Goldman Sachs Motif Aging of America Dynamic Balance Index

Transcription

1 INDEX INFORMATION Blmberg Ticker GSMOAADB RIC.GSMOAADB Index Spnsr Gldman, Sachs & C. Currency USD Number f Underliers Maximum 3 Assets Daily Vlatility Cap 5.00% Daily Vlatility Target 5.00% Calculatin Agent Slactive AG Index Launch Date August 15, 2018 Index Type Excess Return Base Value / Base Date / JUL 31, 2007 Strategy Overview Created by Gldman Sachs & C. (the Index Spnsr ), the Gldman Sachs Mtif Aging f America Dynamic Balance Index ( the Index ), dynamically allcates t equities, as represented by the Mtif Aging f America Index (the Underlying Equity Index ) and U.S. Fixed Incme, as represented by a 10Year U.S. Treasury Rlling Futures Index (the Underlying Fixed Incme Index ), in additin t a hypthetical cash investment (the Mney Market Psitin ). The Mtif Aging f America Index (Blmberg Ticker: Index) seeks t prvide targeted expsure t cmpanies in the healthcare and real estate sectrs that may benefit frm the lngterm demgraphic shift twards an lder ppulatin in the United States. Additinal infrmatin n the Mtif Aging f America Index can be fund at 10Year U.S. Treasury Rlling Futures Index (Blmberg Ticker: Index) is a fixed incme benchmark. The Mney Market Psitin reflects the returns accruing n a hypthetical cash investment in a ntinal mney market accunt denminated in U.S. dllars that accrues interest at the ntinal interest rate, which is equal t the Federal Funds rate. A Vlatility Target f 5% is applied t the Underlying Equity Index and the Underlying Fixed Incme Index in rder t target an equal risk allcatin between these tw cmpnents. Any residual value (such that weights sum t 100%) will be allcated t the Mney Market Psitin and any cst f leverage charged at the rate f the Mney Market Psitin. This is called the Base Index. The daily target weights fr the Underlying Equity Index and Underlying Fixed Incme Index is based n the average f their respective daily histrical vlatilities acrss the predetermined lk back perids including; 3mnths, 6mnths and 9mnths. A daily mmentum signal is als applied t nly the Underlying Fixed Incme Index. The signal is based n daily histrical returns acrss the predetermined lk back perids; 3mnths, 6mnths and 9mnths, with the aim f reducing the allcatin t the Underlying Fixed Incme Index if the mmentum signal is nt psitive. This allcatin framewrk will generally result in higher weighting t cmpnents exhibiting lwer histrical vlatility and lwer weighting t cmpnents exhibiting higher histrical vlatility. The sum f the weights f the tw Underlying Indices in the Base Index will be less than r equal t a maximum weight f 150%, subject t runding cnventins. The Base Index is rebalanced n a daily basis. The final daily weight f each cnstituent in the Base Index is the average f the target weights ver the previus 22day perid. The Index has a Vlatility Cap f 5.00% and is measured n a daily basis. T the extent the Vlatility Cap is exceeded, as measured by the 1mnth histrical vlatility f the Base Index, (using the cnstituents weights n the given day), a prrata prtin f the Base Index is allcated t the deleverage psitin (Mney Market Psitin). The Index is calculated n an excess return basis ver the sum f (i) a ntinal cash depsit at Fed Funds, cmpunded daily and (ii) an index cst f 0.75% per annum (accruing daily).

