高盛 中国人民保险集团 China Insurance Implications of announced capital supports for insurance industry

EquityResearch7September2026|12:25PMHKT

ChinaInsurance:Implicationsofannouncedcapitalsupportsforinsuranceindustry

OnSep6,PICCGroupannouncedaplantoissuenewA-sharestotheMinistryof

Finance(MOF)toraiseuptoRmb15bninadditionalcapital.Atthesametime,ChinaReinsuranceGroup(1508.HK,Notcovered)announcedasimilarplantoraiseupto

Rmb3bnfromtheMOF,whiletheMOFannouncedseparateplanstoinjectcapital

into

ChinaLifeInsuranceGroup

(i.e.theparentcompanyofChinaLife),

ChinaTaiping

InsuranceGroup

(i.e.ultimateparentcompanyofChinaTaiping),andChinaExport&

CreditInsurance

(unlisted).Intotal,capitalsupportfromtheMOFforthe5insurersisuptoRmb70bn.

FortheexclusiveuseofREPORTS@SOUTHERNFUND.COM

Overall,webelievethecapitalsupportisasignalofthecentralgovernment’s

supportfortheinsuranceindustry.Withinthisnote,weaddressthekeyinvestorquestions:

Q1.Howdoesthiscomparetoexpectations?

Comparedto

previousnewsreports

,webelievethescopeisbroadlyconsistent,withallcompaniesnamedbeingcentrallycontrolledinsurancecompanies,similartothecapitalinjectionintoSOEbanks.

Thesizeofthecapitalsupport,uptoRmb70bnasmentionedabove,ismuchsmallervs.Rmb200bnmentionedinpreviousnewsreports.Onaverage,thisisequivalentto5.6%ofthefivecompanies’FY25netassetposition.

Q2.What’stheexpectedtimeline?

ForPICCGroupandChinaRe,bothcompaniesnotedthatanEGMwilllikelytakeplaceattheendofSeptemberforshareholderstoconsiderandapprovetheshareissuance.Theproposalwouldthenbesubjecttoapprovalfromtherelevant

regulatoryauthorities(e.g.NFRAandCSRC).

Q3.Potentialstockimplications

ForPICCGroup,usingtheaveragetradingpriceoverthe20tradingdaysprecedingthisannouncement,thecompanyestimatedthatthenumberofsharestobeissuedwouldbe2.02bn,orc.4.6%ofoutstandingshares.

Inaddition,wenotethatinvestorsarelikelytoraisequestionsaboutthepotentialforcapitalinjectionatPICCP&C.WenotethatitsdividendtoPICCGroupexceeded

Rmb10bninFY25witha214%coresolvencyratioasof2Q26(vs.peersavg.at

c.180%).WebelievethemarketmayalsolookatpotentialcapitalneedsatPICCLife

ThomasWang

+852-2978-1697|

thomas.wang@

GoldmanSachs(Asia)L.L.C.

SimoneChen

+852-2978-0619|

simone.chen@

GoldmanSachs(Asia)L.L.C.

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.

Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegAC

certificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.

Analystsemployedbynon-USaffiliatesarenotregistered/qualifiedasresearchanalystswithFINRAintheU.S.

GoldmanSachsChinaInsurance

andPICCHealth,giventhechallengeofalow-yieldenvironment,whichwasthemaindriverofthe86pt/77ptreductioninthecoresolvencyratiobetween4Q24and2Q26.

Q4.Useofproceedsandhowwouldthisaffectdividendpayouts?

BothPICCGroupandChinaRenotedthattheproceedswillbeusedentirelytoreplenishthecapitalbaseandsupportongoingbusinessoperations.ForPICCGroup,thecompanynotedthatRmb15bnadditionalequitycapitalcouldimprovecoreandcomprehensive

solvencycapitalby6pt.PICCGroupreiterateditsintentiontomaintainastableandgrowingdividendinthelong-term.

Exhibit2:TotalcapitalsupportofRmb70bnisaround5.6%ofFY25netassetsforthe5insurers

Announcedcapitalsupportsasa%ofFY25netassets

Exhibit1:TotalcapitalsupportisRmb70bn

80.0

AnnouncedcapitalsupportsfromtheMOF(RMBbn)

70.0

35.0

15.0

10.0

7.0

3.0

ChinaLifeIns.

Group

PICCGroupChinaTaipingIns.Group

ChinaReChinaExport&CreditIns.

Sub-total

18.0%

70.0

60.0

50.0

40.0

30.0

20.0

10.0

0.0

16.0%

14.0%

FortheexclusiveuseofREPORTS@SOUTHERNFUND.COM

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

15.3%

7.0%

5.6%

4.9%

3.6%

2.5%

ChinaLifeIns.

