Green, Social & Impact Bonds

1. Goldman Sachs Social Bond

Investment Objective and policy: Measured over a period of 5 years we aim to beat the performance of the benchmark iBoxx EUR Investment Grade Social Bonds (10% Issuer Cap). The benchmark is a broad representation of our investment universe. The fund can also include bonds that are not part of the benchmark universe. We actively manage the fund with a focus on bond selection. We combine our analysis on specific issuers of bonds with a broader ESG and market analysis to construct the optimal portfolio. We aim to exploit differences in valuations of issuers of bonds within sectors and differences in valuations between sectors and different quality segments (ratings). Therefore, the fund positioning can materially deviate from the benchmark. To determine our eligible universe, we check if the selected bonds adhere to the Social Bond Principles as formulated by the International Capital Market Association. Furthermore, issuers are screened using exclusionary screening. For risk management purposes, sector and country deviation limits are maintained relative to the benchmark

Type of Assets in Which Fund May Invest: The fund mainly invests in a portfolio of Social bonds and money market instruments of high quality (with a rating of AAA to BBB-) mainly denominated in Euro. Social bonds are any type of bond instruments where the proceeds will be applied to finance or re-finance in part or in full new and/or existing projects that provide clear social benefits especially but not exclusively for a target population(s). The fund may also invest in sustainability bonds. The fund may invest in bonds with a higher risk (with a quality rating lower than BBB-) up to 10% of its net assets

Actively or Not Actively Managed Against Benchmark + Degree of Freedom from Benchmark: We actively manage this fund with a focus on bond selection.

Leverage: NA

SFDR Classification: Article 9

Risks: The risk of this fund is set at 2 (on a scale of 1 - lower risk to 7 - higher risk). Historical data, such as is used for calculating this indicator, may not be a reliable indication of the future risk profile of this fund. There is no guarantee that the risk indicator will remain unchanged, it may shift over time. The lowest category of risk does not mean that the investment is risk free. This fund is in category 2 because of the behaviour of the product during the measuring period. The overall market risk associated with the bonds or other financial instruments used to reach the investment objectives is considered medium. These financial instruments are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers of these financial instruments who are themselves affected by the general world economic situation and the economic and political conditions in each country. Expected credit risk, the risk of failure of the issuers of underlying investments is medium. The fund’s liquidity risk is set to medium. Liquidity risks arise when a specific underlying investment is difficult to sell. No guarantee is provided as to the recovery of the initial investment. Based on the assessment of the sustainability risks, the sustainability risk profile of the Sub-Fund can be categorized as high, medium or low. The risk profile indicates on a qualitative basis, the likelihood and level of the negative impacts due to sustainability risks on the performance of the fund. This is based on the level and result of integration of environmental, social and governance factors in the investment process of the fund. The sustainability risk profile of the fund is medium.

C&C / Fees overview

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. Details of the fees payable by you in connection with the fund are set out in the fund’s offering documents/ MiFID II costs and charges document. The fees are the fees the fund charges to investors to cover the costs of running the Fund, which will impact on the overall return which an investor receives. Additional costs, including transaction fees, will also be incurred. These costs are paid out by the Fund, which will impact on the overall return of the Fund. Fund charges will be incurred in multiple currencies, meaning that payments may increase or decrease as a result of currency exchange fluctuations. All charges will be paid out by the Fund, which will impact on the overall return of the Fund. Any future returns will be subject to tax which depends on the personal tax situation of each investor, which may change over time. The cost may increase or decrease as a result of currency and exchange rate fluctuations.

2. Goldman Sachs Global Impact Corporate Bond

Investment Objective and policy: Measured over a period of 5 years the fund aims to beat the performance of the benchmark iBoxx Global Green, Social & Sustainable Bonds EUR Hedged Total Return Index (EUR) – Corporates. The benchmark is a broad representation of the fund’s investment universe. The fund may also include investments into bonds that are not part of the benchmark universe. The fund is actively managed with a focus on bond selection where analysis of specific issuers of bonds is combined with a broader market analysis to construct the optimal portfolio, with deviation limits maintained relative to the benchmark. The aim is to exploit differences in valuations of issuers of bonds between sectors and differences in valuations between sectors and different quality segments (ratings). Therefore, the fund’s investments can materially deviate from the benchmark. You can sell your participation in this fund on each (working) day on which the value of the units is calculated, which for this fund occurs daily. The fund does not aim to provide you with a dividend. It will reinvest all earnings. To determine our eligible universe, we check if the selected bonds adhere to the Green Bond Principles as formulated by the International Capital Market Association. Furthermore, issuers are screened using exclusionary screening. For risk management purposes, sector and country deviation limits are maintained relative to the benchmark.

