高盛-贵州茅台投资者会议

3July2024|5:54PMHKT

KweichowMoutai(600519.SS):Investormeetingtoboostconfidencelevel;Moutai1935shipmentsuspendedoncompletingFYtarget

MoutaihostedaninvestormeetinginBeijingonJuly1,andhighlightedthat1)

LeafLiu

+852-3966-4169|leaf.liu@

demandfundamentalsareunchangedwhilethecompanyneedstoactivelyadaptto

GoldmanSachs(Asia)L.L.C.

evolvingconsumptionscenariosandcustomerprofiles;2)thecompanyisleveraging

HongdaZhong

+852-2978-2300|

itschannelmanagementcapabilitytocohesivelyenhanceonline/offlinechannelsand

hongda.zhong@

GoldmanSachs(Asia)L.L.C.

wholesale/directsales;3)itsplantodevelopitsglobalpresencein2H24andspend

JuliaMu

moreeffortstoexpandgloballyin2025;and4)focusonshareholderreturns,with

+852-2978-1219|julia.mu@GoldmanSachs(Asia)L.L.C.

morefrequentinvestorcommunicationetc.WealsoexpectMoutaitomaintainits

ValerieZhou

salegrowthtarget(statedas15%inits2023annualreport)for2024whileworkingonstrengthenedchannelmanagementtosupportwholesalepricelevelandenhance

+852-2978-0820|valerie.zhou@GoldmanSachs(Asia)L.L.C.

shareholderreturn(seeourlatestreportonMoutaiactions).

Inaddition,onJuly2,MoutaiannounceditwouldsuspendshipmentofMoutai

1935,effectiveimmediately.ThecompanycommentedthatMoutai1935had

completedthe2024full-yeartargetaheadofschedule.WeestimateMoutai1935’ssalestoaccountfor54%ofseriesspiritsin2024vs.48%in2023(overRmb10bnsalesin2023).WeseethesuspensionlikelyasameasuretobettersupportMoutai1935’swholesaleprices,whichwasatRmb810onJuly2perDailySpiritsPricesvs.blendedex-facpricesatc.Rmb1,001(within-quotaatRmb798andout-of-quota

Rmb1,088,andassumingvolumemixat3:7basedonourchannelcheck).Moutai1935wasreleasedbackinJan2022asoneofthecoreseriesspiritswitha

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suggestedretailpriceatRmb1,188.ThecompanyalsolaunchedanupgradedversionofMoutai1935withimprovedliquorcontentinJun2024followingthelaunchoftheculturalheritagespecialSKUinNov2023,whichlikelyhelpedtoacceleratethe

fulfillmentofitsfull-yeartarget.

PriceTargetRisksandMethodology-KweichowMoutai

Valuationmethodology:WeareBuy-ratedonKweichowMoutaiwitha12mTPofRmb2,244,basedona29.4x2026EP/E,discountedbackto2024Eyear-endusinga9.8%CoE(company-specificbeta).OurtargetP/Eisbenchmarkedtoglobalspirits

names’last1yrP/Eof21x,towhichweapplyac.40%premiumforMoutai’sleadingpositioninChina’sSpiritsindustryandstrongreturnsprofile.

Keyrisks:1)Potentialregulationchangessuchasaconsumptiontaxratehike;2)

Environmentalpollution;3)Aslower-than-expectedmacroeconomicrecovery;4)

Capacityconstraints;5)MorevolatilityinUSratehikesgiventhenegativecorrelation

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthis

report.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

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

GoldmanSachsKweichowMoutai(600519.SS)

betweenMoutai’sP/EandtheUS10-yrbondyield.

600519.SS12mpriceTarget:Rmb2,244.00price:Rmb1,490.70upside:50.5%

BuyGSForecast

12/23

150,560.3

103,715.959.49

29.7

10.3

2.5

(1.7)

12/25E12/26E

199,742.5223,430.7

140,670.3158,370.6

12/24E

Revenue。(Rmb。mn)EBITDA。(Rmb。mn)EPS。(Rmb)

P/E。(X)P/B。(X)

Dividend。yield。(%)

N。debt/EBITDA。(ex。lease,X)

CROCI。(%)

177,456.6

123,751.771.37

20.9

7.3

2.7

(1.7)

Marketcap:Rmb1.9tr/$257.5bnEnterprisevalue:

81.42

18.36.33.1

(1.8)35.0

5.4

9/24E

16.19

92.05

16.25.43.5

(2.33.7

6.0

12/24E

21.52

Rmb1.7tr/$230.7bn3mADTV:Rmb5.1bn/$700.3mnchina

chinaconsumerstaples

M&ARank:3Leasesincl.innetdebt&EV?:No

34.6

36.3

2.9

4.7

FCF。yield。(%)

3/24

19.16

6/24E

14.50

EPS。(Rmb)

Source:Companydata,GoldmanSachsResearchestimates,FactSet.Priceasof2Jul2024close.

