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Investment Gold man Management ae Important Information — Investment Risks Division 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, investors must determine whether a particular tactical tilt is suitable for them. Forecasts. Economic and market forecasts presented herein reflect our (ISG’s) judgment as of the date of this material and are subject to change without notice. Any return expectations represent forecasts as of the date of this material and are based upon our capital market assumptions. Our (ISG’s) return expectations should not be taken as an indication or projection of returns of any given investment or strategy and all are subject to change. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. If shown, case studies and examples are for illustrative purposes only. 20 HOUSE_OVERSIGHT_026964