全球PMI監(jiān)測報(bào)告：7月DM綜合PMI跌破50

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22July2022|1:06PMEDT

GlobalPMIMonitor:DMCompositePMIFallsBelow50inJuly;

FurtherEasinginIn?ationComponents(Zhestkova)

nDMtrends:

oTheDMcomposite?ashPMIfellintocontractionaryterritoryinJuly(-3.4ptto49.0)asservicesdroppedby-3.8ptto49.3andmanufacturingslippedby-1.1ptto51.6.

nCountry-leveltrends:

oThemanufacturing?ashPMIdecreasedacrossallmajorDMs,especiallyintheEuroarea(-2.5ptto49.6)onlowerdemandandhigherenergycosts.

oTheservices?ashPMIdecreasedsharplyintheUS(-5.7ptto47.0)anddeclinedinotherDMs,especiallyinJapan(-2.9ptto51.2)andEuroarea(-2.4ptto50.6).

nActivitycomponents:

JanHatzius

+1(212)902-0394|jan.hatzius@

GoldmanSachs&Co.LLC

DaanStruyven

+1(212)357-4172|

daan.struyven@

GoldmanSachs&Co.LLC

YuliaZhestkova

+1(646)446-3905|

yulia.zhestkova@

GoldmanSachs&Co.LLC

SidBhushan

+44(20)7552-3779|

sid.bhushan@

GoldmanSachsInternational

oTheDM?ashforward-lookingcomponentsdecreasedformanufacturingwithorder-to-inventorieshittingitslowestlevelsinceMay2020of0.91,andforservices(futureactivitydownby-3.5ptto57.7),consistentwithearlyUSbusinesssurveys.

oTheDMmanufacturingneworders?ashPMIfellintocontractionaryterritory,withthesharpestdeclineintheEuroareaby-2.5ptto42.6.

oThecomposite?ashemploymentPMIslippedbutremainedabove50inallmajorDMs.

nIn?ation-relatedcomponents:

oThemanufacturingsuppliers’deliverytimescomponentshortenedinEuroarea(+4.4ptto38.6)andtheUK(+3.9ptto38.4)andremainedroughlyunchangedintheUSat33.5.

oThenetbalanceof?rmsexpectingwagecoststoincreasehasreachedanall-timehighinJapanandtheEuroarea,butitedgeddownintheUSandtheUK.

oTheDMoutputpricesdecreasedby-3.4ptformanufacturingto66.3andby-1.7ptforservicesto60.1,whiletheDMinputpricesdecreasedby-2.9ptformanufacturingto76.4andby-2.0ptforservicesto73.1.

Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcerti?cationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.

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GoldmanSachs

GlobalPMIMonitor

Exhibit1:DMManufacturingNewOrdersFellIntoContractionaryTerritory,WiththeSharpestDeclineintheEuroAreaby-2.5ptto42.6

Index

66

US

EuroArea

DM

58

54

50

46

42

Note:greybarsdenoteUSrecession.

LatestManufacturingNewOrdersPMI(Incl.Flash)

Index

66

46

42

62

62

58

50

54

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

22July20222

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GoldmanSachs

GlobalPMIMonitor

DMCompositePMIFallsBelow50inJuly;FurtherEasinginIn?ationComponents

DMTrends

Exhibit2:TheDMCompositeFlashPMIFellIntoContractionaryTerritoryinJuly(-3.4ptto49.0)AsServicesDroppedby-3.8ptto49.3andManufacturingSlippedby-1.1ptto51.6

Index

62

Composite

Manufacturing

Services

56

54

52

50

48

46

44

Note:greybarsdenoteUSrecession.

DMisaGDPweightedsumofPMIindicesfortheUS,theEuroArea,theUK,Australia,andJapan.SurveydatawascollectedJuly6-21fortheUS,July12-20fortheEuroArea,theUK,andJapanandJuly11-19forAustralia.

