GOLDMAN SACHS US EQUITY ESG R GBP

The Portfolio seeks long-term capital appreciation by investing primarily in a concentrated portfolio of equity securities of US companies that the Investment Adviser believes adhere to the Portfolio’s environmental, social and governance (“ESG”) criteria, exhibit a strong or improving ESG leadership, a strong industry position and financial resiliency relative to their regional peers. As part of the ESG investment process, the Portfolio will also seek to exclude from its investment universe companies that are, in the opinion of the Investment Adviser, directly engaged in and/or generating significant revenues from different sectors which, as at the date of the Prospectus, include but are not limited to tobacco, alcohol, weapons, adult entertainment and gambling. The list of excluded categories may be amended at the discretion of the Investment Adviser from time to time.