[1] 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.

A Goldman Sachs affiliate (the “Manager”) relies (or expects to rely) on Rule 4.13(a)(3) under the U.S. Commodity Exchange Act, as amended (the “Rule 4.13(a)(3) Exemption”) with respect to the investment fund described herein (the “Fund”) based on satisfaction of the criteria for the Rule 4.13(a) (3) Exemption set forth therein. Therefore, the Manager is not required to deliver certain CFTC-compliant disclosure documents and certified annual reports to investors in the Fund. In order to rely on the Rule 4.13(a)(3) Exemption, the Fund may only engage in a limited amount of commodity interest transactions, which includes transactions involving futures contracts and swaps.

A Goldman Sachs affiliate (the “Manager”) operates (or expects to operate) the investment fund described herein (the “Fund”) pursuant to Advisory 18-96 promulgated by the U.S. Commodity Futures Trading Commission (the “CFTC”) Staff under the U.S. Commodity Exchange Act, as amended, which provides an exemption from the CFTC’s disclosure, reporting and certain recordkeeping requirements available to commodity pool operators that are registered with the CFTC and are members of the National Futures Association.  Therefore, the Manager is not required to deliver certain CFTC-compliant disclosure documents and certified annual reports to investors in the Fund.

A Goldman Sachs affiliate (the “Manager”) operates (or expects to operate) the investment fund described herein (the “Fund”) pursuant to U.S. Commodity Futures Trading Commission (the “CFTC”) Rule 4.7, an exemption from certain of the CFTC’s disclosure, reporting and recordkeeping requirements available to commodity pool operators that have registered with the CFTC and are members of the National Futures Association.  The Manager will be required by CFTC Rule 4.7 to provide to investors in the Fund quarterly unaudited reports and certified annual reports, as required under CFTC Rule 4.7.  Complying with CFTC Rule 4.7 could subject the Fund to certain additional costs.

Capital is at risk.

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.

The currency market affords investors a substantial degree of leverage.  This leverage presents the potential for substantial profits but also entails a high degree of risk including the risk that losses may be similarly substantial. Such transactions are considered suitable only for investors who are experienced in transactions of that kind. Currency fluctuations will also affect the value of an investment.

 

The marks CORE® and N-11® are registered service marks of Goldman Sachs & Co. LLC

 

This document has been issued by Goldman Sachs International, Plumtree Court, 25 Shoe Lane, London, EC4A 4AU, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

NOT FOR FURTHER USE AND/OR DISTRIBUTION TO THE GENERAL PUBLIC.

 

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 that is not an employee, officer, director, or authorized agent of the recipient.