Free Writing Prospectus pursuant to Rule 433 dated June 6, 2023 / Registration Statement No. 333-269296

STRUCTURED INVESTMENTS

Opportunities in U.S. Equities

GS Finance Corp.

 

Enhanced Trigger Jump Securities Based on the Value of the S&P 500® Index due September 6, 2024

Principal at Risk Securities

 

 

The Enhanced Trigger Jump Securities do not bear interest and are unsecured securities issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.

You should read the accompanying preliminary pricing supplement dated June 6, 2023, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

 

KEY TERMS

Issuer / Guarantor:

GS Finance Corp. / The Goldman Sachs Group, Inc.

Underlying index:

S&P 500® Index (Bloomberg symbol, “SPX Index”)

Pricing date:

expected to price on or about June 16, 2023

Original issue date:

expected to be June 22, 2023

Valuation date:

expected to be September 3, 2024

Stated maturity date:

expected to be September 6, 2024

Payment at maturity (for each $1,000 stated principal amount of your securities):

•if the final index value is greater than or equal to the downside threshold level, $1,000 + the upside payment (in no event will the payment at maturity exceed $1,000 plus the upside payment); or

•if the final index value is less than the downside threshold level, $1,000 × the index performance factor
This amount will be less than the stated principal amount of $1,000, will represent a loss of more than 20.00% and could be zero.

Upside payment (set on the pricing date):

at least $100.00 per security (at least 10.00% of the stated principal amount)

Initial index value:

the index closing value on the pricing date

Final index value:

the index closing value on the valuation date

Downside threshold level:

80.00% of the initial index value

Index performance factor:

final index value / initial index value

CUSIP / ISIN:

40057T7B4 / US40057T7B45

Estimated value range:

$900 to $960 (which is less than the original issue price; see the accompanying preliminary pricing supplement)

Security Payoff Diagram

 

Hypothetical Final Index Value

(as Percentage of Initial Index Value)

Hypothetical Payment at Maturity*

(as Percentage of Stated Principal Amount)

200.000%

110.000%

150.000%

110.000%

125.000%

110.000%

110.000%

110.000%

107.000%

110.000%

100.000%

110.000%

95.000%

110.000%

92.000%

110.000%

80.000%

110.000%

79.999%

79.999%

75.000%

75.000%

50.000%

50.000%

25.000%

25.000%

0.000%

0.000%

* assumes an upside payment of $100.00 per security.

 

 

This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying index (including historical index closing values), the terms of the securities and certain risks.

 

 

About Your Securities

The amount that you will be paid on your securities on the stated maturity date is based on the performance of the S&P 500® Index as measured from the pricing date to and including the valuation date.

If the final index value is greater than or equal to the downside threshold level of 80.00% of the initial index value (set on the pricing date), the return on your securities will be positive and equal to at least 10.00% (set on the pricing date). However, if the final index value is less than the downside threshold level, you will lose all or a significant portion of your investment.

The securities are for investors who seek the potential to earn a fixed return of at least 10.00% if the final index value is greater than or equal to the downside threshold level, are willing to forgo interest payments and are willing to risk losing their entire investment if the final index value is less than the downside threshold level.

GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, underlier supplement no. 33, general terms supplement no. 8,999 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, underlier supplement no. 33, general terms supplement no. 8,999 and preliminary pricing supplement and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, underlier supplement no. 33, general terms supplement no. 8,999 and preliminary pricing supplement if you so request by calling (212) 357-4612.

The securities are notes that are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following: