高盛美股招股说明书(2025-05-22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. GS Finance Corp. Contingent Income Auto-Callable Securities Based on the Performance of the Principal at Risk SecuritiesThe Contingent Income Auto-Callable Securities are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.The amount that you will be paid on your securities is based on theperformance of the common stock of Amazon.com, Inc. The securities will mature on the stated maturity date unlessthey are automatically called on any call observation date. If the final share price isgreater thanorequal tothe Your securities will be automatically called if the closing price of the underlying stock on any call observation date is greater thanorequal tothe initial share price, resulting in a payment on the corresponding call payment date equal tothe principal amount of your securitiesplusthe contingent quarterly coupon (defined below) then due. The securities will not pay a fixed coupon and may pay no coupon on a coupon payment date. On each couponobservation date, subject to the automatic call feature, if the closing price of the underlying stock isgreater thanor equal tothe downside threshold price, you will receive on the corresponding coupon payment date a contingentquarterly coupon payment. If the closing price of the underlying stock on any coupon observation date is less than the The securities are for investors who seek to earn a coupon at an above current market rate in exchange for the risk ofreceiving few or no contingent quarterly coupons and the risk of losing all or a portion of the principal of their securities. The issue price, underwriting discount and net proceeds listed on the cover page relate to the securities we sell initially.We may decide to sell additional securities after the date of this pricing supplement, at issue prices and withunderwriting discounts and net proceeds that differ from the amounts set forth above. The return (whether positive or GS Finance Corp. may use this prospectus in the initial sale of the securities. In addition, Goldman Sachs & Co. LLC oranyother affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a security after itsinitialsale.Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, Estimated Value of Your Securities The estimated value of your securities at the time the terms of your securities are set on the pricing date (asdetermined by reference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account ourcredit spreads) is expected to be in the range (the estimated value range) specified on the cover of this pricingsupplement (per $1,000 principal amount), which is less than the original issue price. The value of your securities atany time will reflect many factors and cannot be predicted; however, the price (not including GS&Co.’s customary bidand ask spreads) at which GS&Co. would initially buy or sell securities (if it makes a market, which it is not obligated todo) and the value that GS&Co. will initially use for account statements and otherwise is equal to approximately theestimated value of your securities at the time of pricing, plus an additional amount (initially equal to $per $1,000principal amount).The price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would buy or sell your securities(if it makes a market, which it is not obligated to do) will equal approximately the sum of (a) the then-current estimatedvalue of your securities (as determined by reference to GS&Co.’s pricing models) plus (b) any remaining additionalamount (the additional amount will decline to zero from the time of pricing through, as described below). Onand after, the price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would buy orsell your securities (if it makes a market) will equal approximately the then-current estimated value of your securitiesdetermined by reference to such pricing models.With respect to the $initial additional amount:•$will decline to zero on a straight-line basis from the time of pricing through; and•$will decline to zero on a straight-line basis fromthrough. About Your Securities The securities are notes that are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fullyand unconditionally guaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplementand the accompanying documents listed below. This pricing supplement constitutes a supplement to the documentslisted below, does not set forth all of the terms of your securities and therefore should be read in conjunction with such We refer to the securities we are offering by this pric