New Issue: GS Finance prices $4.29 million ETF-linked notes on three index-based funds

By William Gullotti

Buffalo, N.Y., Feb. 23 – GS Finance Corp. priced $4.29 million of 0% ETF-linked notes due Jan. 28, 2027 tied to the SPDR S&P 500 ETF Trust, the iShares Russell 2000 ETF and the SPDR Dow Jones Industrial Average ETF Trust, 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 ETF is zero or positive, the payout at maturity will par plus 1.39 times the return of the least performing ETF.

If the least performing ETF falls by up to 20%, the payout will be par. Otherwise, investors will be fully exposed to the decline of the least performing ETF from its initial value.

Goldman, Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	ETF-linked notes
Underlying ETFs:	SPDR S&P 500 ETF Trust, iShares Russell 2000 ETF, SPDR Dow Jones Industrial Average ETF Trust
Amount:	$4,285,000
Maturity:	Jan. 28, 2027
Coupon:	0%
Price:	Par
Payout at maturity:	If laggard fund return is flat or positive, par plus 1.39 times laggard ETF return; if laggard ETF falls by up to 20%, par; otherwise, full exposure to losses of laggard ETF
Initial values:	$434.47 for S&P ETF, $198.84 for Russell ETF, $342.96 for Dow ETF
Barrier levels:	80% of initial levels
Pricing date:	Jan. 25
Settlement date:	Jan. 28
Agent:	Goldman, Sachs & Co. LLC
Fees:	0.25%
Cusip:	40057KW74

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