FOR INTENDED RECIPIENT USE ONLY - NOT FOR FURTHER USE AND OR DISTRIBUTION TO THE GENERAL PUBLIC.

FOR INTENDED RECIPIENT USE ONLY - NOT FOR FURTHER USE AND OR DISTRIBUTION TO THE GENERAL PUBLIC. Sachs Asset Management Petershill Private Equity Seeding Alternative Investments & Manager Selection (AIMS) Group June 2018 This FundStrategy has not been launched yet. This presentation is delivered solely as reference material with respect to the Petershill Private Equity Seeding, an investment product that Goldman Sachs may offer in the future. The material provided herein is for informational purposes only. It does not constitute an offer to sell or a solicitation of an otter to buy any securities relating to any of the products referenced herein, notwithstanding that any such securities may be currently being offered to others. Any such offering will be made only in accordance with the terms and conditions set forth in the offering documents pertaining to such Fund. Prior to investing, investors are strongly urged to review carefully all of the offering documents. No person has been authorized to give any information or to make any representation, warranty, statement or assurance not contained in the offering documents. EFTA00796858 FOR INTENDED RECIPIENT USE ONLY - NOT FOR FURTHER USE AND OR DISTRIBUTION TO THE GENERAL PUBLIC. Certain Potential Risks of an Investment in Petershill Private Equity Seeding (the "Fund") (40111011M flatlls Asset Management Recently Organized Fund; No Operating History - The Fund is a recently formed entity and has no independent operating history upon which prospective investors can evaluate its likely performance. Partial or Total Loss of Fund Capital — The Fund is intended for long-term investors who can accept the risks associated with investing in illiquid securities. There is no assurance that the Fund will achieve its investment or performance objectives, including, without limitation, locating suitable investment opportunities or fully investing its committed capital. Management Fee is Based on Total Committed Capital, Including Capital That is Not Called or Invested - The Management Fee for each Umited Partner (excluding the Affiliated Investors) will be a percentage of the Limited Partner's total amount of Committed Capital. There can be no assurance as to when capital will be invested or that all the Committed Capital will be called or invested by the Fund. As a result, each Limited Partner (excluding the Affiliated Investors) will pay a Management Fee based upon its total amount of Committed Capital even though this total amount may not be called or invested by the Fund. Public Listing of Seeding Funds' Interests — The General Partner may determine in the future to directly or indirectly list interests in the Fund or another entity that has an economic stake in the assets of the Fund and/or Onshore Fund or an Other Investment Vehicle (a Public Listing"). Any Public Listing may be made on a number of exchanges or other markets throughout the world. Due to legal. tax, regulatory and/or other considerations, certain Partners may be unable to participate in a Public Listing. Risks Relating to the Incentive Allocation — The Special Limited Partner will be entitled to an Incentive Allocation. This Incentive Allocation may be made and the Special Limited Partner may receive distributions from the Fund in respect thereof regardless of whether Umited Partners have previously received any distributions from the Fund. In addition, because the Incentive Allocation is made in respect of Profits Interests only, the Special Limited Partner may receive an Incentive Allocation even if the Fund's investments in Underlying Seed Funds (including potentially Underlying Seed Funds that generate the Profits Interest distributions and payments in respect of which such Incentive Allocation is made) experience adverse performance and Limited Partners have not earned positive returns on their investment in the Fund. Dependence on the Investment Advisor and the Seed Managers — The Investment Advisor will invest assets of the Fund through Seed Managers, and the Investment Advisor has the sole authority and responsibility for the selection of the Seed Managers. The success of the Fund depends upon. among other things. the ability of the Investment Advisor and the Seed Managers to develop and successfully implement investment strategies that achieve the Fund's investment objective, and upon the ability of the Seed Managers to develop and implement strategies that achieve their investment objectives. No assurance can