The Series R Preferred Stock will not be convertible into, or exchangeable for, shares of
any other class or series of stock or other securities of The Goldman Sachs Group, Inc. The Series R Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of The Goldman Sachs Group, Inc. to redeem or
repurchase the Series R Preferred Stock. The Series R Preferred Stock represents non-withdrawable capital, is not a bank deposit and is not insured by the FDIC or any other governmental agency, nor is it the
obligation of, or guaranteed by, a bank.
As of September 30, 2019, we have 29,999,400 depositary shares, each representing a
1/1,000th ownership interest in a share of our Series A Preferred Stock, with an aggregate liquidation preference of $749,985,000, 8,000,000 depositary shares, each representing a 1/1,000th ownership interest in a share of our Series C Preferred
Stock, with an aggregate liquidation preference of $200,000,000, 53,999,000 depositary shares, each representing a 1/1,000th ownership interest in a share of our Series D Preferred Stock, with an aggregate liquidation preference of $1,349,975,000,
7,667 shares of our Series E Preferred Stock, with an aggregate liquidation preference of $766,748,000, 1,615 shares of our Series F Preferred Stock, with an aggregate liquidation preference of $161,504,000, 40,000,000 depositary shares, each
representing a 1/1,000th ownership interest in a share of our Series J Preferred Stock, with an aggregate liquidation preference of $1,000,000,000, 28,000,000 depositary shares, each representing a 1/1,000th ownership interest in a share of our
Series K Preferred Stock, with an aggregate liquidation preference of $700,000,000, 950,000 depositary shares, each representing a 1/25th ownership interest in a share of our Series L Preferred Stock, with an aggregate liquidation preference of
$950,000,000, 2,000,000 depositary shares, each representing a 1/25th ownership interest in a share of our Series M Preferred Stock, with an aggregate liquidation preference of $2,000,000,000, 27,000,000 depositary shares, each representing a
1/1,000th ownership interest in a share of our Series N Preferred Stock, with an aggregate liquidation preference of $675,000,000, 650,000 depositary shares, each representing a 1/25th ownership interest in a share of our Series O Preferred Stock,
with an aggregate liquidation preference of $650,000,000, 1,500,000 depositary shares, each representing a 1/25th ownership interest in a share of our Series P Preferred Stock, with an aggregate liquidation preference of $1,500,000,000, and 500,000
depositary shares, each representing a 1/25th ownership interest in a share of our Series Q Preferred Stock, with an aggregate liquidation preference of $500,000,000, issued and outstanding.
The Series A Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock, Series J
Preferred Stock, Series K Preferred Stock, Series L Preferred Stock, Series M Preferred Stock, Series N Preferred Stock, Series O Preferred Stock, Series P Preferred Stock and Series Q Preferred Stock rank equally with the Series R Preferred Stock
as to dividends and distributions on liquidation and include the same provisions with respect to restrictions on declaration and payment of dividends and voting rights as apply to the Series R Preferred Stock.
Holders of Series A Preferred Stock are entitled to receive quarterly dividends when, as and if declared by our board of directors (or a duly
authorized committee of the board), at a rate per annum equal to the greater of (1) 0.75% above LIBOR on the related LIBOR determination date and (2) 3.75%. Holders of Series C Preferred Stock are entitled to receive quarterly dividends when, as and
if declared by our board of directors (or a duly authorized committee of the board), at a rate per annum equal to the greater of (1) 0.75% above LIBOR on the related LIBOR determination date and (2) 4.00%. Holders of Series D Preferred Stock are
entitled to receive quarterly dividends when, as and if declared by our board of directors (or a duly authorized committee of the board), at a rate per annum equal to the greater of (1) 0.67% above LIBOR on the related LIBOR determination date and
(2) 4.00%. Holders of Series E Preferred Stock are entitled to receive quarterly dividends when, as and if declared by our board of directors (or a duly authorized committee of the board), at a rate per annum equal to the greater of (1) 0.7675%
above LIBOR on the related LIBOR determination date and (2) 4.00%. Holders of Series F Preferred Stock are entitled to receive quarterly dividends when, as and if declared by our board of directors (or a duly authorized committee of the board), at a
rate per annum equal to the greater of (1) 0.77% above LIBOR on the related LIBOR determination date and (2) 4.00%. Holders of Series J Preferred Stock are entitled to receive quarterly dividends when, as and if declared by our board of directors
(or a duly authorized committee of the board), (1) at a rate of 5.50% per annum to but excluding May 10, 2023 and (2) thereafter at a rate per annum equal to 3.64% above LIBOR on the related LIBOR determination date. Holders of Series K
Preferred Stock are entitled to receive quarterly dividends when, as and if declared by our board of directors (or a duly authorized committee of the board), (1) at a rate of 6.375% per annum to but excluding May 10, 2024 and
(2) thereafter at a rate per annum equal to 3.55% above LIBOR on the related LIBOR determination date. Holders of Series L Preferred Stock are entitled to receive dividends when, as and if declared by our board of
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