There is no guarantee that objectives will be met.

Required Expertise and Responsibility of Advisors

No Model is personalized or in any way tailored to reflect the personal financial circumstances or investment objectives of any client of the Advisor. By accessing a Model, Advisors agree to the limited use of the Model to assist the Advisor in developing its own investment recommendations and discretionary management of eligible accounts of its clients. Advisor is responsible for conducting its own diligence and monitoring of, and determining that it has sufficient information about, the Models and Portfolio Funds to determine the appropriateness of and select such investments for their clients. Access to Models is available to the Advisor on the condition that it is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities; (ii) will exercise independent judgment in evaluating any information, recommendations or advice provided in the Models; (iii) will interpose its own best judgment in making investment decisions or investment recommendations to its clients and will not rely on any Model as the sole or primary basis for any Advisors investment decisions or investment recommendations; and (iv) is registered as an investment advisor or legally advised of exemption from such registration. To the extent the Advisor makes an investment decision or recommendation involving a Model to a client or prospective client, the Advisor must not state, imply or attribute any such investment decision or recommendation to GSAM or that GSAM has made or endorsed any such investment decision or recommendation by the Advisor or otherwise has any relationship or obligations to any of the Advisor's clients. No information provided through the Models will supplant the obligation of the Advisor to interpose its’ own best judgment in making investment decisions or investment recommendations to its’ clients. As between GSAM and the Advisor, before making an investment decision or recommendation regarding a security or investment, the Advisor must have a reasonable basis for any such decision or recommendation without having relied on information from the Model and Advisor must take into account their client's circumstances, objectives and risk tolerance to ensure the Model or Portfolio Funds are suitable for the client.

The Models are subject to additional terms, conditions and disclosures that are printed on or accompany the Models and their related information.

Model performance has important inherent limitations, particularly that the results do not represent actual trading of investor accounts and may not reflect the impact that material economic and market factors might have had on the Model Provider’s decision-making if the Model Provider were actually managing investors' money. Investors following the Model may experience different performance than reported.

Delay in updating Models

There may be timing differences in the updates to the Models through a Platform and the receipt of such updates by other persons.

Other Important Disclosures; Certain Risk Considerations:

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.

Investments made pursuant to the Model allocations involve substantial risks and conflicts of interest and could result in the loss of all or a substantial portion of the assets invested pursuant to the Model allocations. Model portfolios are constructed across different asset classes, each carrying its own set of inherent risks that can impact the overall portfolio performance. Advisors and their clients should review the offering documents, such as prospectuses or product disclosure statements, for each Portfolio Fund for a comprehensive understanding of specific risks, fees, and expenses.

Diversification does not protect an investor from market risk and does not ensure a profit. References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While the Model Provider seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark. Indices are unmanaged. The figures for the index reflect the reinvestment of all income or dividends, as applicable, but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

Model Provider is not providing investment, tax, legal, accounting or financial advice to any Platform, Advisor, or any clients thereof, and has no obligation to, and will not, take into account the tax status, investment goals or other characteristics of any Advisor or their client when compiling the Models. Investors should obtain their own independent tax and other advice based on their particular circumstances.

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.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation to buy, sell, or hold any security. Views and opinions are current as of the date of this document and may be subject to change, they should not be construed as investment advice.

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.This material is not intended to be used as a general guide to investing, 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.

United States: In the United States, this material is offered by and has been approved by Goldman Sachs Asset Management, L.P., which is a registered investment adviser with the Securities and Exchange Commission.