Coupon Fee – Art By Depaola http://artbydepaola.com/ Fri, 10 Sep 2021 03:22:36 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://artbydepaola.com/wp-content/uploads/2021/06/icon-150x150.png Coupon Fee – Art By Depaola http://artbydepaola.com/ 32 32 Form 424B2 CITIGROUP INC https://artbydepaola.com/__trashed/ https://artbydepaola.com/__trashed/#respond Fri, 10 Sep 2021 03:22:09 +0000 https://artbydepaola.com/?p=541 Form 424B2 CITIGROUP INCGet instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.   Citigroup Global Markets Holdings Inc. August 18, 2021 Medium-Term Senior Notes, Series N Pricing Supplement No. 2021-USNCH8709 Filed Pursuant to Rule 424(b)(2) Registration Statement Nos. 333-255302 and 333-255302-03 Autocallable Contingent Coupon Equity Linked Securities Linked to […]]]> Form 424B2 CITIGROUP INC

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Citigroup Global Markets Holdings Inc.

August 18, 2021

Medium-Term Senior Notes,
Series N

Pricing Supplement No. 2021-USNCH8709

Filed Pursuant to Rule 424(b)(2)

Registration Statement Nos.
333-255302 and 333-255302-03

Autocallable Contingent Coupon Equity Linked Securities
Linked to the Worst Performing of Apple Inc., NVIDIA Corporation and Peloton Interactive, Inc. Due August 23, 2023

▪ The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global Markets Holdings Inc. and
guaranteed by Citigroup Inc. The securities offer the potential for periodic contingent coupon payments at an annualized rate that, if
all are paid, would produce a yield that is generally higher than the yield on our conventional debt securities of the same maturity.
In exchange for this higher potential yield, you must be willing to accept the risks that (i) your actual yield may be lower than the
yield on our conventional debt securities of the same maturity because you may not receive one or more, or any, contingent coupon payments,
(ii) the value of what you receive at maturity may be significantly less than the stated principal amount of your securities, and may
be zero, and (iii) the securities may be automatically called for redemption prior to maturity beginning on the first potential autocall
date specified below. Each of these risks will depend solely on the performance of the worst performing of the underlyings specified
below.
▪ You will be subject to risks associated with each of the underlyings and will be negatively affected by adverse movements in
any one of the underlyings. Although you will have downside exposure to the worst performing underlying, you will not receive dividends
with respect to any underlying or participate in any appreciation of any underlying.
▪ Investors in the securities must be willing to accept (i) an investment that may have limited or no liquidity and (ii) the risk of
not receiving any payments due under the securities if we and Citigroup Inc. default on our obligations. All payments on the securities
are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
KEY TERMS
Issuer: Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc.
Guarantee: All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc.
Underlying Initial underlying value* Coupon barrier value** Final barrier value** Equity ratio***
Apple Inc. $146.36 $102.452 $102.452 6.83247
NVIDIA Corporation $190.40 $133.280 $133.280 5.25210
Peloton Interactive, Inc. $110.65 $77.455 $77.455 9.03751
*For each underlying, its closing value on the pricing date
**For each underlying, 70.00% of its initial underlying value
***For each underlying, the stated principal amount divided by its initial underlying value
Stated principal amount: $1,000 per security
Pricing date: August 18, 2021
Issue date: August 23, 2021
Valuation dates: November 18, 2021, February 18, 2022, May 18, 2022, August 18, 2022, November 18, 2022, February 21, 2023, May 18, 2023 and August 18, 2023 (the “final valuation date”), each subject to postponement if such date is not a scheduled trading day or certain market disruption events occur
Maturity date: Unless earlier redeemed, August 23, 2023
Contingent coupon payment dates: The third business day after each valuation date, except that the contingent coupon payment date following the final valuation date will be the maturity date
Contingent coupon: On each contingent coupon payment date, unless previously redeemed, the securities will pay a contingent coupon equal to 6.33065% of the stated principal amount of the securities (equivalent to a contingent coupon rate of approximately 25.32% per annum) if and only if the closing value of the worst performing underlying on the immediately preceding valuation date is greater than or equal to its coupon barrier value. If the closing value of the worst performing underlying on any valuation date is less than its coupon barrier value, you will not receive any contingent coupon payment on the immediately following contingent coupon payment date.
Payment at maturity:

If the securities are not automatically redeemed prior to maturity,
you will receive at maturity for each security you then hold (in addition to the final contingent coupon payment, if applicable):

§ If
the final underlying value of the worst performing underlying on the final valuation date is greater than or equal to its final
barrier value: $1,000

§ If
the final underlying value of the worst performing underlying on the final valuation date is less than its final barrier value:

a fixed number of underlying shares of the worst performing
underlying on the final valuation date equal to its equity ratio (or, if we elect, the cash value of those shares based on its final underlying
value)

If the securities are not automatically redeemed prior to maturity
and the final underlying value of the worst performing underlying on the final valuation date is less than its final barrier value, you
will receive underlying shares (or, in our sole discretion, cash) that will be worth significantly less than the stated principal amount
of your securities, and possibly nothing, at maturity, and you will not receive any contingent coupon payment at maturity.

Listing: The securities will not be listed on any securities exchange
Underwriter: Citigroup Global Markets Inc. (“CGMI”), an affiliate of the issuer, acting as principal
Underwriting fee and issue price: Issue price(1) Underwriting fee(2) Proceeds to issuer(3)
Per security: $1,000.00 $17.50 $982.50
Total: $1,550,000.00 $27,125.00 $1,522,875.00

(Key Terms continued on next page)

(1) On the date of this pricing supplement, the estimated value of the
securities is $942.50 per security, which is less than the issue price. The estimated value of the securities is based on CGMI’s
proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other of our affiliates,
nor is it an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you at any time
after issuance. See “Valuation of the Securities” in this pricing supplement.

(2) CGMI will receive an underwriting fee of up to $17.50 for each security
sold in this offering. The total underwriting fee and proceeds to issuer in the table above give effect to the actual total underwriting
fee. For more information on the distribution of the securities, see “Supplemental Plan of Distribution” in this pricing supplement.
In addition to the underwriting fee, CGMI and its affiliates may profit from hedging activity related to this offering, even if the value
of the securities declines. See “Use of Proceeds and Hedging” in the accompanying prospectus.

(3) The per security proceeds to issuer indicated above represent the
minimum per security proceeds to issuer for any security, assuming the maximum per security underwriting fee. As noted above, the underwriting
fee is variable.

Investing in the securities involves risks not associated with an
investment in conventional debt securities. See “Summary Risk Factors” beginning on page PS-6.

Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of the securities or determined that this pricing supplement and the accompanying
product supplement, prospectus supplement and prospectus are truthful or complete. Any representation to the contrary is a criminal offense.

You should read this pricing supplement together
with the accompanying product supplement, prospectus supplement and prospectus, which can be accessed via the hyperlinks below:

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

Citigroup Global Markets Holdings Inc.
 
KEY TERMS (continued)
Automatic early redemption: If, on any potential autocall date, the closing value of the worst performing underlying on that potential autocall date is greater than or equal to its initial underlying value, each security you then hold will be automatically called on that potential autocall date for redemption on the immediately following contingent coupon payment date for an amount in cash equal to $1,000.00 plus the related contingent coupon payment. The automatic early redemption feature may significantly limit your potential return on the securities. If the worst performing underlying performs in a way that would otherwise be favorable, the securities are likely to be automatically called for redemption prior to maturity, cutting short your opportunity to receive contingent coupon payments. The securities may be automatically called for redemption as early as the first potential autocall date specified below.
Potential autocall dates: The valuation dates scheduled to occur on February 18, 2022, May 18, 2022, August 18, 2022, November 18, 2022, February 21, 2023 and May 18, 2023
Final underlying value: For each underlying, its closing value on the final valuation date
Worst performing underlying: For any valuation date, the underlying with the lowest underlying return determined as of that valuation date
Underlying return: For each underlying on any valuation date, (i) its closing value on that valuation date minus its initial underlying value, divided by (ii) its initial underlying value
CUSIP / ISIN: 17328NYC6 / US17328NYC63

Citigroup Global Markets Holdings Inc.
 

Additional Information

General. The terms of the securities are set forth in the accompanying
product supplement, prospectus supplement and prospectus, as supplemented by this pricing supplement. The accompanying product supplement,
prospectus supplement and prospectus contain important disclosures that are not repeated in this pricing supplement. For example, the
accompanying product supplement contains important information about how the closing value of each underlying will be determined and about
adjustments that may be made to the terms of the securities upon the occurrence of market disruption events and other specified events
with respect to each underlying. It is important that you read the accompanying product supplement, prospectus supplement and prospectus
together with this pricing supplement in deciding whether to invest in the securities. Certain terms used but not defined in this pricing
supplement are defined in the accompanying product supplement.

Closing Value. The “closing value” of each underlying
on any date is the closing price of its underlying shares on such date, as provided in the accompanying product supplement. The “underlying
shares” of (i) Apple Inc. and NVIDIA Corporation are their respective shares of common stock and (ii) Peloton Interactive, Inc.
are its shares of Class A common stock. Please see the accompanying product supplement for more information.

Citigroup Global Markets Holdings Inc.
 

Hypothetical Examples

The examples in the first section below illustrate how to determine
whether a contingent coupon will be paid and whether the securities will be automatically called for redemption following a valuation
date that is also a potential autocall date. The examples in the second section below illustrate how to determine the payment at maturity
on the securities, assuming the securities are not automatically redeemed prior to maturity. The examples are solely for illustrative
purposes, do not show all possible outcomes and are not a prediction of any payment that may be made on the securities.

The examples below are based on the following hypothetical values and
do not reflect the actual initial underlying values, coupon barrier values, final barrier values or equity ratios of the underlyings.
For the actual initial underlying value, coupon barrier value, final barrier value and equity ratio of each underlying, see the cover
page of this pricing supplement. We have used these hypothetical values, rather than the actual values, to simplify the calculations and
aid understanding of how the securities work. However, you should understand that the actual payments on the securities will be calculated
based on the actual initial underlying value, coupon barrier value, final barrier value and equity ratio of each underlying, and not the
hypothetical values indicated below. For ease of analysis, figures below have been rounded.

Underlying Hypothetical initial underlying value Hypothetical coupon barrier value Hypothetical final barrier value Hypothetical equity ratio
Apple Inc. $100.00 $70.00 (70.00% of its hypothetical initial underlying value) $70.00 (70.00% of its hypothetical initial underlying value) 10.00000
NVIDIA Corporation $100.00 $70.00 (70.00% of its hypothetical initial underlying value) $70.00 (70.00% of its hypothetical initial underlying value) 10.00000
Peloton Interactive, Inc. $100.00 $70.00 (70.00% of its hypothetical initial underlying value) $70.00 (70.00% of its hypothetical initial underlying value) 10.00000

 

Hypothetical Examples of Contingent Coupon Payments
and any Payment upon Automatic Early Redemption Following a Valuation Date that is also a Potential Autocall Date

The three hypothetical examples below illustrate how to determine whether
a contingent coupon will be paid and whether the securities will be automatically redeemed following a hypothetical valuation date that
is also a potential autocall date, assuming that the closing values of the underlyings on the hypothetical valuation date are as indicated
below.

  Hypothetical closing value of Apple Inc. on hypothetical valuation date Hypothetical closing value of NVIDIA Corporation on hypothetical valuation date Hypothetical closing value of Peloton Interactive, Inc. on hypothetical valuation date Hypothetical payment per $1,000.00 security on related contingent coupon payment date
Example 1 $120
(underlying return =
($120 – $100) / $100 = 20%)
$85
(underlying return =
($85 – $100) / $100 = -15%)
$135
(underlying return =
($135 – $100) / $100 = 35%)
$63.3065
(contingent coupon is paid; securities not redeemed)
Example 2 $45
(underlying return =
($45 – $100) / $100 = -55%)
$120
(underlying return =
($120 – $100) / $100 = 20%)
$80
(underlying return =
($80 – $100) / $100 = -20%)
$0.00
(no contingent coupon; securities not redeemed)
Example 3 $145
(underlying return =
($145 – $100) / $100 = 45%)
$115
(underlying return =
($115 – $100) / $100 = 15%)
$110
(underlying return =
($110 – $100) / $100 = 10%)
$1,063.3065
(contingent coupon is paid; securities redeemed)

Example 1: On the hypothetical
valuation date, NVIDIA Corporation has the lowest underlying return and, therefore, is the worst performing underlying on the hypothetical
valuation date. In this scenario, the closing value of the worst performing underlying on the hypothetical valuation date is greater than
its coupon barrier value but less than its initial underlying value. As a result, investors in the securities would receive the contingent
coupon payment on the related contingent coupon payment date and the securities would not be automatically redeemed.

Example 2: On the hypothetical
valuation date, Apple Inc. has the lowest underlying return and, therefore, is the worst performing underlying on the hypothetical valuation
date. In this scenario, the closing value of the worst performing underlying on the hypothetical valuation date is less than its coupon
barrier value. As a result, investors would not receive any payment on the related contingent coupon payment date and the securities would
not be automatically redeemed.

Investors in the securities will not receive a contingent coupon
on the contingent coupon payment date following a valuation date if the closing value of the worst performing underlying on that valuation
date is less than its coupon barrier value. Whether a contingent coupon is paid following a valuation date depends solely on the closing
value of the worst performing underlying on that valuation date.

Example 3: On the hypothetical
valuation date, Peloton Interactive, Inc. has the lowest underlying return and, therefore, is the worst performing underlying on the hypothetical
valuation date. In this scenario, the closing value of the worst performing underlying on the hypothetical valuation date is greater than
both its coupon barrier value and its initial underlying value. As a result, the securities would be automatically redeemed on the related
contingent coupon payment date for an amount in cash equal to $1,000.00 plus the related contingent coupon payment.

If the hypothetical valuation date were not also a potential autocall
date, the securities would not be automatically redeemed on the related contingent coupon payment date.

Citigroup Global Markets Holdings Inc.
 

Hypothetical Examples of the Payment at Maturity
on the Securities

The next three hypothetical examples illustrate the calculation of the
payment at maturity on the securities, assuming that the securities have not been earlier automatically redeemed and that the final underlying
values of the underlyings are as indicated below.

  Hypothetical final underlying value of Apple Inc. Hypothetical final underlying value of NVIDIA Corporation Hypothetical final underlying value of Peloton Interactive, Inc. Hypothetical payment at maturity per $1,000.00 security
Example 4 $110
(underlying return =
($110 – $100) / $100 = 10%)
$120
(underlying return =
($120 – $100) / $100 = 20%)
$125
(underlying return =
($125 – $100) / $100 = 25%)
$1,063.3065
(contingent coupon is paid)
Example 5 $110
(underlying return =
($110 – $100) / $100 = 10%)
$120
(underlying return =
($120 – $100) / $100 = 20%)
$30
(underlying return =
($30 – $100) / $100 = -70%)
A number of underlying shares of the worst performing underlying on the final valuation date (or, in our sole discretion, cash) worth $300.00 based on its final underlying value
Example 6 $0
(underlying return =
($0 – $100) / $100 = -100%)
$80
(underlying return =
($80 – $100) / $100 = -20%)
$40
(underlying return =
($40 – $100) / $100 = -60%)
$0.00

 

Example 4: On the final valuation
date, Apple Inc. has the lowest underlying return and, therefore, is the worst performing underlying on the final valuation date. In this
scenario, the final underlying value of the worst performing underlying on the final valuation date is greater than its final barrier
value. Accordingly, at maturity, you would receive the stated principal amount of the securities plus the contingent coupon payment
due at maturity, but you would not participate in the appreciation of any of the underlyings.

Example 5: On the final valuation
date, Peloton Interactive, Inc. has the lowest underlying return and, therefore, is the worst performing underlying on the final valuation
date. In this scenario, the final underlying value of the worst performing underlying on the final valuation date is less than its final
barrier value. Accordingly, at maturity, you would receive for each security you then hold a fixed number of underlying shares of the
worst performing underlying on the final valuation date equal to its equity ratio (or, at our option, the cash value thereof).

In this scenario, the value of a number of underlying shares of the
worst performing underlying on the final valuation date equal to its equity ratio, based on its final underlying value, would be $300.00.
Therefore, the value of the underlying shares of the worst performing underlying on the final valuation date (or, in our discretion, cash)
you receive at maturity would be significantly less than the stated principal amount of your securities. You would incur a loss based
on the performance of the worst performing underlying on the final valuation date. In addition, because the final underlying value of
the worst performing underlying on the final valuation date is below its coupon barrier value, you would not receive any contingent coupon
payment at maturity.

If the final underlying value of the worst performing underlying on
the final valuation date is less than its final barrier value, we will have the option to deliver to you on the maturity date either a
number of underlying shares of the worst performing underlying on the final valuation date equal to its equity ratio or the cash value
of those underlying shares based on their final underlying value. The value of those underlying shares on the maturity date may be different
than their final underlying value.

Example 6: On the final valuation
date, Apple Inc. has the lowest underlying return and, therefore, is the worst performing underlying on the final valuation date. In this
scenario, the underlying shares of the worst performing underlying on the final valuation date are worthless and you would lose your entire
investment in the securities at maturity. In addition, because the final underlying value of the worst performing underlying on the final
valuation date is below its coupon barrier value, you would not receive any contingent coupon payment at maturity.

It is possible that the closing value of the worst performing underlying
will be less than its coupon barrier value on each valuation date and less than its final barrier value on the final valuation date, such
that you will not receive any contingent coupon payments over the term of the securities and will receive significantly less than the
stated principal amount of your securities, and possibly nothing, at maturity.

Citigroup Global Markets Holdings Inc.
 

Summary Risk Factors

An investment in the securities is significantly riskier than an investment
in conventional debt securities. The securities are subject to all of the risks associated with an investment in our conventional debt
securities (guaranteed by Citigroup Inc.), including the risk that we and Citigroup Inc. may default on our obligations under the securities,
and are also subject to risks associated with each underlying. Accordingly, the securities are suitable only for investors who are capable
of understanding the complexities and risks of the securities. You should consult your own financial, tax and legal advisors as to the
risks of an investment in the securities and the suitability of the securities in light of your particular circumstances.

The following is a summary of certain key risk factors for investors
in the securities. You should read this summary together with the more detailed description of risks relating to an investment in the
securities contained in the section “Risk Factors Relating to the Securities” beginning on page EA-7 in the accompanying product
supplement. You should also carefully read the risk factors included in the accompanying prospectus supplement and in the documents incorporated
by reference in the accompanying prospectus, including Citigroup Inc.’s most recent Annual Report on Form 10-K and any subsequent
Quarterly Reports on Form 10-Q, which describe risks relating to the business of Citigroup Inc. more generally.

§ You may lose a significant portion or all of your investment. Unlike conventional debt securities, the securities do not provide
for the repayment of the stated principal amount at maturity in all circumstances. If the securities are not automatically redeemed prior
to maturity, your payment at maturity will depend on the final underlying value of the worst performing underlying on the final valuation
date. If the final underlying value of the worst performing underlying on the final valuation date is less than its final barrier value,
you will not receive the stated principal amount of your securities at maturity and, instead, will receive underlying shares of the worst
performing underlying on the final valuation date (or, in our sole discretion, cash based on its final underlying value) that will be
worth significantly less than the stated principal amount and possibly nothing. There is no minimum payment at maturity on the securities,
and you may lose up to all of your investment.

We may elect, in our sole discretion, to pay you cash at maturity
in lieu of delivering any underlying shares. If we elect to pay you cash at maturity in lieu of delivering any underlying shares, the
amount of that cash may be less than the market value of the underlying shares on the maturity date because the market value will likely
fluctuate between the final valuation date and the maturity date. Conversely, if we do not exercise our cash election right and instead
deliver underlying shares to you on the maturity date, the market value of such underlying shares may be less than the cash amount you
would have received if we had exercised our cash election right. We will have no obligation to take your interests into account when deciding
whether to exercise our cash election right.

§ You will not receive any contingent coupon on the contingent coupon payment date following any valuation date on which the closing
value of the worst performing underlying on that valuation date is less than its coupon barrier value.
A contingent coupon payment
will be made on a contingent coupon payment date if and only if the closing value of the worst performing underlying on the immediately
preceding valuation date is greater than or equal to its coupon barrier value. If the closing value of the worst performing underlying
on any valuation date is less than its coupon barrier value, you will not receive any contingent coupon payment on the immediately following
contingent coupon payment date. If the closing value of the worst performing underlying on each valuation date is below its coupon barrier
value, you will not receive any contingent coupon payments over the term of the securities.

§ Higher contingent coupon rates are associated with greater risk. The securities offer contingent coupon payments at an annualized
rate that, if all are paid, would produce a yield that is generally higher than the yield on our conventional debt securities of the same
maturity. This higher potential yield is associated with greater levels of expected risk as of the pricing date for the securities, including
the risk that you may not receive a contingent coupon payment on one or more, or any, contingent coupon payment dates and the risk that
the value of what you receive at maturity may be significantly less than the stated principal amount of your securities and may be zero.
The volatility of, and correlation between, the closing values of the underlyings are important factors affecting these risks. Greater
expected volatility of, and lower expected correlation between, the closing values of the underlyings as of the pricing date may result
in a higher contingent coupon rate, but would also represent a greater expected likelihood as of the pricing date that the closing value
of the worst performing underlying on one or more valuation dates will be less than its coupon barrier value, such that you will not receive
one or more, or any, contingent coupon payments during the term of the securities and that the final underlying value of the worst performing
underlying on the final valuation date will be less than its final barrier value, such that you will not be repaid the stated principal
amount of your securities at maturity.

§ The securities are subject to heightened risk because they have multiple underlyings. The securities are more risky than similar
investments that may be available with only one underlying. With multiple underlyings, there is a greater chance that any one underlying
will perform poorly, adversely affecting your return on the securities.

§ The securities are subject to the risks of each of the underlyings and will be negatively affected if any one underlying performs
poorly.
You are subject to risks associated with each of the underlyings. If any one underlying performs poorly, you will be negatively
affected. The securities are not linked to a basket composed of the underlyings, where the blended performance of the underlyings would
be better than the performance of the worst performing underlying alone. Instead, you are subject to the full risks of whichever of the
underlyings is the worst performing underlying.

§ You will not benefit in any way from the performance of any better performing underlying. The return on the securities depends
solely on the performance of the worst performing underlying, and you will not benefit in any way from the performance of any better performing
underlying.

§ You will be subject to risks relating to the relationship between the underlyings. It is preferable from your perspective for
the underlyings to be correlated with each other, in the sense that their closing values tend to increase or decrease at similar times
and by similar magnitudes. By investing in the securities, you assume the risk that the underlyings will not exhibit this relationship.
The less correlated the underlyings, the more likely it is that any one of the underlyings will perform poorly over the term of the securities.
All that is

Citigroup Global Markets Holdings Inc.
 

necessary for the securities to perform
poorly is for one of the underlyings to perform poorly. It is impossible to predict what the relationship between the underlyings will
be over the term of the securities. The underlyings differ in significant ways and, therefore, may not be correlated with each other.

§ You may not be adequately compensated for assuming the downside risk of the worst performing underlying. The potential contingent
coupon payments on the securities are the compensation you receive for assuming the downside risk of the worst performing underlying,
as well as all the other risks of the securities. That compensation is effectively “at risk” and may, therefore, be less than
you currently anticipate. First, the actual yield you realize on the securities could be lower than you anticipate because the coupon
is “contingent” and you may not receive a contingent coupon payment on one or more, or any, of the contingent coupon payment
dates. Second, the contingent coupon payments are the compensation you receive not only for the downside risk of the worst performing
underlying, but also for all of the other risks of the securities, including the risk that the securities may be automatically redeemed
prior to maturity, interest rate risk and our and Citigroup Inc.’s credit risk. If those other risks increase or are otherwise greater
than you currently anticipate, the contingent coupon payments may turn out to be inadequate to compensate you for all the risks of the
securities, including the downside risk of the worst performing underlying.

§ The securities may be automatically redeemed prior to maturity, limiting your opportunity to receive contingent coupon payments.
On any potential autocall date, the securities will be automatically called for redemption if the closing value of the worst performing
underlying on that potential autocall date is greater than or equal to its initial underlying value. As a result, if the worst performing
underlying performs in a way that would otherwise be favorable, the securities are likely to be automatically redeemed, cutting short
your opportunity to receive contingent coupon payments. If the securities are automatically redeemed prior to maturity, you may not be
able to reinvest your funds in another investment that provides a similar yield with a similar level of risk.

§ The securities offer downside exposure to the worst performing underlying, but no upside exposure to any underlying. You will
not participate in any appreciation in the value of any underlying over the term of the securities. Consequently, your return on the securities
will be limited to the contingent coupon payments you receive, if any, and may be significantly less than the return on any underlying
over the term of the securities. In addition, as an investor in the securities, you will not receive any dividends or other distributions
or have any other rights with respect to any of the underlyings.

§ The performance of the securities will depend on the closing values of the underlyings solely on the valuation dates, which makes
the securities particularly sensitive to volatility in the closing values of the underlyings on or near the valuation dates.
Whether
the contingent coupon will be paid on any given contingent coupon payment date and whether the securities will be automatically redeemed
prior to maturity will depend on the closing values of the underlyings solely on the applicable valuation dates, regardless of the closing
values of the underlyings on other days during the term of the securities. If the securities are not automatically redeemed prior to maturity,
what you receive at maturity will depend solely on the closing value of the worst performing underlying on the final valuation date, and
not on any other day during the term of the securities. Because the performance of the securities depends on the closing values of the
underlyings on a limited number of dates, the securities will be particularly sensitive to volatility in the closing values of the underlyings
on or near the valuation dates. You should understand that the closing value of each underlying has historically been highly volatile.

§ The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. If we default on
our obligations under the securities and Citigroup Inc. defaults on its guarantee obligations, you may not receive anything owed to you
under the securities.

§ The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity. The securities
will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities. CGMI currently
intends to make a secondary market in relation to the securities and to provide an indicative bid price for the securities on a daily
basis. Any indicative bid price for the securities provided by CGMI will be determined in CGMI’s sole discretion, taking into account
prevailing market conditions and other relevant factors, and will not be a representation by CGMI that the securities can be sold at that
price, or at all. CGMI may suspend or terminate making a market and providing indicative bid prices without notice, at any time and for
any reason. If CGMI suspends or terminates making a market, there may be no secondary market at all for the securities because it is likely
that CGMI will be the only broker-dealer that is willing to buy your securities prior to maturity. Accordingly, an investor must be prepared
to hold the securities until maturity.

§ The estimated value of the securities on the pricing date, based on CGMI’s proprietary pricing models and our internal funding
rate, is less than the issue price.
The difference is attributable to certain costs associated with selling, structuring and hedging
the securities that are included in the issue price. These costs include (i) any selling concessions or other fees paid in connection
with the offering of the securities, (ii) hedging and other costs incurred by us and our affiliates in connection with the offering of
the securities and (iii) the expected profit (which may be more or less than actual profit) to CGMI or other of our affiliates in connection
with hedging our obligations under the securities. These costs adversely affect the economic terms of the securities because, if they
were lower, the economic terms of the securities would be more favorable to you. The economic terms of the securities are also likely
to be adversely affected by the use of our internal funding rate, rather than our secondary market rate, to price the securities. See
“The estimated value of the securities would be lower if it were calculated based on our secondary market rate” below.

§ The estimated value of the securities was determined for us by our affiliate using proprietary pricing models. CGMI derived
the estimated value disclosed on the cover page of this pricing supplement from its proprietary pricing models. In doing so, it may have
made discretionary judgments about the inputs to its models, such as the volatility of, and correlation between, the closing values of
the underlyings, dividend yields on the underlyings and interest rates. CGMI’s views on these inputs may differ from your or others’
views, and as an underwriter in this offering, CGMI’s interests may conflict with yours. Both the models and the inputs to the models
may prove to be wrong and therefore not an accurate reflection of the value of the securities. Moreover, the estimated value of the securities
set forth on the cover page of this pricing supplement may differ from the value that we or our affiliates may determine for the securities
for

Citigroup Global Markets Holdings Inc.
 

other purposes, including for accounting
purposes. You should not invest in the securities because of the estimated value of the securities. Instead, you should be willing to
hold the securities to maturity irrespective of the initial estimated value.

