New Issue: GS Finance sells $2 million index-linked notes on S&P, Dow

By Wendy Van Sickle

Columbus, Ohio, March 9 – GS Finance Corp. priced $2 million of 0% index-linked notes due Feb. 26, 2026 linked to the lesser performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Goldman Sachs Group, Inc.

If the final level of each index is zero or positive, the payout at maturity will be par plus 2 times the return of the lesser performing index up to $1,192 for each $1,000 face amount of notes.

If either index falls but the return of each index is at least negative 30%, the payout will be par.

If either index falls by more than 30%, investors will be exposed to the decline of the lesser-performing index.

Goldman, Sachs & Co. is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Index-linked notes
Underlying indexes:	S&P 500, Dow Jones industrial average
Amount:	$2 million
Maturity:	Feb. 26, 2026
Coupon:	0%
Price:	Par of $1,000
Payout at maturity:	If the final level of each index is zero or positive, par plus 2 times return of the lesser performing index up to $1,192 for each $1,000 face amount of notes; if either index falls but the return of each index is at least negative 30%, par; if either index falls by more than 30%, investors will be exposed to the decline of the worse performing index
Initial index levels:	3,876.5 for S&P and 31,521.69 for Dow
Pricing date:	Feb. 21
Settlement date:	Feb. 25
Underwriter:	Goldman, Sachs & Co.
Fees:	2.425%
Cusip:	40057FHZ0

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