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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.

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

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 GSAM 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 GSAM has no obligation to provide any updates or changes.

Individual portfolio management teams for GSAM may have views and opinions and/or make investment decisions that, in certain instances, may not always be consistent with the views and opinions expressed herein.

¹Private Equity International (PEI) Awards 2022: The PEI awards set out to recognize the industry’s 2022 achievements. PEI invited nominations across multiple award categories. Afterwards, shortlists were compiled by the PEI editorial teams for each award category. The award winners were decided by voting of PEI’s readers. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities. Company names and logos, excluding those of Goldman Sachs and any of its affiliates, are trademarks or registered trademarks of their respective holders. Use by Goldman Sachs does not imply or suggest a sponsorship, endorsement or affiliation.

Private Equity International (PEI) Awards 2021:The PEI awards set out to recognize the industry’s 2021 achievements. PEI invited nominations across multiple award categories. Afterwards, shortlists were compiled by the PEI editorial teams for each award category. The award winners were decided by voting of PEI’s readers.

2016 European Fiduciary Manager of the Year: With input from our awards Advisory Board, as well as surveys and data where applicable, the CIO editorial team makes the final decisions as to finalists and eventual winners. The award recognizes “innovation, and finding the best new ideas to cope with the unprecedented environment in which we now work.” We were nominated by our clients and judged by an independent advisory board of industry leaders

2016 Institutional Solutions Provider: GSAM demonstrated its specialist abilities by winning and restructuring mandates for clients including insurers to sovereign wealth funds.

2016 Liability-Driven Investments: The 2016 US Investment Management Awards recognizes US institutional investors with innovative strategies and fiduciary savvy, as well as US money managers in 39 asset classes who stood out in the eyes of the investor community for their exceptional performance as an asset manager, including risk management and service.

2015 Investment Outsourcing Award: The CIO Industry Innovation Awards are split into two general categories: asset management/servicing and asset owners. With input from our awards Advisory Board, as well as surveys and data where applicable, the CIO editorial team makes the final decisions as to finalists and eventual winners.

2015 Leading Liability-Driven Investing Provider: The 2015 Liability-Driven Investing (LDI) Survey was conducted from late July through October 22, and asked asset owners about their practices and views regarding funding, de-risking, and LDI strategies. Of all responses, 169 were identified as qualifying—i.e., by being from a senior investment official, with the authority and knowledge to answer LDI-related questions, at a qualified fund. For the third year running, the survey includes LDI vendor evaluations. Asset owners that indicated they use LDI were asked how they selected their provider(s) and also to rate those providers’ services in various categories. Six vendors—PIMCO, NISA, LGIMA, GSAM, Prudential and BlackRock—received a sufficient number of client evaluations to be analyzed in detail. In addition, J.P. Morgan, Loomis Sayles, and Standish Mellon received enough responses to be mentioned without written analysis.

2015 Asset Management House of the Year: GSAM demonstrated a proven ability to deliver in its field, received recognition from its peers, and made a broader contribution to the asset management industry in Asia. GSAM also displayed the highest professional and ethical standards and helped raise the standard for the asset management industry and investors in Asia.

2015 Insurance Asset Manager of the Year: GSAM demonstrated the ability to deliver service and innovative solutions to its insurance clients in Asia.

2015 Asset Manager of the Year: GSAM demonstrated the best combination of business strategy, execution, asset gathering, innovation and success.

2014 Investment Outsourcing Award: The CIO Industry Innovation Awards are split into two general categories: asset management/servicing and asset owners. With input from our awards Advisory Board, as well as surveys and data where applicable, the CIO editorial team makes the final decisions as to finalists and eventual winners.

2014 Insurance Asset Manager of the Year: GSAM demonstrated the ability to deliver service and innovative solutions to its insurance clients in Asia.

2014 Best Client Servicing Award: GSAM demonstrated proactive manner in meeting clients’ needs and requirements.

European Economic Area (EEA): The material on this website is a financial promotion disseminated by Goldman Sachs Bank Europe SE, including through its authorised branches ("GSBE"). GSBE is a credit institution incorporated in Germany and, within the Single Supervisory Mechanism established between those Member States of the European Union whose official currency is the Euro, subject to direct prudential supervision by the European Central Bank and in other respects supervised by German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufischt, BaFin) and Deutsche Bundesbank.

