Pulp & Paper: How Long Does a Bear Cycle Last?

Research evidence excerpt

Pulp & Paper: How Long Does a Bear Cycle Last?

g access to detailed financial statement histories, forecasts and ratios. It can be used for

in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets.

Disclosures

The rating(s) for Dexco is/are relative to the other companies in its/their coverage universe: Aura Minerals, CSN, CSN Mineracao, Capstone Copper,

Copec, Dexco, Empresas CMPC SA, Ero Copper, First Quantum Minerals, Gerdau, Grupo Mexico, HudBay Minerals Inc., Klabin, SQM, Southern Copper,

Suzano, Ternium, Usiminas, Vale

Company-specific regulatory disclosures

The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, “Goldman Sachs”) and companies covered

by Goldman Sachs Global Investment Research and referred to in this research.

Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Dexco (R$5.01)

Goldman Sachs had a non-securities services client relationship during the past 12 months with: Dexco (R$5.01)

Distribution of ratings/investment banking relationships

Goldman Sachs Investment Research global Equity coverage universe

Rating Distribution Investment Banking Relationships

Buy Hold Sell Buy Hold Sell

Global 50% 34% 16% 65% 59% 43%

As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys

and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for the

purposes of the above disclosure required by the FINRA Rules. See ‘Ratings, Coverage universe and related definitions’ below. The Investment Banking