Emerging Markets Debt - An Expanding Opportunity Set

Transcription

1 Emerging Markets Debt - An Expanding Opportunity Set Although the asset class has grown in size and opportunity over the past half-century, investor portfolios remain under-allocated to emerging market debt. At Goldman Sachs Asset Management, we believe that this under-allocation coupled with the attractive economic growth prospects of the emerging markets provides a compelling investment opportunity. Visit GSAMFUNDS.com to find out more. update Funds domiciled in Luxembourg and Dublin All data as at 31 December 2016 For Professional Investors on request only Not for distribution to your clients or the general public. Prior to an investment, prospective investors should carefully read the latest Key Investor Information Document (KIID) as well as the offering documentation, including but not limited to the fund s prospectus which contains inter alia a comprehensive disclosure of applicable risks.

2 Contents Quantitative Equity EUROPE Goldman Sachs Europe CORE Equity Portfolio... 2 Goldman Sachs GIVI Europe Equity Portfolio... 4 GLOBAL Goldman Sachs GIVI Global Equity - Growth Markets Tilt Portfolio... 6 Goldman Sachs Global CORE Equity Portfolio... 8 Goldman Sachs Global Small Cap CORE Equity Portfolio EMERGING MARKETS Goldman Sachs Emerging Markets CORE Equity Portfolio US Goldman Sachs US CORE Equity Portfolio Goldman Sachs US Small Cap CORE Equity Portfolio Fundamental Equity ASIA Goldman Sachs Asia Equity Portfolio Goldman Sachs Japan Equity Partners Portfolio Goldman Sachs Japan Equity Portfolio EUROPE Goldman Sachs Europe Equity Partners Portfolio GLOBAL Goldman Sachs Global Equity Partners Portfolio Goldman Sachs Global Millennials Equity Portfolio Goldman Sachs Global Equity Partners ESG Portfolio Goldman Sachs Strategic Global Equity Portfolio EMERGING MARKETS Goldman Sachs BRICs Equity Portfolio Goldman Sachs China Opportunity Equity Portfolio Goldman Sachs Emerging Markets Equity Portfolio Goldman Sachs India Equity Portfolio Goldman Sachs N-11 Equity Portfolio US Goldman Sachs North America Energy & Energy Infrastructure Equity Portfolio Goldman Sachs US Equity Portfolio Goldman Sachs US Focused Growth Equity Portfolio Alternatives Fixed income MULTI SECTOR Goldman Sachs Euro Fixed Income Portfolio...60 Goldman Sachs Euro Short Duration Bond Plus Portfolio...62 Goldman Sachs Global Fixed Income Plus Portfolio (Hedged)...64 Goldman Sachs Global Fixed Income Portfolio...66 Goldman Sachs Global Fixed Income Portfolio (Hedged)...68 Goldman Sachs Global Strategic Income Bond Portfolio...70 Goldman Sachs Sterling Broad Fixed Income Plus Portfolio...72 Goldman Sachs Sterling Broad Fixed Income Portfolio...74 Goldman Sachs Sterling Ultra Short Duration Bond Portfolio...76 Goldman Sachs Strategic Absolute Return Bond I Portfolio...77 Goldman Sachs Strategic Absolute Return Bond II Portfolio...79 Goldman Sachs US Dollar Short Duration Bond Portfolio...81 Goldman Sachs US Fixed Income Portfolio...82 SINGLE SECTOR Goldman Sachs Asia High Yield Bond Portfolio...84 Goldman Sachs Europe High Yield Bond Portfolio...86 Goldman Sachs Global Credit Portfolio (Hedged)...88 Goldman Sachs Global High Yield Portfolio...90 Goldman Sachs Emerging Markets Corporate Bond Portfolio...92 Goldman Sachs Emerging Markets Debt Blend Portfolio...94 Goldman Sachs Emerging Markets Debt Local Portfolio...96 Goldman Sachs Emerging Markets Debt Portfolio...98 Goldman Sachs Opportunistic Corporate Bond Portfolio Goldman Sachs Sterling Credit Portfolio Goldman Sachs US Mortgage Backed Securities Portfolio SOVEREIGN Goldman Sachs Global Sovereign Bond Portfolio Multi Asset Goldman Sachs Global Absolute Return Portfolio Goldman Sachs Global Income Builder Portfolio Goldman Sachs Wealthbuilder Multi-Asset Balanced Portfolio Goldman Sachs Wealthbuilder Multi-Asset Conservative Portfolio Goldman Sachs Wealthbuilder Multi-Asset Growth Portfolio REAL ESTATE/INFRASTRUCTURE Goldman Sachs US Real Estate Balanced Portfolio Glossary Additional Notes LIQUID ALTERNATIVES Goldman Sachs Absolute Return Tracker Portfolio Goldman Sachs Global Currency Plus Portfolio Goldman Sachs Global Equity Long Short Portfolio Goldman Sachs Global Multi-Manager Alternatives Portfolio Goldman Sachs Global Strategic Macro Bond Portfolio The marks CORE and N-11 are registered service marks of Goldman Sachs & Co.

3 PV Goldman Sachs Europe CORE Equity Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors who are looking to access a European equity portfolio possessing the same style, sector, risk and capitalization characteristics as the benchmark but positioned to outperform through strong underlying stock and country selection. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund (EUR) Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 138 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 144 Historical Tracking Error - 3 yr 3.35 Excess Returns - 3 yr 4.26 R 2-3 yr 0.94 Beta - 3 yr 1.00 Transaction Costs (%) 0.19 Commissions (%) 7 Other Costs (%) 0.12 Swing Pricing (%) Subscription (%) 0.14 Redemption (%) 6 Performance (Indexed) /99 10/01 10/03 10/05 10/07 10/09 10/11 10/13 10/15 10/17 Goldman Sachs Europe CORE Equity Portfolio Base Shares (4) MSCI Europe Index (Net total return, unhedged, EUR) (3) Morningstar Europe Large-Cap Blend Equity (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (4) MSCI Europe Index (Net total return, unhedged, EUR) (3) Morningstar Europe Large-Cap Blend Equity (1) (0.35) (0.35) Quartile Position in Sector (1) Base Shares (Acc.) (4) Calendar Year Performance (%) Base Shares MSCI Europe Index (Net total return, unhedged, EUR) Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.50 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.25 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 2

4 Goldman Sachs Europe CORE Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares EUR Net Asset Value (NAV) - Base Shares EUR (Acc.) Total Net Assets (m) EUR 244 Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark EUR EUR 01-Oct Nov-05 Luxembourg LU LU GSCOREE LX GSECEBA LX Annually Daily 30 November MSCI Europe Index (Net total return, unhedged, EUR) Settlement T + 3 Country Allocation (%) Goldman Sachs Europe CORE Equity Portfolio 29.0% UK 17.4% Germany 15.9% France 9.1% Switzerland 7.7% Italy 6.3% Netherlands 5.1% Spain 2.9% Finland 2.0% Sweden 1.5% Norway 3.1% Other MSCI Europe (Net Total Return, Unhedged, EUR) 29.0% UK 14.7% Germany 16.1% France 13.7% Switzerland 3.3% Italy 5.2% Netherlands 5.0% Spain 1.5% Finland 4.5% Sweden 1.1% Norway 5.8% Other Top 10 Holdings (5) Security % Country Activity BP PLC 2.6 UK Energy Bayer AG 2.6 Germany Health Care HSBC Holdings PLC 2.4 UK Financials British American Tobacco PLC 2.3 UK Consumer Staples Nestle SA 1.9 Switzerland Consumer Staples AstraZeneca PLC 1.9 UK Health Care Enel SpA 1.8 Italy Utilities Reckitt Benckiser Group PLC 1.7 UK Consumer Staples Deutsche Telekom AG 1.7 Germany Telecommunication Services Sanofi 1.7 France Health Care Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The MSCI Europe Index (net) is a net total return index. Net total return is a reflection of return to an investor, by reinvesting dividends after the deduction of withholding tax. The rate of withholding tax applied to the MSCI Europe Index (net) is consistent with the actual rate of withholding tax the Portfolio will incur on dividends received from foreign companies. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 3

5 PV Goldman Sachs GIVI Europe Equity Portfolio Investor Profile (1) Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors who are looking to access a European equity portfolio via a portfolio which seeks to track the performance of a benchmark whose components offer better valuation and volatility characteristics than compared to a market cap weighted index. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund (EUR) Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 740 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 24 Historical Tracking Error - 3 yr 0.55 Excess Returns - 3 yr R 2-3 yr 1.00 Beta - 3 yr 0.99 Transaction Costs (%) 0.23 Commissions (%) 3 Other Costs (%) 0.20 Swing Pricing (%) Subscription (%) 0.17 Redemption (%) 8 Performance (Indexed) /12 11/12 05/13 11/13 05/14 11/14 05/15 11/15 05/16 11/16 05/17 Goldman Sachs GIVI Europe Equity Portfolio Base Shares (Acc.) (Close) (4) S&P GIVI Europe Index (Net Total return, unhedged, EUR) (5) Morningstar Europe Large-Cap Blend Equity (2) Consideration may be given to the reference benchmark when managing Portfolio. However, returns may deviate materially from the performance of the specified reference benchmark. In addition stated index returns do not reflect any management or other charges of the fund, whereas the stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs Base Shares (Acc.) (Close) (4) S&P GIVI Europe Index (Net Total return, unhedged, EUR) (5) Morningstar Europe Large-Cap Blend Equity (2) (0.35) (0.35) 5.25 Quartile Position in Sector (2) Calendar Year Performance (%) Base Shares (Acc.) (Close) S&P GIVI Europe Index (Net Total return, unhedged, EUR) Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (3) 0.80 Management Fee (%) 0.55 Distribution Fee (%) 0 Other Expenses (%) 0.25 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 4

6 Goldman Sachs GIVI Europe Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Acc.) (Close) EUR Total Net Assets (m) EUR 62 Fund Characteristics (6) Currency - Base Shares (Acc.) (Close) Inception Date - Base Shares (Acc.) (Close) Fund Domicile Fund Facts ISIN - Base Shares (Acc.) (Close) Bloomberg Ticker - Base Shares (Acc.) (Close) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark EUR 15-May-12 Luxembourg LU GSGEEBC LX None Daily 30 November S&P GIVI Europe Index (Net Total return, unhedged, EUR) Settlement T + 3 Country Allocation (%) Goldman Sachs GIVI Europe Equity Portfolio 25.8% UK 16.6% France 16.1% Germany 11.0% Switzerland 5.2% Sweden 5.0% Netherlands 4.9% Spain 4.9% Italy 2.1% Denmark 1.8% Belgium 6.5% Other S&P Europe BMI (Net Total Return, Unhedged, EUR) 28.5% UK 14.8% France 13.9% Germany 13.2% Switzerland 5.3% Sweden 5.2% Netherlands 4.9% Spain 3.9% Italy 2.7% Denmark 2.2% Belgium 5.5% Other Top 10 Holdings (7) Security % Country Activity HSBC Holdings PLC 3.1 UK Financials Nestle SA 3.0 Switzerland Consumer Staples Novartis AG 2.7 Switzerland Health Care TOTAL SA 2.3 France Energy BP PLC 2.1 UK Energy Royal Dutch Shell PLC - A Share 2.0 UK Energy Allianz SE 2.0 Germany Financials Sanofi 1.9 France Health Care Royal Dutch Shell PLC - B Share 1.8 UK Energy Siemens AG 1.6 Germany Industrials Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) S&P GIVI is a trademark of Standard & Poor's Financial Services LLC ("Standard & Poor's") and has been licensed for use by The Goldman Sachs Group, Inc. and its affiliates. Any products associated with GIVI are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in such products. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) The S&P GIVI Europe Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (6) This fund operates swing pricing which may materially impact the performance over shorter time periods. The benchmark does not operate swing pricing. (7) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 5

7 PV Goldman Sachs GIVI Global Equity - Growth Markets Tilt Portfolio Investor Profile (1) Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors who are looking to access a global equity portfolio via a portfolio which seeks to track the performance of a benchmark whose components offer better valuation and volatility characteristics than compared to a market cap weighted index. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 1,709 % in top 10 9 Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 13 Historical Tracking Error - 3 yr 0.72 Excess Returns - 3 yr R 2-3 yr 1.00 Beta - 3 yr 0.99 Transaction Costs (%) 5 Commissions (%) 2 Other Costs (%) 3 Swing Pricing (%) Subscription (%) 0.10 Redemption (%) 0.10 Performance (Indexed) /12 12/12 06/13 12/13 06/14 12/14 06/15 12/15 06/16 12/16 Goldman Sachs GIVI Global Equity - Growth Markets Tilt Portfolio Base Shares (Acc.) (Close) (4) S&P GIVI Global Growth Mkts Tilt Index (NTR, unhedged, ) (5) Morningstar Global Large-Cap Blend Equity (2) Consideration may be given to the reference benchmark when managing Portfolio. However, returns may deviate materially from the performance of the specified reference benchmark. In addition stated index returns do not reflect any management or other charges of the fund, whereas the stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs Base Shares (Acc.) (Close) (4) (0.57) S&P GIVI Global Growth Mkts Tilt Index (NTR, unhedged, (0.18) ) (5) Morningstar Global Large-Cap Blend Equity (2) Quartile Position in Sector (2) Calendar Year Performance (%) Base Shares (Acc.) (Close) S&P GIVI Global Growth Mkts Tilt Index (NTR, unhedged, ) Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (3) 0.85 Management Fee (%) 0.60 Distribution Fee (%) 0 Other Expenses (%) 0.25 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 6

8 Goldman Sachs GIVI Global Equity - Growth Markets Tilt Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Acc.) (Close) Total Net Assets (m) 45 Fund Characteristics (6) Currency - Base Shares (Acc.) (Close) Inception Date - Base Shares (Acc.) (Close) Fund Domicile Fund Facts ISIN - Base Shares (Acc.) (Close) Bloomberg Ticker - Base Shares (Acc.) (Close) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 29-Jun-12 Luxembourg LU GSGTBAC LX None Daily 30 November S&P GIVI Global Growth Mkts Tilt Index (NTR, unhedged, ) Settlement T + 3 Country Allocation (%) Goldman Sachs GIVI Global Equity - Growth Markets Tilt Portfolio 34.3% US 9.9% Japan 9.3% China 4.9% UK 4.5% Germany 4.0% France 2.7% Canada 2.5% Korea 2.3% Italy 2.1% Russia 23.7% Other S&P Global BMI (Net Total Return, Unhedged, ) 52.2% US 8.9% Japan 2.8% China 5.8% UK 2.8% Germany 3.0% France 3.3% Canada 1.7% Korea 0.8% Italy 0.5% Russia 18.3% Other Top 10 Holdings (7) Security % Country Activity Apple Inc 1.7 US Information Technology Berkshire Hathaway Inc 0.9 US Financials China Construction Bank Corp 0.9 China Financials Microsoft Corp 0.8 US Information Technology Wells Fargo & Co 0.8 US Financials Samsung Electronics Co Ltd 0.7 Korea Information Technology Toyota Motor Corp 0.7 Japan Consumer Discretionary HSBC Holdings PLC 0.7 UK Financials AT&T Inc 0.7 US Telecommunication Services Industrial & Commercial Bank of China Ltd 0.7 China Financials Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) S&P GIVI is a trademark of Standard & Poor's Financial Services LLC ("Standard & Poor's") and has been licensed for use by The Goldman Sachs Group, Inc. and its affiliates. Any products associated with GIVI are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in such products. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) The S&P GIVI Global Growth Mkts Tilt Index, quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (6) This fund operates swing pricing which may materially impact the performance over shorter time periods. The benchmark does not operate swing pricing. (7) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 7

9 PV Goldman Sachs Global CORE Equity Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors who are looking to access a global equity portfolio possessing the same style, sector, risk and capitalization characteristics as the benchmark but positioned to outperform through strong underlying stock and country selection. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 234 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 142 Historical Tracking Error - 3 yr 3.37 Excess Returns - 3 yr 2.99 R 2-3 yr 0.91 Beta - 3 yr 0.97 Transaction Costs (%) 9 Commissions (%) 5 Other Costs (%) 4 Swing Pricing (%) Subscription (%) 6 Redemption (%) 4 Performance (Indexed) /04 10/06 10/08 10/10 10/12 10/14 10/16 10/18 Goldman Sachs Global CORE Equity Portfolio Base Shares (Snap) (3) MSCI World Index - (Net Total Return) (4) Morningstar Global Large-Cap Value Equity (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (Snap) (3) MSCI World Index - (Net Total Return) (4) Morningstar Global Large-Cap Value Equity (1) Quartile Position in Sector (1) Base Shares (Acc.) (Snap) (3) Calendar Year Performance (%) Base Shares (Snap) MSCI World Index - (Net Total Return) Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.50 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.25 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 8

10 Goldman Sachs Global CORE Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Snap) Net Asset Value (NAV) - Base Shares (Acc.) (Snap) Total Net Assets (m) 848 Fund Characteristics Region Allocation (%) Goldman Sachs Global CORE Equity Portfolio 71.4% North America 15.4% Europe ex-uk 8.2% Japan 3.6% UK 1.4% Asia ex-japan MSCI World (Net Return, Unhedged, ) 63.7% North America 16.5% Europe ex-uk 8.7% Japan 6.6% UK 4.4% Asia ex-japan Currency - Base Shares (Snap) Currency - Base Shares (Acc.) (Snap) Inception Date - Base Shares (Snap) Inception Date - Base Shares (Acc.) (Snap) Fund Domicile Fund Facts ISIN - Base Shares (Snap) ISIN - Base Shares (Acc.) (Snap) Bloomberg Ticker - Base Shares (Snap) Bloomberg Ticker - Base Shares (Acc.) (Snap) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 14-Oct Nov-05 Luxembourg LU LU GSGLCEQ LX GSCEQBA LX Annually Daily 30 November MSCI World Index - (Net Total Return) Settlement T + 3 Top 10 Holdings (5) Security % Country Activity JPMorgan Chase & Co 1.6 US Financials AT&T Inc 1.6 US Telecommunication Services UnitedHealth Group Inc 1.2 US Health Care Bayer AG 1.2 Germany Health Care Bank of Montreal 1.1 Canada Financials Iberdrola SA 1.1 Spain Utilities Amgen Inc 1.1 US Health Care Enel SpA 1.0 Italy Utilities CVS Health Corp 1.0 US Consumer Staples Citizens Financial Group Inc 1.0 US Financials Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) The MSCI World Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 9

11 PV Goldman Sachs Global Small Cap CORE Equity Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who are looking to access a portfolio of global smaller companies possessing the same style, sector, risk and capitalization characteristics as the benchmark but positioned to outperform through strong underlying stock selection. The fund will have a higher risk profile than a global equity portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 418 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 140 Historical Tracking Error - 3 yr 2.26 Excess Returns - 3 yr 9 R 2-3 yr 0.96 Beta - 3 yr 0.97 Transaction Costs (%) 9 Commissions (%) 5 Other Costs (%) 4 Swing Pricing (%) Subscription (%) 0.11 Redemption (%) 9 Performance (Indexed) /06 08/08 08/10 08/12 08/14 08/16 08/18 Goldman Sachs Global Small Cap CORE Equity Portfolio Base Shares (Close) (3) S & P Developed SmallCap -Net Morningstar Global Small-Cap, (4) Equity (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (Close) (3) S & P Developed SmallCap -Net, (4) Morningstar Global Small-Cap Equity (1) Quartile Position in Sector (1) Calendar Year Performance (%) Base Shares (Close) S & P Developed SmallCap -Net, Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.50 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.25 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 10

12 Goldman Sachs Global Small Cap CORE Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Close) Total Net Assets (m) 401 Fund Characteristics Currency - Base Shares (Close) Inception Date - Base Shares (Close) Fund Domicile 03-Aug-06 Luxembourg Region Allocation (%) Goldman Sachs Global Small Cap CORE Equity Portfolio 64.8% North America 17.7% Europe ex-uk 7.1% Japan 6.8% Asia ex-japan 3.6% UK S&P Developed Small Cap (Net Total Return, Unhedged, ) 62.1% North America 16.2% Europe ex-uk 9.5% Japan 6.1% Asia ex-japan 6.1% UK Fund Facts ISIN - Base Shares (Close) LU Bloomberg Ticker - Base Shares (Close) GSGMBCD LX Dividend Distribution Frequency Annually Dealing and valuation Daily Reporting year end 30 November Reference S & P Developed SmallCap -Net, Benchmark Settlement T + 3 Top 10 Holdings (5) Security % Country Activity Allied World Assurance Co Holdings AG 1.1 US Financials Reinsurance Group of America Inc 1.1 US Financials Steel Dynamics Inc 1.1 US Materials JetBlue Airways Corp 1.0 US Industrials Lonza Group AG 1.0 Switzerland Health Care CDK Global Inc 1.0 US Information Technology E*TRADE Financial Corp 1.0 US Financials ManpowerGroup Inc 1.0 US Industrials Brady Corp 1.0 US Industrials CommScope Holding Co Inc 1.0 US Information Technology Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) The S&P Developed Small Cap Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 11

13 PV Goldman Sachs Emerging Markets CORE Equity Portfolio Investor Profile (1) Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who are looking to access a portfolio of emerging markets companies possessing the same style, sector, risk and capitalization characteristics as the benchmark but positioned to outperform through strong underlying stock and country selection The fund will have a higher risk profile than a global equity portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 184 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 149 Historical Tracking Error - 3 yr 2.45 Excess Returns - 3 yr 1.58 R 2-3 yr 0.98 Beta - 3 yr 0.97 Transaction Costs (%) 0.49 Commissions (%) 0.21 Other Costs (%) 0.28 Swing Pricing (%) Subscription (%) 0.19 Redemption (%) 0.25 Performance (Indexed) /09 08/11 08/13 08/15 08/17 Goldman Sachs Emerging Markets CORE Equity Portfolio Base Shares (Acc.) (Close) (4) MSCI Emerging Markets (EM) - Net (5) Morningstar Global Emerging Markets Equity (2) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs Base Shares (Acc.) (Close) (4) (3.47) (0.97) 3.41 MSCI Emerging Markets (EM) - Net (5) (4.16) (2.55) 1.27 Morningstar Global Emerging Markets Equity (2) (5.07) (3.19) 0.98 Quartile Position in Sector (2) Calendar Year Performance (%) Base Shares (Acc.) (Close) MSCI Emerging Markets (EM) - Net Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (3) 2.15 Management Fee (%) 1.75 Distribution Fee (%) 0 Other Expenses (%) 0.40 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 12

14 Goldman Sachs Emerging Markets CORE Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Acc.) (Close) Total Net Assets (m) 531 Fund Characteristics Currency - Base Shares (Acc.) (Close) Inception Date - Base Shares (Acc.) (Close) Fund Domicile 10-Aug-09 Luxembourg Region Allocation (%) Goldman Sachs Emerging Markets CORE Equity Portfolio 70.2% Asia ex-japan 17.5% Europe, Middle East, Africa 12.3% Latin America MSCI EM (Net Total Return, Unhedged, ) 70.1% Asia ex-japan 16.6% Europe, Middle East, Africa 13.3% Latin America Fund Facts ISIN - Base Shares (Acc.) (Close) LU Bloomberg Ticker - Base Shares (Acc.) GSEBAAC LX (Close) Dividend Distribution Frequency None Dealing and valuation Daily Reporting year end 30 November Reference MSCI Emerging Markets (EM) - Net Benchmark Settlement T + 3 Top 10 Holdings (6) Security % Country Activity Samsung Electronics Co Ltd 5.0 Korea Information Technology Taiwan Semiconductor Manufacturing Co Ltd 4.5 Taiwan Information Technology China Construction Bank Corp 3.5 China Financials Tencent Holdings Ltd 3.1 China Information Technology China Mobile Ltd 2.8 China Telecommunication Services Standard Bank Group Ltd 1.9 South Africa Financials Banco Bradesco SA 1.9 Brazil Financials Industrial & Commercial Bank of China Ltd 1.9 China Financials Agricultural Bank of China Ltd 1.8 China Financials China Petroleum & Chemical Corp 1.7 China Energy Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets CORE Equity Portfolio to Goldman Sachs Emerging Markets CORE Equity Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) The MSCI EME Index (net), quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (6) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 13

15 PV Goldman Sachs US CORE Equity Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors who are looking to access US equities possessing the same style, sector, risk and capitalization characteristics as the benchmark but positioned to outperform through strong underlying stock selection. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 163 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 199 Historical Tracking Error - 3 yr 3.88 Excess Returns - 3 yr R 2-3 yr 0.89 Beta - 3 yr 1.05 Transaction Costs (%) 3 Commissions (%) 3 Other Costs (%) 0 Swing Pricing (%) Subscription (%) 2 Redemption (%) 2 Performance (Indexed) /96 11/98 11/00 11/02 11/04 11/06 11/08 11/10 11/12 11/14 11/16 11/18 Goldman Sachs US CORE Equity S&P 500 Net Return () (4) Morningstar US Large-Cap Portfolio Base Shares (Snap) (3) Blend Equity (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (Snap) (3) S&P 500 Net Return () (4) Morningstar US Large-Cap Blend Equity (1) Quartile Position in Sector (1) Base Shares (Acc.) (Snap) (3) Calendar Year Performance (%) Base Shares (Snap) S&P 500 Net Return () Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.50 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.25 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 14

