New Issue: GS Finance sells $132,000 market-linked notes with contingent fixed return on Russell

By Kiku Steinfeld

Chicago, May 5 – GS Finance Corp. priced $132,000 of 0% market-linked securities with contingent fixed return and contingent downside due July 5, 2024 linked to 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 index price increases, remains unchanged or decreases by no more than 15% of its initial level, the payout at maturity will be par plus 19%.

Otherwise, investors will be exposed to all losses from the index’s initial level.

Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC are the agents.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Market-linked securities with contingent fixed return and contingent downside
Underlying index:	Russell 2000 index
Amount:	$132,000
Maturity:	July 5, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If index price increases or decreases by no more than threshold, par plus 19%; otherwise, 1% loss for every 1% decline of index
Initial level:	1,766.250
Threshold:	15% of initial level
Pricing date:	Dec. 29, 2022
Settlement date:	Jan. 4, 2023
Agents:	Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC
Fees:	2.04%
Cusip:	40057P4A7

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