Form FWP GOLDMAN SACHS GROUP INC Filed by: GOLDMAN SACHS GROUP INC
Free Writing Prospectus pursuant to Rule 433 dated March 31, 2023 / Registration Statement No. 333-269296 STRUCTURED INVESTMENTS Opportunities in U.S. Equities GS Finance Corp. |
Market-Linked Notes Based on the Value of the S&P 500® Index due May 3, 2028
The Market-Linked Notes 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 30, 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 April 14, 2023 |
Original issue date: |
expected to be April 19, 2023 |
Valuation date: |
expected to be April 28, 2028 |
Stated maturity date: |
expected to be May 3, 2028 |
Payment at maturity (for each $1,000 stated principal amount of your notes): |
If the final index value is greater than the initial index value, $1,000 + the supplemental 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, $1,000. In no event will the payment at maturity be less than the stated principal amount. |
Supplemental payment: |
$1,000 × leverage factor × the index percent change, provided that in no event will the supplemental payment be less than $0 |
Leverage factor: |
100% |
Maximum payment at maturity (set on the pricing date): |
at least $1,530 per note (at least 153.00% of the stated principal amount) |
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 |
CUSIP / ISIN: |
40057RDK1 / US40057RDK14 |
Estimated value range: |
$900 to $960 (which is less than the original issue price; see the accompanying preliminary pricing supplement) |
Payoff Diagram* |
|
|
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Hypothetical Final Index Value (as Percentage of Initial Index Value) |
Hypothetical Payment at Maturity (as Percentage of Stated Principal Amount) |
200.000% |
153.000% |
175.000% |
153.000% |
153.000% |
153.000% |
135.000% |
135.000% |
125.000% |
125.000% |
100.000% |
100.000% |
75.000% |
100.000% |
50.000% |
100.000% |
30.000% |
100.000% |
25.000% |
100.000% |
0.000% |
100.000% |
*assumes a maximum payment at maturity of $1,530 |
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 notes 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 notes and certain risks.
About Your Notes |
The amount that you will be paid on your notes 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.
At maturity, if the final index value is greater than the initial index value (set on the pricing date), the return on your notes will be positive and equal to the product of the leverage factor of 100% multiplied by the index percent change, subject to the maximum payment at maturity of at least $1,530 (set on the pricing date) per note.
If the final index value is equal to or less than the initial index value, you will receive the stated principal amount of your investment, without any positive return on your notes.
The notes are for investors who are willing to forgo interest payments for the potential to earn an equity-index based return, subject to the maximum payment at maturity, without participating in the negative return of the index.
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 notes 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: