Perspectives on Private Markets

GENERAL DISCLOSURES

Our Relationship with Clients. Goldman Sachs & Co. LLC (“we,” “us,” and “GS&Co.,” and together with its affiliates, “Goldman Sachs” or “GS”) is registered with the Securities and Exchange Commission (“SEC”) as both a broker-dealer and an investment adviser and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). We predominantly offer investment advisory and brokerage services to retail investors through our Wealth Management business unit, which includes Private Wealth Management (“PWM”). Investment advisory and/or financial counseling services may be provided by GS&Co., an affiliate, or an external manager under the wrap program sponsored by GS&Co. Brokerage services are provided by GS&Co. How we are compensated by you may change over time and will depend on various factors. Please ask questions and review the GS&Co. Form CRS and GS&Co. Relationship Guide/Regulation Best Interest disclosures (available at: https://www.goldmansachs.com/disclosures/customer-relationship-summary-form-crs/index.html) for important information, including the difference between advisory and brokerage accounts, compensation, fees, conflicts of interest, and our obligations to you. We are part of a full-service, integrated investment banking, investment management, and brokerage firm. Other firm businesses may implement investment strategies that are different from the strategies used or recommended for your portfolio.

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Entities Providing Services.

The below entities are affiliated entities that are subsidiaries of The Goldman Sachs Group, Inc. (collectively, the “Firm” or “Goldman Sachs”).  Please note that offering of services is subject to jurisdictional requirements, and may not be available to all clients.

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United States

Investment advisory and/or financial counseling services may be provided by Goldman Sachs & Co. LLC (“GS&Co.”), an affiliate, or an external manager under the wrap program sponsored by GS&Co. Entities and/or affiliates may include but are not limited to Goldman Sachs Wealth Services, L.P. or another affiliate. Brokerage services are provided by GS&Co., member Financial Industry Regulatory Authority (“FINRA”) / Securities Investor Protection Corporation (“SIPC ”).

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EMEA

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Asia

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Intended Audience. This material is generally intended for clients of PWM and/or prospective clients who would meet the eligibility requirements to be clients of PWM. If you have any questions on whether this material is intended for you, please contact your Goldman Sachs team. Materials that discuss advisory services are generally intended for individuals who are Qualified Clients as defined under Rule 305-3 of the Investment Advisers Act of 1940, as amended. Materials that discuss alternative investment products are generally intended for recipients who qualify as Accredited Investors as defined in the Securities Act of 1933, as amended. GS&Co. considers client suitability, eligibility, and sophistication when distributing marketing materials; not all materials are appropriate for all GS clients. Distribution is premised on the reasonable belief that the recipient has sufficient financial expertise and/or access to resources to independently analyze the information presented. If you do not believe you meet these criteria, please disregard this material and contact your Goldman Sachs team.

Conflicts of Interest. GS&Co. generally acts as placement agent for funds (the “Funds”) offered to PWM clients. GS&Co. generally receives compensation for its role as placement agent with respect to direct and indirect placements into the Funds. The payment of compensation to GS&Co. creates a conflict of interest because the amount of compensation received by GS&Co. is dependent on the amount of assets it places (directly or indirectly) into each Fund. Please refer to the offering materials for more information. There may be additional conflicts of interest relating to certain alternative investments and their service providers, including Goldman Sachs and its affiliates. These activities and interests include potential multiple advisory, transactional and other interests in securities and instruments that may be purchased or sold by the Alternative Investment (defined below). These are considerations of which investors should be aware and additional information relating to these conflicts is set forth in the offering materials for the Alternative Investment.

Alternative Investment Risks. GS&Co. offers a range of alternative investment products (“Alternative Investments”) that you should carefully consider for their unique terms and risks prior to investing to ensure they are appropriate for your individual circumstances. Please review the offering documents and product prospectuses for particular products, as well as additional information about the nature and risks of these and other products in GS&Co.’s ADV Part 2A Brochure and PWM Relationship Guide. Investing involves the risk of loss. In connection with your consideration of an investment in any Alternative Investment, you should be aware of the following risks:

• Alternative Investments are subject to less regulation than other types of pooled investment vehicles such as mutual funds. Alternative Investments may impose significant fees, including incentive fees that are based upon a percentage of the realized and unrealized gains, and such fees may offset all or a significant portion of such Alternative Investment’s trading profits. An individual’s net returns may differ significantly from actual returns. Alternative Investments are not required to provide periodic pricing or valuation information. Investors may have limited rights with respect to their investments, including limited voting rights and participation in the management of the Alternative Investment.
• Alternative Investments often engage in leverage and other investment practices that are extremely speculative and involve a high degree of risk. Such practices may increase the volatility of performance and the risk of investment loss, including the loss of the entire amount that is invested.
• Alternative Investments may purchase instruments that are traded on exchanges located outside the United States that are “principal markets” and are subject to the risk that the counterparty will not perform with respect to contracts.
• Alternative Investments are offered in reliance upon an exemption from registration under the Securities Act of 1933, as amended, for offers and sales of securities that do not involve a public offering. No public or other market is available or will develop. Similarly, interests in an Alternative Investment are highly illiquid and generally are not transferable without the consent of the sponsor, and applicable securities and tax laws will limit transfers.
• Alternative Investments may themselves invest in instruments that may be highly illiquid and extremely difficult to value. This also may limit your ability to redeem or transfer your investment or delay receipt of redemption or transfer proceeds.
• Alternative Investments may involve complex tax and legal structures and accordingly are only suitable for sophisticated investors. You are urged to consult with your own tax, accounting and legal advisers regarding any investment in any Alternative Investment. Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.

Educational Only. This material is intended for educational and informational purposes only and is provided solely on the basis that it will not form a primary basis for any investment decisions. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

Assumptions. No representations are made as to the accuracy of such observations and assumptions and there can be no assurances that actual events will not differ materially from those assumed. In the event any of the assumptions used in this presentation do not prove to be true, results are likely to vary substantially from those discussed herein. Opinions expressed are current opinions as of the date appearing in this material only. Investors are urged to consult with their financial advisors before buying or selling any securities. Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources. We have no obligation to provide any updates or changes to this material.

Market Commentary. This material may contain information that discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions. It also pertains to past performance or is the basis for previously-made discretionary investment decisions. This information should not be construed as a current recommendation, research or investment advice. It should not be assumed that any investment decisions shown will prove to be profitable, or that any investment decisions made in the future will be profitable or will equal the performance of investments discussed herein. Any mention of an investment decision is intended only to illustrate our investment approach and/or strategy, and is not indicative of the performance of our strategy as a whole. Any such illustration is not necessarily representative of other investment decisions. The information contained herein has been prepared internally by Goldman Sachs and has not been verified by third party sources. This information should not be relied upon for the purpose of investing in current or any future product, or for evaluating any existing investment you may have in a Goldman Sachs product, or for any other purpose. Any information herein regarding index/macro level investment returns is merely estimated and should not be considered indicative of the actual returns that may be realized by a Goldman Sachs investment product or predictive of the performance of an investment. Further, the information contained herein includes observations and/or assumptions and involves significant elements of subjective judgment and analysis.

No Distribution; No Offer or Solicitation. This material may not, without GS’ prior written consent, be (i) duplicated 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. Any such offering will be made only in accordance with the terms and conditions set forth in the offering documents pertaining to such Fund. Prior to investing, investors are strongly urged to review carefully all of the offering documents.

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