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>>
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>>
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>>
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>>
stream
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306 396.06 m
W n
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BT
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0 0 0 1 k
0 Tc
0 Tw
( )Tj
ET
EMC
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BT
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10 0 0 10 51.024 559.7152 Tm
[(See all our y)20(ear)100(-ahead f)20(orecasts in one place. )]TJ
ET
EMC
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BT
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[(Visit the pag)20(e)]TJ
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EMC
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0 0 0 1 K
0 J 0 j .5 w 10 M [] 0 d
q 1 0 0 1 253.024 558.615 cm 0 0 m
65.93 0 l
S
Q
EMC
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10 0 0 10 318.9539 559.7152 Tm
(. )Tj
ET
EMC
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[(A higher US equity mar)40(k)35(et,)25( a lo)20(w)20(er r)30(ecommended allocation t)20(o)0( st)20(oc)20(ks,)25( and)]TJ
ET
EMC
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BT
10 0 0 10 424.4617 536.2112 Tm
( )Tj
ET
EMC
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.02 .03 0 .65 k
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ET
EMC
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0 0 0 1 k
[(a shif)25(t t)20(o)0( higher quality companies summar)40(iz)20(es our f)20(o)0(r)30(ecast f)20(or 20)55(1)20(9)0(.)25( )]TJ
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EMC
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(We)Tj
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EMC
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10 0 0 10 413.2916 521.2112 Tm
0 Tc
( )Tj
ET
EMC
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[(f)20(orecast S&P 50)-20(0 will generate a modest single-digit absolute ret)25(urn in 20)75(1)50(9. )120(T)20(h)0(e)]TJ
ET
EMC
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( )Tj
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EMC
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[(risk-adjusted ret)25(urn will be less than half the long-term a)20(v)20(erage. Cash will)]TJ
ET
EMC
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( )Tj
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EMC
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[(represent a competitiv)20(e asset class to stoc)50(ks f)20(or the “rst time in man)20(y y)20(ears.)]TJ
ET
EMC
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( )Tj
ET
EMC
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[(Base Case \(50% pr)25(obability\):)25( )]TJ
ET
EMC
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[(S&P 50)-20(0 closes 20)75(1)35(8)0( at 2850, and then climbs b)20(y)]TJ
ET
EMC
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( )Tj
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EMC
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.02 .03 0 .65 k
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EMC
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[(5% to reac)50(h 30)-20(0)-20(0)0( at y)20(ear)100(-end 20)75(1)50(9. )75(W)40(e)0( f)20(orecast EPS will gro)20(w b)20(y)0( 6% to $1)70(73 in)]TJ
ET
EMC
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( )Tj
ET
EMC
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[(20)75(1)50(9)0( and b)20(y)0( 4% to $1)35(81 in 2020. Consensus gro)20(wth equals 8% and 1)75(0%. P/E)]TJ
ET
EMC
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( )Tj
ET
EMC
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[(multiple will remain st)-20(able at 1)50(6x. )75(V)55(aluation has already declined b)20(y)0( 1)50(2% )120(YTD)50(. )]TJ
ET
EMC
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[(Do)20(wnside Case \(30% pr)25(obability\):)25( )]TJ
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EMC
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[(A)15(s)0( 20)75(1)50(9)0( progresses, in)20(v)20(estors ma)20(y become)]TJ
ET
EMC
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10 0 0 10 423.7816 392.7073 Tm
( )Tj
ET
EMC
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ET
EMC
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(increasingly concerned about the risk of a recession in 2020. Earnings estimates)Tj
ET
EMC
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10 0 0 10 424.2515 377.7073 Tm
( )Tj
ET
EMC
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[(are slashed, the P/E contracts to 1)50(4x, and S&P 50)-20(0 ends 20)75(1)50(9)0( at 250)-20(0. )]TJ
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BT
/F1 1 Tf
10 0 0 10 168.6614 733.7364 Tm
0 0 0 1 k
0 Tc
0 Tw
[(strong demand b)20(y)0( corporations to repurc)50(hase their o)20(wn stoc)50(k \(see )]TJ
ET
EMC
/Link <>BDC
BT
/F3 1 Tf
10 0 0 10 465.6914 733.7364 Tm
[(Flo)20(w of F)55(unds:)]TJ
ET
EMC
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0 0 0 1 K
0 J 0 j .5 w 10 M [] 0 d
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Q
EMC
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BT
10 0 0 10 531.0814 733.7364 Tm
( )Tj
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EMC
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S
Q
EMC
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BT
10 0 0 10 168.6614 718.7364 Tm
[(Outlook f)20(or US equit)-20(y demand in 20)75(1)50(9)]TJ
ET
EMC
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q 1 0 0 1 168.661 717.636 cm 0 0 m
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S
Q
EMC
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BT
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10 0 0 10 338.0314 718.7364 Tm
[(, No)20(v)20(ember 1, 20)75(1)35(8\). )75(W)40(e)0( f)20(orecast ne)20(xt y)20(ear S&P)]TJ
ET
EMC
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BT
10 0 0 10 552.0715 718.7364 Tm
( )Tj
ET
EMC
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BT
10 0 0 10 168.6614 703.7364 Tm
[(50)-20(0 companies will increase cash spent on bu)20(ybac)50(ks b)20(y)0( 22% to a record $940 billion.)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 546.9914 703.7364 Tm
( )Tj
ET
EMC
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BT
10 0 0 10 168.6614 688.7364 Tm
[(A)25(uthorizations announced this y)20(ear are on pace to e)20(x)20(ceed $1 trillion and muc)50(h of the)]TJ
ET
EMC
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BT
10 0 0 10 543.0014 688.7364 Tm
( )Tj
ET
EMC
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BT
10 0 0 10 168.6614 673.7364 Tm
[(e)20(x)20(ecutions should t)-20(a)0(k)20(e)0( place ne)20(xt y)20(ear)75(. )]TJ
ET
EMC
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BT
/F6 1 Tf
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( )Tj
ET
EMC
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BT
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[(In t)20(e)0(r)40(ms of sect)20(ors,)25( w)20(e)0( r)30(ecommend o)20(v)20(erw)20(eight positions in Inf)20(or)40(mation)]TJ
ET
EMC
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BT
10 0 0 10 509.2916 430.2741 Tm
( )Tj
ET
EMC
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BT
10 0 0 10 168.6614 415.2741 Tm
[(T)150(e)0(c)20(hnolog)20(y)75(,)25( Communication Services,)25( and Utilities.)25( )]TJ
ET
EMC
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BT
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[(W)40(e)0( remain o)20(v)20(e)0(r)-55(w)20(eight)]TJ
ET
EMC
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BT
10 0 0 10 515.4515 415.2741 Tm
( )Tj
ET
EMC
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BT
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[(Inf)20(ormation )120(T)115(e)0(c)50(hnology and Communication Ser)-40(vices giv)20(en their lo)20(w macro sensitivit)-20(y)]TJ
ET
EMC
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BT
10 0 0 10 549.2414 400.2741 Tm
( )Tj
ET
EMC
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BT
10 0 0 10 168.6614 385.2741 Tm
[(and idiosyncratic gro)20(wth pro“les, high pro“)50(t margins, and reasonable v)20(aluations relativ)20(e)]TJ
ET
EMC
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BT
10 0 0 10 555.4415 385.2741 Tm
( )Tj
ET
EMC
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BT
10 0 0 10 168.6614 370.2741 Tm
[(to histor)-40(y)75(.)0( H)]TJ
5.41 0 TD
-.02 Tc
.02 Tw
[(oweve)-20(r)55(,)-20( s)-20(ev)]TJ
5.251 0 TD
0 Tc
0 Tw
[(eral of these “rms f)20(ace potential regulator)-40(y risks from US and)]TJ
ET
EMC
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BT
10 0 0 10 548.8516 370.2741 Tm
( )Tj
ET
EMC
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BT
10 0 0 10 168.6614 355.2741 Tm
[(European go)20(v)20(ernment in)20(v)20(estigations. )75(W)40(e)0( raise Utilities to o)20(v)20(e)0(r)-55(w)20(eight giv)20(en the sector)-25()95(s)]TJ
ET
EMC
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BT
10 0 0 10 556.4116 355.2741 Tm
( )Tj
ET
EMC
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BT
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[(trac)50(k record of not)-20(able outperf)20(ormance during decelerating GDP gro)20(wth en)20(vironments)]TJ
ET
EMC
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BT
10 0 0 10 551.1914 340.2741 Tm
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ET
EMC
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BT
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[(and a lo)20(w historical bet)-20(a to S&P 50)-20(0. )]TJ
ET
EMC
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[(W)40(e)0( r)30(ecommend underw)20(eighting Consumer Discr)30(etionary)75(,)25( Industr)40(ials,)25( Mat)20(er)40(ials,)]TJ
ET
EMC
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BT
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( )Tj
ET
EMC
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ET
EMC
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[(All f)20(our sectors will lik)20(ely lag the mark)20(et as the pace of economic)]TJ
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EMC
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EMC
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ET
EMC
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EMC
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ET
EMC
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[(Industrials ha)20(v)20(e)0( the largest vulnerabilit)-20(y to rising w)20(age in”)20(ation. )120(T)20(he Consumer)]TJ
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S
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S
Q
q
337.066 279.111 203.021 140.636 re
W* n
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.38824 .058823 .031372 0 K
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[(S&P 50)-20(0 index v)40(aluation is elev)40(at)20(ed r)30(elativ)20(e t)20(o)0( hist)20(ory)75(,)25( but belo)20(w the r)30(ecent)]TJ
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[(J)20(anuary 20)55(1)20(8)0( high.)25( )]TJ
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[( percentile since 1)50(9)0(7)75(6)0( and the median stoc)50(k trades at the 95)]TJ
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[(percentile. Most v)20(aluation metrics send the same message, with the not)-20(able e)20(x)20(ception)]TJ
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( )Tj
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S
Q
q
69.476 395.333 215.024 151.418 re
W* n
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W n
1 .7451 .25882 .34902 K
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76.034 16.409 l
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S
Q
Q
1 .7451 .25882 .34902 K
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1.218 7.23 l
1.625 8.529 l
1.95 2.599 l
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EMC
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(Source: Compustat, Goldman Sachs Global Investment Research)Tj
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EMC
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( )Tj
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BT
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(Source: Goldman Sachs Global Investment Research)Tj
ET
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
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EMC
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S
Q
EMC
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( )Tj
ET
EMC
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BT
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(Exhibit 18: US GDP growth to decelerate )Tj
ET
EMC
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BT
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ET
EMC
/P <>BDC
BT
/F5 1 Tf
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(Exhibit 19: Decelerating growth and falling equity valuations )Tj
ET
EMC
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BT
/F9 1 Tf
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(as of November 16, 2018 )Tj
ET
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EMC
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BT
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ET
EMC
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EMC
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ET
EMC
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S 1 0 0 1 0 20.017 cm 0 0 m
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0 -2.247 l
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0 -2.247 l
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0 -2.247 l
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0 -2.247 l
S 1 0 0 1 33.702 0 cm 0 0 m
0 -2.247 l
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Q
.38824 .058823 .031372 0 K
1 J 1.123 w
q 1 0 0 1 207.204 657.046 cm 0 0 m
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16.851 -51.983 l
22.468 -62.195 l
28.085 -44.323 l
33.702 -44.323 l
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Q
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22.468 -60.459 l
28.085 -49.838 l
33.702 -45.855 l
39.319 -22.774 l
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280.747 -48.204 l
286.364 -65.055 l
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297.598 -60.97 l
303.215 -43.302 l
308.832 -44.017 l
314.449 -33.293 l
320.066 -30.536 l
325.683 -25.225 l
331.3 -15.932 l
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S
Q
.64706 .31373 .062745 0 K
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5.617 -1.736 l
11.234 -41.055 l
16.851 -54.434 l
22.468 -69.446 l
28.085 -60.357 l
33.702 -44.119 l
39.319 -36.357 l
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50.553 -35.642 l
56.17 -23.489 l
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140.425 -4.391 l
146.042 3.268 l
151.659 24.715 l
157.276 25.021 l
162.893 10.621 l
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174.127 -.306 l
179.744 2.145 l
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190.876 7.047 l
196.492 .919 l
202.109 -23.489 l
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213.343 -35.336 l
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314.449 11.03 l
320.066 17.26 l
325.683 32.579 l
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S
Q
.99216 .16863 .93725 .043137 K
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11.234 -64.544 l
16.851 -71.489 l
22.468 -62.502 l
28.085 -54.944 l
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314.449 10.519 l
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331.3 1.226 l
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S
Q
1 .76078 .25882 .3451 K
2.349 w
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22.468 -61.276 l
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263.896 -73.94 l
269.513 -64.442 l
275.13 -64.953 l
280.747 -55.455 l
286.364 -65.872 l
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297.598 -65.361 l
303.215 -50.042 l
308.832 -42.485 l
314.449 -29.004 l
320.066 -27.983 l
325.683 -16.238 l
331.3 -17.055 l
336.917 -30.536 l
S
Q
q
169.978 484.809 388.185 214.16 re
W* n
169.161 708.263 389.104 -232.85 re
W n
BT
/TT4 1 Tf
7.2714 0 0 7.2714 178.7818 508.3184 Tm
0 g
0 Tc
0 Tw
[<000b0015>-6<0013>8<000c>0<0008>]TJ
0 2.7528 TD
[<000b0014>-6<0018>8<000c>0<0008>]TJ
0 2.75 TD
[<000b0014>-6<0013>8<000c>0<0008>]TJ
7.2919 0 0 7.2919 182.826 568.3486 Tm
.001 Tc
<000b0018000c0008>Tj
7.2714 0 0 7.2714 185.6447 588.3485 Tm
.0025 Tc
<001300030008>Tj
0 2.7528 TD
<001800030008>Tj
-.5562 2.7493 TD
[<00140013>10.5<00030008>]TJ
0 2.7505 TD
[<00140018>10.5<00030008>]TJ
0 2.7528 TD
[<00150013>10.5<00030008>]TJ
0 2.7493 TD
[<00150018>10.5<00030008>]TJ
2.6376 -25.9518 TD
.0015 Tc
[<000b00160019>9.5<000c>-2860<000b00160013>11.5<000c>-2862.4<000b>1.5<0015>-4.5<0017>9.5<000c>-2857<000b>1.5<0014001b>9.5<000c>-2860<000b00140015>11.5<000c>-3140.1<000b>1.5<0019>-4.5<000c>-3599.5<0013>-4077.2<0019>-3796.3<0014>-4.3<0015>-3515.2<0014001b>-3518<00150017>]TJ
/TT1 1 Tf
15.9443 -1.6882 TD
.0028 Tc
[<0030005200510057004b00560003>27.8<00490055005200500003005600570044005500570003>13.8<005200490003005500480046004800560056004c00520051>16.1<0003>]TJ
ET
Q
.38824 .058823 .031372 0 K
1.123 w
q 1 0 0 1 429.739 681.761 cm 0 0 m
15.523 0 l
S
Q
q
169.978 484.809 388.185 214.16 re
W* n
169.161 708.263 389.104 -232.85 re
W n
BT
/TT4 1 Tf
7.2714 0 0 7.2714 446.9641 679.4459 Tm
0 g
.0015 Tc
0 Tw
<003300120025>Tj
ET
Q
.631 G
q 1 0 0 1 429.739 669.301 cm 0 0 m
15.523 0 l
S
Q
q
169.978 484.809 388.185 214.16 re
W* n
169.161 708.263 389.104 -232.85 re
W n
BT
/TT4 1 Tf
7.2714 0 0 7.2714 446.9641 666.9438 Tm
0 g
.0031 Tc
0 Tw
[<00280039001200360044004f>12.1<00480056>]TJ
ET
Q
.64706 .31373 .062745 0 K
q 1 0 0 1 429.739 656.842 cm 0 0 m
15.523 0 l
S
Q
q
169.978 484.809 388.185 214.16 re
W* n
169.161 708.263 389.104 -232.85 re
W n
BT
/TT4 1 Tf
7.2714 0 0 7.2714 446.9641 654.4588 Tm
0 g
.0014 Tc
0 Tw
<00280039001200280025002c003700270024>Tj
ET
Q
.99216 .16863 .93725 .043137 K
q 1 0 0 1 429.739 644.28 cm 0 0 m
15.523 0 l
S
Q
q
169.978 484.809 388.185 214.16 re
W* n
169.161 708.263 389.104 -232.85 re
W n
BT
/TT4 1 Tf
7.2714 0 0 7.2714 446.9641 641.9652 Tm
0 g
.001 Tc
0 Tw
[<002900520055005a0044>8<00550047>-5<0003003300120028>]TJ
ET
Q
1 .76078 .25882 .3451 K
2.349 w
q 1 0 0 1 429.739 631.821 cm 0 0 m
15.523 0 l
S
Q
q
169.978 484.809 388.185 214.16 re
W* n
169.161 708.263 389.104 -232.85 re
W n
BT
/TT4 1 Tf
7.2714 0 0 7.2714 446.9641 629.4632 Tm
0 g
.005 Tc
0 Tw
[<0030>9<00480047004c0044>13<0051>]TJ
ET
Q
.647 G
0 J 1.212 w [3.6356 1.2119 ]0 d
407.62 510.163 m
407.62 690.578 l
S
q
169.978 484.707 388.287 214.263 re
W* n
169.161 708.263 389.104 -232.85 re
W n
BT
/TT1 1 Tf
8.9259 0 0 8.9259 244.6742 672.4332 Tm
0 g
-.0009 Tc
0 Tw
[<0026>5.1<004b>-.9<00440051004a00480003004c00510003>7.1<0059>13.1<0044004f005800440057004c005200510003>]TJ
.5538 -1.1413 TD
.0007 Tc
[<00550048004f00440057004c0059>14.7<0048>.7<0003>8.7<0057>-1.3<00520003>8.7<005600570044005500570003>17.7<005200490003>]TJ
1.8577 -1.1508 TD
-.0014 Tc
<005500480046004800560056004c005200510003>Tj
7.2919 0 0 7.2919 370.0624 678.2799 Tm
.498 g
-.0005 Tc
<003600570044005500570003005200490003>Tj
7.2714 0 0 7.2714 365.7986 669.8459 Tm
.0016 Tc
[<005500480046004800560056004c00520051>-8.3<0003>]TJ
ET
EMC
/P <>BDC
Q
q
0 792 612 -792 re
306 396.06 m
W n
0 792.06 612 -792 re
W n
/GS2 gs
BT
/F6 1 Tf
2 0 0 2 205.1614 473.456 Tm
0 0 0 1 k
0 Tc
0 Tw
( )Tj
ET
EMC
/P <>BDC
BT
/F4 1 Tf
7 0 0 7 169.1614 464.6883 Tm
[(Analysis relies on four US recessions since 1980. Peak valuation identi“ed using as 12-month look-back window)50(. )]TJ
ET
EMC
/Artifact <>BDC
.02 .03 0 .65 K
0 j .125 w [] 0 d
/GS3 gs
q 1 0 0 1 169.161 458.199 cm 0 0 m
389.943 0 l
S
Q
EMC
/P <>BDC
/GS2 gs
BT
/F6 1 Tf
2 0 0 2 205.1614 457.4908 Tm
( )Tj
ET
EMC
/P <>BDC
BT
/F4 1 Tf
7 0 0 7 169.1614 447.9908 Tm
(Source: NBER, Compustat, Goldman Sachs Global Investment Research)Tj
ET
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
.283 w
/GS3 gs
q 1 0 0 1 169.161 355.233 cm 0 0 m
389.945 0 l
S
Q
EMC
/P <>BDC
/GS2 gs
BT
/F6 1 Tf
2 0 0 2 205.1614 355.7954 Tm
( )Tj
ET
EMC
/P <>BDC
BT
/F5 1 Tf
9 0 0 9 169.1614 341.9607 Tm
(Exhibit 27: S&P 500 P/E of 14x would be the lowest since 2013 )Tj
ET
EMC
/P <>BDC
BT
/F9 1 Tf
8.5 0 0 8.5 169.1614 331.4607 Tm
(as of November 16, 2018 )Tj
ET
EMC
/Figure <>BDC
Q
194.205 137.214 348.588 172.968 re
f
.498 G
.531 w [] 0 d
194.258 137.161 348.482 172.968 re
S
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0 172.968 l
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S 1 0 0 1 0 28.863 cm 0 0 m
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2.547 0 l
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0 -2.547 l
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0 -2.547 l
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0 -2.547 l
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0 -2.547 l
S 1 0 0 1 42.552 0 cm 0 0 m
0 -2.547 l
S
Q
q
194.098 136.683 349.225 173.498 re
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169.161 325.038 389.018 -210.108 re
W n
1 .76078 .25882 .3451 K
1 J 1.592 w
q 1 0 0 1 -3.9654 218.976 cm 0 0 m
1.804 8.065 l
3.6079 15.493 l
5.3058 29.076 l
7.1097 20.692 l
8.9137 31.304 l
10.611 30.773 l
12.415 19.419 l
14.113 29.818 l
15.917 40.854 l
17.615 49.662 l
19.419 66.11 l
21.223 48.07 l
23.027 57.621 l
24.831 47.433 l
26.529 56.559 l
28.333 59.637 l
30.137 63.881 l
31.835 82.239 l
33.532 98.05 l
35.336 103.144 l
37.14 93.7 l
38.838 104.311 l
40.642 99.112 l
42.446 55.074 l
44.25 68.656 l
46.054 89.986 l
47.752 109.935 l
49.556 129.354 l
51.36 142.194 l
52.951 127.763 l
54.755 135.827 l
56.559 145.378 l
58.363 131.901 l
60.061 146.121 l
61.865 131.264 l
63.669 123.2 l
65.473 114.286 l
67.277 129.142 l
68.975 133.174 l
70.779 150.471 l
72.583 127.763 l
74.281 120.016 l
76.085 146.439 l
77.782 133.281 l
79.586 120.547 l
81.39 125.534 l
83.194 122.351 l
84.998 139.86 l
86.696 120.653 l
88.5 117.363 l
90.304 91.896 l
92.108 97.626 l
93.912 117.363 l
95.504 92.851 l
97.308 78.313 l
99.005 105.054 l
100.809 107.813 l
102.613 100.915 l
104.417 102.295 l
106.221 83.513 l
107.919 63.245 l
109.723 77.358 l
111.527 102.295 l
113.331 104.311 l
115.029 97.52 l
116.727 88.288 l
118.531 95.716 l
120.228 76.827 l
122.032 70.567 l
123.836 49.98 l
125.64 31.092 l
127.444 32.153 l
129.142 7.11 l
130.946 27.802 l
132.644 41.067 l
134.448 25.786 l
136.252 21.223 l
137.95 16.766 l
139.754 17.297 l
141.451 32.471 l
143.255 41.385 l
145.059 42.764 l
146.863 42.764 l
148.667 44.674 l
150.365 39.05 l
152.169 47.752 l
153.867 47.221 l
155.671 55.286 l
157.475 55.074 l
159.173 55.286 l
160.977 46.16 l
162.781 35.124 l
164.585 34.063 l
166.282 34.275 l
168.086 23.77 l
169.89 22.178 l
