Important Disclaimer for Participants in Goldman Sachs’ Capital Introduction Program

Any information or written material provided to you by Goldman Sachs International, Goldman Sachs & Co. LLC, Goldman Sachs Japan Co., Ltd. or Goldman Sachs (Asia) L.L.C. or any of their respective affiliates (together, “Goldman Sachs”) concerning a private pooled investment vehicle managed by third party professional investment managers (e.g., hedge funds, private equity funds, real estate funds, venture capital funds) (“Private Funds”) or a fund registered for UCITS (as such term is defined in the UCITS Directive of the European Commission) has been prepared and issued by, and is solely the responsibility of, the fund or its manager. It has not been prepared or approved by Goldman Sachs. The distribution of any such information or written material by Goldman Sachs should not be construed as an endorsement or recommendation by Goldman Sachs of any fund or manager, or of any information provided by the fund or manager; or as advice given by Goldman Sachs about the merits of investing in the fund or the legal, regulatory, tax or financial consequences of an investment in the fund; or as an offer or solicitation to acquire or dispose of any interest in the fund. Goldman Sachs does not conduct any due diligence on such information or written material nor take any steps to verify its adequacy, accuracy or completeness on your behalf. Goldman Sachs does not make any warranty, express or implied, as to such information or written material, the suitability of the fund as an investment or of any kind whatsoever, and does not assume any responsibility for, and shall not be liable for, any losses, damages, costs or expenses, of any kind or description, including any losses, damages, costs or expenses relating to the adequacy, accuracy or completeness of, any such information or written material or the use of such information or written material. 

By accepting receipt of this communication you are acknowledging that you are a self-directed, sophisticated investor, are experienced in investing in Private Funds, control assets (or, if an individual, have a net worth) of at least US$5 million after calculating net worth in accordance with Rule 501(a)(5) under the Securities Act of 1933, as amended, and if you joined the program (a) on or after March 1, 2024, you have total assets of at least US$50 million, are experienced in investing with Private Funds, and have a minimum of US$25 million invested directly or indirectly in Private Funds or (b) before March 1, 2024, you are experienced investing in hedge funds and have a minimum of US$25 million currently invested directly or indirectly in hedge funds. You acknowledge that all information to be forwarded to you by us will be supplied pursuant to your continuing request that we periodically provide and update you with information about funds, managers, investment strategies and upcoming events. You understand that (i) investments in Private Funds are speculative, involve a high degree of risk, and are illiquid, (ii) Private Funds may be highly leveraged and their performance can be volatile and (iii) you could lose all or a substantial amount of any investment you make in a Private Fund. You also understand that you are solely responsible for reviewing any fund, the qualifications of its manager, its offering, including offering documents, and any statements made by a fund or its manager and for performing such due diligence as you may deem appropriate, including consulting your own legal, tax and investment advisors, and that any information provided by Goldman Sachs shall not form the primary basis of any investment decision you may make. Amounts noted herein refer to the designated currency and their local currency equivalents.

Any views expressed in this communication are those of the individual sender except where the sender specifically states them to be the views of Goldman Sachs.

Goldman Sachs has or may develop one or more business relationships with a fund or manager, including acting as prime broker, custodian, broker, dealer, clearing agent or administrator. The fees, commissions and other revenues Goldman Sachs earns or expects to earn through such business relationships may be a significant factor in Goldman Sachs’ determining which managers participate in our introduction program. In addition, Goldman Sachs, operating through various affiliates, principally Goldman Sachs Asset Management (“GSAM”), and Goldman Sachs Asset Management International (“GSAMI”), forms and manages its own hedge funds, which funds may participate in the capital introduction program. Furthermore, Goldman Sachs Hedge Fund Strategies LLC (“HFS LLC”), which is also an affiliate of Goldman Sachs, forms and manages “funds-of-funds”, invests in hedge funds that are prime brokerage clients of Goldman Sachs and participates as a potential investor in the capital introduction program. Through its relationships with funds or managers, Goldman Sachs may possess information about such funds or managers, including, potentially, the fact that a manager’s or fund’s relationship with Goldman Sachs has been terminated. With respect to such information, whether or not material, and whether negative or positive, Goldman Sachs has no responsibility to, and may not, disclose that information to you. The foregoing relationships between Goldman Sachs, funds or managers, and GSAM and HFS LLC, could conflict with any relationship Goldman Sachs may have or will have with you. Further, Goldman Sachs has or may develop a business or client relationship with you, which may have an advisory or discretionary aspect to it (“Advisory Relationship”). Any information or material accompanying this disclaimer shall not be deemed under any circumstances to be provided to you as part of such Advisory Relationship. In addition, unless expressly agreed to the contrary, Goldman Sachs shall be under no obligation as a result of such Advisory Relationship to provide you with any advice or recommendations in connection with the enclosed material or any further information or material relating to any particular fund or manager referenced therein. You should not construe silence or any omission by Goldman Sachs at any time as approval or endorsement of any statements made by a fund or its manager.

Goldman Sachs may, from time to time, have long or short positions in, and buy or sell, the securities or derivatives in the particular securities that may be described in this material.

Goldman Sachs International is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.