be given that the Investment Advisor or any Seed Manager will be able to do so. Seed Managers' Activities May be Limited Due to, and Seed Managers May Limit, Investment by the Fund - To the extent that the Fund's investment (and/or any investments by other funds and clients managed or advised by the Investment Advisor or an affiliate) constitutes a significant percentage of an Underlying Seed Fund, and/or as a result of the Fund's receipt of a Profits Interest or other rights with respect to a Seed Manager, such Seed Manager's trading activities, including trading in certain securities. may be restricted due to certain regulatory restrictions applicable to Goldman Sachs (including relating to the aggregation of positions among different funds and accounts) and internal Goldman Sachs policies. Such restrictions may limit the opportunities or investment activities of the Seed Manager and, consequently, may adversely affect the performance of the Fund's investment with such Seed Manager. Investments with "Start-Up" Seed Managers — It is anticipated that the Fund will allocate assets primarily to "start-up" Seed Managers. which are likely to have limited or no independent track records and/or experience managing an investment advisory business, thereby making it more difficult for the Investment Advisor to evaluate the Seed Managers' and the Underlying Seed Funds' likely performance. Returns in Respect of Profits Interest Dependent on Seed Manager - Although the Investment Advisor will seek to obtain Profits Interests on behalf of the Fund. Seed Managers will be responsible for managing the Underlying Seed Funds and neither the Fund nor the Investment Advisor will have an active role in the day-to-day management of the Underlying Seed Funds. Use of Leverage by the Fund — The Fund may borrow money or use leverage for a variety of purposes, including acquiring new investments (including prior to the Fund's Initial Closing or Final Closing), leveraging existing investments to permit distributions or additional investments, facilitating the Fund's hedging activities, meeting capital calls of Underlying Seed Funds, and bridging fundings for investments in advance of capital calls. The leverage used by the Fund may take the form of indebtedness for borrowed money. which may expose the Fund to greater risks than if the Fund did not use leverage. Conflict of Interests —The Goldman Sachs Group, Inc. (including its affiliates) is a worldwide, full service, financial services institution engaged in a wide range of activities which may create perceived or actual conflicts of interest in relation to the Fund. Potential Loss from Currency Fluctuations - The Fund will receive capital contributions in U.S. dollars and expects to make distributions in U.S. dollars. However, the Fund may make investments, and receive proceeds in respect of certain investments, that are denominated in other currencies. Such non-U.S. dollar transactions have special risks. The Fund may be adversely affected by changes in currency rates (including as a result of the devaluation of another currency against the U.S. dollar) and in exchange control regulations and may incur transaction costs in connection with conversions between various currencies. Capitalized terms used herein are defined in the Fund's offering memorandum. An investment in the Fund will involve substantial risks and should be undertaken only be investors capable of evaluating the risks of the Fund and bearing the risks it represents. Investors should carefully review the "Risks and Potential Conflicts of Interest" section of the Fund's offering memorandum for a complete discussion of risks, a copy of which is available upon request. 2 EFTA00796859 FOR INTENDED RECIPIENT USE ONLY - NOT FOR FURTHER USE AND:OR DISTRIBUTION TO THE GENERAL PUBLIC. Petershill Private Equity Seeding will seek to take advantage of market dislocations by partnering with the next generation of private equity managers Sjaltllnilll lards Asset Management 1 2 3 4 5 Private equity seeding has the potential to generate enhanced returns Private equity seeding may allow for multiple levers of enhanced return beyond a traditional Limited Partner (LP) investment, through revenue sharing opportunities and preferred strategic rights Market dislocations may create seeding opportunities We believe the current dislocation of private equity talent has pushed ambitious investors to pursue entrepreneurial motivations, while increasing industry concentration has created a capital dislocation, impeding next generation managers from raising