Exhibit 65: FTSE 100 Price Level and British Pound — Exhibit 66: TOPIX Price Level A weaker pound benefits FTSE 100 companies, which Japanese equities have traded in a large-but- generate 75% of sales outside the UK. contained range. Index Level Exchange Rate Price Level 7,300 ——\_ FTSE 100 Price Level 115 3,500 5 it - — — — - GBP/USD (Right, Inverted) ‘a arexit ar? 3,000 6,900 Vote : re 1.25 | * ‘ r 2,500 6,700 ‘Ms “y ¥ 1.30 6,500 h ne = 1.35 2,000 Flat 4 6,300 bp j 5 wil . ap 1.40 1,500 | 6100 he te FY EM Depreciation 1.45 at le 1,000 5,900 ! 1.50 5,700 155 BNNs 5,500 1.60 0 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 1980 1985 1990 1995 2000 2005 2010 2015 Data through December 31, 2016. Data through December 31, 2016. Source: Investment Strategy Group, Bloomberg. Source: Investment Strategy Group, Goldman Sachs Global Investment Research, Bloomberg. footprint—75% of sales come from outside the we do not believe it offers investors a large enough UK economy—should benefit from the accelerating margin of safety to justify a tactical overweight. global GDP growth we expect this year, just Keep in mind that significant uncertainties remain as this exposure profited from last year’s 16% around the final contours of Brexit. Moreover, depreciation of the British pound (see Exhibit a shift by the Bank of England toward raising 65). Second, last year’s best-performing sectors— interest rates this year could reverse much of the commodities and financials—are well positioned British pound’s depreciation, to the detriment of to extend their run. Financials—the largest UK UK earnings. Finally, FTSE 100’s global footprint sector—stands to benefit from rising interest rates, could magnify any disruption to global trade while the commodity sectors should get a boost volumes resulting from protectionist policies. from higher oil prices. Notably, these two sectors account for nearly half of FTSE 100 market capitalization. Japanese Equities: Scaling a Familiar Peak With these tailwi