Group

PICCGroupChinaTaipingIns.Group

ChinaReChinaExport&CreditIns.

Sub-total

Source:CompanydataSource:Companydata,CompiledbyGoldmanSachsGlobalInvestment

Research

PriceTargetRisksandMethodology-PICCGroup

WeareBuy/SellratedonPICCGroupH/A.Our12-month,SOTP-basedtargetpricesofHK$7.0/Rmb6.4,imply0.7X/0.8XFY27EP/B.Wevalue1)PICCP&Cata1.2X/1.3X

FY27EP/BforH/A,basedon12.5%FY27EROE;and2)PICCLife/PICCHealthat0.5X/0.3XFY27EP/B,basedonourROAprojections.

DownsiderisksforHshare:Underwritingresultsbelowexpectations,and

larger-than-expectedcatastrophe-relatedlosses;furtherdeclineinlong-termbondyields,whichwouldresultinalowerROAoutlookandbookvaluedeteriorationforthelifeandhealthsegment,andalargereductionincoresolvencyratioatPICCLifeandPICCHealth;anincreaseininvestmentassetimpairmentlosses;lower-than-expectedDPSgrowthamidalower-for-longerrateenvironment.

UpsiderisksforAshare:Higher-than-expecteddividendpayoutratioatPICCP&C,leadingtolargercapitalupstreamtoPICCGroupthushigherdividendpayment;

improvedoperationresultsfromthelifeandhealthsegment,leadingtosustainedstrongprofitgrowthandcapitalupstreamfromthelifeandhealthsubsidiaries;Ameaningfulrecoveryinlong-termbondyields.

7September20262

GoldmanSachsChinaInsurance

7September20263

DisclosureAppendix

RegAC

We,ThomasWangandSimoneChen,herebycertifythatalloftheviewsexpressedinthisreportaccuratelyreflectourpersonalviewsaboutthesubjectcompanyorcompaniesanditsortheirsecurities.Wealsocertifythatnopartofourcompensationwas,isorwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisreport.

Unlessotherwisestated,theindividualslistedonthecoverpageofthisreportareanalystsinGoldmanSachs’GlobalInvestmentResearchdivision.ContributingAuthors:ThomasWangGoldmanSachs(Asia)L.L.C.,SimoneChenGoldmanSachs(Asia)L.L.C..

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),withahigherpercentileindicatingahighergrowthcompany.FinancialReturnsisbasedonastock’sforward-lookingROE,ROCEandCROCI(forfinancial

FortheexclusiveuseofREPORTS@SOUTHERNFUND.COM

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,ortomakecomparisonsbetweencompaniesindifferentsectorsandmarkets.

Disclosures

FinancialAdvisorydisclosure

GoldmanSachsand/oroneofitsaffiliatesisactingasafinancialadvisorinconnectionwithanannouncedstrategicmatterinvolvingthefollowingcompanyoroneofitsaffiliates:THEPEOPLE’SINSURANCECOMPANY(GROUP)OFCHINALIMITED

Therating(s)forChinaLifeInsuranceCo.(A),ChinaLifeInsuranceCo.(H),ChinaTaipingInsuranceHoldings,PICCGroup(A),PICCGroup(H)andPICCPropertyandCasualtyCo.is/arerelativetotheothercompaniesinits/theircoverageuniverse:AIAGroup,ChinaLifeInsuranceCo.(A),ChinaLifeInsuranceCo.(H),ChinaPacificInsurance(A),ChinaPacificInsurance(H),ChinaTaipingInsuranceHoldings,FWDGroupHoldings,HongKong

Exchanges,NewChinaLifeInsurance(A),NewChinaLifeInsurance(H),PICCGroup(A),PICCGroup(H),PICCPropertyandCasualtyCo.,PingAnInsuranceGroup(A),PingAnInsuranceGroup(H),PrudentialPlc,PrudentialPlc(H),SingaporeExchange

Company-specificregulatorydisclosures

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

GoldmanSachsbeneficiallyowned1%ormoreofcommonequity(excludingpositionsmanagedbyaffiliatesandbusinessunitsnotrequiredtobeaggregatedunderUSsecuritieslaw)asofthesecondmostrecentmonthend:PICCGroup(A)(Rmb7.99)andPICCGroup(H)(HK$6.25)

