s Impact on Goldman Sachs 10,000 Women and 10,000 Small Businesses Alumni, which explores the impact of COVID-19 on women entrepreneurs. The report synthesizes the experiences of more than 1,100 women “The program has given me so entrepreneurs from our 10,000 Women and 10,000 Small many cross-sector insights and Businesses programs, representing 37 countries. a wide range of networking 10,000 Women Growth Fellowship opportunities, and I have so The 10,000 Women Growth Fellowship provides select many actionable ideas and alumni with a six-month intensive coaching experience connections that I can leverage designed for business growth. The 2022 Growth in my daily work right away.” Fellowship class include women entrepreneurs from Chile, Argentina, Mexico, Brazil, Nigeria, Tanzania, South Africa, Morocco, Egypt, India, and China. Each fellow was paired with two Goldman Sachs mentors to provide targeted LI LING coaching and support throughout the fellowship. UC Education, Kunming Yunnan, China 10,000 Women Growth Fellow Sustainability Report 2021 Inclusive Growth | Leveraging Partnerships 77

INCLUSIVE GROWTH Goldman Sachs Market Madness: HBCU Possibilities Program Historically Black Colleges and Universities (HBCUs) play a significant role in social mobility and economic growth in the Black community. As a core component of the firm’s five-year, $25 million commitment to HBCUs, this program provides 125 HBCU students annually with a semester-long introduction to key concepts and careers in finance. Students’ experiences are enriched through mentorship, networking, a $10,000 scholarship, and the chance to interview for a summer internship at Goldman Sachs. THE 2021 MARKET MADNESS COMPETITION: PROCTER & GAMBLE CASE STUDY EDITION In its inaugural year, a case study competition, which featured Procter & Gamble, concluded the program. Students presented to senior leaders at Goldman Sachs, competing for prize donations to their institutions. WINNER: FINALISTS: $1 Million Grand Prize $500,000 to Spelman College $750,000 Prizes Morehouse College Prize funding went directly to the competing teams’ Morgan State University HBCUs to support scholarships for future students. North Carolina A&T State University All 125 students received a $10,000 academic stipend. Prizes and stipends were funded in the form of grants to the HBCU partners. Sustainability Report 2021 Inclusive Growth | Leveraging Partnerships 78

Driving Change INCLUSIVE GROWTH Across Our Firm At Goldman Sachs, we believe diverse perspectives and meaningful engagement deliver the most value for our business, and we are committed to fostering an inclusive, open, and innovative place for our employees to work and thrive. We continue to see the positive impacts of our efforts to create a more diverse workforce. We also leverage our business to drive sustainable and diverse supply chains. Our business operations, in turn, provide business opportunities for others. Since 2000, our Vendor Diversity Program has worked to foster a sustainable, diverse supply chain by increasing market access for small businesses and minority-owned businesses. Sustainability Report 2021 Inclusive Growth | Driving Change Across Our Firm

INCLUSIVE GROWTH Goldman Sachs Gives Goldman Sachs Gives fosters innovative ideas, works to solve economic and social issues, and enables progress in underserved communities globally. Goldman Sachs’ current and retired senior employees work together to recommend grants to qualifying nonprofit organizations to help them achieve their goals. Since 2010, Goldman Sachs Gives has granted more than $2 billion to over 8,000 nonprofits in 100 countries around the world. In 2021, Goldman Sachs Gives deployed over $230 million in grants to support pioneering nonprofit organizations and firm initiatives. Analyst Impact Fund The Analyst Impact Fund has generated more than $2.7 million in grants to 93 nonprofits to date. Teams of analysts each identify a nonprofit tackling a global challenge and pitch Goldman Sachs leadership on an innovative solution, competing to win a grant Goldman Sachs Gives has from Goldman Sachs Gives for their chosen nonprofit. provided more than $2B in 2021 Winner: Lime Connect grants and partnered with In 2021, a team of Goldman Sachs analysts from New York City over 8,000 nonprofits in 100 and Salt Lake City — who proudly identify as either having a countries. disability or being an ally to people with disabilities — pitched Lime Connect to senior leadership and won $250,000. This nonprofit attracts, prepares, and connects people with disabilities to scholarships, internships, and full-time opportunities with leading corporations. relief and recovery efforts in India, prioritizing frontline To scale Lime Connect’s impact and mission, the team will health facilities in key cities, such as Bengaluru, Hyderabad, develop a digital platform that integrates the organization’s Mumbai, and New Delhi, with help that include vaccination, existing resources into an accessible, modern framework that mental health, and economic recovery efforts. supports community building and outcome tracking. Lime Connect has worked with Goldman Sachs for nearly 15 years Relief Efforts for Ukraine on disability inclusion. Goldman Sachs has been focused on how to effectively COVID-19 Relief Fund help communities impacted by the conflict in Ukraine. Goldman Sachs and its employees have deployed over The Goldman Sachs COVID-19 Relief Fund was created to help the $3 million in donations to support nonprofit organizations world’s hardest-hit communities during the pandemic. This fund providing Ukrainian families with emergency assistance, has deployed $54 million to more than 300 nonprofits across 31 such as food, medical care, and essential goods, as people countries. Last year, this included $10 million to support COVID-19 have fled their homes. Sustainability Report 2021 Inclusive Growth | Driving Change Across Our Firm 80

INCLUSIVE GROWTH 25 YEARS OF CTW >470,000 Employee Engagement Volunteers Community TeamWorks (CTW) >3,000 Marking its 25th anniversary in 2021, Goldman Sachs Nonprofits Community TeamWorks (CTW) facilitates relationships between our employees and nonprofits to meaningfully 2,800,000 serve people around the world. Our firm’s tradition involves a long-standing culture of Hours of service service. In 2021, we showed that when called to action, our business and our people often exceeded expectations and helped to drive impact. In 2021, we redoubled our virtual volunteering strategy so In 2021, we doubled down we could continue safely serving our communities amid on our virtual volunteering the COVID-19 pandemic. Virtual volunteers worked on projects promoting racial equity and supporting groups strategy amid the pandemic, disproportionately impacted by the pandemic. In total, and volunteers were able to CTW volunteers completed more than 215 virtual projects collectively contribute 29,000 supporting 170 nonprofits globally. hours to support groups Where it was safe to do so, our volunteers showed up disproportionately impacted by in person in the fall of 2021 to build affordable housing, revitalize neighborhoods, and clean parks and green COVID-19 and to help advance spaces — contributing to 200 projects worldwide. racial equity. The CTW program in our EMEA offices also launched Count Us In, a three-month challenge to employees to reduce their carbon footprints. Together, more than 2,000 employees saved 279,700 kg of carbon dioxide. Together, more than 2,000 employees saved 279,700 kg of carbon dioxide via the Count Us In Climate Challenge. Sustainability Report 2021 Inclusive Growth | Driving Change Across Our Firm 81

INCLUSIVE GROWTH Our People We recognize that the strength of our people drives our success. Our first-ever People Strategy Report, published in 2020, outlines the three pillars to our talent- centric organization: attracting talent; supporting our people and sustaining our culture; and broadening our impact. It demonstrated how we support the firm’s strategic objectives and act as an accelerator to meeting our Investor Day Goals. Upcoming 2021 Achieving sustainable, inclusive growth for the world’s People Strategy Report leading businesses, entrepreneurs, and institutions requires world-class talent thinking collaboratively while It was a challenging year for everyone — our clients, our navigating complex challenges. The strategy we use to people, and our communities. But even in an incredibly engage with our people is an extension of our overall dynamic market environment, our people came together, business strategy and is fundamental to driving success we stayed true to our strategy, and we put our clients at every level and across every business. We accomplish first. Our people have always been our most important this by continuing to evolve our people practices with asset, and it is because of them that we delivered excellence — delivering talent initiatives rooted in our exceptional results to our shareholders. purpose of advancing climate transition and driving inclusive growth; supporting our people’s development; and building the future together. We plan to share further details in our second People Strategy Report, which we will publish in May 2022. Sustainability Report 2021 Inclusive Growth | Driving Change Across Our Firm 82

INCLUSIVE GROWTH Vendor Diversity Program Spotlight 2021 was another year of significant progress in our efforts to support more small and diverse businesses. Our efforts were underpinned by robust engagement programs and enhanced vendor diversity data tracking and reporting throughout our sourcing and payment systems. We established a firmwide Vendor Diversity Steering Group to drive increased awareness and accountability for our goals, and in partnership with our One Million Black Women GOODS AND SERVICES PURCHASED FROM initiative, we convened an internal group of ambassadors to SMALL AND DIVERSE VENDORS GLOBALLY focus on identifying more Black women-owned enterprises for our supply chain. >$265M >$335M Working closely with our teams, we set internal targets across the firm’s key spend categories and included, where In 2020 In 2021 possible, small and diverse businesses within our Request for Proposals (RFPs) for vendors. Tier 2 subcontracting 2021 SPEND WITH SMALL & opportunities for small and diverse businesses were pursued DIVERSE VENDORS with our prime vendors. We continued to partner with certifying agencies in different 6% 68% regions, joining MSDUK, taking a seat on WEConnect International’s board, supporting Disability: IN’s mentoring Of addressable spend Went to minority- program, and, in partnership with our 10,000 Small went to small and or women-owned Businesses program, providing training to small and diverse diverse vendors businesses businesses on protecting intellectual property. 32% 30% As a result of our efforts, in 2021 we spent over $335 million globally with small and diverse businesses, bringing us more Went to small Was Tier 2 spend than halfway to our 2025 goal of increasing our spend by businesses 50% from our 2020 baseline. Our addressable spend with small and diverse businesses increased from 5% to 6%. Sustainability Report 2021 Inclusive Growth | Driving Change Across Our Firm 83

