Engineers Gate LG - GQAS Execution Report (LT) for January 1, 2025 to January 31, 2025

Engineers Gate LG - GQAS Execution Report (LT) for January 1, 2025 to January 31, 2025 - INTERNAL USE ONLY

	Equities One Delta Strategies Execution Services Asia
Monday, February 3, 2025 Engineers Gate LG - GQAS Execution Report (LT) for January 1, 2025 to January 31, 2025

Flow Charts

Performance Summary by Country

Country	Order Count	% Total	Order Duration (min)	Order Size ADV (%)	Executed Notional USD	Participation Rate (%)	Fill Rate (%)	Pct Close Auction (%)	Pct GSX (%)	Pct SigmaX (%)	Avg Spread (bps)	Expected Perf (bps)	Perf vs Arr (bps)	Perf vs Arr (# of Sprd)	Perf vs VWAP (bps)	Perf vs VWAP (# of Sprd)	Perf vs Cls (bps)	Actual Cost Ratio	Strike to Completion (bps)	Strike To Completion plus 5min (bps)	Strike to Close (bps)
Total	7,344	100.0%	303.0	0.5%	$360,848,758	0.4%	94.8%	14%	15%	3%	8.0	-8.5	-0.5	0.8	-3.0	-0.6	0.2	2.7	0.7	0.8	0.6
JP	2,753	38.3%	324.7	0.4%	$138,297,000	0.3%	86.0%	18%	0%	0%	2.5	-8.4	1.7	0.6	-2.2	-0.7	-3.3	2.8	-5.1	-5.1	-5.1
CN NBSC	2,859	32.8%	242.0	0.3%	$118,427,635	0.3%	99.8%	2%	36%	0%	8.7	-6.3	-5.9	-0.3	-4.1	-0.7	6.6	4.8	12.1	12.1	12.1
AU	725	9.3%	346.3	1.0%	$33,503,081	0.9%	94.9%	37%	0%	37%	8.7	-8.6	9.0	0.9	-1.1	-0.0	-3.1	-2.2	-12.1	-12.1	-12.1
IN	305	7.8%	372.2	0.5%	$28,309,962	0.4%	86.6%	19%	0%	0%	3.3	-8.5	24.0	9.6	-2.5	-0.6	-7.9	-3.9	-29.3	-28.8	-31.4
HK	242	6.0%	323.8	0.6%	$21,472,677	0.8%	100.0%	7%	43%	0%	14.8	-9.7	-18.3	-2.3	-0.5	0.0	4.8	7.4	22.9	22.8	22.8
TH	296	3.5%	325.6	0.9%	$12,650,872	0.6%	84.3%	7%	0%	0%	47.8	-19.1	-9.6	-0.1	-7.3	-0.2	-4.4	0.5	3.3	3.8	5.3
TW	110	1.0%	264.9	0.4%	$3,483,500	0.3%	99.5%	12%	50%	0%	22.6	-11.6	5.7	1.4	-14.5	-0.8	1.9	-0.0	-5.0	-5.0	-5.0
ID	20	0.8%	316.2	0.9%	$2,923,793	0.6%	87.0%	6%	0%	0%	26.1	-12.3	-65.2	-2.5	-4.2	-0.2	12.3	7.3	87.9	87.9	79.5
SG	33	0.5%	413.2	0.6%	$1,648,834	0.4%	94.8%	9%	0%	0%	19.2	-9.6	0.6	-1.9	-9.8	-0.7	-18.9	1.1	-20.8	-20.8	-20.3
MY	1	0.0%	375.0	4.1%	$131,404	1.3%	100.0%	10%	0%	0%	21.3	-14.1	-240.2	-11.3	-4.1	-0.2	51.7	20.4	290.5	290.5	290.5

Performance Summary by Algorithm

Algorithm	Order Count	% Total	Order Duration (min)	Order Size ADV (%)	Executed Notional USD	Participation Rate (%)	Fill Rate (%)	Pct Close Auction (%)	Pct GSX (%)	Pct SigmaX (%)	Avg Spread (bps)	Expected Perf (bps)	Perf vs Arr (bps)	Perf vs Arr (# of Sprd)	Perf vs VWAP (bps)	Perf vs VWAP (# of Sprd)	Perf vs Cls (bps)	Actual Cost Ratio	Strike to Completion (bps)	Strike To Completion plus 5min (bps)	Strike to Close (bps)
Total	7,344	100.0%	303.0	0.5%	$360,848,758	0.4%	94.8%	14%	15%	3%	8.0	-8.5	-0.5	0.8	-3.0	-0.6	0.2	2.7	0.7	0.8	0.6
VWAP	7,344	100.0%	303.0	0.5%	$360,848,758	0.4%	94.8%	14%	15%	3%	8.0	-8.5	-0.5	0.8	-3.0	-0.6	0.2	2.7	0.7	0.8	0.6

Performance Summary by Stock Class

Stock Class	Order Count	% Total	Order Duration (min)	Order Size ADV (%)	Executed Notional USD	Participation Rate (%)	Fill Rate (%)	Pct Close Auction (%)	Pct GSX (%)	Pct SigmaX (%)	Avg Spread (bps)	Expected Perf (bps)	Perf vs Arr (bps)	Perf vs Arr (# of Sprd)	Perf vs VWAP (bps)	Perf vs VWAP (# of Sprd)	Perf vs Cls (bps)	Actual Cost Ratio	Strike to Completion (bps)	Strike To Completion plus 5min (bps)	Strike to Close (bps)
Total	7,344	100.0%	303.0	0.5%	$360,848,758	0.4%	94.8%	14%	15%	3%	8.0	-8.5	-0.5	0.8	-3.0	-0.6	0.2	2.7	0.7	0.8	0.6
1	736	11.6%	266.7	0.3%	$41,779,941	0.2%	99.8%	4%	32%	2%	7.3	-5.9	-21.2	-5.0	-4.1	-0.6	8.5	10.0	29.4	29.3	29.3
2	233	3.0%	277.5	0.4%	$10,707,618	0.5%	100.0%	13%	25%	8%	10.2	-7.4	0.8	0.2	-0.1	-0.1	8.2	-1.5	6.7	7.5	7.5
3	3,120	52.9%	307.1	0.4%	$190,891,132	0.3%	97.7%	16%	13%	5%	3.8	-7.5	6.2	2.4	-3.1	-0.8	-1.5	2.5	-7.7	-7.7	-7.8
4	749	9.4%	285.1	0.6%	$33,782,586	0.5%	97.0%	7%	27%	2%	19.5	-11.4	-10.3	-0.3	-1.9	-0.1	1.9	0.6	12.5	12.2	12.1
5	318	2.0%	310.4	1.6%	$7,074,403	1.9%	99.6%	14%	19%	8%	16.6	-11.6	-1.6	-0.3	-3.0	-0.3	-9.0	0.6	-8.1	-7.5	-7.5
6	32	0.2%	279.4	0.3%	$600,736	0.3%	100.0%	13%	33%	0%	20.9	-11.8	-2.0	-0.4	-15.2	-1.0	13.6	2.5	15.7	15.7	15.7
7	232	1.0%	297.2	0.4%	$3,552,658	0.4%	98.5%	12%	16%	0%	7.0	-7.5	-5.5	-1.7	1.6	-0.0	6.0	1.8	9.0	9.5	11.0
8	1,079	7.8%	323.9	0.5%	$27,969,717	0.5%	99.6%	20%	0%	0%	3.3	-8.0	-6.6	-2.2	-0.7	-0.2	1.0	2.2	7.6	7.6	7.6
9	8	0.0%	309.9	0.1%	$39,283	0.1%	100.0%	31%	0%	0%	23.6	-31.4	-112.4	-4.9	-63.9	-1.1	3.0	16.8	113.5	113.5	113.5
10	20	0.4%	364.7	0.4%	$1,507,005	0.4%	88.4%	17%	0%	0%	7.0	-7.7	151.4	58.3	3.0	1.4	-81.5	-25.9	-225.0	-223.7	-230.4
11	79	0.4%	319.2	0.5%	$1,569,660	0.7%	100.0%	23%	1%	0%	11.3	-10.5	-3.7	0.4	1.5	0.3	-3.4	0.8	-0.3	-0.1	0.8
12	442	4.8%	324.3	1.1%	$17,276,787	0.8%	85.1%	9%	5%	3%	43.0	-19.0	-14.2	-0.1	-8.9	-0.2	-5.0	0.7	9.3	9.3	9.2
13	58	1.2%	330.1	0.4%	$4,387,915	0.3%	44.6%	14%	0%	0%	3.3	-9.1	29.5	10.7	-3.3	-1.6	2.2	-12.6	-18.4	-16.6	-27.1
NA	238	5.5%	324.4	0.4%	$19,709,318	0.3%	99.5%	17%	0%	0%	2.3	-8.0	-1.2	-0.4	-2.2	-0.8	2.8		4.0	4.0	4.0

