高盛-现代起亚6月全球销量分化表现观察 South Korea Automobiles Hyundai MotorKia June global wholesale -5.9%+9.5% YoY

EquityResearch

1July2026|6:11PMKST

SouthKoreaAutomobiles:HyundaiMotor/KiaJuneglobalwholesale-5.9%/+9.5%YoY

HyundaiMotor(HMC)andKiareleasedglobalwholesalenumbersforJuneafterthemarketclose.HMCdelivered338,313units(+3.8%MoM,-5.9%YoY)andKia

295,720units(+6.3%MoM,+9.5%YoY).Forthedomesticmarket,HMCdelivered

58,232units(+28.4%MoM,-6.2%YoY)andKia54,508units(+21.9%MoM,+18.5%YoY).Foroverseas,HMCdelivered280,081units(-0.1%MoM,-5.8%YoY),andKia

240,259units(+3.0%MoM,+7.6%YoY).DetailedregionalbreakdownwillbereleasedonJuly2nd.

In2Q,HMCdelivered990,048units(+1.4%QoQ,-7.1%YoY)andKia851,247units(+9.2%QoQ,+4.5%YoY).Forthedomesticmarket,HMCdelivered157,647units(-0.9%QoQ,-16.4%YoY)andKia154,266units(+9.0%QoQ,+8.6%YoY).For

overseas,HMCdelivered832,401units(+1.9%QoQ,-5.1%YoY)andKia695,374units(+9.1%QoQ,+3.5%YoY).

OnaYTDbasis,HMCdelivered1,966,267units(-4.9%YoY)andKia1,630,988units(+2.7%YoY).Forthedomesticmarket,HMCdelivered316,713units(-10.8%YoY)andKia295,779units(+7.0%YoY).Foroverseas,HMCdelivered1,649,554units

(-3.7%YoY)andKia1,332,473units(+1.8%YoY).

Asareminder,HMCguidanceisfor+0.5%YoYfor2026wholesale,anddomestic

markettosee1.8%YoYdeclinewhileoverseasmarkettosee+1.0%YoYgrowth.Kiaguidanceis+6.8%YoYfor2026(wholesale),anddomesticmarkettosee+3.4%YoYgrowth,andoverseasmarket+7.5%YoYgrowth.

WenoteKia’svolumeoutperformanceoverHMCinrecentmonths,whichwe

attributetoKiahavingastrongermodelpipelinewiththerightpowertrains:asof

May,Kia’sTellurideHEV(launchedinFebruary2026)hasbeguntooutpacetheICEvariantintheUSmarket.Concurrently,inEurope,Kiaiscapturingtailwindsfromtheregion’sacceleratingEVtransition,leveragedbyitscomprehensiveBEVportfolio

spanningfromtheEV2totheEV9.HencewecontinuetohighlightKiaasaBuygivenvaluationremainsattractiverelativetofundamentals.WeareNeutralratedonHMC.

DoHyoungKim

+82(2)3788-1376|

dohyoung.kim@

GoldmanSachs(Asia)L.L.C.,SeoulBranch

JoshuaKim

+82(2)

3788-1791|joshua.kim@

GoldmanSachs(Asia)L.L.C.,Seoul

Branch

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconfiictofinterestthatcoulda仟ecttheobjectivityofthisreport.

Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegAC

certificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.Analystsemployedbynon-USaffiliatesarenotregistered/quali

fiedasresearchanalystswithFINRAintheU.S.

