All units in the range of Goldman Sachs registered managed investment schemes in Australia ('Funds') are issued by Goldman Sachs Australia Managed Funds Limited ABN 63 005 885 567 AFSL 230251 ('GSAMF'). Prior to investing in any of the Funds you should obtain and consider the product disclosure statement ('PDS') for the relevant Fund, available by contacting our Fund Services team on 1800 034 494 or from our website This document contains general financial product advice only. In preparing this document, GSAMF did not take into account the investment objectives, financial situation and particular needs ('financial circumstances') of any particular person. Accordingly, before acting on any advice contained in this document, you should assess whether the advice is appropriate in light of your own financial circumstances or contact your adviser. GSAMF manages each of these funds and will receive fees as set out in the relevant PDS. This document has been prepared by GSAMF. It is not a product of the Goldman Sachs Global Investment Research. To the extent that this document discusses general market activity, industry or sector trends, or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent it includes references to specific securities, those references do not constitute a recommendation to buy, sell or hold such security, and the information may not be current. GSAMF believes that the information contained in this document is correct and that any estimates, opinions, conclusions or recommendations contained in this document are reasonably held or made as at the time of compilation. However, no warranty is made as to the accuracy or reliability of any estimates, opinions, conclusions, recommendations (which may change without notice) and, to the maximum extent permitted by law, GSAMF and its related bodies corporate disclaim all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from this document.

There can be no assurance that any targets stated in this presentation can be achieved. Please be advised that any targets shown are subject to change at any time and are current as of the date of this presentation only. Targets are objectives and should not be construed as providing any assurance or guarantee as to the results that may be realized in the future from investments in any asset or asset class described herein. If any of the assumptions used do not prove to be true, results may vary substantially. These targets are being shown for informational purposes only.

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.

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