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3July20242

GoldmanSachsKweichowMoutai(600519.SS)

DisclosureAppendix

RegAC

We,LeafLiu,HongdaZhong,JuliaMuandValerieZhou,herebycertifythatalloftheviewsexpressedinthisreportaccuratelyreflectourpersonal

viewsaboutthesubjectcompanyorcompaniesanditsortheirsecurities.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&Arankasameansofscoringcompaniesunderourratedcoveragefrom1to3,with1representinghigh(30%-50%)probabilityofthecompanybecominganacquisitiontarget,2

representingmedium(15%-30%)probabilityand3representinglow(0%-15%)probability.Forcompaniesranked1or2,inlinewithourstandarddepartmentalguidelinesweincorporateanM&Acomponentintoourtargetprice.M&Arankof3isconsideredimmaterialandthereforedoesnotfactorintoourpricetarget,andmayormaynotbediscussedinresearch.

Quantum

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

Disclosures

Therating(s)forKweichowMoutaiis/arerelativetotheothercompaniesinits/theircoverageuniverse:AngelYeast,AnhuiGujingDistilleryCo.,BudweiserAPAC,ChachaFoodCo.,ChinaFeiheLtd.,ChinaResourcesBeer,ChongqingBrewery,FoshanHaitianFlavouring&Food,FuJianAnjoy

FoodsCo.,FulingZhacai,JiangsuHengshunVinegar,JiangsuKing’sLuckBrewery,JiangsuYanghe,JiuguiLiquor,JonjeeHi-Tech,KweichowMoutai,

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LigaoFoods,LuzhouLaojiao,MengniuDairy,NongfuSpring,QianheCondimentandFood,Qianweiyangchu,SanquanFoods,ShanghaiBairun,ShanxiXinghuacunFenWine,SichuanSwellfunCo.,SichuanTewayFoodGroup,Tingyi,TsingtaoBrewery(A),TsingtaoBrewery(H),Uni-PresidentChina,WantWantChina,Weizhixiang,WuliangyeYibin,YankershopFood,YihaiInternationalHolding,YiliIndustrial,ZJLD

Company-specificregulatorydisclosures

ThefollowingdisclosuresrelatetorelationshipsbetweenTheGoldmanSachsGroup,Inc.(withitsaffiliates,“GoldmanSachs”)andcompaniescoveredbyGoldmanSachsGlobalInvestmentResearchandreferredtointhisresearch.

Therearenocompany-specificdisclosuresfor:KweichowMoutai(Rmb1,490.70)

Distributionofratings/investmentbankingrelationships

GoldmanSachsInvestmentResearchglobalEquitycoverageuniverse

RatingDistributionInvestmentBankingRelationships

Hold36%

Sell16%

Buy64%

Hold56%

Sell41%

Global

Buy48%

AsofApril1,2024,GoldmanSachsGlobalInvestmentResearchhadinvestmentratingson2,885equitysecurities.GoldmanSachsassignsstocksas

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

investmentbankingserviceswithintheprevioustwelvemonths.

3July20243

GoldmanSachsKweichowMoutai(600519.SS)

Pricetargetandratinghistorychart(s)

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.Analystasofficerordirector:GoldmanSachspolicygenerallyprohibitsitsanalysts,personsreportingtoanalystsormembersoftheirhouseholdsfrom

servingasanofficer,directororadvisorofanycompanyintheanalyst’sareaofcoverage.Non-U.S.Analysts:Non-U.S.analystsmaynotbeassociatedpersonsofGoldmanSachs&Co.LLCandthereforemaynotbesubjecttoFINRARule2241orFINRARule2242restrictionson

communicationswithsubjectcompany,publicappearancesandtradingsecuritiesheldbytheanalysts.

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

websiteat/research/hedge.html.

