Obbligazione GOLDMAN SACHS GLOBAL 12% ( XS2403855203 ) in USD

GOLDMAN SACHS GLOBAL

100 USD ▲

Regno Unito

XS2403855203 ( in USD )

12% per anno ( pagato 2 volte l'anno)

02/01/2025 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Goldman Sachs International XS2403855203 in USD 12%, scaduta

1 000 USD

5 000 000 USD

Goldman Sachs International è una banca d'investimento globale con sede a Londra, sussidiaria di Goldman Sachs Group, Inc., che fornisce servizi di investimento bancario, gestione patrimoniale e trading a clienti istituzionali e privati.

The Obbligazione issued by GOLDMAN SACHS GLOBAL ( United Kingdom ) , in USD, with the ISIN code XS2403855203, pays a coupon of 12% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 02/01/2025

___________________________________________
Offering Circular
___________________________________________
GOLDMAN, SACHS & CO. WERTPAPIER GMBH
(Incorporated with limited liability in Germany)
as Issuer
GOLDMAN SACHS FINANCE CORP INTERNATIONAL LTD
(Incorporated with limited liability in Jersey)
as Issuer
GOLDMAN SACHS INTERNATIONAL
(Incorporated with unlimited liability in England)
as Issuer and, in respect of certain Securities only, as Guarantor
THE GOLDMAN SACHS GROUP, INC.
(A corporation organised under the laws of the State of Delaware)
in respect of certain Securities only, as Guarantor
SERIES P PROGRAMME FOR THE ISSUANCE OF
WARRANTS, NOTES AND CERTIFICATES
___________________________________________
This document (as may be supplemented from time to time, the "Offering Circular") constitutes an
offering circular in respect of the Series P Programme (as defined below). Any Securities (as defined
below) issued on or after the date of this Offering Circular are issued subject to the provisions herein,
if so provided in the Pricing Supplement (as defined below) prepared in relation to such Securities.
This Offering Circular does not constitute a prospectus for the purpose of Article 6 (or a base
prospectus for the purpose of Article 8) of Regulation (EU) 2017/1129 (as amended, the "EU
Prospectus Regulation") or Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue
of the EUWA (as defined below) and regulations made thereunder (the "UK Prospectus Regulation").
The Securities issued from time to time under this Offering Circular do not constitute a participation
in a collective investment scheme in the meaning of the Swiss Federal Act on Collective Investment
Schemes ("CISA"). They are neither subject to authorisation nor supervision by the Swiss Financial
Market Supervisory Authority FINMA ("FINMA"). Accordingly, investors do not benefit from the
specific investor protection provided under the CISA and are exposed to the issuer risk.
This Offering Circular is dated as of 17 November 2023 and has been approved on 17 November 2023
by the SIX Exchange Regulation AG as reviewing body (the "Reviewing Body") under the Swiss
Financial Services Act ("FinSA").
___________________________________________
The Issuers, the Guarantors and the Programme
The Issuers: Each of Goldman, Sachs & Co. Wertpapier GmbH ("GSW"), Goldman Sachs Finance Corp
International Ltd ("GSFCI") and Goldman Sachs International ("GSI", and together with GSW and
GSFCI, the "Issuers" and each, an "Issuer") may from time to time issue warrants or other similar
instruments (the "Warrants"), certificates or other similar instruments (the "Certificates" and together
with the Warrants, the "Instruments") and notes or other similar instruments (the "Notes", and together
with the Warrants and the Certificates, the "Securities") under the Series P Programme for the Issuance
of Warrants, Notes and Certificates of Goldman Sachs International, Goldman, Sachs & Co. Wertpapier

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GmbH and Goldman Sachs Finance Corp International Ltd (the "Programme" or the "Series P
Programme"). The Securities will have the terms and conditions described in this Offering Circular, as
completed and (if applicable) amended and/or supplemented, in the case of each issue of Securities, by
a pricing supplement (the "Pricing Supplement") specific to each issue of Securities.
The Guarantors: Securities issued under this Offering Circular and the Programme do not have the
benefit of a Guarantee, save as described below:

Securities issued by GSW: The payment obligations and (save as described below) delivery
obligations of GSW under the Securities are guaranteed by either (as specified in the applicable
Pricing Supplement):

(i)
GSG pursuant to (a) the GSG (New York law) Guaranty or (b) the GSG (Swiss law)
Guaranty (each as described below); or

(ii)
GSI pursuant to (a) the GSI (English law) Guarantee, (b) the GSI (New York law)
Guarantee (of PSL Notes under Cayman Islands law) or (c) the GSI (Swiss law)
Guarantee (each as described below).
Investors should carefully review the relevant Pricing Supplement to determine whether
the Securities issued by GSW have the benefit of the GSG (New York law) Guaranty, the
GSG (Swiss law) Guaranty, the GSI (English law) Guarantee, the GSI (New York law)
Guarantee (of PSL Notes under Cayman Islands law) or the GSI (Swiss law) Guarantee.

