New Issue: GS Finance sells $1.25 million index-linked notes on S&P, Russell Value

Chicago, March 29 – GS Finance Corp. priced $1.25 million of 0% index-linked notes due Feb. 27, 2026 linked to the least performing of the S&P 500 index and the Russell 2000 Value 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 1.332 times the lesser-performing index’s return.

If any index falls but the return of each index is at least negative 15%, the payout will be par.

If any index falls by more than 15%, investors will lose 1% for every 1% that the lesser-performing index declines beyond 15%.

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 Value index
Amount:	$1,247,000
Maturity:	Feb. 27, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If the return of each index is zero or positive, par plus 1.332 times the lesser-performing index return; if any index falls but the return of each index is at least negative 15%, par; if any index falls by more than 15%, 1% loss for every 1% that the lesser-performing index declines beyond 15%
Initial levels:	3,925.43 for S&P and 2,354.56 for Russell Value
Buffer levels:	85% of initial levels
Pricing date:	Feb. 24
Settlement date:	March 1
Agent:	Goldman Sachs & Co. LLC
Fees:	1.675%
Cusip:	40057FJS4

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