Goldman Sachs Group, Inc.

Analyst Listings

The following analysts provide coverage for the subject firm as of May 2016:

Broker	Analyst	Analyst Email
Credit Suisse	Christian Bolu	christian.bolu@credit-suisse.com
Buckingham Research	James Mitchell	jmitchell@buckresearch.com
Nomura Research	Steven Chubak	Steven.Chubak@nomura.com
Deutsche Bank Research	Matthew O’Connor	matthew.o-connor@db.com
Oppenheimer	Chris Kotowski	chris.kotowski@opco.com
Sandler O’Neill & Partners	Jeffery J. Harte	jharte@sandleroneill.com
Evercore ISI	Glenn Schorr	glenn.schorr@evercoreisi.com
Guggenheim Securities	Eric Wasserstrom	eric.wasserstrom@guggenheimpartners.com
RBC Capital Markets	Fiona Swaffield	fiona.swaffield@rbccm.com
Atlantic Equities	Christopher Wheeler	c.wheeler@atlantic-equities.com
JMP Securities	Devin Ryan	dryan@jmpsecurities.com
Wells Fargo Securities	Matthew H. Burnell	matt.burnell@wellsfargo.com
Keefe Bruyette & Woods	Brian Kleinhanzl	bkleinhanzl@kbw.com
BMO Capital Markets	James Fotheringham	james.fotheringham@bmo.com

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Primary Input Data

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Derived Input Data

Derived Input	Label	2015 Value	2016 Value	Equational Form
Net Income	NI	6,083	7,398	$NI\, =\, EBIT\,\,-\,Interest\,\, Expense\,\, -\,\, Taxes\,\, Paid$
Cash Flow From Equity	CFE	2,097	7,186	$CFE\,=\,\,NI\,\,-\,\,\Delta\,\,TE\,\,+\,\,OCI$
Total Equity	TE	87,187	87,399	$TE\,=\,Total\,\,Assets\,\,-\,\,Total\,\,Long-Term\,\,Debt$
Return on Equity	ROE	6.98%	8.46%	$ROE\,=\,\frac { NI}{TE}$
Net Investment	NetInv	3,986	212	$NetInv\,=\,{ {TE}_{1}}-{{TE}_{0}}$
Investment Rate	IR	65.53%	2.87%	$IR\,=\,\frac {NetInv}{NI}$
Cost of Equity	COE	1.02%	-0.60%	$COE \,=\,R_{F}\,\,+\,\,(R_{M}\,-\,R_{F})\beta$
Enterprise value	EV_Market	87,546	157,939	$EV\,=\,Market\,\,Cap\,\,Equity\,-\,Cash$
Long-Run Growth	g = IR x ROIC	4.57%	0.24%	Long-run growth rates of the income variable are used in the Continuing Value portion of the valuation models.
Long-Run Growth	g = % $\Delta$ GDP	2.50%	2.50%

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Valuation Multiple Outcomes

The outcomes presented in this study are the result of original input data, derived data, and synthesized inputs.

Equational Form	Observed Value		Single-stage multiple g solution		Two-stage valuation model g solution
Equational Form	12/31/2015	12/31/2016	12/31/2015	12/31/2016	12/31/2015	12/31/2016
PRICE/EARNINGS $\frac {Price}{Book\,\,Value} \,= \,\frac{ROE\, -\, g}{ROE\,(COE\,-\,g)}$
PRICE/CASH EARNINGS $\frac {Price}{Cash\,\,Earnings} \,= \,\frac{ROE\, -\, g}{ROE\,(COE\,-\,g)}\,(\frac{NI}{CE})$
PRICE/BOOK VALUE $\frac {Price}{Book\,\, Value} \,= \,\frac{ROE\, -\, g}{ROIC\,(COE\,-\,g)}\,\,x\,\,ROE\,\,=\,\,\frac{ROE\,\,-\,\,g}{COE\,\,-\,\,g}$

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