Monthly Fund update. Goldman Sachs CORE Equity Portfolios Harnessing the Power of Big Data

Transcription

1 Goldman Sachs CORE Equity Portfolios Harnessing the Power of Big Data We believe the cornerstone of successful active investing is uncovering opportunity before the broader market prices it in. GSAM has been utilising Big Data and technology for more than 25 years, providing a valuable informational advantage. Through our CORE Equity Portfolios we offer a differentiated approach to investing that can potentially build wealth for our clients. Visit GSAMFUNDS.com to find out more. update Funds domiciled in Luxembourg and Dublin All data as at 30 June 2018 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 GLOBAL Goldman Sachs GIVI Global Equity - Growth Markets Tilt Portfolio... 4 Goldman Sachs Global CORE Equity Portfolio... 6 Goldman Sachs Global Small Cap CORE Equity Portfolio... 8 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 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 REAL ESTATE/INFRASTRUCTURE Goldman Sachs Global Infrastructure Equity Portfolio Goldman Sachs Global Real Estate Equity Portfolio Alternatives Fixed income MULTI SECTOR Goldman Sachs Euro Short Duration Bond Plus Portfolio...59 Goldman Sachs Global Fixed Income Plus Portfolio (Hedged)...61 Goldman Sachs Global Fixed Income Portfolio...63 Goldman Sachs Global Fixed Income Portfolio (Hedged)...65 Goldman Sachs Global Strategic Income Bond Portfolio...67 Goldman Sachs Sterling Broad Fixed Income Plus Portfolio...69 Goldman Sachs Sterling Ultra Short Duration Bond Portfolio...71 Goldman Sachs Strategic Absolute Return Bond I Portfolio...73 Goldman Sachs Strategic Absolute Return Bond II Portfolio...75 Goldman Sachs US Dollar Short Duration Bond Portfolio...77 Goldman Sachs US Fixed Income Portfolio...79 SINGLE SECTOR Goldman Sachs Europe High Yield Bond Portfolio...81 Goldman Sachs Global Credit Portfolio (Hedged)...83 Goldman Sachs Global High Yield Portfolio...85 Goldman Sachs Emerging Markets Corporate Bond Portfolio...87 Goldman Sachs Emerging Markets Debt Blend Portfolio...89 Goldman Sachs Emerging Markets Debt Local Portfolio...91 Goldman Sachs Emerging Markets Debt Portfolio...93 Goldman Sachs Emerging Markets Absolute Return Bond Portfolio...95 Goldman Sachs Opportunistic Corporate Bond Portfolio...96 Goldman Sachs Sterling Credit Portfolio...98 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 Goldman Sachs Emerging Markets Multi-Asset 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 Multi-Manager Alternatives Portfolio Goldman Sachs Global Strategic Macro Bond Portfolio Goldman Sachs GQG Partners Global Equity Portfolio...58 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund (EUR) Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 200 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 122 Historical Tracking Error - 3 yr 2.70 Excess Returns - 3 yr 3.90 R 2-3 yr 0.95 Beta - 3 yr 0.98 Transaction Costs (%) (1) 0.25 Commissions (%) 7 Other Costs (%) 0.18 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 10/19 Goldman Sachs Europe CORE Equity Portfolio Base Shares MSCI Europe Index (Net total return, unhedged, EUR) Morningstar Europe Large-Cap Blend Equity 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 (1.13) MSCI Europe Index (Net total return, (0.69) 4.00 (0.48) unhedged, EUR) Morningstar Europe Large-Cap Blend Equity (1.10) 3.66 (0.48) Quartile Position in Sector Base Shares (Acc.) (1.10) Calendar Year Performance (%) Base Shares MSCI Europe Index (Net total return, unhedged, EUR) Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (2) 1.43 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.18 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 2,649 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 25.6% UK 14.8% Germany 13.2% Switzerland 12.0% France 7.8% Netherlands 5.9% Italy 5.0% Norway 4.6% Spain 3.1% Denmark 2.8% Sweden 5.2% Other MSCI Europe (Net Total Return, Unhedged, EUR) 28.4% UK 15.0% Germany 12.3% Switzerland 17.3% France 5.7% Netherlands 3.8% Italy 1.2% Norway 4.8% Spain 2.6% Denmark 4.1% Sweden 4.9% Other Top 10 Holdings (3) Security % Country Activity BP PLC 2.7 UK Energy Roche Holding AG 2.5 Switzerland Health Care Allianz SE 2.0 Germany Financials Royal Dutch Shell PLC - A Share 1.9 UK Energy Eni SpA 1.8 Italy Energy BASF SE 1.8 Germany Materials Royal Dutch Shell PLC - B Share 1.7 UK Energy Diageo PLC 1.7 UK Consumer Staples Nestle SA 1.6 Switzerland Consumer Staples Banco Bilbao Vizcaya Argentaria SA 1.6 Spain Financials Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) 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 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 1,619 % in top 10 9 Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 9 Historical Tracking Error - 3 yr 1.67 Excess Returns - 3 yr R 2-3 yr 0.98 Beta - 3 yr 1.00 Transaction Costs (%) (3) 4 Commissions (%) 2 Other Costs (%) 2 Swing Pricing (%) Subscription (%) 7 Redemption (%) 8 Performance (Indexed) /12 06/14 06/16 06/18 Goldman Sachs GIVI Global Equity - Growth Markets Tilt Portfolio Base Shares (Acc.) (Snap) (5) S&P GIVI Global Growth Mkts Tilt Index (NTR, unhedged, ) (6) 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 5 Yrs Base Shares (Acc.) (Snap) (5) (1.05) (0.53) (1.92) S&P GIVI Global Growth Mkts Tilt Index (NTR, (1.12) (0.85) (1.74) unhedged, ) (6) Morningstar Global Large-Cap Blend Equity (2) (0.83) 5 (1.45) Quartile Position in Sector (2) Calendar Year Performance (%) Base Shares (Acc.) (Snap) S&P GIVI Global Growth Mkts Tilt Index (NTR, unhedged, ) Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (4) 0.85 Management Fee (%) 0.60 Distribution Fee (%) 0 Other Expenses (%) 0.25 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Global Equity - Growth Markets Tilt Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Acc.) (Snap) Total Net Assets (m) 40 Fund Characteristics (7) Currency - Base Shares (Acc.) (Snap) Inception Date - Base Shares (Acc.) (Snap) Fund Domicile Fund Facts ISIN - Base Shares (Acc.) (Snap) Bloomberg Ticker - Base Shares (Acc.) (Snap) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 29-Jun-12 Luxembourg LU GSGMBAS 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 34.2% US 10.4% China 10.2% Japan 4.9% UK 4.2% Germany 3.8% France 3.0% Canada 2.9% Korea 2.0% Italy 1.8% Australia 22.5% Other S&P Global BMI (Net Total Return, Unhedged, ) 52.1% US 3.4% China 8.9% Japan 5.6% UK 2.8% Germany 3.1% France 3.1% Canada 1.8% Korea 0.9% Italy 2.2% Australia 16.0% Other Top 10 Holdings (8) Security % Country Activity Apple Inc 2.0 US Information Technology China Construction Bank Corp 1.0 China Financials Facebook Inc 0.9 US Information Technology Samsung Electronics Co Ltd 0.8 Korea Information Technology Berkshire Hathaway Inc 0.8 US Financials Microsoft Corp 0.8 US Information Technology Industrial & Commercial Bank of China Ltd 0.7 China Financials HSBC Holdings PLC 0.7 UK Financials Toyota Motor Corp 0.7 Japan Consumer Discretionary Exxon Mobil Corp 0.6 US Energy Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 Morningstar, Inc. All Rights Reserved. (3) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (4) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (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) 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. (7) This fund operates swing pricing which may materially impact the performance over shorter time periods. The benchmark does not operate swing pricing. (8) 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 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 351 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 127 Historical Tracking Error - 3 yr 3.41 Excess Returns - 3 yr 2.54 R 2-3 yr 0.90 Beta - 3 yr 1.02 Transaction Costs (%) (1) 8 Commissions (%) 4 Other Costs (%) 4 Swing Pricing (%) Subscription (%) 4 Redemption (%) 3 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) MSCI World Index - (Net Total Return) Morningstar Global Large-Cap Blend Equity 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) (1.15) MSCI World Index - (Net Total Return) (5) Morningstar Global Large-Cap Blend Equity (0.83) 5 (1.45) Quartile Position in Sector Base Shares (Acc.) (Snap) 130 (1.12) Calendar Year Performance (%) Base Shares (Snap) MSCI World Index - (Net Total Return) Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (2) 1.41 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.16 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 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) 5,019 Fund Characteristics Region Allocation (%) Goldman Sachs Global CORE Equity Portfolio 69.8% North America 11.3% Japan 10.1% Europe ex-uk 4.6% Asia ex-japan 4.2% UK MSCI World (Net Total Return, Unhedged, ) 64.2% North America 8.6% Japan 16.5% Europe ex-uk 4.3% Asia ex-japan 6.4% UK 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 (3) Security % Country Activity Apple Inc 3.0 US Information Technology Amazon.com Inc 1.8 US Consumer Discretionary Johnson & Johnson 1.6 US Health Care Bank of America Corp 1.5 US Financials AIA Group Ltd 1.4 Hong Kong Financials Boeing Co 1.3 US Industrials Facebook Inc 1.2 US Information Technology Eni SpA 1.2 Italy Energy Vertex Pharmaceuticals Inc 1.0 US Health Care International Business Machines Corp 1.0 US Information Technology Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) 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 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 469 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 130 Historical Tracking Error - 3 yr 2.35 Excess Returns - 3 yr 0.65 R 2-3 yr 0.96 Beta - 3 yr 1.03 Transaction Costs (%) (2) 0.13 Commissions (%) 5 Other Costs (%) 8 Swing Pricing (%) Subscription (%) 8 Redemption (%) 7 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) (4) S & P Developed SmallCap -Net Morningstar Global Small-Cap, (5) 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) (4) (0.45) S & P Developed SmallCap -Net, (5) (0.54) Morningstar Global Small-Cap Equity (1) (0.96) 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 Rate (%) N/A Ongoing Charges (%) (3) 1.49 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.24 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Small Cap CORE Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Close) Total Net Assets (m) 655 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 67.4% North America 17.7% Europe ex-uk 7.0% Japan 4.6% Asia ex-japan 3.3% UK S&P Developed Small Cap (Net Total Return, Unhedged, ) 62.1% North America 16.0% Europe ex-uk 9.8% Japan 5.9% Asia ex-japan 6.2% 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 (6) Security % Country Activity Temenos AG 1.1 Switzerland Information Technology GN Store Nord A/S 1.1 Denmark Health Care WellCare Health Plans Inc 1.1 US Health Care Splunk Inc 1.0 US Information Technology Forest City Realty Trust Inc 1.0 US Real Estate SVB Financial Group 1.0 US Financials Sonova Holding AG 1.0 Switzerland Health Care Fortinet Inc 1.0 US Information Technology Wirecard AG 0.9 Germany Information Technology Piedmont Office Realty Trust Inc 0.9 US Real Estate Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 Morningstar, Inc. All Rights Reserved. (2) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (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 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. (6) 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 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 253 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 137 Historical Tracking Error - 3 yr 2.29 Excess Returns - 3 yr 0.47 R 2-3 yr 0.98 Beta - 3 yr 0.99 Transaction Costs (%) (2) 0.45 Commissions (%) 0.21 Other Costs (%) 0.24 Swing Pricing (%) Subscription (%) 0.16 Redemption (%) 0.22 Performance (Indexed) /09 08/11 08/13 08/15 08/17 08/19 Goldman Sachs Emerging Markets CORE Equity Portfolio Base Shares (Acc.) (Close) MSCI Emerging Markets (EM) - Net Morningstar Global Emerging Markets Equity 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) (4.52) (8.30) (7.09) MSCI Emerging Markets (EM) - Net (4.15) (7.96) (6.66) Morningstar Global Emerging Markets Equity (4.26) (8.40) (7.76) Quartile Position in Sector Calendar Year Performance (%) Base Shares (Acc.) (Close) MSCI Emerging Markets (EM) - Net Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (3) 1.57 Management Fee (%) 1.35 Distribution Fee (%) 0 Other Expenses (%) 0.22 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Emerging Markets CORE Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Acc.) (Close) Total Net Assets (m) 2,630 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 73.7% Asia ex-japan 13.5% Europe, Middle East, Africa 12.8% Latin America MSCI Emerging Market (Net Total Return, Unhedged, ) 74.9% Asia ex-japan 14.3% Europe, Middle East, Africa 10.8% 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 (4) Security % Country Activity Tencent Holdings Ltd 5.7 China Information Technology Samsung Electronics Co Ltd 5.4 Korea Information Technology Alibaba Group Holding Ltd 2.8 China Information Technology Industrial & Commercial Bank of China Ltd 2.5 China Financials SK Hynix Inc 2.3 Korea Information Technology Naspers Ltd 2.1 South Africa Consumer Discretionary LUKOIL PJSC 2.1 Russia Energy Infosys Ltd 2.1 India Information Technology Taiwan Semiconductor Manufacturing Co Ltd 2.0 Taiwan Information Technology Tata Consultancy Services Ltd 2.0 India Information Technology Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) 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 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 197 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 169 Historical Tracking Error - 3 yr 4.10 Excess Returns - 3 yr 0.38 R 2-3 yr 0.89 Beta - 3 yr 1.10 Transaction Costs (%) (1) 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 Portfolio Base Shares (Snap) S&P 500 Net Return () Morningstar US Large-Cap Blend Equity 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) (7) S&P 500 Net Return () Morningstar US Large-Cap Blend Equity Quartile Position in Sector Base Shares (Acc.) (Snap) (4) Calendar Year Performance (%) Base Shares (Snap) S&P 500 Net Return () Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (2) 1.45 Management Fee (%) 1.00 Distribution Fee (%) 0 Other Expenses (%) 0.45 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 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) 1,230 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, ) 24.2% Information Technology 26.0% Information Technology 16.5% Health Care 14.1% Health Care 15.2% Consumer Discretionary 12.9% Consumer Discretionary 12.2% Financials 13.8% Financials 9.7% Industrials 9.5% Industrials 7.0% Energy 6.3% Energy 5.8% Consumer Staples 7.0% Consumer Staples 4.2% Real Estate 2.9% Real Estate 3.2% Materials 2.6% Materials 1.8% Utilities 2.9% Utilities 0.3% Telecommunication Services 2.0% Telecommunication Services Top 10 Holdings (3) Security % Country Activity Apple Inc 4.7 US Information Technology Amazon.com Inc 2.9 US Consumer Discretionary Microsoft Corp 2.3 US Information Technology Johnson & Johnson 2.1 US Health Care Facebook Inc 2.0 US Information Technology Bank of America Corp 1.9 US Financials Boeing Co 1.6 US Industrials Alphabet Inc-Cl C 1.4 US Information Technology Walt Disney Co 1.4 US Consumer Discretionary Comcast Corp 1.4 US Consumer Discretionary Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) 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 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 408 % in top 10 8 Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 107 Historical Tracking Error - 3 yr 4.47 Excess Returns - 3 yr 1.57 R 2-3 yr 0.92 Beta - 3 yr 1.07 Transaction Costs (%) (2) 4 Commissions (%) 3 Other Costs (%) 1 Swing Pricing (%) Subscription (%) 6 Redemption (%) 6 Performance (Indexed) /05 12/07 12/09 12/11 12/13 12/15 12/17 12/19 Goldman Sachs U.S. Small Cap Equity Portfolio Base Shares (Snap) (4) Russell 2000 index, Net TR in (5) 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) (4) Russell 2000 index, Net TR in (5) Morningstar US Small-Cap Equity (1) Quartile Position in Sector (1) Base Shares (Acc.) (Close) (4) Calendar Year Performance (%) Base Shares (Snap) Russell 2000 index, Net TR in Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (3) 1.50 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.25 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 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) 327 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 Russell 2000 Index (Net total return, unhedged, ) 17.3% Financials 17.9% Financials 16.5% Consumer Discretionary 13.3% Consumer Discretionary 15.0% Industrials 14.9% Industrials 14.1% Health Care 15.6% Health Care 12.1% Information Technology 14.9% Information Technology 7.7% Real Estate 7.1% Real Estate 5.4% Energy 5.0% Energy 5.1% Materials 4.5% Materials 3.2% Consumer Staples 2.8% Consumer Staples 1.9% Telecommunication Services 0.7% Telecommunication Services 1.8% Utilities 3.3% Utilities Top 10 Holdings (6) Security % Country Activity Texas Roadhouse Inc 0.8 US Consumer Discretionary American Equity Investment Life Holding Co 0.8 US Financials Sunstone Hotel Investors Inc 0.8 US Real Estate Insperity Inc 0.8 US Industrials PS Business Parks Inc 0.8 US Real Estate Vonage Holdings Corp 0.8 US Telecommunication Services Portland General Electric Co 0.8 US Utilities Peabody Energy Corp 0.8 US Energy ASGN Inc 0.8 US Industrials Cogent Communications Holdings Inc 0.8 US Telecommunication Services Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 Morningstar, Inc. All Rights Reserved. (2) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (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 Russell 2000 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. 15

17 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 97 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 56 Historical Tracking Error - 3 yr 4.97 Excess Returns - 3 yr 0.58 R 2-3 yr 0.89 Beta - 3 yr 0.88 Transaction Costs (%) (3) 0.50 Commissions (%) 0.43 Other Costs (%) 7 Swing Pricing (%) Subscription (%) 0.30 Redemption (%) 0.33 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 05/20 Goldman Sachs Asia Equity Portfolio Base Shares (6) MSCI AC Asia X Japan (Net TR) (5) 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 (6) (6.83) (7.23) (8.51) MSCI AC Asia X Japan (Net TR) (5) (4.79) (5.39) (4.76) Morningstar Asia ex Japan Equity (2) (4.80) (5.40) (5.53) Quartile Position in Sector (2) Base Shares (Acc.) (6) (6.82) (7.22) (8.47) Calendar Year Performance (%) Base Shares MSCI AC Asia X Japan (Net TR) Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (4) 1.90 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.40 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Asia Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 136 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 49.3% China/Hongkong 19.8% Korea 11.6% India 7.6% Taiwan 2.7% Singapore 2.4% Thailand 1.3% Malaysia 1.0% Philippines 1.0% Vietnam 0.9% Indonesia % Pakistan 2.3% Cash and Cash equivalents MSCI AC Asia X Japan (Net TR) 48.2% China/Hongkong 16.5% Korea 9.7% India 13.2% Taiwan 3.9% Singapore 2.5% Thailand 2.6% Malaysia 1.1% Philippines % Vietnam 2.2% Indonesia 0.1% Pakistan % Cash and Cash equivalents Top 10 Holdings (7) Security % Country Activity Tencent Holdings Ltd 7.4 China/Hong Kong Software & Services Samsung Electronics Co Ltd 5.1 Korea, Republic of Technology Hardware & Equipment Alibaba Group Holding Ltd 4.7 China/Hong Kong Software & Services Taiwan Semiconductor Manufacturing Co Ltd 3.8 Taiwan Semiconductors & Semiconductor Equipment AIA Group Ltd 3.6 China/Hong Kong Insurance Kweichow Moutai Co Ltd 3.6 China/Hong Kong Food, Beverage & Tobacco Ping An Insurance Group Co of China Ltd 3.2 China/Hong Kong Insurance Samsung Electro-Mechanics Co Ltd 3.1 Korea, Republic of Technology Hardware & Equipment DBS Group Holdings Ltd 2.7 Singapore Banks NCSoft Corp 2.3 Korea, Republic of Software & Services Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 Morningstar, Inc. All Rights Reserved. (3) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (4) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (5) 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. (6) 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. (7) 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 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund (JPY) Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 28 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 53 Historical Tracking Error - 3 yr 6.11 Excess Returns - 3 yr 4.27 R 2-3 yr 0.84 Beta - 3 yr 0.89 Transaction Costs (%) (1) 0.10 Commissions (%) 0.10 Other Costs (%) 0 Swing Pricing (%) Subscription (%) 0.10 Redemption (%) 0.10 Performance (Indexed) /15 11/15 05/16 11/16 05/17 11/17 05/18 11/18 Goldman Sachs Japan Equity Partners Portfolio - Base Shares (Acc.) Topix Index(Net Total Return, Unhedged, JPY) Morningstar Japan Large-Cap Equity 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.) (1.52) Topix Index(Net Total Return, Unhedged, JPY) (0.79) 1.02 (3.84) Morningstar Japan Large-Cap Equity (0.66) 1.34 (4.45) Quartile Position in Sector Calendar Year Performance (%) Base Shares (Acc.) Topix Index(Net Total Return, Unhedged, JPY) Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (2) 1.84 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.34 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Japan Equity Partners Portfolio Financial Information Net Asset Value (NAV) - Base Shares JPY 12, (Acc.) Total Net Assets (m) JPY 45,763 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) 29.6% Industrials 22.4% Industrials 16.1% Information Technology 12.2% Information Technology 13.2% Consumer Staples 9.5% Consumer Staples 12.0% Consumer Discretionary 19.7% Consumer Discretionary 10.1% Health Care 7.3% Health Care 9.2% Materials 6.8% Materials 4.4% Financials 11.3% Financials 2.3% Telecommunication Services 4.7% Telecommunication Services % Energy 1.1% Energy % Real Estate 3.1% Real Estate % Utilities 1.8% Utilities 3.0% Cash and cash equivalents % Cash and cash equivalents Top 10 Holdings (3) Security % Country Activity HOYA CORP 6.2 Japan Health Care Equipment & Services Recruit Holdings Co Ltd 6.2 Japan Commercial & Professional Services Nidec Corp 6.1 Japan Capital Goods Shin-Etsu Chemical Co Ltd 5.9 Japan Materials SMC Corp 5.3 Japan Capital Goods Daikin Industries Ltd 4.8 Japan Capital Goods Asahi Group Holdings Ltd 4.6 Japan Food, Beverage & Tobacco ORIX Corp 4.4 Japan Diversified Financials Pigeon Corp 4.3 Japan Household & Personal Products Trend Micro Inc 4.2 Japan Software & Services Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) 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 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 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 (%) 103 Historical Tracking Error - 3 yr 3.34 Excess Returns - 3 yr R 2-3 yr 0.95 Beta - 3 yr 0.94 Transaction Costs (%) (3) 0.14 Commissions (%) 0.14 Other Costs (%) 0 Swing Pricing (%) Subscription (%) 0.13 Redemption (%) 0.13 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (4) 1.70 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.20 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 04/20 Goldman Sachs Japan Equity Portfolio Base Shares (6) Topix Index(Net Total Return, Unhedged, JPY) (5) 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 (6) (1.87) 0.50 (3.87) Topix Index(Net Total Return, Unhedged, (0.79) 1.02 (3.84) JPY) (5) Morningstar Japan Large-Cap Equity (2) (0.66) 1.34 (4.45) Quartile Position in Sector (2) Other Currency Shares (Snap) () (6) (3.85) (3.46) (2.34) Topix Index(Net Total Return, Unhedged, ) (5) (2.68) (3.01) (2.20) Calendar Year Performance (%) Base Shares Topix Index(Net Total Return, Unhedged, JPY) Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Portfolio Financial Information Net Asset Value (NAV) - Base Shares JPY 1, Net Asset Value (NAV) - Other Currency Shares (Snap) () Total Net Assets (m) JPY 127,362 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) 25.4% Industrials 22.4% Industrials 16.1% Consumer Discretionary 19.7% Consumer Discretionary 15.4% Information Technology 12.2% Information Technology 8.9% Materials 6.8% Materials 8.3% Health Care 7.3% Health Care 8.1% Financials 11.3% Financials 6.7% Consumer Staples 9.5% Consumer Staples 3.0% Real Estate 3.1% Real Estate 2.8% Telecommunication Services 4.7% Telecommunication Services 1.1% Energy 1.1% Energy 0.6% Utilities 1.8% Utilities 3.7% Cash and cash equivalents % Cash and cash equivalents Top 10 Holdings (7) Security % Country Activity Nidec Corp 3.0 Japan Capital Goods Daikin Industries Ltd 2.9 Japan Capital Goods Suzuki Motor Corp 2.9 Japan Automobiles & Components HOYA CORP 2.8 Japan Health Care Equipment & Services SoftBank Group Corp 2.8 Japan Telecommunication Services Recruit Holdings Co Ltd 2.8 Japan Commercial & Professional Services Shin-Etsu Chemical Co Ltd 2.6 Japan Materials Asahi Group Holdings Ltd 2.6 Japan Food, Beverage & Tobacco Tokio Marine Holdings Inc 2.5 Japan Insurance SMC Corp 2.5 Japan Capital Goods Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 Morningstar, Inc. All Rights Reserved. (3) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (4) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (5) 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. (6) 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. (7) 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 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 36 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 36 Historical Tracking Error - 3 yr 4.11 Excess Returns - 3 yr (3.57) R 2-3 yr 0.89 Beta - 3 yr 1.09 Transaction Costs (%) (1) 6 Commissions (%) 5 Other Costs (%) 1 Swing Pricing (%) Subscription (%) 0.15 Redemption (%) 8 Performance (Indexed) /06 02/08 02/10 02/12 02/14 02/16 02/18 02/20 Goldman Sachs Global Equity Partners Portfolio Base Shares (Acc.) MSCI World Index - (Net Total Return) Morningstar Global Large-Cap Blend Equity 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.) MSCI World Index - (Net Total Return) (5) Morningstar Global Large-Cap Blend Equity (0.83) 5 (1.45) Quartile Position in Sector Other Currency Shares (GBP) MSCI World Index - GBP (Net Total Return) Calendar Year Performance (%) Base Shares (Acc.) MSCI World Index - (Net Total Return) Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (2) 1.69 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.19 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 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) 679 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 21.4% Industrials 20.1% Health Care 14.8% Financials 13.7% Information Technology 10.3% Consumer Discretionary 7.0% Consumer Staples 5.3% Real Estate 4.7% Energy % Materials % Telecommunication Services % Utilities 2.7% Cash and cash equivalents MSCI World (Net Total Return, Unhedged, ) 11.2% Industrials 12.2% Health Care 16.8% Financials 18.5% Information Technology 12.7% Consumer Discretionary 8.3% Consumer Staples 3.0% Real Estate 6.8% Energy 4.9% Materials 2.6% Telecommunication Services 3.0% Utilities % Cash and cash equivalents Top 10 Holdings (3) Security % Country Activity Royal Dutch Shell PLC 4.7 United Kingdom Energy Shire PLC 4.3 United Kingdom Pharmaceuticals, Biotechnology & Life Sciences Alphabet Inc 4.1 United States Software & Services Intercontinental Exchange Inc 4.0 United States Diversified Financials American Tower Corp 3.6 United States Real Estate Rentokil Initial PLC 3.5 United Kingdom Commercial & Professional Services Honeywell International Inc 3.4 United States Capital Goods Northern Trust Corp 3.4 United States Diversified Financials NIKE Inc 3.3 United States Consumer Durables & Apparel Nidec Corp 3.3 Japan Capital Goods Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) 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 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 48 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 57 Historical Tracking Error - 3 yr 5.72 Excess Returns - 3 yr (1.82) R 2-3 yr 0.82 Beta - 3 yr 1.10 Transaction Costs (%) (1) 0.27 Commissions (%) 0.17 Other Costs (%) 0.10 Swing Pricing (%) Subscription (%) 0.10 Redemption (%) 5 Performance (Indexed) /12 09/14 09/16 09/18 Goldman Sachs Global Millennials Equity Portfolio Base Shares (Acc.) MSCI ACWI Growth (Net Total Return, Unhedged, ) Morningstar Global Large-Cap Blend Equity 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.) MSCI ACWI Growth (Net Total Return, Unhedged, ) (0.34) Morningstar Global Large-Cap Blend Equity (0.83) 5 (1.45) Quartile Position in Sector Calendar Year Performance (%) Base Shares (Acc.) MSCI ACWI Growth (Net Total Return, Unhedged, ) Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) 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 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Global Millennials Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 18 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 (%) 43.2% Information Technology 18.8% Consumer Discretionary 7% North America 6.3% Real Estate 11.4% Asia/Pacific Ex Japan 6.2% Health Care 8.5% Europe 5.0% Utilities 3.1% Japan 4.4% Industrials 7.0% Cash and cash equivalents 4.1% Financials 3.1% Telecommunication Services 2.0% Consumer Staples % Energy % Materials 7.0% Cash and cash equivalents Top 10 Holdings (3) Security % Country Activity Electronic Arts Inc 4.3 United States Software & Services Alphabet Inc 4.2 United States Software & Services Facebook Inc 3.6 United States Software & Services Equinix Inc 3.4 United States Real Estate Amazon.com Inc 3.4 United States Retailing T-Mobile US Inc 3.1 United States Telecommunication Services American Tower Corp 2.9 United States Real Estate Apple Inc 2.9 United States Technology Hardware & Equipment EDP Renovaveis SA 2.7 Portugal Utilities Tencent Holdings Ltd 2.6 China Software & Services Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) 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 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 32 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 31 Historical Tracking Error - 3 yr 4.03 Excess Returns - 3 yr R 2-3 yr 0.90 Beta - 3 yr 1.11 Transaction Costs (%) (2) 0.16 Commissions (%) 0.14 Other Costs (%) 2 Swing Pricing (%) Subscription (%) 0.16 Redemption (%) 7 Performance (Indexed) (4) /08 09/10 09/12 09/14 09/16 09/18 Goldman Sachs Global Equity Partners ESG Portfolio Base Shares (Acc.) (Snap) (6) MSCI World (), Net Unhedged (5) 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) (6) MSCI World (), Net Unhedged (5) (5) Morningstar Global Large-Cap Growth Equity (1) (0.73) 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 Rate (%) N/A Ongoing Charges (%) (3) 1.75 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.25 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 ESG Portfolio Financial Information Net Asset Value (NAV) - Base Shares (Acc.) (Snap) Total Net Assets (m) 8 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 (%) 21.0% Health Care 19.9% Industrials 15.3% Financials 10.9% Information Technology 10.4% Consumer Discretionary 6.6% Consumer Staples 5.5% Real Estate 5.0% Energy % Materials % Telecommunication Services % Utilities 5.3% Cash and cash equivalents 50.1% North America 35.3% Europe 8.4% Japan 1.0% Asia/Pacific Ex Japan 5.3% Cash and cash equivalents Top 10 Holdings (7) Security % Country Activity Royal Dutch Shell PLC 5.0 United Kingdom Energy Shire PLC 4.3 United Kingdom Pharmaceuticals, Biotechnology & Life Sciences Intercontinental Exchange Inc 4.2 United States Diversified Financials American Tower Corp 4.1 United States Real Estate Alphabet Inc 4.1 United States Software & Services NIKE Inc 4.0 United States Consumer Durables & Apparel Abbott Laboratories 3.7 United States Health Care Equipment & Services HOYA CORP 3.6 Japan Health Care Equipment & Services Compass Group PLC 3.5 United Kingdom Consumer Services Rentokil Initial PLC 3.5 United Kingdom Commercial & Professional Services Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 Morningstar, Inc. All Rights Reserved. (2) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) 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. (5) 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. (6) 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. (7) 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 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 71 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 15 Historical Tracking Error - 3 yr 3.90 Excess Returns - 3 yr R 2-3 yr 0.92 Beta - 3 yr 1.15 Transaction Costs (%) (2) 0.12 Commissions (%) 8 Other Costs (%) 4 Swing Pricing (%) Subscription (%) 0.13 Redemption (%) 6 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 12/18 Goldman Sachs Strategic Global Equity Portfolio Base Shares (4) MSCI World Index - (Net Total Return) (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 5 Yrs 10 Yrs Base Shares (4) (0.18) 1.72 (0.16) MSCI World Index - (Net Total Return) (5) (5) Morningstar Global Large-Cap Blend Equity (1) (0.83) 5 (1.45) Quartile Position in Sector (1) Base Shares (Acc.) (4) (0.23) 1.67 (0.18) Calendar Year Performance (%) Base Shares MSCI World Index - (Net Total Return) Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) 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 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Strategic Global Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 10 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 56.1% North America 30.4% Europe 9.0% Japan 1.8% Asia/Pacific Ex Japan % Africa/Mideast 2.7% Cash and cash equivalents MSCI World (Net Total Return, Unhedged, ) 64.2% North America 22.7% Europe 8.6% Japan 4.3% Asia/Pacific Ex Japan 0.2% Africa/Mideast % Cash and cash equivalents Top 10 Holdings (6) Security % Country Activity Royal Dutch Shell PLC 3.8 United Kingdom Energy Alphabet Inc 3.6 United States Software & Services Facebook Inc 3.4 United States Software & Services Electronic Arts Inc 3.1 United States Software & Services Wells Fargo & Co 2.8 United States Banks Estee Lauder Cos Inc 2.3 United States Household & Personal Products Morgan Stanley 2.2 United States Diversified Financials Nidec Corp 2.1 Japan Capital Goods Shire PLC 2.0 United Kingdom Pharmaceuticals, Biotechnology & Life Sciences Intercontinental Exchange Inc 1.7 United States Diversified Financials Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 Morningstar, Inc. All Rights Reserved. (2) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (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 World Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is 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 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 58 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 54 Historical Tracking Error - 3 yr 4.45 Excess Returns - 3 yr 0.38 R 2-3 yr 0.94 Beta - 3 yr 0.91 Transaction Costs (%) (3) 0.23 Commissions (%) 0.17 Other Costs (%) 6 Swing Pricing (%) Subscription (%) 0.21 Redemption (%) 0.22 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (4) 2.13 Management Fee (%) 1.75 Distribution Fee (%) 0 Other Expenses (%) 0.38 Performance (Indexed) /06 01/08 01/10 01/12 01/14 01/16 01/18 01/20 Goldman Sachs BRICs Equity Portfolio Base Shares (6) MSCI BRIC Index (Net Total Return, unhedged) (5) 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 (6) (6.77) (8.98) (8.24) (4) MSCI BRIC Index (Net Total Return, (4.52) (6.71) (4.64) unhedged) (5) Morningstar BRIC Equity (2) (3.81) (7.73) (5.60) (0.69) Quartile Position in Sector (2) Base Shares (Acc.) (Long BRICs Ccy vs.) (6) (6.96) (9.68) (9.56) (1.76) Base Shares (Acc.) (6) (6.76) (8.98) (8.20) (4) Calendar Year Performance (%) Base Shares MSCI BRIC Index (Net Total Return, unhedged) Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 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) 156 Country Allocation (%) Goldman Sachs BRICs Equity Portfolio 62.2% China 21.5% India 10.1% Brazil 5.2% Russian Federation 1.1% Cash and cash equivalents MSCI BRIC (Net Total Return, Unhedged, ) 64.6% China 17.0% India 11.5% Brazil 7.0% Russian Federation % 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 Reporting year end Reference Benchmark EUR 17-Jan Mar Jan-06 Luxembourg LU LU LU GSBRIBA LX GSBRACD LX GSBRBAA LX Annually Daily 30 November MSCI BRIC Index (Net Total Return, unhedged) Settlement T + 3 Top 10 Holdings (7) Security % Country Activity Tencent Holdings Ltd 9.7 China Software & Services Alibaba Group Holding Ltd 9.2 China Software & Services Kweichow Moutai Co Ltd 5.4 China Food, Beverage & Tobacco Ping An Insurance Group Co of China Ltd 5.3 China Insurance Bajaj Finance Ltd 3.6 India Diversified Financials Banco Bradesco SA 3.1 Brazil Banks Hong Kong Exchanges & Clearing Ltd 3.0 China Diversified Financials AIA Group Ltd 3.0 China Insurance B3 SA - Brasil Bolsa Balcao 2.7 Brazil Diversified Financials BB Seguridade Participacoes SA 2.6 Brazil Insurance Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 Morningstar, Inc. All Rights Reserved. (3) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (4) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (5) 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. (6) 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. (7) 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 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 Chinese equities, including via offshore and onshore China equity markets. Potentially higher returns may be generated but also increased levels of risk than a diversified regional equity portfolio. Performance (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 50 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 65 Historical Tracking Error - 3 yr 5.56 Excess Returns - 3 yr 1.16 R 2-3 yr 0.93 Beta - 3 yr 0.90 Transaction Costs (%) (3) 0.41 Commissions (%) 0.19 Other Costs (%) 0.22 Swing Pricing (%) Subscription (%) 0.24 Redemption (%) 0.24 Performance (Indexed) /09 08/11 08/13 08/15 08/17 08/19 Goldman Sachs China Opportunity Equity Portfolio Base Shares (Acc.) (5) MSCI China Index (Net TR, unhedged, ) - Leading Benchmark (6) 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.) (5) (5.44) (2.82) (4.33) MSCI China Index (Net TR, unhedged, ) (6.00) (2.76) (1.71) Leading Benchmark (6) Morningstar China Equity (2) (6.03) (4.19) (2.96) Quartile Position in Sector (2) Base Shares (5) (5.44) (2.82) (4.36) Calendar Year Performance (%) Base Shares (Acc.) MSCI China Index (Net TR, unhedged, ) - Leading Benchmark Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (4) 1.90 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.40 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 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) 4 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 26.8% Information Technology 24.7% Financials 10.5% Consumer Discretionary 8.5% Industrials 6.3% Energy 4.8% Consumer Staples 4.7% Real Estate 4.6% Health Care 3.1% Telecommunication Services 2.9% Materials 0.9% Utilities 2.3% Cash and cash equivalents MSCI China total return in 39.3% Information Technology 21.3% Financials 9.6% Consumer Discretionary 4.4% Industrials 5.1% Energy 2.6% Consumer Staples 5.4% Real Estate 3.6% Health Care 4.1% Telecommunication Services 1.9% Materials 2.7% Utilities % 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 (7) Security % Country Activity Alibaba Group Holding Ltd 9.4 China Software & Services Tencent Holdings Ltd 9.2 China Software & Services Ping An Insurance Group Co of China Ltd 6.4 China Insurance China Construction Bank Corp 5.9 China Banks China Merchants Bank Co Ltd 3.9 China Banks CNOOC Ltd 3.7 China Energy Industrial & Commercial Bank of China Ltd 2.8 China Banks China Mengniu Dairy Co Ltd 2.7 China Food, Beverage & Tobacco China Pacific Insurance Group Co Ltd 2.6 China Insurance China Petroleum & Chemical Corp 2.5 China Energy Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 Morningstar, Inc. All Rights Reserved. (3) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (4) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (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) 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. (7) 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 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 131 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 58 Historical Tracking Error - 3 yr 4.73 Excess Returns - 3 yr 1.23 R 2-3 yr 0.91 Beta - 3 yr 0.87 Transaction Costs (%) (2) 0.51 Commissions (%) 0.41 Other Costs (%) 0.10 Swing Pricing (%) Subscription (%) 0.25 Redemption (%) 0.25 Performance (Indexed) /97 12/99 12/01 12/03 12/05 12/07 12/09 12/11 12/13 12/15 12/17 12/19 Goldman Sachs Emerging Markets Equity Portfolio Base Shares MSCI Emerging Markets (EM) - Net Morningstar Global Emerging Markets Equity 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 (4.93) (9.47) (10.42) MSCI Emerging Markets (EM) - Net (4.15) (7.96) (6.66) Morningstar Global Emerging Markets Equity (4.26) (8.40) (7.76) Quartile Position in Sector Base Shares (Acc.) (4.91) (9.48) (10.44) Calendar Year Performance (%) Base Shares MSCI Emerging Markets (EM) - Net Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (3) 1.96 Management Fee (%) 1.75 Distribution Fee (%) 0 Other Expenses (%) 0.21 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Emerging Markets Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 3,399 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 33.4% China 13.6% Korea, Republic of 11.8% India 8.1% Taiwan 5.4% Brazil 4.7% South Africa 3.1% Russian Federation 2.4% Mexico 2.0% ETF 2.0% Peru 1.4% United Kingdom 11.2% Other 0.8% Cash and cash equivalents MSCI Emerging Market (Net Total Return, Unhedged, ) 32.7% China 14.6% Korea, Republic of 8.6% India 11.6% Taiwan 5.8% Brazil 6.6% South Africa 3.5% Russian Federation 2.9% Mexico % ETF 0.4% Peru % United Kingdom 13.2% Other % Cash and cash equivalents Top 10 Holdings (4) Security % Country Activity Tencent Holdings Ltd 6.5 China Software & Services Samsung Electronics Co Ltd 4.6 Korea, Republic of Technology Hardware & Equipment Alibaba Group Holding Ltd 4.6 China Software & Services Taiwan Semiconductor Manufacturing Co Ltd 3.5 Taiwan Semiconductors & Semiconductor Equipment Ping An Insurance Group Co of China Ltd 2.4 China Insurance Kweichow Moutai Co Ltd 2.3 China Food, Beverage & Tobacco AIA Group Ltd 2.1 China Insurance China Merchants Bank Co Ltd 1.7 China Banks Largan Precision Co Ltd 1.6 Taiwan Technology Hardware & Equipment LUKOIL PJSC 1.6 Russian Federation Energy Market Capitalisation Goldman Sachs Emerging Markets Equity Portfolio MSCI Emerging Market (Net Total Return, Unhedged, ) Mega Cap Large Cap Mid Cap Small Cap Cash and cash 0.8 equivalents Unclassified 0.5 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) 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 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 106 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 30 Historical Tracking Error - 3 yr 4.04 Excess Returns - 3 yr 1.08 R 2-3 yr 0.95 Beta - 3 yr 0.97 Transaction Costs (%) (2) 0.25 Commissions (%) 0.17 Other Costs (%) 8 Swing Pricing (%) Subscription (%) 0.29 Redemption (%) 0.32 Performance (Indexed) /08 03/10 03/12 03/14 03/16 03/18 03/20 Goldman Sachs India Equity Portfolio Base Shares (4) MSCI India IMI, Net returns, Unhedged, (5) 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 10 Yrs Base Shares (4) (3.00) (3.72) (11.06) MSCI India IMI, Net returns, Unhedged, (2.14) (2.23) (17) (5) Morningstar India Equity (1) (3.01) (2.56) (9.78) 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 Rate (%) N/A Ongoing Charges (%) (3) 1.97 Management Fee (%) 1.75 Distribution Fee (%) 0 Other Expenses (%) 0.22 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 India Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 2,502 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 (6) 26.5% Financials 14.0% Information Technology 13.6% Consumer Discretionary 12.2% Industrials 10.4% Materials 7.5% Consumer Staples 7.2% Health Care 3.1% Real Estate 2.3% Energy 1.6% Telecommunication Services 0.7% Utilities 0.3% Other 0.5% 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 0.5 equivalents Unclassified 0.1 Top 10 Holdings (7) Security % Country Activity Infosys Ltd 6.8 India Software & Services Maruti Suzuki India Ltd 4.7 India Automobiles & Components Housing Development Finance Corp Ltd 3.8 India Banks HDFC Bank Ltd 3.6 India Banks Yes Bank Ltd 3.1 India Banks Axis Bank Ltd 2.7 India Banks Cognizant Technology Solutions Corp 2.3 India Software & Services Bajaj Finance Ltd 2.3 India Diversified Financials Reliance Industries Ltd 2.1 India Energy Hindustan Unilever Ltd 2.1 India Household & Personal Products Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 Morningstar, Inc. All Rights Reserved. (2) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (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 India IMI is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (6) 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. (7) 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 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Fund Data No. of holdings 68 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 16 Transaction Costs (%) (1) 0.39 Commissions (%) 0.38 Other Costs (%) 1 Swing Pricing (%) Subscription (%) 0.38 Redemption (%) 0.39 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (2) 2.11 Management Fee (%) 1.75 Distribution Fee (%) 0 Other Expenses (%) 0.36 Performance (Indexed) /11 01/13 01/15 01/17 01/19 Goldman Sachs N-11 Equity Portfolio Base Shares (5) MSCI EM Unhedged Net Divs (3) 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 (5) (14.70) (2.96) (12.09) (13.87) (7.80) (3.49) (2.89) MSCI EM Unhedged Net Divs (3) (4.15) (7.96) (6.66) Morningstar Global Emerging Markets Equity (4) (4.26) (8.40) (7.76) Quartile Position in Sector (4) Base Shares (Acc.) (5) (14.80) (3.07) (12.07) (13.94) (7.89) (3.53) (2.92) Calendar Year Performance (%) Base Shares MSCI EM Unhedged Net Divs Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 N-11 Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares 8.51 Net Asset Value (NAV) - Base Shares 8.52 (Acc.) Total Net Assets (m) 121 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 (%) 40.3% Financials 13.9% Information Technology 25.4% Korea, Republic of 11.9% Materials 20.9% Mexico 11.4% Consumer Staples 15.4% Indonesia 6.9% Consumer Discretionary 12.5% Turkey 5.4% Telecommunication Services 6.2% Philippines 2.8% Health Care 5.4% Vietnam 2.4% Industrials 5.0% Egypt 1.9% Real Estate 4.7% Bangladesh 0.9% NA 4.2% Pakistan 0.8% Utilities 0.4% Cash and cash equivalents 0.8% Other 0.4% Cash and cash equivalents Top 10 Holdings (6) Security % Country Activity Samsung Electronics Co Ltd 8.4 Korea, Republic of Technology Hardware & Equipment Bank Central Asia Tbk PT 6.4 Indonesia Banks Commercial International Bank Egypt SAE 4.5 Egypt Banks Grupo Financiero Banorte SAB de CV 3.4 Mexico Banks Vietnam Dairy Products JSC 3.0 Vietnam Food, Beverage & Tobacco Telekomunikasi Indonesia Persero Tbk PT 2.7 Indonesia Telecommunication Services Wal-Mart de Mexico SAB de CV 2.6 Mexico Food & Staples Retailing ING Life Insurance Korea Ltd 2.6 Korea, Republic of Insurance Bolsa Mexicana de Valores SAB de CV 2.5 Mexico Diversified Financials Fomento Economico Mexicano SAB de CV 2.3 Mexico Food, Beverage & Tobacco Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) 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. (4) 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 2018 Morningstar, Inc. All Rights Reserved. (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. 39

