Artisan Partners Asset Management (APAM): Continued fee degradation and organic decay weigh on revenue growth algo

Research evidence excerpt

Artisan Partners Asset Management (APAM): Continued fee degradation and organic decay weigh on revenue growth algo

Goldman Sachs Artisan Partners Asset Management (APAM)

Disclosure Appendix

Reg AC

We, Alexander Blostein, CFA, Anthony Corbin, Aditya Sharma, CFA, Michael Vinci and Vaasu Gupta, 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.

Contributing Authors: Alexander Blostein, CFA Goldman Sachs & Co. LLC, Anthony Corbin Goldman Sachs & Co. LLC, Aditya Sharma, CFA Goldman

Sachs India SPL, Michael Vinci Goldman Sachs & Co. LLC, Vaasu Gupta 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.