171.588 22.603 l
173.392 22.603 l
175.09 27.484 l
176.894 32.153 l
178.698 25.149 l
180.396 26.529 l
182.2 19.419 l
183.897 12.628 l
185.701 17.191 l
187.505 15.174 l
189.309 18.464 l
191.007 12.203 l
192.811 9.869 l
194.615 3.29 l
196.313 8.595 l
198.117 6.049 l
199.921 9.975 l
201.619 8.914 l
203.423 9.232 l
205.121 9.126 l
206.924 .743 l
208.622 -1.804 l
210.426 -3.183 l
212.23 -.318 l
214.034 2.865 l
215.838 7.746 l
217.536 10.187 l
219.34 11.567 l
221.144 14.538 l
222.842 9.232 l
224.646 10.505 l
226.344 15.599 l
228.147 20.162 l
229.845 13.689 l
231.649 3.714 l
233.453 4.563 l
235.257 10.93 l
237.061 13.583 l
238.759 4.669 l
240.563 3.608 l
242.367 -6.473 l
244.065 -10.93 l
245.869 -10.824 l
247.567 .743 l
249.371 .637 l
251.174 -17.297 l
252.978 -15.811 l
254.782 -12.84 l
256.48 -29.606 l
258.284 -43.507 l
260.088 -47.009 l
261.892 -33.426 l
263.696 -24.937 l
265.288 -39.369 l
267.092 -21.011 l
268.79 -.531 l
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10 0 0 10 543.0215 648.2165 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 633.2165 Tm
[(addition, e)20(v)20(en if economic gro)20(wth slo)20(ws as w)20(e)0( e)20(xpect, equit)-20(y prices might rise sharply)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 553.8715 633.2165 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 618.2165 Tm
(nonetheless. )Tj
ET
EMC
/P <>BDC
BT
/F2 1 Tf
10 0 0 10 168.6614 594.7125 Tm
[(Rather than slo)20(wly cr)30(esting,)25( equity r)30(e)0(t)15(u)0(r)40(ns ar)30(e typically str)25(ong at the end of bull)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 548.8514 594.7125 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 579.7125 Tm
[(mar)40(k)35(ets:)]TJ
ET
EMC
/P <>BDC
BT
/F1 1 Tf
10 0 0 10 209.5914 579.7125 Tm
[( Since 1)50(930, equities ha)20(v)20(e)0( posted a median ret)25(urn of 1)50(6% during the 1)50(2)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 527.5814 579.7125 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 564.7125 Tm
[(months prior to their pre-recession peaks \(see Exhibit 30\). )25(A rebound in economic)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 530.7714 564.7125 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 549.7125 Tm
[(activit)-20(y f)20(ollo)20(wing a period of deceleration has of)50(ten been the cat)-20(aly)20(st f)20(or suc)50(h rallies.)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 542.3414 549.7125 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 534.7125 Tm
[(R)20(ecently)75(, f)40(ears of impending slo)20(w)20(d)0(o)20(wn led in)20(v)20(estors to reduce length during most of)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 545.8814 534.7125 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 519.7125 Tm
[(20)75(1)35(8, cut)50(ting equit)-20(y v)20(aluation multiples b)20(y)0( more than 1)75(0%. In doing so, in)20(v)20(estors ha)20(v)20(e)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 549.3416 519.7125 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 504.7125 Tm
[(also potentially set the st)-20(age f)20(or a repeat of the historical pat)50(tern should realiz)20(ed)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 523.5914 504.7125 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 489.7125 Tm
[(economic and earnings gro)20(wth e)20(x)20(ceed e)20(xpect)-20(ations. If consensus estimates f)20(or 2020)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 548.5514 489.7125 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 474.7125 Tm
[(S&P 50)-20(0 EPS are trimmed b)20(y)0( just 2% to $1)50(90 … one-half the t)-20(ypical annual do)20(wn)20(w)20(ard)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 548.4213 474.7125 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 459.7125 Tm
[(re)20(vision of 4% … and the P/E multiple ret)25(urns to its recent high of 1)35(8x, S&P 50)-20(0 w)20(ould)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 549.6414 459.7125 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 444.7125 Tm
[(trade at 340)-20(0 at y)20(ear)100(-end 20)75(1)50(9, representing a gain of roughly 20% from our y)20(ear)100(-end)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 545.3615 444.7125 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 429.7125 Tm
[(20)75(1)35(8)0( t)-20(arget of 2850. )]TJ
ET
EMC
/P <>BDC
BT
/F2 1 Tf
10 0 0 10 168.6614 406.2086 Tm
[(W)40(e)0( view this bullish outcome as our lo)20(w)20(est-pr)25(obability scenar)40(io f)20(or 20)55(1)20(9)0(,)25( and)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 536.6614 406.2086 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 391.2086 Tm
[(mar)40(k)35(ets appear t)20(o)0( agr)30(ee.)]TJ
ET
EMC
/P <>BDC
BT
/F1 1 Tf
10 0 0 10 286.9015 391.2086 Tm
[( Since 1)50(928, the S&P 50)-20(0 has posted ret)25(urns greater than)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 543.1115 391.2086 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 376.2086 Tm
[(1)75(0% in 51% of calendar y)20(ears, but just 27% of y)20(ears prior to recession. F)40(or 20)75(1)50(9, S&P)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 550.9814 376.2086 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 361.2086 Tm
[(50)-20(0 options imply roughly a 20% probabilit)-20(y of suc)50(h an outcome. )]TJ
ET
EMC
/P <>BDC
BT
/F6 1 Tf
2 0 0 2 559.9745 96.0913 Tm
( )Tj
ET
EMC
/P <>BDC
BT
/F1 1 Tf
10 0 0 10 168.6614 81.0913 Tm
( )Tj
ET
EMC
/Artifact <>BDC
.02 .03 0 .65 K
/GS3 gs
q 1 0 0 1 51.524 348.261 cm 0 0 m
245.247 0 l
S
Q
EMC
/P <>BDC
/GS2 gs
BT
/F6 1 Tf
2 0 0 2 87.5237 348.8232 Tm
( )Tj
ET
EMC
/P <>BDC
BT
/F5 1 Tf
9 0 0 9 51.5236 334.9886 Tm
(Exhibit 30: Equity returns are typically strong at the end of bull)Tj
ET
EMC
/P <>BDC
BT
9 0 0 9 276.9916 334.9886 Tm
( )Tj
ET
EMC
/P <>BDC
BT
9 0 0 9 51.5236 323.9886 Tm
(markets )Tj
ET
EMC
/Artifact <>BDC
/GS3 gs
q 1 0 0 1 314.227 348.261 cm 0 0 m
245.248 0 l
S
Q
EMC
/P <>BDC
/GS2 gs
BT
/F6 1 Tf
2 0 0 2 350.2271 348.8232 Tm
( )Tj
ET
EMC
/P <>BDC
BT
/F5 1 Tf
9 0 0 9 314.2271 334.9886 Tm
(Exhibit 31: Equity prices and economic data around pre-recession)Tj
ET
EMC
/P <>BDC
BT
9 0 0 9 553.1862 334.9886 Tm
( )Tj
ET
EMC
/P <>BDC
BT
9 0 0 9 314.2271 323.9886 Tm
(peaks )Tj
ET
EMC
/Figure <>BDC
Q
q
1 i
52.136 126.505 244.633 182.71 re
W* n
51.524 317.328 245.246 -198.937 re
W n
1 g
/GS3 gs
52.212 126.505 244.557 182.71 re
f
Q
1 g
/GS3 gs
75.099 151.075 208.199 148.724 re
f
.498 G
0 J 1 j .383 w 10 M [] 0 d
1 i
75.137 151.113 208.122 148.724 re
S
1 .7451 .25882 .34902 k
87.461 151.113 27.403 129.206 re
f
87.461 151.113 27.403 129.206 re
S
139.51 151.113 27.403 59.474 re
f
139.51 151.113 27.403 59.474 re
S
191.56 151.113 27.326 44.701 re
f
191.56 151.113 27.326 44.701 re
S
243.533 151.113 27.403 31.306 re
f
243.533 151.113 27.403 31.306 re
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q
52.212 126.505 244.557 182.71 re
W* n
51.524 317.328 245.246 -198.937 re
W n
BT
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.0004 Tc
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[<001600180008>38.5<0003>]TJ
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[<001400190008>36.1<0003>]TJ
8.1535 -2.3121 TD
[<001400150008>36.1<0003>]TJ
8.2274 -2.1073 TD
[<001b0008>38.2<0003>]TJ
/TT4 1 Tf
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-.0013 Tc
<00130008>Tj
0 3.0916 TD
<00180008>Tj
6.0316 0 0 6.0316 57.8308 186.3297 Tm
0 Tc
[<00140013>-6<0008>]TJ
0 3.0838 TD
[<00140018>-6<0008>]TJ
T*
[<00150013>-6<0008>]TJ
6.0163 0 0 6.0163 57.8308 242.13 Tm
[<00150018>-9<0008>]TJ
0 3.0916 TD
[<00160013>-9<0008>]TJ
T*
[<00160018>-9<0008>]TJ
0 3.0895 TD
[<00170013>-9<0008>]TJ
6.6746 0 0 6.6746 83.0443 140.9866 Tm
-.0001 Tc
[<002f004400560057>6.9<0003>-3.1<00150003>6.9<005c0048004400550056>-3039.5<002f004400560057>8.9<0003005c004800440055>-2610.1<002f004400560057>6.9<000300190003>5.9<0050>-3.1<005200510057>6.9<004b0056>-1531.9<002f004400560057>8.9<000300160003>7.9<0050>-3.1<005200510057>8.9<004b0056>]TJ
/TT1 1 Tf
6.0163 0 0 6.0163 139.4403 130.2093 Tm
.0004 Tc
[<0037>-13.6<004c>.4<005000480003004500480049>-5.6<005200550048000300450058004f004f0003>-9.6<005000440055004e004800570003>-13.6<005300480044004e0003>]TJ
7.2563 0 0 7.2563 156.3755 273.347 Tm
.0017 Tc
[<0030>5.7<0048>-2.3<0047004c004400510003>10.7<00360009003300030018001300130003>20.7<0055004800570058>4.7<00550051>4.7<0003>]TJ
-.7621 -1.1498 TD
0 Tc
<0044005700030057004b0048000300480051004700030052004900030003>Tj
6.504 0 TD
.0008 Tc
<00450058004f004f0003005000440055004e0048005700560003>Tj
-4.5921 -1.1498 TD
.002 Tc
[<0045004800490052005500480003>10<0055>2<00480046004800560056004c0052005100560003>24.4<0003>]TJ
ET
Q
q
52.212 243.004 244.557 40.951 re
W* n
51.524 317.328 245.246 -198.937 re
W n
BT
/TT1 1 Tf
7.2563 0 0 7.2563 177.4059 248.3173 Tm
0 g
.0031 Tc
0 Tw
[<0056004c0051004600480003>11.1<0014001c001600130003>]TJ
ET
EMC
/Figure <>BDC
Q
q
314.845 122.863 244.026 186.359 re
W* n
314.227 317.328 244.644 -202.57 re
W n
1 g
314.922 122.863 243.949 186.281 re
f
Q
1 g
335.302 144.633 201.104 157.795 re
f
.498 G
.386 w
335.341 144.672 201.104 157.795 re
S
.525 G
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1.853 0 l
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1.853 0 l
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1.853 0 l
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0 -1.853 l
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0 -1.853 l
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0 -1.853 l
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S
Q
q
335.225 144.247 201.567 158.335 re
W* n
314.227 317.328 244.644 -202.57 re
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.51765 .066667 .015686 0 K
1 J 1.312 w
q 1 0 0 1 335.341 285.329 cm 0 0 m
5.481 -16.521 l
10.962 -30.262 l
16.521 -33.427 l
22.002 -36.129 l
27.483 -26.402 l
33.041 -41.224 l
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44.081 -24.24 l
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S
Q
1 .7451 .25882 .34902 K
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5.481 8.338 l
10.962 12.429 l
16.521 20.767 l
22.002 24.627 l
27.483 24.009 l
33.041 35.434 l
38.522 47.323 l
44.081 50.797 l
49.562 49.176 l
55.043 44.698 l
60.601 48.944 l
66.082 48.018 l
71.564 54.503 l
77.122 67.858 l
82.603 73.262 l
88.161 70.097 l
93.643 70.637 l
99.124 99.278 l
104.682 73.416 l
110.163 66.082 l
115.721 58.671 l
121.203 62.454 l
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137.723 74.188 l
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154.244 55.12 l
159.802 48.404 l
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170.764 30.416 l
176.323 30.88 l
181.804 24.395 l
187.285 16.057 l
192.843 8.955 l
198.324 13.819 l
S
Q
Q
q
314.922 122.863 243.949 186.281 re
W* n
314.227 317.328 244.644 -202.57 re
W n
BT
/TT4 1 Tf
6.0833 0 0 6.0833 541.765 142.6724 Tm
0 g
-.0006 Tc
0 Tw
<000b00160013000c0008>Tj
0 3.2437 TD
<000b00150018000c0008>Tj
0 3.2441 TD
<000b00150013000c0008>Tj
0 3.2456 TD
<000b00140018000c0008>Tj
0 3.2434 TD
<000b00140013000c0008>Tj
0 3.2445 TD
0 Tc
<000b0018000c0008>Tj
0 3.2434 TD
.0025 Tc
<001300030008>Tj
T*
<001800030008>Tj
0 3.2466 TD
0 Tc
[<00140013>-6<00030008>]TJ
-37.1449 -25.9547 TD
.0018 Tc
<000b0019000c00530053>Tj
0 3.2437 TD
<000b0018000c00530053>Tj
0 3.2441 TD
<000b0017000c00530053>Tj
0 3.2456 TD
<000b0016000c00530053>Tj
0 3.2434 TD
<000b0015000c00530053>Tj
0 3.2445 TD
<000b0014000c00530053>Tj
.3909 3.2434 TD
0 Tc
[<00130003>-8<00530053>]TJ
T*
[<00140003>-8<00530053>]TJ
0 3.2466 TD
[<00150003>-8<00530053>]TJ
2.0914 -27.1502 TD
-.0018 Tc
[<0010>-5.8<0014>-1.8<001b>-3989<0010>-5.8<00140015>-4268.6<0010>-6.4<0019>-4711.9<0013>-4882.4<0019>-4602.2<00140015>-4329<0014001b>]TJ
/TT1 1 Tf
6.7792 -1.4594 TD
.0005 Tc
[<0030>-20.5<005200510057004b00560003>24.5<0044>.5<005500520058005100470003>-9.5<0036>5.5<0009>.5<00330003>-9.5<0018001300130003>-22.5<0053005500480010005500480046004800560056004c005200510003>-22.5<0053>-1.5<00480044004e>11.2<0003>]TJ
ET
Q
.498 G
.916 w [3.663 2.7472 ]0 d
435.983 302.718 m
435.983 144.514 l
S
q
314.922 122.863 243.949 186.281 re
W* n
314.227 317.328 244.644 -202.57 re
W n
BT
/TT1 1 Tf
5.4966 0 0 5.4966 439.9523 167.9937 Tm
.498 g
.001 Tc
0 Tw
<0033005500480010>Tj
0 -1.1601 TD
.0039 Tc
[<005500480046004800560056004c00520051>7.8<0003>]TJ
0 -1.1461 TD
.0031 Tc
[<00360009003300030018001300130003>22<0003>]TJ
0 -1.1489 TD
.004 Tc
<005300480044004e0003>Tj
6.7318 0 0 6.7318 486.8443 245.7319 Tm
1 .7451 .25882 .34902 k
-.0011 Tc
<00360009003300030018001300130003>Tj
6.7472 0 0 6.7472 488.5298 238.0442 Tm
-.0022 Tc
[<0046004b00440051004a00480003>6.6<0003>]TJ
5.4966 0 0 5.4966 486.2589 231.4372 Tm
.0009 Tc
[<000b0055>6.9<004c004a004b0057>-8.9<0003>11.9<0044>.9<005b004c0056000c>-5.6<0003>]TJ
6.7472 0 0 6.7472 446.1154 292.5596 Tm
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/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
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S
Q
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/P <>BDC
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BT
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( )Tj
ET
EMC
/P <>BDC
BT
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(Exhibit 34: ISM manufacturing index has likely peaked )Tj
ET
EMC
/P <>BDC
BT
/F9 1 Tf
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( )Tj
ET
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/P <>BDC
BT
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(Exhibit 35: S&P 500 volatility has moved higher )Tj
ET
EMC
/P <>BDC
BT
/F9 1 Tf
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(as of November 16, 2018 )Tj
ET
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16.11 9.377 l
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16.27 4.408 l
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16.59 12.182 l
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17.071 14.667 l
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17.232 17.232 l
17.232 18.434 l
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17.712 20.999 l
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18.033 23.323 l
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1.042 6.492 l
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[(St)-20(aples and Utilities sectors as w)20(ell as the more idiosyncratic Health Care,)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 497.5915 355.6491 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 340.6491 Tm
[(Communication Ser)-40(vices, and Inf)20(o )120(T)115(e)0(c)50(h)0( sectors will lik)20(ely be more insulated from a)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 535.3514 340.6491 Tm
( )Tj
ET
EMC
/P <>BDC
BT
10 0 0 10 168.6614 325.649 Tm
[(slo)20(wing econom)20(y)75(.)0( )]TJ
ET
EMC
/P <>BDC
BT
/F2 1 Tf
10 0 0 10 251.4315 325.649 Tm
( )Tj
ET
EMC
/P <>BDC
BT
/F6 1 Tf
2 0 0 2 559.9745 74.5884 Tm
( )Tj
ET
EMC
/Artifact <>BDC
.02 .03 0 .65 K
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S
Q
EMC
/P <>BDC
/GS2 gs
BT
2 0 0 2 205.1614 739.0203 Tm
( )Tj
ET
EMC
/P <>BDC
BT
/F5 1 Tf
9 0 0 9 169.1614 725.1857 Tm
(Exhibit 44: Sector relative valuation vs. history )Tj
ET
EMC
/P <>BDC
BT
/F9 1 Tf
8.5 0 0 8.5 169.1614 714.6857 Tm
(as of November 16, 2018 )Tj
ET
EMC
/Figure <>BDC
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q
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1 g
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521.322 693.743 36.918 5.9174 re
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170.129 501.594 388.111 197.957 re
f
Q
1 g
/GS3 gs
207.688 526.568 331.832 166.787 re
f
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0 J 1 j .484 w 10 M [] 0 d
1 i
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Q
q 1 0 0 1 302.319 638.591 cm 0 0 m
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s
Q
q
170.033 501.594 388.17 197.957 re
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169.161 708.263 389.041 -215.381 re
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BT
/TT4 1 Tf
6.8728 0 0 6.8728 236.4959 541.9982 Tm
0 g
.0032 Tc
0 Tw
[<0029004c0051004400510046004c0044004f0056>-19.8<0003>]TJ
26.9329 4.8453 TD
.0035 Tc
[<002b00480044004f0057004b0003>13.5<0026>3.5<0044005500480003>]TJ
6.8922 0 0 6.8922 275.5614 600.2172 Tm
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[<0036005700440053004f>-7.4<00480056>-6.4<0003>]TJ
.7783 -5.5595 TD
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[<0026>6<0052>6<005000500003>18<0003>]TJ
-.4518 -1.1601 TD
0 Tc
[<0036004800550059004c0046>-8<00480056>-5.8<0003>]TJ
6.8728 0 0 6.8728 214.619 622.32 Tm
-.019 Tc
[<00300044>-23<0057>-22<0048>-23<0055>-19<004c>-26<0044>-23<004f>-24<0056>-27.6<0003>]TJ
6.8922 0 0 6.8922 212.1602 579.0341 Tm
.0014 Tc
[<0028005100480055004a005c>8.3<0003>]TJ
17.3169 11.1599 TD
.0006 Tc
[<003500480044004f0003>8.6<002800560057004400570048>-11.2<0003>]TJ
6.8728 0 0 6.8728 491.5072 624.4496 Tm
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[<002c0051004900520003>15.7<0037>13.7<00480046>-3.3<004b>-15.1<0003>]TJ
6.8922 0 0 6.8922 241.665 637.792 Tm
.0026 Tc
[<002c005100470058005600570055004c0044004f>-5.4<00560003>]TJ
6.8728 0 0 6.8728 289.2748 624.9982 Tm
.0041 Tc
<00380057004c004f004c0057004c004800560003>Tj
7.453 6.5516 TD
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<0027004c00560046005500480057004c0052005100440055005c0003>Tj
7.6279 0 0 7.6279 185.3465 524.0901 Tm
.002 Tc
[<000b00140011>6<0013>-7<000c>]TJ
0 5.467 TD
[<000b00130011>6<0018>-7<000c>]TJ
7.6085 0 0 7.6085 188.3279 607.4934 Tm
0 Tc
[<00130011>-7<0013>]TJ
0 5.4835 TD
[<00130011>-7<0018>]TJ
7.6279 0 0 7.6279 188.3279 690.9193 Tm
.0025 Tc
<001400110013>Tj
1.5051 -23.0664 TD
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[<000b001400110013000c>-5191.9<000b001300110018000c>-5385.7<0013>1.3<0011>-6.7<0013>-5854.2<00130011>-6.7<0018>-5854.2<0014>1.3<0011>-6.7<0013>-5855.2<00140011>-6.7<0018>-5854.2<0015>1.3<00110013>]TJ
/TT1 1 Tf
0 7.6279 -7.6279 0 178.8996 558.977 Tm
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[<003d00100056004600520055004800030059>-6.5<0056>-.5<0011000300160013>-9<0010>-5.9<005c>14.5<004800440055>5.5<0003>-33.5<0044005900480055>7.5<0044004a0048>-7.6<0003>]TJ
7.6279 0 0 7.6279 318.8312 504.2653 Tm
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[<003d00100056004600520055>6.2<00480003>-7.8<0059>-8.8<0056>.2<00110003001400130010005c>15.2<004800440055>6.2<0003>-32.8<00440059>-5.8<00480055>8.2<0044004a00480003>]TJ
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[<0030>-7<0052>1<0055>-12<0048>0<0003>-10<0048005b0053004800510056004c>-10<005900480003>-37<005900560011>-10<0003>-10<0014>0<00130010>]TJ
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[<005c>14.3<004800440055>-11.7<0003>-24.7<0044005900480055>-11.7<0044004a00480003>]TJ
ET
Q
.647 G
0 j 1.147 w 8 M
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15.229 8.817 l
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10.155 0 l
s
Q
q
170.033 501.594 388.17 197.957 re
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169.161 708.263 389.041 -215.381 re
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BT
/TT1 1 Tf
6.5244 0 0 6.5244 213.5542 662.944 Tm
.498 g
-.0073 Tc
0 Tw
[<003000520055>-7.3<0048>-3.3<0003>-7.3<0048>-1.3<005b0053004800510056004c>-7.3<005900480003>-37.3<005900560011>-7.3<0003>-7.3<0016>-2.3<0013>-21.2<0010>]TJ
2.3917 -1.1548 TD
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[<005c>15.1<004800440055>-6.9<0003>-23.9<0044005900480055>-6.9<0044004a0048>-6.3<0003>]TJ
ET
Q
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13.02 -12.557 l
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s
Q
.498 G
1 j .574 w
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S
Q
1 g
423.634 645.56 104.545 35.311 re
f
q
170.033 501.594 388.17 197.957 re
W* n
169.161 708.263 389.041 -215.381 re
W n
BT
/TT1 1 Tf
7.6279 0 0 7.6279 460.6843 673.6243 Tm
1 .7451 .25882 .34902 k
-.0032 Tc
0 Tw
[<0036000900330003>-14.1<0018001300130003>]TJ
-3.7405 -1.1548 TD
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[<0056004800460057005200550003>-10.3<00550048004f00440057004c0059>-10.3<00480003>-8.3<0059>-9.3<0044>-.3<004f005800440057004c005200510003>]TJ
.1798 -1.1548 TD
-.0012 Tc
[<0059>-10.2<0056>-1.2<00110003004f0044005600570003>-13.2<001400130003>-11.2<0044005100470003001600130003>-9.2<005c>13.8<0048>-1.2<0044005500560003>]TJ
7.6085 0 0 7.6085 437.5732 647.1816 Tm
.0011 Tc
[<000b005000480047004c004400510003>-12.9<005200490003>14.1<00190003>-8.9<0050004800570055004c00460056000c>-7.3<0003>]TJ
ET
EMC
/P <>BDC
Q
q
0 792 612 -792 re
306 396.06 m
W n
0 792.06 612 -792 re
W n
/GS2 gs
BT
/F6 1 Tf
2 0 0 2 205.1614 490.9244 Tm
0 0 0 1 k
0 Tc
0 Tw
( )Tj
ET
EMC
/P <>BDC
BT
/F4 1 Tf
7 0 0 7 169.1614 482.1567 Tm
(Relative valuation Z-scores represent a median of EV/sales, EV/EBITDA, price/book, FCF yield, PEG ratio, and forward P/E )Tj
ET
EMC
/Artifact <>BDC
.02 .03 0 .65 K
0 j .125 w 10 M
/GS3 gs
q 1 0 0 1 169.161 475.668 cm 0 0 m
389.947 0 l
S
Q
EMC
/P <>BDC
/GS2 gs
BT
/F6 1 Tf
2 0 0 2 205.1614 474.9592 Tm
( )Tj
ET
EMC
/P <>BDC
BT
/F4 1 Tf
7 0 0 7 169.1614 465.4592 Tm
(Source: Compustat, FactSet, Goldman Sachs Global Investment Research)Tj
ET
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
.283 w
/GS3 gs
q 1 0 0 1 51.524 312.701 cm 0 0 m
245.247 0 l
S
Q
EMC
/P <>BDC
/GS2 gs
BT
/F6 1 Tf
2 0 0 2 87.5237 313.2636 Tm
( )Tj
ET
EMC
/P <>BDC
BT
/F5 1 Tf
9 0 0 9 51.5236 299.429 Tm
(Exhibit 45: Sector correlation with changes in economic growth )Tj
ET
EMC
/P <>BDC
BT
/F9 1 Tf
8.5 0 0 8.5 51.5236 288.929 Tm
(as of October 31, 2018 )Tj
ET
EMC
/Artifact <>BDC
/GS3 gs
q 1 0 0 1 314.227 312.701 cm 0 0 m
245.248 0 l
S
Q
EMC
/P <>BDC
/GS2 gs
BT
/F6 1 Tf
2 0 0 2 350.2271 313.2636 Tm
( )Tj
ET
EMC
/P <>BDC
BT
/F5 1 Tf
9 0 0 9 314.2271 299.429 Tm
(Exhibit 46: US GDP growth to decelerate from rapid 2018 pace )Tj
ET
EMC
/P <>BDC
BT
/F9 1 Tf
8.5 0 0 8.5 314.2271 288.929 Tm
(as of November 19, 2018 )Tj
ET
EMC
/Figure <>BDC
Q
52.254 101.813 244.52 173.07 re
f
112.268 113.816 171.367 157.904 re
f
.406 w 10 M
112.309 113.856 171.367 157.823 re
S
1 .7451 .25882 .34902 k
128.286 116.533 69.666 9.0022 re
f
128.286 116.533 69.666 9.0022 re
S
140.532 130.888 57.42 9.0022 re
f
140.532 130.888 57.42 9.0022 re
S
152.13 145.243 45.822 9.0022 re
f
152.13 145.243 45.822 9.0022 re
S
175.568 159.597 22.384 8.9211 re
f
175.568 159.597 22.384 8.9211 re
S
188.949 173.952 9.0022 8.9211 re
f
188.949 173.952 9.0022 8.9211 re
S
197.952 188.307 18.815 8.9211 re
f
197.952 188.307 18.815 8.9211 re
S
197.952 202.662 24.33 8.9211 re
f
197.952 202.662 24.33 8.9211 re
S
197.952 217.017 31.224 8.9211 re
f
197.952 217.017 31.224 8.9211 re
S
197.952 231.291 36.252 9.0022 re
f
197.952 231.291 36.252 9.0022 re
S
197.952 245.646 50.607 9.0022 re
f
197.952 245.646 50.607 9.0022 re
S
197.952 260.001 62.042 9.0022 re
f
197.952 260.001 62.042 9.0022 re
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Q
q
52.254 101.894 244.52 172.989 re
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BT
/TT4 1 Tf
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0 g
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[<000b001300110017>-7.6<000c>-4654.1<000b>-3.6<001300110015>-7.6<000c>-4850.4<0013>.4<0011>-6.6<0013>-5324.3<00130011>-6.6<0015>-5325.3<0013>.4<0011>-6.6<0017>]TJ
6.3908 0 0 6.3908 85.4563 118.9415 Tm
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[<003600570044>6<0053>2<004f00480056>]TJ
-2.0051 2.2462 TD
-.0007 Tc
[<002b0048>-8.7<0044004f>8.3<0057>-10.7<004b>-.7<000300260044>-8.7<0055>7.3<0048>]TJ
2.1193 2.2462 TD
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[<00380057004c004f>7<004c>-4<0057004c00480056>]TJ
-4.1244 2.2458 TD
0 Tc
[<00260052>-10<005000500011>-10<00030036>6<0048>-9<0055>8<0059004c0046>8<0048>-9<0056>]TJ
4.1777 2.2462 TD
.0013 Tc
[<002800510048>6.3<0055>-2.7<004a005c>]TJ
-1.0051 2.2462 TD
0 Tc
[<002c0051>-8<004900520003003700480046>-7<004b>]TJ
-1.0025 2.2462 TD
[<00350048>-10<0044004f>6<0003>-10<0028>5<00560057004400570048>]TJ
.6142 2.2462 TD
-.0004 Tc
[<002c0051>-8.4<00470058005600570055004c0044>-9.4<004f>3.6<0056>]TJ
-1.2792 2.2462 TD
.0003 Tc
[<0027004c0056>8.3<0046>-3.7<005500480057004c005200510044>-5.7<0055>.3<005c>]TJ
1.7817 2.2462 TD
-.0001 Tc
[<00300044>-9.1<005700480055004c0044004f>8.9<0056>]TJ
-.4467 2.2462 TD
.0023 Tc
[<0029004c>6.3<0051>-6.7<0044>2.3<0051>7.3<0046>-1.7<004c0044004f>8.3<0056>]TJ
ET
Q
q
52.254 101.813 244.52 173.07 re
W* n
51.524 282.506 245.25 -188.317 re
W n
BT
/TT1 1 Tf
7.072 0 0 7.072 129.2522 247.3893 Tm
0 g
.0002 Tc
0 Tw
[<0026>4.2<0052>3.2<005500550048004f00440057004c005200510003>28.2<005200490003>]TJ
-.2619 -1.142 TD
-.0003 Tc
[<0048005b00460048005600560003>8.7<00550048005700580055005100560003>]TJ
-.2179 -1.1535 TD
-.0033 Tc
[<005a>-29.3<004c>-6.3<0057004b0003>24.7<0046>-3.3<004b00440051004a004800560003004c>-6.3<0051>-.3<0003>]TJ
2.0671 -1.143 TD
-.004 Tc
[<003800360003>-7<00260024>32<002c>-8.5<0003>]TJ
5.7744 0 0 5.7744 135.7876 216.1654 Tm
.0014 Tc
[<000b0056004c0051004600480003>9.4<0015001300130014000c>-4.5<0003>]TJ
6.3745 0 0 6.3745 222.113 147.7648 Tm
.498 g
.0003 Tc
[<003200580057005300480055004900520055005000560003>-8.7<004400560003>]TJ
-.4358 -1.1578 TD
.0005 Tc
[<004800460052005100520050004c0046>-10.5<0003>-12.2<004a00550052005a>-14.5<0057004b0003>]TJ
6.3908 0 0 6.3908 228.5673 133.0044 Tm
-.0015 Tc
[<0044004600460048004f00480055>4.5<00440057004800560003>]TJ
ET
Q
.498 G
0 j 1.281 w 8 M
q 1 0 0 1 236.569 165.051 cm 0 0 m
12.044 0 l
12.044 2.967 l
17.984 -2.967 l
12.044 -8.91 l
12.044 -5.939 l
0 -5.939 l
s
Q
EMC
/Figure <>BDC
1 g
314.914 100.964 243.913 173.831 re
f
339.42 112.416 212.002 159.021 re
f
1 j .382 w 10 M
339.458 112.378 211.926 159.021 re
S
.36471 .05098 .027451 0 k
488.936 191.926 10.841 57.638 re
f
488.936 191.926 10.841 57.638 re
S
505.197 191.926 10.841 49.699 re
f
505.197 191.926 10.841 49.699 re
S
521.534 191.926 10.841 31.758 re
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ET
EMC
/Artifact <>BDC
q 1 0 0 1 550.992 336.706 cm 0 0 m
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S
Q
EMC
/Link <>BDC
BT
10 0 0 10 168.6614 322.8065 Tm
[(pricing po)20(w)20(er and where is it mis-priced? )25(Americas F)40(ood & HPC co)20(v)20(erage vie)20(w to)]TJ
ET
EMC
/Artifact <>BDC
q 1 0 0 1 168.661 321.706 cm 0 0 m
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Q
EMC
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10 0 0 10 530.9915 322.8065 Tm
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EMC
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[(, J)20(uly 1)70(7)210(, 20)75(1)35(8\). )120(T)95(actically)75(, short interest relativ)20(e to ”)20(oat is ele)20(v)20(ated in both)]TJ
ET
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BT
10 0 0 10 531.5215 307.8065 Tm
( )Tj
ET
EMC
/P <>BDC
BT
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[(sectors, suggesting potential f)20(or sharp outperf)20(ormance if in)20(v)20(estors mo)20(v)20(e)0( to co)20(v)20(er their)]TJ
ET
EMC
/P <>BDC
BT
10 0 0 10 552.7115 292.8065 Tm
( )Tj
ET
EMC
/P <>BDC
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10 0 0 10 168.6614 277.8065 Tm
(short positions. )Tj
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EMC
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EMC
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( )Tj
ET
EMC
/P <>BDC
BT
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(Exhibit 49: Sector performance during market corrections )Tj
ET
EMC
/P <>BDC
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(as of November 19, 2018 )Tj
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ET
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BT
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(Exhibit 50: Beta of sector returns to S&P 500 )Tj
ET
EMC
/P <>BDC
BT
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(as of November 12, 2018 )Tj
ET
EMC
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q
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f
EMC
/Figure <>BDC
Q
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BT
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[<00130011>-8<0013>-7895.9<0013>0<0011>-8<0018>-7896.5<00140011>-8<0013>-7896.5<0014>0<0011>-8<0018>]TJ
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[<002c0051>-10.5<00470058005600570055004c0044>-10.5<004f0056>]TJ
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q
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BT
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[<0036000900330003>-6.9<001800130013>-6.4<0003>]TJ
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Q
EMC
/P <>BDC
q
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EMC
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400.604 703.686 m
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306 396.06 m
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(as of November 16, 2018; monthly observations since 1982 )Tj
ET
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314.877 499.042 244.6 154.489 re
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Q
q
314.877 499.123 244.519 154.489 re
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314.227 660.594 245.25 -168.614 re
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BT
/TT4 1 Tf
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0 g
0 Tc
0 Tw
[<00170003>-10<00530053>]TJ
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[<001b0003>-8<00530053>]TJ
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[<00140015>-9<000300530053>]TJ
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-.001 Tc
[<00140019>-7<000300530053>]TJ
0 3.0986 TD
[<00150013>-7<000300530053>]TJ
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0 Tc
[<00150017>-9<000300530053>]TJ
6.3971 0 0 6.3971 315.8508 627.9449 Tm
-.001 Tc
[<0015001b>-7<000300530053>]TJ
6.3809 0 0 6.3809 315.8508 647.7803 Tm
0 Tc
[<00160015>-9<000300530053>]TJ
2.3028 -22.9538 TD
[<0014001c>-9<001b0018>-2585.7<0014001c>-9<001c0013>-2585.5<0014001c>-9<001c0018>-2586.1<00150013>-9<00130013>-2585.1<00150013>-7<00130018>-2586<00150013>-9<00140013>-2585.1<00150013>-9<00140018>-2586.2<00150013>-9<00150013>]TJ
ET
Q
q
314.877 499.042 244.6 154.489 re
W* n
314.227 660.594 245.25 -168.614 re
W n
BT
/TT1 1 Tf
9.0112 0 0 9.0112 361.1664 634.2095 Tm
0 g
-.0004 Tc
0 Tw
[<00360044004f004800560003>11.6<004a00550052005a>-25.4<0057004b>8.1<0003>]TJ
8.9949 0 0 8.9949 368.3266 623.8182 Tm
.0025 Tc
[<0059>9.5<0044>2.5<0055004c00440045004c004f004c0057005c>38.5<0003>]TJ
7.696 0 0 7.696 362.0919 614.7258 Tm
.0018 Tc
[<000b005000480047004c004400510003>8.8<0056>-2.2<005700520046004e000c>11.7<0003>]TJ
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.62353 .29412 .062745 0 k
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<00360009003300030018001300130003>Tj
1 .7451 .25882 .34902 k
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.0004 Tc
[<002c0051004900520055005000440057004c0052>-5.6<00510003>]TJ
-.033 -1.1474 TD
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[<0037>17.9<0048>2.9<0046>6.9<004b00510052004f0052004a005c>28<0003>]TJ
ET
EMC
/P <>BDC
Q
q
0 792 612 -792 re
306 396.06 m
W n
0 792.06 612 -792 re
W n
/GS2 gs
BT
/F6 1 Tf
2 0 0 2 87.5237 484.78 Tm
0 0 0 1 k
0 Tc
0 Tw
( )Tj
ET
EMC
/Artifact <>BDC
.02 .03 0 .65 K
0 J 0 j .125 w
/GS3 gs
q 1 0 0 1 51.524 483.089 cm 0 0 m
245.247 0 l
S
Q
EMC
/P <>BDC
/GS2 gs
BT
2 0 0 2 87.5237 482.38 Tm
( )Tj
ET
EMC
/P <>BDC
BT
/F4 1 Tf
7 0 0 7 51.5236 472.88 Tm
(Source: BEA, Goldman Sachs Global Investment Research)Tj
ET
EMC
/P <>BDC
BT
/F6 1 Tf
2 0 0 2 350.2271 484.78 Tm
( )Tj
ET
EMC
/Artifact <>BDC
/GS3 gs
q 1 0 0 1 314.227 483.089 cm 0 0 m
245.248 0 l
S
Q
EMC
/P <>BDC
/GS2 gs
BT
2 0 0 2 350.2271 482.38 Tm
( )Tj
ET
EMC
/P <>BDC
BT
/F4 1 Tf
7 0 0 7 314.2271 472.88 Tm
(Source: Compustat, Goldman Sachs Global Investment Research)Tj
ET
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
EMC
/Artifact <>BDC
.283 w
/GS3 gs
q 1 0 0 1 51.524 320.122 cm 0 0 m
245.247 0 l
S
Q
EMC
/P <>BDC
/GS2 gs
BT
/F6 1 Tf
2 0 0 2 87.5237 320.6846 Tm
( )Tj
ET
EMC
/P <>BDC
BT
/F5 1 Tf
9 0 0 9 51.5236 306.8499 Tm
[(Exhibit 56: Info T)74(ech P/E premium is low relative to 30-year average )]TJ
ET
EMC
/P <>BDC
BT
/F9 1 Tf
8.5 0 0 8.5 51.5236 296.3499 Tm
(as of November 16, 2018 )Tj
ET
EMC
/Artifact <>BDC
/GS3 gs
q 1 0 0 1 314.227 320.122 cm 0 0 m
245.248 0 l
S
Q
EMC
/P <>BDC
/GS2 gs
BT
/F6 1 Tf
2 0 0 2 350.2271 320.6846 Tm
( )Tj
ET
EMC
/P <>BDC
BT
/F5 1 Tf
9 0 0 9 314.2271 306.8499 Tm
[(Exhibit 57: Info T)74(ech returns have been driven by EPS growth )]TJ
ET
EMC
/P <>BDC
BT
/F9 1 Tf
8.5 0 0 8.5 314.2271 296.3499 Tm
(March 9, 2009 to November 16, 2018 )Tj
ET
EMC
/Figure <>BDC
Q
q
52.176 102.221 243.969 179.797 re
W* n
51.524 289.927 244.622 -195.697 re
W n
52.257 102.221 243.903 179.797 re
f
Q
74.6 116.898 212.576 160.146 re
f
0 G
0 J .408 w
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S
.525 G
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W* n
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18.18 11.84 l
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<0003>Tj
ET
EMC
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q
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306 396.06 m
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/GS2 gs
BT
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0 0 0 1 k
0 Tc
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ET
EMC
/Artifact <>BDC
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EMC
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BT
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ET
EMC
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BT
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ET
EMC
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BT
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ET
EMC
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ET
EMC
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BT
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(Source: Compustat, Goldman Sachs Global Investment Research)Tj
ET
EMC
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EMC
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EMC
/Artifact <>BDC
EMC
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EMC
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EMC
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/Artifact <>BDC
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S
