Goldman Sachs Wealth Services LP

Item 5 – Fees and Compensation. The waiver by the Adviser is not intended to affect the nature of the
investment advice provided. The Adviser may, in its discretion, elect to charge (or reinstate) commissions
and mark-ups/mark-downs at any time. Clients enrolled in CPP generally pay execution fees for all
transactions executed by GS&Co. or a third party. However, currently, unless otherwise agreed, Execution
Charges for strategies managed by Ayco PMG or by a Wealth Advisor are generally waived, with the
exception of trader assisted executions. Please see the Wrap Brochure to the GS&Co. Form ADV Part 2A,
Appendix 1 for additional information regarding execution and other fees for wrap strategies.

Comprehensive Pricing Program. Clients with CPP will generally pay, as applicable, (i) an annual advisory
fee that compensates the Adviser for providing investment advisory services; (ii) fees that compensate the
Managers of each Managed Strategy in the client’s account (“Managed Strategy Fees”); and (iii) custody
and Execution Charges (as defined below). Except as discussed below, the maximum advisory fee for CPP
is generally 1.50%. The advisory fee is charged at an annualized rate as agreed in the fee schedule in the
application that a client submits to open their Advisory Account, as amended from time to time in writing.
Generally, CPP has certain diversification requirements and is more appropriate for clients who will invest
across a number of asset classes. Whether a client will pay more or less with a CPP pricing model or a
strategy-based advisory fee model depends on a number of factors, including the services provided, client
preference, size of the client’s account, the client’s particular financial needs and circumstances and the
fees charged. The strategy-based pricing model generally provides for lower fee rates on certain asset
classes versus others, so that a client whose investments are primarily in such lower fee asset classes may
have fees that are lower than those of another client who participated in CPP who may have a similar asset
allocation.

Managed Strategy Fees, if applicable, begin accruing in Advisory Accounts that agree to CPP when assets
in an Advisory Account are allocated to a Managed Strategy. The description of Managed Strategy Fees
herein is meant to provide a general understanding of how Managed Strategy Fees are charged. The terms
of a particular Managed Strategy Fee charged by a portfolio manager are subject to the terms of each
portfolio manager’s brochure. The advisory fee for advice on certain types of arrangements will be billed
directly to the client or debited from another account for the client. For Separately Managed Accounts where
an Affiliated Manager serves as manager, Managed Strategy Fees are waived. Managed Strategy Fees
are disclosed to clients in the Comprehensive Pricing Program Portfolio Manager Fee Summary available
at https://goldman.com, or available to clients upon request to their Wealth Advisor.

Strategy-based fees. For Advisory Accounts (except for Retirement Accounts) that custody at Fidelity
clients generally pay strategy-based investment advisory fees that are set forth on the fee schedule
attached as Appendix A based on assets under management in the particular strategy.

Clients who elect GS&Co. custody agree to a specific fee for each Managed Strategy or if they choose to
participate in the Discretionary Management Selection (“DMS”) program, will agree to a fee schedule based
on the sub-asset class classification of each strategy.

Absent special circumstances, the fees set forth in the Appendices represent the current maximum advisory
fees for Advisory Accounts. The actual advisory fee paid by each client is set forth on the applicable fee
schedule agreed to by the client and may vary from those in the fee schedules herein. A client could pay
more or less than other clients invested in similar strategies or products.

From time to time for DMS, Goldman Sachs reclassifies Managed Strategies from one sub-asset class to
another sub-asset class. In these instances, clients who have elected to participate in the DMS program
may experience a change in the fee rate depending on the nature of the sub-asset class reclassification.
Upon notice to the client of a reclassification, if the fee rate associated with the new sub-asset class
classification differs (higher or lower) from the fee rate associated with the previous sub-asset class
classification, the client’s fee rate on the strategy will increase or decrease accordingly so long as the client
has a fee schedule on file for that sub-asset class. If a strategy is reclassified and a client in the DMS
program has not previously agreed to the new sub-asset class as part of the program, the client must agree
to include the new sub-asset class and related fee in the relevant program to maintain their investment in
the strategy. Clients who have elected not to participate in the DMS program will not experience a change

in the fee rate (higher or lower) as they agree to fees for each Managed Strategy and not to fees for sub-
asset classes. The applicable fee applied to the account pursuant to the fee schedule is determined at the
time of initial investment. Notwithstanding different fee tiers for asset ranges set forth in the pertinent fee
schedule, fees are not adjusted in connection with any subsequent increases or decreases in investment
size for existing strategies, unless specifically negotiated. The foregoing will also apply to those clients who
continue to participate in the Verbal Manager Selection program that the Adviser no longer offers.

The Adviser charges a custody fee for certain accounts in the strategy-based pricing model that do not also
pay a separate counseling fee for operational and administrative support for Advisory Accounts. The
custody fee is generally based on the client’s relationship with GS&Co. and the amount of assets under
...

ITEM 7 – TYPES OF CLIENTS
Clients primarily include high-net-worth individuals. On a more limited basis, clients include privately held
corporations, partnerships or limited liability companies, trusts, estates, charitable organizations and other
institutional investors.

Financial Planning

Financial Planning is typically provided to individuals who enter into Financial Planning agreements directly
with the Adviser or receive Financial Planning through programs sponsored by Corporate Partners or
through such other arrangements as approved in writing by the Adviser. On a limited basis, the Adviser
provides Financial Planning directly to trusts pursuant to agreements entered into directly by the trust.

Investment Management

The Adviser generally provides Investment Management to high-net-worth individuals, who invest directly,
as individuals, or through private investment vehicles, such as privately held corporations, partnerships or
limited liability companies; profit sharing plans; trusts; estates; endowments; public charities; private
foundations; and charitable organizations. The Adviser provides Investment Management services to
institutional clients and charitable organizations, including the GS DAF, a 501(c)(3) public charity.

        Account Requirements for Advisory Accounts

To open or maintain an Advisory Account, clients are required to sign an Investment Management
Agreement that, among other things, describes the nature of the Investment Management authority granted
to the Adviser. The agreements may be different depending on a number of factors including the products
and services for which the client may be contracting and the Adviser and/or custodian that the client selects.
Clients select an investment objective for all accounts held in the same name to identify their investment
goals and risk tolerance for the account holder’s portfolio on the platform of the custodian selected by the
client.

Generally, the Adviser has no account minimums when it has been engaged for discretionary account
management. However, certain investment strategies available to clients have required minimums for

invested assets and are subject to minimum annual fees as detailed in the Appendices. In addition,
Adviser’s Personal Wealth offering generally requires clients to have assets under management with the
Adviser of at least $1,000,000 to receive Investment Management services. In certain cases, the Adviser
may waive or lower account minimums in its sole discretion.

Various investment advisers, including Managers, to whom the Adviser refers clients also impose various
minimum dollar values of assets as a condition for opening or maintaining accounts that may be negotiated
in the discretion of the Managers.

Account minimums are reviewed periodically and are subject to change. Upon giving notice to the Adviser,
or by contacting their account custodian directly, clients may make additions to or withdrawals from their
Advisory Accounts. If at any time the client’s account is less than the account minimum and/or household
size designated, the Investment Management agreement is subject to termination by the Adviser after
formal written notice is provided to the client. It should be expected that asset withdrawals impede the
achievement of a client’s investment objectives or goals. Account minimums are imposed for various
reasons including, but not limited to, the diminishing impact on the smaller allocations within a broadly
diversified portfolio, the impact of transaction costs on a smaller portfolio’s performance, the impact of a
smaller portfolio’s transaction costs on the total expense to manage the portfolio, and limitations on
securities that are available for purchase for smaller dollar amounts.

When a Financial Planning client or a Related Party elects to also receive Investment Management services
through the Adviser, Wealth Advisors are responsible for analyzing the financial needs of each particular
client and determining the suitability of the Investment Management services. Under delegated authority
from an affiliate, the Adviser manages accounts of its affiliates’ clients and will receive all or a portion of the
fee or other compensation the client pays such affiliate for such services, or the client may pay the Adviser
directly. In such cases, the client will have entered into an agreement with an affiliate and not the Adviser,
but the Adviser has responsibility for analyzing the financial needs, and determining that the Investment
Management services are suitable, for that client.

Generally, Investment Management or Financial Planning services provided by the Adviser are limited to
clients that are United States citizens or residents, or otherwise subject to United States tax laws. The
Adviser’s services may be limited for, or altogether unavailable to, clients, individuals, or entities that are
not United States citizens or that reside outside the United States.