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Important Information
Investment Management Division
Goldman Sachs

Tax Information. GS does not provide legal, tax or accounting advice, unless explicitly agreed in writing between you and GS, and does not offer the sale of insurance products. You should obtain your own independent tax advice based on your particular circumstances. The information included in this presentation, including, if shown, in the Tax Summary section, does not constitute tax advice, has not been audited, should not be used for tax reporting, and is not a substitute for the applicable tax documents, including your Form 1099, Schedule K-1 for private investments, which we will provide to you annually, or your monthly GS account statement(s). The cost basis included in this presentation may differ from your cost basis for tax purposes. Information regarding your alternative investments and transactions for retirement accounts are not included in the Tax Summary section. 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. Realized and unrealized gains and loss values do not include securities for which cost basis is unavailable. Losses reflected may be disallowed or deferred by the application of capital loss limitations, wash sale rules or other special tax rules.

Asset Classification. We display holdings and provide market value and performance by asset class. A description of our asset classification schema is available upon request. When you have separately managed accounts, the value of all assets invested in the strategy is displayed in the asset class of the strategy. In those instances, the market value and performance displayed for each asset class may also include cash that is not separately reflected under Cash, Deposits and Money Market Funds.

Other Services. Any provided financial planning services, including cash flow analyses based on information you provide, are a hypothetical illustration of mathematical principles and are not a prediction or projection of performance of an investment or investment strategy. Such services may not address every aspect of a client’s financial life; topics that were not discussed with you may still be relevant to your financial situation. In providing financial services, GS will rely on information provided by, or on behalf of, clients and is not responsible for the accuracy or completeness of any such information, nor for any consequences related to the use of any inaccurate or incomplete information. Where materials and/or analyses are provided to you, they are based on the assumptions stated therein, which are likely to vary substantially from the examples shown if they do not prove to be true. These examples are for illustrative purposes only and do not guarantee that any client will or is likely to achieve the results shown. Assumed growth rates are subject to high levels of uncertainty and do not represent actual trading and may not reflect material economic and market factors that may have an impact on actual performance. GS has no obligation to provide updates to these rates.

Not a Municipal Advisor. Except in circumstances where GS expressly agrees otherwise, GS is not acting as a municipal advisor and the opinions or views contained in this presentation are not intended to be, and do not constitute, advice, including within the meaning of Section 15B of the Securities Exchange Act of 1934.

Additional Information for Ayco Clients. References in this presentation to “PWM team” shall include your Ayco team. Ayco may provide tax advice, accounting advice, bill pay, and bookkeeping services to certain clients. Ayco does not provide brokerage services. As part of its financial counseling services, Ayco may provide you with certain reports where similar information contained herein is presented differently or in more or less detail. You should view each report independently and raise any questions with your Ayco team.

No Distribution; No Offer or Solicitation. This material may not, without GS’ prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient. This material is not an offer or solicitation with respect to the purchase or sale of any security in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation.

© 2019 Goldman Sachs. All rights reserved.

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