EMEA Disclosures

This is a marketing communication.

For GSBZ, this is a pre-marketing communication for FIDLEG Per Se Professional clients only. Please refer to the Private Placement Memorandum of the Offering before making any final investment decisions

Alternative investments are suitable only for sophisticated investors for whom such investments do not constitute a complete investment program and who fully understand and are willing to assume the risks involved in alternative investments. Alternative investments by their nature, involve a substantial degree of risk, including the risk of total loss of an investor’s capital. This strategy is suitable for investors who believe that there are benefits to be gained from investing in private securities. This strategy is not suitable for investors who cannot tolerate the lack of liquidity. Investors should understand that the offering will be investing in private securities and therefore the offering’s liquidity will be limited. Your capital will be put at risk and you may lose some or all of your investment. Additionally, your investment will be locked-up for a certain period of time. Your ability to redeem or transfer your investment or delay receipt of redemption or transfer proceeds may be limited.

Note that for Switzerland Investors, the following applies: The material is for Switzerland Qualified Investor use only. Not for distribution to general public. This document is provided to you by Goldman Sachs Bank AG, Zürich. Offerings other than the mentioned in this document are either closed to investors and/or may not be admitted for offering and/or advertising in Switzerland.

This financial promotion is provided by Goldman Sachs Bank Europe SE.

Offerings other than the mentioned in this document are either closed for new investments and/or may be not admitted for distribution. Please contact your Private Wealth Advisor for further information.

The UK Sustainability Disclosure Requirements ("UK SDR") are a regulatory framework for sustainable investment products. If this fund is a UK recognised scheme or otherwise an overseas fund made available to you in the UK, please note that this product is based overseas and is not subject to the UK sustainable investment labelling and disclosure requirements under the UK SDR. You can find out more about the UK SDR by visiting the FCA’s website here: https://www.fca.org.uk/consumers/sustainable-investment-labels-greenwashing

United Kingdom

This material is for your information only and is not intended to be used by anyone other than you. To the extent this presentation is used by Private Wealth Management, this presentation is intended only to facilitate your discussions with Goldman Sachs as to the opportunities available to our Private Wealth Management clients. This is not an offer or solicitation with respect to the purchase or sale of any security. This presentation is intended only to facilitate your discussions with Goldman Sachs International (“GSI”), who are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority, as to the opportunities available to our retail clients. The presentation 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 finding the appropriate investment strategies for a client will depend upon the client’s investment objectives.

This presentation does not constitute an offer or solicitation to any person 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. It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction. Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments.

Information contained herein is believed to be reliable but no warranty is given as to its completeness or accuracy and views and opinions, whilst given in good faith, are subject to change without notice. GSI, and/or its affiliates (together “Goldman Sachs”) and its officers, directors, and employees, including persons involved in the preparation or issuance of this material, may from time to time have "long" or "short" positions in, or buy or sell, or otherwise have a material interest in, the investments mentioned herein or in related investments including, without limitation, securities, commodities, derivatives (including options) or other financial products of companies mentioned herein. In addition, Goldman Sachs may have served as manager or co-manager of a public offering of securities by any such company within the past 12 months and/or may be the only market maker in relation to investments mentioned herein and/or may be providing significant advice or investment services in relation to investments mentioned herein or related investments or have provided such advice or services within the previous 12 months.

Past performance is not a guide to future performance and the value of investments and the income derived from them can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Changes in exchange rates may cause the value of an investment to increase or decrease. Some investments may be restricted or illiquid, there may be no readily available market and there may be difficulty in obtaining reliable information about their value and the extent of the risks to which such investments are exposed. Certain investments, including warrants and similar securities, often involve a high degree of gearing or leverage so that a relatively small movement in price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable as well as favorable, in the price of the warrant or similar security. In addition, certain investments, including futures, swaps, forwards, certain options and derivatives, whether on or off exchange, may involve contingent liability resulting in a need for the investor to pay more than the amount originally invested and may possibly result in unquantifiable further loss exceeding the amount invested. Transactions in over-the-counter derivatives involve additional risks as there is no market on which to close out an open position; it may be impossible to liquidate an existing position, to assess the value of a position or to assess the exposure to risk.

Investors should carefully consider whether such investments are suitable for them in light of their experience, circumstances and financial resources.

No part of this material may be i) copied, photocopied or duplicated in any form, by any means, or ii) redistributed without the prior written consent of GSI.

References to market or composite indices, benchmarks or other measures of relative market performance over a specified period of time ("benchmarks") are provided by Goldman Sachs for your information purposes only. Goldman Sachs does not give any commitment or undertaking that the performance of your account(s) will equal, exceed or track any benchmark.

GS may record telephone conversations and monitor emails between GS and you (and any of your authorised, connected or affiliated persons) for the purpose of evidencing your instructions, monitoring quality of service, for compliance and security purposes, otherwise for GS's internal records or where required by Applicable Rules.

