Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. The Goldman Sachs Group, Inc. GLOBAL MACRO RESEARCH | June 11, 2018 | 3:15AM BST THE WORLD CUP ANDECONOMICS 2018 For a list of authors, please see inside THE WORLD CUP 2018