New Issue: GS Finance sells $555,000 index-linked notes tied to two S&P indexes

Chicago, April 19 – GS Finance Corp. priced $555,000 of 0% index-linked notes due Jan. 27, 2026 linked to the least performing of the S&P 500 Equal Weight 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 return of each index is zero or positive, the payout at maturity will be par plus the return of the laggard index capped at par plus 18%.

If the least performing index falls by up to 24%, the payout will be par plus the absolute value of the return.

Otherwise, investors will have a 1% loss for each 1% decline beyond the 24% 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 Equal Weight index and S&P 500 index
Amount:	$555,000
Maturity:	Jan. 27, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If the return of each index is zero or positive, par plus the return of the laggard index, capped at par plus 18%; if either index falls but the final underlier level of each is greater than or equal to the 76% buffer level, par plus absolute value of laggard index; if any index falls by more than 24%, investors will have a 1% loss for each 1% decline beyond the 24% buffer
Initial levels:	6,354.45 for Equal Weight, 4,850.43 for S&P
Buffer levels:	76% of initial levels
Pricing date:	Jan. 22
Settlement date:	Jan. 25
Agent:	Goldman Sachs & Co. LLC
Fees:	1%
Cusip:	40057XVA0

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