The document discusses changing dynamics in corporate liquidity and short-term funding markets over the next 18 months. It notes that bank regulation will likely constrain bank balance sheets and shift the supply of short-term funding. Demand for short-term assets is expected to remain strong given improving corporate balance sheets and liquidity regulations. Regulation will impact both the supply and demand dynamics in short-term markets.

1. Changing Dynamics in the Corporate Liquidity Landscape
September 17, 2015
NOT FOR DISTRIBUTION TO THE GENERAL PUBLIC
Scott Gilbert: Senior Portfolio Manager, Goldman Sachs Asset Management
Synthia Seefried: Senior Cash Manager, Kimberly-Clark Corporation
Matt Roush: CTP, Manager, Cash & Treasury Operations, HollyFrontier Corporation
Goldman Sachs Asset Management

2. Matt Roush
Manager, Cash & Treasury Operations, HollyFrontier Corporation
Matt Roush is Manager, Cash & Treasury Operations at HollyFrontier Corporation. He has worked in
various Treasury and Credit roles within the company since 2010. Prior to joining HollyFrontier, Matt
served in various Credit roles at both Leggett & Platt, Inc. in Carthage Missouri and Love’s Travel Stops and
Country Stores headquartered in Oklahoma City.
Matt earned his Certified Treasury Professional (CTP) credential in January 2015. He graduated from
Missouri Southern State University with a BSBA and earned his MBA degree from Missouri State University
in Springfield, Missouri. He has been active with the Dallas Association for Financial Professionals since
2013 where he currently serves on the Board. Matt is based at HollyFrontier’s corporate office located in
Dallas, TX.
BIOGRAPHIES
1
Synthia Seefried
Synthia Seefried
Senior Cash Manager, Kimberly-Clark Corporation
Synthia Seefried is the Senior Cash Manager at Kimberly-Clark Corporation in Irving, TX. Synthia joined
Kimberly-Clark’s Treasury team in 2004 and began working with the cash management team in 2006. She
has been in her current role since 2009.
Synthia graduated from Criswell College in Dallas in 2000 and earned her Certified Treasury Professional
credential in December 2008. She is active with the Dallas Association for Financial Professionals where
she currently serves on the Board. She and her husband live in Dallas.

3. • $20 billion global company founded in 1872
• Products used by one-quarter of world’s population
• Products sold in more than 175 countries
• #1 or #2 position in 80 countries
• Strong global brands, including five billion-dollar brands:
2

4. Company
Overview:
-Headquartered in Dallas, Texas with operations throughout the Mid-Continental, Southwest, and Rocky Mountain Regions
-One of the largest independent petroleum refiners in the United States
-Through its subsidiaries, operates five complex refineries with 443,000 barrels per day of crude oil processing capacity
-Subsidiaries produce and market gasoline, diesel, jet fuel, asphalt, heavy products, and specialty lubricant products
-Owns a 39% interest in Holly Energy Partners, L.P. (NYSE: HEP), which includes the 2% general partner interest
YE 2014 Financial Highlights
-Sales and other revenues: $19.8 billion
-Cash and marketable securities: $1.04 billion
-Net Income attributed to HFC Stockholders: $281 million
-Total Assets: $9.2 billion
-HFC Stockholder Equity: $5.5 billion
-Employees: 2,686
3

5. 4
Table of Contents
I. What to Expect Over the Next 18 Months
II. Macro Themes
III. Creating a Game Plan
IV. New Products in a New World
V. Appendix

6. I. What to Expect Over the Next 18 Months

7. Regulation in 2015 and Beyond
Regulatory changes impacting short-term debt markets
Source: GSAM. As of September 2015
2017 20192018201620152014
Basel Committee On Banking Supervision (BCBS) Basel III implementation guidelines:
Capital Requirements Minimum Tier 1 Capital Standard
EURO MMF Reform
Proposed
Money Market Fund Regulation
Bank Regulation
Supplementary
Leverage Ratio
(US)
US MMF Reform
Implementation
Liquidity
Coverage Ratio
(US)
Binding Standards
Leverage Ratio Banks begin public reporting Binding Minimum Standard
Liquidity Coverage Ratio 60% 70% 80% 90% 100%
Net Stable Funding Ratio Binding Minimum Standard
What to Expect Over the Next 18 Months 6