Securities issued by GSFCI: The payment obligations and (save as described below) delivery
obligations of GSFCI under the Securities are guaranteed by GSG pursuant to either (as
specified in the applicable Pricing Supplement): (i) the GSG (New York law) Guaranty or (ii)
the GSG (Swiss law) Guaranty (each as described below).
Investors should carefully review the relevant Pricing Supplement to determine whether
the Securities issued by GSFCI have the benefit of the GSG (New York law) Guaranty or
the GSG (Swiss law) Guaranty.

Securities issued by GSI: Unless otherwise specified in the relevant Pricing Supplement,
Securities issued by GSI will not have the benefit of a Guarantee. If specified in the relevant
Pricing Supplement, the payment obligations and (save as described below) delivery obligations
of GSI under the Securities are guaranteed by GSG pursuant to either (i) the GSG (New York
law) Guaranty or (ii) the GSG (Swiss law) Guaranty (each as described below).
Investors should carefully review the relevant Pricing Supplement to determine whether
the Securities issued by GSI have the benefit of a guarantee and, if so, whether the
applicable guarantee is the GSG (New York law) Guaranty or the GSG (Swiss law)
Guaranty.
Each of the GSG (New York law) Guaranty, GSG (Swiss law) Guaranty, GSI (English law) Guarantee,
GSI (New York law) Guarantee (of PSL Notes under Cayman Islands law) and GSI (Swiss law)
Guarantee will rank pari passu with all other unsecured and unsubordinated indebtedness of the relevant
Guarantor.
If the Issuer fails to satisfy its delivery obligations under the Securities, the relevant Guarantor (if any)
is only obliged to pay a cash amount instead of delivery of the Deliverable Assets.
Statements in relation to prospects and financial or trading position
In this Offering Circular, where GSI, GSW, GSFCI and GSG make statements that "there has been no
material adverse change in the prospects" and "there has been no significant change in the assets and
liabilities, financial position or financial performance or profits and losses" of GSI, GSW, GSFCI and
GSG, respectively, references in these statements to the "prospects" and "financial position or financial
performance" of GSI, GSW, GSFCI and GSG are specifically to their respective ability to meet their full
payment obligations under the Securities (in the case of each of GSI, GSW and GSFCI) or the Guarantees
(in the case of each of GSI and GSG (as applicable)) in a timely manner. Such statements are made in

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the "General Information" section. Material information about the respective assets and liabilities,
financial position or financial performance, profits and losses and prospects of GSI, GSW, GSFCI and
GSG is included in each of GSI's, GSW's, GSFCI's and GSG's annual and interim reports, which are
incorporated by reference into this Offering Circular.
This Offering Circular may be updated and replaced in its entirety from time to time.

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Warning: This Offering Circular has not been reviewed or approved by any competent authority
in the European Union ("EU") or the United Kingdom ("UK") under the EU Prospectus
Regulation or the UK Prospectus Regulation, respectively, or by any stock exchange which
constitutes a regulated market for the purposes of Directive 2014/65/EU on Markets in Financial
Instruments or UK regulated market for the purposes of Regulation (EU) No 600/2014 on markets
in financial instruments as it forms part of domestic law by virtue of the EUWA or by any other
regulator in any other jurisdiction. This means that the document is not a prospectus for the
purposes of the EU Prospectus Regulation or the UK Prospectus Regulation, may not be used for
an offering requiring such prospectus, and the Issuers will not be responsible for the content of
this document in relation to any offering which requires such a prospectus. This Offering Circular
has been prepared on the basis that any offer of Securities in any member state of the European
Economic Area (EEA) or the United Kingdom will be made pursuant to an exemption from the
requirement to produce a prospectus under the EU Prospectus Regulation or the UK Prospectus
Regulation, as applicable, for offers of Securities. Further, you should be aware that (i) this
Offering Circular may not include the same level of disclosure required by the EU Prospectus
Regulation or the UK Prospectus Regulation or other relevant EU or UK legislation and (ii) if you
acquire Securities under this Offering Circular you will not have any recourse to the relevant
Issuer under any EU Prospectus Regulation or the UK Prospectus Regulation related liability
regime, including but not limited to provisions for compensation arising under Section 90 of the
Financial Services and Markets Act 2000 (the "FSMA") in the UK. This document has been
approved by the Luxembourg Stock Exchange in respect of Securities to be admitted to trading on
the Luxembourg Stock Exchange's Euro MTF market and is valid for 12 months after its approval
(until 17 November 2024).
_______________________
The date of this Offering Circular is 17 November 2023.