GoldmanSachsexpectstoreceiveorintendstoseekcompensationforinvestmentbankingservicesinthenext3months:ChinaLifeInsuranceCo.(A)(Rmb39.17),ChinaLifeInsuranceCo.(H)(HK$30.90),ChinaLifeInsuranceCompany(ADR)($6.21),ChinaTaipingInsuranceHoldings(HK$22.66),PICCGroup(A)(Rmb7.99),PICCGroup(H)(HK$6.25)andPICCPropertyandCasualtyCo.(HK$17.55)

GoldmanSachshadaninvestmentbankingservicesclientrelationshipduringthepast12monthswith:ChinaLifeInsuranceCo.(A)(Rmb39.17),ChinaLifeInsuranceCo.(H)(HK$30.90),ChinaLifeInsuranceCompany(ADR)($6.21),ChinaTaipingInsuranceHoldings(HK$22.66),PICCGroup(A)

(Rmb7.99),PICCGroup(H)(HK$6.25)andPICCPropertyandCasualtyCo.(HK$17.55)

GoldmanSachshadanon-investmentbankingsecurities-relatedservicesclientrelationshipduringthepast12monthswith:ChinaLifeInsuranceCo.(A)(Rmb39.17),ChinaLifeInsuranceCo.(H)(HK$30.90),ChinaLifeInsuranceCompany(ADR)($6.21),ChinaTaipingInsuranceHoldings(HK$22.66),PICCGroup(A)(Rmb7.99),PICCGroup(H)(HK$6.25)andPICCPropertyandCasualtyCo.(HK$17.55)

GoldmanSachshadanon-securitiesservicesclientrelationshipduringthepast12monthswith:ChinaLifeInsuranceCo.(A)(Rmb39.17),ChinaLifeInsuranceCo.(H)(HK$30.90),ChinaLifeInsuranceCompany(ADR)($6.21)andChinaTaipingInsuranceHoldings(HK$22.66)

GoldmanSachsisaregisteredmarketmakerinthesecuritiesorderivativesthereof:ChinaLifeInsuranceCo.(A)(Rmb39.17),ChinaLifeInsuranceCo.

GoldmanSachsChinaInsurance

(H)(HK$30.90),ChinaLifelnsuranceCompany(ADR)(56.21),ChinaTaipingInsuranceHoldings(HK$22.66,PICCGroup(A)(Rmb7.99),PICCGroup(H)(HK$6.25)andPICCPropertyandCasualtyCo.(HK$17.55)

Distributionofratings/investmentbankingrelationships

GoldmanSachsInvestmentResearchglobalEquitycoverageuniverse

Global

RatingDistribution

BuyHoldSell

50%

34%

16%

InvestmentBankingRelationships

BuyHoldSell

65%

59%

43%

AsofJuly1,2026,GoldmanSachsGlobalnvestmentResearchhadinvestmentratingson3,104equitysecurities.GoldmanSachsasignsstocksasBuys

andSellsonvariousregionallnvestmentLists;stocksnotsoassignedaredeemedNeutral.SuchassignmentsequatetoBuy,Holdandsellforthee

purposesoftheabovedisclosurerequiredbytheFINRARules.SeeRatings,Coverageuniverseandrelateddefinitionsbelow.TheInvestmentBanking

RelationshipschartreflectsthepercentageofsubjectcompanieswithineachratingcategoryforwhomGoldmanSachshasprovidedinvestmentbankingserviceswithintheprevioustwelvemonths.

Pricetargetandratinghistorychart(s)

ChinaLifeInsuranceCo.(H)(2628.HK)StockPriceCurrency:HongKongDolar

FortheexclusiveuseofREPORTS@SOUTHERNUND.COM

10,000

9,000

8,000

7,000

6,000

5,000

4,000

2025

Source:GoldmanSachsIinvestrentResearchforratingsandpricefargets,FactSetclosingpricesasof6/30/2026.

GoldmanSachsratnqandstockpricetargethistory

Rating

Pricetarget

Notcoveredbycurentanalyst

HangSengChinaEnt.

ThepricetargetsshownshouldbeconsideredinthecontextofalpriorpublishedGoldmanSachsresearch,whichmayormaynothaveincudedpricetargets,aswelasdevelopmentsrelatingtothecompany,tsindustryandfinancialmarkets.

ChinaTaipingInsuranceHoldings(0966.HK)StockPiceCurreney:HongKongDolar

GoldmanSachsratngandstockpricetarqethistory

10.5

ASoNDJFMAMJJAsONDJFMAM丁JAsoND

202320242025二

10,000

9,000

8,000

7,000

6,000

5,000

4,000

2026

Source:GoldmanSachsInvestmentResearchforratingsandprlcetargersFactSetclosngpricesasof6/302026.

CoveredbyThomasWang

Pricetarget

PricetargetatremovalNotcoveredbycurrentanalystHangSengChinaEnt.