INCLUSIVE GROWTH Vendor Diversity Program: Global Highlights North America: 200 West APAC: Diversifying Campus Support in India In 2021, when Goldman Sachs relocated our executive office within At our Bengaluru campus, we introduced a 100% women- the building, small and diverse businesses received more than managed Starbucks outlet, the first of its kind in South 40% of overall construction payments and nearly 100% of the India, and our employee commute program hired 15 women furniture orders. drivers. In Hyderabad, 100% of vendors hired to support ground transportation are small- or medium-enterprises or Ronda Jackson, a certified Minority and Women-Owned Business diverse businesses. Enterprises (MWBE) interior designer, incorporated design items from 10,000 Small Businesses alumni. The pieces were displayed EMEA: Experience in Hospitality Program in the firmwide amenity space. BaxterStorey, our hospitality vendor in London, partnered with the Africa Centre, a London-based charity that As part of our One Million Black Women launch campaign, our celebrates the diversity of Africa and its people. In marketing team prioritized partnerships with women-owned conjunction with ESG-focused food and beverage pop- businesses, including creative agency Hive, Poochie Collins for ups, we welcomed aspiring chefs and food entrepreneurs visual design and photography, and Essence, Blavity, and Ebony as to our on-site restaurant over the course of October 2021. media partners. Australia: Building and Supplying Workplaces For the recent fit out of our offices in Australia, we contracted with Indigenous-owned companies to supply workstations and manage our office moves. At The Conrad New York Downtown, we “The 10,000 Small Businesses program has always successfully engaged another female 10,000 been about more than just business growth; it’s Small Businesses graduate to repair and replace about building resilient businesses that can weather awnings. any storm. This has never been more important than during the pandemic, when so many businesses “ShadeFLA is grateful for the opportunity to have have been forced to pivot or shut down entirely. bid on a Goldman Sachs project in NYC in 2020- 21. As a Goldman Sachs 10,000 Small Businesses The opportunity to work with Goldman Sachs’ graduate, I greatly benefited from participating in projects team benefited my company not just the 10,000 Small Businesses program that has financially, but it allowed me to tap into my taught me to take my business to the next level. optimism, creativity, and support other 10,000 Through the Goldman Sachs Vendor Program open Small Businesses alumni businesses throughout the to 10,000 Small Businesses alumni, I was able to project. This was very rewarding because community successfully bid on and win two contracts for shade works when we support one another. The pandemic structures at The Conrad New York Downtown. The was a difficult time for everyone, but I’m grateful that timing of these awards was crucial for ShadeFLA’s the project helped me get through it. It reminded sales during the pandemic. As a Hispanic-owned me that even in tough times, we can continue to business, we appreciated these contracts because grow, thrive, and create new relationships for future they kept our bottom line growing, which provided opportunities.” funds to keep our team employed.” MARGUERITTE RAMOS RONDA JACKSON President, ShadeFLA Inc. CID, Serial Entrepreneur and Small Business Sustainability Report 2021 Inclusive Growth | Driving Change Across Our Firm Advocate, Décor Interior Design Inc.

INCLUSIVE GROWTH What to Expect Next Our commitment to driving inclusive growth can be Importantly, climate change has continued to successful only if we prioritize longevity, and we see disproportionately impact low-income and marginalized continuous growth and evolution ahead for our key communities, and we must prepare for the economic initiatives. and structural changes that will be required to ensure an inclusive transition. We believe thoughtful public policy, in Through One Million Black Women, we will strive to be addition to capital, will play a vital role in addressing the continuously responsive to the challenges, needs, solutions, disproportionate impacts that these groups face. and desires we uncovered through listening sessions, our partner organizations, and our advisory council. A listening- At Goldman Sachs, the imperative of an inclusive transition first approach remains critical as we continue to evaluate sits at the crux of our core sustainability priorities: areas in which capital and investment can make the biggest climate transition and inclusive growth. By connecting difference. However, we also understand the imperative of our experience as a financial institution with the insights translating our learnings into action — we continue to focus gained through our work with clients and partners and our on implementation and look for opportunities to partner with ongoing engagement with the public sector and the broader our clients to deepen our impact together. 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 TRANSITION • Climate resilience: lower-income and marginalized communities who are more prepared and INCLUSIVE INCLUSIVE CLIMATE protected from the impact of climate change GROWTH TRANSITION TRANSITION • Workforce development and job training: accessible re-skilling to meet new market demands • Energy access for all groups Sustainability Report 2021 Inclusive Growth | What to Expect Next 85

INCLUSIVE GROWTH We expect that our work to support an inclusive transition, in partnership with our clients, the public sector, and broader stakeholders, will continue to be an important area of focus for our firm as we look forward. As we look toward the future, we also look to learn from our recent experience deploying capital and financing solutions for companies that are driving progress toward both inclusive growth and climate-related goals. BlocPower PosiGen Founded in 2012, BlocPower is a Black-led, privately PosiGen, a portfolio company of a firm with whom clients held company that partners with utility companies and of Imprint have invested in the past, is a provider of governments to identify, finance, and upgrade building renewable energy and efficiency solutions for low- to energy systems in urban areas. Goldman Sachs provided a moderate-income families. PosiGen’s solutions include loan to BlocPower to finance the acquisition and installation solar rooftop photovoltaic (PV) and energy efficiency of electric heating and cooling systems and expansion of upgrades, such as duct sealing, CFL light bulbs, and broadband service across multifamily buildings in New York programmable thermostats, among others. PosiGen also City, specifically focused on low- and moderate-income provides education programs for homeowners that are neighborhoods. aimed at reducing overall energy spend. Rooftop solar and other sustainable technologies have had lower relative In addition to more cost-efficient and energy-efficient rates of penetration for these families, given high up-front heating and cooling systems, residents in the buildings costs and perceived financing risks for a lower-income BlocPower retrofits will benefit from improved air quality population. PosiGen employs proprietary methods to and increased temperature control. The retrofits are also underwrite creditworthiness instead of adhering to a FICO expected to help BlocPower customers avoid fines related score cutoff, which may help the company provide its to limits on greenhouse gas emissions, including those products to more households than would receive them produced by on-site fuel combustion of oil and gas boilers. under traditional credit writing. Los Angeles Clippers Goldman Sachs led the financing for the Los Angeles Clippers’ arena, the Intuit Dome. The project will fund social and environmental programs in the City of Inglewood, including a $100 million Community Benefits Package as part of the Arena Development Agreement. The project will provide funds for affordable housing, first-time renters’ assistance, emergency support, capacity building for housing-focused nonprofits. Additional funds will go toward the installation of 1,000 electric charging units in the city, and the arena is being built to be fully electrified and operates a zero-waste program using composting and recycling technologies. Sustainability Report 2021 Inclusive Growth | What to Expect Next 86

XXSECTION 4 DGiovvideernr ance headline 8787

Governance at Our Firm GOVERNANCE At Goldman Sachs, the way we do business is informed by our purpose: to advance sustainable economic growth and financial opportunity. This purpose applies to our entire firm — from our work with clients and partners to how we manage environmental and social risk. We seek to responsibly manage our business and fulfill our Senior Management commitments to do what is best for the firm, our people, and the global community. This work is supported by strong Various committees and groups oversee our transaction governance structures, from our board of directors at the selection decisions and risk management processes. highest level and throughout our management structure. With respect to risk management, for example, we have By integrating risk oversight into our centralized governance a Firmwide Reputational Risk Committee (FRRC), with structures, we’re able to manage a broad spectrum of financial Management Committee-level representation, which and nonfinancial risks across our businesses. Throughout all is responsible for assessing reputational risks arising levels of the firm, we recognize that responsibly managing from transactions that have been identified as having our business is paramount, and that our people are critical to potential heightened reputational risk pursuant to the that effort. We focus on providing our people with the tools criteria established by the Firmwide Reputational Risk and resources they need to effectively identify and escalate Committee and as determined by committee leadership. potential risks in their day-to-day activities, which includes Our Physical Commodities Review Group ensures that we training with respect to environmental and social risk. maintain a consistent approach to evaluating and managing environmental, health, and safety (EHS) risks associated with engaging in, investing in, or financing physical commodity- Board of Directors related activities. Our board and its committees are responsible for overseeing On a larger scale, our Firmwide Climate Steering Group, the management of the firm’s most significant risks, with a which convenes key senior stakeholders, including those strong focus on reputational risk and long-term operations. from the Executive Office, Risk, Controllers, Investment Oversight of sustainability, climate-related risks, and social Banking, Asset Management, and Global Markets risks are interdisciplinary by nature, and as such, the board divisions, provides oversight for key climate-related risk carries out its oversight directly, at the full board level, and opportunity decisions, including the interim goal- as well as through its committees, including its Public setting needed to achieve our net zero by 2050 pathway Responsibilities and Risk Committees. commitment. This Steering Group also reviews progress and provides feedback on climate strategy, risk management, integration, and capabilities on a broad level. This includes oversight of climate-related targets and climate reporting, related commercial engagement and integration strategy, and updates on climate risk management frameworks and capabilities. Sustainability Report 2021 Governance 88

GOVERNANCE Policy, Process, and Key Groups Risk management is critical to the way we run our business, and it is deeply ingrained in our culture and business practices. For environmental and social risk, we proactively and publicly manage and report the material impacts of sustainability-related risks to our firm — a business that spans an array of sectors and regions. Policy Our policies on sustainability are informed by perspectives of our stakeholders, including investors, non-governmental organizations, and regulators — and they help us to better advise our clients in terms of how to improve environmental and social practices. Examples of our firm’s policies include our Environmental Policy Framework, Code of Business Conduct and Ethics, the Goldman Sachs Statement on Key Groups Human Rights, and the Goldman Sachs Vendor Code of Within our Executive Office, our Sustainable Finance Group Conduct. Notably, our Environmental Policy Framework (SFG) serves as the centralized group that drives climate (EPF) guides our overall approach to sustainability issues strategy and sustainability efforts across our firm, including — including management of environmental and social risk commercial efforts alongside the firm’s businesses — all across a broad scope of sectors and products. with the goal of advancing the success of our clients and promoting sustainable, inclusive growth and accelerating Process the climate transition. The SFG also engages with our Our advisory, financing, and direct investing teams include stakeholders to stay abreast of and assist with environmental environmental and social due diligence as integral parts of their and social risk management and related guidelines. process. Transactions that may have significant environmental In addition, teams within our Legal and Compliance or social risks, including reputational risks, are elevated for divisions broadly examine legal, regulatory, reputational, enhanced review and business selection discussion. environmental, social, and governance risks, and review potential transactions through a risk-management lens. At an operational level, in-house specialist teams within our Risk division guide environmental, health, and safety standards for our investing activities. The teams also perform EHS due diligence on proposed investment transactions, helping business teams identify and mitigate potential risk. With respect to climate risk specifically, the Risk division is responsible for the development of the firm’s climate risk program, including setting and evaluating risk appetite, assessing climate risk, and integrating that risk into business and risk management practices. Sustainability Report 2021 Governance 89

