Goldman Sachs Green and Social Bond Funds Impact Report

Disclosures          

There is no guarantee that objectives will be met.

The engagement/proxy voting highlights presented here outline examples of Goldman Sachs Asset Management initiatives, there is no assurance that Goldman Sachs’ engagement/proxy voting directly caused the outcome described herein.

Risk and Reward Profile

The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. The real risk may be significantly different if the Product is not held to maturity. The risk indicator assumes you keep the Product for 5 years.

We have classified the five funds covered in this report – Goldman Sachs Green Bond, Goldman Sachs Green Bond Short Duration, Goldman Sachs Corporate Green Bond, Goldman Sachs Sovereign Green Bond and Goldman Sachs Social Bond – as 3 out of 7, which is a medium-low risk class. This rates the potential losses from future performance at a medium-low level, and poor market conditions are unlikely to impact the fund's capacity to pay you.

Be aware of currency risk when the currency of the fund is different than the official currency of the Member State where the Fund is marketed to you. You will receive payments in a different currency than the official currency of the Member State where the Fund is marketed to you, so the final return you will get depends on the exchange rate between the two currencies. The risk is not considered in the indicator shown above.

The relevant risks of all five funds are the following:

Market risk: This risk is associated with financial instruments that are affected by the economic development of individual companies, by the overall situation of the global economy and by the economic and political conditions prevailing in each relevant country.

Credit risk: Possible failure of the issuers of underlying investments may impact the value of your investments.

Liquidity risk: Underlying investment may be difficult to sell, which would impact your ability to redeem your investment.

Sustainability risk: Occurrence of an environmental, social or governance event or condition, that could cause an actual or a potential material negative impact on the value of investments.

An additional relevant risk of the Goldman Sachs Corporate Green Bond fund is the following:

Hedging share classes, a method to try to manage specific interest rate risk, may lead to additional credit risk and to residual market risk depending on the effectiveness of the hedging performed.

An additional relevant risk of the Goldman Sachs Social Bond fund is the following:

Concentration risk: Investments concentrated in a specific region or theme could be highly impacted by a single event.

Complete information on the risks of investing in each Fund are set out in the Fund’s prospectus.

Disclosures

Please note that for the purposes of the European Sustainable Finance Disclosure Regulation (“SFDR”), these products are Article 9 products that have a sustainable investment objective. Please note that this material includes certain information on Goldman Sachs sustainability practices and track record, at an organizational and investment team level, which may not necessarily be reflected in the portfolio. Please refer to the offering documents of any product(s) prior to investment, for details on how and the extent to which the product(s) takes ESG considerations into account on a binding or non-binding basis.

Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

Capital is at risk.

THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY

PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.

This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.

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.

 Fund and benchmark performance comparison is calculated on the basis of the net asset value per unit: NAV-NAV (excluding any initial charge; distribution reinvested), with income reinvested.

Emerging markets securities may be less liquid and more volatile and are subject to a number of additional risks, including but not limited to currency fluctuations and political instability. This material contains information that pertains to past performance or is the basis for previously made discretionary investment decisions. This information should not be construed as a current recommendation, research or investment advice. It should not be assumed that any investment decisions shown will prove to be profitable, or that any investment decisions made in the future will be profitable or will equal the performance of investments discussed herein. Any mention of an investment decision is intended only to illustrate our investment approach and/or strategy and is not indicative of the performance of our strategy as a whole. Any such illustration is not necessarily representative of other investment decisions.

Company names and logos, excluding those of Goldman Sachs and any of its affiliates, are trademarks™ or registered® trademarks of their respective holders. Use by Goldman Sachs does not imply or suggest a sponsorship, endorsement or affiliation.

This material has been prepared by Goldman Sachs Asset Management and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). 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. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current, and GSAM has no obligation to provide any updates or changes. It should not be relied upon in making an investment decision.

