Third Party Research

GSAM receives research services paid for with securities brokerage commissions (soft dollars) in accordance with Section 28(e) of the Securities Exchange Act of 1934, as amended. The services are received in connection with GSAM’s trading for all of its equity accounts and, thus, the value of the services cannot reasonably be allocated to any particular account. To the extent that any broker or research provider provides proprietary research, GSAM cannot place a value on that research, and the eligibility conditions for the proprietary research (other than the fact of using the provider’s services) are not shared with GSAM.

In certain cases, GSAM has entered into commission sharing agreements with brokers and entities who provide research services (each, a “CSA Provider”). Listed below are the CSA Providers and the total amount of third party research credits received by GSAM from such entities during 2016. In other cases, entities provide research services but have not entered into commission sharing agreements with GSAM (each, a “Bundled Provider”). Also listed below are the Bundled Providers used by GSAM during 2016. If the entity providing third party research also provides proprietary research, the column “Provide Proprietary Research?” is marked “Yes.”

Note that for 2017 and future years, different providers may be used than those shown below.

Provide Provider Name Type Proprietary Research? AXA1 Bundled Yes BAIRD HOLDING COMPANY Bundled Yes BANK OF MONTREAL Bundled Yes CANACCORD GENUITY GROUP Bundled Yes INC. CANADIAN IMPERIAL BANK OF Bundled Yes COMMERCE CLARKSON CAPITAL MARKETS Bundled Yes LLC COWEN GROUP, INC. Bundled Yes CREDIT AGRICOLE SECURITIES 2 Bundled Yes (USA) INC. FBR & CO. Bundled Yes GOLDMAN SACHS GROUP, INC. 3 Bundled Yes (THE) GREEN STREET TRADING, LLC Bundled Yes INTERNATIONAL STRATEGY & Bundled Yes INVESTMENT GROUP LLC KEYCORP Bundled Yes LEERINK PARTNERS LLC Bundled Yes

1 AXA = Sanford Bernstein. 2 CREDIT AGRICOLE SECURITIES (USA) INC. = CLSA. 3 Note that GSAM uses The Goldman Sachs Group, Inc. to execute equities trades as agent on behalf of ERISA plan clients only if authorized under an applicable exemption under the Employee Retirement Income Security Act of 1974, as amended, including Prohibited Transaction Class Exemption 86-128, as amended.

Provide Provider Name Type Proprietary Research? LEUCADIA NATIONAL 4 Bundled Yes CORPORATION MACQUARIE GROUP LIMITED Bundled Yes MIZUHO FINANCIAL GROUP, INC. Bundled Yes NOMURA HOLDINGS, INC. Bundled Yes OTR GLOBAL TRADING LLC Bundled Yes PIPER JAFFRAY COMPANIES Bundled Yes RAYMOND JAMES FINANCIAL, Bundled Yes INC. SAMMONS ENTERPRISES, INC.5 Bundled Yes SANDLER, O’NEILL & PARTNERS, Bundled Yes L.P. SI HOLDINGS INC.6 Bundled Yes STIFEL FINANCIAL CORP. Bundled Yes SUNTRUST BANKS, INC. Bundled Yes SUSQUEHANNA INTERNATIONAL Bundled Yes GROUP HOLDINGS, INC. TUDOR, PICKERING, HOLT & CO. Bundled Yes SECURITIES, INC. USCA SECURITIES LLC Bundled Yes WELLS FARGO & COMPANY Bundled Yes WILLIAM BLAIR & COMPANY, Bundled Yes L.L.C.

Provide Research Provider Name Type Proprietary Credits Research? BANK OF AMERICA CSA Provider Yes $1,698,229 CORPORATION BARCLAYS PLC CSA Provider Yes $1,236,331 BLOOMBERG L.P. CSA Provider Yes $837,761 CITIGROUP INC. CSA Provider Yes $1,424,479 CREDIT SUISSE GROUP AG CSA Provider Yes $988,901 DEUTSCHE BANK CSA Provider Yes $611,897 AKTIENGESELLSCHAFT JPMORGAN CHASE & CO. CSA Provider Yes $1,722,155 LIQUIDNET HOLDINGS, INC. CSA Provider Yes $2,370,357 MORGAN STANLEY CSA Provider Yes $1,538,480 ROYAL BANK OF CANADA CSA Provider Yes $1,139,911 UBS GROUP AG CSA Provider Yes $932,528

Created: February 2017

4 LEUCADIA NATIONAL CORPORATION = Jefferies. 5 SAMMONS ENTERPRISES, INC. = Guggenheim Partners. 6 SI HOLDINGS INC. = Stephens & Co.

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