高盛美股招股说明书(2026-02-02版)

Autocallable Goldman Sachs Momentum BuilderFocus ER Index-Linked Notes due 2033 guaranteed byThe 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 based onthe performance of the index. equal tothe applicable call level on the related call observation date. The call level increases the longer the notes are outstanding.Interest:The notes do not bear interest. 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 GSFinance Corp. and The Goldman Sachs Group, Inc. See page PS-12. Key Terms •if the final index level is equal to or less than the initial index level: $1,000® the Goldman Sachs Momentum BuilderFocus ER Index (current Bloomberg symbol: “GSMBFC5Index”)The index measures the performance of a “base index,” which is composed of up to nine underlying indices that provide exposure to focused U.S. equities, other developed market equities, developedmarket fixed income assets, emerging market equities and commodities, as well as a money marketposition that accrues interest at a rate equal to the federal funds rate. The base index rebalances oneach index business day based on the historical returns of these underlying assets in order to create aportfolio generating the highest historical returns, subject to a set of predefined rules and constraints,including a realized volatility limit and minimum and maximum asset and asset class weights. Theoverall amount of exposure the index provides to this base index may also be reduced and allocated tonon-interest bearing cash positions based on the application of (i) a realized volatility control of 5% and(ii) a momentum risk control feature. The overall goal of the index is to provide exposure to a daily rebalancing of the combination ofunderlying assets with the strongest historical returns with realized volatility lower than the volatility limitwhile limiting the index’s overall volatility level and reducing exposure to assets that have exhibited the The daily base index return is subject to a deduction equal to the return on the federal fundsrate and, in addition, the entire index is subject to a deduction of 0.65% per annum (accruing The net effect of the deduction for the federal funds rate on the base index and the 0.65% deduction onthe full index means that any aggregate exposure to the return-based money market position or thenon-interest bearing cash positions will reduce the index performance on a pro rata basis by 0.65%.Avery significant portion of the index has been, and may be in the future, allocated to the return-based money market position and the non-interest bearing cash positions.For more information about the index, including its fees and deductions, see “Index Summary”.$850 to $890 per $1,000 face amount, which is less than the original issue price. The additional Our estimated value of thenotes on trade date /Additional amount / Additionalamount end date:amount is $and the additional amount end date isNotes At the Time the Terms of Your Notes Are Set On the Trade Date Is Less Than the Original IssuePrice Of Your Notes.” The original issue price will be% for certain investors; see "Supplemental Plan of Distribution; Conflicts of Interest" for additionalinformation 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 Pricing Supplement No. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decide tosell 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 in 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. may use this prospectus in a market-making transaction in a note after its initial sale. Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this About Your Prospectus The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionallyguaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and the accompanyingdoc