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IMPORTANT INFORMATION
Investing in the Securities may involve exposure to derivatives and may, depending on the terms
of the particular Securities, put your capital at risk and you may lose some or all of your
investment. Also, if the relevant Issuer and (if applicable) the relevant Guarantor fail or go
bankrupt or enter into resolution proceedings, you may lose some or all of your investment.

Neither the Securities nor the Guarantees are bank deposits, and neither are insured or guaranteed
by any governmental agency: The Securities and the Guarantees are not bank deposits and are not
insured or guaranteed by the UK Financial Services Compensation Scheme, the Jersey Depositors
Compensation Scheme, the United States Federal Deposit Insurance Corporation, the U.S. Deposit
Insurance Fund or any other government or governmental or private agency or deposit protection scheme
in any jurisdiction.

Credit Risk: In the case of Securities linked to Underlying Asset(s), although the return on the Securities
will be based on the performance of the Underlying Asset(s), the payment of any amount due on the
Securities is subject to the credit risk of the relevant Issuer, and (if applicable) the credit risk of the
relevant Guarantor. This is also the case for Securities not linked to any Underlying Asset. The Securities
and the Guarantees are unsecured obligations. Investors are dependent on the ability of the relevant Issuer
to pay all amounts due on the Securities, and therefore investors are subject to the credit risk of the
relevant Issuer and to changes in the market's view of the relevant Issuer's creditworthiness. Similarly,
investors are dependent on the ability of (if applicable) the relevant Guarantor to pay all amounts due on
the Securities, and therefore are also subject to its credit risk and to changes in the market's view of its
creditworthiness.

The Securities do not constitute a participation in a Collective Investment Scheme within the
meaning of the Swiss Federal Act on Collective Investment Schemes ("CISA"). The Securities are
neither subject to the authorisation nor to the supervision by the Swiss Financial Market Supervisory
Authority FINMA ("FINMA") and investors do not benefit from the specific investor protection
provided under the CISA. Investors should be aware that they are exposed to the credit risk of the relevant
Issuer and the relevant Guarantor, if any, respectively.

Risks: Before purchasing Securities, you should consider carefully the information in this Offering
Circular, including the section entitled "Risk Factors" below on pages 28 to 88 and the risk factors in any
applicable product supplement.
Risks relating to the bankruptcy or resolution of The Goldman Sachs Group, Inc. or Goldman
Sachs International: The bankruptcy or resolution of GSG will not constitute an event of default
in relation to the Securities, and the bankruptcy or resolution of GSI (save in respect of Securities
for which it is the Issuer, but not where it is the Guarantor), will not constitute an event of default
in relation to the Securities. There is no automatic default or acceleration upon the bankruptcy or
resolution of the relevant Guarantor. In the event that the relevant Guarantor becomes subject to
bankruptcy or resolution proceedings (but the Issuer does not), you will not be able to declare the
Securities to be immediately due and repayable. Instead, you will need to wait until the earlier of the time
that (i) the Issuer itself becomes bankrupt or enters into resolution proceedings or otherwise defaults on
the terms of the Securities and (ii) the time the Securities become due and repayable at their maturity.
The return you receive on the Securities in this particular circumstance could be significantly less than
what you would have otherwise received had you been able to declare the Securities immediately due
and repayable upon the bankruptcy or resolution of the relevant Guarantor.
Responsibility: The Issuers and, in the case of GSFCI, the GSFCI directors and the Guarantors accept
responsibility for the information contained in this Offering Circular and confirm that, to the best of the
knowledge of the Issuers and, in the case of GSFCI, the GSFCI directors, and the Guarantors, the
information contained in the Offering Circular is true and accurate in all material respects and in
accordance with the facts and does not omit anything likely to affect the import of such information, and
there are no material facts the omission of which would make any statement in this Offering Circular

