Market Overview

Goldman Sachs Asset Management Closed-End Funds Announce Reverse Share Splits

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Goldman Sachs Asset Management ("GSAM"), investment adviser for the Goldman Sachs MLP Income Opportunities Fund (GMZ) and Goldman Sachs MLP and Energy Renaissance Fund (GER) (together, the "Funds"), announced today that the Funds' Board of Trustees has approved a 7-for-1 reverse share split for GMZ and a 9-for-1 reverse share split for GER, effective after the market closes on April 13, 2020. The Funds' common shares will begin trading on a split-adjusted basis when the market opens on April 14, 2020.

Reverse Share Split

Upon the effectiveness of the reverse share splits on April 13, 2020, every seven outstanding common shares of GMZ will automatically be converted into one common share and every nine outstanding common shares of GER will automatically be converted into one common share. No fractional shares will be issued if, as a result of the reverse share splits, a shareholder would otherwise become entitled to a fractional share. Instead, such shareholders will be entitled to receive a proportional cash payment. The reverse share splits will not impact any shareholder's ownership percentage in the Funds or his or her voting power, except for minimal effects resulting from the treatment of fractional shares. Following the reverse share splits, the numbers of outstanding common shares of GMZ and GER will be reduced by a factor of seven and nine, respectively.

Common shares of GMZ and GER will continue to trade on the New York Stock Exchange ("NYSE") under the symbols "GMZ" and "GER," respectively, but will trade under new CUSIP numbers, as listed below. The reverse share splits are intended to increase the market price per share of the Funds to allow the Funds to maintain their compliance with NYSE continued listing standards relating to minimum share price per share.

 

Ticker

 

Fund

 

Old CUSIP

 

New CUSIP

GMZ

 

Goldman Sachs MLP Income Opportunities Fund

 

38147W103

 

38147W202

GER

 

Goldman Sachs MLP and Energy Renaissance Fund

 

38148G107

 

38148G206

 

Computershare Trust Company, N.A., the Funds' transfer agent, will act as the exchange agent for the reverse share splits. Please contact Computershare Trust Company, N.A. for further information at (800) 546-5141.

The Funds

Each Fund is a non-diversified, closed-end management investment company managed by GSAM's Energy & Infrastructure Team, which is among the industry's largest master limited partnerships ("MLP") investment groups. The Goldman Sachs MLP Income Opportunities Fund began trading on the NYSE on November 26, 2013, and the Goldman Sachs MLP and Energy Renaissance Fund began trading on the NYSE on September 26, 2014.

Each Fund seeks a high level of total return with an emphasis on current distributions to shareholders. The Goldman Sachs MLP Income Opportunities Fund invests primarily in MLP investments. The Goldman Sachs MLP and Energy Renaissance Fund invests primarily in MLPs and other energy investments. Each Fund currently expects to concentrate its investments in the energy sector, with an emphasis on midstream MLP investments. The Goldman Sachs MLP and Energy Renaissance Fund invests across the energy value chain, including upstream, midstream and downstream investments.

About Goldman Sachs Asset Management, L.P.

GSAM is the asset management arm of The Goldman Sachs Group, Inc. (NYSE:GS), and supervises $1.69 trillion as of December 31, 2019.1 GSAM has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.

1 Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion.

Disclosures

Shares of closed-end investment companies frequently trade at a discount from their net asset value ("NAV"), which may increase investors' risk of loss. At the time of sale, an investor's shares may have a market price that is above or below NAV, and may be worth more or less than the original investment. There is no assurance that a Fund will meet its investment objective. Past performance does not guarantee future results. Investments in securities of MLPs involve risks that differ from investments in common stock, including among others risks related to limited control and limited rights to vote on matters affecting MLPs, potential conflicts of interest risk, cash flow risks, dilution risks and trading risks.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security. Each Fund has completed its initial public offering. Investors should consider their investment goals, time horizons and risk tolerance before investing in a Fund. An investment in a Fund is not appropriate for all investors, and each Fund is not intended to be a complete investment program. Investors should carefully review and consider a Fund's investment objective, risks, charges and expenses before investing.

For additional information, please visit the Funds' website at www.GSAMFUNDS.com/cef.

© 2020 Goldman Sachs. All rights reserved.

Compliance code: 198734-OTU

Date of first use: 3/30/2020

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