New Issue: GS Finance sells $692,000 index-linked notes on S&P, Russell

Chicago, Oct. 12 – GS Finance Corp. priced $692,000 of 0% index-linked notes due Oct. 5, 2027 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 final level of each index is zero or positive, the payout at maturity will be par plus 1.2 times the return of the lesser performing index.

If either index falls but the return of each index is at least negative 40%, the payout will be par plus the absolute value of the lesser performing index return.

If either index falls by more than 40%, investors will be fully exposed to the decline of the lesser-performing index.

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
Amount:	$692,000
Maturity:	Oct. 5, 2027
Coupon:	0%
Price:	Par
Payout at maturity:	If the final level of each index is flat or positive, par plus 1.2 times the return of the lesser performing index; if either index falls but the return of each index is at least negative 40%, par plus absolute value of lesser performing index return; if either index falls by more than 40%, investors will be fully exposed to the decline of the worse performing index
Initial index levels:	3,585.62 for S&P, 1,664.716 for Russell
Trigger buffer levels:	60% of initial levels
Pricing date:	Sept. 30, 2022
Settlement date:	Oct. 5, 2022
Underwriter:	Goldman Sachs & Co. LLC
Fees:	0.78%
Cusip:	40057N2R7

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