60

58

56

54

52

50

48

46

44

Index

62

60

58

LatestDMPMI(Incl.Flash)

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

22July20223

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GlobalPMIMonitor

GoldmanSachs

Country-LevelTrends

Exhibit3:TheManufacturingFlashPMIDecreasedAcrossAllMajorDMs,EspeciallyintheEuroArea(-2.5ptto49.6)

Index

66

LatestManufacturingPMI(Incl.Flash)

Index

66

US

62

62

EuroArea

UK

58

58

Australia

Japan

54

54

50

50

46

46

42

42

Note:greybarsdenoteUSrecession.

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

Exhibit4:TheServicesFlashPMIDecreasedSharplyintheUS(-5.7ptto47.0)andDeclinedinOtherDMs,EspeciallyinJapan(-2.9ptto51.2)andEuroArea(-2.4ptto50.6)

Index

72

68

64

60

56

52

48

44

40

LatestServicesPMI(Incl.Flash)

Index

72

US

68

EuroAreaUK

AustraliaJapan

64

60

56

52

48

44

40

Note:greybarsdenoteUSrecession.

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

22July20224

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GlobalPMIMonitor

GoldmanSachs

Exhibit5:EarlyUSBusinessActivitySurveysShowMixedSignalsforManufacturingbutDecreasedforServices

changeinz-

scores

changeinz-scores1.0

USBusinessActivity,ChangefromPriorMonth

1.0

0.5

0.5

0.0

0.0

-0.5

-0.5

-1.0

-1.0

-1.5-1.5

PhiladelphiaFedS&PGlobalPMIEmpireStateS&PGlobalPMIBusinessLeaders

Survey

Manufacturing

Services

Source:S&PGlobal,USFederalReserveBank,Haver,GoldmanSachsGlobalInvestmentResearch

ActivityComponents

Exhibit6:TheDMFlashForward-lookingComponentsDecreasedforManufacturingwith

Order-to-InventoriesHittingItsLowestLevelSinceMay2020of0.91,andforServices(FutureActivityDownby-3.5ptto57.7)

Ratio1.4

1.3

1.2

1.1

1.0

0.9

0.8

0.7

DMLatestPMI(Incl.Flash):Forward-LookingComponents

ManufacturingOrders-To-Inventories(left)

ServicesFutureActivity(right)

Index

74

70

66

62

58

54

50

Note:greybarsdenoteUSrecession.

DMisaGDPweightedsumofPMIindicesfortheUS,theEuroArea,theUK,Australia,andJapan.

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

22July20225

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GlobalPMIMonitor

GoldmanSachs

Exhibit7:EarlyUSBusinessSurveysShowSharpDecreaseinExpectationsofFutureActivityinJuly

changein

z-scores0.0

changein

z-scores0.0

USFutureActivityandBusinessConditionsExpectations,ChangefromPriorMonth

-0.5

-0.5

-1.0

-1.0

-1.5

-1.5

-2.0

EmpireState

S&PGlobalPMIPhiladelphiaFed

BusinessLeadersS&PGlobalPMI

Survey

Manufacturing

Services

Source:S&PGlobal,USFederalReserveBank,Haver,GoldmanSachsGlobalInvestmentResearch

Exhibit8:TheCompositeFlashEmploymentPMISlippedinAllMajorDMs,EspeciallyinAustralia(-1.6ptto53.4)andtheUK(-1.1ptto55.1)

Index

LatestCompositeEmploymentPMI(Incl.Flash)

Index

US

58

58

54

54

EuroArea

UK

Australia

Japan

5050

4646

4242

Note:greybarsdenoteUSrecession.

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

22July20226

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GlobalPMIMonitor

GoldmanSachs

Exhibit9:EarlyUSBusinessSurveysShowBroad-BasedDeclineinEmploymentComponents

changein

z-scores0.5

changein

z-scores

USEmployment,ChangefromPriorMonth

0.5

0.00.0

-0.5

-0.5

-1.0

-1.0

EmpireState

S&PGlobalPMIPhiladelphiaFed

BusinessLeadersS&PGlobalPMI

Survey

Manufacturing

Services

Source:S&PGlobal,USFederalReserveBank,Haver,GoldmanSachsGlobalInvestmentResearch

In?ation-RelatedComponents

Exhibit10:TheManufacturingSuppliers’DeliveryTimesComponentShortenedinEuroArea(+4.4ptto38.6)andtheUK(+3.9ptto38.4)andRemainedRoughlyUnchangedintheUSat33.5

Index10

ManufacturingSuppliers'DeliveryTimesLatestPMI,Incl.Flash(Inverted)

Index10

US

20

30

40

50

60

EuroArea

UK

Australia

Japan

longerdelivery

times

20

30

40

50

60

Note:greybarsdenoteUSrecession.

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

22July20227

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GlobalPMIMonitor

3

2

1

0

-1

-2

GoldmanSachs

Exhibit11:EarlyUSSurveysSuggestManufacturingSuppliers’DeliveryTimesMostlyShortenedinJuly

Z-scores

4

3

Z-scores

USManufacturingSuppliers’DeliveryTimes

4

S&PGlobalPMI,invertedEmpireStateManufacturingPhiladelphiaFed

Longerdelivery

times

2

1

0

-1

-2

Note:greybarsdenoteUSrecession.

Source:S&PGlobal,USFederalReserveBank,Haver,GoldmanSachsGlobalInvestmentResearch

Exhibit12:TheNetBalanceofFirmsExpectingWageCoststoIncreaseHasReachedanAll-TimeHighinJapanandtheEuroArea,butEdgedDownintheUSandtheUK

Z-scores

2

MarkitBusinessOutlook:NetBalanceofFirmsExpectingWageCoststoRiseintheNext12Months

Z-scores

2

1

1

0

0

-1

-1

US

EuroArea

UK

-2

-2

Japan

-3

-3Aug-18

Feb-19Aug-19Feb-20Aug-20Feb-21Aug-21Feb-22Aug-22

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

22July20228

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GlobalPMIMonitor

GoldmanSachs

Exhibit13:TheDMOutputPricesDecreasedby-3.4ptforManufacturingto66.3andby-1.7ptforServicesto60.1,WhileDMInputPricesDecreasedby-2.9ptforManufacturingto76.4andby-2.0ptforServicesto73.1

DMLatestPricesPMIs(Incl.Flash)

Index

90

85

80

75

70

65

60

55

50

45

Manufacturing

Input

Output

Index

90

85

80

75

70

65

60

55

50

45

Index

80

75

70

65

60

55

50

45

Input

Output

Services

Index

80

75

70

65

60

55

50

45

Note:greybarsdenoteUSrecession.

DMisaGDPweightedsumofPMIindicesfortheUS,theEuroArea,theUK,Australia,andJapan.

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

Exhibit14:ManufacturingandServicesOutputPricesDecreasedAcrossAllMajorDMsExceptAustralia,WithSharpestDeclinesinManufacturingOutputPricesintheUS(-4.9ptto66.1)

LatestOutputPricesPMI(Incl.Flash)

Services

Manufacturing

Index

Index

80

Index

Index

80

75

US

EuroArea

UKAustraliaJapan

80

US

EuroArea

75

75

75

70

UK

Australia

Japan

70

70

70

65

65

65

65

60

60

60

60

55

55

55

55

50

50

50

50

45

45

45

45

Note:greybarsdenoteUSrecession.

Note:greybarsdenoteUSrecession.

Source:S&PGlobal,Haver,GoldmanSachsGlobalInvestmentResearch

AnalysisofEarlyBusinessSurveysFromOurEconomicsTeam

nEurope:JulyFlashPMIs—ContractioninEuroArea;UpsideSurpriseinUK,July22

nUSA:PhillyFedBelowExpectationsinJuly;InitialClaimsContinuetoTrendUpwards,July21

nUSA:RetailSalesStrongerThanExpectedinJune;ImportPricesSofterThanExpected;EmpireManufacturingStrongerThanExpected,July15

YuliaZhestkova

22July20229

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GoldmanSachs

GlobalPMIMonitor

DisclosureAppendix

RegAC

We,JanHatzius,DaanStruyven,YuliaZhestkovaandSidBhushan,herebycertifythatalloftheviewsexpressedinthisreportaccuratelyre?ectourpersonalviews,whichhavenotbeenin?uencedbyconsiderationsofthe?rm’sbusinessorclientrelationships.

Unlessotherwisestated,theindividualslistedonthecoverpageofthisreportareanalystsinGoldmanSachs’GlobalInvestmentResearchdivision.

Disclosures

Regulatorydisclosures

DisclosuresrequiredbyUnitedStateslawsandregulations

Seecompany-speci?cregulatorydisclosuresaboveforanyofthefollowingdisclosuresrequiredastocompaniesreferredtointhisreport:managerorco-managerinapendingtransaction;1%orotherownership;compensationforcertainservices;typesofclientrelationships;managed/co-managedpublicofferingsinpriorperiods;directorships;forequitysecurities,marketmakingand/orspecialistrole.GoldmanSachstradesormaytradeasaprincipalindebtsecurities(orinrelatedderivatives)ofissuersdiscussedinthisreport.

Thefollowingareadditionalrequireddisclosures:Ownershipandmaterialcon?ictsofinterest:GoldmanSachspolicyprohibitsitsanalysts,professionalsreportingtoanalystsandmembersoftheirhouseholdsfromowningsecuritiesofanycompanyintheanalyst’sareaofcoverage.Analystcompensation:Analystsarepaidinpartbasedonthepro?tabilityofGoldmanSachs,whichincludesinvestmentbankingrevenues.Analystasof?cerordirector:GoldmanSachspolicygenerallyprohibitsitsanalysts,personsreportingtoanalystsormembersoftheirhouseholdsfromservingasanof?cer,directororadvisorofanycompanyintheanalyst’sareaofcoverage.Non-U.S.Analysts:Non-U.S.analystsmaynotbeassociatedpersonsofGoldmanSachs&Co.LLCandthereforemaynotbesubjecttoFINRARule2241orFINRARule2242restrictionsoncommunicationswithsubjectcompany,publicappearancesandtradingsecuritiesheldbytheanalysts.

AdditionaldisclosuresrequiredunderthelawsandregulationsofjurisdictionsotherthantheUnitedStates

Thefollowingdisclosuresarethoserequiredbythejurisdictionindicated,excepttotheextentalreadymadeabovepursuanttoUnitedStateslawsandregulations.Australia:GoldmanSachsAustraliaPtyLtdanditsaf?liatesarenotauthoriseddeposit-takinginstitutions(asthattermisde?nedintheBankingAct1959(Cth))inAustraliaanddonotprovidebankingservices,norcarryonabankingbusiness,inAustralia.Thisresearch,andanyaccesstoit,isintendedonlyfor“wholesaleclients”withinthemeaningoftheAustralianCorporationsAct,unlessotherwiseagreedbyGoldmanSachs.Inproducingresearchreports,membersoftheGlobalInvestmentResearchDivisionofGoldmanSachsAustraliamayattendsitevisitsandothermeetingshostedbythecompaniesandotherentitieswhicharethesubjectofitsresearchreports.InsomeinstancesthecostsofsuchsitevisitsormeetingsmaybemetinpartorinwholebytheissuersconcernedifGoldmanSachsAustraliaconsidersitisappropriateandreasonableinthespeci?ccircumstancesrelatingtothesitevisitormeeting.Totheextentthatthecontentsofthisdocumentcontainsany?nancialproductadvice,itisgeneraladviceonlyandhasbeenpreparedbyGoldmanSachswithouttakingintoaccountaclient’sobjectives,?nancialsituationorneeds.Aclientshould,beforeactingonanysuchadvice,considertheappropriatenessoftheadvicehavingregardtotheclient’sownobjectives,?nancialsituationandneeds.AcopyofcertainGoldmanSachsAustraliaandNewZealanddisclosureofinterestsandacopyofGoldmanSachs’AustralianSell-SideResearchIndependencePolicyStatementareavailableat:/disclosures/australia-new-zealand/index.html.Brazil:DisclosureinformationinrelationtoCVMResolutionn.20isavailableat/worldwide/brazil/area/gir/index.html.Whereapplicable,the

Brazil-registeredanalystprimarilyresponsibleforthecontentofthisresearchreport,asde?nedinArticle20ofCVMResolutionn.20,isthe?rstauthornamedatthebeginningofthisreport,unlessindicatedotherwiseattheendofthetext.Canada:Thisinformationisbeingprovidedtoyouforinformationpurposesonlyandisnot,andundernocircumstancesshouldbeconstruedas,anadvertisement,offeringorsolicitationbyGoldmanSachs&Co.LLCforpurchasersofsecuritiesinCanadatotradeinanyCanadiansecurity.GoldmanSachs&Co.LLCisnotregisteredasadealerinanyjurisdictioninCanadaunderapplicableCanadiansecuritieslawsandgenerallyisnotpermittedtotradeinCanadiansecuritiesandmaybeprohibitedfromsellingcertainsecuritiesandproductsincertainjurisdictionsinCanada.IfyouwishtotradeinanyCanadiansecuritiesorotherproductsinCanadapleasecontactGoldmanSachsCanadaInc.,anaf?liateofTheGoldmanSachsGroupInc.,oranotherregisteredCanadiandealer.HongKong:FurtherinformationonthesecuritiesofcoveredcompaniesreferredtointhisresearchmaybeobtainedonrequestfromGoldmanSachs(Asia)L.L.C.India:FurtherinformationonthesubjectcompanyorcompaniesreferredtointhisresearchmaybeobtainedfromGoldmanSachs(India)SecuritiesPrivateLimited,ResearchAnalyst-SEBIRegistrationNumberINH000001493,951-A,RationalHouse,AppasahebMaratheMarg,Prabhadevi,Mumbai400025,India,CorporateIdentityNumberU74140MH2006FTC160634,Phone+912266169000,Fax+912266169001.GoldmanSachsmaybene?ciallyown1%ormoreofthesecurities(assuchtermisde?nedinclause2(h)theIndianSecuritiesContracts(Regulation)Act,1956)ofthesubjectcompanyorcompaniesreferredtointhisresearchreport.Japan:Seebelow.Korea:Thisresearch,andanyaccesstoit,isintendedonlyfor“professionalinvestors”withinthemeaningoftheFinancialServicesandCapitalMarketsAct,unlessotherwiseagreedbyGoldmanSachs.FurtherinformationonthesubjectcompanyorcompaniesreferredtointhisresearchmaybeobtainedfromGoldmanSachs(Asia)L.L.C.,SeoulBranch.NewZealand:GoldmanSachsNewZealandLimitedanditsaf?liatesareneither“registeredbanks”nor“deposittakers”(asde?nedintheReserveBankofNewZealandAct1989)inNewZealand.Thisresearch,andanyaccesstoit,isintendedfor“wholesaleclients”(asde?nedintheFinancialAdvisersAct2008)unlessotherwiseagreedbyGoldmanSachs.AcopyofcertainGoldmanSachsAustraliaandNewZealanddisclosureofinterestsisavailableat:

