Investment Goldman M achs ° . anagement Important Information — Investment Risks Division Currencies. Currency exchange rates can be extremely volatile, particularly during times of political or economic uncertainty. There is a risk of loss when an investor as exposure to foreign currency or are in foreign currency traded investments. Derivatives. Investments that involve futures, equity swaps, and other derivatives give rise to substantial risk and are not available to or suitable for all investors. Emerging Markets and Growth Markets. Investing in the securities of issuers in emerging markets and growth markets involves certain considerations, including: political and economic conditions, the potential difficulty of repatriating funds or enforcing contractual or other legal rights, and the small size of the securities markets in such countries coupled with a low volume of trading, resulting in potential lack of liquidity and in price volatility. Equity Investments. Equity investments are subject to market risk, which means that the value of the securities may go up or down in respect to the prospects of individual companies, particular industry sectors and/or general economic conditions. The securities of small and mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Fixed Income. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit/default, liquidity and interest rate risk. Any guarantee on an investment grade bond of a given country applies only if held to maturity. Futures. Security futures involve a high degree of risk and are not suitable for all investors. The possibility exists that an investor could lose a substantial amount of money ina very short period of time because security futures are highly leveraged. The amount they could lose is potentially unlimited and ca