GOLDMAN SACHS ASSET MANAGEMENT, L.P.

GSAM's advisory business encompasses a wide range of services tailored to meet the diverse needs of their clients. These services include portfolio construction, evaluation, rebalancing, asset allocation, risk assessment and management, liquidity management, diversification solutions, customized hedging, tactical investments, credit analysis, review of investment and co-investment opportunities, investment structuring, reporting and accounting services, and the review, selection, and oversight of third-party managers. GSAM also offers specialized services such as retirement plan consulting, solutions for life, health, property, and casualty reinsurers and reinsurance clients, and the negotiation and administration of Stable Value Contracts.

GSAM and its investment teams offer a broad range of products across asset classes, regions and the risk spectrum. These investment teams use a variety of proprietary and non-proprietary analysis and data to evaluate investment options and formulate investment advice for Advisory Accounts. The methods of analysis and particular account characteristics will vary depending on the particular investment strategy offered, but may include fundamental or quantitative analysis. The team establishes a “risk budget” or range that a particular Advisory Account may deviate from its respective benchmarks with respect to sector allocations, country allocations, securities selection and, to a lesser extent, duration. Following analysis of risk and return objectives, the team allocates the overall risk budget to each component strategy to seek to optimize potential return. Strategy teams generate investment ideas within their areas of specialization. Generally, there are top-down strategy teams responsible for cross-sector, duration, country and currency decisions and bottom-up strategy teams that formulate sub-sector allocation and security selection decisions.

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