8. 7
Regulation may influence Supply & Demand Technicals
 Leverage regulations will likely
constrain the size and growth of
financial institutions balance sheets
leading to lower funding needs.
 The demand for short dated
assets we believe will continue
to be strong given improving
corporate balance sheets, and
the regulatory requirements for
minimum levels of liquidity
 Liquidity Coverage
Requirements may increase the
demand for high quality assets
and reduce demand for short-
term funding.
 We believe regulation will
impact the funding profile of
financial institutions which will
shift the supply function. The
Net Stability Funding Ratio
seeks to establish a minimum
acceptable level of stable
funding based on the liability
profile of the institution.
Regulation
For illustrative purposes only. The economic and market forecasts presented herein have been generated by GSAM for informational purposes as of the date of this presentation. They are based on
proprietary models and there can be no assurance that the forecasts will be achieved. Please see additional disclosures at the end of this presentation.
Supply
Demand Liquidity
Leverage
What to Expect Over the Next 18 Months

9. Basel III Implementation
Leverage Ratio - Impact To Banks and Investors
Source: Basel Committee on Banking Supervision (BCBS) 2014, EU Commission & US Securities & Exchange Commission
1 Also encompasses Global Systemically Important Banks (GSIBs), a term referred to by EU and US regulators
Increaseddemandforbanks’balancesheet
Constrainedbankleverage
Impact To Liquidity InvestorsImpact To Financial Institutions
A measure to limit the risk of banks employing
excessive leverage
2015 2016 2017 2018
EU Capital Requirements
Directives “CRD” Deadline
Parallel run and reporting period Pillar 1
US Deadline Parallel run and reporting period Pillar 1
Leverage
Ratio
• The Leverage Ratio encourages banks to maintain
an efficient balance sheet. This could potentially
include the reduction of otherwise desirable, but lower-
yielding business such as repo and secured financing.
• Raising Tier 1 Capital may dilute existing shareholder
holdings (common equity issuance).
• A number of home state regulators are adding
supplementary leverage ratios, most notably in the US
and Europe, above the Basel minimum.
• Global Systemically Important Financial Institutions
(GSIFI1s), identified by home state regulators, typically
have much higher ratios and shorter implementation
times to adhere to.
• Reduced bank balance sheet availability for
investors. This is not limited to deposits and includes all
on- and off-balance sheet transactions.
• The value of an investor’s combined business to a
bank will decide how much balance sheet they will be
able to access.
If a bank wishes to enlarge its balance sheet,
it must increase its Tier 1 Capital
The value of an investor’s combined business
to a bank will decide how much balance sheet
they will be able to access.
What to Expect Over the Next 18 Months 8

10. 9
Trading Inventory will continue to be right sized.
Source: Company data, SNL Financial, Goldman Sachs Global Investment Research.
What to Expect Over the Next 18 Months
Fixed Income Currency and Commodities trading assets have declined meaningfully across the board…
…But banks are concentrating in what they do best (and exiting what they do worst)

11. 10
Corporate Balance Sheet Growth
December 2007 through December 2014
Annual Growth of Non-Financial Corporate Cash Balances (S&P 500)
Change by Industry Group (S&P 500)
Source: GSAM, Bloomberg. As of December 31, 2014.
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2007 2008 2009 2010 2011 2012 2013 2014
Billions($)
Consumer Disc. Consumer Staples Energy & Utilities Health Care Industrials Technology Materials Telecomm
$67
$50
$22
$177
$118
$475
$21 $15
0
100
200
300
400
500
Consumer Disc. Consumer Staples Energy & Utilities Health Care Industrials Technology Materials Telecomm
Billions($)
What to Expect Over the Next 18 Months

