New Issue: GS Finance sells $985,000 index-linked notes on Russell, S&P

Chicago, Dec. 4 – GS Finance Corp. priced $985,000 of 0% index-linked notes due Oct. 30, 2025 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 the return of each index is zero or positive, the payout at maturity will be par plus 1.05 times the return of the laggard index.

Investors will receive par plus the absolute value of the lesser performing index return if the worst performer declines but not more than 15%.

Otherwise, investors will lose 1% for each 1% decline of the worst performer beyond the 15% buffer.

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:	$985,000
Maturity:	Oct. 30, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If the return of each index is zero or positive, par plus 1.05 times the return of the laggard index; if worst performer declines but finishes above buffer level, par plus absolute value of that return; otherwise, 1% loss for each 1% decline of worst performer beyond buffer
Initial levels:	1,804.331 for Russell, 3,830.60 for S&P
Buffer level:	85% of initial level
Pricing date:	Oct. 26, 2022
Settlement date:	Oct. 31, 2022
Agent:	Goldman Sachs & Co. LLC
Fees:	3.22%
Cusip:	40057NED5

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