erests in Fund III. Investors in the Access Fund will not be limited partners in Fund Ill and will not have any of the rights of a limited partner in Fund III. Fund III will not be managed or otherwise controlled by Goldman Sachs. and an investment directly in Fund III is not an investment in a Goldman Sac

sts include potential multiple advisory. transactional, financial and other interests in securities and instruments that may be purchased or sold by Fund III, or in other investment vehicles that may purchase or see such securities and instruments. These are considerations of which investors in the Access

do not demonstrate the progression of returns over time. The general partners and managers of Funds 1, 11 and MIA. as well as the general partner of Fund III, were excluded assets in connection with the 2007 Reorganization. As a result. Apollo did not receive the economics associated with these entities.