Meeting with management continue to buy ahead of NT catalysts

COMPANY UPDATE Buy Meeting with management continue to buy ahead of NT catalysts What's changed Yesterday, we had the opportunity to sit down with Teva s CEO (Shlomo Yanai) and CFO (Eyal Desheh) where we discussed several topics including strategic outlook and anticipated opportunities from the Barr acquisition. Overall, we continue to see Teva as increasingly well positioned to deliver solid long-term growth and would highlight the following: (1) 2009 and 2010 setting up to be key years and we remain ~3% and ~6% above consensus; (2) Competitive landscape becoming increasingly competitive with size, scale and selection as meaningful barriers with Teva holding a clear leadership position globally and other consolidator interest becoming less clear in our view; and (3) Big-to-big transition likely to continue to the benefit of Teva with CVS announced intention to acquire Longs another data point. Reaffirm Buy rating and $56 price target. Implications The release of Azilect data will be the next key catalysts and we continue to see upside here (see our recent report from July 28 Proprietary survey provides support to Azilect upside opportunity ). Key dates: (1) ADAGIO results presented at EFNS August 26 we believe the data will give investors and physicians insight into Azilect s market potential. (2) American Neurological Association (ANA) meeting in Salt Lake City, Utah on September 21 where there will be another presentation along with abstract with further data from ADAGIO. Valuation Our 12-month $56 price target is equally weighted on P/E and EV/EBITDA. Key risks (1) Timing closing deal with Barr; (2) Integration of Barr; (3) Usual generic risks industry pricing and litigation key variables. Investment Profile: Teva Pharmaceuticals Low Growth Returns * Multiple Volatility Percentile 20th 40th 60th 80th 100th TEVA Americas Healthcare Est. Market Leaders Peer Group Average High Growth Returns * Multiple Volatility * Returns = Return on Capital For a complete description of the investment profile measures please refer to the disclosure section of this document. Key data Current Price ($) 46.58 12 month price target ($) 56.00 Market cap ($ mn) 36,192.7 Dividend yield (%) 1.0 Net margin (%) 19.9 Debt/total capital (%) 23.4 12/07 12/08E 12/09E 12/10E Revenue ($ mn) 9,408.0 11,451.4 12,550.9 14,060.7 EPS ($) 2.38 2.75 3.11 3.81 P/E (X) 19.6 16.9 15.0 12.2 EV/EBITDA (X) 11.6 11.2 9.8 7.6 ROE (%) 15.7 15.3 15.0 16.2 6/08 9/08E 12/08E 3/09E EPS ($) 0.65 0.72 0.74 0.72 Price performance chart 50 49 48 47 46 45 44 43 42 41 40 Aug-07 Nov-07 Feb-08 May-08 Teva Pharmaceuticals (L) S&P 500 (R) 1,700 1,650 1,600 1,550 1,500 1,450 1,400 1,350 1,300 1,250 1,200 INVESTMENT LIST MEMBERSHIP Americas Buy List Americas Conviction Buy List Coverage View: Neutral Israel: Pharmaceuticals Share price performance (%) 3 month 6 month 12 month Absolute 3.9 (2.2) 8.0 Rel. to S&P 500 13.3 4.0 22.0 Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 8/13/2008 close. Randall Stanicky, CFA The Goldman Sachs Group, Inc. does and seeks to do business with (212) 357-3292 randall.stanicky@gs.com Goldman, Sachs & Co. companies covered in its research reports. As a result, investors should Robert P. Jones be aware that the firm may have a conflict of interest that could affect (212) 357-3336 robert.p.jones@gs.com Goldman, Sachs & Co. the objectivity of this report. Investors should consider this report as Alex Pekler, CFA only a single factor in making their investment decision. Customers in (212) 902-0127 alex.pekler@gs.com Goldman, Sachs & Co. the US can receive independent, third-party research on companies Adriana Kalova covered in this report, at no cost to them, where such research is (212) 855-9708 adriana.kalova@gs.com Goldman, Sachs & Co. available. Customers can access this independent research at www.independentresearch.gs.com or call 1-866-727-7000. For Reg AC certification, see the text preceding the disclosures. For other important disclosures go to www.gs.com/research/hedge.html. Analysts employed by non-us affiliates are not required to take the NASD/NYSE analyst exam. The Goldman Sachs Group, Inc. Global Investment Research Goldman Sachs Global Investment Research 1

