New Issue: GS Finance prices $3.3 million dual directional trigger notes tied to S&P

Chicago, Oct. 24 – GS Finance Corp. priced $3.3 million of 0% dual directional trigger participation securities due Nov. 19, 2020 linked to the S&P 500 index, according to a 424B2 with the Securities and Exchange Commission.

The notes are guaranteed by Goldman Sachs Group, Inc.

If the final index level is greater than the initial index level, the payout at maturity will be par of $10 plus the index return, up to par plus 12.3%. If the index declines by 10% or less, the payout will be par plus the absolute value of the index return. If the index declines by more than 10%, investors will lose 1% for every 1% that the index declines from its initial level.

Goldman Sachs & Co. LLC is the agent. Distribution is through Morgan Stanley Wealth Management.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Dual directional trigger participation securities
Underlying index:	S&P 500
Amount:	$3,301,100
Maturity:	Nov. 19, 2020
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If final index level is greater than initial index level, par plus index gain, up to par plus 12.3%; if final index level is less than initial index level but greater than or equal to trigger level, par plus absolute value of index return; if final index level is less than trigger level, 1% loss for every 1% that index declines from initial level
Initial index level:	2,989.69
Trigger level:	2,690.721, 90% of initial level
Pricing date:	Oct. 16
Settlement date:	Oct. 21
Agent:	Goldman Sachs & Co. LLC
Distribution:	Morgan Stanley Wealth Management
Fees:	2.35%
Cusip:	36258L544

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