# EDGAR Filing Document

**Accession Number:** 0001419828
**File Stem:** 0000950170-25-111656
**Filing Date:** 2025-8
**Character Count:** 25688
**Document Hash:** e22fd52be0d4f63417f932a924a88f52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-111656.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000950170-25-111656

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GS Finance Corp.
- **CENTRAL INDEX KEY:** 0001419828
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 260785112
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-284538-03
- **FILM NUMBER:** 251263557

**BUSINESS ADDRESS:**
- **STREET 1:** C/O THE GOLDMAN SACHS GROUP, INC.
- **STREET 2:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-1000

**MAIL ADDRESS:**
- **STREET 1:** C/O THE GOLDMAN SACHS GROUP, INC.
- **STREET 2:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GS Finance Corp.
- **CENTRAL INDEX KEY:** 0001419828
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 260785112
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** C/O THE GOLDMAN SACHS GROUP, INC.
- **STREET 2:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-1000

**MAIL ADDRESS:**
- **STREET 1:** C/O THE GOLDMAN SACHS GROUP, INC.
- **STREET 2:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

---

| | |
|:---|:---|
| ![img114053120_0.jpg](img114053120_0.jpg) | Free Writing Prospectus pursuant to Rule 433 dated August 27, 2025 / Registration Statement No. 333-284538<br>STRUCTURED INVESTMENTS<br>Opportunities in International Equities<br>**GS Finance Corp.** |

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Market-Linked Notes Based on the Value of the EURO STOXX 50® Index due October 3, 2030