capital First-time fund managers are not first-time investors The next generation of private equity firms have often been founded by experienced professionals who have typically outperformed more established firms in their first funds, though high dispersion requires skilled manager selection' Experienced investors typically lack business development expertise and require active management We believe many first-time fund founders lack expertise in managing and growing a new business, and could benefit from AIMS' General Partner (GP) services via ongoing leadership and business development feedback AIMS has global investment experience across strategies AIMS is among the largest and most experienced private equity investors globally, making use of extensive resources and sophisticated manager selection to make a broad range of investments across primaries, secondaries, and management stakes Source: AIMS as of March 2018 unless noted otherwise. I Source: Preqin Private Equity and Venture Capital Spotlight. As of January 2018. Objectives stated do not provide any assurance as to 3 future results as there is no guarantee that the objectives will be met. EFTA00796860 FOR INTENDED RECIPIENT USE ONLY NOT FOR FURTHER USE AND:OR DISTRIBUTION TO THE GENERAL PUBLIC. Strategic seed investments have the potential to outperform LP investments based on multiple drivers of value Asset Management Established Fund LP Multiple Potential Enhanced Return Levers of Seeding Strategies First-time Fund Outperformance GP Revenue Sharing: Strategic alignment of interests, through revenue sharing. preferred economics. or other negotiated rights can offer additional value Share of Management Fee and Carry GP Monetization: Towards the end of each underlying fund's life cycle, a sale of management fee and carried interest stakes will be initiated Proceeds from Sale of Share of Management Fees and Carry LP Investment GP Investment Petershill Private Equity Seeding GP Monetization GP Revenue Sharing First-Time Fund Outperformance Established Fund LP AIMS seeks to negotiate revenue share economics, which are expected to be below 25% of the total income generated from management fees and carried interests of the GPs Once the firms have achieved maturity, AIMS will actively seek to provide liquidity for the GP interests by monetizing our revenue share stake via a strategic sale to an institutional buyer, or alongside existing GP stakes Source: AIMS. Preqin. as of March 2018 unless noted otherwise. This information is being shown for illustrative purposes only. Any actual returns will vary. 4 EFTA00796861 FOR INTENDED RECIPIENT USE ONLY NOT FOR FURTHER USE AND:OR DISTRIBUTION TO THE GENERAL PUBLIC. 2 Talent and capital dislocations among early stage private equity managers are creating distinct investment opportunities (jomman arhs Asset Management Talent Dislocation in Aging Private Equity Firmsl _1m t 90% to -c2 80% u. 70% 60% ui 50% 2 40% 30% .6 20% cr) • 10% 4 0% TI 18% 47% off 66% 2000 2010 2017 • 20+ years • 15 - 20 years • 10 - 15 years • Less than 10 years Capital Dislocation in First-Time Funds in 20172 100% 90% tn 80% 70% >, 60% a- 50% 40% to 30% - 6: 20% 10% - 0 0% No. of Funds Raised • Established Firms 94% Aggregate Capital Raised ($bn) • First-Time Funds Experienced investors are increasingly driven by entrepreneurial motivations to start their own enterprises Often private equity firms lack a structured generational transition plan, which can cause frustration across senior investment professionals We have observed an increasing number of ambitious and motivated founders invest a material amount of their personal net worth into the new firms, while typically owning limited legacy portfolio responsibilities As the private equity industry grows, increasing capital concentration impedes next generation managers from raising capital The private equity industry has demonstrated consistent growth over the past 10 years, yet remains a small proportion of global financial assets Despite first-time funds representing a quarter of total fund launches in 2017, early stage managers have had difficulty raising capital due to limited track records, management inexperience, and underdeveloped firm infrastructures Source: AIMS. 'Initial target limns statistics do not include real estate managers. Our initial target firms represent 72 managers which we have identified for advanced discussions. Please refer to 5 page 5 for more information on the AIMS platform. As of December 2017. Data represents years since private equity firms were founded. 2Source:Preqin as of December 2017. EFTA00796862 FOR INTENDED RECIPIENT USE ONLY - NOT FOR FURTHER USE AND/OR DISTRIBUTION TO THE GENERAL PUBLIC. 3 Active diligence is required to unleash next generation talent and take advantage of potential first-time fund outperformance Goldman Sachs Asset Management Median Net IRRs by Vintage Year1 —Net IRR (°/0) All Other Funds 20% —Net IRR (%) First Time Funds 25% - z 100/ - 5% 0% 7 I r I I 7 T @ i(r.N 0 ' QT(1) O D 4 (:)(° (§ Cl' 0 'CP @ P° \ ° Nele .(1) N IC* 4 3) I? C P r 0 r i? r i? I? r i? r 0 r i? r i 5) I? C P r 0 r i? Vintage Year Global Sourcing and Manager Selection Experience2 Global universe of private equity funds evaluated Universe of target firms we have identified for discussions Deep due-diligence conversations that led to fund commitments Managers departing established firms to create their own enterprises typically outperform with their first funds Next generation managers have historically outperformed established funds across most vintage years since 20002 Founders of early stage firms place increased emphasis on every deal in order to establish a strong early track record to help support future growth Expansive sourcing and manager selection processes are crucial in identifying top quartile performers Our eight offices are complimented by Goldman Sachs' long-standing presence in over 30 countries, helping AIMS evaluate thousands of managers around the world AIMS' rigorous manager selection process focuses on eight disaggregated, proprietary factors, including business risk mitigation, achieved through our independent Management Assessment and Controls Committee 'Source: Preqin 2018 Global Private Equity & Venture Capital Report as of September 2017. 2Source: AIMS. As of December 31. 2017. There is no guarantee that these objectives will be met. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal. internal and regulatory restrictions. Past performance does not guarantee future results, which may vary. 6 EFTA00796863 FOR INTENDED RECIPIENT USE ONLY • NOT FOR FURTHER USE AND/OR DISTRIBUTION TO THE GENERAL PUBLIC. 4 Experienced investors are not necessarily experienced business developers and may require active partnership Asset Management We seek to drive value in early stage firms that lack experience in building businesses by providing developmental feedback and insights, utilizing our suite of GP services Capital Formation Global reach and expertise of Goldman Sachs in capital raise • Distribution insights • Client experience • New product launch feedback • Seed capital 0 Operations & Markets N o Institutional knowledge share to adapt infrastructure for growth • Market teach-ins • Operational policy support Technology & Risk Experience of a leading asset manager in developing competitive systems • Cybersecurity best practices • Disaster recovery • Technology management Human Resources Consultation on talent sourcing and organizational best practices • Compensation insights • Resource assessment • Compliance procedures feedback • Risk reporting frameworks • Vendor management insights • Performance review best practices Leadership Development Guidance on development informed by our industry relationships and research • Coaching • Talent retention tools • Non-compensation awards • Succession planning • Partnership structure Source: AIMS as of March 2018. For illustrative purposes only. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal. internal and regulatory restrictions. 7 EFTA00796864 FOR INTENDED RECIPIENT USE ONLY - NOT FOR FURTHER USE AND/OR DISTRIBUTION TO THE GENERAL PUBLIC. The breadth of our platform offers complementary skill sets that bring together what we believe are the necessary components of a comprehensive seeding program Asset Management AIMS has over 20 years of private equity investing experience, leveraging worldwide expertise across primaries, secondaries, and management stakes SECONDARIES Petershill Private Equity Seeding' Global primaries platform • Global sourcing networks with rigorous investment and manager selection processes • $22 billion of primary capital committed since 1997 Extensive history of secondary investing • Underlying company valuation database and deal structuring capabilities • $26 billion of secondary capital committed since 1998 One of the longest track records in GP investing • Established GP value creation offerings and strategic stake experience • Over 230 potential GP investments diligenced and 18 executed transactions since 2007 Source: AIMS as of December 2017 unless noted otherwise. 