Our Asset Management business in Japan
Goldman Sachs Asset Management Co., Ltd.
①Management strategy of Asset Management business in Japan

Goldman Sachs Asset Management (“GSAM”) has over 2,500 employees, with around 60
locations worldwide, and provides asset management and investment advisory services
across various countries and regions*1. Since the establishment of investment advisor
company in 1990, Japan has been one of its key locations, and has contributed to thegrowth of Japan’s asset management business by providing world-class asset
management services to Japanese institutions, financial advisors and individuals.
We leverage Goldman Sachs’ extensive resources in the global financial market, risk
management capabilities, and advanced technology substrate to provide investors withoptimal solutions.
We aim to provide high-quality investment opportunities and services to meet diverse asset
management needs in today’s rapidly changing market, with a wide range of investment
targets including traditional assets such as equities, bonds, and money markets, andalternative assets such as real estate investment and private debt and equity.
*1②

As of end-September 2023
Our initiatives toward Enhancing Asset Management Business in Japan

Our initiatives toward Enhancing Asset Management Business in Japan include thefollowing.
1. Provide world-class globally diversified investment opportunities toJapanese institutional and retail investors
We leverage our global network and expertise in order to provide diversified
funds that benefit long-term investment. We are aiming to enhance our productlineup to meet investor needs through a wide range of investment styles,
regions, and management methods.
2. Provide highly specialized investment products, including alternativeassets
We offer opportunities to invest in traditional assets such as public equities andbonds, which account for the majority of investors’ investment portfolios, as well
as alternative assets with different risk-return characteristics. We leverage
Goldman Sachs’ extensive global network to provide investment opportunities
for alternative investment professionals.
3. Commitment to stewardship responsibility
GSAM is committed to fulfilling its stewardship responsibilities as an institutional
investor through responsible investment. GSAM aims to support appropriate
actions that contribute to the value enhancement of investee companies andissuers through constructive dialogue engagement, the exercise of shareholder
voting rights in equity investments and other initiatives. We also work tocontribute to the realization of a virtuous cycle of sustainable growth ininvestment and improved investor returns.
1

4. OCIO Services for the Japanese market
Adoption of an OCIO (Outsourced Chief Investment Officer) services is
progressing among European and US corporate pensions, in order to advanceinvestment strategies and structure, improve governance, and advancedisclosure. GSAM is the largest provider of OCIO services in the US*2, and has
long been well positioned to meet corporate pensions’ and other clients’ varying
asset management needs since the establishment of a Multi-Asset Solutions
Group in 1995. We leverage our global experience and expertise to promote
OCIO services in Japan.
5. Transition to the single Net Asset Value (NAV) calculation
We have been actively working to advance the industry’s transition to a single
NAV calculation for mutual trusts as part of global standardization efforts. To thisend, we have led discussions across the industry including dialogue withgovernment authorities and the Investment Trusts Association of Japan,
participation in review meetings, and the introduction of pilot tests. The
implementation of a single NAV calculation would help to streamline mutual fundback-office operations and management and bring the Japanese industry in linewith global standards, enabling investors to access a wider variety of products.
In addition, we participate in pilot testing on the digitization of delivery
prospectuses, and we have been striving to streamline processes and realize
clear disclosures.
Source: Cerulli Associates: “U.S. Outsourced Chief Investment Officer Function 2021”
as of January 2022

*22