高盛-科技领域价值机遇-The Technology Value Opportunity-20260420

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

TheTechnologyValueOpportunity

April2026

PeterOppenheimerChiefGlobalEquityStrategistGoldmanSachsInternational

peter.oppenheimer@

+44-20-7552-5782

Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html

.

2

Wehaveseenoneoftheweakestperiodsofrelativereturnsfortechnologyoverthepast50years

DistributionofreturnsofWorldTechvs.Worldex.TMT,datasince1973

30%

25%

20%

15%

10%

5%

0%

-5%

-10%-15%

-20%

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

TopDecile

TopQuartile

Median

BottomQuartile

CurrentBottomDecile

2025

JanFebMarAprMayJunJulAugSepOctNovDec

Source:Datastream,GoldmanSachsGlobalInvestmentResearch

ValuehasbeenoutperformingGrowthrecently

Valuevs.Growth,MSCIIndicesrelativepricereturn(USD)

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

Value

outperformsGrowth

USEuropeJapanEMACWorld

Jun-25Aug-25Oct-25Dec-25Feb-26Apr-26

120

115

110

105

100

95

90

85

80

75

Apr-25

Source:Datastream,GoldmanSachsGlobalInvestmentResearch

3

Source:Datastream,GoldmanSachsGlobalInvestmentResearch

4

ThePEGratiofortechnologyisbelowthatoftheglobalaggregatemarket

PEGratio(12mfwdP/Edividedbysecond12mfwdEPSgrowth)

3.0

2.5

2.0

1.5

1.0

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

MSCIACWorld

InformationTechnology

MSCIACWorld

0.5

0.0

95979901030507091113151719212325

Source:Datastream,GoldmanSachsGlobalInvestmentResearch

5

TheUStechsectoronaPEGratiowherethevaluationisdividedbyhistoricalearnings

PEGratio(12

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

PEG

P/Edividedby3yEPSCAGR

3.7

0.7

979901030507091113151719212325

5.0

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

mfwdP/Edividedby3-yearEPSgrowth)

Hyperscalercapexhasincreasedrapidlyinrecentyears

Hyperscalercapexas%ofcashflowfromoperations,dashedlinerepresenting2026consensus

120%110%100%90%80%70%60%50%40%30%

20%

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

S&P500TMT

S&P500Telecom

Hyperscalers

90929496980002040608101214161820222426

Source:Compustat,FactSet,GoldmanSachsGlobalInvestmentResearch

6

Source:Datastream,GoldmanSachsGlobalInvestmentResearch

7

ThedebtratiosforUStechhaverisen,butstillremainlow

Netdebttoeq

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

USTechUSMarket

05060708091011121314151617181920212223242526

80%

60%

40%

20%

0%

-20%

-40%

uity(%)

Source:Datastream,GoldmanSachsGlobalInvestmentResearch

8

FearsofAIdisruptionhaveledtoaverysharpde-ratingofsoftwareandtechstocksmorebroadly

Premium/(Discount)on12mforwardP/E

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

200%

Softwarevs.WorldexTMT

175%Technologyvs.WorldexTMT

150%

125%

100%

75%

50%

25%

0%

-25%

90929496980002040608101214161820222426

Source:Datastream,GoldmanSachsGlobalInvestmentResearch

9

EnergyhasenjoyedaP/Epremiumforrisingcapex,whiletechnologyhasde-rated

3-yearrollingcorrelationbetweenCAPEX/SalesandP/Epremiumvs.theMarket(DM,unlessotherwiseindicated)

