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Currencies. Currency exchange rates can be extremely volatile, particularly during times of political or economic uncertainty. There is a risk of loss when an investor has exposure to foreign currency or is in foreign currency traded investments.
Australia: This material is being disseminated in Australia by Goldman Sachs & Co (“GSCo”); Goldman Sachs International (“GSI”);
Goldman Sachs (Singapore) Pte (“GSSP”) and/or Goldman Sachs (Asia) LLC (“GSALLC”). In Australia, this document, and any access to it, is intended only for a person that has first satisfied Goldman Sachs that:
• The person is a Sophisticated or Professional Investor for the purposes of section 708 of the Corporations Act 2001 (Cth) (“Corporations Act”); or
• The person is a wholesale client for the purposes of section 761G of the Corporations Act.
No offer to acquire any financial product or interest in any securities or interests of any kind is being made to you in this document. If financial products or interests in any securities or interests of any kind do become available in the future, the offer may be arranged by an appropriately licensed Goldman Sachs entity in Australia in accordance with section 911A(2)(b) of the Corporations Act. Any offer will only be made in circumstances where disclosures and/or disclosure statements are not required under Part 6D.2 or Part 7.9 of the Corporations Act (as relevant).
To the extent that any financial service is provided in Australia by GSCo, GSI, GSSP and/or GSALLC, those services are provided on the basis that they are provided only to “wholesale clients”, as defined for the purposes of the Corporations Act. GSCo, GSI, GSSP and GSALLC are exempt from the requirement to hold an Australian Financial Services Licence under the Corporations Act and do not therefore hold an Australian Financial Services Licence. GSCo is regulated by the Securities and Exchange Commission under US laws; GSI is regulated by the Financial Conduct Authority and the Prudential Regulation Authority under laws in the United Kingdom; GSSP is regulated by the Monetary Authority of Singapore under Singaporean laws; and GSALLC is regulated by the Securities and Futures Commission under Hong Kong laws; all of which differ from Australian laws. Any financial services given to any person by GSCo, GSI, and/or GSSP in Australia are provided pursuant to ASIC Class Orders 03/1100; 03/1099; and 03/1102 respectively.

Brazil. These materials are provided at your request and solely for your information, and in no way constitutes an offer, solicitation, advertisement or advice of, or in relation to, any securities, funds, or products by any of Goldman Sachs affiliates in Brazil or in any jurisdiction in which such activity is unlawful or unauthorized, or to any person to whom it is unlawful or unauthorized. This document has not been delivered for registration to the relevant regulators or financial supervisory bodies in Brazil, such as the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) nor has its content been reviewed or approved by any such regulators or financial supervisory bodies. The securities, funds, or products described in this document have not been registered with the relevant regulators or financial supervisory bodies in Brazil, such as the CVM, nor have been submitted for approval by any such regulators or financial supervisory bodies. The recipient undertakes to keep these materials as well as the information contained herein as confidential and not to circulate them to any third party.

Chile: Fecha de inicio de la oferta: (i) La presente oferta se acoge a la Norma de Carácter General N° 336 de la Superintendencia de Valores y Seguros de Chile; (ii) La presente oferta versa sobre valores no inscritos en el Registro de Valores o en el Registro de Valores Extranjeros que lleva la Superintendencia de Valores y Seguros, por lo que los valores sobre los cuales ésta versa, no están sujetos a su fiscalización; (iii) Que por tratarse de valores no inscritos, no existe la obligación por parte del emisor de entregar en Chile información pública respecto de estos alores; y (iv) Estos valores no podrán ser objeto de oferta pública mientras no sean inscritos en el Registro de Valores correspondiente.

Dubai: Goldman Sachs International (“GSI”) is authorised and regulated by the Dubai Financial Services Authority (“DFSA”) in the DIFC and the Financial Services Authority (“FSA”) authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority in the UK. Registered address of the DIFC branch is Level 5, Gate Precinct Building 1, Dubai International Financial Centre, PO Box 506588, Dubai, UAE and registered office of GSI in the UK is Peterborough Court, 133 Fleet Street, London EC4A 2BB, United Kingdom. This material is only intended for use by market counterparties and professional clients, and not retail clients, as defined by the DFSA Rulebook. Any products that are referred to in this material will only be made available to those clients falling within the definition of market counterparties and professional clients.

Israel: Goldman Sachs is not licensed to provide investment advice or investment management services under Israeli law.

Singapore: This document has not been delivered for registration to the relevant regulators or financial supervisory bodies in Hong Kong or Singapore, nor has its content been reviewed or approved by any financial supervisory body or regulatory authority. The information contained in this document is provided at your request and for your information only. It does not constitute an offer or invitation to subscribe for securities or interests of any kind. Accordingly, unless permitted by the securities laws of Hong Kong or Singapore, (i) no person may issue or cause to be issued this document, directly or indirectly, other than to persons who are professional investors, institutional investors, accredited investors or other approved recipients under the relevant laws or regulations (ii) no person may issue or have in its possession for the purposes of issue, this document, or any advertisement, invitation or document relating to it, whether in Hong Kong, Singapore or elsewhere, which is directed at, or the contents of which are likely to be accessed by, the public in Hong Kong or Singapore and (iii) the placement of securities or interests to the public in Hong Kong and Singapore is prohibited. Before investing in securities or interests of any kind, you should consider whether the products are suitable for you.

United Arab Emirates: The information contained in this document does not constitute, and is not intended to constitute, a public offer of securities in the United Arab Emirates in accordance with the Commercial Companies Law (Federal Law No. 8 of 1984, as amended) or otherwise under the laws of the United Arab Emirates. This document has not been approved by, or filed with the Central Bank of the United Arab Emirates or the Securities and Commodities Authority. If you do not understand the contents of this document, you should consult with a financial advisor. This document is provided to the recipient only and should not be provided to or relied on by any other
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