New Issue: GS Finance sells $21 million index-linked notes on Dow Jones industrial average

By Wendy Van Sickle

Columbus, Ohio, Dec. 21 – GS Finance Corp. priced $21 million of 0% index-linked notes due Dec. 11, 2025 tied to 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 index level is greater than or equal to 126% of the initial index level, the payout at maturity will equal the sum of (i) 26% plus (ii) the product of (a) 2.215 times (b) the index return minus 26%, subject to a maximum of $1,570.10 for each $1,000 face amount. If the final index level is less than 126% of the initial index level but greater than or equal to 108% of the initial index level, the payout will equal the sum of (i) 14.3% plus (ii) the product of (a) 0.65 times (b) the index return minus 8%. If the final index level is less than 108% but greater than or equal to 98% of the initial index level, the payout will equal the sum of (i) 8% plus (ii) the product of (a) 0.63 times (b) the index return plus 2%. If the final index level is less than 98% but greater at least 90% of the initial index level, the payout will be zero or positive and will equal the index return plus 10%. If the final index level is less than 90% of the initial index level, the payout will be negative and will equal the index return plus 10%.

Goldman Sachs & Co. LLC is the underwriter.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Index-linked notes
Underlying index:	Dow Jones industrial average
Amount:	$21 million
Maturity:	Dec. 11, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If final index level is greater than or equal to 126% of initial level, sum of (i) 26% plus (ii) product of (a) 2.215 times (b) index return minus 26%, subject to maximum of $1,570.10 for each $1,000; if final level is less than 126% of initial index level but greater than or equal to 108% of initial index level, sum of (i) 14.3% plus (ii) product of (a) 0.65 times (b) index return minus 8%; if final index level is less than 108% but greater than or equal to 98% of initial index level, sum of (i) 8% plus (ii) product of (a) 0.63 times (b) index return plus 2%; if final index level is less than 98% but greater than or equal to 90% of initial level, index return plus 10%; if final index level is less than 90% of initial level, exposure to losses beyond 10%
Initial level:	Average of closing levels from Dec. 9 through Dec. 21
Final level:	Average of closing levels from Sept. 10, 2025 through Dec. 8, 2025
Pricing date:	Dec. 13
Settlement date:	Dec. 20
Underwriter:	Goldman Sachs & Co. LLC
Fees:	0.15%
Cusip:	40057KHL0

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