Exhibit 98: Full-Year Average Global Crude Oil Exhibit 99: Gold Prices and US 10-Year Real Supply and Demand Interest Rates Oil consumption in 2017 could exceed supply for the first Gold prices and real interest rates are closely linked. time since 2013. i § —— World Production Average Forecast ee P - —— = =World Consumption —_> , 98 Production 1.0 . a is : 0s Between 2014 and 2016 oe F 00 94 cone # “supply/Demand t b> eyes ted 1,7 Forecasts Pointto 1,200 ft un , 05 aa Brodittion , (a Small Deficit in 2017 j F, if ' a a0 J \ LC 800 ‘4 fy Fie ‘ 15 88 FD Vr eer 2.0 ro “ 400 viv y) if —— Gold Price 25 86 e ‘Zl y, d - == == 10-Year US Real Rate (Right, Inverted) 3.0 84 0 3.5 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201Ge 2017f 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Data through December 31, 2016. Data through December 31, 2016. Source: Investment Strategy Group, Goldman Sachs Global Investment Research, International Source: Investment Strategy Group, Bloomberg. Energy Agency, OPEC, US Department of Energy, Energy Aspects, PIRA, Bloomberg, Barclays, JP Morgan. very depressed despite the recent uptick in rigs, Gold: Still Searching for Its Luster providing scope for further increases (see Exhibit Gold was not immune from the reversal of fortune 97). As a result, we expect shale production to that befell interest rates last year, reminding us recover in 2017, partially offsetting cuts elsewhere. that their fates are fundamentally linked (see Despite these potentially destabilizing forces, Exhibit 99). Put simply, higher interest rates raise we still think the oil market can swing to a small the opportunity cost of holding gold, since the deficit this year. While lower input costs create yellow metal generates no cash flow and must upside risks to US shale production, these costs are be physically stored, often at a cost. A similarly highly correlated with oil itself. As a result, today’s inverse relationship exists with the US dollar, as $50