Performance Summary by Mkt Cap Bucket

Mkt Cap Bucket	Order Count	% Total	Order Duration (min)	Order Size ADV (%)	Executed Notional USD	Participation Rate (%)	Fill Rate (%)	Pct Close Auction (%)	Pct GSX (%)	Pct SigmaX (%)	Avg Spread (bps)	Expected Perf (bps)	Perf vs Arr (bps)	Perf vs Arr (# of Sprd)	Perf vs VWAP (bps)	Perf vs VWAP (# of Sprd)	Perf vs Cls (bps)	Actual Cost Ratio	Strike to Completion (bps)	Strike To Completion plus 5min (bps)	Strike to Close (bps)
Total	7,344	100.0%	303.0	0.5%	$360,848,758	0.4%	94.8%	14%	15%	3%	8.0	-8.5	-0.5	0.8	-3.0	-0.6	0.2	2.7	0.7	0.8	0.6
Mega	13	1.0%	290.8	0.1%	$3,550,648	0.1%	100.0%	2%	58%	0%	8.8	-6.9	-59.1	-9.3	1.9	0.4	26.1	38.6	84.9	85.3	85.3
Large	2,178	68.4%	308.8	0.4%	$246,828,633	0.4%	95.9%	15%	14%	4%	6.7	-7.9	1.1	1.2	-1.9	-0.6	-0.0	2.6	-0.9	-0.8	-1.1
Mid	3,029	23.0%	297.8	0.6%	$83,079,947	0.5%	97.5%	14%	15%	4%	9.3	-8.9	1.0	1.0	-4.5	-0.6	-3.8	0.9	-4.9	-5.0	-5.0
Small	2,041	7.4%	268.1	0.6%	$26,828,762	0.6%	95.3%	7%	19%	1%	15.3	-11.5	-11.3	-2.3	-6.5	-0.8	10.3	3.6	20.0	19.9	20.3
Micro	73	0.1%	320.6	0.4%	$442,131	0.5%	39.2%	11%	2%	0%	25.3	-62.3	-19.8	-0.6	-75.9	-0.9	-12.4	2.1	6.7	6.7	6.7
Nano	10	0.0%	325.0	0.2%	$118,638	0.2%	100.0%	3%	0%	0%	49.2	-121.1	-289.9	-6.0	-195.9	-4.0	79.4	25.9	359.6	359.6	359.6

Performance Summary by Trader

Trader	Order Count	% Total	Order Duration (min)	Order Size ADV (%)	Executed Notional USD	Participation Rate (%)	Fill Rate (%)	Pct Close Auction (%)	Pct GSX (%)	Pct SigmaX (%)	Avg Spread (bps)	Expected Perf (bps)	Perf vs Arr (bps)	Perf vs Arr (# of Sprd)	Perf vs VWAP (bps)	Perf vs VWAP (# of Sprd)	Perf vs Cls (bps)	Actual Cost Ratio	Strike to Completion (bps)	Strike To Completion plus 5min (bps)	Strike to Close (bps)
Total	7,344	100.0%	303.0	0.5%	$360,848,758	0.4%	94.8%	14%	15%	3%	8.0	-8.5	-0.5	0.8	-3.0	-0.6	0.2	2.7	0.7	0.8	0.6
AETHEGATE	7,343	100.0%	303.0	0.5%	$360,848,758	0.4%	94.8%	14%	15%	3%	8.0	-8.5	-0.5	0.8	-3.0	-0.6	0.2	2.7	0.7	0.8	0.6
	1	0.0%			$0		0.0%

Performance Summary by %ADV Bucket

%ADV Bucket	Order Count	% Total	Order Duration (min)	Order Size ADV (%)	Executed Notional USD	Participation Rate (%)	Fill Rate (%)	Pct Close Auction (%)	Pct GSX (%)	Pct SigmaX (%)	Avg Spread (bps)	Expected Perf (bps)	Perf vs Arr (bps)	Perf vs Arr (# of Sprd)	Perf vs VWAP (bps)	Perf vs VWAP (# of Sprd)	Perf vs Cls (bps)	Actual Cost Ratio	Strike to Completion (bps)	Strike To Completion plus 5min (bps)	Strike to Close (bps)
Total	7,344	100.0%	303.0	0.5%	$360,848,758	0.4%	94.8%	14%	15%	3%	8.0	-8.5	-0.5	0.8	-3.0	-0.6	0.2	2.7	0.7	0.8	0.6
0% ~ 2.5%	7,325	98.7%	302.6	0.4%	$356,327,679	0.4%	95.1%	14%	15%	3%	7.7	-8.3	-0.3	0.8	-3.1	-0.6	0.0	2.7	0.4	0.4	0.2
2.5% ~ 5%	10	0.7%	331.7	3.2%	$2,433,036	2.4%	99.1%	7%	7%	0%	38.6	-20.0	-51.7	-1.0	13.0	0.1	33.4	3.4	86.1	86.1	86.1
5% ~ 10%	6	0.4%	338.6	6.7%	$1,407,154	5.4%	69.6%	22%	0%	15%	16.0	-19.1	-0.9	-2.9	3.8	0.4	-1.7	-0.8	-0.7	-0.7	-0.7
10% ~ 15%	1	0.1%	331.2	14.6%	$295,164	10.9%	100.0%	33%	0%	27%	41.7	-28.8	151.7	3.6	-4.0	-0.1	-118.4	-5.7	-266.9	-266.9	-266.9
20% ~ 25%	2	0.1%	356.7	23.1%	$385,724	12.2%	38.0%	37%	0%	1%	27.5	-23.0	-26.0	-1.0	-4.3	-0.1	-3.4	1.0	22.6	22.6	22.6

