高盛美股招股说明书(2025-05-07版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricingsupplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or saleis not permitted. Subject to Completion. May 7, 2025.GS Finance Corp. $Leveraged Callable S&P 500Futures Excess Return Index-Linked Notes due The Goldman Sachs Group, Inc. The notes do not bear interest.The notes will mature on the stated maturity date (expected to be June 4, 2030),unless we redeem them. We may redeem your notes at 100% of their face amount plus an amountequal totheproductof $1,000timesthe applicable call premium amount on any call payment date (expected to be the monthly dates specified onpage PS-4of this pricing supplement).The call payment dates and applicable call premium amount for each call If we donotredeem your notes, the amount that you will be paid on your notes on the stated maturity date is based onthe performance of the S&P 500®Futures Excess Return Index as measured from the trade date (expected to be May30, 2025) to and including the determination date (expected to be May 30, 2030). The index tracks the performance of E-mini S&P 500 futures contracts, not the S&P 500®return on an investment in a futures contract is correlated with, but not the same as, the return on buying andholding the securities underlying such contract. If the final index level on the determination date isgreater thanthe initial index level (set on the trade date and will bean intra-day level or the closing level of the index on the trade date), the return on your notes will be positive and willequal 1.5timesthe index return. The index return is the percentage increase or decrease in the final index level from If the final index level isequal toorless thanthe initial index level, you will receive the face amount of yournotes. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: •if the index return ispositive(the final index level isgreater thanthe initial index level), thesumof (i) $1,000plus(ii)theproductof (a) $1,000times(b) 1.5times(c) the index return; or •if the index return iszeroornegative(the final index level isequal toorless thanthe initial index level), $1,000. 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 PS-9. 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:expected to be June 4, 2025Original issue price:Underwriting discount:% of the face amount*Net proceeds to the issuer: *See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-20for additional information regarding thefees 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 pricing supplement, at issue prices and with underwriting discounts and netproceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in 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, this Estimated Value of Your Notes The estimated value of your notes 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 isequal to approximately the estimated value of your notes at the time of pricing, plus an additional amount (init