Every indexed document

including political and economic conditions

dividends and the underlyer. The difference may

and other regulatory requirements designed to protect customer assets. Other subsidiaries of The Goldman Sachs Group

Inc. As a broker dealer regulated by the Securities and Exchange Commission (“SEC”)

your counterparty may be Goldman Sachs & Co. LLC

particularly during times of political or economic uncertainty. There is a risk of loss when an investor has exposure to foreign

market and economic conditions. An investor’s returns may change radically at any time since commodities are subject to abrupt changes in price. Commodity prices are volatile because

terms and conditions and other disclosures.

including the risk of total loss of an investor’s capital and the use of leverage

you should review and understand the terms of a transaction/investment and the nature and extent of the associated risks

including asset class benchmarks used for modeling

commissions or other transaction expenses

it assumes that (1) each asset class was owned in accordance with the recommended weight; (2) all tactical tilts were implemented at the time the recommendation was made; and (3) the

N.A. or The Goldman Sachs Trust Company of Delaware. All of these affiliated

L.P. Over-The-Counter (“OTC”) derivatives

member Financial Industry Regulatory Authority (“FINRA”) / Securities Investor Protection Corporation (“SIPC”). Brokerage services

the difference between advisory and brokerage accounts

case studies and examples are for illustrative purposes only.

investors must determine whether a particular tactical tilt is suitable for them.

be sure to read and understand the current Options Disclosure Document entitled