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Australia: This material is distributed by Goldman Sachs Asset Management Australia Pty Ltd ABN 41 006 099 681, AFSL 228948 (‘GSAMA’) and is intended for viewing only by wholesale clients for the purposes of section 761G of the Corporations Act 2001 (Cth). This document may not be distributed to retail clients in Australia (as that term is defined in the Corporations Act 2001 (Cth)) or to the general public. This document may not be reproduced or distributed to any person without the prior consent of GSAMA

To the extent that this document contains any statement which may be considered to be financial product advice in Australia under the Corporations Act 2001 (Cth), that advice is intended to be given to the intended recipient of this document only, being a wholesale client for the purposes of the Corporations Act 2001 (Cth). Any advice provided in this document is provided by either Goldman Sachs Asset Management International (GSAMI), Goldman Sachs International (GSI), Goldman Sachs Asset Management, LP (GSAMLP) or Goldman Sachs & Co. LLC (GSCo). Both GSCo and GSAMLP are regulated by the US Securities and Exchange Commission under US laws, which differ from Australian laws. Both GSI and GSAMI are regulated by the Financial Conduct Authority and GSI is authorized by the Prudential Regulation Authority under UK laws, which differ from Australian laws. GSI, GSAMI, GSCo, and GSAMLP are all exempt from the requirement to hold an Australian financial services licence under the Corporations Act of Australia and therefore do not hold any Australian Financial Services Licences. Any financial services given to any person by GSI, GSAMI, GSCo or GSAMLP by distributing this document in Australia are provided to such persons pursuant to ASIC Class Orders 03/1099 and 03/1100.

No offer to acquire any interest in a fund or a financial product is being made to you in this document. If the interests or financial products do become available in the future, the offer may be arranged by GSAMA in accordance with section 911A(2)(b) of the Corporations Act. GSAMA holds Australian Financial Services Licence No. 228948. Any offer will only be made in circumstances where disclosure is not required under Part 6D.2 of the Corporations Act or a product disclosure statement is not required to be given under Part 7.9 of the Corporations Act (as relevant).

Canada: This presentation has been communicated in Canada by GSAM LP, which is registered as a portfolio manager under securities legislation in all provinces of Canada and as a commodity trading manager under the commodity futures legislation of Ontario and as a derivatives adviser under the derivatives legislation of Quebec. GSAM LP is not registered to provide investment advisory or portfolio management services in respect of exchange-traded futures or options contracts in Manitoba and is not offering to provide such investment advisory or portfolio management services in Manitoba by delivery of this material.

Japan: This material has been issued or approved in Japan for the use of professional investors defined in Article 2 paragraph (31) of the Financial Instruments and Exchange Law by Goldman Sachs Asset Management Co., Ltd.

Hong Kong: This material has been issued or approved for use in or from Hong Kong by Goldman Sachs Asset Management (Hong Kong) Limited.

Singapore: This material has been issued or approved for use in or from Singapore by Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H).

Malaysia: These materials are issued by Goldman Sachs (Malaysia) Sdn Bhd in connection with the fund management services it provides and is solely for your information and upon your request. Such information is not intended to be used by anyone other than you unless you have obtained our express written consent. The information provided herein does not constitute an offer or solicitation to any person with respect to the purchase or sale of any security. This material is issued in or from Malaysia by Goldman Sachs (Malaysia) Sdn Bhd ( 880767W).

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South Korea: Goldman Sachs Asset Management (Hong Kong) Limited is registered as a Cross-Border Discretionary Investment Management Company and a Cross-Border Investment Advisory Company with the Korean Financial Services-Commission, and as a licensed corporation for, amongst other regulated activities, advising on securities and asset management with the Hong Kong Securities & Futures Commission.

Taiwan: This material is provided at your request for informational purposes only and does not constitute a solicitation in any jurisdiction in which such a solicitation is unlawful or to any person to whom it is unlawful. Not all services or products can be made available in Taiwan. The Goldman Sachs companies involved in any such activities do not maintain any licenses, authorisations or registrations in Taiwan. The services described herein may not be offered to Taiwan resident investors unless they are made available in and from a jurisdiction outside Taiwan.

The Capital Market Authority of the Sultanate of Oman (the "CMA") is not liable for the correctness or adequacy of information provided in this document or for identifying whether or not the services contemplated within this document are appropriate investment for a potential investor. The CMA shall also not be liable for any damage or loss resulting from reliance placed on the document.

All investing involves risk. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs whose underlying properties are concentrated in a particular industry or geographic region are also subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors.

This document has not been, and will not be, registered with or reviewed or approved by the Qatar Financial Markets Authority, the Qatar Financial Centre Regulatory Authority or Qatar Central Bank and may not be publicly distributed. It is not for general circulation in the State of Qatar and may not be reproduced or used for any other purpose.

Goldman Sachs Asset Management International is authorised by the Financial Services Board of South Africa as a financial services provider.

This document has not been approved by, or filed with the Central Bank of the United Arab Emirates or the Securities and Commodities Authority. If you do not understand the contents of this document, you should consult with a financial advisor.

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