For Professional Investors Only – Not for Distribution to your Clients or the General Public.

Goldman Sachs US Mortgage Backed Securities PortfolioA sub fund of Goldman Sachs Funds SICAV

Product Focus

Thinking. Connecting. Delivering. With a market capitalisation of approximately US$5.9 trillion1, the Agency MBS market has developed into one of the largest segments of the US bond market and is one of the most liquid fixed income markets in the world. Goldman Sachs Asset Management Fixed Income team believes that mortgage markets are inefficient and a skilful manager can add value by thoughtfully taking active risk. Our strategy relies on adding value through a specialist approach, leveraging our proprietary models to uncover relative value opportunities across the mortgage market.

Key characteristics of the GS US Mortgage Backed Securities Portfolio

Case for investing in Mortgage Backed Securities

What is the GS US Mortgage Backed Securities Portfolio?

Who should consider investing?

Depth and breadth of mortgage team and platform

• Over 20 years experience managing securitised products portfolios and $80 billion1 in securitised assets across our fixed income platform

• Dedicated Securitised Team with experience across all product types, ranging from Agency MBS, Agency hybrids, Agency CMOs, to all segments of the residential credit and commercial real estate markets

• The advantage of leveraging the global resources of the MBS research, quantitative research, risk management, and government specialist teams across Goldman Sachs2

Research-intensive process

• Fundamental research and quantitative and technical analysis to uncover opportunities and relative value across the mortgage markets

• Focus on understanding the key drivers of performance in the Agency and Non-Agency MBS markets

• Extensive mortgage credit research capabilities covering all product types

Sophisticated proprietary models

• Industry-leading proprietary prepayment and risk management models to understand risk at multiple levels of granularity

• Proprietary ability to access and dissect individual mortgage pool information

• Proprietary loan-level credit, default and prepayment model that projects default and prepayment probability of every loan in a deal

• Income potential: We believe mortgage related securities have the potential to offer investors higher yields than equal maturity Treasuries.

• Opportunities through fundamental research: We think liquidity providers who do their credit “homework” should be rewarded over the course of the next few years, as fundamentally sound assets continue to perform and eventually are appropriately priced for their risk.

• Senior UK RMBS appear attractive: The asset class continues to offer solid collateral performance, significant credit enhancement, and attractive relative value3.

• Non-agency MBS remain attractive: We believe that improved technical and fundamental factors will continue to support attractive pricing. Home prices continue to beat expectations and affirm the strong positive momentum of the US housing market3.

It is a portfolio investing predominantly in US Agency and Non-Agency MBS and ABS securities to provide consistent risk-adjusted returns throughout investment cycles.

2014 BEST FUND HOUSE: SPECIALIST FIXED INCOME

Any investor seeking: • A high level of total return by investing in

US mortgage and asset backed securities

• Broad exposure to Residential Mortgage Backed Securities, Commercial Mortgage Backed Securities and Asset Backed Securities

• A source of diversification for fixed income portfolios

GERMANY | ITALY | SPAIN | FRANCE | NETHERLANDS*

For Professional Investors Only – Not for Distribution to your Clients or the General Public. PF/USMBS/0614/EN

Fund manager

Fund facts

Goldman Sachs US Mortgage Backed Securities Portfolio

For more information on this fund please contact your Goldman Sachs Asset Management Relationship Manager or visit www.gs.com/gsam

Goldman Sachs Asset Management employs a globally integrated team of over 225 investment professionals including experts in portfolio management, portfolio construction, credit research, product management, risk budgeting and trading. Our investment professionals are organised into teams ofspecialists, who are responsible for generating strategies within their areas of expertise. The MBS/ABS team is part of the Securitised team, which consist of 14 investment professionals, managing all major asset classes across the US and Europe, including RMBS, CMBS and Consumer ABS1.

* Morningstar Awards 2014 ©. Morningstar, Inc. All Rights Reserved. Awarded to Goldman Sachs Asset Management for Best Fund House: Specialist Fixed Income in Spain, France, Italy, Germany and the Netherlands. The category “Best Fund House: Specialist Fixed Income” takes into account fund houses with 3 or more but fewer than 15 fixed income funds with a minimum of 5 years Morningstar rating history. Those funds are assessed via a scoring system based on risk adjusted long term returns as well as qualitative characteristics pertaining to the fund house.

1 As of December 2011. 2 GSAM leverages the resources of Goldman Sachs & Co. subject to Chinese Wall restrictions. 3 As of 31 August 2012. 4 Base Distribution share class.This material is provided at your request for informational purposes only. It is not an offer or solicitation to buy or sell any securities. THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORISED OR UNLAWFUL TO DO SO. 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. This marketing material has been issued by Goldman Sachs International, which is authorised and regulated by the United Kingdom Financial Conduct Authority (FCA). It only contains selected information on this fund and does not constitute an offer to buy shares in the fund. Prior to an investment, prospective investors should carefully read the latest 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 incorporation, prospectus, simplified prospectus/key investor information document as applicable and latest annual/semi-annual report are available free of charge from the fund’s paying and information agent, and/or from your financial advisor. Financial advisers generally suggest a diversified portfolio of investments. The fund described herein does not represent a diversified investment by itself. An investor should only invest if he/she has the necessary financial resources to bear a complete loss of this investment. This information must not be misconstrued 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 must neither be misconstrued 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. The information contained herein is only intended as a product description and is not prepared by the Goldman Sachs Global Investment Research (GIR) Department. The views and opinions expressed herein are valid as of the date of this publication only and may differ from the views and opinions expressed by the GIR Department or other departments or divisions of Goldman Sachs and its affiliates. Goldman Sachs International has no obligation to provide any updates or changes. The strategy may include the use of derivatives. Derivatives often involve a high degree of financial risk because a relatively small movement in the price of the underlying security or benchmark may result in a disproportionately large movement in the price of the derivative and are not suitable for all investors. No representation regarding the suitability of these instruments and strategies for a particular investor is made. 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 recognised 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. References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark. Tracking Error (TE) is one possible measurement of the dispersion of a portfolio’s returns from its stated benchmark. More specifically, it is the standard deviation of such excess returns. TE figures are representations of statistical expectations falling within “normal” distributions of return patterns. Normal statistical distributions of returns suggests that approximately two thirds of the time the annual gross returns of the accounts will lie in a range equal to the benchmark return plus or minus the TE if the market behaves in a manner suggested by historical returns. Targeted TE therefore applies statistical probabilities (and the language of uncertainty) and so cannot be predictive of actual results. In addition, past tracking error is not indicative of future TE and there can be no assurance that the TE actually reflected in your accounts will be at levels either specified in the investment objectives or suggested by our forecasts. © 2014 Goldman Sachs. All rights reserved. Compliance code: 89857.OSF.MED.OTU

Domicile Luxembourg

Inception date Sep 20024

Available currencies USD and others

Benchmark Barclays Capital US Securitized Index

Geographical reach US

Investment style Active

Management + Distribution fee ISIN

Base Dist. (USD) 80 bps management fee LU0154844384

A 80 bps management fee, 25 bps distribution fee LU0154844541

I (Acc) (EUR Hdgd) 30 bps management fee LU0280851253

R (Acc) 30 bps management fee LU0830686043

Minimum initial investment

Base 5,000 USD A 1,500 USD I (Acc) (EUR Hdgd) 1mn EUR R (Acc) 5,000 USD

Other share classes available

RisksAn investment in the shares of the Portfolio does not constitute a complete investment programme. The following risk considerations detail certain risks with an investment in the Portfolio as described in the Key Investor Information Document but is not a comprehensive summary of all of the risks associated with an investment in the Portfolio. For more detailed information on the risks associated with an investment in the Portfolio, please refer to the section in the Prospectus entitled “Risk Considerations”.

• Market risk: The value of assets in the Portfolio is typically dictated by a number of factors, including the confidence levels of the market in which they are traded.

• Operational risk: Material losses to the Portfolio may arise as a result of human error, system and/or process failures, inadequate procedures or controls.

• Liquidity risk: The Portfolio may not always find another party willing to purchase an asset that the Portfolio wants to sell which could impact the Portfolio’s ability to meet redemption requests on demand.

• Exchange rate risk: Changes in exchange rates may reduce or increase the returns an investor might expect to receive independent of the

performance of such assets. 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.

• Custodian risk: Insolvency, breaches of duty of care or misconduct of a custodian or sub-custodian responsible for the safekeeping of the Portfolio’s assets can result in loss to the Portfolio.

• Interest rate risk: When interest rates rise, bond prices fall, reflecting the ability of investors to obtain a more attractive rate of interest on their money elsewhere. Bond prices are therefore subject to movements in interest rates which may move for a number of reasons, political as well as economic.

• Credit risk: The failure of a counterparty or an issuer of a financial asset held within the Portfolio to meet its payment obligations will have a negative impact on the Portfolio.

• Derivatives risk: Certain derivatives may result in losses greater than the amount originally invested.

• Counterparty risk: A party that the Portfolio transacts with may fail to meet its obligations which could cause losses.