| Free Writing Prospectus pursuant to Rule 433 dated July 9, 2024 / Registration Statement No. 333-269296 STRUCTURED INVESTMENTS Opportunities in U.S. Equities GS Finance Corp. |
Trigger Jump Securities Based on the Value of the S&P 500® Index due July 25, 2030
Principal at Risk Securities
The Trigger Jump Securities do not bear interest and are unsecured |
| Trigger Jump Security Payoff Diagram | ||
securities issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. |
| |||
You should read the accompanying preliminary pricing supplement dated July 9, 2024, 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 July 22, 2024 | |||
Original issue date: | expected to be July 25, 2024 | |||
Valuation date: | expected to be July 22, 2030 | |||
Stated maturity date: | expected to be July 25, 2030 | |||
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 initial index value, $1,000 + the upside payment (in no event will the payment at maturity exceed $1,000 plus 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, $1,000; 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 | Hypothetical Final Index Value (as Percentage of Initial Index Value) | Hypothetical Payment at Maturity (as Percentage of Stated Principal Amount) | |
| $1,000, will represent a loss of more than 20.00% and could | 200.000% | 158.000% | |
| be zero. | 175.000% | 158.000% | |
Upside payment (set | at least $580.00 per security (at least 58.00% of the | 165.000% | 158.000% | |
on the pricing date): | stated principal amount) | 158.000% | 158.000% | |
Initial index value: | the index closing value on the pricing date | 150.000% | 158.000% | |
Final index value: | the index closing value on the valuation date | 125.000% | 158.000% | |
Downside threshold | 80.00% of the initial index value | 100.000% | 158.000% | |
level: |
| 95.000% | 100.000% | |
Index performance | final index value / initial index value | 85.000% | 100.000% | |
factor: |
| 80.000% | 100.000% | |
CUSIP / ISIN: | 40058E7J9 / US40058E7J96 | 79.999% | 79.999% | |
*Estimated value range: | $885 to $945 (which is less than the original issue price; | 50.000% | 50.000% | |
| see the accompanying preliminary pricing supplement) | 25.000% | 25.000% | |
|
| 0.000% | 0.000% | |
|
| * assumes an upside payment of $580.00 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 initial index value (set on the pricing date), the return on your securities will be positive and equal to 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 80.00% 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 fixed return of at least 58.00% if the underlying 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 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. 40, 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. 40, 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. 40, 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:
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.
RISK FACTORS |
An investment in the securities is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 8,999, accompanying underlier supplement no. 40, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of certain risk factors discussed in such documents. In addition to the below, you should read in full “Risk Factors” in the accompanying preliminary pricing supplement, “Additional Risk Factors Specific to the Notes” in the accompanying general terms supplement no. 8,999, “Additional Risk Factors Specific to the Securities” in the accompanying underlier supplement no. 40, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus. Your securities are a riskier investment than ordinary debt securities. Also, your securities are not equivalent to investing directly in the underlying index stocks, i.e., the stocks comprising the underlying indexes to which your securities are linked. You should carefully consider whether the offered securities are appropriate given your particular circumstances.
The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:
Risks Related to Structure, Valuation and Secondary Market Sales
Risks Related to Conflicts of Interest
Additional Risks Related to the Underlying Index
Risks Related to Tax
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.
The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 8,999:
Risks Related to Structure, Valuation and Secondary Market Sales
Risks Related to Conflicts of Interest
Risks Related to Tax
The following risk factor is discussed in greater detail in the accompanying underlier supplement no. 40:
Additional Risks Relating to Securities Linked to Underliers that are Equity Indices
The following risk factors are discussed in greater detail in the accompanying prospectus supplement:
The following risk factors are discussed in greater detail in the accompanying prospectus:
Risks Relating to Regulatory Resolution Strategies and Long-Term Debt Requirements
For details about the license agreement between the underlying index sponsor and the issuer, see “The Underliers – S&P 500® Index” on page S-118 of the accompanying underlier supplement no. 40.
TAX CONSIDERATIONS |
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Supplemental Discussion of U.S. Federal Income Tax Consequences” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax advisor.
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.