US Mutual funds:

Portfolio Strategy foreign stock focus

US Equity Views

" The Goldman Sachs Group, Inc.

Going abroad: US Mutual Funds migrating overseas.
US large-cap mutual funds have boosted foreign stock holdings to
October 16, 2006
8.4% of equity assets currently vs. just 1.2% in 2000. Europe has
dominated this migration, with less than 1% in Asia. We identify
the most popular positions and highlight 30 new investment ideas.

US large-cap mutual fund managers lift foreign equity holdings above 8%

The never-ending quest for better returns has led portfolio managers of US large-cap mutual
funds to boost their exposure to non-US stocks. We analyzed $780 billion of equity holdings
of 90 mutual funds in the Lipper Large-cap Core, Growth, and Value benchmark indices.
Foreign stock holdings of large-cap Growth mutual funds range between 0% and 19%.
US mutual fund portfolio managers buy European, but avoid Asian stocks
On a combined basis stocks in Japan and Asia Ex-Japan account for less than 1% of total
equity assets of the average US large-cap mutual fund. A majority of foreign holdings of US
large-cap mutual funds is in Europe and North America (Ex-US, Bermuda, Cayman Islands).

Foreign stocks enhanced returns in 2005 but not in 2006

A positive correlation existed in 2005 between US large-cap core mutual fund returns and the
percentage of foreign equity investments in a portfolio. This correlation broke down in 2006.

Invest in 30 stocks with the largest upside to Goldman Sachs Price Targets
We identify 10 stocks in each region with upside return to our target prices averaging 30%.

Large-Cap Mutual Funds have increased international exposure since 2000

Foreign Holdings as Percent of Mutual Fund Total Assets
Lipper Benchmarks Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Sep-06
Large-Cap Core 3.3% 3.5% 3.2% 4.4% 4.9% 7.3% 8.0%
Large-Cap Growth 0.9 2.9 2.2 5.0 6.7 8.4 9.3
Large-Cap Value 1.4 3.0 3.5 5.2 6.1 7.4 8.0

Average 1.8% 3.1% 3.0% 4.9% 5.9% 7.7% 8.4%

Source: Compustat, LionShares via FactSet, Goldman Sachs.

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Portfolio Strategy United States

Table of contents
1 US mutual fund managers boost foreign equity exposure

2 Buy foreign stocks with greatest upside to our target prices

3 Foreign stocks enhanced returns in 2005 but not in 2006

4 US mutual funds buy European, but avoid Asian stocks

5 Foreign stocks most commonly owned by US large-cap funds

6 Appendix: Amount of foreign stock allocation varies by sector

9 Disclosures

The prices in this report are based on the market close of October 13, 2006.

Goldman Sachs Global Investment Research

United States Portfolio Strategy

US mutual fund managers boost foreign equity exposure

US equity investors have steadily increased the percentage of their investments in
foreign securities during the past 25 years. In the never-ending quest for better
returns, portfolio managers of US large-cap mutual funds have boosted their exposure to
non-US equities. Separately, retail investors have poured a torrent of capital into mutual
funds dedicated to international stocks and assets in these funds now total $82 billion.

For the typical US large-cap mutual fund, foreign stock holdings now account for
an average of 8.4% of total equity assets compared with just 1.2% in 2000 (see
Exhibit 1). We analyzed $780 billion of equity holdings of 90 mutual funds in the Lipper
Large-cap Core, Growth, and Value benchmark indices. Since 2003, Lipper large-cap
Growth funds have led other Lipper large-cap mutual fund classes in foreign stock
exposure. Growth managers invest on average 9.3% of their portfolios in foreign equities,
compared with an 8.0% average weighting for both large-cap Core and Value managers.

On a combined basis stocks in Japan and Asia Ex-Japan account for less than 1%
of total equity assets of the average US large-cap mutual fund. The majority of
foreign holdings of US large-cap mutual funds is in Europe and North America (Ex-US).

We believe global growth will continue to outpace US economic growth in 2007.

Goldman Sachs Economics expects real US GDP to decelerate to 2.3% in 2007 from
3.4% in 2006 while global GDP slows to 3.8% in 2007 from 4.6% in 2006. Although a
slowing US economy has typically weighed heavily on global output, we believe above-
trend global growth may continue, lead by the BRICs (Brazil, Russia, India and China).

We encourage US large-cap mutual fund managers to consider 30 foreign stocks

with 30% average upside return to the Goldman Sachs target price (see Exhibit 2).

Exhibit 1: Large-Cap Funds International Holdings

as of October 9, 2006

10
9 Large-Cap Growth
as % of Total Holdings

8
Large-Cap Value
Foreign Assets

7
6
5
4 Large-Cap Core
3
2
1
0
Jun-01

Jun-02

Jun-03

Jun-04

Jun-05

Jun-06

Jun-07

Jun-08

Jun-09
Dec-00

Dec-01

Dec-02

Dec-03

Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Source: Federal Reserve, LionShares via FactSet, Goldman Sachs Research.

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Portfolio Strategy United States

Buy foreign stocks with greatest upside to our target prices

Exhibit 2 features ten large-cap stocks in each region that offer attractive
investment opportunities. We screened the Goldman Sachs Conviction Buy Lists
within each region for stocks with the greatest potential upside to target prices set by
covering research analysts. The upside potential for the 30 stocks listed below ranges
from 8% to 60%, with an average of 30%.

Exhibit 2: We recommend buying foreign stocks with greatest upside potential to Goldman Sachs target prices
as of October 13, 2006
Equity Local Currency Upside to
Cap Price Target Goldman Sachs
Company Ticker (a) Country Sector (USD bil) Currency 13-Oct Price Target Price (%)

Europe
Vestas Wind Systems VWS.CO Denmark Industrials 5 Dkr 151.00 229.02 52
TomTom TOM2.AS Netherlands Information Technology 4 €€ 31.30 47.00 50
Vedanta Resources VED.L United Kingdom Materials 7 GBp 1,381.00 2,040.00 48
Xstrata plc XTA.L United Kingdom Materials 26 GBp 2,203.00 3,025.00 37
Nobel Biocare NOBE.VX Switzerland Healthcare 6 SFr 306.25 405.00 32
Metro MEOG.DE Germany Consumer Staples 19 €€ 46.35 59.00 27
Puma PUMG.DE Germany Consumer Discretionary 6 €€ 283.00 341.00 20
Infineon IFXGn.DE Germany Technology 9 €€ 10.03 12.00 20
Aker Kvaerner AKVER.OL Norway Energy 5 Nkr 615.00 730.00 19
SAP (Ordinary Share) SAPG.DE Germany Information Technology 63 €€ 164.96 195.00 18

Japan
Credit Saison 8253.T Japan Financials 7 ¥ 4,800 7,700 60
Mizuho Financial Group 8411.T Japan Financials 90 ¥ 902,000 1,350,000 50
Fuji Television Network 4676.T Japan Consumer Discretionary 5 ¥ 240,000 340,000 42
Mitsui & Co. 8031.T Japan Industrials 21 ¥ 1,558 2,160 39
Mitsui Trust Holdings 8309.T Japan Financial Services 9 ¥ 1,366 1,877 37
Komatsu 6301.T Japan Industrials 18 ¥ 2,180 2,900 33
INPEX Holdings 1605.T Japan Energy 18 ¥ 937,000 1,230,000 31
Mazda Motor 7261.T Japan Consumer Cyclicals 9 ¥ 779 900 16
Eisai 4523.T Japan Healthcare 15 ¥ 6,090 6,800 12
Sumitomo Realty & Development 8830.T Japan Financials 15 ¥ 3,810 4,122 8

Asia (ex-Japan)
High Tech Computer 2498.TW Taiwan Information Technology 11 NT$ 821.00 1,157.00 41
ProMOS Technologies 5387.TWO Taiwan Information Technology 2 NT$ 13.60 19.00 40
China Vanke (A) 000002.SZ China Financials 3 Rmb 7.11 9.81 38
Hong Kong Exchanges 0388.HK Hong Kong Financials 8 HK$ 58.10 80.00 38
Kweichow Moutai 600519.SS China Consumer Staples 6 Rmb 47.40 58.00 22
Huaneng Power International 0902.HK China Utilities 9 HK$ 5.84 7.10 22
DSME (GDR) 4266q.L South Korea Industrials 6 USD 67.11 81.00 21
GS Holdings 078930.KS South Korea Energy 3 W 31,700.00 36,900.00 16
Bank of East Asia 0023.HK Hong Kong Financials 7 HK$ 37.90 42.00 11
Samsung Electronics 005930.KS South Korea Information Technology 100 W 650,000.00 715,000.00 10

(a) All stocks are rated Buy

Source: Compustat, Lionshares via FactSet, Goldman Sachs Research.

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United States Portfolio Strategy

Foreign stocks enhanced returns in 2005 but not in 2006

The independent decision of so many US large-cap mutual fund managers to raise
their international stock allocation has proven to be a wise strategic move given
that the US market has lagged its global peers in recent years (see Exhibit 3).

Exhibit 3: International equity market returns

as of October 13, 2006
Total Return
2001 2002 2003 2004 2005 2006 YTD
Asia (ex-Japan) (3.8) (8.3) 47.0 17.7 23.2 15.9
MSCI World ex-USA (16.0) (25.2) 21.1 13.2 29.2 11.7
United States (11.9) (22.1) 28.7 10.9 4.9 11.0
Europe (18.6) (33.5) 11.4 6.5 21.6 10.7
Canada (20.0) (10.8) 53.2 22.8 27.5 8.6
Japan (23.5) (18.6) 24.5 7.6 40.2 2.6

Source: Compustat, Goldman Sachs Research.

A positive correlation existed in 2005 between US large-cap core mutual fund

returns and the percentage of foreign equity investments in a portfolio. However,
this correlation appears to have broken down in 2006 (see Exhibit 4).
International stocks returns, as measured by the MSCI World ex-US index, tracked
closely with returns in the United States through 2004. In 2005, foreign markets
significantly outperformed the S&P 500, 29% vs. 5%. US large-cap Core mutual fund
returns and foreign stock holdings as a percentage of total equity assets exhibited a
positive correlation of 0.34 in 2005.

Global equity returns have varied widely YTD in 2006, with Asia (ex-Japan) up 16% and
Japan returning 3%. This range explains the breakdown in the correlation between US
large-cap core mutual fund returns and the percentage of their portfolio allocated to
foreign equities. Based on 2006 YTD performance, the correlation equals negative 0.28.

Exhibit 4: Correlation of Large-Cap Core Foreign Holdings and Total Return

as of October 13, 2006
2005 2006 YTD
14 16

12 14
2
R = 0.115 12
10
10
Total Return (%)

Total Return (%)

8
8 2
6 R = 0.0779
Higher % invested abroad 6
4 correlated with higher return Correlation has reversed in
4
2006 YTD
2 2
0 0

(2) Correlation = 0.34 (2) Correlation = (0.28)

(4) (4)
0 10 20 30 40 0 5 10 15 20 25 30 35 40

Foreign Holdings as % of Total Assets Foreign Holdings as % of Total Assets

Source: Compustat, Lionshares via FactSet, Goldman Sachs Research.

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Portfolio Strategy United States

US mutual funds buy European, but avoid Asian stocks

The vast majority of US large-cap mutual funds foreign holdings are concentrated
in Europe and North America (outside the US). Holdings in these markets account for
4.7% and 2.4%, respectively, of total equity assets (combined 84% share of the total
foreign stock allocation).

Stocks in Japan and Asia (outside of Japan) on a combined basis account for just
0.9% of total equity assets of the average US large-cap mutual fund. Separately,
Japanese stocks account for 0.4% of total equity assts and 5% of total foreign stock
holdings. Asian equities outside of Japan account for 0.5% of total equity assts, or 6% of
total foreign stock holdings.

US large-cap Value managers, in particular, tend to avoid the Asian markets and
focus almost entirely within the Western Hemisphere.

US large-cap Growth managers have six times as much capital allocated to Europe
than Asia Ex-Japan (4.7% vs. 0.8%), with Japanese stock holdings accounting for
an extremely modest 0.4% allocation. GDP growth in Asia ex-Japan has outpaced the
US and Europe for the past five years, and Goldman Sachs Economics expects this trend
to continue through 2007. We expect Growth managers will increase their focus on the
Asian markets as sustained economic expansion creates new investment opportunities.

