Sharmini Chetwode, Ph.D. Sandra Lawson Derek R. Bingham . - CapSource

Goldman Sachs ESG Essentials .decarbonization became cheaper. Exhibit 18: Tech and financial innovation flattened the de-carbonization cost curve Exhibit 19: Renewables have enjoyed a reduction in the cost of capital. Conservation carbon abatement cost curve for anthropogenic GHG emissions and associated costs for different levels of de-carbonization 24m fwd Earnings Yield (EY) 12% 70% 50% 11% 10% 9% 8% 7% 6% Renewables (GSSTRNEW) 5% STOXX 600 Energy (S600ENP) 4% Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Source: Goldman Sachs Global Investment Research Source: FactSet, Goldman Sachs Global Investment Research Exhibit 20: .and clean hydrogen emerged as a key technology relevant for c.20% of global emissions Exhibit 21: Carbon offsets are an option, but could be costly. 2020 Conservation de-carbonization cost curve with technologies relying on clean hydrogen indicated Incremental cost to offset Scopes 1-2 (as % of revenue) based on different carbon prices - 2018 US 5 per tCO2e 1,100 1,000 900 800 700 600 500 400 300 200 100 0 -100 -200 US 10 per tCO2e US 50 per tCO2e US 100 per tCO2e 18% 16% 14% 12% 10% 8% 6% 4% 2% 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 0% 7f1fd260391e461a926fed9530882210 Carbon abatement cost (US /tnCO2eq) For the exclusive use of VMARKS@TORTOISEADVISORS.COM Carbon abatement cost (US /tnCO2) 2019 Carbonomics 1,200 2020 Carbonomics cost curve cost curve 1,100 global 1,000 de--carb de rboniza zation 900 2019 Cost: 2.9 tn pa 800 2020 Cost: 2.0 tn pa Savings: c. 30% 700 600 globall 500 de--carb de rboniza zation 400 2019 Cost: 1.2 tn pa 2020 Cost: 1.0 tn pa 300 Savings: c. 20% 200 100 0 -100 -200 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 GHG emissions abatement potential (GtCO2eq) GHG emissions abatement potential (Gt CO2eq) De-carbonization technologies relying on clean hydrogen Other de-carbonization technologies Source: Goldman Sachs Global Investment Research 5 January 2021 Source: Bloomberg, Thomson Reuters, FactSet, Goldman Sachs Global Investment Research 7

Goldman Sachs ESG Essentials Exhibit 22: .and currently are used most by the least emission intensive sectors Disclosure rate of carbon offsets in MSCI ACWI by sectors 12% Top 10 most emissions intensive sectors 10% Top 10 least emissions intensive sectors Only 5 among top 10 most emissions intensive setors disclose usage of offsets while all top 10 least intensive sectors disclose 8% 6% 4% 2% Asset Management Airlines Media Distributors Diversified Financials Aerospace & Defense Insurance Software & Internet Banks Utilities Business Services IT Services Oil Services Infrastructure Semiconductors Hardware Telecom Services Shipping Consumer Durables Med Tech Brands Real Estate Consumer Staples Pharmaceuticals Oil Producers Retailing 0% 7f1fd260391e461a926fed9530882210 For the exclusive use of VMARKS@TORTOISEADVISORS.COM Source: Bloomberg, Thomson Reuters, Goldman Sachs Global Investment Research 5 January 2021 8