This material has been approved for issue in the United Kingdom solely for the purposes of Section 21 of the Financial Services and Markets Act 2000 by GSI, Plumtree Court, 25 Shoe Lane, London, EC4A 4AU, United Kingdom; authorised by the Prudential Regulation Authority; and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Certain aspects of the investment strategy described in this presentation may from time to time include commodity interests as defined under applicable law.

For investors based / receiving this document in the United Kingdom: This document may contain references to “non-mass market investments”, as defined in the UK Financial Conduct Authority’s Handbook of Rules and Guidance (the “FCA Handbook”). Non-mass market investments include (without limitation) unregulated collective investment schemes and certain structured products. Where this document refers to non-mass market investments, this document and the non-mass market investments referred to within it has been provided to you on the basis that you have demonstrated to Goldman Sachs that you fall within an exempt category of person to whom such an investment may lawfully be promoted in accordance with the rules of the FCA Handbook, including without limitation: (a) Self-Certified High Net Worth Investors; (b) Professional or Eligible Counterparty clients; (c) Certified Sophisticated Investors; (d) Certified Self-Sophisticated Investors; or (e) by virtue of this document amounting to an Excluded Communication, as such terms are defined in the FCA Handbook.

If you are aware that the above exemptions do not apply or are no longer applicable to you, you must notify Goldman Sachs without delay and you must not pursue any of the investments highlighted in this document.

PURSUANT TO AN EXEMPTION FROM THE U.S. COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE CLIENTS, THIS BROCHURE IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMODITY FUTURES TRADING COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE.

Jersey (GSI)

This document has been issued by Goldman Sachs International. Any correspondence in relation to this material should be sent either by post to Plumtree Court, 25 Shoe Lane, London, EC4A 4AU, United Kingdom, in care of Goldman Sachs International or by email to gs-acm-london@gs.com with reference to alternative investments marketing material. Goldman Sachs International is authorised and regulated by the Financial Conduct Authority and Prudential Regulation Authority.

This material constitutes a financial services advertisement pursuant to the Financial Services (Jersey) Law 1998 and is subject to the provisions of the Financial Services (Advertising) (Jersey) Order 2008.

UAE

This document and the information contained herein, does not constitute, and is not intended to constitute, a public offer of securities in the United Arab Emirates and accordingly should not be construed as such. The securities are only being offered to a limited number of sophisticated investors in the UAE who either (a) an investment fund owned by federal or local government entities in the UAE, (b) an entity whose main object or purpose, or one of its objects, is to invest in securities and its investment in the securities would be for its own account and not for the account of its clients or (c) an investment manager with authority to make and execute investment decisions. The securities have not been approved by or licensed or registered with the Central Bank of the United Arab Emirates, the Securities and Commodities Authority or any other relevant licensing authorities or governmental agencies in the UAE. If you do not understand the contents of this document, you should consult with a financial advisor.

Bahrain Investors

Goldman Sachs International represents and warrants that it has not made and will not make any invitation to the public in the Kingdom of Bahrain to subscribe for the fund. This presentation has not been reviewed by the Central Bank of Bahrain (CBB) and the CBB takes no responsibility for the accuracy of the statements or the information contained herein, or for the performance of the securities or related investment, nor shall the CBB have any liability to any person for damage or loss resulting from reliance on any statement or information contained herein. This presentation will not be issued, passed to, or made available to the public generally.

DIFC (Dubai International Financial Centre)

Goldman Sachs International (“GSI”) is authorised and regulated by the Dubai Financial Services Authority (“DFSA”) in the DIFC and authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority in the UK. Registered address of the DIFC branch is Level 5, Gate Precinct Building 1, Dubai International Financial Centre, PO Box 506588, Dubai, UAE and registered office of GSI in the UK is Plumtree Court, 25 Shoe Lane, London, EC4A 4AU, United Kingdom.

This material is only intended for use by market counterparties and professional clients, and not retail clients, as defined by the DFSA Rulebook. Any products that are referred to in this material will only be made available to those clients falling within the definition of market counterparties and professional clients.

Qatar

The investments described in this document have not been, and will not be, offered, sold or delivered, at any time, directly or indirectly in the State of Qatar in a manner that would constitute a public offering. This document has not been, and will not be, registered with or reviewed or approved by the Qatar Financial Markets Authority, the Qatar Financial Centre Regulatory Authority or Qatar Central Bank and may not be publicly distributed. It is not for general circulation in the State of Qatar and may not be reproduced or used for any other purpose.

Kuwait

The investments described in this document have not been and will not be registered, authorised, licensed or approved for offering, marketing or sale in the State of Kuwait pursuant to Law No. 31 of 1990 and Law No. 7 of 2010 nor by the Central Bank of Kuwait or any other relevant Kuwaiti government agency and shall not be offered or sold in the State of Kuwait, except in compliance with the above. No private or public offering is being made in the State of Kuwait, and no agreement relating to the sale of such investments will be concluded in the State of Kuwait. No marketing or solicitation or inducement activities are being used to offer or market such investments in the State of Kuwait

Oman Investors

The information contained in these materials neither constitutes a public offer of securities in the Sultanate of Oman as contemplated by the Commercial Companies Law of Oman (Sultani Decree 4/74) or the Capital Market Law of Oman (Sultani Decree 80/98) nor does it constitute an offer to sell, or the solicitation of any offer to buy Non-Omani securities in the Sultanate of Oman as contemplated by Article 6 of the Executive Regulations to the Capital Market Law (issued vide Ministerial Decision No. 4/2001). Additionally, these materials are not intended to lead to the conclusion of any contract of whatsoever nature within the territory of the Sultanate of Oman.