Type of Assets in Which Fund May Invest: The fund invests at least 85% of its net assets in a portfolio of green bonds and money market instruments of high quality (with a rating of AAA to BBB-) mainly denominated in Euro. Green bonds are bond instruments where the proceeds will be applied to finance or re-finance in part or in full new and/or existing projects that are beneficial to the environment. The fund may invest in bonds with a higher risk (with a quality rating lower than BBB-) up to 10% of its net assets.

Actively or Not Actively Managed Against Benchmark + Degree of Freedom from Benchmark: We actively manage this fund with a focus on bond selection.

Leverage: NA

SFDR Classification: Article 9

Risks: The risk of this fund is set at 2 (on a scale of 1 - lower risk to 7 - higher risk). Historical data, such as is used for calculating this indicator, may not be a reliable indication of the future risk profile of this fund. There is no guarantee that the risk indicator will remain unchanged, it may shift over time. The lowest category of risk does not mean that the investment is risk free. This fund is in category 2 because of the behaviour of the product during the measuring period. The overall market risk,taking into account past performances and future potential evolution of the markets, associated with bonds used to reach the investment objective is considered medium. These financial instruments are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers of these financial instruments who are themselves affected by the general world economic situation and the economic and political conditions in each country. Expected credit risk, the risk of failure of the issuers of underlying investments is medium. The Sub-Fund’s liquidity risk is set to medium. Liquidity risks arise when a specific underlying investment is difficult to sell. Moreover, currency fluctuation may impact highly the Sub-Fund’s performance. No guarantee is provided as to the recovery of the initial investment.

C&C / Fees overview

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. Details of the fees payable by you in connection with the fund are set out in the fund’s offering documents/ MiFID II costs and charges document. The fees are the fees the fund charges to investors to cover the costs of running the Fund, which will impact on the overall return which an investor receives. Additional costs, including transaction fees, will also be incurred. These costs are paid out by the Fund, which will impact on the overall return of the Fund. Fund charges will be incurred in multiple currencies, meaning that payments may increase or decrease as a result of currency exchange fluctuations. All charges will be paid out by the Fund, which will impact on the overall return of the Fund. Any future returns will be subject to tax which depends on the personal tax situation of each investor, which may change over time. The cost may increase or decrease as a result of currency and exchange rate fluctuations.

3. Goldman Sachs Green Bond

Investment Objective and policy: Measured over a period of 5 years we aim to beat the performance of the benchmark Bloomberg MSCI Euro Green Bond Index. The benchmark is a broad representation of our investment universe. The fund can also include bonds that are not part of the benchmark universe. We actively manage the fund with a focus on bond selection. We combine our analysis on specific issuers of bonds with a broader ESG and market analysis to construct the optimal portfolio. We aim to exploit differences in valuations of issuers of bonds within sectors and differences in valuations between sectors and different quality segments (ratings). Therefore, the fund positioning can materially deviate from the benchmark. The fund does not aim to provide you with a dividend. It will reinvest all earnings. To determine our eligible universe, we check if the selected bonds adhere to the Green Bond Principles as formulated by the International Capital Market Association. Furthermore, issuers are screened using exclusionary screening. For risk management purposes, sector and country deviation limits are maintained relative to the benchmark.

Type of Assets in Which Fund May Invest: The fund primarily invests in a portfolio of global corporate green bonds of high quality (with a rating of AAA to BBB-) mainly denominated in Euro. Green bonds are bond instruments where the proceeds will be applied to finance or re-finance new and/or existing projects that are beneficial to the environment. The fund may invest in bonds with a higher risk (with a quality rating lower than BBB-) up to 10% of its net assets.

Actively or Not Actively Managed Against Benchmark + Degree of Freedom from Benchmark: We actively manage this fund with a focus on bond selection.

