Free Writing Prospectus pursuant to Rule 433 dated October 28, 2022
Registration Statement No. 333-253421
OVERVIEW |
The notes do not bear interest. 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 trade date to and including the determination date.
If the final underlier level on the determination date is greater than the initial underlier level (set on the trade date), the return on your notes will be positive and will equal 1.2715 times the underlier return.
If the final underlier level declines by up to 10% from the initial underlier level, you will receive the face amount of your notes. If the final underlier level declines by more than 10% from the initial underlier level, the return on your notes will be negative and will equal the underlier return plus 10%.
You could lose a significant portion of the face amount of your notes.
You should read the accompanying preliminary pricing supplement dated October 28, 2022, 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 |
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CUSIP / ISIN: |
40057NTJ6 / US40057NTJ62 |
Company (Issuer): |
GS Finance Corp. |
Guarantor: |
The Goldman Sachs Group, Inc. |
Underlier: |
the S&P 500® Index (current Bloomberg symbol: “SPX Index”), |
Payment amount at maturity (for each $1,000 face amount of your notes): |
▪ if the underlier return is positive , the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) 1.2715 times (c) the underlier return; ▪ if the underlier return is zero or negative but not below -10%, $1,000; or ▪ if the underlier return is negative and is below -10%, the sum of (i) $1,000 plus (ii) the product of (a) the sum of the underlier return plus 10% times (b) $1,000. |
Initial underlier level: |
to be determined on the trade date and may be higher or lower than the closing level of the underlier on that date |
Final underlier level: |
the closing level of the underlier on the determination date |
Participation rate: |
127.15% |
Underlier return: |
the quotient of (i) the final underlier level minus the initial underlier level divided by (ii) the initial underlier level, expressed as a percentage |
Trade date: |
expected to be October 31, 2022 |
Settlement date: |
expected to be November 3, 2022 |
Determination date: |
expected to be November 1, 2027 |
Stated maturity date: |
expected to be November 4, 2027 |
Estimated value range: |
$885 to $915 (which is less than the original issue price; see accompanying preliminary pricing supplement) |
Hypothetical Payment Amount At Maturity |
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||
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Hypothetical Final |
Hypothetical Payment |
200.000% |
227.150% |
|
180.000% |
201.720% |
|
150.000% |
163.575% |
|
110.000% |
112.715% |
|
100.000% |
100.000% |
|
95.000% |
100.000% |
|
90.000% |
100.000% |
|
75.000% |
85.000% |
|
50.000% |
60.000% |
|
25.000% |
35.000% |
|
0.000% |
10.000% |
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|
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 underlier, the terms of the notes and certain risks.
About Your Notes |
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. 29, general terms supplement no. 2,913 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. 29, general terms supplement no. 2,913 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. 29, general terms supplement no. 2,913 and preliminary pricing supplement if you so request by calling (212) 357-4612.
The notes 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 notes without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlier, the terms of the notes and certain risks.
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RISK FACTORS |
An investment in the notes is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 2,913, accompanying underlier supplement no. 29, 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 “Additional Risk Factors Specific to Your Notes” in the accompanying preliminary pricing supplement, “Additional Risk Factors Specific to the Notes” in the accompanying general terms supplement no. 2,913 and “Additional Risk Factors Specific to the Securities” in the accompanying underlier supplement no. 29, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus.
The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:
Risks Related to Structure, Valuation and Secondary Market Sales ■ The Estimated Value of Your Notes At the Time the Terms of Your Notes Are Set On the Trade Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your Notes ■ The Notes Are Subject to the Credit Risk of the Issuer and the Guarantor ■ You May Lose a Substantial Portion of Your Investment in the Notes ■ The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors Your Notes Do Not Bear Interest ■ Your Notes Do Not Bear Interest ■ The Potential for the Value of Your Notes to Increase Will Be Limited ■ You Have No Shareholder Rights or Rights to Receive Any Underlier Stock ■ We May Sell an Additional Aggregate Face Amount of the Notes at a Different Issue Price |
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■ If You Purchase Your Notes at a Premium to Face Amount, the Return on Your Investment Will Be Lower Than the Return on Notes Purchased at Face Amount and the Impact of Certain Key Terms of the Notes Will Be Negatively Affected Risks Related to Tax ■ The Tax Consequences of an Investment in Your Notes are Uncertain ■ Foreign Account Tax Compliance Act (FATCA) Withholding May Apply to Payments on Your Notes, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the Notes to Provide Information to Tax Authorities |
The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 2,913:
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 underlier, the terms of the notes and certain risks.
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The following risk factor is discussed in greater detail in the accompanying underlier supplement no. 29:
The following risk factors are discussed in greater detail in the accompanying prospectus supplement:
■ The Return on Indexed Notes May Be Below the Return on Similar Securities ■ The Issuer of a Security or Currency That Serves as an Index Could Take Actions That May Adversely Affect an Indexed Note ■ An Indexed Note May Be Linked to a Volatile Index, Which May Adversely Affect Your Investment |
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■ An Index to Which a Note Is Linked Could Be Changed or Become Unavailable ■ We May Engage in Hedging Activities that Could Adversely Affect an Indexed Note ■ Information About an Index or Indices May Not Be Indicative of Future Performance ■ We May Have Conflicts of Interest Regarding an Indexed Note |
The following risk factors are discussed in greater detail in the accompanying prospectus:
Risks Relating to Regulatory Resolution Strategies and Long-Term Debt Requirements ■ The application of regulatory resolution strategies could increase the risk of loss for holders of our securities in the event of the resolution of Group Inc. |
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■ The application of Group Inc.’s proposed resolution strategy could result in greater losses for Group Inc.’s security holders. |
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 underlier, the terms of the notes and certain risks.
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