Goldman Sachs Emerging Markets Ex-China Equity Portfolio Class I SD Shares/  LU2490199416  /

The Portfolio seeks to provide capital growth over the longer term. The Portfolio will mostly hold shares or similar instruments relating to emerging market companies excluding companies based in China. Such companies are either based in or earn most of their profits or revenues from emerging markets. The Portfolio may also invest in companies which are based anywhere in the world excluding companies that are domiciled in, or which derive the predominant proportion of their revenues from, China. The Portfolio will not invest more than 33% of its net assets in other types of companies, money market instruments and non-share related instruments. The Portfolio may use derivative instruments for efficient portfolio management purposes, to help manage risks and for investment purposes in order to seek to increase return. A derivative instrument is a contract between two or more parties whose value depends on the rise and fall of other underlying assets.

The Portfolio seeks to provide capital growth over the longer term.