AdditionaldisclosuresrequiredunderthelawsandregulationsofjurisdictionsotherthantheUnitedStates

Thefollowingdisclosuresarethoserequiredbythejurisdictionindicated,excepttotheextentalreadymadeabovepursuanttoUnitedStateslawsandregulations.Australia:GoldmanSachsAustraliaPtyLtdanditsaffiliatesarenotauthoriseddeposit-takinginstitutions(asthattermisdefinedinthe

BankingAct1959(Cth))inAustraliaanddonotprovidebankingservices,norcarryonabankingbusiness,inAustralia.Thisresearch,andanyaccesstoit,isintendedonlyfor“wholesaleclients”withinthemeaningoftheAustralianCorporationsAct,unlessotherwiseagreedbyGoldmanSachs.In

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producingresearchreports,membersofGlobalInvestmentResearchofGoldmanSachsAustraliamayattendsitevisitsandothermeetingshostedbythecompaniesandotherentitieswhicharethesubjectofitsresearchreports.InsomeinstancesthecostsofsuchsitevisitsormeetingsmaybemetinpartorinwholebytheissuersconcernedifGoldmanSachsAustraliaconsidersitisappropriateandreasonableinthespecificcircumstancesrelatingtothesitevisitormeeting.Totheextentthatthecontentsofthisdocumentcontainsanyfinancialproductadvice,itisgeneraladviceonlyandhas

beenpreparedbyGoldmanSachswithouttakingintoaccountaclient’sobjectives,financialsituationorneeds.Aclientshould,beforeactingonany

suchadvice,considertheappropriatenessoftheadvicehavingregardtotheclient’sownobjectives,financialsituationandneeds.Acopyofcertain

GoldmanSachsAustraliaandNewZealanddisclosureofinterestsandacopyofGoldmanSachs’AustralianSell-SideResearchIndependencePolicyStatementareavailableat:/disclosures/australia-new-zealand/index.html.Brazil:DisclosureinformationinrelationtoCVMResolutionn.20isavailableat/worldwide/brazil/area/gir/index.html.Whereapplicable,theBrazil-registeredanalystprimarilyresponsibleforthecontentofthisresearchreport,asdefinedinArticle20ofCVMResolutionn.20,isthefirstauthornamedatthebeginningofthisreport,unlessindicatedotherwiseattheendofthetext.Canada:Thisinformationisbeingprovidedtoyouforinformationpurposesonlyandisnot,andundernocircumstancesshouldbeconstruedas,anadvertisement,offeringorsolicitationbyGoldmanSachs&Co.LLCforpurchasersof

securitiesinCanadatotradeinanyCanadiansecurity.GoldmanSachs&Co.LLCisnotregisteredasadealerinanyjurisdictioninCanadaunder

applicableCanadiansecuritieslawsandgenerallyisnotpermittedtotradeinCanadiansecuritiesandmaybeprohibitedfromsellingcertainsecuritiesandproductsincertainjurisdictionsinCanada.IfyouwishtotradeinanyCanadiansecuritiesorotherproductsinCanadapleasecontactGoldman

SachsCanadaInc.,anaffiliateofTheGoldmanSachsGroupInc.,oranotherregisteredCanadiandealer.HongKong:Furtherinformationonthe

securitiesofcoveredcompaniesreferredtointhisresearchmaybeobtainedonrequestfromGoldmanSachs(Asia)L.L.C.India:FurtherinformationonthesubjectcompanyorcompaniesreferredtointhisresearchmaybeobtainedfromGoldmanSachs(India)SecuritiesPrivateLimited,Research

Analyst-SEBIRegistrationNumberINH000001493,951-A,RationalHouse,AppasahebMaratheMarg,Prabhadevi,Mumbai400025,India,CorporateIdentityNumberU74140MH2006FTC160634,Phone+912266169000,Fax+912266169001.GoldmanSachsmaybeneficiallyown1%ormoreofthesecurities(assuchtermisdefinedinclause2(h)theIndianSecuritiesContracts(Regulation)Act,1956)ofthesubjectcompanyorcompanies

referredtointhisresearchreport.Investmentinsecuritiesmarketaresubjecttomarketrisks.Readalltherelateddocumentscarefullybefore

investing.RegistrationgrantedbySEBIandcertificationfromNISMinnowayguaranteeperformanceoftheintermediaryorprovideanyassuranceofreturnstoinvestors.GoldmanSachs(India)SecuritiesPrivateLimitedInvestorGrievanceE-mail:india-client-support@.ComplianceOfficer:AnilRajput|Tel:+912266169000|Email:anil.m.rajput@.Japan:Seebelow.Korea:Thisresearch,andanyaccesstoit,isintendedonlyfor

