Goldman Sachs Asset Management Launches First Closed-End Fund

For investors seeking to participate in America’s current energy expansion, Goldman Sachs Asset Management, L.P. (“GSAM”) is pleased to announce the public listing of the Goldman Sachs MLP Income Opportunities Fund (the “Fund”), now trading on the New York Stock Exchange under the ticker symbol “GMZ.” This is the first closed-end fund ever launched by GSAM.

As a result of advances in drilling, extraction and refining, the US is on a path toward energy independence, primed to surpass Saudi Arabia as the world’s largest oil producer by 2020 1.

“Expanding our mutual fund platform into closed end funds is an important strategic initiative for GSAM, and we are pleased to have such a successful initial launch,” said James McNamara, President of the Goldman Sachs Funds in GSAM. GSAM currently manages more than $208 billion in US mutual funds.

The Fund aims to invest primarily in Master Limited Partnerships (“MLPs”)—a tax-advantaged structure created for use by energy firms to support growing hydrocarbon extraction and increasing energy demand. Focused specifically on midstream infrastructure, these essential companies include pipeline operators, processors, and fractionation and storage facilities. The Fund seeks a high level of total return with an emphasis on current distributions to shareholders.

“We have strong conviction that compelling opportunities in MLP investing lie with midstream companies collecting toll-like revenues, which, we believe, are less exposed to underlying commodity prices,” said Kyri Loupis, Managing Director and lead portfolio manager for the Fund. “Our index-agnostic approach and closed-end structure allows us to execute on our best investment ideas, including those offered by smaller cap MLPs poised for higher levels of growth.”

The Fund is managed by GSAM’s Energy & Infrastructure Team, among the industry’s largest and longest-tenured MLP investment groups. As of September 30, 2013, the team managed approximately $6.4 billion in MLPs and other energy sector investments.

“MLPs have historically delivered attractive distributions to investors, as well as low interest rate sensitivity 2. These attributes can be beneficial to investors in either a low or rising rate environment,” said Loupis. “Through the launch of this closed-end fund, we’re able to provide investors another avenue to access MLP exposure”

The Fund raised $826.3 million in its common share offering, excluding any exercise of the underwriters’ option to purchase additional shares. If the underwriters exercise their overallotment option in full, the Fund will raise $950.1 million. Underwriters may exercise their overallotment option up to 45 days after the initial public offering.

Morgan Stanley, Citigroup and BofA Merrill Lynch were lead underwriters in connection with the offering.

Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE:GS), which manages $878 billion as of September 30, 2013. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.

Risk Disclosures

Shares of closed-end investment companies frequently trade at a discount from their net asset value (“NAV”), which may increase investors’ risk of loss. This risk may be greater for investors expecting to sell their shares in a relatively short period of time after completion of the public offering. At the time of sale, your shares may have a market price that is above or below NAV, and may be worth more or less than your original investment. There is no assurance that the Fund will meet its investment objective.

Investments in securities of MLPs involve risks that differ from investments in common stock, including among others risks related to limited control and limited rights to vote on matters affecting MLPs, potential conflicts of interest risk, cash flow risks, dilution risks and trading risks.

The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance does not guarantee future results. Please see the Fund’s prospectus for more risk information.

Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund. An investment in the Fund is not appropriate for all investors, and the Fund is not intended to be a complete investment program. Investors should carefully review and consider the Fund’s investment objective, risks, charges and expenses before investing. The prospectus , which contains this and other information about the Fund, should be read carefully before investing. A copy of the prospectus can be obtained from the Fund’s website by visiting , by contacting your financial advisor or by calling (855) 807-2742.

This document is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted.

Compliance code: 115431.MF.MED.OTU

1 Source: International Energy Agency, World Energy Outlook 2012. There is no guarantee that current US energy production is sustainable nor that current production growth will continue.

2 Source: FactSet, September 30, 2013 and United States Department of Labor, December 31, 2012.

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