41 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 40 % in top Turnover Ratio (%) 85 Transaction Costs (%) (3) 0.24 Commissions (%) 0.24 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 10/17 04/18 10/18 Goldman Sachs North America Energy & Energy Infrastructure Equity Portfolio - Base Shares (5) Morningstar Sector Equity Energy (2) Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs Base Shares (5) (27.32) (7.39) Morningstar Sector Equity Energy (2) (0.23) Quartile Position in Sector (2) Calendar Year Performance (%) Base Shares Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (4) 1.80 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.30 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 North America Energy & Energy Infrastructure Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares 6.92 Total Net Assets (m) 106 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 (%) 48.5% Energy Infrastructure 22.8% Energy Producers 20.1% Energy Diversified 8.1% Energy Users % Unclassified 0.5% Cash and cash equivalents Top 10 Holdings (6) Security % Country Activity Targa Resources Corp 5.7 United States Energy Infrastructure TransCanada Corp 5.6 Canada Energy Infrastructure Williams Cos Inc 5.5 United States Energy Infrastructure Pembina Pipeline Corp 5.1 Canada Energy Infrastructure Cheniere Energy Inc 5.0 United States Energy Infrastructure ONEOK Inc 5.0 United States Energy Infrastructure Marathon Petroleum Corp 4.5 United States Energy Users Chevron Corp 4.0 United States Energy Diversified Royal Dutch Shell PLC 4.0 Netherlands Energy Diversified TOTAL SA 4.0 France Energy Diversified Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 Morningstar, Inc. All Rights Reserved. (3) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (4) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (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. 41

43 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 100 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 118 Historical Tracking Error - 3 yr 5.02 Excess Returns - 3 yr R 2-3 yr 0.84 Beta - 3 yr 1.13 Transaction Costs (%) (2) 0.16 Commissions (%) 0.16 Other Costs (%) 0 Swing Pricing (%) Subscription (%) 5 Redemption (%) 5 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (3) 1.68 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.18 Performance (Indexed) /06 02/08 02/10 02/12 02/14 02/16 02/18 02/20 Goldman Sachs US Equity S&P 500 Net Return () (5) Morningstar US Large-Cap Portfolio Base Shares (4) 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) S&P 500 Net Return () (5) Morningstar US Large-Cap Blend Equity (1) Quartile Position in Sector (1) Other Currency Shares (Acc.) (EUR-Hedged) (4) S&P 500 (NTR, 100% Hgd to EUR) (5) Base Shares (Acc.) (4) Calendar Year Performance (%) Base Shares S&P 500 Net Return () Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 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) 741 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 EUR 03-Feb Jun Feb-06 Luxembourg ISIN - Base Shares LU ISIN - Other Currency Shares (Acc.) LU (EUR-Hedged) ISIN - Base Shares (Acc.) LU Bloomberg Ticker - Base Shares GSUSBBA LX Bloomberg Ticker - Other Currency GSUSEEH LX Shares (Acc.) (EUR-Hedged) Bloomberg Ticker - Base Shares (Acc.) GSUBEBA LX 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 Equity Portfolio 25.6% Information Technology 14.2% Health Care 13.4% Financials 12.9% Consumer Discretionary 9.5% Industrials 7.0% Consumer Staples 6.3% Energy 2.9% Utilities 2.6% Materials 2.4% Real Estate 1.9% Telecommunication Services 1.1% Cash and cash equivalents S&P 500 (Net Total Return, Unhedged, ) 26.0% Information Technology 14.1% Health Care 13.8% Financials 12.9% Consumer Discretionary 9.5% Industrials 7.0% Consumer Staples 6.3% Energy 2.9% Utilities 2.6% Materials 2.9% Real Estate 2.0% Telecommunication Services % Cash and cash equivalents Top 10 Holdings (6) Security % Country Activity Apple Inc 4.7 United States Technology Hardware & Equipment Microsoft Corp 4.0 United States Software & Services Alphabet Inc 2.9 United States Software & Services Amazon.com Inc 2.9 United States Retailing Berkshire Hathaway Inc 2.2 United States Diversified Financials JPMorgan Chase & Co 2.2 United States Banks Facebook Inc 2.0 United States Software & Services Pfizer Inc 1.8 United States Pharmaceuticals, Biotechnology & Life Sciences Bank of America Corp 1.8 United States Banks Chevron Corp 1.7 United States Energy Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 Morningstar, Inc. All Rights Reserved. (2) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (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 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. (6) 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 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 33 % in top Historical Volatility Portfolio - 3 yr Turnover Ratio (%) 80 Historical Tracking Error - 3 yr 5.37 Excess Returns - 3 yr R 2-3 yr 0.85 Beta - 3 yr 1.14 Transaction Costs (%) (2) 6 Commissions (%) 6 Other Costs (%) 0 Swing Pricing (%) Subscription (%) 3 Redemption (%) 3 Performance (Indexed) /99 11/01 11/03 11/05 11/07 11/09 11/11 11/13 11/15 11/17 11/19 Goldman Sachs US Focused Growth Equity Portfolio Base Shares (4) Russell 1000 Growth ( net) (5) 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 (4) Russell 1000 Growth ( net) (5) Morningstar US Large-Cap Growth Equity (1) Quartile Position in Sector (1) Base Shares (Acc.) (4) Calendar Year Performance (%) Base Shares Russell 1000 Growth ( net) Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) 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 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 US Focused Growth Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 32 Fund Characteristics Currency - Base Shares Currency - Base Shares (Acc.) Inception Date - Base Shares Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts 15-Nov Nov-05 Luxembourg 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 Sector Allocation (%) Goldman Sachs US Focused Growth Equity Portfolio RUSSELL 1000 GROWTH Net unhedged 47.1% Information Technology 41.5% Information Technology 20.3% Consumer Discretionary 17.9% Consumer Discretionary 15.1% Health Care 13.4% Health Care 7.6% Industrials 11.9% Industrials 3.2% Consumer Staples 5.7% Consumer Staples 2.8% Real Estate 2.2% Real Estate 2.1% Energy 1.0% Energy % Financials 4.4% Financials % Materials 1.8% Materials % Telecommunication Services 0.2% Telecommunication Services 1.6% Cash and cash equivalents % Cash and cash equivalents Top 10 Holdings (6) Security % Country Activity Visa Inc 7.7 United States Software & Services Apple Inc 6.7 United States Technology Hardware & Equipment Amazon.com Inc 6.6 United States Retailing Facebook Inc 5.0 United States Software & Services Boeing Co 4.6 United States Capital Goods Netflix Inc 4.2 United States Retailing Edwards Lifesciences Corp 4.2 United States Health Care Equipment & Services Alphabet Inc 4.1 United States Software & Services Electronic Arts Inc 3.4 United States Software & Services NIKE Inc 3.3 United States Consumer Durables & Apparel Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 Morningstar, Inc. All Rights Reserved. (2) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (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 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. (6) 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 Global Infrastructure Equity Portfolio Investor Profile 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 global publicly listed companies involved in activities related to infrastructure assets such as utilities, energy, transportation, real estate, media, telecommunications and capital goods. The fund is sector focused and has the potential to generate higher returns but will also have a higher risk profile than a diversified multi-sector equity fund. Performance (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 46 % in top Historical Volatility Portfolio - 1 yr 6.97 Historical Tracking Error - 1 yr 2.69 Excess Returns - 1 yr R 2-1 yr 0.91 Beta - 1 yr 0.80 Swing Pricing (%) Subscription (%) 0.11 Redemption (%) 8 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (2) 1.90 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.40 Performance (Indexed) /16 02/17 04/17 06/17 08/17 10/17 12/17 02/18 04/18 06/18 Goldman Sachs Global Infrastructure Equity Portfolio - Base Shares (3) DJ Brookfield Global Infrastructure Index (NTR, Unhedged, ) Morningstar Sector Equity Infrastructure (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) (3.39) 0.18 DJ Brookfield Global Infrastructure Index (NTR, Unhedged, (1.30) 2.48 ) Morningstar Sector Equity Infrastructure (1) (0.70) (0.39) (4.33) 1.72 Quartile Position in Sector (1) Calendar Year Performance (%) Base Shares DJ Brookfield Global Infrastructure Index (NTR, Unhedged, ) Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Global Infrastructure Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 5 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 02-Dec-16 Luxembourg LU GSGIEBU LX Annually Daily 30 November DJ Brookfield Global Infrastructure Index (NTR, Unhedged, ) Settlement T + 3 Sector Allocation (%) Goldman Sachs Global Infrastructure Equity Portfolio 37.7% Utilities 25.8% Energy Infrastructure 19.8% Transportation 14.4% Communication % Industrials 2.3% Cash and cash equivalents Region Allocation (%) Goldman Sachs Global Infrastructure Equity Portfolio 64.1% North America 17.3% Europe Ex-U.K. 6.8% United Kingdom 4.2% Asia Ex-Japan 4.1% Pacific 1.1% Japan % Latin America 2.3% Cash and cash equivalents Top 10 Holdings (4) Dow Jones Brookfield Global Infrastructure (Net Total Return, Unhedged, ) 40.2% Utilities 26.2% Energy Infrastructure 18.2% Transportation 15.2% Communication 0.1% Industrials % Cash and cash equivalents Dow Jones Brookfield Global Infrastructure (Net Total Return, Unhedged, ) 62.2% North America 17.7% Europe Ex-U.K. 6.6% United Kingdom 5.8% Asia Ex-Japan 4.9% Pacific 1.8% Japan 1.1% Latin America % Cash and cash equivalents Security % Country Activity American Tower Corp 7.4 United States Communication Vinci SA 6.1 France Transportation Enbridge Inc 5.7 Canada Energy Infrastructure TransCanada Corp 4.8 Canada Energy Infrastructure National Grid PLC 4.8 United Kingdom Utilities Sempra Energy 3.9 United States Utilities American Water Works Co Inc 3.2 United States Utilities Crown Castle International Corp 3.2 United States Communication Williams Cos Inc 3.1 United States Energy Infrastructure Pembina Pipeline Corp 2.7 Canada Energy Infrastructure Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 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) 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 Global Real Estate Equity Portfolio Investor Profile 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 global companies involved in activities related to the real estate industry. The fund is sector focused and has the potential to generate higher returns but will also have a higher risk profile than a diversified multi-sector equity fund. Performance (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 51 % in top Historical Volatility Portfolio - 1 yr 7.53 Historical Tracking Error - 1 yr 2.82 Excess Returns - 1 yr R 2-1 yr 0.89 Beta - 1 yr 0.85 Swing Pricing (%) Subscription (%) 0.24 Redemption (%) 0.18 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (2) 1.90 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.40 Performance (Indexed) /16 02/17 04/17 06/17 08/17 10/17 12/17 02/18 04/18 06/18 Goldman Sachs Global Real Estate Equity Portfolio - Base Shares (3) FTSE EPRA/NAREIT Developed Index - Net Morningstar Property - Indirect Global (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) FTSE EPRA/NAREIT Developed Index - Net Morningstar Property - Indirect Global (1) (0.78) 5.07 Quartile Position in Sector (1) Calendar Year Performance (%) Base Shares FTSE EPRA/NAREIT Developed Index - Net Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Global Real Estate Equity Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 27 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 02-Dec-16 Luxembourg LU GSGREBS LX Annually Daily 30 November FTSE EPRA/NAREIT Developed Index - Net Settlement T + 3 Sector Allocation (%) Goldman Sachs Global Real Estate Equity Portfolio 31.0% Retail 19.8% Diversified 9.9% Industrial 9.8% Health Care 6.9% Hotel 6.1% Office 3.9% Self Storage 2.9% Triple Net 2.4% Real Estate 1.8% Residential 1.2% Technology % Other 4.3% Cash and cash equivalents Region Allocation (%) Goldman Sachs Global Real Estate Equity Portfolio 4% North America 14.5% Japan 13.9% Pacific 12.6% Europe Ex-U.K. 8.1% Asia Ex-Japan 6.6% United Kingdom % Middle East & Africa 4.3% Cash and cash equivalents FTSE EPRA/NAREIT Developed (Net Total Return, Unhedged, ) 16.6% Retail 20.3% Diversified 8.5% Industrial 6.8% Health Care 4.3% Hotel 13.3% Office 4.1% Self Storage 5.5% Triple Net 3.2% Real Estate 15.5% Residential 1.7% Technology 0.3% Other % Cash and cash equivalents FTSE EPRA/NAREIT Developed (Net Total Return, Unhedged, ) 55.8% North America 10.8% Japan 4.8% Pacific 13.2% Europe Ex-U.K. 10.2% Asia Ex-Japan 5.1% United Kingdom 0.1% Middle East & Africa % Cash and cash equivalents Top 10 Holdings (4) Security % Country Activity Simon Property Group Inc 4.7 United States Retail Ventas Inc 3.8 United States Health Care RLJ Lodging Trust 3.6 United States Hotel Orix JREIT Inc 3.5 Japan Diversified Covivio 3.4 France Diversified Kenedix Retail REIT Corp 3.0 Japan Retail Daiwa House REIT Investment Corp 2.9 Japan Diversified HCP Inc 2.9 United States Health Care Invincible Investment Corp 2.7 Japan Diversified DDR Corp 2.6 United States Retail Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 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) 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Fund Data Historical Volatility Portfolio - 3 yr 3.77 Excess Returns - 3 yr 1.14 Swing Pricing (%) Subscription (%) 3 Redemption (%) 3 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) 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 12/19 Goldman Sachs Absolute Return Tracker Portfolio Base Shares (Acc.) 3 Month Libor () 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.) 2.20 (0.10) Month Libor () Calendar Year Performance (%) Base Shares (Acc.) Month Libor () Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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.) Total Net Assets (m) 433 Fund Characteristics Currency - Base Shares (Acc.) Inception Date - Base Shares (Acc.) Fund Domicile 13-Jan-15 Luxembourg Asset Class Breakdown 46.3% Equity Long Short 27.0% Macro 19.3% Relative Value 7.5% 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 30-Jun-18. 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. 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Fund Data Historical Volatility Portfolio - 3 yr 4.99 Historical Tracking Error - 3 yr 5.03 Excess Returns - 3 yr Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) (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) (10.31) (3.75) (7.22) (8.35) (7.69) (2.18) (1.73) Overnight US Libor (4) Other Currency Shares (Acc.) (EUR-Hedged) (3) (13.89) (3.98) (7.99) (9.64) (9.95) (3.70) (2.67) O/N EUR Libor (4) 2.05 (4) (0.11) (0.22) (0.44) (0.38) (0.22) Calendar Year Performance (%) Base Shares Overnight US Libor Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Fund Facts EUR 02-Sep Sep-08 Luxembourg 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) Swedish Krona Japanese Yen Argentina Peso Indonesian Rupiah South African Rand British Pound Hungarian Forint Polish Zloty Australian Dollar Colombian Peso Swiss Franc New Zealand Dollar Others Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 performance fees are calculated in accordance with the methodology described in the prospectus using a rate of 10% of net returns the share class achieves above Overnight LIBOR. In the Fund's last financial year the performance fee was 0% of the net asset value of the share class. (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 30 June 2018, the forecasted volatility (predicted TE) of the fund is 4.62% per annum. The top 1 and 3 exposures contribute 46.70% and 41.60% of this forecasted volatility. 53

55 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Fund Data No. of holdings 13 Historical Volatility Portfolio - 1 yr 2.11 Excess Returns - 1 yr Swing Pricing (%) Subscription (%) 8 Redemption (%) 8 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) 10 Ongoing Charges (%) (1) 2.43 Management Fee (%) 2.15 Distribution Fee (%) 0 Other Expenses (%) 0.28 Performance (Indexed) /15 06/16 12/16 06/17 12/17 06/18 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) 4.75 (0.65) (0.93) (1.18) (0.75) 3 Month Libor () (3) Calendar Year Performance (%) Base Shares (Acc.) Month Libor () Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 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) 687 Fund Characteristics Currency - Base Shares (Acc.) Inception Date - Base Shares (Acc.) Fund Domicile Fund Facts 16-Dec-15 Luxembourg 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 Sector Weights (%) Asset Class Exposure 40.3% Tactical Trading 27.8% Equity Long/Short 26.5% Event Driven & Credit 5.3% Relative Value 50.1% Equity 20.7% Fixed Income 29.2% Foreign Exchange Top 5 Manager Allocations Security % Halcyon Capital Management 13.2 Sirios Capital Management 10.4 BosValen Asset Management 10.2 One River Asset Management 9.1 ADG Capital Management 9.0 Geographic Exposure 42.5% North America 26.4% Europe 22.3% Asia-Pacific 8.8% Other Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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. 55

57 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Fund Data No. of holdings 510 Historical Volatility Portfolio - 3 yr 3.00 Excess Returns - 3 yr Swing Pricing (%) Subscription (%) 0.10 Redemption (%) 0.10 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) (2) 10 Ongoing Charges (%) (1) 1.19 Management Fee (%) 1.00 Distribution Fee (%) 0 Other Expenses (%) 0.19 Performance (Indexed) /14 04/15 10/15 04/16 10/16 04/17 10/17 04/18 10/18 Goldman Sachs Global Strategic Macro Bond Portfolio - Base Shares (3) 3 Month 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 Base Shares (3) 3.07 (1.41) (2.25) (2.04) (3.50) Month Libor () (4) Calendar Year Performance (%) Base Shares Month Libor () Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Strategic Macro Bond Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 2,079 Current Duration of Portfolio (years) Current Duration of Reference Benchmark (years) 0.25 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile Fund Facts 22-Oct-14 Luxembourg ISIN - Base Shares LU Dividend Distribution Frequency Annually Dealing and valuation Daily Reporting year end 30 November Reference 3 Month Libor () Benchmark Settlement T + 3 Top 10 Currency Weights (%) Sector Allocation (%) Swedish Krona Argentina Peso Japanese Yen Indonesian Rupiah % Governments 33.3% Quasi-Governments 7.3% Residential Mortgages (RMBS) 6.7% Emerging Market Debt 9.9% Cash -1.4% Derivatives South African Rand 4.1 British Pound 4.0 Hungarian Forint 3.7 Polish Zloty 3.1 Swiss Franc 2.5 Colombian Peso 2.2 Australian Dollar 2.1 Egyptian Pound 1.4 Others Country Bond Allocation (%) 67.5% US 27.0% Japan 0.7% Sweden 0.2% Canada 0.1% Australia -0.3% UK -0.8% Eurozone 5.7% Other Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 performance fees are calculated in accordance with the methodology described in the prospectus using a rate of 10% of net returns the share class achieves above 3 Month LIBOR. In the Fund's last financial year the performance fee was 1% of the net asset value of the share class. (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 3 Month Libor Index is quoted month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. 57

59 PV Goldman Sachs GQG Partners Global Equity Portfolio Investor Profile Investor objective Long term capital appreciation. There is no guarantee that these objectives will be met. 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 looking to diversify their portfolio through high quality global companies with potential growth opportunities and the flexibility to invest outside of the benchmark Fund Data Sector Allocation (%) GS GQG % MSCI ACWI % 41.2% Information Technology 18.6% Financials 15.2% Health Care 8.4% Consumer Discretionary 7.4% Consumer Staples 4.6% Materials 2.9% Cash 1.4% Industrials 0.3% Utilities % Energy % Real Estate % Telecommunication Services 19.6% Information Technology 17.4% Financials 11.1% Health Care 12.4% Consumer Discretionary 8.1% Consumer Staples 5.2% Materials % Cash 10.5% Industrials 2.9% Utilities 6.8% Energy 3.0% Real Estate 2.8% Telecommunication Services No. of holdings 41 Swing Pricing (%) Subscription (%) 9 Redemption (%) 6 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (1) 2.15 Management Fee (%) 1.75 Distribution Fee (%) 0 Other Expenses (%) 0.40 Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 140 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 21-Nov-17 Luxembourg LU GSGPGBI LX Annually Daily 30 November MSCI All Country World Index (Net total return, unhedged, )-Daily Settlement T + 3 Region Allocation (%) GS GQG % MSCI ACWI % 63.7% North America 20.3% Europe (ex-uk) 13.2% Emerging Markets 2.9% Cash % Asia (ex-japan) % Japan % United Kingdom Top 10 Holdings (2) Name Port Weight% BM Weight% UnitedHealth Group Inc Facebook Inc Alphabet Inc Mastercard Inc Amazon.com Inc HDFC Bank Ltd 3.5 Becton Dickinson and Co Tencent Holdings Ltd Visa Inc Coca-Cola Co % North America 15.8% Europe (ex-uk) 11.2% Emerging Markets % Cash 4.5% Asia (ex-japan) 7.6% Japan 5.2% United Kingdom Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. (2) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 58

60 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund (EUR) Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 163 % in top Historical Volatility Portfolio - 3 yr 0.88 Historical Tracking Error - 3 yr 0.69 Excess Returns - 3 yr 0.15 R 2-3 yr 0.40 Beta - 3 yr 1.29 Swing Pricing (%) Subscription (%) 8 Redemption (%) 8 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) 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 07/17 01/18 07/18 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 3 Yrs Base Shares (5) (0.49) (0.88) (0.81) 0.35 Bloomberg Barclays Euro Aggregate 500mm 1-3 yr (4) (0.22) (0.21) (0.15) 0.21 Morningstar EUR Diversified Bond - Short Term (2) 5 (0.75) (0.92) (0.78) 5 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 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 59

