Average YoY Dividend 10YR Average Average Years

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1 The below is a summary of the investable universe for the Goldman Sachs Rising Dividend Growth Fund. Also referred to as the "10/10 Uni 2017 Investable 10/10 Universe (as of 3/1/17) GICS Breakdown Sector # % Average YoY Dividend Growth 10YR Average Dividend Growth Average Years of Growth Industrials % 10.7% 15.6% 20 Financials % 12.5% 19.5% 18 Consumer Discretionary % 13.1% 19.4% 21 Consumer Staples % 9.2% 17.2% 22 Materials % 8.8% 16.3% 23 Information Technology % 11.6% 19.7% 17 Health Care % 20.4% 20.7% 21 Energy 6 4.9% 18.3% 24.4% 20 Real Estate 2 1.6% 8.4% 21.3% 12 Utilities 2 1.6% 10.2% 14.8% 12 Telecommunication Services 1 0.8% 9.5% 12.1% 13 Total / (Average) % 12.1% 18.2% 20 Country Breakdown Average YoY Dividend 10YR Average Average Years Country # % Growth Dividend Growth of Growth United States % 10.7% 18.0% 20 Canada 5 4.1% 27.2% 19.4% 17 Switzerland 2 1.6% 2.1% 12.3% 25 Ireland 2 1.6% 20.3% 14.1% 26 Israel 1 0.8% 0.2% 16.6% 17 Denmark 1 0.8% 88.0% 33.0% 20 Britain 1 0.8% 8.9% 20.4% 10 China 1 0.8% 30.6% 40.7% 11 Total / (Average) % 12.1% 18.2% 20

2 /10 Universe (as of 3/1/17) GICS Breakdown Average YoY Dividend 10YR Average Average Years Sector # % Growth Divdend Growth of Growth Industrials % 9.6% 15.0% 18 Consumer Discretionary % 14.5% 20.7% 16 Consumer Staples % 11.8% 17.4% 18 Financials % 14.2% 19.6% 16 Information Technology % 14.6% 24.1% 15 Health Care % 16.1% 21.1% 17 Materials % 10.8% 16.6% 20 Energy % 15.0% 20.6% 17 Real Estate % 15.9% 20.7% 12 Utilities 8 3.1% 9.1% 13.6% 14 Telecommunication Services 3 1.2% 11.3% 13.6% 13 Total / (Average) % 12.9% 18.7% 17 Country Breakdown Country # % YoY Average Growth 10YR Average Dividend Growth Average Years of Growth United States % 11.1% 17.5% 19 Britain % 7.3% 18.3% 13 Canada % 17.5% 20.5% 15 Japan % 18.5% 18.4% 13 South Africa % 14.5% 27.2% 14 India 8 3.1% 33.9% 26.9% 16 France 5 1.9% 11.3% 12.5% 11 China 4 1.6% 12.3% 32.4% 12 Germany 4 1.6% 11.9% 15.8% 13 Ireland 4 1.6% 19.1% 16.8% 22 Australia 3 1.2% 14.9% 13.4% 13 Switzerland 3 1.2% 8.1% 13.4% 20 Denmark 3 1.2% 36.3% 29.4% 20 Hong Kong 2 0.8% 24.0% 20.7% 12

3 Spain 2 0.8% 5.0% 14.6% 15 Sweden 2 0.8% 14.2% 13.2% 11 Philippines 2 0.8% 3.7% 13.1% 12 Indonesia 2 0.8% 12.7% 23.5% 11 Belgium 2 0.8% 18.0% 23.4% 14 Slovenia 1 0.4% 6.0% 14.7% 17 Luxembourg 1 0.4% 10.2% 12.8% 12 Tunisia 1 0.4% 14.3% 22.0% 14 Israel 1 0.4% 0.2% 16.6% 17 Norway 1 0.4% 20.7% 18.7% 11 Total / (Average) % 12.9% 18.7% 17 1 Averages based on uncategorized universe holdings As of 3/1/2017 Average Annualized Total Returns as of 12/31/2016 Expense Ratios Class A Institutional Class A 1 Year Net Years Gross Years 6.94 N/A Since Inception Source:Dividend Assets Capital, LLC. Past performance does not guarantee future results, which may vary. D employs a proprietary 10/10 test designed to identify companies that increase their dividend by 10% per yea 1 A Share Inception is 3/23/2004; Institutional Share Inception is 3/21/2007. The returns represent past performance. Past performance does not guarantee future results. The Fund s inv worth more or less than their original cost. Current performance may be lower or higher than the performanc end returns. The Standardized Total Returns are average annual total returns or cumulative total returns (only if the perfor reinvestment of all distributions at net asset value. These A shares returns reflect the maximum initial sales charge of 5.5% for Class A Shares. Because Institut Returns. Th ti f th F d b th t ( t f f i li it ti ) d b f i

4 The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waive arrangement, the Fund s waivers and/or expense limitations will remain in place through at least February 28 approval of the Fund s Board of Trustees. Sectors and country allocations are as of 3/1/2017 and subject to change

5 iverse." This refers to companies that have grown their annual dividends by an average 10% for the past 10yrs 2016 Investable 10/10 Universe GICS Breakdown # % Average YoY Dividend Growth 10YR Average Dividend Growth Average Years of Growth Industrials % 14.4% 16.1% 19 Financials % 14.0% 18.5% 19 Consumer Staples % 10.2% 15.6% 24 Consumer Discretionary % 13.8% 19.5% 22 Information Technology % 16.3% 22.4% 16 Materials % 12.8% 17.1% 24 Health Care % 11.1% 20.8% 21 Energy % 15.9% 22.7% 17 Utilities 3 2.5% 10.2% 15.9% 11 Real Estate 2 1.7% 8.9% 30.9% 11 Telecommunication Services 1 0.8% 3.4% 14.6% 16 Total / (Average) % 13.4% 18.6% 20 Country Breakdown Average YoY Dividend 10YR Average Average Years Country # % Growth Dividend Growth of Growth United States % 13.1% 18.5% 20 Canada 4 3.3% 18.0% 20.4% 16 Britain 3 2.5% 10.6% 18.3% 14 Switzerland 2 1.7% 2.8% 13.8% 24 India 2 1.7% 39.9% 29.8% 20 Ireland 2 1.7% 13.4% 12.9% 25 Denmark 1 0.8% 11.1% 26.7% 19 Israel 1 0.8% 0.5% 18.0% 16 Total / (Average) % 13.4% 18.6% 20

6 /10 Universe GICS Breakdown Average YoY Dividend 10YR Average Average Years Sector # % Growth Divdend Growth of Growth Consumer Discretionary % 11.9% 19.9% 16 Consumer Staples % 11.2% 17.3% 19 Energy % 13.1% 20.3% 16 Financials % 13.8% 20.5% 16 Health Care % 12.4% 20.1% 17 Industrials % 11.8% 15.9% 17 Information Technology % 20.8% 23.2% 15 Materials % 16.8% 18.3% 19 Telecommunication Services 6 2.4% 39.0% 33.4% 13 Utilities 8 3.2% 18.2% 18.0% 13 Total / (Average) % 14.2% 19.2% 17 Country Breakdown Country # % YoY Average Growth 10YR Average Dividend Growth Average Years of Growth United States % 12.7% 18.0% 19 United Kingdom % 12.0% 17.3% 15 Canada % 14.4% 22.8% 14 South Africa % 13.3% 28.0% 13 Japan 9 3.6% 38.2% 19.2% 12 France 5 2.0% 8.0% 13.1% 10 Australia 4 1.6% 20.2% 25.3% 13 India 4 1.6% 32.0% 26.5% 17 Ireland 4 1.6% 13.7% 15.7% 21 Cayman Islands 3 1.2% 45.5% 35.7% 11 Switzerland 3 1.2% 2.7% 12.8% 22 Denmark 3 1.2% 13.4% 27.6% 19 Germany 3 1.2% 10.9% 23.8% 12 Spain 2 0.8% 10.0% 16.1% 14

7 China 1 0.4% 1.0% 14.7% 17 Hong Kong 1 0.4% 12.2% 23.9% 12 Philippines 1 0.4% 7.9% 12.6% 12 Bermuda 1 0.4% 2.8% 13.9% 13 Belgium 1 0.4% 14.8% 18.4% 13 Israel 1 0.4% 0.5% 18.0% 16 Norway 1 0.4% 7.4% 18.3% 10 Total / (Average) % 14.2% 19.2% 17 Institutional Dividends are not guaranteed and a company s future ability to pay dividends may be limited. The Fund ar on average, for 10 consecutive years. YoY = Year Over Year vestment return and principal value will fluctuate so that an investor s shares, when redeemed, may be ce quoted above. Please visit our Web site at: to obtain the most recent monthrmance period is one year or less) as of the most recent calendar quarter-end. They assume ional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total ( f f i li it ti ) t f th b P t t t t l

