# EDGAR Filing Document

**Accession Number:** 0000886982
**File Stem:** 0001564590-23-002982
**Filing Date:** 2023-3
**Character Count:** 28965
**Document Hash:** 1629a5ae4bdb85c4a2ddfb1d20b3b472
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001564590-23-002982.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001564590-23-002982

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS GROUP INC
- **CENTRAL INDEX KEY:** 0000886982
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **IRS NUMBER:** 134019460
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-269296
- **FILM NUMBER:** 23697415

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-1000

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS GROUP INC/
- **DATE OF NAME CHANGE:** 20010104
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GS Finance Corp.
- **CENTRAL INDEX KEY:** 0001419828
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **IRS NUMBER:** 260785112
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-269296-03
- **FILM NUMBER:** 23697416

**BUSINESS ADDRESS:**
- **STREET 1:** C/O THE GOLDMAN SACHS GROUP, INC.
- **STREET 2:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-1000

**MAIL ADDRESS:**
- **STREET 1:** C/O THE GOLDMAN SACHS GROUP, INC.
- **STREET 2:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

---

| | | |
|:---|:---|:---|
| February 2023 Non-Seasonally Adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers Supplement to the Underlier Supplement, the Prospectus Supplement and the Prospectus, each as may be amended from time to time, that form a part of Registration Statement No. 333-269296 | February 2023 Non-Seasonally Adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers Supplement to the Underlier Supplement, the Prospectus Supplement and the Prospectus, each as may be amended from time to time, that form a part of Registration Statement No. 333-269296 | **Filed Pursuant to Rule 424(b)(3)**<br> **Registration Statement No. 333-269296** |
| ![](gm4hrnhvaie0000001.jpg)<br>| **GS Finance Corp.**<br> Medium-Term Notes, Series F<br> guaranteed by<br> **The Goldman Sachs Group, Inc.** | **GS Finance Corp.**<br> Medium-Term Notes, Series F<br> guaranteed by<br> **The Goldman Sachs Group, Inc.** |

---

#### Non-Seasonally Adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers

#### Overview
This section constitutes only a brief overview of the non-seasonally adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers. The index is described in more detail under "The Underliers — Non-Seasonally Adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers" in the underlier supplement referred to in "About This Index Supplement" below.<br>

The non-seasonally adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers (currently published on Bloomberg page "CPURNSA"), which we also refer to in this index supplement as the "index," is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services, including food, clothing, shelter, fuels, transportation, doctors' and dentists' services, drugs and other goods and services that people buy for day-to-day living. The index is reported monthly by the Bureau of Labor Statistics of the U.S. Department of Labor (the "BLS"). The BLS sets the average index level for the base reference period — the 36-month period covering 1982, 1983 and 1984 — equal to 100, and then measures changes in relation to that figure. The level of the index for a particular month is published during the following month. In calculating the index, price changes for the various items are averaged together with weights that represent their importance in the spending of urban households in the United States. The contents of the market basket of goods and services and the weights assigned to the various items are updated periodically by the BLS to take into account changes in consumer buying habits or shifts in population distribution or demographics.

We have derived all information contained in this index supplement regarding the index from publicly available information. Additional information about the index is available on the following website: bls.gov/cpi/. We are not incorporating by reference the website or any material it includes in this index supplement.