Q
EMC
/P <>BDC
/GS2 gs
BT
/F6 1 Tf
2 0 0 2 205.1614 376.0179 Tm
( )Tj
ET
EMC
/P <>BDC
BT
/F5 1 Tf
9 0 0 9 169.1614 362.1833 Tm
(Exhibit 63: Health Care relative valuations are lower than justi“ed by relative growth )Tj
ET
EMC
/P <>BDC
BT
/F9 1 Tf
8.5 0 0 8.5 169.1614 351.6833 Tm
(as of October 31, 2018 )Tj
ET
EMC
/Figure <>BDC
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1 g
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( )Tj
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W* n
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35.432 35.837 l
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Q
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q
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(Exhibit 79: ¨Qualityˇ factors have outperformed in 2018 )Tj
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(Exhibit 80: Equity factor valuations vs. history )Tj
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T*
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T*
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T*
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T*
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/TT1 1 Tf
T*
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T*
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T*
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T*
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T*
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T*
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T*
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T*
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/TT1 1 Tf
T*
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T*
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/TT1 1 Tf
T*
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T*
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T*
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T*
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/TT1 1 Tf
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/TT4 1 Tf
T*
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/TT1 1 Tf
T*
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/TT4 1 Tf
T*
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T*
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T*
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T*
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64.6507 0 TD
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<0018>Tj
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/TT1 1 Tf
T*
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/TT4 1 Tf
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T*
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[(A)15(s)0( of October 1, 20)75(1)35(8, Goldman Sac)50(hs Global In)20(v)20(estment R)20(esearc)50(h had in)20(v)20(estment ratings on 2,81)50(4 equit)-20(y securities. Goldman Sac)50(h)]TJ
58.948 0 TD
[(s assigns stoc)50(ks)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 553.9695 543.1091 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 534.509 Tm
[(as Bu)20(y)20(s)0( and Sells on v)20(arious regional In)20(v)20(estment Lists; stoc)50(ks not so assigned are deemed Neutral. Suc)50(h assignments equate to B)]TJ
57.93 0 TD
[(u)20(y)75(, Hold and Sell f)20(o)0(r)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 558.4155 534.509 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 525.9091 Tm
[(the purposes of the abo)20(v)20(e)0( disclosure required b)20(y)0( the FINRA R)20(ules. See ¸R)10(atings, Co)20(v)20(erage groups and vie)20(ws and related de“nition)]TJ
57.929 0 TD
[(s)40()0( belo)20(w)75(.)0( )120(T)20(h)0(e)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 534.8175 525.9091 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 517.3091 Tm
[(In)20(v)20(estment B)20(anking R)20(elationships c)50(hart re”)40(ects the percent)-20(age of subject companies within eac)50(h rating categor)-40(y f)20(or whom Goldman)]TJ
59.003 0 TD
[( Sac)50(hs has)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 535.3875 517.3091 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 508.709 Tm
[(pro)20(vided in)20(v)20(estment banking ser)-40(vices within the pre)20(vious t)-20(w)20(elv)20(e months.)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 299.7491 508.709 Tm
( )Tj
ET
EMC
/P <>BDC
/GS3 gs
BT
/F5 1 Tf
11 0 0 11 51.0236 488.0398 Tm
1 .44 0 .63 k
(Disclosures required by United States laws and regulations )Tj
ET
EMC
/P <>BDC
/GS2 gs
BT
/F1 1 Tf
7.6 0 0 7.6 51.0236 479.4398 Tm
0 0 0 1 k
[(See compan)20(y)20(-speci“c regulator)-40(y disclosures abo)20(v)20(e)0( f)20(or an)20(y of the f)20(ollo)20(wing disclosures required as to companies ref)40(er)10(red to in t)]TJ
56.513 0 TD
(his report: manager or)Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 555.2767 479.4398 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 470.8398 Tm
[(co-manager in a pending transaction; 1% or other o)20(wnership; compensation f)20(or cert)-20(ain ser)-40(vices; t)-20(ypes of client relationships; m)]TJ
56.667 0 TD
(anaged/co-managed)Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 549.7057 470.8398 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 462.2398 Tm
[(public of)45(f)40(erings in prior periods; directorships; f)20(or equit)-20(y securities, mark)20(et making and/or specialist role. Goldman Sac)50(hs tr)]TJ
54.19 0 TD
[(ades or ma)20(y trade as a)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 539.157 462.2398 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 453.6397 Tm
[(principal in debt securities \(or in related deriv)20(ativ)20(es\) of issuers discussed in this report. )]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 439.3704 Tm
[(T)20(he f)20(ollo)20(wing are additional required disclosures: )]TJ
ET
EMC
/P <>BDC
BT
/F2 1 Tf
7.6 0 0 7.6 217.3954 439.3704 Tm
[(Ownership and mat)20(er)40(ial con”icts of int)20(er)30(est:)25( )]TJ
ET
EMC
/P <>BDC
BT
/F1 1 Tf
7.6 0 0 7.6 379.8077 439.3704 Tm
[(Goldman Sac)50(hs policy prohibits its analy)20(sts,)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 526.655 439.3704 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 430.7705 Tm
[(prof)40(essionals reporting to analy)20(sts and members of their households from o)20(wning securities of an)20(y compan)20(y in the analy)20(st)95(s area)]TJ
57.225 0 TD
[( of co)20(v)20(erage.)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 529.5583 430.7705 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 531.6711 430.7705 Tm
( )Tj
ET
EMC
/P <>BDC
BT
/F2 1 Tf
7.6 0 0 7.6 51.0236 422.1704 Tm
[(Analyst compensation:)25( )]TJ
ET
EMC
/P <>BDC
BT
/F1 1 Tf
7.6 0 0 7.6 136.1361 422.1704 Tm
[( )25(Analy)20(sts are paid in part based on the pro“)50(t)-20(abilit)-20(y of Goldman Sac)50(hs, whic)50(h includes in)20(v)20(estment banking re)20(v)20(enues. )]TJ
ET
EMC
/P <>BDC
BT
/F2 1 Tf
7.6 0 0 7.6 526.7159 422.1704 Tm
-.08 Tw
[( Analyst)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 555.6719 422.1704 Tm
0 Tw
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 413.5704 Tm
[(as of)25(“cer or dir)30(ect)20(or:)25( )]TJ
ET
EMC
/P <>BDC
BT
/F1 1 Tf
7.6 0 0 7.6 127.5482 413.5704 Tm
[(Goldman Sac)50(hs policy generally prohibits its analy)20(sts, persons reporting to analy)20(sts or members of their households from)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 535.6763 413.5704 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 404.9704 Tm
[(ser)-40(ving as an of)45(“cer)75(, director or advisor of an)20(y compan)20(y in the analy)20(st)95(s area of co)20(v)20(erage. )]TJ
ET
EMC
/P <>BDC
BT
/F2 1 Tf
7.6 0 0 7.6 355.1305 404.9704 Tm
-.08 Tw
[(Non-U)25(.S)20(.)25( Analysts:)25( )]TJ
ET
EMC
/P <>BDC
BT
/F1 1 Tf
7.6 0 0 7.6 424.3288 404.9704 Tm
0 Tw
[( Non-U)25(.S)25(. analy)20(sts ma)20(y not be)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 525.8497 404.9704 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 396.3704 Tm
[(associated persons of Goldman Sac)50(hs & Co. LLC and theref)20(ore ma)20(y not be subject to FINRA R)20(ule 2241 or FINRA R)20(ule 2242 restrictio)]TJ
59.114 0 TD
(ns on)Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 518.8801 396.3704 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 387.7704 Tm
[(communications with subject compan)20(y)75(,)0( public appearances and trading securities held b)20(y)0( the analy)20(sts. )]TJ
ET
EMC
/P <>BDC
/GS3 gs
BT
/F5 1 Tf
11 0 0 11 51.0236 367.1011 Tm
1 .44 0 .63 k
(Additional disclosures required under the laws and regulations of jurisdictions other than the United States )Tj
ET
EMC
/P <>BDC
/GS2 gs
BT
/F1 1 Tf
7.6 0 0 7.6 51.0236 358.5011 Tm
0 0 0 1 k
[(T)20(he f)20(ollo)20(wing disclosures are those required b)20(y)0( the jurisdiction indicated, e)20(x)20(cept to the e)20(xtent already made abo)20(v)20(e)0( pursuant to)]TJ
55.949 0 TD
[( United St)-20(ates la)20(ws and)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 556.4699 358.5011 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 349.9011 Tm
(regulations. )Tj
ET
EMC
/P <>BDC
BT
/F2 1 Tf
7.6 0 0 7.6 92.4133 349.9011 Tm
[(A)50(ustr)20(alia:)25( )]TJ
ET
EMC
/P <>BDC
BT
/F1 1 Tf
7.6 0 0 7.6 128.4374 349.9011 Tm
[(Goldman Sac)50(hs )25(A)25(ustralia Pt)-20(y Ltd and its af)45(“liates are not authorised deposit-t)-20(aking instit)25(utions \(as that term is de“ned in the)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 545.9666 349.9011 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 341.3011 Tm
[(B)20(anking )25(A)20(ct 1)50(959 \(Cth\)\) in )25(A)25(ustralia and do not pro)20(vide banking ser)-40(vices, nor car)10(r)-40(y)0( on a banking business, in )25(A)25(ustralia. )120(T)20(his r)]TJ
54.603 0 TD
[(esearc)50(h, and an)20(y access to)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 556.7056 341.3011 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 332.7011 Tm
[(it, is intended only f)20(or )50(¨wholesale clientsˇ within the meaning of the )25(A)25(ustralian Corporations )25(A)20(ct, unless other)-55(wise agreed b)20(y)0( )]TJ
55.775 0 TD
[(Goldman Sac)50(hs. In)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 537.8878 332.7011 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 324.1011 Tm
[(producing researc)50(h reports, members of the Global In)20(v)20(estment R)20(esearc)50(h Division of Goldman Sac)50(hs )25(A)25(ustralia ma)20(y at)50(tend site visit)]TJ
57.683 0 TD
(s and other)Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 527.4301 324.1011 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 315.5011 Tm
[(meetings hosted b)20(y)0( the companies and other entities whic)50(h are the subject of its researc)50(h reports. In some inst)-20(ances the costs )]TJ
56.862 0 TD
[(of suc)50(h site visits or)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 550.3594 315.5011 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 306.9011 Tm
[(meetings ma)20(y be met in part or in whole b)20(y)0( the issuers concerned if Goldman Sac)50(hs )25(A)25(ustralia considers it is appropriate and rea)]TJ
56.764 0 TD
(sonable in the speci“c)Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 557.6173 306.9011 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 298.301 Tm
[(circumst)-20(ances relating to the site visit or meeting)-20(. )120(T)115(o)0( the e)20(xtent that the contents of this document cont)-20(ains an)20(y “nancial pro)]TJ
55.411 0 TD
