New Issue: GS Finance sells $122,000 index-linked notes on Russell, S&P

Chicago, May 24 – GS Finance Corp. priced $122,000 of 0% index-linked notes due Oct. 4, 2023 linked to the least performing of 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 each index finishes above its initial level, the payout at maturity will be par plus 1.1 times the return of the worst performer, capped at par plus 42%.

If each index finishes at or above its 90% trigger buffer level but at least one has declined, the payout at maturity will be par plus the absolute value of the lesser performing index.

Otherwise, investors will be fully exposed to the decline of the worst performing index beyond the 10% trigger buffer level.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Index-linked notes
Underlying indexes:	Russell 2000 index, S&P 500 index
Amount:	$122,000
Maturity:	Oct. 4, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.1 times return of worst performer if both indexes finish positive, capped at par plus 42%; par plus absolute value of worst performer if at least one index has declined but both finish above trigger buffer levels; otherwise, 1% loss for each 1% decline from initial level
Initial levels:	1,719.37 for Russell, 3,818.83 for S&P
Trigger buffer levels:	90% of initial levels
Pricing date:	June 29, 2022
Settlement date:	July 5, 2022
Agent:	Goldman Sachs & Co. LLC
Fees:	2%
Cusip:	40057M7M5

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