Brazil: Higher 2027/28 Inflation Expectations; Stable End-2026/27/28 Selic Rate; Lower 2027 Growth Expectations (Ramos)

Research evidence excerpt

Brazil: Higher 2027/28 Inflation Expectations; Stable End-2026/27/28 Selic Rate; Lower 2027 Growth Expectations (Ramos)

Fax +91 22 6616 9001. Goldman Sachs may beneficially own 1% or more of

the securities (as such term is defined in clause 2 (h) the Indian Securities Contracts (Regulation) Act, 1956) of the subject company or companies

referred to in this research report. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or

provide any assurance of returns to investors. Goldman Sachs (India) Securities Private Limited compliance officer and investor grievance contact

details, a copy of the annual compliance audit report and other relevant information and disclosures can be found at this link:

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