Performance Summary by Participation Rate Bucket

Participation Rate Bucket	Order Count	% Total	Order Duration (min)	Order Size ADV (%)	Executed Notional USD	Participation Rate (%)	Fill Rate (%)	Pct Close Auction (%)	Pct GSX (%)	Pct SigmaX (%)	Avg Spread (bps)	Expected Perf (bps)	Perf vs Arr (bps)	Perf vs Arr (# of Sprd)	Perf vs VWAP (bps)	Perf vs VWAP (# of Sprd)	Perf vs Cls (bps)	Actual Cost Ratio	Strike to Completion (bps)	Strike To Completion plus 5min (bps)	Strike to Close (bps)
Total	7,344	100.0%	303.0	0.5%	$360,848,758	0.4%	94.8%	14%	15%	3%	8.0	-8.5	-0.5	0.8	-3.0	-0.6	0.2	2.7	0.7	0.8	0.6
0% ~ 2.5%	7,318	98.7%	302.9	0.4%	$356,146,049	0.4%	95.1%	14%	15%	3%	7.8	-8.3	-0.7	0.8	-3.0	-0.6	0.3	2.7	1.1	1.2	0.9
2.5% ~ 5%	12	0.9%	323.4	3.8%	$3,101,312	3.5%	100.0%	11%	11%	4%	18.3	-16.3	10.3	0.1	-3.6	-0.0	-7.4	-1.0	-17.5	-17.5	-17.5
5% ~ 10%	4	0.3%	272.3	5.2%	$920,508	8.5%	63.4%	15%	10%	11%	15.2	-16.4	-0.4	-0.2	-4.0	-0.5	-1.4	0.3	-5.2	-1.0	-1.0
10% ~ 15%	3	0.2%	345.6	19.4%	$680,888	11.6%	60.7%	36%	0%	12%	33.7	-25.5	51.0	1.0	-4.2	-0.1	-53.2	-1.9	-102.9	-102.9	-102.9
NA	7	0.0%			$0		0.0%

Performance Summary by Side

Side	Order Count	% Total	Order Duration (min)	Order Size ADV (%)	Executed Notional USD	Participation Rate (%)	Fill Rate (%)	Pct Close Auction (%)	Pct GSX (%)	Pct SigmaX (%)	Avg Spread (bps)	Expected Perf (bps)	Perf vs Arr (bps)	Perf vs Arr (# of Sprd)	Perf vs VWAP (bps)	Perf vs VWAP (# of Sprd)	Perf vs Cls (bps)	Actual Cost Ratio	Strike to Completion (bps)	Strike To Completion plus 5min (bps)	Strike to Close (bps)
Total	7,344	100.0%	303.0	0.5%	$360,848,758	0.4%	94.8%	14%	15%	3%	8.0	-8.5	-0.5	0.8	-3.0	-0.6	0.2	2.7	0.7	0.8	0.6
Buy	3,379	47.9%	305.0	0.5%	$172,731,825	0.5%	96.4%	14%	13%	4%	7.7	-8.4	7.5	3.7	-1.3	-0.1	-10.7	4.0	-16.4	-16.6	-17.0
Sell	1,141	21.2%	317.3	0.4%	$76,624,835	0.4%	97.5%	16%	14%	4%	6.3	-7.9	-2.9	0.4	-3.1	-0.9	2.5	2.5	4.1	4.7	4.4
Sell Short	2,824	30.9%	290.2	0.4%	$111,492,099	0.4%	91.9%	11%	18%	3%	9.6	-8.9	-11.3	-3.5	-5.4	-1.1	15.5	0.7	25.0	25.0	25.1

Performance Summary by Bid-Offer Spread Band

Bid-Offer Spread Band	Order Count	% Total	Order Duration (min)	Order Size ADV (%)	Executed Notional USD	Participation Rate (%)	Fill Rate (%)	Pct Close Auction (%)	Pct GSX (%)	Pct SigmaX (%)	Avg Spread (bps)	Expected Perf (bps)	Perf vs Arr (bps)	Perf vs Arr (# of Sprd)	Perf vs VWAP (bps)	Perf vs VWAP (# of Sprd)	Perf vs Cls (bps)	Actual Cost Ratio	Strike to Completion (bps)	Strike To Completion plus 5min (bps)	Strike to Close (bps)
Total	7,344	100.0%	303.0	0.5%	$360,848,758	0.4%	94.8%	14%	15%	3%	8.0	-8.5	-0.5	0.8	-3.0	-0.6	0.2	2.7	0.7	0.8	0.6
0 - 3 bps	1,914	44.3%	321.7	0.4%	$159,824,154	0.3%	98.5%	18%	5%	2%	2.0	-7.5	7.1	2.9	-1.5	-0.7	-3.5	1.6	-10.5	-10.3	-10.7
3 - 5 bps	1,201	15.5%	297.1	0.3%	$55,993,737	0.4%	99.5%	15%	18%	7%	3.8	-6.5	-5.9	-1.5	-3.1	-0.8	2.7	5.7	9.1	9.1	9.0
5 - 10 bps	1,792	17.3%	282.3	0.4%	$62,373,380	0.4%	99.9%	11%	25%	6%	7.1	-7.2	-6.5	-1.1	-3.9	-0.6	4.1	5.4	10.0	10.0	10.0
>=10 bps	2,411	22.9%	286.7	0.7%	$82,657,487	0.6%	94.1%	7%	24%	3%	23.0	-12.7	-7.2	-0.3	-4.9	-0.2	2.5	0.5	9.8	9.7	9.4
NA	26	0.0%			$0		0.0%

