goldman sachs opportunità e sfide per le multinazionali

Goldman Sachs – Opportunità e sfide per le Multinazionali

italiane operanti in Cina

Milano, 26 Giugno 2014 This material is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. For use of attendees of the GSAM client

roundtable Italy only - Not for further distribution to the general public.

Global Liquidity Management

Jason Granet – Global Liquidity Management

Queenie Siu – Global Liquidity Sales - APAC

1

Table of Contents

I. Chinese Debt Market Overview

II. Macroeconomic Outlook & Liquidity Condition in China

III. Liquidity Management Strategies in China

IV. How Goldman Sachs manages liquidity on behalf of Corporate clients

Appendix

I. Chinese Debt Market Overview

3

Chinese Debt Market Overview

China has two bond

markets:

The inter-bank bond

market is regulated

by PBOC.

The exchange bond

market is regulated

by CSRC.

1 PBoC: People’s Bank of China. CFETS: China Foreign Exchange Trade System & National Interbank Funding Center. CDC: China Government Securities Depository Trust Clearing Co. Ltd.

CSDCC: China Securities Depository and Clearing Corporation. SHSE/SZSE: Shanghai / Shenzhen stock exchange. CSRC: China Securities Regulatory Commission.


PBOC¹

CSRC¹

Listing Trading

Registration/

Custodian

Registration/

Custodian/

Clearance/

Settlement

CFETS¹

CDC¹

Listing Trading

CSDCC¹

SHSE/SZSE¹

Inter-bank Market Exchange Market

Bond

Issuers

Bond

Investors

4

Debt Market Instruments Including Target Investments for

Money Market Funds

Maturity Profile

High quality local money market funds1 concentrate their investments in Ministry of Finance Bonds,

Central Bank Notes, Policy Bank Bonds and Repos.

Outstanding Amount Breakdown (Bn USD)

1 High quality local money market funds are money market funds rated as AAA by one or more international ratings agencies.

2 MoF: Ministry of Finance. Data as of 1 May 2014. Source: www.chinabond.com.cn.

Policy Bank Bonds by the China Development Bank are currently being issued on a trial basis in the exchange market.


Inter-bank

Market

Exchange

Market

Central Bank Notes

Policy Bank Bonds

Financial Bonds1

Commercial Paper

Securitized Products

Medium Term Notes

MoF2

Bonds

Enterprise

Bonds

Repos

Corporate

Bonds

Convertible

Bonds

Policy Bank

Bonds 1,779

MoF Bonds 1,439

MTN 495

CP 259

Others 392

<1y 15%

1 to 3y 24%

3 to 5y 23%

5 to 7y 14%

7 to 10y 13%

>10y 11%

Corporate Bonds 119

Local Government Bonds 139

Enterprise Bonds 425

Central Bank Notes 90

http://www.chinabond.com.cn/

5

China's Debt Market: Large and Liquid

Domestic Bonds Outstanding

The Chinese bond market is the world’s third largest bond market and continues to grow rapidly. Size = 3.98 Trillion USD (as of Sep 2013)

Deep, liquid market. Trading volume in 2013 = 43 Trillion USD

Fast Growth of Secondary Market Trading Activities


Source: Bank for International Settlement, As of Sep 2013 Source: WIND, As of Jan 2014

0

4

8

12

16

20

24

28

Tri

llio

ns U

SD

0

5

10

15

20

25

30

35

40

45

Tri

llio

ns U

SD

Repo

Central Bank Note

Government Bond

Policy Bank Bond

Other

Local Government Bond

6

Rapid Increase in Primary Market Issuance

As China’s economy

has grown, the country

has developed a large

and increasingly diverse

market that includes

both public and private

debt

Central bank notes and

Ministry of Finance

bonds account for the

majority of primary

issuance volume over

the past decade while

the non-government

sector continues to

grow

Issuance Volume and Composition1

Source: China Bond. As of Jan 2014

1 Policy Bank Bonds by the China Development Bank are currently being issued on a trial basis in the exchange market.


0

1

2

3

4

5

6

7

8

9

10

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Tri

llio

ns C

NY

MOF Bond

Local Government bond

Central Bank Note

Policy Bank Bond

Enterprise Bond

Corporate Bond

Medium Term Note

Commercial Paper

Other

II. Macroeconomic Outlook & Liquidity Condition in China

8

Key Views

Activity continues to slow:

• Slower pace of credit expansion since mid-2013

• Industrial sector overcapacity

• Issues in the Property sector (excessive inventory, developer leverage, falling confidence)

A meaningful recovery in 2014 looks unlikely – to stabilise it requires:

• Improvement in global demand

• More substantial policy response and soon

Policy – a significant response feels unlikely:

• New leaders remain committed to addressing structural issues within the Party and Economy

• Vested interests appear to have a diminishing voice

• Greater appreciation of the capacity of the financial system and its associated risks

• The focus on targeting GDP growth is being gradually reduced

Reform – “Internal” focus to remain, broader areas to remain slow and drawn out

Risk – Financial System issues remain critical:

• Corporate sector leverage and working capital pressures continue to worsen

• Slowing activity is pressuring cash flow dynamics and borrowing costs remain high for problematic industries

• Significant maturity schedule is approaching as are seasonal periods of tighter liquidity

The economic and market forecasts presented herein have been generated by GSAM for informational purposes as of the date of this presentation. They are based on proprietary models and there can be no assurance that

the forecasts will be achieved. Please see additional disclosures at the end of this presentation.

9

GDP Breakdown Real GDP is being supported by the deflator…and a surge in consumption…

GDP GDP Contribution Breakdown

Source: GSAM, CEIC, Bloomberg

Deposit

50.0%

10

Shadow Banking has Grown Rapidly and with it, so Has

Moral Hazard…

The Size of Shadow Banking

has Accelerated from 2008

Consumer Perceptions Highlight

Growing Moral Hazard

In Case the WMPs Go Wrong,

What Would You Expect from Commercial Banks?

Source: LHS – PBOC, Wind, Gao Hua Securities, RHS – Credit Suisse Chinese Whispers Survey.

Liquidity Condition in China

4

46

40

10

3

68

26

3

0

10

20

30

40

50

60

70

80

A. Do nothing B. Help to recoup the loss

C. Pay back as deposits

D. Others

Jan Jul

11

In March 2013, the CBRC introduced new regulations on the

issuance of wealth management products

New legislation around Wealth Management Product (WMP) Credit Securitisation introduces:

Matching requirements: banks should match each WMP product with specific underlying assets rather than with an underlying

pool of portfolio assets

Maximum levels of WMP invested in illiquid assets: Illiquid Assets should not exceed 35% of total WMP balances or 4% of total

assets in the previous year.

Disclosure requirements: Banks should disclose to customers the borrower and project information related to Credit Investments

of WMPs, and should not provide explicit or implicit guarantees or repurchase agreements

Banks need to meet these requirements by the end of 2013, or face more stringent capital requirements

For illustrative purposes only. Source: Company data, Gao Hua Research Estimates


12

A Liquidity Crunch more Severe than Previous Episodes

Interbank Repo Rates Spiked to a Historical High in June

Seasonal factors typically drive money

market rates higher at important balance

dates as well as ahead of the Chinese

New Year.

However, this year there were several

additional factors that caused a more

severe and longstanding liquidity crunch:

External liquidity supply slowed in May

following the SAFE (State Administration

of Foreign Exchange) strengthening

controls on capital inflows in early May.

CBRC strengthening regulations on

banks’ WMPs, necessitating banks to

require more cash reserves at the end of

June.

The PBoC refrained from injecting

liquidity into the market until 20 June,

which added to uncertainty and drove

cash-hoarding by participants.

Source: GSAM, JP Morgan, UBS.


0%

2%

4%

6%

8%

10%

12%

Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13

o/n repo 7d repo

13

Tight Interbank Credit Conditions Spilled Over to the

Real Economy

1Y MoF Bond Rates

The liquidity crunch spilled over into the real economy:

A simultaneous surge in discounted bill rates interrupted short term financing for the corporate sector and contributed to a mid-

year slump in economic activity

The challenges liquidity environment dampened the credit creation process resulting in a marked slowdown in the pace of total

social financing

Total Social Financing

Source: GSAM, JP Morgan, UBS.


14

The Competition for Liquidity Impacted the MMF Industry

MMF Industry AUM (RMB bn)

The Liquidity Crunch impacted the MMF industry in China

A sharp but temporary fall in Industry AUM was driven by Local style MMFs aligned with Chinese Banks

The challenging liquidity conditions may have threatened NAV’s for Local style MMFs operating under very broad investment

guidelines

Yield Outcomes across MMFs Varied Wildly

Source: Asset Management Association of China.


0

100

200

300

400

500

600

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13

2%

3%

4%

5%

6%

7%

8%

30-Apr 31-May 30-Jun 31-Jul 31-Aug

Fitch AAA MMF 1

Fitch AAA MMF 2

Local MMF 1

Local MMF 2

15

Implications from the Liquidity Crunch

A few challenges highlighted by our clients are:

I. Breakdown of bankers acceptance discounting:

– Surge in discount rates

– Credit discrimination (large vs. small banks)

II. Difficulties in moving money from incumbent banks

– “Persistent” marketing to encourage rollover

– “Technical” delays/challenges

III. Funding, i.e. “Are committed banking facilities in China really 'committed'?”

Client considerations:

Is the optimal level of primary liquidity higher?

To what extent can local banking relationships be consolidated?


III. Liquidity Management Strategies in China

17

Global Themes Impacting Liquidity Management in China

The Environment Today

Treasurers have been focusing on the counterparty risk and implement robust review of the credit quality of the

banks’ counterparty limit and investment instruments.

Economic slowdown in China which might impact the liquidity cycle of the retail industries, hence, treasurers

have been emphasizing the needs of liquidity, transparency of investment.

Increasing trend of parking surplus RMB in high quality money market funds as a safe instrument.

Treasurers are focusing on the development of the cross-border RMB pooling and Shanghai Free Trade Zone

pilot schemes.

China’s shadow banking sector faces a spike in default risk in early 2015 as trust funds run up against

repayment deadlines, corporate treasurers emphasize the need of transparency and liquidity of investment

portfolio on money market funds and the credit rating of international AAA-rated.

The economic and market forecasts presented herein have been generated by GSAM for informational purposes as of the date of this presentation. They are based on proprietary models and there can be no assurance that

the forecasts will be achieved. Please see additional disclosures at the end of this presentation.

18

Implement

investment strategies

to align risk tolerance

3

How do MNCs Manage Cash in China? Key Things to Consider

Liquidity Management Strategies in China

Identify liquidity

requirement

1

Formulate investment

objectives

2

Capital preservation

Yield enhancement

Risk diversification

Credit quality

Counterparty limit

Eligible investment

types

Primary liquidity

Secondary liquidity

Tertiary liquidity

Investment solutions ranging from money market funds, bank deposits, bonds,

wealth management products, separate-managed account

19

Liquidity Management Options in China


Money Market

Funds

Bank Deposits

Wealth Management

Products

Entrusted Loans

Ultra-high quality money market funds with international AAA-rating, highly transparent and liquid

Local Chinese money market funds

PBOC regulated traditional bank deposits (overnight, 7-day, 1-month, 3-month, 6-month)

Structured deposits with index-linked or tenor-linked

Highly structured, non-transparent short term investments that are managed “off-balance-sheet”

by banks

A lending product which offer companies with idle funds the chance to earn interest by allowing

the agent bank to loan the funds out, while still letting the companies choose whom the agent

bank lends the funds to

Alternative

Solutions

Direct investment in bonds

RMB Separate-manage account

20

Cash Management Instruments: Liquidity & Yield Comparison

Source: WIND, PBoC. As of 1 May 2014.

Past performance does not guarantee future results, which may vary.


Type of Tool Liquidity Current Yield

Regulated Rates

Current Deposits High 0.35%

Call Deposits (1 day) High 0.80%

Call Deposits (7 day) Medium 1.35%

3 Month Fixed Deposits Low 2.60%

Unregulated Rates Structured Deposits Low Variable

Securities Market Rates

ON/7d Repos at Exchanges High 3.0% to 3.5%

3 month Policy Bank Bonds Medium 4.3%

3 month Ministry of Finance Bonds Medium 3.2%

Money Market Funds High Quality RMB MMF

(International AAA-rated Funds) High

3.5% to 4.0%

21

Corporate Treasurers Feedback of Investing in High Quality

RMB Money Market Funds in China

Stability of principal

The overriding objective is preservation of capital

Flexibility over access to cash investments

The high quality RMB money market fund provides daily liquidity with T+2 settlement

Diversification of investments

A portfolio approach is prudent as risk is spread across many high quality individual positions and credits

Expert portfolio management and superior yield potential

Our approach combines thorough credit research and active yield-curve positioning to generate maximum yield

potential

Significant time saving

Reduces the need for treasury teams to maintain relationships and frequently liaise with a range of individual

banks

Minimises requirement for extensive credit research within treasury teams


Investing in the high quality RMB money market funds offers a variety of benefits for liquidity

management, as well as advantages over traditional methods.