'This Fund/Strategy has not been launched yet. This presentation is delivered solely as reference material with respect to Petershill 8 Private Equity Seeding. an investment product that Goldman Sachs may offer in the future. Past performance does not guarantee future results, which may vary. EFTA00796865 FOR INTENDED RECIPIENT USE ONLY - NOT FOR FURTHER USE AND/OR DISTRIBUTION TO THE GENERAL PUBLIC. We believe our broad capabilities provide the necessary skills to value and execute complex transactions Asset Management AIMS has developed well-established capabilities from years of private equity investing and deal structuring, positioning our team to effectively implement a seeding strategy Manager Sourcing and Selection Im Structuring S • GP Value Creation U Experience • Evaluated over 8,600 primary funds since 1997, while onboarding over 550 funds onto our platform, including over 300 commitments to sub-$1 billion funds globally • Comprehensive manager selection process using eight proprietary factors to encourage disaggregated judgement • Experience structuring seed deals to provide risk-mitigating and broad, transparent contractual rights • Dedicated team with one of the longest track records in the industry, and over 20 years of deal structuring expertise • We believe we are a partner of choice for many emerging teams, as our GP services provide essential value-add benefits to help managers develop strategic and operational expertise • Active investor in minority interests in alternative asset managers with over 1,000 GP stake conversations • Our long-standing, global primaries platform has consistently focused on identifying new and emerging managers throughout our history • Our secondaries platform provides insights on underlying portfolio characteristics and heightens our structuring expertise, while our orientation towards spin-out transactions further enhances our understanding of next generation managers • Our management stakes platform positions AIMS as a leading GP stakes investor, enhances our structuring capabilities, and develops our partnership offerings, allowing our team to add value across all stages of a company's life cycle Source: AIMS as of December 2017 unless noted otherwise. There is no guarantee that these objectives will be met. Past performance does not guarantee future results, which may vary. 9 EFTA00796866 FOR INTENDED RECIPIENT USE ONLY • NOT FOR FURTHER USE AND/OR DISTRIBUTION TO THE GENERAL PUBLIC. A seasoned team of professionals with deep private equity experience, backed by a rigorous deal evaluation process Asset Management Private Equity Primaries Team GP Stakes Investment Team GP Services Team Amy Jupe Derek Kong Ali Raissi ! ! Lisa Spear Chaim Stern Julia Feldman Farzana Morbi Christian von Schimmelmann Heather von Zuben Aaron Brooks Suzanne Gauron Kate Orb Robert Hamilton Kelly Ryan Boucher Dayna Clark Michael Miele Doorvasha Ruhee Martin Rensing David Kraut Dan Agar Bhavika Vyas Zech Tcheyan Wesley Tellie 8 strategy-focused teams evaluate opportunities and market dynamics AIMS meets with more than 500 primary funds each year Active investor in minority interests in alternative asset managers with over 1000 GP stake conversations • Dedicated teams diligence managers using an evolving set of diligence factors • Each investment structured through a partnership between Seed Sourcing/Investment Team and Petershill Investment Team • Petershill Private Equity Seeding investment opportunities are reviewed and require approval by three independent committee approval processes AIMS Private Markets Primaries Investment Committee AIMS GP Strategies Investment Committee Management Assessment and Controls Committee ("MACC") 'Source: AIMS as of March 2018 unless noted otherwise. Team composition as of May 2018. 10 EFTA00796867 FOR INTENDED RECIPIENT USE ONLY - NOT FOR FURTHER USE AND OR DISTRIBUTION TO THE GENERAL PUBLIC. Asset Management First-time funds are not first-time investors... We aim to deliver our platform and partnership to drive forward the next generation of private equity talent First•lime funds are defined as first funds in new firms within the Preqin private equity buyout universe. EFTA00796868 FOR INTENDED RECIPIENT USE ONLY - NOT FOR FURTHER USE AND/OR DISTRIBUTION TO THE GENERAL PUBLIC. Summary of Proposed Key Terms Wan Asset Management TARGET FUND SIZE FUND STRUCTURE INVESTMENT PERIOD MINIMUM COMMITMENT MANAGEMENT FEE PERFORMANCE FEE LP INTERESTS REVENUE SHARE INTERESTS $750 million Onshore (Delaware) and Offshore (Luxembourg) domiciled partnerships Four years with the option for a one-year extension' $1 million Average annual fee of 0.69%2 1.25% of commitments following one-year holiday, with a 25% step down in prior year's fee beginning in year six3 No performance fee 20% performance fee Investment Period begins after the first close. 