高盛美股招股说明书(2025-06-04版)

$Autocallable Index-Linked Notes due 2030 The Goldman Sachs Group, Inc.Payment at Maturity:The amount that you will be paid on your notes at maturity, if they have not been automatically called, is The terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date.Youshould read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-8.Key Terms Company (Issuer) / Guarantor:GS Finance Corp. / The Goldman Sachs Group, Inc.Aggregate face amount:$Automatic call feature:The notes will be automatically called if the closing level of each underlier is greater than or equal to its initial underlier level on any call observation date. In that case, the company will pay, for each$1,000 of the outstanding face amount, an amount in cash on the following call payment date equalto $1,000 + ($1,000 × the applicable call premium amount). •if the final underlier level of each underlier is greater than its initial underlier level: $1,000 +($1,000 × the upside participation rate × the lesser performing underlier return);•if the final underlier level of each underlier is greater than or equal to its trigger buffer level butthe final underlier level of any underlier is equal to or less than its initial underlier level: $1,000;or•if the final underlier level of any underlier is less than its trigger buffer level:$1,000 + ($1,000 × the lesser performing underlier return)Underliers:the Nasdaq-100 Index(current Bloomberg symbol: “NDX Index”), the Russell 2000 Index(current Bloomberg symbol: “RTY Index”) and the S&P 500Index (current Bloomberg symbol:“SPX Index”)Upside participation rate:100%Trigger buffer level:for each underlier, 70% of its initial underlier levelInitial underlier level:with respect to an underlier, an intra-day level or the closing level of such underlier on the tradedateFinal underlier level:with respect to an underlier, the closing level of such underlier on the determination date*Underlier return:with respect to an underlier: (its final underlier level - its initial underlier level) ÷ its initial underlierlevelLesser performing underlierthe underlier return of the lesser performing underlier (the underlier with the lowest underlier return)Calculation agent:Goldman Sachs & Co. LLC (“GS&Co.”)CUSIP / ISIN:40058JCC7 / US40058JCC71* subject to adjustment as described in the accompanying general terms supplementOur estimated value of thenotes on trade date /Additional amount /Additional amount end date:$850 to $890 per $1,000 face amount, which is less than the original issue price. The additionalamount is $and the additional amount end date is. See “The Estimated Value of YourNotes At the Time the Terms of Your Notes Are Set On the Trade Date Is Less Than the OriginalIssue Price Of Your Notes.”Original issue priceUnderwriting discountNet proceeds to the issuer100% of the face amount% of the face amount% of the face amountThe original issue price will be% for certain investors; see "Supplemental Plan of Distribution; Conflicts of Interest" on pagePS-15 for additional information regarding the fees comprising the underwriting discount.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 othergovernmental agency, nor are they obligations of, or guaranteed by, a bank.Goldman Sachs & Co. LLC®®®11 investment in notes will depend in part on the issue price you pay for such notes.GS Finance Corp. may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or sale.Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, thisprospectus is being used in a market-making transaction. About Your ProspectusThe 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 •Underlier supplement no. 44 dated March 20, 2025 •Prospectus supplement dated February 14, 2025 •Prospectus dated February 14, 2025The 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