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Important Information
Investment Management Division
Goldman Sachs

• Structured Investments. Structured investments are complex, involve risk and are not suitable for all investors. Investors in structured investments assume the credit risk of the issuer or guarantor. If the issuer or guarantor defaults, you may lose your entire investment, even if you hold the product to maturity. Structured investments often perform differently from the asset(s) they reference. Credit ratings may pertain to the credit rating of the issuer and are not indicative of the market risk associated with the structured investment or the reference asset. Each structured investment is different, and for each investment you should consider 1) the possibility that at expiration you may be forced to own the reference asset at a depressed price; 2) limits on the ability to share in upside appreciation; 3) the potential for increased losses if the reference asset declines; and 4) potential inability to sell given the lack of a public trading market.

• Tactical Tilts. Tactical tilts may involve a high degree of risk. No assurance can be made that profits will be achieved or that substantial losses will not be incurred. Prior to investing, you must determine whether a particular tactical tilt is suitable for them.

• U.S. Registered Mutual Funds / Exchange Traded Funds (“ETFs”) or Exchange Traded Notes (“ETNs”). You should consider a fund’s investment objectives, risks, charges and expenses, and read the summary prospectus and/or the Prospectus (which may be obtained from your PWM Team) carefully before investing, as they contain this and other relevant information. You may obtain documents for ETFs or ETNs for free by 1) visiting EDGAR on the SEC website at http://www.sec.gov/; 2) contacting your PWM team; or 3) calling toll-free at 1-866-471-2526. Unlike traditional mutual funds, ETFs can trade at a discount or premium to the net asset value and are not directly redeemable by the fund. Leveraged or inverse ETFs, ETNs, or commodities futures-linked ETFs may experience greater price movements than traditional ETFs and may not be appropriate for all investors. Most leveraged and inverse ETFs or ETNs seek to deliver multiples of the performance (or the inverse of the performance) of the underlying index or benchmark on a daily basis. Their performance over a longer period of time can vary significantly from the stated daily performance objectives or the underlying benchmark or index due to the effects of compounding. Performance differences may be magnified in a volatile market. ETFs are redeemable only in Creation Unit size aggregations and may not be individually redeemed; are redeemable only through Authorized Participants; and are redeemable on an "in-kind" basis. The public trading price of a redeemable lot of the ETFs may be different from its net asset value. These ETFs can trade at a discount or premium to the net asset value. There is always a fundamental risk of declining stock prices, which can cause losses to your investment. Commodities futures-linked ETFs may perform differently than the spot price for the commodity itself, including due to the entering into and liquidating of futures or swap contracts on a continuous basis to maintain exposure (i.e., “rolling”) and disparities between near term future prices and long term future prices for the underlying commodity. ETFs and ETNs linked to commodity futures do not offer direct exposure to the commodity’s spot price and may perform differently than the spot price for the commodity itself. Performance differential can be magnified if a specific condition persists in the market for a commodity that creates a disparity between near-term future prices and long-term future prices and may lead to unexpected performance results. Other factors, such as roll yield, transaction costs, management fees, and taxes may cause deviation in performance between the spot price of a commodity and commodity futures. You should not assume that a commodity-futures linked ETF will provide an effective hedge against other risks in your portfolio.

Security-Specific References. Any reference to a specific company or security is not intended to form the basis for an investment decision and is included solely to provide examples or provide additional context. This information should not be construed as research or investment advice and should not be relied upon in whole or in part in making an investment decision. GS, or persons involved in the preparation or issuance of these materials, may from time to time have long or short positions in, buy or sell (on a principal basis or otherwise), and act as market makers in the securities or options, or serve as a director of any companies mentioned herein. In addition, GS may have served as manager or co-manager of a public offering of securities by any such company within the past 12 months. Further information on any securities mentioned in this material may be obtained upon request.

Assets Held at a Third Party Custodian. Any information (including valuation) regarding holdings and activity in accounts held by third party custodians is for your convenience and has been supplied by third parties or by you. GS assumes no responsibility for the accuracy of such information. Information may vary from that reflected by your custodian and is as of the date of the materials provided to us. As an accommodation to you, we may also reflect certain investments unrelated to services provided by GS, for which GS does not perform any due diligence, verify the accuracy of information, or provide advice. Unless otherwise agreed in writing, we have not assessed whether those investments fit within your investment objective and the asset classification shown may not be accurate.

Off-Platform Investments. To the extent you ask us for guidance in connection with investment opportunities not offered by GS, such as investments in private funds, private debt or equity, real estate or other opportunities you source away from us, any such guidance, views, or other information we may provide is on an accommodation basis only and we will not be acting as your advisor. We assume no obligation to determine whether the opportunity is suitable for you in connection with such investment decisions and will not assume any liability for such investment decisions. Please review our Form ADV for information on conflicts of interest we may have in connection with any such requests.

ISG/GIR Forecasts. Economic and market forecasts presented (“forecasts”) reflect either ISG’s or GIR’s views and are subject to change without notice. Forecasts do not take into account specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Forecasts are subject to high levels of uncertainty that may affect actual performance and should be viewed as merely representative of a broad range of possible outcomes. Forecasts and any return expectations are as of the date of this material, and should not be taken as an indication or projection of returns of any given investment or strategy. Forecasts are estimated, based on capital market assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Any case studies and examples are for illustrative purposes only. If applicable, a copy of the GIR Report used for GIR forecasts is available upon request. Forecasts do not reflect advisory fees, transaction costs, and other expenses a client would have paid, which would reduce return.

Client Specific Markets. Investments held in your name with a subcustodian in the local market where traded in order to comply with local law will be indicated on your statements.

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