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May 2025 Non-Seasonally Adjusted U.S. City Average All Items Consumer Price Index for AllUrban Consumers Supplement to the Underlier Supplement, the Prospectus Supplement andthe Prospectus, each as may be amended from time to time, that form a part of RegistrationStatement No. 333-284538Filed Pursuant to Rule 424(b)(3)Registration Statement No. 333-284538 GS Finance Corp. Medium-Term Notes, Series Fguaranteed byThe Goldman Sachs Group, Inc. Non-Seasonally Adjusted U.S. City Average All Items Consumer Price Index for All UrbanConsumers Overview This section constitutes only a brief overview of the non-seasonally adjusted U.S. City Average All Items Consumer Price Index forAll Urban Consumers. The index is described in more detail under “The Underliers — Non-Seasonally Adjusted U.S. City AverageAll Items Consumer Price Index for All Urban Consumers” in the underlier supplement referred to in “About This Index Supplement” The non-seasonally adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers (currently published onBloomberg page “CPURNSA”), which we also refer to in this index supplement as the “index,” is a measure of the average changeover time in the prices paid by urban consumers for a market basket of consumer goods and services, including food, clothing, living. The index is reported monthly by the Bureau of Labor Statistics of the U.S. Department of Labor (the “BLS”). The BLS sets theaverage index level for the base reference period — the 36-month period covering 1982, 1983 and 1984 — equal to 100, and thenmeasures changes in relation to that figure. The level of the index for a particular month is published during the following month. Incalculating the index, price changes for the various items are averaged together with weights that represent their importance in thespending of urban households in the United States. The contents of the market basket of goods and services and the weightsassigned to the various items are updated periodically by the BLS to take into account changes in consumer buying habits or shiftsin population distribution or demographics. We have derived all information contained in this index supplement regarding the index from publicly available information.Additional information about the index is available on the following website: bls.gov/cpi/. We are not incorporating by reference thewebsite or any material it includes in this index supplement. Historical Performance The table below shows the monthly historical levels of the index as reported by the BLS from January2020 through April 2025. We obtained the levels in the table below from Bloomberg Financial Services,without independent verification.You should not take the historical levels of the index as anindication of its future performance. Annualized Return The following table provides the annualized return of the index for each applicable period ended April2025. Annualized return represents the average rate of return per annum, calculated as the geometricaverage of the percentage change of the index during the applicable time period.You should not take 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 index supplement, the applicable pricing supplement, theapplicable product supplement, if any, the applicable general terms supplement, if any, the accompanying underlier The securities 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. LLC May 2025 Non-Seasonally Adjusted U.S. City Average All Items Consumer Price Index for All Urban ConsumersSupplement dated May 23, 2025. May 2025 Non-Seasonally Adjusted U.S. City Average All ItemsConsumer Price Index for All Urban Consumers Supplement Dated May 23, 2025 Selected Risk Factors An investment in securities linked to the index is subject to the risks described below as well as the risks and considerationsdescribed in the accompanying underlier supplement no. 44, the applicable pricing supplement, the applicable product supplement,ifany,the applicable general terms supplement,if any,the accompanying prospectus supplement and the accompanying •The Estimated Value of Your Securities At the Time the Terms of Your Securities Are Set On the Trade Date (as DeterminedBy Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your Securities •Your Securities Are Subject to the Credit Risk of GS Finance Corp., as Issuer, and the Credit Risk of The Goldman SachsGroup, Inc., as Guarantor •The Market Value of Your Securities May Be Influenced by Many Unpredictable Factors •If the Value of an Underlier Changes, the Market Value of Your Securities May Not Change in the Same Manner •Past Performance is No Guide to Future Performance •The Policies of the