2 INDEX COMPOSITION ASSET CLASS NAME Mney Market TICKER Mney Market Psitin MIN WEIGHT MAX WEIGHT 50% 100% Equity Mtif Capital Aging f America Index 0% 150% Bnds US Gvernment Bnd Futures Rlling Strategy Index 0% 150% INDEX PERFORMANCE VS. INDIVIDUAL ASSET CLASS SPECIFIC ETFs SINCE July 2007¹ 160% Index Live Date 140% 120% 100% 80% 60% 40% Jan2008 Jan2010 Jan2012 Gldman Sachs Mtif Aging f America Dynamic Balance Index Jan2014 US Bnds (AGG) Jan2016 Jan2018 US Equities (SPY) ¹ Hypthetical and actual index returns are nt indicative f future results. The Index is nt actively managed. Hypthetical data reflects applicatin f index methdlgy and selectin f index cmpnents with the benefit f hindsight. N hypthetical can cmpletely accunt fr the impact f financial risk in actual trading. Many factrs nt accunted fr can affect actual perfrmance. Cmpnent indexes are spnsred by Gldman Sachs r Mtif, unless labeled therwise. The index has a 0.75% embedded yearly expense that reflects csts assciated with replicating the index. The hypthetical index returns already reflect this expense. Surce: Gldman Sachs Securities Divisin. Data ranging frm July 31, 2007 t March 29, Prir t August 15, 2018, perfrmance data is backtested fr the Gldman Sachs Mtif Aging f America Dynamic Balance Index. The Mtif Capital Aging f America Base Index is backtested until June , realized thereafter. Backtesting analysis/simulated results are fr illustrative purpses nly. Gldman Sachs prvides n assurance r guarantee that the strategy will perate r wuld have perated in the past in a manner cnsistent with the abve backtesting analysis. Backtested perfrmance may use slightly different data surces, apprximatin and limited differences in methdlgy t thse prescribed in the strategy disclsure dcument. Surce: Gldman Sachs Securities Divisin.

3 COMPOSITION WEIGHTINGS OF THE BASE INDEX Start f mnth Weighting Weighting as f last mnth Mtif Capital Aging f America Index 18.7% Mtif Capital Aging f America Index 19.2% US Gvernment Bnd Futures Rlling Strategy Index 80.8% US Gvernment Bnd Futures Rlling Strategy Index 81.3% Mney Market Psitin Apr % 121.2% Mar % 121.9% This rebalancing may cntinue subsequent t the date f this disclsure statement supplement. Rebalancing may affect the perfrmance f the index. HISTORICAL WEIGHTINGS WITHIN THE BASE INDEX² ROLLING 6MONTH REALIZED VOLATILITY (p.a.)² 60% 55% 50% 45% 40% 35% Gldman Sachs Mtif Aging f America Dynamic Balance Index US Bnds (AGG) US Equities (SPY) 30% 25% 20% 15% 10% 5% 0% Jan2010 Jan2012 Jan2014 Jan2016 Jan2018 ² Hypthetical and actual index returns are nt indicative f future results. The Index is nt actively managed. Hypthetical data reflects applicatin f index methdlgy and selectin f index cmpnents with the benefit f hindsight. N hypthetical can cmpletely accunt fr the impact f financial risk in actual trading. Many factrs nt accunted fr can affect actual perfrmance. Cmpnent indexes are spnsred by Gldman Sachs r Mtif, unless labeled therwise. The index has a 0.75% embedded yearly expense that reflects csts assciated with replicating the index. The hypthetical index returns already reflect this expense. Surce: Gldman Sachs Securities Divisin. Data ranging frm July 31, 2007 t March 29, Prir t August 15, 2018, perfrmance data is backtested fr the Gldman Sachs Mtif Aging f America Dynamic Balance Index. The Mtif Capital Aging f America Base Index is backtested until June , realized thereafter. Backtesting analysis/simulated results are fr illustrative purpses nly. Gldman Sachs prvides n assurance r guarantee that the strategy will perate r wuld have perated in the past in a manner cnsistent with the abve backtesting analysis. Backtested perfrmance may use slightly different data surces, apprximatin and limited differences in methdlgy t thse prescribed in the strategy disclsure dcument. Surce: Gldman Sachs Securities Divisin.