GOVERNANCE 2021 Transaction Breakdown and Highlights In 2021, the Sustainable Finance Group reviewed approximately 1,800 transactions for environmental and social risks. We identified and managed EHS risks in several potential transactions and portfolio companies — and in some cases, decided to forgo participation due to the high levels of risk that could not be mitigated or that did not align with our policies or sustainability commitments. TRANSACTION REVIEW — SECTOR TYPE 700 658 600 500 400 336 300 238 200 174 150 100 100 47 25 48 12 0 LS S Y E G S R N N R L R R N A E O E E A T U H I IO U C S T NI T T AT F E C OT A A W IO MI R RU MI IL & G ER RT B HE FO T & O O C S EN AS L G SP R A F T ER RAN IN ME W T O P Note: “Other” includes agriculture, cryptocurrency, carbon, consumer retail, financial sponsor, palm oil, and TMT Sustainability Report 2021 Governance | 2021 Transaction Breakdown and Highlights 90

GOVERNANCE In 2021, we declined to participate in a number of transactions due to heightened environmental and social risk. For example, we passed on an opportunity related to financing of a thermal coal mining company with no public diversification strategy. With additional due diligence, we were unable to get comfortable with the company’s stated plans and declined the opportunity. As another example, we also declined to invest in an industrial steam business where the company’s supply of steam was primarily derived from coal power with no carbon capture and storage or equivalent carbon emissions reduction technologies in place. We also strive to ensure our approach to environmental and social risk management emphasizes constructive engagement. We work with business teams and our clients to help navigate considerations around environmental and social impacts, as well as community health and safety, for transactions across the firm, and we advise on best practices. We also assist with investments in companies that offer innovative technologies; provide guidance to improve environmental practices and disclosure; and advise on sustainable sourcing, supply chain standards, and other related areas. These teams and considerations were included in our review to finance a transaction for a mining company that focused on sourcing minerals critical to the transition to a low-carbon economy. We worked with the team and the company to review commitments related to water usage, as well as demonstrated commitments to engaging and consulting with Indigenous peoples. In another example, we have continued to engage with a manufacturing company on their EHS-related program over the years, which has resulted in improvements to safety performance and contamination- related issues. For our firm, putting people and practices in places that allow us to take a deliberate approach to responsible risk management across our firm is a critical driver of success. Sustainability Report 2021 Governance | 2021 Transaction Breakdown and Highlights 91

Climate Risk Management GOVERNANCE We are continuing to integrate climate risk into broader business and risk management practices, and we shared an update on our progress in the recent Task Force on Climate-related Financial Disclosures report, Accelerating Transition. Our scope and definitions of climate risks include: • Transition risk emerges from climate-related policy, legal, technology, and market changes as the economy shifts toward lower carbon usage. • Physical risk is the risk to Goldman Sachs properties, collateral, or investments due to specific weather events and longer-term shifts in the climate. Physical risk has the potential to reduce the financial value of assets. Risks related to the physical impacts of climate change include acute risks and chronic risks. As included in our Task Force on Climate-related Financial Disclosures report, Accelerating Transition, we have developed methodologies for both physical and transition risk, and these methodologies serve as a foundation for measurement and integration of climate risk into business and risk processes across the firm. Integrating climate risk into the firm’s overall approach to risk management continues to be a priority. The following are examples of how we are integrating climate risk: In our risk identification process, climate risks are identified and classified, and then stressed in physical and transition risk stress-testing methodologies. • Climate risks are incorporated into the firm’s internal risk taxonomy. • Physical risk is assessed across our own operational risk footprint and at all stages of our global real estate strategy — from site selection and building design through occupancy and facilities management. • We also assess physical risk for the firm’s real estate positions, including equity investments and lending positions. • As we integrate climate risk into broader risk management, we have begun incorporating climate risk into credit evaluations and underwriting processes for select transactions, including considering climate risk factors and mitigants. • As appropriate, we are integrating climate risk considerations into appropriate frameworks and policies. Sustainability Report 2021 Governance | 2021 Transaction Breakdown and Highlights 92

XXSECTION 5 DKeivyid Mere trics h&e Iandlindicaetors 9393

KEY METRICS & INDICATORS Environmental Indicators Below we provide an overview of selected key metrics. For a complete list of our sustainability-related resources and disclosures, please visit our Resource Guide. Trend 2021 2020 2019 2020-20211 Organization Global Facilities Reported 267 266 271 Revenues ($M) $59,339 $44,560 $36,546 Operational Rentable Square Feet (million sq. ft.) 10.3 10.5 12.0 Employees 43,900 40,500 38,300 Occupied Seats2 49,700 44,500 48,800 Certification ◊ LEED Certified Buildings (% of sq. ft.)3 74% 71% 63% ◊ ISO 14001 Certified Operations (% of sq. ft.) 100% 100% 100% ◊ ISO 20121 Certified Sustainable Event 100% 100% 100% Management — On-site Events (%) Energy Global Direct Energy Consumption (MWh)4 42,742 32,446 45,281 Natural Gas 71% 89% 93% Other Fuels4 29% 11% 7% Global Intermediate Energy Consumption (MWh) 434,525 413,435 489,908 Purchased Electricity 96% 97% 96% Purchased Steam & Chilled Water 4% 3% 4% Global Direct and Intermediate Energy 477,267 445,881 535,189 Consumption (MWh) Reduction in Global Energy Consumption from -12% -17% -1% Baseline (%) Note 1: Many metrics trending upward from 2020 to 2021 are primarily due to lifting COVID-19 restrictions and employees returning to the office. Note 2: “Occupied Seats” represents the number of people expected in the office, including both contingent workers and employees. Note 3: This symbol ◊ before an indicator denotes an environmental commitment through Goldman’s 2025 ESG and Net Zero Commitments and ongoing 2020 Operational Commitments. Net Emissions noted as zero represents achievement of the firm’s carbon neutral commitment across operations and business travel. Reductions are from a 2017 baseline, except plastics which are from a 2021 baseline or where otherwise noted. Note 4: Other fuels includes jet fuel and fuel oil. Historical data points may be adjusted to reflect new information and/or changes to protocols. SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 KKeey My Meettrriiccs & Is & Innddiiccatatoorrs | Es nvironmental Indicators 94

KEY METRICS & INDICATORS Trend 2021 2020 2019 2020-20211 Energy (Cont.) Energy Use Intensity for Offices (kWh/sq. ft.) 21.3 20.7 26.5 ◊ Reduction in Energy Use Intensity for Offices -36% -38% -20% from Baseline (%) 3 Global Renewable Energy Consumption (MWh) 416,660 399,572 460,455 ◊ Percent Renewable Energy5 100% 100% 98% Greenhouse Gas (GHG) Emissions Scope 1 — Direct (metric tons CO2 equivalent 12,166 9,647 12,673 [tCO2e])4 Natural Gas 51% 61% 68% Other Fuels4 25% 9% 6% HFC Refrigerants 24% 30% 26% Scope 2 (location) — Indirect (tCO2e) 143,797 141,583 166,249 Purchased Electricity 98% 98% 98% Purchased Steam & Chilled Water 2% 2% 2% Scope 2 (market) — Indirect (tCO2e) 10,148 4,283 9,109 Purchased Electricity 67% 39% 64% Purchased Steam & Chilled Water 33% 61% 36% Scope 3: Category 6 — Business Travel (tCO2e) 23,802 29,295 135,473 Commercial Air 68% 69% 83% Other Travel6 32% 31% 17% Total Emissions: Scopes 1 & 2 (location) (tCO2e) 155,963 151,230 178,922 Total Emissions: Scopes 1 & 2 (market) (tCO2e) 22,314 13,930 21,782 Total Emissions: Scopes 1 & 2 (market), 46,116 43,225 157,255 and Scope 3: Category 6 (tCO2e) ◊ Net Emissions: Scopes 1 & 2 (market), 0 0 0 and Scope 3: Category 6 (tCO2e) 3 Note 1: Many metrics trending upward from 2020 to 2021 are primarily due to lifting COVID-19 restrictions and employees returning to the office. Note 3: This symbol ◊ before an indicator denotes an environmental commitment through Goldman’s 2025 ESG and Net Zero Commitments and ongoing 2020 Operational Commitments. Net Emissions noted as zero represents achievement of the firm’s carbon neutral commitment across operations and business travel. Reductions are from a 2017 baseline, except plastics which are from a 2021 baseline or where otherwise noted. Note 4: Other fuels includes jet fuel and fuel oil. Note 5: The firm sourced renewable electricity equivalent to 100% of global electricity consumption. 96% is in line with RE100 market boundary criteria. Note 6: This includes charter air, rail, bus, ferry, car, and hotels. Historical data points may be adjusted to reflect new information and/or changes to protocols. SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 KKeey My Meettrriiccs & Is & Innddiiccatatoorrs | Es nvironmental Indicators 95

KEY METRICS & INDICATORS Trend 2021 2020 2019 2020-20211 Greenhouse Gas (GHG) Emissions (Cont.) Verified Carbon Avoidance Offsets (tCO2e) 3 26,116 43,225 157,255 Verified Carbon Removals (tCO2e) 3 20,000 0 0 Revenues (tCO2e/$M) 7 2.6 3.4 4.9 , Rentable Square Feet (kgCO2e/sqft) 78 14.9 14.4 14.9 Employee (tCO2e/employee) 7 3.6 3.7 4.7 Water Global Water Withdrawal (m3) 802,231 810,529 1,093,979 Reduction in Global Water Withdrawal from -20% -19% 9% Baseline (%) Water Use Intensity for Offices (m3/occupied seat) 11.1 12.6 17.5 ◊ Reduction in Water Use Intensity for Offices -42% -34% -8% from Baseline (%) 3 Waste Global Business Waste (metric tons) 2,820 2,485 5,990 Recycled/Composted Material 58% 67% 64% ◊ Landfilled Material 9 3% 3% 1% Waste to Energy 39% 30% 35% Global e-Waste (metric tons) 321 301 243 10 Refurbished and Reused Material 0% 0% 14% Recycled Material 100% 100% 86% Global Construction Waste (metric tons) 158 1,621 3,395 Recycled/Composted Material 84% 61% 90% Landfilled Material 16% 39% 10% Waste to Energy 0% 0% 0% Note 1: Many metrics trending upward from 2020 to 2021 are primarily due to lifting COVID-19 restrictions and employees returning to the office. Note 3: This symbol ◊ before an indicator denotes an environmental commitment through Goldman’s 2025 ESG and Net Zero Commitments and ongoing 2020 Operational Commitments. Net Emissions noted as zero represents achievement of the firm’s carbon neutral commitment across operations and business travel. Reductions are from a 2017 baseline, except plastics which are from a 2021 baseline or where otherwise noted. Note 7: Metrics are normalized using Scope 1 & Scope 2 (location) emissions. Note 8: Metric includes only emissions from Scope 1 & Scope 2 (location) from rentable square footage; jet fuel is excluded. Note 9: The firm has diverted 100% business waste from landfill where alternative disposal methods exist. Currently no alternatives exist in Hong Kong, China, Australia, New Zealand, and parts of India. Note 10: The firm began tracking refurbished material as separate from recycled material in 2019. Historical data points may be adjusted to reflect new information and/or changes to protocols. SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 KKeey My Meettrriiccs & Is & Innddiiccatatoorrs | Es nvironmental Indicators 96