Saudi-Arabia

These materials include information given in compliance with the Offer of Securities Regulations (the “Regulations”). These materials may not be distributed in the Kingdom except to such persons as are permitted under the Regulations. It should not be distributed to any other person, or relied upon by any other person.

The Capital Market Authority does not take any responsibility for the contents of these materials, does not make any representation as to its accuracy or completeness, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of these materials. Prospective purchasers of the securities mentioned in these materials hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of these materials you should consult an authorised financial adviser.

Goldman Sachs Bank Europe SE

Goldman Sachs Bank Europe SE – General Information for PWM Clients: https://www.goldmansachs.com/disclosures/gsbank-europe-se-disclosures.html. If you wish to receive this information in paper format, please contact your Goldman Sachs PWM team.

This presentation has been prepared for general information purposes only. The presentation makes no implied or express investment recommendations nor does it constitute an offer or solicitation with respect to the purchase or sale of any security. In case you wish a respective investment recommendation, we will first require information regarding your knowledge and experience with respect to financial instruments and securities, information regarding your insvestment objectives and information regarding your financial resources.

Important notices: This material is intended only to facilitate your discussions with Goldman Sachs as to the opportunities available to our Private Wealth Management clients. Information contained herein is believed to be reliable but no warranty is given as to its completeness or accuracy and views and opinions, whilst given in good faith, are subject to change without notice.

The presentation 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 finding the appropriate investment strategies for a client will depend upon the client’s investment objectives. References to market or composite indices, benchmarks or other measures of relative market performance over a specified period of time ("benchmarks") are provided by Goldman Sachs for your information purposes only. Goldman Sachs does not give any commitment or undertaking that the performance of your account(s) will equal, exceed or track any benchmark.

GSBE Germany

Diese Präsentation wurde ausschließlich zu Ihrer allgemeinen Information erstellt. Sie enthält weder ausdrückliche noch implizite Empfehlungen zur Anlage in bestimmte Finanzinstrumente oder hinsichtlich bestimmter Wertpapierdienstleistungen. Falls Sie solche Empfehlungen wünschen, benötigen wir von Ihnen nähere Informationen über Ihre Kenntnisse und Erfahrungen in Bezug auf Finanzinstrumente und Wertpapierdienstleistungen, Ihre Anlageziele und Ihre finanziellen Verhältnisse.

Wichtige Hinweise: Die vorliegenden Informationen dienen lediglich als Diskussionsgrundlage für ein Gespräch über unsere Leistungen im Privatkundengeschäft. Wir behalten uns Änderungen dieser Unterlagen vor, und können, obwohl sie auf Informationen basieren, die wir für verlässlich halten, keine Garantie für deren Richtigkeit und Vollständigkeit übernehmen. Diese Präsentation ist nicht als allgemeiner Leitfaden für die Geldanlage oder als Quelle konkreter Anlageempfehlungen gedacht und enthält keine Empfehlungen hinsichtlich einer Anlagestrategie oder bestimmter Anlageziele, da Anlagestrategie und –ziele von den individuellen Verhältnissen des Kunden abhängen. Angaben zu Marktindizes, zusammengesetzten Indizes oder Benchmarks (alle zusammen “Benchmark”) dienen nur als Vergleichsmaßstab. Die Angabe einer Benchmark bedeutet nicht, dass Ihr Portfolio die Benchmark abbilden wird oder dass die Performance Ihres Portfolios derjenigen der Benchmark entsprechen oder diese gar übersteigen wird.

GSBE France

Goldman Sachs Bank Europe SE, Succursale de Paris, immatriculée auprès du Registre du Commerce et des Sociétés de Paris sous le numéro 852 790 229 et établie au 5 avenue Kléber, 75116 Paris France, est une succursale de Goldman Sachs Bank Europe SE. Goldman Sachs Bank Europe SE est un établissement de crédit établi en Allemagne, ayant son siège social à Marienturm, Taunusanlage 9-10, 60329 Francfort sur le Main, Allemagne, immatriculée au registre commercial de la cour locale (Amtsgericht) de Francfort sur le Main, Allemagne, sous le numéro HRB 114.190 et, dans le cadre du Mécanisme de surveillance unique, sous la supervision prudentielle directe de la Banque centrale européenne et, pour d’autres aspects, de l’Autorité fédérale de surveillance financière (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”) et de la Banque fédérale d'Allemagne (Deutsche Bundesbank). Goldman Sachs Bank Europe SE, Succursale de Paris, est également sous la supervision locale de l’Autorité des marchés financiers (“AMF”) et de l’Autorité de contrôle prudentiel et de résolution (“ACPR”).

Goldman Sachs Bank Europe SE Succursale de Paris, registered with the Paris Trade and Companies Register (Registre du Commerce et des Sociétés, “RCS”) under the number 852 790 229 and located at 5 avenue Kléber, 75116 Paris, France, is a branch of Goldman Sachs Bank Europe SE. Goldman Sachs Bank Europe SE is a credit institution incorporated in Germany, having its registered office at Marienturm, Taunusanlage 9-10, 60329 Frankfurt am Main, Germany, registered in the commercial register at the local court (Amtsgericht) of Frankfurt am Main, Germany, under the number HRB 114190 and, within the Single Supervisory Mechanism, subject to direct prudential supervision by the European Central Bank and in other respects by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”) and Deutsche Bundesbank. Goldman Sachs Bank Europe SE Succursale de Paris is also subject to local supervision by the French Financial Markets Authority (Autorité des marchés financiers, “AMF”) and by the French Prudential Supervision and Resolution Authority (Autorité de contrôle prudentiel et de résolution, “ACPR”).

Information Not for Further Dissemination: Unless prohibited by local law, any use, review or acceptance of this information is subject to and manifests your agreement with Goldman Sachs to use such information only in accordance with the confidentiality terms set forth above. Goldman Sachs has caused its proprietary information to be delivered to you in reliance upon such agreement.

Indicative Terms/Pricing Levels: Any included indicative terms, including but not limited to pricing levels, does not denote any transaction can or could have been effected at such terms or prices. Proposed terms and conditions are for discussion purposes only. Finalized terms and conditions are subject to further discussion and negotiation.

GSBE Italy

Goldman Sachs Bank Europe SE, Succursale Italia, iscritta all'Albo delle Banche con numero 8081 e al registro delle imprese di Milano, Monza, Brianza, Lodi con C.C.I.A.A./C.F. 92206840925, P.IVA 10677910969 e sito in Via Santa Margherita n. 14, Milano (MI), 20121, è una succursale di Goldman Sachs Bank Europe SE ("GSBE"). GSBE Succursale Italia è, nella misura applicabile, soggetta alla supervisione locale della Banca d'Italia e della Commissione Nazionale per le Società e la Borsa ("Consob"). GSBE è un istituto di credito registrato in Germania, con sede legale in Marienturm, Taunusanlage 9-10, 60329 Francoforte sul Meno, Germania, registrato nel registro delle imprese presso il tribunale locale (Amtsgericht) di Francoforte sul Meno, Germania, con il numero HRB 114190 e, nell'ambito del Meccanismo di vigilanza unico, soggetto alla supervisione prudenziale diretta da parte della Banca Centrale Europea e, per altri aspetti, dell'Autorità federale di vigilanza finanziaria tedesca (Bundesanstalt für Finanzdienstleistungsaufsicht, "BaFin") e di Deutsche Bundesbank.Goldman Sachs Bank Europe SE, Succursale Italia, registered with the Italian bank register (Albo delle Banche) under the number 8081 and with the companies’ register of Milano, Monza, Brianza, Lodi under C.C.I.A.A./C.F. 92206840925, P.IVA/VAT 10677910969 and located at Via Santa Margherita no. 14, Milano (MI), 20121, is a branch of Goldman Sachs Bank Europe SE (“GSBE”). GSBE Succursale Italia is, to the relevant applicable extent, subject to local supervision by the Bank of Italy (Banca d’Italia) and the Italian Companies and Exchange Commission (Commissione Nazionale per le Società e la Borsa, “Consob”). GSBE is a credit institution incorporated in Germany, having its registered office at Marienturm, Taunusanlage 9-10, 60329 Frankfurt am Main, Germany, registered in the commercial register at the local court (Amtsgericht) of Frankfurt am Main, Germany, under the number HRB 114190 and, within the Single Supervisory Mechanism, subject to direct prudential supervision by the European Central Bank and in other respects by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”) and Deutsche Bundesbank.

Amsterdam (GSBE)

Goldman Sachs Bank Europe SE, Amsterdam Branch, registered with the trade register of the Chamber of Commerce under the number 72785500 and located at 12th floor, ITO Tower, Gustav Mahlerplein 78B, 1082 MA Amsterdam, Netherlands, is a branch of Goldman Sachs Bank Europe SE. Goldman Sachs Bank Europe SE is a credit institution incorporated in Germany, having its registered office at Marienturm, Taunusanlage 9-10, 60329 Frankfurt am Main, Germany, registered in the commercial register at the local court (Amtsgericht) of Frankfurt am Main, Germany, under the number HRB 114190 and, within the Single Supervisory Mechanism, subject to direct prudential supervision by the European Central Bank and in other respects by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”) and Deutsche Bundesbank. Goldman Sachs Bank Europe SE, Amsterdam Branch is, to a limited extent, also subject to local supervision by the Dutch Central Bank (De Nederlandsche Bank N.V., “DNB”) and the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten, “AFM”).

