New Issue: GS Finance prices $878,000 index-linked notes on S&P, Russell

Chicago, Feb. 12 – GS Finance Corp. priced $878,000 of 0% index-linked notes due May 29, 2026 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Goldman Sachs Group, Inc.

If the lesser performing index finishes at or above its initial level, the payout at maturity will be par plus the return of that index.

If any index finishes below its initial level but no index closes below 85%, the payout will be par plus the absolute value of the lesser performing index.

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
Amount:	$878,000
Maturity:	May 29, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus return of worst performing index if both indexes finish above initial levels; if worst performer declines but finishes above buffer, par plus absolute value of return of that index; otherwise, 1% loss for each 1% decline beyond 15% buffer of worst performer
Initial index levels:	4,151.28 for S&P, 1,754.605 for Russell
Buffer levels:	85% of initial levels
Pricing date:	May 25, 2023
Settlement date:	May 31, 2023
Agent:	Goldman Sachs & Co. LLC
Fees:	3.13%
Cusip:	40057RQ76

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