16 Goldman Sachs US CORE Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Snap) Net Asset Value (NAV) - Base Shares (Acc.) (Snap) Total Net Assets (m) 436 Fund Characteristics Currency - Base Shares (Snap) Currency - Base Shares (Acc.) (Snap) Inception Date - Base Shares (Snap) Inception Date - Base Shares (Acc.) (Snap) Fund Domicile Fund Facts 18-Nov Nov-05 Luxembourg ISIN - Base Shares (Snap) LU ISIN - Base Shares (Acc.) (Snap) LU Bloomberg Ticker - Base Shares (Snap) GSUSEQP LX Bloomberg Ticker - Base Shares (Acc.) GSUSCBA LX (Snap) Dividend Distribution Frequency Annually Dealing and valuation Daily Reporting year end 30 November Reference S&P 500 Net Return () Benchmark Settlement T + 3 Sector Allocation (%) Goldman Sachs US CORE Equity Portfolio S&P 500 (Net Total Return, Unhedged, ) 19.3% Information Technology 20.8% Information Technology 15.7% Health Care 13.6% Health Care 13.6% Financials 14.8% Financials 11.2% Consumer Staples 9.4% Consumer Staples 10.7% Consumer Discretionary 12.0% Consumer Discretionary 8.8% Industrials 10.3% Industrials 6.6% Energy 7.6% Energy 4.6% Telecommunication Services 2.7% Telecommunication Services 4.2% Materials 2.8% Materials 3.8% Utilities 3.2% Utilities 1.5% Real Estate 2.9% Real Estate Top 10 Holdings (5) Security % Country Activity Apple Inc 2.5 US Information Technology JPMorgan Chase & Co 2.4 US Financials AT&T Inc 2.2 US Telecommunication Services Verizon Communications Inc 1.9 US Telecommunication Services Microsoft Corp 1.6 US Information Technology UnitedHealth Group Inc 1.6 US Health Care Amazon.com Inc 1.5 US Consumer Discretionary Facebook Inc 1.5 US Information Technology Amgen Inc 1.3 US Health Care Alphabet Inc 1.3 US Information Technology Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) The S&P 500 Index (net) is a net total return index. Net total return is a reflection of return to an investor, by reinvesting dividends after the deduction of withholding tax. The rate of withholding tax applied to the S&P 500 Index (net) is consistent with the actual rate of withholding tax the Portfolio will incur on dividends received from foreign companies. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 15

17 PV Goldman Sachs US Small Cap CORE Equity Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who are looking to access a US small cap equity portfolio possessing the same style, sector, risk and capitalization characteristics as the benchmark but positioned to outperform through strong underlying stock selection The fund will have a higher risk profile than a US equity portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 336 % in top 10 7 Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 113 Historical Tracking Error - 3 yr 4.74 Excess Returns - 3 yr 1.05 R 2-3 yr 0.91 Beta - 3 yr 0.95 Transaction Costs (%) 3 Commissions (%) 3 Other Costs (%) 0 Swing Pricing (%) Subscription (%) 5 Redemption (%) 5 Performance (Indexed) /05 12/07 12/09 12/11 12/13 12/15 12/17 Goldman Sachs U.S. Small Cap Equity Portfolio Base Shares (Snap) (3) Russell 2000 index, Net TR in (4) Morningstar US Small-Cap Equity (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (Snap) (3) Russell 2000 index, Net TR in (4) Morningstar US Small-Cap Equity (1) Quartile Position in Sector (1) Base Shares (Acc.) (Close) (3) Calendar Year Performance (%) Base Shares (Snap) Russell 2000 index, Net TR in Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.50 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.25 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 16

18 Goldman Sachs US Small Cap CORE Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Snap) Net Asset Value (NAV) - Base Shares (Acc.) (Close) Total Net Assets (m) 106 Fund Characteristics Currency - Base Shares (Snap) Currency - Base Shares (Acc.) (Close) Inception Date - Base Shares (Snap) Inception Date - Base Shares (Acc.) (Close) Fund Domicile Fund Facts 05-Dec Dec-05 Luxembourg ISIN - Base Shares (Snap) LU ISIN - Base Shares (Acc.) (Close) LU Bloomberg Ticker - Base Shares (Snap) GSUSSCE LX Bloomberg Ticker - Base Shares (Acc.) GSSCBCA LX (Close) Dividend Distribution Frequency Annually Dealing and valuation Daily Reporting year end 30 November Reference Russell 2000 index, Net TR in Benchmark Settlement T + 3 Sector Allocation (%) Goldman Sachs US Small Cap CORE Equity Portfolio 17.9% Financials 16.7% Industrials 15.9% Information Technology 15.6% Consumer Discretionary 11.9% Health Care 7.5% Real Estate 7.0% Materials 3.1% Energy 2.5% Utilities 1.6% Consumer Staples 0.4% Telecommunication Services Russell 2000 total return in 19.9% Financials 14.6% Industrials 17.0% Information Technology 12.6% Consumer Discretionary 12.1% Health Care 7.9% Real Estate 4.9% Materials 3.8% Energy 3.5% Utilities 3.0% Consumer Staples 0.7% Telecommunication Services Top 10 Holdings (5) Security % Country Activity Prosperity Bancshares Inc 0.9 US Financials Masimo Corp 0.7 US Health Care Washington Federal Inc 0.7 US Financials Hawaiian Holdings Inc 0.7 US Industrials Benchmark Electronics Inc 0.7 US Information Technology Evercore Partners Inc 0.7 US Financials Southwest Gas Corp 0.7 US Utilities Commercial Metals Co 0.7 US Materials American Equity Investment Life Holding Co 0.7 US Financials Hudson Pacific Properties Inc 0.7 US Real Estate Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) The Russell 2000 Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 17

19 PV Goldman Sachs Asia Equity Portfolio Investor Profile (1) Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to shares of companies of the Asia (ex Japan) region. Potentially higher returns may be generated but also increased levels of risk than a diversified global equity portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 107 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 117 Historical Tracking Error - 3 yr 5.48 Excess Returns - 3 yr 0.16 R 2-3 yr 0.87 Beta - 3 yr 0.82 Transaction Costs (%) 1.14 Commissions (%) 0.95 Other Costs (%) 0.19 Swing Pricing (%) Subscription (%) 0.40 Redemption (%) 0.41 Performance (Indexed) /94 05/96 05/98 05/00 05/02 05/04 05/06 05/08 05/10 05/12 05/14 05/16 05/18 Goldman Sachs Asia Equity Portfolio Base Shares (5) MSCI AC Asia X Japan (Net TR) (4) Morningstar Asia ex Japan Equity (2) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (5) (3.84) (9.72) (2.95) (2.94) MSCI AC Asia X Japan (Net TR) (4) (2.05) (6.31) Morningstar Asia ex Japan Equity (2) (2.22) (7.32) (5) Quartile Position in Sector (2) Base Shares (Acc.) (5) (3.91) (9.78) (2.94) (2.94) Calendar Year Performance (%) Base Shares MSCI AC Asia X Japan (Net TR) Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (3) 1.90 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.40 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 18

20 Goldman Sachs Asia Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares 26 Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 97 Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts 31-May Nov-05 Luxembourg ISIN - Base Shares LU ISIN - Base Shares (Acc.) LU Bloomberg Ticker - Base Shares GLSASPI LX Bloomberg Ticker - Base Shares (Acc.) GSASIAA LX Dividend Distribution Frequency Annually Dealing and valuation Daily Reporting year end 30 November Reference MSCI AC Asia X Japan (Net TR) Benchmark Settlement T + 3 Country Allocation (%) Goldman Sachs Asia Equity Portfolio 44.3% China/Hongkong 16.9% Korea 12.7% India 10.9% Taiwan 4.5% Thailand 3.5% Indonesia 1.8% Singapore 1.3% Philippines 1.3% Malaysia 1.1% Vietnam 1.7% Cash and cash equivalents MSCI AC Asia X Japan (Net TR) 43.5% China/Hongkong 17.2% Korea 9.9% India 14.5% Taiwan 2.8% Thailand 3.1% Indonesia 4.6% Singapore 1.4% Philippines 3.0% Malaysia % Vietnam % Cash and cash equivalents Top 10 Holdings (6) Security % Country Activity Tencent 5.6 China Software & Services Samsung Electronics 5.6 Korea Technology Hardware & Equipment AIA Group 3.8 Hong Kong Insurance TSMC 3.6 Taiwan Semiconductors & Semiconductor Equipment Galaxy Entertainment 3.4 China Consumer Services Kweichow Moutai 3.3 China Food Beverage & Tobacco China Merchants Bank 2.6 China Banks Hong Kong Exchanges & Clearing 2.4 Hong Kong Diversified Financials Ping An Insurance 2.4 China Insurance Alibaba 2.2 China Software & Services Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Asia Portfolio to Goldman Sachs Asia Equity Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) The MSCI Asia FR ex-japan Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (6) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 19

21 PV Goldman Sachs Japan Equity Partners Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to a Japanese equity fund which may typically have a smaller number of holdings than a more diversified Japan equity portfolio. Potentially higher returns may be generated but also increased levels of risk than from a more diversified Japan equity portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund (JPY) Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 28 % in top Historical Volatility Portfolio - 1 yr Turnover Ratio (%) 80 Historical Tracking Error - 1 yr 7.37 Excess Returns - 1 yr R 2-1 yr 0.87 Beta - 1 yr 0.76 Transaction Costs (%) 5 Commissions (%) 5 Other Costs (%) 0 Swing Pricing (%) Subscription (%) 0.14 Redemption (%) 0.14 Performance (Indexed) /15 11/15 05/16 11/16 05/17 Goldman Sachs Japan Equity Partners Portfolio - Base Shares (Acc.) (4) Topix Index(Net Total Return, Unhedged, JPY) (3) Morningstar Japan Large-Cap Equity (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr Base Shares (Acc.) (4) (6.30) (0.48) 4.74 (3.36) (3.35) Topix Index(Net Total Return, Unhedged, JPY) (3) (6.01) Morningstar Japan Large-Cap Equity (1) (6.23) (0.49) (0.49) Quartile Position in Sector (1) Calendar Year Performance (%) Base Shares (Acc.) Topix Index(Net Total Return, Unhedged, JPY) Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.90 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.40 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 20

22 Goldman Sachs Japan Equity Partners Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Acc.) JPY 9, Total Net Assets (m) JPY 13,574 Fund Characteristics Currency - Base Shares (Acc.) Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark JPY 27-May-15 Luxembourg LU GSJEPBA LX None Daily 30 November Topix Index(Net Total Return, Unhedged, JPY) Settlement T + 3 Sector Allocation (%) Goldman Sachs Japan Equity Partners Portfolio TOPIX (Net Total Return, Unhedged, JPY) 26.6% Industrials 21.7% Industrials 16.6% Health Care 6.9% Health Care 16.5% Consumer Discretionary 2% Consumer Discretionary 15.2% Consumer Staples 8.5% Consumer Staples 9.5% Materials 6.9% Materials 7.6% Information Technology 10.6% Information Technology 6.0% Financials 13.9% Financials % Energy 0.9% Energy % Real Estate 3.2% Real Estate % Telecommunication Services 5.5% Telecommunication Services % Utilities 1.9% Utilities 2.0% Cash and cash equivalents % Cash and cash equivalents Top 10 Holdings (5) Security % Country Activity Nidec Corp 6.1 Japan Capital Goods HOYA CORP 6.0 Japan Health Care Equipment & Services ORIX Corp 6.0 Japan Diversified Financials Shin-Etsu Chemical Co Ltd 5.6 Japan Materials Daikin Industries Ltd 5.0 Japan Capital Goods Kao Corp 4.5 Japan Household & Personal Products Nifco Inc 4.4 Japan Automobiles & Components Keyence Corp 4.4 Japan Technology Hardware & Equipment Mabuchi Motor Co Ltd 4.0 Japan Capital Goods SMC Corp 4.0 Japan Capital Goods Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) This fund is not managed against a benchmark. The TOPIX (Net Total Return, Unhedged, JPY) is a reference index only. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 21

23 PV Goldman Sachs Japan Equity Portfolio Investor Profile (1) Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to Japan s equity markets. The fund has a lower risk profile with the potential to generate lower returns than the GS Japan Equity Partners Portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund (JPY) Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 75 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 76 Historical Tracking Error - 3 yr 4.00 Excess Returns - 3 yr R 2-3 yr 0.94 Beta - 3 yr 0.93 Transaction Costs (%) 0.20 Commissions (%) 0.20 Other Costs (%) 0 Swing Pricing (%) Subscription (%) 0.13 Redemption (%) 0.13 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (3) 1.90 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.40 Performance (Indexed) /96 04/98 04/00 04/02 04/04 04/06 04/08 04/10 04/12 04/14 04/16 04/18 Goldman Sachs Japan Equity Portfolio Base Shares (5) Topix Index(Net Total Return, Unhedged, JPY) (4) Morningstar Japan Large-Cap Equity (2) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (5) (4.65) (4.63) Topix Index(Net Total Return, Unhedged, JPY) (4) Morningstar Japan Large-Cap Equity (2) (0.49) (0.49) (0.55) Quartile Position in Sector (2) Other Currency Shares (Snap) () (5) (1.41) (4.55) (1.58) (1.58) Topix Index(Net Total Return, Unhedged, ) (4) (0.22) Calendar Year Performance (%) Base Shares Topix Index(Net Total Return, Unhedged, JPY) Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 22

24 Goldman Sachs Japan Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares JPY 1, Net Asset Value (NAV) - Other Currency Shares (Snap) () Total Net Assets (m) JPY 161,488 Fund Characteristics Currency - Base Shares Currency - Other Currency Shares (Snap) () Inception Date - Base Shares Inception Date - Other Currency Shares (Snap) () Fund Domicile Fund Facts ISIN - Base Shares ISIN - Other Currency Shares (Snap) () Bloomberg Ticker - Base Shares Bloomberg Ticker - Other Currency Shares (Snap) () Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark JPY 30-Apr Jan-02 Luxembourg LU LU GLSJPPI LX GLSJPPU LX Annually Daily 30 November Topix Index(Net Total Return, Unhedged, JPY) Settlement T + 3 Sector Allocation (%) Goldman Sachs Japan Equity Portfolio TOPIX (TR, Unhedged, JPY) 21.7% Industrials 21.7% Industrials 19.4% Consumer Discretionary 2% Consumer Discretionary 13.7% Financials 13.9% Financials 9.9% Consumer Staples 8.5% Consumer Staples 8.1% Materials 6.9% Materials 7.7% Health Care 6.9% Health Care 7.4% Information Technology 10.6% Information Technology 6.2% Telecommunication Services 5.5% Telecommunication Services 3.8% Real Estate 3.2% Real Estate % Energy 0.9% Energy % Utilities 1.9% Utilities 2.1% Cash and cash equivalents % Cash and cash equivalents Top 10 Holdings (6) Security % Country Activity Toyota Motor Corp 4.0 Japan Automobiles & Components Nippon Telegraph & Telephone Corp 3.9 Japan Telecommunication Services Mitsubishi UFJ Financial Group Inc 3.3 Japan Banks Sumitomo Mitsui Financial Group Inc 3.3 Japan Banks Fuji Heavy Industries Ltd 2.7 Japan Automobiles & Components ORIX Corp 2.7 Japan Diversified Financials East Japan Railway Co 2.6 Japan Transportation HOYA CORP 2.5 Japan Health Care Equipment & Services Shin-Etsu Chemical Co Ltd 2.4 Japan Materials SoftBank Group Corp 2.3 Japan Telecommunication Services Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Japan Portfolio to Goldman Sachs Japan Equity Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) The TOPIX Index Value and the TOPIX Trademarks are the intellectual property rights owned by the Tokyo Stock Exchange. All rights relating to the TOPIX, including calculation, publication and use of the TOPIX Index Value as well as those relating to the TOPIX Trademarks belong to the Tokyo Stock Exchange. The TOPIX Index is quoted at month-end without income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (6) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 23

25 PV Goldman Sachs Europe Equity Partners Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to a European equity fund which may typically have a smaller number of holdings than a more diversified European equity portfolio. Potentially higher returns may be generated but also increased levels of risk than from a more diversified European equity portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund (EUR) Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 32 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 45 Historical Tracking Error - 3 yr 4.25 Excess Returns - 3 yr 1.19 R 2-3 yr 0.90 Beta - 3 yr 1.01 Transaction Costs (%) 0.46 Commissions (%) 0.13 Other Costs (%) 0.34 Swing Pricing (%) Subscription (%) 0.31 Redemption (%) 0.11 Performance (Indexed) /96 09/98 09/00 09/02 09/04 09/06 09/08 09/10 09/12 09/14 09/16 09/18 Goldman Sachs Europe Equity Partners Portfolio Base Shares (3) MSCI Europe Index (Net total return, unhedged, EUR) (4) Morningstar Europe Large-Cap Blend Equity (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (3) (0.95) (0.95) MSCI Europe Index (Net total return, unhedged, EUR) (4) Morningstar Europe Large-Cap Blend Equity (1) (0.35) (0.35) Quartile Position in Sector (1) Other Currency Shares () (3) (2.42) (4.32) (4.31) (2.10) MSCI Europe Index (Net total return, unhedged, ) (4) (0.40) (0.40) (0.40) (3.17) Calendar Year Performance (%) Base Shares MSCI Europe Index (Net total return, unhedged, EUR) Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.90 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.40 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 24

26 Goldman Sachs Europe Equity Partners Portfolio Financial Information Net Asset Value (NAV) - Base Shares EUR Net Asset Value (NAV) - Other Currency Shares () Total Net Assets (m) EUR 379 Fund Characteristics Currency - Base Shares Currency - Other Currency Shares () Inception Date - Base Shares Inception Date - Other Currency Shares () Fund Domicile Fund Facts ISIN - Base Shares ISIN - Other Currency Shares () Bloomberg Ticker - Base Shares Bloomberg Ticker - Other Currency Shares () Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark EUR 30-Sep Jul-98 Luxembourg LU LU GLSEUPI LX GSEQPOR LX Annually Daily 30 November MSCI Europe Index (Net total return, unhedged, EUR) Settlement T + 3 Sector Allocation (%) Goldman Sachs Europe Equity Partners Portfolio 20.1% Financials 16.6% Consumer Staples 14.2% Health Care 12.5% Consumer Discretionary 12.3% Industrials 7.0% Information Technology 6.9% Energy 5.6% Materials 2.9% Real Estate % Telecommunication Services % Utilities 2.0% Cash and cash equivalents MSCI Europe (Net Total Return, Unhedged, EUR) 20.4% Financials 13.8% Consumer Staples 12.8% Health Care 10.8% Consumer Discretionary 12.8% Industrials 4.2% Information Technology 7.8% Energy 8.2% Materials 1.4% Real Estate 4.2% Telecommunication Services 3.5% Utilities % Cash and cash equivalents Top 10 Holdings (5) Security % Country Activity Royal Dutch Shell PLC 6.9 United Kingdom Energy SAP SE 4.2 Germany Software & Services Bayer AG 4.1 Germany Pharmaceuticals, Biotechnology & Life Sciences Wolseley PLC 4.0 United Kingdom Capital Goods Novartis AG 4.0 Switzerland Pharmaceuticals, Biotechnology & Life Sciences Reckitt Benckiser Group PLC 4.0 United Kingdom Household & Personal Products HSBC Holdings PLC 3.9 United Kingdom Banks Beiersdorf AG 3.8 Germany Household & Personal Products Shire PLC 3.6 United Kingdom Pharmaceuticals, Biotechnology & Life Sciences Hennes & Mauritz AB 3.4 Sweden Retailing Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) The MSCI Europe Index is quoted at monthend with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 25

27 PV Goldman Sachs Global Equity Partners Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to global equity fund which may typically have a smaller number of holdings than a more diversified global equity portfolio. Potentially higher returns may be generated but also increased levels of risk than from a more diversified global equity portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 35 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 27 Historical Tracking Error - 3 yr 4.14 Excess Returns - 3 yr R 2-3 yr 0.88 Beta - 3 yr 1.03 Transaction Costs (%) 5 Commissions (%) 4 Other Costs (%) 0 Swing Pricing (%) Subscription (%) 0.11 Redemption (%) 6 Performance (Indexed) /06 02/08 02/10 02/12 02/14 02/16 02/18 Goldman Sachs Global Equity Partners Portfolio Base Shares (Acc.) (3) MSCI World Index - (Net Total Return) (4) Morningstar Global Large-Cap Blend Equity (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (Acc.) (3) (0.42) (0.77) (0.77) MSCI World Index - (Net Total Return) (4) Morningstar Global Large-Cap Blend Equity (1) Quartile Position in Sector (1) Other Currency Shares (GBP) (3) MSCI World Index - GBP (Net Total Return) (4) Calendar Year Performance (%) Base Shares (Acc.) MSCI World Index - (Net Total Return) Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.90 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.40 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 26

28 Goldman Sachs Global Equity Partners Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Acc.) Net Asset Value (NAV) - Other Currency GBP Shares (GBP) Total Net Assets (m) 642 Fund Characteristics Currency - Base Shares (Acc.) Currency - Other Currency Shares (GBP) Inception Date - Base Shares (Acc.) Inception Date - Other Currency Shares (GBP) Fund Domicile Fund Facts ISIN - Base Shares (Acc.) ISIN - Other Currency Shares (GBP) Bloomberg Ticker - Base Shares (Acc.) Bloomberg Ticker - Other Currency Shares (GBP) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark GBP 23-Feb Jul-06 Luxembourg LU LU GSPCPAB LX GSPCPOC LX None Daily 30 November MSCI World Index - (Net Total Return) Settlement T + 3 Sector Allocation (%) Goldman Sachs Global Equity Partners Portfolio 17.7% Health Care 17.2% Industrials 14.5% Information Technology 14.3% Financials 8.6% Consumer Discretionary 8.3% Real Estate 7.8% Consumer Staples 4.8% Energy 1.7% Materials % Telecommunication Services % Utilities 5.2% Cash and cash equivalents MSCI World (Net Return, Unhedged, ) 12.0% Health Care 11.2% Industrials 14.6% Information Technology 18.0% Financials 12.3% Consumer Discretionary 3.2% Real Estate 9.7% Consumer Staples 7.3% Energy 5.0% Materials 3.4% Telecommunication Services 3.2% Utilities % Cash and cash equivalents Top 10 Holdings (5) Security % Country Activity Royal Dutch Shell PLC 4.8 United Kingdom Energy Northern Trust Corp 4.8 United States Diversified Financials Alphabet Inc 4.5 United States Software & Services Intercontinental Exchange Inc 4.4 United States Diversified Financials American Tower Corp 4.3 United States Real Estate Bayer AG 4.0 Germany Pharmaceuticals, Biotechnology & Life Sciences Mitsubishi Estate Co Ltd 4.0 Japan Real Estate Wolseley PLC 4.0 United Kingdom Capital Goods Abbott Laboratories 3.5 United States Health Care Equipment & Services Honeywell International Inc 3.5 United States Capital Goods Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) The MSCI World Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 27

29 PV Goldman Sachs Global Millennials Equity Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to a thematic and concentrated global portfolio that invests in companies that benefit from the behavior of the Millennials generation - individuals born between 1980 and Potentially higher returns may be generated but also increased levels of risk than from a more diversified global equity portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 48 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 76 Historical Tracking Error - 3 yr 4.96 Excess Returns - 3 yr R 2-3 yr 0.87 Beta - 3 yr 1.10 Transaction Costs (%) 5 Commissions (%) 4 Other Costs (%) 1 Swing Pricing (%) Subscription (%) 0.17 Redemption (%) 0.11 Performance (Indexed) (3) /12 03/13 09/13 03/14 09/14 03/15 09/15 03/16 09/16 03/17 Goldman Sachs Global Millennials Equity Portfolio Base Shares (Acc.) (4) MSCI ACWI Growth (Net Total Return, Unhedged, ) (5) Morningstar Global Large-Cap Blend Equity (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs Base Shares (Acc.) (4) (2.98) (2.43) (2.42) (1.19) MSCI ACWI Growth (Net Total Return, Unhedged, ) (5) (2.34) Morningstar Global Large-Cap Blend Equity (1) Quartile Position in Sector (1) Calendar Year Performance (%) Base Shares (Acc.) MSCI ACWI Growth (Net Total Return, Unhedged, ) Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.90 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.40 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 28

30 Goldman Sachs Global Millennials Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 5 Fund Characteristics Currency - Base Shares (Acc.) Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 19-Sep-12 Luxembourg LU GSGELBA LX None Daily 30 November MSCI ACWI Growth (Net Total Return, Unhedged, ) Settlement T + 3 Sector Allocation (%) Region Allocation (%) 47.2% Information Technology 26.1% Consumer Discretionary 5.5% Utilities 5.3% Health Care 4.4% Consumer Staples 3.6% Financials 3.1% Real Estate 3.0% Industrials % Energy % Materials % Telecommunication Services 1.8% Cash and cash equivalents 62.0% North America 23.6% Europe 7.1% Asia/Pacific Ex Japan 4.2% Japan 1.2% Africa/Mideast 1.8% Cash and cash equivalents Top 10 Holdings (6) Security % Country Activity Apple Inc 4.7 United States Technology Hardware & Equipment Eagle Bancorp Inc 3.6 United States Banks Microsoft Corp 3.4 United States Software & Services Allergan plc 3.2 United States Pharmaceuticals, Biotechnology & Life Sciences American Tower Corp 3.1 United States Real Estate Moncler SpA 2.9 Italy Consumer Durables & Apparel Oracle Corp 2.9 United States Software & Services NXP Semiconductors NV 2.8 Netherlands Semiconductors & Semiconductor Equipment NextEra Energy Inc 2.8 United States Utilities Publicis Groupe SA 2.7 France Media Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Until 3rd January 2016 the Portfolio was named Goldman Sachs Global Equity Unconstrained Portfolio. On the 4th January 2016, the Portfolio changed its investment objective and strategy, and as a result the Portfolio s name changed to Goldman Sachs Global Millennials Equity Portfolio. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) Effective May 31, 2016, the Portfolio s reference benchmark changed from MSCI World Index (Net) to MSCI All Country World Growth Index (Total Return Net). The MSCI All Country World Growth Index (Total Return Net) is quoted at monthend with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (6) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 29

31 PV Goldman Sachs Global Equity Partners ESG Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors who are looking for a fund that invests in companies on a global basis that show a commitment to Environmental, Social and Governance (ESG) leadership. With this focus, the fund is likely to be relatively concentrated and have a higher risk profile than a more diversified global equity portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 34 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 68 Historical Tracking Error - 3 yr 3.77 Excess Returns - 3 yr R 2-3 yr 0.93 Beta - 3 yr 1.14 Transaction Costs (%) 0.14 Commissions (%) 0.11 Other Costs (%) 3 Swing Pricing (%) Subscription (%) 0.10 Redemption (%) 7 Performance (Indexed) (3) /08 09/10 09/12 09/14 09/16 09/18 Goldman Sachs Global Equity Partners ESG Portfolio Base Shares (Acc.) (Snap) (5) MSCI World (), Net Unhedged (4) Morningstar Global Large-Cap Growth Equity (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs Base Shares (Acc.) (Snap) (5) (0.31) (0.46) (0.46) (1.08) 6.65 MSCI World (), Net Unhedged (4) Morningstar Global Large-Cap Growth Equity (1) (2.20) Quartile Position in Sector (1) Calendar Year Performance (%) Base Shares (Acc.) (Snap) MSCI World (), Net Unhedged Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.75 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.25 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 30

32 Goldman Sachs Global Equity Partners ESG Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Acc.) (Snap) Total Net Assets (m) 4 Fund Characteristics Currency - Base Shares (Acc.) (Snap) Inception Date - Base Shares (Acc.) (Snap) Fund Domicile Fund Facts 16-Sep-08 Luxembourg ISIN - Base Shares (Acc.) (Snap) LU Bloomberg Ticker - Base Shares (Acc.) GSSPBAS LX (Snap) Dividend Distribution Frequency None Dealing and valuation Daily Reporting year end 30 November Reference MSCI World (), Net Unhedged Benchmark Settlement T + 3 Sector Allocation (%) Region Allocation (%) 19.4% Health Care 14.4% Industrials 14.2% Financials 12.1% Information Technology 1% Consumer Staples 8.6% Real Estate 8.4% Consumer Discretionary 4.6% Energy 1.7% Materials % Telecommunication Services % Utilities 6.7% Cash and cash equivalents 51.9% North America 31.8% Europe 9.7% Japan 6.7% Cash and cash equivalents Top 10 Holdings (6) Security % Country Activity Northern Trust Corp 4.8 United States Diversified Financials Royal Dutch Shell PLC 4.6 United Kingdom Energy Intercontinental Exchange Inc 4.4 United States Diversified Financials American Tower Corp 4.4 United States Real Estate Wolseley PLC 4.2 United Kingdom Capital Goods Mitsubishi Estate Co Ltd 4.2 Japan Real Estate Alphabet Inc 4.1 United States Software & Services Bayer AG 4.0 Germany Pharmaceuticals, Biotechnology & Life Sciences Abbott Laboratories 3.4 United States Health Care Equipment & Services Honeywell International Inc 3.4 United States Capital Goods Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Until 30th May 2016 the Portfolio was named Goldman Sachs Global Responsible Equity Portfolio. On the 31st May 2016, the Portfolio changed its investment objective and strategy, and as a result the Portfolio s name changed to Goldman Sachs Global Equity Partners ESG Portfolio. (4) Effective May 31, 2016, the Portfolio s reference benchmark changed from MSCI ACWI Index (Net) to MSCI World Index (Total Return Net). The MSCI World Index (Total Return Net) is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (6) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 31

33 PV Goldman Sachs Strategic Global Equity Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors seeking diversified global equity exposure primarily to the developed markets. The fund has a lower risk profile with the potential to generate lower returns than the GS Global Equity Partners Portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 78 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 53 Historical Tracking Error - 3 yr 4.09 Excess Returns - 3 yr R 2-3 yr 0.92 Beta - 3 yr 1.16 Transaction Costs (%) 0.15 Commissions (%) 0.11 Other Costs (%) 4 Swing Pricing (%) Subscription (%) 0.15 Redemption (%) 0.10 Performance (Indexed) /92 12/94 12/96 12/98 12/00 12/02 12/04 12/06 12/08 12/10 12/12 12/14 12/16 Goldman Sachs Strategic Global Equity Portfolio Base Shares (3) MSCI World Index - (Net Total Return) (4) Morningstar Global Large-Cap Blend Equity (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (3) (0.80) MSCI World Index - (Net Total Return) (4) Morningstar Global Large-Cap Blend Equity (1) Quartile Position in Sector (1) Base Shares (Acc.) (3) (0.80) Calendar Year Performance (%) Base Shares MSCI World Index - (Net Total Return) Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.90 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.40 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 32

34 Goldman Sachs Strategic Global Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 9 Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 04-Dec Nov-05 Luxembourg LU LU GLSGLEI LX GSGEPBA LX Annually Daily 30 November MSCI World Index - (Net Total Return) Settlement T + 3 Region Allocation (%) Goldman Sachs Strategic Global Equity Portfolio MSCI World (Net Return, Unhedged, ) 54.3% North America 63.6% North America 33.9% Europe 22.9% Europe 8.5% Japan 8.7% Japan 2.0% Asia/Pacific Ex Japan 4.5% Asia/Pacific Ex Japan % Africa/Mideast 0.2% Africa/Mideast 1.4% Cash and cash equivalents % Cash and cash equivalents Top 10 Holdings (5) Security % Country Activity Royal Dutch Shell PLC 4.4 United Kingdom Energy Alphabet Inc 2.9 United States Software & Services Facebook Inc 2.3 United States Software & Services Beiersdorf AG 2.1 Germany Household & Personal Products Intercontinental Exchange Inc 2.1 United States Diversified Financials Citigroup Inc 2.0 United States Banks Electronic Arts Inc 2.0 United States Software & Services Martin Marietta Materials Inc 1.9 United States Materials American International Group Inc 1.8 United States Insurance Hennes & Mauritz AB 1.7 Sweden Retailing Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) The MSCI World Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 33

35 PV Goldman Sachs BRICs Equity Portfolio Investor Profile (1) Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to the shares of BRIC companies. Potentially higher returns may be generated but also increased levels of risk than a diversified emerging markets equity portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 45 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 48 Historical Tracking Error - 3 yr 5.87 Excess Returns - 3 yr -3 R 2-3 yr 0.91 Beta - 3 yr 0.88 Transaction Costs (%) 0.22 Commissions (%) 0.17 Other Costs (%) 4 Swing Pricing (%) Subscription (%) 0.24 Redemption (%) 0.25 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (3) 2.15 Management Fee (%) 1.75 Distribution Fee (%) 0 Other Expenses (%) 0.40 Performance (Indexed) /06 01/08 01/10 01/12 01/14 01/16 01/18 Goldman Sachs BRICs Equity Portfolio Base Shares (5) MSCI BRIC Index (Net Total Return, unhedged) (4) Morningstar BRIC Equity (2) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (5) (1.54) (7.01) (1.97) MSCI BRIC Index (Net Total Return, (1.20) (3.79) (1.95) unhedged) (4) Morningstar BRIC Equity (2) (3.33) (1.51) 0.83 (0.38) Quartile Position in Sector (2) Base Shares (Acc.) (Long BRICs Ccy vs.) (5) 6.60 (1.75) (7.55) (2.41) 0.38 (1.46) Base Shares (Acc.) (5) (1.52) (6.98) (1.98) Calendar Year Performance (%) Base Shares MSCI BRIC Index (Net Total Return, unhedged) Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 34

36 Goldman Sachs BRICs Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Base Shares EUR (Acc.) (Long BRICs Ccy vs.) Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 160 Country Allocation (%) Goldman Sachs BRICs Equity Portfolio 41.1% China 22.3% India 14.6% Brazil 10.4% Hong Kong 1% Russian Federation 0.6% ETF 0.9% Cash and cash equivalents MSCI BRIC (Net Total Return, Unhedged, ) 56.4% China 17.7% India 16.3% Brazil % Hong Kong 9.6% Russian Federation % ETF % Cash and cash equivalents Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) (Long BRICs Ccy vs.) Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) (Long BRICs Ccy vs.) Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares ISIN - Base Shares (Acc.) (Long BRICs Ccy vs.) ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares Bloomberg Ticker - Base Shares (Acc.) (Long BRICs Ccy vs.) Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation EUR 17-Jan Mar Jan-06 Luxembourg LU LU LU GSBRIBA LX GSBRACD LX GSBRBAA LX Annually Daily Reporting year end 30 November Reference Benchmark MSCI BRIC Index (Net Total Return, unhedged) Settlement T + 3 Top 10 Holdings (6) Security % Country Activity Tencent Holdings Ltd 8.8 China Technology Hardware & Equipment Kweichow Moutai Co Ltd 5.2 China Food, Beverage & Tobacco Moscow Exchange MICEX-RTS PJSC 4.0 Russian Federation Diversified Financials Hong Kong Exchanges & Clearing Ltd 4.0 Hong Kong Diversified Financials Industrial & Commercial Bank of China Ltd 3.7 China Banks China Construction Bank Corp 3.6 China Banks BB Seguridade Participacoes SA 3.4 Brazil Insurance Ping An Insurance Group Co of China Ltd 3.3 China Insurance Magnit PJSC 3.3 Russian Federation Food & Staples Retailing Banco Bradesco SA 3.2 Brazil Banks Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs BRICs Portfolio to Goldman Sachs BRICs Equity Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) The MSCI BRIC Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (6) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 35

37 PV Goldman Sachs China Opportunity Equity Portfolio Investor Profile (1) Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to predominantly in China H Shares. Potentially higher returns may be generated but also increased levels of risk than a diversified regional equity portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 45 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 68 Historical Tracking Error - 3 yr 5.88 Excess Returns - 3 yr 0.77 R 2-3 yr 0.92 Beta - 3 yr 0.90 Transaction Costs (%) 0.58 Commissions (%) 0.29 Other Costs (%) 0.29 Swing Pricing (%) Subscription (%) 0.26 Redemption (%) 0.28 Performance (Indexed) /09 08/11 08/13 08/15 08/17 Goldman Sachs China Opportunity Equity Portfolio Base Shares (Acc.) (4) MSCI China Index (Net TR, unhedged, ) - Leading Benchmark (5) Morningstar China Equity (2) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs Base Shares (Acc.) (4) (4.68) (8.32) (0.91) (0.91) (1.19) 4.47 MSCI China Index (Net TR, unhedged, ) (3.98) (8.05) (5.31) (5.30) (1.96) 3.69 Leading Benchmark (5) Morningstar China Equity (2) (4.70) (6.99) (2.31) (2.31) (0.98) 4.79 Quartile Position in Sector (2) Base Shares (4) 28 (4.62) (8.33) (0.84) (0.84) (1.19) 4.45 Calendar Year Performance (%) Base Shares (Acc.) MSCI China Index (Net TR, unhedged, ) - Leading Benchmark Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (3) 1.90 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.40 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 36

38 Goldman Sachs China Opportunity Equity Portfolio Financial Information Sector Allocation (%) Net Asset Value (NAV) - Base Shares (Acc.) Net Asset Value (NAV) - Base Shares Total Net Assets (m) 2 Fund Characteristics Currency - Base Shares (Acc.) Currency - Base Shares Inception Date - Base Shares (Acc.) Inception Date - Base Shares Fund Domicile 26-Aug Aug-09 Luxembourg Goldman Sachs China Opportunity Equity Portfolio 26.0% Information Technology 23.6% Financials 12.3% Consumer Discretionary 9.1% Industrials 6.5% Energy 5.8% Health Care 4.2% Real Estate 3.4% Telecommunication Services 3.4% Consumer Staples 2.3% Materials 1.4% ETF % Other 2.0% Cash and cash equivalents MSCI China total return in 31.8% Information Technology 27.0% Financials 9.2% Consumer Discretionary 5.5% Industrials 6.6% Energy 2.0% Health Care 3.7% Real Estate 7.7% Telecommunication Services 2.4% Consumer Staples 1.3% Materials % ETF 2.7% Other % Cash and cash equivalents Fund Facts ISIN - Base Shares (Acc.) ISIN - Base Shares Bloomberg Ticker - Base Shares (Acc.) Bloomberg Ticker - Base Shares Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark LU LU GSCGOBA LX GSCHOBD LX None Daily 30 November MSCI China Index (Net TR, unhedged, ) - Leading Benchmark Settlement T + 3 Top 10 Holdings (6) Security % Country Activity Tencent Holdings Ltd 9.8 China Technology Hardware & Equipment Industrial & Commercial Bank of China Ltd 7.3 China Banks Alibaba Group Holding Ltd 5.3 China Software & Services Ping An Insurance Group Co of China Ltd 4.9 China Insurance China Merchants Bank Co Ltd 4.1 China Banks China Petroleum & Chemical Corp 3.6 China Energy China Unicom Hong Kong Ltd 3.4 China Telecommunication Services AIA Group Ltd 3.2 Hong Kong Insurance Kweichow Moutai Co Ltd 3.0 China Food, Beverage & Tobacco China Resources Land Ltd 2.7 China Real Estate Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs China Opportunity Portfolio to Goldman Sachs China Opportunity Equity Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) The MSCI China Index quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. Any reference to a specific security does not constitute a recommendation to buy, sell or hold such security. This information pertains to past performance or is the basis for previously made discretionary investment decisions and should not be construed as research or investment advice. (6) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 37

39 PV Goldman Sachs Emerging Markets Equity Portfolio Investor Profile (1) Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who are looking for a fund that accesses the dynamic emerging markets offering potentially higher returns but with a potentially higher risk profile than that of a more diversified global equity fund. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 142 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 45 Historical Tracking Error - 3 yr 5.06 Excess Returns - 3 yr 2.67 R 2-3 yr 0.90 Beta - 3 yr 0.85 Transaction Costs (%) 0.56 Commissions (%) 0.49 Other Costs (%) 7 Swing Pricing (%) Subscription (%) 0.38 Redemption (%) 0.37 Performance (Indexed) /97 12/99 12/01 12/03 12/05 12/07 12/09 12/11 12/13 12/15 12/17 Goldman Sachs Emerging Markets Equity Portfolio Base Shares (4) MSCI Emerging Markets (EM) - Net (5) Morningstar Global Emerging Markets Equity (2) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (4) (1.59) (7.19) MSCI Emerging Markets (EM) - Net (5) (4.16) (2.55) Morningstar Global Emerging Markets (5.07) (3.19) Equity (2) Quartile Position in Sector (2) Base Shares (Acc.) (4) (1.53) (7.16) Calendar Year Performance (%) Base Shares MSCI Emerging Markets (EM) - Net Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (3) 2.25 Management Fee (%) 1.75 Distribution Fee (%) 0 Other Expenses (%) 0.50 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 38

40 Goldman Sachs Emerging Markets Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 1,363 Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts 15-Dec Nov-05 Luxembourg ISIN - Base Shares LU ISIN - Base Shares (Acc.) LU Bloomberg Ticker - Base Shares GSEMMKP LX Bloomberg Ticker - Base Shares (Acc.) GSEMEBA LX Dividend Distribution Frequency Annually Dealing and valuation Daily Reporting year end 30 November Reference MSCI Emerging Markets (EM) - Net Benchmark Settlement T + 3 Country Allocation (%) Goldman Sachs Emerging Markets Equity Portfolio 24.6% China 14.3% India 11.7% Korea 9.4% Taiwan 6.9% Brazil 4.5% South Africa 2.9% Mexico 2.8% Russia 2.6% United States 2.4% Peru 17.4% Others 0.6% Cash and cash equivalents MSCI EM (Net Total Return, Unhedged, ) 26.5% China 8.3% India 14.4% Korea 12.2% Taiwan 7.7% Brazil 7.1% South Africa 3.5% Mexico 4.5% Russia % United States 0.4% Peru 15.3% Others % Cash and cash equivalents Top 10 Holdings (6) Security % Country Activity Tencent Holdings 4.8 China Software & Services TSMC 3.2 Taiwan Semiconductors & Semiconductor Equipment Ping An Insurance 2.8 China Insurance AIA Group 2.3 China Insurance Hong Kong Exchange 2.3 China Diversified Financials Kweichow Moutai 2.2 China Food Beverage & Tobacco PCHome Online 2.0 Taiwan Software & Services Moscow Exchange 2.0 Russia Diversified Financials Samsung Electronic 1.8 Korea Technology Hardware & Equipment Bank Central Asia 1.6 Indonesia Banks Market Capitalisation Goldman Sachs Emerging Markets Equity Portfolio MSCI EM (Net Total Return, Unhedged, ) Large Cap Mid Cap Small Cap 37.7 Cash and cash equivalents 0.6 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets Broad Equity Portfolio to Goldman Sachs Emerging Markets Equity Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends reinvested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) The MSCI EM Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (6) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 39

41 PV Goldman Sachs India Equity Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who are seeking exposure to India s equity markets. These companies may be incorporated in India and / or listed in India. The fund has the potential to generate higher returns but will also have a higher risk profile than a more benchmark aware India equity fund. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 104 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 32 Historical Tracking Error - 3 yr 4.77 Excess Returns - 3 yr 6.54 R 2-3 yr 0.94 Beta - 3 yr 1.04 Transaction Costs (%) 0.36 Commissions (%) 0.23 Other Costs (%) 0.13 Swing Pricing (%) Subscription (%) 0.43 Redemption (%) 0.45 Performance (Indexed) /08 03/10 03/12 03/14 03/16 03/18 Goldman Sachs India Equity Portfolio Base Shares (3) MSCI India IMI, Net returns, Unhedged, (4) Morningstar India Equity (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs Base Shares (3) (1.68) (10.74) (3.84) (3.83) MSCI India IMI, Net returns, Unhedged, (4) 3.18 (0.31) (8.01) (1.08) (1.08) Morningstar India Equity (1) (1.22) (8.98) Quartile Position in Sector (1) Calendar Year Performance (%) Base Shares MSCI India IMI, Net returns, Unhedged, Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 2.25 Management Fee (%) 1.75 Distribution Fee (%) 0 Other Expenses (%) 0.50 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 40

42 Goldman Sachs India Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 1,714 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile Fund Facts ISIN - Base Shares Bloomberg Ticker - Base Shares Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 26-Mar-08 Luxembourg LU GSINDBA LX Annually Daily 30 November MSCI India IMI, Net returns, Unhedged, Settlement T + 3 Sector Allocation (%) Market Capitalisation (5) 22.5% Financials 13.2% Information Technology 12.4% Industrials 11.6% Consumer Discretionary 11.0% Materials 8.7% Consumer Staples 8.0% Health Care 5.7% Future 3.0% Energy 1.7% Real Estate 1.3% Utilities % Other 0.8% Cash and cash equivalents Goldman Sachs India Equity Portfolio MSCI India IMI (Net Total Return, Unhedged, ) Mega Cap Large Cap Mid Cap Small Cap Cash and cash equivalents 0.8 Top 10 Holdings (6) Security % Country Activity Infosys Ltd 6.2 India Software & Services Maruti Suzuki India Ltd 4.3 India Automobiles & Components Housing Development Finance Corp Ltd 3.9 India Banks HDFC Bank Ltd 3.7 India Banks ITC Ltd 2.9 India Food, Beverage & Tobacco Cognizant Technology Solutions Corp 2.2 India Software & Services IndusInd Bank Ltd 2.2 India Banks Eicher Motors Ltd 2.0 India Capital Goods Indian Oil Corp Ltd 1.8 India Energy ICICI Bank Ltd 1.7 India Banks Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) The MSCI India IMI is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (5) Mega Cap refers to stocks in the top 50th percentile of market cap in the index, Large Cap refers to the next 30th percentile, Mid Cap refers to the next 15th percentile, Small Cap refers to the last 5th percentile. (6) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 41

43 PV Goldman Sachs N-11 Equity Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who are looking to invest in the shares of companies from countries identified as the next 11. These countries include: Bangladesh, Egypt, Indonesia, Iran, South Korea, Mexico, Nigeria, Pakistan, Philippines, Turkey and Vietnam. The fund has the potential to generate higher returns but will also have a higher risk profile than a diversified emerging markets equity fund. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Fund Data No. of holdings 68 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 26 Transaction Costs (%) 0.45 Commissions (%) 0.44 Other Costs (%) 1 Swing Pricing (%) Subscription (%) 0.50 Redemption (%) 0.50 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (1) 2.15 Management Fee (%) 1.75 Distribution Fee (%) 0 Other Expenses (%) 0.40 Performance (Indexed) /11 01/13 01/15 01/17 Goldman Sachs N-11 Equity Portfolio Base Shares (4) MSCI EM Unhedged Net Divs (2) Please be aware that the reference benchmark shown is for illustrative purposes only and may differ from the reference benchmark referred to in the funds offering documents. This is an actively managed fund, which is not designed to track its reference benchmark, whose composition may be different to the way the fund is constructed. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated index returns do not reflect any management or other charges of the fund, whereas the stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs Base Shares (4) (21.80) 1.43 (9.59) (6.12) (6.11) (8.47) (1.65) MSCI EM Unhedged Net Divs (2) (12.47) 0.22 (4.16) (2.55) 1.27 Morningstar Global Emerging Markets Equity (3) (9.66) 0.15 (5.07) (3.19) 0.98 Quartile Position in Sector (3) Base Shares (Acc.) (4) (21.90) 1.43 (9.71) (6.24) (6.23) (8.48) (1.68) Calendar Year Performance (%) Base Shares MSCI EM Unhedged Net Divs Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 42

44 Goldman Sachs N-11 Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares 7.81 Net Asset Value (NAV) - Base Shares 7.81 (Acc.) Total Net Assets (m) 315 Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile 26-Jan Jan-11 Luxembourg Fund Facts ISIN - Base Shares LU ISIN - Base Shares (Acc.) LU Bloomberg Ticker - Base Shares GSN11BI LX Bloomberg Ticker - Base Shares (Acc.) GSN11BA LX Dividend Distribution Frequency Annually Dealing and valuation Daily Reporting year end 30 November Settlement T + 3 Sector Allocation (%) Country Allocation (%) 37.5% Financials 16.4% Consumer Staples 27.3% Korea, Republic of 11.2% Information Technology 18.4% Mexico 7.8% Consumer Discretionary 16.7% Indonesia 7.6% Materials 9.8% Turkey 6.3% Telecommunication Services 7.7% Pakistan 3.3% Health Care 4.8% Philippines 3.0% Real Estate 4.7% Egypt 1.4% ETF 4.4% Viet Nam 1.3% Energy 3.8% Bangladesh 1.3% Industrials 2.4% Cash and cash equivalents 0.7% Other 2.4% Cash and cash equivalents Top 10 Holdings (5) Security % Country Activity Samsung Electronics Co Ltd 7.8 Korea, Republic of Technology Hardware & Equipment Bank Central Asia Tbk PT 4.7 Indonesia Banks Commercial International Bank Egypt SAE 4.3 Egypt Banks Telekomunikasi Indonesia Persero Tbk PT 3.7 Indonesia Telecommunication Services Samsung Fire & Marine Insurance Co Ltd 2.7 Korea, Republic of Insurance Unifin Financiera SAB de CV SOFOM ENR 2.5 Mexico Diversified Financials BIM Birlesik Magazalar AS 2.4 Turkey Food & Staples Retailing Habib Bank Ltd 2.4 Pakistan Banks Wal-Mart de Mexico SAB de CV 2.3 Mexico Food & Staples Retailing Fomento Economico Mexicano SAB de CV 2.3 Mexico Food, Beverage & Tobacco Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (2) The MSCI EM Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (3) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 43

45 PV Goldman Sachs North America Energy & Energy Infrastructure Equity Portfolio Investor Profile (1) Investor objective Capital appreciation with some need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to North American energy companies including energy producers, energy infrastructure and energy users with a focus on energy infrastructure companies. The fund is sector focused and has the potential to generate higher returns but will also have a higher risk profile than a diversified multisector equity fund. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 31 % in top Turnover Ratio (%) 175 Transaction Costs (%) 0.17 Commissions (%) 0.17 Other Costs (%) 0 Swing Pricing (%) Subscription (%) 0.10 Redemption (%) 0.10 Performance (Indexed) /14 10/14 04/15 10/15 04/16 10/16 04/17 Goldman Sachs North America Energy & Energy Infrastructure Equity Portfolio - Base Shares (4) Morningstar Sector Equity Energy (2) Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr Base Shares (4) (28.29) Morningstar Sector Equity Energy (2) (33.58) Quartile Position in Sector (2) Calendar Year Performance (%) Base Shares Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (3) 2.15 Management Fee (%) 1.75 Distribution Fee (%) 0 Other Expenses (%) 0.40 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 44

46 Goldman Sachs North America Energy & Energy Infrastructure Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares 6.88 Total Net Assets (m) 148 Fund Characteristics Currency - Base Shares Inception Date - Base Shares 14-Apr-14 Fund Domicile Luxembourg Fund Facts ISIN - Base Shares LU Bloomberg Ticker - Base Shares GNSREIB LX Dividend Distribution Frequency Annually Dealing and valuation Daily Reporting year end 30 November Settlement T + 3 Industry Allocation (%) 61.9% Energy Infrastructure 28.9% Energy Producers 8.3% Energy Users 0.1% Unclassified % Energy Diversified 0.7% Cash and cash equivalents Top 10 Holdings (5) Security % Country Activity Williams Cos Inc 9.1 United States Energy Infrastructure Targa Resources Corp 9.1 United States Energy Infrastructure TransCanada Corp 5.4 Canada Energy Infrastructure Cheniere Energy Inc 4.8 United States Energy Infrastructure Plains GP Holdings LP 4.1 United States Energy Infrastructure Marathon Petroleum Corp 4.1 United States Energy Users Pembina Pipeline Corp 4.0 Canada Energy Infrastructure Kinder Morgan Inc 3.8 United States Energy Infrastructure SemGroup Corp 3.4 United States Energy Infrastructure Continental Resources Inc 3.4 United States Energy Producers Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs North American Shale Revolution & Energy Infrastructure Portfolio to Goldman Sachs North America Energy & Energy Infrastructure Equity Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 45

47 PV Goldman Sachs US Equity Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors seeking diversified US equity exposure. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 49 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 46 Historical Tracking Error - 3 yr 4.39 Excess Returns - 3 yr R 2-3 yr 0.89 Beta - 3 yr 1.11 Transaction Costs (%) 5 Commissions (%) 5 Other Costs (%) 0 Swing Pricing (%) Subscription (%) 7 Redemption (%) 7 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.90 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.40 Performance (Indexed) /06 02/08 02/10 02/12 02/14 02/16 02/18 Goldman Sachs US Equity S&P 500 Net Return () (4) Morningstar US Large-Cap Portfolio Base Shares (3) Blend Equity (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (3) S&P 500 Net Return () (4) Morningstar US Large-Cap Blend Equity (1) Quartile Position in Sector (1) Other Currency Shares (Acc.) (EUR-Hedged) (3) S&P 500 (NTR, 100% Hgd to EUR) (4) Base Shares (Acc.) (3) Calendar Year Performance (%) Base Shares S&P 500 Net Return () Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 46

48 Goldman Sachs US Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Other Currency EUR Shares (Acc.) (EUR-Hedged) Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 919 Fund Characteristics Currency - Base Shares Currency - Other Currency Shares (Acc.) (EUR-Hedged) Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Other Currency Shares (Acc.) (EUR-Hedged) Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares ISIN - Other Currency Shares (Acc.) (EUR-Hedged) ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares Bloomberg Ticker - Other Currency Shares (Acc.) (EUR-Hedged) Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark EUR 03-Feb Jun Feb-06 Luxembourg LU LU LU GSUSBBA LX GSUSEEH LX GSUBEBA LX Annually Daily 30 November S&P 500 Net Return () Settlement T + 3 Sector Allocation (%) Goldman Sachs US Equity Portfolio S&P 500 (Net Total Return, Unhedged, ) 22.3% Financials 14.8% Financials 18.4% Information Technology 20.8% Information Technology 13.5% Consumer Discretionary 12.0% Consumer Discretionary 12.0% Health Care 13.6% Health Care 10.1% Industrials 10.3% Industrials 9.0% Consumer Staples 9.4% Consumer Staples 7.5% Energy 7.6% Energy 2.6% Real Estate 2.9% Real Estate 2.3% Materials 2.8% Materials 2.0% Telecommunication Services 2.7% Telecommunication Services % Utilities 3.2% Utilities 0.3% Cash and cash equivalents % Cash and cash equivalents Top 10 Holdings (5) Security % Country Activity Apple Inc 5.4 United States Technology Hardware & Equipment Wells Fargo & Co 5.1 United States Banks Bank of America Corp 5.0 United States Banks General Electric Co 4.8 United States Capital Goods Alphabet Inc 4.4 United States Software & Services Costco Wholesale Corp 3.4 United States Food & Staples Retailing Mastercard Inc 3.4 United States Software & Services NIKE Inc 3.3 United States Consumer Durables & Apparel Amazon.com Inc 3.1 United States Retailing JPMorgan Chase & Co 2.9 United States Banks Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) The S&P 500 Net Return Index, is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 47

49 PV Goldman Sachs US Focused Growth Equity Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to a US equity fund which may typically have a smaller number of holdings than a more diversified US equity fund. Potentially higher returns may be generated but also increased levels of risk than a more diversified US equity portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 24 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 76 Historical Tracking Error - 3 yr 5.36 Excess Returns - 3 yr R 2-3 yr 0.85 Beta - 3 yr 1.10 Transaction Costs (%) 7 Commissions (%) 7 Other Costs (%) 0 Swing Pricing (%) Subscription (%) 5 Redemption (%) 5 Performance (Indexed) /99 11/01 11/03 11/05 11/07 11/09 11/11 11/13 11/15 11/17 Goldman Sachs US Focused Growth Equity Portfolio Base Shares (3) Russell 1000 Growth ( net) (4) Morningstar US Large-Cap Growth Equity (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (3) (2.87) (5.18) (5.17) Russell 1000 Growth ( net) (4) Morningstar US Large-Cap Growth Equity (1) (0.10) Quartile Position in Sector (1) Base Shares (Acc.) (3) (2.86) (5.10) (5.09) Calendar Year Performance (%) Base Shares Russell 1000 Growth ( net) Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.90 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.40 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 48

50 Goldman Sachs US Focused Growth Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 33 Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile 15-Nov Nov-05 Luxembourg Sector Allocation (%) Goldman Sachs US Focused Growth Equity Portfolio 28.0% Information Technology 18.1% Consumer Discretionary 14.5% Health Care 12.7% Financials 12.1% Consumer Staples 6.1% Industrials 4.9% Real Estate % Energy % Materials % Telecommunication Services % Utilities 3.6% Cash and cash equivalents RUSSELL 1000 GROWTH Net unhedged 31.4% Information Technology 20.8% Consumer Discretionary 16.1% Health Care 2.9% Financials 9.5% Consumer Staples 11.1% Industrials 2.7% Real Estate 0.6% Energy 3.6% Materials 1.3% Telecommunication Services % Utilities % Cash and cash equivalents Fund Facts ISIN - Base Shares LU ISIN - Base Shares (Acc.) LU Bloomberg Ticker - Base Shares GSUSGEP LX Bloomberg Ticker - Base Shares (Acc.) GSUSGBA LX Dividend Distribution Frequency Annually Dealing and valuation Daily Reporting year end 30 November Reference Russell 1000 Growth ( net) Benchmark Settlement T + 3 Top 10 Holdings (5) Security % Country Activity Apple Inc 8.6 United States Technology Hardware & Equipment Costco Wholesale Corp 6.3 United States Food & Staples Retailing Alphabet Inc 5.9 United States Software & Services Mastercard Inc 5.8 United States Software & Services Amazon.com Inc 5.5 United States Retailing Northern Trust Corp 5.4 United States Diversified Financials Comcast Corp 4.7 United States Media Danaher Corp 4.7 United States Health Care Equipment & Services Intercontinental Exchange Inc 4.6 United States Diversified Financials Facebook Inc 4.6 United States Software & Services Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) The Russell 1000 Growth is a net total return index. Net total return is a reflection of return to an investor, by reinvesting dividends after the deduction of withholding tax. Return net of withholding taxes are only available from 30 April 2007, prior to this date returns are gross of withholding taxes. The rate of withholding tax applied to the Russell 1000 Growth is representative of the rate of withholding tax the Portfolio will incur on dividends received from foreign companies. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 49

51 PV Goldman Sachs Absolute Return Tracker Portfolio Investor Profile (1) Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who are looking to access the return characteristics of a diversified portfolio of Trend, Equity Long Short, Macro, Relative Value and Event Driven hedge funds strategies which aim to generate positive returns which are lowly correlated to the broad bonds and equity markets. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Fund Data Historical Volatility Portfolio - 3 yr 4.99 Excess Returns - 3 yr 1.88 Swing Pricing (%) Subscription (%) 3 Redemption (%) 3 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.50 Management Fee (%) 1.35 Distribution Fee (%) 0 Other Expenses (%) 0.15 Performance (Indexed) /07 12/09 12/11 12/13 12/15 12/17 Goldman Sachs Absolute Return Tracker Portfolio Base Shares (Acc.) (4) HFRX Global Hedge Fund Index (Net of fees,, Unhedged) (3) This is an actively managed fund that is not designed to track the comparative index shown above. Therefore the performance of the fund and the performance of the comparative index may diverge. In addition, stated comparative index returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. HFRX and related indices are trademarks and service marks of Hedge Fund Research, Inc. ( HFR ) which has no affiliation with GSAM. Information regarding HFR indices was obtained from HFR s website and other public sources and is provided for comparison purposes only. HFR does not endorse or approve any of the statements made herein. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs Base Shares (Acc.) (4) (4.10) HFRX Global Hedge Fund Index (Net of fees,, Unhedged) (3) (9.83) (0.60) 1.64 Calendar Year Performance (%) Base Shares (Acc.) HFRX Global Hedge Fund Index (Net of fees,, Unhedged) Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 50

52 Goldman Sachs Absolute Return Tracker Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Acc.) 9.59 Total Net Assets (m) 160 Fund Characteristics Currency - Base Shares (Acc.) Inception Date - Base Shares (Acc.) Fund Domicile 13-Jan-15 Luxembourg Asset Class Breakdown 47.3% Equity Long Short 22.6% Macro 19.9% Relative Value 10.2% Event Driven Fund Facts ISIN - Base Shares (Acc.) LU Bloomberg Ticker - Base Shares (Acc.) GSARTRB LX Dividend Distribution Frequency None Dealing and valuation Daily Reporting year end 30 November Settlement T + 3 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The GS Absolute Return Tracker Portfolio (Base (Acc.) shareclass) commenced operations on January 13th, Prior to that date, the performance of the GS Absolute Return Tracker (Base (Acc.) shareclass) is that of the A () shareclass of the GS Absolute Return Tracker Portfolio, with fees and expense adjustment. The A () shareclass of the GS Absolute Return Tracker Portfolio commenced operations on December 12th, 2007 and was merged to the Base (Acc.) shareclass. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The HFRX Global Hedge Fund Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 51

53 PV Goldman Sachs Global Currency Plus Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who are seeking exposure to a portfolio of global currencies. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Fund Data Historical Volatility Portfolio - 3 yr 4.01 Historical Tracking Error - 3 yr 4.01 Excess Returns - 3 yr Initial Sales Charge: up to (%) 5.50 Performance Fee (%) (2) 10 Ongoing Charges (%) (1) 1.65 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.40 Performance (Indexed) /08 09/10 09/12 09/14 09/16 09/18 Goldman Sachs Global Currency Plus Portfolio Base Shares (3) Overnight US Libor (4) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs Base Shares (3) (4.68) (2.72) (2.72) (0.17) 0.78 Overnight US Libor (4) Other Currency Shares (Acc.) (EUR-Hedged) (3) (5.47) (3.95) (3.94) (0.66) 0.43 O/N EUR Libor (4) 2.72 (4) (0.10) (0.38) (0.38) (0.17) (6) Calendar Year Performance (%) Base Shares Overnight US Libor Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 52

54 Goldman Sachs Global Currency Plus Portfolio Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Other Currency EUR Shares (Acc.) (EUR-Hedged) Total Net Assets (m) 18 Fund Characteristics Currency - Base Shares Currency - Other Currency Shares (Acc.) (EUR-Hedged) Inception Date - Base Shares Inception Date - Other Currency Shares (Acc.) (EUR-Hedged) Fund Domicile EUR 02-Sep Sep-08 Luxembourg Fund Facts ISIN - Base Shares LU ISIN - Other Currency Shares (Acc.) LU (EUR-Hedged) Bloomberg Ticker - Base Shares GSGCPBD LX Bloomberg Ticker - Other Currency GSGCPEH LX Shares (Acc.) (EUR-Hedged) Dividend Distribution Frequency Annually Dealing and valuation Daily Reporting year end 30 November Reference Overnight US Libor Benchmark Settlement T + 3 Top 10 Currency Weights (%) (5) U.S. Dollar 19.9 Swedish Krona Polish Zloty Mexican Peso Norwegian Krone Czech Koruna Swiss Franc Argentina Peso Indonesian Rupiah Brazilian Real Other Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (2) Performance Fee is 10% of excess return. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) The Overnight Libor index rate is an average derived from the quotation provided by the banks determined by the British Bankers' Association (BBA). In contrast to the portfolio, the index is shown without the deduction of any expenses (5) At 31 December 16, the forecasted volatility (predicted TE) of the fund is 3.93% per annum. The top 1 and 3 exposures contribute 84.0% and 45.0% of this forecasted volatility. 53

55 PV Goldman Sachs Global Equity Long Short Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who are looking to invest in global equity markets via a vehicle which seeks to generate returns with lower volatility and low correlation to equity markets over market cycles. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Fund Data No. of holdings 69 Historical Volatility Portfolio - 1 yr 6.44 Historical Tracking Error - 1 yr 6.43 Excess Returns - 1 yr R 2-1 yr 0.15 Beta - 1 yr Swing Pricing (%) Subscription (%) 0.11 Redemption (%) 9 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) 20 Ongoing Charges (%) (1) 2.15 Management Fee (%) 1.75 Distribution Fee (%) 0 Other Expenses (%) 0.40 Performance (Indexed) /15 12/15 06/16 12/16 Goldman Sachs Global Equity Long Short Portfolio - Base Shares (2) 3 Month Libor () (3) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr Base Shares (2) (22.40) (0.13) (0.77) (8.81) (8.79) 3 Month Libor () (3) Calendar Year Performance (%) Base Shares Month Libor () Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 54

56 Goldman Sachs Global Equity Long Short Portfolio Financial Information Net Asset Value (NAV) - Base Shares 7.76 Total Net Assets (m) 39 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile Fund Facts 04-Jun-15 Luxembourg ISIN - Base Shares LU Bloomberg Ticker - Base Shares GSGELSB LX Dividend Distribution Frequency Annually Dealing and valuation Daily Reporting year end 30 November Reference 3 Month Libor () Benchmark Settlement T + 3 Sector Allocation (% of Long Equity Delta) Top 5 Holdings (4) 20.1% Information Technology 17.7% Financials 14.0% Consumer Discretionary 13.2% Health Care 10.2% Materials ex Precious Metals 6.3% Consumer Staples 5.7% Industrials 3.9% Telecommunication Services 3.4% Energy 2.2% Real Estate 1.4% Utilities % Materials - Precious Metals Security % MICROSOFT CORP 5.6 BROADCOM LTD 4.0 PTC INC 3.6 DENTSPLY SIRONA INC 3.4 BANK OF AMERICA CORP 3.2 Country Allocation (% of Long Equity Delta) 42.9% Americas 50.9% EMEA 6.2% Asia Long/ Short/ Net Exposure (% of Net Assets) Long Exposure 40.6 Short Exposure Net Exposure 17.5 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (2) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (3) The 3 Month Libor Index is quoted month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (4) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 55

57 PV Goldman Sachs Global Multi-Manager Alternatives Portfolio A sub-fund of Goldman Sachs Funds II, SICAV Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who are looking to invest in a range of alternative strategies (such as equity long/short, dynamic equity, event-driven and credit relative value) via a single portfolio which has access to industry-leading external managers. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Fund Data No. of holdings 8 Historical Volatility Portfolio - 1 yr 4.61 Historical Tracking Error - 1 yr 4.60 Excess Returns - 1 yr 3.82 R 2-1 yr 1 Beta - 1 yr Swing Pricing (%) Subscription (%) 0.13 Redemption (%) 0.13 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) 10 Ongoing Charges (%) (1) 2.55 Management Fee (%) 2.15 Distribution Fee (%) 0 Other Expenses (%) 0.40 Performance (Indexed) /15 06/16 12/16 Goldman Sachs Global Multi-Manager Alternatives Portfolio - Base Shares (Acc.) (2) 3 Month Libor () (3) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr Base Shares (Acc.) (2) Month Libor () (3) Calendar Year Performance (%) Base Shares (Acc.) Month Libor () Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 56

58 Goldman Sachs Global Multi-Manager Alternatives Portfolio A sub-fund of Goldman Sachs Funds II, SICAV Financial Information Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 493 Fund Characteristics Currency - Base Shares (Acc.) Inception Date - Base Shares (Acc.) Fund Domicile 16-Dec-15 Luxembourg Sector Weights Top 5 Holdings (4) Security % 35.7% Tactical Trading 26.8% Event Driven & Credit Atreaus Capital % Equity Long / Short Brigade Capital Management % Relative Value Graham Capital Management 17.0 Acadian Asset Management 12.2 Sirios Capital Management 10.2 Fund Facts ISIN - Base Shares (Acc.) LU Bloomberg Ticker - Base Shares (Acc.) GSMMABA LX Dividend Distribution Frequency None Dealing and valuation Daily Reporting year end 30 November Reference 3 Month Libor () Benchmark Settlement T + 3 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (2) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (3) The 3 Month Libor Index is quoted month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (4) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 57

59 PV Goldman Sachs Global Strategic Macro Bond Portfolio Investor Profile Investor objective Capital appreciation and income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who are looking for a flexible global investment and sub-investment grade fixed income portfolio that has the ability to alter its exposure with an emphasis on interest rates and currencies and that seeks to generate returns thorough different market conditions. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Fund Data No. of holdings 764 Historical Volatility Portfolio - 1 yr 3.53 Excess Returns - 1 yr 2.12 Swing Pricing (%) Subscription (%) 0.13 Redemption (%) 0.13 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) 10 Ongoing Charges (%) (1) 1.25 Management Fee (%) 1.00 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /14 04/15 10/15 04/16 10/16 04/17 Goldman Sachs Global Strategic Macro Bond Portfolio - Base Shares (Acc.) (2) 3 Month Libor () (3) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr Base Shares (Acc.) (2) Month Libor () (3) Calendar Year Performance (%) Base Shares (Acc.) Month Libor () Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 58

60 Goldman Sachs Global Strategic Macro Bond Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 1,323 Current Duration of Portfolio (years) 0.92 Current Duration of Reference Benchmark (years) 0.25 Fund Characteristics Currency - Base Shares (Acc.) Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 22-Oct-14 Luxembourg LU None Daily 30 November 3 Month Libor () Settlement T + 3 Top 10 Currency Weights (%) Sector Allocation (%) U.S. Dollar % Governments 19.2% Emerging Market Debt Swedish Krona Polish Zloty Mexican Peso % Residential Mortgages (RMBS) 0.5% Quasi-Governments 12.3% Cash 3.5% Derivatives Norwegian Krone 3.3 Czech Koruna 2.4 Argentina Peso 2.0 Swiss Franc 1.4 Indonesian Rupiah 0.9 Brazilian Real 0.7 Other Country Bond Allocation (%) 52.1% US 21.2% Japan 2.0% Eurozone 0.9% UK 0.2% Canada 0.1% Norway -0.1% Australia 23.6% Other Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (2) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (3) The 3 Month Libor Index is quoted month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. 59

61 PV Goldman Sachs Euro Fixed Income Portfolio Investor Profile Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors who are looking for a portfolio of primarily investment grade Euro denominated bonds. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund (EUR) Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 68 % in top Historical Volatility Portfolio - 3 yr 3.42 Historical Tracking Error - 3 yr 1.06 Excess Returns - 3 yr R 2-3 yr 0.91 Beta - 3 yr 0.93 Swing Pricing (%) Subscription (%) 0.10 Redemption (%) 0.10 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.05 Management Fee (%) 0.80 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /06 01/08 01/10 01/12 01/14 01/16 01/18 Goldman Sachs Euro Fixed Income Portfolio Base Shares (4) Bloomberg Barclays Euro Aggregate Bond Index (3) Morningstar EUR Diversified Bond (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (4) (2.40) Bloomberg Barclays Euro Aggregate Bond (2.42) Index (3) Morningstar EUR Diversified Bond (1) (1.36) Quartile Position in Sector (1) Base Shares (Acc.) (4) (2.41) Calendar Year Performance (%) Base Shares Bloomberg Barclays Euro Aggregate Bond Index Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 60

62 Goldman Sachs Euro Fixed Income Portfolio Financial Information Net Asset Value (NAV) - Base Shares EUR Net Asset Value (NAV) - Base Shares EUR (Acc.) Total Net Assets (m) EUR 12 Current Duration of Portfolio (years) 6.73 Current Duration of Reference Benchmark (years) 6.53 Yield To Maturity of Portfolio (%) 0.59 Yield To Worst of Portfolio (%) 0.59 Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark EUR EUR 24-Jan Jan-06 Luxembourg LU LU GSEFBAS LX GSFIPBA LX Annually Daily 30 November Bloomberg Barclays Euro Aggregate Bond Index Settlement T + 3 Sector Allocation (%) Goldman Sachs Euro Fixed Income Portfolio Bloomberg Barclays Euro Aggregate Bond (Total Return, Unhedged, EUR) 57.8% Governments 58.7% Governments 12.0% Corporates - Inv. Grade 17.9% Corporates - Inv. Grade 12.0% Covered Bonds 7.9% Covered Bonds 5.9% Asset-Backed Securities (ABS) % Asset-Backed Securities (ABS) 5.5% Quasi-Governments 13.1% Quasi-Governments 3.9% Residential Mortgages (RMBS) % Residential Mortgages (RMBS) 0.6% Emerging Market Debt 2.4% Emerging Market Debt % Commercial Mortgages % Commercial Mortgages (CMBS) (CMBS) % Corporates - High Yield % Corporates - High Yield % Equities % Equities 1.3% Cash % Cash 1.0% Derivatives % Derivatives Country Bond Allocation (%) Credit Allocation (%) Goldman Sachs Euro Fixed Income Portfolio Bloomberg Barclays Euro Aggregate Bond (Total Return, Unhedged, EUR) Eurozone US 20.3 Japan 10.5 Other 1.5 AAA AA A BBB CC NR Cash Derivatives Goldman Sachs Euro Fixed Income Portfolio Bloomberg Barclays Euro Aggregate Bond (Total Return, Unhedged, EUR) Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The Bloomberg Barclays Euro Aggregate Bond Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 61

