New Issue: GS Finance sells $198,000 index-linked notes due 2027

Chicago, April 25 – GS Finance Corp. priced $198,000 of 0% index-linked notes due May 28, 2027 tied to the Nasdaq-100 index, 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 each index finishes at or above its initial level, the payout at maturity will be par plus 1.25 times the return of the worst performing index. Investors will receive par plus the absolute return of the worst performer if it declines but finishes above the 85% buffer level.

Otherwise, investors will be exposed to the losses of the worst performer beyond the 15% buffer.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Index-linked notes
Underlying indexes:	S&P 500 index, Russell 2000 index, Nasdaq-100 index
Amount:	$198,000
Maturity:	May 28, 2027
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.25 times return of worst performer if all three indexes finish above initial levels; par plus absolute return of worst performer if that index declines but not more than 15%; otherwise, 1% loss for each 1% decline beyond 15% buffer
Initial index levels:	3,978.73 for S&P, 1,799.164 for Russell, 11,943.93 for Nasdaq
Buffer levels:	85% of initial levels
Pricing date:	May 25, 2022
Settlement date:	May 31, 2022
Agent:	Goldman Sachs & Co. LLC
Fees:	3.3%
Cusip:	40057LX30

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