Free Writing Prospectus pursuant to Rule 433 dated February 26, 2021 / Registration Statement No. 333-239610

STRUCTURED INVESTMENTS

Opportunities in International Equities

GS Finance Corp.

 

Trigger Jump Securities Based on the Value of the EURO STOXX 50® Index due April 5, 2027  

Principal at Risk Securities

 

 

The 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 February 25, 2021, 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:

EURO STOXX 50® Index (Bloomberg symbol, “SX5E Index”)

Pricing date:

expected to price on or about March 12, 2021

Original issue date:

expected to be March 17, 2021

Valuation date:

expected to be March 31, 2027

Stated maturity date:

expected to be April 5, 2027

Payment at maturity (for each $10 stated principal amount of your securities):

if the final index value is greater than or equal to the initial index value,

$10 + the greater of (i) $10 × the index percent change and (ii) the upside payment;

if the final index value is less than the initial index value, but greater than or equal to the downside threshold level, $10; or

if the final index value is less than the downside threshold level,

$10 × the index performance factor

This amount will be less than the stated principal amount of $10, will represent a loss of more than 25.00% and could be zero.

Upside payment (set on the pricing date):

at least $5.80 per security (at least 58.00% of the stated principal amount)

Maximum payment at maturity:

none

Index percent change:

(final index value - initial index value) / initial index value

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:

75.00% of the initial index value

Index performance factor:

final index value / initial index value

CUSIP / ISIN:

36259Y438 / US36259Y4382

*Estimated value range:

$8.50 to $8.80 (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%

200.000%

180.000%

180.000%

160.000%

160.000%

158.000%

158.000%

120.000%

158.000%

110.000%

158.000%

100.000%

158.000%

90.000%

100.000%

85.000%

100.000%

75.000%

100.000%

74.999%

74.999%

50.000%

50.000%

25.000%

25.000%

0.000%

0.000%

* assumes a upside payment of $5.80 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 EURO STOXX 50® 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 initial index value (set on the pricing date), the return on your securities will be positive and equal to the greater of (1) the index percent change and (2) at least 58.00% (set on the pricing date).

If the final index value is less than the initial index value but greater than or equal to the downside threshold level of 75.00% of the initial index value, you will receive the principal amount of your securities. However, if the final index value is less than the downside threshold level, you will lose a significant portion of your investment.

The securities are for investors who seek the potential to earn a return of at least 58.00% if the index appreciates or does not depreciate from the initial index value to the final index value, are willing to forgo interest payments and are willing to risk losing their entire investment if the if the final index value is less than the downside threshold level.

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: