General Partner Stakes

The risk of foreign currency exchange rate fluctuations may cause the value of securities denominated in such foreign currency to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced for investments in securities of issuers located in, or otherwise economically tied to, emerging countries. If applicable, investment techniques used to attempt to reduce the risk of currency movements (hedging), may not be effective. Hedging also involves additional risks associated with derivatives.

Emerging markets investments may be less liquid and are subject to greater risk than developed market investments as a result of, but not limited to, the following: inadequate regulations, volatile securities markets, adverse exchange rates, and social, political, military, regulatory, economic or environmental developments, or natural disasters.

Equity investments 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. Different investment styles (e.g., “growth” and “value”) tend to shift in and out of favor, and, at times, the strategy may underperform other strategies that invest in similar asset classes. The market capitalization of a company may also involve greater risks (e.g. "small" or "mid" cap companies) than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements, in addition to lower liquidity.

Options may be used for investing or hedging purposes, but also entail risks related to liquidity, market conditions and credit that may increase volatility. The value of a strategy’s positions in options may fluctuate in response to changes in the value of the underlying asset. Selling call options may limit returns in a rising market. Options are not suitable for all investors. There may be additional risks that are not currently foreseen or considered.

This material is provided for educational and 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.

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.

Real Estate Private Equity investments are speculative, 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. It is expected that the investment vehicle which acquires secondaries will not have the opportunity to negotiate the terms of the interests in the underlying funds or other special rights or privileges. Likewise, the success and failure of an investment vehicle will depend to a significant extent on the viability and performance of the General Partners and portfolio managers with respect to the underlying funds’ investments.

Further, the market for secondary interests in real estate and real estate-related funds is continuing to develop and there can be no assurance as to the number of investment opportunities that will be presented to an investment vehicle. This diversification risk is further heightened if an investment vehicle concentrates in real estate only.

The risks inherently related to the real estate industry include, but are not limited to, fluctuations in international and domestic real estate markets, the financial conditions of tenants, changes in real property tax rates, changes in interest rates and the availability or terms of debt financing, changes in operating costs, uninsured casualties, and other factors not within the control of the General Partner, such as an outbreak or escalation of major hostilities, terrorist actions or other substantial national or international calamities. Further, portfolio assets may require development which carries additional risks relating to the availability and timely receipt of regulatory approvals and completion of construction. Likewise, an investment vehicle may have exposure to developing countries and emerging markets whose securities markets are generally smaller, less liquid, and more volatile than the securities markets of developed markets.

A fund, underlying funds, and/or portfolio assets may utilize leverage which could have significant adverse consequences. In particular, a fund will lose its investment in a leveraged portfolio investment more quickly than a non-leveraged portfolio investment if the portfolio investment declines in value. Money borrowed for the purpose of leveraging investments will also be subject to interest costs as well as financing, transaction and other fees and costs that may not be recovered. You should understand fully the risks associated with the use of leverage before making an investment in a fund.

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 Goldman Sachs Asset Management 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 Goldman Sachs Asset Management has no obligation to provide any updates or changes.

This material represents the views of the Investment Strategy Group (“ISG”) in the Investment Management Division of Goldman Sachs. It is not a product of Goldman Sachs Asset Management nor financial research or 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 herein may vary significantly from those expressed by Goldman Sachs Asset Management or any other groups at Goldman Sachs. Investors are urged to consult with their financial advisers before buying or selling any securities. The information contained herein should not be relied upon in making an investment decision or be construed as investment advice. Goldman Sachs Asset Management has no obligation to provide any updates or changes.

Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities. Any allocation advice and/or recommendations included in this document are prepared by the ISG team. Allocation advice and recommendations are independent from any Goldman Sachs Asset Management products and services.”

This material contains information that pertains to past performance or is the basis for previously-made discretionary investment decisions. This information should not be construed as a current recommendation, research or investment advice. It should not be assumed that any investment decisions shown will prove to be profitable, or that any investment decisions made in the future will be profitable or will equal the performance of investments discussed herein. Any mention of an investment decision is intended only to illustrate our investment approach and/or strategy, and is not indicative of the performance of our strategy as a whole. Any such illustration is not necessarily representative of other investment decisions.

This material has been prepared by Goldman Sachs Asset Management 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. This information may not be current and Goldman Sachs Asset Management has no obligation to provide any updates or changes. It should not be relied upon in making an investment decision.

Portfolio holdings and/or allocations shown above are as of the date indicated and may not be representative of future investments. The holdings and/or allocations shown may not represent all of the portfolio's investments. Future investments may or may not be profitable.

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.

Entities Providing Services. This presentation is intended only to facilitate your discussions with the applicable Goldman Sachs entity including, but not limited to, Goldman Sachs & Co. LLC, Goldman Sachs International, Goldman Sachs AG, Goldman Sachs Paris Inc. Et Cie., Goldman Sachs Saudi Arabia, Goldman Sachs Bank AG, Goldman Sachs (Asia) L.L.C, Goldman Sachs (Singapore) Pte (Company Number: 19862165W), Goldman Sachs Futures Pte. Ltd (Company Number: 199004153Z); Goldman Sachs Australia Pty Limited. In connection with its distribution in the United Kingdom, this material has been issued and approved by Goldman Sachs International which is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. This material has been approved for issue in the United Kingdom solely for the purposes of Section 21 of the Financial Services and Markets Act 2000 by GSI, Plumtree Court, 25 Shoe Lane, London EC4A 4AU; by Goldman Sachs Canada, in connection with its distribution in Canada; in the United States by Goldman Sachs & Co. LLC; in Hong Kong by Goldman Sachs Asset Management (Hong Kong) Limited or Goldman Sachs (Asia) L.L.C., in Korea by Goldman Sachs (Asia) L.L.C., Seoul Branch; in Japan by Goldman Sachs Japan Co., Ltd; in Australia by Goldman Sachs Australia Pty Ltd (ACN 006 797 897); and in Singapore by Goldman Sachs (Singapore) Pte. (Company Number: 19862165W).

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To the extent that this document contains any statement which may be considered to be financial product advice in Australia under the Corporations Act 2001 (Cth), that advice is intended to be given to the intended recipient of this document only, being a wholesale client for the purposes of the Corporations Act 2001 (Cth).

Any advice provided in this document is provided by either of the following entities. They are exempt from the requirement to hold an Australian financial services licence under the Corporations Act of Australia and therefore do not hold any Australian Financial Services Licences, and are regulated under their respective laws applicable to their jurisdictions, which differ from Australian laws. Any financial services given to any person by these entities by distributing this document in Australia are provided to such persons pursuant to the respective ASIC Class Orders and ASIC Instrument mentioned below.

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* Goldman Sachs Asset Management (Hong Kong) Limited (GSAMHK), pursuant to ASIC Class Order 03/1103 and Goldman Sachs (Asia) LLC (GSALLC), pursuant to ASIC Instrument 04/0250; regulated by the Securities and Futures Commission of Hong Kong under Hong Kong laws

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These materials are presented to you by Goldman Sachs Saudi Arabia Company ("GSSA"). GSSA is authorised 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.

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