高盛美股招股说明书(2025-05-08版)

Payment at Maturity:The amount that you will be paid on your notes at maturity, if they have not been automatically called, inaddition to the final coupon, if any, is based on the performance of the underlier.You could lose a significant portion of yourinvestment in the notes. Coupon Payments:The notes will pay a contingent monthly coupon on a coupon payment date if the closing level of the underlierisgreater thanorequal tothe coupon trigger level on the related coupon observation date.Automatic Call:The notes will be automatically called on a call payment date if the closing level of the underlier isgreater thanor equal tothe initial underlier level on the related call observation date.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 PS-8. Key Terms See "Supplemental Plan of Distribution; Conflicts of Interest" on page PS-15 for additional information regarding the feescomprising the underwriting discount.Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminaloffense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any othergovernmental agency, nor are they obligations of, or guaranteed by, a bank. Goldman Sachs & Co. LLCPricing Supplement No. 18,603 dated May 6, 2025. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We maydecide to sell additional notes after the date of this pricing supplement, at issue prices and with underwriting discountsand net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your GS Finance Corp. may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC orany other affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initialsale.Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this About Your Prospectus The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully andunconditionally guaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement andthe accompanying documents listed below. This pricing supplement constitutes a supplement to the documents listed •General terms supplement no. 17,741 dated February 14, 2025 •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. We have not authorized anyone to provide any information or to make any representations other than those containedin or incorporated by reference in this pricing supplement and the accompanying documents listed above. We take noresponsibility for, and can provide no assurance as to the reliability of, any other information that others may provide. We refer to the notes we are offering by this pricing supplement as the “offered notes” or the “notes”. Each of theoffered notes has the terms described below. Please note that in this pricing supplement, references to “GS FinanceCorp.”, “we”, “our” and “us” mean only GS Finance Corp. and do not include its subsidiaries or affiliates, references to“The Goldman Sachs Group, Inc.”, our parent company, mean only The Goldman Sachs Group, Inc. and do not together with its consolidated subsidiaries and affiliates, including us. The notes will be issued under the senior debtindenture, dated as of October 10, 2008, as supplemented by the First Supplemental Indenture, dated as of February20, 2015, each among us, as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York The notes will be issued in book-entry form and represented by master note no. 3, dated March 22, 2021. HYPOTHETICAL EXAMPLES The following examples are provided for purposes of illustration only. The examples should not be taken as anindication or prediction of future investment results and merely are intended to illustrate (i) the impact that the varioushypothetical closing levels of the underlier on a coupon observation date could have on the coupon payable, if any, onthe related coupon payment date and (ii) the impact that the various hypothetical closing levels of the underlier on thedetermination date could have on the cash settlement amount at maturity assuming all other variables remain constant The information in the following examples reflects hypothetical rates of return on the offered notes assuming that theyare purchased on the original issue date a