| Free Writing Prospectus pursuant to Rule 433 dated July 22, 2024 / Registration Statement No. 333-269296 STRUCTURED INVESTMENTS Opportunities in U.S. Equities GS Finance Corp. |
Trigger Jump Securities Based on the Performance of the Common Stock of Microsoft Corporation due July 28, 2026
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 prospectus supplement dated July 22, 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. |
| Estimated value range: | $905 to $965 (which is less than the original issue price; see the accompanying preliminary prospectus supplement) | |
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| Trigger Jump Securities Payoff Diagram* | |||
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KEY TERMS |
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Issuer / Guarantor: | GS Finance Corp. / The Goldman Sachs Group, Inc. |
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Underlying stock: | the common stock of Microsoft Corporation (Bloomberg symbol, “MSFT UW”) |
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Pricing date: | expected to price on or about July 23, 2024 |
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Original issue date: | expected to be July 26, 2024 |
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Valuation date: | expected to be July 23, 2026 |
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Stated maturity date: | expected to be July 28, 2026 |
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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 initial share price, $1,000 + upside payment (in no event will the payment at maturity exceed $1,000 plus the upside payment) if the final share price is less than the initial share price, but greater than or equal to the downside threshold level, $1,000; or if the final share price is less than the downside threshold level, $1,000 × the share performance factor (this amount will be less than the stated principal amount of $1,000, will represent a loss of more than 10.00% and could be zero) |
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| Hypothetical Final Share Price (as Percentage of Initial Share Price) | Hypothetical Payment at Maturity (as Percentage of Stated Principal Amount) | ||
| 200.000% | 131.790% | ||
| 160.000% | 131.790% | ||
| 150.000% | 131.790% | ||
| 125.000% | 131.790% | ||
| 115.000% | 131.790% | ||
Upside payment (set on the pricing date): | at least $317.90 per security (at least 31.79% of the stated principal amount) |
| 100.000% | 131.790% |
| 98.000% | 100.000% | ||
Initial share price: | the closing price of the underlying stock on the pricing date |
| 95.000% | 100.000% |
| 92.000% | 100.000% | ||
Final share price: | the closing price of the underlying stock on the valuation date |
| 90.000% | 100.000% |
| 89.999% | 89.999% | ||
Downside threshold level: | 90.00% of the initial share price |
| 50.000% | 50.000% |
Share performance factor: | final share price / initial share price |
| 25.000% | 25.000% |
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| 0.000% | 0.000% | |
CUSIP / ISIN: | 40058EDK9 / US40058EDK91 |
| * assumes an upside payment of $317.90 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 prospectus supplement and related documents for a more detailed description of the underlying stock (including historical closing prices of the underlying stock), 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 common stock of Microsoft Corporation as measured from the pricing date to and including the valuation date.
If the final share price is greater than or equal to the initial share price (set on the pricing date), the return on your securities will be positive and equal to at least 31.79% (set on the pricing date).
If the final share price is less than the initial share price but greater than or equal to the downside threshold level of 90.00% of the initial share price, you will receive the principal amount of your securities. However, if the final share price 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 31.79% if the underlying stock appreciates or does not depreciate from the initial share price to the final share price, are willing to forgo interest payments and are willing to risk losing their entire investment if the final share price 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 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 closing prices of the underlying stock), 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
Risks Related to Conflicts of Interest
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 closing prices of the underlying stock), the terms of the securities and certain risks.
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 closing prices of the underlying stock), the terms of the securities and certain risks.