高盛-台积电要点0719

18July2024|9:08AMEDT

AmericasTechnology:Semiconductors

TakeawaysfromTSMC’s2Q24print:HighPerformanceComputingremainsthebrightspot

TSMC(coveredbyBruceLu)reported2Q24resultsthatexceededBloomberg

consensusandpositivelyreviseditsfull-yearrevenueandcapexoutlook.SeeourfullnotebelowforasummaryofthekeytakeawaysandimplicationsforourU.S.

SemiconductorandSemiconductorCapitalEquipmentcoverageuniverse.

ImplicationsfromTSMC’sOutlookandManagementCommentary

OverallSemiconductorIndustry:WhileTSMCmaintainedits2024overall

semiconductorindustrygrowthoutlook(excludingMemory)of~10%yoy,the

companyraiseditsownannualrevenueguidancefromuplow-tomid-20%priortoslightlyabovemid-20%yoy.Consistentwithourrecentindustryconversations,byapplication,managementcalledoutcontinuedstrengthinHighPerformance

Computing(orHPC,whichexceeded50%oftotalrevenueforthefirsttimein2Q24).Relativetopriorquarters,commentaryonotherend-marketsincludingSmartphones,IoTandAutomotivewerelimited.Thatsaid,onAIPCsand

smartphones,thecompanydidnotethatwhilediesizeswilllikelygrow,onaverage,by5-10%,anynotableincreaseinunitsislikelyafewyearsaway.Attheindustry

level,outsideofHPCwherefundamentalshavebeenstrongsincethebeginningof2023,webelieveweareintheearlystagesofacyclicalupturnandcontinueto

expectanaccelerationinsequentialgrowthin2025pendinganormalizationin

_

OEM/channelinventoryandabsentnegativedevelopmentsonthemacrofront.Forfurthercontext,asillustratedinExhibit1,industryICunits(excludingMemory)weretracking~15%belowwhatweestimatetobethelong-termtrend-lineasofMay

2024,upfrom~20%belowtrendinApril2024.

ToshiyaHari

+1(646)446-1759|toshiya.hari@GoldmanSachs&Co.LLC

AnmolMakkar

+1(212)934-5814|

anmol.makkar@

GoldmanSachsIndiaSPL

ChrisKress

+1(212)902-6696|chris.kress@GoldmanSachs&Co.LLC

DavidBalaban

+1(212)357-6369|

david.balaban@

GoldmanSachs&Co.LLC

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,

investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthis

report.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.Analystsemployedbynon-USaffiliatesarenotregistered/qualifiedasresearchanalystswithFINRAintheU.S.

GoldmanSachsAmericasTechnology:Semiconductors

Exhibit1:WeexpectindustryICunits(excl.Memory)toreverttowardthelong-termtrend-lineasweprogressthrough2024andheadinto

2025

IndustryICunits(excl.Memory,3-monthaverage)andTrendline

35,000

ICunitsexMemory3mavg(unitsinmn)

30,000

25,000

20,000

15,000

10,000

5,000

Jan-93

Feb-94

Mar-95

Apr-96

May-97

Jun-98

Jul-99

Aug-00

Sep-01

0

Oct-02

Nov-03

Dec-04

Jan-06

Feb-07

Mar-08

Apr-09

May-10

Jun-11

Jul-12

Aug-13

Sep-14

Oct-15

Nov-16

Dec-17

Jan-19

Feb-20

Mar-21

Apr-22

May-23

~15%belowtrendasofMay

Source:SIA,GoldmanSachsGlobalInvestmentResearch

HighPerformanceComputing(HPC):HPCrevenuegrew28%qoq,whileitsyoy

growthrateacceleratedfrom+1%/+18%yoyintheprecedingtwoquartersto+57%

yoyin2Q24.Managementnotedthata)supplyislikelytostaytightthrough2025withpotentialeasingin2026,b)theyintendtodoubleormorethandoubleCoWoScapacityin2025afterdoingsoin2024,c)nearlyallAIinnovatorsareworkingwiththemonN2

(i.e.anodeinwhichtheyexpecttapeoutsinthefirsttwoyearstoexceedthatin5nm

and3nm),andd)despitetheabove,theyintendtostaydisciplinedfromacapacity

planningperspectivetoavoidanover-buildaswasseenafewyearsback.Interestingly,managementhighlightedthat,throughtheirinternalevaluation,theyhavebeenabletoidentifyproductivitygainsandotherpotentialbenefitsofAIand,assuch,areconfidentinthelong-termsustainabilityofHPC/AI-relateddemand.Bottomline,theaccelerationingrowthwitnessedinthequarteraswellasTSMC’sconstructivesentimenttowardthesustainabilityofAIspendreinforcesourpositiveviewonthekeyenablersacross

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Compute,NetworkingandMemory,includingNVDA(Buy,ontheConvictionList),AMD(Buy),ARM(Buy),AVGO(Buy),MRVL(Buy),CRDO(Buy)andMU(Buy).