63 PV Goldman Sachs Euro Short Duration Bond Plus Portfolio Investor Profile (1) Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors who want to moderate interest rate risk by investing in a portfolio of primarily investment grade short term Euro bonds. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund (EUR) Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 138 % in top Historical Volatility Portfolio - 1 yr 0.85 Historical Tracking Error - 1 yr 0.81 Excess Returns - 1 yr 0.60 R 2-1 yr 9 Beta - 1 yr 0.92 Swing Pricing (%) Subscription (%) 0.10 Redemption (%) 0.10 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (3) 0.64 Management Fee (%) 0.50 Distribution Fee (%) 0 Other Expenses (%) 0.14 Performance (Indexed) /14 07/14 01/15 07/15 01/16 07/16 01/17 Goldman Sachs Euro Short Duration Bond Plus Portfolio - Base Shares (5) Bloomberg Barclays Euro Aggregate 500mm 1-3 yr (4) Morningstar EUR Diversified Bond - Short Term (2) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr Base Shares (5) Bloomberg Barclays Euro Aggregate 500mm 1-3 yr (4) Morningstar EUR Diversified Bond - Short Term (2) (8) Quartile Position in Sector (2) Calendar Year Performance (%) Base Shares Bloomberg Barclays Euro Aggregate 500mm 1-3 yr Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 62

64 Goldman Sachs Euro Short Duration Bond Plus Portfolio Financial Information Net Asset Value (NAV) - Base Shares EUR Total Net Assets (m) EUR 69 Current Duration of Portfolio (years) 1.96 Current Duration of Reference 1.92 Benchmark (years) Yield To Maturity of Portfolio (%) 0.38 Yield To Worst of Portfolio (%) 0.33 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile Fund Facts ISIN - Base Shares Bloomberg Ticker - Base Shares Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark EUR 15-Jan-14 Luxembourg LU GESDBRI LX Annually Daily 30 November Bloomberg Barclays Euro Aggregate 500mm 1-3 yr Settlement T + 3 Sector Allocation (%) Goldman Sachs Euro Short Duration Bond Plus Portfolio Bloomberg Barclays Euro Aggregate 500mm 1-3 yr 42.0% Corporates - Inv. Grade 16.0% Corporates - Inv. Grade 22.0% Governments 57.9% Governments 11.9% Asset-Backed Securities (ABS) % Asset-Backed Securities (ABS) 6.4% Emerging Market Debt 2.1% Emerging Market Debt 6.0% Quasi-Governments 14.8% Quasi-Governments 4.5% Covered Bonds 9.1% Covered Bonds 4.2% Corporates - High Yield % Corporates - High Yield 0.9% Residential Mortgages (RMBS) % Residential Mortgages (RMBS) % Commercial Mortgages % Commercial Mortgages (CMBS) (CMBS) 1.8% Cash % Cash 0.2% Derivatives % Derivatives Country Bond Allocation (%) Credit Allocation (%) Goldman Sachs Euro Short Duration Bond Plus Portfolio Bloomberg Barclays Euro Aggregate 500mm 1-3 yr Eurozone US 13.1 Other 0.2 AAA AA A BBB BB B NR Cash Derivatives Goldman Sachs Euro Short Duration Bond Plus Portfolio Bloomberg Barclays Euro Aggregate 500mm 1-3 yr Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Euro Short Duration Bond Portfolio to Goldman Sachs Euro Short Duration Bond Plus Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) The Bloomberg Barclays Euro Aggregate 500mm 1-3 yr Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 63

65 PV Goldman Sachs Global Fixed Income Plus Portfolio (Hedged) Investor Profile Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors who want exposure to a portfolio of global investment grade bonds on a currency hedged basis. Given the portfolio may also invest in sub-investment grade bonds and currencies, it has the potential for higher returns but higher risk than the GS Global Fixed Income Portfolio and the GS Global Fixed Income Portfolio (Hedged). Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund (EUR) Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 873 % in top Historical Volatility Portfolio - 3 yr 2.36 Historical Tracking Error - 3 yr 1.75 Excess Returns - 3 yr R 2-3 yr 0.62 Beta - 3 yr 0.66 Swing Pricing (%) Subscription (%) 0.14 Redemption (%) 0.14 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.25 Management Fee (%) 1.00 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /06 01/08 01/10 01/12 01/14 01/16 01/18 Goldman Sachs Global Fixed Income Plus Portfolio (Hedged) - Base Shares (4) Bloomberg Barclays Global Aggregate Bond Index Hedged to EURO (3) Morningstar Global Bond - EUR Hedged (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (4) (2.68) Bloomberg Barclays Global Aggregate Bond (2.87) Index Hedged to EURO (3) Morningstar Global Bond - EUR Hedged (1) (1.83) Quartile Position in Sector (1) Base Shares (Acc.) (4) (2.65) Calendar Year Performance (%) Base Shares Bloomberg Barclays Global Aggregate Bond Index Hedged to EURO Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 64

66 Goldman Sachs Global Fixed Income Plus Portfolio (Hedged) Financial Information Net Asset Value (NAV) - Base Shares EUR Net Asset Value (NAV) - Base Shares EUR (Acc.) Total Net Assets (m) EUR 1,084 Current Duration of Portfolio (years) 6.91 Current Duration of Reference Benchmark (years) 6.75 Yield To Maturity of Portfolio (%) 2.34 Yield To Worst of Portfolio (%) 2.34 Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark EUR EUR 25-Jan Jan-06 Luxembourg LU LU GSFXPPB LX GSFXBAC LX Annually Daily 30 November Bloomberg Barclays Global Aggregate Bond Index Hedged to EURO Settlement T + 3 Sector Allocation (%) Goldman Sachs Global Fixed Income Plus Portfolio (Hedged) Bloomberg Barclays Global Aggregate Bond (Total Return, Hedged, EUR) 38.4% Governments 51.2% Governments 18.1% Residential Mortgages (RMBS) 12.2% Residential Mortgages (RMBS) 15.4% Corporates - Inv. Grade 18.4% Corporates - Inv. Grade 14.8% Asset-Backed Securities (ABS) 0.2% Asset-Backed Securities (ABS) 4.7% Quasi-Governments 9.1% Quasi-Governments 2.7% Emerging Market Debt 6.1% Emerging Market Debt 0.7% Municipal % Municipal 0.4% Covered Bonds 2.6% Covered Bonds 0.3% Commercial Mortgages 0.1% Commercial Mortgages (CMBS) (CMBS) 0.1% Corporates - High Yield 0.2% Corporates - High Yield % Equities % Equities 3.0% Cash % Cash 1.3% Derivatives % Derivatives Country Bond Allocation (%) Credit Allocation (%) Goldman Sachs Global Fixed Income Plus Portfolio (Hedged) Bloomberg Barclays Global Aggregate Bond (Total Return, Hedged, EUR) US Japan Eurozone UK Canada Sweden Denmark Australia Norway 0.1 Other AAA AA A BBB BB B CCC CC D NR Cash Derivatives Goldman Sachs Global Fixed Income Plus Portfolio (Hedged) Bloomberg Barclays Global Aggregate Bond (Total Return, Hedged, EUR) Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The Bloomberg Barclays Global Aggregate Bond Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 65

67 PV Goldman Sachs Global Fixed Income Portfolio Investor Profile Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors who want exposure to a portfolio of primarily global investment grade bonds with the currency risk left unhedged. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 431 % in top Historical Volatility Portfolio - 3 yr 4.75 Historical Tracking Error - 3 yr 1.33 Excess Returns - 3 yr R 2-3 yr 0.93 Beta - 3 yr 0.92 Swing Pricing (%) Subscription (%) 0.14 Redemption (%) 0.14 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.25 Management Fee (%) 1.00 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) (3) /93 02/95 02/97 02/99 02/01 02/03 02/05 02/07 02/09 02/11 02/13 02/15 02/17 Goldman Sachs Global Fixed Income Portfolio Base Shares (5) Bloomberg Barclays Global Aggregate Bond Index in (4) Morningstar Global Bond (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (5) (0.74) (7.05) (1.28) (0.18) 2.69 Bloomberg Barclays Global Aggregate Bond (0.46) (7.07) (0.19) Index in (4) Morningstar Global Bond (1) (6) (5.60) (1.67) Quartile Position in Sector (1) Base Shares (Acc.) (5) (0.79) (7.09) (1.28) (0.17) 2.69 Calendar Year Performance (%) Base Shares Bloomberg Barclays Global Aggregate Bond Index in Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 66

68 Goldman Sachs Global Fixed Income Portfolio Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 125 Current Duration of Portfolio (years) 6.71 Current Duration of Reference Benchmark (years) 6.75 Yield To Maturity of Portfolio (%) 1.92 Yield To Worst of Portfolio (%) 1.92 Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 26-Feb Nov-05 Luxembourg LU LU GLSWBFI LX GSFXIBA LX Annually Daily 30 November Bloomberg Barclays Global Aggregate Bond Index in Settlement T + 3 Sector Allocation (%) Goldman Sachs Global Fixed Income Portfolio Bloomberg Barclays Global Aggregate Bond (Total Return, Unhedged, ) 31.1% Governments 51.2% Governments 20.2% Corporates - Inv. Grade 18.3% Corporates - Inv. Grade 19.1% Residential Mortgages (RMBS) 12.2% Residential Mortgages (RMBS) 13.0% Asset-Backed Securities (ABS) 0.2% Asset-Backed Securities (ABS) 7.5% Quasi-Governments 9.1% Quasi-Governments 6.0% Emerging Market Debt 6.1% Emerging Market Debt 0.5% Commercial Mortgages 0.1% Commercial Mortgages (CMBS) (CMBS) % Corporates - High Yield 0.2% Corporates - High Yield % Covered Bonds 2.6% Covered Bonds % Equities % Equities % Municipal % Municipal 3.0% Cash % Cash -0.3% Derivatives % Derivatives Country Bond Allocation (%) Credit Allocation (%) Goldman Sachs Global Fixed Income Portfolio Bloomberg Barclays Global Aggregate Bond (Total Return, Unhedged, ) US Japan Eurozone UK Canada Sweden Australia Denmark Norway 0.1 Other AAA AA A BBB BB CCC CC D NR Cash Derivatives Goldman Sachs Global Fixed Income Portfolio Bloomberg Barclays Global Aggregate Bond (Total Return, Unhedged, ) Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The cumulative performance graph shows returns since 1-Dec-98 to coincide with the change in benchmark and Portfolio from hedged to unhedged. (4) The Bloomberg Barclays Global Aggregate Bond Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 67

69 PV Goldman Sachs Global Fixed Income Portfolio (Hedged) Investor Profile Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors who want exposure to a portfolio of primarily global investment grade bonds on a currency hedged basis. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund (EUR) Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 467 % in top Historical Volatility Portfolio - 3 yr 2.28 Historical Tracking Error - 3 yr 1.20 Excess Returns - 3 yr R 2-3 yr 0.83 Beta - 3 yr 0.74 Swing Pricing (%) Subscription (%) 0.12 Redemption (%) 0.12 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.25 Management Fee (%) 1.00 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /01 12/03 12/05 12/07 12/09 12/11 12/13 12/15 12/17 Goldman Sachs Global Fixed Income Portfolio (Hedged) Base Shares (4) Bloomberg Barclays Global Aggregate Bond Index Hedged to EURO (3) Morningstar Global Bond - EUR Hedged (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (4) (0.21) (3.01) Bloomberg Barclays Global Aggregate Bond 90 9 (2.87) Index Hedged to EURO (3) Morningstar Global Bond - EUR Hedged (1) (1.83) Quartile Position in Sector (1) Base Shares (Acc.) (4) (0.22) (3.07) Calendar Year Performance (%) Base Shares Bloomberg Barclays Global Aggregate Bond Index Hedged to EURO Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 68

70 Goldman Sachs Global Fixed Income Portfolio (Hedged) Financial Information Net Asset Value (NAV) - Base Shares EUR Net Asset Value (NAV) - Base Shares EUR (Acc.) Total Net Assets (m) EUR 493 Current Duration of Portfolio (years) 6.83 Current Duration of Reference Benchmark (years) 6.75 Yield To Maturity of Portfolio (%) 1.06 Yield To Worst of Portfolio (%) 1.05 Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark EUR EUR 17-Dec Nov-05 Luxembourg LU LU GSGBFXI LX GSFXHBA LX Annually Daily 30 November Bloomberg Barclays Global Aggregate Bond Index Hedged to EURO Settlement T + 3 Sector Allocation (%) Goldman Sachs Global Fixed Income Portfolio (Hedged) Bloomberg Barclays Global Aggregate Bond (Total Return, Hedged, EUR) 36.4% Governments 51.2% Governments 20.3% Corporates - Inv. Grade 18.3% Corporates - Inv. Grade 17.2% Residential Mortgages (RMBS) 12.2% Residential Mortgages (RMBS) 12.9% Asset-Backed Securities (ABS) 0.2% Asset-Backed Securities (ABS) 6.7% Quasi-Governments 9.1% Quasi-Governments 3.3% Emerging Market Debt 6.1% Emerging Market Debt 1.2% Commercial Mortgages 0.1% Commercial Mortgages (CMBS) (CMBS) % Corporates - High Yield 0.2% Corporates - High Yield % Covered Bonds 2.6% Covered Bonds % Equities % Equities % Municipal % Municipal 0.9% Cash % Cash 1.2% Derivatives % Derivatives Country Bond Allocation (%) Credit Allocation (%) Goldman Sachs Global Fixed Income Portfolio (Hedged) Bloomberg Barclays Global Aggregate Bond (Total Return, Hedged, EUR) US Eurozone Japan UK Canada Australia Sweden Denmark Norway 0.1 Other AAA AA A BBB BB B CCC C NR Cash Derivatives Goldman Sachs Global Fixed Income Portfolio (Hedged) Bloomberg Barclays Global Aggregate Bond (Total Return, Hedged, EUR) Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The Bloomberg Barclays Global Aggregate Bond Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 69

71 PV Goldman Sachs Global Strategic Income Bond Portfolio Investor Profile Investor objective Capital appreciation and income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who are looking for a flexible global investment and sub-investment grade fixed income fund that has the ability to alter its exposure with an emphasis on interest rates, currencies and credit markets and that seeks to generate returns through different market conditions. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 928 % in top Historical Volatility Portfolio - 3 yr 3.03 Historical Tracking Error - 3 yr 3.02 Excess Returns - 3 yr R 2-3 yr 3 Beta - 3 yr 7.47 Swing Pricing (%) Subscription (%) 0.18 Redemption (%) 0.18 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.45 Management Fee (%) 1.20 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /11 03/13 03/15 03/17 Goldman Sachs Global Strategic Income Bond Portfolio Base Shares (4) 3 Month Libor () (3) Morningstar Global Flexible Bond - Hedged (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs Base Shares (4) (0.41) Month Libor () (3) Morningstar Global Flexible Bond (0.16) Hedged (1) Quartile Position in Sector (1) Other Currency Shares (EUR-Hedged) (4) (1.00) - ICE Libor EUR 3 Month (EUR) (3) 0 (3) (8) (0.28) (0.28) (4) - Other Currency Shares (SGD-Hedged) (Q- Dist) (4) Calendar Year Performance (%) Base Shares Month Libor () Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 70

72 Goldman Sachs Global Strategic Income Bond Portfolio Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Other Currency Shares (EUR-Hedged) EUR Net Asset Value (NAV) - Other Currency SGD Shares (SGD-Hedged) (Q-Dist) Total Net Assets (m) 4,526 Current Duration of Portfolio (years) 0.91 Current Duration of Reference 0.25 Benchmark (years) Yield To Maturity of Portfolio (%) 1.75 Yield To Worst of Portfolio (%) 1.73 Fund Characteristics Currency - Base Shares Currency - Other Currency Shares (EUR- Hedged) Currency - Other Currency Shares (SGD- Hedged) (Q-Dist) Inception Date - Base Shares Inception Date - Other Currency Shares (EUR-Hedged) Inception Date - Other Currency Shares (SGD-Hedged) (Q-Dist) Fund Domicile Fund Facts ISIN - Base Shares ISIN - Other Currency Shares (EUR- Hedged) ISIN - Other Currency Shares (SGD- Hedged) (Q-Dist) Bloomberg Ticker - Base Shares Bloomberg Ticker - Other Currency Shares (EUR-Hedged) EUR SGD 28-Mar Mar Sep-13 Luxembourg LU LU LU GSIBBUA LX GSGOEUR LX Bloomberg Ticker - Other Currency GSISGDH LX Shares (SGD-Hedged) (Q-Dist) Dividend Distribution Frequency Annually Dealing and valuation Daily Reporting year end 30 November Reference 3 Month Libor () Benchmark Settlement T + 3 Years Interest Rate Duration Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Total Active Duration US Active Duration Country Bond Allocation (%) Top 10 Currency Weights (%) 64.9% US 23.9% Japan 2.3% Eurozone 0.2% UK 0.1% Canada 8.6% Other United States Dollar Swedish Krona Polish Zloty Mexican Peso Czech Koruna Norwegian Krone Swiss Franc Indonesian Rupiah Argentina Peso South African Rand Indian Rupee Sector Allocation (%) Credit Allocation (%) 32.3% Governments 0.8% Quasi-Governments 1.6% Municipal 7.2% ABS 1.6% CMBS 9.5% Agency RMBS 7.8% Non-Agency RMBS % Covered Bonds 1.8% Corporate - Investment Grade 2.6% Corporate - High Yield 14.5% Corporate - Collateralized Loan Obligations 0.9% Bank Loans 7.7% Emerging Market Debt 8.9% Cash 2.9% Derivatives Other AAA AA A BBB BB B CCC CC C D NR Cash Derivatives Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The 3 Month Libor Index is quoted month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the exdividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 71

73 PV Goldman Sachs Sterling Broad Fixed Income Plus Portfolio Investor Profile Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to a portfolio of investment grade Sterling bonds. Given the portfolio may also invest in sub-investment grade bonds and currencies, it has the potential for higher returns but higher risk than the GS Sterling Broad Fixed Income Portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund (GBP) Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 53 % in top Historical Volatility Portfolio - 3 yr 6.90 Historical Tracking Error - 3 yr 1.91 Excess Returns - 3 yr R 2-3 yr 0.93 Beta - 3 yr 0.94 Swing Pricing (%) Subscription (%) 0.18 Redemption (%) 0.18 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.25 Management Fee (%) 1.00 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /06 01/08 01/10 01/12 01/14 01/16 01/18 Goldman Sachs Sterling Fixed Income Plus Portfolio Base Shares (4) BofA ML Sterling Broad Market Index in GBP (3) Morningstar GBP Diversified Bond (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (4) (4.16) BofA ML Sterling Broad Market Index in (3.36) GBP (3) Morningstar GBP Diversified Bond (1) (2.46) Quartile Position in Sector (1) Base Shares (Acc.) (4) (4.15) Calendar Year Performance (%) Base Shares BofA ML Sterling Broad Market Index in GBP Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 72

74 Goldman Sachs Sterling Broad Fixed Income Plus Portfolio Financial Information Net Asset Value (NAV) - Base Shares GBP 8.74 Net Asset Value (NAV) - Base Shares GBP (Acc.) Total Net Assets (m) GBP 6 Current Duration of Portfolio (years) Current Duration of Reference Benchmark (years) Yield To Maturity of Portfolio (%) 1.89 Yield To Worst of Portfolio (%) 1.89 Sector Allocation (%) Goldman Sachs Sterling Broad Fixed Income Plus Portfolio 38.9% Governments 19.9% Corporates - Inv. Grade 13.3% Asset-Backed Securities (ABS) 8.2% Quasi-Governments 6.9% Emerging Market Debt 3.5% Covered Bonds 1.1% Corporates - High Yield % Commercial Mortgages (CMBS) % Residential Mortgages (RMBS) 8.1% Cash 0.1% Derivatives BofA ML Sterling Broad Market Index 71.0% Governments 21.0% Corporates - Inv. Grade 0.4% Asset-Backed Securities (ABS) 5.7% Quasi-Governments 0.3% Emerging Market Debt 1.1% Covered Bonds % Corporates - High Yield 0.4% Commercial Mortgages (CMBS) 0.1% Residential Mortgages (RMBS) % Cash % Derivatives Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark GBP GBP 23-Jan Jan-06 Luxembourg LU LU GSBFBAS LX GSBFXBA LX Annually Daily 30 November BofA ML Sterling Broad Market Index in GBP Settlement T + 3 Country Bond Allocation (%) Credit Allocation (%) Goldman Sachs Sterling Broad Fixed Income Plus Portfolio BofA ML Sterling Broad Market Index UK US 10.5 Eurozone 2.4 Other 4.7 AAA AA A BBB BB D NR Cash Derivatives Goldman Sachs Sterling Broad Fixed Income Plus Portfolio BofA ML Sterling Broad Market Index Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The BofA Merrill Lynch Sterling Broad Market Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 73

75 PV Goldman Sachs Sterling Broad Fixed Income Portfolio Investor Profile Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to a portfolio of primarily investment grade Sterling bonds. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund (GBP) Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 81 % in top Historical Volatility Portfolio - 3 yr 6.91 Historical Tracking Error - 3 yr 1.47 Excess Returns - 3 yr R 2-3 yr 0.96 Beta - 3 yr 0.95 Swing Pricing (%) Subscription (%) 0.19 Redemption (%) 0.19 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.25 Management Fee (%) 1.00 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /01 12/03 12/05 12/07 12/09 12/11 12/13 12/15 12/17 Goldman Sachs Sterling Broad Fixed Income Portfolio Base Shares (4) BofA ML Sterling Broad Market Index in GBP (3) Morningstar GBP Diversified Bond (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (4) (4.60) BofA ML Sterling Broad Market Index in (3.36) GBP (3) Morningstar GBP Diversified Bond (1) (2.46) Quartile Position in Sector (1) Base Shares (Acc.) (4) (4.62) Calendar Year Performance (%) Base Shares BofA ML Sterling Broad Market Index in GBP Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 74

76 Goldman Sachs Sterling Broad Fixed Income Portfolio Financial Information Net Asset Value (NAV) - Base Shares GBP 9.47 Net Asset Value (NAV) - Base Shares GBP (Acc.) Total Net Assets (m) GBP 15 Current Duration of Portfolio (years) Current Duration of Reference Benchmark (years) Yield To Maturity of Portfolio (%) 1.60 Yield To Worst of Portfolio (%) 1.60 Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark GBP GBP 10-Dec Nov-05 Luxembourg LU LU GSSBRFI LX GSSBFBA LX Annually Daily 30 November BofA ML Sterling Broad Market Index in GBP Settlement T + 3 Sector Allocation (%) Goldman Sachs Sterling Broad Fixed Income Portfolio 48.5% Governments 22.8% Corporates - Inv. Grade 10.5% Asset-Backed Securities (ABS) 9.3% Quasi-Governments 2.6% Covered Bonds 2.5% Emerging Market Debt 2.4% Commercial Mortgages (CMBS) 0.3% Corporates - High Yield % Residential Mortgages (RMBS) 1.3% Cash -0.3% Derivatives Credit Allocation (%) AAA AA A BBB BB NR Cash Derivatives -0.3 Goldman Sachs Sterling Broad Fixed Income Portfolio BofA ML Sterling Broad Market Index BofA ML Sterling Broad Market Index 71.0% Governments 20.7% Corporates - Inv. Grade 0.4% Asset-Backed Securities (ABS) 5.7% Quasi-Governments 1.1% Covered Bonds 0.3% Emerging Market Debt 0.4% Commercial Mortgages (CMBS) 0.3% Corporates - High Yield 0.1% Residential Mortgages (RMBS) % Cash % Derivatives Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The BofA Merrill Lynch Sterling Broad Market Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 75

77 PV Goldman Sachs Sterling Ultra Short Duration Bond Portfolio Investor Profile Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors who want to moderate interest rate risk by investing in a portfolio of investment grade ultra-short term bonds, primarily Sterling denominated. Fund Data No. of holdings 52 % in top Swing Pricing (%) Subscription (%) 3 Redemption (%) 3 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (1) 0.54 Management Fee (%) 0.40 Distribution Fee (%) 0 Other Expenses (%) 0.14 Sector Allocation (%) Goldman Sachs Sterling Ultra Short Duration Bond Portfolio BofA Merrill Lynch 0-1 Year Treasury Bill Index % Government 10% Government 26.6% Quasi-Government % Quasi-Government 0.9% Asset-Backed Securities (ABS) % Asset-Backed Securities (ABS) 19.0% Covered Bond % Covered Bond 50.2% Corporate - Inv. Grade % Corporate - Inv. Grade 3.3% Cash % Cash Country Bond Allocation (%) Credit Allocation (%) Goldman Sachs Sterling Ultra Short Duration Bond Portfolio BofA Merrill Lynch 0-1 Year Treasury Bill Index UK AAA AA A BBB Cash Goldman Sachs Sterling Ultra Short Duration Bond Portfolio BofA Merrill Lynch 0-1 Year Treasury Bill Index Financial Information Net Asset Value (NAV) - Base Shares GBP Total Net Assets (m) GBP 10 Current Duration of Portfolio (years) 0.69 Current Duration of Reference 0.67 Benchmark (years) Yield To Maturity of Portfolio (%) 0.79 Yield To Worst of Portfolio (%) 0.79 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile GBP 06-Jun-16 Luxembourg Fund Facts ISIN - Base Shares Bloomberg Ticker - Base Shares Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark LU GSSB LX Annually Daily 30 November BofA Merrill Lynch 0-1 Year Gilt Index ( Total Returns, Unhedged, GBP) Settlement T + 1 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. (1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. 76

