高盛美股招股说明书(2025-07-24版)

$The Goldman Sachs Group, Inc.Fixed Rate Notes due 2028 We will pay you interest on your notes at the interest rate from and including the original issue date to but excluding the statedThe terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date. The Goldman Sachs Group, Inc. Specified currency:U.S. dollars ($)Type of Notes:Fixed rate notes (notes) Denominations:$1,000 and integral multiples of $1,000 in excess thereofTrade date:July 29, 2025Original issue date:July 31, 2025 Stated maturity date: one or more transactions at market prices prevailing at the time of sale, at prices related to market prices or at About Your ProspectusThe notes are part of the Medium-Term Notes, Series N program of The Goldman Sachs Group, Inc. This prospectusincludes this pricing supplement and the accompanying documents listed below. This pricing supplement constitutes a conjunction with such documents:•Prospectus supplement dated February 14, 2025•Prospectus dated February 14, 2025 responsibility 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 offeredhereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in thispricing supplement and the accompanying documents listed above is current only as of the respective dates of suchdocuments.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 “The Goldman “holders” mean The Depository Trust Company (DTC) or its nominee and not indirect owners who own beneficialinterests in notes through participants in DTC. Please review the special considerations that apply to indirect ownersin the accompanying prospectus, under “Legal Ownership and Book-Entry Issuance”.This pricing supplement summarizes specific terms that will apply to your notes. The terms of the notes described supplement, unless the context requires otherwise. except in the limited situations described in the accompanying prospectus under “Legal Ownership and Book-EntryIssuance – What Is a Global Security? – Holder’s Option to Obtain a Non-Global Security; Special Situations When a Global Security Will Be Terminated”. Investors may hold interests in a master global note through organizations that accompanying prospectus. PS-4 certain of the material U.S. federal income tax consequences of the purchase, beneficial ownership, and disposition ofeach of the notes. This summary supplements the section “United States Taxation” in the accompanying prospectus supplement and the accompanying prospectus and is subject to the limitations and exceptions set forth therein.Interest on a note will be taxable to a U.S. holder as ordinary interest income at the time it accrues or is received inaccordance with the U.S. holder’s normal method of accounting for tax purposes. Upon the disposition of a note bysale, exchange, or retirement or other disposition, a U.S. holder will generally recognize capital gain or loss equal to holder’s adjusted tax basis in a note generally will equal the cost of the note to the U.S. holder. The deductibility ofcapital losses is subject to significant limitations.Pursuant to Treasury regulations, Foreign Account Tax Compliance Act (FATCA) withholding (as described in “UnitedStates Taxation – Taxation of Debt Securities – Foreign Account Tax Compliance Act (FATCA) Withholding” in theaccompanying prospectus) will generally apply to obligations that are issued on or after July 1, 2014; therefore, the PS-5 certain securities dealers at such price less a concession not in excess of% of the principal amount. The originalissue price for notes purchased by certain fee-based advisory accounts will vary between% and 100% of the 100% of the principal amount will reduce the underwriting discount specified on the cover of this pricing supplementwith respect to such note. The original issue price paid by any fee-based advisory account will be reduced by theamount of any fees foregone by the securities dealer or dealers involved in the sale of the notes to such advisoryaccount, but not by more than% of the principal amount of the notes. If all of the offered notes are not sold at theoriginal issue price, the underwriter and/or dealers may change the offering price and the other selling terms.In the future, Goldman Sachs & Co. LLC or other affiliates of The Goldman Sachs Group, Inc. may repurchase andresell the offered notes in market-making transactions, with resales being made at prices related to prevailing marketprices at the time of resale or at negotiated prices. The Goldman Sachs Group, Inc. estimates that its share of the total secondary market generally ar