Performance Summary by Alpha to Completion Bucket

Alpha to Completion Bucket	Order Count	% Total	Order Duration (min)	Order Size ADV (%)	Executed Notional USD	Participation Rate (%)	Fill Rate (%)	Pct Close Auction (%)	Pct GSX (%)	Pct SigmaX (%)	Avg Spread (bps)	Expected Perf (bps)	Perf vs Arr (bps)	Perf vs Arr (# of Sprd)	Perf vs VWAP (bps)	Perf vs VWAP (# of Sprd)	Perf vs Cls (bps)	Actual Cost Ratio	Strike to Completion (bps)	Strike To Completion plus 5min (bps)	Strike to Close (bps)
Total	7,344	100.0%	303.0	0.5%	$360,848,758	0.4%	94.8%	14%	15%	3%	8.0	-8.5	-0.5	0.8	-3.0	-0.6	0.2	2.7	0.7	0.8	0.6
< -200 bps	891	10.3%	294.4	0.5%	$37,293,383	0.3%	94.2%	10%	18%	2%	9.0	-9.3	216.4	58.8	-21.0	-3.5	-125.2	-52.3	-342.1	-341.2	-341.6
-200 ~ -150 bps	378	4.7%	297.4	0.4%	$16,788,148	0.3%	99.1%	12%	18%	4%	8.1	-8.7	104.0	31.7	-9.8	-1.8	-69.8	-27.0	-173.5	-173.0	-173.5
-150 ~ -100 bps	558	8.8%	302.4	0.5%	$31,735,291	0.4%	99.1%	13%	15%	2%	6.7	-8.0	87.4	29.6	-7.0	-1.9	-38.9	-24.2	-125.9	-125.4	-126.2
-100 ~ -50 bps	736	10.3%	318.1	0.4%	$37,140,300	0.4%	98.7%	16%	9%	5%	7.6	-8.6	50.9	18.8	-5.3	-1.1	-22.6	-25.8	-72.0	-72.4	-73.5
-50 ~ 0 bps	865	14.2%	312.1	0.5%	$51,194,603	0.5%	99.5%	18%	12%	6%	6.1	-7.8	17.5	6.1	-2.2	-0.8	-7.7	-2.6	-25.0	-25.3	-25.2
0 ~ 50 bps	1,132	15.7%	306.2	0.6%	$56,734,126	0.6%	86.1%	16%	14%	4%	8.0	-8.5	-16.1	-5.8	-2.1	-0.2	6.9	7.4	22.8	23.0	22.9
50 ~ 100 bps	812	11.8%	307.2	0.5%	$42,486,200	0.5%	99.2%	14%	12%	3%	7.7	-8.3	-54.2	-17.4	1.5	0.5	21.5	17.6	76.1	75.8	75.7
100 ~ 150 bps	622	8.6%	304.5	0.4%	$31,178,305	0.4%	98.9%	12%	18%	2%	9.0	-8.6	-84.7	-25.7	1.9	0.3	39.0	28.0	122.7	123.7	123.6
150 ~ 200 bps	381	5.0%	284.1	0.3%	$18,036,112	0.3%	94.7%	10%	17%	1%	7.7	-7.8	-106.6	-31.0	2.5	0.4	64.3	52.1	170.7	170.4	170.4
> 200 bps	968	10.6%	286.3	0.4%	$38,262,289	0.3%	90.9%	10%	22%	2%	10.3	-8.9	-203.5	-51.1	9.3	1.8	122.4	59.3	325.5	324.7	325.0
NA	1	0.0%			$0		0.0%

Performance Summary by Alpha Direction

Alpha Direction	Order Count	% Total	Order Duration (min)	Order Size ADV (%)	Executed Notional USD	Participation Rate (%)	Fill Rate (%)	Pct Close Auction (%)	Pct GSX (%)	Pct SigmaX (%)	Avg Spread (bps)	Expected Perf (bps)	Perf vs Arr (bps)	Perf vs Arr (# of Sprd)	Perf vs VWAP (bps)	Perf vs VWAP (# of Sprd)	Perf vs Cls (bps)	Actual Cost Ratio	Strike to Completion (bps)	Strike To Completion plus 5min (bps)	Strike to Close (bps)
Total	7,344	100.0%	303.0	0.5%	$360,848,758	0.4%	94.8%	14%	15%	3%	8.0	-8.5	-0.5	0.8	-3.0	-0.6	0.2	2.7	0.7	0.8	0.6
Negative Alpha	3,429	48.3%	306.4	0.4%	$174,151,725	0.4%	97.8%	14%	14%	4%	7.3	-8.4	88.3	26.9	-8.5	-1.8	-47.7	-24.4	-135.6	-135.5	-135.9
Positive Alpha	3,711	49.9%	300.0	0.5%	$180,210,213	0.4%	95.4%	13%	16%	3%	8.1	-8.2	-86.1	-24.4	2.6	0.5	46.7	29.5	132.5	132.5	132.5
Zero Alpha	204	1.8%	298.8	0.7%	$6,486,820	0.6%	72.5%	10%	20%	2%	21.9	-16.1	-8.2	2.0	-9.0	0.1	-8.2	-1.5	0.0	0.0	0.0

Top 5 orders (by Perf vs Arr)

Date	Order Id	Stock	Side	Algorithm	Trader	Order Size (shrs)	Order Duration (min)	Order Size ADV (%)	Executed Shares	Executed Notional USD	Participation Rate (%)	Fill Rate (%)	Pct Close Auction (%)	Pct GSX (%)	Pct SigmaX (%)	Avg Spread (bps)	Expected Perf (bps)	Actual Cost Ratio	Perf vs Arr (bps)	Perf vs Arr (# of Sprd)	Perf vs VWAP (bps)	Perf vs VWAP (# of Sprd)	Perf vs Arr ($)	Marginal Perf vs Arr (bps)	Perf vs VWAP ($)	Marginal Perf vs VWAP (bps))	Strike to Completion (bps)	Strike To Completion plus 5min (bps)	Strike to Close (bps)
15Jan25	XDMn236920250115	605499.SH	Buy	VWAP	AETHEGATE	42,700	242.0	1.9%	42,700	$1,381,553	0.8%	100.0%	2%	14%	0%	2.7	-18.0	-8.4	240.9	87.9	-2.8	-1.0	$33,288	0.9	$-386	-0.011	-286.8	-286.8	-286.8
9Jan25	XDMa215120250109	603986.SH	Sell Short	VWAP	AETHEGATE	27,300	242.0	0.1%	27,300	$443,816	0.0%	100.0%	1%	52%	0%	8.7	-4.5	-77.3	518.7	59.4	-13.4	-1.5	$23,021	0.6	$-596	-0.017	-845.4	-845.4	-845.4
22Jan25	JDMt2920250122	6146.T	Sell	VWAP	AETHEGATE	1,000	322.0	0.0%	1,000	$325,003	0.0%	100.0%	10%	0%	0%	2.4	-9.7	-178.9	672.4	284.9	39.5	16.7	$21,854	0.6	$1,283	0.036	-976.8	-976.8	-976.8
10Jan25	XDMr104920250110	300308.ZK	Buy	VWAP	AETHEGATE	21,000	242.0	0.1%	21,000	$331,545	0.0%	100.0%	1%	7%	0%	2.2	-3.1	-90.2	467.2	212.6	-26.4	-12.0	$15,490	0.4	$-874	-0.024	-684.3	-684.3	-684.3
24Jan25	XDMb322120250124	002261.ZK	Sell Short	VWAP	AETHEGATE	166,600	242.0	0.3%	166,600	$401,200	0.2%	100.0%	1%	58%	0%	6.2	-7.2	-62.3	326.2	52.7	-62.9	-10.2	$13,086	0.4	$-2,525	-0.070	-390.5	-390.5	-390.5

Bottom 5 orders (by Perf vs Arr)