Portfolio holdings and/or allocations shown above are as of the date indicated and may not be representative of future investments. The holdings and/or allocations shown may not represent all of the portfolio’s investments. Future investments may or may not be profitable. 

Environmental, Social, and Governance (ESG) strategies may take risks or eliminate exposures found in other strategies or broad market benchmarks that may cause performance to diverge from the performance of these other strategies or market benchmarks. ESG strategies will be subject to the risks associated with their underlying investments’ asset classes. Further, the demand within certain markets or sectors that an ESG strategy targets may not develop as forecasted or may develop more slowly than anticipated.

This marketing communication is published by Goldman Sachs Asset Management B.V., a UCITS/AIF management company domiciled in the Netherlands and is intended for MiFID professional investors only.

This marketing communication has been prepared solely for the purpose of information and does not constitute an offer, in particular a prospectus or any invitation to treat, buy or sell any security or to participate in any trading strategy or the provision of investment services or investment research. While particular attention has been paid to the contents of this marketing communication, no guarantee, warranty or representation, express or implied, is given to the accuracy, correctness or completeness thereof.

Any information given in this marketing communication may be subject to change or update without notice. Neither Goldman Sachs Asset Management B.V., nor any other company or unit belonging to The Goldman Sachs Group Inc., nor any of its directors or employees can be held directly or indirectly liable or responsible with respect to this marketing communication. Use of the information contained in this marketing communication is at your own risk.

This marketing communication and information contained herein must not be copied, reproduced, distributed or passed to any person other than the recipient without Goldman Sachs Asset Management B.V.’s prior written consent. Goldman Sachs Green Bond, Goldman Sachs Green Bond Short Duration, Goldman Sachs Corporate Green Bond, Goldman Sachs Sovereign Green Bond and Goldman Sachs Social Bond are sub-funds of Goldman Sachs Funds III, established in Luxembourg. Goldman Sachs Funds III is duly authorized by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. Both the fund and sub-funds are registered with the CSSF. The prospectus, the Key Information Document (KID) (if applicable), information on sustainability-related aspects of the fund (such as the SFDR classification), and other legally required documents relating to the fund (containing information about the fund, the costs and the risks involved) are available on www.gsam.com/responsible-investing (section Documents) in the relevant languages of the countries where the fund is registered or notified for marketing purposes.

Goldman Sachs Asset Management B.V. may decide to terminate the arrangements made for the marketing of the Fund in accordance with article 93a UCITS Directive and article 32a AIFM Directive as implemented in Dutch law in article 2:121ca and 2:124.0a Wft. Information about investor rights and collective redress mechanisms are available on www.gsam.com/responsible-investing (section Policies & Governance).

In the United Kingdom, this material is a financial promotion and has been approved by Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

This document has been issued by Goldman Sachs International, authorized 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.

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 based solely on the effect of swing pricing rather than price developments of underlying instruments.

Investment sustains risk. The decision to invest in a fund should take into account all the characteristics, objectives, and associated risks of a fund as described in the prospectus. The investment promoted concerns the acquisition of units or shares in a fund, and not in an underlying asset in which the fund invests. Please note that the value of any investment may rise or fall and that past performance is not indicative of future results and should in no event be deemed as such. A return on investment may increase or decrease as a result of currency fluctuation.

This marketing communication is not directed at and must not be acted upon by US Persons as defined in Rule 902 of Regulation S of the United States Securities Act of 1933 and is not intended and may not be used to solicit sales of investments or subscription of securities in countries where this is prohibited by the relevant authorities or legislation. Any claims arising out of or in connection with the terms and conditions of this disclaimer are governed by Dutch law.

This material has been issued or approved for use in or from Singapore by Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H).

