This material is intended for educational purposes only and is provided solely on the basis that it will not constitute investment advice and will not form a primary basis for any personal or plan’s investment decisions. 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. Goldman Sachs is not a fiduciary with respect to any person or plan by reason of providing the material herein, information and opinions expressed by individuals other than Goldman Sachs employees do not necessarily reflect the view of Goldman Sachs. 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 any security in any jurisdiction. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Neither asset diversification or investment in a continuous or periodic investment plan guarantees a profit or protects against a loss. Information and opinions provided herein are as of the date of this material only and are subject to change without notice.

Intended Audience

This material is generally intended for eligible clients of PWM and/or prospective clients who would meet the eligibility requirements to be clients of PWM.

Entities Providing Lending Services

Loans, including securities-based loans, may be offered by Goldman Sachs Private Bank, a business unit of Goldman Sachs Bank USA (“GS Bank”), a New York state-chartered bank and a wholly-owned subsidiary of The Goldman Sachs Group, Inc. GS Bank is a member of the Federal Reserve System and Member FDIC. For more information on FDIC insurance coverage, please go to www.fdic.gov/edie. Margin loans may also be offered by Goldman Sachs & Co. LLC (“Goldman Sachs”), a wholly-owned subsidiary of The Goldman Sachs Group, Inc., or one of its affiliates. Goldman Sachs is a member SIPC/FINRA.

Cash Management Products 

Bank Deposit Accounts and Term Deposits are offered through Goldman Sachs & Co. LLC and placed at GS Bank USA. Member FDIC. Private Wealth Savings Accounts are provided by Goldman Sachs Bank USA. Member FDIC. Cash management products require an active brokerage account through Goldman Sachs & Co. LLC and are available to eligible clients in select jurisdictions.

Investment products are: NOT FDIC INSURED ∙ NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, GOLDMAN SACHS BANK USA ∙ SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.

Securities Based and Margin Loans  

Securities-based and margin loans may not be suitable for you and carry a number of risks, including but not limited to the risk of a market downturn, tax implications if pledged securities are liquidated and an increase in interest rates. If the value of pledged securities drops below certain levels, you may be required to pledge additional securities and/or pay down the loan. You should consider these risks and whether a securities based or margin loan is suitable for you.

Tax Information 

Goldman Sachs does not provide accounting, tax or legal advice to its clients, unless explicitly agreed between you and Goldman Sachs. Any statement contained in this communication (including any attachments) concerning U.S. tax matters is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties imposed on the relevant taxpayer. You should obtain your own independent tax advice based on their particular circumstances.

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 intended only to provide information as to the opportunities available to our private clients. 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.