---

| | | | | | | | | | | | | | | | |
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| **Quick Facts** | **Quick Facts** | **Historical Performance** | **Historical Performance** | **Historical Performance** | **Historical Performance** | **Historical Performance** | **Historical Performance** | **Historical Performance** | **Historical Performance** | **Historical Performance** | **Historical Performance** | **Historical Performance** | **Historical Performance** | **Historical Performance** | **Historical Performance** |
| **Publisher** | BLS | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** |
| **Calculation Agent** | BLS | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** | The table below shows the monthly historical levels of the index as reported by the BLS from January 2018 through January 2023. We obtained the levels in the table below from Bloomberg Financial Services, without independent verification. **You should not take the historical levels of the index as an indication of its future performance.** |
| **Index Currency** | USD | **Year** | **Month** | **Month** | **Month** | **Month** | **Month** | **Month** | **Month** | **Month** | **Month** | **Month** | **Month** | **Month** | **Month** |
| **Index Currency** | USD | **Year** | **Jan** | **Feb** | **Mar** | **Apr** | **May** | **May** | **Jun** | **Jul** | **Aug** | **Sep** | **Oct** | **Nov** | **Dec** |
| **Bloomberg Ticker** | CPURNSA | **2023** | 299.170 |  |  |  |  |  |  |  |  |  |  |  |  |
| **Bloomberg Ticker** | CPURNSA | **2022** | 281.148 | 283.716 | 287.504 | 289.109 | 292.296 | 292.296 | 296.311 | 296.276 | 296.171 | 296.808 | 298.012 | 297.711 | 296.797 |
| **Bloomberg Ticker** | CPURNSA | **2021** | 261.582 | 263.014 | 264.877 | 267.054 | 269.195 | 269.195 | 271.696 | 273.003 | 273.567 | 274.310 | 276.589 | 277.948 | 278.802 |
| **Geographical Coverage** | US | **2020** | 257.971 | 258.678 | 258.115 | 256.389 | 256.394 | 256.394 | 257.797 | 259.101 | 259.918 | 260.280 | 260.388 | 260.229 | 260.474 |
| **Geographical Coverage** | US | **2019** | 251.712 | 252.776 | 254.202 | 255.548 | 256.092 | 256.092 | 256.143 | 256.571 | 256.558 | 256.759 | 257.346 | 257.208 | 256.974 |
| **Geographical Coverage** | US | **2018** | 247.867 | 248.991 | 249.554 | 250.546 | 251.588 | 251.588 | 251.989 | 252.006 | 252.146 | 252.439 | 252.885 | 252.038 | 251.233 |
|  |  | **Annualized Return** | **Annualized Return** | **Annualized Return** | **Annualized Return** | **Annualized Return** | **Annualized Return** | **Annualized Return** | **Annualized Return** | **Annualized Return** | **Annualized Return** | **Annualized Return** | **Annualized Return** | **Annualized Return** | **Annualized Return** |
|  |  | The following table provides the annualized return of the index for each applicable period ended January 2023. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the index during the applicable time period. **You should not take any annualized return information regarding the index as an indication of its future performance.** | The following table provides the annualized return of the index for each applicable period ended January 2023. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the index during the applicable time period. **You should not take any annualized return information regarding the index as an indication of its future performance.** | The following table provides the annualized return of the index for each applicable period ended January 2023. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the index during the applicable time period. **You should not take any annualized return information regarding the index as an indication of its future performance.** | The following table provides the annualized return of the index for each applicable period ended January 2023. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the index during the applicable time period. **You should not take any annualized return information regarding the index as an indication of its future performance.** | The following table provides the annualized return of the index for each applicable period ended January 2023. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the index during the applicable time period. **You should not take any annualized return information regarding the index as an indication of its future performance.** | The following table provides the annualized return of the index for each applicable period ended January 2023. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the index during the applicable time period. **You should not take any annualized return information regarding the index as an indication of its future performance.** | The following table provides the annualized return of the index for each applicable period ended January 2023. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the index during the applicable time period. **You should not take any annualized return information regarding the index as an indication of its future performance.** | The following table provides the annualized return of the index for each applicable period ended January 2023. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the index during the applicable time period. **You should not take any annualized return information regarding the index as an indication of its future performance.** | The following table provides the annualized return of the index for each applicable period ended January 2023. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the index during the applicable time period. **You should not take any annualized return information regarding the index as an indication of its future performance.** | The following table provides the annualized return of the index for each applicable period ended January 2023. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the index during the applicable time period. **You should not take any annualized return information regarding the index as an indication of its future performance.** | The following table provides the annualized return of the index for each applicable period ended January 2023. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the index during the applicable time period. **You should not take any annualized return information regarding the index as an indication of its future performance.** | The following table provides the annualized return of the index for each applicable period ended January 2023. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the index during the applicable time period. **You should not take any annualized return information regarding the index as an indication of its future performance.** | The following table provides the annualized return of the index for each applicable period ended January 2023. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the index during the applicable time period. **You should not take any annualized return information regarding the index as an indication of its future performance.** | The following table provides the annualized return of the index for each applicable period ended January 2023. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the index during the applicable time period. **You should not take any annualized return information regarding the index as an indication of its future performance.** |
|  |  |  |  |  |  |  |  | **Annualized Return** | **Annualized Return** | **Annualized Return** | **Annualized Return** | **Annualized Return** | **Annualized Return** | **Annualized Return** | **Annualized Return** |
|  |  | **1 Year** | **1 Year** | **1 Year** | **1 Year** | **1 Year** | **1 Year** | 6.41% | 6.41% | 6.41% | 6.41% | 6.41% | 6.41% | 6.41% | 6.41% |
|  |  | **3 Years** | **3 Years** | **3 Years** | **3 Years** | **3 Years** | **3 Years** | 5.06% | 5.06% | 5.06% | 5.06% | 5.06% | 5.06% | 5.06% | 5.06% |
|  |  | **5 Years** | **5 Years** | **5 Years** | **5 Years** | **5 Years** | **5 Years** | 3.83% | 3.83% | 3.83% | 3.83% | 3.83% | 3.83% | 3.83% | 3.83% |
|  |  | **Since December 2017** | **Since December 2017** | **Since December 2017** | **Since December 2017** | **Since December 2017** | **Since December 2017** | 3.88% | 3.88% | 3.88% | 3.88% | 3.88% | 3.88% | 3.88% | 3.88% |

