Introduction This Brochure describes the financial planning, investment management, and related advisory and supporting services offered by Goldman Sachs Ayco. Goldman Sachs Ayco, together with various affiliates described in this Brochure, comprise the wealth management business of Goldman Sachs Asset & Wealth Management (“Asset and Wealth Management”) that perform investment advisory and other services on behalf of the wealth management businesses. For purposes of this Brochure, Goldman Sachs Ayco’s advisory personnel will be collectively referred to herein as “Wealth Advisors.” Wealth Advisors are, to the extent required, registered investment adviser representatives of Goldman Sachs Ayco. Wealth Advisors generally are also broker-dealer registered representatives of Goldman Sachs & Co. LLC (“GS&Co.”). In some circumstances, Wealth Advisors may also be registered representatives of Goldman Sachs Ayco’s affiliate, Mercer Allied Company, L.P. (“Mercer Allied”). Mercer Allied and GS&Co. are broker-dealers registered with the SEC. Not all Wealth Advisors provide the same services to clients. Goldman Sachs Ayco provides financial planning, sometimes referred to as financial counseling (“Financial Planning”) and/or investment management (“Investment Management”) services nationally to a wide- ranging client base as described in more detail below. Clients engage with Goldman Sachs Ayco through various channels including through corporate/employer-sponsored programs that make Financial Planning and/or Investment Management available to their eligible employees, and through arrangements with affinity or membership associations and organizations, plan recordkeepers or other organizations through which Goldman Sachs Ayco may offer its services to members and participants, or to their clients or users, as applicable. Such employers, associations and organizations, or other entities are referred to as “Corporate Partners” within this Brochure. Clients may also come to engage with Goldman Sachs Ayco as a result of affiliate and third-party referrals or directly, or through certain arrangements with community- based or charitable organizations (such community-based or charitable organizations being referred to herein as “Community-Based Partners”). Goldman Sachs Ayco has been a registered investment adviser with the SEC since 1994. Goldman Sachs Ayco is headquartered in Cohoes, NY and operates through offices located in Atlanta, GA, Austin, TX, Boston, MA, Boulder, CO, Canonsburg, PA, Charleston, SC, Chicago, IL, Dallas, TX, Deerfield, IL, Houston, TX, Irving, TX, Miami, FL, Minneapolis, MN, Newport Beach, CA, New York, NY, Parsippany, NJ, Philadelphia, PA, San Francisco, CA, Saratoga Springs, NY, Seattle, WA, Troy, MI, Washington, DC, West Palm Beach, FL, and Westport, CT. For certain offices Goldman Sachs Ayco offers advisory services in offices of its affiliate GS&Co. Goldman Sachs Ayco’s principal owner is The Goldman Sachs Group, Inc. (“GS Group”), a publicly traded bank holding company and financial holding company under the Bank Holding Company Act of 1956, as amended, and a worldwide, full-service financial services organization. GS Group, Goldman Sachs Ayco, GS&Co., and their respective affiliates, directors, partners, trustees, managers, members, officers, and employees are referred to collectively herein as “Goldman Sachs.” The financial planning, investment management, and related advisory and supporting services offered by

Goldman Sachs Ayco do not constitute tax, legal, or accounting advice. Clients should consult with their own legal, tax, and accounting professionals. Clients that transitioned from PWM or GS PFM to Goldman Sachs Ayco and their related accounts receive products and services in connection with Financial Planning, Investment Management and related services on a legacy basis that are not made available to other clients of Goldman Sachs Ayco. This includes access to different products (including products subject to different reviews) as well as different fee arrangements. Financial Planning Goldman Sachs Ayco offers Financial Planning to clients as an independent service or as part of another service offering. Certain aspects of Financial Planning include delivery of investment advice as defined by the Investment Advisers Act of 1940, as amended (“Advisers Act”), in which Goldman Sachs Ayco acts as fiduciary under the Adviser’s Act. Financial Planning varies among Wealth Advisors, clients, and the tools utilized by Wealth Advisors, as explained in more detail in Item 4 – Tools for Financial Planning; Tailoring Financial Planning below. Not all clients receive Financial Planning. Goldman Sachs Ayco also provides other types of information and education about the financial markets, asset allocations, financial planning illustrations and the advantages and risks of particular investments that do not constitute investment advice or recommendations, including when providing general information and education about issues and options that should be considered when deciding whether to implement aspects of a Financial Planning. Financial Planning generally focuses on planning related to compensation and employment benefits, cash- flow, retirement, estate, insurance, investment, philanthropic, and tax, as may be appropriate. Depending on the level of service, Financial Planning is provided to the client either through meetings or digitally whereby the Wealth Advisor and the client will work together to develop a written or verbal financial plan and, with client cooperation, will endeavor to review risk profiles and objectives with clients no less than annually and update the financial plan to account for changes in the client’s situation. Goldman Sachs Ayco clients are not required to implement their financial plans through products and services offered by Goldman Sachs Ayco or its affiliates (each in their capacities as asset managers, insurance agencies, a bank or broker-dealers, as applicable). Clients who elect to implement any portion of their financial plans through Goldman Sachs Ayco or its affiliates generally do so by entering into separate agreements with Goldman Sachs Ayco or an affiliate. Wealth Advisors may refer clients to implement their financial plans through Goldman Sachs Ayco or an affiliate, which creates a conflict of interest. See Item 14 – Client Referrals and Other Compensation and Item 5 – Fees and Compensation. Goldman Sachs Ayco does not have discretion over specified client assets as part of Financial Planning but may have discretion as part of Investment Management as described below in Item 4 – Investment Management Services. Corporate Partners often have other relationships with Goldman Sachs as vendors, partners, or clients and they, their employees, or participants may receive benefits or preferential fees or rates as a result of such other relationships. See