Exhibit2:TSMC’sHPCrevenuegrowthratehasacceleratedthepastfewquarters

TSMC’sHPCrevenueyoygrowthrate

HPCrevenueyoygrowthrate(%)

70%60%50%40%30%20%10% 0%-10%-20%-30%

Source:Companydata

18July20242

GoldmanSachsAmericasTechnology:Semiconductors

($mn)

($bn)

SemiconductorCapitalEquipment:TSMCmarginallyrevisedits2024capexguidancefromarangeof$28-32bnpriorto$30-32bnwiththelatterimplyinga3%yoyincreaseatthemid-point.Theintendedmixremainsunchangedwiththecompanylookingtospend~70-80%ofitsbudgetonadvancedprocesstechnologies,~10-20%onspecialtynodesandtheremaining~10%onadvancedpackaging,testing,maskmakingandother.

Althoughthemagnitudeoftherevisiontoitsannualbudgetwasmarginal,notethattheupdatedguideof$31bnimpliesa~55%hohincreaseincapexfrom1Hto2H24whichwebelievebodeswellfortheWaferFabEquipmentsuppliersincludingAMAT,LRCXandKLAC(allBuy-rated).

Exhibit4:In2025and2026,weexpectgrowthinWFEspendingacrossallmajorapplications

WFEMarketBreakdownbyApplication

$45,000$40,000$35,000$30,000$25,000$20,000$15,000$10,000 $5,000$0

Capex($mn)[LHS]Capexintensity(%)[RHS]DRAMNANDFoundryLogic&Other

Exhibit3:Ourcolleague,BruceLu,forecasts22%/11%yoyincreasesinTSMC’scapexin2025/26,respectively

TSMCCapexandCapitalIntensity2011-2026E

$140$120$100 $80 $60 $40 $20$0

60%

50%

40%

30%

20%

10%

0%

Source:Companydata,GoldmanSachsGlobalInvestmentResearchSource:SEMI,Companydata,GoldmanSachsGlobalInvestmentResearch

SemiconductorMaterials:WebelieveTSMC’sincreasetoitsfull-year2024revenueoutlookaswellasitscommentsindicatinghigher/growingfactoryutilizationrateshave

positiveimplicationsforENTG(Buy),whichderives~75%ofitsrevenuefrom

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consumablessalesthataredictatedbysemiconductorindustrywaferstarts(noteTSMCaccountedfor11%ofEntegris’2023revenue).Weremainconfidentthat,togetherwithgrowingutilizationratesacrossNANDandDRAM,theexpectedrecoveryatTSMCwillsupportanimprovingrevenueprofileforEntegristhrough2H24andinto2025.Longer

term,wealsoviewTSMC’sconstructivecommentsonN2(i.e.ontracktoentermassproductionin2H25+numberoftapeoutstobehigherinthefirst2yearsofitsrampvs.thoseseenwith5nmand3nm)positivelyforENTGgiventhepotentialforcontentgrowthonaperwaferbasis.

18July20243

GoldmanSachsAmericasTechnology:Semiconductors

Exhibit5:MaterialsconsumptionperwaferinLogicisexpectedtoincrease~50%ascustomerstransitionfrom5nmto1.4nm,per

Entegris

Logic-MaterialsSpendperWafer

Exhibit6:Materialsconsumptionperwaferisexpectedtobe~1.9xhigherat5xxLvs.176L3DNAND,perEntegris

3DNAND-MaterialsSpendperWafer

Source:CompanydataSource:Companydata

Trailing-Edge:Whilemanagementprimarilyspoketotrendsassociatedwith

leading-edgeprocessnodes(i.e.7nmandbelow,perTSMC’sdefinition),thedouble-digityoydeclineinAutomotiverevenue(-17%yoyinUSD)in2Q24wasnotable.Relative

weaknessinAutomotiveisconsistentwithourintra-quarterindustrychecksaswellascommentsfromthelikesofSUMCOandAmkorTechnologyatourGlobal

SemiconductorConferenceinlateMay(seeoursummarynotehere).Givenrecord

levelsofWaferFabEquipmentspendingbybothIDMsandtier-2foundriesoverthepastfewyears,wecontinuetoworrythatthepricingenvironmentinareaslikeMCUs,analogandpowersemiscoulderodein2025beyondwhatiscurrentlyexpectedbythemarket.

