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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. 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. This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This 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.

Jurisdictional Disclosures:

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• Australia and New Zealand: 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, 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), and fall within the definition of a wholesale investor under one of clause 37, clause 38, clause 39 or clause 40 of Schedule 1 of the Financial Markets Conduct Act 2013 (FMCA) of New Zealand (collectively, a "NZ Wholesale Investor"). 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 is a NZ Wholesale Investor. 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. No offer to acquire any interest in a fund or a financial product is being made to you in this document. If the interests or financial products do become available in the future, the offer may be arranged by GSAMA in accordance with section 911A(2)(b) of the Corporations Act. GSAMA holds Australian Financial Services Licence No. 228948. Any offer will only be made in circumstances where disclosure is not required under Part 6D.2 of the Corporations Act or a product disclosure statement is not required to be given under Part 7.9 of the Corporations Act (as relevant). FOR DISTRIBUTION ONLY TO FINANCIAL INSTITUTIONS, FINANCIAL SERVICES LICENSEES AND THEIR ADVISERS. NOT FOR VIEWING BY RETAIL CLIENTS OR MEMBERS OF THE GENERAL PUBLIC. Any advice provided in this document is provided by either of the following entities: Goldman Sachs Asset Management, LP (GSAMLP), Goldman Sachs & Co. LLC (GSCo), regulated by the US Securities and Exchange Commission under US laws; Goldman Sachs Asset Management International (GSAMI), Goldman Sachs International (GSI), regulated by the Financial Conduct Authority; GSI is also authorized by the Prudential Regulation Authority, and both entities are under UK laws; Goldman Sachs Asset Management (Singapore) Pte. Ltd. (GSAMS), regulated by the Monetary Authority of Singapore under Singaporean laws; Goldman Sachs Asset Management (Hong Kong) Limited (GSAMHK) and Goldman Sachs (Asia) LLC (GSALLC), regulated by the Securities and Futures Commission of Hong Kong under Hong Kong laws.
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Content-Specific Disclosures:

• Direct Alpha Definition: Direct alpha measures the marginal performance that would need to be added to or subtracted from the performance of a selected index in order for that index to generate the same level of returns as a given private equity fund, while accounting for the size and timing of that private equity fund's cash flows. It is calculated by determining the future value of private equity cash flows compounded at the rate of return of a given index, and then determining the internal rate of return of those cash flows. Direct alpha does not represent the actual performance of the index. Positive direct alpha indicates outperformance compared to the index return, and negative direct alpha indicates underperformance. For additional detail see GSAM whitepaper "Apples and Oranges: Performance Benchmarking In Private Equity" (2014), and "Benchmarking Private Equity: The Direct Alpha Method" by Oleg Gredil, Barry Griffiths, and Ruediger Stucke (2014) available at SSRN:https://ssrn.com/abstract=2403521. Direct alpha is suitable for institutional and PWM investors. It must be accompanied by corresponding actual net fund-level performance and the content should clearly indicate the reference index used in the calculations (e.g., "Direct Alpha to the MSCI World Index").
• Appendix Disclosure: Direct Alpha Method: Direct alpha measures the marginal performance that would need to be added to or subtracted from the performance of a selected index in order for that index to generate the same level of returns as a given private equity fund, while accounting for the size and timing of that private equity fund's cash flows. It is calculated by determining the future value of each private equity cash flow, compounded at an index's rate of return between the date of the cash flow and the as-of date of the calculation (effectively adjusting the value of that cash flow for market performance), then determining the internal rate of return of those adjusted cash flows plus any (unadjusted) net asset value. This generates the residual performance of the private equity investment after controlling for the performance of the index. Direct alpha does not represent the actual performance of the index, and does not adjust for leverage, hedging, or other risk factors that may be present in the private equity investment. Unlike public equity investments, private equity is illiquid and may not be readily sold for its stated value. Positive direct alpha indicates outperformance compared to the index return, and negative direct alpha indicates underperformance.
• On Page Disclosure 1 (Gross/Net for Direct Alpha): Direct Alpha measures the relative outperformance or underperformance of a private equity fund over a benchmark index as an annualized rate of return. Positive direct alpha indicates outperformance compared to the index return, and negative direct alpha indicates underperformance. The cash flows used to calculate direct alpha reflect the deduction of manager-level fees and carried interest, but not AIMS-level fees and carried interest, which would reduce returns. Past performance does not guarantee future results, which may vary. Please see additional end disclosures.
• On Page Disclosure 2 (Net/Net and single fund for Direct Alpha): Direct Alpha measures the relative outperformance or underperformance of a private equity fund over a benchmark index as an annualized rate of return. Positive direct alpha indicates outperformance compared to the index return, and negative direct alpha indicates underperformance. The cash flows used to calculate direct alpha reflect the deduction of manager-level fees and carried interest as well as a management fee and carried interest at the AIMS level, which is the highest applicable AIMS fee level. Past performance does not guarantee future results, which may vary. Please see additional end disclosures.
• On Page Disclosure 3 (Net/Net and multiple funds for Direct Alpha): Direct Alpha measures the relative outperformance or underperformance of a private equity fund over a benchmark index as an annualized rate of return. Positive direct alpha indicates outperformance compared to the index return, and negative direct alpha indicates underperformance. The cash flows used to calculate direct alpha reflect the deduction of manager-level fees and carried interest as well as AIMS-level management fees and carried interest at the highest applicable level for each fund shown, which are available upon request. Past performance does not guarantee future results, which may vary. Please see additional end disclosures.
• QIS TACS Strategies (Tax Loss Harvesting): The cost basis of a tax loss harvesting portfolio is driven down due to the realization of capital losses, creating a contingent tax liability. For investors who will eventually bequest their tax loss harvesting portfolio to charity or to their heirs upon death, taxes on the unrealized gains are generally avoided. However, if the tax loss harvesting portfolio is liquidated, the investor will pay taxes on the realized gains upon liquidation. Gross after-tax calculations include realized losses incurred by the portfolio but do not account for unrealized gains. If the portfolio is neither gifted nor bequeathed, the investor will pay taxes on the realized gains upon liquidation, which will affect after-tax returns. Please see additional disclosures.
• Interest Rate Benchmark Transition Risks (IBOR): This transaction may require payments or calculations to be made by reference to a benchmark rate ("Benchmark"), which will likely soon stop being published and be replaced by an alternative rate, or will be subject to substantial reform. These changes could have unpredictable and material consequences to the value, price, cost and/or performance of this transaction in the future and create material economic mismatches if you are using this transaction for hedging or similar purposes. Goldman Sachs may also have rights to exercise discretion to determine a replacement rate for the Benchmark for this transaction, including any price or other adjustments to account for differences between the replacement rate and the Benchmark, and the replacement rate and any adjustments we select may be inconsistent with, or contrary to, your interests or positions. Other material risks related to Benchmark reform can be found at https://www.gs.com/interest-rate-benchmark-transition-notice. Goldman Sachs cannot provide any assurances as to the materialization, consequences, or likely costs or expenses associated with any of the changes or risks arising from Benchmark reform, though they may be material. You are encouraged to seek independent legal, financial, tax, accounting, regulatory, or other appropriate advice on how changes to the Benchmark could impact this transaction.
• Not Legal Advice / Representations and Warranties: This email/presentation (to be tailored accordingly) is provided for information purposes only and do not constitute legal advice. If you have any queries regarding the contents of this email/presentation, you should contact your legal and other professional advisers. By providing the requested information, you agree that your responses are and shall be treated as representations and warranties as to your status. We will rely on the information you provide when reporting on your behalf. To the extent that any information you provide is incorrect, this may result in a breach of your legal or regulatory obligations and/or representations and warranties given to counterparties on your behalf.
• Confidentiality: No part of this material may, without GSAM's prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient.
• Gross Returns: The returns presented herein are gross and do not reflect the deduction of investment advisory fees, which will reduce returns.
• MLP Fund Distribution Rate: Distribution Rate is calculated by annualizing the most recent distribution amount declared divided by the most recent closing market price or NAV. The Distribution Rate is subject to change and is not an indication of Fund performance. All or a portion of the Fund's distributions may be treated for tax purposes as a return of capital, however, the final characterization of such distributions will be reported annually on Form 1099-DIV. The ultimate composition of these distributions may vary due to a variety of factors including projected income and expenses, depreciation and depletion, and any tax elections made by the MLP. The final characterization of such distribution will be made when an MLP can determine each investor's share of the MLP's income, expenses, gains and losses. The final tax status of the distribution may differ substantially from this information.
• MLP Fund Distributions (General): All or a portion of the Fund's distributions may be treated for tax purposes as a return of capital, however, the final characterization of such distributions will be reported annually on Form 1099-DIV. The ultimate composition of these distributions may vary due to a variety of factors including projected income and expenses, depreciation and depletion, and any tax elections made by the MLP. The final characterization of such distribution will be made when an MLP can determine each investor's share of the MLP's income, expenses, gains and losses. The final tax status of the distribution may differ substantially from this information.
• MLP Distributions for 1940 Act Fund/Asset Class/Alerian Index (NOT MLP Separate Accounts): MLP distributions consist largely of return of capital and not of current income. The ultimate composition of these distributions may vary due to a variety of factors including projected income and expenses, depreciation and depletion, and any tax elections made by the MLP. The final characterization of such distribution will be made when an MLP can determine each investor's share of the MLP's income, expenses, gains and losses. The final tax status of the distribution may differ substantially from this information.
• GIPS Composite Performance: Please see the GIPS Report included in the materials.
• GSAM Fundamental Equity Mumbai Team: GSAM Services Private Limited (formerly Goldman Sachs Asset Management (India) Private Limited) acts as the Investment Advisor, providing non-binding non-discresionary investment advice to dedicated offshore mandates, involving Indian and overseas securities, managed by GSAM entities based outside India. Members of the India team do not participate in the investment decision making process.