§ The estimated value of the securities would be lower if it were calculated based on our secondary market rate. The estimated
value of the securities included in this pricing supplement is calculated based on our internal funding rate, which is the rate at which
we are willing to borrow funds through the issuance of the securities. Our internal funding rate is generally lower than our secondary
market rate, which is the rate that CGMI will use in determining the value of the securities for purposes of any purchases of the securities
from you in the secondary market. If the estimated value included in this pricing supplement were based on our secondary market rate,
rather than our internal funding rate, it would likely be lower. We determine our internal funding rate based on factors such as the costs
associated with the securities, which are generally higher than the costs associated with conventional debt securities, and our liquidity
needs and preferences. Our internal funding rate is not an interest rate that is payable on the securities.

Because there is not an active market for traded instruments
referencing our outstanding debt obligations, CGMI determines our secondary market rate based on the market price of traded instruments
referencing the debt obligations of Citigroup Inc., our parent company and the guarantor of all payments due on the securities, but subject
to adjustments that CGMI makes in its sole discretion. As a result, our secondary market rate is not a market-determined measure of our
creditworthiness, but rather reflects the market’s perception of our parent company’s creditworthiness as adjusted for discretionary
factors such as CGMI’s preferences with respect to purchasing the securities prior to maturity.

§ The estimated value of the securities is not an indication of the price, if any, at which CGMI or any other person may be willing
to buy the securities from you in the secondary market.
Any such secondary market price will fluctuate over the term of the securities
based on the market and other factors described in the next risk factor. Moreover, unlike the estimated value included in this pricing
supplement, any value of the securities determined for purposes of a secondary market transaction will be based on our secondary market
rate, which will likely result in a lower value for the securities than if our internal funding rate were used. In addition, any secondary
market price for the securities will be reduced by a bid-ask spread, which may vary depending on the aggregate stated principal amount
of the securities to be purchased in the secondary market transaction, and the expected cost of unwinding related hedging transactions.
As a result, it is likely that any secondary market price for the securities will be less than the issue price.

§ The value of the securities prior to maturity will fluctuate based on many unpredictable factors. The value of your securities
prior to maturity will fluctuate based on the closing values of the underlyings, the volatility of, and correlation between, the closing
values of the underlyings, dividend yields on the underlyings, interest rates generally, the time remaining to maturity and our and Citigroup
Inc.’s creditworthiness, as reflected in our secondary market rate, among other factors described under “Risk Factors Relating
to the Securities—Risk Factors Relating to All Securities—The value of your securities prior to maturity will fluctuate based
on many unpredictable factors” in the accompanying product supplement. Changes in the closing values of the underlyings may not
result in a comparable change in the value of your securities. You should understand that the value of your securities at any time prior
to maturity may be significantly less than the issue price.

§ Immediately following issuance, any secondary market bid price provided by CGMI, and the value that will be indicated on any brokerage
account statements prepared by CGMI or its affiliates, will reflect a temporary upward adjustment.
The amount of this temporary upward
adjustment will steadily decline to zero over the temporary adjustment period. See “Valuation of the Securities” in this pricing
supplement.

§ Our offering of the securities is not a recommendation of any underlying. The fact that we are offering the securities does
not mean that we believe that investing in an instrument linked to the underlyings is likely to achieve favorable returns. In fact, as
we are part of a global financial institution, our affiliates may have positions (including short positions) in the underlyings or in
instruments related to the underlyings, and may publish research or express opinions, that in each case are inconsistent with an investment
linked to the underlyings. These and other activities of our affiliates may affect the closing values of the underlyings in a way that
negatively affects the value of and your return on the securities.

§ The closing value of an underlying may be adversely affected by our or our affiliates’ hedging and other trading activities.
We expect to hedge our obligations under the securities through CGMI or other of our affiliates, who may take positions in the underlyings
or in financial instruments related to the underlyings and may adjust such positions during the term of the securities. Our affiliates
also take positions in the underlyings or in financial instruments related to the underlyings on a regular basis (taking long or short
positions or both), for their accounts, for other accounts under their management or to facilitate transactions on behalf of customers.
These activities could affect the closing values of the underlyings in a way that negatively affects the value of and your return on the
securities. They could also result in substantial returns for us or our affiliates while the value of the securities declines.

§ We and our affiliates may have economic interests that are adverse to yours as a result of our affiliates’ business activities.
Our affiliates engage in business activities with a wide range of companies. These activities include extending loans, making and facilitating
investments, underwriting securities offerings and providing advisory services. These activities could involve or affect the underlyings
in a way that negatively affects the value of and your return on the securities. They could also result in substantial returns for us
or our affiliates while the value of the securities declines. In addition, in the course of this business, we or our affiliates may acquire
non-public information, which will not be disclosed to you.

§ The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities. If
certain events occur during the term of the securities, such as market disruption events and other events with respect to an underlying,
CGMI, as calculation agent, will be required to make discretionary judgments that could significantly affect your return on the securities.
In making these judgments, the calculation agent’s interests as an affiliate of ours could be adverse to your interests as a holder
of the securities. See “Risk Factors Relating to the Securities—Risk Factors Relating to All Securities—The calculation
agent, which is an affiliate of ours, will make important determinations with respect to the securities” in the accompanying product
supplement.

Citigroup Global Markets Holdings Inc.
 

§ Even if an underlying pays a dividend that it identifies as special or extraordinary, no adjustment will be required under the
securities for that dividend unless it meets the criteria specified in the accompanying product supplement.
In general, an adjustment
will not be made under the terms of the securities for any cash dividend paid by an underlying unless the amount of the dividend per share,
together with any other dividends paid in the same quarter, exceeds the dividend paid per share in the most recent quarter by an amount
equal to at least 10% of the closing value of that underlying on the date of declaration of the dividend. Any dividend will reduce the
closing value of the underlying by the amount of the dividend per share. If an underlying pays any dividend for which an adjustment is
not made under the terms of the securities, holders of the securities will be adversely affected. See “Description of the Securities—Certain
Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF—Dilution and Reorganization Adjustments—Certain
Extraordinary Cash Dividends” in the accompanying product supplement.

§ The securities will not be adjusted for all events that may have a dilutive effect on or otherwise adversely affect the closing
value of an underlying.
For example, we will not make any adjustment for ordinary dividends or extraordinary dividends that do not
meet the criteria described above, partial tender offers or additional underlying share issuances. Moreover, the adjustments we do make
may not fully offset the dilutive or adverse effect of the particular event. Investors in the securities may be adversely affected by
such an event in a circumstance in which a direct holder of the underlying shares of an underlying would not.

§ The securities may become linked to an underlying other than an original underlying upon the occurrence of a reorganization event
or upon the delisting of the underlying shares of that original underlying.
For example, if an underlying enters into a merger agreement
that provides for holders of its underlying shares to receive shares of another entity and such shares are marketable securities, the
closing value of that underlying following consummation of the merger will be based on the value of such other shares. Additionally, if
the underlying shares of an underlying are delisted, the calculation agent may select a successor underlying. See “Description of
the Securities—Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF” in the accompanying
product supplement.

§ If the underlying shares of an underlying are delisted, we may call the securities prior to maturity for an amount that may be
less than the stated principal amount.
If we exercise this call right, you will receive the amount described under “Description
of the Securities—Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF—Delisting of
an Underlying Company” in the accompanying product supplement. This amount may be less, and possibly significantly less, than the
stated principal amount of the securities.

§ The U.S. federal tax consequences of an investment in the securities are unclear. There is no direct legal authority regarding
the proper U.S. federal tax treatment of the securities, and we do not plan to request a ruling from the Internal Revenue Service (the
“IRS”). Consequently, significant aspects of the tax treatment of the securities are uncertain, and the IRS or a court might
not agree with the treatment of the securities as described in “United States Federal Tax Considerations” below. If the IRS
were successful in asserting an alternative treatment of the securities, the tax consequences of the ownership and disposition of the
securities might be materially and adversely affected. Moreover, future legislation, Treasury regulations or IRS guidance could adversely
affect the U.S. federal tax treatment of the securities, possibly retroactively.

Non-U.S. investors should note that persons having withholding
responsibility in respect of the securities may withhold on any coupon payment paid to a non-U.S. investor, generally at a rate of 30%.
To the extent that we have withholding responsibility in respect of the securities, we intend to so withhold.

You should read carefully the discussion under “United
States Federal Tax Considerations” and “Risk Factors Relating to the Securities” in the accompanying product supplement
and “United States Federal Tax Considerations” in this pricing supplement. You should also consult your tax adviser regarding
the U.S. federal tax consequences of an investment in the securities, as well as tax consequences arising under the laws of any state,
local or non-U.S. taxing jurisdiction.

Citigroup Global Markets Holdings Inc.
 

Information About Apple Inc.

Apple Inc. designs, manufactures, and markets personal computers and
related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking
solutions. Apple Inc. sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers,
and resellers. The underlying shares of Apple Inc. are registered under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). Information provided to or filed with the SEC by Apple Inc. pursuant to the Exchange Act can be located by reference to the
SEC file number 001-36743 through the SEC’s website at http://www.sec.gov. In addition, information regarding Apple Inc. may be
obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.
The underlying shares of Apple Inc. trade on the NASDAQ Global Select Market under the ticker symbol “AAPL.”

We have derived all information regarding Apple Inc. from publicly available
information and have not independently verified any information regarding Apple Inc. This pricing supplement relates only to the securities
and not to Apple Inc. We make no representation as to the performance of Apple Inc. over the term of the securities.

The securities represent obligations of Citigroup Global Markets Holdings
Inc. (guaranteed by Citigroup Inc.) only. Apple Inc. is not involved in any way in this offering and has no obligation relating to the
securities or to holders of the securities.

Historical Information

The closing value of Apple Inc. on August 18, 2021 was $146.36.

The graph below shows the closing value of Apple Inc. for each day such
value was available from January 3, 2011 to August 18, 2021. We obtained the closing values from Bloomberg L.P., without independent verification.
If certain corporate transactions occurred during the historical period shown below, including, but not limited to, spin-offs or mergers,
then the closing values shown below for the period prior to the occurrence of any such transaction have been adjusted by Bloomberg L.P.
as if any such transaction had occurred prior to the first day in the period shown below. You should not take historical closing values
as an indication of future performance.

Apple Inc. – Historical Closing Values
January 3, 2011 to August 18, 2021

Citigroup Global Markets Holdings Inc.
 

Information About NVIDIA Corporation

NVIDIA Corporation designs, develops, and markets three dimensional
(3D) graphics processors and related software. The company offers products that provide interactive 3D graphics to the mainstream personal
computer market. The underlying shares of NVIDIA Corporation are registered under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). Information provided to or filed with the SEC by NVIDIA Corporation pursuant to the Exchange Act can be located
by reference to the SEC file number 000-23985 through the SEC’s website at http://www.sec.gov. In addition, information regarding
NVIDIA Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly
disseminated documents. The underlying shares of NVIDIA Corporation trade on the NASDAQ Global Select Market under the ticker symbol “NVDA.”

We have derived all information regarding NVIDIA Corporation from publicly
available information and have not independently verified any information regarding NVIDIA Corporation. This pricing supplement relates
only to the securities and not to NVIDIA Corporation. We make no representation as to the performance of NVIDIA Corporation over the term
of the securities.

The securities represent obligations of Citigroup Global Markets Holdings
Inc. (guaranteed by Citigroup Inc.) only. NVIDIA Corporation is not involved in any way in this offering and has no obligation relating
to the securities or to holders of the securities.

Historical Information

The closing value of NVIDIA Corporation on August 18, 2021 was $190.40.

The graph below shows the closing value of NVIDIA Corporation for each
day such value was available from January 3, 2011 to August 18, 2021. We obtained the closing values from Bloomberg L.P., without independent
verification. If certain corporate transactions occurred during the historical period shown below, including, but not limited to, spin-offs
or mergers, then the closing values shown below for the period prior to the occurrence of any such transaction have been adjusted by Bloomberg
L.P. as if any such transaction had occurred prior to the first day in the period shown below. You should not take historical closing
values as an indication of future performance.

NVIDIA Corporation – Historical Closing Values
January 3, 2011 to August 18, 2021

Citigroup Global Markets Holdings Inc.
 

Information About Peloton Interactive, Inc.

Peloton Interactive, Inc. provides recreational facilities and services.
The company offers workout bikes for indoor cycling as well as other fitness related instruments. Peloton Interactive, Inc. serves customers
worldwide. The underlying shares of Peloton Interactive, Inc. are registered under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). Information provided to or filed with the SEC by Peloton Interactive, Inc. pursuant to the Exchange Act can
be located by reference to the SEC file number 001-39058 through the SEC’s website at http://www.sec.gov. In addition, information
regarding Peloton Interactive, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles
and other publicly disseminated documents. The underlying shares of Peloton Interactive, Inc. trade on the NASDAQ Global Select Market
under the ticker symbol “PTON.”

We have derived all information regarding Peloton Interactive, Inc.
from publicly available information and have not independently verified any information regarding Peloton Interactive, Inc. This pricing
supplement relates only to the securities and not to Peloton Interactive, Inc. We make no representation as to the performance of Peloton
Interactive, Inc. over the term of the securities.

The securities represent obligations of Citigroup Global Markets Holdings
Inc. (guaranteed by Citigroup Inc.) only. Peloton Interactive, Inc. is not involved in any way in this offering and has no obligation
relating to the securities or to holders of the securities.

Historical Information

The closing value of Peloton Interactive, Inc. on August 18, 2021 was
$110.65.

The graph below shows the closing value of Peloton Interactive, Inc.
for each day such value was available from September 26, 2019 to August 18, 2021. The underlying shares of Peloton Interactive, Inc. began
trading on September 26, 2019 and therefore have a limited historical performance. We obtained the closing values from Bloomberg L.P.,
without independent verification. If certain corporate transactions occurred during the historical period shown below, including, but
not limited to, spin-offs or mergers, then the closing values shown below for the period prior to the occurrence of any such transaction
have been adjusted by Bloomberg L.P. as if any such transaction had occurred prior to the first day in the period shown below. You should
not take historical closing values as an indication of future performance.

Peloton Interactive, Inc. – Historical Closing Values
September 26, 2019 to August 18, 2021

Citigroup Global Markets Holdings Inc.
 

United States Federal Tax Considerations

You should read carefully the discussion under “United States
Federal Tax Considerations” and “Risk Factors Relating to the Securities” in the accompanying product supplement and
“Summary Risk Factors” in this pricing supplement.

Due to the lack of any controlling legal authority, there is substantial
uncertainty regarding the U.S. federal tax consequences of an investment in the securities. In connection with any information reporting
requirements we may have in respect of the securities under applicable law, we intend (in the absence of an administrative determination
or judicial ruling to the contrary) to treat the securities for U.S. federal income tax purposes as prepaid forward contracts with associated
coupon payments that will be treated as gross income to you at the time received or accrued in accordance with your regular method of
tax accounting. In the opinion of our counsel, Davis Polk & Wardwell LLP, which is based on current market conditions, this treatment
of the securities is reasonable under current law; however, our counsel has advised us that it is unable to conclude affirmatively that
this treatment is more likely than not to be upheld, and that alternative treatments are possible.

Assuming this treatment of the securities is respected and subject to
the discussion in “United States Federal Tax Considerations” in the accompanying product supplement, the following U.S. federal
income tax consequences should result under current law:

· Any coupon payments on the securities should be taxable as ordinary income to you at the time received or accrued in accordance with
your regular method of accounting for U.S. federal income tax purposes.

· Upon a sale or exchange of a security (including retirement at maturity for cash), you should recognize capital gain or loss equal
to the difference between the amount realized and your tax basis in the security. For this purpose, the amount realized does not include
any coupon paid on retirement and may not include sale proceeds attributable to an accrued coupon, which may be treated as a coupon payment.
Such gain or loss should be long-term capital gain or loss if you held the security for more than one year. If, upon retirement of the
securities, you receive underlying shares, you should not recognize gain or loss with respect to the underlying shares received, other
than any fractional underlying share for which you receive cash. Your basis in any underlying shares received, including any fractional
underlying share deemed received, should be equal to your tax basis in the securities.

We do not plan to request a ruling from the IRS regarding the treatment
of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership
and disposition of the securities, including the timing and character of income recognized. In addition, the U.S. Treasury Department
and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid forward contracts”
and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance.
Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury
regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences
of an investment in the securities, possibly with retroactive effect. You should consult your tax adviser regarding possible alternative
tax treatments of the securities and potential changes in applicable law.

This discussion does not address the U.S. federal tax consequences of
the ownership or disposition of the underlying shares that you may receive at maturity. You should consult your tax adviser regarding
the particular U.S. federal tax consequences of the ownership and disposition of the underlying shares.

Withholding Tax on Non-U.S. Holders. Because significant aspects
of the tax treatment of the securities are uncertain, persons having withholding responsibility in respect of the securities may withhold
on any coupon payment paid to Non-U.S. Holders (as defined in the accompanying product supplement), generally at a rate of 30%. To the
extent that we have (or an affiliate of ours has) withholding responsibility in respect of the securities, we intend to so withhold. In
order to claim an exemption from, or a reduction in, the 30% withholding, you may need to comply with certification requirements to establish
that you are not a U.S. person and are eligible for such an exemption or reduction under an applicable tax treaty. You should consult
your tax adviser regarding the tax treatment of the securities, including the possibility of obtaining a refund of any amounts withheld
and the certification requirement described above.

As discussed under “United States Federal Tax Considerations—Tax
Consequences to Non-U.S. Holders” in the accompanying product supplement, Section 871(m) of the Code and Treasury regulations promulgated
thereunder (“Section 871(m)”) generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S.
Holders with respect to certain financial instruments linked to U.S. equities (“U.S. Underlying Equities”) or indices that
include U.S. Underlying Equities. Section 871(m) generally applies to instruments that substantially replicate the economic performance
of one or more U.S. Underlying Equities, as determined based on tests set forth in the applicable Treasury regulations. However, the regulations,
as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2023 that do not have a “delta” of one.
Based on the terms of the securities and representations provided by us, our counsel is of the opinion that the securities should not
be treated as transactions that have a “delta” of one within the meaning of the regulations with respect to any U.S. Underlying
Equity and, therefore, should not be subject to withholding tax under Section 871(m).

A determination that the securities are not subject to Section 871(m)
is not binding on the IRS, and the IRS may disagree with this treatment. Moreover, Section 871(m) is complex and its application may depend
on your particular circumstances, including your other transactions. You should consult your tax adviser regarding the potential application
of Section 871(m) to the securities.

We will not be required to pay any additional amounts with respect to
amounts withheld.

You should read the section entitled “United States Federal
Tax Considerations” in the accompanying product supplement. The preceding discussion, when read in combination with that section,
constitutes the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax consequences of owning and disposing
of the securities.

You should also consult your tax adviser regarding all aspects of
the U.S. federal income and estate tax consequences of an investment in the securities and any tax consequences arising under the laws
of any state, local or non-U.S. taxing jurisdiction.

Citigroup Global Markets Holdings Inc.
 

Supplemental Plan of Distribution

CGMI, an affiliate of Citigroup Global Markets Holdings Inc. and the
underwriter of the sale of the securities, is acting as principal and will receive an underwriting fee of up to $17.50 for each security
sold in this offering. The actual underwriting fee will be equal to the selling concession provided to selected dealers, as described
in this paragraph. From this underwriting fee, CGMI will pay selected dealers not affiliated with CGMI a variable selling concession of
up to $17.50 for each security they sell. For the avoidance of doubt, any fees or selling concessions described in this pricing supplement
will not be rebated if the securities are automatically redeemed prior to maturity.

See “Plan of Distribution; Conflicts of Interest” in the
accompanying product supplement and “Plan of Distribution” in each of the accompanying prospectus supplement and prospectus
for additional information.

Valuation of the Securities

CGMI calculated the estimated value of the securities set forth on the
cover page of this pricing supplement based on proprietary pricing models. CGMI’s proprietary pricing models generated an estimated
value for the securities by estimating the value of a hypothetical package of financial instruments that would replicate the payout on
the securities, which consists of a fixed-income bond (the “bond component”) and one or more derivative instruments underlying
the economic terms of the securities (the “derivative component”). CGMI calculated the estimated value of the bond component
using a discount rate based on our internal funding rate. CGMI calculated the estimated value of the derivative component based on a proprietary
derivative-pricing model, which generated a theoretical price for the instruments that constitute the derivative component based on various
inputs, including the factors described under “Summary Risk Factors—The value of the securities prior to maturity will fluctuate
based on many unpredictable factors” in this pricing supplement, but not including our or Citigroup Inc.’s creditworthiness.
These inputs may be market-observable or may be based on assumptions made by CGMI in its discretionary judgment.

For a period of approximately three months following issuance of the
securities, the price, if any, at which CGMI would be willing to buy the securities from investors, and the value that will be indicated
for the securities on any brokerage account statements prepared by CGMI or its affiliates (which value CGMI may also publish through one
or more financial information vendors), will reflect a temporary upward adjustment from the price or value that would otherwise be determined.
This temporary upward adjustment represents a portion of the hedging profit expected to be realized by CGMI or its affiliates over the
term of the securities. The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the three-month
temporary adjustment period. However, CGMI is not obligated to buy the securities from investors at any time. See “Summary Risk
Factors—The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity.”

Validity of the Securities

In the opinion of Davis Polk & Wardwell LLP, as special products
counsel to Citigroup Global Markets Holdings Inc., when the securities offered by this pricing supplement have been executed and issued
by Citigroup Global Markets Holdings Inc. and authenticated by the trustee pursuant to the indenture, and delivered against payment therefor,
such securities and the related guarantee of Citigroup Inc. will be valid and binding obligations of Citigroup Global Markets Holdings
Inc. and Citigroup Inc., respectively, enforceable in accordance with their respective terms, subject to applicable bankruptcy, insolvency
and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability
(including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses
no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed
above. This opinion is given as of the date of this pricing supplement and is limited to the laws of the State of New York, except that
such counsel expresses no opinion as to the application of state securities or Blue Sky laws to the securities.

In giving this opinion, Davis Polk & Wardwell LLP has assumed the
legal conclusions expressed in the opinions set forth below of Alexia Breuvart, Secretary and General Counsel of Citigroup Global Markets
Holdings Inc., and Barbara Politi, Associate General Counsel—Capital Markets of Citigroup Inc. In addition, this opinion is subject
to the assumptions set forth in the letter of Davis Polk & Wardwell LLP dated May 11, 2021, which has been filed as an exhibit to
a Current Report on Form 8-K filed by Citigroup Inc. on May 11, 2021, that the indenture has been duly authorized, executed and delivered
by, and is a valid, binding and enforceable agreement of, the trustee and that none of the terms of the securities nor the issuance and
delivery of the securities and the related guarantee, nor the compliance by Citigroup Global Markets Holdings Inc. and Citigroup Inc.
with the terms of the securities and the related guarantee respectively, will result in a violation of any provision of any instrument
or agreement then binding upon Citigroup Global Markets Holdings Inc. or Citigroup Inc., as applicable, or any restriction imposed by
any court or governmental body having jurisdiction over Citigroup Global Markets Holdings Inc. or Citigroup Inc., as applicable.

In the opinion of Alexia Breuvart, Secretary and General Counsel of
Citigroup Global Markets Holdings Inc., (i) the terms of the securities offered by this pricing supplement have been duly established
under the indenture and the Board of Directors (or a duly authorized committee thereof) of Citigroup Global Markets Holdings Inc. has
duly authorized the issuance and sale of such securities and such authorization has not been modified or rescinded; (ii) Citigroup Global
Markets Holdings Inc. is validly existing and in good standing under the laws of the State of New York; (iii) the indenture has been duly
authorized, executed and delivered by Citigroup Global Markets Holdings Inc.; and (iv) the execution and delivery of such indenture and
of the securities offered by this pricing supplement by Citigroup Global Markets Holdings Inc., and the performance by Citigroup Global
Markets Holdings Inc. of its obligations thereunder, are within its corporate powers and do not contravene its certificate of incorporation
or bylaws or other constitutive documents. This opinion is given as of the date of this pricing supplement and is limited to the laws
of the State of New York.

Alexia Breuvart, or other internal attorneys with whom she has consulted,
has examined and is familiar with originals, or copies certified or otherwise identified to her satisfaction, of such corporate records
of Citigroup Global Markets Holdings Inc., certificates or documents as she has deemed appropriate as a basis for the opinions expressed
above. In such examination, she or such persons has assumed the legal capacity of all natural persons, the genuineness of all signatures
(other than those of officers of Citigroup Global Markets Holdings Inc.), the authenticity of all

Citigroup Global Markets Holdings Inc.
 

documents submitted to her or such persons as originals, the conformity
to original documents of all documents submitted to her or such persons as certified or photostatic copies and the authenticity of the
originals of such copies.

In the opinion of Barbara Politi, Associate General Counsel—Capital
Markets of Citigroup Inc., (i) the Board of Directors (or a duly authorized committee thereof) of Citigroup Inc. has duly authorized the
guarantee of such securities by Citigroup Inc. and such authorization has not been modified or rescinded; (ii) Citigroup Inc. is validly
existing and in good standing under the laws of the State of Delaware; (iii) the indenture has been duly authorized, executed and delivered
by Citigroup Inc.; and (iv) the execution and delivery of such indenture, and the performance by Citigroup Inc. of its obligations thereunder,
are within its corporate powers and do not contravene its certificate of incorporation or bylaws or other constitutive documents. This
opinion is given as of the date of this pricing supplement and is limited to the General Corporation Law of the State of Delaware.

Barbara Politi, or other internal attorneys with whom she has consulted,
has examined and is familiar with originals, or copies certified or otherwise identified to her satisfaction, of such corporate records
of Citigroup Inc., certificates or documents as she has deemed appropriate as a basis for the opinions expressed above. In such examination,
she or such persons has assumed the legal capacity of all natural persons, the genuineness of all signatures (other than those of officers
of Citigroup Inc.), the authenticity of all documents submitted to her or such persons as originals, the conformity to original documents
of all documents submitted to her or such persons as certified or photostatic copies and the authenticity of the originals of such copies.

Contact

Clients may contact their local brokerage representative. Third-party
distributors may contact Citi Structured Investment Sales at (212) 723-7005.

© 2021 Citigroup Global Markets Inc. All rights reserved. Citi
and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the
world.

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Form 424B2 GOLDMAN SACHS GROUP INC https://artbydepaola.com/form-424b2-goldman-sachs-group-inc/ https://artbydepaola.com/form-424b2-goldman-sachs-group-inc/#respond Fri, 10 Sep 2021 03:17:10 +0000 https://artbydepaola.com/?p=614 Form 424B2 GOLDMAN SACHS GROUP INCNews and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here. August 2021 Prospectus Supplement filed pursuant to Rule 424(b)(2) dated August 27, 2021 / Registration Statement No. 333-253421 STRUCTURED INVESTMENTS Opportunities in U.S. Equities O GS Finance Corp. $1,688,250 Contingent Income Auto-Callable Securities Based […]]]> Form 424B2 GOLDMAN SACHS GROUP INC

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.


August 2021

Prospectus Supplement filed pursuant to Rule 424(b)(2) dated August 27, 2021 / Registration Statement No. 333-253421
STRUCTURED INVESTMENTS

Opportunities in U.S. Equities

O

GS Finance Corp.