61 Goldman Sachs Euro Short Duration Bond Plus Portfolio Financial Information Net Asset Value (NAV) - Base Shares EUR Total Net Assets (m) EUR 139 Current Duration of Portfolio (years) 1.56 Current Duration of Reference 1.99 Benchmark (years) Yield To Maturity of Portfolio (%) 0.37 Yield To Worst of Portfolio (%) 0.36 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 47.5% Corporates - Inv. Grade 19.2% Corporates - Inv. Grade 19.1% Governments 53.1% Governments 8.1% Asset-Backed Securities (ABS) % Asset-Backed Securities (ABS) 5.5% Emerging Market Debt 2.7% Emerging Market Debt 4.6% Corporates - High Yield % Corporates - High Yield 3.3% Quasi-Governments 14.4% Quasi-Governments 3.0% Covered Bonds 10.6% Covered Bonds 0.4% Residential Mortgages (RMBS) % Residential Mortgages (RMBS) 8.9% Cash % Cash -0.5% 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 9.1 UK 0.9 Sweden 0.1 Other -0.5 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 30-Jun-18. 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 2018 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. 60

62 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund (EUR) Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 647 % in top Historical Volatility Portfolio - 3 yr 2.29 Historical Tracking Error - 3 yr 1.28 Excess Returns - 3 yr R 2-3 yr 0.72 Beta - 3 yr 0.82 Swing Pricing (%) Subscription (%) 0.13 Redemption (%) 0.13 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (1) 1.18 Management Fee (%) 1.00 Distribution Fee (%) 0 Other Expenses (%) 0.18 Performance (Indexed) /06 01/08 01/10 01/12 01/14 01/16 01/18 01/20 Goldman Sachs Global Fixed Income Plus Portfolio (Hedged) - Base Shares Bloomberg Barclays Global Aggregate Bond Index Hedged to EURO Morningstar Global Bond - EUR Hedged 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 (0.53) (1.32) (2.26) (2.78) Bloomberg Barclays Global Aggregate Bond (6) (0.51) (1.21) (0.72) Index Hedged to EURO Morningstar Global Bond - EUR Hedged (0.26) (1.29) (1.77) (1.66) Quartile Position in Sector Base Shares (Acc.) (0.62) (1.37) (2.31) (2.77) 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 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 61

63 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 1,235 Current Duration of Portfolio (years) 5.95 Current Duration of Reference 6.94 Benchmark (years) Yield To Maturity of Portfolio (%) 1.78 Yield To Worst of Portfolio (%) 1.76 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) 29.9% Governments 51.1% Governments 20.4% Asset-Backed Securities (ABS) 0.2% Asset-Backed Securities (ABS) 17.2% Residential Mortgages (RMBS) 11.6% Residential Mortgages (RMBS) 15.7% Corporates - Inv. Grade 18.3% Corporates - Inv. Grade 13.8% Quasi-Governments 8.9% Quasi-Governments 6.4% Emerging Market Debt 6.6% Emerging Market Debt 1.0% Corporates - High Yield 0.1% Corporates - High Yield 0.4% Municipal % Municipal 0.3% Covered Bonds 2.6% Covered Bonds % Commercial Mortgages 0.5% Commercial Mortgages (CMBS) (CMBS) -3.4% Cash % Cash -1.6% 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 Eurozone Japan UK Canada Sweden Australia Denmark Norway 0.1 Other AAA AA A BBB BB B CCC CC C 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 30-Jun-18. 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. 62

64 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 437 % in top Historical Volatility Portfolio - 3 yr 4.61 Historical Tracking Error - 3 yr 0.97 Excess Returns - 3 yr R 2-3 yr 0.96 Beta - 3 yr 0.94 Swing Pricing (%) Subscription (%) 0.10 Redemption (%) 0.10 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) 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 02/19 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) (0.57) (3.01) (1.68) Bloomberg Barclays Global Aggregate Bond (0.44) (2.78) (1.46) Index in (4) Morningstar Global Bond (1) (0.53) (3.78) (2.52) Quartile Position in Sector (1) Base Shares (Acc.) (5) (0.55) (3.00) (1.62) Calendar Year Performance (%) Base Shares Bloomberg Barclays Global Aggregate Bond Index in Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 63

65 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) 6.27 Current Duration of Reference 6.94 Benchmark (years) Yield To Maturity of Portfolio (%) 2.31 Yield To Worst of Portfolio (%) 2.29 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, ) 25.2% Governments 51.1% Governments 19.3% Quasi-Governments 8.9% Quasi-Governments 17.9% Corporates - Inv. Grade 18.2% Corporates - Inv. Grade 15.6% Residential Mortgages (RMBS) 11.6% Residential Mortgages (RMBS) 13.6% Asset-Backed Securities (ABS) 0.2% Asset-Backed Securities (ABS) 7.5% Emerging Market Debt 6.6% Emerging Market Debt 1.6% Covered Bonds 2.6% Covered Bonds 0.3% Corporates - High Yield 0.2% Corporates - High Yield % Commercial Mortgages 0.5% Commercial Mortgages (CMBS) (CMBS) % Municipal % Municipal -0.9% Cash % Cash -0.2% Derivatives % Derivatives Country Bond Allocation (%) Credit Allocation (%) Goldman Sachs Global Fixed Income Portfolio Bloomberg Barclays Global Aggregate Bond (Total Return, Unhedged, ) US Eurozone Japan UK Canada Sweden Australia Denmark Norway 0.1 Other AAA AA A BBB BB CCC CC 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 30-Jun-18. 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 2018 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. 64

66 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund (EUR) Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 402 % in top Historical Volatility Portfolio - 3 yr 2.13 Historical Tracking Error - 3 yr 0.80 Excess Returns - 3 yr R 2-3 yr 0.89 Beta - 3 yr 0.85 Swing Pricing (%) Subscription (%) 0.11 Redemption (%) 0.11 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (1) 1.22 Management Fee (%) 1.00 Distribution Fee (%) 0 Other Expenses (%) 0.22 Performance (Indexed) /01 12/03 12/05 12/07 12/09 12/11 12/13 12/15 12/17 12/19 Goldman Sachs Global Fixed Income Portfolio (Hedged) Base Shares Bloomberg Barclays Global Aggregate Bond Index Hedged to EURO Morningstar Global Bond - EUR Hedged 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 (9) (0.45) (1.25) (1.44) Bloomberg Barclays Global Aggregate Bond (6) (0.51) (1.21) (0.72) Index Hedged to EURO Morningstar Global Bond - EUR Hedged (0.26) (1.29) (1.77) (1.66) Quartile Position in Sector Base Shares (Acc.) (7) (0.45) (1.33) (1.47) 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 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 65

67 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 367 Current Duration of Portfolio (years) 6.27 Current Duration of Reference 6.94 Benchmark (years) Yield To Maturity of Portfolio (%) 1.14 Yield To Worst of Portfolio (%) 1.12 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) 24.5% Governments 51.1% Governments 23.3% Asset-Backed Securities (ABS) 0.2% Asset-Backed Securities (ABS) 18.8% Residential Mortgages (RMBS) 11.6% Residential Mortgages (RMBS) 18.0% Corporates - Inv. Grade 18.2% Corporates - Inv. Grade 13.7% Quasi-Governments 8.9% Quasi-Governments 7.8% Emerging Market Debt 6.6% Emerging Market Debt 0.4% Corporates - High Yield 0.2% Corporates - High Yield 0.1% Commercial Mortgages 0.5% Commercial Mortgages (CMBS) (CMBS) % Covered Bonds 2.6% Covered Bonds % Municipal % Municipal -5.7% Cash % Cash -0.8% 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 Sweden Denmark Australia Norway 0.1 Other AAA AA A BBB BB B CCC 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 30-Jun-18. 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. 66

68 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 718 % in top Historical Volatility Portfolio - 3 yr 2.54 Historical Tracking Error - 3 yr 2.56 Excess Returns - 3 yr (1.24) R 2-3 yr 1 Beta - 3 yr (1.07) Swing Pricing (%) Subscription (%) 0.21 Redemption (%) 0.21 Performance (Indexed) /11 03/13 03/15 03/17 03/19 Goldman Sachs Global Strategic Income Bond Portfolio Base Shares 3 Month Libor () Morningstar Global Flexible Bond - Hedged 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 (0.78) (1.21) (0.65) (1.87) (0.13) Month Libor () Morningstar Global Flexible Bond - (0.27) (0.93) (1.33) Hedged Quartile Position in Sector Other Currency Shares (EUR-Hedged) (3.98) (1.02) (1.87) (1.90) (4.07) (1.68) (0.86) ICE Libor EUR 3 Month (EUR) (0.56) (3) (9) (0.19) (0.38) (0.29) (0.12) Other Currency Shares (SGD-Hedged) (Q-Dist) 0.60 (0.86) (1.42) (1.02) (2.43) (8) - Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (1) 1.36 Management Fee (%) 1.20 Distribution Fee (%) 0 Other Expenses (%) 0.16 Calendar Year Performance (%) Base Shares Month Libor () Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 67

69 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) 3,054 Current Duration of Portfolio (years) (1.45) Current Duration of Reference 0.25 Benchmark (years) Yield To Maturity of Portfolio (%) 4.29 Yield To Worst of Portfolio (%) 4.24 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 EUR SGD 28-Mar Mar Sep-13 Luxembourg ISIN - Base Shares LU ISIN - Other Currency Shares (EUR- LU Hedged) ISIN - Other Currency Shares (SGD- LU Hedged) (Q-Dist) Bloomberg Ticker - Base Shares GSIBBUA LX Bloomberg Ticker - Other Currency GSGOEUR LX Shares (EUR-Hedged) 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 Jun-17 Dec-17 Jun-18 Total Active Duration US Active Duration Country Bond Allocation (%) Top 10 Currency Weights (%) 71.4% US 24.7% Japan 1.4% UK 1.1% Eurozone 0.5% Sweden 0.1% Canada 0.7% Other United States Dollar Swedish Krona British Pound Indonesian Rupiah Argentina Peso Hungarian Forint South African Rand Polish Zloty Japanese Yen Egyptian Pound Swiss Franc Sector Allocation (%) Credit Allocation (%) 24.7% Governments 0.5% Quasi-Governments 1.1% Municipal 11.9% ABS 0.7% CMBS 4.5% Agency RMBS 8.8% Non-Agency RMBS % Covered Bonds 2.5% Corporate - Investment Grade 4.2% Corporate - High Yield 18.5% Corporate - Collateralized Loan Obligations 1.3% Bank Loans 9% Emerging Market Debt 14.2% Cash -1.9% 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 30-Jun-18. 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. 68

70 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund (GBP) Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 39 % in top Historical Volatility Portfolio - 3 yr 6.78 Historical Tracking Error - 3 yr 1.90 Excess Returns - 3 yr R 2-3 yr 0.92 Beta - 3 yr 1.06 Swing Pricing (%) Subscription (%) 0.17 Redemption (%) 0.17 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) 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 01/20 Goldman Sachs Sterling Fixed Income Plus Portfolio Base Shares (4) ICE BofAML 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) (1.02) (0.34) (1.24) ICE BofAML Sterling Broad Market Index in (0.54) 6 (0.15) GBP (3) Morningstar GBP Diversified Bond (1) (0.36) 0.38 (0.41) Quartile Position in Sector (1) Base Shares (Acc.) (4) (0.97) (0.29) (1.13) Calendar Year Performance (%) Base Shares ICE BofAML Sterling Broad Market Index in GBP Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 69

71 Goldman Sachs Sterling Broad Fixed Income Plus Portfolio Financial Information Net Asset Value (NAV) - Base Shares GBP 8.75 Net Asset Value (NAV) - Base Shares GBP (Acc.) Total Net Assets (m) GBP 4 Current Duration of Portfolio (years) Current Duration of Reference Benchmark (years) Yield To Maturity of Portfolio (%) 1.86 Yield To Worst of Portfolio (%) 1.86 Sector Allocation (%) Goldman Sachs Sterling Broad Fixed Income Plus Portfolio 44.2% Governments 26.8% Corporates - Inv. Grade 16.9% Quasi-Governments 8.9% Asset-Backed Securities (ABS) 1.2% Emerging Market Debt 0.3% Covered Bonds % Commercial Mortgages (CMBS) % Residential Mortgages (RMBS) 2.1% Cash -0.4% Derivatives ICE BofAML Sterling Broad Market Index 70.5% Governments 21.5% Corporates - Inv. Grade 5.9% Quasi-Governments 0.3% Asset-Backed Securities (ABS) 0.5% Emerging Market Debt 1.1% Covered Bonds 0.2% Commercial Mortgages (CMBS) % 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 ICE BofAML Sterling Broad Market Index in GBP Settlement T + 3 Country Bond Allocation (%) Credit Allocation (%) Goldman Sachs Sterling Broad Fixed Income Plus Portfolio ICE BofAML Sterling Broad Market Index UK US 3.2 Australia 0.1 Japan 0.1 Other 0.2 AAA AA A BBB BB B D NR Cash Derivatives -0.4 Goldman Sachs Sterling Broad Fixed Income Plus Portfolio ICE BofAML Sterling Broad Market Index Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 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. 70

72 PV Goldman Sachs Sterling 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. Performance (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund (GBP) Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 65 % in top Historical Volatility Portfolio - 1 yr 0.71 Historical Tracking Error - 1 yr 0.24 Excess Returns - 1 yr 0.29 R 2-1 yr 0.93 Beta - 1 yr 0.83 Swing Pricing (%) Subscription (%) 6 Redemption (%) 6 Initial Sales Charge: up to (%) 0 Performance Fee Rate (%) N/A Ongoing Charges (%) (1) 0.30 Management Fee (%) 0.20 Distribution Fee (%) 0 Other Expenses (%) 0.10 Performance (Indexed) /16 12/16 06/17 12/17 06/18 Goldman Sachs Sterling Short Duration Bond Portfolio - Class I Shares (Acc.) Bloomberg Barclays Sterling Aggregate 1-3 Yr Index (Total Return, Unhedged, GBP) Morningstar GBP Diversified Bond - Short Term 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 Class I Shares (Acc.) 0.73 (0.12) Bloomberg Barclays Sterling Aggregate 1-3 Yr Index (Total 0.13 (0.16) 0.40 (2) (3) Return, Unhedged, GBP) Morningstar GBP Diversified Bond - Short Term (4) 0.28 (0.17) (0.20) Quartile Position in Sector Calendar Year Performance (%) Class I Shares (Acc.) Bloomberg Barclays Sterling Aggregate 1-3 Yr Index (Total Return, Unhedged, GBP) Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 71

73 Goldman Sachs Sterling Short Duration Bond Portfolio Financial Information Net Asset Value (NAV) - Class I Shares GBP (Acc.) Total Net Assets (m) GBP 10 Current Duration of Portfolio (years) 1.70 Current Duration of Reference 1.90 Benchmark (years) Yield To Maturity of Portfolio (%) 1.25 Yield To Worst of Portfolio (%) 1.22 Fund Characteristics Currency - Class I Shares (Acc.) Inception Date - Class I Shares (Acc.) Fund Domicile Fund Facts ISIN - Class I Shares (Acc.) Bloomberg Ticker - Class I Shares (Acc.) Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark GBP 06-Jun-16 Luxembourg LU GSSUSIA LX None Daily 30 November Bloomberg Barclays Sterling Aggregate 1-3 Yr Index (Total Return, Unhedged, GBP) Settlement T + 1 Sector Allocation (%) Goldman Sachs Sterling Ultra Short Duration Bond Portfolio BofA Merrill Lynch 0-1 Year Treasury Bill Index 6.87% Government 72.50% Government 15.28% Quasi-Government 10.96% Quasi-Government 7.34% Asset-Backed Securities (ABS) 0% Asset-Backed Securities (ABS) 5.89% Residential Mortgages (RMBS) 0% Residential Mortgages (RMBS) 3.93% Covered Bond 0.95% Covered Bond 55.05% Corporate - Inv. Grade 15.15% Corporate - Inv. Grade 0% Emerging Market Debt 0.37% Emerging Market Debt 5.77% Cash 0% Cash -0.12% Derivatives 0% Derivatives Country Bond Allocation (%) Credit Allocation (%) Goldman Sachs Sterling Ultra Short Duration Bond Portfolio BofA Merrill Lynch 0-1 Year Treasury Bill Index UK US Other AAA AA A BBB Cash Derivatives -0.1 Goldman Sachs Sterling Ultra Short Duration Bond Portfolio BofA Merrill Lynch 0-1 Year Treasury Bill Index Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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. 72

