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.

Entities Providing Lending Services 

Loans, including securities-backed loans, may be offered by Goldman Sachs Private Bank, a business unit of Goldman Sachs Bank USA (“GS Bank”), a New York statechartered bank and a wholly-owned subsidiary of The Goldman Sachs Group, Inc. GS Bank is a member of the Federal Reserve System and Member of the 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 & Services 
Deposit products are provided or issued by Goldman Sachs Bank USA, Salt Lake City branch. Member FDIC. Term Deposits are issued by Goldman Sachs Bank USA and held in Goldman Sachs & Co. LLC (GS&Co.) brokerage accounts.

Cash Management Products 
Bank Deposit Accounts are sweep accounts and are available to Private Wealth Management clients of GS&Co. that are residents of Argentina, Bahamas, Bermuda, Brazil, British Virgin Islands, Cayman Islands, Chile, Guam, Guernsey, Indian Tribes, Jersey, Luxemburg, Mexico, Ontario Canada, Panama, Puerto Rico, St. Kitts and Nevis, the United States, Uruguay and the U.S. Virgin Islands.
Private Wealth Savings Accounts (Savings Accounts) are available to Private Wealth Management clients of GS&Co. that are residents of Bahamas, Bermuda, Cayman Islands, Chile, Mexico, United Kingdom, United States, and Uruguay. Available to individual, joint and Trust Accounts (where all trustees and beneficiaries are natural persons and the trust is not a charitable trust). IRAs, 401Ks, corporate, and custodial accounts are not eligible.
Term Deposits are available to Private Wealth Management clients that are residents of Argentina, Bahamas, Bermuda, Brazil, British Virgin Islands, Cayman Islands, Chile, Guam, Guernsey, Indian Tribes, Jersey, Luxemburg, Mexico, Ontario Canada, Panama, Puerto Rico, St. Kitts and Nevis, the United States, Uruguay and the U.S. Virgin Islands.

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.