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    Combined Disclosure

    THESE MATERIALS ARE PROVIDED SOLELY ON THE BASIS THAT THEY WILL NOT CONSTITUTE INVESTMENT ADVICE AND WILL NOT FORM A PRIMARY BASIS FOR ANY PERSON'S OR PLAN'S INVESTMENT DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN.  PLAN FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL INVESTMENT COURSE OF ACTION.

    THIS MATERIAL 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.

    Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice. Any economic, market forecasts and case studies presented herein are for illustrative purposes only and are subject to change without notice. Goldman Sachs has no obligation to provide updates or changes. Diversification does not protect an investor from market risk and does not ensure a profit.

    This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by GSAM and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and GSAM has no obligation to provide any updates or changes. 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.

    An investment’s ESG policy or investment approach may cause it to take risks or eliminate exposures found in other strategies or broad market benchmarks that may cause performance to diverge from the performance of other investments or market benchmarks.

    In August 2015, Goldman Sachs Asset Management, LP (“GSAM”) acquired the assets of Imprint Capital Advisors LLC (“Imprint”). The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. This material is provided at your request solely for your use.

    United Kingdom and European Economic Area (EEA):  In the United Kingdom, this material is a financial promotion and has been approved by Goldman Sachs Asset Management International, which is authorized and regulated in the United Kingdom by the Financial Conduct Authority. Switzerland: For Qualified Investor use only – Not for distribution to general public. This document is provided to you by Goldman Sachs Bank AG, Zürich. Any future contractual relationships will be entered into with affiliates of Goldman Sachs Bank AG, which are domiciled outside of Switzerland. We would like to remind you that foreign (Non-Swiss) legal and regulatory systems may not provide the same level of protection in relation to client confidentiality and data protection as offered to you by Swiss law. Asia Pacific: Please note that neither Goldman Sachs Asset Management International nor any other entities involved in the Goldman Sachs Asset Management (GSAM) business maintain any licenses, authorizations or registrations in Asia (other than Japan), except that it conducts businesses (subject to applicable local regulations) in and from the following jurisdictions: Hong Kong, Singapore, Malaysia, and India.  This material has been issued for use in or from Hong Kong by Goldman Sachs (Asia) L.L.C, in or from Singapore by Goldman Sachs (Singapore) Pte. (Company Number: 198602165W) and Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H), in or from Malaysia by Goldman Sachs (Malaysia) Sdn Berhad ( 880767W) and in or from India by  Goldman Sachs Asset Management (India) Private Limited (GSAM India).  Australia:  This material is distributed in Australia and New Zealand by Goldman Sachs Asset Management Australia Pty Ltd ABN 41 006 099 681, AFSL 228948 (’GSAMA’) and is intended for viewing only by wholesale clients in Australia for the purposes of section 761G of the Corporations Act 2001 (Cth) and to clients who either fall within any or all of the categories of investors set out in section 3(2) or sub-section 5(2CC) of the Securities Act 1978 (NZ) and fall within the definition of a wholesale client for the purposes of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSPA) and the Financial Advisers Act 2008 (FAA) of New Zealand. GSAMA is not a registered financial service provider under the FSPA. GSAMA does not have a place of business in New Zealand. In New Zealand, this document, and any access to it, is intended only for a person who has first satisfied GSAMA that the person falls within the definition of a wholesale client for the purposes of both the FSPA and the FAA. This document is intended for viewing only by the intended recipient. This document may not be reproduced or distributed to any person in whole or in part without the prior written consent of GSAMA.  This information discusses general market activity, industry or sector trends, or other broad based economic, market or political conditions and should not be construed as research or investment advice.  The material provided herein is for informational purposes only. This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. Canada:  This material has been communicated in Canada by Goldman Sachs Asset Management, L.P. (GSAM LP).  GSAM LP is registered as a portfolio manager under securities legislation in certain provinces of Canada, as a non-resident commodity trading manager under the commodity futures legislation of Ontario and as a portfolio manager under the derivatives legislation of Quebec.  In other provinces, GSAM LP conducts its activities under exemptions from the adviser registration requirements.  In certain provinces, GSAM LP is not registered to provide investment advisory or portfolio management services in respect of exchange-traded futures or options contracts and is not offering to provide such investment advisory or portfolio management services in such provinces by delivery of this material.  Japan: This material has been issued or approved in Japan by Goldman Sachs Asset Management Co., Ltd. Switzerland: For Qualified Investor use only – Not for distribution to general public This document is provided to you by Goldman Sachs Bank AG, Zürich. Any future contractual relationships will be entered into with affiliates of Goldman Sachs Bank AG, which are domiciled outside of Switzerland. We would like to remind you that foreign (Non-Swiss) legal and regulatory systems may not provide the same level of protection in relation to client confidentiality and data protection as offered to you by Swiss law.

    Bahrain: This material has not been reviewed by the Central Bank of Bahrain (CBB) and the CBB takes no responsibility for the accuracy of the statements or the information contained herein, or for the performance of the securities or related investment, nor shall the CBB have any liability to any person for damage or loss resulting from reliance on any statement or information contained herein. This presentation will not be issued, passed to, or made available to the public generally. Kuwait: This material has not been approved for distribution in the State of Kuwait by the Ministry of Commerce and Industry or the Central Bank of Kuwait or any other relevant Kuwaiti government agency. The distribution of this material is, therefore, restricted in accordance with law no. 31 of 1990 and law no. 7 of 2010, as amended. No private or public offering of securities is being made in the State of Kuwait, and no agreement relating to the sale of any securities will be concluded in the State of Kuwait. No marketing, solicitation or inducement activities are being used to offer or market securities in the State of Kuwait. Oman: The Capital Market Authority of the Sultanate of Oman (the "CMA") is not liable for the correctness or adequacy of information provided in this document or for identifying whether or not the services contemplated within this document are appropriate investment for a potential investor. The CMA shall also not be liable for any damage or loss resulting from reliance placed on the document. Qatar: All funds: The investments described in this document have not been, and will not be, offered, sold or delivered, at any time, directly or indirectly in the State of Qatar in a manner that would constitute a public offering. This document has not been, and will not be, registered with or reviewed or approved by the Qatar Financial Markets Authority, the Qatar Financial Centre Regulatory Authority or Qatar Central Bank and may not be publicly distributed.  This document is intended for the original recipient only and must not be provided to any other person. It is not for general circulation in the State of Qatar and may not be reproduced or used for any other purpose. Non product specific/strategy:  This document has not been, and will not be, registered with or reviewed or approved by the Qatar Financial Markets Authority, the Qatar Financial Centre Regulatory Authority or Qatar Central Bank and may not be publicly distributed.  This document is intended for the original recipient only and must not be provided to any other person. It is not for general circulation in the State of Qatar and may not be reproduced or used for any other purpose. Saudi Arabia: Distribution by GSSA: These materials are presented to you by Goldman Sachs Saudi Arabia Company ("GSSA"). GSSA is authorized and regulated by the Capital Market Authority (“CMA”) in the Kingdom of Saudi Arabia. GSSA is subject to relevant CMA rules and guidance, details of which can be found on the CMA’s website at www.cma.org.sa. These materials should not be distributed to any other person, or relied upon by any other person. The CMA does not make any representation as to the accuracy or completeness of these materials, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of these materials. Prospective purchasers of the securities mentioned in these materials hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of these materials you should consult an authorized financial adviser. Non – GSSA: The Capital Market Authority does not make any representation as to the accuracy or completeness of this document, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this document. If you do not understand the contents of this document you should consult an authorized financial adviser. UAE: This document and the information contained herein, does not constitute, and is not intended to constitute, a public offer of securities in the United Arab Emirates and accordingly should not be construed as such. This document has not been approved by, or filed with the Central Bank of the United Arab Emirates or the Securities and Commodities Authority. If you do not understand the contents of this document, you should consult with a financial advisor. This document is provided to the recipient only and should not be provided to or relied on by any other person. Germany or Austria: Goldman Sachs AG: Important disclosure For Professional Clients according to § 31 Abs. 3 Wertpapierhandelsgesetzes (WpHG)

    1. General Information: Goldman Sachs AG is a stock corporation (Aktiengesellschaft) established under German law with its registered seat in Friedrich-Ebert-Anlage 49 (MesseTurm), 60327 Frankfurt am Main, Germany, Tel: +49(0)69 7532 1000. For further information on Goldman Sachs AG and its services please refer to your Goldman Sachs contact. Goldman Sachs AG is authorised and regulated by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), Graurheindorfer Str. 108, 53117 Bonn and Lurgiallee 12, 60439Frankfurt am Main, Germany. Goldman Sachs AG provides certain services including reception and transmission of orders in relation to one or more financial instruments, portfolio management and investment advice as well as advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to mergers and the purchase of undertakings. Communication between Goldman Sachs AG and its clients will be in English and/or German, generally orally, in writing (including fax), by email or other electronic means. Please note, however, that orders for the purchase or sale of financial instruments must be given to Goldman Sachs AG orally unless explicitly agreed with Goldman Sachs AG otherwise.

    2. Client Classification: Based on the information available to Goldman Sachs AG, Goldman Sachs AG will categorise you as a professional client and you will benefit from those regulatory protections afforded to that category of client under the WpHG. You should be aware that professional clients will not be entitled to certain protections afforded by the WpHG to retail clients. Goldman Sachs AG will provide you with further information on client classification upon request.

    3. Nature, Frequency And Timing Of Reports: Generally, Goldman Sachs AG does not execute orders, but will place them with executing brokers, including Goldman Sachs group companies. Goldman Sachs AG will not send the client a trade confirmation but Goldman Sachs AG will endeavour that the executing broker will provide the trade confirmation as soon as possible and no later than legally required. Upon request, Goldman Sachs AG provides the client with information about the status of his order.

    4. Holding Of Financial Instruments And Client Monies: Generally, Goldman Sachs AG does not hold custody over any of its clients' assets or client money. Matters of custody and client money will be dealt with by the respective custodian under its respective governing law. Further details are available on request. However, Goldman Sachs AG is a member of the Compensation Scheme of German Banks (Entschädigungseinrichtung deutscher Banken GmbH) and the Deposit Scheme of the Association of German Banks(Einlagensicherungsfonds des Bundesverbandes deutscher Banken).

    5. Order Execution: Goldman Sachs AG has put in place arrangements that enable Goldman Sachs AG to comply with applicable requirements in relation to best execution as they apply to investment firms providing services of reception and transmission including an execution policy (the "Execution Policy") information on which is set out below.

    5.1 Scope of the Execution Policy: Goldman Sachs AG's Execution Policy applies to clients of Goldman Sachs AG when Goldman Sachs AG receives and transmits orders on behalf of clients and places them with Goldman Sachs AG affiliates or third parties, in each case in respect of financial instruments covered by MiFID and the German Securities Trading Act (Wertpapierhandelsgesetz or "WpHG").

    5.2 The Relevant Obligation: When Goldman Sachs AG receives and transmits an order on behalf of a client or places an order with another entity (including affiliates of Goldman Sachs AG) for execution Goldman Sachs AG will, subject to any specific client instructions, take all reasonable steps to obtain the best possible result taking into account the factors identified in accordance with Goldman Sachs AG's Execution Policy. In such circumstances, Goldman Sachs AG will either determine the ultimate execution venue and give the other broker or dealer a specific instruction to that effect, or Goldman Sachs AG will have satisfied itself that the other broker or dealer has arrangements in place to enable Goldman Sachs AG to comply with its best execution obligation. When Goldman Sachs AG quotes or negotiates with a client the terms of a transaction in which an affiliate is willing to deal with such client as principal for its account, therefore the Execution Policy will not apply, unless a client requests otherwise and Goldman Sachs AG agrees to such request

    5.3 Executing Firms: Goldman Sachs AG includes in its Execution Policy details of the various executing firms which it accesses for each of the financial instruments covered by MiFID or WpHG in respect of which Goldman Sachs AG places or transmits orders to other entities for execution. Goldman Sachs AG includes those execution firms in its Execution Policy that it believes enable Goldman Sachs AG to obtain on a consistent basis the best possible result when placing client orders. Goldman Sachs AG will usually transmit the orders received for execution to an executing firm for all financial instruments (including equities and fixed income instruments) to a third party or to one of Goldman Sachs AG's affiliates such as Goldman Sachs International, London, to Goldman, Sachs & Co. LLC, New York, and to Goldman Sachs Bank AG, Zurich.

    5.4 Relevant Factors: In circumstances where a client has been classified as a professional client, subject to any specific instructions that Goldman Sachs AG accepts from clients, Goldman Sachs AG takes into account a range of factors that allow Goldman Sachs AG to comply with its requirements in relation to best execution as they apply to investment firms providing services of reception and transmission of orders. These may include price, costs, speed, likelihood of execution and settlement, together with any other consideration relevant to the order. In determining what is the best possible result for a client, Goldman Sachs AG does not compare the results that can be achieved for a client on the basis of its Execution Policy and fees with results that might be achieved for a client by another investment firm on the basis of that firm's execution policy or a different structure of commission or fees, nor does Goldman Sachs AG compare the differences in its own commissions or fees which are attributable to the nature of the services that Goldman Sachs AG provides to clients.

