Goldman Sachs & Co LLC

Fees and Compensation.

From time to time, the activities of Affiliated Products may be restricted because of regulatory or other
requirements applicable to Goldman Sachs and/or its internal policies designed to comply with, limit the
applicability of, or otherwise relate to such requirements. External Products may or may not be subject to
the same or similar restrictions or requirements, and as a result may outperform Affiliated Products.

From time to time, Goldman Sachs (including GS&Co.) provides opportunities to Advisory Accounts to
make investments in Affiliated Products in which certain Advisory Accounts have already invested. Such
follow-on investments can create conflicts of interest, such as the determination of the terms of the new
investment and the allocation of such opportunities among Advisory Accounts. Follow-on investment
opportunities may be available to clients with no existing investment in the Affiliated Product, resulting in
the assets of an Advisory Account potentially providing value to, or otherwise supporting the investments
of, other Advisory Accounts. Advisory Accounts may also participate in re-leveraging, recapitalization and
similar transactions involving Affiliated Products in which other Advisory Accounts have invested or will
invest. Conflicts of interest in these and other transactions arise between Advisory Accounts with existing
investments in an Affiliated Product or Advisory Accounts liquidating their investment in the Affiliated
Product, on the one hand, and Advisory Accounts making subsequent investments in the Affiliated Product,
on the other hand, which have opposing interests regarding pricing and other terms. In addition, the
subsequent investments may dilute or otherwise adversely affect the interests of the previously invested
Advisory Accounts. The conflicts described in this paragraph apply equally to investments in External
Products. See Differing Advice and Competing Interests and Allocation of Investment Opportunities, above.

Goldman Sachs (including GS&Co.) creates, writes, sells, issues, invests in or acts as placement agent or
distributor of derivative instruments related to Affiliated Products such as pooled investment vehicles, or
with respect to underlying securities or assets of Affiliated Products, or which are otherwise based on, or
seek to replicate or hedge, the performance of Affiliated Products. Such derivative transactions, and any
associated hedging activity, may differ from and be adverse to the interests of Advisory Accounts. For
example, derivative transactions could represent leveraged investments in an investment fund in which
Advisory Accounts have an interest, and the leveraged characteristics of such investments could make it
more likely, due to events of default or otherwise, that there would be significant redemptions of interests
from such underlying fund more quickly than might otherwise be the case. Goldman Sachs, acting in
commercial capacities in connection with such derivative transactions, may in fact cause such a
redemption. Activities in respect of derivative transactions, and any associated hedging activity, may occur
as a result of Goldman Sachs’ adjustment in assessment of an investment or an Affiliated Manager or
Unaffiliated Manager based on various considerations, and Goldman Sachs will not be under any obligation
or other duty to provide notice to Advisory Accounts in respect of any such adjustment in assessment. See
Differing Advice and Competing Interests, above. See also Item 8, Options Risk.

Subject to applicable law, Goldman Sachs (including GS&Co.) or its clients (including Advisory Accounts
and Accounts formed to facilitate investment by Personnel) may invest in or alongside particular Advisory
Accounts that are invested in Affiliated Products. These investments generally will be on terms more
favorable than those of an investment by Advisory Accounts in such Affiliated Products and may constitute
a substantial percentage of the assets of such Affiliated Products, resulting in particular Advisory Accounts
being allocated a smaller share of the investment than would be the case absent the side-by-side
investment. Unless provided otherwise by agreement to the contrary, Goldman Sachs, its Personnel and
its clients may redeem or withdraw interests in these Affiliated Products at any time without notice or regard
to the effect on the portfolios of Advisory Accounts invested in the Affiliated Product and adversely affect
such Advisory Accounts. Substantial requests for redemption or withdrawal by Goldman Sachs in a
concentrated period of time could require an Affiliated Product to liquidate certain of its investments more
rapidly than otherwise desirable in order to raise cash to fund the redemptions or withdrawals, adversely
affecting the Affiliated Product and its investors, including Advisory Accounts. See Differing Advice and
Competing Interests, above, and Firm Policies, Regulatory Restrictions and Certain Other Factors Affecting
Advisory Accounts, below.

It should be expected that the various types of investors in and beneficiaries of Affiliated Products, including
Goldman Sachs and its affiliates, will have conflicting investment, tax and other interests with respect to
their interest in the Affiliated Products. When considering a potential investment for an Affiliated Product,
Goldman Sachs will generally consider the investment objectives of the Affiliated Product, not the
investment objectives of any particular investor or beneficiary. Goldman Sachs makes decisions, including
with respect to tax matters, from time to time that will be more beneficial to one type of investor or beneficiary
than another, or to GS&Co. and its affiliates than to investors or beneficiaries unaffiliated with GS&Co. In
addition, Goldman Sachs faces certain tax risks based on positions taken by an Affiliated Product, including
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Types of Clients

Many of PWM’s clients are individuals who invest their assets with PWM directly as individuals or through
private investment vehicles, such as privately held corporations, partnerships, limited liability companies,
or trusts, and estates of such clients. PWM also provides investment advisory services to institutional
clients, including charitable organizations, pension plans, corporations, insurance companies who may be
offering wrappers to individual clients, and other business entities.

Account Requirements

GS&Co. generally requires clients to have assets with GS&Co. of at least $10 million. To open an Advisory
Account at GS&Co., clients must have at least $1,100,000 under the management of GS&Co. or have a
net worth of more than $2,200,000 (including assets held jointly with a spouse).

To open or maintain an Advisory Account with GS&Co., clients are required to sign an investment advisory
agreement, that, among other things, describes the nature of the investment advisory authority granted to
GS&Co. All clients select an investment objective and provide portfolio goals for all Accounts held in the
same name, both of which reflect their investment goals and risk tolerance for that account holder’s portfolio
with GS&Co.

Advisers who provide services through Goldman Sachs Wealth Services may access tools, analysis, and
other inputs provided by our advisory affiliates.