$1,688,250 Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

The Contingent Income Auto-Callable Securities are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The amount that you will be paid on your securities is based on the performance of the common stock of Microsoft Corporation. The securities will mature on the stated maturity date (September 1, 2022) unless they are automatically called on any call observation date. The call observation dates will be each coupon determination date commencing on November 29, 2021 and ending on May 27, 2022. If the final share price on August 29, 2022 is greater than or equal to the downside threshold level ($239.776, which represents 80.00% of the initial share price of $299.72 on the pricing date (August 27, 2021)), you will receive your $10 principal amount of your securities plus a coupon payment of $0.15. You will not participate in any appreciation of the underlying stock. If the final share price is less than the downside threshold level, you will not receive a coupon payment and you will lose a significant portion or all of your investment.

Your securities will be automatically called if the closing price of the underlying stock on any call observation date is greater than or equal to the initial share price, resulting in a payment on the corresponding call payment date equal to the principal amount of your securities plus the contingent quarterly coupon (defined below) then due.          

The securities will not pay a fixed coupon and may pay no coupon on a coupon payment date. On each coupon determination date, subject to the automatic call feature, if the closing price of the underlying stock is greater than or equal to the downside threshold level, you will receive on the corresponding coupon payment date a contingent quarterly coupon payment of $0.15 for each $10 principal amount of your securities. If the closing price of the underlying stock on any coupon determination date is less than the downside threshold level, you will not receive a coupon payment on the applicable coupon payment date. 

On the stated maturity date, for each $10 principal amount of your securities you will receive an amount in cash equal to:

if the final share price is greater than or equal to the downside threshold level, $10 plus the final coupon; or

if the final share price is less than the downside threshold level, the product of (i) $10 times (ii) the quotient of (a) the final share price divided by (b) the initial share price. Under these circumstances, you will lose a significant portion or all of your investment.

The securities are for investors who seek to earn a coupon at an above current market rate in exchange for the risk of receiving few or no contingent quarterly coupons and the risk of losing all or a portion of the principal of their securities.

The estimated value of your securities at the time the terms of your securities are set on the pricing date is equal to approximately $9.73 per $10 principal amount. For a discussion of the estimated value and the price at which Goldman Sachs & Co. LLC would initially buy or sell your securities, if it makes a market in the securities, see the following page.

Your investment in the securities involves certain risks, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page S-13. You should read the disclosure herein to better understand the terms and risks of your investment.  

Original issue date:

September 1, 2021

Original issue price:

100.00% of the principal amount

Underwriting discount:

1.75% ($29,544.375 in total)*

Net proceeds to the issuer:

98.25% ($1,658,705.625 in total)

*Morgan Stanley Wealth Management, acting as dealer for the offering, will receive a selling concession of $0.175 for each security it sells. It has informed us that it intends to internally allocate $0.05 of the selling concession for each security as a structuring fee.

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 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

Prospectus Supplement No. 3,555 dated August 27, 2021


The issue price, underwriting discount and net proceeds listed above relate to the securities we sell initially. We may decide to sell additional securities after the date of this prospectus supplement, at issue prices and with underwriting discounts and net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in the securities will depend in part on the issue price you pay for such securities.

GS Finance Corp. may use this prospectus in the initial sale of the securities. In addition, Goldman Sachs & Co. LLC or any other affiliate of GS Finance Corp. may use this prospectus 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 prospectus is being used in a market-making transaction.

Estimated Value of Your Securities

The estimated value of your securities at the time the terms of your securities are set on the pricing date (as determined by reference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads) is equal to approximately $9.73 per $10 principal amount, which is less than the original issue price. The value of your securities at any time will reflect many factors and cannot be predicted; however, the price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would initially buy or sell securities (if it makes a market, which it is not obligated to do) and the value that GS&Co. will initially use for account statements and otherwise is equal to approximately the estimated value of your securities at the time of pricing, plus an additional amount (initially equal to $0.27 per $10 principal amount).

The price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would buy or sell your securities (if it makes a market, which it is not obligated to do) will equal approximately the sum of (a) the then-current estimated value of your securities (as determined by reference to GS&Co.’s pricing models) plus (b) any remaining additional amount (the additional amount will decline to zero from the time of pricing through December 1, 2021, as described below). On and after December 2, 2021, the price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would buy or sell your securities (if it makes a market) will equal approximately the then-current estimated value of your securities determined by reference to such pricing models.

With respect to the $0.27 initial additional amount:

$0.095 will decline to zero on a straight-line basis from the time of pricing through December 1, 2021; and

$0.175 will decline to zero on a straight-line basis from September 27, 2021 through October 10, 2021.

About Your Securities

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 prospectus includes this prospectus supplement and the accompanying documents listed below. This prospectus supplement constitutes a supplement to the documents listed below and should be read in conjunction with such documents:

Prospectus supplement dated March 22, 2021

Prospectus dated March 22, 2021

The information in this prospectus supplement supersedes any conflicting information in the documents listed above. In addition, some of the terms or features described in the listed documents may not apply to your securities.

S-2

August 2021


August 2021

Registration Statement No. 333-253421
STRUCTURED INVESTMENTS

Opportunities in U.S. Equities

O

GS Finance Corp.

$1,688,250 Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

The Contingent Income Auto-Callable Securities are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The amount that you will be paid on your securities is based on the performance of the common stock of Microsoft Corporation. The securities will mature on the stated maturity date (September 1, 2022) unless they are automatically called on any call observation date. The call observation dates will be each coupon determination date commencing on November 29, 2021 and ending on May 27, 2022. If the final share price on August 29, 2022 is greater than or equal to the downside threshold level ($239.776, which represents 80.00% of the initial share price of $299.72 on the pricing date (August 27, 2021)), you will receive your $10 principal amount of your securities plus a coupon payment of $0.15. You will not participate in any appreciation of the underlying stock. If the final share price is less than the downside threshold level, you will not receive a coupon payment and you will lose a significant portion or all of your investment.

Your securities will be automatically called if the closing price of the underlying stock on any call observation date is greater than or equal to the initial share price, resulting in a payment on the corresponding call payment date equal to the principal amount of your securities plus the contingent quarterly coupon (defined below) then due.          

The securities will not pay a fixed coupon and may pay no coupon on a coupon payment date. On each coupon determination date, subject to the automatic call feature, if the closing price of the underlying stock is greater than or equal to the downside threshold level, you will receive on the corresponding coupon payment date a contingent quarterly coupon payment of $0.15 for each $10 principal amount of your securities. If the closing price of the underlying stock on any coupon determination date is less than the downside threshold level, you will not receive a coupon payment on the applicable coupon payment date. 

On the stated maturity date, for each $10 principal amount of your securities you will receive an amount in cash equal to:

if the final share price is greater than or equal to the downside threshold level, $10 plus the final coupon; or

if the final share price is less than the downside threshold level, the product of (i) $10 times (ii) the quotient of (a) the final share price divided by (b) the initial share price. Under these circumstances, you will lose a significant portion or all of your investment.

The securities are for investors who seek to earn a coupon at an above current market rate in exchange for the risk of receiving few or no contingent quarterly coupons and the risk of losing all or a portion of the principal of their securities.

FINAL TERMS (continued on page S-2)

Issuer / Guarantor:

GS Finance Corp. / The Goldman Sachs Group, Inc.

Aggregate principal amount:

$1,688,250

Underlying stock:

the common stock of Microsoft Corporation (Bloomberg symbol, “MSFT UW”)

Pricing date:

August 27, 2021

Original issue date:

September 1, 2021

Coupon determination dates:

as set forth under “Coupon determination dates” below

Coupon payment dates:

as set forth under “Coupon payment dates” below

Stated maturity date:

September 1, 2022

Stated principal amount/Original issue price:

$10 per security / 100% of the principal amount

Estimated value:

approximately $9.73 per security

Payment at maturity:

if the final share price is greater than or equal to the downside threshold level, $10.00 plus the final coupon; or

if the final share price is less than the downside threshold level, $10 × the share performance factor

Initial share price:

$299.72, which is equal to the closing price of the underlying stock on the pricing date

Final share price:

the closing price of the underlying stock on the determination date

Call observation dates:

each coupon determination date specified in the table below commencing on November 29, 2021 and ending on May 27, 2022

Call payment dates:

the coupon payment date immediately after the applicable call observation date

S-3

August 2021


Determination date:

the last coupon determination date, August 29, 2022

Downside threshold level:

$239.776, which represents 80.00% of the initial share price

Automatic call feature:

if, as measured on any call observation date, the closing price of the underlying stock is greater than or equal to the initial share price, your securities will be automatically called

Contingent quarterly coupon:

if the closing price of the underlying stock on the applicable coupon determination date is greater than or equal to the downside threshold level, $0.15; or

if the closing price of the underlying stock on the applicable coupon determination date is less than the downside threshold level, $0.00

Share performance factor:

final share price / initial share price

CUSIP / ISIN:

36261B822 / US36261B8220

Listing:

the securities will not be listed on any securities exchange

Underwriter:

Goldman Sachs & Co. LLC

Coupon determination dates*

Coupon payment dates**

November 29, 2021Ɨ

December 2, 2021

February 28, 2022

March 3, 2022

May 27, 2022

June 2, 2022

August 29, 2022 (determination date)

September 1, 2022 (stated maturity date)

*Subject to postponement for non-trading days and market disruption events as described under “Specific Terms of Your Securities —Coupon Determination Dates” on page S-23 of this prospectus supplement

**Subject to postponement as described under “Specific Terms of Your Securities —Contingent Quarterly Coupon and Coupon Payment Dates” on page S-23 of this prospectus supplement

ƗThis is the first date on which your notes may be automatically called.

S-4

August 2021


GS Finance Corp.

Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

We refer to the securities we are offering by this prospectus supplement as the “offered securities” or the “securities”. Each of the securities has the terms described under “Final Terms” and “Specific Terms of Your Securities” in this prospectus supplement. Please note that in this prospectus supplement, references to “GS Finance Corp.”, “we”, “our” and “us” mean only GS Finance Corp. and do not include its subsidiaries or affiliates, references to “The Goldman Sachs Group, Inc.”, our parent company, mean only The Goldman Sachs Group, Inc. and do not include its subsidiaries or affiliates and references to “Goldman Sachs” mean The Goldman Sachs Group, Inc. together with its consolidated subsidiaries and affiliates, including us. Also, references to the “accompanying prospectus” mean the accompanying prospectus, dated March 22, 2021, and  references to the “accompanying prospectus supplement” mean the accompanying prospectus supplement, dated March 22, 2021, for Medium-Term Notes, Series F, in each case of GS Finance Corp. and The Goldman Sachs Group, Inc. References to the “indenture” in this prospectus supplement mean the senior debt indenture, dated as of October 10, 2008, as supplemented by the First Supplemental Indenture, dated as of February 20, 2015, each among us, as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee. This indenture, as so supplemented and as further supplemented thereafter, is referred to as the “GSFC 2008 indenture” in the accompanying prospectus supplement.

Investment Summary

Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

The Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022, which we refer to as the securities, provide an opportunity for investors to earn a contingent quarterly coupon of $0.15 for each $10 principal amount of their securities with respect to each quarterly coupon determination date on which the closing price of the underlying stock is greater than or equal to the downside threshold level. It is possible that the closing price of the underlying stock could remain below the downside threshold level for extended periods of time or even throughout the term of the securities so that you may receive few or no contingent quarterly coupons.

If the closing price of the underlying stock is greater than or equal to the initial share price on any call observation date, the securities will be automatically called for an amount equal to the principal amount plus the contingent quarterly coupon then due. If the securities have not previously been automatically called and the final share price is greater than or equal to the downside threshold level, the payment at maturity will be $10 plus the final coupon. However, if the securities have not previously been automatically called and the final share price is less than the downside threshold level, investors will be exposed to the decline in the closing price of the underlying stock, as compared to the initial share price, on a 1 to 1 basis. In this case, the payment at maturity will be less than 80.00% of the principal amount of the securities and could be zero. Investors in the securities must be willing to accept the risk of losing their entire principal and also the risk of not receiving any contingent quarterly coupon. In addition, investors will not participate in any appreciation of the underlying stock.

S-5

August 2021


GS Finance Corp.

Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

Key Investment Rationale

The securities offer investors an opportunity to earn a contingent quarterly coupon of $0.15 with respect to each coupon determination date on which the closing price of the underlying stock is greater than or equal to $239.776 (representing 80.00% of the initial share price of $299.72), which we refer to as the downside threshold level. The securities may be automatically called prior to maturity for the principal amount per security plus the coupon then due, and the payment at maturity will vary depending on the final share price, as follows:

Scenario 1

On any of the call observation dates, the closing price of the underlying stock is greater than or equal to the initial share price.

▪The securities will be automatically called for (i) the principal amount plus (ii) the contingent quarterly coupon then due.

▪Investors will not participate in any appreciation of the underlying stock from the initial share price.

Scenario 2

The securities are not automatically called prior to maturity, and the final share price is greater than or equal to the downside threshold level.

▪The payment due at maturity will be $10.00 plus the final coupon.

▪Investors will not participate in any appreciation of the underlying stock from the initial share price.

Scenario 3

The securities are not automatically called prior to maturity, and the final share price is less than the downside threshold level.

▪The payment due at maturity will be equal to the product of (i) the stated principal amount times (ii) the share performance factor.

▪Investors will lose a significant portion, and may lose all, of their principal in this scenario.

S-6

August 2021


GS Finance Corp.

Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

How the Securities Work

The following diagrams illustrate the potential outcomes for the securities depending on (1) the closing price of the underlying stock on the applicable call observation date and (2) the final share price.

Diagram #1: Call Observation Dates (beginning on the first Coupon Determination Date)

Diagram #2: Payment at Maturity if the Securities are Not Automatically Called

S-7

August 2021


GS Finance Corp.

Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

Hypothetical Examples

The below examples are based on the following terms:

Initial share price:

$299.72

Downside threshold level:

$239.776, which is 80.00% of the initial share price

Contingent quarterly coupon:

$0.15 per security

Principal amount:

$10 per security

In Examples 1 and 2, the closing price of the underlying stock fluctuates over the term of the securities and the closing price of the underlying stock is greater than or equal to the initial share price of $299.72 on one of the call observation dates. Because the closing price of the underlying stock is greater than or equal to the initial share price on one of the call observation dates, the securities are automatically called on the applicable call observation date. In Examples 3 and 4, the closing price of the underlying stock on all of the call observation dates is less than the initial share price, and, consequently, the securities are not automatically called prior to, and remain outstanding until, maturity.

Example 1

Example 2

Date

Hypothetical Closing Price on Corresponding Date

Contingent Quarterly Coupon

Amount Payable on the Call Payment Date*

Hypothetical Closing Price on Corresponding Date

Contingent Quarterly Coupon

Amount Payable on the Call Payment Date*

Coupon Determination Date / Call Observation Date #1

$320.00

$0.15

$10.15

$250.00

$0.15

N/A

Coupon Determination Date / Call Observation Date #2

N/A

N/A

N/A

$150.00

$0.00

N/A

Coupon Determination Date / Call Observation Date #3

N/A

N/A

N/A

$419.61

$0.15

$10.15

Coupon Determination Date / Call Observation Date #4

N/A

N/A

N/A

N/A

N/A

N/A

* The amount payable on a call payment date includes the unpaid contingent quarterly coupon with respect to the coupon determination date on which the closing price of the underlying stock is greater than or equal to the initial share price and the securities are automatically called as a result.

▪

In Example 1, the securities are automatically called on the first call observation date as the closing price of the underlying stock on such date is greater than the initial share price. You receive an amount on the corresponding call payment date, calculated as follows:

principal amount + contingent quarterly coupon = $10.00 + $0.15 = $10.15

In this example, the automatic call feature limits the term of your investment to approximately 3 months, and you may not be able to reinvest at comparable terms or returns. If the securities are automatically called, you will stop receiving contingent coupons.

▪

In Example 2, the securities are automatically called on the third call observation date as the closing price of the underlying stock on such date is greater than the initial share price. As the closing prices of the underlying stock on the first and third coupon determination dates are greater than the downside threshold level, you receive the contingent coupon of $0.15 with respect to each such coupon determination date. Following the third call observation date, you receive an amount on the corresponding call payment date of $10.15, which includes the contingent quarterly coupon with respect to the third coupon determination date.

In this example, the automatic call feature limits the term of your investment to approximately 9 months, and you may not be able to reinvest at comparable terms or returns. If the securities are automatically called, you will stop receiving contingent coupons. Further, although the underlying stock has appreciated by approximately 40.00% from its initial share price as of the third call observation date, on the call payment date you receive only $10.15 per security and do not benefit from such appreciation.

S-8

August 2021


GS Finance Corp.

Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

Example 3

Example 4

Date

Hypothetical Closing Price on Corresponding Date

Contingent Quarterly Coupon

Amount Payable on the Call Payment Date

Hypothetical Closing Price on Corresponding Date

Contingent Quarterly Coupon

Amount Payable on the Call Payment Date

Coupon Determination Date / Call Observation Date #1

$160.00

$0.00

N/A

$140.00

$0.00

N/A

Coupon Determination Date / Call Observation Date #2

$150.00

$0.00

N/A

$155.00

$0.00

N/A

Coupon Determination Date / Call Observation Date #3

$180.00

$0.00

N/A

$160.00

$0.00

N/A

Coupon Determination Date / Call Observation Date #4

$149.86

$0.00

N/A

$254.76

$0.15

N/A

Payment at Maturity

$5.00

$10.15

Examples 3 and 4 illustrate the payment at maturity per security based on the final share price.

▪

In Example 3, the closing price of the underlying stock is less than the downside threshold level on each coupon determination date and the determination date. As a result, you do not receive any contingent quarterly coupons during the term of the securities and, at maturity, you are fully exposed to the decline in the closing price of the underlying stock. As the final share price is less than the downside threshold level, investors will receive a payment at maturity equal to the product of (i) the stated principal amount times (ii) the share performance factor, calculated as follows:

stated principal amount × share performance factor = $10.00 × ($149.86/$299.72) = $5.00

In this example, the payment you receive at maturity is significantly less than the principal amount.

▪

In Example 4, the closing price of the underlying stock decreases to a final share price of $254.76. Although the final share price is less than the initial share price, because the final share price is still not less than the downside threshold level, you receive $10.00 plus the final coupon.

In this example, although the final share price represents a decline of approximately 15.00% from the initial share price, you receive a total payment of $10.15 per security at maturity because the final share price is not less than the downside threshold level.

S-9

August 2021


GS Finance Corp.

Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

Additional Hypothetical Examples

The following examples are provided for purposes of illustration only. They should not be taken as an indication or prediction of future investment results and are intended merely to illustrate the impact that various hypothetical final share prices could have on the payment at maturity assuming all variables remain constant.

The examples below are based on a range of final share prices that are entirely hypothetical; no one can predict what the underlying stock price will be on any day throughout the life of your securities, and no one can predict what the underlying stock price will be on any coupon determination date or the determination date. The underlying stock has been highly volatile in the past — meaning that the underlying stock price has changed considerably in relatively short periods — and its performance cannot be predicted for any future period.

The information in the following examples reflects hypothetical rates of return on the offered securities assuming that they are purchased on the original issue date at the principal amount and held to a call payment date or the stated maturity date. If you sell your securities in a secondary market prior to a call payment date or the stated maturity date, your return will depend upon the market value of your securities at the time of sale, which may be affected by a number of factors that are not reflected in the examples below such as interest rates, the volatility of the underlying stock and the creditworthiness of GS Finance Corp., as issuer, and the creditworthiness of The Goldman Sachs Group, Inc., as guarantor. In addition, the estimated value of your securities at the time the terms of your securities are set on the pricing date (as determined by reference to pricing models used by GS&Co.) is less than the original issue price of your securities. For more information on the estimated value of your securities, see “Additional Risk Factors Specific to Your Securities — The Estimated Value of Your Securities At the Time the Terms of Your Securities Are Set On the Pricing Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your Securities” on page S-13 of this prospectus supplement.

The information in the examples also reflects the key terms and assumptions in the box below.

Key Terms and Assumptions

Principal amount

$10

Downside threshold level

equivalent to 80.00% of the initial share price

•Neither a market disruption event nor a non-trading day occurs on the originally scheduled determination date

•No change in or affecting the underlying stock

•The effect of any accrued and unpaid coupon has been excluded

•Securities purchased on original issue date at the principal amount and held to the stated maturity date

For these reasons, the actual performance of the underlying stock over the life of your securities, as well as the amount payable at maturity, if any, may bear little relation to the hypothetical examples shown below or to the historical underlying stock prices shown elsewhere in this prospectus supplement. For information about the historical prices of the underlying stock during recent periods, see “The Underlying Stock — Historical Closing Prices of the Underlying Stock” below. Before investing in the offered securities, you should consult publicly available information to determine the prices of the underlying stock between the date of this prospectus supplement and the date of your purchase of the offered securities.

Also, the hypothetical examples shown below do not take into account the effects of applicable taxes. Because of the U.S. tax treatment applicable to your securities, tax liabilities could affect the after-tax rate of return on your securities to a comparatively greater extent than the after-tax return on the underlying stock.

If the securities are not automatically called on any call observation date (i.e., on each call observation date the closing price of the underlying stock is less than the initial share price), the cash payment we would deliver for each $10 principal amount of your securities on the stated maturity date will depend on the performance of the underlying stock on the determination date, as shown in the table below. The table below assumes that the securities have not been automatically called on a call observation date and reflects hypothetical amounts that you could receive on the stated maturity date. The levels in the left column of the table below represent hypothetical final share prices and are expressed as percentages of the initial share price. The amounts in the right column represent the hypothetical payments at maturity, based on the corresponding hypothetical final share price, and are expressed as percentages of the principal amount of a security (rounded to the nearest one-thousandth of a percent). Thus, a hypothetical payment at maturity of 100.000% means that the amount of cash that we would deliver for each $10 of the outstanding principal amount of the offered securities on the stated maturity date would equal 100.000% of the principal amount of a security, based on the corresponding hypothetical final share price and the assumptions noted above.

S-10

August 2021


GS Finance Corp.

Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

The Securities Have Not Been Automatically Called

Hypothetical Final Share Price

(as Percentage of Initial Share Price)

Hypothetical Payment at Maturity

if the Securities Have Not Been Automatically Called (as Percentage of Principal Amount)

175.000%

100.000%*

150.000%

100.000%*

125.000%

100.000%*

110.000%

100.000%*

100.000%

100.000%*

90.000%

100.000%*

85.000%

100.000%*

80.000%

100.000%*

79.999%

79.999%

50.000%

50.000%

30.000%

30.000%

25.000%

25.000%

0.000%

0.000%

* Does not include the final coupon.

If, for example, the securities have not been automatically called on a call observation date and the final share price were determined to be 25.000% of the initial share price, the amount that we would pay on your securities at maturity would be 25.000% of the principal amount of your securities, as shown in the table above. As a result, if you purchased your securities on the original issue date at the principal amount and held them to the stated maturity date, you would lose 75.000% of your investment (if you purchased your securities at a premium to principal amount you would lose a correspondingly higher percentage of your investment). In addition, if the final share price were determined to be 175.000% of the initial share price, the amount that we would pay on your securities at maturity would be limited to 100.000% of each $10 principal amount of your securities. As a result, if you held your securities to the stated maturity date, you would not benefit from any increase in the final share price over the initial share price.

The payments at maturity shown above are entirely hypothetical; they are based on market prices for the underlying stock that may not be achieved on the determination date and on assumptions that may prove to be erroneous. The actual market value of your securities on the stated maturity date or at any other time, including any time you may wish to sell your securities, may bear little relation to the hypothetical payments at maturity shown above, and these amounts should not be viewed as an indication of the financial return on an investment in the offered securities. The hypothetical payments at maturity on securities held to the stated maturity date in the examples above assume you purchased your securities at their principal amount and have not been adjusted to reflect the actual issue price you pay for your securities. The return on your investment (whether positive or negative) in your securities will be affected by the amount you pay for your securities. If you purchase your securities for a price other than the principal amount, the return on your investment will differ from, and may be significantly lower than, the hypothetical returns suggested by the above examples. Please read “Additional Risk Factors Specific to Your Securities — The Market Value of Your Securities May Be Influenced by Many Unpredictable Factors” on page S-14.

Payments on the securities are economically equivalent to the amounts that would be paid on a combination of other instruments. For example, payments on the securities are economically equivalent to a combination of an interest-bearing bond bought by the holder (although the securities do not guarantee the payment of interest) and one or more options entered into between the holder and us (with one or more implicit option premiums paid over time). The discussion in this paragraph does not modify or affect the terms of the securities or the U.S. federal income tax treatment of the securities, as described elsewhere in this prospectus supplement.

We cannot predict the actual final share price or what the market value of your securities will be on any particular trading day, nor can we predict the relationship between the final share price and the market value of your securities at any time prior to the stated maturity date. The actual amount that you will receive, if any, at maturity and the rate of return on the offered securities will depend on whether or not the securities are automatically called on any call observation date and the actual final share price determined by the calculation agent as described above. Moreover, the assumptions on which the hypothetical returns are based may turn out to be inaccurate. Consequently, the amount to be paid in respect of your securities, if any, on the stated maturity date may be very different from the information reflected in the examples above.

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August 2021


GS Finance Corp.

Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

 

Risk Factors

An investment in your securities is subject to the risks described below, as well as the risks and considerations described in the accompanying prospectus and in the accompanying prospectus supplement. You should carefully review these risks and considerations as well as the terms of the securities described herein and in the accompanying prospectus and the accompanying prospectus supplement. Your securities are a riskier investment than ordinary debt securities. Also, your securities are not equivalent to investing directly in the underlying stock. You should carefully consider whether the offered securities are appropriate given your particular circumstances. 

Risks Related to Structure, Valuation and Secondary Market Sales

You May Lose Your Entire Investment in the Securities

You can lose your entire investment in the securities. Assuming your securities are not automatically called, the payment on your securities, if any, on the stated maturity date will be based on the performance of the common stock of Microsoft Corporation as measured from the initial share price to the closing price of the underlying stock on the determination date. If the final share price of the underlying stock is less than the downside threshold level, you will lose 1.00% of the stated principal amount of your securities for every 1.00% decline in the closing price over the term of the securities, and you will lose a significant portion or all of your interest. Thus, you may lose your entire investment in the securities, and you will lose a significant portion or all of your investment, which would include any premium to principal amount you paid when you purchased the securities.

Also, the market price of your securities prior to a call payment date or the stated maturity date, as the case may be, may be significantly lower than the purchase price you pay for your securities. Consequently, if you sell your securities before the stated maturity date, you may receive far less than the amount of your investment in the securities.

The Return on Your Securities May Change Significantly Despite Only a Small Incremental Change in the Price of the Underlying Stock

If your securities are not redeemed and the final share price of the underlying stock is less than the downside threshold level, you will lose all or a substantial portion of your investment in the securities. This means that while a drop of up to 20.00% between the initial share price and the final share price of the underlying stock will not result in a loss of principal on the securities, a decrease in the final share price of the underlying stock to less than 80.00% of the initial share price will result in a loss of a significant portion of the stated principal amount of the securities despite only a small incremental change in the price of the underlying stock.

You May Not Receive a Contingent Quarterly Coupon on Any Coupon Payment Date

If the closing price of the underlying stock on any coupon determination date is less than the downside threshold level, you will not receive a coupon payment on the applicable coupon payment date. If this occurs on every coupon determination date, you will receive no contingent quarterly coupons and you will earn less than you would have earned by investing in a security that bears interest at the prevailing market rate.

The Securities are Subject to the Credit Risk of the Issuer and the Guarantor

Although the return on the securities will be based on the performance of the underlying stock, the payment of any amount due on the securities is subject to the credit risk of GS Finance Corp., as issuer of the securities, and the credit risk of The Goldman Sachs Group, Inc., as guarantor of the securities. The securities are our unsecured obligations. Investors are dependent on our ability to pay all amounts due on the securities, and therefore investors are subject to our credit risk and to changes in the market’s view of our creditworthiness. Similarly, investors are dependent on the ability of The Goldman Sachs Group, Inc., as guarantor of the securities, to pay all amounts due on the securities, and therefore are also subject to its credit risk and to changes in the market’s view of its creditworthiness. See “Description of the Notes We May Offer — Information About Our Medium-Term Notes, Series F Program — How the Notes Rank Against Other Debt” on page S-5 of the accompanying prospectus supplement and “Description of Debt Securities We May Offer — Guarantee by The Goldman Sachs Group, Inc.” on page 67 of the accompanying prospectus.

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August 2021


GS Finance Corp.

Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

The Estimated Value of Your Securities At the Time the Terms of Your Securities Are Set On the Pricing Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your Securities

The original issue price for your securities exceeds the estimated value of your securities as of the time the terms of your securities are set on the pricing date, as determined by reference to GS&Co.’s pricing models and taking into account our credit spreads. Such estimated value on the pricing date is set forth above under “Estimated Value of Your Securities”; after the pricing date, the estimated value as determined by reference to these models will be affected by changes in market conditions, the creditworthiness of GS Finance Corp., as issuer, the creditworthiness of The Goldman Sachs Group, Inc., as guarantor, and other relevant factors. The price at which GS&Co. would initially buy or sell your securities (if GS&Co. makes a market, which it is not obligated to do), and the value that GS&Co. will initially use for account statements and otherwise, also exceeds the estimated value of your securities as determined by reference to these models. As agreed by GS&Co. and the distribution participants, this excess (i.e., the additional amount described under “Estimated Value of Your Securities”) will decline to zero over the period from the date hereof through the applicable date set forth above under “Estimated Value of Your Securities”. Thereafter, if GS&Co. buys or sells your securities it will do so at prices that reflect the estimated value determined by reference to such pricing models at that time. The price at which GS&Co. will buy or sell your securities at any time also will reflect its then current bid and ask spread for similar sized trades of structured securities.

In estimating the value of your securities as of the time the terms of your securities are set on the pricing date, as disclosed above under “Estimated Value of Your Securities”, GS&Co.’s pricing models consider certain variables, including principally our credit spreads, interest rates (forecasted, current and historical rates), volatility, price-sensitivity analysis and the time to maturity of the securities. These pricing models are proprietary and rely in part on certain assumptions about future events, which may prove to be incorrect. As a result, the actual value you would receive if you sold your securities in the secondary market, if any, to others may differ, perhaps materially, from the estimated value of your securities determined by reference to our models due to, among other things, any differences in pricing models or assumptions used by others. See “— The Market Value of Your Securities May Be Influenced by Many Unpredictable Factors” below.

The difference between the estimated value of your securities as of the time the terms of your securities are set on the pricing date and the original issue price is a result of certain factors, including principally the underwriting discount and commissions, the expenses incurred in creating, documenting and marketing the securities, and an estimate of the difference between the amounts we pay to GS&Co. and the amounts GS&Co. pays to us in connection with your securities. We pay to GS&Co. amounts based on what we would pay to holders of a non-structured security with a similar maturity. In return for such payment, GS&Co. pays to us the amounts we owe under your securities.

In addition to the factors discussed above, the value and quoted price of your securities at any time will reflect many factors and cannot be predicted. If GS&Co. makes a market in the securities, the price quoted by GS&Co. would reflect any changes in market conditions and other relevant factors, including any deterioration in our creditworthiness or perceived creditworthiness or the creditworthiness or perceived creditworthiness of The Goldman Sachs Group, Inc. These changes may adversely affect the value of your securities, including the price you may receive for your securities in any market making transaction. To the extent that GS&Co. makes a market in the securities, the quoted price will reflect the estimated value determined by reference to GS&Co.’s pricing models at that time, plus or minus its then current bid and ask spread for similar sized trades of structured securities (and subject to the declining excess amount described above).

Furthermore, if you sell your securities, you will likely be charged a commission for secondary market transactions, or the price will likely reflect a dealer discount. This commission or discount will further reduce the proceeds you would receive for your securities in a secondary market sale.

There is no assurance that GS&Co. or any other party will be willing to purchase your securities at any price and, in this regard, GS&Co. is not obligated to make a market in the securities. See “— Your Securities May Not Have an Active Trading Market” below.

You Will Not Participate in Any Appreciation in the Price of the Underlying Stock and The Potential for the Value of Your Securities to Increase Will Be Limited

The amount you may receive for each of your securities at maturity is limited to $10.00 plus the final coupon, no matter how much the price of the underlying stock may rise beyond the initial share price over the life of your securities.

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August 2021


GS Finance Corp.

Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

Accordingly, the amount payable for each of your securities may be significantly less than it would have been had you invested directly in the underlying stock.

Your Securities Are Subject to Automatic Redemption

We will call and automatically redeem all, but not part, of your securities on a call payment date, if, as measured on any call observation date, the closing price of the underlying stock is greater than or equal to the initial share price. Therefore, the term for your securities may be reduced to as few as approximately three months after the original issue date. You may not be able to reinvest the proceeds from an investment in the securities at a comparable return for a similar level of risk in the event the securities are automatically called prior to maturity.  For the avoidance of doubt, if your securities are automatically called, no discounts, commissions or fees described herein will be rebated or reduced.

The Contingent Quarterly Coupon Does Not Reflect the Actual Performance of the Underlying Stock from Coupon Determination Date to Coupon Determination Date and Is Based Solely on the Closing Price of the Underlying Stock on the Applicable Coupon Determination Date

Whether the contingent quarterly coupon will be paid on a coupon payment date will be based on the closing price of the underlying stock on the applicable coupon determination date. The coupon for each quarterly coupon payment date is different from, and may be less than, a coupon determined based on the percentage difference between the initial share price and the closing price of the underlying stock on any coupon determination date or the difference between the closing prices of the underlying stock on two coupon determination dates. Accordingly, the contingent quarterly coupons, if any, on the securities may be less than the return you could earn on another instrument linked to the underlying stock that pays interest based on the performance of the underlying stock from the initial share price to the closing price of the underlying stock on any coupon determination date or from coupon determination date to coupon determination date. Moreover, because payment of the contingent quarterly coupon is based solely on the closing price of the underlying stock on the applicable coupon determination date, if such closing price is less than the downside threshold level, you will not receive a contingent quarterly coupon with respect to such coupon determination date, even if the closing price of the underlying stock was higher on other days during the term of the securities.

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

When we refer to the market value of your securities, we mean the value that you could receive for your securities if you chose to sell them in the open market before the stated maturity date. A number of factors, many of which are beyond our control, will influence the market value of your securities, including:

the market price of the underlying stock to which your securities are linked;

the volatility — i.e., the frequency and magnitude of changes — in the market price of the underlying stock;

the dividend rate of the underlying stock;

economic, financial, regulatory, political, military, public health and other events that affect stock markets generally and the market segment of which the underlying stock is a part, and which may affect the market price of the underlying stock;

interest rates and yield rates in the market;

the time remaining until your securities mature; and

our creditworthiness and the creditworthiness of The Goldman Sachs Group, Inc., whether actual or perceived, including actual or anticipated upgrades or downgrades in our credit ratings or the credit ratings of The Goldman Sachs Group, Inc. or changes in other credit measures.

Without limiting the foregoing, the market value of your securities may be negatively impacted by increasing interest rates. Such adverse impact of increasing interest rates could be significantly enhanced in securities with longer-dated maturities, the market values of which are generally more sensitive to increasing interest rates.

These factors will influence the price you will receive if you sell your securities before maturity, including the price you may receive for your securities in any market making transaction. If you sell your securities before maturity, you may receive less than the principal amount of your securities.

S-14

August 2021


GS Finance Corp.

Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

If the Market Price of the Underlying Stock Changes, the Market Value of Your Security May Not Change in the Same Manner

Your security may trade quite differently from the underlying stock. Changes in the market price of the underlying stock may not result in a comparable change in the market value of your security. We discuss some of the reasons for this disparity under “— The Market Value of Your Securities May Be Influenced By Many Unpredictable Factors” above.

We Will Not Hold Shares of the Underlying Stock for Your Benefit

The indenture governing your security does not contain any restriction on our ability or the ability of any of our affiliates to sell, pledge or otherwise convey a share or shares of the underlying stock acquired by us or them. Neither we nor our affiliates will pledge or otherwise hold shares of the underlying stock for your benefit in order to enable you to exchange your security for shares under any circumstances. Consequently, in the event of our bankruptcy, insolvency or liquidation, any shares of the underlying stock owned by us will be subject to the claims of our creditors generally and will not be available for your benefit specifically.

You Have No Shareholder Rights or Any Rights to Receive Stock

Investing in your securities will not make you a holder of the underlying stock. Neither you nor any other holder or owner of your securities will have any rights with respect to the underlying stock, including any voting rights, any right to receive dividends or other distributions, any rights to make a claim against the underlying stock or any other rights of a holder of the underlying stock. In addition, you will have no right to receive any shares of the underlying stock on the stated maturity date.

If You Purchase Your Securities at a Premium to Principal Amount, the Return on Your Investment Will Be Lower Than the Return on Securities Purchased at Principal Amount and the Impact of Certain Key Terms of the Securities Will Be Negatively Affected

The amount you will be paid for your securities on the stated maturity date, if any, or the amount you will be paid on a call payment date will not be adjusted based on the issue price you pay for the securities. If you purchase securities at a price that differs from the principal amount of the securities, then the return on your investment in such securities held to a call payment date or the stated maturity date will differ from, and may be substantially less than, the return on securities purchased at principal amount. If you purchase your securities at a premium to principal amount and hold them to a call payment date or the stated maturity date, the return on your investment in the securities will be lower than it would have been had you purchased the securities at principal amount or a discount to principal amount.

In Some Circumstances, the Payment You Receive on the Securities May Be Based on the Securities of Another Company and Not the Issuer of the Underlying Stock

Following certain corporate events relating to the underlying stock where its issuer is not the surviving entity, the amount you receive at maturity may be based on the securities of a successor to the underlying stock issuer or any cash or any other assets distributed to holders of shares of the underlying stock in such corporate event. The occurrence of these corporate events and the consequent adjustments may materially and adversely affect the value of the securities. We describe the specific corporate events that can lead to these adjustments and the procedures for selecting Distribution Property (as described below) under “Specific Terms of Your Securities — Anti-dilution Adjustments”.

Past Performance of the Underlying Stock is No Guide to Future Performance of the Underlying Stock

The actual performance of the underlying stock over the life of the securities, as well as the amount payable at maturity or on any coupon payment date, as applicable, may bear little or no relation to the historical closing prices of the underlying stock set forth below under “The Underlying Stock — Historical Closing Prices of the Underlying Stock” or to the hypothetical examples shown elsewhere in this prospectus supplement. You cannot predict the future prices of the underlying stock based on its historical fluctuations.

As Calculation Agent, GS&Co. Will Have the Authority to Make Determinations that Could Affect the Market Value of Your Securities, When Your Securities Mature and the Amount You Receive at Maturity

As calculation agent for your securities, GS&Co. will have discretion in making certain determinations that affect your securities, including determining: whether your securities will be automatically called; the final share price of the underlying stock on the determination date, which we will use to determine the amount we must pay on the stated maturity date; whether to postpone a call observation date or the determination date because of a market disruption event or a

S-15

August 2021


GS Finance Corp.

Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

non-trading day; the coupon payment dates; the call observation dates; the call payment dates and the stated maturity date. The calculation agent also has discretion in making certain adjustments relating to the underlying stock. See “Specific Terms of Your Securities — Anti-dilution Adjustments” below. The exercise of this discretion by GS&Co. could adversely affect the value of your securities and may present GS&Co. with a conflict of interest. We may change the calculation agent at any time without notice and GS&Co. may resign as calculation agent at any time upon 60 days’ written notice to GS Finance Corp.

There is No Affiliation Between the Underlying Stock Issuer and Us

Goldman Sachs is not affiliated with the underlying stock issuer. As discussed above, however, we or our affiliates may currently or from time to time in the future own securities of, or engage in business with, the underlying stock issuer. Neither we nor any of our affiliates have participated in the preparation of any publicly available information or made any “due diligence” investigation or inquiry with respect to the underlying stock issuer. You, as an investor in your security, should make your own investigation into the underlying stock issuer.

The underlying stock issuer is not involved in this offering of your securities in any way and does not have any obligation of any sort with respect to your securities. Thus, the underlying stock issuer does not have any obligation to take your interests into consideration for any reason, including in taking or not taking any corporate actions that might affect the value of your securities.

We Expect Your Securities Will Not Have an Active Trading Market

Your securities will not be listed on any securities exchange or included in any interdealer market quotation system, and there may be little or no secondary market for your securities. Even if a secondary market for your securities develops, we expect it will not provide significant liquidity and we expect that transaction costs in any secondary market would be high. As a result, the difference between bid and asked prices for your securities in any secondary market could be substantial.

You Have Limited Anti-Dilution Protection

GS&Co., as calculation agent for your security, will adjust the underlying stock price for stock splits, reverse stock splits, stock dividends, extraordinary dividends, reorganization events, and other events that affect the underlying stock issuer’s, or any distribution property issuer’s, capital structure, but only in the situations we describe in “Specific Terms of Your Securities — Anti-dilution Adjustments” below. The calculation agent will not be required to make an adjustment for every corporate event that may affect the underlying stock. For example, the calculation agent will not adjust the underlying stock price for events such as an offering of the underlying stock for cash by the underlying stock issuer, a tender or exchange offer for the underlying stock at a premium to its then-current market price by the underlying stock issuer or a tender or exchange offer for less than all the outstanding shares of the underlying stock by a third party. In addition, the calculation agent will not adjust the reference amount for regular cash dividends. Furthermore, the calculation agent will determine in its sole discretion whether to make adjustments with respect to corporate or other events as described under “Specific Terms of Your Securities — Anti-dilution Adjustments — Reorganization Events” below. Those events or other actions by the underlying stock issuer or a third party may nevertheless adversely affect the market price of one share of the underlying stock and, therefore, adversely affect the market value of your security. The underlying stock issuer or a third party could make an offering or a tender or exchange offer, or the underlying stock issuer could take any other action, that adversely affects the market price of the underlying stock and the market value of your security but does not result in an anti-dilution adjustment for your benefit.

We May Sell an Additional Aggregate Principal Amount of the Securities at a Different Issue Price

At our sole option, we may decide to sell an additional aggregate principal amount of the securities subsequent to the date of this prospectus supplement. The issue price of the securities in the subsequent sale may differ substantially (higher or lower) from the issue price you paid as provided on the cover of this prospectus supplement.

The Calculation Agent Can Postpone Any Coupon Determination Date or the Determination Date, as the Case May Be, If a Market Disruption Event or a Non-Trading Day Occurs or is Continuing

If the calculation agent determines that, on a date that would otherwise be a coupon determination date or the determination date, as applicable, a market disruption event has occurred or is continuing or that day is not a trading day, the applicable coupon determination date or the determination date will be postponed as described under “Specific Terms of Your Securities — Coupon Determination Dates” and “— Determination Date” below.

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August 2021


GS Finance Corp.

Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

Risks Related to Conflicts of Interest

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

Goldman Sachs has hedged or expects to hedge our obligations under the securities by purchasing shares of the underlying stock, listed or over-the-counter options, futures and/or other instruments linked to the underlying stock, indices or constituent indices thereof. Goldman Sachs also expects to adjust the hedge by, among other things, purchasing or selling any of the foregoing, and perhaps other instruments linked to the underlying stock, at any time and from time to time, and to unwind the hedge by selling any of the foregoing on or before the determination date for your securities. Alternatively, Goldman Sachs may hedge all or part of our obligations under the securities with unaffiliated distributors of the securities which we expect will undertake similar market activity. Goldman Sachs may also enter into, adjust and unwind hedging transactions relating to other securities whose returns are linked to changes in the price of the underlying stock.

In addition to entering into such transactions itself, or distributors entering into such transactions, Goldman Sachs may structure such transactions for its clients or counterparties, or otherwise advise or assist clients or counterparties in entering into such transactions. These activities may be undertaken to achieve a variety of objectives, including: permitting other purchasers of the securities or other securities to hedge their investment in whole or in part; facilitating transactions for other clients or counterparties that may have business objectives or investment strategies that are inconsistent with or contrary to those of investors in the securities; hedging the exposure of Goldman Sachs to the securities including any interest in the securities that it reacquires or retains as part of the offering process, through its market-making activities or otherwise; enabling Goldman Sachs to comply with its internal risk limits or otherwise manage firmwide, business unit or product risk; and/or enabling Goldman Sachs to take directional views as to relevant markets on behalf of itself or its clients or counterparties that are inconsistent with or contrary to the views and objectives of the investors in the securities.

Any of these hedging or other activities may adversely affect the prices of the underlying stock and therefore the market value of your securities and the amount we will pay on your securities at maturity. In addition, you should expect that these transactions will cause Goldman Sachs or its clients, counterparties or distributors to have economic interests and incentives that do not align with, and that may be directly contrary to, those of an investor in the securities. Neither Goldman Sachs nor any distributor will have any obligation to take, refrain from taking or cease taking any action with respect to these transactions based on the potential effect on an investor in the securities, and may receive substantial returns on hedging or other activities while the value of your securities declines. In addition, if the distributor from which you purchase securities is to conduct hedging activities in connection with the securities, that distributor may otherwise profit in connection with such hedging activities and such profit, if any, will be in addition to the compensation that the distributor receives for the sale of the securities to you. You should be aware that the potential to earn fees in connection with hedging activities may create a further incentive for the distributor to sell the securities to you in addition to the compensation they would receive for the sale of the securities.

Goldman Sachs’ Trading and Investment Activities for its Own Account or for its Clients, Could Negatively Impact Investors in the Securities

Goldman Sachs is a global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. As such, it acts as an investor, investment banker, research provider, investment manager, investment advisor, market maker, trader, prime broker and lender. In those and other capacities, Goldman Sachs purchases, sells or holds a broad array of investments, actively trades securities, derivatives, loans, commodities, currencies, credit default swaps, indices, baskets and other financial instruments and products for its own account or for the accounts of its customers, and will have other direct or indirect interests, in the global fixed income, currency, commodity, equity, bank loan and other markets. Any of Goldman Sachs’ financial market activities may, individually or in the aggregate, have an adverse effect on the market for your securities, and you should expect that the interests of Goldman Sachs or its clients or counterparties will at times be adverse to those of investors in the securities.

Goldman Sachs regularly offers a wide array of securities, financial instruments and other products into the marketplace, including existing or new products that are similar to your securities, or similar or linked to the underlying stock. Investors

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August 2021


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Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

in the securities should expect that Goldman Sachs will offer securities, financial instruments, and other products that will compete with the securities for liquidity, research coverage or otherwise.

Goldman Sachs’ Market-Making Activities Could Negatively Impact Investors in the Securities

Goldman Sachs actively makes markets in and trades financial instruments for its own account and for the accounts of customers. These financial instruments include debt and equity securities, currencies, commodities, bank loans, indices, baskets and other products. Goldman Sachs’ activities include, among other things, executing large block trades and taking long and short positions directly and indirectly, through derivative instruments or otherwise. The securities and instruments in which Goldman Sachs takes positions, or expects to take positions, include securities and instruments of the underlying stock issuer, securities and instruments similar to or linked to the foregoing or the currencies in which it is denominated. Market making is an activity where Goldman Sachs buys and sells on behalf of customers, or for its own account, to satisfy the expected demand of customers. By its nature, market making involves facilitating transactions among market participants that have differing views of securities and instruments. As a result, you should expect that Goldman Sachs will take positions that are inconsistent with, or adverse to, the investment objectives of investors in the securities.

If Goldman Sachs becomes a holder of the underlying stock in its capacity as a market-maker or otherwise, any actions that it takes in its capacity as securityholder, including voting or provision of consents, will not necessarily be aligned with, and may be inconsistent with, the interests of investors in the securities.

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 Securities

Goldman Sachs and its personnel, including its sales and trading, investment research and investment management personnel, regularly make investment recommendations, provide market color or trading ideas, or publish or express independent views in respect of a wide range of markets, issuers, securities and instruments. They regularly implement, or recommend to clients that they implement, various investment strategies relating to these markets, issuers, securities and instruments. These strategies include, for example, buying or selling credit protection against a default or other event involving an issuer or financial instrument. Any of these recommendations and views may be negative with respect to the underlying stock or other securities or instruments similar to or linked to the foregoing or result in trading strategies that have a negative impact on the market for any such securities or instruments, particularly in illiquid markets. In addition, you should expect that personnel in the trading and investing businesses of Goldman Sachs will have or develop independent views of the underlying stock, the relevant industry or other market trends, which may not be aligned with the views and objectives of investors in the securities.

Goldman Sachs Regularly Provides Services to, or Otherwise Has Business Relationships with, a Broad Client Base, Which May Include the Issuer of the Underlying Stock or Other Entities That Are Involved in the Transaction

Goldman Sachs regularly provides financial advisory, investment advisory and transactional services to a substantial and diversified client base, and you should assume that Goldman Sachs will, at present or in the future, provide such services or otherwise engage in transactions with, among others, the issuer of the underlying stock, or transact in securities or instruments or with parties that are directly or indirectly related to the foregoing. These services could include making loans to or equity investments in those companies, providing financial advisory or other investment banking services, or issuing research reports. You should expect that Goldman Sachs, in providing such services, engaging in such transactions, or acting for its own account, may take actions that have direct or indirect effects on the underlying stock and that such actions could be adverse to the interests of investors in the securities. In addition, in connection with these activities, certain Goldman Sachs personnel may have access to confidential material non-public information about these parties that would not be disclosed to Goldman Sachs employees that were not working on such transactions as Goldman Sachs has established internal information barriers that are designed to preserve the confidentiality of non-public information. Therefore, any such confidential material non-public information would not be shared with Goldman Sachs employees involved in structuring, selling or making markets in the securities or with investors in the securities.

In this offering, as well as in all other circumstances in which Goldman Sachs receives any fees or other compensation in any form relating to services provided to or transactions with any other party, no accounting, offset or payment in respect of the securities will be required or made; Goldman Sachs will be entitled to retain all such fees and other amounts, and

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Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

no fees or other compensation payable by any party or indirectly by holders of the securities will be reduced by reason of receipt by Goldman Sachs of any such other fees or other amounts.

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

A completed offering may reduce Goldman Sachs’ existing exposure to the underlying stock, securities and instruments similar to or linked to the foregoing or the currencies in which they are denominated, including exposure gained through hedging transactions in anticipation of this offering. An offering of securities will effectively transfer a portion of Goldman Sachs’ exposure (and indirectly transfer the exposure of Goldman Sachs’ hedging or other counterparties) to investors in the securities.

The terms of the offering (including the selection of the underlying stock, and the establishment of other transaction terms) may have been selected in order to serve the investment or other objectives of Goldman Sachs or another client or counterparty of Goldman Sachs. In such a case, Goldman Sachs would typically receive the input of other parties that are involved in or otherwise have an interest in the offering, transactions hedged by the offering, or related transactions. The incentives of these other parties would normally differ from and in many cases be contrary to those of investors in the securities.

Other Investors May Not Have the Same Interests as You

Other investors in the securities are not required to take into account the interests of any other investor in exercising remedies or voting or other rights in their capacity as security holders. The interests of other investors may, in some circumstances, be adverse to your interests. Further, other investors in the market may take short positions (directly or indirectly through derivative transactions) on assets that are the same or similar to your securities, the underlying stock or other similar securities, which may adversely impact the market for or value of your securities.

Risks Related to Tax

Certain Considerations for Insurance Companies and Employee Benefit Plans

Any insurance company or fiduciary of a pension plan or other employee benefit plan that is subject to the prohibited transaction rules of the Employee Retirement Income Security Act of 1974, as amended, which we call “ERISA”, or the Internal Revenue Code of 1986, as amended, including an IRA or a Keogh plan (or a governmental plan to which similar prohibitions apply), and that is considering purchasing the securities with the assets of the insurance company or the assets of such a plan, should consult with its counsel regarding whether the purchase or holding of the securities could become a “prohibited transaction” under ERISA, the Internal Revenue Code or any substantially similar prohibition in light of the representations a purchaser or holder in any of the above categories is deemed to make by purchasing and holding the securities. This is discussed in more detail under “Employee Retirement Income Security Act” below.

The Tax Consequences of an Investment in Your Securities are Uncertain

The tax consequences of an investment in your securities are uncertain, both as to the timing and character of any inclusion in income in respect of your securities.

The Internal Revenue Service announced on December 7, 2007 that it is considering issuing guidance regarding the tax treatment of an instrument such as your securities, and any such guidance could adversely affect the value and the tax treatment of your securities. Among other things, the Internal Revenue Service may decide to require the holders to accrue ordinary income on a current basis and recognize ordinary income on payment at maturity, and could subject non-U.S. investors to withholding tax. Furthermore, in 2007, legislation was introduced in Congress that, if enacted, would have required holders that acquired instruments such as your securities after the bill was enacted to accrue interest income over the term of such instruments even though there may be no interest payments over the term of such instruments. It is not possible to predict whether a similar or identical bill will be enacted in the future, or whether any such bill would affect the tax treatment of your securities. We describe these developments in more detail under “Supplemental Discussion of U.S. Federal Income Tax Consequences – United States Holders – Possible Change in Law” below. You should consult your tax advisor about this matter. Except to the extent otherwise provided by law, GS Finance Corp. intends to continue treating the securities for U.S. federal income tax purposes in accordance with the treatment described under “Supplemental Discussion of U.S. Federal Income Tax Consequences” on page S-36 below unless and until such time as Congress, the Treasury Department or the Internal Revenue Service determine that some other treatment is more appropriate. Please

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also consult your tax advisor concerning the U.S. federal income tax and any other applicable tax consequences to you of owning your securities in your particular circumstances.

Foreign Account Tax Compliance Act (FATCA) Withholding May Apply to Payments on Your Securities, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the Securities to Provide Information to Tax Authorities

Please see the discussion under “United States Taxation — Taxation of Debt Securities — Foreign Account Tax Compliance Act (FATCA) Withholding” in the accompanying prospectus for a description of the applicability of FATCA to payments made on your securities.

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Specific Terms of Your Securities

We refer to the securities we are offering by this prospectus supplement as the “offered securities” or the “securities”. Please note that in this prospectus supplement, references to “GS Finance Corp.”, “we”, “our” and “us” mean only GS Finance Corp. and do not include its subsidiaries or affiliates, references to “The Goldman Sachs Group, Inc.”, our parent company, mean only The Goldman Sachs Group, Inc. and do not include its subsidiaries or affiliates and references to “Goldman Sachs” mean The Goldman Sachs Group, Inc. together with its consolidated subsidiaries and affiliates, including us. Also, references to the “accompanying prospectus” mean the accompanying prospectus, dated March 22, 2021, and  references to the “accompanying prospectus supplement” mean the accompanying prospectus supplement, dated March 22, 2021, for Medium-Term Notes, Series F, in each case of GS Finance Corp. and The Goldman Sachs Group, Inc.  Please note that in this section entitled “Specific Terms of Your Securities”, references to “holders” mean those who own securities registered in their own names, on the books that we or the trustee maintain for this purpose, and not those who own beneficial interests in securities registered in street name or in securities issued in book-entry form through The Depository Trust Company. Please review the special considerations that apply to owners of beneficial interests in the accompanying prospectus, under “Legal Ownership and Book-Entry Issuance”.

The Contingent Income Auto-Callable Securities are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The offered securities are part of a series of debt securities, entitled “Medium-Term Notes, Series F”, that we may issue under the indenture from time to time as described in the accompanying prospectus. The offered securities are also “indexed debt securities”, as defined in the accompanying prospectus. This prospectus supplement summarizes specific financial and other terms that apply to the offered securities, including your security; terms that apply generally to all Series F medium-term securities are described in “Description of Notes We May Offer” in the accompanying prospectus supplement. The terms described here supplement those described in the accompanying prospectus and the accompanying prospectus supplement and, if the terms described here are inconsistent with those described there, the terms described here are controlling.

In addition to those terms described under “Final Terms” in this prospectus supplement, the following terms will apply to your security:

Specified currency:

U.S. dollars (“$” or “USD”)

Form of note:

global form only: yes, at DTC

non-global form available: no

Principal amount: each security will have a principal amount of $10; $1,688,250 in the aggregate for all the offered securities; the aggregate principal amount of the offered securities may be increased if the issuer, at its sole option, decides to sell an additional amount of the offered securities on a date subsequent to the date of this prospectus supplement

Regular record date: the scheduled business day immediately preceding the day on which payment is to be made (as such payment date may be adjusted)

Denominations: each security registered in the name of a holder must have a principal amount of $10 or an integral multiple of $10 in excess thereof

No listing: your securities will not be listed or displayed on any securities exchange or included in any interdealer market quotation system

Defeasance applies as follows:

covenant defeasance: no

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Other terms:

the default amount will be payable on any acceleration of the maturity of your security as described under “— Special Calculation Provisions” below

anti-dilution provisions will apply to your security; see “— Anti-dilution Adjustments” below

a business day for your security may not be the same as a business day for certain of our other Series F medium-term securities; see “— Special Calculation Provisions” below

a trading day for your security may not be the same as a trading day for certain of our other Series F medium-term securities; see “— Special Calculation Provisions” below

Please note that the information about the settlement or pricing dates, issue price, discounts, commission or concessions and net proceeds to GS Finance Corp. on the front cover page or elsewhere in this prospectus supplement relates only to the initial issuance and sale of the securities. We may decide to sell additional securities on one or more dates after the date of this prospectus supplement, at issue prices and with underwriting discounts and net proceeds that differ from the amounts set forth on the front cover page or elsewhere in this prospectus supplement. If you have purchased your security in a market making transaction after the initial issuance and sale of the securities, any such relevant information about the sale to you will be provided in a separate confirmation of sale.

We describe the terms of your security in more detail below.

Underlying Stock and Underlying Stock Issuer

In this prospectus supplement, when we refer to the underlying stock, we mean the common stock of Microsoft Corporation, except as described under “— Anti-dilution Adjustments — Reorganization Events” and “— Anti-dilution Adjustments — Distribution Property” below. When we refer to the underlying stock issuer, we mean Microsoft Corporation or any successor thereto.

Automatic Call Feature

If, as measured on any call observation date, the closing price of the underlying stock is greater than or equal to the initial share price, your securities will be automatically called. If your securities are automatically called on any call observation date, on the corresponding call payment date you will receive an amount in cash equal to $10 for each $10 principal amount of your securities in addition to the coupon then due.

The calculation agent will determine the closing price of the underlying stock for each call observation date, which will be the closing price of the underlying stock on the applicable call observation date, subject to any anti-dilution adjustments.

The calculation agent will have discretion to adjust the closing price of the underlying stock on the applicable call observation date or to determine it in a different manner as described under “— Consequences of a Market Disruption Event or a Non-Trading Day” and “— Anti-Dilution Adjustments” below.

Payment of Contingent Quarterly Coupon

Subject to the automatic call feature, on each coupon payment date, for each $10 principal amount of your securities we will pay you an amount in cash equal to:

if the closing price of the underlying stock on the related coupon determination date is greater than or equal to the downside threshold level, $0.15; or

if the closing price of the underlying stock on the related coupon determination date is less than the downside threshold level, $0.00.

The downside threshold level is $239.776, which represents 80.00% of the initial share price. The initial share price is $299.72. The calculation agent will determine the closing price for each coupon determination date, which will be the closing price of the underlying stock on the applicable coupon determination date, subject to any anti-dilution adjustments. The calculation agent will have discretion to adjust the closing price of the underlying stock on the applicable coupon determination date or to determine it in a different manner as described under “— Consequences of a Market Disruption Event or a Non-Trading Day” and “— Anti-Dilution Adjustments” below.

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Payment at Maturity

If your securities are not automatically called, for each $10 principal amount of your securities we will pay you on the stated maturity date an amount equal to:

if the final share price is greater than or equal to the downside threshold level, $10.00 plus the final coupon; or

if the final share price is less than the downside threshold level, the product of (i) $10 times (ii) the share performance factor.

The share performance factor equals the quotient of (a) the final share price divided by (b) the initial share price.

The calculation agent will determine the final share price, which will be the closing price of the underlying stock on the determination date. However, the calculation agent will have discretion to adjust the closing price on the determination date or to determine it in a different manner as described under “ — Consequences of a Market Disruption Event or a Non-Trading Day” and “— Anti-Dilution Adjustments” below.

Determination Date

The determination date for your securities is the last coupon determination date, August 29, 2022. If a market disruption event occurs or is continuing on such day or such day is not a trading day, the determination date will be the first following trading day on which the calculation agent determines a market disruption event does not occur and is not continuing. However, the determination date will not be postponed to a date later than the originally scheduled stated maturity date or, if the originally scheduled stated maturity date is not a business day, later than the first business day after the originally scheduled stated maturity date. If a market disruption event occurs or is continuing on such last possible determination date or such last possible day is not a trading day, that day will nevertheless be the determination date.

Stated Maturity Date

The stated maturity date is September 1, 2022, unless that day is not a business day, in which case the stated maturity date will be the next following business day. If the determination date is postponed as described under “— Determination Date” above, the stated maturity date will also be postponed by the same number of business day(s) from but excluding the originally scheduled determination date to and including the actual determination date. The calculation agent may postpone the determination date — and therefore the stated maturity date — if a market disruption event occurs or is continuing on any day that would otherwise be the determination date. We describe market disruption events under “— Special Calculation Provisions — Market Disruption Event” below.

Contingent Quarterly Coupon and Coupon Payment Dates

The contingent quarterly coupons will be calculated and paid as described in this prospectus supplement.

The coupons on the offered securities will be paid on the coupon payment dates (the dates specified in the table under “ Coupon payment dates” in the “Final Terms” section above, unless, for any such coupon payment date, that day is not a business day, in which case such coupon payment date will be postponed to the next following business day; if the coupon determination date is postponed as described under “ Coupon Determination Dates” below, such coupon payment date will be postponed by the same number of business day(s) from but excluding the applicable originally scheduled coupon determination date to and including the actual coupon determination date).

Coupon Determination Dates

The coupon determination dates are the dates specified in the table under “ Coupon determination dates” in the “Final Terms” section above, unless the calculation agent determines that a market disruption event occurs or is continuing on any such day or that any such day is not a trading day. In that event, the applicable coupon determination date will be the first following trading day on which the calculation agent determines that a market disruption event does not occur or is not continuing. In no event, however, will the applicable coupon determination date be postponed to a date after the applicable originally scheduled coupon payment date or, if the originally scheduled coupon payment date is not a business day, later than the first business day after the originally scheduled coupon payment date. If any coupon determination date is postponed to the last possible day for that period, but a market disruption event occurs or is continuing on that day or that day is not a trading day, that day will nevertheless be the applicable coupon determination date.

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Call Payment Dates

If your securities are automatically called on any call observation date, on the corresponding call payment date (the coupon payment date immediately after the applicable call observation date, subject to adjustment as described under “Contingent Quarterly Coupon and Coupon Payment Dates” above) you will receive an amount in cash equal to $10 for each $10 principal amount of your securities in addition to the contingent quarterly coupon then due.

Call Observation Dates

The call observation dates are each coupon determination date specified in the table under “— Coupon determination dates” in the “Final Terms” section above, commencing on November 29, 2021 and ending on May 27, 2022, subject to adjustment as described under “Coupon Determination Dates” above.

Consequences of a Market Disruption Event or a Non-Trading Day

As indicated above, if a market disruption event occurs or is continuing on a day that would otherwise be a coupon determination date or the determination date, as applicable, or such day is not a trading day, then such coupon determination date or the determination date, as applicable will be postponed as described under “— Coupon Determination Dates” and “— Determination Date”, respectively, above. As a result, the corresponding coupon payment date, call payment date or the stated maturity date, as applicable, for your securities may also be postponed, as described under “— Contingent Quarterly Coupon and Coupon Payment Dates” and “— Stated Maturity Date”, respectively, above.

If the closing price of the underlying stock that must be used to determine the coupon payable on the coupon payment date, if any, or the amount payable at maturity is not available on the last possible coupon determination date or the last possible determination date, as applicable, either because of a market disruption event or non-trading day or for any other reason (other than as described under “— Anti-dilution Adjustments” below), the calculation agent will nevertheless determine the underlying stock price based on its assessment, made in its sole discretion, of the market value of the underlying stock at the applicable time on that day.

Anti-dilution Adjustments

The calculation agent will adjust the closing price of the underlying stock on a coupon determination date or the determination date, as applicable, only if an event described under one of the six subsections beginning with “— Stock Splits” below occurs and only if the relevant event occurs during the period described under the applicable subsection. The adjustments described below do not cover all events that could affect the closing price of the underlying stock on a coupon determination date or the determination date, as applicable, such as an issuer tender or exchange offer for the underlying stock at a premium to its market price or a tender or exchange offer made by a third party for less than all outstanding shares of the underlying stock. We describe the risks relating to dilution under “Additional Risk Factors Specific to Your Securities — You Have Limited Anti-dilution Protection” above.

How Adjustments Will Be Made

In this prospectus supplement, we refer to anti-dilution adjustment of the closing price of the underlying stock on a coupon determination date or the determination date, as applicable. If an event requiring anti-dilution adjustment occurs, the calculation agent will make the adjustment by taking the following steps:

Step One. The calculation agent will adjust the reference amount. This term refers to the amount of the underlying stock or other property that must be used to determine the closing price of the underlying stock on a coupon determination date or the determination date, as applicable. For example, if no adjustment described under this subsection entitled “— Anti-dilution Adjustments” is required at a time, the reference amount for that time will be one share of the underlying stock. In that case, the closing price of the underlying stock on a coupon determination date or the determination date, as applicable, will be the closing price of one share of the underlying stock on the applicable coupon determination date or the determination date. We describe how the closing price will be determined under “— Special Calculation Provisions” below.

If an adjustment described under this subsection entitled “— Anti-dilution Adjustments” is required because one of the dilution events described in the first five subsections below — these involve stock splits, reverse stock splits, stock dividends, other dividends and distributions and issuances of transferable rights and warrants — occurs, then the adjusted reference amount at that time might instead be, for example, two shares of the underlying stock or a half share of the underlying stock, depending on the event. In that example, the closing price of the underlying stock on a coupon determination date or the determination date, as applicable, would be the price (determined as specified under “— Special

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Calculation Provisions — Closing Price” below) at the close of trading on the applicable coupon determination date or the determination date of two shares of the underlying stock or a half share of the underlying stock, as applicable.

If an adjustment described under this subsection entitled “— Anti-dilution Adjustments” is required at a time because one of the reorganization events described under “— Reorganization Events” below — these involve events in which cash, securities or other property is distributed in respect of the underlying stock — occurs, then the reference amount at that time will be adjusted to be as follows, assuming there has been no prior or subsequent anti-dilution adjustment: the amount of each type of the property distributed in the reorganization event in respect of one share of the underlying stock, plus one share of the underlying stock if the underlying stock remains outstanding. In that event, the closing price of the underlying stock on a coupon determination date or the determination date, as applicable, would be the value of the adjusted reference amount at the close of trading on such coupon determination date or the determination date.

The manner in which the calculation agent adjusts the reference amount in step one will depend on the type of dilution event requiring adjustment. These events and the nature of the required adjustments are described in the six subsections that follow.

Step Two. Having adjusted the reference amount in step one, the calculation agent will determine the closing price of the underlying stock on a coupon determination date or the determination date, as applicable, in the following manner.

If the adjusted reference amount at the applicable time consists entirely of shares of the underlying stock, the underlying stock price will be the closing price (determined as described under “— Special Calculation Provisions — Closing Price” below) of the adjusted reference amount on the applicable date.

On the other hand, if the adjusted reference amount at the applicable time includes any property other than shares of the underlying stock, the closing price of the underlying stock on a coupon determination date or the determination date, as applicable, will be the value of the adjusted reference amount as determined by the calculation agent in the manner described under “— Reorganization Events — Adjustments for Reorganization Events” below at the applicable time.

Step Three. Having determined the closing price of the underlying stock on a coupon determination date or the determination date, as applicable, in step two, the calculation agent will use such price to calculate the coupon payable on the applicable coupon payment date, if any, or the amount payable at maturity.

If more than one event requiring adjustment as described in this subsection entitled “— Anti-dilution Adjustments” occurs, the calculation agent will first adjust the reference amount as described in step one above for each event, sequentially, in the order in which the events occur, and on a cumulative basis. Thus, having adjusted the reference amount for the first event, the calculation agent will repeat step one for the second event, applying the required adjustment to the reference amount as already adjusted for the first event, and so on for each event. Having adjusted the reference amount for all events, the calculation agent will then take the remaining applicable steps in the process described above, determining the closing price of the underlying stock on a coupon determination date or the determination date, as applicable, using the reference amount as sequentially and cumulatively adjusted for all the relevant events. The calculation agent will make all required determinations and adjustments no later than the applicable coupon determination date or the determination date, as applicable.

The calculation agent will adjust the reference amount for each reorganization event described under “— Reorganization Events” below. For any other dilution event described below, however, the calculation agent will not be required to adjust the reference amount unless the adjustment would result in a change of at least 0.1% in the underlying stock price that would apply without the adjustment. The closing price of the underlying stock on a coupon determination date or the determination date, as applicable, resulting from any adjustment will be rounded up or down, as appropriate, to the nearest ten-thousandth, with five hundred-thousandths being rounded upward — e.g., 0.12344 will be rounded down to 0.1234 and 0.12345 will be rounded up to 0.1235.

If an event requiring anti-dilution adjustment occurs, the calculation agent will make the adjustment with a view to offsetting, to the extent practical, any change in the economic position of the holder, GS Finance Corp., as issuer, and The Goldman Sachs Group, Inc., as guarantor, relative to your securities, that results solely from that event. The calculation agent may, in its sole discretion, modify the anti-dilution adjustments as necessary to ensure an equitable result.

The calculation agent will make all determinations with respect to anti-dilution adjustments, including any determination as to whether an event requiring adjustment has occurred, as to the nature of the adjustment required and how it will be

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made or as to the value of any property distributed in a reorganization event, and will do so in its sole discretion. In the absence of manifest error, those determinations will be conclusive for all purposes and will be binding on you and us, without any liability on the part of the calculation agent. The calculation agent will provide information about the adjustments it makes upon written request by the holder.

In this prospectus supplement, when we say that the calculation agent will adjust the reference amount for one or more dilution events, we mean that the calculation agent will take all the applicable steps described above with respect to those events.

The following six subsections describe the dilution events for which the reference amount is to be adjusted. Each subsection describes the manner in which the calculation agent will adjust the reference amount — the first step in the adjustment process described above — for the relevant event.

Stock Splits

A stock split is an increase in the number of a corporation’s outstanding shares of stock without any change in its stockholders’ equity. Each outstanding share will be worth less as a result of a stock split.

If the underlying stock is subject to a stock split, then the calculation agent will adjust the reference amount to equal the sum of the prior reference amount — i.e., the reference amount before that adjustment — plus the product of (1) the number of additional shares issued in the stock split with respect to one share of the underlying stock times (2) the prior reference amount. The reference amount will not be adjusted, however, unless the first day on which the underlying stock trades without the right to receive the stock split occurs after the pricing date and on or before the applicable coupon determination date or the determination date, as applicable.

Reverse Stock Splits

A reverse stock split is a decrease in the number of a corporation’s outstanding shares of stock without any change in its stockholders’ equity. Each outstanding share will be worth more as a result of a reverse stock split.

If the underlying stock is subject to a reverse stock split, then once the reverse stock split becomes effective, the calculation agent will adjust the reference amount to equal the product of the prior reference amount times the quotient of (1) the number of additional shares of the underlying stock outstanding immediately after the reverse stock split becomes effective divided by (2) the number of shares of the underlying stock outstanding immediately before the reverse stock split becomes effective. The reference amount will not be adjusted, however, unless the reverse stock split becomes effective after the pricing date and on or before the applicable coupon determination date or the determination date, as applicable.

Stock Dividends

In a stock dividend, a corporation issues additional shares of its stock to all holders of its outstanding shares of its stock in proportion to the shares they own. Each outstanding share will be worth less as a result of a stock dividend.

If the underlying stock is subject to a stock dividend, then the calculation agent will adjust the reference amount to equal the sum of the prior reference amount plus the product of (1) the number of additional shares issued in the stock dividend with respect to one share of the underlying stock times (2) the prior reference amount. The reference amount will not be adjusted, however, unless the ex-dividend date occurs after the pricing date and on or before the applicable coupon determination date or the determination date, as applicable.

The ex-dividend date for any dividend or other distribution is the first day on which the underlying stock trades without the right to receive that dividend or other distribution.

Other Dividends and Distributions

The reference amount is not required to be adjusted to reflect dividends or other distributions paid with respect to the underlying stock, other than:

stock dividends described above,

issuances of transferable rights and warrants as described under “— Transferable Rights and Warrants” below,

distributions that are spin-off events described under “— Reorganization Events” below, and

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extraordinary dividends described below.

A dividend or other distribution with respect to the underlying stock will be deemed to be an extraordinary dividend if its per share value exceeds that of the immediately preceding non-extraordinary dividend, if any, for the underlying stock by an amount equal to at least 10% of the closing price of the underlying stock on the first trading day before the ex-dividend date.

If an extraordinary dividend occurs with respect to the underlying stock, the calculation agent will adjust the reference amount to equal the product of (1) the prior reference amount times (2) a fraction, the numerator of which is the closing price of the underlying stock on the trading day immediately preceding the ex-dividend date and the denominator of which is the amount by which that closing price exceeds the extraordinary dividend amount. The reference amount will not be adjusted, however, unless the ex-dividend date occurs after the pricing date and on or before the applicable coupon determination date or the determination date, as applicable.

The extraordinary dividend amount with respect to an extraordinary dividend for the underlying stock equals:

for an extraordinary dividend that is paid in lieu of a regular quarterly dividend, the amount of the extraordinary dividend per share of the underlying stock minus the amount per share of the immediately preceding dividend, if any, that was not an extraordinary dividend for the underlying stock, or

for an extraordinary dividend that is not paid in lieu of a regular quarterly dividend, the amount per share of the extraordinary dividend.

To the extent an extraordinary dividend is not paid in cash, the value of the non-cash component will be determined by the calculation agent. A distribution on the underlying stock that is a stock dividend, an issuance of transferable rights or warrants or a spin-off event and also an extraordinary dividend will result in an adjustment to the reference amount only as described under “— Stock Dividends” above, “— Transferable Rights and Warrants” below or “— Reorganization Events” below, as the case may be, and not as described here.

Transferable Rights and Warrants

If the underlying stock issuer issues transferable rights or warrants to all holders of the underlying stock to subscribe for or purchase underlying stock at an exercise price per share that is less than the closing price of the underlying stock on the trading day immediately preceding the ex-dividend date for the issuance, then the reference amount will be adjusted by multiplying the prior reference amount by the following fraction:

the numerator will be the number of shares of the underlying stock outstanding at the close of business on the day immediately preceding that ex-dividend date plus the number of additional shares of the underlying stock offered for subscription or purchase under those transferable rights or warrants, and

the denominator will be the number of shares of the underlying stock outstanding at the close of business on the day immediately preceding that ex-dividend date plus the number of additional shares of the underlying stock that the aggregate offering price of the total number of shares of the underlying stock so offered for subscription or purchase would purchase at the closing price of the underlying stock on the trading day immediately preceding that ex-dividend date, with that number of additional shares being determined by multiplying the total number of shares so offered by the exercise price of those transferable rights or warrants and dividing the resulting product by the closing price on the trading day immediately preceding that ex-dividend date.

The reference amount will not be adjusted, however, unless the ex-dividend date described above occurs after the pricing date and on or before the applicable coupon determination date or the determination date, as applicable.

Reorganization Events

Each of the following is a reorganization event:

the underlying stock is reclassified or changed,

the underlying stock issuer has been subject to a merger, consolidation, amalgamation, binding share exchange or other business combination and either is not the surviving entity or is the surviving entity but all the outstanding shares of the underlying stock are reclassified or changed,

the underlying stock has been subject to a takeover, tender offer, exchange offer, solicitation proposal or other event by another entity or person to purchase or otherwise obtain all of the outstanding shares of the underlying stock, such

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that all of the outstanding shares of the underlying stock (other than shares of the underlying stock owned or controlled by such other entity or person) are transferred, or irrevocably committed to be transferred, to another entity or person,

the underlying stock issuer or any subsidiary of the underlying stock issuer has been subject to a merger, consolidation, amalgamation or binding share exchange in which the underlying stock issuer is the surviving entity and all the outstanding shares of the underlying stock (other than shares of the underlying stock owned or controlled by such other entity or person) immediately prior to such event collectively represent less than 50% of the outstanding shares of the underlying stock immediately following such event,

the underlying stock issuer sells or otherwise transfers its property and assets as an entirety or substantially as an entirety to another entity,

the underlying stock issuer effects a spin-off — that is, issues to all holders of the underlying stock equity securities of another issuer, other than as part of an event described in the bullet points above,

the underlying stock issuer is liquidated, dissolved or wound up or is subject to a proceeding under any applicable bankruptcy, insolvency or other similar law, or

any other corporate or similar events that affect or could potentially affect market prices of, or shareholders’ rights in, the underlying stock or distribution property, which will be substantiated by an official characterization by either the Options Clearing Corporation with respect to options contracts on the underlying stock or by the primary securities exchange on which the underlying stock or listed options on the underlying stock are traded, and will ultimately be determined by the calculation agent in its sole discretion.

Adjustments for Reorganization Events

If a reorganization event occurs, then the calculation agent will adjust the reference amount so that it consists of the amount of each type of distribution property distributed in respect of one share of the underlying stock — or in respect of whatever the prior reference amount may be — in the reorganization event, taken together. We define the term “distribution property” below. For purposes of the four-step adjustment process described under “— How Adjustments Will Be Made” above, the distribution property so distributed will be the adjusted reference amount described in step one, the value of that property at the close of trading hours for the underlying stock on the applicable date will be the underlying stock price described in step two, and the calculation agent will determine the coupon payable on a coupon payment date, if any, or the payment at maturity as described in step three. As described under “— How Adjustments Will Be Made” above, the calculation agent may, in its sole discretion, modify the adjustments described in this paragraph as necessary to ensure an equitable result.

The calculation agent will determine the value of each type of distribution property in its sole discretion. For any distribution property consisting of a security, the calculation agent will use the closing price (calculated according to the same methodology as specified in this prospectus supplement, without any anti-dilution adjustments) of one share of such security on the applicable date. The calculation agent may value other types of property in any manner it determines, in its sole discretion, to be appropriate. If a holder of the underlying stock may elect to receive different types or combinations of types of distribution property in the reorganization event, the distribution property will consist of the types and amounts of each type distributed to a holder that makes no election, as determined by the calculation agent in its sole discretion. As described under “— How Adjustments Will Be Made” above, the calculation agent may, in its sole discretion, modify the adjustments described in this paragraph as necessary to ensure an equitable result.

If a reorganization event occurs and the calculation agent adjusts the reference amount to consist of the distribution property distributed in the reorganization event, as described above, the calculation agent will make any further anti-dilution adjustments for later events that affect the distribution property, or any component of the distribution property, comprising the new reference amount. The calculation agent will do so to the same extent that it would make adjustments if the underlying stock were outstanding and were affected by the same kinds of events. If a subsequent reorganization event affects only a particular component of the reference amount, the required adjustment will be made with respect to that component, as if it alone were the reference amount.

For example, if the underlying stock issuer merges into another company and each share of the underlying stock is converted into the right to receive two common shares of the surviving company and a specified amount of cash, the reference amount will be adjusted to consist of two common shares of the surviving company and the specified amount of cash for each share of underlying stock (adjusted proportionately for any partial share) comprising the reference amount before the adjustment. The calculation agent will adjust the common share component of the adjusted reference amount

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to reflect any later stock split or other event, including any later reorganization event, that affects the common shares of the surviving company, to the extent described in this subsection entitled “— Anti-dilution Adjustments” as if the common shares of the surviving company were the underlying stock. In that event, the cash component will not be adjusted but will continue to be a component of the reference amount. Consequently, each component included in the reference amount will be adjusted on a sequential and cumulative basis for all relevant events requiring adjustment up to the relevant date.

The calculation agent will not make any adjustment for a reorganization event, however, unless the event becomes effective (or, if the event is a spin-off, unless the ex-dividend date for the spin-off occurs) after the pricing date and on or before the applicable coupon determination date or the determination date, as applicable.

Distribution Property

When we refer to distribution property, we mean the cash, securities and other property or assets distributed in a reorganization event in respect of one outstanding share of the underlying stock — or in respect of whatever the applicable reference amount may then be if any anti-dilution adjustment has been made in respect of a prior event. In the case of a spin-off, or any other reorganization event after which the underlying stock remains outstanding, the distribution property also includes one share of the underlying stock — or other applicable reference amount — in respect of which the distribution is made.

If a reorganization event occurs, the distribution property distributed in the event will be substituted for the underlying stock as described above. Consequently, in this prospectus supplement, when we refer to the underlying stock, we mean any distribution property that is distributed in a reorganization event and comprises the adjusted reference amount. Similarly, when we refer to the underlying stock issuer, we mean any successor entity in a reorganization event.

Default Amount on Acceleration

If an event of default occurs and the maturity of your security is accelerated, we will pay the default amount in respect of the principal of your security at the maturity, instead of the amount payable on the stated maturity date as described earlier. We describe the default amount under “— Special Calculation Provisions” below.

For the purpose of determining whether the holders of our Series F medium-term securities, which include your securities, are entitled to take any action under the indenture, we will treat the outstanding principal amount of each offered security as the outstanding principal amount of that security. Although the terms of the offered securities differ from those of the other Series F medium-term securities, holders of specified percentages in principal amount of all Series F medium-term securities, together in some cases with other series of our debt securities, will be able to take action affecting all the Series F medium-term securities, including your securities, except with respect to certain Series F medium-term securities if the terms of such securities specify that the holders of specified percentages in the principal amount of all such securities must also consent to such action. This action may involve changing some of the terms that apply to the Series F medium-term securities or waiving some of our obligations under the indenture. In addition, certain changes to the indenture and the securities that only affect certain debt securities may be made with the approval of holders of a majority of the principal amount of such affected debt securities. We discuss these matters in the accompanying prospectus under “Description of Debt Securities We May Offer — Default, Remedies and Waiver of Default” and “— Modification of the Debt Indentures and Waiver of Covenants”.

Manner of Payment and Delivery

Any payment or delivery on your security at maturity will be made to an account designated by the holder of your security and approved by us, or at the office of the trustee in New York City, but only when your security is surrendered to the trustee at that office. We also may make any payment or delivery in accordance with the applicable procedures of the depositary.

Role of Calculation Agent

The calculation agent, in its sole discretion, will make all determinations regarding whether a coupon will be paid on any coupon payment date, whether your securities will be automatically called, the final share price, anti-dilution adjustments, market disruption events, coupon determination dates, business days, trading days and the payment at maturity. Absent

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manifest error, all determinations of the calculation agent will be final and binding on you and us, without any liability on the part of the calculation agent.

Please note that GS&Co., our affiliate, is currently serving as the calculation agent as of the original issue date of your security. We may change the calculation agent for your security at any time after the original issue date without notice, and GS&Co. may resign as calculation agent at any time upon 60 days’ written notice to us.

Special Calculation Provisions

Business Day

When we refer to a business day with respect to your securities, we mean a day that is a New York business day as described under “Description of Debt Securities We May Offer — Calculations of Interest on Debt Securities — Business Days” on page 21 in the accompanying prospectus.  A day is a scheduled business day if, as of the pricing date, such day is scheduled to be a New York business day.

Trading Day

When we refer to a trading day with respect to your security, we mean a day on which the principal securities market for the underlying stock is open for trading.

Closing Price

The closing price for any security on any day will equal the closing sale price or last reported sale price, regular way, for the security, on a per-share or other unit basis:

on the principal national securities exchange on which that security is listed for trading on that day; or

if that security is not listed on any national securities exchange on that day, on any other U.S. national market system that is the primary market for the trading of that security.

If that security is not listed or traded as described above, then the closing price for that security on any day will be the average, as determined by the calculation agent, of the bid prices for the security obtained from as many dealers in that security selected by the calculation agent as will make those bid prices available to the calculation agent. The number of dealers need not exceed three and may include the calculation agent or any of its or our affiliates.

The closing price is subject to adjustment as described under “— Anti-dilution Adjustments” above.

Default Amount

The default amount for your securities on any day (except as provided in the last sentence under “—Default Quotation Period” below) will be an amount, in the specified currency for the principal of your securities, equal to the cost of having a qualified financial institution, of the kind and selected as described below, expressly assume all our payment and other obligations with respect to your securities as of that day and as if no default or acceleration had occurred, or to undertake other obligations providing substantially equivalent economic value to you with respect to your securities. That cost will equal:

the lowest amount that a qualified financial institution would charge to effect this assumption or undertaking, plus

the reasonable expenses, including reasonable attorneys’ fees, incurred by the holder of your security in preparing any documentation necessary for this assumption or undertaking.

During the default quotation period for your security, which we describe below, the holder and/or we may request a qualified financial institution to provide a quotation of the amount it would charge to effect this assumption or undertaking. If either party obtains a quotation, it must notify the other party in writing of the quotation. The amount referred to in the first bullet point above will equal the lowest — or, if there is only one, the only — quotation obtained, and as to which notice is so given, during the default quotation period. With respect to any quotation, however, the party not obtaining the quotation may object, on reasonable and significant grounds, to the assumption or undertaking by the qualified financial institution providing the quotation and notify the other party in writing of those grounds within two business days after the last day of the default quotation period, in which case that quotation will be disregarded in determining the default amount.

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Default Quotation Period. The default quotation period is the period beginning on the day the default amount first becomes due and ending on the third business day after that day, unless:

no quotation of the kind referred to above is obtained, or

every quotation of that kind obtained is objected to within five business days after the day the default amount first becomes due.

If either of these two events occurs, the default quotation period will continue until the third business day after the first business day on which prompt notice of a quotation is given as described above. If that quotation is objected to as described above within five business days after that first business day, however, the default quotation period will continue as described in the prior sentence and this paragraph.

In any event, if the default quotation period and the subsequent two business day objection period have not ended before the determination date, then the default amount will equal the principal amount of your security.

Qualified Financial Institutions. For the purpose of determining the default amount at any time, a qualified financial institution must be a financial institution organized under the laws of any jurisdiction in the United States of America, Europe or Japan, which at that time has outstanding debt obligations with a stated maturity of one year or less from the date of issue that is, or whose securities are, rated either:

A-1 or higher by Standard & Poor’s Ratings Services or any successor, or any other comparable rating then used by that rating agency, or

P-1 or higher by Moody’s Investors Service, Inc. or any successor, or any other comparable rating then used by that rating agency.

Market Disruption Event

Any of the following will be a market disruption event:

a suspension, absence or material limitation of trading in the underlying stock on its primary market for more than two consecutive hours of trading or during the one-half hour before the close of trading in that market, as determined by the calculation agent in its sole discretion, or

a suspension, absence or material limitation of trading in option or futures contracts, if available, relating to the underlying stock, in the primary markets for those contracts for more than two consecutive hours of trading or during the one-half hour before the close of trading in that market, as determined by the calculation agent in its sole discretion, or

the underlying stock is not trading on what was the primary market for the underlying stock, as determined by the calculation agent in its sole discretion,

and, in the case of any of these events, the calculation agent determines in its sole discretion that the event could materially interfere with the ability of GS Finance Corp. or any of its affiliates or a similarly situated party to unwind all or a material portion of a hedge that could be effected with respect to the offered securities. For more information about hedging by GS Finance Corp. and/or any of its affiliates, see “Use of Proceeds” and “Hedging” below.

The following events will not be market disruption events with respect to the underlying stock:

a limitation on the hours or numbers of days of trading, but only if the limitation results from an announced change in the regular business hours of the relevant market, and

a decision to permanently discontinue trading in the option or futures contracts relating to the underlying stock.

For this purpose, an “absence of trading” in the primary securities market on which the underlying stock, or on which option or futures contracts relating to the underlying stock, are traded will not include any time when that market is itself closed for trading under ordinary circumstances. In contrast, a suspension or limitation of trading in the underlying stock or in option or futures contracts relating to the underlying stock, if available, in the primary market for that stock or those contracts, by reason of:

a price change exceeding limits set by that market, or

an imbalance of orders relating to that underlying stock or those contracts, or

a disparity in bid and ask quotes relating to that underlying stock or those contracts,

will constitute a suspension or material limitation of trading in that stock or those contracts in that market.

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As is the case throughout this prospectus supplement, references to the underlying stock in this description of market disruption events include securities that are part of any adjusted reference amount, as determined by the calculation agent in its sole discretion.

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Use of Proceeds

We will lend the net proceeds from the sale of the offered securities to The Goldman Sachs Group, Inc. or its affiliates. The Goldman Sachs Group, Inc. will use the proceeds from such loans for the purposes we describe in the accompanying prospectus under “Use of Proceeds”. We or our affiliates may also use those proceeds in transactions intended to hedge our obligations under the offered securities as described below.

Hedging

In anticipation of the sale of the offered securities, we and/or our affiliates have entered into or expect to enter into hedging transactions involving purchases of the underlying stock and listed or over-the-counter options, futures or other instruments linked to the underlying stock on or before the pricing date. In addition, from time to time, we and/or our affiliates expect to enter into additional hedging transactions and to unwind those we have entered into, in connection with the offered securities and perhaps in connection with other securities we issue, some of which may have returns linked to underlying stock. Consequently, with regard to your securities, from time to time, we and/or our affiliates:

expect to acquire, or dispose of positions in listed or over-the-counter options, futures or other instruments linked to the underlying stock,

may take or dispose of positions in the securities of the underlying stock issuer itself,

may take or dispose of positions in listed or over-the-counter options or other instruments based on indices designed to track the performance of the New York Stock Exchange or other components of the U.S. equity market, and/ or

may take short positions in the underlying stock or other securities of the kind described above — i.e., we and/or our affiliates may sell securities of the kind that we do not own or that we borrow for delivery to purchaser.

We and/or our affiliates may also acquire a long or short position in securities similar to your securities from time to time and may, in our or their sole discretion, hold or resell those securities.

In the future, we and/or our affiliates expect to close out hedge positions relating to the offered securities and perhaps relating to other securities with returns linked to the underlying stock. We expect these steps to involve sales of instruments linked to the underlying stock on or shortly before the determination date. These steps may also involve sales and/or purchases of the underlying stock, or listed or over-the-counter options, futures or other instruments linked to the underlying stock or indices designed to track the performance of the New York Stock Exchange or other components of the U.S. equity market.

The hedging activity discussed above may adversely affect the market value of your securities from time to time and the amount we will pay on your securities at maturity. See “Additional Risk Factors Specific to Your Securities” above for a discussion of these adverse effects.

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The Underlying Stock

The underlying stock issuer is Microsoft Corporation. According to publicly available information, Microsoft Corporation is a technology company.

Where Information About the Underlying Stock Issuer Can Be Obtained

The underlying stock is registered under the Securities Exchange Act of 1934. Companies with securities registered under the Exchange Act are required to file financial and other information specified by the U.S. Securities and Exchange Commission (“SEC”) periodically. Information filed by the underlying stock issuer with the SEC electronically can be reviewed through a web site maintained by the SEC. The address of the SEC’s web site is sec.gov. Information filed with the SEC by the underlying stock issuer under the Exchange Act can be located by referencing its SEC file number 001-37845 for filings on or after July 26, 2016 and SEC file number 001-14278 for filings prior to July 26, 2016.

Information about the underlying stock issuer may also be obtained from other sources such as press releases, newspaper articles and other publicly available documents.

We Obtained the Information About the Underlying Stock Issuer From the Underlying Stock Issuer’s Public Filings

This prospectus supplement relates only to your security and does not relate to the underlying stock or other securities of the underlying stock issuer. We have derived all information about the underlying stock issuer in this prospectus supplement from the publicly available information referred to in the preceding subsection. We have not participated in the preparation of any of those documents or made any “due diligence” investigation or inquiry with respect to the underlying stock issuer in connection with the offering of your security. Furthermore, we do not know whether all events occurring before the date of this prospectus supplement — including events that would affect the accuracy or completeness of the publicly available documents referred to above and the trading price of shares of the underlying stock — have been publicly disclosed. Subsequent disclosure of any events of this kind or the disclosure of or failure to disclose material future events concerning the underlying stock issuer could affect the value you will receive at maturity and, therefore, the market value of your security.

Neither we nor any of our affiliates make any representation to you as to the performance of the underlying stock.

We or any of our affiliates may currently or from time to time engage in business with the underlying stock issuer, including making loans to or equity investments in the underlying stock issuer or providing advisory services to the underlying stock issuer, including merger and acquisition advisory services. In the course of that business, we or any of our affiliates may acquire non-public information about the underlying stock issuer and, in addition, one or more of our affiliates may publish research reports about the underlying stock issuer. As an investor in a security, you should undertake such independent investigation of the underlying stock issuer as in your judgment is appropriate to make an informed decision with respect to an investment in a security.

Historical Closing Prices of the Underlying Stock

The closing prices of the underlying stock have fluctuated in the past and may, in the future, experience significant fluctuations. In particular, the underlying stock has recently experienced extreme and unusual volatility. Any historical upward or downward trend in the closing prices of the underlying stock during the period shown below is not an indication that the underlying stock is more or less likely to increase or decrease at any time during the life of your securities.

You should not take the historical prices of the underlying stock as an indication of the future performance of the underlying stock, including because of the recent volatility described above. We cannot give you any assurance that the future performance of the underlying stock will result in your receiving an amount greater than the outstanding principal amount of your securities on the stated maturity date, or that you will not lose a significant portion or all of your investment.

Neither we nor any of our affiliates make any representation to you as to the performance of the underlying stock. Before investing in the offered securities, you should consult publicly available information to determine the prices of the underlying stock between the date of this prospectus supplement and the date of your purchase of the offered securities and, given the recent volatility described above, you should pay particular attention to recent share prices of the underlying stock. The actual performance of the underlying stock over the life of the offered securities, as well as the amount payable at maturity, may bear little relation to the historical prices shown below.

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The table below shows the high, low and period end underlying stock closing prices of the common stock of Microsoft Corporation for each of the four calendar quarters in 2016, 2017, 2018, 2019 and 2020 and the first three calendar quarters of 2021 (through August 27, 2021), adjusted for corporate events, if applicable. We obtained the underlying stock prices listed in the tables below from Bloomberg Financial Services, without independent verification.

Historical Quarterly High, Low and Period End Closing Prices of Microsoft Corporation

High

Low

Period End

2016

Quarter ended March 31

$55.23

$49.28

$55.23

Quarter ended June 30

$56.46

$48.43

$51.17

Quarter ended September 30

$58.30

$51.16

$57.60

Quarter ended December 31

$63.62

$56.92

$62.14

2017

Quarter ended March 31

$65.86

$62.30

$65.86

Quarter ended June 30

$72.52

$64.95

$68.93

Quarter ended September 30

$75.44

$68.17

$74.49

Quarter ended December 31

$86.85

$74.26

$85.54

2018

Quarter ended March 31

$96.77

$85.01

$91.27

Quarter ended June 30

$102.49

$88.52

$98.61

Quarter ended September 30

$114.67

$99.05

$114.37

Quarter ended December 31

$115.61

$94.13

$101.57

2019

Quarter ended March 31

$120.22

$97.40

$117.94

Quarter ended June 30

$137.78

$119.02

$133.96

Quarter ended September 30

$141.34

$132.21

$139.03

Quarter ended December 31

$158.96

$134.65

$157.70

2020

Quarter ended March 31

$188.70

$135.42

$157.71

Quarter ended June 30

$203.51

$152.11

$203.51

Quarter ended September 30

$231.65

$200.39

$210.33

Quarter ended December 31

$224.96

$202.33

$222.42

2021

Quarter ended March 31

$244.99

$212.25

$235.77

Quarter ended June 30

$271.40

$239.00

$270.90

Quarter ending September 30 (through August 27, 2021)

$304.65

$271.60

$299.72

The graph below shows the daily historical closing prices of the underlying stock from January 1, 2016 through August 27, 2021, adjusted for corporate events, if applicable. As a result, the following graph does not reflect the global financial crisis which began in 2008, which had a materially negative impact on the price of most equity securities. We obtained the closing prices in the graph below from Bloomberg Financial Services, without independent verification.

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Historical Performance of Microsoft Corporation

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Supplemental Discussion of U.S. Federal Income Tax Consequences

The following section supplements the discussion of U.S. federal income taxation in the accompanying prospectus.

The following section is the opinion of Sidley Austin llp, counsel to GS Finance Corp. and The Goldman Sachs Group, Inc. In addition, it is the opinion of Sidley Austin llp that the characterization of the securities for U.S. federal income tax purposes that will be required under the terms of the securities, as discussed below, is a reasonable interpretation of current law.

This section does not apply to you if you are a member of a class of holders subject to special rules, such as:

a dealer in securities or currencies;

a trader in securities that elects to use a mark-to-market method of accounting for your securities holdings;

a life insurance company;

a regulated investment company;

an accrual method taxpayer subject to special tax accounting rules as a result of its use of financial statements;

a tax exempt organization;

a person that owns a security as a hedge or that is hedged against interest rate risks;

a person that owns a security as part of a straddle or conversion transaction for tax purposes; or

a United States holder (as defined below) whose functional currency for tax purposes is not the U.S. dollar.

Although this section is based on the U.S. Internal Revenue Code of 1986, as amended, its legislative history, existing and proposed regulations under the Internal Revenue Code, published rulings and court decisions, all as currently in effect, no statutory, judicial or administrative authority directly discusses how your securities should be treated for U.S. federal income tax purposes, and as a result, the U.S. federal income tax consequences of your investment in your securities are uncertain. Moreover, these laws are subject to change, possibly on a retroactive basis.

 You should consult your tax advisor concerning the U.S. federal income tax and any other applicable tax consequences of your investments in the securities, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.

United States Holders

This section applies to you only if you are a United States holder that holds your securities as a capital asset for tax purposes. You are a United States holder if you are a beneficial owner of a security and you are:

a citizen or resident of the United States;

a domestic corporation;

an estate whose income is subject to U.S. federal income tax regardless of its source; or

a trust if a United States court can exercise primary supervision over the trust’s administration and one or more United States persons are authorized to control all substantial decisions of the trust.

Tax Treatment. You will be obligated pursuant to the terms of the securities — in the absence of a change in law, an administrative determination or a judicial ruling to the contrary — to characterize your securities for all tax purposes as income-bearing pre-paid derivative contracts in respect of the underlying stock. Except as otherwise stated below, the discussion below assumes that the securities will be so treated.

Contingent quarterly coupon payments that you receive should be included in ordinary income at the time you receive the payment or when the payment accrues, in accordance with your regular method of accounting for U.S. federal income tax purposes.

Upon the sale, exchange, redemption or maturity of your securities, you should recognize short-term capital gain or loss equal to the difference between the amount realized on the sale, exchange, redemption or maturity (excluding any amounts attributable to accrued and unpaid contingent quarterly coupon payments, which will be taxable as described above) and your tax basis in your securities. Your tax basis in your securities will generally be equal to the amount that

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you paid for the securities. Short-term capital gains are generally subject to tax at the marginal tax rates applicable to ordinary income.

We will not attempt to ascertain whether the underlying stock issuer would be treated as a “passive foreign investment company” (“PFIC”), within the meaning of Section 1297 of the Internal Revenue Code. If the underlying stock issuer were so treated, certain adverse U.S. federal income tax consequences could possibly apply to a United States holder. You should refer to information filed with the SEC with respect to the underlying stock issuer and consult your tax advisor regarding the possible consequences to you, if any, if the underlying stock issuer is or becomes a PFIC.

No statutory, judicial or administrative authority directly discusses how your securities should be treated for U.S. federal income tax purposes. As a result, the U.S. federal income tax consequences of your investment in the securities are uncertain and alternative characterizations are possible. Accordingly, we urge you to consult your tax advisor in determining the tax consequences of an investment in your securities in your particular circumstances, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.

Alternative Treatments.

There is no judicial or administrative authority discussing how your securities should be treated for U.S. federal income tax purposes. Therefore, the Internal Revenue Service might assert that a treatment other than that described above is more appropriate. In particular, the Internal Revenue Service could treat your securities as short-term contingent debt instruments. The discussion below addresses the tax treatment of your securities if they are treated as short-term contingent debt instruments.

Although there is no authority that specifically addresses the tax treatment of short-term securities that provide for contingent payments, except with respect to any contingent quarterly coupon payments, it is likely that you should not recognize any income prior to the sale, exchange, redemption or maturity of the securities. If you are an initial purchaser of the securities, upon the maturity or redemption of your securities you should recognize either ordinary income or short- term capital loss in an amount equal to the difference between the amount you receive with respect to your securities at such time (other than amounts attributable to any contingent quarterly coupon payments) and the amount you paid for your securities. Upon a sale or exchange of your securities prior to the maturity of your securities, it would be reasonable for you to recognize short-term capital gain or loss in an amount equal to the difference between the amount you paid for your securities and the amount received by you upon such sale or exchange (other than amounts attributable to any contingent quarterly coupon payments), unless you sell or exchange your securities between the determination date and the maturity date, in which case it would be reasonable for you to treat substantially all of any gain that you recognize as ordinary income and any loss that you recognize as a short-term capital loss. You may be required to defer interest deductions that are allocable to your purchase of the securities. For more information, please see the discussion under “United States Taxation— Taxation of Debt Securities—United States Holders— Short-Term Debt Securities” in the accompanying prospectus.

It is possible that your securities could be treated in the manner described above, except that any gain or loss that you recognize at maturity or redemption would be treated as ordinary gain or loss. You should consult your tax advisor as to the tax consequences of such characterization and any possible alternative characterizations of your securities for U.S. federal income tax purposes.

You should consult your tax advisor as to possible alternative characterizations of your securities for U.S. federal income

tax purposes.

Possible Change in Law

In 2007, legislation was introduced in Congress that, if enacted, would have required holders that acquired instruments such as your securities after the bill was enacted to accrue interest income over the term of such instruments even though there may be no interest payments over the term of such instruments. It is not possible to predict whether a similar or identical bill will be enacted in the future, or whether any such bill would affect the tax treatment of your securities.

In addition, on December 7, 2007, the Internal Revenue Service released a notice stating that the Internal Revenue Service and the Treasury Department are actively considering issuing guidance regarding the proper U.S. federal income tax treatment of an instrument such as the offered securities including whether the holders should be required to accrue ordinary income on a current basis and whether gain or loss should be ordinary or capital. It is not possible to determine

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what guidance they will ultimately issue, if any. It is possible, however, that under such guidance, holders of the securities will ultimately be required to accrue income currently and this could be applied on a retroactive basis. The Internal Revenue Service and the Treasury Department are also considering other relevant issues, including whether foreign holders of such instruments should be subject to withholding tax on any deemed income accruals and whether the special “constructive ownership rules” of Section 1260 of the Internal Revenue Code might be applied to such instruments. Except to the extent otherwise provided by law, GS Finance Corp. intends to continue treating the securities for U.S. federal income tax purposes in accordance with the treatment described above unless and until such time as Congress, the Treasury Department or the Internal Revenue Service determine that some other treatment is more appropriate.

It is impossible to predict what any such legislation or administrative or regulatory guidance might provide, and whether the effective date of any legislation or guidance will affect securities that were issued before the date that such legislation or guidance is issued. You are urged to consult your tax advisor as to the possibility that any legislative or administrative action may adversely affect the tax treatment of your securities.

Non-United States Holders

This section applies to you only if you are a non-United States holder. You are a non-United States holder if you are the beneficial owner of the securities and are, for U.S. federal income tax purposes:

a nonresident alien individual;

a foreign corporation; or

an estate or trust that in either case is not subject to U.S. federal income tax on a net income basis on income or gain from the securities.

Because the U.S. federal income tax treatment (including the applicability of withholding) of the contingent quarterly coupon payments on the securities is uncertain, in the absence of further guidance, we intend to withhold on the contingent quarterly coupon payments made to you at a 30% rate or at a lower rate specified by an applicable income tax treaty under an “other income” or similar provision. We will not make payments of any additional amounts. To claim a reduced treaty rate for withholding, you generally must provide a valid Internal Revenue Service Form W-8BEN, Internal Revenue Service Form W-8BEN-E or an acceptable substitute form upon which you certify, under penalty of perjury, your status as a non-United States holder and your entitlement to the lower treaty rate. Payments will be made to you at a reduced treaty rate of withholding only if such reduced treaty rate would apply to any possible characterization of the payments (including, for example, if the contingent quarterly coupon payments were characterized as contract fees). Withholding also may not apply to contingent quarterly coupon payments made to you if: (i) the contingent quarterly coupon payments are “effectively connected” with your conduct of a trade or business in the United States and are includable in your gross income for U.S. federal income tax purposes, (ii) the contingent quarterly coupon payments are attributable to a permanent establishment that you maintain in the United States, if required by an applicable tax treaty, and (iii) you comply with the requisite certification requirements (generally, by providing an Internal Revenue Service Form W-8ECI). If you are eligible for a reduced rate of United States withholding tax, you may obtain a refund of any amounts withheld in excess of that rate by filing a refund claim with the Internal Revenue Service.

“Effectively connected” payments includable in your United States gross income are generally taxed at rates applicable to United States citizens, resident aliens, and domestic corporations; if you are a corporate non-United States holder, “effectively connected” payments may be subject to an additional “branch profits tax” under certain circumstances.

You will also be subject to generally applicable information reporting and backup withholding requirements with respect to payments on your securities and, notwithstanding that we do not intend to treat the securities as debt for tax purposes, we intend to backup withhold on such payments with respect to your securities unless you comply with the requirements necessary to avoid backup withholding on debt instruments (in which case you will not be subject to such backup withholding) as set forth under “United States Taxation – Taxation of Debt Securities – Non-United States Holders” in the accompanying prospectus.

Furthermore, on December 7, 2007, the Internal Revenue Service released Notice 2008-2 soliciting comments from the public on various issues, including whether instruments such as your securities should be subject to withholding. It is therefore possible that rules will be issued in the future, possibly with retroactive effect, that would cause payments on your securities to be subject to withholding, even if you comply with certification requirements as to your foreign status.

As discussed above, alternative characterizations of the securities for U.S. federal income tax purposes are possible. Should an alternative characterization of the securities, by reason of a change or clarification of the law, by regulation or

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otherwise, cause payments with respect to the securities to become subject to withholding tax, we will withhold tax at the applicable statutory rate and we will not make payments of any additional amounts. Prospective non-United States holders of the securities should consult their tax advisor in this regard.

We will not attempt to ascertain whether the underlying stock issuer would be treated as a “United States real property holding corporation” (“USRPHC”), within the meaning of Section 897 of the Internal Revenue Code. If the underlying stock issuer were so treated, certain adverse U.S. federal income tax consequences could possibly apply to a non-United States holder. You should refer to information filed with the SEC with respect to the underlying stock issuer and consult your tax advisor regarding the possible consequences to you, if any, if the underlying stock issuer is or becomes a USRPHC.

In addition, the Treasury Department has issued regulations under which amounts paid or deemed paid on certain financial instruments (“871(m) financial instruments”) that are treated as attributable to U.S.-source dividends could be treated, in whole or in part depending on the circumstances, as a “dividend equivalent” payment that is subject to tax at a rate of 30% (or a lower rate under an applicable treaty), which in the case of any contingent quarterly coupon payments and any amounts you receive upon the sale, exchange, redemption or maturity of your securities, could be collected via withholding. If these regulations were to apply to the securities, we may be required to withhold such taxes if any U.S.-source dividends are paid on the underlying stock during the term of the securities. We could also require you to make certifications (e.g., an applicable Internal Revenue Service Form W-8) prior to any contingent quarterly coupon payment or the maturity of the securities in order to avoid or minimize withholding obligations, and we could withhold accordingly (subject to your potential right to claim a refund from the Internal Revenue Service) if such certifications were not received or were not satisfactory. If withholding was required, we would not be required to pay any additional amounts with respect to amounts so withheld. These regulations generally will apply to 871(m) financial instruments (or a combination of financial instruments treated as having been entered into in connection with each other) issued (or significantly modified and treated as retired and reissued) on or after January 1, 2023, but will also apply to certain 871(m) financial instruments (or a combination of financial instruments treated as having been entered into in connection with each other) that have a delta (as defined in the applicable Treasury regulations) of one and are issued (or significantly modified and treated as retired and reissued) on or after January 1, 2017.  In addition, these regulations will not apply to financial instruments that reference a “qualified index” (as defined in the regulations).  We have determined that, as of the issue date of your securities, your securities will not be subject to withholding under these rules.  In certain limited circumstances, however, you should be aware that it is possible for non-United States holders to be liable for tax under these rules with respect to a combination of transactions treated as having been entered into in connection with each other even when no withholding is required.  You should consult your tax advisor concerning these regulations, subsequent official guidance and regarding any other possible alternative characterizations of your securities for U.S. federal income tax purposes.

Foreign Account Tax Compliance Act (FATCA) Withholding

Pursuant to Treasury regulations, Foreign Account Tax Compliance Act (FATCA) withholding (as described in “United States Taxation—Taxation of Debt Securities—Foreign Account Tax Compliance Act (FATCA) Withholding” in the accompanying prospectus) will generally apply to obligations that are issued on or after July 1, 2014; therefore, the securities will generally be subject to the FATCA withholding rules.

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Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

 

Employee Retirement Income Security Act

This section is only relevant to you if you are an insurance company or the fiduciary of a pension plan or an employee benefit plan (including a governmental plan, an IRA or a Keogh Plan) proposing to invest in the securities.

The U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the U.S. Internal Revenue Code of 1986, as amended (the “Code”), prohibit certain transactions (“prohibited transactions”) involving the assets of an employee benefit plan that is subject to the fiduciary responsibility provisions of ERISA or Section 4975 of the Code (including individual retirement accounts, Keogh plans and other plans described in Section 4975(e)(1) of the Code) (a “Plan”) and certain persons who are “parties in interest” (within the meaning of ERISA) or “disqualified persons” (within the meaning of the Code) with respect to the Plan; governmental plans may be subject to similar prohibitions unless an exemption applies to the transaction. The assets of a Plan may include assets held in the general account of an insurance company that are deemed “plan assets” under ERISA or assets of certain investment vehicles in which the Plan invests. Each of The Goldman Sachs Group, Inc. and certain of its affiliates may be considered a “party in interest” or a “disqualified person” with respect to many Plans, and, accordingly, prohibited transactions may arise if the securities are acquired by or on behalf of a Plan unless those securities are acquired and held pursuant to an available exemption. In general, available exemptions include: transactions effected on behalf of that Plan by a “qualified professional asset manager” (prohibited transaction exemption 84-14) or an “in-house asset manager” (prohibited transaction exemption 96-23), transactions involving insurance company general accounts (prohibited transaction exemption 95-60), transactions involving insurance company pooled separate accounts (prohibited transaction exemption 90-1), transactions involving bank collective investment funds (prohibited transaction exemption 91-38) and transactions with service providers under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code where the Plan receives no less and pays no more than “adequate consideration” (within the meaning of Section 408(b)(17) of ERISA and Section 4975(f)(10) of the Code). The person making the decision on behalf of a Plan or a governmental plan shall be deemed, on behalf of itself and the plan, by purchasing and holding the securities, or exercising any rights related thereto, to represent that (a) the plan will receive no less and pay no more than “adequate consideration” (within the meaning of Section 408(b)(17) of ERISA and Section 4975(f)(10) of the Code) in connection with the purchase and holding of the securities, (b) none of the purchase, holding or disposition of the securities or the exercise of any rights related to the securities will result in a non-exempt prohibited transaction under ERISA or the Code (or, with respect to a governmental plan, under any similar applicable law or regulation), and (c) neither The Goldman Sachs Group, Inc. nor any of its affiliates is a “fiduciary” (within the meaning of Section 3(21) of ERISA or, with respect to a governmental plan, under any similar applicable law or regulation) with respect to the purchaser or holder in connection with such person’s acquisition, disposition or holding of the securities, or as a result of any exercise by The Goldman Sachs Group, Inc. or any of its affiliates of any rights in connection with the securities, and neither The Goldman Sachs Group, Inc. nor any of its affiliates has provided investment advice in connection with such person’s acquisition, disposition or holding of the securities.

If you are an insurance company or the fiduciary of a pension plan or an employee benefit plan (including a government plan, an IRA or a Keogh plan), and propose to invest in the securities, you should consult your legal counsel.

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GS Finance Corp.

Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

 

Supplemental Plan of Distribution

GS Finance Corp. will sell to GS&Co., and GS&Co. will purchase from GS Finance Corp., the aggregate stated principal amount of the offered securities specified on the front cover of this prospectus supplement. GS&Co. proposes initially to offer the securities to the public at the original issue price set forth on the cover page of this prospectus supplement. Morgan Stanley Smith Barney LLC (Morgan Stanley Wealth Management), acting as dealer for the offering, will receive a selling concession of $0.175 for each security it sells. It has informed us that it intends to internally allocate $0.05 of the selling concession for each security as a structuring fee. The costs included in the original issue price of the securities will include a fee paid by GS&Co. to LFT Securities, LLC, an entity in which an affiliate of Morgan Stanley Wealth Management has an ownership interest, for providing certain electronic platform services with respect to this offering. GS Finance Corp. estimates that its share of the total offering expenses, excluding underwriting discounts and commissions, will be approximately $20,000.

We will deliver the securities against payment therefore in New York, New York on September 1, 2021. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes on any date prior to two business days before delivery will be required to specify alternative settlement arrangements to prevent a failed settlement.

We have been advised by GS&Co. that it intends to make a market in the securities. However, neither GS&Co. nor any of our other affiliates that makes a market is obligated to do so and any of them may stop doing so at any time without notice. No assurance can be given as to the liquidity or trading market for the securities.

The securities may not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”). Consequently no key information document required by Regulation (EU) No 1286/2014 (the “PRIIPs Regulation”) for offering or selling the securities or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the securities or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. For the purposes of this provision:

(a)the expression “retail investor” means a person who is one (or more) of the following:

(i)

a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or

(ii)

a customer within the meaning of Directive (EU) 2016/97 where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or

(iii)

not a qualified investor as defined in Regulation (EU) 2017/1129; and

(b)

the expression an “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the securities to be offered so as to enable an investor to decide to purchase or subscribe for the securities.

The securities may not be offered, sold or otherwise made available to any retail investor in the United Kingdom. Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the securities or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling the securities or otherwise making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation. For the purposes of this provision:

(a)

the expression “retail investor” means a person who is one (or more) of the following:

(i)

a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”); or

(ii)

a customer within the meaning of the provisions of the Financial Services and Markets Act 2000, as amended (the “FSMA”) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA;

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(iii)or not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA; and

(b)

the expression an “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the securities to be offered so as to enable an investor to decide to purchase or subscribe for the securities.

Any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the issue or sale of the securities may only be communicated or caused to be communicated in circumstances in which Section 21(1) of the FSMA does not apply to GS Finance Corp. or The Goldman Sachs Group, Inc.

All applicable provisions of the FSMA must be complied with in respect to anything done by any person in relation to the securities in, from or otherwise involving the United Kingdom.

The securities may not be offered or sold in Hong Kong by means of any document other than (i) to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and any rules made thereunder, or (ii) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) or which do not constitute an offer to the public within the meaning of that Ordinance; and no advertisement, invitation or document relating to the securities may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere) which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the securities which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” as defined in the Securities and Futures Ordinance and any rules made thereunder.

This prospectus supplement, along with the accompanying prospectus supplement and the accompanying prospectus have not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus supplement, along with the accompanying prospectus supplement and the accompanying prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the securities may not be circulated or distributed, nor may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”)) under Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where the securities are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as defined in Section 239(1) of the SFA) of that corporation shall not be transferable for six months after that corporation has acquired the securities under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer in that corporation’s securities pursuant to Section 275(1A) of the SFA, (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore (“Regulation 32”).

Where the securities are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferable for six months after that trust has acquired the securities under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is

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or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32.

The securities have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended), or the FIEA. The securities may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration requirements of the FIEA and otherwise in compliance with any relevant laws and regulations of Japan.                                                              

The securities are not offered, sold or advertised, directly or indirectly, in, into or from Switzerland on the basis of a public offering and will not be listed on the SIX Swiss Exchange or any other offering or regulated trading facility in Switzerland. Accordingly, neither this prospectus supplement nor any accompanying prospectus supplement, prospectus or other marketing material constitute a prospectus as defined in article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus as defined in article 32 of the Listing Rules of the SIX Swiss Exchange or any other regulated trading facility in Switzerland. Any resales of the securities by the underwriters thereof may only be undertaken on a private basis to selected individual investors in compliance with Swiss law. This prospectus supplement and accompanying prospectus and prospectus supplement may not be copied, reproduced, distributed or passed on to others or otherwise made available in Switzerland without our prior written consent. By accepting this prospectus supplement and accompanying prospectus and prospectus supplement or by subscribing to the securities, investors are deemed to have acknowledged and agreed to abide by these restrictions. Investors are advised to consult with their financial, legal or tax advisers before investing in the securities.                    

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Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

Conflicts of Interest

GS&Co. is an affiliate of GS Finance Corp. and The Goldman Sachs Group, Inc. and, as such, will have a “conflict of interest” in this offering of securities within the meaning of Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5121. Consequently, this offering of securities will be conducted in compliance with the provisions of FINRA Rule 5121. GS&Co. will not be permitted to sell securities in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.

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Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

Validity of the Securities and Guarantee

In the opinion of Sidley Austin llp, as counsel to GS Finance Corp. and The Goldman Sachs Group, Inc., when the securities offered by this prospectus supplement have been executed and issued by GS Finance Corp., such securities have been authenticated by the trustee pursuant to the indenture, and such securities have been delivered against payment as contemplated herein, (a) such securities will be valid and binding obligations of GS Finance Corp., enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above and (b) the guarantee with respect to such securities will be a valid and binding obligation of The Goldman Sachs Group, Inc., enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware as in effect on the date hereof. In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and the genuineness of signatures and certain factual matters, all as stated in the letter of such counsel dated February 23, 2021, which has been filed as Exhibit 5.6 to the registration statement on Form S-3 filed with the Securities and Exchange Commission by GS Finance Corp. and The Goldman Sachs Group, Inc. on February 23, 2021.

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$1,688,250

GS Finance Corp.  

Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of Microsoft Corporation due September 1, 2022

Principal at Risk Securities

Goldman Sachs & Co. LLC

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1 Hour Payday Loans Online with No Credit Check https://artbydepaola.com/1-hour-payday-loans-online-with-no-credit-check/ https://artbydepaola.com/1-hour-payday-loans-online-with-no-credit-check/#respond Fri, 03 Sep 2021 06:28:41 +0000 https://artbydepaola.com/?p=703 What is a 1-hour Payday Loan? Sometimes you may need urgent cash. It would be fantastic if money could be obtained within one hour. Although it would be great, it is very unlikely. You can apply online for payday loans that take less time than an hour. Once your loan request is approved you will get a response. It takes […]]]>

What is a 1-hour Payday Loan?

Sometimes you may need urgent cash. It would be fantastic if money could be obtained within one hour. Although it would be great, it is very unlikely. You can apply online for payday loans that take less time than an hour. Once your loan request is approved you will get a response. It takes usually less than 10 minutes.

Once your loan application is approved by the lender, they will reach out to you immediately. You will have to go through your terms with them in about 15 minutes. It takes approximately one business day for funding approval. This applies to all weekdays except for holidays.

All the steps can be completed from any device. It’s quick, easy, secure and extremely fast and Champion can do it in an hour.

When is the best time to take out payday loans?

Payday loans are the best option if you have an urgent cash need. This could be for bills, car repairs, groceries or other urgent cash needs. These loans are typically very small but can go up to $1,000.

Payday loans that can be approved in 24 hours or less are usually expensive. They typically cost $15-30 per hundred. These loans are not meant to be used as a permanent financial tool.

Traditional loans, such as bank loans, can be difficult to obtain. You may need to wait several weeks before you get your money. Many people are unwilling or unable to apply for loans such as traditional loans or new cards.

Poor credit can get a quick payday loan. These loans can be used if you require a cash advance in an emergency.

How to get 1-hour cash loans from a direct lender

Although each state may have its own requirements, they all follow the same basic criteria. This is just an example.

  • You must have a job and a minimum monthly income below $1,000.
  • To deposit your loan, you will need a checking account opened at your bank.
  • It is legally mandatory to live in the U.S.
  • Before you can apply, you must have attained minimum 18 years of age
  • For you to reach your lender, you will need a working phone (such as an iPhone) and an email address.

That’s it. Your lender may have additional requirements.

1-hour payday loans with all the benefits

  • Instant decision on loan approval: You can apply online for these 1-hour payday loan in just minutes. You will get a reply within 5-60 seconds after you submit the online form. If your request is approved, the cash will be transferred to your bank account immediately. Contrary traditional loans from banks and other financial institutions, your cash will be deposited immediately into your bank account. Our encryption technology secures your information to the highest level.
  • In less than an hour, quick loans can be approved: Americans can apply online for a payday loan within one hour. Most people are eligible. No credit checks are required. Why? Because lenders see your income as a better indicator about your ability repay your loan. Credit scores are not an issue. It is easy to submit an online request for a loan. You can enter the amount you need between $100 and $1,000 to receive a decision by a lender.
  • Cash Advances with No Credit Check in One Hour: We have spoken before about the problems bad credit scores can create when applying for loans. Don’t panic! Payday loans are quick and easy to apply for. Direct lenders say that only half of their loans are available to those with poor credit ratings.

How to get a payday loan quickly without having to pay off your credit

What does it actually mean that you don’t need to pass a hard credit screening? Direct lenders of payday loans don’t require hard credit scores to credit bureaus. This means that your credit and FICO scores are not affected. This means that your lender will not report to credit agencies about the loan payment.

Direct lenders cannot provide income data to 1-hour payday loan applicants.

PaydayChampion can provide a 1-hour cash advance

Over the past 15-years, more than 500 thousand Americans have received our help. We are available 24 hours a day, 7 days a week. We are always happy to refer you directly to lenders. It greatly increases your chances to approval. Over the past decade, our outstanding approval rates have been over 80%.

It’s easier to save fuel and time by not having the need to travel all over looking for shopfronts. Complete the form to get a one-hour payday loan. There is no credit check.

Your data is encrypted technology protected. All sensitive data are deleted within one calendar month after you request a loan. Numerous companies may sell your data, and you might be bombarded with emails or calls.

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Licensed? Cut hours? You can benefit from free COBRA health insurance https://artbydepaola.com/licensed-cut-hours-you-can-benefit-from-free-cobra-health-insurance/ https://artbydepaola.com/licensed-cut-hours-you-can-benefit-from-free-cobra-health-insurance/#respond Fri, 03 Sep 2021 05:54:48 +0000 https://artbydepaola.com/licensed-cut-hours-you-can-benefit-from-free-cobra-health-insurance/ Licensed?  Cut hours?  You can benefit from free COBRA health insuranceHello. I’m Madalyn Amato, replacing Rachel Schnalzer to bring you the weekly LA Times Business newsletter. Some benefits of the federal stimulus package passed last month are supposed to come into effect automatically. But if you want to access this one, you have to act – the sooner the better. Under a provision of the […]]]> Licensed?  Cut hours?  You can benefit from free COBRA health insurance

Hello. I’m Madalyn Amato, replacing Rachel Schnalzer to bring you the weekly LA Times Business newsletter. Some benefits of the federal stimulus package passed last month are supposed to come into effect automatically. But if you want to access this one, you have to act – the sooner the better.

Under a provision of the American Rescue Plan Act that came into effect on April 1, Americans who have lost their jobs in the past 18 months can stay or join their former employer’s health care plan for free until September 30.

More than 2 million people could benefit from it, according to the Congressional Budget Office.

The way it works is through the federally administered program known as COBRA. If you work in a company with more than 20 employees and you lose your job, you can stay on your employer-sponsored health insurance plan for 18 months through COBRA.

But under normal circumstances, COBRA can be much more expensive than employer sponsored insurance because instead of your employer covering part of the premium, you foot the bill. COBRA costs include your plan’s premium plus a 2% administration fee, which means this year you could have considered spending $ 635 a month if you’re single or $ 1,800 for a family, according to Thomas Rice. , professor of health policy and management at the Fielding School of Public Health at UCLA.

But COBRA is now free until the end of September. Here’s what you need to know.

Who qualifies: Eligibility criteria for COBRA include one of the following: “voluntary or involuntary loss of employment, reduction in hours worked, transition between jobs, death, divorce and other life events,” according to the US Department of Job.

Under the relief bill, any eligible person who has involuntarily lost their job or health insurance or had their hours reduced in the past 18 months. A reduction in hours covers the change of business hours, the change from full-time to part-time status, if you take temporary leave or if you have participated in a legal strike.

Benefits are available to everyone who is normally insurable under COBRA, that is, you and your family members who were already covered by your health insurance plan.

Who is not eligible: Anyone who voluntarily left his job or chose to reduce his working hours. Additionally, if you have been terminated for serious misconduct, you and your dependents are not eligible for COBRA.

If you already have health insurance, either from the government or from your employer, you are not eligible to enroll in the subsidized COBRA.

In addition, beneficiaries who have recently turned 26 (the age limit for dependents to remain on their parents’ health insurance) and former spouses who have lost their coverage due to divorce will not be able to receive free COBRA benefits but can expect lower costs “on market health insurance coverage thanks to the provisions of the American Rescue Plan Act of 2021,” according to the Department of Labor.

How to register : Typically, employers have 60 days to notify you of your COBRA eligibility.

If you are newly eligible under the relief bill, your employer is required to notify you by May 31, said Grant Vaught, a spokesperson for the Department of Labor. If your employer or the group health insurance plan you were a part of does not notify you, the Department of Labor recommends that you contact your employer to request information about your eligibility.

If your employer waits until the May 31 deadline to notify you, you could miss two months of free coverage. So Rice from UCLA said you should contact your former employer as soon as possible to avoid losing benefits. If you are not in a hurry, you have until July 30 to register.

For people already enrolled in a COBRA plan, the subsidized premiums were to start April 1 and end September 30. However, the provision does not extend the life of your policy beyond the normal 18 months.

In California, if your employer has two to 19 employees, you may be covered by Cal-COBRA. Cal-COBRA may also be able to extend your coverage if your federal COBRA plan has expired. To learn more, visit the state’s Department of Managed Health Care website.

Other things you should know: Although the grant covers the premium for the Medicare plan, you will still be responsible for quotas and deductibles.

If you sign up for subsidized COBRA, you can keep it after September 30, but you will have to pay the premiums after this date. After the grant period ends, you may become eligible for Medicaid or coverage through the health insurance market, according to the Department of Labor.

Coverage under the subsidized COBRA is not retroactive. If you were insured by COBRA before April 1, medical expenses and premiums incurred before that date are non-refundable, according to the Ministry of Labor.

If at any time between April 1 and September 30 you paid COBRA in full but were eligible for free coverage, you may be entitled to a refund or credit. Contact the plan administrator or the employer sponsoring the plan.

If you do not qualify or cannot afford COBRA, you may have other options.
◆ Affordable Care Act market plans may be cheaper than COBRA. health care.gov; (800) 318-2596.
◆ California residents can use Covered California, the state’s affordable care market. couvertureca.com; (800) 300-1506.
◆ Insurance benefits only for children may be available. insurekidsnow.gov; (877) 543-7669.

?? Banking can get expensive, especially for low-paid workers. Margot Roosevelt explains new legislation which, if passed, would give Californians access to free financial services.

There is a racial divide in marketing By banks and payday lenders: Bank marketing shows white people a lot more, new study finds. Columnist David Lazarus digs the research.

IRS implores people do not file an amended tax return to adapt to the effects of the latest stimulus package, except in certain cases. Certified Financial Planner Liz Weston explain why.

?? Speaking of taxes, here is Everything you need to know on filing this year.

◆ Amazon employees at an Alabama warehouse have voted against unionization. Suhauna Hussain and Jenny Jarvie report what do the results mean.

◆ About a hundred CEOs gathered last weekend to discuss against anti-voting laws in state legislatures. Don’t expect them to do anythingwrites columnist Michael Hiltzik.

?? Need a little more money? Kathy Kristof explains how find a job as appearing in a movie or television show.

One more thing

Aliso Canyon, the site of a Southern California Gas Co. storage field, suffered a record leak in 2015 that sickened residents of the Porter Ranch neighborhood of Los Angeles and evacuated thousands of people.

Last week my colleague Sammy Roth reported that another SoCalGas storage field in Los Angeles’ Westside could pose a much bigger threat than Aliso Canyon.

Many more people live within miles of the storage field, located in Playa del Rey, than Aliso Canyon, which means the health and economic consequences of a major eruption could be worse.

SoCalGas insists both facilities are safe and necessary to meet energy needs, but campaigners point to research that shows serious health risks associated with living near oil and gas infrastructure. “If something like Aliso Canyon were to happen there, it could really be quite tragic,” Harvard researcher Drew Michanowicz told Roth. Read the full story.

Have a question about work, business, or finance during the COVID-19 pandemic, or coping tips you’d like to share? Email us at californiainc@latimes.com, and we can include it in a future newsletter.

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FIS and TCH aim to bring real-time payments to minority communities https://artbydepaola.com/fis-and-tch-aim-to-bring-real-time-payments-to-minority-communities/ https://artbydepaola.com/fis-and-tch-aim-to-bring-real-time-payments-to-minority-communities/#respond Fri, 03 Sep 2021 05:54:48 +0000 https://artbydepaola.com/fis-and-tch-aim-to-bring-real-time-payments-to-minority-communities/ NEW YORK, May 4, 2021 / PRNewswire / – In an effort to bring the benefits of real-time payments to all Americans, especially those in communities served by Minority-Owned Depository Institutions (MDIs), the financial technology leader FIS and The Clearing House jointly fund the integration fees for MDIs joining the RTP® network, the real-time payment […]]]>

NEW YORK, May 4, 2021 / PRNewswire / – In an effort to bring the benefits of real-time payments to all Americans, especially those in communities served by Minority-Owned Depository Institutions (MDIs), the financial technology leader FIS and The Clearing House jointly fund the integration fees for MDIs joining the RTP® network, the real-time payment network operated by The Clearing House, via FIS.

“Minority-owned banks and credit unions play a crucial role in serving their communities and local small businesses, and real-time payments can help solve many cash flow issues for customers,” said Jim aramanda, President and CEO, The Clearing House. “The demand for faster payments has never been higher, and all Americans deserve the benefits of real-time payments over the RTP network.”

Minority-owned banks and credit unions are key contributors to their local economies and often provide a trusted financial service option for many individuals and small businesses. Without minority-owned financial institutions, many consumers and small businesses in these communities could be exposed to predatory lending practices, such as payday loans with exorbitant interest rates or check-cashing services that charge high fees.

“FIS is delighted to build on our successful partnership with The Clearing House to promote large-scale financial empowerment in our communities,” said Kelly beatty, responsible for payment solutions at FIS. “By working with TCH, we are delivering new, more cost-effective real-time payment solutions to MDIs and their customers, in line with our commitment to increase financial access to all communities. ”

FIS’s simplified approach to MDI integration is made possible by the FIS Open Payment Framework (OPF). Through the OPF, FIS provides a full turnkey service to US financial institutions to cost-effectively connect to The Clearing House’s RTP® network as well as RealNet ™, the new software-as-a-service platform. (SaaS) cloud-based FIS. which will enable account-to-account (A2A) transactions on real-time payment networks around the world.

Real-time payments over the RTP network provide consumers and small businesses with the ability to send and receive payments 24 hours a day, 7 days a week, with immediate confirmation of receipt of payment. These features help the customer to control their payments and could significantly reduce the reliance on check cashing services or the reliance on slower payment methods that can result in late fees and penalties. Small businesses served by MDIs on the RTP network will have the ability to receive payments immediately, allowing them to pay workers or purchase inventory or supplies on the same day.

The RTP network, developed by The Clearing House, enables financial institutions of all sizes and businesses to implement innovative, value-added use cases for faster payments. The RTP network provides the banking industry with a modern platform for 24/7 real-time domestic payments, with rich data capabilities and immediate payment confirmation. The network enables instant settlement and availability, so funds can be used or withdrawn for cash within seconds.

The real-time payment capabilities of the RTP network reach around 60% of demand deposit accounts in the United States, and more and more financial institutions are joining the network every week. Additionally, FIs that own 70% of US DDAs have technical access to the RTP network, often through core banking technology providers such as FIS. The RTP network offers a flat rate structure for all depository institutions regardless of size, does not include volume discounts or has minimum volume requirements, and does not charge operator fees. to receive payments.

About the clearing house
The clearinghouse operates US-based payment networks that clear and settle over 2,000 billion dollars every day by wire transfer, ACH, check image and real-time payments. It is the most experienced payments company in the country, with a long history of delivering secure and reliable systems, payments innovation and strategic thought leadership to financial institutions. More recently, The Clearing House revolutionized the payments infrastructure in the United States with the RTP® network, which supports immediate payment clearing and settlement, as well as the ability to exchange associated payment information through the same secure channel. These RTP capabilities enable all financial institutions to deliver safer, faster and smarter digital transaction services to their corporate and retail customers. Learn more at www.theclearinghouse.org.

SOURCE The Exchange Room

Related links

https://www.theclearinghouse.org/

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Actor Hill Harper Launches First Black-Owned Digital Wallet and Financial Capacity Building Technology in North America: The Black Wall Street https://artbydepaola.com/actor-hill-harper-launches-first-black-owned-digital-wallet-and-financial-capacity-building-technology-in-north-america-the-black-wall-street/ https://artbydepaola.com/actor-hill-harper-launches-first-black-owned-digital-wallet-and-financial-capacity-building-technology-in-north-america-the-black-wall-street/#respond Fri, 03 Sep 2021 05:54:48 +0000 https://artbydepaola.com/actor-hill-harper-launches-first-black-owned-digital-wallet-and-financial-capacity-building-technology-in-north-america-the-black-wall-street/ Actor Hill Harper Launches First Black-Owned Digital Wallet and Financial Capacity Building Technology in North America: The Black Wall StreetHOLLYWOOD, California, April 12, 2021 / PRNewswire / – The revolution will be digitized ™ – April is Financial Literacy Month and award-winning actor, best-selling author and former President of the United States Hill Harper announces the launch of Black Wall Street (TBWS), as the first major step in closing the racial wealth gap in […]]]> Actor Hill Harper Launches First Black-Owned Digital Wallet and Financial Capacity Building Technology in North America: The Black Wall Street

HOLLYWOOD, California, April 12, 2021 / PRNewswire / – The revolution will be digitized ™April is Financial Literacy Month and award-winning actor, best-selling author and former President of the United States Hill Harper announces the launch of Black Wall Street (TBWS), as the first major step in closing the racial wealth gap in United States. Like the first black-owned digital wallet and cryptocurrency exchange platform in United States, Harper is uniquely positioned to create the world’s largest financial literacy and investment program and toolkit for Black and Latin communities in the diaspora.

May 2021, Black Wall Street will embark on a monumental financial literacy campaign in 30 markets and a bus tour from Los Angeles, California and culminating on Greenwood Avenue in Tulsa, Oklahoma, the evening of May 31, 2021 through June 1st at the same time, 100 years ago, when the massive destruction of what is still considered the most successful black economic community in the history of United States. Importantly, the tour will visit thirty of the most disenfranchised communities in the United States, introducing financial literacy and cryptocurrency to individuals in those communities and offering millions of Satoshis (Fractile Shares of Bitcoin). Black Wall Street Bus Tour is the first of its kind, focused on education and adoption of Bitcoin among black and brown communities.

Black Wall Street Centennial Campaign Bus Tour

May 31, 2021 marks the centenary of the Tulsa race riot and massacre. The destruction took place from the sunset May 31 to June 1, 1921. It has been called the worst act of racial violence in American history.

Black Wall Street campaign, Crypto-curriculum and Digital wallet will be led by Harper in partnership with Najah roberts, a global expert in cryptocurrency exchange. Together, they will initiate “National bus tour of the digital financial revolution “, an information and empowerment initiative designed to honor the victims of the Tulsa massacre by reclaiming and transforming this namesake into a momentous struggle for racial and economic equality. The tour will host virtual and secure COVID events in 30 of the most densely populated and economically disadvantaged communities in the United States with the aim of educating about Black Wall Street Application & Digital wallet – A movement to put their future in their hands. Appointed by the Greenwood Chamber of Commerce as Honorary National Co-Chair of Black Wall Street Redevelopment, Hill Harper’s vision for The Black wall street Digital wallet is deeply rooted in its commitment to tackle the digital divide and economically uplift underserved communities by providing them with the tools and the playbook to thrive – in the palm of their hands.

“Our technology seeks to replicate the brick and mortar of Black Wall Street, as a digital ecosystem that will galvanize the financially excluded and directly drive economic growth and spending in marginalized communities around the world.” -Hill Harper.

Black Wall Street – Black Cash Matters ™

“With Black Wall Street technology, we seek to obsolete the payday lenders and other financial predators that plague our communities, while simultaneously creating an intergenerational wealth transfer, for the people who have historically learned to work for our paycheck. instead of making our paycheck work for us … because Black Cash Matters. ” – Hill Harper.

Black Wall Street is at home for Black Wall Street Digital wallet, the first of its kind, linking “top of the funnel” financial services to the populations these instruments were designed to serve: everyone, from the “unbanked and underbanked” disadvantaged people to the knowledgeable and profitable consumer.

Unlike traditional financial institutions, Black Wall Street the only purpose is to provide black and Brown communities the opportunity to participate in the transfer of wealth with cryptocurrency and decentralized finance.

Inspired by a vision of empowering underserved communities while closing the racial wealth gap, Hill Harper, Najah roberts and countless supporters are catalyzing these chaotic energies for a better financial future for generations to come.

To solve an ecosystem of problems, an ecosystem of solutions based on technology is necessary. We are – and always have been – our own empowerment ecosystem. We are now creating the digitized and scalable version of the original Black Wall Street. It has always been for us and by us – it is time to reclaim that space. Like everything, it starts with education. Our measure of impact is improving financial literacy in the Black & Latinx communities. ”
Najah Roberts.

Black Wall Street Technology and App – Summer 2021

Hill Harper has spent the last year working with black developers to create Black Wall Street in a revolutionary Fintech app for black and Brown communities. Providing financial capacity is essential for our most difficult communities because, as a new Pew Research Center study have found that blacks and Latinos use their smartphones to do their banking more than any other race or ethnicity.

Black Wall Street + COVID-19

The COVID-19 pandemic has shed light on the long-standing inequalities of black and brown Americans in health, housing, mental health, and economics. The institution of racism maintains the barriers preventing blacks and Latin Americans from accessing the resources necessary for a decent lifestyle – let alone saving or investing. This indicates a widening wealth gap as both a cause and an effect of the disparate COVID-19 outcomes.

About Hill Harpr | @HillHarper

Hill Harper is an entrepreneur, award-winning actor, best-selling author and humanitarian. Currently, Hill stars in ABC’s # 1 TV series, The good doctor, for its 4th season. He is the founder and chairman of the Black Wall Street Digital Wallet. Hill is also a member of the board of directors of the National Black Bank Fund and has been named Honorary National Co-Chair of Black Wall Street Redevelopment by the Greenwood Chamber of Commerce. Additionally, Hill was appointed by the President Barack obama to sit on the US President’s Cancer Panel. Hill’s passion for technology, financial literacy, and social and economic justice keeps him at the forefront and in demand as a speaker and business leader around the world. Hill graduated magna cum laude of Brunette college with a Bachelor of Arts degree and was named Major of his department. He then graduated cum laude with doctorate uris of Harvard Law School. He also holds a Master in Public Administration, with honors, from Harvard Kennedy School government and holds seven honorary doctorates.

Hill is the author of four New York Times bestsellers: Letters to a younger brother, Letters to a younger sister, The conversation, and his groundbreaking book on financial literacy: The wealth cure aimed at bridging the racial wealth gap. Letters to an incarcerated brother, Letters to a younger brother has won several awards and was named “Best Young Adult Book” by the American Library Association. Additionally, Hill was recognized with seven NAACP Image price. Hill is the founder of the Manifest Your Destiny Foundation, a non-profit organization dedicated to empowering disadvantaged youth through mentorship programs, scholarships and grants.

On Najah roberts | @NajahRoberts

Najah roberts is a pioneering tech entrepreneur, cryptocurrency expert, Bitcoin, NFT, and community activist. Najah is the Founder and CEO of Crypto Blockchain Plug, the premier black-owned cryptocurrency exchange, and the only one of three brick-and-mortar digital cryptocurrency firms in United States.

Najah holds a BA in Criminal Justice Administration from Bethune-Cookman University and an MBA from the University of Rochville. She lectures and educates on economic empowerment, financial literacy, and cryptocurrency around the world, especially for communities of color. Najah founded Family Knots Express, a nonprofit organization in 2001 that advocates for incarcerated women with children. Najah is from Los Angeles, CA.

Black Wall Street Holdings, Inc.
www.TheBlackWallStreet.Com
Twitter / Instagram / Facebook: @BlackCashMatters

SOURCE The Black Wall Street

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14 Best Coffee Franchise Opportunities https://artbydepaola.com/14-best-coffee-franchise-opportunities/ https://artbydepaola.com/14-best-coffee-franchise-opportunities/#respond Fri, 03 Sep 2021 05:54:48 +0000 https://artbydepaola.com/14-best-coffee-franchise-opportunities/ If you are looking to start afranch, a coffee franchise can sound appealing. In 2019, the coffee industry generated over $ 80 million in revenue. Americans are obsessed with coffee, and many cannot start their day without a heavy dose of caffeine. But there are many coffee franchises. Which one do you choose? Which cafe […]]]>

If you are looking to start afranch, a coffee franchise can sound appealing. In 2019, the coffee industry generated over $ 80 million in revenue. Americans are obsessed with coffee, and many cannot start their day without a heavy dose of caffeine.

But there are many coffee franchises. Which one do you choose? Which cafe is best suited for your business and location? Below, we’ve rounded up the best coffee shop franchises, along with the brand culture and various franchise fees.

1. Aroma Joe’s Coffee

  • Total initial investment: $ 256,500 to $ 702,000.

  • Royalties: 8% continuous royalty, 4.5% advertising royalty.

Aroma Joe’s Coffee was founded by two brothers in 2000. If you are based in Maine, New Hampshire, Florida, Massachusetts, Pennsylvania or Vermont, then Aroma Joe’s Coffee could be of interest for your next franchise business. Coffee.

Aroma Joe’s strives to reduce its ecological footprint. It offers services in drive-thru units and walk-in stores ranging from 50 to 1,200 square feet. This smaller-scale showcase is also an advantage that helps reduce real estate costs. For first-time Aroma Joe’s franchisees, you will pay an initial franchise fee of $ 15,000. The company offers discounts to veterans. You will also need $ 50,000 to $ 70,000 in liquid capital to get started.

2. Maui Wowi Hawaiian coffees and smoothies

  • Total initial investment: $ 63,900 to $ 554,000.

  • Duration of the agreement: 10 years.

Maui Wowi was founded by Jeff and Jill Summerhays in 1982 and has moved away from the cozy atmosphere of cafes. On the contrary, Maui Wowi offers a relaxed atmosphere, Ohanaenvironment oriented with its tropical branding.

This family culture extends to the franchise network, with a testimonial that Maui Wowi “is a collaborative system with a real sense of helping each other grow, prosper and succeed.”

To join the franchise network, Maui Wowi charges a franchise fee of $ 30,000 and recommends that you have at least $ 40,000 to $ 50,000 in cash.

3. Dunkin ‘(formerly Dunkin’ Donuts)

  • Total initial investment: $ 395,500 to $ 1,597,200.

  • Royalties: 5.9% permanent royalty, 5% advertising royalty.

  • Duration of the agreement: 20 years.

  • Franchise fees: $ 40,000 to $ 90,000.

In January 2019, Dunkin ‘Donuts officially changed its name to Dunkin’, to align its brand with its popular caffeinated drinks.

Dunkin ‘was founded in 1948 by William Rosenberg and the number of franchises has exploded since. As of 2018, there are over 9,000 locations in the United States

To join the Dunkin franchise network, you must have at least $ 250,000 in cash. Franchise fees vary by state and you should contact the team directly to confirm.

4. The coffee bean and the tea leaf

  • Total initial investment: $ 183,250 to $ 615,500.

  • Duration of the agreement: 10 years.

Founded in 1963 by Herb Hyman, The Coffee Bean and Tea Leaf prides itself on only selling top quality coffee. On the website, he describes how the coffee beans are sourced “from the mountain to the counter” using the top 1% Arabica beans found in East Africa, Latin America and the Pacific.

From California, the company has grown to more than 1,200 stores around the world. You’ll find stores at airports, college campuses, and military bases. The company’s website does not list a minimum cash requirement, but submitting an application form is recommended.

5. Scooter cafe

  • Total initial investment: $ 331,000 to $ 638,000.

  • Royalties: 6% continuous royalty, 2% advertising royalty.

  • Duration of the agreement: 10 years.

Drive-through coffee kiosks make it easier for Americans to grab coffee on the road while getting to work on time. Scooter’s Coffee is making this a reality with its many coffee kiosks popping up across the country.

Scooter’s Coffee says it serves responsibly sourced coffee to its customers, all in 550-square-foot drive-thru stores. Founded in 1998 and with operations in over 25 states, Scooter’s Coffee is looking for entrepreneurs to open and manage their own coffee kiosks.

To open a Scooter’s Coffee store, you will need to pay a franchise fee of $ 40,000 and have at least $ 100,000 in cash.

6. Café2U

  • Total initial investment: $ 109,146 to $ 154,621.

  • Royalties: $ 175 per week.

  • Duration of the agreement: 10 years.

If you are looking for an innovative coffee franchise, then Cafe2U might be of interest. Cafe2U is one of the world’s largest mobile coffee franchises. That’s right, Cafe2U is cafe on wheels.

Primarily targeting businesses and special events, Cafe2U serves customers from a van staffed with baristas.

The initial franchise fee is $ 25,000, which covers the Ford Transit Connect van that brings the coffee straight to your customers.

7. Biggby Cafe

  • Total initial investment: $ 186,850 to $ 369,100.

  • Royalties: 6% continuous royalty, 3% advertising royalty.

  • Duration of the agreement: 10 years.

Biggby Coffee was founded in 1995 and expanded to over 200 locations nationwide in 2019. This coffee franchise is looking for people to open and operate stores in Michigan, Florida, Illinois, Kentucky, Ohio, South Carolina, Texas, and Wisconsin.

Biggby Coffee has also reduced its franchise fee by 50% to $ 15,000 to reduce start-up costs and encourage entrepreneurs to start their own coffee franchise under the Biggby Coffee brand.

8. Dunn Brothers Café

  • Total initial investment: $ 385,200 to $ 609,600.

  • Royalties: Continuing royalty of 5%, advertising royalty of 3%.

Dunn Brothers Coffee roasts coffee directly in front of customers. Like many cafes, Dunn Brothers Coffee also offers pastries and baked goods.

The entry barrier to opening your own Dunn Brothers cafe is quite high. In addition to the franchise fee of $ 37,500, all franchise applicants must have $ 100,000 in liquid assets and a net worth of $ 500,000.

Dunn Brothers Coffee offers extensive support to its franchisees. The company will help you write a business plan and secure franchise financing.

9. Coffee bean

  • Total initial investment: $ 185,000 to $ 472,500.

  • Royalties: Continuing royalty of 4%, advertising royalty of 2%.

  • Duration of the agreement: 10 years.

Coffee Beanery was founded by a husband and wife in 1976. This coffeehouse franchise, from Dearborn, Michigan, was one of the first to bring specialty coffee to the area. Today, it offers coffee, tea, and now sachets of its own specialty coffee blends that customers can take home.

Coffee Beanery has nearly 100 locations, most of which are located towards the east coast. The initial franchise fee to open a Coffee Beanery store is $ 15,000.

10. Café Barbera

  • Total initial investment: $ 187,000 to $ 305,000.

  • Royalties: 6% of gross income received from weekly operations in the previous week, marketing and technology fund fees of $ 350 per month, $ 500 each month or 1% of your gross income each month, whichever is less, on local advertising expenses.

  • Duration of the agreement: 10 years.

If you want to work under a family brand with a long history, consider Café Barbera. This coffee franchise has been around since 1870. That’s right, this brand is over a century old. Café Barbera serves authentic Italian roast coffee.

Cafe Barbera opened for franchise in 2004 and has since expanded to Canada and Mexico. The initial franchise fee is $ 35,000 with a total investment ranging from $ 187,000 to $ 305,000.

11. The human bean

  • Total initial investment: $ 211,625 to $ 738,375.

What sets The Human Bean apart from other coffee shop franchises is that it doesn’t charge royalties or marketing fees based on a percentage of your sales. Rather, much of its income is generated from the sale of coffee and supplies.

The stores are concentrated on the West Coast, with many in California and Oregon. With its double-sided drive-thru slots, The Human Bean allows drivers to grab their coffee and go. If you’re planning on opening a Human Bean franchise, you can expect fees to start at $ 30,000.

12. Cafe PJ

  • Total initial investment: $ 168,900 to $ 566,000.

  • Royalties: Weekly rate not specified.

  • Duration of the agreement: 10 years.

PJ’s Café offers 100% Arabica coffee from Finca Terrerito or Agua Fresca. Originally from New Orleans, this coffee chain has spread to other states and even internationally, to Vietnam and Kuwait.

PJ’s Coffee’s Franchise Support System will help you with site assessment, design and construction, and even training and education. This support can be particularly useful for first-time franchisees who need more help. The franchise fee is $ 35,000 for a single unit, but discounts are available for multiple unit opportunities.

13. Golden Brioche

  • Total initial investment: $ 250,000 and more.

If you are interested in the Parisian brand, then Brioche Dorée is a coffee franchise to consider. Brioche Dorée leans more towards a café bakery than a café, serving French-inspired coffee and pastries. Brioche Dorée was founded in 1976, but started the franchise in 2013.

If you are interested in becoming a Brioche Doree franchise partner, visit their website for information on the total initial investment and franchise fees.

14. Xpresso Delight

  • Total initial investment: $ 84,500 to $ 107,000.

  • Royalties: Continuous royalty of $ 0.11 to $ 0.15 / cup, advertising royalty of 1 to 3%.

Why sell coffee when you can sell the coffee machine? This is what Xpresso Delight does by using a “coffee as a service” model as a unique selling point. Xpresso Delight delivers coffee to businesses through an automated espresso coffee system.

As a member of this franchise you will organize the delivery and installation of the coffee systems. For regular maintenance, you will also organize the cleaning of your coffee machines at least once a week. The initial fee to join this franchise is $ 37,500.

What about Starbucks?

You’re probably looking at this list of coffee shop franchises and think we missed a big one.

It might surprise you that Starbucks is not a coffee shop franchise. Starbucks wanted to maintain its corporate culture, which can potentially get confused across the franchise network. For this reason, you cannot purchase a Starbucks franchise. The company owns all Starbucks locations in the United States

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Millions to lose pandemic unemployment in September https://artbydepaola.com/millions-to-lose-pandemic-unemployment-in-september/ https://artbydepaola.com/millions-to-lose-pandemic-unemployment-in-september/#respond Fri, 03 Sep 2021 05:54:47 +0000 https://artbydepaola.com/millions-to-lose-pandemic-unemployment-in-september/ According to estimates from The Century Foundation, a left-wing think tank, around 7.5 million workers who relied on unemployment benefits during the pandemic will be completely cut off from unemployment assistance when they expire on September 6. As of mid-July, around 9.4 million people were on Unemployment Pandemic Assistance (PUA), which covers those who have […]]]>

According to estimates from The Century Foundation, a left-wing think tank, around 7.5 million workers who relied on unemployment benefits during the pandemic will be completely cut off from unemployment assistance when they expire on September 6.

As of mid-July, around 9.4 million people were on Unemployment Pandemic Assistance (PUA), which covers those who have traditionally not been eligible for assistance, including freelancers and workers. in concert, and Pandemic Unemployment Emergency Compensation (PEUC), which extends assistance to those who have exhausted their state’s benefit period. Workers on either of these programs represent more than 72% of Americans receiving unemployment insurance, according to the Department of Labor.

The programs, which support people who would normally fall through the cracks of the unemployment system, were established in the CARES Act of March 2020 and extended through Labor Day 2021 through the US bailout. When pandemic unemployment was last extended in March 2021, it prevented an estimated 11.4 million people from falling off the “cliff of benefits”.

Many cut aid early

While pandemic unemployment programs officially operate until September, the governors of 26 states stepped down in early June and July. The measures have left some 1.6 million workers without any unemployment assistance over the past month, according to a statement by Andrew Stettner, senior researcher at the Century Foundation.

Anna Keeton, 32, of Memphis, Tennessee, stopped receiving PUA benefits after July 3. could increase their risk of serious illness if they contract Covid. Keeton was unable to find a new job due to a worsening condition and, until last month, said the benefits of the PUA, which amounted to less than what they were earning while working, helped them stay on top of bills and essential groceries.

Since July, Keeton has been coping with the financial help of friends and family. “If it weren’t for my friends and family, if I didn’t have this community, I would be in my car,” Keeton told CNBC Make It. “That’s if I could keep my car. Otherwise, I’d be on the street or in a shelter.”

In Atlanta, Jennifer Askew, 39, said her PUA benefits were “a lifeline” for staying in her apartment, paying for utilities and shopping for groceries. The State of Georgia stopped providing PUAs on June 27.

The single mother of two daughters works as a court reporter on the basis of a 1099 contract. Without PUA, she would not be entitled to unemployment assistance to compensate for lost wages. Askew’s job opportunities have been extremely inconsistent since state emergency judicial orders restricted court operations at the start of the pandemic.

Askew used up her savings to pay her bills before her PUA payments started in the spring of 2020, and her payments were less than what she was making working full time. She says she recently had to turn off her cell phone service to buy food.

Every month for the past year and a half, Askew has had to wait and see if the emergency court order would be lifted so she could get back to work. Work picked up a bit in June, but without an additional PUA it’s still not enough to make ends meet. “Now I’m just borrowing and falling behind. I don’t know what’s going to happen.”

She is frustrated that lawmakers are allowing benefits to expire for millions of Americans like her, if they haven’t already been cut by their state.

“While some areas of employment are returning to normal, others have been forgotten,” Askew said. “And with the delta variant starting to rise again, I’m worried. Will they shut down the courts or ban gatherings again? With so much uncertainty around [Covid], this is the worst time to end benefits. “

The end of the aid did not stimulate hiring

Critics of Pandemic Aid said generous benefits, including a weekly supplement of $ 600 that fell to $ 300 a week last summer, kept people from taking on new jobs that would boost the economy. Many employers, especially in the leisure and hospitality industries, have struggled to fill a growing number of vacancies as consumer activity has picked up since the spring.

But Census Bureau data suggests recipients haven’t rushed to find jobs in states that cut pandemic aid early, according to research by Arindrajit Dube, professor of economics at the ‘University of Massachusetts Amherst.

Previous research has suggested that financial aid has not prevented people from taking a job, but rather the availability of paid work; individual worker health and safety concerns; and access to child care all play an important role in whether or not a suitable job can be found during the pandemic.

All three are concerns for Samantha Lyons, 48, of Kansas. She ran her own business as a real estate consultant, but lost all of her job once the pandemic hit. The last time she received a PUA benefit was December 26, 2020. Over the past seven months, she contacted everyone she could think of to understand why her claim was being flagged for fraudulent activity. Without access to her benefits, she had to take out payday loans, get into debt, ruin her credit and lose her home.

Two months ago, she moved with her 15-year-old twins to Seattle, where she has two grown children who they can stay with for part of the week. Lyons and her twins live in a hotel the rest of the week. She has an underlying illness and does not feel safe working in person. And most of the remote jobs she’s applied to say they’ll be coming back to the office soon.

The disruption has been devastating for her two teenagers, who need help during the day to complete distance learning. “My kids have lost their homes twice in nine months,” Lyons says. “They failed school. They are depressed. They have both been suicidal. It destroyed their lives. They can’t even be children.”

The inconsistency also makes his own job search impossible: “For people without PUAs who are now homeless, how are you going to work if you don’t have a place to shower and have a good night’s sleep? “

What Lyons really needs, she says, is to finally be approved for Covid relief by the Small Business Administration so she can get her business back on track.

“If I suspend my activity, I will lose my activity,” she says. “I’m going to lose everything I put in there. Trust me, I don’t want their PUA. I want my business back.”

Unemployed people worry about the delta variant

The increase in Covid cases due to the contagious delta variant makes it even more difficult to find suitable employment.

For Lyons, who is immunocompromised, the minimum-wage part-time jobs available in her area present more risks than opportunities. She is concerned about in-person workers whose workplaces do not enforce Covid health and safety protocols, such as vaccine requirements, masking or social distancing.

“I am all my kids have,” she says. “I’m not going to put myself in danger for $ 8 an hour that won’t even pay the rent.”

In Tennessee, Keeton doesn’t expect Congress to extend aid again until September. They are already planning to move across the country to Colorado to live with a friend if they can’t find another way to pay the bills.

Even if an extension is granted, they fear the governors will end state-by-state federal aid. “I think this could be more devastating than what the people of Congress are prepared for,” Keeton said.

If you or someone you know is having thoughts of suicide or self-harm, please contact the National Suicide Prevention Lifeline. on this link or by calling 1-800-273-TALK. The hotline is open 24/7.

To verify:

Latest increase in unemployment is “too little, too late”, say workers: “They forgot about us a long time ago”

CDC extending federal moratorium on evictions expected to cover around 90% of tenants

I’m putting my whole life on hold ‘: How workers are tackling Covid burnout

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In MoneyLion’s Quest to Become a Financial “Super App” https://artbydepaola.com/in-moneylions-quest-to-become-a-financial-super-app/ https://artbydepaola.com/in-moneylions-quest-to-become-a-financial-super-app/#respond Fri, 03 Sep 2021 05:54:47 +0000 https://artbydepaola.com/in-moneylions-quest-to-become-a-financial-super-app/ MoneyLion, an 8-year-old New York neobank, wants to become a destination for all of its clients’ financial needs, including banking, loans and investments. It’s a strategy that resembles competing proposals from other fintechs, but founder and CEO Dee Choubey said what sets MoneyLion apart is its approach to serving clients across the spectrum of financial […]]]>

MoneyLion, an 8-year-old New York neobank, wants to become a destination for all of its clients’ financial needs, including banking, loans and investments.

It’s a strategy that resembles competing proposals from other fintechs, but founder and CEO Dee Choubey said what sets MoneyLion apart is its approach to serving clients across the spectrum of financial needs, from the times. “excess” – including banking, cash management and e-commerce. features – when needed, with offers like its Instacash cash advance product, as well as personal and builder loans.

“We’re building a data-driven ‘super app’ for hard-working Americans,” Choubey said. “80% of Americans oscillate between periods of excess and periods of need, and it is never constant for them. Our ability to use our proprietary technology stack, our data advantage, and our intimate knowledge of our user base to create products for these inflection points really sets us apart. “

MoneyLion started out as a personal finance and lending platform. A few years after starting its operations, it added digital banking and investing. He plans to roll out the crypto this year, and a “Buy now, pay later “ the offer is in beta. The company announcement in February that it will go public through a merger with special purpose acquisition company Fusion Acquisition Corp. in a $ 2.4 billion deal. MoneyLion also acquired financial planning technology company Wealth Technologies in March, a move that Choubey says will help improve its ability to deliver personalized information.

“[Their technology] allows us to take details about the consumer including age, income, retirement date, spending capabilities and provide very personalized advice term by term, ”said Choubey. The company will continue to integrate its capabilities into the MoneyLion platform.

Subscription service menu

MoneyLion is positioned as a financial services response to Costco or Amazon. But customers can choose to subscribe à la carte products.

The RoarMoney checking account, offered in partnership with MetaBank, is billed at $ 1 per month, while MoneyLion’s robo-advisor, which he calls Managed Investing, costs $ 1 per month. Instacash, or MoneyLion’s cash advance product, has no monthly fees, but users pay $ 3.99 to $ 4.99 for instant access to funds. Meanwhile, MoneyLion’s Credit Builder Plus subscription offer, at $ 19.99 per month, includes access to builder loans (annual percentage rates range from 5.99% to 29.99%). %), banking and investment.

“Once we have integrated the consumer, once we have obtained their pay [direct deposit], at each different inflection point, they will need different products, ”said Choubey.

The company added a product market this year, which includes offerings from Nationwide Insurance, and Choubey said the company is open to adding non-financial products.

“From a non-financial product perspective, you know, our ultimate vision is that MoneyLion is a daily destination, and this daily destination is a mix, of course, of financial transactions, but also of how to live a better life.” , said Choubey.

Membership and cash advance products

As MoneyLion seeks to reach a wide range of customers, its loan offerings have gone under regulator control. The company disclosed in a June regulation deposit civil inquiries over three consecutive years – from 2019 to 2021 – regarding its membership model and compliance with the Military Loans Act. The company has also received investigative subpoenas from the Securities and Exchange Commission regarding a subsidiary, Invest in America Credit Fund 1 LLC, through which MoneyLion’s credit and payday loan products are funded. MoneyLion’s loan products are also the subject of investigation and investigation by financial supervisors in the states of California, Minnesota, and Colorado.

Choubey said the company is cooperating with regulators and is on a “very solid footing” with them.

“We operate in a highly regulated environment,” he said. “There are a lot of regulatory bodies that we report to and as we innovate and create new products they will often have questions. It is no different from any regulated institution. “

Since MoneyLion’s Credit Builders Membership Program takes a monthly fee in addition to the loan’s APRs, some analysts argue this could mean a heavier fee load for consumers compared to similar offerings in the market. .

“Many banks, credit unions and some fintech startups offer credit construction loans for total costs as low as $ 60 on a $ 1,000 12 month loan, or about 15% of total costs for a similar credit loan from MoneyLion’s, ”said Jason Mikula, a fintech consultant.

Meanwhile, offering Instacash cash advances also presents potential challenges, including costs consumers could accumulate in the form of voluntary tips, instant transfer fees, and the risk that automated refunds could incur fees. insufficient funds or overdraft, Mikula said. (SilverLion, according to its website, said the company plans Instacash repayments based on its analysis of the customer’s cash flow patterns. Customers can also choose to receive funds within 24-48 hours without paying any additional fees.)

Choubey said customers have the option to recoup the full monthly subscription fee based on frequent engagement with the app.

“It’s been one of our hallmarks for a long time – the way we use engagement to educate and reduce the cost of financial products,” he said.

Choubey said Instacash is designed to meet the evolving needs of customers with volatile revenues.

“There are several delivery models [earned-wage access] and the conversations we have with regulators are actually very thoughtful and productive, ”he said.

Silver Lion reported its net turnover increased by 98% during the year 2021 first quarter, reaching $ 33.2 million, up from $ 16.8 million a year earlier. Choubey said the company generates income from transaction fees (including subscriptions), interest on loans (which accounts for 5% of the company’s revenue), “advice and affiliates” and exchanges. MoneyLion said it has 1.8 million customers.

The path to differentiation

Faced with the competition, MoneyLion sees its marketplace model as a differentiator.

“Our overall vision is to be a daily destination,” said Choubey. “We truly transcend financial transactions to transactions of life [and that] allows us over time to move from a single product platform to an aggregator. “

Stephen Greer, senior analyst at Celent, suggests that MoneyLion, like many neobanks, is on the right track to diversify its revenue streams beyond interchange fees.

“[That’s] pretty important because they’re looking for deposit accounts that have a low enough margin and cheap enough, “he said.” I wonder, with some of these neobanks, when do they hit a limit and do they then have to become a bank to really start growing. “

He noted that MoneyLion, like many banks and fintech startups, likely aims to play an advisory role to its clients as a tool to increase portfolio share. But standing out in a sea of ​​low-cost competition can still be a challenge for the company as it evolves, Mikula said.

“As a non-banking fintech, [MoneyLion] partners with MetaBank to offer some of its products, limiting its ability to differentiate itself, ”he said. “MoneyLion has little competitive advantage over other ‘neo-bank’ products, and its cash and credit advance products are arguably worse for consumers – less transparent, more expensive – than similar features of Chime or Varo. . “

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Cristiano Ronaldo number 7 jersey CONFIRMED, Jadon Sancho injured on duty in England https://artbydepaola.com/cristiano-ronaldo-number-7-jersey-confirmed-jadon-sancho-injured-on-duty-in-england/ https://artbydepaola.com/cristiano-ronaldo-number-7-jersey-confirmed-jadon-sancho-injured-on-duty-in-england/#respond Fri, 03 Sep 2021 05:54:47 +0000 https://artbydepaola.com/cristiano-ronaldo-number-7-jersey-confirmed-jadon-sancho-injured-on-duty-in-england/ MORNING, UNITED FANS Cristiano Ronaldo has picked up the legendary Manchester United No 7 shirt – and may unexpectedly get it back in person! United could be secretly satisfied that the returning legend is now banned for Portugal’s final two World Cup qualifiers during this international break. This means Juventus’ signing deadline may refresh in […]]]>

MORNING, UNITED FANS

Cristiano Ronaldo has picked up the legendary Manchester United No 7 shirt – and may unexpectedly get it back in person!

United could be secretly satisfied that the returning legend is now banned for Portugal’s final two World Cup qualifiers during this international break.

This means Juventus’ signing deadline may refresh in Manchester for their expected second debut at Old Trafford, against Newcastle on September 11.

Ron, 36, was suspended after taking off his shirt to celebrate his late-game, record-winning brace on Tuesday night.

The Portuguese skipper took Ireland down 2-1 to reach 111 international goals, two more than former Iranian co-record holder Ali Daei.

Joe Cole believes capturing Ronaldo is the “stroke of genius” that makes United “England’s biggest club” AND means they “have to” win the Prem.

The former Chelsea and England midfielder told Coral: “I thought they had already strengthened their team well, but with Ronaldo adding to the quality they brought they have to go and win it. “

“They have the biggest player in the league, with the biggest global reach. “

And former Old Trafford defender Gary Neville insists Dan James’ £ 25million departure from Leeds is a ‘winning victory’ for the Welsh winger plus both clubs.

Nev said, “It will suit the way they play with such a pace on the counter attack. He will love it there.

“It’s a good thing for United to get the money they made, and it’s good for Dan to continue his career at a good club.”

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