Stockholm (GSBE)

Goldman Sachs Bank Europe SE, Sweden Bankfilial, registered with the commercial registry of the Swedish Companies Registration Office (Bolagsverket) under registration number 516406-1136 and with its registered address at Birger Jarlsgatan 12, vån 2, 113 36 Stockholm, Sweden, is a branch of Goldman Sachs Bank Europe SE. Goldman Sachs Bank Europe SE is a credit institution incorporated in Germany, having its registered office at Marienturm, Taunusanlage 9-10, 60329 Frankfurt am Main, Germany, registered in the commercial register at the local court (Amtsgericht) of Frankfurt am Main, Germany, under the number HRB 114190 and, within the Single Supervisory Mechanism, subject to direct prudential supervision by the European Central Bank and in other respects by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”) and Deutsche Bundesbank. Goldman Sachs Bank Europe SE, Sweden Bankfilial is, to a limited extent, also subject to local supervision by the Swedish Financial Supervisory Authority (Finansinspektionen).

Jersey (GSBE)

This document has been issued by Goldman Sachs Bank Europe SE. Any correspondence in relation to this material should be sent either by post to Marienturm, Taunusanlage 9-10, 60329 Frankfurt am Main, Germany in care of Goldman Sachs Bank Europe SE or by email to your Goldman Sachs private wealth advisor with reference to alternative investments marketing material. Goldman Sachs Bank Europe SE is authorised and regulated by the European Central Bank (Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany); the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, "BaFin") (Graurheindorfer Straße 108, 53117 Bonn, Germany; website: www.bafin.de); and the Deutsche Bundesbank (Hauptverwaltung Frankfurt, Taunusanlage 5, 60329 Frankfurt am Main, Germany). This material constitutes a financial services advertisement pursuant to the Financial Services (Jersey) Law 1998 and is subject to the provisions of the Financial Services (Advertising) (Jersey) Order 2008.

GSBE Spain

Goldman Sachs Bank Europe SE, Sucursal en España, registered with the Register of Credit Institutions of the Bank of Spain (Banco de España) under the number 1564 and located at María de Molina 6, 28006 Madrid, Spain, is a branch of Goldman Sachs Bank Europe SE. Goldman Sachs Bank Europe SE, Sucursal en España is registered in the Commercial Registry of Madrid, in volume 38.114, page 15, page M-678330, and has NIF W2765172H. Goldman Sachs Bank Europe SE is a credit institution incorporated in Germany, having its registered office at Marienturm, Taunusanlage 9-10, 60329 Frankfurt am Main, Germany, registered in the commercial register at the local court (Amtsgericht) of Frankfurt am Main, Germany, under the number HRB 114190 and, within the Single Supervisory Mechanism, subject to direct prudential supervision by the European Central Bank and in other respects by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”) and Deutsche Bundesbank. Goldman Sachs Bank Europe SE, Sucursal en España, inscrita en el Registro de entidades de crédito del Banco de España con el número 1564 y ubicada en María de Molina 6, 28006 Madrid, España, es una filial de Goldman Sachs Bank Europe SE. Goldman Sachs Bank Europe SE, Sucursal en España, está inscrita en el Registro Mercantil de Madrid, en el tomo 38.114, página 15, sección M-678330, con el NIF W2765172H. Goldman Sachs Bank Europe SE es una entidad de crédito constituida en Alemania, con domicilio social en Marienturm, Taunusanlage 9-10, 60329 Frankfurt am Main, Alemania, inscrita en el registro mercantil del tribunal local (Amtsgericht) de Frankfurt am Main, Alemania, con el número HRB 114190 y sujeta, dentro del Mecanismo Único de Supervisión, a la supervisión prudencial directa del Banco Central Europeo, así como, en los demás aspectos, de la Autoridad de Supervisión Financiera alemana (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”) y el Deutsche Bundesbank.

GSBZ MiFID

General information for Private Wealth Management clients

1.1. Goldman Sachs Bank AG (hereafter the “Bank”) is licensed as a Bank and prudentially supervised by the Swiss Financial Market Supervisory Authority FINMA, Laupenstrasse 27, 3003 Bern, Switzerland. https://www.finma.ch

The Bank is part of the Goldman Sachs group. It is registered at the Commercial Register of the Canton of Zurich at CHEregistration number 107.405.918 and has its registered office at Bahnhofstrasse 3, 8001 Zürich, Switzerland.

1.2 The Bank may decide not to provide your services or execute your orders until all the Bank’s internal checks and approvals are done or obtained.
1.3 You may communicate with the Bank orally, in writing, in text form or via electronic means of communication and the Bank may answer you by the same communication methods.

However, the Bank might decide under certain circumstances not to execute an instruction or order by you, until a signed document is received by it in writing or text form. If you wish to obtain documents (in particular transaction confirmations or account statements) in electronic form from the Bank, the Bank shall ask you to sign an additional agreement.

The languages in which you may communicate with the Bank are German, English and French. Information will be provided to you in German or English, with certain information only available in English. Your Private Wealth Management team will inform you.

1.4 The business hours of Bank are 9 a.m. to 6 p.m. on a business day in Zurich, Switzerland. Business day means any weekday other than Saturday or Sunday on which banks in Zurich are open for business.

Client classification

2.1 The Bank generally classifies its clients as retail clients and applies the regulatory rules and regulations relevant for retail clients. If a client presents as a (per se) professional client (in Germany: pursuant to section 67(2) of the German Securities Trading Act (Wertpapierhandelsgesetz, “WpHG”, in Switzerland, pursuant to article 4 para 3 of the Swiss Financial Services Act (Finanzdienstleistungsgesetz “FIDLEG”) or eligible counterparty/institutional client (in Germany: pursuant to section 67(4) WpHG, in Switzerland: pursuant to Art. 4 para 4 FIDLEG), the Bank will notify the client about that classification at the beginning of the relationship.
2.2 A retail client may request to be treated as professional client, If an assessment of the expertise, experience and knowledge of the client provides the Bank reasonable assurance that the client is capable of making investment decisions and adequately understands the risks in relation the nature of the transactions or services envisaged, you will be notified that the Bank changes your classification to professional client. A retail client can therefore only be classified as a professional client if specific requirements set out in Directive 2014/65/EU (“MiFID II”), section 67(6) WpHG, and article 5 FIDLEG) are fulfilled.
2.3 Your categorisation as a retail client or a professional client will determine what duties Bank owes you and which additional terms are relevant to you. In particular, if you are classified as a professional client, the Bank is entitled to assume, for the purposes of any suitability and/or appropriateness or in relation to certain documentation, that you have the required knowledge and experience with regard to transactions or services provided by the Bank and that you are able to financially assume the investment risk. on the other hand, when serving retail clients, the Bank may have to restrict the investment offering available.

Services provided by the Bank

3.1 The Bank offers, subject to specific agreement with the Client, various financial services as such term is defined under the Federal Act on Financial Services of 15 June 2018, including the purchase and sale of financial instruments, the receipt and transmission of orders in relation to financial instruments, discretionary asset management, investment advice, or lending to finance transactions with financial instruments. The Bank also provides account- and custody services.
Some of these services and financial instruments/investment products are only available in combination and not available separately. Your Private Wealth Management team will answer your questions on whether some services can be made available separately or not.
3.2 Some of these services and/or certain financial instruments may be subject to further agreements and documentation between the Bank and you.
3.3 When executing or routing client orders, the Bank adheres to its Best Execution Policy, unless the client has given specific instructions concerning price or trading venue. The Bank will execute client orders with regulated brokers or trading venues selected under its Best Execution Policy. The General Terms and Conditions of the Bank provides also for the possibility to trade outside trading venues or to enter into certain transactions in its own name. Further information can be provided by your Private Wealth Management team.

Provision of trade confirmations and financial statements

4.1 The Bank will provide you with trade confirmations and periodic financial statements in respect of the assets held in custody at the Bank.
4.2 Where the Bank provides asset management services to you, it will provide you with periodic reports in accordance with applicable law and as agreed in the discretionary asset management agreement.

Safekeeping of financial instruments and cash

5.1 The Bank is a member of the Swiss deposit protection scheme. More information on the Swiss deposit protection scheme can be found on www.esisuisse.ch or on www.goldmansachs.com/disclosures/gsbz-entity-information.html. Assets such as shares, units in collective investment schemes and other securities held in custody are client assets and in the event of bankruptcy, such assets can be segregated and released to clients.

Risks and properties of financial instruments

6.1 Clients should only engage in transactions in financial instruments if they have the necessary knowledge and experience and can assess the associated risks. You should also ensure that the relevant product is suitable for you with a view to your investment objectives, risk appetite and your personal and financial situation.
6.2 The Bank will provide you with standardised basic information on financial instruments and the associated risks, which can be found here: www.goldmansachs.com/disclosures/fidleg.html. The Bank will also provide you with individual risk disclosures in accordance with applicable law or upon request.

Conflict of Interest Management

7.1 The Bank, its affiliates and connected persons provide diversified financial services to a broad range of clients and counterparties. Circumstances may arise in which the Bank, its affiliates or persons connected to the Bank or its affiliates may have a material interest in a transaction or loan with or for the client, or where a conflict of interest may arise between your interests and those of other clients or counterparties, or of the Bank.
7.2 The Bank has therefore established a conflicts of interest policy and has implemented procedures and arrangements to identify and manage such conflicts and so it can take the necessary steps to ensure that you are treated fairly.

Complaints management and Swiss Banking Ombudsman

8.1 The Bank has established internal procedures to handle complaints appropriately. Please address your complaint to your Private Wealth Management team in the first instance. You may, however also contact the Bank’s compliance department in writing at the address specified above.
8.2 The Bank also participates in the dispute resolution scheme run by the consumer arbitration body, Swiss Banking Ombudsman (Bahnhofplatz 9, P.O. Box, 8021 Zurich, Switzerland, http://www.bankingombudsman.ch/en/).