ThepricetargetsshownshouldbeconsideredinthecontextofalpriorpublishedGoldmanSachsresearch,whichmayormaynothaveincludedpricetargets,aswellasdevelopmentsrelatingtothecompany,itsindustryandfinancialmarkets

GoldmanSachsratingandstockprice

ChinaLifeInsuranceCo.(A)(601628.5S)

StockPriceCurrency:ChineseRenminbi

GoldmanSachsratinqandstockpricetarqethistory

25.5

5,500

5,000

4,500

4,000

3,500

3,000

2026

Source:GoldimanSachsInvestmentResearghoratingsandpricefargets,FacfSetclosingpricesasof6/302026.

CoveredbyThomasWang

Pricetarget

Notcoveredbycurrentanalyst

Shanghai-Shenzhen

300

ThepricetargetsshownshouldbeconsideredinthecontextofalpriorpublishedGoldmanSachsresearch,whichmayormaynothaveincludedpricetargets,aswellasdevelopmentsrelatingtothecompany,isindustryandfinancialmarkets.

IndexPrice

PICC

Property

andCasualty

Co.(2328.HK)

StockPriceCurrency:HongKongDolar

19.00

17.00

15.00

13.00

11.00

9.00

500

2023

10.8

2024

e

tarqethistory

10,000

9,000

8,000

7,000

19.6

6,000

5,000

4,000

2025

Pric

ndex

Source:GoldmanSachsInvestmentResearchforratingsandpricetargetsFactSetclosngpricesasof6/30/2026.

CoveredbyThomasWang

Pricetarget

Notcoveredbycurrentanalyst

Picetargetatremoval

HangSengChinaEnt.

ThepricetargetsshownshouldbeconsideredinthecontextofalpriorpublishedGoldmanSachsresearch,whichmayormaynothaveincudedpricetargets,aswellasdevelopmentsrelatingtothecompany,itsindustryandfinancialmarkets.

7September2026

GoldmanSachsChinaInsurance

PICCGroup(H)(1339.HK)

StockPriceCurrency:HongKongDollar

8.00

GoldmanSachsratingandstockpricetarqethistory

10,000

7.00

9,000

6.00

8,000

5.00

7,000

6,000

3.00

5,000

2.00

2023

Feb23

2025

2026

Source:GoldmanSachsInvestmentResearchforratingsandpricetargets;FactSetclosingpricesasof6/30/2026.

CoveredbyThomasWang

Pricetargetatremoval

Notcoveredbycurentanalyst

HangSengChinaEnt.

ThepricatargetshownshouldbeconsidaredinthecontextofalpriorpubishedGoldmanSachsresearch,whichmayormaynothaveincludedpricetargets,aswellasdevelopmentsrelaingtothecompany,itsindustryandfinancialmarkets.

Targetpricehistorytable(s)

FortheexclusiveuseofREPORTS@SOUTHERNUND.COM

ChinaLifeInsuranceCo.(A)(601628.SS)

Dateofreport

03-Aug-2613-Apr-2609-Mar-2610-Nov-2509-Oct-2509-Sep-2512-Aug-2527-May-2508-Apr-2531-Mar-25

23-Feb-2514-Nov-24

14-Oct-2406-Sep-2411-Aug-24

11-Apr-24

16-Jan-2426-Oct-23

Target

46.0042.0044.0039.0036.5034.5034.0027.0025.5027.5028.0018.5017.5015.5015.0017.0018.00

17.50

price(Rmb)Closingprice(Rmb)

38.51

37.52

42.20

44.45

39.62

39.71

40.68

38.5535.7437.6039.7445.7544.01

29.36

27.60

26.38

33.95

ChinaTaipingInsuranceHoldings(0966.HK)

Dateofreport

03-Aug-2613-Apr-26

09-Mar-2629-Oct-25

09-Oct-2512-Sep-25

12-Aug-2527-May-2508-Apr-2523-Feb-2514-Nov-24

14-Oct-2406-Sep-2411-Aug-24

17-May-24

11-Apr-24

16-Jan-24

Target

21.7021.0020.0015.0013.7012.6011.809.709.209.8010.4010.507.807.006.30

6.407.00

price(HK)Closingprice(HK)

21.68

22.28

21.4817.0715.4116.4117.8612.1210.0012.2012.3014.0410.367.809.30

6.596.25

PICCGroup(A)(601319.SS)

DateofreportTargetprice(Rmb)Closingprice(Rmb)