GoldmanSachsSouthKoreaAutomobiles

1July20262

Exhibit1:HyundaiMotor/KiapreliminaryJunewholesalesnapshot

(units)

HMCdomesticwholesale

HMCoverseaswholesale

HMCtotalwholesale

Kiadomesticwholesale

Kiaoverseaswholesale

Kiatotalwholesale

HMKdomesticwholesale

HMKoverseaswholesale

HMKtotalwholesale

Snapshot

Preliminary

Jun26

May26

MoM(%)

Jun25

YoY(%)

6M26

6M25

YTDYoY(%)

vsguidance

58,232

45,364

28.4%

62,064

-6.2%

316,713

354,900

-10.8%

45.2%

280,081

280,442

-0.1%

297,395

-5.8%

1,649,554

1,712,093

-3.7%

47.7%

338,313

325,806

3.8%

359,459

-5.9%

1,966,267

2,066,993

-4.9%

47.3%

54,508

44,713

21.9%

46,003

18.5%

295,779

276,423

7.0%

52.2%

240,259

233,335

3.0%

223,377

7.6%

1,332,473

1,309,016

1.8%

47.9%

295,720

278,269

6.3%

270,027

9.5%

1,630,988

1,587,536

2.7%

48.7%

112,740

90,077

25.2%

108,067

4.3%

612,492

631,323

-3.0%

48.4%

520,340

513,777

1.3%

520,772

-0.1%

2,982,027

3,021,109

-1.3%

47.8%

634,033

604,075

5.0%

629,486

0.7%

3,597,255

3,654,529

-1.6%

47.9%

Source:Companydata

Exhibit2:HyundaiMotor/Kiapreliminary2Qwholesalesnapshot

HMKwholesalevolumetrend(units)

1Q24

Actual

2Q24

Actual

3Q24

Actual

4Q24

Actual

1Q25

Actual

2Q25

Actual

3Q25

Actual

4Q25

Actual

1Q26

Actual

2Q26

Actual

HMC

HMCdomesticwholesale(units)

159,967

185,737

169,901

189,405

166,360

188,540

180,558

177,496

159,066

157,647

HMCoverseaswholesale(units)

846,799

871,431

841,945

876,834

834,790

877,303

857,795

855,338

817,155

832,401

HMCtotalwholesale(units)

1,006,766

1,057,168

1,011,846

1,066,239

1,001,150

1,065,843

1,038,353

1,033,074

976,221

990,048

(YoY%)

HMCdomesticwholesaleYoY(%)

-16.3%

-9.6%

1.8%

-4.6%

4.0%

1.5%

6.3%

-6.3%

-4.4%

-16.4%

HMCoverseaswholesaleYoY(%)

1.9%

2.0%

-4.2%

-1.6%

-1.4%

0.7%

1.9%

-2.5%

-2.1%

-5.1%

HMCtotalwholesaleYoY(%)

-1.5%

-0.2%

-3.2%

-2.1%

-0.6%

0.8%

2.6%

-3.1%

-2.5%

-7.1%

(MoM/QoQ%)

HMCdomesticwholesaleMoM/QoQ(%)

-19.4%

16.1%

-8.5%

11.5%

-12.2%

13.3%

-4.2%

-1.7%

-10.4%

-0.9%

HMCoverseaswholesaleMoM/QoQ(%)

-5.0%

2.9%

-3.4%

4.1%

-4.8%

5.1%

-2.2%

-0.3%

-4.5%

1.9%

HMCtotalwholesaleMoM/QoQ(%)

-7.6%

5.0%

-4.3%

5.4%

-6.1%

6.5%

-2.6%

-0.5%

-5.5%

1.4%

Kia

Kiadomesticwholesale(units)

137,622

137,618

124,660

140,110

134,412

142,011

137,519

131,834

141,513

154,266

Kiaoverseaswholesale(units)

622,143

656,259

637,013

627,753

637,406

671,610

646,118

629,174

637,099

695,374

Kiatotalwholesale-incl.special(units)

760,514

795,183

763,618

769,985

772,648

814,888

785,137

763,200

779,741

851,247

(YoY%)

KiadomesticwholesaleYoY(%)

-2.9%

-8.5%

-6.8%

1.7%

-2.3%

3.2%

10.3%

-5.9%

5.3%

8.6%

KiaoverseaswholesaleYoY(%)

-0.5%

0.1%

-0.9%

5.7%

2.5%

2.3%

1.4%

0.2%

0.0%

3.5%

KiatotalwholesaleYoY(%)

-1.0%

-1.6%

-1.9%

5.0%

1.6%

2.5%

2.8%

-0.9%

0.9%

4.5%

(MoM/QoQ%)

KiadomesticwholesaleMoM/QoQ(%)

-0.1%

0.0%

-9.4%

12.4%

-4.1%

5.7%

-3.2%

-4.1%

7.3%

9.0%

KiaoverseaswholesaleMoM/QoQ(%)

4.8%

5.5%

-2.9%

-1.5%

1.5%

5.4%

-3.8%

-2.6%

1.3%

9.1%

KiatotalwholesaleMoM/QoQ(%)

3.7%

4.6%

-4.0%

0.8%

0.3%

5.5%

-3.7%

-2.8%

2.2%

9.2%

Source:Companydata

Exhibit3:HMC2026wholesalevolumeguidance

Domestic

N.America

Europe

India

Lat.America

AMEA

APAC

Others

Total

Overseas

4,158

4,138

183

181

('000units)

1,231

700

1,224

713

592

575

328

328320

317

3,458

3,425

601

601

203

199

2025A2026G

Source:Companydata

Exhibit4:Kia2026wholesalevolumeguidance

Domestic

N.America

US

Europe

W.Europe

India

China

AMEA

Lat.America

APAC

Russia

Total

Overseas

3,3502,783

3,1362,588

62

50

594564

302

535508

280

1,134915

567

1,083874

548

264

157

240

151

187

166

('000units)

82

81

2025A2026G

Source:Companydata

1July20263

Exhibit5:HMCmonthlywholesalevolumetrend

Jan-24

Mar-24

May-24

Jul-24

Sep-24

Nov-24

Jan-25

Mar-25

May-25

Jul-25

Sep-25

Nov-25

Jan-26

Mar-26

May-26

400,000

350,000

300,000

250,000

200,000

150,000

100,000

50,000

0

HMCoverseaswholesale(units)

HMCdomesticwholesale(units)

Source:Companydata

Exhibit7:HMCquarterlywholesalevolumetrend

1,200,000

1,000,000

800,000

600,000

400,000

200,000

0

1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26

HMCdomesticwholesale(units)HMCoverseaswholesale(units)

Source:Companydata

Exhibit9:Kiamonthlywholesalevolumetrend

Jan-24

Mar-24

May-24

Jul-24

Sep-24

Nov-24

Jan-25

Mar-25

May-25

Jul-25

Sep-25

Nov-25

Jan-26

Mar-26

May-26

350,000

300,000

250,000

200,000

150,000

100,000

50,000

0

Kiaoverseaswholesale(units)

Kiadomesticwholesale(units)

Source:Companydata

Exhibit6:HMCmonthlywholesaleYoYtrend

Jan-24

Mar-24

May-24

Jul-24

Sep-24

Nov-24

Jan-25

Mar-25

May-25

Jul-25

Sep-25

Nov-25

Jan-26

Mar-26

May-26

30.0%

20.0%

10.0%

0.0%

-10.0%

-20.0%

-30.0%

HMCoverseaswholesaleYoY(%)

HMCdomesticwholesaleYoY(%)HMCtotalwholesaleYoY(%)

Source:Companydata

Exhibit8:HMCquarterlywholesaleYoYtrend

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

-5.0%

-10.0%

-15.0%

-20.0%

1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26

HMCdomesticwholesaleYoY(%)HMCoverseaswholesaleYoY(%)

HMCtotalwholesaleYoY(%)

Source:Companydata

Exhibit10:KiamonthlywholesaleYoYtrend

Jan-24

Mar-24

May-24

Jul-24

Sep-24

Nov-24

Jan-25

Mar-25

May-25

Jul-25

Sep-25

Nov-25

Jan-26

Mar-26

May-26

35.0%

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

-5.0%-10.0%-15.0%

-20.0%

KiadomesticwholesaleYoY(%)KiaoverseaswholesaleYoY(%)

KiatotalwholesaleYoY(%)

Source:Companydata

1July20264

Exhibit11:Kiaquarterlywholesalevolumetrend

900,000

800,000

700,000

600,000

500,000

400,000

300,000

200,000

100,000

0

1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26

Kiadomesticwholesale(units)Kiaoverseaswholesale(units)

Source:Companydata

Exhibit12:KiaquarterlywholesaleYoYtrend

20.0%

15.0%

10.0%

5.0%

0.0%

-5.0%

-10.0%

1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26

KiadomesticwholesaleYoY(%)KiaoverseaswholesaleYoY(%)

KiatotalwholesaleYoY(%)

Source:Companydata

Exhibit13:SouthKoreamonthlyauto&autopartexports

Jan2016

May2016

Sep2016

Jan2017

May2017

Sep2017

Jan2018

May2018

Sep2018

Jan2019

May2019

Sep2019

Jan2020

May2020

Sep2020

Jan2021

May2021

Sep2021

Jan2022

May2022

Sep2022

Jan2023

May2023

Sep2023

Jan2024

May2024

Sep2024

Jan2025

May2025

Sep2025

Jan2026

May2026

10,000

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

Autopartexports(fullmonth)

Autoexports(fullmonth)

(USDmn)

Source:MOTIE,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

PriceTargetRisksandMethodology-HyundaiMotor

WeareNeutral-rated.Our12-monthtargetpriceofW600,000isbasedonatargetP/Emultipleof11.0xappliedto2027E-2028EEPS.

Upsiderisks:1)ContinuedweaknessinKRWagainstUSDatcurrentspotpricelevel,2)Better-than-expectedexecutionintermsofBostonDynamics(BD)AtlasdeploymentorHMGautonomousdrivingpushcouldleadtofurthermultiplere-rating.

Downsiderisks:1)Costinfiation,2)Weakunderlyingvolumedemand,3)

Slower-than-expectedexecutionintermsofBDorHMGautonomousdrivingpushcouldleadtoade-rating.

PriceTargetRisks&Methodology-Kia

WeareBuy-rated.Our12-monthtargetpriceofW240,000isbasedonatargetP/Emultipleof9.1xappliedto2027E-2028EEPS.

1July20265

Keydownsiderisks:1)Costinfiationimpactfrompetrochemrelatedproducts,2)Weakunderlyingautodemand,3)Slower-than-expectedexecutionintermsofBoston

Dynamics(BD)orHMGautonomousdrivingpushcouldleadtoade-rating.

GoldmanSachsSouthKoreaAutomobiles

1July20266

DisclosureAppendix

RegAC

We,DoHyoungKimandJoshuaKim,herebycertifythatalloftheviewsexpressedinthisreportaccuratelyrefiectourpersonalviewsaboutthesubjectcompanyorcompaniesanditsortheirsecurities.Wealsocertifythatnopartofourcompensationwas,isorwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisreport.

Unlessotherwisestated,theindividualslistedonthecoverpageofthisreportareanalystsinGoldmanSachs’GlobalInvestmentResearchdivision.ContributingAuthors:DoHyoungKimGoldmanSachs(Asia)L.L.C.,SeoulBranch,JoshuaKimGoldmanSachs(Asia)L.L.C.,SeoulBranch.

Unlessotherwisestated,theindividualslistedintheContributingAuthorsdisclosureofthisreportareanalystsinGoldmanSachs’GlobalInvestmentResearchdivision.

