Free Writing Prospectus pursuant to Rule 433 dated July 12, 2024 / Registration Statement No. 333-269296
STRUCTURED INVESTMENTS
Opportunities in U.S. Equities
| GS Finance Corp. |
Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Bank of America Corporation due July 22, 2027 | ||||
Principal at Risk Securities The Contingent Income Auto-Callable Securities are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. You should read the accompanying preliminary prospectus supplement dated July 12, 2024, which we refer to herein as the accompanying preliminary prospectus 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. |
| Coupon determination dates | Coupon payment dates | |
October 21, 2024 | October 24, 2024 | |||
January 21, 2025 | January 24, 2025 | |||
April 21, 2025 | April 24, 2025 | |||
July 21, 2025 | July 24, 2025 | |||
October 20, 2025 | October 23, 2025 | |||
KEY TERMS | January 20, 2026 | January 23, 2026 | ||
Issuer / Guarantor: | GS Finance Corp. / The Goldman Sachs Group, Inc. | April 20, 2026 | April 23, 2026 | |
Underlying stock: | the common stock of Bank of America Corporation (Bloomberg symbol, “BAC UN”) | July 20, 2026 | July 23, 2026 | |
Pricing date: | expected to price on or about July 19, 2024 | October 19, 2026 | October 22, 2026 | |
Original issue date: | expected to be July 24, 2024 | January 19, 2027 | January 22, 2027 | |
Coupon determination dates: | as set forth under “Coupon determination dates” | April 19, 2027 | April 22, 2027 | |
Coupon payment dates: | as set forth under “Coupon payment dates” | July 19, 2027 (determination date) | July 22, 2027 (stated maturity date) | |
Stated maturity date: | July 22, 2027 |
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Payment at maturity (for each $1,000 stated principal amount of your securities): | if the final share price is greater than or equal to the downside threshold level, $1,000.00 plus the final coupon; or if the final share price is less than the downside threshold level, $1,000 × the share performance factor | Hypothetical Payment Amount At Maturity | ||
The Securities Have Not Been Automatically Called | ||||
Initial share price: | the closing price of the underlying stock on the pricing date | Hypothetical Final Share Price (as Percentage of Initial Share Price) | Hypothetical Payment at Maturity if the Securities Have Not Been Automatically Called (as Percentage of Principal Amount) | |
Final share price: | the closing price of the underlying stock on the determination date | |||
Call observation dates: | each coupon determination date specified in the table commencing on October 21, 2024 and ending on April 19, 2027 | |||
Call payment dates: | the coupon payment date immediately after the applicable call observation date | 175.000% | 100.000%* | |
150.000% | 100.000%* | |||
Determination date: | the last coupon determination date, expected to be July 19, 2027 | 125.000% | 100.000%* | |
Downside threshold level: | 80.00% of the initial share price | 110.000% | 100.000%* | |
100.000% | 100.000%* | |||
Automatic call feature: | if, as measured on any call observation date, the closing price of the underlying stock is greater than or equal to the initial share price, your securities will be automatically called and, in addition to the coupon then due, you will receive $1,000 for each $1,000 principal amount. No payments will be made after the call payment date | 90.000% | 100.000%* | |
85.000% | 100.000%* | |||
80.000% | 100.000%* | |||
Contingent quarterly coupon (set on the pricing date): | if the closing price of the underlying stock on the applicable coupon determination date is greater than or equal to the downside threshold level, at least $26.875 (set on the pricing date); or if the closing price of the underlying stock on the applicable coupon determination date is less than the downside threshold level, $0.00 | 79.999% | 79.999% | |
40.000% | 40.000% | |||
30.000% | 30.000% | |||
25.000% | 25.000% | |||
0.000% | 0.000% | |||
Share performance factor: | final share price / initial share price | * Does not include the final coupon | ||
CUSIP / ISIN: | 40058EAK2 / US40058EAK29 | |||
Estimated value range: | $915 to $975 (which is less than the original issue see the accompanying preliminary prospectus supplement) | |||
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 prospectus supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.
About Your Securities |
The amount that you will be paid on your securities is based on the performance of the common stock of Bank of America Corporation. The securities will mature on the stated maturity date unless they are automatically called on any call observation date. If the final share price is greater than or equal to the downside threshold level, you will receive your $1,000 principal amount of your securities plus a coupon payment of at least $26.875 (set on the pricing date). You will not participate in any appreciation of the underlying stock. If the final share price is less than the downside threshold level, you will not receive a coupon payment and you will lose a significant portion or all of your investment.
Your securities will be automatically called if the closing price of the underlying stock on any call observation date is greater than or equal to the initial share price, resulting in a payment on the corresponding call payment date equal to the principal amount of your securities plus the contingent quarterly coupon (defined below) then due.
The securities will not pay a fixed coupon and may pay no coupon on a coupon payment date. On each coupon determination date, subject to the automatic call feature, if the closing price of the underlying stock is greater than or equal to the downside threshold level, you will receive on the corresponding coupon payment date a contingent quarterly coupon payment of at least $26.875 for each $1,000 principal amount of your securities. If the closing price of the underlying stock on any coupon determination date is less than the downside threshold level, you will not receive a coupon payment on the applicable coupon payment date.
The securities are for investors who seek to earn a coupon at an above current market rate in exchange for the risk of receiving few or no contingent quarterly coupons and the risk of losing all or a portion of the principal of their securities.
GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement and preliminary prospectus 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 and preliminary prospectus 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 and preliminary prospectus 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 prospectus supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), 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 prospectus supplement, 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 prospectus supplement, 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 stock. 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 prospectus supplement:
Risks Related to Structure, Valuation and Secondary Market Sales
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 prospectus supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.
Risks Related to Conflicts of Interest
Risks Related to Tax
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
TAX CONSIDERATIONS |
You should review carefully the discussion in the accompanying preliminary prospectus 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 prospectus supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.