Exhibit7:TSMC’s2Q24Automotiverevenuedeclined17%yoyinUSDterms

TSMCQuarterlyAutomotiveRevenue($mn)

$1,400

$1,200

_

$1,000

($mn)

$800

$600

$400

$200

$0

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

Source:Companydata

ValuationandKeyRisks

AdvancedMicroDevices(AMD,Buy)

Our12-monthpricetargetof$175isbasedonanormalizedEPSestimateof$4.85andatargetmultipleof36x.Keydownsideriskstoourinvestmentthesisandpricetargetinclude:1)aweaker-than-expectedPCandservermarketbackdrop,2)underwhelmingcustomertractioninDataCenterGPUs(e.g.MI300),3)increasedcompetitioninthe

18July20244

GoldmanSachs

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18July2024

AmericasTechnology:Semiconductors

ClientandServerCPUmarkets,4)executiononthetechnology/productroadmap,and5)lackofopexleverage.

Arm(ARM,Buy)

Our12-monthpricetargetof$143isbasedon65xourQ5-Q8non-GAAPEPS(excl.

SBC)estimateof$2.20.Keydownsideriskstoourinvestmentthesisandpricetarget

include:1)aweaker-than-expectedenddemandenvironment,2)underwhelmingmarketsharegains,particularlyinDataCenter,3)lower-than-expectedroyaltyrates,4)any

changesinregulationthatimpactsArm’sabilitytoparticipateincertainmarkets(e.g.China),and5)ongoinglitigationwithQualcomm.

Broadcom(AVGO,Buy)

Our12-monthpricetargetof$185isbasedonaSOTP-basedvaluationapproach.FortheSemiconductorSolutionssegment,weapplya25.5xEV/EBITDAmultipletoourQ5-Q8SemiconductorSolutionsEBITDAestimateof$24.6bn.FortheInfrastructureSoftware

segment,weapplya19xEV/EBITDAmultipletoourQ5-Q8EBITDAestimateof$17.7bn.Keydownsideriskstoourinvestmentthesisandpricetargetinclude,1)slowdowninAIinfrastructurespending;2)slower-than-expectedinventorydigestioninNon-AI;and3)

delayinsynergycapture.

CredoTechnology(CRDO,Buy)

Our12-monthpricetargetof$26isbasedonan9xNTMEV/SalesmultipleappliedtoourFY2026revenueestimateof$517mn,fromwhichwediscountourcalculated

terminalvalueandunleveredFCFbackfora1-yearforwardequityvalue.Weusean

11.5%costofcapitalcomposedofa4.6%risk-freerate,anunleveredbetaof1.5,andanequityriskpremiumof4.6%.Keydownsideriskstoourearningsestimates,pricetarget,andinvestmentthesisinclude,1)Increasedcompetitionfromindustry

incumbents,2)increasedcustomerconcentrationand/ornegativecustomercapex

revisions;and3)failuretoexecuteonnewproductgenerationsanderosionofSerDesIP.

MarvellTechnology(MRVL,Buy)

Our12-monthpricetargetof$77isbasedon36xournormalizedEPSestimateof$2.15.Keydownsideriskstoourearningsestimatesandpricetargetinclude,1)amoderation

inAIinfrastructurespending,2)persistentweaknessintheEnterpriseNetworkingandCarrierbusinesses,3)persistentdegradationingrossmargins,and4)supply-side

challenges.

MicronTechnology(MU,Buy)

Our12-monthpricetargetof$158isunchangedandisbasedon18xournormalized

EPSestimateof$8.80.Keyriskstoourestimatesinclude1)weaker-than-expected

demandforservers,smartphones,and/orPCs,2)lackofsupplydisciplineonthepartofMicronand/oranyofitscompetitorsinDRAMandNAND,and3)executiononnode

transitions(andcostdowns).

