New Issue: GS Finance sells $490,000 index-linked notes on Russell, S&P, Dow

By Kiku Steinfeld

Chicago, July 19 – GS Finance Corp. priced $490,000 of 0% index-linked notes due Feb. 22, 2029 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Goldman Sachs Group, Inc.

If the return of each index is zero or positive, the payout at maturity will be par plus 1.48 times the return of the least performing index.

If the least performing index falls by up to 20%, the payout will be par. Otherwise, investors will lose 1% for every 1% decline of worst performer beyond 20%.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Index-linked notes
Underlying indexes:	Russell 2000 index, S&P 500 index, Dow Jones industrial average
Amount:	$490,000
Maturity:	Feb. 22, 2029
Coupon:	0%
Price:	Par
Payout at maturity:	If the return of each index is zero or positive, par plus 1.48 times the return of the least performing index; if any index falls but the final underlier level of each is greater than or equal to the 80% trigger buffer level, par; otherwise, 1% loss for every 1% decline of worst performer beyond 20%
Initial levels:	1,942.212 for Russell, 4,090.41 for S&P, 33,696,85 for Dow
Trigger buffer levels:	80% of initial levels
Pricing date:	Feb. 16, 2023
Settlement date:	Feb. 22, 2023
Agent:	Goldman Sachs & Co. LLC
Fees:	0.25%
Cusip:	40057PQQ8

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