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No part of this material may be (i) copied, photocopied,
or duplicated in any form by any means or (ii) redistributed without The Goldman Sachs Group, Inc.âs prior written consent.
The Global Investment Research Division of Goldman Sachs produces and distributes research products for clients of Goldman Sachs, and pursuant to
certain contractual arrangements, on a global basis...
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Analysts based in Goldman Sachs offices around the world produce equity research on industries and
companies, and research on macroeconomics, currencies, commodities and portfolio strategy.
This research is disseminated in Australia by Goldman Sachs JBWere Pty Ltd (ABN 21 006 797 897) on behalf of Goldman Sachs; in Canada by Goldman
Sachs Canada Inc...
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