4 STATISTICS³ Gldman Sachs Mtif Aging f America Dynamic Balance Index US Bnds (AGG) US Equities (SPY) Effective Perfrmance (1M) 2.60% 2.12% 1.81% Effective Perfrmance (6M) 1.87% 5.43% 1.11% Effective Perfrmance (1Y) 6.64% 5.15% 12.72% Effective Perfrmance (3Y) 10.67% 6.65% 50.12% Effective Perfrmance (5Y) 20.18% 14.99% 71.79% Perfrmance since Jul 2007 (p.a.)⁴ 4.94% 4.04% 8.34% Vlatility (p.a.) (since Jul 2007)⁴ ⁵ 4.89% 6.97% 33.95% % 12.84% 55.19% AS OF MAR Return ver Risk (since Jul 2007)⁶ Maximum Drawdwn (since Jul 2007)⁷ ³ Hypthetical and actual index returns are nt indicative f future results. The Index is nt actively managed. Hypthetical data reflects applicatin f index methdlgy and selectin f index cmpnents with the benefit f hindsight. N hypthetical can cmpletely accunt fr the impact f financial risk in actual trading. Many factrs nt accunted fr can affect actual perfrmance. Cmpnent indexes are spnsred by Gldman Sachs r Mtif, unless labeled therwise. The index has a 0.75% embedded yearly expense that reflects csts assciated with replicating the index. The hypthetical index returns already reflect this expense. Surce: Gldman Sachs Securities Divisin. Data ranging frm July 31, 2007 t March 29, Prir t August 15, 2018, perfrmance data is backtested fr the Gldman Sachs Mtif Aging f America Dynamic Balance Index. The Mtif Capital Aging f America Base Index is backtested until June , realized thereafter. Backtesting analysis/simulated results are fr illustrative purpses nly. Gldman Sachs prvides n assurance r guarantee that the strategy will perate r wuld have perated in the past in a manner cnsistent with the abve backtesting analysis. Backtested perfrmance may use slightly different data surces, apprximatin and limited differences in methdlgy t thse prescribed in the strategy disclsure dcument. Surce: Gldman Sachs Securities Divisin. ⁴ Calculated n a per annum percentage basis. ⁵ Calculated n the same basis as realized vlatility used in calculating the index. ⁶ Calculated by dividing the annualized perfrmance by the annualized realized vlatility since July ⁷ The largest percentage decline experienced in the relevant measure frm a previusly ccurring maximum level.

5 DISCLAIMER There is n guarantee that the index will nt underperfrm sme r all f the underlying assets. In particular, the index may have a significant weight in ne f thse assets at the time f a sudden drp, r n expsure t ne f thse underlyings at a time it has a strng perfrmance. Different indices with a different set f underlying assets may significantly utperfrm the selected index. Fr parts f the backtesting perid, the underlying assets shwed in this presentatin have had strng perfrmances. Backtested and past perfrmance figures are nt a reliable indicatr r guarantee f future results. The index is nt actively managed and GS des nt exercise discretin in cnstructing, calculating r executing the strategy. Fr further infrmatin and disclsure abut the strategy, including relevant risk factrs, please refer t the related transactin dcumentatin. The index was launched n August 15, The Index is calculated and published by the Calculatin Agent. The Calculatin Agent uses its best effrts t ensure that the Index is calculated crrectly. The Calculatin Agent des nt warrant the accuracy r cmpleteness f any infrmatin cntained herein. Irrespective f its bligatins twards any issuer f a financial instrument linked t the index, the Calculatin Agent has n bligatin t pint ut errrs in the Index t third parties including but nt limited t investrs and/r financial intermediaries f the financial instrument. The calculatin and publicatin f the Index by the Calculatin Agent fr the purpse f use in cnnectin with the financial instrument des nt cnstitute a recmmendatin by the Calculatin Agent t invest capital in said financial instrument nr des it in any way represent an assurance r pinin f the Calculatin Agent with regard t any investment in this financial instrument. The financial instrument is nt spnsred, prmted, sld r supprted in any ther manner by Slactive AG (the "Calculatin Agent") nr des the Calculatin Agent ffer any express r implicit guarantee r assurance either with regard t the results f using the Index and/r Index trade mark r the Index Price at any time r in any ther respect. The Index is calculated and published by the Calculatin Agent. The Calculatin Agent uses its best effrts t ensure that the Index is calculated crrectly. The Calculatin Agent des nt warrant the