2Average annual management fee calculated assuming a 12-year fund life. Fund life is expected to be the longer of 12 years or the final investment liquidation. 3One-year holiday to start after first dose. Source: AIMS as of March 2018 unless noted otherwise. For illustrative purposes only. Investment terms are preliminary and are subject to change in accordance with the offering documents. The descriptions set forth above are a summary of certain proposed terms and are not intended to be complete. This should not be construed as providing any assurance or guarantee as to the actual terms of the proposed fund. Goldman Sachs has no obligation to offer such a fund. If such a product is offered, please carefully review the offering documents and any supplements thereto (copies of which will be available upon request) for a complete description of all information regarding the fund including the fund's structure. terms. and portfolio characteristics, prior to making an investment decision. The descriptions set forth above are a summary of certain terms and are not intended to be complete. 12 EFTA00796869 FOR INTENDED RECIPIENT USE ONLY NOT FOR FURTHER USE AND/OR DISTRIBUTION TO THE GENERAL PUBLIC. AIMS is an open-architecture, multi-asset class solutions provider Asset Management We are Investors Structuring investment outcomes and managing capital are core to what we do, and central to our clients' success We are Innovators Our proprietary approach to due diligence is subject to frequent revision based on ongoing research We have a Global Network Our decisions are guided by information and insights across asset classes, with access to over 500 managers We are Partners We help our clients achieve their goals by delivering a broad and flexible range of services We Empower Clients We partner with our clients collaboratively, enabling them to build knowledge of our process and their investments ALTERNATIVE INVESTMENTS & MANAGER SELECTION (AIMS) PRIVATE MARKET STRATEGIES PUBLIC & PRIVATE MARKET STRATEGIES PUBLIC MARKET STRATEGIES REAL ASSETS PRIVATE EQUITY CREDIT & FIXED INCOME ESG & IMPACT (IMPRINT) PUBLIC EQUITY HEDGE FUNDS OVER $9BN IN COMMITTED ASSETS OVER 125 MANAGERS OVER S2.4BN IN OVER $75814 IN OVER $24BN IN ASSETS ASSETS ASSETS OVER 140 OVER 140 OVER 40 MANAGERS MANAGERS MANAGERS OVER $55814 IN COMMITTED ASSETS OVER 375 MANAGERS OVER $60BN IN COMMITTED ASSETS OVER 130 MANAGERS OPPORTUNISTIC / CORE REAL ESTATE PRIMARY COMMITMENTS PUBLIC CREDIT ALIGNMENT STRATEGIES CORE STRATEGIES FUND INVESTMENTS ENERGY SECONDARY INVESTMENTS PRIVATE CREDIT ESG STRATEGIES SATELLITE STRATEGIES SEED CAPITAL INFRASTRUCTURE GP STRATEGIES AND CO-INVESTMENTS DISTRESSED STRATEGIES IMPACT STRATEGIES DYNAMIC STRATEGIES MANAGER-SPECIFIC COMMITMENTS PETERSHILL STRATEGIES OVER $200 BILLION IN CLIENT ASSETS ACROSS 8 OFFICES WORLDWIDE All data as of March 2018 unless otherwise noted. GSAM leverages the resources of Goldman Sachs & Co. LLC. subject to legal. internal and regulatory restrictions. 13 EFTA00796870 FOR INTENDED RECIPIENT USE ONLY - NOT FOR FURTHER USE AND OR DISTRIBUTION TO THE GENERAL PUBLIC. Disclosures aolgman sans Asset Management THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO. Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant. This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations. and makes no implied or express recommendations conceming the manner in which any client's account should or would be handed, as appropriate investment strategies depend upon the client's investment objectives. Expected return models apply statistical methods and a series of fixed assumptions to derive estimates of hypothetical average asset class performance. Reasonable people may dsagree about the appropriate statistical model and assumptions. These models have limitations, as the assumptions may not be consensus views, or the model may not be updated to reflect current economic or market conditions. These models should not be relied upon to make predictions of actual future account performance. GSAM has no obligation to provide updates or changes to such data. Conflicts of Interest There may be conflicts of interest relating to the Alternative Investment and its service providers. Inducing Goldman Sachs and its affiliates. These activities and interests include potential multiple advisory, transactional