高盛美股招股说明书(2025-05-21版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminarypricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdictionwhere the offer or sale is not permitted. The Goldman Sachs Group, Inc. Payment at Maturity:The amount that you will be paid on your notes on the stated maturity date is based on the performance ofthe underlier as measured from the trade date to and including the determination date. •If the final underlier level on the determination date is greater than the initial underlier level, the return on your notes will bepositive and will equal the underlierreturn, subject to the maximum settlement amount. Interest:The notes do not bear interest.The terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date.You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk ofGS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-5. Key Terms Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of thesesecurities 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 other Goldman Sachs & Co. LLC Pricing Supplement No. 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 listedbelow, does not set forth all of the terms of your notes and therefore should be read in conjunction with such documents:•General terms supplement no. 17,741 dated February 14, 2025•Underlier supplement no. 44 dated March 20, 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.This pricing supplement and the accompanying documents listed above are an offer to sell only the notes offered 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 indenture, 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 YorkMellon, as trustee. This indenture, as so supplemented and as further supplemented thereafter, is referred to as the 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 the impact that the varioushypothetical underlier levels on the determination date could have on the cash settlement amount at maturity The information in the following examples reflects hypothetical rates of return on the offered notes assuming that theyare purchased on the original issue date at the face amount and held to the stat