GS Australian Bulks, Base Metals & Steels: Coverage Summary, Forecasts, and Spot Pricing Scenarios

Research evidence excerpt

GS Australian Bulks, Base Metals & Steels: Coverage Summary, Forecasts, and Spot Pricing Scenarios

Disclosure Appendix

Reg AC

We, Paul Young, Chris Bulgin, Hugo Nicolaci, Marcus Dosanjh, and Kavya Balaji 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.

Unless otherwise stated, the individuals listed on the cover page 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

vary depending on the fiscal year, industry and region, but the standard approach is as follows:

Growth is based on a stock’s forward-looking sales growth, EBITDA growth and EPS growth (for financial stocks, only EPS and sales growth), with a higher percentile indicating a higher growth company. Financial Returns is based on a stock’s

forward-looking ROE, ROCE and CROCI (for financial stocks, only ROE), with a higher percentile indicating a company with higher financial returns.