GS Holdings

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In 2017 the U.S. state of Florida listed GS Holdings on its continued examination list of companies with petroleum energy activities in Iran. (https://www.sbafla.com/fsb/Portals/FSB/Content/GlobalGovernanceMandates/QuarterlyReports/2017/Global_Governance_Mandates_and_Florida%20Statutes_2017_12_13.pdf?ver=2017-12-13-145507-737)

On March 13, 2019, the Mississippi Department of Finance & Administration identified GS Holdings as a company “engaged in investment activities in Iran, providing funds, goods or services valued at $20,000,000 or more in the energy sector of Iran (https://www.dfa.ms.gov/media/8124/businesses-doing-business-with-iran.pdf)

"Iran's official news agency says Iran and a South Korean company signed a billion dollar agreement on refining natural gas. Tuesday's report by IRNA says the state-owned Pars Gas and Oil Company and South Korean GS Company signed the euro1.24 billion -- about $1.83 billion -- deal on Monday night. The project, to be completed in four years, will refine 3.9 billion square feet of natural gas per day to feed Iran's domestic consumption. Iran is the world's second largest owner of natural gas resources but routinely struggles with gas shortages during winter because it lacks sufficient facilities to capture and distribute the gas to market. Dozens of people died in rural areas because of lack of heating gas when a cold winter snap hit the country in 2007." (Business Week, Iran, South Korea sign euro1.24 billion gas deal," 10/13/09) (http://www.businessweek.com/ap/financialnews/D9BA3HCG0.htm)

In December 2019, March 2019 and June 2019 the Alaska Retirement Management Board listed GS Holdings on its list of companies doing business with Iran.  (https://treasury.dor.alaska.gov/Portals/3/docs/resolutions/ARMB Iran Divestment List 12-31-19.pdf) (http://treasury.dor.alaska.gov/Portals/3/docs/resolutions/ARMB%20Iran%20Divestment%20List%203-31-19.pdf) (http://treasury.dor.alaska.gov/Portals/3/docs/resolutions/ARMB%20Iran%20Divestment%20List%206-30-19.pdf)

"South Korea's GS Engineering & Construction Group said on Thursday that it has called off a 1.42 trillion won ($1.2 billion) gas project in Iran following sanctions on the Middle East nation.  The company said in a filing to a regulatory agency that it it had cancelled on Wednesday the contract to sweeten gas from the South Pars field in Iran, signed with the Pars Oil and Gas Company (POGC) last October." (Reuters, "S.Korea GS E&C Says Scraps $1.2 bln Iran Gas Deal," 7/1/2010) (http://af.reuters.com/article/energyOilNews/idAFTOE66007020100701)

As of March 9, 2021, GS Holding remained on the Florida SBA List of Continued Examination Companies with Petroleum Energy Activities in Iran.  (https://www.sbafla.com/fsb/Portals/FSB/Content/GlobalGovernanceMandates/QuarterlyReports/Global_Governance_Mandates_and_Florida%20Statutes_2021_03_09.pdf?ver=2021-03-09-125453-813)

In 2017 the U.S. state of Alaska and Pennsylvania lists GS Holdings on its list of companies doing material business with Iran rendering GS Holdings ineligible for investment and/or state contracting. (http://treasury.dor.alaska.gov/Portals/3/docs/ARMB%20Iran%20Divestment%20List%2012-31-17.pdf) (http://www.dgs.pa.gov/Documents/Procurement%20Forms/ProposedIranFreeProcurementList.pdf)

As of May 28, 2020, the Florida State Board of Administration (“SBA”) continues to list GS Holdings on its list of “Continued Examination Companies with Petroleum Energy activities in Iran.”   (https://www.sbafla.com/fsb/Portals/FSB/Content/GlobalGovernanceMandates/QuarterlyReports/2020/Global_Governance_Mandates_and_Florida Statutes_2020_05_28.pdf?ver=2020-05-28-122524-540)