Goldman Sachs Funds II - Goldman Sachs Global Multi-Manager Alternatives Portfolio R USD Inc

Objectives and Investment Policy 1 The Portfolio seeks to provide absolute returns through capital growth over the longer term. Absolute returns are not guaranteed and your capital is at risk. 1 One or more external investment managers selected by the Investment Adviser will be appointed to manage the day to day investment of the Portfolio within the overall investment policy and guidelines of the Portfolio. The Portfolio will hold securities, assets and instruments of any type, long or short, including shares and fixed income securities, financial derivative instruments or other similar instruments. 1 The Portfolio will seek to employ a number of non-traditional and alternative investment strategies across a variety of sectors. 1 The Portfolio may invest in mainland China equity securities directly through the Stock Connect scheme or the Renminbi qualified foreign institutional investor program, or indirectly through access products. 1 The Portfolio may invest in mainland China debt securities via the China Interbank Bond Market initiative. 1 Cash and cash like instruments such as money market funds may also be held for temporary purposes to meet operational needs and to maintain liquidity or otherwise as the Investment Adviser sees fit. 1 The Portfolio uses derivatives as part of its investment policy to gain exposure to shares, fixed income securities and/or currencies in order to seek to generate a higher return and to hedge against certain risks. A significant proportion of the Portfolio's exposure may be generated through the use of derivatives. A derivative instrument is a contract between two or more parties whose value depends on the rise and fall of the underlying asset. 1 Shares in the Portfolio may be redeemed daily (on each business day) on demand. 1 The Portfolio is actively managed and references the ICE BofA 3month US T-Bill (the “Benchmark”) for the purposes of setting discretionary internal risk thresholds which may reference deviations from the Benchmark. 1 The Investment Adviser has full discretion over the composition of the assets in the Portfolio. Therefore returns may deviate materially from the performance of the specified reference Benchmark. 1 Income is rolled up into the value of your investment. 1 The Portfolio currency is USD. The share class currency is USD. 1 For full investment objective and policy details see the Prospectus.