Goldman Sachs Global Investment Research

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The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, "Goldman Sachs") and companies covered by the Global Investment Research Division of Goldman Sachs and referred to in research products.

Company specific regulatory disclosures
Goldman Sachs is acting as a manager or co-manager of a pending underwriting.
Goldman Sachs beneficially owned 1% or more of common equity (excluding positions managed by affiliates and business units not required to be aggregated under US securities law) as of the month end preceding this report.
Goldman Sachs beneficially owned 1% or more of common equity (excluding positions managed by affiliates and business units not required to be aggregated under US securities law) as of the second most recent month end.
Goldman Sachs beneficially owned 5% or more of common equity (excluding positions managed by affiliates and business units not required to be aggregated under US securities law) as of the month end preceding this report.
Goldman Sachs beneficially owned 5% or more of common equity (excluding positions managed by affiliates and business units not required to be aggregated under US securities law) as of the second most recent month end.
Due to ownership, board representation and/or other relationships, Goldman Sachs may be deemed to be in a control relationship with the issuer.
Goldman Sachs has a principal investment.
Goldman Sachs has received compensation for investment banking services in the past 12 months.
Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months.
Goldman Sachs has received compensation for non-investment banking services during the past 12 months.
Goldman Sachs had an investment banking services client relationship during the past 12 months.
Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months.
Goldman Sachs had a non-securities services client relationship during the past 12 months.
Goldman Sachs has managed or co-managed a public or Rule 144A offering in the past 12 months.
A director and/or employee of Goldman Sachs is a director.
A director of the covered company is a director of Goldman Sachs.
Goldman Sachs makes a market in the securities or derivatives thereof.
Goldman Sachs is a specialist in the relevant securities and will at any given time have an inventory position, "long" or "short," and may be on the opposite side of orders executed on the relevant exchange.
Goldman Sachs International acts as corporate broker to.
Goldman Sachs holds a position greater than U.S. $15 million (or equivalent) in the debt or debt instruments of.
Goldman Sachs (Asia) L.L.C., Seoul Branch is a liquidity provider for Equity Linked Warrants which has the company's stock as the underlier.
Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 1% or more of common equity and common equity linked securities required to be aggregated under Korean securities law (excluding positions held by affiliates of Goldman Sachs (Asia) L.L.C., Seoul Branch) as of the close of business two business days prior to the current date.
Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned 5% or more of common equity and common equity linked securities required to be aggregated under Korean securities law (excluding positions held by affiliates of Goldman Sachs (Asia) L.L.C., Seoul Branch) and therefore, has suspended research coverage.

Distribution of ratings/investment banking relationships
Distribution of ratings chart




Previous disclosures



Disclosure codes and definitions prior to October 25, 2013

KMN Goldman Sachs (Asia) L.L.C., Seoul Branch beneficially owned {number of} Equity Linked Warrants which has the company's stock as the underlier as of the close of business two business days prior to the current date for which it is acting as a liquidity provider: {name of series}.


Disclosure codes and definitions prior to March 13, 2008

MM1 Goldman Sachs makes a market in the securities.


Disclosure codes and definitions prior to November 3, 2007

JMA Japanese Stock Exchange(s) and/or JSDA designated this company's common stock for daily margin trade volume announcements.
JMI Japanese Stock Exchange(s) and/or JSDA imposed increased margin requirements for this company's common stock.
JSL Japanese Securities Finance Company has issued a warning against using this company's common stock in loan transactions.


Disclosure codes and definitions prior to March 14, 2007

LP1 Goldman Sachs beneficially owned 15% or more of common equity (excluding positions managed by affiliates and business units not required to be aggregated under US securities law) as of the month end preceding this report.


Disclosure codes and definitions prior to March 9, 2007

AD1 As a result of its beneficial ownership of this company's common stock, Goldman Sachs may be deemed an affiliate of the issuer. Goldman Sachs disclaims such status.
LP2 Goldman Sachs beneficially owned 15% or more of common equity (excluding positions managed by affiliates and business units not required to be aggregated under US securities law) as of the second most recent month end.