Teva Pharmaceuticals: Summary financials Profit model ($ mn) 12/07 12/08E 12/09E 12/10E Balance sheet ($ mn) 12/07 12/08E 12/09E 12/10E Total revenue 9,408.0 11,451.4 12,550.9 14,060.7 Cash & equivalents 2,875.0 4,181.4 6,349.0 9,257.8 Cost of goods sold (4,531.0) (5,334.1) (5,843.5) (6,635.8) Accounts receivable 4,544.0 4,686.9 4,780.4 5,285.7 SG&A (1,901.0) (2,536.3) (2,725.4) (2,641.2) Inventory 2,440.0 2,753.9 2,751.6 3,104.9 R&D (581.0) (820.7) (922.2) (1,042.2) Other current assets 0.0 0.0 0.0 0.0 Other operating profit/(expense) 0.0 0.0 0.0 0.0 Total current assets 9,859.0 11,622.1 13,881.0 17,648.5 ESO expense -- -- -- -- Net PP&E 2,515.0 2,941.5 3,154.8 3,393.9 EBITDA 2,916.0 3,277.9 3,584.2 4,303.2 Net intangibles 10,326.0 10,881.3 10,708.3 10,540.3 Depreciation & amortization (521.0) (517.7) (524.4) (561.7) Total investments 712.0 950.5 991.8 1,119.2 EBIT 2,395.0 2,760.2 3,059.8 3,741.5 Other long-term assets 0.0 0.0 0.0 0.0 Net interest income/(expense) (42.0) (141.0) (32.0) (24.0) Total assets 23,412.0 26,395.3 28,735.9 32,701.8 Income/(loss) from associates 0.0 0.0 0.0 0.0 Others 0.0 0.0 0.0 0.0 Accounts payable 3,530.0 4,381.4 4,314.4 4,941.3 Pretax profits 2,353.0 2,619.2 3,027.8 3,717.5 Short-term debt 1,841.0 1,554.4 2,008.4 2,300.3 Provision for taxes (397.2) (341.3) (454.2) (557.6) Other current liabilities 0.0 0.0 0.0 0.0 Minority interest 0.0 (1.0) 0.0 0.0 Total current liabilities 5,371.0 5,935.8 6,322.9 7,241.5 Net income pre-preferred dividends 1,951.8 2,276.9 2,573.6 3,159.9 Long-term debt 3,673.0 3,368.4 3,233.2 3,494.7 Preferred dividends 0.0 0.0 0.0 0.0 Other long-term liabilities 608.0 950.6 925.9 1,103.7 Net income (pre-exceptionals) 1,951.8 2,276.9 2,573.6 3,159.9 Total long-term liabilities 4,281.0 4,319.0 4,159.0 4,598.4 Post tax exceptionals 0.0 0.0 0.0 0.0 Total liabilities 9,652.0 10,254.8 10,481.9 11,840.0 Net income (post-exceptionals) 1,951.8 2,276.9 2,573.6 3,159.9 Preferred shares 0.0 0.0 0.0 0.0 EPS (basic, pre-except) ($) 2.54 2.94 3.32 4.08 Total common equity 13,724.0 16,099.5 18,213.1 20,820.9 EPS (diluted, pre-except) ($) 2.38 2.75 3.11 3.81 Minority interest 36.0 41.0 41.0 41.0 EPS (basic, post-except) ($) 2.54 2.94 3.32 4.08 EPS (diluted, post-except) ($) 2.35 2.72 3.08 3.78 Total liabilities & equity 23,412.0 26,395.3 28,735.9 32,701.8 Common dividends paid (299.0) (383.4) (460.1) (552.1) DPS ($) 0.36 0.46 0.55 0.66 Dividend payout ratio (%) 14.2 15.6 16.6 16.2 Additional financials 12/07 12/08E 12/09E 12/10E Net debt/equity (%) 19.2 4.6 (6.1) (16.6) Interest cover (X) 57.0 19.6 95.6 155.9 Growth & margins (%) 12/07 12/08E 12/09E 12/10E Inventory days 174.0 177.7 171.9 161.1 Sales growth 11.9 21.7 9.6 12.0 Receivable days 160.3 147.1 137.7 130.7 EBITDA growth 7.3 12.4 9.3 20.1 BVPS ($) 16.53 19.26 21.79 24.91 EBIT growth 4.7 15.3 10.9 22.3 Net income (pre-except) growth 4.1 16.7 13.0 22.8 ROA (%) 8.9 9.1 9.3 10.3 EPS growth (2.1) 15.7 12.7 22.9 CROCI (%) 16.0 14.0 14.6 19.4 Gross margin 51.8 53.4 53.4 52.8 EBITDA margin 31.0 28.6 28.6 30.6 Dupont ROE (%) 14.2 14.1 14.1 15.1 EBIT margin 25.5 24.1 24.4 26.6 Margin (%) 20.7 19.9 20.5 22.5 Turnover (X) 0.4 0.4 0.4 0.4 Cash flow statement ($ mn) 12/07 12/08E 12/09E 12/10E Leverage (X) 1.7 1.6 1.6 1.6 Net income 1,951.8 2,276.9 2,573.6 3,159.9 D&A add-back (incl. ESO) 521.0 517.7 524.4 561.7 Free cash flow per share ($) 1.66 3.47 3.39 4.47 Minority interest add-back 0.0 0.0 0.0 0.0 Free cash flow yield (%) 4.1 7.5 7.3 9.6 Net (inc)/dec working capital (825.0) 865.1 295.8 60.0 Other operating cash flow 98.0 (371.4) (201.4) 312.0 Cash flow from operations 1,813.0 3,397.2 3,192.5 4,093.6 Capital expenditures (542.0) (708.2) (564.8) (632.7) Acquisitions (18.0) (414.0) 0.0 0.0 Divestitures 0.0 0.0 0.0 0.0 Others (793.0) 226.7 0.0 0.0 Cash flow from investing (1,353.0) (1,479.4) (564.8) (632.7) Dividends paid (common & pref) (299.0) (383.4) (460.1) (552.1) Inc/(dec) in debt (158.0) (236.0) 0.0 0.0 Other financing cash flows 95.0 (84.0) 0.0 0.0 Cash flow from financing (362.0) (703.4) (460.1) (552.1) Total cash flow 98.0 1,306.4 2,167.7 2,908.8 Note: Last actual year may include reported and estimated data. Source: Company data, Goldman Sachs Research estimates. Analyst Contributors Randall Stanicky, CFA randall.stanicky@gs.com Adriana Kalova adriana.kalova@gs.com Robert P. Jones robert.p.jones@gs.com Alex Pekler, CFA alex.pekler@gs.com Goldman Sachs Global Investment Research 2

Goldman Sachs Global Investment Research 3 Exhibit 1: Teva income statement FY2006-FY2010E $ millions except per share data TEVA-Income Statement FY2006 FY2007 FY2008 FY2009 FY2010 Comments ($ in millions) Actual Mar-07 Jun-07 Sep-07 Dec-07 Actual Mar-08 Jun-08 Sep-08E Dec-08E Est. Mar-09E Jun-09E Sep-09E Dec-09E Est. Est. Pharma Sales North America 4,655 1,071 1,341 1,315 1,435 5,162 1,368 1,505 1,699 1,721 6,292 1,635 1,654 1,656 1,660 6,604 7,326 Growth Y-Y 64.1% 25.9% 9.3% -0.8% 14.6% 10.9% 27.7% 12.2% 29.2% 19.9% 21.9% 19.5% 9.9% -2.5% -3.5% 4.9% 10.9% Europe 1,849 521 556 567 601 2,245 667 762 725 751 2,905 791 913 849 864 3,417 3,850 Growth Y-Y 34.2% 36.9% 13.1% 22.3% 17.2% 21.4% 28.0% 37.1% 27.9% 25.0% 29.4% 18.6% 19.9% 17.1% 15.0% 17.6% 12.7% Rest of World 1,193 340 346 354 400 1,440 384 400 413 450 1,648 437 456 471 513 1,876 2,166 Growth Y-Y 144.6% 31.7% 30.8% 14.4% 10.8% 20.7% 12.9% 15.6% 16.8% 12.6% 14.4% 13.8% 13.9% 13.9% 13.8% 13.9% 15.4% Total Pharma Sales 7,697 1,932 2,243 2,236 2,436 8,847 2,419 2,667 2,837 2,922 10,846 2,862 3,023 2,975 3,036 11,897 13,341 Growth Y-Y 63.7% 29.7% 13.1% 6.5% 14.6% 14.9% 25.2% 18.9% 26.9% 20.0% 22.6% 18.3% 13.3% 4.9% 3.9% 9.7% 12.1% API and Other API Revenue 586 148 143 130 140 561 153 156 146 151 606 165 168 157 163 654 720 2Q: API sales of ~$452mn including internal sales Growth Y-Y 11.8% -0.7% -1.4% -7.9% -7.3% -4.3% 3.4% 9.1% 12.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 10.0% Animal Health and other 171 Included in Pharma sales from 4Q06 Growth Y-Y 644.8% Total API and Other 757 148 143 130 140 561 153 156 146 151 606 165 168 157 163 654 720 Growth Y-Y 38.4% -0.7% -1.4% -7.9% -7.3% -4.3% 3.4% 9.1% 12.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 10.0% Total Revenue 8,408 2,080 2,386 2,366 2,576 9,408 2,572 2,823 2,983 3,074 11,451 3,028 3,191 3,133 3,200 12,551 14,061 2Q: Revenue positive F/X impact of 6% Growth Y-Y 60.1% 24.4% 9.8% 3.5% 13.1% 11.9% 23.7% 18.3% 26.1% 19.3% 21.7% 17.7% 13.0% 5.0% 4.1% 9.6% 12.0% Total Cost of Goods Sold 4,053 1,043 1,143 1,116 1,229 4,531 1,200 1,318 1,382 1,434 5,334 1,406 1,493 1,457 1,488 5,844 6,636 As a % of revenue 48.21% 50.14% 47.90% 47.17% 47.71% 48.16% 46.66% 46.69% 46.35% 46.65% 46.58% 46.43% 46.78% 46.53% 46.50% 46.56% 47.19% Total Gross Profit 4,354 1,037 1,243 1,250 1,347 4,877 1,372 1,505 1,600 1,640 6,117 1,622 1,698 1,675 1,712 6,707 7,425 2Q: 5th straight quarter with GM above 50% Gross Margin 51.79% 49.86% 52.10% 52.83% 52.29% 51.84% 53.34% 53.31% 53.65% 53.35% 53.42% 53.57% 53.22% 53.47% 53.50% 53.44% 52.81% Research & Development 495 135 137 141 168 581 179 198 215 229 821 227 233 232 230 922 1,042 2Q: expect to get to 7.5% of sales by end of 2008 As a % of revenue 5.88% 6.49% 5.74% 5.96% 6.52% 6.18% 6.96% 7.01% 7.20% 7.45% 7.17% 7.50% 7.30% 7.40% 7.20% 7.35% 7.41% SG&A (adj for Copaxone take-back in 2Q08) 1,573 456 469 458 518 1,901 514 669 677 676 2,536 681 686 681 677 2,725 2,641 As a % of revenue 18.71% 21.92% 19.66% 19.36% 20.11% 20.21% 19.98% 23.70% 22.70% 22.00% 22.15% 22.50% 21.50% 21.75% 21.15% 21.71% 18.78% EBIT (before one-time items) 2,287 446 637 651 661 2,395 679 638 709 735 2,760 714 779 762 805 3,060 3,742 Operating margin 27.20% 21.44% 26.70% 27.51% 25.66% 25.46% 26.40% 22.60% 23.75% 23.90% 24.10% 23.57% 24.42% 24.32% 25.15% 24.38% 26.61% Acquisition of in-process R&D - - - - - - - - - - - - - - - - - Restructuring, other - - - - - - - - - - - - - - - - - Interest / dividend income (exp) (95) (28) (8) (3) (3) (42) (57) (28) (28) (28) (141) (8) (8) (8) (8) (32) (24) 2Q: included a $25M charge for auction rate securities Other income, net - - - - - - - - - - - - - - - - - Income before tax 2,192 418 629 648 658 2,353 622 610 681 707 2,619 706 771 754 797 3,028 3,718 Provision for income taxes 327 75 113 125 84 397 93 68 88 92 341 106 116 113 120 454 558 2Q: 13% is updated.annual guidance estiamte for 2008 Tax rate 14.92% 18.00% 17.97% 19.29% 12.77% 16.88% 14.95% 11.15% 13.00% 13.00% 13.03% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% Share in profits of associates - - - - (5.0) 1 (1) - - - - - - - - - Minority interests, net - - - - 1.0 1 (2) - - (1.0) - - - - - - Add-back in-process R&D (net) - - - - - - - - - - - - - - - - - Add-back non-recurring, other (net) - - - - - - - - - - - - - - - - - Net Income (pro-forma) 1,875 343 516 523 570 1,952 531 539 592 615 2,277 600 656 641 677 2,574 3,160 Add-back of interest adj & other 22 6 6 6 6 24 6 6 6 6 24 6 6 6 6 24 24 EPS (pro-forma), diluted $2.30 $0.42 $0.63 $0.64 $0.69 $2.38 $0.64 $0.65 $0.72 $0.74 $2.75 $0.72 $0.79 $0.77 $0.82 $3.11 $3.81 Growth Y-Y 44.6% 14.0% -4.0% -13.6% 29.3% 3.6% 52.3% 3.4% 12.5% 7.5% 15.7% 12.8% 21.4% 8.2% 10.0% 12.9% 22.6% Diluted shares (ADRs) 822 827 828 832 834 830 836 836 836 836 836 836 836 836 836 836 836 Source: Company data, Goldman Sachs Research estimates. 2Q: strong U.S. Copaxone and launches of generic Wellburin XL (150mg) and Risperdal key drivers. 2Q: strength in France, Hungary, Poland, and Czech Republic helped by weakening US dollar 2Q: Growth driven in Russia and across Latin America 2Q: in 2Q08 Teva recognized all N. American in-market Copaxone sales - royalty paid 25% from SG&A 2Q: Copaxone 25% royalty to SNY to be paid from SG&A ~ 22-24% of rev 2Q08-4Q08 (~$60-70M per qtr increase) 2Q: 2008 guidance narrowed to $2.69-2.75 from $2.60-$2.75 with 2009 standalone Teva still "to exceed $3.00".

Reg AC I, Randall Stanicky, CFA, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Investment profile The Goldman Sachs Investment Profile provides investment context for a security by comparing key attributes of that security to its peer group and market. The four key attributes depicted are: growth, returns, multiple and volatility. Growth, returns and multiple are indexed based on composites of several methodologies to determine the stocks percentile ranking within the region's coverage universe. The precise calculation of each metric may vary depending on the fiscal year, industry and region but the standard approach is as follows: Growth is a composite of next year's estimate over current year's estimate, e.g. EPS, EBITDA, Revenue. Return is a year one prospective aggregate of various return on capital measures, e.g. CROCI, ROACE, and ROE. Multiple is a composite of one-year forward valuation ratios, e.g. P/E, dividend yield, EV/FCF, EV/EBITDA, EV/DACF, Price/Book. Volatility is measured as trailing twelve-month volatility adjusted for dividends. Quantum Quantum is Goldman Sachs' proprietary database providing access to detailed financial statement histories, forecasts and ratios. It can be used for in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets. Disclosures Coverage group(s) of stocks by primary analyst(s) Randall Stanicky, CFA: America-Healthcare Services:Pharmaceutical