高盛美股招股说明书(2026-03-23版)

Subject to Completion. Dated March 20, 2026 GS Finance Corp. Linked to the least performing of the S&P 500Index, Russell 2000 Index and the Nasdaq-100 IndexInvestment Description®®® The amount you will be paid on your notes is based on the performance of the least performing of the S&P 500® Index, the Russell 2000®Index and the Nasdaq-100®Index. The notes are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman SachsGroup, Inc. Your notes will pay a contingent coupon on a coupon payment date only if the closing level of each index on the applicableobservation date (quarterly, including the determination date) is equal to or greater than its coupon barrier. Otherwise, no contingentcoupon will be paid for the relevant coupon payment date. Commencing in July 2026, your notes will be automatically called if the closinglevel of each index on any observation date is equal to or greater than its initial index level on the trade date. If the notes are automaticallycalled, you will receive on the applicable coupon payment date following such observation date a payment per note equal to the faceamount plus the contingent coupon otherwise due, and no further payments will be owed to you under the notes. If the notes are notautomatically called and the closing level of each index on the determination date (the final index level) is equal to or greater than itsdownside threshold (which is the same as its coupon barrier), you will receive the face amount of your notes plus the final contingentcoupon. If, however, the notes are not automatically called and the final index level of any index is less than its downside threshold, you willreceive less than the face amount of your notes and you will not receive a final contingent coupon, resulting in a percentage loss on yourinvestment equal to the percentage change in the lesser performing index from the trade date to the determination date (the index return)and you could lose all of your investment. The lesser performing index is the index with the lowest index return.Investing in the notes involves significant risks. You may lose a significant portion or all of your investment and may not receive any contingent coupon during the term of the notes. You will be exposed to the market risk of each index on each observationdate, including the determination date, and any decline in the level of one index may negatively affect your return and will not beoffset or mitigated by a lesser decline or any potential increase in the level of any other index. Generally, a higher contingentcoupon on a note is associated with a greater risk of loss and a greater risk that you will not receive contingent coupons over theterm of the notes. The contingent repayment of principal applies only at maturity. Any payment on the notes, including anyrepayment of principal, is subject to the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc. OAutomatic Call Feature– Commencing in July 2026, your notes will be automatically called andyou will receive the face amount of your notes plus the contingent coupon otherwise due on therelated coupon payment date if the closing level of each index is equal to or greater than its initialindex level on any quarterly observation date. If the notes were previously automatically called, nofurther payments will be owed to you under the notes.OContingent Repayment of Principal at Maturity with Potential for Full Downside Market Exposure– At maturity, if the notes have not been automatically called and the final index level of each index is equal to or greater than its downside threshold (which is the same as its couponbarrier), you will receive a payment equal to the face amount of your notes plus the final contingentcoupon. If, however, the final index level of any index is less than its downside threshold, you willreceive less than the face amount, if anything, and no contingent coupon, resulting in a percentageloss on your investment equal to the lesser performing index return. The contingent repayment ofprincipal applies only if you hold the notes to maturity. Any payment on the notes, including anyrepayment of principal, is subject to the creditworthiness of GS Finance Corp. and The GoldmanSachs Group, Inc. Notice to investors: the notes are a riskier investment than ordinary debt securities. GS Finance Corp. is not necessarily obligatedto repay the face amount of the notes at maturity, and the notes may have the same downside market risk as the indices. Thismarket risk is in addition to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. You should not purchase thenotes if you do not understand or are not comfortable with the significant risks involved in investing in the notes.You should 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-14.Key Terms Neither the Securitie