and other interests in securities and instruments that may be purchased or sold by the Alternative Investment. These are considerations of which investors should be aware and additional information relating to these conflicts is set forth in the offering materials for the Alternative Investment. The material provided herein is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein, notwithstanding that any such securities may be currently being offered to others. My such offering will be made only in accordance with the terms and conditions set forth in the offering documents pertaining to such Fund. Prior to investing, investors are strongly urged to review carefully all of the offering documents. No person has been authorized to give any information or to make any representation. warranty, statement or assurance not contained in the offering documents. Supplemental Risk Disclosure for All Potential Direct and Indirect Investors In Hedge Funds and other private Investment funds (collectively. "Alternative Investments" In connection with your consideration of an investment in any Alternative Investment, you should be aware of the following risks: • Alternative Investments are subject to less regulation than other types of pooled investment vehicles such as mutual funds. Alternative Investments may impose significant fees, including incentive lees that are based upon a percentage of the realized and unrealized gains, and such fees may offset all or a significant portion of such Alternative Investment's trading profits. An individual's net returns may differ significantly from actual returns. Alternative Investments are not required to provide periodic pricing or valuation information. Investors may have limited rights with respect to their investments, including limited voting rights and participation in the management of the Alternative Investment. • Alternative Investments often engage in leverage and other investment practices that are extremely speculative and involve a high degree of risk. Such practices may increase the volatility of performance and the risk of investment loss. Including the loss of the entire amount that Is Invested. • Alternative Investments may purchase instruments that are traded on exchanges located outside the United States that are "principal markets" and are subject to the risk that the counterparly will not perform with respect to contracts. • Past performance does not guarantee future results. which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur. • Alternative Investments are offered in reliance upon an exemption from registration under the Securities Act of 1933, as amended. for offers and sales of securities that do not involve a public offering. No public or other market is available or will develop. Similarly, interests in an Alternative Investment are highly illiquid and generally are not transferable without the consent of the sponsor, and applicable securities and tax laws will limit transfers. • Alternative Investments may themselves invest in instruments that may be highly illiquid and extremely difficult to value. This also may limit your ability to redeem or transfer your investment or delay receipt of redemption or transfer proceeds. • Alternative Investments are not required to provide their investors with periodic pricing or valuation information. • Alternative Investments may involve complex tax and legal structures and accordingly are only suitable for sophisticated investors. You are urged to consult with your own tax, accounting and legal advisers regarding any investment in any Alternative Investment. 14 EFTA00796871 FOR INTENDED RECIPIENT USE ONLY • NOT FOR FURTHER USE AND/OR DISTRIBUTION TO THE GENERAL PUBLIC. Disclosures Goldman mints Asset Management Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant. The strategy may include the use of derivatives. Derivatives often involve a high degree of financial risk because a relatively small movement in the price of the underlying security or benchmark may result in a disproportionately large movement in the price of the derivative and are not suitable for all investors. No representation regarding the suitability of these instruments and strategies for a particular investor is made. This information discusses general market activity. industry or sector trends. or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by GSAM and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and GSAM has no obligation to provide any updates or changes. Each recipient of this information agrees to treat this information as