Exhibit 5: Mutual fund holdings by region

as of October 13, 2006

Holdings by Region
N. America Asia
USA Europe Japan Other (a)
(ex-USA) (ex-Japan)
Large-Cap Core 92.0% 4.3% 2.3 0.7% 0.4% 0.2%

Large-Cap Growth 90.7 4.7 2.6 0.8 0.4 0.8

Large-Cap Value 92.0 5.2 2.2 0.0 0.4 0.2

Average 91.6% 4.7% 2.4% 0.5% 0.4% 0.4%

Equity Total Return (2005) 4.9% 21.6% 27.5% 23.2% 40.2% 32.6%

Equity Total Return (2006 YTD) 11.0 10.7 8.6 15.9 2.6 15.5

Asian stocks (including Japan) account for

less than 1% of US large-cap mutual fund assets.

(a) Other includes Australia, South America, Africa and the Middle East.

Source: Compustat, Lionshares via FactSet, Goldman Sachs Research.

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United States Portfolio Strategy

Foreign stocks most commonly owned by US large-cap funds

Exhibit 6 lists the foreign stocks most commonly owned by the 90 US mutual funds
in the Lipper large-cap Core, Growth, and Value style benchmarks. For example, 26
of the 90 large-cap funds owned shares of Nokia (NOK, Neutral) based on the most
recent filings (10 Core, 7 Growth and 9 Value funds).

Exhibit 6: Foreign stocks with highest number of US large-cap mutual fund investors (of 90 Lipper benchmark funds)
as of October 13, 2006
No. of US
Equity Local Currency Large-Cap
Cap Price Total Mutual Fund
Company Ticker Rating Country Sector (USD bil) Currency 13-Oct Return YTD Investors

Europe
Nokia Corp (ADR) NOK Neutral Finland Information Technology 80 USD 20.20 12 % 26
Roche Hldgs Ag 7110388 Buy Switzerland Health Care 122 SwF 221.50 14 18
Alcon Inc ACL NC Switzerland Health Care 34 USD 111.12 (13) 14
Novartis Ag (ADR) NVS Neutral Switzerland Health Care 136 USD 57.09 10 12
BP Plc (ADR) BP Neutral United Kingdom Energy 212 USD 65.97 5 10
Diageo Plc (ADR) DEO Neutral United Kingdom Consumer Staples 49 USD 71.40 27 9
TOTAL Sa (ADR) TOT Neutral France Energy 151 USD 65.72 7 9
Nestle Sa 7123870 Neutral Switzerland Consumer Staples 139 SwF 436.75 14 8
Glaxosmithkline Plc (ADR) GSK Neutral United Kingdom Health Care 153 USD 54.00 10 8
SAP AG (ADR) SAP Buy Germany Information Technology 63 USD 51.68 15 8

North America (ex-USA, Bermuda, Cayman Islands)

America Movil Sa De Cv (ADR) AMX NC Mexico Telecommunication Services 76 USD 42.10 45 % 11
Suncor Energy Inc SU Buy Canada Energy 33 USD 72.50 15 11
Research In Motion Ltd RIMM Buy Canada Information Technology 21 USD 113.84 72 8
Encana Corp ECA Neutral Canada Energy 37 USD 45.90 2 7
Miramar Mining Corp MNG NC Canada Materials 1 USD 4.26 70 7
IPSCO Inc IPS NC Canada Materials 4 USD 89.85 9 6
Glamis Gold Ltd GLG NC Canada Materials 6 USD 37.94 38 5
Ensign Energy Services Inc *ESI NC Canada Energy 2 USD 17.68 (24) 5
Barrick Gold Corp ABX Buy Canada Materials 26 USD 29.79 7 4
Canadian Natural Resources CNQ Buy Canada Energy 25 USD 46.72 (5) 4

Japan
Toyota Motor Corp (ADR) TM Neutral Japan Consumer Discretionary 186 USD 116.20 11 % 5
Sumitomo Mitsui Fg 8316 NC Japan Financials 81 ¥ 1,240,000.00 (1) 3
Mizuho Finl Gp 8411 Buy Japan Financials 92 ¥ 896,000.00 (4) 3
Honda Motor Ltd -Am Shares HMC Neutral Japan Consumer Discretionary 63 USD 34.68 21 3
Nissan Motor Co 7201 Buy Japan Consumer Discretionary 53 ¥ 1,411.00 21 2
Canon Inc 7751 Buy Japan Information Technology 74 ¥ 6,440.00 41 2
Mitsubishi Corp 8058 Neutral Japan Industrials 29 ¥ 2,160.00 (16) 2
Mitsubishi Estate 8802 Buy Japan Financials 32 ¥ 2,805.00 15 2
Mitsubishi Ufj Finl Gp (ADR) MTU Neutral Japan Financials 122 USD 12.70 (7) 2
Kirin Brewery Co 2503 Neutral Japan Consumer Staples 13 ¥ 1,572.00 15 1

Asia (ex-Japan)
Flextronics International FLEX Buy Singapore Information Technology 7 USD 13.19 26 % 5
Infosys Technologies (ADR) INFY Neutral India Information Technology 27 USD 52.03 30 4
Samsung Electronic 6771720 Buy South Korea Information Technology 98 W 644,000.00 (2) 4
Tata Steel Ltd 6101156 NC India Materials 7 Rs 511.30 38 3
Bhp Billiton Ltd 6144690 Neutral Australia Materials 67 A$ 26.50 19 3
China Merchant Hld 6416139 NR Hong Kong Industrials 7 USD 22.75 38 3
Taiwan Semiconductor (ADR) TSM NC Taiwan Information Technology 50 USD 10.30 11 3
Housing Devel Fin 6171900 NC India Financials 8 Rs 1,532.55 29 2
Bharti Airtel Ltd 6442327 NC India Telecommunication Services 19 Rs 477.60 38 2
Satyam Computr Svc Ltd (ADR) SAY Buy India Information Technology 7 USD 43.48 19 2

Source: Compustat, Lionshares via FactSet, Goldman Sachs Research

Goldman Sachs Global Investment Research 5

Portfolio Strategy United States

Appendix: Amount of foreign stock allocation varies by sector

Foreign stocks typically represent between 5% and 15% of the holdings of each
sector in a US large-cap mutual fund. Exhibit 7 identifies how US fund managers
currently split their domestic/international stock exposure by sector.

US large-cap Core managers prefer foreign Industrials and Materials stocks relative
to domestic companies. Managers seek leverage to the global economy through foreign
cyclicals. US Financials, which account for 21% of total US large-cap Core fund assets,
have minimal international exposure with just 4% of Financials holdings in foreign stocks
and 96% domestic. We are not surprised by the lack of investment in foreign Financials,
given that large US-based Financials such as Morgan Stanley (MS, Buy) and Citigroup
(C, Neutral) generate a significant amount of their profits from international operations.

US large-cap Growth funds are highly exposed to foreign Telecom Services, Health
Care and Materials stocks. Foreign stocks represent 49% of Growth funds’ Telecom
holdings, but the sector only accounts for 1% of total portfolio assets. Growth managers
invest an average of 15% of their Health Care holdings in foreign stocks, a sector that
accounts for 17% of total equity assets in the typical Growth fund portfolios. Four of the
ten most commonly owned foreign stocks by Growth managers are Pharmaceutical
companies, such as Roche Holdings (ROG.VX, Buy) and Novartis (NOVN.VX, Neutral).

US large-cap Value fund are heavily exposed to foreign Energy companies. The
most commonly owned companies are such large-cap Energy bellwethers as British
Petroleum (BP, Neutral), Royal Dutch Shell (RDSa, Buy) and TOTAL (TOTF.PA,
Neutral). Similar to Core funds, Value funds seem to shy away from foreign Financials
and Consumer Discretionary stocks.

6 Goldman Sachs Global Investment Research

United States Portfolio Strategy

Exhibit 7: How US large-cap mutual fund invest abroad by sector

as of October 13, 2006

Large-Cap Core Funds

Portfolio Foreign US
Weight Stocks Stocks
Materials 3% 14 % 86 %
Industrials 12 12 88
Telecom
Services
3 10 90
Health Care 12 8 92 16% of Large-Cap Core Fund
Assets is invested in
Info Tech 16 8 92
Information Technology.
Utilities 1 8 92
Foreign Stocks represent 8%
Energy 10 7 93 of this allocation, with 92% in
Cons domestic stocks.
Staples
9 6 94
Financials 21 4 96
Cons Disc 13 4 96
Total 100 %

Large-Cap Growth Funds Large-Cap Value Funds

Portfolio Foreign US Portfolio Foreign US
Weight Stocks Stocks Weight Stocks Stocks
Telecom
Services
1% 49 % 51 % Energy 11 % 21 % 79 %
Materials 3 22 78 Health Care 11 12 88
Health Care 17 15 85 Info Tech 8 11 89
Info Tech 25 10 90 Materials 5 9 91
Energy 9 10 90 Industrials 10 8 92
Cons
Cons Disc 14 6 94 Staples
9 8 92
Telecom
Industrials 11 2 98 Services
6 6 94
Financials 13 2 98 Cons Disc 10 3 97
Cons
Staples
7 2 98 Financials 27 2 98
Utilities 0 0 100 Utilities 4 1 99
Total 100 % Total 100 %

Source: Compustat, Lionshares via FactSet, Goldman Sachs Research.

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Portfolio Strategy United States

Price target methodology and risks

For methodology and risks associated with price targets mentioned, please refer to the
analyst’s previously published research.

Reg AC
I, David J. Kostin, hereby certify that all of the views expressed in this report accurately
reflect my personal views about the subject company or companies and its or their
securities. I also certify that no part of my compensation was, is, or will be, directly or
indirectly, related to the specific recommendations or views expressed in this report.

8 Goldman Sachs Global Investment Research

United States Portfolio Strategy

Disclosures

Goldman Sachs Global Investment Research 9

Portfolio Strategy United States

10 Goldman Sachs Global Investment Research

United States Portfolio Strategy

Coverage group(s) of stocks by primary analyst(s)

Compendium report: please see disclosures at http://www.gs.com/research/hedge.html

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Goldman Sachs Investment Research global coverage universe
Rating Distribution Investment Banking Relationships

Buy Hold Sell Buy Hold Sell

Global 27% 59% 14% 53% 46% 45%

As of October 1, 2006, Goldman Sachs Global Investment Research had investment ratings on 2,245 equity securities. Prior
to June 26, 2006, Goldman Sachs utilized a relative rating system of Outperform, In-Line and Underperform, which, for the
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Goldman Sachs Global Investment Research 11

Portfolio Strategy United States

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Coverage views: Attractive (A). The investment outlook over the following 12 months is favorable relative to the coverage group's historical
fundamentals and/or valuation. Neutral (N). The investment outlook over the following 12 months is neutral relative to the coverage group's
historical fundamentals and/or valuation. Cautious (C). The investment outlook over the following 12 months is unfavorable relative to the
coverage group's historical fundamentals and/or valuation.
Current Investment List (CIL). We expect stocks on this list to provide an absolute total return of approximately 15%-20% over the next 12
months. We only assign this designation to stocks rated Outperform. We require a 12-month price target for stocks with this designation. Each
stock on the CIL will automatically come off the list after 90 days unless renewed by the covering analyst and the relevant Regional Investment
Review Committee.
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The Global Investment Research Division of Goldman Sachs produces and distributes research products for clients of Goldman Sachs, and
pursuant to certain contractual arrangements, on a global basis. Analysts based in Goldman Sachs offices around the world produce equity
research on industries and companies, and research on macroeconomics, currencies, commodities and portfolio strategy.
This research is disseminated in Australia by Goldman Sachs JBWere Pty Ltd (ABN 21 006 797 897) on behalf of Goldman Sachs; in Canada by
Goldman Sachs Canada Inc. regarding Canadian equities and by Goldman Sachs & Co. (all other research); in Germany by Goldman Sachs & Co.
oHG; in Hong Kong by Goldman Sachs (Asia) L.L.C.; in Japan by Goldman Sachs Japan Co., Ltd; in the Republic of Korea by Goldman Sachs
(Asia) L.L.C., Seoul Branch; in New Zealand by Goldman Sachs JBWere (NZ) Limited on behalf of Goldman Sachs; in Singapore by Goldman
Sachs (Singapore) Pte. (Company Number: 198602165W); and in the United States of America by Goldman, Sachs & Co. Goldman Sachs
International has approved this research in connection with its distribution in the United Kingdom and European Union.

12 Goldman Sachs Global Investment Research

United States Portfolio Strategy

European Union: Goldman Sachs International, authorised and regulated by the Financial Services Authority, has approved this research in
connection with its distribution in the European Union and United Kingdom; Goldman, Sachs & Co. oHG, regulated by the Bundesanstalt für
Finanzdienstleistungsaufsicht, may also be distributing research in Germany

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Goldman Sachs Global Investment Research 13