74 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Fund Data No. of holdings 558 % in top Historical Volatility Portfolio - 3 yr 1.42 Historical Tracking Error - 3 yr 1.44 Excess Returns - 3 yr R 2-3 yr 0 Beta - 3 yr Swing Pricing (%) Subscription (%) 7 Redemption (%) 7 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) (2) 20 Ongoing Charges (%) (1) 0.80 Management Fee (%) 0.60 Distribution Fee (%) 0 Other Expenses (%) 0.20 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) (0.31) (0.23) (5) Month Libor () (3) Other Currency Shares (EUR-Hedged) (4) 8.16 (0.55) (0.91) (1.30) (1.87) (0.79) (0.43) 0.54 ICE Libor EUR 3 Month (EUR) (3) (3) (9) (0.19) (0.38) (0.29) (0.12) 0.57 Other Currency Shares (GBP-Hedged) (4) (0.48) (0.67) (0.86) (1.02) Month LIBOR - GBP (3) Calendar Year Performance (%) Base Shares Month Libor () Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 73

75 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 GBP Shares (GBP-Hedged) Total Net Assets (m) 668 Current Duration of Portfolio (years) Current Duration of Reference 0.25 Benchmark (years) Yield To Maturity of Portfolio (%) 3.08 Yield To Worst of Portfolio (%) 3.06 Sector Allocation (%) Top 10 Currency Weights (%) 54.5% Governments 15.2% Asset-Backed Securities (ABS) 4.8% Residential Mortgages (RMBS) 1.7% Emerging Market Debt 1.7% Corporates - High Yield 1.5% Corporates - Inv. Grade 0.5% Quasi-Governments 0.4% Municipal % Commercial Mortgages (CMBS) 20.7% Cash -0.9% Derivatives United States Dollar Swedish Krona British Pound Indonesian Rupiah Argentina Peso South African Rand Japanese Yen Polish Zloty Hungarian Forint Swiss Franc 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 EUR GBP 28-Jun Jun Sep-06 Luxembourg ISIN - Base Shares LU ISIN - Other Currency Shares (EUR- LU Hedged) ISIN - Other Currency Shares (GBP- LU Hedged) Bloomberg Ticker - Base Shares GSGLP1U LX Bloomberg Ticker - Other Currency GSGL1HE LX Shares (EUR-Hedged) 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 Australian Dollar Country Bond Allocation (%) Credit Allocation (%) Goldman Sachs Strategic Absolute Return Bond I Portfolio 3 Month LIBOR US Japan 25.4 UK 1.4 Sweden 0.3 Canada 0.1 Eurozone 0.1 Other AAA AA A BBB BB B CCC CC D NR Cash Derivatives Goldman Sachs Strategic 3 Month LIBOR Absolute Return Bond I Portfolio Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 performance fees are calculated in accordance with the methodology described in the prospectus using a rate of 20% of net returns the share class achieves above 3 Month LIBOR. In the Fund's last financial year the performance fee was 0% of the net asset value of the share class. (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. 74

76 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Fund Data No. of holdings 345 % in top Historical Volatility Portfolio - 3 yr 3.03 Historical Tracking Error - 3 yr 3.06 Excess Returns - 3 yr R 2-3 yr 1 Beta - 3 yr Swing Pricing (%) Subscription (%) 0.12 Redemption (%) 0.12 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) (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) (0.97) (1.35) (1.21) (1.93) 0.14 (5) Month Libor () (3) Other Currency Shares (EUR-Hedged) (4) (1.21) (2.03) (2.46) (4.15) (1.37) (1.00) 1.17 ICE Libor EUR 3 Month (EUR) (3) (3) (9) (0.19) (0.38) (0.29) (0.12) 0.57 Other Currency Shares (GBP-Hedged) (4) (1.13) (1.81) (2.04) (3.32) (0.56) (0.37) Month LIBOR - GBP (3) Calendar Year Performance (%) Base Shares Month Libor () Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 75

77 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 GBP Shares (GBP-Hedged) Total Net Assets (m) 240 Current Duration of Portfolio (years) Current Duration of Reference 0.25 Benchmark (years) Yield To Maturity of Portfolio (%) 4.38 Yield To Worst of Portfolio (%) 4.34 Sector Allocation (%) Top 10 Currency Weights (%) 38.0% Governments 23.8% Asset-Backed Securities (ABS) 9.5% Residential Mortgages (RMBS) 5.8% Emerging Market Debt 2.7% Corporates - High Yield 1.9% Corporates - Inv. Grade 1.1% Municipal 0.6% Quasi-Governments 0.2% Commercial Mortgages (CMBS) 19.0% Cash -2.7% Derivatives United States Dollar Swedish Krona British Pound Argentina Peso Indonesian Rupiah South African Rand Hungarian Forint Polish Zloty Japanese Yen Egyptian Pound 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 EUR GBP 28-Jun Jun Jul-06 Luxembourg ISIN - Base Shares LU ISIN - Other Currency Shares (EUR- LU Hedged) ISIN - Other Currency Shares (GBP- LU Hedged) Bloomberg Ticker - Base Shares GSGLP2U LX Bloomberg Ticker - Other Currency GSGL2HE LX Shares (EUR-Hedged) 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 Swiss Franc Country Bond Allocation (%) Credit Allocation (%) Goldman Sachs Strategic Absolute Return Bond II Portfolio 3 Month LIBOR US Japan 29.8 UK 1.2 Sweden 0.7 Eurozone 0.2 Canada 0.2 Australia 0.1 Other 0.7 Other AAA AA A BBB BB B CCC CC C NR Cash Derivatives Goldman Sachs Strategic 3 Month LIBOR Absolute Return Bond II Portfolio Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 performance fees are calculated in accordance with the methodology described in the prospectus using a rate of 20% of net returns the share class achieves above 3 Month LIBOR. In the Fund's last financial year the performance fee was 0% of the net asset value of the share class. (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. 76

78 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. Performance (Indexed) Performance (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 216 % in top Historical Volatility Portfolio - 1 yr 0.51 Historical Tracking Error - 1 yr 0.21 Excess Returns - 1 yr 0.25 R 2-1 yr 0.92 Beta - 1 yr 0.76 Swing Pricing (%) Subscription (%) 4 Redemption (%) 4 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (1) 0.34 Management Fee (%) 0.20 Distribution Fee (%) 0 Other Expenses (%) /16 12/16 06/17 12/17 06/18 Goldman Sachs US Dollar Short Duration Bond Portfolio - Class R Shares Bloomberg Barclays US Govt/ Credit 1-3 yr Index Morningstar Diversified Bond - Short Term 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 Class R Shares Bloomberg Barclays US Govt/Credit 1-3 yr Index Morningstar Diversified Bond - Short Term Quartile Position in Sector Calendar Year Performance (%) Class R Shares Bloomberg Barclays US Govt/Credit 1-3 yr Index Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 US Dollar Short Duration Bond Portfolio Financial Information Net Asset Value (NAV) - Class R Shares Total Net Assets (m) 154 Current Duration of Portfolio (years) 1.48 Current Duration of Reference 1.93 Benchmark (years) Yield To Maturity of Portfolio (%) 3.07 Yield To Worst of Portfolio (%) 3.07 Sector Allocation (%) Goldman Sachs US Dollar Short Duration Bond Portfolio 38.6% Corporates - Inv. Grade 18.2% Governments 16.3% Asset-Backed Securities (ABS) 9.4% Residential Mortgages (RMBS) 3.2% Quasi-Governments % Emerging Market Debt 14.0% Cash 0.2% Derivatives Bloomberg Barclays 1-3 Yr Government/Credit Bond Index 24.2% Corporates - Inv. Grade 63.0% Governments % Asset-Backed Securities (ABS) % Residential Mortgages (RMBS) 11.6% Quasi-Governments 1.2% Emerging Market Debt % Cash % Derivatives Fund Characteristics Currency - Class R Shares Inception Date - Class R Shares Fund Domicile Fund Facts ISIN - Class R Shares Bloomberg Ticker - Class R Shares Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark 06-Jun-16 Luxembourg LU GSUDSDR LX Annually Daily 30 November Bloomberg Barclays US Govt/Credit 1-3 yr Index Settlement T + 3 Country Bond Allocation (%) Credit Allocation (%) Goldman Sachs US Dollar Short Duration Bond Portfolio Bloomberg Barclays 1-3 Yr Government/Credit Bond Index US Japan 17.5 Eurozone -0.1 Other 0.2 AAA AA A BBB Cash Derivatives Goldman Sachs US Dollar Short Duration Bond Portfolio Bloomberg Barclays 1-3 Yr Government/Credit Bond Index Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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. 78

80 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 370 % in top Historical Volatility Portfolio - 3 yr 2.46 Historical Tracking Error - 3 yr 0.58 Excess Returns - 3 yr R 2-3 yr 0.95 Beta - 3 yr 0.94 Swing Pricing (%) Subscription (%) 8 Redemption (%) 8 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) 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) (0.28) (9) (1.92) (1.58) Bloomberg Barclays US Aggregate (One Day 155 (7) (0.19) (1.52) (0.58) Lag) (3) Morningstar Diversified Bond (1) (0.23) (0.82) (1.97) (1.00) Quartile Position in Sector (1) Base Shares (Acc.) (4) (0.27) (7) (1.94) (1.55) Calendar Year Performance (%) Base Shares Bloomberg Barclays US Aggregate (One Day Lag) Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 US Fixed Income Portfolio Financial Information Net Asset Value (NAV) - Base Shares Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 105 Current Duration of Portfolio (years) 5.59 Current Duration of Reference 5.93 Benchmark (years) Yield To Maturity of Portfolio (%) 3.63 Yield To Worst of Portfolio (%) 3.60 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 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 Bloomberg Barclays US Agg Bond (TR, Unhedged, ) 31.2% Corporates - Inv. Grade 24.6% Corporates - Inv. Grade 22.6% Residential Mortgages (RMBS) 28.8% Residential Mortgages (RMBS) 18.8% Governments 37.9% Governments 14.7% Asset-Backed Securities (ABS) 0.5% Asset-Backed Securities (ABS) 14.5% Quasi-Governments 5.2% Quasi-Governments 2.0% Emerging Market Debt 1.8% Emerging Market Debt 0.5% Covered Bonds 0.1% Covered Bonds 0.2% Corporates - High Yield % Corporates - High Yield 0.1% Commercial Mortgages 1.2% Commercial Mortgages (CMBS) (CMBS) % Municipal % Municipal -4.3% Cash % Cash -0.2% Derivatives % Derivatives Credit Allocation (%) AAA AA A BBB BB CCC NR Cash Derivatives Goldman Sachs US Fixed Income Portfolio Bloomberg Barclays US Agg Bond (TR, Unhedged, ) Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 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. 80

82 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund (EUR) Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 206 % in top Historical Volatility Portfolio - 3 yr 4.46 Historical Tracking Error - 3 yr 0.80 Excess Returns - 3 yr R 2-3 yr 0.97 Beta - 3 yr 1.01 Swing Pricing (%) Subscription (%) 0.35 Redemption (%) 0.35 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (1) 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 06/17 12/17 06/18 Goldman Sachs Europe High Yield Bond Portfolio - Base Shares ICE BofAML European Currency High Yield Constrained Index (TR, 100% hedged to EU Morningstar EUR High Yield Bond 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 (0.77) (1.30) (2.28) (0.23) 3.33 ICE BofAML European Currency High Yield Constrained (0.40) (1.02) (1.46) Index (TR, 100% hedged to EU Morningstar EUR High Yield Bond (0.57) (1.19) (1.98) (0.35) 3.02 Quartile Position in Sector Calendar Year Performance (%) Base Shares ICE BofAML European Currency High Yield Constrained Index (TR, 100% hedged to EU Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 81

83 Goldman Sachs Europe High Yield Bond Portfolio Financial Information Sector Allocation (%) Credit Allocation (%) Net Asset Value (NAV) - Base Shares EUR Total Net Assets (m) EUR 113 Current Duration of Portfolio (years) 3.98 Current Duration of Reference 3.98 Benchmark (years) Yield To Maturity of Portfolio (%) 4.54 Yield To Worst of Portfolio (%) % Non-Dollar 4.2% US High Yield 3.7% Emerging Markets 0.1% Unrealized GL on FX 0.1% Equities 2.2% Cash % Derivatives BBB BB B CCC CC D NR Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile Fund Facts EUR 17-Jun-14 Luxembourg Top 10 Corporate Issuers (2) Security % Unrealized GL on FX Cash Derivatives ISIN - Base Shares LU TITIM 3.4 Bloomberg Ticker - Base Shares GSEHBRI LX VMED 2.2 Dividend Distribution Frequency Dealing and valuation Reporting year end Reference Benchmark Annually Daily 30 November ICE BofAML European Currency High Yield Constrained Index (TR, 100% hedged to EU UCGIM 1.9 TELEFO 1.6 TSCOLN 1.5 ISPIM 1.5 SOFTBK 1.5 Settlement T + 3 UNITY 1.4 LOXAM 1.4 WINTRE 1.4 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 82

84 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 379 % in top Historical Volatility Portfolio - 3 yr 3.13 Historical Tracking Error - 3 yr 0.83 Excess Returns - 3 yr R 2-3 yr 0.93 Beta - 3 yr 1.05 Swing Pricing (%) Subscription (%) 0.16 Redemption (%) 0.16 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (2) 1.17 Management Fee (%) 1.00 Distribution Fee (%) 0 Other Expenses (%) 0.17 Performance (Indexed) /06 01/08 01/10 01/12 01/14 01/16 01/18 01/20 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) (0.28) (0.47) (2.21) (0.42) Bloomberg Barclays Global Aggregate (0.29) (0.45) (1.85) Corporate Bond Index - Hedged (3) Morningstar Global Corporate Bond - (0.27) (0.75) (1.93) Hedged (1) Quartile Position in Sector (1) Base Shares (Acc.) (4) (0.21) (0.41) (2.22) (0.48) Calendar Year Performance (%) Base Shares Bloomberg Barclays Global Aggregate Corporate Bond Index - Hedged Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 83

85 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) 863 Current Duration of Portfolio (years) 6.03 Current Duration of Reference 6.44 Benchmark (years) Yield To Maturity of Portfolio (%) 4.22 Yield To Worst of Portfolio (%) 4.20 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 AA A BB B NR Sector Allocation (%) Country Bond Allocation (%) 76.7% Corporates - Inv. Grade 12.2% Asset-Backed Securities (ABS) 4.1% Emerging Market Debt 1.5% Corporates - High Yield 0.4% Quasi-Governments % Residential Mortgages (RMBS) % Commercial Mortgages (CMBS) 5.1% Cash 0.1% Derivatives 82.0% US 10.6% Eurozone 6.4% UK 0.1% Canada 0.1% Sweden 0.7% Other Credit Allocation (%) Top 10 Corporate Issuers (5) AAA BBB Cash Derivatives Goldman Sachs Global Credit Portfolio (Hedged) Bloomberg Barclays Global Agg: Corp Bond in, 100% Hedged Security % VERIZON COMMUNICATIONS, INC. 2.6 AT&T INC. 2.3 BAYER AKTIENGESELLSCHAFT 2.2 CREDIT SUISSE GROUP AG 2.2 BANK OF AMERICA CORPORATION 2.1 BRITISH AMERICAN TOBACCO P.L.C. 2.0 CHARTER COMMUNICATIONS, INC. 1.9 BECTON, DICKINSON AND COMPANY 1.8 ROYAL BANK OF SCOTLAND GROUP PLC 1.7 (THE) BNP PARIBAS 1.7 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 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. 84

86 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 413 % in top 10 9 Historical Volatility Portfolio - 3 yr 5.52 Historical Tracking Error - 3 yr 1.20 Excess Returns - 3 yr R 2-3 yr 0.95 Beta - 3 yr 1.00 Swing Pricing (%) Subscription (%) 0.41 Redemption (%) 0.41 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (1) 1.24 Management Fee (%) 1.10 Distribution Fee (%) 0 Other Expenses (%) 0.14 Performance (Indexed) /98 01/00 01/02 01/04 01/06 01/08 01/10 01/12 01/14 01/16 01/18 01/20 Goldman Sachs Global High Yield Portfolio Base Shares Bloomberg Barclays U.S. High- Yield 2% Issuer Capped Bond Index Morningstar Global High Yield Bond 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 (1.27) Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index Morningstar Global High Yield Bond (0.21) (0.88) (1.72) Quartile Position in Sector Base Shares (Acc.) (1.20) 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 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 85

