Revising 12M TOPIX target to 4500 to reflect FX assumption changes

Research evidence excerpt

Revising 12M TOPIX target to 4500 to reflect FX assumption changes

Goldman Sachs Japan Weekly Kickstart

https://www.goldmansachs.com/worldwide/india/research-analyst. Japan: See below. Korea: This research, and any access to it, is intended only for

“professional investors” within the meaning of the Financial Services and Capital Markets Act, unless otherwise agreed by Goldman Sachs. Further

information on the subject company or companies referred to in this research may be obtained from Goldman Sachs (Asia) L.L.C., Seoul Branch. New

Zealand: Goldman Sachs New Zealand Limited and its affiliates are neither “registered banks” nor “deposit takers” (as defined in the Reserve Bank of

New Zealand Act 1989) in New Zealand. This research, and any access to it, is intended for “wholesale clients” (as defined in the Financial Advisers Act

2008) unless otherwise agreed by Goldman Sachs. A copy of certain Goldman Sachs Australia and New Zealand disclosure of interests is available at:

https://www.goldmansachs.com/disclosures/australia-new-zealand/index.html. Russia: Research reports distributed in the Russian Federation are not

advertising as defined in the Russian legislation, but are information and analysis not having product promotion as their main purpose and do not

provide appraisal within the meaning of the Russian legislation on appraisal activity. Research reports do not constitute a personalized investment

recommendation as defined in Russian laws and regulations, are not addressed to a specific client, and are prepared without analyzing the financial

circumstances, investment profiles or risk profiles of clients. Goldman Sachs assumes no responsibility for any investment decisions that may be taken

by a client or any other person based on this research report.