Services, America-Healthcare Supply Chain, America-Pharmaceuticals Generics. America-Healthcare Services:Pharmaceutical Services: Charles River Laboratories, Covance Inc., ICON plc (ADR), IMS HEALTH Incorporated, Kendle International Inc., MDS Inc., MDS Inc. (Toronto), Parexel International Corp., Pharmaceutical Product Dev.. America-Healthcare Supply Chain: AmerisourceBergen Corp., athenahealth, Inc., Cardinal Health, Inc., Express Scripts, Inc., Henry Schein, Inc., McKesson Corp., Medco Health Solutions, Omnicare, Inc., Owens & Minor, Inc., PSS World Medical, Inc.. America-Pharmaceuticals Generics: Barr Pharmaceuticals, Inc., Biovail Corp., Mylan Inc., Par Pharmaceutical Cos., Inc., Perrigo Co., Teva Pharmaceuticals, Watson Pharmaceuticals, Inc.. Company-specific regulatory disclosures 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 this research. Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Teva Pharmaceuticals ($46.58) Goldman Sachs had an investment banking services client relationship during the past 12 months with: Teva Pharmaceuticals ($46.58) Goldman Sachs makes a market in the securities or derivatives thereof: Teva Pharmaceuticals ($46.58) 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: Teva Pharmaceuticals ($46.58) Distribution of ratings/investment banking relationships Goldman Sachs Investment Research global coverage universe Rating Distribution Investment Banking Relationships Buy Hold Sell Buy Hold Sell Global 28% 57% 15% 50% 46% 40% As of July 1, 2008, Goldman Sachs Global Investment Research had investment ratings on 3,006 equity securities. Goldman Sachs assigns stocks as Buys and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for the purposes of the above disclosure required by NASD/NYSE rules. See 'Ratings, Coverage groups and views and related definitions' below. Goldman Sachs Global Investment Research 4

Price target and rating history chart(s) Te va Pharm ace uticals (TEVA) Stock Price Currency : U.S. Dollar Goldman Sachs rating and stock price target history 60 55 50 40 42 41 52 1,600 1,500 45 40 35 30 25 38 42 44 48 47 50 56 1,400 1,300 1,200 Stock Price 20 1,100 Sep 27 Jun 26 Jan 18 OP IL N B A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J 2005 2006 2007 2008 Source: Goldman Sachs Investment Research for ratings and price targets; FactSet closing prices as of 6/30/2008. Rating Covered by Randall Stanicky, CFA, as of Sep 21, 2005 Price target Index Price Price target at removal S&P 500 Not covered by current analyst New rating system as of 6/26/06 The price targets show n should be considered in the context of all prior published Goldman Sachs research, w hich may or may not have included price targets, as w ell as developments relating to the company, its industry and financial markets. 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Is a Financial Instrument Dealer under the Financial Instrument and Exchange Law, registered with the Kanto Financial Bureau (Registration No. 69), and is a member of Japan Securities Dealers Association (JSDA) and Financial Futures Association of Japan (FFJAJ). Sales and purchase of equities are subject to commission pre-determined with clients plus consumption tax. See company-specific disclosures as to any applicable disclosures required by Japanese stock exchanges, the Japanese Securities Dealers Association or the Japanese Securities Finance Company. Ratings, coverage groups and views and related definitions Buy (B), Neutral (N), Sell (S) -Analysts recommend stocks as Buys or Sells for inclusion on various regional Investment Lists. Being assigned a Buy or Sell on an Investment List is determined by a stock's return potential relative to its coverage group as described below. Any stock not assigned as a Buy or a Sell on an Investment List is deemed Neutral. 