(duct advice, it is general)Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 553.6577 298.301 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 289.7011 Tm
[(advice only and has been prepared b)20(y)0( Goldman Sac)50(hs without t)-20(aking into account a client)95(s objectiv)20(es, “nancial sit)25(uation or nee)]TJ
56.439 0 TD
[(ds. )25(A client should,)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 543.9753 289.7011 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 281.101 Tm
[(bef)20(ore acting on an)20(y suc)50(h advice, consider the appropriateness of the advice ha)20(ving regard to the client)95(s o)20(wn objectiv)20(es, “nan)]TJ
56.108 0 TD
[(cial sit)25(uation and needs.)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 558.347 281.101 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 560.4599 281.101 Tm
( )Tj
ET
EMC
/P <>BDC
BT
/F2 1 Tf
7.6 0 0 7.6 51.0236 272.5009 Tm
[(Br)20(azil:)25( )]TJ
ET
EMC
/P <>BDC
BT
/F1 1 Tf
7.6 0 0 7.6 75.1841 272.5009 Tm
[(Disclosure inf)20(ormation in relation to CVM Instr)25(uction 598 is a)20(v)20(ailable at )]TJ
ET
EMC
/Link <>BDC
BT
7.6 0 0 7.6 315.2456 272.5009 Tm
[(ht)50(tp://www)75(.gs.com/w)20(orldwide/brazil/area/gir/inde)20(x.html)]TJ
ET
EMC
/Artifact <>BDC
0 0 0 1 K
.38 w
q 1 0 0 1 315.246 271.641 cm 0 0 m
186.238 0 l
S
Q
EMC
/P <>BDC
BT
7.6 0 0 7.6 501.4839 272.5009 Tm
-.075 Tw
(. Where)Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 527.9471 272.5009 Tm
0 Tw
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 263.901 Tm
[(applicable, the Brazil-registered analy)20(st primarily responsible f)20(or the content of this researc)50(h report, as de“ned in )25(Article 2)]TJ
53.731 0 TD
[(0 of CVM Instr)25(uction 598, is)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 553.7945 263.901 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 255.301 Tm
[(the “rst author named at the beginning of this report, unless indicated other)-55(wise at the end of the te)20(xt. )]TJ
ET
EMC
/P <>BDC
BT
/F2 1 Tf
7.6 0 0 7.6 403.1168 255.301 Tm
[(Canada:)25( )]TJ
ET
EMC
/P <>BDC
BT
/F1 1 Tf
7.6 0 0 7.6 434.1857 255.301 Tm
[(Goldman Sac)50(hs Canada Inc. is an)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 545.731 255.301 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 246.7011 Tm
[(af)45(“liate of )120(T)20(he Goldman Sac)50(hs Group Inc. and theref)20(ore is included in the compan)20(y speci“c disclosures relating to Goldman Sac)50(hs)]TJ
57.415 0 TD
[( \(as de“ned abo)20(v)20(e\).)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 552.9814 246.7011 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 238.101 Tm
[(Goldman Sac)50(hs Canada Inc. has appro)20(v)20(ed of)55(, and agreed to t)-20(a)0(k)20(e)0( responsibilit)-20(y f)20(o)0(r)75(,)0( this researc)50(h report in Canada if and to the )]TJ
55.692 0 TD
[(e)20(xtent that Goldman)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 543.3903 238.101 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 229.5009 Tm
[(Sac)50(hs Canada Inc. disseminates this researc)50(h report to its clients. )]TJ
ET
EMC
/P <>BDC
BT
/F2 1 Tf
7.6 0 0 7.6 276.2043 229.5009 Tm
[(Hong K)15(ong:)25( )]TJ
ET
EMC
/P <>BDC
BT
/F1 1 Tf
7.6 0 0 7.6 320.6567 229.5009 Tm
[(F)55(urther inf)20(ormation on the securities of co)20(v)20(ered companies ref)40(er)10(red to)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 557.6023 229.5009 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 220.901 Tm
[(in this researc)50(h ma)20(y be obt)-20(ained on request from Goldman Sac)50(hs \(A)15(sia\) L.L.C. )]TJ
ET
EMC
/P <>BDC
BT
/F2 1 Tf
7.6 0 0 7.6 318.3539 220.901 Tm
[(India:)25( )]TJ
ET
EMC
/P <>BDC
BT
/F1 1 Tf
7.6 0 0 7.6 340.128 220.901 Tm
[(F)55(urther inf)20(ormation on the subject compan)20(y or companies)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 535.3799 220.901 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 212.301 Tm
[(ref)40(er)10(red to in this researc)50(h ma)20(y be obt)-20(ained from Goldman Sac)50(hs \(India\) Securities P)20(riv)20(ate Limited, R)20(esearc)50(h )25(Analy)20(st - SEBI R)20(e)0(g)]TJ
56.634 0 TD
(istration Number)Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 538.0247 212.301 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 203.701 Tm
.02 Tc
[(I)20(N)20(H)20(00000)95(1)]TJ
5.013 0 TD
0 Tc
[(493, 951)75(-A, R)10(ational House, )25(Appasaheb Marathe Marg)-20(, P)20(rabhade)20(vi, Mumbai 40)-20(0 025, India, Corporate Identit)-20(y Number)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 490.5397 203.701 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 195.101 Tm
[(U7)135(41)50(40MH20)-20(06FTC1)50(60634, Phone +91 22 661)50(6 90)-20(0)-20(0, F)20(ax +91 22 661)50(6 90)-20(0)75(1)140(. Goldman Sac)50(hs ma)20(y bene“cially o)20(wn 1% or more of the securi)]TJ
62.882 0 TD
(ties \(as)Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 552.9966 195.101 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 186.501 Tm
[(suc)50(h term is de“ned in clause 2 \(h\) the Indian Securities Contracts \(R)20(egulation\) )25(A)20(ct, 1)50(956\) of the subject compan)20(y or companies)]TJ
56.614 0 TD
[( ref)40(er)10(red to in this)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 541.3003 186.501 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 177.901 Tm
[(researc)50(h report. )]TJ
ET
EMC
/P <>BDC
BT
/F2 1 Tf
7.6 0 0 7.6 108.5025 177.901 Tm
[(J)20(apan:)25( )]TJ
ET
EMC
/P <>BDC
BT
/F1 1 Tf
7.6 0 0 7.6 134.3503 177.901 Tm
[(See belo)20(w)75(.)0( )]TJ
ET
EMC
/P <>BDC
BT
/F2 1 Tf
7.6 0 0 7.6 175.869 177.901 Tm
[(K)15(o)0(r)30(ea:)25( )]TJ
ET
EMC
/P <>BDC
BT
/F1 1 Tf
7.6 0 0 7.6 200.6831 177.901 Tm
[(F)55(urther inf)20(ormation on the subject compan)20(y or companies ref)40(er)10(red to in this researc)50(h ma)20(y be obt)-20(ained)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 545.108 177.901 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 169.301 Tm
[(from Goldman Sac)50(hs \(A)15(sia\) L.L.C., Seoul Branc)50(h. )]TJ
ET
EMC
/P <>BDC
BT
/F2 1 Tf
7.6 0 0 7.6 219.0978 169.301 Tm
[(New Zealand:)25( )]TJ
ET
EMC
/P <>BDC
BT
/F1 1 Tf
7.6 0 0 7.6 270.8615 169.301 Tm
[(Goldman Sac)50(hs Ne)20(w Zealand Limited and its af)45(“liates are neither )50(¨registered banksˇ)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 556.371 169.301 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 160.7009 Tm
[(nor )50(¨deposit t)-20(a)0(k)20(ersˇ \(as de“ned in the R)20(eser)-40(v)20(e)0( B)20(ank of Ne)20(w Zealand )25(A)20(ct 1)50(989\) in Ne)20(w Zealand. )120(T)20(his researc)50(h, and an)20(y access to i)]TJ
57.607 0 TD
[(t, is intended f)20(o)0(r)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 544.0135 160.7009 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 152.101 Tm
[(¨wholesale clientsˇ \(as de“ned in the Financial )25(A)20(dvisers )25(A)20(ct 20)-20(08\) unless other)-55(wise agreed b)20(y)0( Goldman Sac)50(hs. )]TJ
ET
EMC
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[(1)50(2)0( months is neutral relativ)20(e to the co)20(v)20(erage group)95(s historical fundament)-20(als and/or v)20(aluation. )]TJ
ET
EMC
/P <>BDC
BT
/F2 1 Tf
7.6 0 0 7.6 369.6008 491.3966 Tm
[(Cautious \(C\).)25( )]TJ
ET
EMC
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BT
/F1 1 Tf
7.6 0 0 7.6 417.9749 491.3966 Tm
[(T)20(he in)20(v)20(estment outlook o)20(v)20(er the f)20(ollo)20(wing)]TJ
ET
EMC
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BT
7.6 0 0 7.6 559.6696 491.3966 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 482.7966 Tm
[(1)50(2)0( months is un)]TJ
7.12 0 TD
[(f)20(a)20(v)20(orable relativ)20(e to the co)20(v)20(erage group)95(s historical fundament)-20(als and/or v)20(aluation. )]TJ
ET
EMC
/P <>BDC
BT
/F2 1 Tf
7.6 0 0 7.6 51.0236 468.5273 Tm
[(Not Rat)20(ed \(NR\).)25( )]TJ
ET
EMC
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BT
/F1 1 Tf
7.6 0 0 7.6 109.8097 468.5273 Tm
[(T)20(he in)20(v)20(estment rating and t)-20(arget price ha)20(v)20(e)0( been remo)20(v)20(ed pursuant to Goldman Sac)50(hs policy when Goldman Sac)50(hs is acting in an)]TJ
ET
EMC
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BT
7.6 0 0 7.6 547.388 468.5273 Tm
( )Tj
ET
EMC
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BT
7.6 0 0 7.6 51.0236 459.9273 Tm
[(advisor)-40(y capacit)-20(y in a merger or strategic transaction in)20(v)20(olving this compan)20(y and in cert)-20(ain other circumst)-20(ances. )]TJ
ET
EMC
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BT
/F2 1 Tf
7.6 0 0 7.6 432.2477 459.9273 Tm
[(Rating Suspended \(R)10(S\).)25( )]TJ
ET
EMC
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BT
/F1 1 Tf
7.6 0 0 7.6 519.8225 459.9273 Tm
(Goldman)Tj
ET
EMC
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BT
7.6 0 0 7.6 550.2301 459.9273 Tm
( )Tj
ET
EMC
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BT
7.6 0 0 7.6 51.0236 451.3273 Tm
[(Sac)50(hs R)20(esearc)50(h has suspended the in)20(v)20(estment rating and price t)-20(arget f)20(or this stoc)50(k, because there is not a suf)45(“cient fundament)-20(a)]TJ
57.338 0 TD
[(l basis f)20(o)0(r)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 519.1537 451.3273 Tm
( )Tj
ET
EMC
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BT
7.6 0 0 7.6 51.0236 442.7273 Tm
[(determining)-20(, or there are legal, regulator)-40(y or policy constraints around publishing)-20(, an in)20(v)20(estment rating or t)-20(arget. )120(T)20(he pre)20(vio)]TJ
54.527 0 TD
[(us in)20(v)20(estment rating and)]TJ
ET
EMC
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BT
7.6 0 0 7.6 548.7483 442.7273 Tm
( )Tj
ET
EMC
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BT
7.6 0 0 7.6 51.0236 434.1273 Tm
[(price t)-20(arget, if an)20(y)75(,)0( are no longer in ef)45(f)40(ect f)20(or this stoc)50(k and should not be relied upon. )]TJ
ET
EMC
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BT
/F2 1 Tf
7.6 0 0 7.6 343.244 434.1273 Tm
[(Co)20(v)20(e)0(r)20(a)0(g)20(e)0( Suspended \(CS\).)25( )]TJ
ET
EMC
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/F1 1 Tf
7.6 0 0 7.6 440.8511 434.1273 Tm
[(Goldman Sac)50(hs has suspended)]TJ
ET
EMC
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BT
7.6 0 0 7.6 546.4911 434.1273 Tm
( )Tj
ET
EMC
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BT
7.6 0 0 7.6 51.0236 425.5273 Tm
[(co)20(v)20(erage of this compan)20(y)75(.)0( )]TJ
ET
EMC
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BT
/F2 1 Tf
7.6 0 0 7.6 143.341 425.5273 Tm
[(Not Co)20(v)20(e)0(r)30(ed \(NC\).)25( )]TJ
ET
EMC
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[(Goldman Sac)50(hs does not co)20(v)20(er this compan)20(y)75(.)0( )]TJ
ET
EMC
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/F2 1 Tf
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[(Not )80(A)55(v)40(ailable or Not )80(Applicable \(NA\).)25( )]TJ
ET
EMC
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BT
/F1 1 Tf
7.6 0 0 7.6 503.1484 425.5273 Tm
[(T)20(he inf)20(ormation)]TJ
ET
EMC
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7.6 0 0 7.6 556.0598 425.5273 Tm
( )Tj
ET
EMC
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BT
7.6 0 0 7.6 51.0236 416.9273 Tm
[(is not a)20(v)20(ailable f)20(or displa)20(y or is not applicable. )]TJ
ET
EMC
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/F2 1 Tf
7.6 0 0 7.6 207.941 416.9273 Tm
[(Not Meaningful \(NM\).)25( )]TJ
ET
EMC
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BT
/F1 1 Tf
7.6 0 0 7.6 288.8204 416.9273 Tm
[(T)20(he inf)20(ormation is not meaningful and is theref)20(ore e)20(x)20(cluded. )]TJ
ET
EMC
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/GS3 gs
BT
/F5 1 Tf
11 0 0 11 51.0236 396.258 Tm
1 .44 0 .63 k
(Global product; distributing entities )Tj
ET
EMC
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7.6 0 0 7.6 51.0236 387.658 Tm
0 0 0 1 k
[(T)20(he Global In)20(v)20(estment R)20(esearc)50(h Division of Goldman Sac)50(hs produces and distributes researc)50(h products f)20(or clients of Goldman Sac)50(h)]TJ
58.438 0 TD
(s on a global basis.)Tj
ET
EMC
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BT
7.6 0 0 7.6 558.9321 387.658 Tm
( )Tj
ET
EMC
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BT
7.6 0 0 7.6 51.0236 379.058 Tm
[(Analy)20(sts based in Goldman Sac)50(hs of)45(“ces around the w)20(orld produce equit)-20(y researc)50(h on industries and companies, and researc)50(h on ma)]TJ
59.25 0 TD
(croeconomics,)Tj
ET
EMC
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BT
7.6 0 0 7.6 550.7394 379.058 Tm
( )Tj
ET
EMC
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BT
7.6 0 0 7.6 51.0236 370.458 Tm
[(cur)10(rencies, commodities and portf)20(olio strategy)75(. )120(T)20(his researc)50(h is disseminated in )25(A)25(ustralia b)20(y)0( Goldman Sac)50(hs )25(A)25(ustralia Pt)-20(y Ltd \()]TJ
55.789 0 TD
[(ABN 21 0)-20(06 797 897\); in)]TJ
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 557.9822 370.458 Tm
( )Tj
ET
EMC
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BT
7.6 0 0 7.6 51.0236 361.858 Tm
[(Brazil b)20(y)0( Goldman Sac)50(hs do Brasil Cor)10(retora de )120(Tķt)25(ulos e )75(V)55(alores Mobiliįrios S)25(.A.; Ombudsman Goldman Sac)50(hs Brazil: 080)-20(0 727 57)75(6)]TJ
58.142 0 TD
(4 and / or)Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 524.5878 361.858 Tm
( )Tj
ET
EMC
/P <>BDC
BT
7.6 0 0 7.6 51.0236 353.258 Tm
[(ou)20(vidoriagoldmansac)50(hs@gs.com. )25(A)55(v)20(ailable )75(W)40(eekda)20(y)20(s)0( \(e)20(x)20(cept holida)20(y)20(s\), from 9am to 6pm. Ou)20(vidoria Goldman Sac)50(hs Brasil: 080)-20(0 727 5)]TJ
59.809 0 TD
[(7)75(64 e/ou)]TJ
ET
EMC
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BT
7.6 0 0 7.6 534.582 353.258 Tm
( )Tj
ET
EMC
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7.6 0 0 7.6 51.0236 344.658 Tm
[(ou)20(vidoriagoldmansac)50(hs@gs.com. Horįrio de funcionamento: segunda-f)40(eira ą se)20(xt)-20(a-f)40(eira \(e)20(x)20(ceto f)40(eriados\), das 9h ąs 1)35(8h; in Canada)]TJ
57.832 0 TD
[( b)20(y)0( either Goldman)]TJ
ET
EMC
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BT
7.6 0 0 7.6 554.5927 344.658 Tm
( )Tj
ET
EMC
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7.6 0 0 7.6 51.0236 336.058 Tm
[(Sac)50(hs Canada Inc. or Goldman Sac)50(hs & Co. LLC; in Hong K)20(ong b)20(y)0( Goldman Sac)50(hs \(A)15(sia\) L.L.C.; in India b)20(y)0( Goldman Sac)50(hs \(India\) Se)]TJ
58.4699 0 TD
[(curities P)20(riv)20(ate)]TJ
ET
EMC
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7.6 0 0 7.6 544.9103 336.058 Tm
( )Tj
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[(Ltd.; in J)20(apan b)20(y)0( Goldman Sac)50(hs J)20(apan Co., Ltd.; in the R)20(epublic of K)20(orea b)20(y)0( Goldman Sac)50(hs \(A)15(sia\) L.L.C., Seoul Branc)50(h; in Ne)20(w )]TJ
56.9389 0 TD
[(Zealand b)20(y)0( Goldman)]TJ
ET
EMC
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( )Tj
ET
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[(Sac)50(hs Ne)20(w Zealand Limited; in R)20(ussia b)20(y)0( O)20(O)20(O)0( Goldman Sac)50(hs; in Singapore b)20(y)0( Goldman Sac)50(hs \(Singapore\) Pte. \(Compan)20(y Number: 1)50(986)]TJ
61.1809 0 TD
[(021)50(65W\);)]TJ
ET
EMC
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( )Tj
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[(and in the United St)-20(ates of )25(America b)20(y)0( Goldman Sac)50(hs & Co. LLC. Goldman Sac)50(hs International has appro)20(v)20(ed this researc)50(h in conne)]TJ
58.581 0 TD
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ET
EMC
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( )Tj
ET
EMC
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[(Eur)25(opean Union:)]TJ
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7.6 0 0 7.6 111.6413 287.3885 Tm
[( Goldman Sac)50(hs International authorised b)20(y)0( the P)20(r)25(udential R)20(egulation )25(A)25(uthorit)-20(y and regulated b)20(y)0( the Financial Conduct )25(A)25(uthorit)-20(y)]TJ
56.691 0 TD
( and)Tj
ET
EMC
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7.6 0 0 7.6 556.8574 287.3885 Tm
( )Tj
ET
EMC
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BT
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[(the P)20(r)25(udential R)20(egulation )25(A)25(uthorit)-20(y)75(,)0( has appro)20(v)20(ed this researc)50(h in connection with its distribution in the European Union and U)]TJ
55.812 0 TD
(nited Kingdom; Goldman)Tj
ET
EMC
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BT
7.6 0 0 7.6 558.8257 278.7885 Tm
( )Tj
ET
EMC
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BT
7.6 0 0 7.6 51.0236 270.1885 Tm
[(Sac)50(hs )25(A)55(G)0( and Goldman Sac)50(hs International Zw)20(eigniederlassung F)55(rankfurt, regulated b)20(y)0( the Bundesanst)-20(alt für Finanzdienstleist)25(ungs)]TJ
58.125 0 TD
[(aufsic)50(ht, ma)20(y also)]TJ
ET
EMC
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BT
7.6 0 0 7.6 553.0498 270.1885 Tm
( )Tj
ET
EMC
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7.6 0 0 7.6 51.0236 261.5886 Tm
[(distribute researc)50(h in German)20(y)75(.)0( )]TJ
ET
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[(T)20(his researc)50(h is f)20(or our clients only)75(. Other than disclosures relating to Goldman Sac)50(hs, this researc)50(h is based on cur)10(rent publ)]TJ
54.962 0 TD
[(ic inf)20(ormation that w)20(e)]TJ
ET
EMC
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BT
7.6 0 0 7.6 542.3263 232.3192 Tm
( )Tj
ET
EMC
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7.6 0 0 7.6 51.0236 223.7193 Tm
[(consider reliable, but w)20(e)0( do not represent it is accurate or complete, and it should not be relied on as suc)50(h. )120(T)20(he inf)20(ormation,)]TJ
54.789 0 TD
( opinions, estimates and)Tj
ET
EMC
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7.6 0 0 7.6 549.7817 223.7193 Tm
( )Tj
ET
EMC
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7.6 0 0 7.6 51.0236 215.1193 Tm
[(f)20(orecasts cont)-20(ained herein are as of the date hereof and are subject to c)50(hange without prior noti“cation. )75(W)40(e)0( seek to update our)]TJ
56.409 0 TD
[( researc)50(h as)]TJ
ET
EMC
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BT
7.6 0 0 7.6 520.3166 215.1193 Tm
( )Tj
ET
EMC
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7.6 0 0 7.6 51.0236 206.5193 Tm
[(appropriate, but v)20(arious regulations ma)20(y pre)20(v)20(ent us from doing so. Other than cert)-20(ain industr)-40(y reports published on a periodic )]TJ
55.886 0 TD
[(basis, the large majorit)-20(y)]TJ
ET
EMC
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7.6 0 0 7.6 556.1431 206.5193 Tm
( )Tj
ET
EMC
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7.6 0 0 7.6 51.0236 197.9193 Tm
[(of reports are published at ir)10(regular inter)-40(v)20(als as appropriate in the analy)20(st)95(s judgment. )]TJ
ET
EMC
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BT
7.6 0 0 7.6 51.0236 183.65 Tm
[(Goldman Sac)50(hs conducts a global full-ser)-40(vice, integrated in)20(v)20(estment banking)-20(, in)20(v)20(estment management, and brok)20(erage business. )75(W)40(e)0( )]TJ
59.092 0 TD
[(ha)20(v)20(e)0( in)20(v)20(estment)]TJ
ET
EMC
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BT
7.6 0 0 7.6 555.6871 183.65 Tm
( )Tj
ET
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7.6 0 0 7.6 51.0236 175.05 Tm
[(banking and other business relationships with a subst)-20(antial percent)-20(age of the companies co)20(v)20(ered b)20(y)0( our Global In)20(v)20(estment R)20(esear)]TJ
57.994 0 TD
[(c)50(h)0( Division.)]TJ
ET
EMC
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7.6 0 0 7.6 530.2498 175.05 Tm
( )Tj
ET
EMC
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BT
7.6 0 0 7.6 51.0236 166.45 Tm
[(Goldman Sac)50(hs & Co. LLC, the United St)-20(ates brok)20(er dealer)75(, is a member of SIPC \()]TJ
ET
EMC
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BT
7.6 0 0 7.6 327.5576 166.45 Tm
[(ht)50(tp://www)75(.sipc.org)]TJ
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(\). )Tj
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[(Our salespeople, traders, and other prof)40(essionals ma)20(y pro)20(vide oral or writ)50(ten mark)20(et comment)-20(ar)-40(y or trading strategies to our cl)]TJ
56.311 0 TD
(ients and principal)Tj
ET
EMC
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BT
7.6 0 0 7.6 539.803 152.1807 Tm
( )Tj
ET
EMC
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BT
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[(trading desks that re”)40(ect opinions that are contrar)-40(y to the opinions e)20(xpressed in this researc)50(h. Our asset management area, pri)]TJ
56.279 0 TD
(ncipal trading desks and)Tj
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7.6 0 0 7.6 559.8365 143.5807 Tm
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[(in)20(v)20(esting businesses ma)20(y mak)20(e in)20(v)20(estment decisions that are inconsistent with the recommendations or vie)20(ws e)20(xpressed in this re)]TJ
58.411 0 TD
[(searc)50(h. )]TJ
ET
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BT
7.6 0 0 7.6 51.0236 120.7114 Tm
[(T)20(he analy)20(sts named in this report ma)20(y ha)20(v)20(e)0( from time to time discussed with our clients, including Goldman Sac)50(hs salespersons a)]TJ
57.754 0 TD
[(nd traders, or ma)20(y)]TJ
ET
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7.6 0 0 7.6 551.4614 120.7114 Tm
( )Tj
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55.306 0 TD
[(ice of the equit)-20(y securities)]TJ
ET
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7.6 0 0 7.6 560.6121 112.1113 Tm
( )Tj
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[(discussed in this report, whic)50(h impact ma)20(y be directionally counter to the analy)20(st)95(s published price t)-20(arget e)20(xpect)-20(ations f)20(or su)]TJ
55.162 0 TD
[(c)50(h)0( stoc)50(ks. )25(An)20(y suc)50(h)]TJ
ET
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[(trading strategies are distinct from and do not af)45(f)40(ect the analy)20(st)95(s fundament)-20(al equit)-20(y rating f)20(or suc)50(h stoc)50(ks, whic)50(h rating re)]TJ
54.514 0 TD
[(”)40(ects a stoc)50(k)95(s ret)25(urn)]TJ
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[(potential relativ)20(e to its co)20(v)20(erage group as described herein. )]TJ
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[(W)40(e)0( and our af)45(“liates, of)45(“cers, directors, and emplo)20(y)20(ees, e)20(x)20(cluding equit)-20(y and credit analy)20(sts, will from time to time ha)20(v)20(e)0( long)]TJ
55.654 0 TD
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( )Tj
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[(as principal in, and bu)20(y or sell, the securities or deriv)20(ativ)20(es, if an)20(y)75(,)0( ref)40(er)10(red to in this researc)50(h. )]TJ
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stream
˙Ų˙ī Adobe d€ ˙Ū C
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