78 PV Goldman Sachs Strategic Absolute Return Bond I Portfolio Investor Profile Investor objective Capital appreciation and income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who are looking for a flexible global investment and sub-investment grade fixed income portfolio that has the ability to alter its exposure with an emphasis on interest rates, currencies and credit markets and that seeks to generate returns through different market conditions with a less risk investment strategy than GS Strategic Absolute Return Bond II Portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Fund Data No. of holdings 846 % in top Historical Volatility Portfolio - 3 yr 1.91 Historical Tracking Error - 3 yr 1.89 Excess Returns - 3 yr R 2-3 yr 4 Beta - 3 yr 5.33 Swing Pricing (%) Subscription (%) 9 Redemption (%) 9 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) (2) 20 Ongoing Charges (%) (1) 0.85 Management Fee (%) 0.60 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /06 06/08 06/10 06/12 06/14 06/16 06/18 Goldman Sachs Strategic Absolute Return Bond I Portfolio Base Shares (4) 3 Month Libor () (3) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (4) Month Libor () (3) Other Currency Shares (EUR-Hedged) (4) (0.60) ICE Libor EUR 3 Month (EUR) (3) (3) (8) (0.28) (0.28) (4) Other Currency Shares (GBP-Hedged) (4) Month LIBOR - GBP (3) Calendar Year Performance (%) Base Shares Month Libor () Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 77

79 Goldman Sachs Strategic Absolute Return Bond I Portfolio Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Other Currency EUR Shares (EUR-Hedged) Net Asset Value (NAV) - Other Currency Shares (GBP-Hedged) GBP Total Net Assets (m) 1,212 Current Duration of Portfolio (years) 0.65 Current Duration of Reference 0.25 Benchmark (years) Yield To Maturity of Portfolio (%) 1.22 Yield To Worst of Portfolio (%) 1.21 Sector Allocation (%) Top 10 Currency Weights (%) 46.3% Governments 13.3% Asset-Backed Securities (ABS) 10.8% Residential Mortgages (RMBS) 8.7% Emerging Market Debt 4.7% Covered Bonds 4.2% Quasi-Governments 1.6% Corporates - High Yield 1.0% Corporates - Inv. Grade 0.7% Municipal 0.6% Commercial Mortgages (CMBS) 4.9% Cash 3.1% Derivatives United States Dollar Swedish Krona Polish Zloty Mexican Peso Czech Koruna Norwegian Krone Swiss Franc Indonesian Rupiah South African Rand Argentina Peso Fund Characteristics Currency - Base Shares Currency - Other Currency Shares (EUR- Hedged) Currency - Other Currency Shares (GBP- Hedged) Inception Date - Base Shares Inception Date - Other Currency Shares (EUR-Hedged) Inception Date - Other Currency Shares (GBP-Hedged) Fund Domicile Fund Facts ISIN - Base Shares ISIN - Other Currency Shares (EUR- Hedged) ISIN - Other Currency Shares (GBP- Hedged) Bloomberg Ticker - Base Shares Bloomberg Ticker - Other Currency Shares (EUR-Hedged) EUR GBP 28-Jun Jun Sep-06 Luxembourg LU LU LU GSGLP1U LX GSGL1HE LX Bloomberg Ticker - Other Currency GSGL1HS LX Shares (GBP-Hedged) Dividend Distribution Frequency Annually Dealing and valuation Daily Reporting year end 30 November Reference 3 Month Libor () Benchmark Settlement T + 3 Indian Rupee Country Bond Allocation (%) Credit Allocation (%) Goldman Sachs Strategic Absolute Return Bond I Portfolio 3 Month LIBOR US Japan 23.0 Eurozone 7.7 UK 0.1 Canada 0.1 Other 11.4 Other AAA 2.2 AA 33.0 A 1.7 BBB 1.3 BB 1.1 B 0.4 CCC 1.0 CC D 0.6 NR 4.9 Cash Derivatives Goldman Sachs Strategic 3 Month LIBOR Absolute Return Bond I Portfolio Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (2) Performance Fee is 20% of excess return. (3) The 3 Month Libor Index is quoted month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 78

80 PV Goldman Sachs Strategic Absolute Return Bond II Portfolio Investor Profile Investor objective Capital appreciation and income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who are looking for a flexible global investment and sub-investment grade fixed income portfolio that has the ability to alter its exposure with an emphasis on interest rates, currencies and credit markets and that seeks to generate returns through different market conditions with a riskier investment strategy than GS Strategic Absolute Return Bond I Portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Fund Data No. of holdings 388 % in top Historical Volatility Portfolio - 3 yr 4.18 Historical Tracking Error - 3 yr 4.17 Excess Returns - 3 yr R 2-3 yr 3 Beta - 3 yr 9.94 Swing Pricing (%) Subscription (%) 0.14 Redemption (%) 0.14 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) (2) 20 Ongoing Charges (%) (1) 1.25 Management Fee (%) 1.00 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /06 06/08 06/10 06/12 06/14 06/16 06/18 Goldman Sachs Strategic Absolute Return Bond II Portfolio Base Shares (4) 3 Month Libor () (3) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (4) (0.79) Month Libor () (3) Other Currency Shares (EUR-Hedged) (4) (1.33) ICE Libor EUR 3 Month (EUR) (3) (3) (8) (0.28) (0.28) (4) Other Currency Shares (GBP-Hedged) (4) (0.76) Month LIBOR - GBP (3) Calendar Year Performance (%) Base Shares Month Libor () Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 79

81 Goldman Sachs Strategic Absolute Return Bond II Portfolio Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Other Currency EUR Shares (EUR-Hedged) Net Asset Value (NAV) - Other Currency Shares (GBP-Hedged) GBP Total Net Assets (m) 278 Current Duration of Portfolio (years) 0.74 Current Duration of Reference 0.25 Benchmark (years) Yield To Maturity of Portfolio (%) 1.43 Yield To Worst of Portfolio (%) 1.41 Sector Allocation (%) Top 10 Currency Weights (%) 38.8% Governments 16.4% Residential Mortgages (RMBS) 15.8% Asset-Backed Securities (ABS) 9.3% Emerging Market Debt 2.4% Commercial Mortgages (CMBS) 2.3% Covered Bonds 2.2% Corporates - High Yield 1.6% Municipal 1.0% Corporates - Inv. Grade 0.3% Quasi-Governments 6.8% Cash 3.1% Derivatives United States Dollar Swedish Krona Polish Zloty Mexican Peso Czech Koruna Norwegian Krone Swiss Franc Indonesian Rupiah South African Rand Argentina Peso Fund Characteristics Currency - Base Shares Currency - Other Currency Shares (EUR- Hedged) Currency - Other Currency Shares (GBP- Hedged) Inception Date - Base Shares Inception Date - Other Currency Shares (EUR-Hedged) Inception Date - Other Currency Shares (GBP-Hedged) Fund Domicile Fund Facts ISIN - Base Shares ISIN - Other Currency Shares (EUR- Hedged) ISIN - Other Currency Shares (GBP- Hedged) Bloomberg Ticker - Base Shares Bloomberg Ticker - Other Currency Shares (EUR-Hedged) EUR GBP 28-Jun Jun Jul-06 Luxembourg LU LU LU GSGLP2U LX GSGL2HE LX Bloomberg Ticker - Other Currency GSG2DHG LX Shares (GBP-Hedged) Dividend Distribution Frequency Annually Dealing and valuation Daily Reporting year end 30 November Reference 3 Month Libor () Benchmark Settlement T + 3 Russian Ruble Country Bond Allocation (%) Credit Allocation (%) Goldman Sachs Strategic Absolute Return Bond II Portfolio 3 Month LIBOR US Japan 24.1 Eurozone 5.3 UK 0.6 Canada 0.2 Norway 0.1 Australia -0.1 Other 11.6 Other AAA 2.7 AA 35.5 A 1.9 BBB 2.1 BB 1.6 B 2.6 CCC 1.2 CC 0.2 C 0.1 D 0.6 NR 6.8 Cash Derivatives Goldman Sachs Strategic 3 Month LIBOR Absolute Return Bond II Portfolio Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (2) Performance Fee is 20% of excess return. (3) The 3 Month Libor Index is quoted month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 80

82 PV Goldman Sachs US Dollar Short Duration Bond Portfolio Investor Profile Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors who want to moderate interest rate risk by investing in a portfolio of investment grade short term bonds, primarily US Dollar denominated. Fund Data No. of holdings 108 % in top Swing Pricing (%) Subscription (%) 3 Redemption (%) 3 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (1) 0.54 Management Fee (%) 0.40 Distribution Fee (%) 0 Other Expenses (%) 0.14 Sector Allocation (%) Goldman Sachs US Dollar Short Duration Bond Portfolio Bloomberg Barclays 1-3 Yr Government/Credit Bond Index 38.3% Corporates - Inv. Grade 25.3% Corporates - Inv. Grade 35.5% Governments 59.2% Governments 10.5% Asset-Backed Securities (ABS) % Asset-Backed Securities (ABS) 6.7% Residential Mortgages (RMBS) % Residential Mortgages (RMBS) 2.5% Quasi-Governments 14.2% Quasi-Governments % Emerging Market Debt 1.2% Emerging Market Debt 4.7% Cash % Cash 1.8% Derivatives % Derivatives Country Bond Allocation (%) Credit Allocation (%) Goldman Sachs US Dollar Short Duration Bond Portfolio Bloomberg Barclays 1-3 Yr Government/Credit Bond Index US Japan 21.4 Eurozone 2.4 Other 1.8 AAA AA A BBB Cash Derivatives Goldman Sachs US Dollar Short Duration Bond Portfolio Bloomberg Barclays 1-3 Yr Government/Credit Bond Index Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 45 Current Duration of Portfolio (years) 1.77 Current Duration of Reference 1.92 Benchmark (years) Yield To Maturity of Portfolio (%) 1.93 Yield To Worst of Portfolio (%) 1.93 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile 06-Jun-16 Luxembourg Fund Facts ISIN - Base Shares Bloomberg Ticker - Base Shares Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark LU GSSB LX None Daily 30 November Bloomberg Barclays US Govt/Credit 1-3 yr Index Settlement T + 3 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. (1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. 81

83 PV Goldman Sachs US Fixed Income Portfolio Investor Profile Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to a portfolio of predominantly denominated investment grade fixed income securities. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 468 % in top Historical Volatility Portfolio - 3 yr 2.54 Historical Tracking Error - 3 yr 0.69 Excess Returns - 3 yr R 2-3 yr 0.94 Beta - 3 yr 0.88 Swing Pricing (%) Subscription (%) 8 Redemption (%) 8 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.25 Management Fee (%) 1.00 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /98 07/00 07/02 07/04 07/06 07/08 07/10 07/12 07/14 07/16 07/18 Goldman Sachs US Fixed Income Portfolio Base Shares (4) Bloomberg Barclays US Aggregate (One Day Lag) (3) Morningstar Diversified Bond (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (4) (0.21) (3.47) Bloomberg Barclays US Aggregate (One Day (0.37) (3.44) Lag) (3) Morningstar Diversified Bond (1) (3.01) Quartile Position in Sector (1) Base Shares (Acc.) (4) (0.21) (3.38) Calendar Year Performance (%) Base Shares Bloomberg Barclays US Aggregate (One Day Lag) Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 82

84 Goldman Sachs US Fixed Income Portfolio Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 216 Current Duration of Portfolio (years) 5.76 Current Duration of Reference Benchmark (years) 5.75 Yield To Maturity of Portfolio (%) 2.73 Yield To Worst of Portfolio (%) 2.71 Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 27-Jul Nov-05 Luxembourg LU LU GSUSFXI LX GSUSFBA LX Annually Daily 30 November Bloomberg Barclays US Aggregate (One Day Lag) Settlement T + 3 Sector Allocation (%) Goldman Sachs US Fixed Income Portfolio 27.6% Corporates - Inv. Grade 27.2% Governments 19.4% Residential Mortgages (RMBS) 9.0% Asset-Backed Securities (ABS) 2.9% Quasi-Governments 1.7% Commercial Mortgages (CMBS) 1.1% Emerging Market Debt 0.2% Covered Bonds % Municipal 10.8% Cash % Derivatives Credit Allocation (%) AAA AA A BBB BB B CCC NR Cash Derivatives Goldman Sachs US Fixed Income Portfolio Bloomberg Barclays US Agg Bond (TR, Unhedged, ) Bloomberg Barclays US Agg Bond (TR, Unhedged, ) 25.5% Corporates - Inv. Grade 36.2% Governments 28.8% Residential Mortgages (RMBS) 0.5% Asset-Backed Securities (ABS) 6.0% Quasi-Governments 1.0% Commercial Mortgages (CMBS) 1.9% Emerging Market Debt 0.1% Covered Bonds % Municipal % Cash % Derivatives Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The Bloomberg Barclays US Aggregate Index is calculated, for performance purposes, 1 day prior to month-end to more closely resemble the timing of the security prices in the US Fixed Income Portfolio. Estimated income is reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 83

85 PV Goldman Sachs Asia High Yield Bond Portfolio Investor Profile Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who want exposure to an Asian sub-investment grade bond portfolio. This fund may offer the potential for increased returns but with higher risk than a global high yield portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 75 % in top Historical Volatility Portfolio - 1 yr 4.10 Historical Tracking Error - 1 yr 0.69 Excess Returns - 1 yr R 2-1 yr 0.98 Beta - 1 yr 1.07 Swing Pricing (%) Subscription (%) 0.43 Redemption (%) 0.43 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.50 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /15 03/16 09/16 03/17 Goldman Sachs Asia High Yield Bond Portfolio Base Shares (3) JP Morgan CEMBI Broad Diversified HY Asia Unhedged in (4) Morningstar Asia High Yield Bond (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr Base Shares (3) (0.60) JP Morgan CEMBI Broad Diversified HY Asia Unhedged in (0.31) (4) Morningstar Asia High Yield Bond (1) (1.08) Quartile Position in Sector (1) Calendar Year Performance (%) Base Shares JP Morgan CEMBI Broad Diversified HY Asia Unhedged in Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 84

86 Goldman Sachs Asia High Yield Bond Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 11 Current Duration of Portfolio (years) 3.20 Yield To Maturity of Portfolio (%) 6.20 Yield To Worst of Portfolio (%) 6.10 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile Fund Facts ISIN - Base Shares Bloomberg Ticker - Base Shares Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 22-Sep-15 Luxembourg LU GSAHYBB LX Annually Daily 30 November JP Morgan CEMBI Broad Diversified HY Asia Unhedged in Settlement T + 3 A BB B NR Sector Allocation (%) Country Bond Allocation (%) 16.8% Real Estate 15.4% Consumer Noncyclical 15.3% TMT 15.0% Consumer Cyclical 8.5% Financial 6.5% Utilities 4.8% Oil & Gas/Energy 3.1% Metals & Mining 2.7% Traders 2.0% Sovereign 1.9% Diversified 1.3% Industrial 6.9% Cash & Derivatives 14.8% India 10.2% Indonesia 10.1% China 8.7% Philippines 7.7% Singapore 6.0% Hong Kong 5.9% Macau 4.7% South Korea 2.5% Bangladesh 2.0% Vietnam 1.7% Mongolia 18.9% Other 6.9% Cash & Derivatives Credit Allocation (%) Top 10 Corporate Issuers (5) BBB CCC & Below Cash & Derivatives Security % ROYAL CAPITAL B.V. 3.8 FANTASIA HOLDINGS GROUP COMPANY 3.8 LTD. WOORI BANK 3.6 THETA CAPITAL PTE LTD. 3.5 GREENKO DUTCH B.V. 3.0 GEMS MEA SUKUK LTD. 2.9 FPT FINANCE LTD. 2.9 NOBLE GROUP LTD. 2.7 BANGLALINK DIGITAL 2.5 COMMUNICATIONS LTD. GLENMARK PHARMACEUTICALS LTD. 2.4 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) The JP Morgan CEMBI Broad Diversified HY Asia Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 85

87 PV Goldman Sachs Europe High Yield Bond Portfolio Investor Profile Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who want exposure to sub-investment grade bonds primarily issued by European companies with the potential for higher returns but higher risks than an investment grade portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund (EUR) Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 185 % in top Historical Volatility Portfolio - 1 yr 5.56 Historical Tracking Error - 1 yr 1.03 Excess Returns - 1 yr R 2-1 yr 0.97 Beta - 1 yr 1.05 Swing Pricing (%) Subscription (%) 0.41 Redemption (%) 0.41 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.35 Management Fee (%) 1.10 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /14 12/14 06/15 12/15 06/16 12/16 Goldman Sachs Europe High Yield Bond Portfolio - Base Shares (4) BofA ML European Currency High Yield Constrained Index (TR, 100% hedged to EUR) (3) Morningstar Europe High Yield Bond (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr Base Shares (4) BofA ML European Currency High Yield Constrained Index (TR, % hedged to EUR) (3) Morningstar Europe High Yield Bond (1) Quartile Position in Sector (1) Calendar Year Performance (%) Base Shares BofA ML European Currency High Yield Constrained Index (TR, 100% hedged to EUR) Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 86

88 Goldman Sachs Europe High Yield Bond Portfolio Financial Information Net Asset Value (NAV) - Base Shares EUR Total Net Assets (m) EUR 167 Current Duration of Portfolio (years) 3.18 Current Duration of Reference 3.29 Benchmark (years) Yield To Maturity of Portfolio (%) 4.72 Yield To Worst of Portfolio (%) 4.16 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile Fund Facts ISIN - Base Shares Bloomberg Ticker - Base Shares Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark EUR 17-Jun-14 Luxembourg LU GSEHBRI LX Annually Daily 30 November BofA ML European Currency High Yield Constrained Index (TR, 100% hedged to EUR) Settlement T + 3 Sector Allocation (%) Credit Allocation (%) 83.2% Non-Dollar 6.5% US High Yield 5.7% Emerging Markets A BBB % Unrealized GL on FX 4.3% Cash BB % Derivatives B 31.0 CCC 7.0 CC 0.1 C 0.1 D 0.4 NR 1.0 Unrealized GL on FX 0.2 Cash 4.3 Derivatives Top 10 Corporate Issuers (5) Security % AALLN 2.5 TITIM 2.5 GAZPRU 2.1 UCGIM 2.0 TSCOLN 2.0 TELEFO 1.9 UNITY 1.8 BPIM 1.8 BACR 1.8 INTNED 1.7 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The BofA ML High Yield Constrained Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 87

89 PV Goldman Sachs Global Credit Portfolio (Hedged) Investor Profile Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who want exposure to a portfolio of primarily global investment grade corporate bonds on a currency hedged basis. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 432 % in top 10 9 Historical Volatility Portfolio - 3 yr 3.53 Historical Tracking Error - 3 yr 0.97 Excess Returns - 3 yr R 2-3 yr 0.93 Beta - 3 yr 0.99 Swing Pricing (%) Subscription (%) 0.20 Redemption (%) 0.20 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.25 Management Fee (%) 1.00 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /06 01/08 01/10 01/12 01/14 01/16 01/18 Goldman Sachs Global Credit Portfolio (Hedged) Base Shares (4) Bloomberg Barclays Global Aggregate Corporate Bond Index - Hedged (3) Morningstar Global Corporate Bond - Hedged (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (4) (3.04) Bloomberg Barclays Global Aggregate (2.11) Corporate Bond Index - Hedged (3) Morningstar Global Corporate Bond (2.27) Hedged (1) Quartile Position in Sector (1) Base Shares (Acc.) (4) (3.01) Calendar Year Performance (%) Base Shares Bloomberg Barclays Global Aggregate Corporate Bond Index - Hedged Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 88

90 Goldman Sachs Global Credit Portfolio (Hedged) Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 1,042 Current Duration of Portfolio (years) 6.22 Current Duration of Reference Benchmark (years) 6.39 Yield To Maturity of Portfolio (%) 3.12 Yield To Worst of Portfolio (%) 3.11 Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 26-Jan Jan-06 Luxembourg LU LU GSGCHBA LX GSCHDBA LX Annually Daily 30 November Bloomberg Barclays Global Aggregate Corporate Bond Index - Hedged Settlement T + 3 Sector Allocation (%) Country Bond Allocation (%) 81.6% Corporates - Inv. Grade 9.1% Asset-Backed Securities (ABS) 3.2% Emerging Market Debt 0.4% Corporates - High Yield 0.4% Commercial Mortgages (CMBS) 0.3% Quasi-Governments % Residential Mortgages (RMBS) % Covered Bonds % Equities 5.3% Cash -0.3% Derivatives 77.4% US 15.6% Eurozone 6.8% UK 0.1% Canada 0.1% Other Credit Allocation (%) Top 10 Corporate Issuers (5) AAA AA A BBB BB B NR Cash Derivatives -0.3 Goldman Sachs Global Credit Portfolio (Hedged) Bloomberg Barclays Global Agg: Corp Bond in, 100% Hedged Security % MORGAN STANLEY 2.7 BANK OF AMERICA CORPORATION 2.6 ANHEUSER-BUSCH INBEV 2.4 JPMORGAN CHASE & CO. 2.2 VERIZON COMMUNICATIONS, INC. 1.8 UNITEDHEALTH GROUP INCORPORATED 1.6 WALGREENS BOOTS ALLIANCE, INC 1.6 EDP - ENERGIAS DE PORTUGAL, S.A. 1.4 PERNOD RICARD 1.3 INTESA SANPAOLO SPA 1.3 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The Bloomberg Barclays Global Aggregate Corporate Bond Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 89

91 PV Goldman Sachs Global High Yield Portfolio Investor Profile Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who want exposure to sub-investment grade bonds primarily issued by North American and European companies. This fund may offer the potential for increased returns but with higher risk than a global investment grade portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 480 % in top 10 8 Historical Volatility Portfolio - 3 yr 6.05 Historical Tracking Error - 3 yr 1.29 Excess Returns - 3 yr R 2-3 yr 0.96 Beta - 3 yr 0.99 Swing Pricing (%) Subscription (%) 0.49 Redemption (%) 0.49 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.35 Management Fee (%) 1.10 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /98 01/00 01/02 01/04 01/06 01/08 01/10 01/12 01/14 01/16 01/18 Goldman Sachs Global High Yield Portfolio Base Shares (4) Bloomberg Barclays U.S. High- Yield 2% Issuer Capped Bond Index (3) Morningstar Global High Yield Bond (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (4) Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index (3) Morningstar Global High Yield Bond (1) Quartile Position in Sector (1) Base Shares (Acc.) (4) Calendar Year Performance (%) Base Shares Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 90

92 Goldman Sachs Global High Yield Portfolio Financial Information Net Asset Value (NAV) - Base Shares 7.83 Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 5,583 Current Duration of Portfolio (years) 3.87 Current Duration of Reference Benchmark (years) 4.02 Yield To Maturity of Portfolio (%) 6.23 Yield To Worst of Portfolio (%) 5.95 Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 27-Jan Nov-05 Luxembourg LU LU GSGLBHY LX GSGHYBA LX Annually Daily 30 November Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index Settlement T + 3 Sector Allocation (%) Credit Allocation (%) 90.2% US High Yield 2.5% Emerging Markets BBB % Equities 1.7% Bank Loans BB B % Non-Dollar % Unrealized GL on FX CCC % Cash % Derivatives CC C 0.1 D 0.5 NR 2.9 Cash 2.8 Derivatives Top 10 Corporate Issuers (5) Security % S 3.9 HCA 2.2 ALTICE 1.8 CHTR 1.7 TMUS 1.5 MGM 1.5 CQP 1.5 VRXCN 1.2 DLLTD 1.1 FTR 1.1 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The Bloomberg Barclays US HY 2% Issuer Cap Bond Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 91

93 PV Goldman Sachs Emerging Markets Corporate Bond Portfolio Investor Profile (1) Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to a portfolio of primarily investment and subinvestment grade corporate bonds issued by companies based in or earning most of their revenues from emerging markets. The bonds may be denominated in developed or emerging market currencies. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 202 % in top Historical Volatility Portfolio - 3 yr 4.12 Historical Tracking Error - 3 yr 1.29 Excess Returns - 3 yr R 2-3 yr 0.90 Beta - 3 yr 0.95 Swing Pricing (%) Subscription (%) 0.48 Redemption (%) 0.48 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (3) 1.50 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /11 05/13 05/15 05/17 Goldman Sachs Emerging Markets Corporate Bond Portfolio Base Shares (5) JPM CEMBI Broad Diversified Index (4) Morningstar Global Emerging Markets Corporate Bond (2) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs Base Shares (5) (1.48) JPM CEMBI Broad Diversified Index (4) (1.32) Morningstar Global Emerging Markets (1.46) Corporate Bond (2) Quartile Position in Sector (2) Calendar Year Performance (%) Base Shares JPM CEMBI Broad Diversified Index Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 92

