高盛美股招股说明书(2026-03-25版)

GS Finance Corp. Medium-Term Notes, Series FWarrants, Series Gguaranteed byThe Goldman Sachs Group, Inc. Underlier Supplement GS Finance Corp. may from time to time offer and sell notes or warrants (which we refer to collectively as securities), the paymentsand performance of which will be linked to the performance of one or more indices. We refer to these indices as underliers. The accompanying prospectus and the accompanying prospectus supplement, each as may be amended from time to time, thatform a part of Registration Statement No. 333-284538 describe some of the terms that may apply generally to the securities,including any securities you purchase. A separate pricing supplement, which we refer to as the applicable pricing supplement and,if specified in the applicable pricing supplement, a separate product supplement, which we refer to as the applicable productsupplement, and, if specified in the applicable pricing supplement, a separate general terms supplement, which we refer to as theapplicable general terms supplement, will describe additional terms that apply to your securities. The applicable pricing supplementwill identify whether any of the underliers described herein will be used to calculate a return on your securities. If the description inthe applicable pricing supplement of any underlier to which your securities are linked is inconsistent with the description herein, thedescription of the underlier in the applicable pricing supplement is controlling. •Certain underlier risks applicable to the securities. You should read these risks in conjunction with the risks described in theapplicable pricing supplement, the applicable product supplement, if any, the applicable general terms supplement, if any, theaccompanying prospectus supplement and the accompanying prospectus. •A description of the following underliers to which your securities may be linked: •S&P 500 Daily Risk Control 5% USD Excess Return Index•S&P 500 Daily Risk Control 10% USD Excess Return Index•S&P 500 Futures Excess Return Index•S&P 500 Futures Volatility Plus Daily Risk Control Index•S&P 500 Index•S&P 500 Value Index•S&P 500 Volatility Plus Daily Risk Control Index•S&P MidCap 400 Index•Swiss Market Index•TOPIX•Non-Seasonally Adjusted U.S. City Average All Items ConsumerPrice Index for All Urban Consumers®®®®®®®® •Dow Jones Industrial Average•Dow Jones Industrial Average Futures Excess ReturnIndex•Dow Jones U.S. Select Dividend Index•EURO STOXX 50 Index•FTSE 100 Index•MSCI Indices•MSCI USA Momentum Top 50 Select Index•Nasdaq-100 Futures Excess Return™ Index•Nasdaq-100 Index•Nasdaq-100 Technology Sector Index•Nikkei 225•Russell 2000 Futures Excess Return Index•Russell 2000 Index•Russell 2000 Value Index•S&P/ASX 200 Index®®®®®®® Your investment in the securities involves certain risks. See “Additional Risk Factors Specific to the Securities” beginning on pageS-2 to read about investment risks relating to the securities.Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this underlier supplement no. 48, the applicable pricingsupplement, the applicable product supplement, if any, the applicable general terms supplement, if any, theaccompanying prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminaloffense. The securities 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.GS Finance Corp. may use this underlier supplement no. 48 in the initial sale of the securities. In addition, Goldman Sachs & Co. LLC (GS&Co.), or any other affiliate of GS Finance Corp., may use this underlier supplement no. 48 in a market-making transactionin a security after its initial sale.Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmationof sale, this underlier supplement no. 48 is being used in a market-making transaction. Goldman Sachs & Co. LLC Underlier Supplement No. 48 dated March 24, 2026. ADDITIONAL RISK FACTORS SPECIFIC TO THE SECURITIES In this underlier supplement no. 48, when we refer to a “security” we mean a security linked to one of the underliers specifiedherein unless the context requires otherwise. Please note that in this underlier supplement no. 48, references to “GS FinanceCorp.”, “we”, “our” and “us” refer only to GS Finance Corp. and do not include its consolidated subsidiaries or affiliates. Also,references to “The Goldman Sachs Group, Inc.”, our ultimate parent company, refer only to The Goldman Sachs Group, Inc.and do not include its consolidated subsidiaries, while references to “Goldman Sachs” mean The Goldman Sachs Group, Inc.together with its consolidated subsidiaries and affiliates, including us. References to “holders” mean those who own securitiesregistered in their own names, on the books th