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misleading. Where information in this Offering Circular has been sourced from a third party, such
information has been accurately reproduced and, so far as the Issuers and, in the case of GSFCI, the
GSFCI directors, and the Guarantors are aware and are able to ascertain from information published by
that third party, no facts have been omitted which would render the reproduced information inaccurate
or misleading.
Important - EEA Retail Investors
Unless the Pricing Supplement in respect of the Securities specifies "Prohibition of Sales to EEA Retail
Investors" as "Not Applicable", the Securities are not intended to be offered, sold or otherwise made
available to, and may not be offered, sold or otherwise made available to, any retail investor in the
European Economic Area ("EEA

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Notwithstanding the above paragraph, in the case where the Pricing Supplement in respect of any
Securities specifies "Prohibition of Sales to UK Retail Investors" as "Applicable" but where the
Issuer subsequently prepares and publishes a key information document under the UK PRIIPs
Regulation in respect of such Securities, then following such publication, the prohibition on the
offering, sale or otherwise making available the Securities to a retail investor in the United
Kingdom as described in the above paragraph and in any legend on the Pricing Supplement shall
no longer apply.
Restrictions under the UK Prospectus Regulation: This Offering Circular has been prepared on the
basis that any offer of Securities in the United Kingdom will be made pursuant to an exemption under
the UK Prospectus Regulation from the requirement to publish a prospectus for offers of Securities.
Accordingly, any person making or intending to make an offer in the United Kingdom of Securities
which are the subject of a placement contemplated in this Offering Circular as completed by the relevant
Pricing Supplement may only do so in circumstances in which no obligation arises for the Issuer to
publish a prospectus pursuant to section 85 of the FSMA or supplement a prospectus pursuant to Article
23 of the UK Prospectus Regulation in relation to such offer. None of the Issuers or the Guarantors has
authorised, nor do any of them authorise, any offer of Securities which would require an Issuer or any
other entity to publish or supplement a prospectus in respect of such offer.
Consent of the Jersey Financial Services Commission and the Jersey Registrar of Companies: The
Jersey Financial Services Commission (the "Commission") has given, and has not withdrawn, its consent
under Article 4 of the Control of Borrowing (Jersey) Order 1958 to the issue of the Securities by GSFCI.
A copy of this Offering Circular has been delivered to the Jersey registrar of companies in accordance
with Article 5 of the Companies (General Provisions) (Jersey) Order 2002, and he has given, and has not
withdrawn, his consent to its circulation. It must be distinctly understood that, in giving these consents,

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"Commodity Exchange Act"). Except as provided below, the Securities and the Guarantees may not be
offered or sold within the United States or to U.S. persons (as defined in Regulation S under the Securities
Act ("Regulation S")). The Pricing Supplement relating to an Instrument (but not a Note) may provide
for an offer and sale of the whole or a portion of a Series of Instruments issued by GSI (but not any other
Issuer) to qualified institutional buyers ("QIBs") (as defined in Rule 144A under the Securities Act
("Rule 144A")) within the United States in reliance on an exemption from the registration requirements
of the Securities Act for transactions not involving any public offering ("Private Placement
Exemption"). In addition, GSI may from time to time issue Warrants that will be represented by a
Regulation S/Rule 144A Global Warrant which can be (a) offered and sold to QIBs in reliance on the
Private Placement Exemption and (b) offered and sold to investors who are located outside the United

