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These materials (“Goldman Sachs Asset Management Content”) are being provided on the express basis that they and any related communications (whether written or oral) will not cause Goldman Sachs Asset Management (or any affiliate) to become an investment advice fiduciary under ERISA or the Internal Revenue Code, as the recipients are fully aware that Goldman Sachs Asset Management (i) is not undertaking to provide impartial investment advice, make a recommendation regarding the acquisition, holding or disposal of an investment, act as an impartial adviser, or give advice in a fiduciary capacity, and (ii) has a financial interest in the offering and sale of one or more products and services, which may depend on a number of factors relating to Goldman Sachs Asset Management’s (and its affiliates’) internal business objectives, and which has been disclosed to the recipient. These materials are also being provided on Goldman Sachs Asset Management’s understanding that the recipients they are directed to are all financially sophisticated, capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies. If this is not the case, we ask that you inform us immediately. You should consult your own separate advisors before making any investment decisions.

General User Guidelines

Please ensure that your commentary, postings, and other contributions in relation to Goldman Sachs Asset Management Content are relevant and topical. Do not publish your own advertisements of any kind in any Goldman Sachs Asset Management Space or with respect to any Goldman Sachs Asset Management Content. Additionally, refrain from publishing, including through hyperlinks, inappropriate or offensive material in any Goldman Sachs Asset Management Space. Do not attempt to promote investments (this includes posting testimonials, giving investment advice, or making recommendations about specific securities, strategies, products or services) in any Goldman Sachs Asset Management Space. Do not attempt to submit any personal, confidential or account information through any Goldman Sachs Asset Management Space. Visit am.gs.com for more information about Goldman Sachs Asset Management and for client service inquiries. Goldman Sachs Asset Management is not subject to any obligations of confidentiality regarding information submitted to them through any Goldman Sachs Asset Management Space or otherwise through any social media platform. Goldman Sachs Asset Management reserves the right to remove, alter, edit or adapt any content in any Goldman Sachs Asset Management Space.

About Goldman Sachs Asset Management Content

No Goldman Sachs Asset Management Content published on any social media platform is an offer to sell or a solicitation of an offer to buy shares or interests of any Goldman Sachs Asset Management investment product to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Additionally, all Goldman Sachs Asset Management Content published on any social media platform is for informational purposes only and should not be considered as investment advice or a recommendation to invest in any particular security, strategy or investment product. Goldman Sachs Asset Management does not offer any tax, legal or accounting advice. Please consult with a qualified professional for this type of advice. References to specific securities and their issuers or other investments are not intended and should not be interpreted as recommendations to purchase, sell or hold such securities or other investments. Goldman Sachs Asset Management products and strategies may or may not include the investments referenced and, if such investments are included, no representation is being made that such investments will continue to be included. It should not be assumed that investment decisions made in the future will be profitable or will equal the performance of the securities discussed in this document.

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 obtained from public sources.

The views and opinions expressed herein are as of the date on which they are posted and are subject to change in the future. Individual portfolio management teams or portfolio managers for Goldman Sachs Asset Management may have views and opinions and/or make investment decisions that, in certain instances, may not always be consistent with the views and opinions expressed herein.

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. The material provided herein is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein, notwithstanding that any such securities may be currently being offered to others. Any such offering will be made only in accordance with the terms and conditions set forth in the offering documents pertaining to such fund. Prior to investing, investors are strongly urged to review carefully all of the offering documents.

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.

Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion.

No person has been authorized to give any information or to make any representation, warranty, statement or assurance not contained in the offering documents.

Third-Party Content in any Goldman Sachs Asset Management Space

Although Goldman Sachs Asset Management may monitor third-party content published in a Goldman Sachs Asset Management Space, such content is not reviewed before it is displayed. Third-party content in any Goldman Sachs Asset Management Space reflects the views and opinions of the third-party, not Goldman Sachs Asset Management. Goldman Sachs Asset Management cannot guarantee the appropriateness, accuracy or usefulness of any third-party content or of any third-party hyperlink. Goldman Sachs Asset Management is not responsible for any unauthorized or copyrighted materials contributed by a third-party in any Goldman Sachs Asset Management Space. Goldman Sachs Asset Management reserves the right to remove, alter, edit or adapt any third-party content in any Goldman Sachs Asset Management Space; however, third-party content that is not removed, altered, edited or adapted by Goldman Sachs Asset Management has not been adopted by Goldman Sachs Asset Management.

Goldman Sachs Asset Management does not publish or otherwise disseminate statements relating to current or former clients’ positive experiences with or endorsements of Goldman Sachs Asset Management and expects you to refrain from publishing such content in any Goldman Sachs Asset Management Space. You should limit your content in any Goldman Sachs Asset Management Space to investment themes and general market observations rather than commenting, positively or negatively, on Goldman Sachs Asset Management, its products, services or personnel.

Any descriptions of, references to, or links to other products, publications or services do not constitute an endorsement, authorization, sponsorship by, or affiliation with Goldman Sachs Asset Management with respect to any hyperlinked site or its sponsor, unless expressly stated by Goldman Sachs Asset Management. Goldman Sachs Asset Management expressly disclaims any responsibility for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on these third-party sites, as posted by third-parties in any Goldman Sachs Asset Management Space.

Company names and logos, excluding those of Goldman Sachs and any of its affiliates, are trademarks or registered trademarks of their respective holders. Use by Goldman Sachs does not imply or suggest a sponsorship, endorsement or affiliation.

Goldman Sachs Asset Management and their respective affiliates, directors, officers, registered representatives or employees are not liable for any direct, indirect, incidental, consequential, punitive or special damages arising out of, or in any way connected with, your access or use of, or inability to access or use, a social media platform, any Goldman Sachs Asset Management Space thereon or reliance on any Goldman Sachs Asset Management Content or any failure of performance, interruption, defect, delay in transmission, computer viruses or other harmful components, or line or system failure associated with a social media platform or any Goldman Sachs Asset Management Space thereon. Use of a social media platform or any Goldman Sachs Asset Management Space thereon is at your own risk.

Complaints and Comments

This is not the proper venue for submitting complaints to Goldman Sachs or any of its affiliates, including Goldman Sachs Asset Management. If you wish to make a complaint about a Goldman Sachs Asset Management product, service or representative, go to am.gs.com, select “Contact Us” and provide a detailed description of the issue, or reach out directly to your Goldman Sachs Asset Management relationship representative. We will promptly act to address any complaint that is received through the proper channels, and, in doing so, may reach out to you to get additional information. We will not treat any content that you post on a Goldman Sachs Asset Management social media site as a complaint and you should not expect us to respond to anything you post.

Comments and opinions posted by users are the responsibility of the person who posted them. Any LinkedIn mentions, comments, likes or following do not constitute endorsements of any kind. Due to privacy and security policies, we cannot use LinkedIn to communicate directly with users. Therefore, please do not use LinkedIn and direct messaging to submit questions or request transactions. If you send us a direct message on LinkedIn, we either will not respond, or we will redirect you to submit your message through the proper channels. If you have questions, please go to www.gsam.com and select “Contact Us.”

We reserve the right to remove and moderate comments. We reserve the right to restrict users who don't follow these guidelines, have online pages containing offensive content or serving as promotional sites, or for any other reason.

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.

United Kingdom: In the United Kingdom, this material is a financial promotion and has been approved by Goldman Sachs Asset Management International, which is authorized and regulated in the United Kingdom by the Financial Conduct Authority.

European Economic Area (EEA): This marketing communication is disseminated by Goldman Sachs Asset Management B.V., including through its branches (“GSAM BV”). GSAM BV is authorised and regulated by the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, Vijzelgracht 50, 1017 HS Amsterdam, The Netherlands) as an alternative investment fund manager (“AIFM”) as well as a manager of undertakings for collective investment in transferable securities (“UCITS”). Under its licence as an AIFM, the Manager is authorized to provide the investment services of (i) reception and transmission of orders in financial instruments; (ii) portfolio management; and (iii) investment advice. Under its licence as a manager of UCITS, the Manager is authorized to provide the investment services of (i) portfolio management; and (ii) investment advice. Information about investor rights and collective redress mechanisms are available on am.gs.com (section Policies & Governance). Capital is at risk. Any claims arising out of or in connection with the terms and conditions of this disclaimer are governed by Dutch law.

In the European Union, this material has been approved by either Goldman Sachs Asset Management Funds Services Limited, which is regulated by the Central Bank of Ireland or Goldman Sachs Asset Management B.V, which is regulated by The Netherlands Authority for the Financial Markets (AFM).

Switzerland: For Qualified Investor use only – Not for distribution to general public. This is marketing material. This document is provided to you by Goldman Sachs Asset Management Schweiz Gmbh. Any future contractual relationships will be entered into with affiliates of Goldman Sachs Asset Management Schweiz Gmbh, which are domiciled outside of Switzerland. We would like to remind you that foreign (Non-Swiss) legal and regulatory systems may not provide the same level of protection in relation to client confidentiality and data protection as offered to you by Swiss law.

Asia excluding Japan: Please note that neither Goldman Sachs Asset Management (Hong Kong) Limited (“GSAMHK”) or Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H ) (“GSAMS”) nor any other entities involved in the Goldman Sachs Asset Management business that provide this material and information maintain any licenses, authorizations or registrations in Asia (other than Japan), except that it conducts businesses (subject to applicable local regulations) in and from the following jurisdictions: Hong Kong, Singapore, India and China. This material has been issued for use in or from Hong Kong by Goldman Sachs Asset Management (Hong Kong) Limited and in or from Singapore by Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H).

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 is intended for viewing only by the intended recipient. This document may not be reproduced or distributed to any person in whole or in part without the prior written consent of GSAMA.

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.

· Goldman Sachs Asset Management, LP (GSAMLP), Goldman Sachs & Co. LLC (GSCo), pursuant ASIC Class Order 03/1100; regulated by the US Securities and Exchange Commission under US laws.

· Goldman Sachs Asset Management International (GSAMI), Goldman Sachs International (GSI), pursuant to ASIC Class Order 03/1099; 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), pursuant to ASIC Class Order 03/1102; regulated by the Monetary Authority of Singapore under Singaporean laws

· 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

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.

Canada: This presentation has been communicated in Canada by GSAM LP, which is registered as a portfolio manager under securities legislation in all provinces of Canada and as a commodity trading manager under the commodity futures legislation of Ontario and as a derivatives adviser under the derivatives legislation of Quebec. GSAM LP is not registered to provide investment advisory or portfolio management services in respect of exchange-traded futures or options contracts in Manitoba and is not offering to provide such investment advisory or portfolio management services in Manitoba by delivery of this material.

Japan: This material has been issued or approved in Japan for the use of professional investors defined in Article 2 paragraph (31) of the Financial Instruments and Exchange Law (“FIEL”). Also, Any description regarding investment strategies on collective investment scheme under Article 2 paragraph (2) item 5 or item 6 of FIEL has been approved only for Qualified Institutional Investors defined in Article 10 of Cabinet Office Ordinance of Definitions under Article 2 of FIEL.

Important US Disclosures

Goldman Sachs Funds are distributed by Goldman Sachs & Co. LLC. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.

Goldman Sachs & Co. LLC. is a member of FINRA. FINRA's BrokerCheck

A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail - 1-800-526-7384) (institutional – 1-800-621-2550). Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund.

Diversification does not protect an investor from market risk and does not ensure a profit.

Investment in the Funds involves risks, including possible loss of the principal amount invested.

Investment returns and principal value of an investment will fluctuate and will be subject to market volatility so that it may be worth more or less than the original cost.

Exchange-Traded Funds are subject to risks similar to those of stocks. ETFs may yield investment results that, before expenses, generally correspond to the price and yield of a particular index. There is no assurance that the price and yield performance of the index can be fully matched.

ETF shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Ordinary brokerage commissions apply. Brokerage commissions will reduce returns.

INVESTMENTS ARE NOT FDIC INSURED, MAY LOSE VALUE AND ARE NOT BANK GUARANTEED.

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