Goldman Sachs ESG Essentials .fixed income moved into ESG orbit. The following charts are taken from our Credit Strategy and Macro teams’ reports on EM Credit and ESG credit issuance. Exhibit 23: The highest-scoring ESG sovereigns outperformed in 2020. Exhibit 24: .and the outperformance was most evident within IG 10 Highest Scoring ESG Cumulative change (ytd, bp) 50 Top 10 ESG vs EMBI Global Diversified (URY,CRI,CHL,POL,HRV,HUN,ROM,PAN,BRA,ARE,PER) 80 0 -50 500 400 HY (CRI,BRA,JAM,PRY,LKA vs NGA,PAK,EGY,CIV,KEN) - RHS 60 300 40 200 20 100 0 -100 Outperformance of stronger ESG 0 0 -150 -40 0 -60 0 -200 Jan/20 -80 Jan/20 Mar/20 May/20 Jul/20 0 -20 Sep/20 Source: Bloomberg, Haver Analytics, SDG database, World Bank, Fund for Peace, Freedom House, University of Notre Dame, Goldman Sachs Global Investment Research -100 -200 Outperformance of stronger ESG -300 -400 Mar/20 May/20 Jul/20 Sep/20 Source: Bloomberg, Haver Analytics, SDG database, Freedom House, Fund for Peace, University of Notre Dame, World Bank, Goldman Sachs Global Investment Research Exhibit 25: USD and EUR IG ESG-related issuance remained active and even accelerated further in 3Q2020 to reach a new record Corporate IG supply for the USD and EUR, by quarter and issuance type Social Sustainability bn Green 25 20 20 15 15 10 10 5 5 0 0 2014 2015 2016 2017 2018 2019 USD (LHS) 2020 2014 2015 2016 2017 2018 2019 2020 EUR (RHS) Source: Dealogic, Goldman Sachs Global Investment Research 5 January 2021 9 7f1fd260391e461a926fed9530882210 bn 25 2013 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (QTD) 2013 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (QTD) For the exclusive use of VMARKS@TORTOISEADVISORS.COM Cumulative change (ytd, bp) Long/Short 5 Highest/Lowest Scoring ESG Cumulative change (ytd, bp) 100 IG (URY,CHL,POL,HRV,HUN vs IND,KWT,RUS,MAR,KAZ)

Goldman Sachs ESG Essentials 2020’s ESG stocks Exhibit 26: 50 companies that were overweight (relative and absolute) in ESG funds globally in 2020 7f1fd260391e461a926fed9530882210 For the exclusive use of VMARKS@TORTOISEADVISORS.COM ESG Nifty Fifty - Relative overweight and absolute overweight 50 lists Grey shading indicates new name from previous 50 lists; all securities screened for mkt cap 5bn, fund factor 35%, widely owned counter 30 Source: Morningstar, Thomson Reuters, Goldman Sachs Global Investment Research 5 January 2021 10

Goldman Sachs ESG Essentials Exhibit 27: Some underowned stocks that scored well across pillars of the GS SUSTAIN framework ‘Underowned’ ESG stocks SUSTAIN ESG indicators EMEA APAC Sun Life Financial Inc Kimco Realty Corp Shopify Inc T. Rowe Price Group Inc Resmed Inc Aptargroup Inc Lear Corp WSP Global Inc Interconnection Electric SA ManpowerGroup Inc Caterpillar Inc ETSY Inc DWS Group GmbH & Co Unilever NV Electrocomponents PLC Schroders PLC CNH Industrial NV Zalando SE WM Morrison Supermarkets Renishaw PLC BE Semiconductor Industries National Grid PLC Cofinimmo SA Accenture PLC Posco Chemical Co Ltd Sungrow Power Supply Co Xero Ltd Seiko Epson Corp Meiji Holdings Co Ltd Chang Hwa Commercial Bank L CIMB Group Holdings Bhd Aisin Seiki Co Ltd Ascendas REIT Shanghai Electric Group Co Nippon Express Co Ltd Transurban Group E&S product impact rank Controversy rank ESG fund relative underweight 9% 65% 99% 51% 7% 94% 70% 98% 22% 3% 29% 25% 81% 68% 51% 77% 100% 81% 79% 93% 31% 55% 86% 56% 100% 100% 64% 100% 64% 100% 100% 100% 100% 100% 81% 100% -59% -55% -51% -41% -39% -34% -32% -21% -20% -13% -5% 0% 92% 71% 76% 76% 81% 100% 73% 83% 85% 86% 93% 98% 84% 47% 96% 17% 9% 98% 93% 100% 88% 65% 12% 49% 77% 100% 100% 100% 86% 56% 85% 81% 79% 86% 68% 45% 100% 64% 100% 81% 60% 100% 64% 100% 100% 60% 100% 100% -93% -65% -58% -54% -47% -42% -41% -40% -14% -6% -4% -1% 96% 100% 100% 73% 90% 96% 97% 72% 82% 98% 97% 100% 93% 2% 97% 5% 69% 22% 99% 21% 12% 84% 74% 80% 43% 100% 54% 96% 92% 27% 78% 79% 68% 86% 100% 50% 100% 100% 100% 100% 100% 100% 81% 64% 100% 100% 100% 100% -89% -89% -68% -58% -54% -53% -44% -42% -28% -19% -16% -2% Domicile SUSTAIN sector Global G rank Canada United States Canada United States United States United States United States Canada Colombia United States United States United States Insurance Real Estate Internet Asset Management Med Tech Paper & Packaging Auto Parts Engineering & Construction Utilities - Electric Professional Services Capital Goods E-Commerce 81% 89% 89% 97% 89% 81% 94% 100% 69% 94% 69% 81% 73% 96% 94% 95% 86% 100% 90% 95% 90% 82% 81% 100% Germany Netherlands United Kingdom United Kingdom United Kingdom Germany United Kingdom United Kingdom Netherlands United Kingdom Belgium Ireland Asset Management Household & Personal Care Distributors Asset Management Capital Goods E-Commerce Retail - Staples Tech Hardware Semiconductors Utilities - Multi Real Estate IT Services 69% 81% 89% 69% 69% 89% 89% 81% 69% 69% 89% 89% South Korea China New Zealand Japan Japan Taiwan Malaysia Japan Singapore China Japan Australia Construction Materials Capital Goods Software Tech Hardware Food & Beverage Banks Banks Auto Parts Real Estate Capital Goods Logistics & Shipping Transport Infrastructure 69% 69% 81% 56% 69% 42% 42% 81% 56% 42% 81% 69% E&S rank E&S mom' Source: Morningstar, Thomson Reuters, Goldman Sachs Global Investment Research 7f1fd260391e461a926fed9530882210 For the exclusive use of VMARKS@TORTOISEADVISORS.COM Americas Company 5 January 2021 11