1.0

0.8

0.6

0.4

0.2

0.0

-0.2-0.4-0.6-0.8

-1.0

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

CurrentcorrelationLast20YMedian

ThevaluationpremiumoftheUStechnologyHyperscalershasfallen

S&P50012mforwardP/Emultiple

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

0x

95000510152025

60x

50x

40x

30x

20x

10x

Top5largeststocksOther495stocks

Source:FactSet,GoldmanSachsGlobalInvestmentResearch

10

ITnowtradesatamuchlowervaluation

Globalsectors,12-monthforwardP/Esrelativetothelast20years

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

InterquartilerangeMedianCurrent10th-90thpercentile

23.5

21.821.1

20.219.9

18.117.817.5

16.4

15.2

13.9

12.9

28

24

20

16

12

8

23.8

Growth

Industrials

ConDisc

Comm

Svcs

IT

ConStap

Market

Health

Care

Utilities

Materials

Value

Energy

Financials

Source:FactSet,Datastream,GoldmanSachsGlobalInvestmentResearch

11

Year-to-dateEPSrevisionsforIThavebeenstrong

MSCIACWorldsectorsandGlobalRegions.Localcurrency

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

IT

MXAPJMSCIEMMaterials

EnergyMSCIACWorldS&P500

Topix Industrials FinancialsSTOXX600Utilities

CommSvs HealthCareConsumerStaples

RealEstateConsumerDiscretionary

-10%-5%0%5%10%15%20%25%30%35%40%

2026

2027

Source:Datastream,I/B/E/S,STOXX,FactSet,GoldmanSachsGlobalInvestmentResearch

12

UStechnologyEPSandperformancehavebeenhighlycorrelatedupuntilrecently

3-monthChangeinpriceandFY1EPS(%)

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

USTech

3mchangeinPrice(3mma,%)

3mchangeinFY1EPS(%)

(RHS)

979901030507091113151719212325

12

10

8

6

4

2

0

-2

-4

-6

-8

-10

-12

40

30

20

10

0

-10

-20

-30

-40

Source:Datastream,GoldmanSachsGlobalInvestmentResearch

13

Source:FactSet,GoldmanSachsGlobalInvestmentResearch

14

AIinfrastructureinvestmentshouldcontributeroughly40%ofS&P500EPSgrowththisyear

EstimatedshareofS&P500EPSgrowth

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

AIinfrastructureAIcloudservices

42%

37%

34%

24%

50%

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

2024202520262027

15

Dominantcompaniestodayarenotasexpensiveasthoseinprevious‘bubble’periodsinhistory

SizeValuation

MarketweightMarketCap($Bn)*24mfwdP/E*24mfwdEV/Sales

Magnificent7(2026)

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

NVIDIACorpApple

AlphabetMicrosoftAmazonTesla

MetaPlatforms

9.47.53.26.92.910.64.7

7.6%

6.7%

5.8%

4.9%

4.0%

2.5%

2.2%

4238

3731

3234

2749

2236

1395

1251

17.126.423.518.224.7127.518.5

Magnificent7(2026)Aggregate33.7%1883422.35.3

TechBubbleLeaders(2000)

Microsoft

CiscoSystemsIntel

Oracle

IBM

Lucent

NortelNetworks

581

543

465

245

218

206

199

4.5%

4.2%

3.6%

1.9%

1.7%

1.6%

1.5%

19.217.511.519.02.34.16.4

53.2101.742.184.623.537.986.4

TechBubbleLeaders(2000)Aggregate19.0%245752.08.2

JapanFinancialBubble(1989)

6.9%

4.6%

3.4%

3.3%

3.1%

2.9%

2.8%

157

105

77

75

71

65

62

100.1

154.249.249.852.844.062.1

NipponTelegraphandTelephone

IndustrialBankOfJapanSumitomoMitsuiBankingBankofTokyo-MitsubishiFujiBank

Dai-IchiKangyoBankSakuraBank

JapanFinancialBubble(1989)Aggregate27.0%61367.0

Nifty50(1973)

IBM

7.1%

48

35.5

EastmanKodak

3.6%

24

43.5

SearsRoebuck

2.7%

18

29.2

GeneralElectric

2.0%

13

23.4

Xerox

1.8%

12

45.8

3M

1.4%

10

39.0

Procter&Gamble

1.4%

9

29.8

Nifty50(1973)Aggregate19.9%13534.3

*Actual(LTM)P/Edatafrom02/01/1973forNifty50andfrom27/12/1989forJapanFinancialBubble,and24mfwdP/Edatafrom24/03/2000forTechBubble

Source:Datastream,FactSet,compiledbyGoldmanSachsGlobalInvestmentResearch

16

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

DisclosureAppendix

April15,2026

17

DisclosureAppendix

RegAC

I,PeterOppenheimer,herebycertifythatalloftheviewsexpressedinthisreportaccuratelyreflectmypersonalviews,whichhavenotbeeninfluencedbyconsiderationsofthefirm’sbusinessorclientrelationships.Unlessotherwisestated,theindividualslistedonthecoverpageofthisreportareanalystsinGoldmanSachs’GlobalInvestmentResearchdivision.

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

ContributingAuthors:PeterOppenheimerGoldmanSachsInternational.

Unlessotherwisestated,theindividualslistedintheContributingAuthorsdisclosureofthisreportareanalystsinGoldmanSachs’GlobalInvestmentResearchdivision.

