Goldman Sachs Investment Presentation Boilerplate Disclosures

Sources: Investment Strategy Group, Bloomberg, Datastream, Goldman Sachs Global Investment Research, Haver. Endnotes: (1) Kate Davidson and Sarah Chaney, “Fed Chair Powell Sees ‘Remarkably Positive Set of Economic Circumstances,” The Wall Street Journal, October 3, 2018. (2) Statement by the Acting Director of FTC’s Bureau of Consumer Protection Regarding Reported Concerns about Facebook Privacy Practices, March 26, 2018. (8) Senator Mark. R Warner, Press Release, September 28, 2018 Investment Strategy Group. The Investment Strategy Group (ISG) is part of the Investment Management Division of Goldman Sachs. ISG is focused on asset allocation strategy formation and market analysis for Private Wealth Management. Any information that references ISG, including their model portfolios, represents the views of ISG, is not research and is not a product of Global Investment Research. If shown, ISG Model Portfolios are provided for illustrative purposes only. Your actual asset allocation may look significantly different based on your particular circumstances and risk tolerance. 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. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. 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. Case studies and examples are for illustrative purposes only. If applicable, a copy of Goldman Sachs Global Investment Research (GIR) Report used for GIR forecasts is available upon request. Entities Providing Services. This presentation is intended only to facilitate your discussions with the applicable Goldman Sachs entity including, but not limited to, Goldman Sachs & Co. LLC, Goldman Sachs International, Goldman Sachs AG, Goldman Sachs Bank (Europe) plc, Goldman Sachs Paris Inc. et Cie., Goldman Sachs (Monaco) S.A.M., Goldman Sachs Saudi Arabia, Goldman Sachs Bank AG, GS International, Sucursal en Espana, Goldman Sachs (Asia) L.L.C, Goldman Sachs (Singapore) Pte (Company Number: 19862165W), Goldman Sachs Australia Pty Limited, and Brazil by Goldman Sachs do Brasil Banco Multiplo S.A. as to the opportunities available to our private wealth management clients. In connection with its distribution in the United Kingdom, this material has been issued and approved by Goldman Sachs International which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. 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, Peterborough Court, 133 Fleet Street, London EC4A 2BB; by Goldman Sachs Canada, in connection with its distribution in Canada; in the United States by Goldman Sachs & Co. LLC; in Hong Kong by Goldman Sachs (Asia)L.L.C.; in Korea by Goldman Sachs (Asia) L.L.C., Seoul Branch; in Japan by Goldman Sachs(Japan) Ltd; in Australia by Goldman Sachs Australia Pty Ltd (ACN 006 797 897); and in Singapore by Goldman Sachs (Singapore) Pte. (Company Number: 19862165W). Options. Options are not suitable for all investors. Please ensure that you have read and understood the current options disclosure documents before entering into any standardized options transactions. United States listed options disclosure documents are available from your Private Wealth Management team or at http://theocc.com/publications/risks/riskstoc.pdf. 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. When purchasing long options an investor may lose their entire investment and when selling uncovered options the risk of loss is potentially unlimited. Derivatives. Investments that involve futures, equity swaps, and other derivatives give rise to substantial risk and are not available to or suitable for all investors. No Distribution; No Offer or Solicitation. This material may not, without Goldman Sachs' 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 a security in any jurisdiction in which such offer or solicitation is not authorized or to any person to HOUSE_OVERSIGHT_026906