Date	Order Id	Stock	Side	Algorithm	Trader	Order Size (shrs)	Order Duration (min)	Order Size ADV (%)	Executed Shares	Executed Notional USD	Participation Rate (%)	Fill Rate (%)	Pct Close Auction (%)	Pct GSX (%)	Pct SigmaX (%)	Avg Spread (bps)	Expected Perf (bps)	Actual Cost Ratio	Perf vs Arr (bps)	Perf vs Arr (# of Sprd)	Perf vs VWAP (bps)	Perf vs VWAP (# of Sprd)	Perf vs Arr ($)	Marginal Perf vs Arr (bps)	Perf vs VWAP ($)	Marginal Perf vs VWAP (bps))	Strike to Completion (bps)	Strike To Completion plus 5min (bps)	Strike to Close (bps)
22Jan25	IDMo520250122	INFY.NS	Buy	VWAP	AETHEGATE	34,997	382.7	0.6%	34,997	$747,227	0.4%	100.0%	25%	0%	0%	1.0	-8.9	29.1	-208.1	-210.8	7.9	8.0	$-15,553	-0.4	$589	0.016	265.9	271.4	271.4
6Jan25	XDMr162820250106	000425.ZK	Sell Short	VWAP	AETHEGATE	721,500	242.0	0.8%	721,500	$746,875	0.8%	100.0%	1%	20%	0%	13.3		10.7	-168.6	-12.6	19.3	1.5	$-12,590	-0.3	$1,444	0.040	155.8	155.8	155.8
14Jan25	JDMp3120250114	3382.T	Sell Short	VWAP	AETHEGATE	32,500	325.0	0.5%	32,500	$502,227	0.3%	100.0%	18%	0%	0%	1.7	-11.5	54.2	-243.9	-146.3	-3.2	-1.9	$-12,251	-0.3	$-162	-0.004	308.1	308.1	308.1
8Jan25	XDMr1920250108	CBA.AX	Buy	VWAP	AETHEGATE	7,973	357.6	0.9%	7,973	$783,787	0.4%	100.0%	35%	0%	60%	1.9	-6.6	23.4	-141.2	-74.5	38.7	20.4	$-11,069	-0.3	$3,036	0.084	207.7	207.7	207.7
15Jan25	XDMq140720250115	688256.SH	Buy	VWAP	AETHEGATE	3,300	242.0	0.0%	3,300	$312,721	0.0%	100.0%	7%	0%	0%	11.3	-4.7	101.1	-351.3	-31.1	-74.8	-6.6	$-10,985	-0.3	$-2,341	-0.065	372.0	372.0	372.0

Top 5 orders (by Perf vs VWAP)

Date	Order Id	Stock	Side	Algorithm	Trader	Order Size (shrs)	Order Duration (min)	Order Size ADV (%)	Executed Shares	Executed Notional USD	Participation Rate (%)	Fill Rate (%)	Pct Close Auction (%)	Pct GSX (%)	Pct SigmaX (%)	Avg Spread (bps)	Expected Perf (bps)	Actual Cost Ratio	Perf vs Arr (bps)	Perf vs Arr (# of Sprd)	Perf vs VWAP (bps)	Perf vs VWAP (# of Sprd)	Perf vs Arr ($)	Marginal Perf vs Arr (bps)	Perf vs VWAP ($)	Marginal Perf vs VWAP (bps))	Strike to Completion (bps)	Strike To Completion plus 5min (bps)	Strike to Close (bps)
15Jan25	XDMp100920250115	PTT_n.BK	Buy	VWAP	AETHEGATE	593,600	332.7	2.9%	593,600	$528,699	1.4%	100.0%	10%	0%	0%	81.5	-28.2	9.1	-181.6	-2.2	63.3	0.8	$-9,599	-0.3	$3,347	0.093	330.6	330.6	330.6
8Jan25	XDMr1920250108	CBA.AX	Buy	VWAP	AETHEGATE	7,973	357.6	0.9%	7,973	$783,787	0.4%	100.0%	35%	0%	60%	1.9	-6.6	23.4	-141.2	-74.5	38.7	20.4	$-11,069	-0.3	$3,036	0.084	207.7	207.7	207.7
2Jan25	XDMr109620250102	000425.ZK	Sell Short	VWAP	AETHEGATE	683,700	242.0	0.9%	683,700	$736,071	0.6%	100.0%	0%	56%	0%	16.9	-12.9	7.2	-65.1	-3.8	30.0	1.8	$-4,790	-0.1	$2,205	0.061	265.5	265.5	265.5
8Jan25	XDMq1820250108	0669.HK	Sell	VWAP	AETHEGATE	25,000	338.8	1.3%	25,000	$315,415	0.5%	100.0%	14%	76%	0%	10.9	-12.1	17.1	-241.5	-22.2	64.5	5.9	$-7,616	-0.2	$2,033	0.056	377.7	377.7	377.7
21Jan25	XDMr97620250121	300124.ZK	Buy	VWAP	AETHEGATE	62,800	242.0	0.3%	62,800	$525,427	0.2%	100.0%	2%	46%	0%	2.9	-5.6	15.5	-57.4	-19.7	38.4	13.2	$-3,017	-0.1	$2,020	0.056	158.6	158.6	158.6

Bottom 5 orders (by Perf vs VWAP)

Date	Order Id	Stock	Side	Algorithm	Trader	Order Size (shrs)	Order Duration (min)	Order Size ADV (%)	Executed Shares	Executed Notional USD	Participation Rate (%)	Fill Rate (%)	Pct Close Auction (%)	Pct GSX (%)	Pct SigmaX (%)	Avg Spread (bps)	Expected Perf (bps)	Actual Cost Ratio	Perf vs Arr (bps)	Perf vs Arr (# of Sprd)	Perf vs VWAP (bps)	Perf vs VWAP (# of Sprd)	Perf vs Arr ($)	Marginal Perf vs Arr (bps)	Perf vs VWAP ($)	Marginal Perf vs VWAP (bps))	Strike to Completion (bps)	Strike To Completion plus 5min (bps)	Strike to Close (bps)
14Jan25	XDMt171420250114	300750.ZK	Sell	VWAP	AETHEGATE	22,000	242.0	0.1%	22,000	$753,901	0.1%	100.0%	1%	72%	0%	2.3	-3.7	-33.7	141.8	61.9	-43.5	-19.0	$10,694	0.3	$-3,279	-0.091	-342.7	-342.7	-342.7
24Jan25	XDMb322120250124	002261.ZK	Sell Short	VWAP	AETHEGATE	166,600	242.0	0.3%	166,600	$401,200	0.2%	100.0%	1%	58%	0%	6.2	-7.2	-62.3	326.2	52.7	-62.9	-10.2	$13,086	0.4	$-2,525	-0.070	-390.5	-390.5	-390.5
29Jan25	JDMn9820250129	6586.T	Sell Short	VWAP	AETHEGATE	5,000	325.0	0.7%	5,000	$156,372	0.3%	100.0%	20%	0%	0%	4.9	-8.2	-67.3	194.3	39.4	-151.6	-30.7	$3,039	0.1	$-2,371	-0.066	-589.3	-589.3	-589.3
13Jan25	XDMa209220250113	300124.ZK	Sell Short	VWAP	AETHEGATE	136,500	242.0	0.8%	136,500	$1,099,319	0.5%	100.0%	2%	47%	0%	2.8		7.8	-75.9	-27.1	-21.3	-7.6	$-8,345	-0.2	$-2,346	-0.065	193.3	193.3	193.3
15Jan25	XDMq140720250115	688256.SH	Buy	VWAP	AETHEGATE	3,300	242.0	0.0%	3,300	$312,721	0.0%	100.0%	7%	0%	0%	11.3	-4.7	101.1	-351.3	-31.1	-74.8	-6.6	$-10,985	-0.3	$-2,341	-0.065	372.0	372.0	372.0

Notes

The computed metrics are based on pan-Asia algorithmic flow [GSET].

Please note that 'value-weighted' metrics, by default, mean metrics weighted by executed notional.

Order Count
* Number of upstream (workflow) parent orders received.

Order Duration (min)
* The value-weighted mean of each order's execution horizon (arrival time to last execution time).

Order Size ADV(%)
* The value-weighted mean of order size expressed as ratio of quantity received versus 22-d average market volume. Expressed as %.

Exec'd Notional (USD)
* Sum of total value executed in USD.

Participation Rate (%)
* The value-weighted mean of ratio of quantity executed versus market volume traded during execution horizon. Expressed as %.

Fill Rate (%)
* The value-weighted mean of ratio of quantity executed versus quantity received. Expressed as %.

Pct Close Auction (%)
* The value-weighted percentage of executions happening at the closing auction.

Pct GSX (%)
* The value-weighted mean of ratio of order value executed in GSX (Principal + Natural) versus total order value executed. Expressed as %.

Pct SigmaX (%)
* The value-weighted mean of ratio of order value executed in SigmaX versus total order value executed. Expressed as %.

Avg Spread (bps)
* The value-weighted mean of each order's interval spread, where spread is the time-weighted average spread from strike time to order's end.

Estimated Perf (bps)
* The value-weighted mean of the expected arrival performance forcasted by the GS trade-cost model.

Perf vs Arr (bps)
* The value-weighted mean of each order's average executed price relative to strike price, where strike price is open price for orders arrived pre-open and arrival price for orders arriving post-open.
A positive value signifies execution happened at better price than the benchmark.

Perf vs Arr (# of Sprd)
*The value-weighted mean of ratio of each order's performance (vs Arr) versus bid-offer spread.

Perf vs VWAP (bps)
* The value-weighted mean of each order's average executed price relative to interval VWAP, where interval VWAP is the volume-weighted market price over the order's execution horizon
A positive value signifies execution happened at better price than the benchmark.

Perf vs VWAP (# of Sprd)
*The value-weighted mean of ratio of each order's performance (vs VWAP) versus bid-offer spread.

Perf vs Cls (bps)
* The value-weighted mean of each order's average executed price relative to the closing price.
A positive value signifies execution happened at better price than the benchmark.

Perf vs PWP X (bps)
* The value-weighted mean of each order's average executed price relative to the PWP-x price.
where PWP-x is the volume weighted average price from order start-time with x% volume participation.
A positive value signifies execution happened at better price than the benchmark.

Actual Cost Ratio
* Actual cost ratio = Actual IS slippage / Estimated Slippage as a function of executed shares.

Market Cap Legend
Mega (>$200 Bn); Large ($10 Bn-$200 Bn); Mid ($2 Bn-$10 Bn); Small ($250 Mn-$2 Bn); Micro ($50 Mn-$250 Mn); Nano (<$50 Mn)

Stock Class Legend
01 - Sm QTime, Thick Q, Liquid, Lrg Px Move
02 - Sm QTime, Avg Q, Liquid, Sm Px Move
03 - Sm QTime, Rather Thin Q, Liquid,Lrg Px Move
04 - Avg QTime, Thick Q, Liquid, Sticky
05 - Avg QTime, Avg Q, Rather Liquid, Sticky
06 - Avg QTime, Thin Q, Rather Liquid, Sticky
07 - Sm QTime, Avg Q, Rather Liquid, Jumpy
08 - Sm QTime, Thin Q, Rather Liquid, Jumpy
09 - Avg QTime, Avg Q, Rather Illiquid, Sticky
10 - Avg QTime, Avg Q, Rather Illiquid, Jumpy
11 - Avg QTime, Thin Q, Rather Illiquid, Jumpy
12 - Lrg QTime, Thick Q, Sm Px Move
13 - Small Trd Count, Hard to Complete
NA - Unclassified

Strike to Completion (bps)
* The received value-weighted mean of each order's strike to completion, expressed in bps, where strike to completion is side-adjusted comparison of last executed price versus strike price.
A positive value signifies unfavorable price momentum over the day and vice versa.

Strike to Completion plus X-min (bps)
* The received value-weighted mean of each order's strike to completion plus X minutes, expressed in bps, where it is side-adjusted comparison of completion plus X-min price versus strike price.
A positive value signifies unfavorable price momentum over the day and vice versa.

Strike to Close (bps)
* The received value-weighted mean of each order's strike to close, expressed in bps, where strike to close is side-adjusted comparison of close price versus strike price.
A positive value signifies unfavorable price momentum over the day and vice versa.

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Not a Valuation: Values herein are not customer valuations and should not be used in lieu of a customer valuation statement or account statement. These values may not reflect the value of the positions carried on the books and records of Goldman Sachs or its affiliates and should not be relied upon for the maintenance of your books and records or for any tax, accounting, legal or other purposes. The information provided herein does not supersede any customer statements, confirmations or other similar notifications.

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Indicative Terms/Pricing Levels: This material may contain indicative terms only, including but not limited to pricing levels. There is no representation that any transaction can or could have been effected at such terms or prices. Proposed terms and conditions are for discussion purposes only. Finalized terms and conditions are subject to further discussion and negotiation.

Special Risk Disclosure related to Exchange-Traded Funds ("ETFs") and Exchange-Traded Notes ("ETNs"): To the extent this communication contains information pertaining to ETFs or ETNs, consider the investment objectives, risks, and charges and expenses of the ETFs and ETNs carefully before investing. Each U.S. Registered ETF and ETN has filed a registration statement (including a prospectus) with the SEC which contains this and other information about the ETF or ETN as applicable. Before you invest in an ETF or ETN, you should obtain and read carefully the prospectus in the registration statement and other documents the issuer has filed with the SEC for more complete information about the product. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you may obtain a copy of the prospectus for each of the ETFs and ETNs mentioned in these materials by (i) contacting your Goldman Sachs sales representative, or (ii) sending a request by calling toll-free 1-866-471-2526, or (iii) sending a request by email to Prospectus-ny@ny.email.gs.com, by fax to (212) 902-9316, or by mail to Goldman Sachs, 200 West Street, NY, NY 10282, Attn: Prospectus Department.

ETFs are redeemable only in Creation Unit size aggregations and may not be individually redeemed; are redeemable only through Authorized Participants; and are redeemable on an "in-kind" basis. The public trading price of a redeemable lot of the ETFs may be different from its net asset value. These ETFs can trade at a discount or premium to the net asset value. There is always a fundamental risk of declining stock prices, which can cause losses to your investment.

Some leveraged and inverse ETFs and ETNs "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. They will therefore realize each day a loss or a gain which is a multiple (for leveraged ETFs and ETNs) or the inverse (for inverse ETFs and ETNs) of the performance on that day of their underlying index or benchmark. For this reason, if they are held for a period longer than one day, their performance over such longer periods of time can differ significantly from the stated multiple of the performance (or the inverse of the performance) of their underlying index or benchmark during the same period of time. This effect can be magnified in volatile markets. Prior to entering into a transaction in leveraged or inverse ETFs, you should be aware of the general risks associated with such transactions. You should not enter into leveraged or inverse ETFs transactions unless you understand the nature and extent of your risk exposure. You should also be satisfied that the leveraged or inverse ETFs transaction is appropriate for you in light of your circumstances and financial condition.

ETFs and ETNs that are linked to commodity futures do not offer direct exposure to the commodity's spot price, and may perform differently than the spot price for the commodity itself. Performance differential can be magnified if a specific condition persists in the market for a commodity that creates a disparity between near-term future prices and long-term future prices and may lead to unexpected performance results. Other factors, such as roll yield, transaction costs, management fees, and taxes may cause deviation in performance between the spot price of a commodity and commodity futures. You should not assume that an ETF or ETN that is linked to commodity futures will provide an effective hedge because of a negative correlation with equities or other asset classes. You should always be aware of the general risks associated with investing in the commodities market and the futures market before investing in an ETF or ETN that is linked to commodity futures.

Risk Disclosure Regarding futures, options, equity swaps, and other derivatives as well as non-investment-grade securities and ADRs: Please ensure that you have read and understood the current options, futures and security futures disclosure document before entering into any such transactions. Current United States listed options, futures and security futures disclosure documents are available from our sales representatives or at http://www.theocc.com/components/docs/riskstoc.pdf, http://www.goldmansachs.com/disclosures/risk-disclosure-for-futures.pdf and http://www.nfa.futures.org/NFA-compliance/publication-library/security-futures-disclosure.pdf, respectively. Certain transactions - including those involving futures, options, equity swaps, and other derivatives as well as non-investment-grade securities - give rise to substantial risk and are not available to nor suitable for all investors. If you have any questions about whether you are eligible to enter into these transactions with Goldman Sachs, please contact your sales representative. Foreign-currency-denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investment. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies, effectively assume currency risk.

Please refer to https://360.gs.com/gs/portal/tools/mvmenuroot/mosaic/for price information of corporate equity securities.

Republic of Colombia Disclosure Statement

For products and/or services marketed through the Goldman Sachs & Co. LLC Representative Office: The products and/or services described herein are being marketed to you by the Representative Office (the "Representative Office") of Goldman Sachs & Co. LLC ("GS&Co."), which has been authorized by the Colombian Financial Superintendency (the "Superintendency") to act in accordance with the provisions contained in Decree 2555 of 2010 ("Decree 2555") and Chapter V, Title I of External Circular 007 of 1996 ("Circular 007") issued by the Superintendency. GS&Co. will provide and/or render such products and/or services to you and, subject to the disclaimers described herein, assumes responsibility for such products and/or services. Subject to the disclaimers otherwise described herein, the legal, accounting, financial, commercial and administrative characteristics, including the applicable governing law, of the products and/or services are described herein or have otherwise been or will be provided to you. GS&Co. is registered as a broker-dealer and an investment adviser with, and is subject to the supervision of, the U.S. Securities and Exchange Commission (the "SEC"). GS&Co. is also registered as a futures commission merchant and a swap dealer with, and is subject to the supervision of, the U.S. Commodity Futures Trading Commission (the "CFTC"). GS&Co. is a member of the Financial Industry Regulatory Authority ("FINRA"), the New York Stock Exchange, and the Securities Investor Protection Corporation ("SIPC"). SIPC protects SIPC-eligible assets custodied in GS&Co. accounts held in the same title and capacity up to an aggregate maximum of $500,000, of which $250,000 may be in cash. Assets not held by GS&Co. (including interests in private funds) and certain other assets are not subject to SIPC or supplemental insurance coverage. You may obtain information about SIPC, including a brochure describing SIPC and information about which assets are eligible for SIPC protection, by contacting SIPC via telephone at 202-371-8300 or accessing the SIPC website at www.sipc.org. None of the products and/or services of GS&Co. are insured by the FDIC (Federal Deposit Insurance Corporation). Any complaint regarding the promotional activities carried out by the Representative Office can be sent by mail to the following address in Colombia: Calle 67 No. 7-35, Oficina 1204, Bogotá - Colombia or directly to your sales professional. The Representative Office is not required under Colombian Law to have a customer ombudsman.

For offers of securities in the Republic of Colombia: This material is for the clients sole and exclusive use and cannot be understood as being addressed to, or be used by, any third party, including but not limited to those third parties for which the addressee can legally or contractually represent. The securities have not been and will not be offered in the Republic of Colombia ("Colombia") through a public offering pursuant to Colombian laws and regulations and will not be registered in the Colombian National Registry of Securities and Issuers or on the Colombian Stock Exchange. The client acknowledges that the Colombian laws and regulations (specifically foreign exchange and tax regulations) are applicable to any transaction or investment made in connection with the securities and that the client is the sole party liable for full compliance with any such laws and regulations. The investment in the securities is a permitted investment for the client under its corporate bylaws and/or particular applicable investment regime. Please contact your sales representative for further information about the securities and applicable selling restrictions.

Information contained in these materials does not constitute an advertisement or offering (for the purposes of the Federal Law "On Securities Market" No. 39-FZ dated 22 April 1996 (as amended) and the Federal Law "On protection of rights and lawful interests of investors in the securities market" No. 46-FZ dated 5 March 1999 (as amended)) of the securities, any other financial instruments or any financial services in Russia and must not be passed on to third parties or otherwise be made publicly available in Russia. No securities or any other financial instruments mentioned in this document are intended for "offering", "placement" or "circulation" in Russia (as defined under the Federal Law "On Securities Market" No. 39-FZ dated 22 April 1996 (as amended)).

Содержащаяся в этом м атериале информация н е является рекламой ил и предложением ценных бумаг, любых иных фина нсовых инструментов или финансовых услуг в России (в рамках феде рального закона "О рын ке ценных бумаг"№ 39-FZ от 22 апреля 1996 (с изменениям и) и федерального зако на "О защите прав и зак онных интересов инве сторов на рынке ценны х бумаг" № 46-ФЗ от 5 марта 1999 (с изменениями)), и не дол жна передаваться тре тьим сторонам или ины м образом публиковат ься в России. Никакие упомянутые в этом док ументе ценные бумаги или иные финансовые и нструменты не предназ начены для "предложен ия", "размещения" или " обращения" в России (согласно определени ю федерального закона "О рынке ценных бумаг" № 39-FZ от 22 апреля 1996 (с измене ниями)).

Goldman Sachs is not regulated in Ukraine. You should ensure that you have all necessary licences to hold cash / securities (as applicable) offshore.

GOLDMAN SACHS AND ITS AFFILIATES NEITHER UNDERTAKE BANKING, FINANCIAL, OR INVESTMENT CONSULTATION BUSINESS IN OR INTO THE UAE WITHIN THE MEANING OF THE CENTRAL BANK BOARD OF DIRECTORS' RESOLUTION NO. 164/8/94 REGARDING THE REGULATION FOR INVESTMENT COMPANIES NOR PROVIDE FINANCIAL ANALYSIS OR CONSULTATION SERVICES IN OR INTO THE UAE WITHIN THE MEANING OF EMIRATES SECURITIES AND COMMODITIES AUTHORITY DECISION NO. 48/R OF 2008 CONCERNING FINANCIAL CONSULTATION AND FINANCIAL ANALYSIS.

Not all services or products can be made available in Taiwan. Any particular offer of securities may not have been and may not be registered with the Securities and Futures Bureau, Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may therefore not be capable of being sold or publicly offered in Taiwan. The Goldman Sachs companies involved in any such promotion may not maintain any licenses, authorisations or registrations in Taiwan. Therefore, for such securities, any subscriptions into the securities must be received in a currency foreign to, and to an account offshore, Taiwan. Any issue of such securities will not take effect until a valid subscription is received and accepted in accordance with the offering materials, outside Taiwan.