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Offering Circular and expressly disclaims any liability whatsoever for any loss howsoever arising from
reliance upon the whole or any part of the content of this Offering Circular.
No offer of Securities will be made to the public in Bahrain and this Offering Circular together with any
Pricing Supplement or related offering documents must be read by the addressee only and must not be
issued, passed to, or made available to the public generally.
Any offer of Securities to investors in Bahrain will be made by way of private placement. For the
avoidance of doubt, no offer of Securities will be made to the public in Bahrain. All offers of Securities
to investors in Bahrain are therefore intended for "Accredited Investors" only. "Accredited Investors" are
defined as investors meeting the following criteria:
(a)
individuals who have a minimum net worth (or joint net worth with their spouse) of
U.S.$1,000,000 (one million United States Dollars) excluding that person's principal
place of residence;
(b)
companies, partnerships, trusts or other commercial undertakings, which have financial
assets available for investment of not less than U.S.$1,000,000 (one million United
States Dollars); or
(c)
Governments, supranational organisations, central banks or other national monetary
authorities, and state organisations whose main activity is to invest in financial
instruments (such as state pension funds).
Individuals and commercial undertakings may elect in writing to be treated as accredited investors
subject to meeting at least 2 (two) of the following conditions:
(a)
the investor has carried out trading/investing transactions, in significant size (i.e. value
of transactions aggregating U.S.$200,000 (two hundred thousand United States
Dollars)) over the last twelve (12) month period;
(b)
the size of the investor's financial assets portfolio including cash deposits and financial
instruments is U.S.$500,000 (five hundred thousand United States Dollars) or more;
and/or
(c)
the investor works or has worked in the financial sector for at least 1 (one) year in a
professional position, which requires knowledge of the transactions or services
envisaged (i.e. the position was professional in nature and held in a field that allowed
the client to acquire knowledge of transactions or services that have comparable
features and a comparable level of complexity to the transactions or services
envisaged).
All offers of Securities to investors in Bahrain will be made by way of private placement and may only
be offered to investors in Bahrain in minimum subscriptions of U.S.$100,000 (or equivalent in other
currencies).
Post-issuance Reporting: Neither the Issuers nor the Guarantors intend to provide any post-issuance
information or have authorised the making or provision of any representation or information regarding
the Issuers, the Guarantors or the Securities other than as contained or incorporated by reference in this
Offering Circular, in any other document prepared in connection with the Programme or any Pricing
Supplement or as expressly approved for such purpose by the Issuers or the Guarantors. Any such
representation or information should not be relied upon as having been authorised by the Issuers or the
Guarantors. Neither the delivery of this Offering Circular nor the delivery of any Pricing Supplement
shall, in any circumstances, create any implication that there has been no adverse change in the financial
situation of the Issuers or the Guarantors since the date hereof or, as the case may be, the date upon which
this Offering Circular has been most recently supplemented.
Restrictions on the distribution and use of this Offering Circular and any Pricing Supplement: The
distribution of this Offering Circular and any relevant Pricing Supplement and the offering, sale and
delivery of the Securities in certain jurisdictions may be restricted by law. Persons into whose possession
this Offering Circular or any Pricing Supplement comes are required by the Issuers and the Guarantors
to inform themselves about and to observe any such restrictions. For a description of certain restrictions

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on offers, sales and deliveries of Securities and the distribution of this Offering Circular, any Pricing
Supplement and other offering material relating to the Securities, see "Selling Restrictions" below.
Neither this Offering Circular nor any Pricing Supplement may be used for the purpose of an offer or
solicitation by anyone in any jurisdiction in which such offer or solicitation is not permitted or to any
person to whom it is unlawful to make such offer or solicitation, and no action has been taken or will be
taken to permit an offering of the Securities or the distribution of this Offering Circular in any jurisdiction
where any such action is required. Furthermore, this Offering Circular and any Pricing Supplement may
only be used for the purposes for which it has been published.
No person is or has been authorised by the Issuers or the Guarantors to give any information or to make
any representation not contained in or not consistent with this Offering Circular, any Pricing Supplement
or any other information supplied in connection with an offering of Securities and, if given or made, such
information or representation must not be relied upon as having been authorised by the Issuers or the
relevant Guarantor.
Acknowledgement of bail-in power in respect of Swiss Securities issued by GSI: If you purchase
Swiss Securities issued by GSI, you shall be deemed to have agreed to be bound by the exercise of any
UK Bail-In Power by the Relevant UK Resolution Authority. See risk factor 3.5(e) (The application of
regulatory strategies and requirements to facilitate the orderly resolution of large financial institutions
could create greater risk of loss for GSI's security holders), General Instrument Condition 7 (Contractual
acknowledgement of bail-in in respect of Swiss Securities and French Law Instruments issued by GSI)
and General Note Condition 7 (Contractual acknowledgement of bail-in in respect of Swiss Securities
and French Law Notes issued by GSI).
Acknowledgement of bail-in power in respect of PSL Notes guaranteed by GSI: If you purchase PSL
Notes guaranteed by GSI, you shall be deemed to have agreed to be bound by the exercise of any UK

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