The offer or invitation of the shares (the "Shares") of the fund(s) mentioned, does not relate to a collective investment scheme which is authorised under Section 286 of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA") and / or unless disclosed otherwise, is not recognised under Section 287 of the SFA. Any document or material issued in connection with the offer or sale is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. You should consider carefully whether the investment is suitable for you. The Fund is not authorised or recognised by the MAS and the Shares in the Fund are not allowed to be offered to the retail public, unless the Fund is also concurrently recognised under Section 287 of the SFA for offer to the retail public in Singapore. The list of Portfolios of the Fund that may be offered to the retail public in Singapore is available at: https://www.gsam.com/content/gsam/sgp/en/individual/fund-center/mutual-fund.html.

This material has not been registered as a prospectus with the MAS. Accordingly, this material and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of shares may not be circulated or distributed, nor may shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. The Shares are capital markets products other than prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Specified Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

Goldman Sachs hereby notifies each recipient of this material that is an Accredited Investor that GS is exempt from complying with certain compliance requirements under the Financial Advisers Act, Chapter 110 of Singapore ("FAA"), the Financial Advisers Regulations ("FAR") and the relevant Notices and Guidelines issued thereunder, in respect of any financial advisory service which GS may provide to such recipient. In particular, GS will be exempt from: (a) Section 25 of the FAA (relating to the disclosure of material information on collective investment schemes); (b) Section 27 of the FAA (which requires that there must be a reasonable basis for recommendations) when making recommendations on investment products to accredited investors, and capital markets products to expert investors; and (c) Section 36 of the FAA (which requires the disclosure of interests when making recommendations on securities in a circular or other similar written communication) when sending a circular or other similar written communication in which a recommendation is made in respect of securities.

The information in this presentation is intended for investors with residence/domicile in Switzerland. The Luxembourg domiciled fund(s) has/have been authorized by the Commission de Surveillance du Secteur Financier and as such can be marketed in or from Luxembourg. It/They has/have also been approved by the Swiss Financial Market Supervisory Authority FINMA for offer to non-qualified investors in Switzerland. Representative and Paying Agent in Switzerland  is State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, 8027 Zurich. The Prospectus, the Key Investor Information Documents (KIIDs), the Articles as well as the most recent annual and semi-annual reports may be obtained free of charge from the Representative in Switzerland.

Past performance is not indicative of future results. Historic performance, returns and financial market scenarios are no guarantee for future performance or returns. Each investment involves risks, in particular with regard to fluctuations in value and return, including the potential loss of the capital invested. Performance indications do not consider commissions levied at subscription and/or redemption. Fund specific costs and risks are detailed in the prospectus. In connection with the fund retrocessions may in accordance with the prospectus for Switzerland be paid as remuneration for offer in Switzerland.

Although reasonable care has been taken to ensure that the information is accurate, correct and complete, no guarantee, warranty or representation, express or implied, is given to the accuracy, timeliness, suitability, correctness or completeness of the content of this document and neither Goldman Sachs Asset Management B.V., Goldman Sachs Asset Management Holdings B.V. nor any other company within its ownership structure, nor any of their officers, directors or employees accept any liability for losses which might arise from making use of the information in this document and hereby expressly disclaim, to the fullest extent permitted by applicable law and/or regulation, all warranties, express, statutory or implied, regarding the information in this document and any results to be obtained from the use of this document and its contents, including but not limited to all warranties of merchantability, non-infringement, fitness for a particular purpose or use and all warranties arising from course of performance.

Confidentiality

No part of this material may, without GSAM’s prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person who is not an employee, officer, director or authorized agent of the recipient.

Documents providing further detailed information about the fund, including the articles of association, prospectus, supplement and KIID), annual/semi-annual report (as applicable), and a summary of your investor rights, are available free of charge in English language and as required, in your local language by navigating to your local language landing page viahttps://www.gsam.com/content/gsam/ain/en/advisors/literature-and-forms/literature.html and also from the fund’s paying and information agents. If GSAMFSL, the management company, decides to terminate its arrangement for marketing the fund in any EEA country where it is registered for sale, it will do so in accordance with the relevant UCITS rules.