IV. How Goldman Sachs manages liquidity on behalf of Corporate clients

23

Managing Risk

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk


1. Market Risk

2. Liquidity Risk

3. Credit Risk 4. Political Risk

5. Operational Risk

Volatility

Correlations

Stress testing

Profit and loss

Ability to transact

Bid/Offer spreads

Counterparty risk

Corporate risk

Financial institution risk

Sovereign risk

Policy implementation

Timeliness

Internal systems

Internal process

People

24

Investment Process Summary

GSAM’s 30-year track record is based upon key processes that are the cornerstone of our money market

portfolio management

1 The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. Beijing Gao Hua Securities Company Limited (“Gao Hua”), a strategic partner of

Goldman Sachs, is a securities company in China licensed by the China Securities Regulatory Commission (“CSRC”) to conduct, amongst others, client asset management business. Gao Hua

Asset Management (“GHAM”) is a department of Beijing Gao Hua Securities Company Limited (“Gao Hua”). Gao Hua Asset Management (“GHAM”) leverages the resources of Goldman Sachs

subject to applicable regulations and Chinese Wall restrictions. The investment team includes portfolio managers and traders for both the collective investment scheme and separate accounts.

According to regulatory requirements, one person cannot be the portfolio manager for both collective investment scheme and separate account simultaneously.

Credit Risk

Analysis Step 1

Step 2

Step 3

Step 5

Step 4

Liquidity

Analysis

Portfolio

Strategy Meeting

Yield Curve

Optimisation

Credit Review

Security

Selection

Interest Rate

Risk Analysis

Money Market Risk Management1

Management of these three risks lies at the core of the

investment process

Independent Credit Analysis & Review

GHAM leverages the expertise of Goldman Sachs Credit

Department’s independent credit analysis and review

Security Selection

Portfolio decisions are implemented subject to credit and

market liquidity constraints

Optimum Curve Exposure

Incorporate liquidity issues with strategic view to

determine optimal curve exposure

Weekly Portfolio Strategy Meeting

The portfolio management team meet on a weekly basis

to discuss strategy and portfolio composition

25

Potential Benefits of a Partnership with GSAM We believe Goldman Sachs Asset Management is Uniquely Qualified to Provide a Full

Range of Services to Multinational Balance Sheet Clients

Balance Sheet Expertise

Long-term commitment to corporate clients

Proven 30+ year track record in managing liquidity

solutions for multinational corporations

Customized solutions to address complex challenges

Understanding of industry dynamics and implications for

balance sheet management

One of the Leaders in Risk Management

Every step of the investment process; every level of

the firm

Proprietary risk systems combine market expertise and

leading technology

Multiple levels of oversight – PM teams, divisional risk,

firmwide management, compliance and legal

Independent operational support and control teams

Client Focus

We work as an extension of your team

Seek to support all your investment demands

Direct access to PMs, strategists and economists

Daily portfolio and market insights

Accurate and efficient execution and reporting

Breadth of Investment Capabilities

Innovative strategies and deep insights

Robust liquidity management platform

Full range of asset class offerings, including cash

management, fixed income and opportunistic strategies

Access to GSAM and GS & Co. resources and market

information

GSAM leverages the resources of Goldman Sachs & Co. subject to Chinese Wall restrictions.

We tailor GSAM’s investment, strategy and service capabilities to the unique needs of

multinational corporations

Corporate Information

Appendix

27

Goldman Sachs in China Strategic Partnership: Gao Hua and Goldman Sachs

QFII – Qualified Foreign Institutional Investor

For illustrative purposes only 1 Goldman Sachs Asset Management International subsequently received approval for a US$200 million quota for QFII in 2005. 2 Awarded by Asia Asset Management magazine in January 2012. Beijing Gao Hua Securities Company Limited (“Gao Hua”), a strategic partner of Goldman Sachs, is a securities company in

China licensed by the China Securities Regulatory Commission (“CSRC”) to conduct, amongst others, client asset management business. Gao Hua Asset Management (“GHAM”) is a department

of Beijing Gao Hua Securities Company Limited (“Gao Hua”). Gao Hua Asset Management (“GHAM”) leverages the resources of Goldman Sachs subject to applicable regulations and Chinese

Wall restrictions. The investment team includes portfolio managers and traders for both the collective investment scheme and separate accounts. According to regulatory requirements, one

person cannot be the portfolio manager for both collective investment scheme and separate account simultaneously. There is no representation or warranty as to minimum return derived from the

investment, and a loss of principal is possible.


