高盛美股招股说明书(2025-05-06版)

prospectus supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where theoffer or sale is not permitted. Autocallable Equity-Linked Notes dueguaranteed 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 beautomatically 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 be The amount that you will be paid on your notes at maturity,if they have not been automatically called, is based on theperformance 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 At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: •if the final price ofeachindex stock isgreater thanits initial price, thesumof (i) $1,000plus(ii) theproductof (a)$1,000times(b) the lesser performing index stock return; or You should read the disclosure herein to better understand the terms and risks of your investment, includingthe 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 bebetween $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: Underwriting discount: * The original issue price will be% for certain investors; see “Supplemental Plan of Distribution” on page S-38foradditional 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 thecontrary is a criminal offense. The notes are not bank deposits and are not insured by the Federal Deposit 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 and GS Finance Corp. may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or anyother affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initial sale.Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, thisprospectus is being used in a market-making transaction. Estimated Value of Your Notes The estimated value of yournotes at the time the terms of your notes are set on the trade date (as determined byreference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads)is expected to be between $885 and $935 per $1,000 face amount, which is less than the original issue price. Thevalue of your notes at any time will reflect many factors and cannot be predicted; however, the price (not includingGS&Co.’s customary bid and ask spreads) at which GS&Co. would initially buy or sell notes (if it makes a market,which it is not obligated to do) and the value that GS&Co. will initially use for account statements and otherwise is Prior to, the price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would buy or sellyour notes (if it makes a market, which it is not obligated to do) will equal approximately the sum of (a) the then-currentestimated 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 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 such documents:●Prospectus supplement dated February 14,