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| | | | |
|:---|:---|:---|:---|
| **The Market-Linked Notes do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.**<br>**You should read the accompanying preliminary pricing supplement dated August 27, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** | **The Market-Linked Notes do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.**<br>**You should read the accompanying preliminary pricing supplement dated August 27, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** |  |  |
| **The Market-Linked Notes do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.**<br>**You should read the accompanying preliminary pricing supplement dated August 27, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** | **The Market-Linked Notes do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.**<br>**You should read the accompanying preliminary pricing supplement dated August 27, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** |  |  |
| **The Market-Linked Notes do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.**<br>**You should read the accompanying preliminary pricing supplement dated August 27, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** | **The Market-Linked Notes do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.**<br>**You should read the accompanying preliminary pricing supplement dated August 27, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** |  |  |
| **The Market-Linked Notes do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.**<br>**You should read the accompanying preliminary pricing supplement dated August 27, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** | **The Market-Linked Notes do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.**<br>**You should read the accompanying preliminary pricing supplement dated August 27, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** | **Market-Linked Notes Diagram\*** | **Market-Linked Notes Diagram\*** |
| **The Market-Linked Notes do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.**<br>**You should read the accompanying preliminary pricing supplement dated August 27, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** | **The Market-Linked Notes do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.**<br>**You should read the accompanying preliminary pricing supplement dated August 27, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** | <br>![img114053120_1.jpg](img114053120_1.jpg) | <br>![img114053120_1.jpg](img114053120_1.jpg) |
| ***KEY TERMS*** | ***KEY TERMS*** | <br>![img114053120_1.jpg](img114053120_1.jpg) | <br>![img114053120_1.jpg](img114053120_1.jpg) |
| **Company (Issuer) / Guarantor:**  | GS Finance Corp. / The Goldman Sachs Group, Inc. | <br>![img114053120_1.jpg](img114053120_1.jpg) | <br>![img114053120_1.jpg](img114053120_1.jpg) |
| **Underlying index:** | EURO STOXX 50<sup>®</sup> Index (current Bloomberg symbol: "SX5E Index") | <br>![img114053120_1.jpg](img114053120_1.jpg) | <br>![img114053120_1.jpg](img114053120_1.jpg) |
| **Pricing date:** | expected to price on or about September 16, 2025 | <br>![img114053120_1.jpg](img114053120_1.jpg) | <br>![img114053120_1.jpg](img114053120_1.jpg) |
| **Original issue date:** | expected to be September 19, 2025 | <br>![img114053120_1.jpg](img114053120_1.jpg) | <br>![img114053120_1.jpg](img114053120_1.jpg) |
| **Valuation date:** | expected to be September 30, 2030 | <br>![img114053120_1.jpg](img114053120_1.jpg) | <br>![img114053120_1.jpg](img114053120_1.jpg) |
| **Stated maturity date:** | expected to be October 3, 2030 | <br>![img114053120_1.jpg](img114053120_1.jpg) | <br>![img114053120_1.jpg](img114053120_1.jpg) |
| **Payment at maturity (for each $1,000 stated principal amount of your notes):** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the final index value is greater than the initial index value, $1,000 + the supplemental payment; or<br>•if the final index value is equal to or less than the initial index value, $1,000.  | <br>![img114053120_1.jpg](img114053120_1.jpg) | <br>![img114053120_1.jpg](img114053120_1.jpg) |
| **Supplemental payment:** | $1,000 × leverage factor × the index percent change, provided that in no event will the supplemental payment be less than $0 | <br>![img114053120_1.jpg](img114053120_1.jpg) | <br>![img114053120_1.jpg](img114053120_1.jpg) |
| **Leverage factor (set on the pricing date):** | at least 111.50% | **Hypothetical Final Index Value**<br>**(as Percentage of Initial Index Value)** | **Hypothetical Payment at Maturity**<br>**(as Percentage of Stated Principal Amount)** |
| **Leverage factor (set on the pricing date):** | at least 111.50% | **Hypothetical Final Index Value**<br>**(as Percentage of Initial Index Value)** | **Hypothetical Payment at Maturity**<br>**(as Percentage of Stated Principal Amount)** |
| **Leverage factor (set on the pricing date):** | at least 111.50% | 225.000% | 239.375% |
| **Leverage factor (set on the pricing date):** | at least 111.50% | 200.000% | 211.500% |
| **Leverage factor (set on the pricing date):** | at least 111.50% | 175.000% | 183.625% |
| **Leverage factor (set on the pricing date):** | at least 111.50% | 150.000% | 155.750% |
| **Index percent change:** | (final index value - initial index value) / initial index value | 125.000% | 127.875% |
| **Index percent change:** | (final index value - initial index value) / initial index value | 110.000% | 111.150% |
| **Initial index value:** | the index closing value on the pricing date | **100.000%** | **100.000%** |
| **Final index value:** | the index closing value on the valuation date | 75.000% | 100.000% |
| **CUSIP / ISIN:** | 40058JYY5 / US40058JYY53 | 50.000% | 100.000% |
| **Estimated value range:** | $885 to $945 (which is less than the original issue price; see the accompanying preliminary pricing supplement) | 30.000% | 100.000% |
|  |  | 25.000% | 100.000% |
|  |  | **0.000%** | **100.000%** |
|  |  | \*assumes a leverage factor of 111.50% | \*assumes a leverage factor of 111.50% |

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*This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the notes without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying index (including historical index closing values), the terms of the notes and certain risks.*

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***About Your Notes***<br>

The amount that you will be paid on your notes on the stated maturity date is based on the performance of the EURO STOXX 50<sup>®</sup>Index as measured from the pricing date to and including the valuation date.

At maturity, if the final index value is greater than the initial index value, the return on your notes will be positive and equal to the *product* of the leverage factor *multiplied* by the index percent change.

If the final index value is equal to or less than the initial index value, you will receive the stated principal amount of your investment, without any positive return on your notes.

The notes are for investors who are willing to forgo interest payments for the potential to earn at least 111.50% of any positive return of the index, without participating in the negative return of the index.

**GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, underlier supplement no. 45, general terms supplement no. 17,741 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, underlier supplement no. 45, general terms supplement no. 17,741 and preliminary pricing supplement and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, underlier supplement no. 45, general terms supplement no. 17,741 and preliminary pricing supplement if you so request by calling (212) 357-4612.**

The notes are notes that are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•[Preliminary pricing supplement dated August 27, 2025](https://www.sec.gov/Archives/edgar/data/886982/000095017025111645/sx5ee954_prelim.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•[General terms supplement no. 17,741 dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000095017025021722/gts_gs_2025_shelf.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•[Underlier supplement no. 45 dated June 23, 2025](https://www.sec.gov/Archives/edgar/data/886982/000095017025088923/underlier_supplement_no.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)

*This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the notes without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying index (including historical index closing values), the terms of the notes and certain risks.*

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***RISK FACTORS***<br>

An investment in the notes is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 17,741, accompanying underlier supplement no. 45, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of certain risk factors discussed in such documents. In addition to the below, you should read in full "Risk Factors" in the accompanying preliminary pricing supplement, "Additional Risk Factors Specific to the Notes" in the accompanying general terms supplement no. 17,741, "Additional Risk Factors Specific to the Securities" in the accompanying underlier supplement no. 45, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus. Your notes are a riskier investment than ordinary debt securities. Also, your notes are not equivalent to investing directly in the underlying index stocks, i.e., the stocks comprising the underlying index to which your notes are linked. You should carefully consider whether the offered notes are appropriate given your particular circumstances.

**The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:**

**<u>Risks Related to Structure, Valuation and Secondary Market Sales</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Your Notes Do Not Bear Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪You May Receive Only the Stated Principal Amount of Your Notes at Maturity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪The Notes Are Subject to the Credit Risk of the Issuer and the Guarantor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪The Estimated Value of Your Notes At the Time the Terms of Your Notes Are Set On the Pricing Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your Notes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪The Amount Payable on Your Notes Is Not Linked to the Value of the Underlying Index at Any Time Other than the Valuation Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪The Market Value of Your Notes May Be Influenced By Many Unpredictable Factors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Investing in the Notes Is Not Equivalent to Investing in the Underlying Index; You Have No Shareholder Rights or Rights to Receive Any Underlying Index Stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪We May Sell an Additional Aggregate Stated Principal Amount of the Notes at a Different Issue Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪If You Purchase Your Notes at a Premium to Stated Principal Amount, the Return on Your Investment Will Be Lower Than the Return on Notes Purchased at Stated Principal Amount and the Impact of Certain Key Terms of the Notes Will be Negatively Affected

**<u>Risks Related to Conflicts of Interest</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Other Investors May Not Have the Same Interests as You

**<u>Additional Risks Related to the Underlying Index</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪An Investment in the Offered Notes Is Subject to Risks Associated with Foreign Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Government Regulatory Action, Including Legislative Acts and Executive Orders, Could Result in Material Changes to the Composition of an Underlying Index with Underlying Index Stocks from One or More Foreign Securities Markets and Could Negatively Affect Your Investment in the Notes

**<u>Risks Related to Tax</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Your Notes Will Be Treated as Debt Instruments Subject to Special Rules Governing Contingent Payment Debt Instruments for U.S. Federal Income Tax Purposes

**The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 17,741:**

**<u>Risks Related to Structure, Valuation and Secondary Market Sales</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪If the Value of an Underlier Changes, the Market Value of Your Notes May Not Change in the Same Manner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪The Return on Your Notes Will Not Reflect Any Dividends Paid on Any Underlier, or Any Underlier Stock, as Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Past Performance is No Guide to Future Performance

*This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the notes without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying index (including historical index closing values), the terms of the notes and certain risks.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Your Notes May Not Have an Active Trading Market

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪The Calculation Agent Will Have the Authority to Make Determinations That Could Affect the Market Value of Your Notes, When Your Notes Mature and the Amount, If Any, Payable on Your Notes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪The Calculation Agent Can Postpone the Determination Date, Averaging Date, Call Observation Date or Coupon Observation Date If a Market Disruption Event or Non-Trading Day Occurs or Is Continuing

**<u>Risks Related to Conflicts of Interest</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Hedging Activities by Goldman Sachs or Our Distributors May Negatively Impact Investors in the Notes and Cause Our Interests and Those of Our Clients and Counterparties to be Contrary to Those of Investors in the Notes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Goldman Sachs' Trading and Investment Activities for its Own Account or for its Clients Could Negatively Impact Investors in the Notes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Goldman Sachs' Market-Making Activities Could Negatively Impact Investors in the Notes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪You Should Expect That Goldman Sachs Personnel Will Take Research Positions, or Otherwise Make Recommendations, Provide Investment Advice or Market Color or Encourage Trading Strategies That Might Negatively Impact Investors in the Notes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Goldman Sachs Regularly Provides Services to, or Otherwise Has Business Relationships with, a Broad Client Base, Which May Include the Sponsors of the Underlier or Underliers or Constituent Indices, As Applicable, the Investment Advisors of the Underlier or Underliers, As Applicable, or the Issuers of the Underlier or the Underlier Stocks or Other Entities That Are Involved in the Transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪The Offering of the Notes May Reduce an Existing Exposure of Goldman Sachs or Facilitate a Transaction or Position That Serves the Objectives of Goldman Sachs or Other Parties

**<u>Risks Related to Tax</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Certain Considerations for Insurance Companies and Employee Benefit Plans

**The following risk factors are discussed in greater detail in the accompanying underlier supplement no. 45:**

**<u>Additional Risks Relating to Securities Linked to Underliers that are Equity Indices</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪If Your Securities Are Linked to an Equity Index, the Policies of the Applicable Underlier Sponsor and Changes that Affect Such Underlier, or the Constituent Indices or Underlier Stocks Comprising Such Underlier, Could Affect the Amount Payable on Your Securities and Their Market Value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪If Your Securities Are Linked to an Equity Index, Except to the Extent The Goldman Sachs Group, Inc. Is One of the Companies Whose Common Stock Comprises the Applicable Underlier, and Except to the Extent That We or Our Affiliates May Currently or in the Future Own Securities of, or Engage in Business With, the Applicable Underlier Sponsor or the Issuers of the Underlier Stocks, There Is No Affiliation Between the Issuers of the Underlier Stocks or Such Underlier Sponsor and Us

**The following risk factors are discussed in greater detail in the accompanying prospectus supplement:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪The Return on Indexed Notes May Be Below the Return on Similar Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪The Issuer of a Security or Currency That Serves as an Index Could Take Actions That May Adversely Affect an Indexed Note

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪An Indexed Note May Be Linked to a Volatile Index, Which May Adversely Affect Your Investment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪An Index to Which a Note Is Linked Could Be Changed or Become Unavailable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪We May Engage in Hedging Activities that Could Adversely Affect an Indexed Note

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Information About an Index or Indices May Not Be Indicative of Future Performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪We May Have Conflicts of Interest Regarding an Indexed Note

*This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the notes without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying index (including historical index closing values), the terms of the notes and certain risks.*

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**The following risk factors are discussed in greater detail in the accompanying prospectus:**

*Risks Relating to Regulatory Resolution Strategies and Long-Term Debt Requirements*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪The application of regulatory resolution strategies could increase the risk of loss for holders of our securities in the event of the resolution of Group Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪The application of Group Inc.'s proposed resolution strategy could result in greater losses for Group Inc.'s security holders.

For details about the license agreement between the underlying index publisher and the issuer, see "The Underliers – EURO STOXX 50<sup>®</sup> Index" on page S-36 of the accompanying underlier supplement no. 45.

***TAX CONSIDERATIONS***<br>

You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption "Supplemental Discussion of U.S. Federal Income Tax Consequences" concerning the U.S. federal income tax consequences of an investment in the notes, and you should consult your tax advisor.

*This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the notes without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying index (including historical index closing values), the terms of the notes and certain risks.*

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