Goldman Sachs ESG Essentials 2021: ESG by sector - growth and transition The rise of ESG investing and proliferation of climate policies are creating growth opportunities for certain sectors, while others are presented with challenges as the world transitions to low-carbon. Key highlights across various sectors based on views from our sector analysts are shown below. ESG as a growth theme: n Autos: Our analysts expect the ratio of ICE vehicles to fall to 18% in 2035, from 86% in 2020. As EV sales increase, automotive battery sales will also likely see substantial growth. For the exclusive use of VMARKS@TORTOISEADVISORS.COM Awareness of life cycle emissions will affect the upstream part of the value chain. Japanese steelmakers are looking to transition to cleaner Electric Arc Furnaces, from Blast Furnaces. n Utilities: Capital markets will gradually shift towards an approach that values renewable activities to perpetuity, according to the GS utilities team, on top of the falling cost of equity in renewables. In China, upstream manufacturers look best positioned to benefit from the growth in global installations and improving economics of renewables. n Real Estate: Deep structural trends are likely to require modern real estate stock. COVID and sustainability considerations should help drive redevelopment opportunities in the medium-term. 5 January 2021 n Mining: Decarbonize. The Big 4 Australian miners could spend US 15bn on Scope 1&2 emission reduction projects to achieve targets. n Aviation: COVID-19 may accelerate decarbonization as bailouts make governments closer partners with airlines. n Oil: Big Oils will continue to become broader and cleaner energy providers, according to the team, and prepare to be better aligned with the EU Taxonomy. n Diesel: Renewable diesel will be able to take advantage of favorable tax credits/incentives such as the Low Carbon Fuel Standards in California. n Tech Hardware: Corporate climate targets have ripple effects. Apple has announced Scope 1-3 net zero targets by 2030, which will require its global suppliers to switch to renewable energy, impacting margins and capex. We could see similar initiatives from other OEMs, amplifying the pressure on the supply chain. 12 7f1fd260391e461a926fed9530882210 ESG as a transition theme:

Goldman Sachs ESG Essentials Exhibit 28: In Autos, the team expects EV/HEV to rise as the ICE vehicle ceases to prevail in car sales. Powertrain mix Exhibit 29: There should be substantial demand growth ( 17% CAGR in base case & 19% in hyper by 2040) for automotive batteries The Autos team’s battery demand estimates (base/hyper-adoption scenarios, GWh) 7,000 Global 6,201 6,000 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 5,000 3,994 3,000 2,243 2,295 2,000 1,041 1,000 1,243 565 164 164 0 2015 2020E HEV 2025E PHEV 2030E EV 2035E 2040E 2020E ICE and others 2025E 2030E Base 2035E 2040E Hyper adoption Source: IHS Global Insight, Goldman Sachs Global Investment Research Source: Goldman Sachs Global Investment Research Exhibit 30: In Japan Steel, the team expects the Electric Arc Furnace ratio to rise to 40% by 2050. Exhibit 31: . which should drive large CO2 reductions in the Steel industry Outlook for Blast furnace/Electric Arc Furnace ratios in Japan Outlook for CO2 emissions per tonne (K tons) Blast Furnace 120,000 Electric Arc Furnace 1.80 Others 1.35 1.40 100,000 80,000 1.62 1.60 1.20 25% 1.00 41% 60,000 40,000 0.76 0.80 0.60 75% 0.40 20,000 59% 0 0.20 0.00 0.00 Source: World Steel Association, Goldman Sachs Global Investment Research Source: The Japan Iron and Steel Federation, Goldman Sachs Global Investment Research Exhibit 32: In Utilities, the team forecasts global emissions policies could drive a 2.3x increase in global renewables capacity by 2030E vs. 2020E ( 8% CAGR). Exhibit 33: . our Asia Pacific energy team think more installations will be deflationary: By 2023E, solar will have a lower LCOE than coal in China GSe installed renewable capacity by source Forecast of LCOE by fuel type in China (2019-2023) (US /MWh) 2019 2023 120 0% decline 100 80 20% decline 19% decline 1% decline 60 0% decline 40 20 - Solar - utility Source: Bloomberg, Goldman Sachs Global Investment Research 5 January 2021 Offshore wind Hydro Coal Gas Source: Company data, Goldman Sachs Global Investment Research 13 7f1fd260391e461a926fed9530882210 For the exclusive use of VMARKS@TORTOISEADVISORS.COM 3,616 4,000

Goldman Sachs ESG Essentials Exhibit 34: In Real Estate, the team expect COVID and sustainability considerations to help drive green redevelopment in Europe 2020-24E passing rent from completing developments as a proportion of last reported passing rent (%) 70% 60% 2024 50% 2023 40% 2022 2021 30% 2020 20% 10% SEGRO Colonial GPE Big Yellow Gecina Vonovia British Land Alstria Landsec Covivio Kojamo Derwent London Icade Shaftesbury Merlin Fabege LEG Entra Citycon Mercialys Unibail D. Wohnen Castellum Hammerson Klepierre Aroundtown Grand City Eurocomm. Passing rent: rent payable at a particular point in time. Source: Company data, Goldman Sachs Global Investment Research Exhibit 35: In Mining, most global players are targeting a 30% reduction in Scope 1&2 emissions by 2030. Exhibit 36: . which could lead to significant green capex in mining Capex (US mn) on announced and possible future projects over the next 10-30yrs 7.0 0% 6.2 6.3 6.0 -10% -10% -15% -15% -20% 5.0 4.5 4.5 4.0 3.3 3.0 2.6 -26% -30% -30% -30% -30% -30% -30% 2.0 -33% -33% -40% 0.7 1.0 0.0 BHP 5 January 2021 0.7 0.1 RIO Announced projects Source: Company data, Goldman Sachs Global Investment Research 0.7 0.1 0.0 FMG Future projects 7f1fd260391e461a926fed9530882210 For the exclusive use of VMARKS@TORTOISEADVISORS.COM Secure Income 0% S32 Total Source: Goldman Sachs Global Investment Research 14

