Secondary market and quotation obligation
Goldman Sachs provides bid and ask prices for the securities issued by Goldman Sachs under normal market conditions. However, it assumes no obligation towards (potential) investors to provide bid and ask prices for the securities on an ongoing basis or to maintain this activity for the entire term of the securities. Goldman Sachs has a fundamental interest in trading without any disturbances, failures or interruptions and wants to ensure the highest possible quotation quality for the securities issued by it. Goldman Sachs uses internal pricing models for this purpose. However, Goldman Sachs must reserve the right, at any time and without prior notice, to discontinue or resume the quotation of bid and ask prices, either temporarily or permanently, in its sole discretion. The reason may be, among others, (i) special market circumstances, such as highly volatile markets, disruptions in trading or in the price determination of the underlying or similar events, as well as (ii) special circumstances such as technical disruptions, information transmission problems between market participants or force majeure. (Potential) investors should therefore bear in mind that they cannot buy or sell the securities at any time and at a specific price, particularly in case one of the circumstances mentioned occurs.