Leverage: NA

SFDR Classification: Article 9

Risks: The risk of this fund is set at 3 (on a scale of 1 - lower risk to 7 - higher risk). Historical data, such as is used for calculating this indicator, may not be a reliable indication of the future risk profile of this fund. There is no guarantee that the risk indicator will remain unchanged, it may shift over time. The lowest category of risk does not mean that the investment is risk free. This fund is in category 3 because of the behaviour of the product during the measuring period. The overall market risk, taking into account past performances and future potential evolution of the markets, associated with bonds used to reach the investment objective is considered medium. These financial instruments are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers of these financial instruments who are themselves affected by the general world economic situation and the economic and political conditions in each country. Expected credit risk, the risk of failure of the issuers of underlying investments is medium. The Sub-Fund’s liquidity risk is set to medium. Liquidity risks arise when a specific underlying investment is difficult to sell. Moreover, currency fluctuation may impact highly the Sub-Fund’s performance. No guarantee is provided as to the recovery of the initial investment.

C&C / Fees overview

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. Details of the fees payable by you in connection with the fund are set out in the fund’s offering documents/ MiFID II costs and charges document. The fees are the fees the fund charges to investors to cover the costs of running the Fund, which will impact on the overall return which an investor receives. Additional costs, including transaction fees, will also be incurred. These costs are paid out by the Fund, which will impact on the overall return of the Fund. Fund charges will be incurred in multiple currencies, meaning that payments may increase or decrease as a result of currency exchange fluctuations. All charges will be paid out by the Fund, which will impact on the overall return of the Fund. Any future returns will be subject to tax which depends on the personal tax situation of each investor, which may change over time. The cost may increase or decrease as a result of currency and exchange rate fluctuations.

4. Goldman Sachs Biodiversity Bond

Investment Objective and policy: The fund uses the Bloomberg Global Aggregate Corporate Bond Index for portfolio construction. However, the fund does not intend to measure its performance against that index. The benchmark is a broad representation of our investment universe. The fund can also include bonds that are not part of the benchmark Universe. We combine our analysis on specific issuers of bonds with a broader ESG and market analysis to construct the optimal portfolio. We aim to exploit differences in valuations of issuers of bonds within sectors and differences in valuations between sectors and different quality segments (ratings). Therefore the fund positioning can materially deviate from the benchmark. The fund does not aim to provide you with a dividend. It will reinvest all earnings. To determine our eligible universe, we check if the selected bonds either:

bonds whereby the use of proceeds are not based on the International Capital Market Association’s (ICMA) voluntary principles for self-labelled Green, Social and Sustainability bonds (“Unlabelled Bonds”) but which are issued by companies which have any revenues contributing positively to SDG 6 (Clean water and Sanitation) and/or SDG 12 (Responsible consumption and Production) and/or SDG 14 (Life below water) and/or SDG 15 (Life on Land); or green, social and sustainability bonds defined as fixed income securities in which the proceeds will be applied to projects or activities that promote green, social and sustainability purposes through their use of proceeds based on the ICMA’s voluntary principles for self-labelled Green, Social and Sustainability bonds (“Labelled Bonds”), with specific alignment to SDG 6 and/or SDG 12 and/or SDG 14 and/or SDG 15.

Type of Assets in Which Fund May Invest: The fund mainly invests in a portfolio global bonds from corporate issuers and money market instruments of high quality (with a rating of AAA to BBB-). The fund may invest in bonds with a higher risk (with a quality rating lower than BBB-) up to 20% of its net assets.

Actively or Not Actively Managed Against Benchmark + Degree of Freedom from Benchmark: We actively manage this fund with a focus on bond selection.

Leverage: NA

SFDR Classification: Article 9

Risks: The risk of this fund is set at 3 (on a scale of 1 - lower risk to 7 - higher risk). Historical data, such as is used for calculating this indicator, may not be a reliable indication of the future risk profile of this fund. There is no guarantee that the risk indicator will remain unchanged, it may shift over time. The lowest category of risk does not mean that the investment is risk free. This fund is in category 3 because of the behaviour of the product during the measuring period. The overall market risk, taking into account past performances and future potential evolution of the markets, associated with bonds used to reach the investment objective is considered medium. These financial instruments are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers of these financial instruments who are themselves affected by the general world economic situation and the economic and political conditions in each country. Expected credit risk, the risk of failure of the issuers of underlying investments is medium. The Sub-Fund’s liquidity risk is set to medium. Liquidity risks arise when a specific underlying investment is difficult to sell. Moreover, currency fluctuation may impact highly the Sub-Fund’s performance. No guarantee is provided as to the recovery of the initial investment.