KEY METRICS & INDICATORS Trend 2021 2020 2019 2020-20211 Sourcing Paper Consumption (million sheets) 42 48 139 New Fibers (FSC/SFI) 96% 92% 66% Post-consumer Recycled 3% 5% 19% New Fibers 1% 3% 15% Paper Consumption/Employee (sheets) 965 1,177 3,634 ◊ Reduction in Paper Consumption/Employee -79% -74% -21% from Baseline (%) 3 Plastics Single-use Plastics (tons) 11 28 N/A N/A ◊ Plastic Beverage Bottles and Disposable 95% N/A N/A Plastics Office Supplies 5% N/A N/A Events and Hospitality ◊ Green Cleaning Products (%) 40% 43% N/A ◊ Sustainably Sourced Foods (%) 21% N/A N/A Supply Chain 12 Vendor Code of Conduct 100% 100% 100% ◊ Vendors With Inherently Higher ESG Risk Who 60% N/A N/A Have Been Assessed (%) 13 ◊ Spend With Diverse Vendors (%) 26% N/A N/A CDP Climate Change Survey: Score A- A A- Climate Change Survey: Leadership Recognition 14 SER A List A List / SER A List SER A List Note 1: Many metrics trending upward from 2020 to 2021 are primarily due to lifting COVID-19 restrictions and employees returning to the office. Note 3: This symbol ◊ before an indicator denotes an environmental commitment through Goldman’s 2025 ESG and Net Zero Commitments and ongoing 2020 Operational Commitments. Net Emissions noted as zero represents achievement of the firm’s carbon neutral commitment across operations and business travel. Reductions are from a 2017 baseline, except plastics which are from a 2021 baseline or where otherwise noted. Note 11: 2021 is the new baseline year for single-use plastic since data boundary has increased and data collection has improved. Note 12: All newly onboarded vendors must attest to the Vendor Code of Conduct. All vendors are screened for inherent ESG risks. Note 13: All vendors who we deem to have an inherently higher ESG risk and are over our material spend threshold are now required to complete an ESG questionnaire within 60 days of onboarding. Note 14: In 2019, 2020, and 2021, the firm’s CDP response was recognized for leadership as part of CDP’s Supplier Engagement Rating (SER). Historical data points may be adjusted to reflect new information and/or changes to protocols. SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 KKeey My Meettrriiccs & Is & Innddiiccatatoorrs | Es nvironmental Indicators 97

Recognition KEY METRICS & INDICATORS Awards and Rankings Each year, Goldman Sachs earns awards across categories, including employer of choice, diversity and inclusion, sustainability, and business and innovation. Select awards from the past year are shown below. Employer of Choice Forbes World’s Best Employer Fortune World’s Most Admired Companies The Times Top 50 Employers for Women Social Mobility Foundation Employer Index Universum World’s Most Attractive Employers Diversity and Inclusion Bloomberg Gender-Equality Index Disability:IN Disability Equality Index Equileap Top 100 Companies for Gender Equality Globally Euromoney Awards for Excellence • Best Bank for Diversity & Inclusion Hispanic Association on Corporate Responsibility (HACR) • Corporate Inclusion Index Human Rights Campaign Foundation • Corporate Equality Index • Best Places to Work for LGBTQ+ Equality Seramount • 100 Best Companies for Working Parents • Best Companies for Dads Sustainability Report 2021 Work With Pride Index Key Metrics & Indicators | Recognition 98

KEY METRICS & INDICATORS Sustainability Carbon Disclosure Project (CDP) FinTech Futures Banking Tech Awards • Supplier Engagement Leaderboard • Best Use of Cloud • Climate Change A-List • Best FinTech Partnership Environmental Finance Bond Awards Global Finance World’s Best Digital Bank Awards • Green Project Bond of the Year • Best Integrated Corporate Banking Site, North America • Best Online Treasury Services, North America Forbes Green Growth 50 Global Finance World’s Best Investment Banks Global Finance World’s Best Private Banks • Best in the Technology Sector, Global • Best Private Bank for Sustainable Investing, North America • Best Equity Bank, Global • Best Investment Bank, Global JUST Capital America’s 100 Most Just Companies • Best Investment Bank, North America Leadership in Energy and Environmental Design • Best M&A Bank, North America (LEED) • Best M&A Bank, Western Europe • Gold Certifications in 5 additional office locations around International Financing Review (IFR) Awards the world • Bank of the Year US Environmental Protection Agency • M&A Adviser • Green Power Partnership National Top 100 • Equity House, North America Equity House and Asia-Pacific Equity House Business and Innovation • Bank for Financial Institutions • Loan House and Americas Loan House • Structured Equity House, Americas Structured Equity House, Aite-Novarica Impact Innovation Awards in Cash and Asia-Pacific Structured Equity House Management and Payments • North America High-yield Bond House • Global Disruptor Award J.D. Power US Credit Card Satisfaction Study Celent Model Awards • Apple Card and Goldman Sachs ranked No. 1 in Customer • Model Bank for Business Model Evolution Satisfaction among Midsize Credit Card Segment • Model Sell Side for Data, Analytics, and AI Innovation Juniper Research Future Digital Awards Euromoney Awards for Excellence • Platinum for Banking Platform Innovation • Best Bank for Markets, Global • Best Bank for Financing, Global MONEY Best High-yield Savings Account • Financial Innovation of the Year, Global • Best Investment Bank, Asia NerdWallet Best-of Awards • Best Investment Bank, Australia • Best Savings Account • Best Investment Bank, Chile • Best Bank for CDs • Best Investment Bank, China • Best Personal Loan from a Bank • Best Investment Bank, New Zealand Private Equity International Awards • Deal of the Year, Americas • Deal of the Year, Asia • Deal of the Year, Europe • Secondaries Firm of the Year, Americas SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 KKeey My Meettrriiccs & Is & Innddiiccatatoorrs | Rs ecognition 99

SASB Index KEY METRICS & INDICATORS This report is evidence of our ongoing commitment to provide disclosures under the Sustainability Accounting Standards Board (SASB) standards. We have included the below disclosures related to the three sectors that are most closely aligned to our mix of businesses: Asset Management and Custody Activities, Investment Banking and Brokerage, and Commercial Banks. Disclosures that appeared in more than one of these sector standards are included in a separate section at the top. Unless otherwise noted, all data and descriptions apply to our entire firm, not just the businesses relevant to that sector. We do not currently disclose all metrics included in the standards for these three sectors, but we will continue to evaluate them in the future. Topic Accounting Metric Category Code Response Disclosures included in multiple sectors’ standards US Workforce Demographics Percentage of gender and racial/ As part of our commitment to improving ethnic group representation for FN-AC-330a.1 diversity at the firm, we have also published Diversity & (1) executive management, (2) Quantitative FN-IB-330a.1 diversity goals here. Inclusion non-executive management, (3) professionals, and (4) all other We plan to share further details in our employees People Strategy report, to be published in May 2022. FN-AC-510a.2 Description of whistleblower Discussion FN-IB-510a.2 Raising Integrity Concerns policies and procedures and Analysis FN-CB- Code of Business Conduct and Ethics 510a.2 Total amount of monetary losses as a result of legal proceedings associated with: • Marketing and communication Business of financial product-related Ethics information to new and FN-AC- returning customers; 270a.2 • Fraud, insider trading, anti- FN-AC-510a.1 During 2021, our total net provisions for all trust, anti-competitive Quantitative FN-IB-510a.1 litigation and regulatory proceedings were behavior, market manipulation, FN-IB-510b.3 $534 million. malpractice, or other related FN-CB-510a.1 financial industry laws or regulations; and • Professional integrity, including duty of care SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 KKeey My Meettrriiccs & Is & Innddiiccatatoorrs | Ss ASB Index 100

KEY METRICS & INDICATORS Topic Accounting Metric Category Code Response Disclosures included in multiple sectors’ standards (Cont.) The G-SIB surcharge is updated annually based on financial data from the prior year and is generally applicable for the following year. The G-SIB surcharge is calculated using two methodologies, the higher of which is reflected in the firm’s risk-based capital requirements. The first calculation (Method 1) is based on the Basel Committee’s methodology, which, among other factors, relies upon measures of the size, activity, and complexity of each G-SIB. The second calculation (Method 2) Global Systemically Important FN-IB-550a.1 uses similar inputs but includes a measure Bank (G-SIB) score, by category Quantitative FN-CB-550a.1 of reliance on short-term wholesale funding. Further information about Method 1 can be found on the Bank for International Systemic Risk Settlement’s website, and further Management information about Method 2 can be found on the Federal Reserve Board’s website. We are bound by Method 2, and our applicable G-SIB buffer is 2.5%. Please see pages 12, 84-85, and 192-193 of our 2021 Form 10-K for further information. Further information about the indicators that factor into the calculation can be found in our FR Y-15 filing, which can be accessed here. Description of approach to We conduct various scenario analyses incorporation of results of as part of the Comprehensive Capital mandatory and voluntary stress Discussion FN-IB-550a.2 Analysis and Review and Dodd-Frank Act tests into capital adequacy and Analysis FN-CB- Stress Tests, as well as our resolution and planning, long-term corporate 550a.2 recovery planning. Please see pages 14-18 strategy, and other business and 82-84 of our 2021 Form 10-K. activities SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 KKeey My Meettrriiccs & Is & Innddiiccatatoorrs | Ss ASB Index 101