Disclosures

Regulatorydisclosures

DisclosuresrequiredbyUnitedStateslawsandregulations

Seecompany-specificregulatorydisclosuresaboveforanyofthefollowingdisclosuresrequiredastocompaniesreferredtointhisreport:managerorco-managerinapendingtransaction;1%orotherownership;

compensationforcertainservices;typesofclientrelationships;managed/co-managedpublicofferingsinpriorperiods;directorships;forequitysecurities,marketmakingand/orspecialistrole.GoldmanSachstradesormaytradeasaprincipalindebtsecurities(orinrelatedderivatives)ofissuersdiscussedinthisreport.

Thefollowingareadditionalrequireddisclosures:Ownershipandmaterialconflictsofinterest:GoldmanSachspolicyprohibitsitsanalysts,professionalsreportingtoanalystsandmembersoftheir

householdsfromowningsecuritiesofanycompanyintheanalyst’sareaofcoverage.Analystcompensation:AnalystsarepaidinpartbasedontheprofitabilityofGoldmanSachs,whichincludesinvestment

bankingrevenues.Analystasofficerordirector:GoldmanSachspolicygenerallyprohibitsitsanalysts,personsreportingtoanalystsormembersoftheirhouseholdsfromservingasanofficer,directoror

advisorofanycompanyintheanalyst’sareaofcoverage.Non-U.S.Analysts:Non-U.S.analystsmaynotbeassociatedpersonsofGoldmanSachs&Co.LLCandthereforemaynotbesubjecttoFINRARule2241orFINRARule2242restrictionsoncommunicationswithasubjectcompany,publicappearancesandtradinginsecuritiescoveredbytheanalysts.

AdditionaldisclosuresrequiredunderthelawsandregulationsofjurisdictionsotherthantheUnitedStates

Thefollowingdisclosuresarethoserequiredbythejurisdictionindicated,excepttotheextentalreadymadeabovepursuanttoUnitedStateslawsandregulations.Australia:GoldmanSachsAustraliaPtyLtdanditsaffiliatesarenotauthoriseddeposit-takinginstitutions(asthattermisdefinedintheBankingAct1959(Cth))inAustraliaanddonotprovidebankingservices,norcarryonabankingbusiness,inAustralia.Thisresearch,andanyaccesstoit,isintendedonlyfor“wholesaleclients”withinthemeaningoftheAustralianCorporationsAct,unlessotherwiseagreedbyGoldmanSachs.Inproducingresearchreports,membersofGlobalInvestmentResearchofGoldmanSachsAustraliamayattendsitevisitsandothermeetingshostedbythecompaniesandotherentitieswhicharethesubjectofitsresearchreports.Insomeinstancesthe

costsofsuchsitevisitsormeetingsmaybemetinpartorinwholebytheissuersconcernedifGoldmanSachsAustraliaconsidersitisappropriateandreasonableinthespecificcircumstancesrelatingtothesitevisitormeeting.Totheextentthatthecontentsofthisdocumentcontainsanyfinancialproductadvice,itisgeneraladviceonlyandhasbeenpreparedbyGoldmanSachswithouttakingintoaccountaclient’sobjectives,financialsituationorneeds.Aclientshould,beforeactingonanysuchadvice,considertheappropriatenessoftheadvicehavingregardtotheclient’sownobjectives,financialsituationandneeds.AcopyofcertainGoldmanSachsAustraliaandNewZealanddisclosureofinterestsandacopyofGoldmanSachs’AustralianSell-SideResearchIndependencePolicyStatementareavailableat:

/disclosures/australia

-

new

-

zealand/index.html

.Brazil:DisclosureinformationinrelationtoCVMResolutionn.20isavailableat

/worldwide/brazil/area/gir/index.html

.Whereapplicable,theBrazil-registeredanalystprimarilyresponsibleforthecontentofthisresearchreport,asdefinedinArticle20ofCVMResolution

n.20,isthefirstauthornamedatthebeginningofthisreport,unlessindicatedotherwiseattheendofthetext.Canada:Thisinformationisbeingprovidedtoyouforinformationpurposesonlyandisnot,and

undernocircumstancesshouldbeconstruedas,anadvertisement,offeringorsolicitationbyGoldmanSachs&Co.LLCforpurchasersofsecuritiesinCanadatotradeinanyCanadiansecurity.GoldmanSachs&Co.LLCisnotregisteredasadealerinanyjurisdictioninCanadaunderapplicableCanadiansecuritieslawsandgenerallyisnotpermittedtotradeinCanadiansecuritiesandmaybeprohibitedfromsellingcertain

securitiesandproductsincertainjurisdictionsinCanada.IfyouwishtotradeinanyCanadiansecuritiesorotherproductsinCanadapleasecontactGoldmanSachsCanadaInc.,anaffiliateofTheGoldmanSachs

