The views expressed herein are as December 2018 and subject to change in the future. Individual portfolio management teams for GSAM may have views and opinions and/or make investment decisions that, in certain instances, may not always be consistent with the views and opinions expressed herein.

Glossary of terms
Volatility is the manner in which the price of an investment moves up and down. If prices fluctuate dramatically over a short period of time, a market is said to be highly volatile. Price/earnings (PE) ration is a gauge of how expensive a stock is. The higher the P/E ratio, the more the market is willing to pay for each pound of annual earnings. A bond with a credit rating of BBB or above from an independent rating service such as Standard and Poor’s. Drawdown is the peak-to-trough decline during a specific recorded period of an investment security. Tail risk arises when the possibility that an investment will move more than three standard deviations from the mean is greater than what is shown by a normal distribution. Bull market is a term used to describe a market in which prices are rising or expected to rise. G10, or Group of Ten, is a group of eleven industrial countries which co-operate on economic matters. Over-levered is a term used to describe a company which has taken on too much debt.

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All investments involve risk including possible loss of principal. Individual asset classes involve unique risks.  Bonds and fixed income investing are subject to interest rate risk.  When interest rates rise, bond prices fall.  Equity securities are more volatile than bonds and greater risks. Small cap company stocks involve greater risks than those customarily associated with larger companies. International securities entail special risks such as currency, political, economic, and market risks. These risks are heightened in emerging markets securities which may be less liquid and more volatile. These risks should be fully evaluated before making an investment decision.

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