Statement on the Claymore CEF Index-Linked GS Connect(SM) ETN

NEW YORK, August 13, 2019 – GS Finance Corp., a wholly owned subsidiary of The Goldman Sachs Group, Inc., today announced that revised historical closing indicative values for its Claymore CEF Index-Linked GS Connect^SM ETN (ticker: GCE; IIV ticker: GCEIV) (the “ETN”) for the affected period from July 1, 2009 to August 9, 2019 are available on Bloomberg. GS Finance Corp. had previously announced on August 12, 2019 that errors had been identified in the calculation of intraday indicative values for the ETN and that correct current values would be publicly disseminated beginning at the start of Arca’s trading hours on that date.

GS Finance Corp. today also announced that it will discontinue, effective immediately, any further issuances of the ETN. The ETN holders’ option to require GS Finance Corp. to redeem the ETNs on a weekly redemption date (subject to the terms and conditions set forth in the prospectus, as amended or supplemented from time to time, relating to the ETN) will not be affected by this discontinuation of new issuances.

Investors should be aware that the discontinuation of additional issuance may cause an imbalance of supply and demand in the secondary market for the ETN, which may cause the ETN to trade at a premium or discount in relation to its intraday indicative value. Paying a premium purchase price over the intraday indicative value of the ETN could lead to a loss on the investment even if the index to which the ETN is linked increases in value.  In addition, if investors elect to redeem their ETN, any redemption would be at the early redemption amount and would not include any premium above that amount.

The ETN was originally issued by GS Finance Corp. on December 11, 2007 and, currently, approximately $2.17 million in aggregate indicative value of the ETN is held by the public (based on the closing indicative value for August 12, 2019 of $16.12).

 

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