1998 2001 2003 1994 2004 2009 2010 2011 2012

Goldman Sachs

opened

representative

offices in Beijing

and Shanghai

The acronym “BRICs”

was coined by the former

Chairman of Goldman

Sachs Asset

Management Jim O'Neill

in a paper entitled

"Building Better Global

Economic BRICs”

Goldman Sachs Gao Hua

(GSGH) was established

as a joint venture between

Goldman Sachs and

Beijing Gao Hua Securities

Company Limited, a full

service domestic securities

company

Beijing Gao Hua

Securities Company

obtained regulatory

approval to conduct

collective investment

scheme and separate

account businesses

Beijing Gao Hua

Securities

Company

launched the

Gao Hua RMB

Money Market

CIS

Beijing Gao Hua

Securities

Company

launched its first

CIS and

separate

account

business

Former Chairman and

CEO Henry M. Paulson

Jr. became the founding

Chairman of the Advisory

Board of the Tsinghua

University School of

Economics and

Management in Beijing

Goldman Sachs

received approval for a

US$50 million quota for

QFII1 under the 1st

batch of QFII quotas

Beijing Gao Hua

Securities Company

obtained the Asset

Management license

Beijing Gao Hua

Securities Company’s

QIS product wins

award for “Most

Innovative Product

China”2

Goldman Sachs

Beijing Gao Hua or Goldman Sachs-Gao Hua

28

Global Reach with Local Resources


US

dollar

Euro

British

pound

Renminbi

Japanese

yen

Australian

dollar

Our global presence and local expertise enables GSAM to offer liquidity management solutions

in multiple currencies

http://images.google.com/imgres?imgurl=http://seattlecentral.edu/international/mos_imgs/flags/flag_london.gif&imgrefurl=http://seattlecentral.edu/international/mos_anna.shtml&usg=__sY0GrmKmsC0S2-bkJutQ2ChrFZ8=&h=174&w=257&sz=6&hl=en&start=4&itbs=1&tbnid=K5JI82C0u7m5bM:&tbnh=76&tbnw=112&prev=/images?q=London+flag&hl=en&tbo=1&gbv=2&tbs=isch:1

29

New York

London

Beijing

Melbourne

Salt Lake

Chicago

Mumbai

Bangalore Singapore

Global Liquidity Management Team

Appendix

US Portfolio Managers Short Duration Portfolio

Managers Product Management

Brian Campbell (VP)

Portfolio Manager

(15)

Richard Mulley (VP)

Portfolio Manager

(10)

Beijing Gao Hua1

Lily Li (VP) Portfolio Manager

(16)

Harry Huang (VP)

Trader

(5)

Dave Fishman (MD) & James McCarthy (MD)

Co-Heads of Global Liquidity Management

(26) & (27)

Danny Burke (VP)

Portfolio Manager

(28)

Andrew Lontai (VP)

Portfolio Manager

(13)

Jemma Clee (VP)

EMEA Portfolio Manager

(10)

Credit / Municipal Government / Funding EMEA / Funding

Assistant Portfolio Managers

Paul Devine (VP)

Assistant Portfolio Manager

(16)

Ryan Aluce (AS)


(7)

Asia

Jason Granet (MD)

Head of Global Liquidity

Management - EMEA

(14)

Shaun Cullinan (VP)

Portfolio Manager

(11)

Pat O'Callaghan (VP)

Portfolio Manager

(19)

John Olivo (VP)

Global Head of Short Duration

(19)

Tory Hinton (VP)

(22)

Christian Kypreos (VP)


(9)

Sabriyah Denham (VP)

Portfolio Manager

(10)

Siddharth Deb (VP)

Portfolio Manager

(8)

Kristin Pruzinsky (VP)

(8)

Huw Roberts (VP)

(11)

Tarun Kasuganti (AS)

(5)

Stephanie Pinda (AS)


(4)

Scott Gilbert (VP)

US Portfolio Manager

(10)

Subash Pillai (VP)

Head of Global Liquidity

Management - Asia

(17)

International Portfolio Managers

Kyle Evans (AS)

(4)

Derek Fin (AN)

(4)

Bob Leggett (VP)

US Portfolio Manager

(26)

Jasvinder Gill (AN)

(3)

Kolbe Irving (VP)

Portfolio Manager

(10)

JJ Chua (AS)

(6)

Adam Pennacchio (VP)

Portfolio Manager

(9)

Chloe Giraut (AN)


(1)

Ryan Aluce (AS)


(7)

As of May 2014

MM: Money Market

EMEA: Europe, Middle East and Africa.