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Return potential represents the price differential between the current share price and the price target expected during the time horizon associated with the price target. Price targets are required for all covered stocks. The return potential, price target and associated time horizon are stated in each report adding or reiterating an Investment List membership. Coverage groups and views: A list of all stocks in each coverage group is available by primary analyst, stock and coverage group at http://www.gs.com/research/hedge.html. The analyst assigns one of the following coverage views which represents the analyst's investment outlook on the coverage group relative to the group's historical fundamentals and/or valuation. Attractive (A). The investment outlook over the following 12 months is favorable relative to the coverage group's historical fundamentals and/or valuation. Neutral (N). The investment outlook over the following 12 months is neutral relative to the coverage group's historical fundamentals and/or valuation. Cautious (C). The investment outlook over the following 12 months is unfavorable relative to the coverage group's historical fundamentals and/or valuation. Not Rated (NR). The investment rating and target price, if any, have been removed pursuant to Goldman Sachs policy when Goldman Sachs is acting in an advisory capacity in a merger or strategic transaction involving this company and in certain other circumstances. Rating Suspended (RS). Goldman Sachs Research has suspended the investment rating and price target, if any, for this stock, because there is not a sufficient fundamental basis for determining an investment rating or target. The previous investment rating and price target, if any, are no longer in effect for this stock and should not be relied upon. Coverage Suspended (CS). Goldman Sachs has suspended coverage of this company. Not Covered (NC). Goldman Sachs does not cover this company. Not Available or Not Applicable (NA). The information is not available for display or is not applicable. Not Meaningful (NM). The information is not meaningful and is therefore excluded. Ratings, coverage views and related definitions prior to June 26, 2006 Our rating system requires that analysts rank order the stocks in their coverage groups and assign one of three investment ratings (see definitions below) within a ratings distribution guideline of no more than 25% of the stocks should be rated Outperform and no fewer than 10% rated Underperform. The analyst assigns one of three coverage views (see definitions below), which represents the analyst's investment outlook on the coverage group relative to the group's historical fundamentals and valuation. Each coverage group, listing all stocks covered in that group, is available by primary analyst, stock and coverage group at http://www.gs.com/research/hedge.html. Definitions Outperform (OP). We expect this stock to outperform the median total return for the analyst's coverage universe over the next 12 months. In-Line (IL). We expect this stock to perform in line with the median total return for the analyst's coverage universe over the next 12 months. Underperform (U). We expect this stock to underperform the median total return for the analyst's coverage universe over the next 12 months. Coverage views: Attractive (A). The investment outlook over the following 12 months is favorable relative to the coverage group's historical fundamentals and/or valuation. Neutral (N). The investment outlook over the following 12 months is neutral relative to the coverage group's historical fundamentals and/or valuation. Cautious (C). The investment outlook over the following 12 months is unfavorable relative to the coverage group's historical fundamentals and/or valuation. Current Investment List (CIL). We expect stocks on this list to provide an absolute total return of approximately 15%-20% over the next 12 