08/20/2024 | Press release | Distributed by Public on 08/20/2024 13:12
Free Writing Prospectus pursuant to Rule 433 dated August 20, 2024 / Registration Statement No. 333-269296
STRUCTURED INVESTMENTS
Opportunities in U.S. and International Equities
GS Finance Corp. |
Jump Securities with Auto-Callable Feature Based on the Value of the Worst-Performing of the S&P 500® Index, the Russell 2000® Index and the EURO STOXX 50® Index due September 5, 2029 Principal At Risk Securities |
The securities 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 August 19, 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. |
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Call observation dates |
Call payment dates |
Call premium amount |
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September 9, 2025 |
September 12, 2025 |
at least 11.90% |
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December 1, 2025 |
December 4, 2025 |
at least 14.875% |
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March 2, 2026 |
March 5, 2026 |
at least 17.85% |
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June 1, 2026 |
June 4, 2026 |
at least 20.825% |
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September 1, 2026 |
September 4, 2026 |
at least 23.80% |
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KEY TERMS |
November 30, 2026 |
December 3, 2026 |
at least 26.775% |
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Issuer / Guarantor: |
GS Finance Corp. / The Goldman Sachs Group, Inc. |
March 1, 2027 |
March 4, 2027 |
at least 29.75% |
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Underlying indexes: |
S&P 500® Index, Russell 2000® Index and EURO STOXX 50® Index |
June 1, 2027 |
June 4, 2027 |
at least 32.725% |
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Pricing date: |
expected to price on or about August 30, 2024 |
August 31, 2027 |
September 3, 2027 |
at least 35.70% |
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Original issue date: |
expected to be September 5, 2024 |
November 30, 2027 |
December 3, 2027 |
at least 38.675% |
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Call observation dates: |
as set forth under "Call observation dates" below |
February 29, 2028 |
March 3, 2028 |
at least 41.65% |
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Call payment dates: |
as set forth under "Call payment dates" below |
May 30, 2028 |
June 2, 2028 |
at least 44.625% |
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Valuation date: |
expected to be August 30, 2029 |
August 30, 2028 |
September 5, 2028 |
at least 47.60% |
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Stated maturity date: |
expected to be September 5, 2029 |
November 30, 2028 |
December 5, 2028 |
at least 50.575% |
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Automatic call feature: |
if, as measured on any call observation date, the index closing value of each underlying index is greater than or equal to its initial index value, your securities will be automatically called and you will receive for each $1,000 principal amount an amount in cash equal to the sum of (i) $1,000 plus (ii) the product of $1,000 times the call premium amount applicable to the corresponding call observation date. No payments will be made after the call payment date. |
February 28, 2029 |
March 5, 2029 |
at least 53.55% |
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May 30, 2029 |
June 4, 2029 |
at least 56.525% |
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Hypothetical Payment Amount At Maturity* |
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The Securities Have Not Been Automatically Called |
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Hypothetical Final Index Value of the Worst Performing Underlying Index (as Percentage of Initial Index Value) |
Hypothetical Payment at Maturity if the Securities Have Not Been Automatically Called on a Call Observation date (as Percentage of Stated Principal Amount) |
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Payment at maturity: |
if the final index value of each underlying index is greater than or equal to its initial index value (i) $1,000 plus (ii) the product of $1,000 times the maturity date premium amount; or if the final index value of any underlying index is less than its initial index value but the final index value of each underlying index is greater than or equal to its downside threshold level, $1,000; or if the final index value of any underlying index is less than its downside threshold level, the product of $1,000 times the worst performing index performance factor This amount will be less than the stated principal amount of $1,000, will represent a loss of more than 20.00% and could be zero. |
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175.000% |
159.500% |
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150.000% |
159.500% |
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130.000% |
159.500% |
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120.000% |
159.500% |
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110.000% |
159.500% |
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105.000% |
159.500% |
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100.000% |
159.500% |
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99.000% |
100.000% |
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90.000% |
100.000% |
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Initial index value: |
with respect to each underlying index, the index closing value of such underlying index on the pricing date |
80.000% |
100.000% |
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79.999% |
79.999% |
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Final index value: |
with respect to each underlying index, the index closing value of such underlying index on the valuation date |
50.000% |
50.000% |
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30.000% |
30.000% |
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Downside threshold level: |
with respect to each underlying index, 80.00% of such underlying index's initial index value |
25.000% |
25.000% |
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0.000% |
0.000% |
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Call premium amount: |
with respect to any call observation date, the applicable call premium amount set forth under "Call premium amount" below |
*assumes a maturity date premium amount of 59.50% |
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Maturity date premium amount (set on the pricing date): |
at least 59.50% |
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Index performance factor: |
with respect to each underlying index, the final index value / the initial index value |
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Worst performing underlying index: |
the underlying index with the lowest index performance factor |
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Worst performing index performance factor: |
the index performance factor of the worst performing underlying index |
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CUSIP / ISIN: |
40058ETV8 / US40058ETV82 |
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Estimated value range: |
$885 to $945 (which is less than the original issue price; see the accompanying preliminary pricing supplement) |
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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 securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying indexes (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 is based on the performance of the worst performing of the S&P 500® Index, the Russell 2000® Index and theEURO STOXX 50® Index. The securities may be automatically called on any call observation date.
Your securities will be automatically called if the index closing value of each underlying index on any call observation date is greater than or equal to its initial index value (set on the pricing date), resulting in a payment on the applicable call payment date equal to (i) the principal amount of your securities plus (ii) such principal amount times the call premium amount applicable to such call observation date. No payments will be made after the call payment date.
At maturity, if not previously not previously called, (i) if the final index value of each underlying index on the valuation date is greater than or equal to its initial index value, the return on your securities will be positive and equal to at least 59.50% (set on the pricing date); or (ii) if the final index value of any underlying index on the valuation date is less than its initial index value but the final index value of each underlying index is greater than or equal to its downside threshold level, you will receive the principal amount of your securities; or (iii) if the final index value of any underlying index is less than its downside threshold level, you will receive a payment at maturity based on the performance of the underlying index with the lowest index performance factor. You will not participate in any appreciation of the underlying indexes. If the final index value of each underlying index is less than the downside threshold level, you will lose a significant portion or all of your investment.
The securities are for investors who seek a return of between at least 11.90% and at least 59.50%, depending on if and when the securities are automatically called, in exchange for the risk of losing all or a significant portion of the principal amount of their securities if the securities remain outstanding to maturity.
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 indexes (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
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 indexes (including historical index closing values), the terms of the securities and certain risks.
Additional Risks Relating to the Underlying Indices
Additional Risks Related to the Russell 2000® Index
Additional Risks Related to the EURO STOXX 50® Index
Risks Related to Tax
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 factors are discussed in greater detail in the accompanying underlier supplement no. 40:
Risks Relating to Securities Linked to Underliers that are Equity Indices
Additional Risks Relating to Securities Linked to Underliers Denominated in Foreign Currencies or that Contain Foreign Stocks
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 indexes (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 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 each underlying index publisher and the issuer, see "The Underliers - S&P 500® Index", "The Underliers - Russell 2000® Index" and "The Underliers - EURO STOXX 50® Index" on pages S-118, S-81 and S-36 of the accompanying underlier supplement no. 40, respectively.
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 indexes (including historical index closing values), the terms of the securities and certain risks.