New Issue: GS Finance sells $1.76 million index-linked notes on S&P, Russell

By Kiku Steinfeld

Chicago, Jan. 28 – GS Finance Corp. priced $1,758,000 of 0% index-linked notes due Jan. 23, 2026 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, 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 1.456 times the return of the lesser performing index.

If either index falls but the return of each index is at least negative 30%, the payout will be par.

If either index falls by more than 30%, investors will be fully exposed to the decline of the worse performing index.

Goldman, Sachs & Co. is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Index-linked notes
Underlying indexes:	S&P 500, Russell 2000
Amount:	$1,758,000
Maturity:	Jan. 23, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If the return of each index is zero or positive, par plus 1.456 times the return of the lesser performing index; if either index falls but the return of each index is at least negative 30%, par; if either index falls by more than 30%, investors will be fully exposed to the decline of the worse performing index
Initial index levels:	3,851.85 for S&P and 2,160.45617 for Russell
Trigger levels:	70% of initial levels
Pricing date:	Jan. 20
Settlement date:	Jan. 25
Underwriter:	Goldman, Sachs & Co.
Fees:	0.8%
Cusip:	40057F4T8

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