高盛美股招股说明书(2025-03-25版)

We will pay you interest on your notes at a rate of 4.50% per annum from and including the original issue date(expected to be April 2, 2025) to but excluding the stated maturity date (expected to be April 2, 2030). Interest will bepaid on each interest payment date (expected to be the 2nd day of each April and October). The first such payment willbe made on the first interest payment date (expected to be October 2, 2025). Initial price to public*Underwriting discount* *The initial price to public will vary between% and 100% for certain investors; see “Supplemental Plan of Distribution” onpage PS-7. The initial price to public set forth above does not include accrued interest, if any. Interest on the notes will accrue fromthe original issue date and must be paid by the purchaser if the notes are delivered after the original issue date. Inaddition to offers and sales at the initial price to public, the underwriters may offer the notes from time to time for sale in The return (whether positive or negative) on your investment in notes will depend in part on the issue price you pay forsuch notes. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapprovedof these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to thecontrary is a criminal offense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or anyother governmental agency, nor are they obligations of, or guaranteed by, a bank. Goldman Sachs & Co. LLC Pricing Supplement No. About Your Prospectus The notes are part of the Medium-Term Notes, Series N program of The Goldman Sachs Group, Inc. Thisprospectus includes this pricing supplement and the accompanying documents listed below. This pricingsupplement constitutes a supplement to the documents listed below and should be read in conjunction with such documents:•Prospectus supplement dated February 14, 2025•Prospectus dated February 14, 2025 The information in this pricing supplement supersedes any conflicting information in the documents listed above. Inaddition, some of the terms or features described in the listed documents may not apply to your notes. SPECIFIC TERMS OF THE NOTES Please note that in this section entitled “Specific Terms of the Notes”, references to “The Goldman Sachs Group,Inc.”, “we”, “our” and “us” mean only The Goldman Sachs Group, Inc. and do not include any of its subsidiaries oraffiliates. Also, in this section, references to “holders” mean The Depository Trust Company (DTC) or its nomineeand not indirect owners who own beneficial interests in notes through participants in DTC. Please review the special This pricing supplement no.dated March, 2025 (pricing supplement) and the accompanying prospectus datedFebruary 14, 2025 (accompanying prospectus), relating to the notes, should be read together. Because the notes arepart of a series of our debt securities called Medium‐Term Notes, Series N, this pricing supplement and theaccompanying prospectus should also be read with the accompanying prospectus supplement, dated February 14, The notes are part of a separate series of our debt securities under our Medium-Term Notes, Series N programgoverned by our Senior Debt Indenture, dated as of July 16, 2008, as amended, between us and The Bank of NewYork Mellon, as trustee. This pricing supplement summarizes specific terms that will apply to your notes. The terms ofthe notes described here supplement those described in the accompanying prospectus supplement and accompanyingprospectus and, if the terms described here are inconsistent with those described there, the terms described here are Terms of the Fixed Rate Notes due 2030 Issuer:The Goldman Sachs Group, Inc. Interest payment dates (set on the trade date):expected to be the 2nd day of April and October of eachyear, commencing on October 2, 2025 and ending on the Principal amount:$Specified currency:U.S. dollars ($)Type of Notes:Fixed rate notes (notes)Denominations:$1,000 and integral multiples of$1,000 in excess thereof Regular record dates:for interest due on an interestpayment date, the day immediately prior to the day onwhich payment is to be made (as such payment day maybe adjusted under the applicable business day Trade date:expected to be March 31, 2025 Day count convention:30/360 (ISDA), as furtherdiscussed under “Additional Information About the Notes— Day Count Convention” on page PS-5of this pricing Original issue date (set on the trade date):expectedto be April 2, 2025 Stated maturity date (set on the trade date):expected to be April 2, 2030 Business day:each Monday, Tuesday, Wednesday,Thursday and Friday that is not a day on which bankinginstitutions in New York City generally are authorized or Interest rate:4.50% per annum Supplemental discussion of U.S. federal income taxconsequences:It is the opinion of Sidley Austinthat interest on a note will be taxable to a U.