Recordings of telephone calls and electronic communication

The bank will record telephone calls and electronic communication in relation to the acceptance, transmission and execution of orders with you (including internal telephone calls and electronic communication). A copy of the recording of such communications with you available on request for a period of five years.

Costs and charges

The costs and charges incurred are determined by the services provided and are agreed individually with the Bank. Information on other remunerations and costs are provided in the standard fees and charges schedule which is part of your account opening application. In addition, further third party costs, for instance taxes or exchange fees, may arise in relation to a transaction and be payable by you.

Additional Information with regard to investment advice

11.1 The Bank provides “restricted advice” (also known as non-independent advice). This means that although the Bank will assess your investment objectives and needs, the Bank only offers advice on limited types of products and from a limited number of providers, including independent third-party managers or affiliates of the Bank. The Bank does not review all available financial market places before making recommendations. For instance, the Bank may only consider financial instruments from issuers for which Goldman Sachs Investment Research (GIR) conducts financial analysis, that have a certain minimum rating or that were subjected to a prior quality-based selection procedure.
11.2 The range of certain financial instruments may be limited to financial instruments that originate from providers or issuers that are closely related to the Bank or which are in a business relationship with the Bank or its affiliates. This relates, for example, to certain funds, structured debentures as well as alternative investment funds within the meaning of Directive 2011/61/EU (AIFMD).
11.3 The Bank accordingly does not provide independent investment advice within the meaning of Article 24(4)(a) of Directive 2014/65/EU (MiFID II) and can receive and retain inducements paid by third parties.
11.4 Retail clients will receive a periodic suitability report at least every 6 months which includes information on recommended services or instruments, or upon certain events, like a change in agreed services.

Jersey (GSBZ)

This document has been issued by Goldman Sachs Bank AG. Any correspondence in relation to this material should be sent either by post to Bahnhofstrasse 3, 8001 Zürich, Switzerland care of Goldman Sachs Bank AG or by email to your Goldman Sachs private wealth advisor with reference to alternative investments marketing material. Goldman Sachs Bank AG is authorised and regulated by the Swiss Financial Market Supervisory Authority FINMA.

Switzerland

This is marketing material for financial instruments or services. The information contained in this material is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to buy or sell any financial instruments or to provide any investment advice or service of any kind. Goldman Sachs Bank AG (“GSBZ”) and /or its affiliates (together “Goldman Sachs”) assumes no liability for the accuracy, completeness or uninterrupted availability of the information or for any damages of any kind, whether direct, indirect or consequential arising from actions taken on the basis of information contained in this material. This material is not directed at, and is not intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation .

This material is for your information only and is not intended to be used by anyone other than you. To the extent this presentation is used by Private Wealth Management, this presentation is intended only to facilitate your discussions with Goldman Sachs as to the opportunities available to our Private Wealth Management clients. This is not an offer or solicitation with respect to the purchase or sale of any security. This presentation is intended only to facilitate your discussions with Goldman Sachs Bank AG (“GSBZ”), as to the opportunities available to our retail clients. The presentation 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 finding the appropriate investment strategies for a client will depend upon the client’s investment objectives.

Information contained herein is believed to be reliable but no warranty is given as to its completeness or accuracy and views and opinions, whilst given in good faith, are subject to change without notice. GSBZ, and/or its affiliates (together “Goldman Sachs”) and its officers, directors, and employees, including persons involved in the preparation or issuance of this material, may from time to time have "long" or "short" positions in, or buy or sell, or otherwise have a material interest in, the investments mentioned herein or in related investments including, without limitation, securities, commodities, derivatives (including options) or other financial products of companies mentioned herein. In addition, Goldman Sachs may have served as manager or co-manager of a public offering of securities by any such company within the past 12 months and/or may be the only market maker in relation to investments mentioned herein and/or may be providing significant advice or investment services in relation to investments mentioned herein or related investments or have provided such advice or services within the previous 12 months.

No part of this material may be i) copied, photocopied or duplicated in any form, by any means, or ii) redistributed without the prior written consent of GSBZ.

Indices are unmanaged, and the figures for the index do not reflect any fees or expenses. We strongly recommend that these factors be taken into consideration before an investment decision is made. Investors cannot invest directly in indices. References to market or composite indices, benchmarks or other measures of relative market performance over a specified period of time ("benchmarks") are provided by Goldman Sachs for your information purposes only. Goldman Sachs does not give any commitment or undertaking that the performance of your account(s) will equal, exceed or track any benchmark. GSBZ may monitor emails between GS and you (and any of your authorised, connected or affiliated persons) for the purpose of evidencing your instructions, monitoring quality of service, for compliance and security purposes, otherwise for GS's internal records or where required by Applicable Rules.

Certain aspects of the investment strategy described in this presentation may from time to time include commodity interests as defined under applicable law.

