高盛美股招股说明书(2025-10-07版)

The notes do not bear interest.The amount that you will be paid on your notes on the stated maturity date (October6, 2027) is based on the performance of a weighted basket comprised of the EURO STOXX 50®Index (38%weighting), TOPIX (26% weighting), the FTSE®100 Index (17% weighting), the Swiss Market Index (11% weighting)and the S&P/ASX 200 Index (8% weighting) as measured from the trade date to and including the determination date(October 4, 2027). The initial basket level is 100 and the final basket level will equal thesumof the products, as calculated for each basketindex, of: (i) its final index leveldividedby its initial index level (5,645.81 with respect to the EURO STOXX 50®Index,3,087.40 with respect to TOPIX, 9,427.73 with respect to the FTSE®100 Index, 12,427.18 with respect to the SwissMarket Index and 8,945.941 with respect to the S&P/ASX 200 Index (which in each case is an intra-day level or theclosing level of such basket index on the trade date)multipliedby(ii) its initial weighted value. If the final basket levelon the determination date is greater than the initial basket level, the return on your notes will be positive and will equalthe participation rate of 2 times the basket return, subject to the maximum settlement amount of $1,262 for each $1,000face amount of your notes. If the final basket level declines by up to 10% from the initial basket level, you will receivethe face amount of your notes. If the final basket level declines by more than 10% from the initial basket level, the return on your notes will be negativeand you will lose approximately 1.1111% of the face amount of your notes for every 1% that the final basket level hasdeclined below 90% of the initial basket level. See page PS-3. You could lose your entire investment in the notes. To determine your payment at maturity, we will calculate the basket return, which is the percentage increase ordecrease in the final basket level from the initial basket level. At maturity, for each $1,000 face amount of your notes,you will receive an amount in cash equal to: ●if the basket return ispositive(the final basket level isgreater thanthe initial basket level), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) 2 times (c) the basket return, subject to the maximum settlementamount;●if the basket return is zero or negative but not below -10% (the final basket level is equal to or less than the initialbasket level but not by more than 10%), $1,000; or●if the basket return is negative and is below -10% (the final basket level is less than the initial basket level by morethan 10%), the sum of (i) $1,000 plus (ii) the product of (a) the buffer rate of approximately 111.11% (see page PS-3) times (b) the sum of the basket return plus 10% times (c) $1,000. You will receive less than the face amount ofyour notes. Declines in one basket index may offset increases in the other basket indices. Due to the unequal weighting ofeach basket index, the performances of the basket indices with greater weights will have a significantly largerimpact on the return on your notes than the performances of the basket indices with lesser weights. You should read the disclosure herein to better understand the terms and risks of your investment, includingthe credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-13. The estimated value of yournotes at the time the terms of your notes are set on the trade date is equal toapproximately $973 per $1,000 face amount. For a discussion of the estimated value and the price at which GoldmanSachs & Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the following page. Original issue date:October 9, 2025Original issue price:100% of the face amountUnderwriting discount:1.5% of the face amountNet proceeds to the issuer:98.5% of the face amount 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. The notes are not bank deposits and are not insured by the Federal DepositInsurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, abank. Goldman Sachs & Co. LLC Amendment No. 1 dated October 6, 2025 to Pricing Supplement No. 20,019 dated October 2, 2025. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decideto sell additional notes after the date of this pricing supplement, at issue prices and with underwriting discounts and netproceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment innotes 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 anyother affiliate of GS Finance Corp.