New Issue: GS Finance sells $475,000 index-linked notes on Russell, S&P, Dow

Chicago, Feb. 27 – GS Finance Corp. priced $475,000 of 0% index-linked notes due May 9, 2028 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 all indexes finish at or above 90% of their initial levels, the payout at maturity will be the greater of par plus 50.45% or par plus the return of the worst performing index.

If the worst performer finishes between 80% and 90% of its initial level, the payout will be par.

Otherwise, investors will be exposed to any losses of the worst performing index beyond the 20% buffer.

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:	$475,000
Maturity:	May 9, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	If the return of each index is above 90% of its initial level, the payout at maturity will be the greater of par plus 50.45% or the return of the worst performer; par if the worst performer finishes between 80% of its initial level and 90% of its initial level; otherwise, exposure to losses of worst performer beyond 20% buffer
Initial levels:	1,949.923 for Russell, 4,300.17 for S&P, 34,061.06 for Dow
Threshold levels:	90% of initial levels
Buffer levels:	80% of initial levels
Pricing date:	May 4, 2022
Settlement date:	May 9, 2022
Agent:	Goldman Sachs & Co. LLC
Fees:	0.25%
Cusip:	40057LYR6

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