GSFactorProfile

TheGoldmanSachsFactorProfileprovidesinvestmentcontextforastockbycomparingkeyattributestothemarket(i.e.ouruniverseofratedstocks)anditssectorpeers.Thefourkeyattributesdepictedare:Growth,FinancialReturns,Multiple(e.g.valuation)andIntegrated(acompositeofGrowth,

FinancialReturnsandMultiple).Growth,FinancialReturnsandMultiplearecalculatedbyusingnormalizedranksforspecificmetricsforeachstock.Thenormalizedranksforthemetricsarethenaveragedandconvertedintopercentilesfortherelevantattribute.Theprecisecalculationofeachmetricmayvarydependingonthefiscalyear,industryandregion,butthestandardapproachisasfollows:

Growthisbasedonastock’sforward-lookingsalesgrowth,EBITDAgrowthandEPSgrowth(forfinancialstocks,onlyEPSandsalesgrowth),witha

higherpercentileindicatingahighergrowthcompany.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,inlinewithourstandarddepartmentalguidelinesweincorporateanM&Acomponentintoourtargetprice.M&Arankof3isconsideredimmaterialandthereforedoesnotfactorintoourpricetarget,andmayormaynotbediscussedinresearch.

Quantum

QuantumisGoldmanSachs’proprietarydatabaseprovidingaccesstodetailedfinancialstatementhistories,forecastsandratios.Itcanbeusedforin-depthanalysisofasinglecompany,ortomakecomparisonsbetweencompaniesindi仟erentsectorsandmarkets.

Disclosures

Therating(s)forHyundaiMotorandKiais/arerelativetotheothercompaniesinits/theircoverageuniverse:DoosanRobotics,HLMando,HanwhaAerospace,HyundaiMobis,HyundaiMotor,HyundaiRotem,Kia,Robotis

Company-specificregulatorydisclosures

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

GoldmanSachsbeneficiallyowned1%ormoreofcommonequity(excludingpositionsmanagedbyaffiliatesandbusinessunitsnotrequiredtobeaggregatedunderUSsecuritieslaw)asofthesecondmostrecentmonthend:HyundaiMotor(W495,000),HyundaiMotor(GDR)($27.74),HyundaiMotor(Pref)(W215,500)andHyundaiMotors(Pref)(Donotuse)(W173,000)

GoldmanSachsexpectstoreceiveorintendstoseekcompensationforinvestmentbankingservicesinthenext3months:HyundaiMotor(W495,000),HyundaiMotor(GDR)($27.74),HyundaiMotor(Pref)(W215,500),HyundaiMotors(Pref)(Donotuse)(W173,000)andKia(W138,000)

GoldmanSachshadaninvestmentbankingservicesclientrelationshipduringthepast12monthswith:HyundaiMotor(W495,000),HyundaiMotor(GDR)($27.74),HyundaiMotor(Pref)(W215,500),HyundaiMotors(Pref)(Donotuse)(W173,000)andKia(W138,000)

GoldmanSachshadanon-investmentbankingsecurities-relatedservicesclientrelationshipduringthepast12monthswith:HyundaiMotor(W495,000),HyundaiMotor(GDR)($27.74),HyundaiMotor(Pref)(W215,500)andHyundaiMotors(Pref)(Donotuse)(W173,000)

GoldmanSachshadanon-securitiesservicesclientrelationshipduringthepast12monthswith:HyundaiMotor(W495,000),HyundaiMotor(GDR)($27.74),HyundaiMotor(Pref)(W215,500),HyundaiMotors(Pref)(Donotuse)(W173,000)andKia(W138,000)

Distributionofratings/investmentbankingrelationships

GoldmanSachsInvestmentResearchglobalEquitycoverageuniverse

InvestmentBankingRelationships

RatingDistribution

Sell

BuyHoldSell

Buy

Hold

Global50%34%16%65%60%45%

AsofApril1,2026,GoldmanSachsGlobalInvestmentResearchhadinvestmentratingson3,074equitysecurities.GoldmanSachsassignsstocksas

1July20267

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

bankingserviceswithintheprevioustwelvemonths.

Pricetargetandratinghistorychart(s)

Targetpricehistorytable(s)

Kia(000270.KS)HyundaiMotor(005380.KS)

Dateofreport

Targetprice(W)

Closingprice(W)

Dateofreport

Targetprice(W)

Closingprice(W)

11-Jun-26

240,000

156,000

11-Jun-26

600,000

597,000

02-Mar-26

218,000

205,500

02-Feb-26

500,000

478,000

02-Feb-26

190,000

150,100

05-Jan-26

330,000

304,500

05-Jan-26

150,000

122,600

27-Aug-25

300,000

220,000

31-Oct-25

140,000

119,900

15-Jan-25

335,000

220,500

27-Aug-25

145,000

103,500

25-Jul-24

350,000

251,500

15-Jan-25

140,000

103,300

07-Jun-24

330,000

265,000

16-Oct-24

150,000

97,800

25-Apr-24

305,000

250,000

26-Jul-24

160,000

112,100

20-Feb-24

290,000

242,000

07-Jun-24

155,000

121,100

26-Jul-23

255,000

198,700

26-Apr-24

145,000

118,200

20-Feb-24

130,000

116,100

25-Jan-24

115,000

93,000

16-Jan-24

110,000

89,800

03-Oct-23

105,000

81,400

27-Jul-23

100,000

83,100

Pricetargetsshownintable(s)areunadjustedforcorporateactions.

Regulatorydisclosures

DisclosuresrequiredbyUnitedStateslawsandregulations

Seecompany-specificregulatorydisclosuresaboveforanyofthefollowingdisclosuresrequiredastocompaniesreferredtointhisreport:managerorco-managerinapendingtransaction;1%orotherownership;compensationforcertainservices;typesofclientrelationships;managed/co-managedpublico仟eringsinpriorperiods;directorships;forequitysecurities,marketmakingand/orspecialistrole.GoldmanSachstradesormaytradeasa

principalindebtsecurities(orinrelatedderivatives)ofissuersdiscussedinthisreport.

Thefollowingareadditionalrequireddisclosures:Ownershipandmaterialconfiictsofinterest:GoldmanSachspolicyprohibitsitsanalysts,

professionalsreportingtoanalystsandmembersoftheirhouseholdsfromowningsecuritiesofanycompanyintheanalyst’sareaofcoverage.Analystcompensation:AnalystsarepaidinpartbasedontheprofitabilityofGoldmanSachs,whichincludesinvestmentbankingrevenues.Analystasofficer

ordirector:GoldmanSachspolicygenerallyprohibitsitsanalysts,personsreportingtoanalystsormembersoftheirhouseholdsfromservingasanofficer,directororadvisorofanycompanyintheanalyst’sareaofcoverage.Non-U.S.Analysts:Non-U.S.analystsmaynotbeassociatedpersonsofGoldmanSachs&Co.LLCandthereforemaynotbesubjecttoFINRARule2241orFINRARule2242restrictionsoncommunicationswithasubject

company,publicappearancesandtradinginsecuritiescoveredbytheanalysts.

AdditionaldisclosuresrequiredunderthelawsandregulationsofjurisdictionsotherthantheUnitedStates

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

producingresearchreports,membersofGlobalInvestmentResearchofGoldmanSachsAustraliamayattendsitevisitsandothermeetingshostedby

GoldmanSachsSouthKoreaAutomobiles

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thecompaniesandotherentitieswhicharethesubjectofitsresearchreports.InsomeinstancesthecostsofsuchsitevisitsormeetingsmaybemetinpartorinwholebytheissuersconcernedifGoldmanSachsAustraliaconsidersitisappropriateandreasonableinthespecificcircumstancesrelatingtothesitevisitormeeting.Totheextentthatthecontentsofthisdocumentcontainsanyfinancialproductadvice,itisgeneraladviceonlyandhasbeenpreparedbyGoldmanSachswithouttakingintoaccountaclient’sobjectives,financialsituationorneeds.Aclientshould,beforeactingonanysuch

advice,considertheappropriatenessoftheadvicehavingregardtotheclient’sownobjectives,financialsituationandneeds.Acopyofcertain

GoldmanSachsAustraliaandNewZealanddisclosureofinterestsandacopyofGoldmanSachs’AustralianSell-SideResearchIndependencePolicy

Statementareavailableat:

/disclosures/australia-new-zealand/index.html.Brazil:Disclosureinformation

inrelationtoCVMResolutionn.20isavailableat

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

,theBrazil-registeredanalyst

primarilyresponsibleforthecontentofthisresearchreport,asdefinedinArticle20ofCVMResolutionn.20,isthefirstauthornamedatthebeginningofthisreport,unlessindicatedotherwiseattheendofthetext.Canada:Thisinformationisbeingprovidedtoyouforinformationpurposesonlyandisnot,andundernocircumstancesshouldbeconstruedas,anadvertisement,o仟eringorsolicitationbyGoldmanSachs&Co.LLCforpurchasersof

securitiesinCanadatotradeinanyCanadiansecurity.GoldmanSachs&Co.LLCisnotregisteredasadealerinanyjurisdictioninCanadaunder

applicableCanadiansecuritieslawsandgenerallyisnotpermittedtotradeinCanadiansecuritiesandmaybeprohibitedfromsellingcertainsecuritiesandproductsincertainjurisdictionsinCanada.IfyouwishtotradeinanyCanadiansecuritiesorotherproductsinCanadapleasecontactGoldman

SachsCanadaInc.,anaffiliateofTheGoldmanSachsGroupInc.,oranotherregisteredCanadiandealer.HongKong:Furtherinformationonthe

securitiesofcoveredcompaniesreferredtointhisresearchmaybeobtainedonrequestfromGoldmanSachs(Asia)L.L.C.India:FurtherinformationonthesubjectcompanyorcompaniesreferredtointhisresearchmaybeobtainedfromGoldmanSachs(India)SecuritiesPrivateLimited,ResearchAnalyst-SEBIRegistrationNumberINH000001493,10thFloor,Ascent-Worli,SudamKaluAhireMarg,Worli,Mumbai-400025,India,Corporate

IdentityNumberU74140MH2006FTC160634,Phone+912266169000,Fax+912266169001.GoldmanSachsmaybeneficiallyown1%ormoreofthesecurities(assuchtermisdefinedinclause2(h)theIndianSecuritiesContracts(Regulation)Act,1956)ofthesubjectcompanyorcompanies

referredtointhisresearchreport.RegistrationgrantedbySEBIandcertificationfromNISMinnowayguaranteeperformanceoftheintermediaryorprovideanyassuranceofreturnstoinvestors.GoldmanSachs(India)SecuritiesPrivateLimitedcomplianceofficerandinvestorgrievancecontact

details,acopyoftheannualcomplianceauditreportandotherrelevantinformationanddisclosurescanbefoundatthislink:

/worldwide/india/research-analyst.Japan:Seebelow.Korea:This

research,andanyaccesstoit,isintendedonlyfor“professionalinvestors”withinthemeaningoftheFinancialServicesandCapitalMarketsAct,unlessotherwiseagreedbyGoldmanSachs.Further

informationonthesubjectcompanyorcompaniesreferredtointhisresearchmaybeobtainedfromGoldmanSachs(Asia)L.L.C.,SeoulBranch.New

Zealand:GoldmanSachsNewZealandLimitedanditsaffiliatesareneither“registeredbanks”nor“deposittakers”(asdefinedintheReserveBankof

NewZealandAct1989)inNewZealand.Thisresearch,andanyaccesstoit,isintendedfor“wholesaleclients”(asdefinedintheFinancialAdvisersAct2008)unlessothe