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EFTA02675715

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, by any =eans, or (ii) distributed to any person that is not an employee, =fficer, director, or authorized agent of the recipient. =/font> @ 2016 =oldman Sachs. All rights reserved. =/p> 4 EFTA_R1_01963908 EFTA02675718

ichard Kahn HBRK Associates Inc. 575 Lexington =venue 4th Floor New York, NY 10022 Begin forwarded message: From: =/b>Judie Taylor Subject: =/b>Goldman Sachs ISG =eopolitical Risks to Our 2016 Outlook Client Call Thursday, January =4th Date: =/b>January 14, 2016 at 9:48:50 AM =ST To: =/b>' As a reminder, we

Research. Information and opinions expressed by individuals =ther than Goldman Sachs employees do not necessarily reflect the view =f Goldman Sachs. Goldman Sachs does not provide accounting, tax or =egal advice to its clients. Legal Entities Disseminating this =aterial. This=material has been approved for iss

Branch; in Japan by Goldman Sachs (Japan) =td; in Australia by Goldman Sachs Australia Pty Ltd (ACN 006 797 897); =nd in Singapore by Goldman Sachs (Singapore) Pte. (Company Number: =9862165W); and in Brazil by Goldman Sachs do Brasil Banco Multiplo =.A. No Distribution; No Offer or =olicitation. This material

EFTA00810642

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acilitate your discussions with the applicable Goldman Sachs entity inducing. but not limited to. Goldman. Sachs 8 Co.. Goldman Sachs International. Goldman Sachs AG. Goldman Sachs Bank (Europe) plc. Goldman Sachs Paris Inc. et Cie.. Goldman Sachs (Monaco) S.A.M.. Goldman Sachs Saudi Arabia. Goldman Sachs Bank AG.

isement or advice of, or in relation to. the relevant securities. kinds. or products by any of Goldman Sachs (Asia) LLC ('GSALLC") or Goldman Sadie (Singapore) Pte. (Company Number 193602165W) rGSPE') in any jurisdiction in which such activity is unlawful. or to any person to whom it is unlawful Please note tha

EFTA00773069

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ailable from Research Compliance, One New York Plaza, NY, NY, 10004. Services offered through Goldman, Sachs & Co. Member FINRA. @ Copyright 2009, The Goldman Sachs Group, Inc. All rights reserved. Jamll K. Shamasdin Goldman, Sachs & Co. EFTA00773074 Private Wealth Management One New York Plaza 141st Floor New Y

; in Japan by Goldman Sachs (Japan) Ltd.; in Australia by Goldman Sachs Australia Pty Limited (CAN 092 589 770); and in Singapore by Goldman Sachs (Singapore) Pte. Global Investment Research analysts have published research available at www.goldman.com or in hardcopy by requesting such reports from your Priva