Please note that none of Goldman Sachs and its affiliates ("Goldman Sachs"), that provides material and information or enters or will enter into the relevant transactions, maintains any licenses, authorisations or registrations in Thailand nor is any of the material and information contained, or the relevant securities or products specified, herein approved or registered in Thailand. Interests in the relevant securities or products are not being offered or sold and may not be offered or sold in Thailand, except as permitted by the relevant laws and regulations. The attached information is intended to be read by the addressee and has been provided at your request for information purposes only and must not be copied or redistributed to any other person without the prior consent of Goldman Sachs and in no way constitutes an offer, solicitation, advertisement or advice of, or in relation to, the relevant securities or products by Goldman Sachs in Thailand.

Notice to Panamanian Investors:

This material constitutes generic information regarding Goldman Sachs and the products and services that it provides and should not be construed as an offer or provision of any specific services or products of Goldman Sachs for which a prior authorization or license is required by Panamanian regulators.

Goldman Sachs is not a licensed entity in Panama and licensable Services will be carried out from offshore.

Notice to Brazilian Investors:

The offer of any securities mentioned in this message may not be made to the general public in Brazil. Accordingly, any such securities have not been nor will they be registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários) nor has any offer been submitted to the foregoing agency for approval. Documents relating to the offer, as well as the information contained therein, may not be supplied to the public in Brazil, as the offer is not a public offering of securities in Brazil.

Goldman Sachs is not a licensed entity in Panama and licensable Services will be carried out from offshore.

Ouvidoria Goldman Sachs Brasil: 0800 727 5764 e/ou ouvidoriagoldmansachs@gs.com

Horário de funcionamento: segunda-feira à sexta-feira (exceto feriados), das 9hs às 18hs.

Ombudsman Goldman Sachs Brazil: 0800 727 5764 and / or ouvidoriagoldmansachs@gs.com

Available Weekdays (except holidays), from 9 am to 6 pm.

© Copyright 2025 Goldman Sachs. All rights reserved.

Notice to South African Investors:

Goldman Sachs does not provide tax, accounting, investment or legal advice to our clients, and all clients are advised to consult with their own advisers regarding any potential investment/transaction. This material is for discussion purposes only, and does not purport to contain a comprehensive analysis of the risk/rewards of any idea or strategy herein. Any potential investment/transaction described within is subject to change and Goldman Sachs Internal approvals. Goldman Sachs International is an authorised Financial Services Provider in South Africa under the Financial Advisory and Intermediary Services ("FAIS") Act, 2002. However it is exempt from certain provisions of that act with respect to Certain Clients, which may include you, by virtue of the Notice on Amendment of Exemptions 2012.

Notice to Australian Investors:

When this document is disseminated in Australia by Goldman Sachs & Co. LLC ("GSCo"), Goldman Sachs International ("GSI"), Goldman Sachs (Asia) L.L.C. ("GSALLC") or Goldman Sachs (Singapore) Pte ("GSSP") (collectively the "GS entities"), this document, and any access to it, is intended only for a person that has first satisfied the GS entities that:

•the person is a Sophisticated or Professional Investor for the purposes of section 708 of the Corporations Act of Australia; and
•the person is a wholesale client for the purpose of section 761G of the Corporations Act of Australia.

To the extent that the GS entities are providing a financial service in Australia, the GS entities are each exempt from the requirement to hold an Australian financial services licence for the financial services they provide in Australia. Each of the GS entities are regulated by a foreign regulator under foreign laws which differ from Australian laws, specifically:

•GSCO is regulated by the US Securities and Exchange Commission under US laws;
•GSI is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under UK laws;
•GSALLC is regulated by the Hong Kong Securities and Futures Commission under Hong Kong laws; and
•GSSP is regulated by the Monetary Authority of Singapore under Singapore laws.

Notice to New Zealand Investors:

When this document is disseminated in New Zealand by Goldman Sachs & Co. LLC ("GSCo"), Goldman Sachs International ("GSI"), Goldman Sachs (Asia) L.L.C. ("GSALLC") or Goldman Sachs (Singapore) Pte ("GSSP") (collectively the "GS entities"), this document, and any access to it, is intended only for a person that has first satisfied the GS entities that the person is someone:

•whose principal business is the investment of money or who, in the course of and for the purposes of their business, habitually invests money; or
•to whom an offer of the interests may be made in circumstances that do not constitute an offer to the public for the purposes of section 3 (excluding section 3(2 )(a)(iia)) or section 5(2CB) of the Securities Act 1978 (NZ).

No offer to acquire the interests is being made to you in this document. Any offer will only be made in circumstances where disclosure is not required under the Securities Act 1978 (NZ), the Securities Regulations 1983 (NZ) or the Securities Regulations 2009 (NZ).

Note to Investors in Israel:

GS is not licensed to provide investment advice or investment management services under Israeli law.

Republic of Chile - Disclosure Statement:

Esta oferta privada se inicia el día de esta comunicación y se acoge a las disposiciones de la Norma de Cará cter General Nº 336 de la Superintendencia de Valores y Seguros. Esta oferta versa sobre valores no inscritos en el Registro de Valores o en el Registro de Valores Extranjeros que lleva la Superintendencia de Valores y Seguros, por lo que tales valores no están sujetos a la fiscalización de ésta. Por tratar de valores no inscritos no existe la obligación por parte del emisor de entregar en Chile información pública respecto de los valores sobre los que versa esta oferta. Estos valores no podrán ser objeto de oferta pública mientras no sean inscritos en el registro de valores correspondiente.

Notice to Qatari Investors:

The investments described in this document have not been, and will not be, offered, sold or delivered, at any time, directly or indirectly in the state of Qatar in a manner that would constitute a public offering.

This document has not been, and will not be, registered with or reviewed or approved by the Qatar Financial Markets Authority, the Qatar Financial Centre Regulatory Authority or Qatar Central Bank and may not be publicly distributed. This Document is intended for the original recipient only and must not be provided to any other person. It is not for general circulation in the state of Qatar and may not be reproduced or used for any other purpose.

＜特定投資家用資料＞
本資料は、特定投資家のお客さまのみを対象に作成されたものです。本資料における金融商品は特定投資家のお客さまのみがお取引可能であり、特定投資家以外のお客さまからのご注文等はお受けできませんので、ご注意ください。
商号等/ゴールドマン・サックス証券株式会社金融商品取引業者　関東財務局長（金商）第６９号
加入協会/　日本証券業協会、一般社団法人金融先物取引業協会、一般社団法人第二種金融商品取引業協会
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本書またはその添付資料に信用格付が記載されている場合、日本格付研究所（JCR）及び格付投資情報センター（R&I）による格付は、登録信用格付業者による格付（登録格付）です。その他の格付は登録格付である旨の記載がない場合は、無登録格付です。無登録格付を投資判断に利用する前に、「無登録格付に関する説明書」( http://www.goldmansachs.com/disclaimer/ratings.html )を十分にお読みください。

If any credit ratings are contained in this material or any attachments, those that have been issued by Japan Credit Rating Agency, Ltd. (JCR) or Rating and Investment Information, Inc. (R&I) are credit ratings that have been issued by a credit rating agency registered in Japan (registered credit ratings). Other credit ratings are unregistered unless denoted as being registered. Before using unregistered credit ratings to make investment decisions, please carefully read "Explanation Regarding Unregistered Credit Ratings" ( http://www.goldmansachs.com/disclaimer/ratings.html ).

Notice to Egyptian Investors:

Goldman Sachs is not a licensed entity in Egypt and the relevant services will be carried out abroad.

© Copyright 2025 Goldman Sachs. All rights reserved.