Nvidia(NVDA,Buy,onAmericasConvictionList)

5

GoldmanSachsAmericasTechnology:Semiconductors

Our12-monthpricetargetof$135isbasedon50xournormalizedEPSestimateof

$2.70.Keydownsideriskstoourestimatesandpricetargetinclude:1)asuddendeclineinGenAIinfrastructurespendbythemajorCSPsand/orenterprises;2)further

restrictionsonGPUexports;3)delaysinnewproductintroductions;4)

weaker-than-expecteddemandforGamingGPUs;and5)supplychainissues.

AppliedMaterials(AMAT,Buy)

Ourupdated12-monthpricetargetof$240isbasedon24xournormalizedEPS

estimateof$10.KeyriskstoourestimatesandBuythesisinclude:1)persistent

weaknessinenddemand;2)aprolongeddownturninApplied’sICAPSbusiness,3)outcomeoftheongoinginvestigationbytheU.S.Attorney’sOfficefortheDistrictofMassachusetts,and4)increasedcompetition.

LamResearch(LRCX,Buy)

Our12-monthpricetargetof$960isbasedon24xournormalizedEPSestimateof$40.

Keyriskstoourestimatesandconstructiveinvestmentthesisinclude:1)a

weaker-than-expecteddemandrecoveryforsmartphones,servers,andPCs,2)ashort-livedrecoveryinMemoryspending,3)increasedcompetitioninEtchand

Deposition,and4)changesinthegeopoliticalbackdrop,includingtheevolutionofexportcontrols,thatadverselyimpactLam’sabilitytoconductbusiness.

KLACorporation(KLAC,Buy)

Our12-monthpricetargetof$735isbasedon23xournormalizedEPSestimateof$32.

KeydownsideriskstoourestimatesandBuyinvestmentcaseinclude:1)asignificantcorrectioninoverallWFEdemand,2)adeclineinProcessControlintensity,possibly

fromcustomersrollingoverexistingtoolsfromlast-gennodestothelatest-gen

processesgivenanabsenceoffollow-ondemandthatwouldotherwiserequire

_

incrementaltoolpurchases,and3)correspondingly,adiscountedgrowthtrajectoryrelativetothebroaderWFEmarket,4)increasedcompetitionintheProcessControl

market,frompeerssuchasAppliedMaterialsandASML,thatmanifestsineithermarketshareandrevenuelossoradeclineinASPsandgrossmargins,and5)changesinthe

geopoliticalbackdrop,includingtheevolutionofexportcontrols,thatadverselyimpactKLA’sabilitytoconductbusiness,forexample,inChina.

Entegris(ENTG,Buy)

Our12-monthpricetargetof$147isbasedon35xournormalizedEPSestimateof$4.20.KeyriskstoourestimatesandBuythesisinclude:1)adeteriorationinthe

end-demandenvironment;2)delaysincustomertechnologytransitions;and3)geopoliticalissuesimpactingEntegris’abilitytooperateincertaingeographies.

18July20246

GoldmanSachsAmericasTechnology:Semiconductors

DisclosureAppendix

RegAC

We,ToshiyaHari,AnmolMakkar,ChrisKressandDavidBalaban,herebycertifythatalloftheviewsexpressedinthisreportaccuratelyreflectour

personalviewsaboutthesubjectcompanyorcompaniesanditsortheirsecurities.Wealsocertifythatnopartofourcompensationwas,isorwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisreport.

Unlessotherwisestated,theindividualslistedonthecoverpageofthisreportareanalystsinGoldmanSachs’GlobalInvestmentResearchdivision.

GSFactorProfile

TheGoldmanSachsFactorProfileprovidesinvestmentcontextforastockbycomparingkeyattributestothemarket(i.e.ourcoverageuniverse)anditssectorpeers.Thefourkeyattributesdepictedare:Growth,FinancialReturns,Multiple(e.g.valuation)andIntegrated(acompositeofGrowth,FinancialReturnsandMultiple).Growth,FinancialReturnsandMultiplearecalculatedbyusingnormalizedranksforspecificmetricsforeachstock.The

normalizedranksforthemetricsarethenaveragedandconvertedintopercentilesfortherelevantattribute.Theprecisecalculationofeachmetricmayvarydependingonthefiscalyear,industryandregion,butthestandardapproachisasfollows:

Growthisbasedonastock’sforward-lookingsalesgrowth,EBITDAgrowthandEPSgrowth(forfinancialstocks,onlyEPSandsalesgrowth),withahigherpercentileindicatingahighergrowthcompany.FinancialReturnsisbasedonastock’sforward-lookingROE,ROCEandCROCI(forfinancial

stocks,onlyROE),withahigherpercentileindicatingacompanywithhigherfinancialreturns.Multipleisbasedonastock’sforward-lookingP/E,P/B,price/dividend(P/D),EV/EBITDA,EV/FCFandEV/DebtAdjustedCashFlow(DACF)(forfinancialstocks,onlyP/E,P/BandP/D),withahigherpercentileindicatingastocktradingatahighermultiple.TheIntegratedpercentileiscalculatedastheaverageoftheGrowthpercentile,FinancialReturns

percentileand(100%-Multiplepercentile).

FinancialReturnsandMultipleusetheGoldmanSachsanalystforecastsatthefiscalyear-endatleastthreequartersinthefuture.Growthusesinputsforthefiscalyearatleastsevenquartersinthefuturecomparedwiththeyearatleastthreequartersinthefuture(onaper-sharebasisforallmetrics).

ForamoredetaileddescriptionofhowwecalculatetheGSFactorProfile,pleasecontactyourGSrepresentative.

M&ARank

Acrossourglobalcoverage,weexaminestocksusinganM&Aframework,consideringbothqualitativefactorsandquantitativefactors(whichmayvaryacrosssectorsandregions)toincorporatethepotentialthatcertaincompaniescouldbeacquired.WethenassignaM&Arankasameansofscoring

companiesunderourratedcoveragefrom1to3,with1representinghigh(30%-50%)probabilityofthecompanybecominganacquisitiontarget,2representingmedium(15%-30%)probabilityand3representinglow(0%-15%)probability.Forcompaniesranked1or2,inlinewithourstandard

departmentalguidelinesweincorporateanM&Acomponentintoourtargetprice.M&Arankof3isconsideredimmaterialandthereforedoesnotfactorintoourpricetarget,andmayormaynotbediscussedinresearch.

Quantum

QuantumisGoldmanSachs’proprietarydatabaseprovidingaccesstodetailedfinancialstatementhistories,forecastsandratios.Itcanbeusedforin-depthanalysisofasinglecompany,ortomakecomparisonsbetweencompaniesindifferentsectorsandmarkets.

Disclosures

Ratingandpricinginformation

ARMHoldings(Buy,$161.70),AdvancedMicroDevicesInc.(Buy,$159.43),AppliedMaterialsInc.(Buy,$220.07),BroadcomInc.(Buy,$155.98),CredoTechnologyGroup(Buy,$30.45),EntegrisInc.(Buy,$133.81),KLACorp.(Buy,$781.75),LamResearchCorp.(Buy,$967.68),MarvellTechnologyInc.

(Buy,$67.93),MicronTechnologyInc.(Buy,$119.50)andNvidiaCorp.(Buy,$117.99)

Therating(s)forARMHoldings,AdvancedMicroDevicesInc.,AppliedMaterialsInc.,BroadcomInc.,CredoTechnologyGroup,EntegrisInc.,

_

KLACorp.,LamResearchCorp.,MarvellTechnologyInc.,MicronTechnologyInc.andNvidiaCorp.is/arerelativetotheothercompaniesin

its/theircoverageuniverse:ARMHoldings,AdvancedMicroDevicesInc.,AmkorTechnologyInc.,AnalogDevicesInc.,AppliedMaterialsInc.,ArrowElectronicsInc.,AvnetInc.,BroadcomInc.,CohuInc.,CredoTechnologyGroup,EntegrisInc.,ImpinjInc.,IntelCorp.,IonQInc.,KLACorp.,Lam

ResearchCorp.,MarvellTechnologyInc.,MicrochipTechnologyInc.,MicronTechnologyInc.,NXPSemiconductorsNV,NvidiaCorp.,ONSemiconductorCorp.,QorvoInc.,SeagateTechnology,SkyworksSolutionsInc.,TeradyneInc.,TexasInstrumentsInc.,WesternDigitalCorp.

Company-specificregulatorydisclosures

Compendiumreport:pleaseseedisclosuresat/research/hedge.html.Disclosuresapplicabletothecompaniesincludedinthiscompendiumcanbefoundinthelatestrelevantpublishedresearch

Distributionofratings/investmentbankingrelationships

GoldmanSachsInvestmentResearchglobalEquitycoverageuniverse

RatingDistributionInvestmentBankingRelationships

Hold35%

Sell17%

Buy64%

Hold57%

Sell41%

Global

Buy48%

AsofJuly1,2024,GoldmanSachsGlobalInvestmentResearchhadinvestmentratingson2,925equitysecurities.GoldmanSachsassignsstocksas

BuysandSellsonvariousregionalInvestmentLists;stocksnotsoassignedaredeemedNeutral.SuchassignmentsequatetoBuy,HoldandSellforthepurposesoftheabovedisclosurerequiredbytheFINRARules.See‘Ratings,Coverageuniverseandrelateddefinitions’below.TheInvestmentBankingRelationshipschartreflectsthepercentageofsubjectcompanieswithineachratingcategoryforwhomGoldmanSachshasprovided

investmentbankingserviceswithintheprevioustwelvemonths.

Pricetargetandratinghistorychart(s)

Compendiumreport:pleaseseedisclosuresat/research/hedge.html.Disclosuresapplicabletothecompaniesincludedinthiscompendiumcanbefoundinthelatestrelevantpublishedresearch

18July20247

GoldmanSachsAmericasTechnology:Semiconductors

Regulatorydisclosures

DisclosuresrequiredbyUnitedStateslawsandregulations

Seecompany-specificregulatorydisclosuresaboveforanyofthefollowingdisclosuresrequiredastocompaniesreferredtointhisreport:managerorco-managerinapendingtransaction;1%orotherownership;compensationforcertainservices;typesofclientrelationships;managed/co-managedpublicofferingsinpriorperiods;directorships;forequitysecurities,marketmakingand/orspecialistrole.GoldmanSachstradesormaytradeasa

principalindebtsecurities(orinrelatedderivatives)ofissuersdiscussedinthisreport.

Thefollowingareadditionalrequireddisclosures:Ownershipandmaterialconflictsofinterest:GoldmanSachspolicyprohibitsitsanalysts,professionalsreportingtoanalystsandmembersoftheirhouseholdsfromowningsecuritiesofanycompanyintheanalyst’sareaofcoverage.

Analystcompensation:AnalystsarepaidinpartbasedontheprofitabilityofGoldmanSachs,whichincludesinvestmentbankingrevenues.Analyst

asofficerordirector:GoldmanSachspolicygenerallyprohibitsitsanalysts,personsreportingtoanalystsormembersoftheirhouseholdsfromservingasanofficer,directororadvisorofanycompanyintheanalyst’sareaofcoverage.Non-U.S.Analysts:Non-U.S.analystsmaynotbe

associatedpersonsofGoldmanSachs&Co.LLCandthereforemaynotbesubjecttoFINRARule2241orFINRARule2242restrictionsoncommunicationswithsubjectcompany,publicappearancesandtradingsecuritiesheldbytheanalysts.

Distributionofratings:Seethedistributionofratingsdisclosureabove.Pricechart:Seethepricechart,withchangesofratingsandpricetargetsinpriorperiods,above,or,ifelectronicformatorifwithrespecttomultiplecompanieswhicharethesubjectofthisreport,ontheGoldmanSachs

websiteat/research/hedge.html.

AdditionaldisclosuresrequiredunderthelawsandregulationsofjurisdictionsotherthantheUnitedStates

Thefollowingdisclosuresarethoserequiredbythejurisdictionindicated,excepttotheextentalreadymadeabovepursuanttoUnitedStateslawsandregulations.Australia:GoldmanSachsAustraliaPtyLtdanditsaffiliatesarenotauthoriseddeposit-takinginstitutions(asthattermisdefinedinthe

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producingresearchreports,membersofGlobalInvestmentResearchofGoldmanSachsAustraliamayattendsitevisitsandothermeetingshostedbythecompaniesandotherentitieswhicharethesubjectofitsresearchreports.InsomeinstancesthecostsofsuchsitevisitsormeetingsmaybemetinpartorinwholebytheissuersconcernedifGoldmanSachsAustraliaconsidersitisappropriateandreasonableinthespecificcircumstancesrelatingtothesitevisitormeeting.Totheextentthatthecontentsofthisdocumentcontainsanyfinancialproductadvice,itisgeneraladviceonlyandhas

beenpreparedbyGoldmanSachswithouttakingintoaccountaclient’sobjectives,financialsituationorneeds.Aclientshould,beforeactingonany

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GoldmanSachsAustraliaandNewZealanddisclosureofinterestsandacopyofGoldmanSachs’AustralianSell-SideResearchIndependencePolicy

Statementareavailableat:/disclosures/australia-new-zealand/index.html.Brazil:DisclosureinformationinrelationtoCVMResolutionn.20isavailab