Risk Considerations

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 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.

Model Portfolio Disclosures

Proprietary Model Portfolios When selecting Portfolio Funds for inclusion in a Propriety Model Portfolio, GSAM generally expects to select Portfolio Funds sponsored by GSAM or any of its affiliates (any such Portfolio Fund, a “GS Portfolio Fund”) without considering or canvassing the universe of Portfolio Funds sponsored by persons not affiliated with GSAM or any of its affiliates (“Third Party Portfolio Funds”), even though there may (or may not) be one or more Third Party Portfolio Funds that may be more appropriate for inclusion in such Model Portfolio (including available Third Party Portfolio Funds in the applicable asset classes / sub-asset classes that may have lower fees and expenses or other favorable terms relative to a GS Portfolio Fund), unless GSAM determines, in its sole discretion, that a GS Portfolio Fund is not available in the relevant asset class / sub-asset class. To the extent that an appropriate GS Portfolio Fund is not available, only then will GSAM consider Third Party Portfolio Funds for inclusion in a Model Portfolio. Any Third Party Portfolio Funds used in the Model Portfolios shall be selected by GSAM, in its sole discretion.

Model Provider will not provide any legal, tax or accounting advice in relation to Models or advice on whether it would be advisable for any Advisor or client of the Advisor to invest in any Portfolio Fund, and none of Platform, any Advisor or any client of the Advisor may rely on, or treat as legal, tax or accounting advice, any information or communications (written or oral) from Model Provider in respect thereof.

Model Provider is providing information in the form of Models as ideas for possible construction of portfolios centered around, and as a means to support the distribution of, Model Provider Funds, not as investment advice or research. Models are intended for use only by Advisors as a resource to help construct portfolios or as an input in the development of investment advice from such Advisors to their own clients and may not be the sole or primary basis for any Advisors recommendations or decisions. Model Provider is not providing investment, tax or financial advice to any Advisor or any client of the Advisor, and has no obligation to, and will not, take into account the tax status, investment goals or other characteristics of any Advisor or any client of the Advisor when compiling the Models. Model Provider is not acting as a fiduciary to any Advisor or any client of the Advisor, nor is any Advisor or any client of the Advisor entering into any type of advisory or other relationship with Model Provider. The investment decisions made by any Advisor or any client of the Advisor based on Models provided shall be at the Advisor’s or such client’s own risk and Model Provider makes no guarantee as to the merits of any Model or Portfolio Funds selected for a Model over any other model portfolios or investment products. To the fullest extent permitted by applicable law, Model Provider shall have no liability to the Advisor or any client of the Advisor in relation to the Models. Models are not themselves investment companies.

Each Advisor is responsible for conducting any diligence and monitoring deemed necessary or appropriate by such Advisor with respect to a Portfolio Fund (and class thereof) and determining the appropriateness for Advisors and their clients of each of the Portfolio Funds (and classes thereof) in a Model.

By utilizing a Model, Platform and each Advisor acknowledges that it understands the foregoing information regarding the construction of the Models.

Description of Model Provider Goldman Sachs Asset Management, L.P. (“GSAM” or “Model Provider”) is part of a worldwide, full-service investment banking, broker-dealer, asset management and financial services organization. As such, Model Provider and its affiliates and their respective directors, partners, trustees, managers, members, officers and employees (collectively, “Related Persons”) generally have multiple advisory, transactional and financial and other interests in securities, instruments, companies and other assets that may be recommended to be purchased, sold or held in registered investment funds, including, but not limited to, exchange-traded funds and mutual funds (“Portfolio Funds”) composing the model portfolios (“Models”). Additional information about conflicts of interest of Model Provider and its Related Persons is set forth in the Model Provider’s Form ADV, which should be reviewed prior to using Models. A copy of Part 1A and Part 2A of Model Provider’s Form ADV is available on the SEC’s website (adviserinfo.sec.gov). Additional conflicts of interest and risks with respect of each Portfolio Fund are set forth in the offering documents in respect of such Portfolio Funds, which are generally publicly available on the internet.

Models are maintained by GSAM’s Multi-Asset Solutions (MAS) team. While the name of the team has changed over the course of the past several years, any historical references to this group of investment professionals who offer this service at GSAM is presented under the name of Multi-Asset Solutions. Model Provider and its Related Persons give advice, make recommendations and take action in the performance of their duties to clients, or for their own accounts, that may differ from decisions, or in the timing and nature of action taken, with respect to the Models or the composition thereof. Subject to applicable law, nothing restricts Model Provider or its affiliates or any of their personnel, from buying, selling or trading in any securities, including any Portfolio Funds, instruments or companies for themselves or any clients.

Tax Considerations

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 or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. 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.

The direct indexing strategy may result in adverse tax consequences for the client including, but not limited to, wash sales. Under the wash sale rules, a loss from the sale of shares of stock or securities is disallowed if the taxpayer acquires, or enters into a contract or option to acquire, “substantially identical” stock or securities within 30 days before or after the sale. GSAM may intentionally engage in wash sales when it believes that the trades are beneficial for the client to do so. In addition, GSAM may be unable to avoid wash sales in certain circumstances given uncertainty around the “substantially identical” standard. For example, there is considerable uncertainty around applying a “substantial overlap test” to evaluate whether certain mutual funds or equity baskets are “substantially identical” to each other, the treatment of unrelated issuers engaged in a merger or acquisition, the treatment of convertible preferred equity and/or the treatment of contracts or options to acquire stock or securities. In addition, data used for portfolio management may be incomplete, will be limited to information regarding the strategy account, and will not include information regarding positions held or transactions executed outside of the strategy account including other accounts managed by Goldman Sachs or its affiliates. Transactions in two or more accounts that are deemed to be related under the relevant tax rules and regulations (“related accounts”) may be subject to the wash sales rules that disallow or defer the recognition of losses. GSAM will generally only consider positions and transactions in your Account on a standalone basis when executing the strategy. If you instruct us to treat certain accounts as related for tax purposes, GSAM may take this instruction into account in its investment management process in order to reduce wash sales across the related accounts. GSAM relies on the information provided by clients or their advisers with respect to a client’s related accounts in order to limit the likelihood of wash sales from trades executed in the strategy account and related accounts. As a result, portfolio management decisions may be based on incomplete information. To the extent that one or more accounts are managed as related for tax purposes, GSAM may limit trading across those accounts to avoid wash sales which may result in less loss harvesting for the accounts. The US tax code allows capital losses to be carried forward indefinitely until portfolio is bequeathed. 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.

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.

By funding an account with a security in-kind (a “In-Kind Security”), unless a client has directed GSAM otherwise in writing, GSAM assumes (i) an In-Kind Security is not subject to any restrictions on sale and (ii) the client is not subject to Section 16(b) of the Securities Exchange Act of 1934, as amended, with respect to an In-Kind Security. Client is responsible for keeping GSAM informed of any changes to such information.

General Disclosures

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

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. 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 or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. 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. Views and opinions expressed are for informational purposes only and do not constitute a recommendation by Goldman Sachs Asset Management 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.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. 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 an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

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

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.