Goldman Sachs Disclosure Appendix Reg AC We, Evan Tylenda, CFA, Madeline Meyer, Grace Chen, Georgina Fraser, Ph.D., Ajay Patel, Brian Singer, CFA, Derek R. Bingham, Sharmini Chetwode, Ph.D., Rachit Aggarwal and Emma Jones, hereby certify We also certify that no part of our compensation was, that all of the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. esearch division. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment R GS Factor Profile The Goldman Sachs Factor Profile provides investment context for a stock by comparing key attributes to the market (i.e. our coverage universe) and its sector peers. The four key attributes depicted are: wth, Financial Returns and Multiple are calculated by using normalized ranks Growth, Financial Returns, Multiple (e.g. valuation) and Integrated (a composite of Growth, Financial Returns and Multiple). Gro vant attribute. The precise calculation of each metric may vary for specific metrics for each stock. The normalized ranks for the metrics are then averaged and converted into percentiles for the rele depending on the fiscal year, industry and region, but the standard approach is as follows: wth company. Growth is based on a stock’s forward-looking sales growth, EBITDA growth and EPS growth (for financial stocks, only EPS and sales growth), with a higher percentile indicating a higher gro y with higher financial returns. Multiple is Financial Returns is based on a stock’s forward-looking ROE, ROCE and CROCI (for financial stocks, only ROE), with a higher percentile indicating a compan ks, only P/E, P/B and P/D), with a higher percentile indicating based on a stock’s forward-looking P/E, P/B, price/dividend (P/D), EV/EBITDA, EV/FCF and EV/Debt Adjusted Cash Flow (DACF) (for financial stoc a stock trading at a higher multiple. The Integrated percentile is calculated as the average of the Growth percentile, Financial Returns percentile and (100% - Multiple percentile). wth uses inputs for the fiscal year at least seven quarters in the future Financial Returns and Multiple use the Goldman Sachs analyst forecasts at the fiscal year-end at least three quarters in the future. Gro compared with the year at least three quarters in the future (on a per-share basis for all metrics). For a more detailed description of how we calculate the GS Factor Profile, please contact your GS representative. M&A Rank Across our global coverage, we examine stocks using an M&A framework, considering both qualitative factors and quantitative factors (which may vary across sectors and regions) to incorporate the verage from 1 to 3, with 1 representing high (30%-50%) probability of potential that certain companies could be acquired. We then assign a M&A rank as a means of scoring companies under our rated co the company becoming an acquisition target, 2 representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard ore does not factor into our price target, and may or may not be departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and theref discussed in research. Quantum Quantum is Goldman Sachs’ proprietary database providing access to detailed financial statement histories, forecasts and ratios. It can be used for in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets. 3 May 2022 30
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