87 Goldman Sachs Global High Yield Portfolio Financial Information Net Asset Value (NAV) - Base Shares 7.78 Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 3,869 Current Duration of Portfolio (years) 3.79 Current Duration of Reference 4.06 Benchmark (years) Yield To Maturity of Portfolio (%) 6.50 Yield To Worst of Portfolio (%) 6.36 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 (%) 91.5% US High Yield 3.3% Bank Loans BBB % Emerging Markets 0.2% Equities BB B % Non-Dollar % Unrealized GL on FX CCC % Cash % Derivatives CC C 0.4 D NR 0.3 Cash 2.9 Derivatives Top 10 Corporate Issuers (2) Security % S 3.9 VRXCN 2.7 HCA 2.5 MGM 2.5 CHTR 2.0 DISH 1.6 ALTICE 1.5 BBDBCN 1.3 TITIM 1.3 THC 1.3 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 86

88 PV Goldman Sachs Emerging Markets Corporate Bond Portfolio Platinum award given to the highest number of votes from independent fund selectors chosen from a shortlist of top ten funds per category selected based on quantitative analysis. 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 250 % in top Historical Volatility Portfolio - 3 yr 4.01 Historical Tracking Error - 3 yr 0.84 Excess Returns - 3 yr R 2-3 yr 0.96 Beta - 3 yr 1.04 Swing Pricing (%) Subscription (%) 0.33 Redemption (%) 0.33 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (2) 1.46 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.21 Performance (Indexed) /11 05/13 05/15 05/17 05/19 Goldman Sachs Emerging Markets Corporate Bond Portfolio Base Shares JPM CEMBI Broad Diversified Index Morningstar Global Emerging Markets Corporate Bond 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 (0.87) (2.19) (3.79) (1.15) JPM CEMBI Broad Diversified Index (0.42) (1.77) (2.87) (0.14) Morningstar Global Emerging Markets (1.07) (3.42) (4.28) (0.78) Corporate Bond Quartile Position in Sector Calendar Year Performance (%) Base Shares JPM CEMBI Broad Diversified Index Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 87

89 Goldman Sachs Emerging Markets Corporate Bond Portfolio Platinum award given to the highest number of votes from independent fund selectors chosen from a shortlist of top ten funds per category selected based on quantitative analysis. Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 1,078 Current Duration of Portfolio (years) 4.23 Current Duration of Reference 4.55 Benchmark (years) Yield To Maturity of Portfolio (%) 6.65 Yield To Worst of Portfolio (%) 6.63 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile Fund Facts 17-May-11 Luxembourg Region Bond Allocation (%) Goldman Sachs Emerging Markets Corporate Bond Portfolio 37.8% Latin America 25.3% Asia 16.5% Middle East/Africa 12.0% Central & Eastern Europe 4.0% Western Europe 0.5% North America 0.5% Supranationals 0.1% Currency Forwards 3.5% Cash Credit Allocation (%) AAA AA 4.1 A 8.2 JP Morgan CEMBI Broad Diversified (Total Return, Unhedged, ) 29.3% Latin America 36.2% Asia 21.5% Middle East/Africa 10.9% Central & Eastern Europe 1.1% Western Europe 0.3% North America 0.6% Supranationals % Currency Forwards % Cash ISIN - Base Shares LU BBB 28.4 Bloomberg Ticker - Base Shares GSEMCIB LX BB 29.4 Dividend Distribution Frequency Annually B 17.6 Dealing and valuation Reporting year end Reference Benchmark Daily 30 November JPM CEMBI Broad Diversified Index CCC CC C NR Settlement T + 3 Cash 3.5 Derivatives Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. 88

90 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 513 % in top Historical Volatility Portfolio - 3 yr 8.69 Historical Tracking Error - 3 yr 1.84 Excess Returns - 3 yr R 2-3 yr 0.97 Beta - 3 yr 1.12 Swing Pricing (%) Subscription (%) 0.25 Redemption (%) 0.25 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (3) 1.64 Management Fee (%) 1.40 Distribution Fee (%) 0 Other Expenses (%) 0.24 Performance (Indexed) /13 05/15 05/17 05/19 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 5 Yrs Base Shares (5) (7.66) (3.25) (9.36) (7.51) (3.72) % GBI-EM Global Div, 25% EMBI Global (0.56) (1.83) (6.59) (5.20) (1.52) Div, 25% CEMBI Broad Div (4) Morningstar Global Emerging Markets Bond (2) (1.67) (5.37) (5.70) (1.96) 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 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 89

91 Goldman Sachs Emerging Markets Debt Blend Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 647 Current Duration of Portfolio (years) 5.39 Current Duration of Reference 5.33 Benchmark (years) Yield To Maturity of Portfolio (%) 8.51 Yield To Worst of Portfolio (%) 8.31 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile Fund Facts 08-May-13 Luxembourg Sector Allocation (%) Credit Allocation (%) 44.1% Local Sovereign 22.5% External Corporate AAA % External Sovereign AA % External Quasi-Sovereign 0.6% Local Corporate A % Supranational BBB % Other 5.9% Cash BB B CCC 0.1 CC 0.6 C 0.4 NR 9.6 Cash 5.9 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 34.1% Latin America 25.6% Asia 15.8% Middle East/Africa 15.4% Central & Eastern Europe 1.8% North America 1.7% Western Europe 0.2% Supranationals -0.6% Currency Forwards 5.9% Cash 50% JPMorgan GBI EM Index Global Diversified, 25% JPMorgan EMB Index Global Diversified, 25% JPMorgan CEMBI Index Broad Diversified 34.0% Latin America 26.1% Asia 14.3% Middle East/Africa 25.0% Central & Eastern Europe 0.1% North America 0.3% Western Europe 0.2% Supranationals % Currency Forwards % Cash Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 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. 90

92 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 238 % in top Historical Volatility Portfolio - 3 yr Historical Tracking Error - 3 yr 2.35 Excess Returns - 3 yr (2.12) R 2-3 yr 0.97 Beta - 3 yr 1.10 Swing Pricing (%) Subscription (%) 0.18 Redemption (%) 0.18 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (3) 1.81 Management Fee (%) 1.60 Distribution Fee (%) 0 Other Expenses (%) 0.21 Performance (Indexed) /07 06/09 06/11 06/13 06/15 06/17 06/19 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 10 Yrs Base Shares (5) 7.09 (4.52) (14.09) (9.82) (5.57) (0.16) (3.53) 0.24 JPM GBI EM Global diversified Index in (4) - (2.86) (10.42) (6.44) (2.33) 1.96 (1.40) - Morningstar Global Emerging Markets Bond - (2.99) (10.58) (7.13) (3.58) 1.00 (2.12) 0.32 Local Currency (2) Quartile Position in Sector (2) Base Shares (Acc.) (5) 7.30 (4.62) (14.09) (9.83) (5.55) (0.19) (3.54) 0.26 Calendar Year Performance (%) Base Shares JPM GBI EM Global diversified Index in Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 91

93 Goldman Sachs Emerging Markets Debt Local Portfolio Financial Information Net Asset Value (NAV) - Base Shares 6.34 Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 2,526 Current Duration of Portfolio (years) 5.28 Current Duration of Reference 5.09 Benchmark (years) Yield To Maturity of Portfolio (%) 9.40 Yield To Worst of Portfolio (%) 9.16 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 (%) 85.3% Local Sovereign 1.8% External Sovereign AAA % Local Corporate AA % External Quasi-Sovereign -0.3% Other A % Cash BBB 37.3 BB 5.4 B 6.1 CC 0.3 C 0.1 NR 13.1 Cash 11.7 Derivatives Goldman Sachs Emerging Markets Debt Local Portfolio JP Morgan GBI-EM Global Diversified (Total Return, Unhedged, ) 30.6% Latin America 34.9% Latin America 25.7% Asia 22.8% Asia 21.0% Central & Eastern Europe 33.8% Central & Eastern Europe 11.2% Middle East/Africa 8.5% Middle East/Africa 0.6% North America % North America -0.7% Currency Forwards % Currency Forwards 11.7% Cash % Cash Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 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. 92

94 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 461 % in top Historical Volatility Portfolio - 3 yr 5.97 Historical Tracking Error - 3 yr 1.47 Excess Returns - 3 yr R 2-3 yr 0.94 Beta - 3 yr 1.08 Swing Pricing (%) Subscription (%) 0.32 Redemption (%) 0.32 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (2) 1.39 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.14 Performance (Indexed) /00 05/02 05/04 05/06 05/08 05/10 05/12 05/14 05/16 05/18 05/20 Goldman Sachs Emerging Markets Debt Portfolio Base Shares JPM EMBI Global Diversified Index (1 Day Lag) Morningstar Global Emerging Markets Bond 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 (2.85) (5.81) (6.71) (4.57) JPM EMBI Global Diversified Index (1 Day (1.56) (3.61) (5.22) (1.76) Lag) Morningstar Global Emerging Markets Bond (1.67) (5.37) (5.70) (1.96) Quartile Position in Sector Base Shares (Acc.) (EUR-Hedged) (3.01) (6.44) (7.83) (6.77) JPM EMBI Global Diversified - EUR Hedged (1.80) (4.34) (6.57) (4.10) (1 day lag) Base Shares (Acc.) (2.84) (5.82) (6.71) (4.57) Calendar Year Performance (%) Base Shares JPM EMBI Global Diversified Index (1 Day Lag) Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 93

95 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) 8,791 Current Duration of Portfolio (years) 6.26 Current Duration of Reference 6.60 Benchmark (years) Yield To Maturity of Portfolio (%) 8.06 Yield To Worst of Portfolio (%) 8.05 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 (%) 66.8% External Sovereign 14.0% External Quasi-Sovereign 11.9% External Corporate AA A % Local Sovereign 0.3% Supranational % Local Corporate BBB BB % Other B % Cash CCC 0.3 CC 0.6 C 1.3 D NR 3.0 Cash 3.3 Derivatives Goldman Sachs Emerging Markets Debt Portfolio JP Morgan EMBI Global Diversified (Total Return, Unhedged, ) 34.4% Latin America 37.1% Latin America 22.9% Asia 22.6% Asia 2% Middle East/Africa 18.7% Middle East/Africa 16.7% Central & Eastern Europe 21.5% Central & Eastern Europe 1.6% Western Europe % Western Europe 0.8% North America 0.1% North America 0.3% Supranationals % Supranationals -0.1% Currency Forwards % Currency Forwards 3.3% 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 Reporting year end Reference Benchmark LU LU LU GSEMKDP LX GSEMDBE LX GSGEMBA LX Annually Daily 30 November JPM EMBI Global Diversified Index (1 Day Lag) Settlement T + 3 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. 94

96 PV Goldman Sachs Emerging Markets Absolute Return 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 investment and sub-investment grade emerging markets bonds and currencies via a vehicle with has the ability to alter its exposure without being constrained to a benchmark. Fund Data No. of holdings 83 Swing Pricing (%) Subscription (%) 0.21 Redemption (%) 0.21 Top 10 Currency Weights (%) Credit Allocation (%) United States Dollar Argentina Peso Indonesian Rupiah South African Rand Polish Zloty Hungarian Forint Colombian Peso Dominican Republic Peso Nigerian Naira Japanese Yen Singapore Dollar Other AAA 9.0 AA 3.2 A 6.6 BBB 20.2 BB 13.8 B 22.1 CCC 0.7 C 1.7 NR 1.4 Cash 21.0 Derivatives Asset Allocation (%) Region Allocation (%) Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (1) 1.45 Management Fee (%) 1.20 Distribution Fee (%) 0 Other Expenses (%) 0.25 Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 26 Current Duration of Portfolio (years) 2.97 Yield To Worst of Portfolio (%) 7.50 Fund Characteristics 39.0% External Sovereign 19.1% Local Sovereign 4.5% External Quasi-Sovereign % Local Quasi-Sovereign 7.3% External Corporate % Local Corporate % Supranational 9.1% Other 21.0% Cash 28.0% Latin America 15.2% Asia 13.4% Middle East/Africa 13.3% Central & Eastern Europe 9.0% North America 21.0% Cash Currency - Base Shares Inception Date - Base Shares Fund Domicile 21-Nov-17 Luxembourg Fund Facts ISIN - Base Shares LU Bloomberg Ticker - Base Shares GSEMBSI 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 30-Jun-18. 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. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 95

97 PV Goldman Sachs Short Duration 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (2) Morningstar Quartile (2) Fund Data No. of holdings 155 Historical Volatility Portfolio - 3 yr 3.83 Historical Tracking Error - 3 yr 3.83 Excess Returns - 3 yr 2.15 R 2-3 yr 0 Swing Pricing (%) Subscription (%) 0.36 Redemption (%) 0.36 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (3) 1.75 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.25 Performance (Indexed) /12 04/14 04/16 04/18 04/20 Goldman Sachs Short Duration Opportunistic Corporate Bond Portfolio Base Shares (5) ICE BofAML 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 5 Yrs Base Shares (5) ICE BofAML LIBOR 1-month Constant Maturity (LUS1) (4) Morningstar Flexible Bond (2) (0.32) (1.10) (1.75) Quartile Position in Sector (2) Calendar Year Performance (%) Base Shares ICE BofAML LIBOR 1-month Constant Maturity (LUS1) Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Short Duration Opportunistic Corporate Bond Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 215 Current Duration of Portfolio (years) (6) 2.66 Yield To Maturity of Portfolio (%) (6) 6.39 Yield To Worst of Portfolio (%) (6) 6.29 Sector Allocation (%) Country Bond Allocation (%) (6) 56.4% Unsecured High Yield 84.5% United States 18.6% Secured High Yield 10.6% Europe 4.4% Investment Grade 3.6% Canada 8.3% Bank Loans 1.3% Other 0.9% Other 0.1% Preferred & Equity 11.4% Cash & Cash Equivalents 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 ICE BofAML LIBOR 1-month Constant Maturity (LUS1) Settlement T + 3 Credit Allocation (%) (6) Top 10 Corporate Issuers (7) Security % A and Above Sprint Corporation 2.4 BBB 5.0 APX Group, Inc. 2.0 Rite Aid Corporation 1.9 BB 53.1 Viasat, Inc. 1.7 B 39.8 Next Limited Partnership Inc. 1.7 Charter Communications, Inc. 1.7 CCC and below 2.0 Liberty Global PLC 1.7 NR 0.1 Triumph Group Inc. 1.6 Transocean Ltd Weatherford International Ltd 1.6 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 August 07, 2017, the portfolio name changed from Goldman Sachs Opportunistic Corporate Bond Portfolio to Goldman Sachs Short Duration 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 2018 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. 97

99 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund (GBP) Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 205 % in top Historical Volatility Portfolio - 3 yr 5.40 Historical Tracking Error - 3 yr 1.05 Excess Returns - 3 yr R 2-3 yr 0.96 Beta - 3 yr 1.03 Swing Pricing (%) Subscription (%) 0.29 Redemption (%) 0.29 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) 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 12/18 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) (0.50) (0.22) (1.66) iboxx Sterling Non Gilts ( Total return, (0.44) (0.15) (1.31) unhedged, GBP ) (4) Morningstar GBP Corporate Bond (1) (0.26) (0.18) (1.56) 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 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Sterling Credit Portfolio Financial Information Net Asset Value (NAV) - Base Shares GBP Total Net Assets (m) GBP 44 Current Duration of Portfolio (years) 7.48 Current Duration of Reference 7.90 Benchmark (years) Yield To Maturity of Portfolio (%) 2.68 Yield To Worst of Portfolio (%) 2.65 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 (%) 66.4% Corporates - Inv. Grade 7.9% Asset-Backed Securities (ABS) 5.5% Quasi-Governments 3.7% Emerging Market Debt 3.4% Residential Mortgages (RMBS) 3.3% Corporates - High Yield 2.8% Governments 0.6% Covered Bonds 0.5% Commercial Mortgages (CMBS) 6.9% Cash -0.9% Derivatives 79.1% UK 13.0% US 5.2% Eurozone 2.4% Japan 0.1% Sweden 0.2% Other Credit Allocation (%) Top 10 Corporate Issuers (5) AAA AA A BBB CCC Cash Derivatives Security % KEMBLE WATER HOLDINGS LIMITED 3.7 BRITISH AMERICAN TOBACCO P.L.C. 2.8 RWE AKTIENGESELLSCHAFT 2.4 ANHEUSER-BUSCH INBEV 2.3 AVIVA PLC 2.3 BARCLAYS PLC 2.2 ELECTRICITE DE FRANCE 2.2 HSBC HOLDINGS PLC 2.1 LLOYDS BANKING GROUP PLC 1.8 BANK OF AMERICA CORPORATION Goldman Sachs Sterling Credit iboxx Sterling Non Gilts Portfolio Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 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. 99

