Free Writing Prospectus pursuant to Rule 433 dated March 16, 2023 / Registration Statement No. 333-269296

STRUCTURED INVESTMENTS

Opportunities in U.S. Equities

GS Finance Corp.

 

PLUS Based on the Value of the S&P 500® Index due July 3, 2024

Principal at Risk Securities

 

 

The Performance Leveraged Upside SecuritiesSM (PLUS) do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.

You should read the accompanying preliminary pricing supplement dated March 16, 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 March 31, 2023

Original issue date:

expected to be April 5, 2023

Valuation date:

expected to be June 28, 2024

Stated maturity date:

expected to be July 3, 2024

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

If the final index value is greater than the initial index value, $10 + the leveraged upside payment, subject to the maximum payment at maturity

In no event will the payment at maturity exceed the maximum payment at maturity.

If the final index value is equal to or less than the initial index value, $10 × the index performance factor.

This amount will be equal to or less than the stated principal amount of $10 and could be zero.

Leveraged upside payment:

$10 × leverage factor × index percent increase

Leverage factor:

300%

Maximum payment at maturity (set on the pricing date):

at least $11.90 per PLUS (at least 119.00% of the stated principal amount)

Index percent increase:

(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

Index performance factor:

final index value / initial index value

CUSIP / ISIN:

36265J235 / US36265J2353

Estimated value range:

$9.00 to $9.60 (which is less than the original issue price; see the accompanying preliminary pricing supplement)

PLUS Payoff Diagram*

Hypothetical Final Index Value

(as Percentage of Initial Index Value)

Hypothetical Payment at Maturity

(as Percentage of Stated Principal Amount)

150.000%

119.000%

125.000%

119.000%

115.000%

119.000%

106.333%

119.000%

106.000%

118.000%

103.000%

109.000%

100.000%

100.000%

75.000%

75.000%

60.000%

60.000%

50.000%

50.000%

30.000%

30.000%

25.000%

25.000%

0.000%

0.000%

*assumes a maximum payment at maturity of $11.90 per PLUS

 

 

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 PLUS 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 PLUS and certain risks.

 

 

About Your PLUS

The amount that you will be paid on your PLUS 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 the initial index value (set on the pricing date), the return on your PLUS will be positive and equal to the product of the leverage factor of 300% multiplied by the index percent increase, subject to the maximum payment at maturity of at least $11.90 (set on the pricing date) per PLUS.

If the final index value is less than the initial index value, you will lose a portion of your investment.  

The PLUS are for investors willing to forgo interest payments and risk losing their entire investment for the potential to earn 300% of any positive return of the underlying index, subject to the maximum payment at maturity.

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 PLUS 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: