New Issue: GS Finance prices $690,000 leveraged buffered notes tied to S&P ETF

Chicago, Feb. 12 – GS Finance Corp. priced $690,000 of 0% leveraged buffered ETF-linked notes due May 31, 2028 tied to 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 ETF return is positive, investors will receive par plus 160% of the ETF gain, subject to a maximum payout of par plus 75%.

If the ETF return is flat or falls by up to 20%, investors will receive par. Investors will lose 1% for every 1% decline beyond 20%.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Leveraged buffered ETF-linked notes
Underlying ETF:	SPDR S&P 500 ETF Trust
Amount:	$690,000
Maturity:	May 31, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 160% of the ETF gain, capped at par plus 75%; if ETF return is flat or falls by up to 20%, par; 1% loss for every 1% decline beyond 20%
Initial ETF level:	$414.65
Buffer level:	80% of initial level
Pricing date:	May 25, 2023
Settlement date:	May 31, 2023
Agent:	Goldman Sachs & Co. LLC
Fees:	0.65%
Cusip:	40057RXG8

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