101 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 855 % in top Historical Volatility Portfolio - 3 yr 1.94 Historical Tracking Error - 3 yr 0.87 Excess Returns - 3 yr R 2-3 yr 0.81 Beta - 3 yr 0.92 Swing Pricing (%) Subscription (%) 7 Redemption (%) 7 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (2) 1.01 Management Fee (%) 0.80 Distribution Fee (%) 0 Other Expenses (%) 0.21 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) (0.90) (0.89) Bloomberg Barclays US Securitized Index ( (2) 0.15 (0.90) (9) day lag) (3) Morningstar Government Bond (1) 2 (0.11) (1.30) (0.78) Quartile Position in Sector (1) Base Shares (Acc.) (4) (6) 0.19 (1.02) (0.83) Calendar Year Performance (%) Base Shares Bloomberg Barclays US Securitized Index (1 day lag) Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 US Mortgage Backed Securities Portfolio Financial Information Net Asset Value (NAV) - Base Shares 2.20 Net Asset Value (NAV) - Base Shares (Acc.) Total Net Assets (m) 413 Current Duration of Portfolio (years) 4.55 Current Duration of Reference 4.84 Benchmark (years) Yield To Maturity of Portfolio (%) 3.74 Yield To Worst of Portfolio (%) 3.72 Sector Allocation (%) Credit Allocation (%) 88.1% Residential Mortgages (RMBS) 18.5% Asset-Backed Securities (ABS) 12.7% Governments 0.1% Commercial Mortgages (CMBS) % Corporates - Inv. Grade % Covered Bonds -19.5% Cash % Derivatives AAA AA A BBB BB 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 30-Jun-18. 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 2018 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. 101

103 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings 164 % in top Historical Volatility Portfolio - 3 yr 6.22 Historical Tracking Error - 3 yr 1.05 Excess Returns - 3 yr R 2-3 yr 0.97 Beta - 3 yr 1.02 Swing Pricing (%) Subscription (%) 0.11 Redemption (%) 0.11 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (2) 1.30 Management Fee (%) 1.10 Distribution Fee (%) 0 Other Expenses (%) 0.20 Performance (Indexed) /15 11/15 05/16 11/16 05/17 11/17 05/18 11/18 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 3 Yrs Base Shares (3) 0.76 (1.42) (4.70) (2.76) (0.49) 0.89 BBG Barclays 60% EM LC Govt (cap) (unhedged), 40% 4.18 (0.96) (3.72) (1.76) Global Tsy (cap) ( Hgd) (4) Morningstar Global Bond (1) (0.53) (3.78) (2.52) 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 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Global Sovereign Bond Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 718 Current Duration of Portfolio (years) 6.07 Current Duration of Reference 6.82 Benchmark (years) Yield To Maturity of Portfolio (%) 4.09 Yield To Worst of Portfolio (%) 4.09 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 (%) 52.9% Emerging Market Debt 27.3% Government 12.8% Quasi-Government 7.4% Cash -0.4% Derivatives Region Bond Allocation (%) Goldman Sachs Global Sovereign Bond Portfolio 51.7% Asia 13.3% Western Europe 8.8% Latin America 8.1% Central & Eastern Europe 7.8% Supranational 2.3% Middle East/Africa 0.3% North America 0.2% Currency Forwards 7.4% 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) 42.9% Asia 18.2% Western Europe 11.6% Latin America 14.0% Central & Eastern Europe % Supranational 2.6% Middle East/Africa 10.7% North America % Currency Forwards % Cash Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 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 103

105 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Fund Data No. of holdings 327 Historical Volatility Portfolio - 1 yr 2.54 Excess Returns - 1 yr Swing Pricing (%) Subscription (%) 9 Redemption (%) 9 Initial Sales Charge: up to (%) 5.50 Ongoing Charges (%) (1) 1.51 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.26 Performance (Indexed) /15 02/16 08/16 02/17 08/17 02/18 08/18 Goldman Sachs Global Absolute Return Portfolio - Base Shares 3 Month Libor () 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 0.12 (0.36) (0.48) (2.54) (1.17) 3 Month Libor () Calendar Year Performance (%) Base Shares Month Libor () Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Global Absolute Return Portfolio Financial Information Market Exposure by Asset Class (%) (2) Net Asset Value (NAV) - Base Shares Total Net Assets (m) 229 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 30-Jun-18. 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) 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). 105

107 PV Goldman Sachs Global Income Builder Portfolio Investor Profile (1) 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 215 % in top Transaction Costs (%) 8 Commissions (%) 5 Other Costs (%) 3 Swing Pricing (%) Subscription (%) 0.25 Redemption (%) 0.21 Performance (Indexed) /14 09/14 03/15 09/15 03/16 09/16 03/17 09/17 03/18 09/18 Goldman Sachs Global Income Builder Portfolio - Base Shares Performance Summary (%) Morningstar Moderate Allocation Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs Base Shares (1.92) Morningstar Moderate Allocation (0.64) 0 (1.19) Quartile Position in Sector Calendar Year Performance (%) Base Shares Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) 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 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Income Builder Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 43 Current Duration of Portfolio (years) 2.03 Fund Characteristics Currency - Base Shares Inception Date - Base Shares 18-Mar-14 Fund Domicile Luxembourg Fund Facts ISIN - Base Shares LU Bloomberg Ticker - Base Shares GSIBPBS LX Dividend Distribution Frequency Annually Dealing and valuation Daily Reporting year end 30 November Settlement T + 3 Top 10 Industry Allocation Asset Allocation (%) Financials 15.3 Corporate Bonds HY 27.3 Health Care 12.8 Common Stock US 24.0 Information Technology 10.8 Common Stock Non-US 22.2 Energy 10.7 Corporate Bonds IG 13.0 Telecommunication Services 10.7 Bank Loan 5.2 Consumer Discretionary 10.7 Cash 2.9 Consumer Staples 6.7 REIT 2.5 Industrials 6.0 EM Corp/Quasi-Sov 1.5 Utilities 4.3 Preferred Stock 0.6 Materials 4.2 MLP 0.5 REITs 2.7 Other Fixed Income 0.3 Real Estate 1.2 Government *Other Fixed Income & Derivatives 0.9 Cash 2.9 Top 10 Corporate Issuers (3) Security % Royal Dutch Shell PLC 2.4 Pfizer Inc. 2.0 JP Morgan Chase & Co. 1.8 BP Plc 1.5 Johnson & Johnson 1.4 Intelsat 1.4 HCA Healthcare Inc. 1.3 Sprint Corp. 1.3 Cisco Systems 1.3 Charter Communications 1.2 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 07-Aug-2017, the portfolio moved from seeking to hedge foreign exchange risk arising only from fixed income holdings ( partially hedged ) to seeking to hedge foreign exchange risk arising from all portfolio holdings. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. 107

109 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 25 Historical Volatility Portfolio - 3 yr 6.56 Historical Tracking Error - 3 yr 2.34 Excess Returns - 3 yr R 2-3 yr 0.90 Beta - 3 yr 1.22 Transaction Costs (%) (1) 1 Commissions (%) 1 Other Costs (%) 0 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (2) 1.72 Management Fee (%) 1.35 Distribution Fee (%) 0 Other Expenses (%) 0.37 Performance (Indexed) /14 12/14 06/15 12/15 06/16 12/16 06/17 12/17 06/18 Goldman Sachs Wealthbuilder Multi-Asset Balanced Portfolio - Base Shares 50% Bloomberg Barclays Global Aggregate (Total Return, Hedged, ) & 50% MSCI W Morningstar Moderate Allocation 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 (1.04) (0.37) (2.14) % Bloomberg Barclays Global Aggregate (Total Return, Hedged, ) & 50% MSCI W Morningstar Moderate Allocation (0.64) 0 (1.19) Quartile Position in Sector Calendar Year Performance (%) Base Shares % Bloomberg Barclays Global Aggregate (Total Return, Hedged, ) & 50% MSCI W Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Wealthbuilder Multi-Asset Balanced Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 98 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 (Total Return, Hedged, ) & 50% MSCI W Settlement T + 3 Asset Allocation (%) Goldman Sachs Wealthbuilder Multi-Asset Balanced Portfolio 2.3% High Quality Fixed Income 26.1% Global Equity 11.2% Emerging Market Equity 15.3% Alternative Strategies 8.0% High Yield 16.2% Emerging Market Debt 6.0% Small Cap Equity 4.6% Real Assets 3.9% Macro FX Basket (Tilt) -5.1% Short German 30 Yr Bunds (Tilt) 2.9% US Large Cap Equity (Tilt) 0.5% US Technology Equity (Tilt) 0.4% Treasury Futures (Tilt) -1.4% Interest Rate Steepener (Tilt) 1.0% Japanese Equity (Tilt) 0.2% European Equity (Tilt) 0.6% Chinese Equity (Tilt) % 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 30-Jun-18. 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) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. 109

111 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 26 Historical Volatility Portfolio - 3 yr 4.11 Historical Tracking Error - 3 yr 2.15 Excess Returns - 3 yr R 2-3 yr 0.74 Beta - 3 yr 1.16 Transaction Costs (%) (1) 0 Commissions (%) 0 Other Costs (%) 0 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (2) 1.51 Management Fee (%) 1.25 Distribution Fee (%) 0 Other Expenses (%) 0.26 Performance (Indexed) /14 12/14 06/15 12/15 06/16 12/16 06/17 12/17 06/18 Goldman Sachs Wealthbuilder Multi-Asset Conservative Portfolio - Base Shares 70% Bloomberg Barclays Global Aggregate (Total Return, Hedged, ) & 30% MSCI W Morningstar Cautious Allocation 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 7.86 (0.79) (0.70) (2.10) % Bloomberg Barclays Global Aggregate (Total Return, Hedged, ) & 30% MSCI W Morningstar Cautious Allocation (0.56) (0.49) (1.38) Quartile Position in Sector Calendar Year Performance (%) Base Shares % Bloomberg Barclays Global Aggregate (Total Return, Hedged, ) & 30% MSCI W Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Wealthbuilder Multi-Asset Conservative Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 726 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 70% Bloomberg Barclays Global Aggregate (Total Return, Hedged, ) & 30% MSCI W Settlement T + 3 Asset Allocation (%) Goldman Sachs Wealthbuilder Multi-Asset Conservative Portfolio 32.8% High Quality Fixed Income 6.2% Global Equity 8.0% Emerging Market Equity 17.5% Alternative Strategies 7.0% High Yield 10.7% Emerging Market Debt 4.5% Small Cap Equity 4.1% Real Assets 2.6% Macro FX Basket (Tilt) -5.3% Short German 30 Yr Bunds (Tilt) 1.9% US Large Cap Equity (Tilt) 0.3% US Technology Equity (Tilt) 0.4% Treasury Futures (Tilt) -1.5% Interest Rate Steepener (Tilt) 0.7% Japanese Equity (Tilt) 0.2% European Equity (Tilt) 0.5% Chinese Equity (Tilt) % Cash 70% Barclays Global Agg Bond (Hedged) 30% MSCI World (Net) (50% Hedged) 7% High Quality Fixed Income 3% Global Equity Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. 111

113 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Index Morningstar Sector av. Morningstar Quartile Fund Data No. of holdings 22 Historical Volatility Portfolio - 3 yr 8.39 Historical Tracking Error - 3 yr 2.65 Excess Returns - 3 yr R 2-3 yr 0.93 Beta - 3 yr 1.21 Transaction Costs (%) (1) 1 Commissions (%) 1 Other Costs (%) 0 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (2) 1.82 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.32 Performance (Indexed) /14 12/14 06/15 12/15 06/16 12/16 06/17 12/17 06/18 Goldman Sachs Wealthbuilder Multi-Asset Growth Portfolio - Base Shares 30% Bloomberg Barclays Global Aggregate (Total Return, Hedged, ) & 70% MSCI W Morningstar Aggressive Allocation 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 (1.21) 0 (1.94) % Bloomberg Barclays Global Aggregate (Total Return, Hedged, ) & 70% MSCI W Morningstar Aggressive Allocation (0.87) 0.61 (1.12) Quartile Position in Sector Calendar Year Performance (%) Base Shares % Bloomberg Barclays Global Aggregate (Total Return, Hedged, ) & 70% MSCI W Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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 Growth Portfolio Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 418 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 30% Bloomberg Barclays Global Aggregate (Total Return, Hedged, ) & 70% MSCI W Settlement T + 3 Asset Allocation (%) Goldman Sachs Wealthbuilder Multi-Asset Growth Portfolio % High Quality Fixed Income 35.6% Global Equity 15.1% Emerging Market Equity 6.9% Alternative Strategies 4.3% High Yield 11.8% Emerging Market Debt 8.8% Small Cap Equity 5.7% Real Assets 5.2% Macro FX Basket (Tilt) -4.9% Short German 30 Yr Bunds (Tilt) 3.1% US Large Cap Equity (Tilt) 0.6% US Technology Equity (Tilt) -1.5% Interest Rate Steepener (Tilt) 1.4% Japanese Equity (Tilt) 0.4% European Equity (Tilt) 0.7% Chinese Equity (Tilt) % Cash 30% Barclays Global Agg Bond (Hedged) 70% MSCI World (Net) (50% Hedged) 3% High Quality Fixed Income 7% Global Equity Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. 113

115 PV Goldman Sachs Emerging Markets Multi-Asset 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 for capital appreciation and income by accessing broad exposure to Emerging Markets. The portfolio will actively allocate across bonds, equities and currency, predominantly in Emerging Market countries. Diversification does not protect an investor from market risk and does not ensure a profit. Fund Data No. of holdings 247 Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (2) 1.80 Management Fee (%) 1.40 Distribution Fee (%) 0 Other Expenses (%) 0.40 Financial Information Net Asset Value (NAV) - Base Shares Total Net Assets (m) 62 Fund Characteristics Currency - Base Shares Inception Date - Base Shares Fund Domicile Fund Facts 14-Dec-17 Luxembourg ISIN - Base Shares LU Bloomberg Ticker - Base Shares GSTBASE LX Dividend Distribution Frequency Annually Dealing and valuation Daily Reporting year end 30 November Settlement T + 3 Asset Allocation (%) Port Weight% Region Allocation (%) Top 10 Holdings (1) 16.4% External Sovereign 22.3% Local Sovereign 7.0% Corporate % Supranational 53.2% Equity -0.3% Other 2.0% Cash 49.7% Asia 23.8% Latin America 12.6% Europe 11.2% Africa / Middle East 1.3% Other 2.0% Cash Name Port Weight% NIFTY 50 Futures (Equity) 5.7 Tencent Holdings (Equity) 3.4 Samsung Electronics (Equity) 2.3 Alibaba Group (Equity) 2.3 Mexican Govt. 6.5% 09 Jun A 2.1 (Fixed Income) Taiwan Semiconductor Manufacturing 1.8 Company (Equity) Argentinian Govt. FRN 21 Jun 2020 (Fixed 1.7 Income) Ping An Insurance (Equity) 1.2 Kweichow Moutai (Equity) 1.2 South African Govt. 8.5% 31 Jan (Fixed Income) Benchmark Weight% 15.0% External Sovereign 3% Local Sovereign 15.0% Corporate % Supranational 4% Equity % Other % Cash Top 10 Country Weight China 17.6 South Africa 7.4 Korea 7.4 Indonesia 6.2 India 5.9 Brazil 5.1 Mexico 4.7 Poland 4.2 Argentina 4.2 Russia 3.7 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. 114

116 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 (%) 30-Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun-18 Fund () Morningstar Sector av. (1) Morningstar Quartile (1) Fund Data No. of holdings (2) 149 Transaction Costs (%) 2 Commissions (%) 2 Other Costs (%) 0 Swing Pricing (%) Subscription (%) 0.32 Redemption (%) 0.32 Performance (Indexed) /12 10/14 10/16 10/18 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 5 Yrs Base Shares (Acc.) (4) (1.95) Morningstar Moderate Allocation (1) (0.64) 0 (1.19) Quartile Position in Sector (1) Calendar Year Performance (%) Base Shares (Acc.) Initial Sales Charge: up to (%) 5.50 Performance Fee Rate (%) N/A Ongoing Charges (%) (3) 1.72 Management Fee (%) 1.50 Distribution Fee (%) 0 Other Expenses (%) 0.22 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. Past performance does not guarantee future results, which may vary. * 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. There is no guarantee that these objectives will be met. 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. 115

117 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) 465 Fund Characteristics Currency - Base Shares (Acc.) Inception Date - Base Shares (Acc.) Fund Domicile 02-Oct-12 Luxembourg Corporates Equity Securitized TOLL BROTHERS FINANCE CORP % 15 APR BROOKFIELD RESIDENTIAL PR 6.5% 15 DEC A STANDARD INDUSTRIES INC 5.375% 15 NOV A 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 %) LEHMAN XS TRUST 3A N FRN 25 FEB 2037 ALTERNATIVE LOAN TRU A1D 2006-OA16 FRN 25 OCT 2046 FEDERAL HOME LOAN MOR M DNA3 FRN 25 APR Top 3 Equity Holdings (MV %) LENNAR CORPORATION 1.9 D.R. HORTON, INC. 1.7 N V R INC 1.5 Please see Additional Notes. All performance and holdings data as at 30-Jun-18. 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 2018 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. 116

118 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. 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. 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. 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. Ongoing Charges The ongoing charges figure is based on the fund s expenses during the previous 12 months, on a rolling basis. It excludes transaction costs and performance fees incurred by the fund. 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.

119 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 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.

120 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-12/