New Issue: GS Finance sells $1.36 million CMS spread notes on Stoxx Banks, Nasdaq, Russell

Chicago, Dec. 7 – GS Finance Corp. priced $1.36 million of callable CMS spread and index-linked range accrual notes due March 31, 2036 linked to the Russell 2000 index, the Euro Stoxx Banks index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are callable quarterly at par starting March 31, 2022.

For the first year, interest is 10% per year, paid quarterly.

Starting on the interest payment date in June 2022, interest will be based on an annual rate equal to the interest factor, which is the product of 25 times the spread of the 30-year Constant Maturity Swap rate minus the five-year Constant Maturity Swap rate on the related observation date, subject to a minimum interest factor of 0% and a maximum interest factor of 14%.

Interest will be paid quarterly based on the calculated interest rate detailed above multiplied by the number of days each quarter that each index has closed above 70% of its initial level divided by the number of days in the interest accrual period.

The payout at maturity will be par if each index finishes above 60% of its initial level.

Otherwise, investors will be fully exposed to the decline of the least performing index from its initial level.

The notes are guaranteed by Goldman Sachs Group, Inc.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Callable CMS spread and index-linked range accrual notes
Underlying indexes:	Euro Stoxx Banks index, Nasdaq-100 index, Russell 2000 index
Amount:	$1,360,000
Maturity:	March 31, 2036
Coupon:	10% initial rate for the first year; product of 25 times the spread of the 30-year Constant Maturity Swap rate minus the five-year Constant Maturity Swap rate on the related observation date, subject to a floor of 0% and a ceiling of 14%; payable quarterly based on how many days all indexes finish above 70% of their initial levels divided by the number of days in the accrual period
Price:	Par
Payout at maturity:	Par if each index finishes above final barrier level; otherwise, full exposure to the decline of the least performing index from its initial level
Call option:	At par on any interest payment date beginning March 31, 2022
Initial levels:	2,158.682 for Russell, 86.68 for Stoxx Banks, 12,965.74 for Nasdaq
Index barrier levels:	1,511.0774 for Russell, 60.676 for Stoxx Banks, 9,076.018 for Nasdaq, 70% of initial levels
Trigger buffer levels:	1,295.2092 for Russell, 52.008 for Stoxx Banks, 7,779.444 for Nasdaq, 60% of initial levels
Pricing date:	March 29
Settlement date:	March 31
Agent:	Goldman Sachs & Co. LLC
Fees:	5.43%
Cusip:	40057FPQ1

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