Goldman Sachs ESG Essentials Exhibit 37: In Aviation, efficiency gains have historically offset about half of the increase in emissions from volume growth. Exhibit 38: . and COVID has been a catalyst to retire inefficient aircraft Early or accelerated fleet retirements announced ytd 400 14% 350 12% 300 10% 250 Efficiency gains NB WB 8% 200 6% 150 4% 2% 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 100 EEA air passengers (mn) 0% Austrian (LHAG) EEA airlines' emissions Eurowings (LHAG) Luft. German (LHAG) AF (AIRF) KLM (AIRF) Iberia (IAG) NB: Narrowbody, WB: Widebody Source: EEA Exhibit 39: In Big Oils, Scope 1&2 GHG emissions intensity could fall by c.23% by 2030E (from 2019 base) Exhibit 40: Renewable diesel could benefit from the LCFS compliance targets of carbon intensity reduction. Big Oils scope 1&2 GHG emissions intensity 2019-30E bridge California LCFS - % reduction in carbon intensity 100% 0.0 -2.0 95% Scope 1/2 GHG emissions -4.0 90% -6.0 85% -8.0 -6.25 -7.5 -8.75 -10.0 80% -12.0 75% -14.0 -16.0 70% 2019 Zero routine flaring Methane (-50%) Oil sands exit 1% pa shift Renewables Biofuel in to gas in energy refining mix prod. mix Impr. In efficiency scope 1 Impr. In efficiency scope 2 2030E -18.0 Historic Compliance Targets Reported % CI Reduction Future Compliance Targets -10 -11.25 -12.5 -13.75 -15 -16.25 -17.5 -18.75 -20 -20.0 Source: Company data, Goldman Sachs Global Investment Research Source: California Air Resources Board, Goldman Sachs Global Investment Research Exhibit 41: .as incremental renewable diesel capacity coming online could generate more LCFS credits in 2024 relative to 2019 Exhibit 42: In Tech Hardware, climate targets are likely to have ripple effects. Apple’s net zero targets mean suppliers will have to to switch to renewables by 2030 LCFS credit requirement (estimated) and credits generated from renewable diesel (RD) and non-RD sources, in MMT 35.0 Apple’s Scope 1-3 emissions and path to net zero carbon 31.0 27.9 30.0 24.8 25.0 21.7 12.8 15.5 10.0 10.0 0.5 1.0 2.6 2.6 7.1 2.2 0.0 Generated from RD 12.1 10.0 6.8 2.5 14.5 12.1 12.4 15.0 5.0 14.6 18.6 20.0 7.1 3.0 7.8 3.5 4.8 Generated ex. RD (Plug) 6.5 9.6 12.0 13.4 Credits Necessary Source: California Air Resources Board, Goldman Sachs Global Investment Research 5 January 2021 16.4 Source: Company data, Goldman Sachs Global Investment Research 15 7f1fd260391e461a926fed9530882210 For the exclusive use of VMARKS@TORTOISEADVISORS.COM Source: Company data, Goldman Sachs Global Investment Research

Goldman Sachs ESG Essentials 2021: ESG opportunities in commodities Below are charts/views from our Commodities and equity Automotive, Metals & Mining research teams, as presented in these reports: REVing up a structural bull market, What’s Next III: A deep dive into Lithium, Nickel and Cobalt, Initiating coverage on North American base metal producers. Exhibit 43: Environmental policies could drive a capex boom on par with the 2000s Exhibit 44: Silver faces increased upside to industrial demand from renewable adoption Decarbonisation could mean potentially large infrastructure spending programs in policy, boosting global capital formation to 28.1% Silver solar demand projections, Mtoz 30% 1.8 Capital intensity needed to achieve 70% CO2 reduction by 2050 29% 1.4 Bull case 1.0 26% 0.8 0.6 25% 140 120 100 80 0.4 Capex share of world GDP 0.2 Real metal prices 60 0.0 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 40 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: Goldman Sachs Global Investment Research, Maddison Project Source: Goldman Sachs Global Investment Research Exhibit 45: Our equity Automotive sector team sees nickel demand from EVs potentially double that of their base case Exhibit 46: EV adoption to drive substantial copper demand by 2023, more in a hyperadoption scenario Nickel demand from batteries under base case and hyperadoption sales scenarios, kt Copper use in powertrains (kt) 700 2,700 kt 5,000 kt 25% 23% 1,800 kt 600 Copper use ('000 t) 4,000 500 400 300 3,000 15% 15% 2,000 10% 7% 1,000 200 5% 5% 2% 100 20% 650 kt 425 kt 2% 0 0% 2019 0 2019 2020 2021 Base 2022 2023 Hyperadoption Source: Goldman Sachs Global Investment Research 5 January 2021 2024 2025 Battery EVs 2023 Base case Plug-in hybrid EVs 2030 2019 Hybrid EVs 2023 2030 Hyperadoption Conventional car EV penetration Source: Goldman Sachs Global Investment Research 16 7f1fd260391e461a926fed9530882210 1970 % EV penetration For the exclusive use of VMARKS@TORTOISEADVISORS.COM 1.2 27% 23% 1965 Base case 1.6 28% 24% Mtoz 160

Goldman Sachs ESG Essentials Exhibit 47: Lithium supply/demand balance is tight if we as

Derek R. Bingham 1(415)249-7435 derek.bingham@gs.com Goldman Sachs & Co. LLC Evan Tylenda, CFA 44(20)7774-1153 evan.tylenda@gs.com Goldman Sachs International ESG Essentials A look back at 2020 and outlook for 2021, in charts 5 January 2021 6:32AM HKT Goldman Sachs does and seeks to do business with companies covered in its research .