GroupInc.,oranotherregisteredCanadiandealer.HongKong:FurtherinformationonthesecuritiesofcoveredcompaniesreferredtointhisresearchmaybeobtainedonrequestfromGoldmanSachs(Asia)L.L.C.India:FurtherinformationonthesubjectcompanyorcompaniesreferredtointhisresearchmaybeobtainedfromGoldmanSachs(India)SecuritiesPrivateLimited,ResearchAnalyst-SEBIRegistrationNumber

INH000001493,10thFloor,Ascent-Worli,SudamKaluAhireMarg,Worli,Mumbai-400025,India,CorporateIdentityNumberU74140MH2006FTC160634,Phone+912266169000,Fax+912266169001.

GoldmanSachsmaybeneficiallyown1%ormoreofthesecurities(assuchtermisdefinedinclause2(h)theIndianSecuritiesContracts(Regulation)Act,1956)ofthesubjectcompanyorcompaniesreferredtointhisresearchreport.Investmentinsecuritiesmarketaresubjecttomarketrisks.Readalltherelateddocumentscarefullybeforeinvesting.RegistrationgrantedbySEBIandcertificationfromNISMinnoway

guaranteeperformanceoftheintermediaryorprovideanyassuranceofreturnstoinvestors.GoldmanSachs(India)SecuritiesPrivateLimitedinvestorgrievancecontactdetailscanbefoundat:

/worldwide/india/documents/Grievance

-

Redressal

-

and

-

Escalation

-

Matrix.pdf

,andacopyoftheannualauditcompliancereportcanbefoundatthislink:

/content/site/india

-

annual

-

compliance

-

report.html

.

18

DisclosureAppendix

Japan:Seebelow.Korea:Thisresearch,andanyaccesstoit,isintendedonlyfor“professionalinvestors”withinthemeaningoftheFinancialServicesandCapitalMarketsAct,unlessotherwiseagreedbyGoldmanSachs.FurtherinformationonthesubjectcompanyorcompaniesreferredtointhisresearchmaybeobtainedfromGoldmanSachs(Asia)L.L.C.,SeoulBranch.NewZealand:GoldmanSachsNewZealandLimitedanditsaffiliatesareneither“registeredbanks”nor“deposittakers”(asdefinedintheReserveBankofNewZealandAct1989)inNewZealand.Thisresearch,andanyaccesstoit,isintendedfor“wholesaleclients”

(asdefinedintheFinancialAdvisersAct2008)unlessotherwiseagreedbyGoldmanSachs.AcopyofcertainGoldmanSachsAustraliaandNewZealanddisclosureofinterestsisavailableat:

/disclosures/australia

-

new

-

zealand/index.html

.Russia:ResearchreportsdistributedintheRussianFederationarenotadvertisingasdefinedintheRussianlegislation,butare

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

informationandanalysisnothavingproductpromotionastheirmainpurposeanddonotprovideappraisalwithinthemeaningoftheRussianlegislationonappraisalactivity.ResearchreportsdonotconstituteapersonalizedinvestmentrecommendationasdefinedinRussianlawsandregulations,arenotaddressedtoaspecificclient,andarepreparedwithoutanalyzingthefinancialcircumstances,investmentprofilesorriskprofilesofclients.GoldmanSachsassumesnoresponsibilityforanyinvestmentdecisionsthatmaybetakenbyaclientoranyotherpersonbasedonthisresearchreport.Singapore:GoldmanSachs

(Singapore)Pte.(CompanyNumber:198602165W),whichisregulatedbytheMonetaryAuthorityofSingapore,acceptslegalresponsibilityforthisresearch,andshouldbecontactedwithrespecttoanymattersarisingfrom,orinconnectionwith,thisresearch.Taiwan:Thismaterialisforreferenceonlyandmustnotbereprintedwithoutpermission.Investorsshouldcarefullyconsidertheirowninvestmentrisk.Investmentresultsaretheresponsibilityoftheindividualinvestor.UnitedKingdom:PersonswhowouldbecategorizedasretailclientsintheUnitedKingdom,assuchtermisdefinedintherulesoftheFinancialConduct

Authority,shouldreadthisresearchinconjunctionwithpriorGoldmanSachsresearchonthecoveredcompaniesreferredtohereinandshouldrefertotheriskwarningsthathavebeensenttothembyGoldmanSachsInternational.Acopyoftheseriskswarnings,andaglossaryofcertainfinancialtermsusedinthisreport,areavailablefromGoldmanSachsInternationalonrequest.