    5.5 Monitoring and Review: Goldman Sachs AG monitors the effectiveness of its order execution arrangements and Execution Policy on an ongoing basis to identify and implement any appropriate enhancements. In addition, Goldman Sachs AG regularly reviews whether the brokers and dealers to whom it transmits orders for execution and with whom Goldman Sachs AG may place orders provide for the best possible result for its clients on a consistent basis and whether Goldman Sachs AG needs to make changes to its execution arrangements. Goldman Sachs AG will notify its clients of any material changes of its Execution Policy.

    6. Conflicts of Interest and Inducements: Goldman Sachs AG and its European affiliates ("Goldman Sachs") offer a wide range of financial services to many clients. The broad range of services, such as investment research, investment advice, trading, asset management, corporate finance business including underwriting or selling in an offering of securities and advising on mergers and acquisitions, and the diverse group of clients and products may give rise to a number of competing interests. Goldman Sachs has established, implemented and maintains a written conflicts of interest policy which reflects its approach to managing such competing interests. Goldman Sachs has identified circumstances with reference to specific services and activities, which may give rise to a conflict of interest entailing a material risk of damage to the interests of one or more of its clients. To manage such conflicts Goldman Sachs has principles, procedures and measures that are designed to ensure that the services provided or activities conducted are carried out with integrity and an appropriate degree of independence to protect the interests of clients. These principles, procedures and measures include the prevention or control of information exchange, appropriate organisational structures and supervisory roles (to prevent inappropriate influence of one person over another, or the involvement of a person where such involvement could impair the proper management of conflicts of interest), and avoiding any direct link between the remuneration of employees and revenues generated by them. The policy provides that in certain circumstances it may be appropriate for Goldman Sachs to disclose the general nature of a conflict of interest to a client. Goldman Sachs AG does not provide investment advice as a fee based investment adviser. Goldman Sachs AG may accept and retain fees received from third parties in connection with investment advice. Further details of Goldman Sachs' conflicts of interest policy are available on request.

    7. Statement of Risks and Nature of Financial Instruments: A client should not deal in a financial instrument unless such client understands the nature and associated risk. A client should also be satisfied that the product is suitable in light of the client’s investment objectives, risk affinity, other personal circumstances and the client's financial position. Goldman Sachs AG holds available the information on risks and nature of financial instruments.

    8. Cost and Associated Charges: The actual amounts will depend on the service provided to a client. Each client will be provided with information on applicable fees and their method of calculation in writing prior to the provision of an investment service. If you would like additional information on Goldman Sachs AG or any of its affiliates contact your usual Goldman Sachs representative.

    Hedge funds and other private investment funds (collectively, “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 an individual’s net returns may differ significantly from actual returns.  Such fees may offset all or a significant portion of such Alternative Investment’s trading profits. 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 such Alternative Investments. 

    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. There may be conflicts of interest relating to the Alternative Investment and its service providers, including Goldman Sachs and its affiliates.  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.

    Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity, interest rate, call and extension risk. Equity securities are more volatile than bonds and subject to greater risks. Small and mid-sized company stocks involve greater risks than those customarily associated with larger companies. Real assets are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. 

    This material is provided at your request for informational purposes only. It is not an offer or solicitation to buy or sell any securities. An investment’s social policy could cause it to forego opportunities to gain exposure to certain industries, companies, sectors or regions of the economy which could cause it to underperform similar investments that do not have a social policy. A socially responsible investing style may shift in and out of favor.

    THIS MATERIAL 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.

    Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources. Any economic, market forecasts and case studies presented herein are for illustrative purposes only and are subject to change without notice. Goldman Sachs has no obligation to provide updates or changes.

    Definitions: Market capitalization: the aggregate market value of a company based on the current share price and the total number of outstanding shares. Passive benchmark: a standard against which investment performance of a passive investment portfolio may be compared or assessed. Low-carbon investing: An investing style which results in a lower aggregate amount of carbon (as defined by a variety of metrics, including but not limited to carbon emissions or carbon reserves) as compared to a comparable investment portfolio. Tracking error: A divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark. Tracking error can be positive or negative. Indexing: An investment strategy that adjusts a portfolio such that it tracks a defined index. Value-driven investing: An investment strategy that is informed by the investor’s personal values

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