Task Force on Climate-Related Financial Disclosures 2023 Report

General Disclosures

THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.

Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.

This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

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GSI, GSAMI and its affiliates do not provide legal, tax or regulatory advice to prospective investors in any product; each prospective investor is urged to discuss any prospective investment in a product with its legal, tax and regulatory advisers in order to make an independent determination of the suitability and consequences of such an investment.

This report includes certain information on GSI, GSAMI and its affiliates’ approaches to sustainability, climate risks and opportunities at an organisational or business line level, which may not be reflected within specific products or strategies offered or managed by these businesses.

Nothing contained in this report shall be relied on as a promise or representation regarding the historic, current or future position or performance of any GSI, GSAMI or its affiliates product, or any other investment referenced herein. In particular, no representation or warranty is made with respect to the reasonableness of any estimates, forecasts, prospects or returns, which should be regarded as illustrative only, or that any profits will be realised.

This report contains certain information, including data, which has been provided by third parties. While such information has been obtained from third parties that GSI, GSAMI and its affiliates consider to be reliable, GSI, GSAMI and its affiliates do not warrant or guarantee the accuracy or completeness of such information. GSI and GSAMI (or any other Goldman Sachs entity) shall have no liability for any errors or omissions in theinformation contained in this report, whether such information has been obtained from third parties or not.

Where the proprietary, diagnostic, or data collection tools are mentioned, the quantitative outputs may be affected by the existing data gaps.

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GSI, GSAMI and its affiliates leverage the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Environmental, Social and Governance (“ESG”) strategies may take risks or eliminate exposures found in other strategies or broad market benchmarks that may cause performance to diverge from the performance of these other strategies or market benchmarks. ESG strategies will be subject to the risks associated with their underlying investments’ asset classes. Further, the demand within certain markets or sectors that an ESG strategy targets may not develop as forecasted, or may develop more slowly than anticipated. Any references to sustainable investments are not intended to reflect our proprietary methodology (Sustainable Investment Framework), which has been developed in accordance with the EU Sustainable Finance Disclosure Regulation (“SFDR”).

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by Goldman Sachs Asset Management and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and Goldman Sachs Asset Management has no obligation to provide any updates or changes.

Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.

Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.

This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by Goldman Sachs Asset Management to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

Strategic Long-Term Assumptions:

Alpha and tracking error assumptions reflect Multi-Asset Solutions’ estimates for above-average active managers and are based on a historical study of the net-of-fee results of active management. Expected returns are estimates of hypothetical average returns of economic asset classes derived from statistical models. There can be no assurance that these returns can be achieved. Actual returns are likely to vary. Please see additional disclosures.

The data regarding strategic assumptions has been generated by MAS for informational purposes. As such data is estimated and based on a number of assumptions; it is subject to significant revision and may change materially with changes in the underlying assumptions. MAS has no obligation to provide updates or changes. The strategic long-term assumptions shown are largely based on proprietary models and do not provide any assurance as to future returns. They are not representative of how we will manage any portfolios or allocate funds to the asset classes.

Diversification does not protect an investor from market risk and does not ensure a profit.

All investing involves risk, including loss of principal.

There is no guarantee that objectives will be met.

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