Preparing Your Family for a Business Exit

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”). 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. 

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 PWM 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.  Materials that discuss alternative investment products are generally intended for recipients who qualify as Accredited Investors as defined in the Securities Act of 1933.  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 and contact your PWM Team. 

Entities Providing Services. 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. Affiliates may include but are not limited to Goldman Sachs Wealth Services, L.P. (“Goldman Sachs Wealth Services”) (a wholly-owned subsidiary of The Goldman Sachs Group, Inc. or “GS Group”); or another affiliate. Brokerage services are provided by GS&Co. Banking and payment services (including check-writing, ACH, direct debit, and margin loans) are provided or facilitated by GS&Co. Over-The-Counter (“OTC”) derivatives, foreign exchange forwards, and related financing are offered by GS&Co. Trust services are provided by The Goldman Sachs Trust Company, N.A. or The Goldman Sachs Trust Company of Delaware. Deposit products, mortgages, and bank loans are offered by Goldman Sachs Bank USA, member Federal Deposit Insurance Corporation (“FDIC”) and an Equal Housing Lender.

GS&Co. and its present and future affiliates 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 Wealth Management (“WM”) clients of GS. 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. GSFO does not provide investment advice, investment management services, or advise on or offer the sale of insurance products. GSFO Services are offered in the United States through GS&Co. but may also be provided in part by Goldman Sachs Wealth Services. Goldman Sachs Wealth Services may, separately and distinctly from GSFO Services, provide tax and insurance advice in addition to personal family office services through its Private Family Office. We encourage you to clearly establish your set of services with your advisory team. 

Scope of Relationship and Service Providers. 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 Wealth Management clients of GS. GSFO Services are offered in the United States through Goldman Sachs and Co. LLC, Member FINRA/SIPC, but certain services may also be provided in whole or in part by Goldman Sachs Wealth Services, L.P.  (“Goldman Sachs Ayco”) (a wholly-owned subsidiary of GS Group). Certain services such as tax advice branded as Private Family Office services are provided by Goldman Sachs Ayco. 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.

Affiliates: Advisory services offered by Goldman Sachs & Co. LLC. (“GS&Co.”) and Goldman Sachs Ayco (collectively referred to here as “GS”), each a registered investment adviser and a subsidiary of The Goldman Sachs Group, Inc.. Brokerage services are offered through GS&Co. or Mercer Allied Company, L.P. (a limited purpose broker-dealer and affiliate of Goldman Sachs Ayco), both members FINRA/SIPC. GS is not a fiduciary with respect to any person or plan by reason of providing the material herein.

Articles were commissioned and approved by GS, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA or any of their affiliates, subsidiaries or divisions. GS has no obligation to provide any updates or changes to this data. Information is subject to change without notice.

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 Ayco and not GS&Co. The Private Family Office may, upon agreement, provide tax advice, bill pay, and bookkeeping services to its clients. Goldman Sachs Ayco may refer clients to its affiliated insurance agency, The Ayco Services Agency, L.P. 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 Ayco, 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. (“ASA”).”

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.

Please see the GSPF Program Circular for more details on the fees and expenses associated with each separate GSPF account. GS&Co. is the distributor of the Goldman Sachs Funds.

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 Goldman Sachs Philanthropy Fund, an unaffiliated public charity. Where GSFO refers to Private Family Office services, such services are provided by Goldman Sachs Ayco.

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 conflict.

GSFO Services. Where GS&Co. provides or refers GSFO Services, it does so based on individual client needs. Not all clients will receive all services and certain activities may fall beyond the scope of the GSFO Services. Any asset management services provided are governed by a separate investment management agreement (as may be applicable). Personnel providing GSFO Services do not provide discretionary management over client investments. Where GSFO provides art or collectibles advisory services, such services are generally limited to education; GS does not recommend purchasing art or collectibles as an investment strategy, provide formal or informal appraisals of the value of, or opine on the future investment potential of, any specific artwork or collectible. 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. Upon your request, the Family Office team may discuss with you various aspects of financial planning; the scope of such planning services will vary among clients and may only include episodic and educational consultations that should not be viewed as tax advice. GS&Co. assumes no duty to take action pursuant to any recommendations, advice, or financial planning strategies discussed with you as part of GSFO Services. It is your responsibility to determine if and how any such recommendations, advice, or financial planning strategies should be implemented or otherwise followed, and you are encouraged to consult with your own tax advisor and other professionals regarding your specific circumstances. GS is not liable for any services received from your independent advisors or the results of any incident arising from any such services or advice. Cybersecurity consultations provided by GS&Co. are intended to provide a general overview of cyber and physical security threats, but are not comprehensive; GS is not liable for any incident following such consultations. GS&Co. is not liable for clients’ ultimate selection and utilization of any Third Party Vendor for any GSFO Services, or the results of any incident arising from any such referral. GS&Co. is not responsible for the supervision, monitoring, management, or performance of such Third Party Vendors and is not liable for any failure of Third Party Vendors to render services or any losses incurred as a result of such services. Private Family Office services may also be offered through Goldman Sachs Wealth Services. These services are separate and distinct from those services provided by GSFO and may vary substantially.  

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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