Market Intelligence: US Morning Update

Research evidence excerpt

Market Intelligence: US Morning Update

Goldman Sachs Market Intelligence

Disclosure Appendix

Reg AC

We, Chris Hussey and Sarah Herr, hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject

company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the

specific recommendations or views expressed in this report.

I, Kshitij Garg, hereby certify that all of the views expressed in this report accurately reflect my personal views, which have not been influenced by

considerations of the firm’s business or client relationships.

Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division.

Contributing Authors: Chris Hussey Goldman Sachs & Co. LLC, Sarah Herr Goldman Sachs & Co. LLC, Kshitij Garg Goldman Sachs India SPL.

Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs’ Global Investment

Research division.

GS Factor Profile

The Goldman Sachs Factor Profile provides investment context for a stock by comparing key attributes to the market (i.e. our universe of rated stocks)

and its sector peers. The four key attributes depicted are: Growth, Financial Returns, Multiple (e.g. valuation) and Integrated (a composite of Growth,

Financial Returns and Multiple). Growth, Financial Returns and Multiple are calculated by using normalized ranks for specific metrics for each stock. The

normalized ranks for the metrics are then averaged and converted into percentiles for the relevant attribute. The precise calculation of each metric may