months. We only assign this designation to stocks rated Outperform. We require a 12-month price target for stocks with this designation. Each stock on the CIL will automatically come off the list after 90 days unless renewed by the covering analyst and the relevant Regional Investment Review Committee. Global product; distributing entities The Global Investment Research Division of Goldman Sachs produces and distributes research products for clients of Goldman Sachs, and pursuant to certain contractual arrangements, on a global basis. Analysts based in Goldman Sachs offices around the world produce equity research on industries and companies, and research on macroeconomics, currencies, commodities and portfolio strategy. This research is disseminated in Australia by Goldman Sachs JBWere Pty Ltd (ABN 21 006 797 897) on behalf of Goldman Sachs; in Canada by Goldman Sachs Canada Inc. regarding Canadian equities and by Goldman Sachs & Co. (all other research); in Germany by Goldman Sachs & Co. ohg; in Hong Kong by Goldman Sachs (Asia) L.L.C.; in India by Goldman Sachs (India) Securities Private Ltd.; in Japan by Goldman Sachs Japan Co., Ltd.; in the Republic of Korea by Goldman Sachs (Asia) L.L.C., Seoul Branch; in New Zealand by Goldman Sachs JBWere (NZ) Limited on behalf of Goldman Sachs; in Singapore by Goldman Sachs (Singapore) Pte. (Company Number: 198602165W); and in the United States of America by Goldman, Sachs & Co. Goldman Sachs International has approved this research in connection with its distribution in the United Kingdom and European Union. European Union: Goldman Sachs International, authorised and regulated by the Financial Services Authority, has approved this research in connection with its distribution in the European Union and United Kingdom; Goldman, Sachs & Co. ohg, regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht, may also be distributing research in Germany. General disclosures in addition to specific disclosures required by certain jurisdictions This research is for our clients only. Other than disclosures relating to Goldman Sachs, this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. We seek to update our research as appropriate, but various regulations may prevent us from doing so. Other than certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals as appropriate in the analyst's judgment. Goldman Sachs conducts a global full-service, integrated investment banking, investment management, and brokerage business. We have investment banking and other business relationships with a substantial percentage of the companies covered by our Global Investment Research Division. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and our proprietary trading desks that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, our proprietary trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research. We and our affiliates, officers, directors, and employees, excluding equity analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research. Goldman Sachs Global Investment Research 6

This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. The price and value of the investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Current options disclosure documents are available from Goldman Sachs sales representatives or at http://www.theocc.com/publications/risks/riskchap1.jsp. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. Our research is disseminated primarily electronically, and, in some cases, in printed form. Electronic research is simultaneously available to all clients. Disclosure information is also available at http://www.gs.com/research/hedge.html or from Research Compliance, One New York Plaza, New York, NY 10004. Copyright 2008 The Goldman Sachs Group, Inc. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of The Goldman Sachs Group, Inc. Goldman Sachs Global Investment Research 7