“professionalinvestors”withinthemeaningoftheFinancialServicesandCapitalMarketsAct,unlessotherwiseagreedbyGoldmanSachs.Further

informationonthesubjectcompanyorcompaniesreferredtointhisresearchmaybeobtainedfromGoldmanSachs(Asia)L.L.C.,SeoulBranch.NewZealand:GoldmanSachsNewZealandLimitedanditsaffiliatesareneither“registeredbanks”nor“deposittakers”(asdefinedintheReserveBankofNewZealandAct1989)inNewZealand.Thisresearch,andanyaccesstoit,isintendedfor“wholesaleclients”(asdefinedintheFinancialAdvisersAct2008)unlessotherwiseagreedbyGoldmanSachs.AcopyofcertainGoldmanSachsAustraliaandNewZealanddisclosureofinterestsisavailableat:

3July20244

GoldmanSachsKweichowMoutai(600519.SS)

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

.Russia:ResearchreportsdistributedintheRussianFederationarenotadvertisingasdefinedintheRussianlegislation,butareinformationandanalysisnothavingproductpromotionastheirmainpurposeanddonot

provideappraisalwithinthemeaningoftheRussianlegislationonappraisalactivity.Researchreportsdonotconstituteapersonalizedinvestment

recommendationasdefinedinRussianlawsandregulations,arenotaddressedtoaspecificclient,andarepreparedwithoutanalyzingthefinancial

circumstances,investmentprofilesorriskprofilesofclients.GoldmanSachsassumesnoresponsibilityforanyinvestmentdecisionsthatmaybetakenbyaclientoranyotherpersonbasedonthisresearchreport.Singapore:GoldmanSachs(Singapore)Pte.(CompanyNumber:198602165W),whichisregulatedbytheMonetaryAuthorityofSingapore,acceptslegalresponsibilityforthisresearch,andshouldbecontactedwithrespecttoanymatters

arisingfrom,orinconnectionwith,thisresearch.Taiwan:Thismaterialisforreferenceonlyandmustnotbereprintedwithoutpermission.Investorsshouldcarefullyconsidertheirowninvestmentrisk.Investmentresultsaretheresponsibilityoftheindividualinvestor.UnitedKingdom:PersonswhowouldbecategorizedasretailclientsintheUnitedKingdom,assuchtermisdefinedintherulesoftheFinancialConductAuthority,shouldreadthis

researchinconjunctionwithpriorGoldmanSachsresearchonthecoveredcompaniesreferredtohereinandshouldrefertotheriskwarningsthathavebeensenttothembyGoldmanSachsInternational.Acopyoftheseriskswarnings,andaglossaryofcertainfinancialtermsusedinthisreport,are

availablefromGoldmanSachsInternationalonrequest.

EuropeanUnionandUnitedKingdom:DisclosureinformationinrelationtoArticle6(2)oftheEuropeanCommissionDelegatedRegulation(EU)

(2016/958)supplementingRegulation(EU)No596/2014oftheEuropeanParliamentandoftheCouncil(includingasthatDelegatedRegulationis

implementedintoUnitedKingdomdomesticlawandregulationfollowingtheUnitedKingdom’sdeparturefromtheEuropeanUnionandtheEuropeanEconomicArea)withregardtoregulatorytechnicalstandardsforthetechnicalarrangementsforobjectivepresentationofinvestment

recommendationsorotherinformationrecommendingorsuggestinganinvestmentstrategyandfordisclosureofparticularinterestsorindicationsof

conflictsofinterestisavailableat/disclosures/europeanpolicy.htmlwhichstatestheEuropeanPolicyforManagingConflictsofInterestinConnectionwithInvestmentResearch.

Japan:GoldmanSachsJapanCo.,Ltd.isaFinancialInstrumentDealerregisteredwiththeKantoFinancialBureauunderregistrationnumberKinsho69,andamemberofJapanSecuritiesDealersAssociation,FinancialFuturesAssociationofJapanTypeIIFinancialInstrumentsFirmsAssociation,TheInvestmentTrustsAssociation,Japan,andJapanInvestmentAdvisersAssociation.Salesandpurchaseofequitiesaresubjecttocommission

pre-determinedwithclientsplusconsumptiontax.Seecompany-specificdisclosuresastoanyapplicabledisclosuresrequiredbyJapanesestockexchanges,theJapaneseSecuritiesDealersAssociationortheJapaneseSecuritiesFinanceCompany.

Ratings,coverageuniverseandrelateddefinitions

Buy(B),Neutral(N),Sell(S)AnalystsrecommendstocksasBuysorSellsforinclusiononvariousregionalInvestmentLists.BeingassignedaBuyorSellonanInvestmentListisdeterminedbyastock’stotalreturnpotentialrelativetoitscoverageuniverse.AnystocknotassignedasaBuyoraSellonanInvestmentListwithanactiverating(i.e.,astockthatisnotRatingSuspended,NotRated,CoverageSuspendedorNotCovered),isdeemed

Neutral.EachregionmanagesRegionalConvictionlists,whichareselectedfromBuyratedstocksontherespectiveregion’sInvestmentlistsand

representinvestmentrecommendationsfocusedonthesizeofthetotalreturnpotentialand/orthelikelihoodoftherealizationofthereturnacrosstheirrespectiveareasofcoverage.TheadditionorremovalofstocksfromsuchConvictionlistsaremanagedbytheInvestmentReviewCommitteeorotherdesignatedcommitteeineachrespectiveregionanddonotrepresentachangeintheanalysts’investmentratingforsuchstocks.