Monaco

Goldman Sachs (Monaco) S.A.M, (“GS Monaco”) is a “société anonyme monégasque” incorporated in Monaco, licensed by the Commission de Contrôle des Activités Financières and registered with the Registry of Trade and Industry under the number 22S09098. The registered office of GS Monaco is at “One Monte-Carlo” Place du Casino, in building G, on the 6th floor north, MC 98000, Monaco

Egypt

The securities may not be offered or sold in any form of general solicitation or general advertising or in a public offering in Egypt, without the prior approval of the National Financial Supervisory Authority (the "EFSA"). Securities may only be offered or sold in Egypt by means of private placement to Egyptian qualified institutional buyers ("Egyptian QIB") or Professional High Net Worth Investors whose ordinary activities involve acquiring, holding, managing or disposing of securities for the purposes of their business and only in accordance with applicable Egyptian laws and regulations including the applicable provisions of Law No. 95 of 1992 on Capital Markets, its Executive Regulations and the provisions of the EFSA's Directive on the Private Placements of Stocks. Each purchaser of the securities offered in the private placement in Egypt will be deemed to have represented that it is either an Egyptian QIB or a Professional High Net Worth Investor within the definitions provided in the EFSA's Directive on the Private Placements of Stocks

Israel

Goldman Sachs is not licensed to provide investment advice or investment management services under Israeli law. The offering circular has not been approved by the ISA and the securities / funds have not been approved for sale to the public in Israel.

Russia

“Information contained in these materials does not constitute an advertisement or offering (for the purposes of the Federal Law “On Securities Market” No. 39-FZ dated 22nd April 1996 (as amended) and the Federal Law “On protection of rights and lawful interests of investors in the securities market” No. 46-FZ dated 5th March, 1999 (as amended)) of the securities, any other financial instruments or any financial services in Russia and must not be passed on to third parties or otherwise be made publicly available in Russia. No securities or any other financial instruments mentioned in this document are intended for “offering”, “placement” or “circulation” in Russia (as defined under the Federal Law “On Securities Market” No. 39-FZ dated 22nd April, 1996 (as amended)).

South Africa

Any potential investment/transaction described within is subject to change and Goldman Sachs Internal approvals. GSI is an authorised financial services provider in South Africa under the Financial Advisory and Intermediary Services Act, 2002. This memorandum is strictly private and confidential and does not constitute an offer to the public or to members of the public in terms of South African law, nor are the shares available to the public in South Africa. This memorandum is being issued to a limited number of investors in South Africa in a private placement and may not be reproduced or used for any other purpose, nor provided to any person other than the original recipient thereof. This memorandum is not registered with any South African authority.

Ukraine

GS&Co.LLC, GSI, GSALLC, and Goldman Sachs Bank AG (“GSBZ”) are not registered in Ukraine and carry out their activities and provides services to their clients on a purely cross-border basis and have not established any permanent establishments under Ukrainian law.

Turkey

No information in this marketing materials is provided for the purpose of offering, marketing and sale by any means of any capital market instruments in the Republic of Turkey. Therefore, this marketing materials may not be considered as an offer made or to be made to residents of the Republic of Turkey.

Jordan

The presentation has not been and will not be filed, approved or registered with the Jordan Securities Commission in accordance with its regulations and any other legislations in the Hashemite Kingdom of Jordan. The [document] has not been and will not be offered or sold, at any time, directly or indirectly, in the Hashemite Kingdom of Jordan, unless in compliance with the provisions of the Securities Law No. 18 of 2017 and the regulations and instructions issued pursuant thereto.

British Virgin Islands (BVI)

Recipient represents and warrants that it is not buying or selling the Underlying Securities in connection with an invitation to buy or sell the Underlying Securities to the public in the Virgin Islands within the meaning of Section 25 of the Securities and Investment Business Act, 2010 ("SIBA"). Counterparty further represents and warrants: (a) that it is a Qualified Investor as defined in Schedule 4 of SIBA and, to the extent the counterparty is a professional investor for the purposes of Schedule 4, it declares that (i) its ordinary business involves, whether for its own account or the account of others, the acquisition or disposal of property of the same kind as the property constituting the Underlying Securities or a substantial part of the property; or (ii) it has net worth in excess of US$1,000,000 or its equivalent in any other currency and that it consents to being treated as a professional investor within the meaning of Section 40 of SIBA; or (b) that no document associated with the purchase or sale of the Underlying Securities (including any prospectus or offering document) has been received by the counterparty at an address in the Virgin Islands other than its registered office in the Virgin Islands.

Guernsey

If and to the extent that this transmission of this message or any attachments thereto constitutes the restricted activity of promotion in or from within the Bailiwick of Guernsey (within the meaning of the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (as amended)) (the "POI Law"), reliance is placed upon the exemption in section 29(1)(cc) of the POI Law. This email is intended only to be received by a licensee or any person licensed to carry on business under any of the regulatory laws referred to in paragraphs (a) to (d) of the definition of "regulatory laws" in section 44 of the POI Law (the "Regulatory Laws"), and may not be forwarded or otherwise transmitted to any person who is not a licensee or to any person who is not licensed to carry on business under the Regulatory Laws as described above.

Goldman Sachs & Co. LLC 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”).