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Content Not To Be Construed as a Solicitation or Offering: None of the material on GSAM.com is to be construed as a solicitation, recommendation or offer to buy or sell any security, financial product or instrument. Any descriptions of SMA features or characteristics set forth herein are only a summary of certain terms, are not intended to be complete, and are subject to the written investment restrictions and guidelines pertaining to client accounts and subject to the terms and conditions of the Goldman Sachs Dual Contract SMA Application, which must be reviewed in order to receive a comprehensive set of terms and provisions. Any descriptions of Alternative Investment terms set forth herein are only a summary of certain terms, are not intended to be complete, and are qualified in their entirety by the offering documents, subscription documents and other constituent documents of the applicable Alternative Investment, which must be reviewed in order to receive a comprehensive set of terms and provisions. With respect to any specific third party manager or fund, GS (i) is not such manager or fund's adviser or agent and (ii) is not authorized to bind, or act on behalf of, them in any way or to make representations for or about them.
This material has been prepared for informational purposes only without regard to any particular individual's investment objectives, financial situation, or means, and GS is not soliciting any action based upon it. This material is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to invest in any particular Alternative Investment or SMA strategy in any jurisdiction in which such an offer or solicitation, or strategy would be illegal. Certain transactions give rise to substantial risk and are not suitable for all investors. Although this material is based upon information that GS considers reliable and endeavors to keep current, GS has not verified this information and does not represent that this material is accurate, current, or complete and it should not be relied upon as such.

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For SMAs:
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United States: 312.384.3062

For Alternative Investments:
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United States: 312.655.4702

Special Message for GS PWM Employees: To the extent these webpages are accessed by Goldman Sachs Private Wealth Management employees, these webpages are intended only to facilitate such employees' discussions with GS as to the opportunities available to Private Wealth Management clients. As a result, these webpages should not be considered comprehensive, should not be shared with any client who does not independently have access to GSAM.com, and should not be relied upon in making an investment decision. In addition, these webpages are not intended to be used as a general guide to investing. They make no implied or express recommendations concerning the manner in which any client's account should or would be handled, as finding the appropriate investment strategies for a client will depend upon the client's investment objectives.

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Please review Appendix 1 of the Goldman Sachs Asset Management, L.P. Form ADV Part 2 for important information about Goldman Sachs Asset Management separately managed account strategies, Alternative Investments and risks and conflicts.

THE MATERIAL HEREIN DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.

Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.

The material herein is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. The material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client's account should or would be handled, as appropriate investment strategies depend upon the client's investment objectives.

Important Asset Class Risks

The following list of risk factors set forth below is not intended to be complete. Please carefully review the offering documents of any SMAs or Alternative Investments and any supplements thereto (copies of which will be available upon request) for a complete description of all information prior to investment. Please consult your own legal, tax and financial advisers about the risks of investment in private investment funds.

Supplemental Risk Disclosure for All Potential Direct and Indirect Investors in Alternative Investments

In connection with your consideration of an investment in any Alternative Investment, you should be aware of the following risks:

Alternative Investments are subject to less regulation than other types of pooled investment vehicles such as mutual funds. Alternative Investments may impose significant fees, including incentive fees that are based upon a percentage of the realized and unrealized gains, and such fees may offset all or a significant portion of such Alternative Investment's trading profits. An individual's net returns may differ significantly from actual returns. Alternative Investments are not required to provide periodic pricing or valuation information. Investors may have limited rights with respect to their investments, including limited voting rights and participation in the management of the Alternative Investment.

Alternative Investments often engage in leverage and other investment practices that are extremely speculative and involve a high degree of risk. Such practices may increase the volatility of performance and the risk of investment loss, including the loss of the entire amount that is invested.

Alternative Investments may purchase instruments that are traded on exchanges located outside the United States that are "principal markets" and are subject to the risk that the counterparty will not perform with respect to contracts.

Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

Alternative Investments are offered in reliance upon an exemption from registration under the Securities Act for offers and sales of securities that do not involve a public offering. No public or other market is available or will develop. Similarly, interests in an Alternative Investment are highly illiquid and generally are not transferable without the consent of the sponsor, and applicable securities and tax laws will limit transfers.

Alternative Investments may themselves invest in instruments that may be highly illiquid and extremely difficult to value. This also may limit your ability to redeem or transfer your investment or delay receipt of redemption or transfer proceeds.

Alternative Investments are not required to provide their investors with periodic pricing or valuation information.

Alternative Investments may involve complex tax and legal structures and accordingly are only suitable for sophisticated investors. You are urged to consult with your own tax, accounting and legal advisers regarding any investment in any Alternative Investment.

Conflicts of Interest

There may be conflicts of interest relating to the Alternative Investments, and their service providers, including GS. These activities and interests include potential multiple advisory, transactional and other interests in securities and instruments that may be purchased or sold by the Alternative Investments. These are considerations of which investors should be aware and additional information relating to these conflicts is set forth in the offering materials for the Alternative Investments.

Private Equity investments including, but not limited to, investments in managers, secondary transactions, and co-investments are speculative, highly illiquid, involve a high degree of risk and have high fees and expenses that could reduce returns; they are, therefore, intended for long-term investors who can accept such risks. Furthermore, restrictions on transferring interests in private equity funds may exist so prospective investors should be prepared to retain their investments in the fund until the fund liquidates. Private equity funds may borrow money or use leverage for a variety of purposes, which involves a high degree of risk including the risk that losses may be substantial. Lastly, the possibility of partial or total loss of a private equity fund's capital exists, and prospective investors should not subscribe unless they can readily bear the consequences of such loss.

Real estate investments including, but not limited to, energy and infrastructure involve a high degree of risk. Such risks include, but are not limited to, the financial conditions of tenants, changes in building, environmental, zoning and other laws, changes in real property tax rates, changes in interest rates and the availability or terms of debt financing, unavailability of or increased cost of certain types of insurance coverage, and other factors not within the control of the General Partner, such as an outbreak or escalation of major hostilities or other substantial national or international calamities or emergencies. There can be no assurance that the appraised value of a real estate investment will be accurate or further, that the appraised value would in fact be realized on the eventual disposition of such investment.

Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, interest rate, call and extension risk.

High-yield, lower-rated securities involve greater price volatility and present greater credit risks than higher-rated fixed income securities.

Mortgage-related and other asset-backed securities are subject to certain additional risks. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-backed securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, an investment in mortgage-backed securities may be subject to additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-backed securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected.

Economic, Social, and Governance ("ESG") strategies may take risks or eliminate exposures found in other strategies or broad market benchmarks that may cause performance to diverge from the performance of these other strategies or market benchmarks. ESG strategies will be subject to the risks associated with their underlying investments' asset classes. Further, the demand within certain markets or sectors that an ESG strategy targets may not develop as forecasted or may develop more slowly than anticipated.

Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments.

The currency market affords investors a substantial degree of leverage. This leverage presents the potential for substantial profits but also entails a high degree of risk including the risk that losses may be similarly substantial. Such transactions are considered suitable only for investors who are experienced in transactions of that kind. Currency fluctuations will also affect the value of an investment.

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, by nature, 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 an individual 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. Investors should carefully consider the inherent risk of such an investment in light of their experience, objectives, financial resources and other circumstances. No representation is made regarding the suitability of commodity investments.

Investments in master limited partnerships ("MLPs") are subject to certain risks, including risks related to limited control and limited rights to vote, potential conflicts of interest, cash flow risks, dilution risks, limited liquidity and risks related to the general partner's right to force sales at undesirable times or prices.