Disclosure codes and definitions prior to December 8, 2006

NBC Goldman Sachs has received non-investment banking securities-related compensation during the past 12 months.
1PC1 Goldman Sachs beneficially owned 1% or more of the common equity (including derivatives exercisable or convertible within 60 days but excluding positions managed by Goldman Sachs Asset Management) as of the month end preceding this report.
1PC2 Goldman Sachs beneficially owned 1% or more of the common equity (including derivatives exercisable or convertible within 60 days but excluding positions managed by Goldman Sachs Asset Management) as of the second most recent month end.
5PC1 Goldman Sachs beneficially owned 5% or more of the common equity (including derivatives exercisable or convertible within 60 days but excluding positions managed by Goldman Sachs Asset Management) as of the month end preceding this report.
5PC2 Goldman Sachs beneficially owned 5% or more of the common equity (including derivatives exercisable or convertible within 60 days but excluding positions managed by Goldman Sachs Asset Management) as of the second most recent month end.
LP1 Goldman Sachs beneficially owned 15% or more of the common equity (including derivatives exercisable or convertible within 60 days but excluding positions managed by Goldman Sachs Asset Management) as of the month end preceding this report.
LP2 Goldman Sachs beneficially owned 15% or more of the common equity (including derivatives exercisable or convertible within 60 days but excluding positions managed by Goldman Sachs Asset Management) as of the second most recent month end.
SD Goldman Sachs and/or its affiliates have a principal investment.
AD2 As a result of its beneficial ownership of this company's common stock, Goldman Sachs may be deemed an affiliate of the issuer.


Disclosure codes and definitions prior to September 29, 2006

NBC Goldman Sachs has received compensation for non-investment banking services in the past 12 months.
MC Goldman Sachs has managed or co-managed a public offering in the past 12 months.


Disclosure codes and definitions prior to August 11, 2006

AD1 As a result of its beneficial ownership of this company's common stock and/or its having directorship(s), Goldman Sachs may be deemed an affiliate of the issuer. Goldman Sachs disclaims such status.
AD2 As a result of its beneficial ownership of this company's common stock and/or its having directorship(s), Goldman Sachs may be deemed an affiliate of the issuer.


Disclosure codes and definitions prior to December 9, 2005

AD As a result of its beneficial ownership of this company's common stock, Goldman Sachs may be deemed an affiliate of the issuer. Goldman Sachs disclaims such status.
SP Goldman Sachs has a net short position of 1% or more of the share capital.
MC5 Goldman Sachs has managed or co-managed a public offering in the past 5 years.


Disclosure codes and definitions prior to March 11, 2005

FA Goldman Sachs is acting as a financial advisor in a pending transaction.
1PC1 Goldman Sachs beneficially owned 1% or more of the common equity (including derivatives exercisable or convertible within 60 days but excluding positions held by certain affiliates) as of the month end preceding this report.
1PC2 Goldman Sachs beneficially owned 1% or more of the common equity (including derivatives exercisable or convertible within 60 days but excluding positions held by certain affiliates) as of the second most recent month end.
MM2 Goldman Sachs is a specialist in the securities (including derivative securities).


