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Non-collateralised Structured Products

Notice of Valuation of Residual Value of the following European style cash settled Category R Callable Bull/Bear Contracts (the "CBBCs")

Issued by Goldman Sachs Structured Products (Asia) Limited (incorporated in the Cayman Islands with limited liability) And unconditionally and irrevocably guaranteed by The Goldman Sachs Group, Inc. (the Guarantor) (incorporated in the State of Delaware, United States of America) Sponsor Goldman Sachs (Asia) L.L.C.

Goldman Sachs Structured Products (Asia) Limited (the “Issuer”) gives notice that under the terms and conditions of the CBBCs (the “Conditions”), following the occurrence of the Mandatory Call Event (“MCE”) of the CBBCs described in the table below at the time (“MCE Time”) in the pre-opening session, the continuous trading session or the closing auction session (as the case may be) and on the date (“MCE Date”) specified in the table below, the amount of the Residual Value in respect of the CBBCs has been determined as follows:

Maximum/ Residual Number of Residual Issue Size Board Lot Strike Minimum Value per Stock Code Type MCE Time MCE Date Underlying CBBC(s) per Entitlement (CBBCs) Price (HK$) Trade Value per Board Entitlement (CBBCs) Price (HK$) CBBC (HK$) Lot (HK$) 56914 Bull 09:31:48 24 March 2021 HSBC Holdings plc 80,000,000 100 1 Share 4,000 43.880 44.300 0.004200 16.80 Automobile 56968 Bull 10:29:01 24 March 2021 80,000,000 50 1 Share 5,000 19.500 19.440 0.000000 0.00 Holdings Limited 69624 Bull 09:45:23 24 March 2021 AIA Group Limited 60,000,000 100 1 Share 2,000 93.880 92.500 0.000000 0.00 69703 Bull 10:14:43 24 March 2021 100,000,000 500 1 Share 5,000 297.180 287.400 0.000000 0.00 Geely Automobile 55333 Bull 09:34:35 24 March 2021 80,000,000 50 1 Share 5,000 20.500 19.440 0.000000 0.00 Holdings Limited 55278 Bull 11:14:58 24 March 2021 Meituan 100,000,000 500 1 Share 5,000 287.180 287.400 0.000440 2.20 55181 Bull 10:14:43 24 March 2021 Meituan 100,000,000 500 1 Share 5,000 297.180 287.400 0.000000 0.00 BYD Company 55200 Bull 11:26:24 24 March 2021 80,000,000 500 1 Share 25,000 166.000 166.000 0.000000 0.00 Limited 56207 Bull 11:20:01 24 March 2021 100,000,000 500 1 Share 5,000 617.380 616.000 0.000000 0.00 Holdings Limited Geely Automobile 56209 Bull 09:20:04 24 March 2021 80,000,000 50 1 Share 5,000 21.500 19.440 0.000000 0.00 Holdings Limited Sunny Optical 56215 Bull 10:16:31 24 March 2021 Technology (Group) 80,000,000 100 1 Share 10,000 166.000 165.300 0.000000 0.00 Company Limited Hong Kong 60781 Bull 09:57:23 24 March 2021 Exchanges and 100,000,000 500 1 Share 5,000 438.180 434.200 0.000000 0.00 Clearing Limited Tencent 50025 Bull 10:37:11 24 March 2021 100,000,000 500 1 Share 5,000 620.380 616.000 0.000000 0.00 Holdings Limited Tencent 51940 Bull 09:30:05 24 March 2021 100,000,000 500 1 Share 5,000 627.380 616.000 0.000000 0.00 Holdings Limited 51941 Bull 09:20:04 24 March 2021 Meituan 100,000,000 500 1 Share 5,000 320.180 287.400 0.000000 0.00 51942 Bull 09:20:04 24 March 2021 Meituan 100,000,000 500 1 Share 5,000 330.180 287.400 0.000000 0.00 50061 Bull 10:21:09 24 March 2021 Meituan 100,000,000 500 1 Share 5,000 292.180 287.400 0.000000 0.00 51949 Bull 09:30:00 24 March 2021 (Group) Company 80,000,000 100 1 Share 5,000 93.480 92.500 0.000000 0.00 of China, Ltd. 51953 Bull 10:08:27 24 March 2021 100,000,000 500 1 Share 5,000 228.180 228.400 0.000440 2.20 Holding Limited Sunny Optical 51958 Bull 09:20:04 24 March 2021 Technology (Group) 80,000,000 100 1 Share 10,000 176.000 165.300 0.000000 0.00 Company Limited

In respect of each Board Lot of Bull CBBCs, the Residual Value of the CBBCs has been determined based on the following formula:

In respect of each Board Lot of Bear CBBCs, the Residual Value of the CBBCs has been determined based on the following formula: All eligible CBBC holders will receive the Residual Value (if any) no later than 29 March 2021, being the third CCASS Settlement Day following the end of the MCE Valuation Period.

Capitalised terms not defined in this announcement have the meanings given to them in the Conditions.

Hong Kong, 24 March 2021