KEY METRICS & INDICATORS Topic Accounting Metric Category Code Response Asset management & custody activities We believe our clients are best served by having a clear understanding of how we work together, the capacities in which we act, and the fees we charge. In addition to contracts for products and services, as well as regulatory disclosures, we provide Wealth Management clients a Transparent comprehensive brochure outlining the Information & Description of approach to Discussion FN-AC- services we provide and the related fee Fair Advice for informing customers about and Analysis 270a.3 structures, including how their advisor is Customers products and services compensated for each type of service and fee. Please also refer to the Business Standards Committee Impact Report and Code of Business Conduct and Ethics and Risk Factors detailed on pages 29–55 of our 2021 Form 10-K for additional firmwide information. As of December 31, 2021, Goldman Amount of assets under Sachs Asset Management supervises management, by asset class, $302.9 billion in strategies where ESG that employ (1) integration or sustainability factors are an important of environmental, social, and Quantitative FN-AC-410a.1 component, and $94 billion in separate governance (ESG) issues, (2) accounts with values-driven screens, sustainability-themed investing, bringing our total fee-based AUS to $396.9 and (3) screening billion in ESG and impact strategies. Incorporation See our website for further information. of ESG Factors in Please refer to the Goldman Sachs Asset Investment Description of approach to Management Statement on ESG and Management incorporation of environmental, Impact Investing, which outlines Asset and Advisory social, and governance (ESG) Discussion Management’s commitment to ESG and factors in investment and/or and Analysis FN-AC-410a.2 impact investing, the approaches taken wealth management processes across asset classes and investment and strategies strategies, and our capabilities we bring to bear for our clients. Description of proxy voting and Discussion Goldman Sachs Asset Management investee engagement policies and Analysis FN-AC-410a.3 Stewardship Report and procedures SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 KKeey My Meettrriiccs & Is & Innddiiccatatoorrs | Ss ASB Index 102

KEY METRICS & INDICATORS Topic Accounting Metric Category Code Response Asset management & custody activities (Cont.) Goldman Sachs Asset Management (GSAM) oversees liquidity risk management for the funds and client portfolios for which it serves as fund manager/investment advisor. GSAM monitors liquidity risk associated with a portfolio’s ability to meet potential cash outflows related to investor Description of approach to redemptions/withdrawals or potential incorporation of liquidity risk Discussion FN-AC- liabilities related to derivative positions management programs into and Analysis 550a.2 and secured funding trades, as well as portfolio strategy and redemption changes in the liquidity of positions within risk management the portfolio. GSAM manages the liquidity of its portfolios in line with the investment Systemic Risk strategy of each portfolio, applicable Management regulatory requirements, potential investor redemption requests, and broader macro market conditions, at all times in the context of GSAM’s obligations and its role as a fiduciary, where applicable. As of December 2021, we had $34.5 billion Total exposure to securities Quantitative FN-AC- of credit exposure from securities financing financing transactions 550a.3 transactions. Please see page 113 of our 2021 Form 10-K for further information. As of December 2021, written credit derivatives had a total gross notional amount of $510.2 billion, and purchased Net exposure to written credit Quantitative FN-AC- credit derivatives had a total gross notional derivatives 550a.4 amount of $569.3 billion, for total net notional purchased protection of $59.1 billion. Please see page 146 of our 2021 Form 10-K for further information. Registered Assets $629B (1) Total registered and (2) total Under Supervision N/A unregistered assets under Quantitative FN-AC-000.A management (AUM) Unregistered Assets $1,841B Under Supervision Total assets under custody and $2.5T Assets Under Supervision. Please N/A supervision Quantitative FN-AC-000.B see page 75 of our 2021 Form 10-K for further information. SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 KKeey My Meettrriiccs & Is & Innddiiccatatoorrs | Ss ASB Index 103

KEY METRICS & INDICATORS Topic Accounting Metric Category Code Response Investment banking and brokerage Environmental Policy Framework (Updated in 2019) Incorporation Please see page 47 of our Task Force of ESG Description of approach to on Climate-related Financial Disclosures Factors in incorporation of environmental, Discussion (TCFD) report, Accelerating Transition, Investment social, and governance (ESG) and Analysis FN-IB-410a.3 which highlights targets for sectors that are Banking & factors in investment banking and material to our financing portfolio. We also Brokerage brokerage activities continue to expand governance around Activities our Decarbonization offering, particularly as it relates to green financing transactions captured in our underwriting methodology. The firm maintains a Code of Business Conduct and Ethics and requires Professional Description of approach to Discussion employees to annually certify they have Integrity ensuring professional integrity, and Analysis FN-IB-510b.4 reviewed and will comply with the code. including duty of care See the Business Standards Committee Impact Report and our Business Principles for further information. MRT is a regulatory term applied in the UK, but it is not a concept we apply to our global workforce. Within our UK workforce Percentage of total remuneration only, 53% of total remuneration awarded to that is variable for Material Risk Quantitative FN-IB-550b.1 MRTs for 2020 performance was variable. Takers (MRTs) Note that we apply a pay-for-performance philosophy across our organization. Please see our Compensation Principles for Employee further information. Incentives and Risk Taking Percentage of variable All equity-based awards granted to remuneration of Material Risk employees are subject to robust forfeiture Takers (MRTs) to which malus or Quantitative FN-IB-550b.2 and clawback provisions. Please see page clawback provisions were applied 54 of our 2022 Proxy Statement for further information. Discussion of policies around supervision, control, and Discussion FN-IB-550b.3 Please see pages 60-61 of our 2021 Form validation of traders’ pricing of and Analysis 10-K. Level 3 assets and liabilities SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 KKeey My Meettrriiccs & Is & Innddiiccatatoorrs | Ss ASB Index 104

KEY METRICS & INDICATORS Topic Accounting Metric Category Code Response Investment banking and brokerage (Cont.) Per Dealogic, our transaction volumes for 2021 were: Announced mergers $1,851B and acquisitions (1) Number and (2) value of (a) Completed mergers $1,581B N/A underwriting, (b) advisory, and (c) Quantitative FN-IB-000.A and acquisitions securitization transactions Equity and equity- related offerings $141B Debt offerings $332B Please see page 68 of our 2021 Form 10-K for further information. The table below presents the concentration of our $55.9B of firmwide gross corporate loans by industry: Consumer & Retail 8% Diversified Industrials 13% Financial Institutions 8% Funds 21% Healthcare 7% Natural Resources & Utilities 9% Real Estate 8% (1) Number and (2) value of Technology, Media, & Telecom 18% N/A proprietary investments and loans Quantitative FN-IB-000.B Other (incl. Special Purpose by sector Vehicles) 8% The table below presents the asset class breakdown of our $18.9B of equity securities at fair value (substantially all reported within our Asset Management and Investment Banking segments): Corporate 78% Real Estate 22% For further information about loans and investments, please see pages 110 and 149, respectively, of our 2021 Form 10-K. SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 KKeey My Meettrriiccs & Is & Innddiiccatatoorrs | Ss ASB Index 105

KEY METRICS & INDICATORS Topic Accounting Metric Category Code Response Commercial banks Please refer to our Client Security Statement, which provides an overview of Description of approach to the firm’s approach to information security Data Security identifying and addressing data Discussion FN-CB- and its practices to secure data, systems, security risks and Analysis 230a.2 and services, similarly aligned around the five functions of the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF). As of December 2021, our Urban Investment Group had $0.95 billion of debt assets outstanding from 82 transactions and $2.2 billion of equity assets outstanding from 195 transactions. See our Urban Investment Group’s website for (1) Number and (2) amount of further information. loans outstanding qualified to programs designed to promote Quantitative FN-CB-240a.1 Please also refer to our programs small business and community 10,000 Small Businesses, which provides Financial development entrepreneurs in the US and UK access to Inclusion & education, capital, and business support Capacity services, and 10,000 Women, a global Building initiative providing women entrepreneurs with a business and management education, mentoring and networking, and access to capital. Please refer to our One Million Black Number of participants in Women: Black in Business program, which financial literacy initiatives for Quantitative FN-CB- provides access to business education, unbanked, underbanked, or 240a.4 networking, and support services for underserved customers Black women entrepreneurs who are sole proprietors. SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 KKeey My Meettrriiccs & Is & Innddiiccatatoorrs | Ss ASB Index 106

KEY METRICS & INDICATORS Topic Accounting Metric Category Code Response Commercial banks (Cont.) Credit Exposure from Firmwide Corporate Loans and Lending Commitments by Industry: Consumer & Retail 12% Diversified Industrials 15% Financial Institutions 7% Funds 8% Commercial and industrial credit Quantitative FN-CB-410a.1 exposure, by industry Healthcare 9% Natural Resources & Utilities 14% Incorporation Real Estate 6% of ESG Factors Technology, Media, & Telecom 23% in Credit Other (incl. Special Purpose Analysis Vehicles) 6% Please see page 110 of our 2021 Form 10-K for further information. Environmental Policy Framework (Updated in 2019) Description of approach to Please see page 36 of our Task Force incorporation of environmental, Discussion FN-CB-410a.2 on Climate-related Financial Disclosures social, and governance (ESG) and Analysis (TCFD) report, Accelerating Transition, factors in credit analysis which notes that we are updating our credit risk polices to reflect climate risk considerations. The table below presents firmwide information by loan type: Corporate $55.9B Wealth Management $44B Commercial Real Estate $25.9B (1) Number and (2) value of loans N/A by segment: (a) personal, (b) small Quantitative FN-CB-000.B Residential Real Estate $15.9B business, and (c) corporate Installment $3.7B Credit Cards $8.2B Other $8.5B Please see page 155 of our 2021 Form 10-K for further information. SSuussttaaiinnaabbiilliittyy Re Reppoorrtt 2 2002121 KKeey My Meettrriiccs & Is & Innddiiccatatoorrs | Ss ASB Index 107

Sustainability Issuance Report 2021 REPORT NAME LOREM IPSUM Report title goes here

Contents 110 Introduction 113 Sustainability Issuance Framework 114 Governance 115 By the Numbers 117 Reporting and External Assurance 118 Sustainability Issuances 124 KPI Reporting 126 Featured Investments 136 Third Party Attestation 1092

SECTION 1 Introduction 110

To achieve material change, sustainability commitments must be tied to powerful economic outcomes. We’re focused on two core pillars of sustainable finance that we believe continue to be key drivers of market risk and opportunity: climate transition and inclusive growth. We have catalyzed our commitment to sustainability by setting a target of $750 billion of financing, investing, and advisory activity, grounded in our two key pillars and spanning nine impact themes by 2030. Our inaugural Sustainability Bond and Goldman Sachs Sustainability Issuance Framework, launched in early 2021, are aligned with these same themes. The Framework expands upon our firmwide commercial model of driving At Goldman Sachs, our capital and supporting innovation that encourages progress on climate transition and inclusive growth, and it builds upon firmwide approach to years of experience designing and issuing Green, Social, and Sustainability financial products. sustainability is driven by As an advisor, financier, and investor, we leverage the full our purpose: to advance range of our expertise and services as we look to develop innovative sustainability solutions. From supporting sustainable economic growth sustainable infrastructure projects to investing in companies powering critical innovation in clean energy and transport, and financial opportunity we continue to remain focused on our ability to drive capital. for our clients, our partners, With a keen eye toward achieving long-term, sustainable impact, we seek to ensure a thriving future for our clients, and our communities. As our firm, and our communities. a core focus for the past two decades, sustainability is embedded in our firm’s business strategy and fundamental to supporting long-term growth. Sustainability Report 2021 Sustainability Issuance Report | Introduction 111

OVERVIEW We’ve structured our OF SUSTAINABILITY THEMES commitment around nine key priority areas that we’ve identified as having the most impact. Advancing the Driving Inclusive Climate Transition Growth Clean Energy Accessible and Innovative Healthcare Enable renewable energy generation, energy efficiency, Enable the use of digital technology, advanced devices, and and grid services. diagnostics for better outcomes. Sustainable Transport Financial Inclusion Shift modes of transit through electric vehicles, connected Advance financial inclusion for all, including underserved services, autonomous driving, and public transportation populations, by promoting access to capital, financial development. technology, and products that increase access, support financial health, and drive more equitable economic growth. Sustainable Food and Agriculture Enable green agricultural production, storage, processing, Accessible and Affordable Education and distribution to feed the world. Enable greater access to education, improve learning outcomes, and help close opportunity gaps for learners Waste and Materials of all ages. Promote sustainable production and consumption, along with responsible waste management. Communities Enable infrastructure development, affordable housing, Ecosystem Services and livelihood advancement. Contribute to the sustainable management of natural resources and monetize the value of forests, water, and biodiversity. 112

SECTION 2 Sustainability Issuance Framework 113

Our framework for selecting projects and executing investment decisions is rigorous and multilayered in nature, reflecting the scale and importance of executing on our sustainable finance commitment. Governance As a baseline, all projects and assets under consideration Proceeds from Goldman Sachs’ Green, Social, or for financing must meet the standards set by our existing Sustainability issuances will be prioritized to finance new environmental and social risk management procedures, projects or assets that meet the criteria of the respective including the Goldman Sachs Environmental Policy type of issuance and will aim to allocate all proceeds within Framework, which provides guidance on financing in certain two years following the issuance. Additionally, loans and environmentally and socially sensitive sectors. The firm's investments that qualify under the relevant criteria made broader risk management covers broader risk factors such up to one year prior to the issuance are also eligible for as potential legal, regulatory, and governance risks. refinancing with its proceeds. The Sustainable Asset Working Group consists of cross- For further information on eligibility and exclusion criteria for divisional stakeholders from the Sustainable Finance Group, our Green, Social, and Sustainability Issuances, please refer Investor Relations, Corporate Treasury, Legal, Controllers, to our Framework. Compliance, and relevant business teams. The group reviews and confirms eligible projects and assets for funding with proceeds from Green, Social, or Sustainability issuance. Sustainability Report 2021 Sustainability Issuance Report | Sustainability Issuance Framework 114

BY THE NUMBERS – 2021 PROGRESS¹ ~ $1 B 6 of sustainability issuances sustainability issuances > 90% ~ 3,330 of funding allocated to new affordable/specialized housing investments and loans units built or rehabilitated3 ~ 730k MWh ~ 38,500 clean energy projected to be produced2 loans to LMI individuals4 1 3 Key Performance Indicators represent aggregate metrics across all investments where data was Represents the number of affordable/specialized housing units that Goldman Sachs available, as provided directly by the relevant companies. provided financing for the construction and/or rehabilitation of and may still be under development. 2 4 Represents a projection for the expected amount of energy to be produced (MWh). MWh represents Low-to-moderate income (LMI) households are defined as having income levels lower Sustainability Report 2021 megawatt hours. Introduction than 80% of the area median income. 1158

2021 ALLOCATIONS 2021 ALLOCATIONS 1 1 BY REGION BY IMPACT THEME Europe Multi-Region Sustainable Waste & Materials Clean Energy $157 M $99 M Transport $58 M $223 M $66 M Asia Accessible Pacific and Innovative Ecosystem $40 M Healthcare Services $12 M $2 M Climate Transition $349 M Inclusive Growth $695 M Americas Financial Accessible Communities $748 M Inclusion and Affordable $251 M $315 M Education $117 M Impact Sum of Region Sum of Theme Amount, $M Amount, $M Communities $251 Americas $748 Financial Inclusion $315 Asia Pacific $40 Clean Energy $223 Europe $157 Accessible and Affordable $117 Multi-Region $99 Education Grand Total $1,044 Sustainable Transport $66 Waste & Materials $58 1 To ensure issuance proceeds are fully allocated, the total amount of investments and loans allocated funding exceeds the total amount raised through each issuance. Accessible and Innovative Healthcare $12 Ecosystem Services $2 Grand Total $1,044 Sustainability Report 2021 Sustainability Issuance Report | Sustainability Issuance Framework 116

Reporting External Assurance For our sustainability-related commitments, we are Goldman Sachs engages an independent auditor to provide committed to measuring and providing transparency on external assurance of our allocation on an annual basis until our progress. Annual updates regarding the allocation of the proceeds of each issuance is fully allocated to eligible the proceeds under our Framework will include details on assets. The auditor’s responsibilities include: the expected and realized qualitative and, where possible, quantitative environmental and social impacts. Reports will • Assurance that assets have been appropriately be published on our website and annually renewed until the identified as eligible for inclusion. proceeds of any outstanding sustainable instrument are fully • Assurance that the allocation of funds from each allocated to eligible assets, and as promptly as practicable issuance went to eligible green and social projects. in case of any material changes in the proceeds allocation thereafter. Sustainability Report 2021 Sustainability Issuance Report | Sustainability Issuance Framework 117

SECTION 3 Sustainability Issuances 118

Sustainability , Issuances¹² Throughout 2021, Goldman Sachs issued over $1 billion of sustainability issuances, with all proceeds fully allocated to new or existing investments and loans. Eligible categories are based on our nine key investment themes that are the foundation to our overarching 10-year, $750 billion sustainable finance commitment. TOTAL BREAKDOWN As of December 31, 2021, Goldman Sachs has issued a total of $1,009,119,400 of sustainability issuances, including our inaugural $800 Million 5NC4-year benchmark bond, issued in February 2021. Funding Allocation ISSUANCE CURRENCY ISSUANCE ISSUANCE SIZE, USD MATURITY IDENTIFIER DATE 3 DATE SIZE EQUIVALENCE FEB 12, 2021 USD 800,000,000 800,000,000 FEB 12, 2026 US38141GXS82 APR 16, 2021 EUR 40,000,000 48,000,000 APR 15, 2026 GB00BLRXCW41 JUL 02, 2021 USD 75,000,000 75,000,000 JAN 02, 2031 XS2042706270 OCT 14, 2021 SGD 19,560,000 14,474,400 JAN 20, 2023 XS2383587792 OCT 18, 2021 JPY 7,500,000,000 66,000,000 DEC 27, 2028 XS2105928142 NOV 30, 2021 EUR 5,000,000 5,645,000 DEC 07, 2027 XS2403696300 $1,009,119,400⁴ ¹All $ figures on the following pages are in Million unless otherwise noted. ²To ensure issuance proceeds are fully allocated, the total amount of investments and loans allocated funding exceeds the total amount raised through each issuance. ³USD equivalent amount uses spot Foreign Exchange rate on issuance date. 4$1,009,119,400 represents gross issuance size. Issuance size net of underwriting fees is $1,003,644,304, however proceeds have been allocated by the firm to investments and loans based on gross issuance size. Sustainability Report 2021 Sustainability Issuance Report | Sustainability Issuances 119

Benchmark Issuance On February 12, 2021, Goldman Sachs issued our inaugural Our inaugural bond also had a syndicate of exclusively sustainability bond; $800 Million 5NC4yr fixed-to-floating minority-led broker dealers, demonstrating our continued rate benchmark notes. Funding has been allocated to $819.4 commitment to elevating diversity and inclusion in considering partners and choosing the counterparties we work with. Million of eligible investments and loans. Funding Allocation Impact theme Americas Europe Asia Multi- Total Pacific Region Financial inclusion Related to: · Mobile point of sale provider for small and medium-sized enterprises $289.4 $26.1 $315.5 · E-commerce platform provider connecting merchants to marketplaces in Brazil · Loans through Goldman Sachs' consumer business, Marcus Clean energy Related to: · Meter asset provider for residential electricity and gas meters for cleaner, efficient, sustainable energy $209.2 $7.1 $216.3 · Consulting and engineering services company serving land and power end markets · Wind farm development in Texas Accessible and Affordable Education Related to: $98.9 $98.9 · Educational software provider serving people with learning disabilities Sustainable transport Related to: $65.6 $65.6 · Lithium-ion battery supplier Communities Related to: · Historic Negro League Ballpark and community facility $62.8 $62.8 · 100% affordable, multi-family residential and mixed use developments¹ Waste and materials Related to: $58.6 $58.6 · Prefabricated homes manufacturer Ecosystem services Related to: $1.7 $1.7 · Sustainable stormwater infrastructure Grand total $563.1 $157.4 $0.0 $98.9 $819.4 ¹Affordable housing is defined in this context as housing that is affordable to tenants earning up to 80% of the area median income. For additional details on eligibility criteria associated with relevant green and social project categories, please refer to our Sustainability Issuance Framework (p. 2-6) Sustainability Report 2021 Sustainability Issuance Report | Sustainability Issuances 120

