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Investment Gold man Management Important Information Division - Risk of Inability to Assign: OTC derivative transactions entered into with one or more affiliates of Goldman Sachs cannot be assigned or otherwise transferred without Goldman Sachs’ prior written consent and, therefore, it may be impossible for you to transfer any OTC derivative transaction to a third party. - Counterparty Credit Risk: Because Goldman Sachs may be obligated to make substantial payments to you as a condition of an OTC derivative transaction, you must evaluate the credit risk of doing business with Goldman Sachs. Depending on the type of transaction, your counterparty may be Goldman Sachs & Co. LLC, a registered U.S. broker-dealer, or other affiliate of The Goldman Sachs Group, Inc. As a broker dealer regulated by the Securities and Exchange Commission (“SEC”), Goldman Sachs & Co. LLC is subject to net capital, financial responsibility rules, and other regulatory requirements designed to protect customer assets. Other subsidiaries of The Goldman Sachs Group, Inc. may not be registered as a U.S. broker dealer and therefore are not be subject to similar SEC regulation. - Pricing and Valuation: The price of each OTC derivative transaction is individually negotiated between Goldman Sachs and each counterparty and Goldman Sachs does not represent or warrant that the prices for which it offers OTC derivative transactions are the best prices available. You may therefore have trouble establishing whether the price you have been offered for a particular OTC derivative transaction is fair. OTC derivatives may trade at a value that is different from the level inferred from interest rates, dividends and the underlyer. The difference may be due to factors including, but not limited to, expectations of future levels of interest rates and dividends, and the volatility of the underlyer prior to maturity. The market price of the OTC derivative transaction may be influenced by many unpredictable factors, including economic conditions, the creditworthiness of Goldman Sachs, the value of any underlyers, and certain actions taken by Goldman Sachs. - Early Termination Payments: The provisions of an OTC derivative transaction may allow for early termination and, in such cases, either you or Goldman Sachs may be required to make a potentially significant termination payment depending upon whether the OTC derivative transaction is in-the-money at the time of termination. - Indexes: Goldman Sachs does not warrant, and takes no responsibility for, the structure, method of computation or publication of any currency exchange rates, interest rates, indexes of such rates, or credit, equity or other indexes, unless Goldman Sachs specifically advises you otherwise. « Emerging Markets and Growth Markets. Emerging markets and growth markets investments involve certain considerations, including political and economic conditions, the potential difficulty of repatriating funds or enforcing contractual or other legal rights, and the small size of the securities markets in such countries coupled with a low volume of trading, resulting in potential lack of liquidity and price volatility. « Equity Investments. Equity investments are subject to market risk. The value of the securities may go up or down in respect to the prospects of individual companies, particular industry sectors and/or general economic conditions. The securities of small and mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. « Fixed Income. Fixed income securities investments are subject to the risks associated with debt securities generally, including credit/default, liquidity and interest rate risk. Any guarantee on an investment grade bond of a given country applies only if held to maturity. ¢ Master Limited Partnerships ("MLPs"). MLPs may be generally less liquid than other publicly traded securities and as such can be more volatile and involve higher risk. MLPs may also involve substantially different tax treatment than other equity-type investments, and such tax treatment could be disadvantageous to certain types of retirement accounts or charitable entities. « Money Market Funds. Money market fund investments are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money. « Non-US Securities. Non-US securities investments involve the risk of loss as a result of more or less non-US government regulation, less public information, less liquidity, and greater volatility in the countries of domicile of the issuers of the securities and/or the jurisdiction in which these securities are traded. In addition, investors in securities such as ADRs/GDRs, whose values are influenced by foreign currencies, effectively assume currency risk. * Options. Options involve risk and are not suitable for all investors. The purchase of options can result in the loss of an entire investment and the risk of uncovered options is potentially unlimited. You must read and understand the current Options Disclosure Document before entering into any options transactions. The booklet entitled Characteristics and Risk of Standardized Options can be obtained from your PWM team or at http://www.theocc.com/about/publications/character-risks.jsp. A secondary market may not be available for all options. Transaction costs may be significant in option strategies that require multiple purchases and sales of options, such as spreads. Supporting documentation for any comparisons, recommendations, statistics, technical data, or other information will be supplied upon request. ¢ Real Estate. Real estate investments involve additional risks not typically associated with other asset classes, such as sensitivities to temporary or permanent reductions in property values for the geographic region(s) represented. Real estate investments (both through public and private markets) are also subject to changes in broader macroeconomic conditions, such as interest rates. 22 HOUSE_OVERSIGHT_026966