accuracy r cmpleteness f any infrmatin cntained herein. Irrespective f its bligatins twards the Issuer, the Calculatin Agent has n bligatin t pint ut errrs in the Index t third parties including but nt limited t investrs and/r financial intermediaries f the financial instrument. The calculatin and publicatin f the Index by the Calculatin Agent fr the purpse f use in cnnectin with the financial instrument des nt cnstitute a recmmendatin by the Calculatin Agent t invest capital in said financial instrument nr des it in any way represent an assurance r pinin f the Calculatin Agent with regard t any investment in this financial instrument. Gldman Sachs des nt warrant the accuracy r cmpleteness f any infrmatin cntained herein and prvides n assurance that this infrmatin is, in fact, accurate. The infrmatin cntained herein is subject t change withut ntice. Any representatins, prjectins and cmparisns cntained herein may nt reflect the pinins f Gldman Sachs and may nt be accurate either nw r at a future date. Cnsequently, yu shuld nt rely n such representatins, prjectins, cmparisns r ther pinins when selecting any investment prduct r making a recmmendatin t a custmer. Current and future ecnmic and ther market events cncerning an investment prduct r an index may cause the infrmatin prvided herein t be incrrect. Past perfrmance is nt indicative f future results and shuld never be relied upn in making an investment decisin r recmmendatin. Any investments r strategies referenced herein d nt take int accunt the investment bjectives, financial situatin r particular needs f any specific persn. Prduct suitability must be independently determined fr each individual investr. Gldman Sachs explicitly disclaims any respnsibility fr prduct suitability r suitability determinatins related t individual investrs. The Gldman Sachs Mtif Aging f America Dynamic Balance Index (the Index ) is a Gldman Sachs wned index. Mtif is a registered trademark f Mtif Investing, Inc. ( Mtif Investing ) and has been licensed fr use by Mtif Capital Management Inc. ( Mtif Capital ) and sublicensed fr certain purpses by Gldman Sachs. The Index is nt spnsred, endrsed, sld r prmted by Mtif Investing, Mtif Capital r their respective affiliates r make any representatin regarding the advisability f investing in the Index. Mtif Capital s nly relatinship t Gldman Sachs with respect t the Index is the licensing f the Mtif trademark. The Gldman Sachs Grup, Inc. wns a nncntrlling interest in Mtif Investing Inc., the index spnsr s ultimate parent cmpany. MOTIF CAPITAL DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. MOTIF CAPITAL SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. MOTIF CAPITAL MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY INVESTOR S IN THE INDEX, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL MOTIF CAPITAL BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE Gldman Sachs. All rights reserved DETAILED HISTORICAL COMPOSITION WEIGHTINGS OF THE INDEX RESULTING FROM DAILY VOLATILITY CONTROL⁸ 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Jan Jan Jan Jan Deleverage Psitin (Mney Market Psitin) Jan Jan Base Index ⁸ Hypthetical and actual index returns are nt indicative f future results. The Index is nt actively managed. Hypthetical data reflects applicatin f index methdlgy and selectin f index cmpnents with the benefit f hindsight. N hypthetical can cmpletely accunt fr the impact f financial risk in actual trading. Many factrs nt accunted fr can affect actual perfrmance. Cmpnent indexes are spnsred by Gldman Sachs r Mtif, unless labeled therwise. The index has a 0.75% embedded yearly expense that reflects csts assciated with replicating the index. The hypthetical index returns already reflect this expense. Surce: Gldman Sachs Securities Divisin. Data ranging frm July 31, 2007 t March 29, Prir t August 15, 2018, perfrmance data is backtested fr the Gldman Sachs Mtif Aging f America Dynamic Balance Index. The Mtif Capital Aging f America Base Index is backtested until June , realized thereafter. Backtesting analysis/simulated results are fr illustrative purpses nly. Gldman Sachs prvides n assurance r guarantee that the strategy will perate r wuld have perated in the past in a manner cnsistent with the abve backtesting analysis. Backtested perfrmance may use slightly different data surces, apprximatin and limited differences in methdlgy t thse prescribed in the strategy disclsure dcument. Surce: Gldman Sachs Securities Divisin.