03-Aug-2613-Apr-2609-Mar-2610-Nov-2509-Oct-2511-Sep-25

12-Aug-2527-May-2531-Mar-25

23-Feb-2530-Oct-24

14-Oct-2406-Sep-2411-Aug-2416-Jan-2423-Nov-23

6.406.106.306.506.206.005.60

4.604.504.003.903.403.303.403.30

7.347.418.448.637.878.358.298.206.826.937.107.346.125.444.77

5.26

PICCGroup(H)(1339.HK)

DateofreportTargetprice(HK)Closingprice(HK)

03-Aug-267.005.34

13-Apr-266.705.52

10-Nov-256.807.31

09-Oct-256.406.93

11-Sep-256.307.07

12-Aug-255.806.27

27-May-255.305.38

31-Mar-254.404.02

23-Feb-254.204.04

30-Oct-244.303.89

14-Oct-244.203.98

06-Sep-243.603.06

11-Aug-243.502.60

16-Jan-243.60

ce

Pri

ndex

PICCGroup(A)(601319.SS)

10.00

GoldmanSachsratingandstockpricetargethistory

5,500

9.00

8.00

5,000

7.00

4,500

6.00

4,000

3.00

3,500

2.00

2023

20242025

3,000

Source:GoldmanSachsInvestmentResearchforratingsandpricefargetsFactSetcloshgpricesasof6/302026.

CoveredbyThomasWang

PricetargetatremovalNotcoveredbycurrentanalyst

300

ThepricatargetsshownshouldbeconsidredinthecontextoflprorpubishaedGoldmanSachsresearch,whichmyormaynothaveincudedpricetargets,aswellasdevelopmentsrelatingtothecompany,tsindustryandfinancialmarkets.

7September2026

GoldmanSachsChinaInsurance

FortheexclusiveuseofREPORTS@SOUTHERNFUND.COM

ChinaLifeInsuranceCo.(H)(2628.HK)

PICCProperty

andCasualtyCo.

(2328.HK)

Dateofreport

Targetprice(HK$)

Closingprice(HK$)

Dateofreport

Targetprice(HK$)

Closingprice(HK$)

31-Aug-26

32.00

30.30

03-Aug-26

20.20

16.16

03-Aug-26

31.50

29.00

13-Apr-26

19.60

14.60

13-Apr-26

28.50

27.06

10-Nov-25

19.70

19.13

09-Mar-26

29.50

28.58

11-Sep-25

19.00

18.65

10-Nov-25

24.50

26.64

12-Aug-25

17.00

17.07

09-Oct-25

22.50

21.86

27-May-25

16.10

15.08

09-Sep-25

21.50

22.70

31-Mar-25

12.90

14.38

12-Aug-25

21.00

22.64

23-Feb-25

12.30

13.22

27-May-25

17.50

16.10

30-Oct-24

12.50

12.08

08-Apr-25

16.50

12.90

14-Oct-24

12.30

11.90

31-Mar-25

17.50

15.00

11-Aug-24

10.70

9.85

23-Feb-25

17.00

15.20

29-Apr-24

10.90

9.98

14-Nov-24

19.00

15.76

11-Apr-24

11.00

10.22

14-Oct-24

18.00

16.40

16-Jan-24

10.80

9.68

06-Sep-24

13.50

11.50

23-Nov-23

10.30

9.27

11-Aug-24

13.00

10.32

11-Apr-24

14.00

9.25

16-Jan-24

15.00

8.92

26-Oct-23

14.50

10.74

Pricetargetsshownintable(s)areunadjustedforcorporateactions.

Regulatorydisclosures

DisclosuresrequiredbyUnitedStateslawsandregulations

Seecompany-specificregulatorydisclosuresaboveforanyofthefollowingdisclosuresrequiredastocompaniesreferredtointhisreport:managerorco-managerinapendingtransaction;1%orotherownership;compensationforcertainservices;typesofclientrelationships;managed/co-managedpublicofferingsinpriorperiods;directorships;registeredmarketmaker.GoldmanSachstradesormaytradeasaprincipalindebtsecurities(orin

relatedderivatives)ofissuersdiscussedinthisreport.

Thefollowingareadditionalrequireddisclosures:Ownershipandmaterialconflictsofinterest: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(asthattermisdefinedinthe

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

producingresearchreports,membersofGlobalInvestmentResearchofGoldmanSachsAustraliamayattendsitevisitsandothermeetingshostedbythecompaniesandotherentitieswhicharethesubjectofitsresearchreports.InsomeinstancesthecostsofsuchsitevisitsormeetingsmaybemetinpartorinwholebytheissuersconcernedifGoldmanSachsAustraliaconsidersitisappropriateandreasonableinthespecificcircumstancesrelatingtothesitevisitormeeting.Tothe