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November 2022 MSCI USA Momentum Top 50 Select Index Supplement to
the Underlier Supplement, the Prospectus Supplement and the
Prospectus, each as may be amended from time to time, that form a
part of Registration Statement No. 333-253421
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Filed Pursuant to Rule 424(b)(3)
Registration Statement No. 333-253421
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GS Finance Corp.
Medium-Term Notes, Series F | Warrants, Series G
guaranteed by
The Goldman Sachs Group, Inc.
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MSCI USA
Momentum Top 50 Select Index
Overview
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This section constitutes only a brief overview of the MSCI USA
Momentum Top 50 Select Index. The index is described in more detail
under “The Underliers — MSCI USA Momentum Top 50 Select Index” in
the underlier supplement referred to in “About This Index
Supplement” below.
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The MSCI USA Momentum Top 50 Select Index (current Bloomberg
symbol: “MXUSM50 Index”), which we also refer to in this index
supplement as the “index,” is designed to measure the performance
of an equity momentum strategy applied to the MSCI USA Index. The
MSCI USA Index is free-float adjusted market capitalization
weighted index of large- and mid-cap U.S. companies.
The index was launched on August 4, 2020 at an initial value of USD
6,078.6053, as adjusted, and is calculated, maintained and
published by MSCI Inc.
We have derived all information contained in this index supplement
regarding the index from publicly available information. Additional
information about the index (including the top ten constituent
stocks and weights and sector weights) is available on the
following websites: msci.com/index-methodology and msci.com. We are
not incorporating by reference the websites or any material they
include in this index supplement.
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Quick Facts
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Historical Performance
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Sponsor
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MSCI Inc.
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The graph below shows the daily
historical closing levels of the index from January 3, 2017 through
November 14, 2022 (using hypothetical performance data and
historical closing levels). As a result, the below graph does not
reflect the global financial crisis which began in 2008, which had
a materially negative impact on the price of
most equity securities and, as a result, the level of most equity
indices. Since the MSCI USA Momentum Top 50 Select Index was
launched on August 4, 2020 and has a limited operating history, the
graph includes hypothetical performance data for the MSCI USA
Momentum Top 50 Select Index prior to its launch of August 4, 2020.
The hypothetical performance data prior to August 4, 2020 was
obtained from the index sponsor’s website, without independent
verification. The daily historical closing levels from August 4,
2020 to November 14, 2022 were obtained from Bloomberg Financial
Services, without independent verification. (In the graph,
historical closing levels can be found to the right of the vertical
solid line marker.) You should not take the hypothetical
performance data or historical levels of the index as an indication
of its future performance.
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Calculation Agent
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MSCI Inc.
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Index Currency
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USD
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Reuters Ticker
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.MXUSM50
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Bloomberg Ticker
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MXUSM50
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Rebalancing
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Semi-annual
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Index Members
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Variable
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Annualized Return and Annualized Volatility
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Geographical Coverage
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US
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The following table provides the annualized return and annualized
volatility of the index for each applicable period ended
November 14, 2022 (using hypothetical
performance data and historical closing levels, as described
above). Annualized return represents the average rate of
return per annum, calculated as the geometric average of the
percentage change of the index during the applicable time period.
Annualized volatility is a measure of the historical variability of
returns, and is calculated as the square root of 252 multiplied by
the sample standard deviation of the daily logarithmic returns of
the index during the applicable time period. You should not take any
hypothetical or historical annualized return or annualized
volatility information regarding the index as an indication of its
future performance.
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Type
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Price Return
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Launch Date
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August 4, 2020
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Annualized Return
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Annualized Volatility
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1 Year
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-20.05%
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29.81%
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History Available Since
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August 4, 2020
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3 Years*
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16.19%
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32.33%
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5 Years*
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11.48%
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27.80%
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Since January 3, 2017*
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13.17%
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26.28%
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* Historical information begins August
4, 2020 (the index launch date). Hypothetical performance
data, which was used for all data prior to August 4, 2020,
was obtained from the index sponsor’s
website, without independent verification.
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Your investment in securities linked to the index involves certain
risks. See “Selected Risk Factors” on page S-3 to read about
investment risks relating to such securities.
Neither the Securities and Exchange Commission nor any other
regulatory body has approved or disapproved of these securities or
passed upon the accuracy or adequacy of this index supplement, the
applicable pricing supplement, the applicable product supplement,
if any, the applicable general terms supplement, if any, the
accompanying underlier supplement, the accompanying prospectus
supplement or the accompanying prospectus. Any representation to
the contrary is a criminal offense.
The securities are not bank deposits and are not insured by the
Federal Deposit Insurance Corporation or any other governmental
agency, nor are they obligations of, or guaranteed by, a bank.
Goldman Sachs & Co. LLC
November 2022 MSCI USA Momentum Top 50 Select Index Supplement
dated November 22, 2022.
S-1
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November 2022 MSCI USA Momentum Top 50 Select Index Supplement
Dated November 22, 2022
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Comparative
Performance Data
Index Performance Compared to its Parent Index and a Select
Broad-Based Stock Index
For comparative purposes, the graph below shows the performance,
from January 3, 2017 through November 14, 2022, of the MSCI USA
Momentum Top 50 Select Index (in black), the MSCI USA Index (in
gray) and a broad-based equity index, the S&P 500®
Index (in blue). The S&P
500® Index
seeks to track a representative sample of 500 companies in leading
industries of the U.S. economy.
For comparative purposes, each of
the MSCI USA Momentum Top 50 Select
Index, the MSCI USA Index and the S&P 500®
Index have been adjusted to
have a closing level of 100.00 on January 3, 2017 by dividing the
applicable closing level on each day by that index’s closing level
on January 3, 2017 and multiplying the quotient by 100.00.
Since the MSCI USA Momentum Top 50 Select Index was launched on
August 4, 2020 and has a limited operating history, the graph
includes hypothetical performance data for the MSCI USA Momentum
Top 50 Select Index prior to its launch of August 4, 2020. The
hypothetical performance data for the MSCI USA Momentum Top 50
Select Index prior to August 4, 2020 used to create this graph was
obtained from the index sponsor’s website, without independent
verification. The daily historical closing levels of the MSCI USA
Momentum Top 50 Select Index from August 4, 2020 to November 14,
2022 used to create this graph were obtained from Bloomberg
Financial Services, without independent verification. (In the
graph, historical closing levels can be found to the right of the
vertical solid line marker.) The daily historical closing levels of
the MSCI USA Index and the S&P 500® Index
from January 3, 2017 through November 14, 2022 used to create this
graph were obtained from Bloomberg Financial Services, without
independent verification. You
should not take this graph, the hypothetical performance data or
historical closing levels of the indices used to create this graph
as an indication of the future performance of any index, including
the MSCI USA Momentum Top 50 Select Index, or the correlation (if
any) between the level of the MSCI USA Momentum Top 50 Select Index
and the levels of the MSCI USA Index or the S&P
500®
Index.
Comparative Performance of the MSCI USA Momentum Top 50 Select
Index (MXUSM50), the MSCI USA Index (MXUS) and a Broad-Based Stock
Index (SPX)
Index Annualized Return Compared to its Parent Index and a Select
Broad-Based Stock Index
The following table provides a comparison of the annualized returns
of the MSCI USA Momentum Top 50 Select Index, the MSCI USA Index
and the S&P 500®
Index for the applicable period
ended November 14, 2022 (using hypothetical performance data and
historical closing levels, as described above). Annualized return
represents the average rate of return per annum, calculated as the
geometric average of the percentage change of the applicable index
during the applicable time period. You should not take the hypothetical or
historical annualized returns of the indices as an indication of
the future performance of any index, including the MSCI USA
Momentum Top 50 Select Index.
