New Issue: GS Finance sells $2.08 million index-linked notes on Russell, S&P

Chicago, March 22 – GS Finance Corp. priced $2.08 million of 0% index-linked notes due Feb. 3, 2026 linked to the least performing of the S&P 500 index and the Russell 2000 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 1.275 times the return of the least performing index.

If either index falls but the return of each index is at least negative 40%, the payout will be par.

If either index falls by more than 40%, investors will be exposed to the decline of the worst performing index from its initial 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, S&P 500
Amount:	$2,081,000
Maturity:	Feb. 3, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If the return of each index is zero or positive, par plus 1.275 times the return of least performing index; if either index falls but the return of each index is at least negative 40%, par; if either index falls by more than 40%, investors will be exposed to the decline of the worst performing index from its initial level
Initial levels:	3,714.24 for S&P, 2,073.641 for Russell 2000
Trigger buffer levels:	60% of initial levels
Pricing date:	Jan. 29
Settlement date:	Feb. 3
Agent	Goldman, Sachs & Co. LLC
Fees:	1.05%
Cusip:	40057EYG6

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