New Issue: GS Finance prices $200,000 index-linked notes linked to S&P 500

Chicago, Nov. 7 – GS Finance Corp. priced $200,000 of 0% index-linked notes due Oct. 23, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus the index return, capped at par plus 43%. If the index declines but not more than 10%, the payout will be par. Otherwise, investors will be exposed to the decline of the index beyond the 10% buffer, with a minimum settlement amount of $900 per $1,000 note.

The notes are guaranteed by Goldman Sachs Group, Inc.

Goldman Sachs & Co. LLC and Citigroup Global Markets Inc. are the underwriters.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Index-linked notes
Underlying index:	S&P 500 index
Amount:	$200,000
Maturity:	Oct. 23, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, par plus index return, capped at par plus 43%; par if index declines up to 10%; otherwise, 1% loss for each 1% decline beyond 10% buffer with minimum payout of $900 per $1,000 note
Initial level:	3,665.78
Buffer level:	90% of initial level
Pricing date:	Oct. 20, 2022
Settlement date:	Oct. 25, 2022
Underwriters:	Goldman Sachs & Co. LLC and Citigroup Global Markets Inc.
Fees:	1.75%
Cusip:	40057NLZ8

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