Disclosure codes and definitions prior to February 2004

1PC1 The Goldman Sachs Group, Inc. beneficially owned 1% or more of a class of equity securities of the subject company as of the end of the month immediately preceding the publication date of this report.
1PC2 If the publication date is less than ten calendar days after month end, The Goldman Sachs Group, Inc. beneficially owned 1% or more of a class of equity securities of the subject company as of the end of the second most recent month.
AD As a result of its beneficial ownership of this company's common stock, regulations require that we indicate that The Goldman Sachs Group, Inc. may be deemed an affiliate of the issuer. The Goldman Sachs Group, Inc. disclaims such status.
BC1 The Goldman Sachs Group, Inc. and/or its affiliates have received during the past 12 months compensation for investment banking services from the company, its parent, or its wholly owned or majority-owned subsidiary.
BC2 The Goldman Sachs Group, Inc. and/or its affiliates expect to receive or intend to seek compensation for investment banking services in the next 3 months from the company, its parent, or its wholly owned or majority-owned subsidiary.
DIR A director and/or employee of The Goldman Sachs Group, Inc. is a director of the company.
JMA Japanese Stock Exchange(s) and/or JSDA designated this company's common stock for daily margin trade volume announcements.
JMI Japanese Stock Exchange(s) and/or JSDA imposed increased margin requirements for this company's common stock.
JSL Japanese Securities Finance Company has issued a warning against using this company's common stock in loan transactions.
MC The Goldman Sachs Group, Inc. and/or its affiliates have managed or co-managed a public offering of the company's securities in the past 12 months.
MM1 The Goldman Sachs Group, Inc. makes a market in the securities of the company.
MM2 The Goldman Sachs Group, Inc. is a specialist in the securities (including derivative securities) of the company.
SD The Goldman Sachs Group, Inc. and/or its affiliates have a principal investment in the company's securities.


MM1 and MM2 codes and definitions in effect prior to September 20, 2003
MM1 The Goldman Sachs Group, Inc. and/or its affiliates make a market or are the specialist in the securities of the company.
MM2 As such, the market maker or specialist may have an inventory position, either "long" or "short," in the relevant security and may be on the opposite side of orders executed on the relevant exchange.

Disclosure codes and definitions in effect prior to July 9, 2002
CF The Goldman Sachs Group, Inc. or an affiliate has rendered significant corporate finance services to the company or affiliates thereof within the past 12 months.
CP An affiliate of The Goldman Sachs Group, Inc. has acted as dealer in the commercial paper of the company and/or affiliates thereof within the past 12 months.
DP The Goldman Sachs Group, Inc. or an affiliate may deal as principal in any of the securities mentioned.
LA The Goldman Sachs Group, Inc. or an affiliate may deal as principal in the listed ADRs of this company.
M The Goldman Sachs Group, Inc. or an affiliate has managed or co-managed a public offering of the company's securities in the past several years.
MR The Goldman Sachs Group, Inc. or an affiliate has managed or co-managed an offering of the company's securities in the past several years.
SP1 The Goldman Sachs Group, Inc. is associated with a specialist who makes a market in the security and/or option. At any given time, the associated specialist may have an inventory position, either "long" or "short," in the security and/or option.
SP2 As a result of the associated specialist's function as a market maker, such specialist may be on the opposite side of orders executed on the floor of the exchange in the security and/or option.

The Goldman Sachs Group, Inc. and/or an affiliate makes an over-the-counter market in various securities of the companies it follows. The codes are defined as follows:
ADR/ADS American depository receipts/shares EC(RTRSY) United News Euro convertible into
Reuters ordinary shares
BAS Bearer A shares ES Equity Securities
BS Bearer shares G Genussschein
CD Convertible debentures GDR/GDS Global depository receipts/shares
CPF Convertible preferred shares New CLA New Class A special shares
CPF(RTRSY) News Corp. convertible preferred convertible into
Reuters ordinary shares
New CLB New Class B shares
CLA Class A shares NVS Non-voting shares
CLB Class B shares OS Ordinary shares
CS Common stock PC Participating certificates
CVS Convertible voting shares RA Registered ADRs
EC Euro convertibles RBS Registered bearer shares
ED Equity derivatives RS Registered shares
For RS Foreign registered shares W Warrants
EC(ENT) Elf Aquitaine Euro convertibles, convertible
into Enterprise Corporation ordinary shares
ZC Zero coupon convertibles
EC(MMM) D&K Euro convertibles convertible into
Minnesota Mining & Mfrg common stock.

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