94 Goldman Sachs Emerging Markets Corporate Bond Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 419 Current Duration of Portfolio (years) 4.05 Current Duration of Reference 4.54 Benchmark (years) Yield To Maturity of Portfolio (%) 5.24 Yield To Worst of Portfolio (%) 5.14 Region Bond Allocation (%) Goldman Sachs Emerging Markets Corporate Bond Portfolio 50.3% Latin America 14.0% Asia 13.6% Central & Eastern Europe 13.4% Middle East/Africa 4.0% Western Europe 3.5% North America % Supranationals 1.2% Cash JPM CEMBI Broad Diversified Index (TR, unhedged, ) 28.4% Latin America 37.6% Asia 10.9% Central & Eastern Europe 19.4% Middle East/Africa 1.5% Western Europe 1.6% North America 0.6% Supranationals % Cash Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile 17-May-11 Luxembourg Credit Allocation (%) AAA 2.5 AA 2.9 Fund Facts A BBB ISIN - Base Shares LU BB 26.5 Bloomberg Ticker - Base Shares GSEMCIB LX B 16.8 Dividend Distribution Frequency Annually CCC 0.6 Dealing and valuation Daily CC 0.3 Reporting year end 30 November D 0.7 Reference JPM CEMBI Broad Diversified Index Benchmark Settlement T + 3 NR Cash Derivatives Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets Corporate Bond Portfolio to Goldman Sachs Emerging Markets Corporate Bond Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) The JPM CEMBI Broad Diversified is a net total return index. Net total return is a reflection of return to an investor, by reinvesting dividends after the deduction of withholding tax. The rate of withholding tax applied to the JPM CEMBI Broad Diversified is consistent with the actual rate of withholding tax the Portfolio will incur on dividends received from foreign companies. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 93

95 PV Goldman Sachs Emerging Markets Debt Blend Portfolio Investor Profile (1) Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to investment and sub-investment grade emerging markets bonds and currencies. The bonds may be denominated in developed or emerging markets currencies. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 384 % in top Historical Volatility Portfolio - 3 yr 8.79 Historical Tracking Error - 3 yr 1.66 Excess Returns - 3 yr R 2-3 yr 0.97 Beta - 3 yr 1.06 Swing Pricing (%) Subscription (%) 0.32 Redemption (%) 0.32 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (3) 1.65 Management Fee (%) 1.40 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /13 11/13 05/14 11/14 05/15 11/15 05/16 11/16 05/17 Goldman Sachs Emerging Markets Debt Blend Portfolio - Base Shares (5) 50% GBI-EM Global Div, 25% EMBI Global Div, 25% CEMBI Broad Div (4) Morningstar Global Emerging Markets Bond (2) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs Base Shares (5) (11.86) 1.87 (4.80) (1.05) 50% GBI-EM Global Div, 25% EMBI Global Div, 25% (6.47) 1.46 (4.38) CEMBI Broad Div (4) Morningstar Global Emerging Markets Bond (2) (2.04) 1.38 (3.66) Quartile Position in Sector (2) Calendar Year Performance (%) Base Shares % GBI-EM Global Div, 25% EMBI Global Div, 25% CEMBI Broad Div Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 94

96 Goldman Sachs Emerging Markets Debt Blend Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 423 Current Duration of Portfolio (years) 4.39 Current Duration of Reference 5.20 Benchmark (years) Yield To Maturity of Portfolio (%) 6.59 Yield To Worst of Portfolio (%) 6.54 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile Fund Facts 08-May-13 Luxembourg Sector Allocation (%) Credit Allocation (%) 41.7% Local Sovereign 23.2% External Corporate AAA % External Sovereign AA % External Quasi-Sovereign 0.9% Local Corporate A % Local Quasi-Sovereign BBB % Other BB % Cash B 11.7 CCC 1.3 CC 0.8 D 0.2 NR 6.1 Cash 4.5 Derivatives ISIN - Base Shares Bloomberg Ticker - Base Shares Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark LU GSEMBDU LX Annually Daily 30 November 50% GBI-EM Global Div, 25% EMBI Global Div, 25% CEMBI Broad Div Settlement T + 3 Region Bond Allocation (%) Goldman Sachs Emerging Markets Debt Blend Portfolio 41.1% Latin America 21.0% Central & Eastern Europe 17.0% Asia 9.1% Middle East/Africa 5.4% North America 1.6% Western Europe 0.3% Currency Forwards % Supranationals 4.5% Cash 50% JPMorgan GBI EM Index Global Diversified, 25% JPMorgan EMB Index Global Diversified, 25% JPMorgan CEMBI Index Broad Diversified 31.6% Latin America 25.6% Central & Eastern Europe 28.6% Asia 13.3% Middle East/Africa 0.4% North America 0.4% Western Europe % Currency Forwards 0.1% Supranationals % Cash Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets Debt Blend Portfolio to Goldman Sachs Emerging Markets Debt Blend Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) The 50% GBI-EM Global Div, 25% EMBI Global Div, 25% CEMBI Broad Div Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 95

97 PV Goldman Sachs Emerging Markets Debt Local Portfolio Investor Profile (1) Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to investment and sub-investment grade emerging markets bonds and currencies. The bonds may be denominated in developed or emerging markets currencies with primarily emerging markets currencies risk. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 199 % in top Historical Volatility Portfolio - 3 yr Historical Tracking Error - 3 yr 2.07 Excess Returns - 3 yr (2.32) R 2-3 yr 0.98 Beta - 3 yr 1.05 Swing Pricing (%) Subscription (%) 0.22 Redemption (%) 0.22 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (3) 1.85 Management Fee (%) 1.60 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /07 06/09 06/11 06/13 06/15 06/17 Goldman Sachs Emerging Markets Debt Local Portfolio Base Shares (5) JPM GBI EM Global diversified Index in (4) Morningstar Global Emerging Markets Bond - Local Currency (2) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs Base Shares (5) (6.32) (6.42) (2.60) JPM GBI EM Global diversified Index in (4) (6.09) (4.10) (1.29) Morningstar Global Emerging Markets Bond (5.75) (5.04) (2.36) Local Currency (2) Quartile Position in Sector (2) Base Shares (Acc.) (5) (6.30) (6.44) (2.62) Calendar Year Performance (%) Base Shares JPM GBI EM Global diversified Index in Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 96

98 Goldman Sachs Emerging Markets Debt Local Portfolio Financial Information Net Asset Value (NAV) - Base Shares 6.36 Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 1,637 Current Duration of Portfolio (years) 4.12 Current Duration of Reference Benchmark (years) 4.94 Yield To Maturity of Portfolio (%) 7.16 Yield To Worst of Portfolio (%) 7.16 Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 29-Jun Jun-07 Luxembourg LU LU GSEBASE LX GSELPBA LX Annually Daily 30 November JPM GBI EM Global diversified Index in Settlement T + 3 Sector Allocation (%) Credit Allocation (%) Region Bond Allocation (%) 89.4% Local Sovereign 2.0% External Sovereign 0.6% Local Corporate AAA AA % Local Quasi-Sovereign 0.1% External Quasi-Sovereign A % Other BBB % Cash BB 11.5 B 2.7 CCC 0.6 CC 0.4 NR 11.7 Cash 4.6 Derivatives Goldman Sachs Emerging Markets Debt Local Portfolio JPM GBI EM Global Diversified in 33.3% Latin America 29.8% Latin America 25.4% Asia 27.0% Asia 24.7% Central & Eastern Europe 33.5% Central & Eastern Europe 8.3% Middle East/Africa 9.7% Middle East/Africa 3.1% North America % North America 0.6% Currency Forwards % Currency Forwards 4.6% Cash % Cash Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets Debt Local Portfolio to Goldman Sachs Emerging Markets Debt Local Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) The JPM GBI EM Global Diversified Index, is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 97

99 PV Goldman Sachs Emerging Markets Debt Portfolio Investor Profile (1) Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to investment and sub-investment grade emerging markets bonds and currencies. The bonds may be denominated in developed or emerging markets currencies with primarily developed market currencies risk. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 411 % in top Historical Volatility Portfolio - 3 yr 6.39 Historical Tracking Error - 3 yr 1.56 Excess Returns - 3 yr R 2-3 yr 0.94 Beta - 3 yr 1.06 Swing Pricing (%) Subscription (%) 0.38 Redemption (%) 0.38 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (3) 1.50 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /00 05/02 05/04 05/06 05/08 05/10 05/12 05/14 05/16 05/18 Goldman Sachs Emerging Markets Debt Portfolio Base Shares (5) JPM EMBI Global Diversified Index (1 Day Lag) (4) Morningstar Global Emerging Markets Bond (2) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (5) (4.60) JPM EMBI Global Diversified Index (1 Day (4.11) Lag) (4) Morningstar Global Emerging Markets Bond (2) (3.66) Quartile Position in Sector (2) Base Shares (Acc.) (EUR-Hedged) (5) (5.04) JPM EMBI Global Diversified - EUR Hedged (4.73) (1 day lag) (4) Base Shares (Acc.) (5) (4.55) Calendar Year Performance (%) Base Shares JPM EMBI Global Diversified Index (1 Day Lag) Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 98

100 Goldman Sachs Emerging Markets Debt Portfolio Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Base Shares EUR (Acc.) (EUR-Hedged) Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 5,971 Current Duration of Portfolio (years) 5.73 Current Duration of Reference 6.38 Benchmark (years) Yield To Maturity of Portfolio (%) 6.24 Yield To Worst of Portfolio (%) 6.22 Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) (EUR- Hedged) Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) (EUR- Hedged) Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts EUR 03-May Oct Nov-05 Luxembourg Sector Allocation (%) Credit Allocation (%) Region Bond Allocation (%) 63.0% External Sovereign 14.6% External Quasi-Sovereign 13.1% External Corporate 2.0% Local Sovereign 0.3% Supranational AAA AA A % Local Quasi-Sovereign BBB 40.5 % Local Corporate 3.1% Other 3.8% Cash BB B CCC 3.5 CC 0.7 D NR 0.5 Cash 3.8 Derivatives Goldman Sachs Emerging Markets Debt Portfolio JPM EMBI Global Diversified unhedged in 44.4% Latin America 38.6% Latin America 21.8% Central & Eastern Europe 24.6% Central & Eastern Europe 15.6% Asia 22.7% Asia 9.6% Middle East/Africa 14.1% Middle East/Africa 3.4% North America % North America 1.3% Western Europe % Western Europe 0.3% Supranationals % Supranationals 3.8% Cash % Cash ISIN - Base Shares ISIN - Base Shares (Acc.) (EUR-Hedged) ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares Bloomberg Ticker - Base Shares (Acc.) (EUR-Hedged) Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation LU LU LU GSEMKDP LX GSEMDBE LX GSGEMBA LX Annually Daily Reporting year end 30 November Reference Benchmark JPM EMBI Global Diversified Index (1 Day Lag) Settlement T + 3 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets Debt Portfolio to Goldman Sachs Emerging Markets Debt Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) The JP Morgan Emerging Markets Bond Index - Global Diversified is calculated, for performance purposes, 1 day prior to month-end to more closely resemble the timing of the security prices in the Global Emerging Markets Debt Portfolio. The Index is quoted daily with income reinvested and, in contrast to the Portfolio, is shown without the deduction of expenses. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 99

101 PV Goldman Sachs Opportunistic Corporate Bond Portfolio Investor Profile (1) Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to sub-investment grade global corporate bonds. The portfolio has the potential for higher returns but higher risk than the GS Global Credit Portfolio (Hedged). The Portfolio has the potential for lower returns with lower expected risk than GS Global High Yield Portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 110 Historical Volatility Portfolio - 3 yr 4.25 Historical Tracking Error - 3 yr 4.24 Excess Returns - 3 yr 1.52 R 2-3 yr 4 Swing Pricing (%) Subscription (%) 0.36 Redemption (%) 0.36 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (3) 1.75 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /12 10/12 04/13 10/13 04/14 10/14 04/15 10/15 04/16 10/16 04/17 Goldman Sachs Opportunistic Corporate Bond Portfolio Base Shares (5) BofA ML LIBOR 1-month Constant Maturity (LUS1) (4) Morningstar Flexible Bond (2) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs Base Shares (5) BofA ML LIBOR 1-month Constant Maturity (LUS1) (4) Morningstar Flexible Bond (2) (0.94) Quartile Position in Sector (2) Calendar Year Performance (%) Base Shares BofA ML LIBOR 1-month Constant Maturity (LUS1) Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 100

102 Goldman Sachs Opportunistic Corporate Bond Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 164 Current Duration of Portfolio (years) 3.01 Yield To Maturity of Portfolio (%) 6.20 Yield To Worst of Portfolio (%) 6.03 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile Fund Facts ISIN - Base Shares Bloomberg Ticker - Base Shares Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 04-Apr-12 Luxembourg LU GSLHOBI LX Annually Daily 30 November BofA ML LIBOR 1-month Constant Maturity (LUS1) Settlement T + 3 Sector Allocation (%) Country Bond Allocation (%) 50.3% Unsecured High Yield 16.1% Secured High Yield 7.4% Investment Grade 7.6% Bank Loans 0.6% Other 72.6% United States 17.6% Europe 7.8% Canada 1.1% Australia 1.0% Other 0.2% Preferred & Equity 9.7% Government 8.1% Cash Credit Allocation (%) (6) Top 10 Corporate Issuers (7) Security % BBB 9.0 Bombardier Inc. 4.4 Ziggo Secured Finance B.V. 2.9 BB 46.3 First Data Corporation 2.7 APX Group Inc. B Tenet Healthcare Corporation 2.4 CCC 7.7 Inmarsat Plc 2.3 HCA Holdings Inc. 2.3 NR 0.2 Adient Global Holdings 2.1 Weatherford International INc Adargh Packaging Holdings 1.9 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Liberty Harbor Opportunistic Corporate Bond Portfolio to Goldman Sachs Opportunistic Corporate Bond Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) The BofA ML LIBOR 1-month Constant Maturity is a net total return index. Net total return is a reflection of return to an investor, by reinvesting dividends after the deduction of withholding tax. The rate of withholding tax applied to the BofA ML LIBOR 1-month Constant Maturity is consistent with the actual rate of withholding tax the Portfolio will incur on dividends received from foreign companies. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (6) Securities portfolio only, excludes cash and cash equivalents. (7) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 101

103 PV Goldman Sachs Sterling Credit Portfolio Investor Profile Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to a portfolio of primarily investment grade Sterling corporate bonds. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund (GBP) Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 264 % in top Historical Volatility Portfolio - 3 yr 6.08 Historical Tracking Error - 3 yr 1.22 Excess Returns - 3 yr R 2-3 yr 0.96 Beta - 3 yr 0.97 Swing Pricing (%) Subscription (%) 0.32 Redemption (%) 0.32 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.05 Management Fee (%) 0.80 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /08 12/10 12/12 12/14 12/16 Goldman Sachs Sterling Credit Portfolio Base Shares (3) iboxx Sterling Non Gilts ( Total return, unhedged, GBP ) (4) Morningstar GBP Corporate Bond (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs Base Shares (3) (3.29) iboxx Sterling Non Gilts ( Total return, (2.57) unhedged, GBP ) (4) Morningstar GBP Corporate Bond (1) (2.33) Quartile Position in Sector (1) Calendar Year Performance (%) Base Shares iboxx Sterling Non Gilts ( Total return, unhedged, GBP ) Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 102

104 Goldman Sachs Sterling Credit Portfolio Financial Information Net Asset Value (NAV) - Base Shares GBP Total Net Assets (m) GBP 186 Current Duration of Portfolio (years) 7.74 Current Duration of Reference 8.03 Benchmark (years) Yield To Maturity of Portfolio (%) 2.51 Yield To Worst of Portfolio (%) 2.51 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile Fund Facts ISIN - Base Shares Bloomberg Ticker - Base Shares Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark GBP 18-Dec-08 Luxembourg LU GSSCREB LX Annually Daily 30 November iboxx Sterling Non Gilts ( Total return, unhedged, GBP ) Settlement T + 3 BB B CC NR Sector Allocation (%) Country Bond Allocation (%) 63.8% Corporates - Inv. Grade 12.2% Asset-Backed Securities (ABS) 6.4% Quasi-Governments 4.8% Governments 4.7% Residential Mortgages (RMBS) 4.1% Emerging Market Debt 0.8% Commercial Mortgages (CMBS) 0.8% Covered Bonds 0.1% Corporates - High Yield 2.5% Cash -0.3% Derivatives 79.4% UK 15.5% US 2.7% Eurozone 2.2% Other Credit Allocation (%) Top 10 Corporate Issuers (5) AAA AA A BBB CCC Cash Derivatives Security % ELECTRICITE DE FRANCE 2.7 CENTRICA PLC 2.6 BRITISH AMERICAN TOBACCO P.L.C. 2.2 BANK OF AMERICA CORPORATION 2.1 RWE AKTIENGESELLSCHAFT 2.0 LLOYDS BANKING GROUP PLC 1.7 IMPERIAL BRANDS, PLC. 1.6 FGP TOPCO LTD 1.6 HSBC HOLDINGS PLC 1.5 BARCLAYS PLC Goldman Sachs Sterling Credit iboxx Sterling Non Gilts Portfolio Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) iboxx Sterling Non Gilts is quoted at monthend with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 103

105 PV Goldman Sachs US Mortgage Backed Securities Portfolio Investor Profile Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to a fixed income portfolio of primarily government and investment grade mortgage backed securities and other asset backed securities. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 1,133 % in top Historical Volatility Portfolio - 3 yr 1.97 Historical Tracking Error - 3 yr 0.92 Excess Returns - 3 yr R 2-3 yr 0.80 Beta - 3 yr 0.87 Swing Pricing (%) Subscription (%) 6 Redemption (%) 6 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.05 Management Fee (%) 0.80 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /02 09/04 09/06 09/08 09/10 09/12 09/14 09/16 09/18 Goldman Sachs US Mortgage Backed Securities Portfolio Base Shares (4) Bloomberg Barclays US Securitized Index (1 day lag) (3) Morningstar Government Bond (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Base Shares (4) (0.47) (2.59) Bloomberg Barclays US Securitized Index ( (0.46) (2.35) day lag) (3) Morningstar Government Bond (1) (0.23) (3.30) Quartile Position in Sector (1) Base Shares (Acc.) (4) (0.45) (2.34) Calendar Year Performance (%) Base Shares Bloomberg Barclays US Securitized Index (1 day lag) Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 104

106 Goldman Sachs US Mortgage Backed Securities Portfolio Financial Information Net Asset Value (NAV) - Base Shares 2.24 Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 370 Current Duration of Portfolio (years) 4.30 Current Duration of Reference Benchmark (years) 4.52 Yield To Maturity of Portfolio (%) 2.98 Yield To Worst of Portfolio (%) 2.96 Sector Allocation (%) Credit Allocation (%) 86.5% Residential Mortgages (RMBS) 10.4% Asset-Backed Securities (ABS) 3.0% Governments 1.3% Commercial Mortgages (CMBS) % Covered Bonds -1.2% Cash % Derivatives AAA AA A BBB B CCC NR Cash Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts 30-Sep Nov-05 Luxembourg Derivatives ISIN - Base Shares ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark LU LU GSUSMBP LX GSUMBBA LX Annually Daily 30 November Bloomberg Barclays US Securitized Index (1 day lag) Settlement T + 3 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The Bloomberg Barclays US Securitized Index is calculated, for performance purposes, 1 day prior to month-end to more closely resemble the timing of the security prices in the US Mortgage Backed Securities Portfolio. The Index is quoted daily with income reinvested and, in contrast to the Portfolio, is shown without the deduction of expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 105

107 PV Goldman Sachs Global Sovereign Bond Portfolio Investor Profile Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who want exposure to portfolio of primarily investment grade global government bonds and currencies belonging to developed and emerging market countries. The bonds may be denominated in developed or emerging market currencies. The emerging markets currency risk in the portfolio is left unhedged. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 139 % in top Historical Volatility Portfolio - 1 yr 8.10 Historical Tracking Error - 1 yr 1.26 Excess Returns - 1 yr R 2-1 yr 0.98 Beta - 1 yr 0.99 Swing Pricing (%) Subscription (%) 0.14 Redemption (%) 0.14 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.35 Management Fee (%) 1.10 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /15 11/15 05/16 11/16 05/17 Goldman Sachs Global Sovereign Bond Portfolio - Base Shares (3) BBG Barclays 60% EM LC Govt (cap) (unhedged), 40% Global Tsy (cap) ( Hgd) (4) Morningstar Global Bond (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr Base Shares (3) (4.86) 0.63 (5.78) BBG Barclays 60% EM LC Govt (cap) (unhedged), 40% Global (3.13) 0.43 (5.61) Tsy (cap) ( Hgd) (4) Morningstar Global Bond (1) (1.55) (6) (5.60) Quartile Position in Sector (1) Calendar Year Performance (%) Base Shares BBG Barclays 60% EM LC Govt (cap) (unhedged), 40% Global Tsy (cap) ( Hgd) Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 106

108 Goldman Sachs Global Sovereign Bond Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 640 Current Duration of Portfolio (years) 6.85 Current Duration of Reference 6.68 Benchmark (years) Yield To Maturity of Portfolio (%) 2.99 Yield To Worst of Portfolio (%) 2.99 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile Fund Facts ISIN - Base Shares Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 22-May-15 Luxembourg LU Annually Daily 30 November BBG Barclays 60% EM LC Govt (cap) (unhedged), 40% Global Tsy (cap) ( Hgd) Settlement T + 3 Sector Allocation (%) Credit Allocation (%) 56.7% Emerging Market Debt 33.4% Government 5.3% Quasi-Government 4.8% Cash -0.2% Derivatives Region Bond Allocation (%) Goldman Sachs Global Sovereign Bond Portfolio 42.9% Asia 15.1% Western Europe 13.0% Central & Eastern Europe 9.4% Latin America 6.1% Middle East/Africa 5.5% North America 2.4% Supranational 1.0% Currency Forwards 4.8% Cash AAA AA A BBB BB B CCC CC C D NR Cash Derivatives Bloomberg Barclays 60% Emerging Market Local Currency Government (TR, Unhedged) 40% Global Treasury Country Capped Bond Index (TR, -Hedged) 41.1% Asia 18.2% Western Europe 12.5% Central & Eastern Europe 10.3% Latin America 7.1% Middle East/Africa 10.7% North America % Supranational % Currency Forwards % Cash Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) The Bloomberg Barclays 60% EM LC Govt (unhedged);40% Global Treasury Country (hedged) Bond Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses 107

109 PV Goldman Sachs Global Absolute Return Portfolio Investor Profile Investor objective Capital appreciation with no need for income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who are looking for diversification across a range of asset classes (equities, bonds, commodities and currencies) via a single portfolio which seeks to generate returns through different market conditions and with an expected level of risk lower than equity markets. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Fund Data No. of holdings 213 Historical Volatility Portfolio - 1 yr 2.10 Excess Returns - 1 yr Swing Pricing (%) Subscription (%) 6 Redemption (%) 5 Initial Sales Charge: up to (%) 5.50 Ongoing Charges (%) (1) 1.78 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.28 Performance (Indexed) /15 02/16 08/16 02/17 Goldman Sachs Global Absolute Return Portfolio - Base Shares (2) 3 Month Libor () (3) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr Base Shares (2) (1.02) 0.78 (0.28) Month Libor () (3) Calendar Year Performance (%) Base Shares Month Libor () Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 108

110 Goldman Sachs Global Absolute Return Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 135 Market Exposure by Asset Class (%) (4) Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile 27-Aug-15 Luxembourg Fund Facts ISIN - Base Shares LU Bloomberg Ticker - Base Shares GSGLARB LX Dividend Distribution Frequency Annually Dealing and valuation Daily Reporting year end 30 November Reference 3 Month Libor () Benchmark Settlement T Currency (short) Currency (long) Real Assets (short) Real Assets (long) Fixed Income (short) Fixed Income (long) Equity (short) Equity (long) Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (2) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (3) The 3 Month Libor Index is quoted month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (4) Exposure is shown as a percentage of Fund Net Asset Value. The totals for gross and net exposure may not sum due to rounding. Gross exposure and net exposure are one of the many indicators used to gauge leverage and market directionality (i.e., whether the Fund is positioned long or short the market) respectively. Exposure is calculated using different metrics depending on the underlying instrument type. For example, for corporate bonds, loans, and stocks, market value is used; for sovereign bonds, 10-year U.S. Treasury equivalent is used (i.e. duration adjusted); for equity and foreign exchange options, delta-adjusted notional value is used; for Credit Default Swaps, FX Forwards and Equity Futures, notional value is used; for options on bond futures, delta-adjusted 10-year U.S. Treasury equivalent is used. Exposure of all interest rate products is displayed in 10-year U.S. Treasury equivalents. This adjustment helps to standardize exposure for interest rate instruments that have different durations and is typically considered a better measure of economic exposure for interest rate instruments compared to notional exposure. All options positions are displayed on a delta adjusted notional value basis i.e., the exposure is option delta * underlying notional value. Delta adjustment is necessary to properly account for the sensitivity of options to changes in price of the underlying security as well as for making exposure comparisons to the underlying (measuring options exposure as premium will understate the economic exposure and risk, while measuring exposure as notional value will overstate the economic exposure). 109