EuropeanandUnitedKingdom:DisclosureinformationinrelationtoArticle6(2)oftheEuropeanCommissionDelegatedRegulation(EU)(2016/958)supplementingRegulation(EU)No596/2014oftheEuropeanParliamentandoftheCouncil(includingasthatDelegatedRegulationisimplementedintoUnitedKingdomdomesticlawandregulationfollowingtheUnitedKingdom’sdeparturefromtheEuropeanUnionandthe

EuropeanEconomicArea)withregardtoregulatorytechnicalstandardsforthetechnicalarrangementsforobjectivepresentationofinvestmentrecommendationsorotherinformationrecommendingorsuggestinganinvestmentstrategyandfordisclosureofparticularinterestsorindicationsofconflictsofinterestisavailableat

/disclosures/europeanpolicy.htm

lwhichstatestheEuropeanPolicyfor

ManagingConflictsofInterestinConnectionwithInvestmentResearch.

Japan:GoldmanSachsJapanCo.,Ltd.isaFinancialInstrumentDealerregisteredwiththeKantoFinancialBureauunderregistrationnumberKinsho69,andamemberofJapanSecuritiesDealersAssociation,FinancialFuturesAssociationofJapanTypeIIFinancialInstrumentsFirmsAssociation,andInvestmentManagementAssociationofJapan.Salesandpurchaseofequitiesaresubjecttocommissionpre-determinedwithclientsplusconsumptiontax.Seecompany-specificdisclosuresastoanyapplicabledisclosuresrequiredbyJapanesestockexchanges,theJapaneseSecuritiesDealersAssociationortheJapaneseSecuritiesFinance

Company.

Globalproduct;distributingentities

GoldmanSachsGlobalInvestmentResearchproducesanddistributesresearchproductsforclientsofGoldmanSachsonaglobalbasis.AnalystsbasedinGoldmanSachsofficesaroundtheworldproduceresearchonindustriesandcompanies,andresearchonmacroeconomics,currencies,commoditiesandportfoliostrategy.ThisresearchisdisseminatedinAustraliabyGoldmanSachsAustraliaPtyLtd(ABN21006797

897);inBrazilbyGoldmanSachsdoBrasilCorretoradeTítuloseValoresMobiliáriosS.A.;PublicCommunicationChannelGoldmanSachsBrazil:08007275764and/or

contatogoldmanbrasil@

.Available

Weekdays(exceptholidays),from9amto6pm.CanaldeComunicaçãocomoPúblicoGoldmanSachsBrasil:08007275764e/ou

contatogoldmanbrasil@

.Horáriodefuncionamento:segunda-feiraàsexta-feira(excetoferiados),das9hàs18h;inCanadabyGoldmanSachs&Co.LLC;inHongKongbyGoldmanSachs(Asia)L.L.C.;inIndiabyGoldmanSachs(India)SecuritiesPrivateLtd.;inJapanbyGoldmanSachs

JapanCo.,Ltd.;intheRepublicofKoreabyGoldmanSachs(Asia)L.L.C.,SeoulBranch;inNewZealandbyGoldmanSachsNewZealandLimited;inRussiabyOOOGoldmanSachs;inSingaporebyGoldmanSachs

(Singapore)Pte.(CompanyNumber:198602165W);andintheUnitedStatesofAmericabyGoldmanSachs&Co.LLC.GoldmanSachsInternationalhasapprovedthisresearchinconnectionwithitsdistributionintheUnitedKingdom.

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

EuropeanEconomicArea:GoldmanSachsBankEuropeSE(“GSBE”)isacreditinstitutionincorporatedinGermanyand,withintheSingleSupervisoryMechanism,subjecttodirectprudentialsupervisionbytheEuropeanCentralBankandinotherrespectssupervisedbyGermanFederalFinancialSupervisoryAuthority(BundesanstaltfürFinanzdienstleistungsaufsicht,BaFin)andDeutscheBundesbankanddisseminatesresearchwithintheEuropeanEconomicArea.

