New Issue: GS Finance prices $716,000 callable range accrual notes on indexes, swap spread

Chicago, Dec. 5 – GS Finance Corp. priced $716,000 of callable range accrual securities due March 31, 2037 linked to the spread of the 30-year U.S. dollar SOFR ICE swap rate minus the two-year U.S. dollar SOFR ICE swap rate, the Dow Jones industrial average, the Euro Stoxx Banks 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.

Interest will be at a rate of 12% times the quotient of the number of days the accrual condition is met out of the number of days it could be met. The accrual condition will be met when the 30-year U.S. dollar SOFR ICE swap rate minus the two-year U.S. dollar SOFR ICE swap rate is above negative 0.2% and all three indexes close above 60% of their initial levels. Interest will be paid quarterly.

The notes will be callable at par on any quarterly redemption date after one year.

The payout at maturity will be par plus any accrued interest unless any index finishes below 60% of its initial level, in which case investors will be fully exposed to the decline of the least-performing index.

Goldman Sachs & Co. LLC is the underwriter.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Callable range accrual securities
Underliers:	30-year U.S. dollar SOFR ICE swap rate, two-year U.S. dollar SOFR ICE swap rate, Euro Stoxx Banks index, S&P 500 index, Dow Jones industrial average
Amount:	$716,000
Maturity:	March 31, 2037
Coupon:	12% times quotient of number of days accrual condition is met divided the number of days it could be met; accrual condition is met on days when the 30-year U.S. dollar SOFR ICE swap rate minus the two-year U.S. dollar SOFR ICE swap rate is greater than negative 0.2% and all three indexes close above 60% barrier levels; payable quarterly
Price:	Par
Payout at maturity:	Par plus any accrued interest unless any index finishes below 60% of initial level, in which case full exposure to decline of least-performing index
Call option:	At par on any quarterly redemption date after one year
Initial levels:	35,294.19 for Dow, 95.12 for Euro Stoxx Banks, 4,631.60 for S&P
Accrual barrier levels:	60% of initial levels
Trigger buffer levels:	60% of initial levels
Pricing date:	March 29
Settlement date:	March 31
Underwriter:	Goldman Sachs & Co. LLC
Fees:	5%
Cusip:	40057LKV2

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