8 ers (gross of any fee waivers or expense limitations) are as set forth above. Pursuant to a contractual 8, 2018, and prior to such date the investment adviser may not terminate the arrangements without the

9 The Goldman Sachs Rising Dividend Growth Fund invests primarily in equity investments of dividend paying U.S. and foreign companies with market capitalizations of at least $500 million. The equity investments in which the Fund invests may include common and preferred stocks as well as master limited partnerships ( MLPs ) and real estate investment trusts ( REITs ). The Fund s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Different investment styles tend to shift in and out of favor, and the Fund s emphasis on companies with rising dividend payments could cause the Fund to underperform other funds that invest in similar asset classes but employ different investment styles. Investments in MLPs are subject to certain risks, including risks related to limited control and limited rights to vote, potential conflicts of interest, cash flow risks, dilution risks, limited liquidity and risks related to the general partner s right to force sales at undesirable times or prices. MLPs are also subject to risks relating to their complex tax structure, including the risk that a distribution received by the Fund from an MLP is treated as a return of capital, which may increase the Fund s tax liability and require the Fund to restate the character of its distributions and amend shareholder tax reporting previously issued, and the risk that an MLP could lose its tax status as a partnership, resulting in a reduction in the value of the Fund s investment in the MLP and lower income to the Fund. Many MLPs in which the Fund may invest operate facilities within the energy sector and are also subject to risks affecting the energy sector. The securities of REITs and mid- and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements (in the case of REITs, because of interest rate changes, economic conditions and other factors). REITs whose underlying properties are concentrated in a particular industry or region are also subject to risks affecting such industries and regions. The Fund may also invest in fixed income securities, which are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Foreign securities and emerging country securities may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic and political developments. The Fund s investments in other investment companies (including ETFs) subject it to additional expenses. The Fund is nondiversified and may invest more of its assets in fewer issuers than diversified funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments. Effective February 27, 2012, the Rising Dividend Growth Fund, a series of Dividend Growth Trust (the Predecessor Fund ) was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund s historical performance. Therefore, the performance information included prior to the reorganization is that of the Predecessor Fund.

10 Definitions Dividend Growth Rate: The annualized percentage rate of growth that a particular stock s dividend undergoes over a period of time. Current Yield: Annual income divided by the current price of the security. Coverage Ratio: A measure of a company's ability to meet its financial obligations. The higher the coverage ratio, the better the ability of the company to fullfill its financial obligations. 5-Year Growth Rate: The annualized percentage rate of growth that a particular stock s distribution undergoes over 5 years. General Disclosures Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds. Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. MLPs may also involve substantially different tax treatment than other equity-type investments, and such tax treatment could be disadvantageous to certain types of investors, such as retirement plans, mutual funds, charitable accounts, foreign investors, retirement accounts or charitable entities. In addition, investments in MLPs may trigger state tax reporting requirements. Generally, a master limited partnership ( MLP ) is treated as a partnership for Federal income tax purposes. Therefore, investors in an MLP may be subject to certain taxes in addition to Federal income taxes, including state and local income taxes imposed by the various jurisdictions in which the MLP conducts business or owns property. In addition, certain tax-exempt investors in an MLP, such as tax-exempt foundations and charitable lead trusts, may incur unrelated business taxable income ( UBTI ) with respect to their investment. UBTI may result in increased Federal, and possibly state and local, tax costs, and may also result in additional filing requirements for tax exempt investors. Non-U.S. investors may be subject to U.S. taxation on a net income basis and have U.S. filing obligations as a result of investing in MLPs. The tax reporting information for MLPs generally is provided to investors on an annual IRS Schedule K-1, rather than an IRS Form To the extent the Schedule K-1 is delivered after April 15, you may be required to request an extension to file your tax returns. A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail ) (institutional ). Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund Goldman Sachs. All rights reserved. Date of First Use: 3/31/2017 Compliance Code: OTU NOT FDIC INSURED May Lose Value No Bank Guarantee