Second Issuance On April 16, 2021, Goldman Sachs issued €40 Million ($48 Million) five-year autocallable certificates. Funding has been allocated to $49.5 Million of eligible investments and loans. Funding Allocation Impact theme Americas Europe Asia Multi- Total Pacific Region Communities Related to: $31.0 $31.0 · Mixed-use, transit-oriented development Accessible and Innovative Healthcare $12.0 $12.0 Related to: · Support for NYC hospitals Clean energy Related to: $6.5 $6.5 · Solid state cooling solutions company Total $49.5 $0.0 $0.0 $0.0 $49.5 Third Issuance On July 2, 2021, Goldman Sachs issued $75 Million of 9.5NC1yr fixed-rate notes. Funding has been allocated to $83 Million of eligible investments and loans. Funding Allocation Impact theme Americas Europe Asia Multi- Total Pacific Region Communities Related to: · Mixed-use, transit-oriented development · 100% affordable, multi-family residential $48.2 $34.8 $83.0 developments¹ · Modular home construction company Total $48.2 $0.0 $34.8 $0.0 $83.0 ¹Affordable housing is defined in this context as housing that is affordable to tenants earning up to 80% of the area median income. For additional details on eligibility criteria associated with relevant green and social project categories, please refer to our Sustainability Issuance Framework (p. 2-6) Sustainability Report 2021 Sustainability Issuance Report | Sustainability Issuances 121

Fourth Issuance On October 14, 2021, Goldman Sachs issued SGD19.6 Million ($14.5 Million) of 15-month autocallable notes. Funding has been allocated to $18 Million of eligible investments and loans. Funding Allocation Impact theme Americas Europe Asia Multi- Total pacific Region Accessible and Affordable Education Related to: $18.0 $18.0 · Platform facilitating educational childcare programs Total $18.0 $0.0 $0.0 $0.0 $18.0 Fifth Issuance On October 18, 2021, Goldman Sachs issued JPY7.5 Billion ($66 Million) of 7NC6yr fixed rate credit-linked notes. Funding has been allocated to $68.6 Million of eligible investments and loans. Funding Allocation Impact theme Americas Europe Asia Multi- Total Pacific Region Communities Related to: · 100% affordable, senior housing and multi-family housing projects, some serving formerly homeless seniors¹ $63.6 $5.0 $68.6 · Housing developer serving people with disabilities · Outsourced business processing company committed to business and job creation in underserved communities Total $63.6 $0.0 $5.0 $0.0 $68.6 ¹Affordable housing is defined in this context as housing that is affordable to tenants earning up to 80% of the area median income. For additional details on eligibility criteria associated with relevant green and social project categories, please refer to our Sustainability Issuance Framework (p. 2-6) Sustainability Report 2021 Sustainability Issuance Report | Sustainability Issuances 122

Sixth Issuance On November 30, 2021, Goldman Sachs issued €5 Million ($5.6 Million) of six-year autocallable certificates. Funding has been allocated to $6 Million of eligible investments and loans. Funding Allocation Impact theme Americas Europe Asia Multi- Total Pacific Region Communities Related to: · Settlement house community center $6.0 $6.0 · 100% affordable multi-family project¹ Total $6.0 $0.0 $0.0 $0.0 $6.0 ¹Affordable housing is defined in this context as housing that is affordable to tenants earning up to 80% of the area median income. For additional details on eligibility criteria associated with relevant green and social project categories, please refer to our Sustainability Issuance Framework (p. 2-6) Sustainability Report 2021 Sustainability Issuance Report | Sustainability Issuances 123

SECTION 4 KPI Reporting 124

KPI REPORTING¹ Theme KPI Metric ~ Clean energy Clean energy projected to be produced 730,000 (MWh)2 3 ~ Annual carbon reduction (tCO e) 256,000 2 resulting from household energy savings Ecosystem Gallons of stormwater capacity ~8,457,000 services Communities # of affordable/specialized housing units ~3,330 4 built or rehabilitated ~ Square feet of 19,000 community space ~ Accessible # of childcare programs projected to be 2,800 on the platform by end of 20225 and Affordable Education Financial # of small/mid-sized businesses served ~1,900,000 inclusion 6 ~ # of loans to LMI individuals 38,500 Accessible # of jobs created/preserved ~5,500 and Innovative Healthcare 1 Key Performance Indicators (KPIs) represent aggregate metrics across all investments where data was available, as provided directly by the relevant companies. KPIs provided by companies pertain to total project impact. 2 Represents a projection for the expected amount of energy to be produced (MWh). MWh represents megawatt hours. 3 tCO e represents tonnes (t) of carbon dioxide (CO ) equivalent (e) 2 2 4 Represents the number of affordable/specialized housing units that Goldman Sachs provided financing for the construction and/or rehabilitation of and may still be under development. 5 Represents the number of childcare programs projected to be created by end of 2022. 6 Low-to-moderate income (LMI) households are defined as having income levels lower than 80% of the area median income. 125

SECTION 5 Featured Investments 126

Clean Energy CASE STUDY: Phononic Goldman Sachs invested in Phononic, a global leader in solid-state cooling technology. The company seeks to Climate reform cooling using unique semiconductor technology to improve energy efficiency and reduce carbon emissions relative to traditional mechanical compression incumbents. Transition Through its technology platform, Phononic’s innovations could support the transformation of the ways data is communicated; automobiles "see"; grocers merchandise and deliver food; vaccines and drugs are stored and protected; At Goldman Sachs, we are committed to aligning our and residential houses and office buildings are cooled. business with a net zero by 2050 pathway, and we seek to drive decarbonization in the real economy, in partnership We believe Phononic furthers Goldman Sachs’ broader with our clients and companies that we invest in. Meeting sustainability commitments, and their solid-state technology the goals of the Paris Agreement and preventing the worst is delivering solutions that have not historically been impacts of climate change will require capital, innovation, available through legacy thermoelectric or compressor and coordination across both the public and private sector incumbents. Our investment aims to help grow and expand as businesses across regions and sectors seek to implement their capabilities to meet anticipated demand. low-carbon solutions — and communities everywhere adapt to an increasingly warming world. Phononic’s technology and products are important to the way we communicate; feed our families; safeguard and transport life-saving vaccines; and even shop for our favorite ice cream snacks. We believe that this investment is an important example of how innovation and capital can together help support transformative environmental impact. Sustainability Report 2021 Sustainability Issuance Report | Featured Investments 127

Waste and Materials CASE STUDY: Oikos Group When Goldman Sachs acquired a majority stake in Oikos, Germany’s second-largest provider of high-quality prefabricated homes in May 2021, we embarked on a journey seeking to further accelerate the decarbonization of the housing industry – an industry with a traditionally considerable carbon footprint. According to the World Green Building Council, the traditional building sector accounts for 36% of all emissions, 40% of energy consumption, and 50% of raw material extraction in the EU 1. While traditional brick and mortar homes can cause significant environmental emissions and is targeting a reduction of 15% Scope 1 and 2 cost and greenhouse gas emissions during production of carbon emissions per delivered house by 2025 (vs. 2020). the required input factors, Oikos’ homes’ walls and ceiling The company is also committed to maintaining its current structures are made from environmentally friendly wood and level of 100% renewable energy sourcing. Additionally, enjoy around 99% lower CO₂/sqm emissions over traditional Oikos is now actively tracking and reporting production houses and around 80-90% environmental cost advantage. waste per delivered house and is working on initiatives, including a boost in photovoltaic panels adoption within its Within the prefabricated housing industry, Oikos has long customer base, to further reduce life cycle CO2 emissions been positioned as one of the leaders not just in terms of after handing over completed houses to customers. We a state-of-the-art, high-quality modular product range, but believe that this continuous improvement on ESG metrics also for its sustainability focus along the entire value chain. will continue to help differentiate Oikos’ sustainable offering 1 versus its competitors. Starting with the company’s structured assessment of its already high baseline performance in each subcategory of ESG, we identified numerous other initiatives that we believe fully align the company with the emissions reduction goals of the Paris Agreement. For example, by phasing out diesel-powered production vehicles, investing in new heating systems, installing solar photovoltaic systems on its plants, and extending the environmental commitment along the supply chain through purchasing Forestry Stewardship Council / Programme for the Endorsement of Forest Certification-certified timber from responsibly ¹ World Green Building Council: "A sustainable built environment at the heart managed forests, Oikos could further reduce its carbon of Europe's future," June 2019. Sustainability Report 2021 Sustainability Issuance Report | Featured Investments 128

Sustainable Transport CASE STUDY: Northvolt As electric vehicles and renewable energy proliferate, one COO were heavily involved in the construction of Tesla’s first of the biggest hurdles to mass adoption has been scaling “Gigafactory” in the US, bringing critical experience to bear battery manufacturing in a sustainable way. In 2018, we and providing a clear vision for company development. In identified that Northvolt, a Stockholm, Sweden-based 2019, we teamed with Volkswagen to lead a $1 billion Series lithium-ion battery manufacturer, had the potential to bring D financing round. As Northvolt executed on its strategy, we a new level of sustainability to manufacturing the batteries helped the company raise $1.6 billion of non-recourse, first- that power electric vehicles and provide customized energy and second-lien debt in 2020 — the first such financing for storage solutions. a battery manufacturer. We believe that the company has a differentiated value In 2021, we again partnered with Volkswagen, along with proposition: a focus on delivering batteries with a other investors, to invest an additional $2.75 billion of equity significantly lower carbon footprint than those produced — the largest private capital raise in Europe’s history — to by others, realized through a combination of factories help fuel the company’s global expansion and increase fully powered by hydropower and a vertically integrated capacity at its factory in the far north of Sweden. Thanks production cycle that recycles many of the minerals and raw to our close relationship with Northvolt, we were able to materials required by lithium-ion batteries. help the company navigate multiple complex financing transactions at key points in its development. Over the course of a year, we conducted deep diligence on the company and team. Importantly, the company’s CEO and Sustainability Report 2021 Sustainability Issuance Report | Featured Investments 129

Ecosystem Services CASE STUDY: Corvias Infrastructure Solutions Through a partnership with the Milwaukee Metropolitan Sewage District, Goldman Sachs provided a loan to Corvias Infrastructure Solutions to finance the development of green stormwater infrastructure systems. The loan is the first closing through a facility that is intended to support Corvias’ construction of similar green stormwater infrastructure in partnership with municipalities across the US. Corvias is a leading developer of public-private partnership infrastructure and real estate projects across the US, and the company previously retrofitted over 2,000 acres of land as part of work associated with the EPA Clean Water Act. Built in response to federal municipal requirements under the EPA Clean Water Act, the stormwater infrastructure systems provide additional capacity that helps to prevent unwanted pollutants from filtering into groundwater during storm surges. The majority of the systems will be located in low-to-moderate income geographies, and they are expected to help avoid untreated stormwater runoff from polluting these areas. In addition, Corvias is targeting participation by subcontractors that are small, minority, and women-owned businesses. Sustainability Report 2021 Sustainability Issuance Report | Featured Investments 130

