New Issue: GS Finance sells $510,000 ETF-linked notes tied to QQQ, S&P ETFs

Chicago, Feb. 5 – GS Finance Corp. priced $510,000 of 0% ETF-linked notes due May 15, 2025 linked to the lesser performing of the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Goldman Sachs Group, Inc.

If the final values of both funds are greater than their initial values, the payout at maturity will be par plus 1.037 times the return of the lesser performing fund.

If either fund finishes below its initial value but above 85% of its initial level, the payout will be par plus the absolute value of the worst performer.

Otherwise, investors will be exposed to the losses of the lesser performing fund beyond the 15% buffer.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	ETF-linked notes
Underlying funds:	Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF Trust
Amount:	$510,000
Maturity:	May 15, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If both funds finish above initial values, par plus 1.037 times return of lesser performing fund; if lesser performing fund falls but finishes above 85%, par plus absolute value of lesser performer; otherwise, exposure to losses of worse performer beyond buffer
Initial levels:	$325.03 for QQQ, $411.59 for S&P
Buffer levels:	85% of initial levels
Pricing date:	May 12, 2023
Settlement date:	May 17, 2023
Underwriter:	Goldman Sachs & Co. LLC
Fees:	0.54%
Cusip:	40057RR83

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