Goldman Sachs tracks on Soundclound

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Why Healthcare is (Finally) Chasing Consumers
Goldman Sachs

From consumers' growing influence and vertical consolidation to the shift to value-based care and questions around drug pricing policy, there's a lot going on in the healthcare industry. Jo Natauri, global head of healthcare investing in Goldman Sachs' Merchant Banking Division, joins us in the studio to discuss what corporations and investors are focused on. "Operating-wise, these businesses are performing really well," Natauri says. "Healthcare is a defensive industry. But if you look at the environment right now, it's really tied to the risk around policy."

This podcast was recorded on May 14, 2018.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views/opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.

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What Happened to the American Pension?
Goldman Sachs

Fifty years ago, if you asked Americans how they mainly saved for retirement, chances are they'd answer: "my pension." That's no longer the case. After surging in the post-World War II years, corporate pensions have been on the decline in the US over the past couple decades, largely driven by a stricter regulatory environment and long period of low interest rates, says Goldman Sachs' Michael Moran. With fewer corporations offering comprehensive pension plans, Moran says it will be up to individuals to carry the burden of retirement savings. "It's going to be falling on a lot of individuals in terms of saving for retirement, investing money themselves and then realizing how long they're going to have to use that money in retirement."

This podcast was recorded on April 13th, 2018.

The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views and opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current and Goldman Sachs has no obligation to provide any updates or changes. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by any Goldman Sachs entity. The portfolio risk management process includes an effort to monitor and manage risk but does not imply low risk.

Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.

Business
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At the Movies: Battling Box-Office Blues in an Age of Streaming
Goldman Sachs

From subscription services with generous discounts on concessions to comfier theaters, the film industry is moving aggressively to get more people off their sofas and to the box office, says Drew Borst of Goldman Sachs Research, so far with mixed results. Some efforts (think: reclining seats) are likely to prove more successful than others (think: forays into alternative content like eSports), he says. But one constant is likely to be a heavier reliance on big-budget blockbusters to draw audiences even as TV ups its game. "In television, the hits keep getting smaller and smaller and smaller as the supply has ballooned. It's become a crowded marketplace, and it's difficult for even a very well-produced, high-quality series to stand out," Borst says. "In movies, it's just the opposite. The hits are getting bigger and bigger...in the United States, but also globally."

This podcast was recorded on May 16, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.

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Beyond VR and AR: Extended Reality to Transform Our Lives as Consumers
Goldman Sachs

It's not a matter of if Extended Reality (XR) will touch all aspects of our lives-it's a matter of when, says Heather Bellini of Goldman Sachs Research. By 2025, XR is projected to generate over $100 billion in sales, with the consumer and e-commerce sectors being its biggest beneficiaries. The technology carries broad implications for healthcare, education and real estate as well. "Ultimately, this AR/VR/mixed reality movement will change the way we interact with technology forever," Bellini says.

This podcast was recorded on April 5, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.

Business
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eSports: The New Global Pastime
Goldman Sachs

eSports – professional video gaming – has over 350 million viewers worldwide. In this episode, Ryan Nolan, global head of digital gaming in Goldman Sachs' Investment Banking Division, and his colleague Moritz Baier, a former eSports world champion, discuss how eSports is going mainstream after facing early skepticism. "I think the entire ecosystem is going to enjoy richer valuations, greater monetization opportunities and broader reach with time," Nolan said.

This podcast was recorded on March 14, 2018.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.

Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.

Business
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Oil Investing Enters "The Age of Restraint"
Goldman Sachs

The oil and natural gas investment cycle is entering an "age of restraint," according to a newly-published report from Goldman Sachs Research. In this episode, we sit down with Michele Della Vigna, Commodity Equity business unit leader in EMEA, to understand what this means for the sector. "The period of restraint is a period where fear around long-term demand distraction from decarbonization and electric vehicles is forcing the industry to really rationalize its capital investment," Della Vigna says.

This podcast was recorded on April 16, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.

