Stanley Black & Decker Inc. (swk): Raising FY26 on tariff refund and below-the-line items

Research evidence excerpt

Stanley Black & Decker Inc. (swk): Raising FY26 on tariff refund and below-the-line items

vestment

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. Singapore: Goldman Sachs (Singapore) Pte. (Company Number: 198602165W), which is

regulated by the Monetary Authority of Singapore, accepts legal responsibility for this research, and should be contacted with respect to any matters

arising from, or in connection with, this research. Taiwan: This material is for reference only and must not be reprinted without permission. Investors

should carefully consider their own investment risk. Investment results are the responsibility of the individual investor. United Kingdom: Persons who

would be categorized as retail clients in the United Kingdom, as such term is defined in the rules of the Financial Conduct Authority, should read this

research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have

been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are

available from Goldman Sachs International on request.

European Union and United Kingdom: Disclosure information in relation to Article 6 (2) of the European Commission Delegated Regulation (EU)

(2016/958) supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council (including as that Delegated Regulation is