US GSFO Disclaimer

The US Goldman Sachs Family Office

Thank you for reviewing this presentation. Please review the important information below.

Scope of Relationship and Service Providers. The Goldman Sachs Group, Inc. (“GS Group”), its present and future affiliates and their respective partners, officers, directors, employees, and agents (collectively “GS”), may offer and provide through the GS Family Office (“GSFO”) offering—or through a client referral to third parties—a suite of personal family office services (“GSFO Services”) specifically designed for certain Asset & Wealth Management clients of GS.  GSFO Services are offered in the United States through Goldman Sachs & Co. LLC, Member FINRA/SIPC, but certain services may also be provided in whole or in part by Goldman Sachs Wealth Services, L.P. (a wholly-owned subsidiary of GS Group). Certain services such as tax advice branded as Private Family Office services are provided by Goldman Sachs Wealth Services. GSFO Services are offered in EMEA through Goldman Sachs International (“GSI”), Goldman Sachs Bank AG (“GSBZ”) and Goldman Sachs Bank Europe SE (“GSBE Frankfurt”, and including its branches as applicable “GSBE”). GSFO services are offered in Asia through “Goldman Sachs (Asia) L.L.C. (incorporated in the State of Delaware, U.S.A. as a Limited Liability Company; Licensed by the Hong Kong Securities and Futures Commission with CE number ACC536)” and “Goldman Sachs (Singapore) Pte. (Company Number: 198602165W)”. This material represents the views of GSFO and the views and opinions expressed herein may differ from the views and opinions expressed by other departments or divisions of GS.

Scope of Services.  GS does not provide legal, tax, or accounting advice to its clients, unless explicitly agreed in writing. You are encouraged to consult with your own tax, legal or other professional advisers regarding your specific circumstances.  As part of GSFO Services, GSFO may discuss with you various aspects of financial planning, including but not necessarily limited to the potential income tax consequences of your investments, estate planning, philanthropic endeavors, and certain other activities that may affect your income tax, gift tax and estate tax.  GSFO Services vary among clients, are provided based on individual client needs and preferences, and are generally limited to educational consultations that should not be viewed as tax or legal advice.  Not all clients may receive all services.  Financial planning and GSFO Services do not address every aspect of a client’s financial life and the fact that a topic is not discussed with you does not necessarily indicate that the topic is not applicable to your financial situation.  Certain activities may fall beyond the scope of the GSFO Services.  GSFO does not provide investment advice or investment management services, unless explicitly agreed in writing.  Investment and/or brokerage services for your GS accounts are provided by your Wealth Advisor, pursuant to the terms of the agreements between you and GS.  Any discussions of pending legislation, or hypothetical projections based on same, are educational and should not be construed as or relied upon as investment, tax or legal advice. GS assumes no duty to take action pursuant to any recommendations or financial planning strategies discussed with you as part of GSFO Services.  It is your responsibility to determine if and how any such recommendations or financial planning strategies should be implemented or otherwise followed, and you are encouraged to consult with your own tax, legal or other professional advisers regarding your specific circumstances.  GS is not liable for any services or advice received from your independent advisors, nor for the results or consequences arising from any such services or advice.  Where GSFO provides art and collectibles strategy services, such services are educational in nature. GS does not recommend the purchase of art or collectibles as an investment strategy, nor does it provide formal or informal appraisals of the value of, or opine on the future investment potential of, any specific artwork or collectible.

Private Family Office.  Where GS provides services through the Private Family Office, such services are provided by Goldman Sachs Wealth Services and not GS&Co. The Private Family Office may, upon agreement, provide tax advice, bill pay, and bookkeeping services to its clients. Goldman Sachs Wealth Services may refer clients to its affiliated insurance agency, The Ayco Services Agency, L.P. (“ASA”) and affiliated Broker Dealer, The Mercer Allied Company, L.P. for the purchase of insurance products. Insurance broker referrals are generally provided as a courtesy.  Goldman Sachs has not necessarily performed due diligence on, and does not supervise, these providers. Mercer Allied Company L.P. (“Mercer Allied”), an affiliate of Goldman Sachs Wealth Services, is a limited purpose broker-dealer registered with the Securities and Exchange Commission (“SEC”) and member of the Financial Industry Regulatory Authority. Mercer Allied primarily distributes variable life insurance policies and variable annuity contracts (“Variable Products”) in conjunction with our affiliated state licensed insurance agency, The Ayco Services Agency, L.P.

GS Trust Company. The services that are described as being offered by The Goldman Sachs Trust Company are provided by The Goldman Sachs Trust Company, N.A., The Goldman Sachs Trust Company of Delaware or one of its affiliates (“Goldman Sachs Trust Companies”). The Goldman Sachs Trust Companies are subsidiaries of The Goldman Sachs Group, Inc. and affiliates of GS&Co. Assets in an account with one of the Goldman Sachs Trust Companies (1) are not insured by the FDIC or any other bank regulator, (2) are not deposits or other obligations of, or guaranteed by, the Goldman Sachs Trust Companies or Goldman Sachs & Co. LLC or any of their affiliates, and (3) involve investment risks, including possible loss of the principal amount invested.  The Goldman Sachs Trust Companies are not members of SIPC or the FDIC.

A client’s interest in the assets of the Trust or other account with the Goldman Sachs Trust Companies is governed solely by the terms of the applicable trust instrument, or other legal document, and applicable law. Further, information on any securities mentioned in this material may be obtained upon request.

Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without GS imposing any limitation of any kind.

GS Donor Advised Philanthropy Fund for Wealth Management. GS Donor Advised Philanthropy Fund for Wealth Management (GS DAF) material is intended for educational purposes only. Contributions made to GS DAF are irrevocable. Assets contributed to the GS DAF and invested in the investment options are owned and controlled by the GS DAF, and are not part of a client’s portfolio assets held at GS&Co. In addition, subject to applicable law, you (and your employees, representatives and other agents) may disclose any and all aspects of any potential transaction or structure described herein that are necessary to support any US federal income tax benefits, and all materials of any kind (including tax opinions and other tax analyses) related thereto, without GS DAF and/or Goldman Sachs & Co. LLC imposing any limitation of any kind. Please see the GS DAF Program Circular for more details on the fees and expenses associated with each separate GS DAF account.  GS&Co. is the distributor of the Goldman Sachs Funds.

Information related to amounts and rates set forth under U.S. tax laws are drawn from current public sources, including the Internal Revenue Code of 1986, as amended, as well as regulations and other public pronouncements of the U.S. Treasury Department and Internal Revenue Service. Tax results may differ depending on a client’s individual positions, elections or other circumstances. Such information may be subject to change without notice.  In some cases, rates may be estimated and may vary based on your particular circumstances.

The website links (if any) provided are for your convenience only and are not an endorsement or recommendation by Goldman Sachs of any of these websites or the products or services offered. Goldman Sachs is not responsible for the accuracy and validity of the content of these websites. Goldman Sachs has not reviewed or tested any information, software, or products found on the Site, and therefore makes no representations regarding the content or sponsors of the Site or the suitability or appropriateness of the products or transactions described therein. 

Referrals to Affiliates and Third Parties.  Family Office Solutions services are generally performed by third-party providers, and may included either courtesy third-party referrals (“Network Services”) or integrated third-party services that are subject to supplemental agreements with GS. 

Network Services generally take the form of a client referral to independent service providers or other unaffiliated third parties (collectively, “Network Service Providers”), who are not acting as financial or investment advisors, and who are not delivering investment or financial advice.  In such cases, GSFO may refer clients to Network Service Providers for possible provisions of services including but not limited to family and wellness services, administrative services, and travel and entertainment services.  Services provided by Network Service Providers are wholly independent of those provided by GS.  Additional terms of service may apply for clients entering into any separate agreements with Network Service Providers.  Where GSFO refers clients to Network Service Providers, GS is not liable for clients’ ultimate selection and utilization of such Network Service Provider, for any services rendered or guidance received, or for the results or consequences arising from any such referral. GS makes no guarantee as to the quality of services provided by Network Services Providers.  GS is not responsible for the supervision, monitoring, management, or performance of such Network Service Providers and is not liable for any failure of Network Service Provider to render services or any losses incurred as a result of such services.

Certain other Family Office Solutions services, which may include but are not necessarily limited to data aggregation services, are subject to supplemental agreements to your Customer Agreement or Agent Undertakings (in the case of data aggregation, the Data Aggregation Agreement).  Such services may also entail an additional fee and, where agreed in writing, may be subject to the terms and conditions of the third-party service provider.

In the U.S, where GSFO refers to fiduciary trust and estate services provided as part of GSFO Services, such services are provided through referrals to The Goldman Sachs Trust Company, N.A. or The Goldman Sachs Trust Company of Delaware (collectively, “GSTC”), a subsidiary of GS Group.  Where GSFO refers to donor advised fund services as part of GSFO Services, such services are provided through referrals to the GS Donor Advised Philanthropy Fund for Wealth Management, an unaffiliated public charity. Where GSFO refers to Private Family Office services, such services are provided by Goldman Sachs Wealth Services.

Consolidated Reporting.  Any consolidated report that GSFO may provide is at your request and is for informational purposes only and should not be relied upon; it is not your official statement. Information (including valuation) regarding holdings in third party accounts or other non-GS investments may be included as a courtesy and is based on information provided by you. GS does not perform review or diligence on, independently verify the accuracy of information regarding, or provide advice on such non-GS investments; GS assumes no responsibility for the accuracy of the source information and such assets may not be included on GS’s books and records. You should review and maintain the original source documents (including third party financial statements) and review them for any notices or relevant disclosures. For U.S. clients, assets held away may not be covered by Securities Investor Protection Corporation (SIPC). 

In some cases, GSFO provides data aggregation services through a third-party vendor, who may at their discretion utilize a subcontractor in the provision of such services.  

Conflicts. GS may offer additional services and/or products that are independent of the GSFO Services, and/or may provide referrals to affiliates of GS, and for which additional fees or commissions are charged. These offerings may create a conflict of interest and clients may be asked to acknowledge their understanding of and assent to such 

Assumptions.  This material is intended for educational purposes only and is provided solely on the basis that it will not form a primary basis for any investment decisions.  Any materials and/or analyses provided to you are based on the assumptions stated therein. In the event any of the assumptions used do not prove to be true, results are likely to vary substantially from the examples shown herein. While it is based on information believed to be reliable, no warranty is given as to its accuracy or completeness and it should not be relied upon as such.  GS will not be responsible for the accuracy or completeness of any such information, nor for any consequences related to the use of any inaccurate or incomplete information.  Examples shown within this material are for illustrative purposes only and no representation is being made that any client will or is likely to achieve the results shown.  Any provided financial planning services, including cash flow analyses based on the information you provide, are a hypothetical illustration of mathematical principles and are not a prediction or projection of performance of an investment or investment strategy.  Assumed growth rates are subject to high levels of uncertainty and simulated results do not represent actual trading and, thus, may not reflect material economic and market factors that may have an impact on actual performance. GS has no obligation to provide updates to these rates.  Information and opinions provided herein are as of the date of this material only and are subject to change without notice. GS is not a fiduciary or investment manager with respect to any person or plan by reason of providing the material herein. 

No Distribution; No Offer or Solicitation.  This material may not, without GS‘s prior written consent, be (i) copied, photocopied or duplicated in any form, 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.

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