# EDGAR Filing Document

**Accession Number:** 0001419828
**File Stem:** 0001564590-23-001998
**Filing Date:** 2023-2
**Character Count:** 18860
**Document Hash:** a44dcbb1d16cb4cc5b84571b7e1c8a3a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001564590-23-001998.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0001564590-23-001998

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**SUBJECT COMPANY**: 

**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:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-269296-03
- **FILM NUMBER:** 23637901

**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
**FILED BY**: 

**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:** FWP

**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

#### Free Writing Prospectus pursuant to Rule 433 dated February 16, 2023

#### Registration Statement No. 333-269296

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| | |
|:---|:---|
| ![](grijk4qdlogc000001.jpg) | **Basket-Linked Notes due&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 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, as measured from the trade date to and including the determination date, of a weighted basket comprised of the S&P 500<sup>®</sup> Index and the iShares<sup>®</sup> 3-7 Year Treasury Bond ETF (ETF).** 

**The return on your notes is linked, in part, to the performance of the ETF, and not to that of the ICE U.S. Treasury 3-7 Year Bond Index (underlying index) on which the ETF is based. The ETF follows a strategy of "representative sampling", which means the ETF's holdings are not the same as those of its underlying index. The performance of the ETF may significantly diverge from that of its underlying index.**

On the determination date, a weighted return will be calculated, which will be based on the underlier return for each underlier. The weighted return is the sum of the products of (i) the highest underlier return times 60% plus (ii) the lowest underlier return times 40%. **Even though the weighted return allocates a higher weight to the highest underlier return, the lowest underlier return may offset the highest underlier return.**

If the weighted return on the determination date is positive, the return on your notes will be positive and will equal the weighted return, subject to the maximum settlement amount of $1,400 for each $1,000 face amount of your notes. If the weighted return is zero or negative, you will receive the face amount of your notes.

**You should read the accompanying preliminary pricing supplement dated February 15, 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.**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Key Terms** | &nbsp;&nbsp; **Key Terms** |
| &nbsp;&nbsp; **CUSIP/ISIN:** | &nbsp;&nbsp; 40057PQF2 / US40057PQF26 |
| &nbsp;&nbsp; **Company (Issuer):** | &nbsp;&nbsp; GS Finance Corp. |
| &nbsp;&nbsp; **Guarantor:** | &nbsp;&nbsp; The Goldman Sachs Group, Inc. |
| &nbsp;&nbsp; **Basket underliers (each individually, a basket underlier):** | &nbsp;&nbsp; the S&P 500<sup>®</sup> Index (Bloomberg symbol: "SPX Index"); and the iShares<sup>®</sup> 3-7 Year Treasury Bond ETF (Bloomberg symbol: "IEI UP") |
| &nbsp;&nbsp; **Trade date:** | &nbsp;&nbsp; expected to be February 24, 2023 |
| &nbsp;&nbsp; **Settlement date:** | &nbsp;&nbsp; expected to be March 1, 2023 |
| &nbsp;&nbsp; **Determination date:** | &nbsp;&nbsp; expected to be February 24, 2027 |
| &nbsp;&nbsp; **Stated maturity date:** | &nbsp;&nbsp; expected to be March 1, 2027 |
| &nbsp;&nbsp; <br>**Payment amount at maturity (for each $1,000 face amount of your notes)** | &nbsp;&nbsp; ●if the weighted return is *positive*, the *sum* of (i) $1,000 *plus* (ii) the *product* of (a) $1,000 *times* (b) the weighted return, subject to the maximum settlement amount; or<br> ●if the weighted return is *zero* or *negative*, $1,000 |
| &nbsp;&nbsp; **Initial basket underlier level:** | &nbsp;&nbsp; In each case, set on the trade date:<br> ●with respect to the S&P 500<sup>®</sup> Index, and<br> ●with respect to the iShares<sup>®</sup> 3-7 Year Treasury Bond ETF,  |
| &nbsp;&nbsp; **Final basket underlier level:** | &nbsp;&nbsp; with respect to a basket underlier, the closing level of such basket underlier on the determination date |
| &nbsp;&nbsp; **Weighted return:** | &nbsp;&nbsp; the sum of the products of (i) the highest basket underlier return times 60% plus (ii) the lowest basket underlier return times 40% |
| &nbsp;&nbsp; **Basket underlier return:** | &nbsp;&nbsp; with respect to a basket underlier, the quotient of (i) its final basket underlier level minus its initial basket underlier level divided by (ii) its initial basket underlier level, expressed as a percentage |
| &nbsp;&nbsp; **Maximum settlement amount:** | &nbsp;&nbsp; $1400 |
| &nbsp;&nbsp; **Estimated value range:** | &nbsp;&nbsp; $900 to $930 (which is less than the original issue price; see accompanying preliminary pricing supplement) |

---

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| | |
|:---|:---|
| **Hypothetical Payment Amount At Maturity** | **Hypothetical Payment Amount At Maturity** |
| **Hypothetical Weighted Return** | **Hypothetical Payment Amount at Maturity<br>(as a % of Face Amount)** |
| 100.000% | 140.000% |
| 75.000% | 140.000% |
| **40.000%** | **140.000%** |
| 30.000% | 130.000% |
| 25.000% | 125.000% |
| **0.000%** | **100.000%** |
| -25.000% | 100.000% |
| -50.000% | 100.000% |
| -75.000% | 100.000% |
| **-100.000%** | **100.000%** |

---

*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 basket underliers, the terms of the notes and certain risks.*

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#### 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. 32, 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. 32, 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. 32, general terms supplement no. 8,999 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:

● [<u>Preliminary pricing supplement dated February 15, 2023</u>](http://www.sec.gov/Archives/edgar/data/886982/000156459023001952/gs-424b2.htm)

● [<u>General terms supplement no. 8,999 dated February 13, 2023</u>](http://www.sec.gov/Archives/edgar/data/886982/000156459023001811/gs-424b2.htm)

● [<u>Underlier supplement no. 32 dated February 13, 2023</u>](http://www.sec.gov/Archives/edgar/data/886982/000156459023001813/gs-424b2.htm)

● [<u>Prospectus supplement dated February 13, 2023</u>](http://www.sec.gov/Archives/edgar/data/886982/000119312523036241/d407224d424b2.htm)

● [<u>Prospectus dated February 13, 2023</u>](http://www.sec.gov/Archives/edgar/data/886982/000119312523036147/d457531d424b2.htm)

#### 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. 8,999, accompanying underlier supplement no. 32, 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. 8,999 and "Additional Risk Factors Specific to the Securities" in the accompanying underlier supplement no. 32, 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:

<u>Risks Related to Structure, Valuation and Secondary Market Sales</u>

▪ 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

▪ The Amount Payable on Your Notes Is Not Linked to the Level of Each Basket Underlier at Any Time Other Than the Determination Date

▪ The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors

▪ Your Notes Do Not Bear Interest

▪ The Potential for the Value of Your Notes to Increase Will Be Limited

▪ The Lower Performance of One Basket Underlier May Offset an Increase in the Other Basket Underlier

▪ The Return on Your Notes Will Not Reflect Any Dividends Paid on the Basket Fund or Any Basket Underlier Securities

▪ You Have No Shareholder Rights or Rights to Receive Any Shares of the Basket Fund or Any Basket Underlier Security

&nbsp;&nbsp;&nbsp;&nbsp;

▪ We May Sell an Additional Aggregate Face Amount of the Notes at a Different Issue Price

▪ 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

<u>Additional Risks Related to the iShares<sup>®</sup> 3-7 Year Treasury Bond ETF</u>

▪ The Policies of the Basket Fund's Investment Advisor, BlackRock Fund Advisors, and the Sponsor of its Underlying Index, ICE Data Indices, LLC, Could Affect the Amount Payable on Your Notes and Their Market Value

▪ There is No Assurance That an Active Trading Market Will Continue for the Basket Fund or That There Will Be Liquidity in Any Such Trading Market; Further, the Basket Fund is Subject to Management Risks, Securities Lending Risks and Custody Risks

▪ The Basket Fund and its Underlying Index are Different and the Performance of the Basket Fund May Not Correlate With the Performance of its Underlying Index

*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 basket underliers, the terms of the notes and certain risks.*

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▪ Your Investment in the Notes is Subject to Concentration Risks

▪ The Basket Fund May Change in Unexpected Ways

<u>Risks Related to Tax</u>

▪ Your Notes Will Be Treated as Debt Instruments Subject to Special Rules Governing Contingent Payment Debt Instruments for U.S. Federal Income Tax Purposes

&nbsp;&nbsp;&nbsp;&nbsp;

▪ 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. 8,999:

#### Risks Related to Structure, Valuation and Secondary Market Sales
▪ If the Value of an Underlier Changes, the Market Value of Your Notes May Not Change in the Same Manner

▪ Past Performance is No Guide to Future Performance

▪ Your Notes May Not Have an Active Trading Market

▪ The Calculation Agent Will Have the Authority to Make Determinations That Could Affect the Market Value of Your Notes, When Your Notes Mature and the Amount, If Any, Payable on Your Notes

▪ The Calculation Agent Can Postpone the Determination Date, Averaging Date, Call Observation Date or Coupon Observation Date If a Market Disruption Event or Non-Trading Day Occurs or Is Continuing

▪ With Respect to Notes Linked to Index Stocks or Exchange-Traded Funds, You Have Limited Anti-Dilution Protection

#### Risks Related to Conflicts of Interest
▪ Other Investors in the Notes May Not Have the Same Interests as You

▪ Hedging Activities by Goldman Sachs or Our Distributors May Negatively Impact Investors in the Notes and Cause Our Interests and Those of Our Clients and Counterparties to be Contrary to Those of Investors in the Notes

&nbsp;&nbsp;&nbsp;&nbsp;

▪ Goldman Sachs' Trading and Investment Activities for its Own Account or for its Clients Could Negatively Impact Investors in the Notes

▪ Goldman Sachs' Market-Making Activities Could Negatively Impact Investors in the Notes

▪ You Should Expect That Goldman Sachs Personnel Will Take Research Positions, or Otherwise Make Recommendations, Provide Investment Advice or Market Color or Encourage Trading Strategies That Might Negatively Impact Investors in the Notes

▪ Goldman Sachs Regularly Provides Services to, or Otherwise Has Business Relationships with, a Broad Client Base, Which May Include the Sponsors of the Underlier or Underliers or Constituent Indices, As Applicable, the Investment Advisors of the Underlier or Underliers, As Applicable, or the Issuers of the Underlier or the Underlier Stocks or Other Entities That Are Involved in the Transaction

▪ The Offering of the Notes May Reduce an Existing Exposure of Goldman Sachs or Facilitate a Transaction or Position That Serves the Objectives of Goldman Sachs or Other Parties

#### Risks Related to Tax
▪ Certain Considerations for Insurance Companies and Employee Benefit Plans

The following risk factors are discussed in greater detail in the accompanying underlier supplement no. 32:

*Risks Relating to Securities Linked to Underliers*

▪ The Policies of an Underlier Sponsor, if Applicable, and Changes that Affect an Underlier to Which Your Securities are Linked, or the Constituent Indices or Underlier Stocks Comprising Such Underlier, Could Affect the Amount Payable on Your Securities and Their Market Value

▪ Except to the Extent The Goldman Sachs Group, Inc. Is One of the Companies Whose Common Stock Comprises an Underlier, and Except to the Extent That We or Our Affiliates May Currently or in the Future Own Securities of, or Engage in Business With, the Applicable Underlier Sponsor or the Underlier Stock Issuers, There Is No Affiliation Between the Underlier Stock Issuers or Any Underlier Sponsor and Us

*Additional Risks Relating to Securities Linked to Underliers that are Exchange-Traded Funds*

▪ Except to the Extent GS&Co. and One or More of Our Other Affiliates Act as Authorized Participants in the Distribution of, and, at Any Time, May Hold, Shares of, an Exchange-Traded Fund to Which Your Securities Are Linked, There Is No Affiliation Between the Investment Advisor of such Exchange-Traded Fund and Us

The following risk factors are discussed in greater detail in the accompanying prospectus supplement:

*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 basket underliers, the terms of the notes and certain risks.*

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▪ 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

▪ An Index to Which a Note Is Linked Could Be Changed or Become Unavailable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

▪ 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.

▪ The application of Group Inc.'s proposed resolution strategy could result in greater losses for Group Inc.'s security holders.

For details about the license agreement between the basket index sponsor for S&P 500<sup>®</sup> Index and the issuer, see "The Underliers — S&P 500<sup>®</sup> Index" on page S-106 of the accompanying underlier supplement no. 32.

*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.*