12. 11
Fixed Income Market Liquidity
Stricter bank regulation has reduced liquidity in fixed income markets, while bond funds
offering daily liquidity have grown.
What to Expect Over the Next 18 Months
Source: Deutsche Bank, Federal Reserve. As of April 2015
Dealers play a much smaller role in today’s bond market… …while daily liquidity vehicles have grown sharply
Source: Bloomberg, ICI. As of April 2015
Source: Deutsche Bank, TRACE. As of April 2015
…as corporate credit has always been relatively illiquid
Source: Bloomberg, Citigroup, Federal Reserve. As of May 27, 2015
Government bonds have seen the biggest change…
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
'03 '05 '07 '09 '11 '13 '15
$, trillions
Bond ETFs
Bond and Income Mutual Funds
$0
$1
$2
$3
$4
$5
$6
$0
$50
$100
$150
$200
$250
'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15
TrillionsBillions
Primary dealer non-Treasury holdings (left)
Corporate bonds outstanding (right)
-
5
10
15
20
'06 '07 '08 '09 '10 '11 '12 '13 '14 '15
% Treasury Trading Volume
(12-month average daily volume as % of market size)
Treasuries (including Fed holdings)
Treasuries (excluding Fed holdings)
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
'06 '07 '08 '09 '10 '11 '12 '13 '14 '15
% Credit Trading Volume
(12-month average daily volume as % of market size)
High Yield Investment Grade

13. II. Macro Themes

14. 13
Macro Themes
 Economic and policy divergence back in focus
– Growth in the US and UK again appears to be diverging from the Eurozone after a period of convergence
– As a result, markets are increasingly focused on incoming data as a guide to when the Fed and Bank of England may raise rates
 The Fed remains on track to raise rates this year; BoE rate hikes may come in 2016
– The US is nearing the Fed’s estimate of full employment and the Fed appears on track to raise rates this year
– Tighter financial conditions and sluggish wage growth may persuade the Fed to wait until December
– Stronger wage gains may be leading the Bank of England to consider a rate hike but we do not expect a move until 2016
 Eurozone growth may have peaked; ECB QE likely to continue until September 2016 or later
– Eurozone growth surprised to the upside early in 2015 but appears to have lost some momentum
– We believe inflation will undershoot ECB expectations, leading the ECB to continue QE through at least September 2016
 China slowdown is leading to divergence between EM and DM countries
– China’s economy appears to be slowing, creating downside risks for EM and DM economies geared to China
– Slower Chinese growth may have limited impact on the US unless market volatility spills over into the global financial system
Source: GSAM As of August 2015.
The economic and market forecasts presented herein are for informational purposes as of the date of this presentation. There can be no assurance that the forecasts will be achieved. Please see
additional disclosures at the end of this presentation.
Macro Themes

15. 14
Tighter US Financial Conditions May Keep the Fed Cautious
Fed officials continue to indicate a rate hike is likely this year, but limited inflation
pressure and tighter financial conditions may delay the first hike until December.
Macro Themes
Source: Bloomberg, Barclays US Corporate Index, as of July 2015
US financial conditions have tightened… …driven by US dollar strength
Source: Bloomberg. As of Aug. 3, 2015.
Source: Bloomberg. As of Aug. 3, 2015.
…and the rebound in US long-term interest rates
Source: Bloomberg. Goldman Sachs Financial Conditions Index. As of July 2015
…wider corporate credit spreads
98.5
99.0
99.5
100.0
100.5
101.0
'13 '14 '15
Index Financial Conditions Index
Financial Conditions Index including oil
Tighter
70
75
80
85
90
95
100
'13 '14 '15
Index
US Dollar Index
80
90
100
110
120
130
140
150
160
'13 '14 '15
Basis points
US Investment Grade Credit Spreads
1.5
2.0
2.5
3.0
'13 '14 '15
%
US 10-Year Yield

16. 15
China Appears to be Slowing
Although GDP data suggest China continues to grow at the government’s 7% target, a
number of indicators suggest the possibility of a deeper slowdown
Macro Themes
Source: Bloomberg, As of June 2015.
Manufacturing purchasing managers index… …electricity consumption
Source: Bloomberg. As of June 2015
Source: Bloomberg. As of June 2015
…and rail traffic
Source: Bloomberg, As of July 2015
…cement output
-30
-20
-10
0
10
20
30
40
'10 '11 '12 '13 '14 '15
% yoy
Cement Output
-10
-5
0
5
10
15
'13 '14 '15
% yoy
Electricity Consumption
-15
-10
-5
0
5
10
'13 '14 '15
% yoy
Rail Cargo Volume
47
48
49
50
51
52
53
'13 '14 '15
Index
Caixin Manufacturing PMI
Official Manufacturing PMI

17. 16
Residential Real Estate Metrics
Despite Mixed Headlines, Underlying Trends are Positive
Existing home sales rebounded in 2011-mid 2013;
despite tight inventories, sales of existing homes remains strong
New home sales have moved steadily higher,
although short-term volatility in the series is notable
Source: GSAM, Bloomberg, US Census Bureau, NAHB. Existing home sales and new home sales as of May 31, 2015; new housing starts as of June 30, 2015; homebuilder sentiment as of July 2015.
New housing starts are typically volatile, although the four-year trend
has seen an additional 600,000 units per year of housing construction
Homebuilder sentiment has remained above 50 (neutral)
since July 2014
4.0
4.2
4.4
4.6
4.8
5.0
5.2
5.4
5.6
2011 2012 2013 2014 2015
Annualized(SA,Million)
0.4
0.5
0.6
0.7
0.8
0.9
1.0
1.1
1.2
1.3
2011 2012 2013 2014 2015
Annualized(SA,Million)
0.2
0.3
0.3
0.4
0.4
0.5
0.5
0.6
2011 2012 2013 2014 2015
Annualized(SA,Million)
0
10
20
30
40
50
60
70
2011 2012 2013 2014 2015
SentimentIndex
Macro Themes

18. 17Macro Themes
As Fed Nears Liftoff, Data Will Drive Policy and Market Rates
Fed policy rate forecasts are now more in line with the market. We believe the
incoming data will drive the timing of the first rate hike and the direction of market
rates.
Source: Bloomberg. As of June 17, 2015. The economic and market forecasts presented herein are for informational purposes as of the date of this presentation. There can be no assurance that
the forecasts will be achieved. Please see additional disclosures at the end of this presentation. Market long-term estimate based on 30-year bond yield and five-year, five-year forward interest rate
swaps.
2014 2015 2016 2017 Longer Term
0
1
2
3
4
5
Market (Overnight Index Swaps)
Dec-14 Median
Mar-15 Median
Jun-15 Median
Minutes Jun-15

19. 18
1.5
2.0
2.5
3.0
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
%
Fixed Income Markets More Prone to Liquidity-Driven Volatility
Reduced liquidity has left markets more prone to episodes of price volatility that can
create risk but also create potential opportunity for longer-term investors.
Macro Themes
Source: Bloomberg. As of June 2015
10-Year US Treasury Yields 10-Year German Bund Yields
Source: Bloomberg. As of June 2015
Source: Bloomberg, As of June 2015
US High Yield Spreads
Source: Bloomberg. As of June 2015
Emerging Market Local Debt Yields
5.0
5.5
6.0
6.5
7.0
7.5
'13 '14 '15
%
0.0
0.5
1.0
1.5
2.0
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
%
300
350
400
450
500
550
600
'13 '14 '15
Basis Points

20. III. Creating a Game Plan

21. 20
Identifying Liquidity Characteristics
Source: GSAM. For illustrative purposes only. There is no guarantee that these objectives will be met.
Cash Flow Patterns and Investment Horizon
Time
DailyCashBalance
Primary Liquidity
Daily Liquidity On-Demand Liquidity
Secondary Liquidity Tertiary Liquidity
Investment horizon 0-6 months Less than 12 months 12 months or longer Indefinite
Cash flow volatility Very High High Low Very Low
Objective
Preservation of capital and
immediate liquidity
Preservation of capital
and liquidity
Enhanced return and
preservation of capital
Greater emphasis on
maximising return potential
Strategy
Traditional Money Market
Funds
Prime MMFs/Ultrashort
Duration Funds
Short Duration Broad Fixed Income
Distinguish between true
“daily liquidity”
(transactional cash on a
day-to-day basis), versus
“on-demand” liquidity,
where liquidity is
necessary at a particular
time but perhaps not
every day
Creating a Game Plan

22. 21
Current Market Environment
The Risk / Return Tradeoff in Liquidity Investing
 As investors balance the desire for principal stability, liquidity, and yield, it is important to
remember that typically the market only allows for two goals at any one time, at the give-up
of the third goal
 In today’s market environment in particular, where absolute rate levels in the shortest-
maturity, highest-quality investments in the Europe and the U.S. are so close to zero,
incremental yield involves stability and liquidity risk
Situation
 No tolerance for any price fluctuation or
principal loss
 Immediate or unpredictable liquidity
needs
Tradeoff
 Limit yield opportunity
 Desire for return of initial investment at
end of prescribed period, without
liquidity need in the interim
 Lock up liquidity expressly or risk price
loss if need liquidity (e.g., sell at a
loss)
 Desire for return with ability to redeem
on demand or with flexible timeline
 No price stability and possibility of loss
relative to initial investment
Source: GSAM. For illustrative purposes only. There is no guarantee that these objectives will be met
Stability
LiquidityYield
Stability
Liquidity
Stability
Yield
Yield Liquidity
Creating a Game Plan

23. 22
Managing Corporate Liquidity
Source; GSAM. For illustrative purposes only. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
Evolution of managing corporate liquidity
Introduction Growth Maturity Decline
Liquidity
Liquidity a key focus
Cash & Cash
Equivalents
Securitized Risk
Duration
Extension
Credit Risk
Higher beta strategies
 As balance sheet liquidity has increased, public and private companies have moved past accounting and regulatory concerns
and have sought strategies to diversify their portfolio risks.
Creating a Game Plan

24. IV. New Products in a New World

25. 2424
Market Environment Presents New Challenges
Regulation and central bank action pose threats
• Persistent low and even negative rates make liquidity investing more
challenging than ever.
• Investors will need to evaluate their investment objectives of principal
preservation, liquidity and yield as the historical approach to managing
liquidity may no longer work.
Zero interest rate policies make
achieving income goals difficult
• New bank regulations are changing financing dynamics and potentially
impact fixed income liquidity
• Changes may continue to impact bank balance sheet availability
Bank Regulatory Reform
• Cash investors will have to re-evaluate options in light of new MMF
requirements.
• Changes throw the “default option” of cash into chaos at the same time as
market disruption
Money Market Fund Regulatory
Reform
Source: GSAM.
New Products in a New World

26. 25
Clients need to assess their readiness and prepare for the new
environment.
Source: GSAM .
For Illustrative purposes only.
• Short term funding is being deemphasized with the
adoption of Basel III bank regulation. This potentially
has implications for bank balance sheet capacity.
• The availability of investment products traditionally used
by liquidity investors will change and investors need to
prepare for change.
• Products that provide optimal liquidity characteristics will
play an important role in investment portfolios.
Bonds Funds
& ETFs
Separately
Managed
Accounts
Bank
Solutions
The optimal asset allocation considers,
principal protection, liquidity and yield
enhancement, counterparty risk, and
diversification
Repo
Money
Market
Securities
New Products in a New World
Money
Market
Funds

27. Global Investment Policy
• All non-U.S. subsidiaries and affiliates’ strategic cash is invested with our IHB
• Operational cash investments of Kimberly-Clark Corporation and all subsidiaries/affiliates
must be denominated in the functional currency of the investing entity and be invested in
high grade short-term instruments which are subject to a minimum of price fluctuation
• While yield is a consideration in the selection of investments, safety of principal and liquidity
are the most important considerations
• Different Investors (KC Corp, IHB, RTC, Affiliates) have their own sections in the policy listing:
– Approved investment types
– Limits
– Approved counterparties
– Maximum maturities
– Other requirements
• Investment policy is approved by the Treasurer
2626

28. Investment
Policy
Investment Concerns
-Preservation of Capital
-Need for Daily Liquidity
-Constant NAV required in current IP
SCOPE
-This policy shall apply to Holly Frontier Corporation and all subsidiaries.
-Applies to cash managed in-house and cash with external managers, if any.
- Not applicable for benefit/retirement plan related investments.
OBJECTIVES (in order of priority)
- Safety of principal is foremost.
- Maintain liquidity sufficient to meet company’s projected cash requirements.
- Maximize after-tax return (net of fees) consistent with safety of principal and liquidity objectives.
PARAMETERS
- Permitted Investments
- Credit Quality
- Diversification / Concentration
-Maturity Restrictions
*The investment policy must be reviewed at least annually by the Treasurer and Treasury Manager, updated as appropriate with
concurrence by the CFO and approval of the revised policy by the CEO.
27

29. *Government funds will be defined as those that invest a minimum of 99.5% (formerly 80%) or more of their total assets in cash, government securities and/or repurchase agreements that are
collateralized solely by government securities or cash.
**Funds will no longer be permitted to use amortized cost accounting methodology like stable NAV funds, but consistent with the SEC’s expectations, the U.S. Department of the Treasury and the
Internal Revenue Service released two types of proposed tax guidance on July 23, 2014, allowing for simplified tax accounting method to track gains and as well as relief from the “wash sale” rules
for any losses on shares of a floating NAV money market fund.
Source: GSAM As of July 2015
SEC new Rule 2a-7 MMF Requirements
Requirements by Investor and Fund Type
Type of Investors Government
(including Treasury)
Prime
(Commercial Paper)
Municipal
(Tax-Exempt)
Institutional Funds
(all funds that are not retail funds)
Stable NAV
No Liquidity Fees / Redemption
Gates
ability to opt in if disclosed in
advance
Clarification that all government
funds must invest only in
government securities*
Floating NAV**
Liquidity Fees / Redemption
Gates
based on fund’s weekly liquidity
levels and at Board’s discretion
Floating NAV**
Liquidity Fees / Redemption
Gates
based on fund’s weekly liquidity
levels and at Board’s discretion
Retail Funds
(funds with policies and
procedures to limit investors to
natural persons)
Stable NAV
No Liquidity Fees / Redemption
Gates
ability to opt in if disclosed in
advance
Clarification that all government
funds must invest only in
government securities*
Stable NAV
Liquidity Fees / Redemption
Gates
based on fund’s weekly liquidity
levels and at Board’s discretion
Stable NAV
Liquidity Fees / Redemption
Gates
based on fund’s weekly liquidity
levels and at Board’s discretion
New Products in a New World 28

30. 29
Post Reform Liquidity Options
Solutions depend on product feature
Stability Liquidity Yield Other
Investor
Classification
Floating NAV
Liquidity Fees
Redemption
Gates
>T+0 Supply
constraints
AAA
Rated
Accounting
Treatment
(not cash &
cash equiv)
 Prime Money Market Fund
Institutional   TBD
Retail  TBD
 Tax-Exempt Money Market
Fund Institutional   TBD
Retail  TBD
 Government Money
Market Fund1
n/a  TBD
 Ultra-Short Duration Fund
n/a    
 Separately Managed
Accounts n/a   
Product
Landscape
Product FeaturesProduct Options
Non-MMF
OptionsNew2a-7MMFs
1Government MMFs have the option to voluntarily adopt the Liquidity Fee and/or Redemption Gate provisions, if previously disclosed to investor.
For illustrative purposes only. Source: GSAM. As of September 2015.
If longer than
90 days
 New Product Feature determined by either 2a-7 Requirements
or constraints from Market conditions
New Products in a New World

31. 3030
The Benefits of Separately Managed Accounts
• SMAs provide an opportunity to diversify existing portfolio risks, including
but not limited to credit, counterparty, and interest rate riskDiversification
• SMAs provide investors with the ability to optimize book yield for a desired
level of risk
• In the developed markets, where interest rates are near zero, investors
have increased their duration and credit risk to capitalize on opportunities
and earn higher levels of income
Opportunities for Increased Book
Yield
• In a SMA the cost of liquidity is borne by the investor versus a fund
structure where investor liquidity needs are shared
• As an investor’s liquidity profile changes, the SMA guidelines can be
tailored to meet needs
Liquidity
• SMAs provide a company with the ability to customize their investment
portfolio to match their risk profile, liability structure, or other unique
considerations
• Special consideration should be given for the accounting classification and
tax policy which might influence the portfolio structure
Customization & Transparency
Source: GSAM.
Diversification does not protect an investor from market risk and does not ensure a profit. There is no guarantee that these objectives will be met. Goldman Sachs does not provide accounting, tax
or legal advice. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
New Products in a New World

32. V. Appendix

33. 32
General Disclosures
This material is provided at your request solely for your use. It is not an offer or solicitation to buy or sell any securities.
The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used
as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s
account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.
This material has been prepared by GSAM and is not a product of Goldman Sachs Global Investment Research. The views and opinions expressed may differ from those of Goldman Sachs Global
Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current and GSAM has no obligation to provide any updates or changes. It
should not be relied upon in making an investment decision.
Option Adjusted Duration: A measure of the sensitivity of a bond’s price to interest-rate changes, assuming that the expected cash flows of the bond may change with interest rates.
Credit Adjusted Duration is a bond's option adjusted duration, adjusted for the bond's spread and the impact this may have on the bond's sensitivity to changes in interest rates.
"Yield to Worst (YTW)" is calculated by making worst-case scenario assumptions (excluding issuer default) on the bond by calculating the returns that would be received if provisions, including
prepayment, call, put, and sinking fund, are used by the issuer. YTW may be the same as YTM, but never higher. YTW does not represent the performance yield for the Fund.
Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities. It should not be assumed that investment
decisions made in the future will be profitable or will equal the performance of the securities discussed in this document.
Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These forecasts do not
take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts
are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These
forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to
provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
Confidentiality
No part of this material may, without GSAM’s prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee,
officer, director, or authorized agent of the recipient.
Appendix

34. 33
General Disclosures
THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL
TO DO SO.
The strategy may include the use of derivatives. Derivatives often involve a high degree of financial risk because a relatively small movement in the price of the underlying security or benchmark
may result in a disproportionately large movement in the price of the derivative and are not suitable for all investors. No representation regarding the suitability of these instruments and strategies
for a particular investor is made.
Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without
independent verification, the accuracy and completeness of all information available from public sources.
Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities
law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses)
that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. Investors should be aware that a determination of the tax
consequences to them should take into account their specific circumstances and that the tax law is subject to change in the future or retroactively and investors are strongly urged to consult with
their own tax advisor regarding any potential strategy, investment or transaction.
References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will
achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return
features, portfolio characteristics may deviate from those of the benchmark.
Index Benchmarks
Indices are unmanaged. The figures for the index reflect the reinvestment of all income or dividends, as applicable, but do not reflect the deduction of any fees or expenses which would reduce
returns. Investors cannot invest directly in indices.
The indices referenced herein have been selected because they are well known, easily recognized by investors, and reflect those indices that the Investment Manager believes, in part based on
industry practice, provide a suitable benchmark against which to evaluate the investment or broader market described herein. The exclusion of “failed” or closed hedge funds may mean that each
index overstates the performance of hedge funds generally.
This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions. It also pertains to past performance or is the basis for
previously-made discretionary investment decisions. This information should not be construed as a current recommendation, research or investment advice. It should not be assumed that
investment decisions made in the future will be profitable or will equal the performance of investments discussed in this document. Any mention of an investment decision is intended only to
illustrate our investment approach or strategy, and is not indicative of the performance of our strategy as a whole. Any such illustration is not necessarily representative of other investment
decisions. A complete list of past recommendations may be available on request. Please see additional disclosures.
This material has been prepared by GSAM and is not financial research nor a product of Goldman Sachs Global Investment Research. . It was not prepared in compliance with applicable provisions
of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may
differ from the views and opinions expressed by Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult
with their financial advisors before buying or selling any securities. This information should not be relied upon in making an investment decision. GSAM has no obligation to provide any updates or
changes.
Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date
of this presentation and may be subject to change, they should not be construed as investment advice.
© 2015 Goldman Sachs. All rights reserved. 169005.SA.OTU
Appendix