Totalreturnpotentialrepresentstheupsideordownsidedifferentialbetweenthecurrentsharepriceandthepricetarget,includingallpaidor

anticipateddividends,expectedduringthetimehorizonassociatedwiththepricetarget.Pricetargetsarerequiredforallcoveredstocks.Thetotalreturnpotential,pricetargetandassociatedtimehorizonarestatedineachreportaddingorreiteratinganInvestmentListmembership.

CoverageUniverse:Alistofallstocksineachcoverageuniverseisavailablebyprimaryanalyst,stockandcoverageuniverseat

/research/hedge.html

.

NotRated(NR).Theinvestmentrating,targetpriceandearningsestimates(whererelevant)arenotprovidedorhavebeensuspendedpursuantto

GoldmanSachspolicywhenGoldmanSachsisactinginanadvisorycapacityinamergerorinastrategictransactioninvolvingthiscompany,when

therearelegal,regulatoryorpolicyconstraintsduetoGoldmanSachs’involvementinatransaction,whenthecompanyisanearly-stagebiotechnologycompany,andincertainothercircumstances.RatingSuspended(RS).GoldmanSachsResearchhassuspendedtheinvestmentratingandprice

targetforthisstock,becausethereisnotasufficientfundamentalbasisfordetermininganinvestmentratingortargetprice.Thepreviousinvestmentratingandtargetprice,ifany,arenolongerineffectforthisstockandshouldnotbereliedupon.CoverageSuspended(CS).GoldmanSachshas

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suspendedcoverageofthiscompany.NotCovered(NC).GoldmanSachsdoesnotcoverthiscompany.NotAvailableorNotApplicable(NA).Theinformationisnotavailablefordisplayorisnotapplicable.NotMeaningful(NM).Theinformationisnotmeaningfulandisthereforeexcluded.

Globalproduct;distributingentities

GoldmanSachsGlobalInvestmentResearchproducesanddistributesresearchproductsforclientsofGoldmanSachsonaglobalbasis.AnalystsbasedinGoldmanSachsofficesaroundtheworldproduceresearchonindustriesandcompanies,andresearchonmacroeconomics,currencies,commoditiesandportfoliostrategy.ThisresearchisdisseminatedinAustraliabyGoldmanSachsAustraliaPtyLtd(ABN21006797897);inBrazilbyGoldmanSachsdoBrasilCorretoradeTítuloseValoresMobiliáriosS.A.;PublicCommunicationChannelGoldmanSachsBrazil:08007275764and/or

contatogoldmanbrasil@.AvailableWeekdays(exceptholidays),from9amto6pm.CanaldeComunicaçãocomoPúblicoGoldmanSachsBrasil:08007275764e/oucontatogoldmanbrasil@.Horáriodefuncionamento:segunda-feiraàsexta-feira(excetoferiados),das9hàs18h;inCanada

byGoldmanSachs&Co.LLC;inHongKongbyGoldmanSachs(Asia)L.L.C.;inIndiabyGoldmanSachs(India)SecuritiesPrivateLtd.;inJapanby

GoldmanSachsJapanCo.,Ltd.;intheRepublicofKoreabyGoldmanSachs(Asia)L.L.C.,SeoulBranch;inNewZealandbyGoldmanSachsNew

ZealandLimited;inRussiabyOOOGoldmanSachs;inSingaporebyGoldmanSachs(Singapore)Pte.(CompanyNumber:198602165W);andinthe

UnitedStatesofAmericabyGoldmanSachs&Co.LLC.GoldmanSachsInternationalhasapprovedthisresearchinconnectionwithitsdistributionintheUnitedKingdom.

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

EuropeanEconomicArea:GSI,authorisedbythePRAandregulatedbytheFCAandthePRA,disseminatesresearchinthefollowingjurisdictionswithintheEuropeanEconomicArea:theGrandDuchyofLuxembourg,Italy,theKingdomofBelgium,theKingdomofDenmark,theKingdomof

Norway,theRepublicofFinlandandtheRepublicofIreland;GSI-Succurs