/disclosures/australia-new-zealand/index.html

.Russia:ResearchreportsdistributedintheRussianFederationarenot

advertisingasde?nedintheRussianlegislation,butareinformationandanalysisnothavingproductpromotionastheirmainpurposeanddonotprovideappraisalwithinthemeaningoftheRussianlegislationonappraisalactivity.Researchreportsdonotconstituteapersonalizedinvestmentrecommendationasde?nedinRussianlawsandregulations,arenotaddressedtoaspeci?cclient,andarepreparedwithoutanalyzingthe?nancialcircumstances,investmentpro?lesorriskpro?lesofclients.GoldmanSachsassumesnoresponsibilityforanyinvestmentdecisionsthatmaybetakenbyaclientoranyotherpersonbasedonthisresearchreport.Singapore:GoldmanSachs(Singapore)Pte.(CompanyNumber:198602165W),whichisregulatedbytheMonetaryAuthorityofSingapore,acceptslegalresponsibilityforthisresearch,andshouldbecontactedwithrespecttoanymattersarisingfrom,orinconnectionwith,thisresearch.Taiwan:Thismaterialisforreferenceonlyandmustnotbereprintedwithoutpermission.Investorsshouldcarefullyconsidertheirowninvestmentrisk.Investmentresultsaretheresponsibilityoftheindividualinvestor.UnitedKingdom:PersonswhowouldbecategorizedasretailclientsintheUnitedKingdom,assuchtermisde?nedintherulesoftheFinancialConductAuthority,shouldreadthisresearchinconjunctionwithpriorGoldmanSachsresearchonthecoveredcompaniesreferredtohereinandshouldrefertotheriskwarningsthathavebeensenttothembyGoldmanSachsInternational.Acopyoftheseriskswarnings,andaglossaryofcertain?nancialtermsusedinthisreport,areavailablefromGoldmanSachsInternationalonrequest.

EuropeanUnionandUnitedKingdom:DisclosureinformationinrelationtoArticle6(2)oftheEuropeanCommissionDelegatedRegulation(EU)(2016/958)supplementingRegulation(EU)No596/2014oftheEuropeanParliamentandoftheCouncil(includingasthatDelegatedRegulationisimplementedintoUnitedKingdomdomesticlawandregulationfollowingtheUnitedKingdom’sdeparturefromtheEuropeanUnionandtheEuropeanEconomicArea)withregardtoregulatorytechnicalstandardsforthetechnicalarrangementsforobjectivepresentationofinvestmentrecommendationsorotherinformationrecommendingorsuggestinganinvestmentstrategyandfordisclosureofparticularinterestsorindicationsof

22July202210

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GoldmanSachs

GlobalPMIMonitor

con?ictsofinterestisavailableat/disclosures/europeanpolicy.htmlwhichstatestheEuropeanPolicyforManagingCon?ictsofInterestinConnectionwithInvestmentResearch.

Japan:GoldmanSachsJapanCo.,Ltd.isaFinancialInstrumentDealerregisteredwiththeKantoFinancialBureauunderregistrationnumberKinsho69,andamemberofJapanSecuritiesDealersAssociation,FinancialFuturesAssociationofJapanandTypeIIFinancialInstrumentsFirmsAssociation.Salesandpurchaseofequitiesaresubjecttocommissionpre-determinedwithclientsplusconsumptiontax.Seecompany-speci?cdisclosuresastoanyapplicabledisclosuresrequiredbyJapanesestockexchanges,theJapaneseSecuritiesDealersAssociationortheJapaneseSecuritiesFinanceCompany.