Comparison of Annualized Returns of the MSCI USA Momentum Top 50
Select Index, the MSCI USA Index and a Broad-Based Stock Index
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1
Year
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3
Years
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5
Years
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Since January 3, 2017
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S&P 500®
Index
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-15.49%
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8.52%
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8.94%
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10.05%
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MSCI USA Index
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-17.34%
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8.45%
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8.90%
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10.03%
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MSCI USA Momentum Top 50 Select Index
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-20.05%
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16.19%*
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11.48%*
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13.17%*
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* Historical information begins August
4, 2020 (the index launch date). Hypothetical performance
data, which was used for all data prior to August 4, 2020,
was obtained from the index sponsor’s
website, without independent verification.
S-2
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November 2022 MSCI USA Momentum Top 50 Select Index Supplement
Dated November 22, 2022
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Selected Risk Factors
An investment in securities linked to the index is subject to the
risks described below as well as the risks and considerations
described in the accompanying underlier supplement no. 29, the
applicable pricing supplement, the applicable product supplement,
if any, the applicable general terms supplement, if any, the
accompanying prospectus supplement and the accompanying prospectus.
The following risk factors are discussed in greater detail in the
accompanying underlier supplement no. 29.
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The Estimated Value
of Your Securities At the Time the Terms of Your Securities Are Set
On the Trade Date (as Determined By Reference to Pricing Models
Used By GS&Co.) Is Less Than the Original Issue Price Of Your
Securities
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Your Securities Are
Subject to the Credit Risk of GS Finance Corp., as Issuer, and the
Credit Risk of The Goldman Sachs Group, Inc., as
Guarantor
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The Market Value of
Your Securities May Be Influenced by Many Unpredictable
Factors
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If the Value of an
Underlier Changes, the Market Value of Your Securities May Not
Change in the Same Manner
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The Return on Your
Securities Will Not Reflect Any Dividends Paid on an Underlier, or
Any Underlier Stock, as Applicable
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You Have No
Shareholder Rights or Rights to Receive Any Shares of an Underlier
or Any Underlier Stock, as Applicable
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Past Performance is
No Guide to Future Performance
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The Policies of an
Underlier Sponsor, and Changes that Affect an Underlier to Which
Your Securities are Linked, or the Underlier Stocks Comprising Such
Underlier, Could Affect the Amount Payable on Your Securities and
Their Market Value
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Except to the Extent
That We or Our Affiliates May Currently or in the Future Own
Securities of, or Engage in Business With, the Applicable Underlier
Sponsor or the Underlier Stock Issuers, There Is No Affiliation
Between the Underlier Stock Issuers or Any Underlier Sponsor and
Us
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Your Investment in
the Securities Is Subject to Concentration Risks
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Momentum
Securities Risk. Stocks
that have previously exhibited high momentum characteristics within
a given measurement period may not experience positive momentum in
the future or may experience more volatility than the market as a
whole.
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The
MSCI USA Momentum Top 50 Select Index Has a Limited Operating
History
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S-3
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November 2022 MSCI USA Momentum Top 50 Select Index Supplement
Dated November 22, 2022
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About This Index
Supplement
GS Finance Corp. may use this index supplement in the initial sale
of the securities. In addition, Goldman Sachs & Co. LLC
(GS&Co.), or any other affiliate of GS Finance Corp., may use
this index supplement in a market-making transaction in a security
after its initial sale. Unless GS Finance Corp. or
its agent informs the purchaser otherwise in the confirmation of
sale, this index supplement is being used in a market-making
transaction.
S-4
We have not authorized anyone to provide any information or to make
any representations other than those contained in or incorporated
by reference in this index supplement, the accompanying underlier
supplement no. 29, the accompanying prospectus supplement or the
accompanying prospectus. We take no responsibility for, and can
provide no assurance as to the reliability of, any other
information that others may provide. This index supplement addendum
is an offer to sell only the securities offered hereby, but only
under circumstances and in jurisdictions where it is lawful to do
so. The information contained in this index supplement addendum,
the accompanying index supplement no. 29, the accompanying
prospectus supplement and the accompanying prospectus is current
only as of the respective dates of such documents.
TABLE OF CONTENTS
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