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Global Investment Research
 * Regulatory Disclosures
 * General Disclosures
 * Ratings & Definitions
 * Coverage & Disclosure
 * Privacy Policy
 * Terms of Use
 * 日本語






The following disclosures relate to relationships between The Goldman Sachs
Group, Inc. (with its affiliates, "Goldman Sachs") and companies covered by the
Global Investment Research Division of Goldman Sachs and referred to in research
products.

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COMPANY SPECIFIC REGULATORY DISCLOSURES

 * Goldman Sachs is acting as a manager or co-manager of a pending underwriting.
 * Goldman Sachs beneficially owned 1% or more of common equity (excluding
   positions managed by affiliates and business units not required to be
   aggregated under US securities law) as of the month end preceding this
   report.
 * Goldman Sachs beneficially owned 1% or more of common equity (excluding
   positions managed by affiliates and business units not required to be
   aggregated under US securities law) as of the second most recent month end.
 * Goldman Sachs beneficially owned 5% or more of common equity (excluding
   positions managed by affiliates and business units not required to be
   aggregated under US securities law) as of the month end preceding this
   report.
 * Goldman Sachs beneficially owned 5% or more of common equity (excluding
   positions managed by affiliates and business units not required to be
   aggregated under US securities law) as of the second most recent month end.
 * Due to ownership, board representation and/or other relationships, Goldman
   Sachs may be deemed to be in a control relationship with the issuer.
 * Goldman Sachs has a principal investment.
 * Goldman Sachs has received compensation for investment banking services in
   the past 12 months.
 * Goldman Sachs expects to receive or intends to seek compensation for
   investment banking services in the next 3 months.
 * Goldman Sachs has received compensation for non-investment banking services
   during the past 12 months.
 * Goldman Sachs had an investment banking services client relationship during
   the past 12 months.
 * Goldman Sachs had a non-investment banking securities-related services client
   relationship during the past 12 months.
 * Goldman Sachs had a non-securities services client relationship during the
   past 12 months.
 * Goldman Sachs has managed or co-managed a public or Rule 144A offering in the
   past 12 months.
 * A director and/or employee of Goldman Sachs is a director.
 * A director of the covered company is a director of Goldman Sachs.
 * Goldman Sachs makes a market in the securities or derivatives thereof.
 * Goldman Sachs is a specialist in the relevant securities and will at any
   given time have an inventory position, "long" or "short," and may be on the
   opposite side of orders executed on the relevant exchange.
 * Goldman Sachs International acts as corporate broker to.
 * Goldman Sachs holds a position greater than U.S. $15 million (or equivalent)
   in the debt or debt instruments of.
 * Goldman Sachs owned a net short position exceeding 0.5% of the total issued
   share capital as of the end of the trading day two trading days prior to the
   date of this report.
 * Goldman Sachs owned a net long position exceeding 0.5% of the total issued
   share capital as of the end of the trading day two trading days prior to the
   date of this report.
 * Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 1% or more of
   common equity and common equity linked securities required to be aggregated
   under Korean securities law (excluding positions held by affiliates of
   Goldman Sachs (Asia) L.L.C., Seoul Branch) as of the close of business two
   business days prior to the current date.
 * Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 5% or more of
   common equity and common equity linked securities required to be aggregated
   under Korean securities law (excluding positions held by affiliates of
   Goldman Sachs (Asia) L.L.C., Seoul Branch) and therefore, has suspended
   research coverage.

DISTRIBUTION OF RATINGS/INVESTMENT BANKING RELATIONSHIPS

GOLDMAN SACHS INVESTMENT RESEARCH GLOBAL EQUITY COVERAGE UNIVERSE

Rating DistributionInvestment Banking
RelationshipsBuyHoldSellBuyHoldSellGlobal50%35%15%65%57%47%

As of January 1, 2022, Goldman Sachs Global Investment Research had investment
ratings on 3,096 equity securities. Goldman Sachs assigns stocks as Buys and
Sells on various regional Investment Lists; stocks not so assigned are deemed
Neutral. Such assignments equate to Buy, Hold and Sell for the purposes of the
above disclosure required by the FINRA Rules. See 'Ratings, Coverage universe
and related definitions' below. The Investment Banking Relationships chart
reflects the percentage of subject companies within each rating category for
whom Goldman Sachs has provided investment banking services within the previous
twelve months.

GOLDMAN SACHS INVESTMENT RESEARCH GLOBAL CREDIT COVERAGE UNIVERSE

Rating DistributionInvestment Banking
RelationshipsBuyHoldSellBuyHoldSellGlobal31%50%19%82%78%76%

As of January 1, 2022, Goldman Sachs Global Investment Research had credit
research ratings on 90 companies. Goldman Sachs assigns ratings of Outperform,
In-line and Underperform to companies covered by the Credit Research Department.
Such assignments equate to Buy, Hold and Sell for the purposes of the above
disclosure required by the FINRA Rules. See 'Ratings and related definitions'
below. The Investment Banking Relationships chart reflects the percentage of
subject companies within each rating category for whom Goldman Sachs has
provided investment banking services within the previous twelve months.




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