高盛美股招股说明书(2025-05-06版)

Subject to Completion. Dated May 6, 2025.GS Finance Corp. $Autocallable Equity-Linked Notes due guaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest.The notes will mature on the stated maturity date (expected to be May 14, 2030)unless they are automatically called on any call observation date commencing on May 7, 2026. Your notes will be automatically called on a call observation date if the closing price ofeachof the common stock of Micron Technology,Inc., the Class A common stock of Palantir Technologies Inc. and the Class C common stock of Dell Technologies Inc. on such date is greater than or equal to its initial price (set on the trade date (expected to be May 7, 2025) and will bean intra-day price or the closing price of one share of such index stock on the trade date), resulting in a payment on thecorresponding call payment date for each $1,000 face amount of your notes equal tosuch $1,000 face amount plus theproduct of $1,000 times the applicable call premium amount. The call observation dates, the call payment dates andthe applicable call premium amount for each call payment date are specified on page S-4of this prospectus performance of the lesser performing index stock (the index stock with the lowest index stock return). The index stockreturn for each index stock is the percentage increase or decrease in its final price (the closing price of such indexstock on the determination date, expected to be May 7, 2030) from its initial price. If the final price ofeachindex stock return.If the final price ofanyindex stock isequal to or lessthanits initial price, you will receive the faceAt maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: $1,000times(b) the lesser performing index stock return; or•if the final price ofanyindex stock isequal toorless thanits initial price, $1,000.You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page S-21.The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to be between $885 and $935 per $1,000 face amount. For a discussion of the estimated value and the price at whichGoldman Sachs & Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the following Original issue date:expected to be May 12, 2025Original issue price: 100% of the face amount*Underwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount* The original issue price will be% for certain investors; see “Supplemental Plan of Distribution” on page S-38for additional information regarding the fees comprising the underwriting discount.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 the The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decideto sell additional notes after the date of this prospectus supplement, at issue prices and with underwriting discounts andnet proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in notes will depend in part on the issue price you pay for such notes.GS Finance Corp. may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or any other affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initial sale. which it is not obligated to do) and the value that GS&Co. will initially use for account statements and otherwise isequal to approximately the estimated value of your notes at the time of pricing, plus an additional amount (initially equalper $1,000 face amount). estimated value of your notes (as determined by reference to GS&Co.’s pricing models) plus (b) any remainingadditional amount (the additional amount will decline to zero on a straight-line basis from the time of pricing through). On and after, the price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would buy orsell your notes (if it makes a market) will equal approximately the then-current estimated value of your notes About Your Prospectus The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionallyguaranteed by The Goldman Sachs Group, Inc. This prospectus includes this prospectus supplement and theaccompanying documents listed below. This prospectus supplement constitutes a supplement to the documents listedbelow, does not set forth all of the terms of your notes and therefore should be read in conjunction with suchdocuments: addition, some of the terms or features described in the listed documents may not apply to your notes.We refer t