Communities CASE STUDY: Sendero Verde Affordable housing is a critical part of strengthening communities and building resilience for generations to come. Goldman Sachs provided financing for Phase 1 of the development project consisting of 208 affordable housing units plus community facility space in East Harlem, New York. Of the 208 affordable units in Phase 1, 25% will be set aside for formerly homeless households, 17% will be affordable to households earning up to 30% of area median income (AMI), 25% up to 50% of AMI, and the remaining 33% up to 60% of AMI. Phase 1 is part of the broader Sendero Verde project, a 348- unit mixed-use development that is being built in response to a public request for proposals issued by the New York City Department of Housing Preservation and Development to develop a formerly vacant lot. Sendero Verde is being built Inclusive with the goal of achieving “Passive House” energy efficiency standards. Upon completion, Sendero Verde is expected to be the largest fully affordable Passive House development in Growth the world. In addition to the affordable units, the overall project includes community facility space that will be leased to: We recognize that growth must be inclusive to be sustainable. As with the complexity of a transition to a low- • Harlem Children’s Zone: a local nonprofit organization carbon economy, the inclusive growth challenge is far from focused on breaking the cycle of intergenerational simple and cannot be solved by a single financial institution. poverty through its charter school and preschool Our approach combines over 20 years of experience programs; and investing in underserved communities, learnings from connecting with and listening to the needs of a wide range of • East Harlem Council for Community Improvement: diverse communities and partnerships to help drive solutions a local nonprofit organization focused on community that improve affordability, access, and quality of life. advocacy and providing supportive services. Sustainability Report 2021 Sustainability Issuance Report | Featured Investments 131

CASE STUDY: Communities 475 Bay Street CASE STUDY: Hinchliffe Stadium Goldman Sachs provided financing for the ground- up construction of 475 Bay Street, a 100% affordable development located in the Stapleton neighborhood of Staten Island, New York. The planned development is a Built in 1932, Hinchliffe Stadium was a 10,000-seat baseball 12-story residential building containing 270 units, 51% of stadium known most prominently as the home of the New which are to be set aside for formerly homeless seniors. The York Black Yankees in the 1930s and 1940s. development will include supportive services, in addition to 9,900 square feet of ground-floor retail space. Goldman Sachs provided a loan through the Passaic County Investment Authority to finance the rehabilitation The development falls within New York City’s Bay Street of Hinchliffe Stadium, an important New Jersey historic and Corridor Neighborhood Plan, which is part of Housing cultural landmark that had fallen into disrepair, as well as the New York and seeks to create a new mixed-use district new construction of 75 units of affordable senior housing that both builds and preserves affordable housing and for households earning up to 60% of AMI. provides a range of retail and services in the former manufacturing district. The rehabilitation is targeted at providing a significant benefit to the Paterson School District and broader Paterson The project was awarded a subsidy from New York State’s community by enabling Hinchliffe Stadium to once again Empire State Supportive Housing Initiative that will provide be used as a sporting event space and cultural hub for funding for rental subsidies, operating costs, and other costs residents of the surrounding geography. associated with the supportive services to be provided by Selfhelp Community Services, an 85-year-old organization that provides housing stability for seniors. Together with NYC Department of Homeless Services, Selfhelp will help tenants adjust to independent living, which includes upfront onboarding and ongoing needs assessments, organizing wellness activities, and referring to service providers. Sustainability Report 2021 Sustainability Issuance Report | Featured Investments 132

Accessible and Innovative Financial Inclusion Healthcare CASE STUDY: CASE STUDY: Olist NYC COVID-19 Safety Net Hospitals Staffing and Vaccine Loan Facility In April 2021, Goldman Sachs invested in Olist, a one-stop- In a public-private partnership with the New York City shop platform that aims to enable small and mid-sized Economic Development Corporation (NYC EDC), Goldman merchants and brands to sell online by functioning as the Sachs financed the NYC COVID-19 Hospital Loan Fund storefront to these merchants in the main marketplaces in to support COVID-19 related staffing and expenses – Brazil. Olist seeks to address the fragmentation, operational including wages, child care, and protective equipment – and complexities, and integration burdens experienced by vaccination efforts at New York City’s safety net hospitals, small and mid-sized merchants in existing marketplaces by which are primarily located in low-income neighborhoods offering full stack operational support to merchants through and tend to serve the city’s poorest and most vulnerable its management of product catalogs, inventory, pricing, residents. fulfillment, customer service, and payments in a single integrated platform. The loan facility helped enable these recipient safety net hospitals to meet the increasing demand for COVID-19 care Goldman Sachs participated in the Series E funding that by making available funds that could be used to increase closed in December 2021, where the new capital enabled the number of staff available to treat COVID-19 surges and the company to offer a fulfillment operation as well as administer vaccinations to their patients. While the safety net financial services. Retailers on Olist already have access hospitals are expected to qualify for FEMA Public Assistance to credit lines for working capital, and the company plans reimbursements, the loans helped the hospitals to bridge the to expand that technology to include risk management, timing gap between immediate financing needs and future accelerated sales, and internal credit models for merchants. reimbursements. The company recently began operations in Mexico and intends to expand its footprint across Latin America. NYC Emergency Management (NYCEM) and Community Preservation Corporation, a local non-profit Community Development Financial Institution, were both part of the Sustainability Report 2021 partnership. Sustainability Issuance Report | Featured Investments 133

Accessible and Affordable Founded in 2016, Wonderschool is an early childhood education startup founded by Chris Bennett, who knows Education firsthand the challenges of finding childcare outside of major US cities. Through its Childcare Management Software platform, Wonderschool offers tech-based solutions to core CASE STUDY: players of the childcare sector. Wonderschool Among many capabilities, the company’s technology platform helps create care solutions for disproportionately disadvantaged families living in childcare deserts. Sixty- three percent of childcare programs currently on the platform are located in minority communities, and over forty percent are located in low-to-moderate income communities.¹ Wonderschool’s care solutions are aimed at providing early childhood education opportunities for children who may otherwise have none, seeking to reduce education gaps in LMI communities, and allowing parents to return to the workforce. Wonderschool also seeks to create an economic opportunity for adults to become home-based care providers. ¹ Low-to-moderate (LMI) households are defined as having income levels lower than 80% of the area median income. Sustainability Report 2021 Sustainability Issuance Report | Featured Investments 134

SECTION 6 Third Party Attestation 135

Third Party Attestation Report of Independent Accountants To the Management of The Goldman Sachs Group, Inc. We have examined the management assertion of The Goldman Sachs Group, Inc. that an amount equal to the total net proceeds of $1,003,644,304, consisting of the net proceeds from (i) the $800,000,000 February 2021 Fixed-to-Floating Rate Notes due 2026, (ii) the €40,000,000 ($48,000,000) April 2021 Autocallable Certificates due 2026, (iii) the $75,000,000 July 2021 Fixed Rate Notes due 2031, (iv) the SGD 19,560,000 ($14,474,400) October 2021 Autocallable Notes due 2023, (v) the JPY 7,500,000,000 ($66,000,000) October 2021 Fixed Rate Credit-Linked Notes due 2028, and (vi) the €5,000,000 ($5,645,000) November 2021 Autocallable Certificates due 2027, were used up to one year prior to issuance through December 31, 2021 to finance or refinance eligible green and social projects based on the assessment criteria described on pages 12-16 of this Sustainability Issuance Report 2021. The Goldman Sachs Group, Inc.’s management is responsible for its assertion. Our responsibility is to express an opinion on management’s assertion based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (AICPA). Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about management’s assertion. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of management’s assertion, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements related to the engagement. Only the net proceeds of $1,003,644,304 and the related criteria included on pages 12-16 of this Sustainability Issuance Report 2021 is part of The Goldman Sachs Group, Inc.’s management assertion and our examination engagement. The other information in the Sustainability Issuance Report 2021 and The Goldman Sachs Group, Inc. Sustainability Report 2021 has not been subjected to the procedures applied in our examination engagement, and accordingly, we make no comment as to its completeness and accuracy and do not express an opinion or provide any assurance on such information. In our opinion, management’s assertion is fairly stated, in all material respects. New York, New York April 22, 2022 PricewaterhouseCoopers LLP, 300 Madison Avenue New York NY 10017 T: 646-471-3000, F: 813-286-6000, www.pwc.com Sustainability Report 2021 Sustainability Issuance Report | Third Party Attestation 136

This document is not a product of Goldman Sachs Global Investment Research. This document should not be used as a basis for trading in the securities or loans of the companies named herein or for any other investment decision. This document does not constitute an offer to sell the securities or loans of the companies named herein or a solicitation of proxies or votes and should not be construed as consisting of investment advice. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations. Goldman Sachs is not providing any financial, economic, legal, accounting, or tax advice or recommendations. This material does not purport to contain a comprehensive overview of Goldman Sachs products and offering and may differ from the views and opinions of other departments or divisions of Goldman Sachs and its affiliates. The use of third party logos is purely for informational purposes. No affiliation, sponsorship or endorsement by or for any third party trademark owner is hereby expressed or implied. We have included in this report statements that may constitute “forward looking statements.” Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside our control. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond our control. These statements relate to, among other things, our goals, targets, aspirations and objectives, and include the use of projections in connection with aggregated key performance indicator (KPI) metrics provided by third parties, and actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward looking statements, including KPI projections. Factors that could cause our results to differ from the forward-looking statements include global socio-demographic and economic trends, energy prices, technological innovations, climate-related conditions and weather events, legislative and regulatory changes, and other unforeseen events or conditions. For more information, see “Forward-Looking Statements” in Part 1, Item 1 of our Annual Report on Form 10-K for the year ended December 31, 2021 (2021 10-K) and in our subsequent reports filed with the Securities and Exchange Commission (SEC). In addition, important factors that generally affect our business and operations can be found under “Risk Factors” in Part I, Item 1A of our 2021 10-K, and in subsequent reports filed with the SEC. Our approach to the disclosures included in this report differs from our approach to the disclosures we include in our mandatory regulatory reports, including our filings with the SEC. This report is intended to provide information from a different perspective and in more detail than that required to be included in other regulatory reports, including our filings with the SEC. Sustainability Report 2021