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*Your investment in securities linked to the index involves certain risks. See "Selected Risk Factors" on page S-3 to read about investment risks relating to such securities.*

**Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this index supplement, the applicable pricing supplement, the applicable product supplement, if any, the applicable general terms supplement, if any, the accompanying underlier supplement, the accompanying prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.**

**The securities are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.**

#### Goldman Sachs & Co. LLC
February 2023 Non-Seasonally Adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers Supplement dated March 2, 2023.

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|:---|:---|
| ![](gm4hrnhvaie0000002.jpg) | February 2023 Non-Seasonally Adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers Supplement<br> Dated March 2, 2023  |

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#### Selected Risk Factors
An investment in securities linked to the index is subject to the risks described below as well as the risks and considerations described in the accompanying underlier supplement no. 33, the applicable pricing supplement, the applicable product supplement, if any, the applicable general terms supplement, if any, the accompanying prospectus supplement and the accompanying prospectus. The following risk factors are discussed in greater detail in the accompanying underlier supplement no. 33.

• The Estimated Value of Your Securities At the Time the Terms of Your Securities 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 Securities

• Your Securities Are Subject to the Credit Risk of GS Finance Corp., as Issuer, and the Credit Risk of The Goldman Sachs Group, Inc., as Guarantor

• The Market Value of Your Securities May Be Influenced by Many Unpredictable Factors

• If the Value of an Underlier Changes, the Market Value of Your Securities May Not Change in the Same Manner

• Past Performance is No Guide to Future Performance

• The Policies of the Bureau of Labor Statistics of the U.S. Department of Labor and Changes that Affect the Non-Seasonally Adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers Could Affect the Amount Payable on Your Securities and Their Market Value

• There Is No Affiliation between the BLS and Us

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| | |
|:---|:---|
| ![](gm4hrnhvaie0000002.jpg) | February 2023 Non-Seasonally Adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers Supplement<br> Dated March 2, 2023  |

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#### About This Index Supplement
GS Finance Corp. may use this index supplement in the initial sale of the securities. In addition, Goldman Sachs & Co. LLC (GS&Co.), or any other affiliate of GS Finance Corp., may use this index supplement in a market-making transaction in a security after its initial sale. ***Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this index supplement is being used in a market-making transaction.***

This index supplement constitutes a supplement to the documents listed below and therefore should be read in conjunction with such documents:<br> •[<u>Underlier supplement no. 33 dated February 23, 2023</u>](http://www.sec.gov/Archives/edgar/data/886982/000156459023002348/gs-424b2.htm)<br> •[Prospectus supplement dated February 13, 2023](http://www.sec.gov/Archives/edgar/data/886982/000119312523036241/d407224d424b2.htm)<br> •[Prospectus dated February 13, 2023](http://www.sec.gov/Archives/edgar/data/886982/000119312523036147/d457531d424b2.htm)<br>

------

We have not authorized anyone to provide any information or to make any representations other than those contained in or incorporated by reference in this index supplement, the accompanying underlier supplement no. 33, the accompanying prospectus supplement or the accompanying prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may provide. This index supplement addendum is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this index supplement addendum, the accompanying underlier supplement no. 33, the accompanying prospectus supplement and the accompanying prospectus is current only as of the respective dates of such documents.

**TABLE OF CONTENTS**

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|:---|:---|
| February 2023 U.S. City Average All Items Consumer Price Index for All Urban Consumers Supplement dated March 2, 2023 | February 2023 U.S. City Average All Items Consumer Price Index for All Urban Consumers Supplement dated March 2, 2023 |
| [U.S. City Average All Items Consumer Price Index for All Urban Consumers](#Russell2000valueindex) | S-1 |
| [<u>Selected Risk Factors</u>](#SelectedRiskFactors) | S-2 |
| [<u>About This Index Supplement</u>](#AboutThisIndexSupplement) | S-3 |

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