高盛美股招股说明书(2025-06-02版)

Subject to Completion. Dated June 2, 2025.$The Goldman Sachs Group, Inc. payment will be made on the first interest payment date (expected to be December 13, 2025).In addition, we may redeem the notes at our option, in whole but not in part, on each redemption date(expected to be each March 13, June 13, September 13 and December 13 on or after June 13, 2028), upon atleast five business days’ prior notice, at a redemption price equal to 100% of the outstanding principal amount Per NoteTotalInitial price to public*%$Underwriting discount*%$ The initial price to public set forth above does not include accrued interest, if any. Interest on the notes will accrue fromthe original issue date and must be paid by the purchaser if the notes are delivered after the original issue date. Inaddition to offers and sales at the initial price to public, the underwriters may offer the notes from time to time for sale inone or more transactions at market prices prevailing at the time of sale, at prices related to market prices or at negotiated prices. such notes.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. other governmental agency, nor are they obligations of, or guaranteed by, a bank. other affiliate of Goldman Sachs may use this prospectus in a market-making transaction in the notes after their initialsale.Unless Goldman Sachs or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus isbeing used in a market-making transaction. Goldman Sachs & Co. LLC The notes are part of the Medium-Term Notes, Series N program of The Goldman Sachs Group, Inc. This prospectus •Prospectus supplement 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. Please note that in this section entitled “Specific Terms of the Notes”, references to “The Goldman Sachs Group,Inc.”, “we”, “our” and “us” mean only The Goldman Sachs Group, Inc. and do not include any of its subsidiaries oraffiliates. Also, in this section, references to “holders” mean The Depository Trust Company (DTC) or its nominee and not indirect owners who own beneficial interests in notes through participants in DTC. Please review the specialconsiderations that apply to indirect owners in the accompanying prospectus, under “Legal Ownership and Book- , 2025 (pricing supplement) and the accompanying prospectus datedFebruary 14, 2025 (accompanying prospectus), relating to the notes, should be read together. Because the notes are Entry Issuance”. This pricing supplement no.dated June part of a series of our debt securities called Medium-Term Notes, Series N, this pricing supplement and the accompanying prospectus should also be read with the accompanying prospectus supplement, dated February 14,2025 (accompanying prospectus supplement). Terms used but not defined in this pricing supplement have the meanings given them in the accompanying prospectus or accompanying prospectus supplement, unless the context requires otherwise. The notes are part of a separate series of our debt securities under our Medium-Term Notes, Series N programgoverned by our Senior Debt Indenture, dated as of July 16, 2008, as amended, between us and The Bank of New York Mellon, as trustee. This pricing supplement summarizes specific terms that will apply to your notes. The terms ofthe notes described here supplement those described in the accompanying prospectus supplement and accompanying prospectus and, if the terms described here are inconsistent with those described there, the terms described here are controlling.Terms of the Callable Fixed Rate Notes due 2033 Interest payment dates (set on the trade Issuer:The Goldman Sachs Group, Inc. Principal amount:$Specified currency:U.S. dollars ($)Type of Notes:Fixed rate notes (notes)Denominations:$1,000 and integral multiples of$1,000 in excess thereofdate):expected to beJune 13 and December 13 ofeach year,commencing in December 2025 and endingon the stated maturity dateRegular record dates:for interest due on an interestpayment date, the day immediately prior to the day onwhich payment is to be made (as such payment daymay be adjusted under the applicable business day Day count convention:30/360 (ISDA), as furtherdiscussed under “Additional Information About the Notes — Day Count Convention” on page PS-5of thispricing supplement Stated maturity date (set on the trade Business day:each Monday, Tuesday, Wednesday,Thursday and Friday that is not a day on which bankinginstitutions in New York City generally are authorized orobligated by law, regulation or executive order to closeBusiness day convention:following unadjustedRedemptio