The TACS strategy and ETF Look Through feature are subject to risk, certain of which are described below. You should understand all the risks of the strategy before investing.

Transferring an ETF to TACS account(s) will result in the position being charged the advisory fees and any additional costs, which may be higher than the historical advisory fees and costs associated with the position. Investors will also continue to pay the underlying ETF fees and costs, including operating costs and investment management fees, in addition to the advisory fees and costs associated with TACS accounts.

The scope of eligible ETFs is subject to change periodically and without notice, with ineligible ETFs either being liquidated upon funding or not accepted into TACS accounts. Generally, eligible ETFs will include a subset of broad and/or sector-based equity only ETFs while ineligible ETFs will include, but are not limited to, all actively managed, non-equity, multi-asset, hedged, levered and/or GSAM managed ETFs.

GSAM will determine whether to hold or sell (in part or fully) eligible ETFs and/or otherwise manage those positions alongside individual equity positions based on a variety of factors, including the ETF’s level of appreciation, current tax holding period (short-term or long-term), associated fees, and overall risk profile relative to target exposure. Subject to certain thresholds, GSAM may also liquidate eligible appreciated ETFs and realize taxable gains in the process, seeking to deliver a tax loss harvesting benefit over time.

Given ETFs are pooled vehicles and represent multiple underlying individual equity positions, TACS accounts that have assets allocated across eligible ETFs will generally have fewer tax loss harvesting opportunities relative to TACS accounts where those assets are directly allocated across individual equity positions.

The overall performance of TACS accounts that hold eligible ETFs will be impacted by the investment management, performance, and policies of those ETFs. As a result, their performance would vary, positively or negatively, compared to TACS account(s) that hold different or no eligible ETFs.

Tax Considerations: The strategy may result in adverse tax consequences for the client including, but not limited to, wash sales.

It is the responsibility of the custodian, administrator or such other third party appointed by the client, to obtain accurate and reliable information concerning the valuation of any securities which are comprised in the portfolio. Broker tax reporting to clients may not identify all transactions that could be viewed as a wash sales. It is the responsibility of the client’s independent tax advisor to identify wash sales in the client’s portfolio. All clients are strongly urged to discuss the tax implications of any transactions, including any potential wash sales, with their independent tax adviser.

Goldman Sachs does not provide legal, tax or accounting advice, unless explicitly agreed between you and Goldman Sachs (generally through certain services offered only to clients of Private Wealth Management). Any statement contained in this presentation concerning U.S. tax matters is not intended to be used and may not be used for the purpose of avoiding penalties imposed on the relevant taxpayer. Investors should be aware that a determination of the tax consequences to them should take into account their specific circumstances and that the tax law is subject to change in the future or retroactively and investors are strongly urged to consult with their own tax advisor regarding any potential strategy, investment or transaction.