Nick L. Brown

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.

Goldman Sachs International (GSI) is the Great Britain-based, wholly-owned brokerage subsidiary of Goldman Sachs Group UK Ltd., ultimately held by The Goldman Sachs Group, Inc. (NYSE: GS) in the US. The firm was founded in 1988 and formerly known as Trushelfco Ltd. Headquartered in London, GSI provides prime brokerage, securities lending, futures services and financing services for a range of clients such as corporations, financial institutions, governments and high-net worth individuals.