Business
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Is Bitcoin a (Bursting) Bubble?
Goldman Sachs

As cryptocurrency volatility continues, Steve Strongin, Charlie Himmelberg and Jeff Currie of Goldman Sachs Research reaffirm their cautious stance on the long-term viability of bitcoin and other first-generation cryptocurrencies. "This should be a battle of the best technology, and instead it seems to be a common wave of enthusiasm," says Strongin, head of GS Research, of the buzz surrounding the first generation. "Certainly these technologies offer some promise, but on the other hand, when you think about how much they will need to change to meet that need, you realize…how different those future generations are going to be."

This podcast was recorded on April 10, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.

Business
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From Mobile Wallets to Blockchain: How Fintech is Growing Up
Goldman Sachs

The fintech sector has been evolving rapidly as new startups emerge and large financial institutions figure out how to adapt...or else get left behind. To understand where we are in the "three waves of fintech," we spoke with Jeff Gido, global head of the financial technology sector in Goldman Sachs' Investment Banking Division. "We're seeing much more two-way dialogue [between financial services incumbents and startups]. We're seeing much more cooperation, much more partnerships. And we're actually seeing a lot of investment by traditional financial services into these fintech startups."

This podcast was recorded on March 8, 2018.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.

Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.

Business
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In Their Own Words: 10,000 Small Businesses on Challenges to Growth
Goldman Sachs

Small businesses make up over 99 percent of all U.S. enterprises, and they employ 60 million Americans, nearly half the national workforce. In this episode, we sit down with Steve Strongin and Amanda Hindlian of Goldman Sachs' Global Investment Research Division to discuss the state of small businesses in America. We also hear directly from some of the small business owners of Goldman Sachs' 10,000 Small Businesses program about their biggest challenges to growth.

This podcast was recorded on March 9, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.

Business
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The Rate Stuff: What Markets Are Saying About the Macro Outlook
Goldman Sachs

What are the markets telling us about expectations for the economy and monetary policy? We sat down with Francesco Garzarelli, co-chief markets economist of the Global Macro Research team, who says recent upticks in volatility reflect a stronger US growth outlook and uncertainty about how the Federal Reserve will respond to it. He discusses why investors should pay attention to the "term premium" reflected in bond prices to assess whether investors are too complacent about inflation, and the implications of divergence in monetary policy between the US, Europe and Japan.

This podcast was recorded on March 6, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.

Business
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How Podcasts Are Creating The "Second Golden Age of Audio"
Goldman Sachs

The popularity of podcasts is surging, as millions of listeners turn to their smartphones each day for audio content ranging from quick news to immersive storytelling. So what makes a great podcast, and how are podcasts changing traditional media and journalism? To answer those questions, we sat down with two of the most popular podcast hosts and producers, Alex Blumberg of Gimlet Media and Jacob Weisberg of Slate.

This podcast was recorded on January 31, 2018.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of Goldman Sachs Global Investment Research. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.

Business
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(Un)Steady as She Goes: 2018 Investment Outlook
Goldman Sachs

The U.S. is in its second-longest equity bull market in the post WWII-era, at nearly nine years. Can financial markets continue on their upward course, or is the recent volatility a sign that bearish conditions are on their way? Sharmin Mossavar-Rahmani, chief investment officer of the Goldman Sachs Investment Strategy Group, discusses her team's 2018 investment outlook, titled (Un)Steady as She Goes, and explains its recommendation that clients stay invested in equities in the year ahead.

This podcast was recorded on February 5th, 2018.

The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views and opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current and Goldman Sachs has no obligation to provide any updates or changes. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by any Goldman Sachs entity. The portfolio risk management process includes an effort to monitor and manage risk but does not imply low risk.

Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.

Business
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"Once-in-a-Generation" Energy Shift...Plus Investment Banking Outlook for Latin America
Goldman Sachs

"We are looking at a once-in-a-generation secular change in the way we produce power," says Gonzalo Garcia, co-head of the Global Natural Resources Group in Goldman Sachs' Investment Banking Division and co-head of Latin America for the firm. In addition to discussing the shift to renewable energy and how CEOs are adapting, Garcia also addresses the macroeconomic backdrop of Latin America and why clients view the region as an attractive growth opportunity.

