Our Relationship with Clients. Depending on our relationship with you, we may act as an advisor, a broker-dealer, or both. Our role and obligations vary depending on the capacity in which we act. Where we act as an advisor, our primary role is to give you advice, help you manage your investments or, where applicable, help you hire another advisor to do so. Where we act as a broker, our primary role is to execute trades for you based on your instructions and any advice we give you is incidental to our brokerage services. How we are compensated by you (and sometimes by issuers or managers of investments who compensate us based on what you buy) and how your Private Wealth Management (“PWM”) team is compensated may change over time and will depend on various factors including, but not limited to, whether you are classified as a professional or retail client, have an advisory or brokerage account, and on the investments made in your account.  Please ask questions to make sure you understand your rights and our obligations to you, the difference between advisory and brokerage accounts, and / or how we are compensated based on the capacity in which we act. 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. Please see https://www.goldmansachs.com/disclosures/customer-relationship-summary-form-crs/index.html for important disclosures regarding Regulation Best Interest.

Entities Providing Services. Investment advisory and/or financial counseling services may be provided by Goldman Sachs & Co. LLC (“GS&Co.”), an affiliate, or an external manager under the wrap program sponsored by GS&Co. Entities and/or affiliates may include but are not limited to Goldman Sachs Wealth Services, L.P. or another affiliate. Brokerage services are provided by GS&Co., member Financial Industry Regulatory Authority (“FINRA”) / Securities Investor Protection Corporation (“SIPC ”). Banking services (including check-writing, debit cards margin loans and strategic wealth advisory services are provided 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. All of these affiliated entities are subsidiaries of The Goldman Sachs Group, Inc. (“Firm” or “GS”). Deposit products, mortgages, and Bank loans are offered by Goldman Sachs Bank USA, member Federal Deposit Insurance Corporation (“FDIC”) and an Equal Housing Lender. Family office services (“Family Office Services”) may be provided to clients by GS&Co. and/or its affiliates; other Family Office Services may be provided by subcontractors, independent service providers, or other third parties (collectively, “Third Party Vendors”), who are not acting as financial or investment advisors. The scope, duration, deliverables, assigned personnel, referrals to Third Party Vendors, and delivery channels through which Family Office Services are provided will vary among clients, based upon the facts, requested services, circumstances, personal financial goals, net worth, complexity, and/or needs of each client. Third Party Vendor services are wholly independent of those provided by GS&Co. and additional terms of service may apply for clients entering into any separate agreements with Third Party Vendors in furtherance of Family Office Services.

Investment Risks and Information. Risks vary by the type of investment. Additional information regarding investments and risks may be available in applicable product materials. Before transacting or investing, you should review and understand the terms and the nature and extent of the associated risks, and you should be satisfied the investment or transaction is appropriate for you in light of your individual circumstances and financial condition.

Alternative Investments (“AI”). AIs may involve a substantial degree of risk, including the risk of total loss of an investor’s capital and the use of leverage, and may not be appropriate for all investors. Private equity, private real estate, hedge funds, and IA investments structured as private investment funds are subject to less regulation than other types of pooled vehicles and liquidity may be limited. Review the Offering Memorandum, Subscription Agreement, and any other applicable offering documents for risks, potential conflicts of interest, terms and conditions and other disclosures.

Tax Information. GS does not provide legal, tax or accounting advice, unless explicitly agreed in writing between you and GS, and does not offer the sale of insurance products. You should obtain your own independent tax advice based on your particular circumstances. Where clients receive Family Office Services, the Family Office may review with you the general income tax consequences of your investments, estate planning, philanthropic endeavors, real estate holdings, and certain other activities that may affect your income tax. The information included in this presentation does not constitute tax advice, has not been audited, should not be used for tax reporting, and is not a substitute for the applicable tax documents, including your Form 1099, Schedule K-1 for private investments, which we will provide to you annually, or your monthly GS account statement(s).
 

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