HOUSE_OVERSIGHT_026965.jpg

Important Information
Investment Management Division
Goldman Sachs

Thank you for reviewing this presentation. Please review the important information below.

Our Relationship with Clients. Depending on our relationship with you, we may act as an advisor, a broker-dealer, or both. Our role and obligations vary depending on the capacity in which we act. Where we act as an advisor, our primary role is to give you advice, help you manage your investments or, where applicable, help you hire another advisor to do so. Where we act as a broker, our primary role is to execute trades for you based on your instructions and any advice we give you is incidental to our brokerage services. How we are compensated by you (and sometimes by issuers or managers of investments who compensate us based on what you buy) and how your Private Wealth Management (“PWM”) team is compensated may change over time and will vary depending on various factors including, but not limited to, whether you are classified as a professional or retail client, have an advisory or brokerage account, and on the investments made in your account. Please ask us questions to make sure you understand your rights and our obligations to you, the difference between advisory and brokerage accounts, and / or how we are compensated based on the capacity in which we act. We are part of a full-service, integrated investment banking, investment management, and brokerage firm. Other firm businesses may implement investment strategies that are different from the strategies used or recommended for your portfolio.

Entities Providing Services. Investment advisory services may be provided by Goldman Sachs & Co. LLC (“GS&Co.”), an affiliate, or an external manager under the wrap program sponsored by GS&Co. Brokerage services are provided by GS&Co., member Financial Industry Regulatory Authority (“FINRA”) / Securities Investor Protection Corporation (“SIPC”). Brokerage services, banking services (including check-writing, debit cards, direct debit, direct deposit, electronic bill pay, overdraft protection and Bank to Bank Transfers via ACH), custody, margin loans and strategic wealth advisory services are provided by GS&Co. Financial counseling services are provided by The Ayco Company, L.P. Over-The-Counter (“OTC”) derivatives, foreign exchange forwards and related financing are offered by GS&Co. Trust services are provided by The Goldman Sachs Trust Company, N.A. or The Goldman Sachs Trust Company of Delaware. All of these affiliated entities are subsidiaries of The Goldman Sachs Group, Inc. (“Firm” or “GS”). Deposit products, mortgages, and bank loans are offered by Goldman Sachs Bank USA, member Federal Deposit Insurance Corporation (“FDIC”) and an Equal Housing Lender.

Investment Strategy Group (“ISG”). ISG is part of the Investment Management Division of GS and is focused on asset allocation strategy formation and market analysis for PWM. Any information that references ISG, including their model portfolios, represents the views of ISG, is not research and is not a product of Global Investment Research (“GIR”). If shown, ISG Model Portfolios are provided for illustrative purposes only. Your actual asset allocation may look significantly different based on your particular circumstances and risk tolerance. If a model performance calculation is provided, it assumes that (1) each asset class was owned in accordance with the recommended weight; (2) all tactical tilts were implemented at the time the recommendation was made; and (3) the portfolio was rebalanced every time a tactical tilt change was made and at the end of every quarter (unless a tactical tilt was made within a month of quarter-end). If model performance is shown, it is calculated using the daily returns (actual or interpolated) of indices that ISG believes are representative of the asset classes included in the model. Results shown reflect the total return but generally do not take into account any investment management fees, commissions or other transaction expenses, which would reduce returns. The results shown reflect the reinvestment of dividends and other earnings. All returns are pre-tax and are not adjusted for inflation. Additional information about the model portfolio performance calculation, including asset class benchmarks used for modeling performance and a history of tactical tilts, is available upon request.

Investment Risks and Information. Risks vary by the type of investment. Additional information regarding investments and risks may be available in applicable product materials. Before transacting or investing, you should review and understand the terms of a transaction/investment and the nature and extent of the associated risks, and you should be satisfied the investment is appropriate for you in light of your individual circumstances and financial condition.

• Alternative Investments. Alternative investments may involve a substantial degree of risk, including the risk of total loss of an investor’s capital and the use of leverage, and may not be appropriate for all investors. Private equity, private real estate, hedge funds, and other alternative investments structured as private investment funds are subject to less regulation than other types of pooled vehicles and liquidity may be limited. You should review the Offering Memorandum, the Subscription Agreement, and any other applicable offering documents for risks, potential conflicts of interest, terms and conditions and other disclosures.

• Commodities. Commodity investments may be less liquid and more volatile than other investments. The risk of loss in trading commodities can be substantial due, but not limited, to volatile political, market and economic conditions. An investor’s returns may change radically at any time since commodities are subject to abrupt changes in price. Commodity prices are volatile because they respond to many unpredictable factors including weather, labor strikes, inflation, foreign exchange rates, etc. In a single account, because your position is leveraged, a small move against your position may result in a large loss. Losses may be larger than your initial deposit. No representation is made regarding the suitability of commodity investments.

• Currencies. Currency exchange rates can be extremely volatile, particularly during times of political or economic uncertainty. There is a risk of loss when an investor has exposure to foreign currency or holds foreign currency traded investments.

• Over-the-Counter (“OTC”) Derivatives You should carefully review the Master Agreement, including any related schedules, credit support documents, addenda and exhibits. You may be requested to post margin or collateral at levels consistent with the internal policies of GS to support written OTC derivatives. Prior to entering into an OTC derivative transaction you should be aware of the below general risks associated with OTC derivative transactions:
- Liquidity Risk: There is no public market for OTC derivative transactions and, therefore, it may be difficult or impossible to liquidate an existing position on favorable terms.

21
HOUSE_OVERSIGHT_026965