GS Finance Corp. Announces the Exercise of Its Right to Redeem Its Large Cap Growth Index-Linked ETNs Due 2028

NEW YORK, January 27, 2022 - GS Finance Corp. today announced that it has exercised its right to redeem the outstanding principal amount of its Large Cap Growth Index-Linked ETNs due 2028 (the “ETNs”) in accordance with the terms of the ETNs. The ETNs are currently traded on NYSE Arca, Inc. under the symbol FRLG (CUSIP: 362273302). 

As described in the prospectus supplement no. 3,160 dated March 29, 2018, as amended, GS Finance Corp., as issuer of the ETNs, may redeem the ETNs at its option, in whole but not in part, on any valuation date prior to the stated maturity date.

On the redemption date, holders of record on the scheduled business day immediately preceding such date will receive, for each $100 face amount of their ETNs, an amount in cash equal to the closing indicative note value on the redemption valuation date. The redemption valuation date will be the tenth valuation date following this notice, and is expected to be February 10, 2022. The redemption date will be the third business day following the redemption valuation date, and is expected to be February 15, 2022. The expected redemption valuation date set forth in this notice, and the expected redemption date set forth in this notice, could be postponed due to, among other things, the occurrence of a market disruption event or a non-trading day.  Investors that trade the ETNs prior to the redemption date may receive less than the closing indicative note value on the redemption valuation date. GS Finance Corp. will no longer issue new units of the ETNs.

Investors in the ETNs should contact the bank or broker through which they hold a beneficial interest in the ETNs for information about obtaining the amount to be paid on the redemption date for the ETNs in which they have a beneficial interest.

If an automatic redemption event occurs on or prior to the redemption valuation date, this notice will be superseded and each $100 face amount of ETNs will be automatically redeemed on the redemption date for the automatic redemption at an amount equal to the automatic redemption note value.

GS Finance Corp. is a wholly-owned finance subsidiary of The Goldman Sachs Group, Inc.

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.


# # #

Media Contact:
Andrea Williams
Tel: +1 212 902 5400

Investor Contact:
Carey Halio
Tel: +1 212 902 0300



This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” or “continue” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully. These statements represent our belief regarding future events that, by their nature, are uncertain and outside of its control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.