This podcast was recorded on January 17, 2018.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.

Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.

Business
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President Trump, Year Two: What's Next on the Agenda?
Goldman Sachs

Now over the hurdle of tax reform, the question becomes which political priorities the Trump Administration will tackle next. Alec Phillips, chief US political economist for Goldman Sachs Research, says the potential for a mid-term election shakeup is likely to delay legislative progress on infrastructure and compromise on immigration, but he does expect movement on financial deregulation this year. Trade tensions with China could also re-heat as the Administration responds to the results of several key international trade investigations.

This podcast was recorded on January 22, 2018.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

Business
0
Closer Than You Think: What the Future Looks Like to Venture Capital
Goldman Sachs

Venture capital has taken on a higher profile in the public imagination in recent years, thanks to the dramatic success of several early bets that have since become household names. Heath Terry, lead internet sector analyst for Goldman Sachs Research, shares where venture firms are focused now and what that means for the future of global industries, including health care and financial services.

This podcast was recorded on November 14, 2017.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.

Business
0
In the Face of Brexit, Business as Usual in Europe… But For How Long?
Goldman Sachs

The year’s most notable elections in Europe produced largely market-friendly results, stability that has helped support the deal-making environment across the continent. Anthony Gutman, co-head of UK Investment Banking at Goldman Sachs and co-head of Investment Banking Services in EMEA, discusses the sectors and geographies where activity has been most robust, why activism is on the rise in Europe and what Brexit has meant so far for clients and the firm. This podcast was recorded on December 7, 2017.

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Tax Reform, Bitcoin and the Year Ahead for Financials
Goldman Sachs

Banks in the United States are well-positioned to benefit from corporate tax reform, says Goldman Sachs Research's Richard Ramsden. What's less clear is how they'll continue to fend off challenges from technology companies, which have already made inroads in certain businesses, like payments. Richard shares his outlook for the sector heading into 2018, talking through the regulatory and technological changes that are on everyone's minds - including what bitcoin means for banks.

This podcast was recorded on December 11, 2017.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

Copyright 2017 Goldman Sachs & Co. LLC. All rights reserved.

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The "Pay-As-You-Go" Car and the Future of Mobility
Goldman Sachs

Ride-hailing companies are poised for explosive growth over the next decade, according to Stefan Burgstaller, head of European industrials equity research. Their prominence may usher in the era of the 'pay-as-you-go' car, which could have dramatic effects on the entire automotive ecosystem.

This podcast was recorded on November 2, 2017.

All price references and market forecasts correspond to the date of this recording.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity.

Copyright 2017 Goldman Sachs & Co. LLC. All rights reserved

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The Method in the Madness: Adam Lowry and Eric Ryan on Starting Up All Over Again
Goldman Sachs

Eric Ryan and Adam Lowry were childhood friends who started a business together. Then it got crazy. They discuss building Method, the innovative homecare company, out of the dirtiest bachelor pad in San Francisco, and why both got the itch to start-up a second time, Eric with Olly Nutrition, and Adam with Ripple Foods.

This podcast was recorded on October 19, 2017.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording and this recoding does not establish a client relationship with Goldman Sachs.

Copyright 2017 Goldman Sachs & Co. LLC. All rights reserved.

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Building Brands, Creating Communities: Beautycounter and Zola
Goldman Sachs

From the 2017 Goldman Sachs Builders + Innovators Summit: Shan-Lyn Ma, co-founder and CEO of online wedding destination Zola, and Gregg Renfrew, founder and CEO of skincare and cosmetics brand Beautycounter, are joined by Goldman Sachs co-head of Investment Banking John Waldron to discuss fundraising, recruiting top talent and building brands that last.

This podcast was recorded on October 19, 2017.

The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording and this recoding does not establish a client relationship with Goldman Sachs.

Copyright 2017 Goldman Sachs & Co. LLC. All rights reserved.

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