19

DisclosureAppendix

Generaldisclosures

Thisresearchisforourclientsonly.OtherthandisclosuresrelatingtoGoldmanSachs,thisresearchisbasedoncurrentpublicinformationthatweconsiderreliable,butwedonotrepresentitisaccurateor

complete,anditshouldnotbereliedonassuch.Theinformation,opinions,estimatesandforecastscontainedhereinareasofthedatehereofandaresubjecttochangewithoutpriornotification.Weseekto

updateourresearchasappropriate,butvariousregulationsmaypreventusfromdoingso.Otherthancertainindustryreportspublishedonaperiodicbasis,thelargemajorityofreportsarepublishedatirregularintervalsasappropriateintheanalyst’sjudgment.

FortheexclusiveuseofSASCHA.SHA@SINOPAC.COM

GoldmanSachsconductsaglobalfull-service,integratedinvestmentbanking,investmentmanagement,andbrokeragebusiness.WehaveinvestmentbankingandotherbusinessrelationshipswithasubstantialpercentageofthecompaniescoveredbyGlobalInvestmentResearch.GoldmanSachs&Co.LLC,theUnitedStatesbrokerdealer,isamemberofSIPC

(

).

Oursalespeople,traders,andotherprofessionalsmayprovideoralorwrittenmarketcommentaryortradingstrategiestoourclientsandprincipaltradingdesksthatreflectopinionsthatarecontrarytotheopinionsexpressedinthisresearch.Ourassetmanagementarea,principaltradingdesksandinvestingbusinessesmaymakeinvestmentdecisionsthatareinconsistentwiththerecommendationsorviews

expressedinthisresearch.

Weandouraffiliates,officers,directors,andemployeeswillfromtimetotimehavelongorshortpositionsin,actasprincipalin,andbuyorsell,thesecuritiesorderivatives,ifany,referredtointhisresearch,unlessotherwiseprohibitedbyregulationorGoldmanSachspolicy.

TheviewsattributedtothirdpartypresentersatGoldmanSachsarrangedconferences,includingindividualsfromotherpartsofGoldmanSachs,donotnecessarilyreflectthoseofGlobalInvestmentResearchandarenotanofficialviewofGoldmanSachs.

Anythirdpartyreferencedherein,includinganysalespeople,tradersandotherprofessionalsormembersoftheirhousehold,mayhavepositionsintheproductsmentionedthatareinconsistentwiththeviewsexpressedbyanalystsnamedinthisreport.

Thisresearchisfocusedoninvestmentthemesacrossmarkets,industriesandsectors.Itdoesnotattempttodistinguishbetweentheprospectsorperformanceof,orprovideanalysisof,individualcompanieswithinanyindustryorsectorwedescribe.

Anytradingrecommendationinthisresearchrelatingtoanequityorcreditsecurityorsecuritieswithinanindustryorsectorisreflectiveoftheinvestmentthemebeingdiscussedandisnotarecommendationofanysuchsecurityinisolation.

Thisresearchisnotanoffertosellorthesolicitationofanoffertobuyanysecurityinanyjurisdictionwheresuchanofferorsolicitationwouldbeillegal.Itdoesnotconstituteapersonalrecommendationortakeintoaccounttheparticularinvestmentobjectives,financialsituations,orneedsofindividualclients.Clientsshouldconsiderwhetheranyadviceorrecommendationinthisresearchissuitablefortheirparticular

circumstancesand,ifappropriate,seekprofessionaladvice,includingtaxadvice.Thepriceandvalueofinvestmentsreferredtointhisresearchandtheincomefromthemmayfluctuate.Pastperformanceisnotaguidetofutureperformance,futurereturnsarenotguaranteed,andalossoforiginalcapitalmayoccur.Fluctuationsinexchangeratescouldhaveadverseeffectsonthevalueorpriceof,orincomederivedfrom,certaininvestments.

Certaintransactions,includingthoseinvolvingfutures,options,andotherderivatives,giverisetosubstantialriskandarenotsuitableforallinvestors.InvestorsshouldreviewcurrentoptionsandfuturesdisclosuredocumentswhichareavailablefromGoldmanSachssalesrepresentativesorat

/about/publications/character

-

risks.jsp

and

https://www.fi/fia/regulatory

-

disclosures_1/fia

-

uniform

-

futures

-

and

-

options

-

on

-

futures

-

risk

-

disclosures

-

booklet

-

pdf

-

version

-

2018

.Transactioncostsmaybesignificantinoptionstrategiescallingformultiplepurchaseandsalesofoptionssuchasspreads.Supportingdocumentationwillbesupplieduponrequest.

DifferingLevelsofServiceprovidedbyGlobalInvestme