Goldman Sachs Launches Buffered S&P 500 Linked Notes Due 2026

Goldman Sachs Group Inc. has filed a preliminary pricing supplement for its new financial product, the Buffered Digital S&P 500® Index-Linked Notes due October 6, 2026. These notes, issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc., are designed to provide investors with a buffered return linked to the performance of the S&P 500® Index.

The payment at maturity depends on the performance of the S&P 500® Index. If the index level on the determination date is greater than or equal to the buffer level (90% of the initial level), investors will receive the maximum settlement amount, expected to be between $1,166.60 and $1,195.90 per $1,000 face amount. However, if the index level falls below the buffer level, investors could face significant losses, potentially losing their entire investment.

The notes do not bear interest, and the estimated value on the trade date is projected to be between $900 and $930 per $1,000 face amount, which is less than the original issue price. The determination date is expected to be between 23 and 26 months following the trade date, with the stated maturity date occurring shortly afterward.

Goldman Sachs & Co. LLC acts as the calculation agent for these notes. The offering is part of GS Finance Corp.'s Medium-Term Notes, Series F program and is fully guaranteed by The Goldman Sachs Group, Inc. The notes are not bank deposits, are not insured by any governmental agency, and are not obligations of a bank.