Globalproduct;distributingentities

TheGlobalInvestmentResearchDivisionofGoldmanSachsproducesanddistributesresearchproductsforclientsofGoldmanSachsonaglobalbasis.AnalystsbasedinGoldmanSachsof?cesaroundtheworldproduceresearchonindustriesandcompanies,andresearchonmacroeconomics,currencies,commoditiesandportfoliostrategy.ThisresearchisdisseminatedinAustraliabyGoldmanSachsAustraliaPtyLtd(ABN21006797897);inBrazilbyGoldmanSachsdoBrasilCorretoradeTítuloseValoresMobiliáriosS.A.;PublicCommunicationChannelGoldmanSachsBrazil:08007275764and/orcontatogoldmanbrasil@.AvailableWeekdays(exceptholidays),from9amto6pm.CanaldeComunica??ocomoPúblicoGoldmanSachsBrasil:08007275764e/oucontatogoldmanbrasil@.Horáriodefuncionamento:segunda-feiraàsexta-feira(excetoferiados),das9hàs18h;inCanadabyGoldmanSachs&Co.LLC;inHongKongbyGoldmanSachs(Asia)L.L.C.;inIndiabyGoldmanSachs(India)SecuritiesPrivateLtd.;inJapanbyGoldmanSachsJapanCo.,Ltd.;intheRepublicofKoreabyGoldmanSachs(Asia)L.L.C.,SeoulBranch;inNewZealandbyGoldmanSachsNewZealandLimited;inRussiabyOOOGoldmanSachs;inSingaporebyGoldmanSachs(Singapore)Pte.(CompanyNumber:198602165W);andintheUnitedStatesofAmericabyGoldmanSachs&Co.LLC.GoldmanSachsInternationalhasapprovedthisresearchinconnectionwithitsdistributionintheUnitedKingdom.

EffectivefromthedateoftheUnitedKingdom’sdeparturefromtheEuropeanUnionandtheEuropeanEconomicArea(“BrexitDay”)thefollowinginformationwithrespecttodistributingentitieswillapply:

GoldmanSachsInternational(“GSI”),authorisedbythePrudentialRegulationAuthority(“PRA”)andregulatedbytheFinancialConductAuthority(“FCA”)andthePRA,hasapprovedthisresearchinconnectionwithitsdistributionintheUnitedKingdom.

EuropeanEconomicArea:GSI,authorisedbythePRAandregulatedbytheFCAandthePRA,disseminatesresearchinthefollowingjurisdictionswithintheEuropeanEconomicArea:theGrandDuchyofLuxembourg,Italy,theKingdomofBelgium,theKingdomofDenmark,theKingdomofNorway,theRepublicofFinland,theRepublicofCyprusandtheRepublicofIreland;GS-SuccursaledeParis(Parisbranch)which,fromBrexitDay,willbeauthorisedbytheFrenchAutoritédecontr?leprudentieletderesolution(“ACPR”)andregulatedbytheAutoritédecontr?leprudentieletderesolutionandtheAutoritédesmarches?nanciers(“AMF”)disseminatesresearchinFrance;GSI-SucursalenEspa?a(Madridbranch)authorizedinSpainbytheComisiónNacionaldelMercadodeValoresdisseminatesresearchintheKingdomofSpain;GSI-SwedenBank?lial(Stockholmbranch)isauthorizedbytheSFSAasa“thirdcountrybranch”inaccordancewithChapter4,Section4oftheSwedishSecuritiesandMarketAct(Sw.lag(2007:528)omv?rdepappersmarknaden)disseminatesresearchintheKingdomofSweden;GoldmanSachsBankEuropeSE(“GSBE”)isacreditinstitutionincorporatedinGermanyand,withintheSingleSupervisoryMechanism,subjecttodirectprudentialsupervisionbytheEuropeanCentralBankandinotherrespectssupervisedbyGermanFederalFinancialSupervisoryAuthority(BundesanstaltfürFinanzdienstleistungsaufsicht,BaFin)andDeutscheBundesbankanddisseminatesresearchintheFederalRepublicofGermanyandthosejurisdictionswithintheEuropeanEconomicAreawhereGSIisnotauthorisedtodisseminateresearchandadditionally,GSBE,CopenhagenBranch?lialafGSBE,Tyskland,supervisedbytheDanish