111 PV Goldman Sachs Global Income Builder Portfolio Investor Profile Investor objective Enhanced income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors who are looking for an income stream with some possibility of capital appreciation. The fund invests globally in both equity and bonds with some exposure to non-traditional asset classes. A large proportion of the bond holdings may be in high yield bonds. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 285 % in top Historical Volatility Portfolio - 1 yr 7.00 Historical Tracking Error - 1 yr 1.53 Excess Returns - 1 yr R 2-1 yr 0.96 Beta - 1 yr 0.92 Transaction Costs (%) 6 Commissions (%) 4 Other Costs (%) 2 Swing Pricing (%) Subscription (%) 0.29 Redemption (%) 0.27 Performance (Indexed) /14 09/14 03/15 09/15 03/16 09/16 03/17 Goldman Sachs Global Income Builder Portfolio - Base Shares (Acc.) (4) 50% Bbg Barclays US HY 2% Issuer Cap (TR,unhedged) 50% MSCI World (NTR) (3) Morningstar Moderate Allocation (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr Base Shares (Acc.) (4) (3) % Bbg Barclays US HY 2% Issuer Cap (TR,unhedged) 50% MSCI World (NTR) (3) Morningstar Moderate Allocation (1) (0.19) Quartile Position in Sector (1) Calendar Year Performance (%) Base Shares (Acc.) % Bbg Barclays US HY 2% Issuer Cap (TR,unhedged) 50% MSCI World (NTR) Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.55 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.30 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 110

112 Goldman Sachs Global Income Builder Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 200 Current Duration of Portfolio (years) 1.83 Fund Characteristics Currency - Base Shares (Acc.) Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts ISIN - Base Shares (Acc.) Bloomberg Ticker - Base Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 18-Mar-14 Luxembourg LU GSIBPSA LX None Daily 30 November 50% Bbg Barclays US HY 2% Issuer Cap (TR,unhedged) 50% MSCI World (NTR) Settlement T + 3 Top 10 Industry Allocation Asset Allocation (%) Consumer Discretionary 14.9 Common Stock US 26.4 Financials 15.1 Common Stock Non-US 17.3 Information Technology 11.5 MLPs / Energy Infrastructure Health Care 10.4 REIT 1.9 Telecommunication Services 8.6 Preferred Stocks 0.5 Consumer Staples 7.9 Corporate Bonds HY 27.9 Energy 7.6 Corporate Bonds IG 13.0 Utilities 4.8 Government 2.8 Industrials 4.7 Bank Loan 4.6 Materials 4.2 Convertible Bonds 0.7 Government 2.8 EM Corp/Quasi-Sov 2.2 REITs 2.5 Other Fixed Income -0.1 Cash 2.9 Cash 2.9 Other Fixed Income & Derivatives 1.7 Top 10 Corporate Issuers (5) Security % Verizon Communications 1.9 Microsoft Corporation 1.8 Exxon Mobil Corporation 1.7 JP Morgan Chase&Co 1.7 Charter Communications 1.5 Pfizer 1.4 Wells Fargo &Co 1.4 Royal Dutch Shell 1.4 General Electric 1.3 Johnson & Johnson 1.2 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Effective May 31, 2016, the Portfolio s reference benchmark changed from 60% Barclays Capital US High Yield 2% issuer cap/40% MSCI World index to 50% Bloomberg Barclays US High Yield 2% issuer cap/50% MSCI World index. The 50% Bloomberg Barclays US High Yield 2% issuer cap/50% MSCI World index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 111

113 PV Goldman Sachs Wealthbuilder Multi-Asset Balanced Portfolio Investor Profile Investor objective Both capital appreciation and income. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors who are looking to enhance their investment portfolios by accessing a global portfolio of bonds, equities and alternative assets. This fund should present higher risk than Wealthbuilder Conservative but lower than Wealthbuilder Growth. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 25 Historical Volatility Portfolio - 1 yr 7.04 Historical Tracking Error - 1 yr 2.68 Excess Returns - 1 yr R 2-1 yr 0.89 Beta - 1 yr 1.27 Transaction Costs (%) 1 Commissions (%) 1 Other Costs (%) 0 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.78 Management Fee (%) 1.35 Distribution Fee (%) 0 Other Expenses (%) 0.43 Performance (Indexed) /14 12/14 06/15 12/15 06/16 12/16 Goldman Sachs Wealthbuilder Multi-Asset Balanced Portfolio - Base Shares (4) 50% Bloomberg Barclays Global Aggregate Bond (-Hedged) / 50% MSCI World (Net) (3) Morningstar Moderate Allocation (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr Base Shares (4) % Bloomberg Barclays Global Aggregate Bond ( (0.25) Hedged) / 50% MSCI World (Net) (3) Morningstar Moderate Allocation (1) (0.90) 1.37 (0.19) Quartile Position in Sector (1) Calendar Year Performance (%) Base Shares % Bloomberg Barclays Global Aggregate Bond (-Hedged) / 50% MSCI World (Net) Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 112

114 Goldman Sachs Wealthbuilder Multi-Asset Balanced Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 90 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile Fund Facts ISIN - Base Shares Bloomberg Ticker - Base Shares Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 30-Jun-14 Luxembourg LU GWBMAUI LX Annually Daily 30 November 50% Bloomberg Barclays Global Aggregate Bond (-Hedged) / 50% MSCI World (Net) Settlement T + 3 Asset Allocation (%) Goldman Sachs Wealthbuilder Multi-Asset Balanced Portfolio 16.4% High Quality Fixed Income 26.3% Global Equity 9.0% Emerging Market Equity 5.3% Absolute Return Fixed Income 8.0% High Yield 4.9% Emerging Market Debt 9.1% Small Cap Equity 5.2% Real Assets 0.8% India Equity (Tilt) 3.8% US Inflation Linked Bonds (Tilt) 5.6% Macro FX Basket (Tilt) 5.5% Short German 30 Yr Bunds (Tilt) 0.9% Spain Equity (Tilt) 0.6% US Large Cap Banks Equity (Tilt) 0.8% US Healthcare Equity (Tilt) 1.2% US Equity (Tilt) 1.8% Interest Rate Steepener (Tilt) 0.5% Cash 50% Bloomberg Barclays Global Aggregate Bond (Hedged) / 50% MSCI World (Net) 5% High Quality Fixed Income 5% Global Equity Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The 50% Bloomberg Barclays Global Aggregate Bond /50% MSCI World (Net) index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 113

115 PV Goldman Sachs Wealthbuilder Multi-Asset Conservative Portfolio Investor Profile Investor objective Both capital appreciation and income. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors who are looking to access a global portfolio of bonds, equities and alternative assets with the potential for some income. Potentially lower returns but lower risk than the other Wealthbuilder funds. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 26 Historical Volatility Portfolio - 1 yr 4.64 Historical Tracking Error - 1 yr 2.82 Excess Returns - 1 yr R 2-1 yr 0.64 Beta - 1 yr 1.13 Transaction Costs (%) 0 Commissions (%) 0 Other Costs (%) 0 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.70 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.45 Performance (Indexed) /14 12/14 06/15 12/15 06/16 12/16 Goldman Sachs Wealthbuilder Multi-Asset Conservative Portfolio - Base Shares (4) 75% Bloomberg Barclays Global Agg Bond (-Hedged) 25% MSCI World (Net)() (3) Morningstar Cautious Allocation (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr Base Shares (4) (0.66) % Bloomberg Barclays Global Agg Bond (-Hedged) (1.29) % MSCI World (Net)() (3) Morningstar Cautious Allocation (1) (7.89) 0.78 (1.24) Quartile Position in Sector (1) Calendar Year Performance (%) Base Shares % Bloomberg Barclays Global Agg Bond (-Hedged) 25% MSCI World (Net) () Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 114

116 Goldman Sachs Wealthbuilder Multi-Asset Conservative Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 340 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile Fund Facts ISIN - Base Shares Bloomberg Ticker - Base Shares Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 30-Jun-14 Luxembourg LU GWMCBUI LX Annually Daily 30 November 75% Bloomberg Barclays Global Agg Bond (-Hedged) 25% MSCI World (Net)() Settlement T + 3 Asset Allocation (%) Goldman Sachs Wealthbuilder Multi-Asset Conservative Portfolio 39.0% High Quality Fixed Income 16.5% Global Equity 7.3% Absolute Return Fixed Income 2.9% High Yield 5.6% Emerging Market Debt 5.6% Small Cap Equity 3.5% Real Assets 3.3% Emerging Market Equity (Tilt) 0.3% India Equity (Tilt) 3.4% US Inflation Linked Bonds (Tilt) 2.8% Macro FX Basket (Tilt) 5.4% Short German 30 Yr Bunds (Tilt) 0.6% Spain Equity (Tilt) 0.3% US Large Cap Banks Equity (Tilt) 0.3% US Healthcare Equity (Tilt) 0.4% US Equity (Tilt) -0.6% Treasury Futures (Tilt) 1.5% Interest Rate Steepener (Tilt) 4.7% Cash 75% Bloomberg Barclays Global Agg Bond (Hedged) 25% MSCI World (Net) 75.0% High Quality Fixed Income 25.0% Global Equity Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The 75% Bloomberg Barclays Global Aggregate Bond/25% MSCI World (Net) index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 115

117 PV Goldman Sachs Wealthbuilder Multi-Asset Growth Portfolio Investor Profile Investor objective Both capital appreciation and income. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors who are looking to access a global portfolio of bonds, equities and alternative assets which has the potential for wealth creation over the long term. This fund should present the highest potential for returns but also the highest risk relative to the other Wealthbuilder funds. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 24 Historical Volatility Portfolio - 1 yr 9.07 Historical Tracking Error - 1 yr 3.12 Excess Returns - 1 yr R 2-1 yr 0.93 Beta - 1 yr 1.29 Transaction Costs (%) 1 Commissions (%) 1 Other Costs (%) 0 Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (2) 1.93 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.43 Performance (Indexed) /14 12/14 06/15 12/15 06/16 12/16 Goldman Sachs Wealthbuilder Multi-Asset Growth Portfolio - Base Shares (4) 35% Bloomberg Barclays Global Agg Bond ( Hedged) 65% MSCI World ( Net) (3) Morningstar Aggressive Allocation (1) This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr Base Shares (4) % Bloomberg Barclays Global Agg Bond ( Hedged) % MSCI World ( Net) (3) Morningstar Aggressive Allocation (1) (5.25) 1.32 (0.77) Quartile Position in Sector (1) Calendar Year Performance (%) Base Shares % Bloomberg Barclays Global Agg Bond ( Hedged) 65% MSCI World ( Net) Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 116

118 Goldman Sachs Wealthbuilder Multi-Asset Growth Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 123 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile Fund Facts ISIN - Base Shares Bloomberg Ticker - Base Shares Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 30-Jun-14 Luxembourg LU GWMGBSI LX Annually Daily 30 November 35% Bloomberg Barclays Global Agg Bond ( Hedged) 65% MSCI World ( Net) Settlement T + 3 Asset Allocation (%) Goldman Sachs Wealthbuilder Multi-Asset Growth Portfolio 1.8% High Quality Fixed Income 33.8% Global Equity 12.4% Emerging Market Equity 0.4% Absolute Return Fixed Income 9.0% High Yield 7.9% Emerging Market Debt 11.6% Small Cap Equity 6.3% Real Assets 1.0% India Equity (Tilt) 2.8% US Inflation Linked Bonds (Tilt) 7.4% Macro FX Basket (Tilt) 5.9% Short German 30 Yr Bunds (Tilt) 1.2% Spain Equity (Tilt) 0.8% US Large Cap Banks Equity (Tilt) 0.9% US Healthcare Equity (Tilt) 1.6% US Equity (Tilt) 2.0% Interest Rate Steepener (Tilt) 0.7% Cash 35% Bloomberg Barclays Global Agg Bond (Hedged) 65% MSCI World (Net) 35.0% High Quality Fixed Income 65.0% Global Equity Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The 35% Bloomberg Barclays Global Aggregate Bond/65% MSCI World (Net) index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 117

119 PV Goldman Sachs US Real Estate Balanced Portfolio Investor Profile Investor objective Both capital appreciation and income. Position in your overall investment portfolio* The fund can complement your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to the US real estate markets through bonds and equities related to real estate. The fund has a higher degree of sector specific risk than that of a diversified multi sector portfolio. Performance (%) 31-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec-16 Fund () Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings (2) 137 Transaction Costs (%) 4 Commissions (%) 4 Other Costs (%) 0 Swing Pricing (%) Subscription (%) 0.40 Redemption (%) 0.40 Performance (Indexed) /12 04/13 10/13 04/14 10/14 04/15 10/15 04/16 10/16 04/17 Goldman Sachs US Real Estate Balanced Portfolio - Base Shares (Acc.) (4) Morningstar Moderate Allocation (1) Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs Base Shares (Acc.) (4) Morningstar Moderate Allocation (1) (0.19) Quartile Position in Sector (1) Calendar Year Performance (%) Base Shares (Acc.) Initial Sales Charge: up to (%) 5.50 Performance Fee (%) N/A Ongoing Charges (%) (3) 1.90 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.40 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as Core : (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as Complements. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. 118

120 Goldman Sachs US Real Estate Balanced Portfolio Financial Information Portfolio Positioning Top 3 Corporate Holdings (MV%) Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 473 Fund Characteristics Currency - Base Shares (Acc.) Inception Date - Base Shares (Acc.) Fund Domicile 02-Oct-12 Luxembourg Corporates Equity Securitized BROOKFIELD RESIDENTIAL PR 6.5% 15 DEC A TOLL BROTHERS FINANCE CORP % 15 APR GIBRALTAR INDUSTRIES, INC. 6.25% 01 FEB Fund Facts ISIN - Base Shares (Acc.) LU Bloomberg Ticker - Base Shares (Acc.) GSUREBI LX Dividend Distribution Frequency None Dealing and valuation Daily Reporting year end 30 November Settlement T + 3 Cash, Other Top 3 Securitized Holdings (MV %) RESIDENTIAL ACCREDIT 1A3A 2006-QO8 FRN 25 OCT 2046 LEHMAN XS TRUST 3A N FRN 25 FEB 2037 J.P. MORGAN ALTERNATIV 1A A7 FRN 25 DEC Top 3 Equity Holdings (MV %) D.R. HORTON, INC. 1.9 TOLL BROTHERS, INC. 1.6 PULTEGROUP INC. 1.6 Please see Additional Notes. All performance and holdings data as at 31-Dec-16. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur. (1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2017 Morningstar, Inc. All Rights Reserved. (2) Number of holdings represents number of security holdings, i.e., excluding cash, cash equivalents and derivatives. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. 119

121 Glossary Beta Measures the sensitivity of the fund s returns to the comparative benchmark index return (annualised). The nearer to 1.00, the closer the historical fluctuations in the value of the fund are to the benchmark. If above 1.00, then fund fluctuations have been greater than the benchmark. Commissions Total amount paid to executing brokers in relation to dealing in buying and selling of investments in the Fund during year ending 30 November. Duration of the Portfolio Measure of the sensitivity of the price of a bond or portfolio to a change in interest rates paid. The larger the number (positive or negative), the greater the change in price for given changes in interest rates. When duration is positive a rise in interest rates results in a fall in price while for a negative duration a rise in interest rates results in a rise in price. Excess Returns The return of the fund in excess of the benchmark/index return (annualised). Historical Tracking Error - Measure of the actual deviation of the fund s returns from the comparative benchmark index returns (annualised). A higher number means that the fund is taking greater risk against the benchmark. Historical Volatility of Portfolio Illustrates the dispersion of the fund s realized monthly returns around the average monthly return, indicating how volatile the fund s return is over time. The higher the number the more volatile the fund s returns. Interest Rate Duration This is a modified measure of Total Average Duration that has been estimated by GSAM. This modified measure seeks to take account of the different behaviours of different bond markets around the world by re-expressing all duration exposures to a common US market standard. The goal is to improve the estimate of the portfolio s sensitivity to changes in interest rates. This estimate is guided by historical market observations amongst markets which are themselves subject to change over time and may not necessarily be reflected by the actual outcome. Net Asset Value Represents the net assets of the fund (ex-dividend) divided by the total number of shares issued by the fund. Ongoing Charges The ongoing charges figure is based on the fund s expenses during the previous year. It excludes transaction costs and performance fees incurred by the fund. Other Costs Total amount of costs incurred by the Fund outside Commissions during year ending 30 November. These may include, but not limited to, market fees and local taxes. Other Expenses Fees deduced from the Fund s assets incurred as part of the Fund s operations, including, where applicable, costs incurred by the Fund when investing in other funds. R 2 Measure that represents the percentage of a portfolio movement linked to movements in the benchmark index return (annualised). The nearer to [1.00], the more a fund is tracking the risk of the benchmark, and the less risk that the fund is taking against the benchmark. Swing Pricing This describes the total trading spreads and any other duties and charges (e.g. Broker Commissions, Stamp Duty and Taxes) that may be paid on entry and exit to the Fund and which seek to protect long-term investors already in the Fund. The price shown is measured at last quarter end, and is only indicative of the swing that may apply to a new subscription/redemption. Transactions Costs Total trading costs of transactions incurred by the fund, including Commissions during year ending 30 November. Does not include trading spreads incurred on transactions. Turnover Ratio Measure of how frequently over the period assets are bought or sold in the fund (Lower of Purchases or sales by the Fund/Average net assets of the Fund). Weighted Average Life (WAL) Forecast sensitivity of portfolio returns to the comparative index calculated over X years. Weighted Average Maturity (WAM) Measures the deviation in portfolio weights from the comparative index/benchmark. Yield to Maturity The rate of return anticipated on a bond if it is held until the maturity date shown without the deduction of any expenses. Yield to Worst The lowest potential yield that can be received on a bond without the issuer actually defaulting. 120

122 Additional Notes Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur. This material is a financial promotion and has been issued by Goldman Sachs International, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Offering Documents: This material is provided at your request for informational purposes only and does not constitute a solicitation in any jurisdiction in which such a solicitation is unlawful or to any person to whom it is unlawful. It only contains selected information with regards to the fund and does not constitute an offer to buy shares in the fund. Prior to an investment, prospective investors should carefully read the latest Key Investor Information Document (KIID) as well as the offering documentation, including but not limited to the fund s prospectus which contains inter alia a comprehensive disclosure of applicable risks. The relevant articles of association, prospectus, supplement, KIID and latest annual/semi-annual report are available free of charge from the fund s paying and information agent and/or from your financial adviser and at Distribution of Shares: Shares of the fund may not be registered for public distribution in a number of jurisdictions (including but not limited to any Latin American, African or Asian countries). Therefore, the shares of the fund must not be marketed or offered in or to residents of any such jurisdictions unless such marketing or offering is made in compliance with applicable exemptions for the private placement of collective investment schemes and other applicable jurisdictional rules and regulations. Investment Advice and Potential Loss: Financial advisers generally suggest a diversified portfolio of investments. The fund described herein does not represent a diversified investment by itself. This material must not be construed as investment or tax advice. Prospective investors should consult their financial and tax adviser before investing in order to determine whether an investment would be suitable for them. An investor should only invest if he/she has the necessary financial resources to bear a complete loss of this investment. Swing Pricing: Please note that the fund operates a swing pricing policy. Investors should be aware that from time to time this may result in the fund performing differently compared to the reference benchmark/comparative index based solely on the effect of swing pricing rather than price developments of underlying instruments. Investment Not Insured: Investment into the fund is not insured or guaranteed by any Government agency, including the Federal Deposit Insurance Company, and is not the same as placing funds on deposit with a bank or deposit-taking company. Although the Goldman Sachs money market funds seek to preserve a stable net asset value per share, it is possible to lose money by investing in the funds. Fees are generally billed and payable at the end of each quarter and are based on average month-end market values during the quarter. Additional information is provided in our Form ADV Part 2 which is available at The information contained herein must not be construed as investment or tax advice. Prospective investors should consult their financial and tax adviser before investing in order to determine whether an investment would be suitable for them. Furthermore, this information should not be construed as financial 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. This information is intended for viewing only by the intended recipient and may not be reproduced or distributed to any person in whole or in part without the prior written consent of GSI. Goldman Sachs International accepts no liability for the misuse or inappropriate distribution of this material. 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. Mortgage-backed securities are subject to certain additional risks. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-backed securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if the Fund holds mortgage-backed securities, it may exhibit additional volatility. In addition, adjustable and fixed rate mortgage-backed securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund may have to reinvest that money at the lower prevailing interest rates. The holdings and/or allocations shown may not represent all of the portfolio's investments. The relevant articles of association, prospectus, supplement and key investor information document (KIID) and latest annual/semi-annual report (as applicable) are available free of charge from the fund s paying and information agents as listed below: Austria: Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Wien, Austria. Belgium: RBC Investor Services, Place Rogier II, 1210 Brussels, Belgium. Denmark: Stockrate Asset Management, Mollevej 9 E2, DK-2990 Niva, Denmark. France: RBC Investor Services Bank France, 105, rue Réaumur, Paris, France. Germany: State Street Bank GmbH, Brienner Strasse 59, Munich, Germany. Greece: Piraeus Bank S.A., 4 Amerikis Street, Athens, Greece. Ireland: RBC Investor Services Ireland Limited, George's Quay House, 43 Townsend Street, Dublin 2, Ireland. Italy: Société Générale Securities Services, Maciachini Center MAC 2, Via Benigno Crespi, 19/A, Milan, Italy; AllFunds Bank S.A. Filiale di Milano, Via Santa Margherita 7, Milan, Italy; RBC Investor Services Bank Milan- Milan Branch, Cia Vittor Pisani, 26, Milan, Italy; State Street Bank S.pA., Via Col Moschin, 16, Milan, Italy; BNP Paribas Securities Services Succursale di Milano, Via Ansperto 5, Milan, Italy; Banca Sella, Piazza Gaudenzio Sella 1, Biella Bl., Italy. Luxembourg: State Street Bank Luxembourg S.A., 49, avenue J.F. Kennedy, L-1855 Luxembourg. Sweden: Skandinaviska Enskilda Banken AB, through its entity Global Transaction Services, SEB Merchant Banking, Sergels Torg 2, ST MH1, SE Stockholm, Sweden. Please note in addition for: Netherlands: The fund is included in the register kept by the Stichting Autoriteit Financiële Markten. Spain: The fund is a foreign UCITS registered with the CNMV registry with number 141 (SICAV), 913 (SICAV II), 305 (PLC). A full description and KIID for the fund and other mandatory documentation is available free of charge from any of the authorised distributors of the fund listed in the Comisión Nacional del Mercado de Valores ( CNMV ) webpage at Australia: This material is distributed in Australia and New Zealand by Goldman Sachs Asset Management Australia Pty Ltd ABN , AFSL ( GSAMA ) and is intended for viewing only by wholesale clients in Australia for the purposes of section 761G of the Corporations Act 2001 (Cth) and to clients who either fall within any or all of the categories of investors set out in section 3(2) or sub-section 5(2CC) of the Securities Act 1978 (NZ). Singapore: This material has been issued or approved for use in or from Singapore by Goldman Sachs (Singapore) Pte. (Company Number: W) and Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: H). Hong Kong: This material has been issued or approved for use in or from Hong Kong by Goldman Sachs (Asia) L.L.C Goldman Sachs. All rights reserved. Registered and Principal Offices: Luxembourg domiciled Funds: c/o State Street Bank Luxembourg S.A., 49, Avenue J-F Kennedy L-1855, Luxembourg; Dublin domiciled Funds: Fixed Income, Currency Funds and Cash Management Funds Principal Office: c/o BNY Fund Services (Ireland) Limited, Guild House, Guild Street, IFSC, Dublin 1, Ireland. 121

123 Shareholder Services (London) Tel No: Goldman Sachs Asset Management International River Court 120 Fleet Street London EC4A 2BE Great Britain If you would like further information on any of our funds, please contact your local representative, via the details shown above, If there is no contact indicated for your country of residence, please call our Shareholder Services team, who will assist you. For Goldman Sachs Asset Management offshore funds daily prices please visit: (for non-us residents only) TMPL-10/