Goldman Sachs & Co. LLC (“GS”) is an authorized Eligible Entity with the Ministry of Economy and Finance of Peru (“MEF”) and may submit bids on your behalf with the MEF to purchase Peruvian government bonds that are auctioned from time to time. As local regulations require that bids be placed by authorized Eligible Entities with the MEF on a principal basis, GS will always act as a principal, and never as an agent, with respect to any bids we may submit on your behalf. Unless you have an account at CAVALI S.A. ICLV and provide us with your RUT (Registro Unico de Titulares), we will submit principal bids in our name for any orders you provide us. We will not bunch bids submitted on your behalf with bids submitted for other clients or bids submitted by GS in connection with its own market making and risk management activities. However, when GS submits a bid for its own account, we will have knowledge of your order as well as other client orders for whom we may submit bids. This knowledge may influence whether or not we submit a bid for our own account and/or the yield and size of our bid. This may also increase the likelihood that the bid we submit for our own account will be accepted in the auction over a bid submitted on your behalf or on behalf of other clients or that the auction will clear at a particular yield that is advantageous to GS, which may be in conflict with and/or adverse to your interests. In addition, local regulations prohibit the MEF from allocating more than 30% of sovereign bonds sold in any auction to a single Eligible Entity. If there are multiple bids submitted in the auction at or even below the cut-off yield, the MEF may also prorate the amount of sovereign bonds allocated in the auction bonds to such bids. As a result of the cap and auction mechanics, we may receive a proportionally reduced amount of sovereign bonds on bids we submit on your behalf, resulting in a pro-rated amount of sovereign bonds that we will have available to sell to you. Although the auctioned sovereign bonds that we sell to you will match the auction cut-off yield, the price may differ depending on your settlement preferences. We can provide no assurances as to the outcome of any auction, that any bid we submit on your behalf will be accepted, the yield at which the auction will clear, the price at which we will sell you auctioned sovereign bonds, or the amount of sovereign bonds that will be allocated to us on bids submitted on your behalf and available for sale to you.