C&C / Fees overview

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. Details of the fees payable by you in connection with the fund are set out in the fund’s offering documents/ MiFID II costs and charges document. The fees are the fees the fund charges to investors to cover the costs of running the Fund, which will impact on the overall return which an investor receives. Additional costs, including transaction fees, will also be incurred. These costs are paid out by the Fund, which will impact on the overall return of the Fund. Fund charges will be incurred in multiple currencies, meaning that payments may increase or decrease as a result of currency exchange fluctuations. All charges will be paid out by the Fund, which will impact on the overall return of the Fund. Any future returns will be subject to tax which depends on the personal tax situation of each investor, which may change over time. The cost may increase or decrease as a result of currency and exchange rate fluctuations.

Risk Considerations

Please note that for the purposes of the European Sustainable Finance Disclosure Regulation (“SFDR”), the product is an Article 9 product that has 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. Any ESG characteristics, views, assessments, claims or similar referenced herein (i) will be based on, and limited to, the consideration of specific ESG attributes or metrics related to a product, issuer or service and not their broader or full ESG profile, and unless stated otherwise, (ii) may be limited to a point of time assessment and may not consider the broader lifecycle of the product, issuer or service, and (iii) may not consider any potential negative ESG impacts arising from or related to the product, issuer or service. 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.

Capital is at risk.

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. Any ESG characteristics, views, assessments, claims or similar referenced herein (i) will be based on, and limited to, the consideration of specific ESG attributes or metrics related to a product, issuer or service and not their broader or full ESG profile, and unless stated otherwise, (ii) may be limited to a point of time assessment and may not consider the broader lifecycle of the product, issuer or service, and (iii) may not consider any potential negative ESG impacts arising from or related to the product, issuer or service.

Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity, interest rate, prepayment and extension risk. Bond prices fluctuate inversely to changes in interest rates. Therefore, a general rise in interest rates can result in the decline in the bond’s price.  The value of securities with variable and floating interest rates are generally less sensitive to interest rate changes than securities with fixed interest rates. Variable and floating rate securities may decline in value if interest rates do not move as expected. Conversely, variable and floating rate securities will not generally rise in value if market interest rates decline. Credit risk is the risk that an issuer will default on payments of interest and principal. Credit risk is higher when investing in high yield bonds, also known as junk bonds. Prepayment risk is the risk that the issuer of a security may pay off principal more quickly than originally anticipated. Extension risk is the risk that the issuer of a security may pay off principal more slowly than originally anticipated. All fixed income investments may be worth less than their original cost upon redemption or maturity.

When interest rates increase, fixed income securities will generally decline in value. Fluctuations in interest rates may also affect the yield and liquidity of fixed income securities.

International securities may be more volatile and less liquid and are subject to the risks of adverse economic or political developments. International securities are subject to greater risk of loss as a result of, but not limited to, the following: inadequate regulations, volatile securities markets, adverse exchange rates, and social, political, military, regulatory, economic or environmental developments, or natural disasters.

The risk of foreign currency exchange rate fluctuations may cause the value of securities denominated in such foreign currency to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced for investments in securities of issuers located in, or otherwise economically tied to, emerging countries. If applicable, investment techniques used to attempt to reduce the risk of currency movements (hedging), may not be effective. Hedging also involves additional risks associated with derivatives.

Mutual funds are subject to various risks, as described fully in each Fund’s prospectus. There can be no assurance that the Funds will achieve their investment objectives. The Funds may be subject to style risk, which is the risk that the particular investing style of the Fund (i.e., growth or value) may be out of favor in the marketplace for various periods of time.

Exchange-Traded Funds are subject to risks similar to those of stocks. Investment returns may fluctuate and are subject to market volatility, so that an investor’s shares, when redeemed, or sold, may be worth more or less than their original cost. ETFs may yield investment results that, before expenses, generally correspond to the price and yield of a particular index. There is no assurance that the price and yield performance of the index can be fully matched.

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

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Important Information

This financial promotion is provided by Goldman Sachs Asset Management B.V.

This is a marketing communication published by Goldman Sachs Asset Management B.V. (“GSAM B.V.”) and intended for MiFID professional investors only. Please refer to the fund documentation before making any final investment decisions. The prospectus, the Key Information Document (KID) or UK Key Investor Information Document (KIID) (as 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 am.gs.com/documents in the relevant languages of the countries where the fund is registered or notified for marketing purposes. Information about investor rights and collective redress mechanisms are available on am.gs.com/policies-and-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.

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Messaggio pubblicitario con finalità promozionali. Prima dell'adesione leggere il KID, che il proponente l’investimento deve consegnare prima della sottoscrizione, e il Prospetto disponibile sul sito Internet: https://am.gs.com/it-it/advisorse presso gli intermediari collocatori.

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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.

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