6 DETAILED HISTORICAL MONTHLY PERFORMANCE⁹ YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC % 0.46% 2.60% % 1.76% % ANNUAL 1.15% 0.19% 0.72% 0.39% 1.65% 1.79% 0.13% 3.02% 1.90% 1.17% 0.72% 2.27% 0.07% 1.13% 0.79% 1.58% 0.13% 1.77% 0.53% 1.24% 0.61% 0.23% 6.65% 0.44% 0.07% 0.86% 0.80% 0.27% 2.99% 1.54% 2.21% 0.27% 3.01% 1.66% 0.47% 0.74% 2.82% 0.97% 0.70% 1.23% 0.59% 1.16% 2.15% 2.70% 0.17% 0.31% 0.90% 0.32% 0.37% % 2.29% 1.03% 0.55% 1.94% 0.72% 1.20% 3.26% 1.32% 2.85% 1.80% 0.32% 10.37% % 0.91% 1.95% 2.52% 2.81% 1.35% 1.79% 1.13% 1.20% 1.15% 0.72% 0.08% 7.07% % 0.39% 0.29% 1.18% 0.43% 2.12% 1.96% 0.41% 0.68% 0.80% 0.95% 0.67% 6.98% % 1.33% 0.54% 2.97% 2.09% 1.37% 0.93% 0.73% 0.56% 0.78% 0.60% 1.74% 8.68% % 0.37% 0.35% 0.12% 0.95% 1.72% 1.62% 1.56% 2.64% 0.74% 1.62% 0.14% 6.85% % 1.92% 1.94% 0.43% 0.35% 0.18% 1.60% 0.73% 0.47% 0.59% 2.93% 1.19% 1.74% % 0.28% 0.19% 1.59% 0.58% 0.46% 2.90% 1.30% 2.72% 3.26% 0.29% 3.31% 0.02% 0.00% 2.25% 1.60% 0.13% 3.39% 1.35% 6.09% 4.29% 2007 ⁹ Hypthetical and actual index returns are nt indicative f future results. The Index is nt actively managed. Hypthetical data reflects applicatin f index methdlgy and selectin f index cmpnents with the benefit f hindsight. N hypthetical can cmpletely accunt fr the impact f financial risk in actual trading. Many factrs nt accunted fr can affect actual perfrmance. Cmpnent indexes are spnsred by Gldman Sachs r Mtif, unless labeled therwise. The index has a 0.75% embedded yearly expense that reflects csts assciated with replicating the index. The hypthetical index returns already reflect this expense. Surce: Gldman Sachs Securities Divisin. Data ranging frm July 31, 2007 t March 29, Prir t August 15, 2018, perfrmance data is backtested fr the Gldman Sachs Mtif Aging f America Dynamic Balance Index. The Mtif Capital Aging f America Base Index is backtested until June , realized thereafter. Backtesting analysis/simulated results are fr illustrative purpses nly. Gldman Sachs prvides n assurance r guarantee that the strategy will perate r wuld have perated in the past in a manner cnsistent with the abve backtesting analysis. Backtested perfrmance may use slightly different data surces, apprximatin and limited differences in methdlgy t thse prescribed in the strategy disclsure dcument. Surce: Gldman Sachs Securities Divisin. DETAILED HISTORICAL COMPOSITION WEIGHTINGS OF THE BASE INDEX¹⁰ Mney Market Psitin Jul % 65.0% 9.5% Aug % 68.1% 12.5% Sep % 103.2% 43.9% Oct % 99.1% 38.1% Nv % 96.5% 35.2% Dec % 92.1% 30.7% Jan % 81.9% 20.5% Feb % 71.1% 6.9% Mar % 65.5% 2.5% Apr % 60.7% 8.3% May % 57.8% 12.3% Jun % 56.2% 12.3% Jul % 39.3% 27.7% Aug % 44.3% 22.8% Sep % 59.9% 7.4% Oct % 57.4% 12.1% Nv % 41.8% 38.4% Dec % 45.8% 39.5% Jan % 41.7% 46.3% Feb % 41.3% 46.7% Mar % 41.0% 46.0% Apr % 30.9% 55.7% May % 28.3% 58.3%

7 Mney Market Psitin Jun % 32.5% 53.1% Jul % 14.8% 67.7% Aug % 14.6% 66.1% Sep % 16.7% 62.1% Oct % 26.0% 48.8% Nv % 27.2% 44.0% Dec % 53.4% 17.2% Jan % 61.4% 8.1% Feb % 38.5% 28.2% Mar % 69.9% 3.1% Apr % 80.2% 15.0% May % 80.1% 17.8% Jun % 84.1% 20.2% Jul % 78.2% 6.9% Aug % 79.0% 6.2% Sep % 81.5% 8.9% Oct % 80.1% 8.5% Nv % 81.1% 9.8% Dec % 75.6% 6.2% Jan % 49.9% 16.5% Feb % 32.0% 31.3% Mar % 26.9% 34.3% Apr % 37.6% 20.2% May % 28.5% 30.6% Jun % 61.2% 2.8% Jul % 88.2% 29.9% Aug % 79.4% 19.9% Sep % 75.5% 2.8% Oct % 74.8% 3.7% Nv % 74.9% 5.3% Dec % 74.0% 6.4% Jan % 71.5% 8.5% Feb % 79.3% 0.2% Mar % 88.2% 12.5% Apr % 62.3% 6.6% May % 73.6% 6.9% Jun % 96.9% 31.9% Jul % 99.7% 37.1% Aug % 105.5% 42.0% Sep % 103.1% 40.4% Oct % 103.8% 43.9% Nv % 87.8% 29.3% Dec % 96.1% 37.6% Jan % 107.5% 46.8% Feb % 54.4% 4.9% Mar % 52.5% 5.1% Apr % 61.3% 2.4% May % 112.0% 48.4%

8 Mney Market Psitin Jun % 90.8% 27.4% Jul % 5.3% 55.7% Aug % 63.9% Sep % 62.5% Oct % 4.7% 55.9% Nv % 28.3% 29.8% Dec % 30.7% 28.8% Jan % 27.5% 30.7% Feb % 18.8% 36.5% Mar % 59.1% 0.5% Apr % 80.7% 21.1% May % 91.5% 31.1% Jun % 102.2% 40.4% Jul % 111.4% Aug % 110.7% Sep % 110.7% Oct % 110.6% 48.4% Nv % 112.8% Dec % 113.5% Jan % 112.3% 48.0% Feb % 110.9% 45.2% Mar % 104.8% 39.9% Apr % 95.7% 29.8% May % 93.7% 28.2% Jun % 79.9% 14.6% Jul % 57.5% 7.2% Aug % 36.0% 27.8% Sep % 70.8% 6.6% Oct % 85.8% 13.8% Nv % 89.5% 15.3% Dec % 52.6% 22.3% Jan % 59.7% 14.6% Feb % 60.2% 14.5% Mar % 96.4% 19.9% Apr % 96.0% 20.0% May % 101.4% 26.8% Jun % 90.0% 18.2% Jul % 103.3% 33.9% Aug % 99.8% 31.0% Sep % 100.4% 34.8% Oct % 92.5% 28.0% Nv % 72.2% 9.3% Dec % 36.9% 28.0% Jan % 65.7% Feb % 63.3% Mar % 3.2% 57.9% Apr % 21.9% 36.0% May % 34.1% 22.1%

9 Mney Market Psitin Jun % 47.5% 6.2% Jul % 68.7% 14.6% Aug % 71.5% 15.1% Sep % 97.3% 39.1% Oct % 97.8% 39.3% Nv % 90.7% 33.9% Dec % 67.9% 14.1% Jan % 41.4% 8.1% Feb % 14.9% 31.2% Mar % 57.7% Apr % 65.2% May % 68.8% Jun % 3.6% 64.2% Jul % 31.5% 34.5% Aug % 34.2% 29.6% Sep % 68.2% 6.6% Oct % 52.2% 7.6% Nv % 14.0% 43.4% Dec % 60.4% 6.4% Jan % 113.3% 41.0% Feb % 123.1% 49.7% Mar % 121.9% Apr % 121.2% ¹⁰ Hypthetical and actual index returns are nt indicative f future results. The Index is nt actively managed. Hypthetical data reflects applicatin f index methdlgy and selectin f index cmpnents with the benefit f hindsight. N hypthetical can cmpletely accunt fr the impact f financial risk in actual trading. Many factrs nt accunted fr can affect actual perfrmance. Cmpnent indexes are spnsred by Gldman Sachs r Mtif, unless labeled therwise. The index has a 0.75% embedded yearly expense that reflects csts assciated with replicating the index. The hypthetical index returns already reflect this expense. Surce: Gldman Sachs Securities Divisin. Data ranging frm July 31, 2007 t March 29, Prir t August 15, 2018, perfrmance data is backtested fr the Gldman Sachs Mtif Aging f America Dynamic Balance Index. The Mtif Capital Aging f America Base Index is backtested until June , realized thereafter. Backtesting analysis/simulated results are fr illustrative purpses nly. Gldman Sachs prvides n assurance r guarantee that the strategy will perate r wuld have perated in the past in a manner cnsistent with the abve backtesting analysis. Backtested perfrmance may use slightly different data surces, apprximatin and limited differences in methdlgy t thse prescribed in the strategy disclsure dcument. Surce: Gldman Sachs Securities Divisin.