confidential and only use it in connection with evaluating a potential investment with GSAM. Goldman Sachs affiliate (the 'Manager') relies (or expects to rely) on Rule 4.13(a) (3) under the U.S. Commodity Exchange Act. as amended (the 'Rule 4.13(a) (3) Exemption) with respect to the investment fund described herein (the "Fund) based on satisfaction of the criteria for the Rule 4.13(a) (3) Exemption set forth therein. Therefore. the Manager is not required to deliver certain CFTC-compliant disclosure documents and certified annual reports to investors in the Fund. In order to rely on the Rule 4.13(a) (3) Exemption. the Fund may only engage in a limited amount of commodity interest transactions. which includes transactions involving futures contracts and swaps. Effect of fees on performance: The following table provides a simplified example of the effect of management and incentive fees on portfolio returns. For example. assume a portfolio has a steady investment return. gross of fees, of 0.5% per month and total management fees of 0.1042% per month of the market value of the portfolio on the last day of the month and incentive fees of 5% of net profits. Management fees and incentive fees are deducted from the market value of the portfolio on that day. There are no cash flows during the period. The table shows that, assuming that other factors such as investment return and fees remain constant. the difference increases due to the compounding effect over time. Of course. the magnitude of the difference between gross-of-fee and net-of-fee returns will depend on a variety of factors. and the example has been intentionally simplified. Period Gross Return Net Return Differential 1 year 6.17% 4.61% 1.56% 2 years 12.72% 9.43% 3.29% 10 years 81.94% 56.89% 25.05% Confidentiality No part of this material may, without GSAM's prior written consent. be (i) copied, photocopied or duplicated in any form. by any means, or (h) distributed to any person that is not an employee. officer. director. or authorized agent of the recipient. Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell. or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice. Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy. completeness or fairness. We have relied upon and assumed without independent verification. the accuracy and completeness of all information available from public sources. 15 EFTA00796872 FOR INTENDED RECIPIENT USE ONLY - NOT FOR FURTHER USE AND/OR DISTRIBUTION TO THE GENERAL PUBLIC. Disclosures Iobllllilll . inns Asset Management Private equity investments are speculative. highly illiquid. involve a high degree of risk, have high fees and expenses that could reduce returns, and subject to the possibility of partial or total loss of fund capital: they are, therefore, intended for experienced and sophisticated long•term investors who can accept such risks. There can be no assurance that any objectives or targets stated in this material can be achieved: any targets provided are subject to change and do not provide any assurance as to future results. The ability of underlying funds to achieve their objectives or targets depends upon a variety of factors, not the least of which are political, public market and economic conditions. Any historical performance of individual partnerships shown is for informational purposes only and does not guarantee their future performance, which can vary considerably. The trading market for the securities of any portfolio investment of the underlying funds may not be sufficiently liquid to enable such funds to sell such securities when it believes it is most advantageous to do so, or without adversely affecting the stock price. In addition. such portfolio companies may be highly leveraged, which leverage could have significant adverse consequences to these companies and the funds offered by AIMS Private Equity. Furthermore, restrictions on transferring interests in AIMS Private Equity funds may exist so prospective investors should be prepared to retain their investments in any AIMS Private Equity fund until the fund liquidates. For a complete discussion of risks that are unique to a particular AIMS Private Equity fund. please refer to the respective fund's offering documents, which should be carefully reviewed prior to investing. Past performance does not guarantee future results, which may vary. The value of Investments and the Income derived from Investments will fluctuate and can go down as well as up. A loss of prindpal may occur. O2018 Goldman Sachs. All rights reserved. 125410-TMPL-03/2018.726428 16 EFTA00796873