Numbers in parentheses (x) indicate years of investment experience, as of May 1, 2014. 1 Beijing Gao Hua Securities Company Limited ("Gao Hua"), a strategic partner of Goldman Sachs, is a securities company in China licensed by the China Securities Regulatory Commission to

conduct, amongst others, client asset management business. Professionals listed under “Beijing Gao Hua” are employees of Gao Hua. Beijing Gao Hua Securities Company Limited (“Gao Hua”),

a strategic partner of Goldman Sachs, is a securities company in China licensed by the China Securities Regulatory Commission (“CSRC”) to conduct, amongst others, client asset management

business. Gao Hua Asset Management (“GHAM”) is a department of Beijing Gao Hua Securities Company Limited (“Gao Hua”). Gao Hua Asset Management (“GHAM”) leverages the resources of

Goldman Sachs subject to applicable regulations and Chinese Wall restrictions. The investment team includes portfolio managers and traders for both the collective investment scheme and

separate accounts. According to regulatory requirements, one person cannot be the portfolio manager for both collective investment scheme and separate account simultaneously.

30

Biographies

Professional Background

Jason Granet

Managing Director

Head of International Liquidity

Portfolio Management; Global

Liquidity Management EMEA

Jason is the head of International Liquidity Portfolio Management in London. He is responsible for the

management of international money market and short duration portfolios.

Prior to this, Jason was co-head of the Secured Funding team on the Central Funding desk, beginning

in 2007. In that role, Jason and his team were responsible for all financing transactions and financing

counterparty relationships across the Investment Management Division.

Jason joined GSAM in 2004, where he previously worked in the Fixed Income team’s portfolio and risk

strategy group. Prior to joining GSAM, he was an analyst in fixed income operations at Goldman

Sachs & Co. since 2000. He received a BA in Economics from the University of Michigan in 2000.

Pietro Marini

Executive Director

Global Liquidity Sales

Pietro joined Goldman Sachs in 2010 as Global Liquidity Sales in London. During the years Pietro

covered clients in different regions as Italy, UK, Spain and Switzerland. Prior to join GSAM, he was a

Client Relationship Manager at Barclays Global Investors and JPMorgan.

Pietro holds a Bachelor of Business Administration from the Cattolica University of Milan and an MBA

Degree from the Polytechnic of Milan.

Queenie Siu

Global Liquidity Sales

Queenie joined GSAM in 2010 as Global Liquidity Sales to develop the Liquidity business franchise in

Greater China, based in Hong Kong. Prior joining GSAM, she was the Product Manager in Global

Transaction Services in Citigroup since 2006 Aug.

Queenie holds a Bachelor of Business Administration from the Chinese University of Hong Kong. She

passed all three levels of Chartered Financial Analyst (CFA) program.

Appendix

31

Additional Notes

This material is provided at your request for informational purposes only. It is not an offer or solicitation to buy or sell any securities.

THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORISED OR

UNLAWFUL TO DO SO.

Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile

which might be relevant.

Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These forecasts do not

take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts

are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These

forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to

provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without

independent verification, the accuracy and completeness of all information available from public sources.

Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up.

A loss of principal may occur.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date

of this presentation and may be subject to change, they should not be construed as investment advice.

Appendix

32

Additional Notes

This material is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities.

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment

advice. This material is not financial research and was not prepared by Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law

designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ

from those of GIR or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This

information may not be current and GSAM has no obligation to provide any updates.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not

responsible for the accuracy and validity of the content of these websites.

In the United Kingdom, this material is a financial promotion and has been approved by Goldman Sachs Asset Management International, which is authorized and regulated in the United Kingdom

by the Financial Conduct Authority.

Confidentiality

No part of this material may, without GSAM’s prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee,

officer, director, or authorised agent of the recipient.

© 2014 Goldman Sachs. All rights reserved. 132013.OTHER.OTU

Appendix

goldman sachs opportunità e sfide per le multinazionali

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