# EDGAR Filing Document

**Accession Number:** 0000886982
**File Stem:** 0001193125-26-081449
**Filing Date:** 2026-2
**Character Count:** 126302
**Document Hash:** 739a51a4e3d6804da63bafd810e3eac3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-081449.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-081449

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS GROUP INC
- **CENTRAL INDEX KEY:** 0000886982
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 134019460
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-284538
- **FILM NUMBER:** 26696169

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-1000

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS GROUP INC/
- **DATE OF NAME CHANGE:** 20010104
**FILER**: 

**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:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-284538-03
- **FILM NUMBER:** 26696170

**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 Pursuant to Rule 424(b)(2)**

**Registration Statement No. 333-284538**

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|:---|:---|
| &nbsp;&nbsp;![img183279741_0.jpg](img183279741_0.jpg)<br>| **GS Finance Corp.**<br>$1,142,000<br>Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by <br>**The Goldman Sachs Group, Inc.** |

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The notes will mature on the stated maturity date (February 27, 2033).

On the stated maturity date, we will pay you an amount in cash equal to the face amount of your notes *plus* accrued and unpaid interest. Subject to our redemption right, the notes will pay interest quarterly, beginning approximately three months after the original issue date. For each interest period from and including February 27, 2026 to but excluding February 27, 2027 (the fixed rate period), we will pay interest quarterly at a fixed rate of 8.00% per annum. For each interest period commencing on or after February 27, 2027 (the floating rate period), the amount of interest you will be paid each quarter will be based on the *product* of (i) 8 *times* (ii) 5.15% *minus* the 10-year CMT rate on the relevant interest determination date (the second U.S. government securities business day preceding the respective interest period), subject to the maximum interest rate of 16.00% per annum and the minimum interest rate of 0.00% per annum.

**By purchasing this note, you are taking the view that, on each interest determination date for the floating rate period, the 10-year CMT rate will be less than 5.15%.**

We may redeem your notes at 100% of their face amount plus any accrued and unpaid interest on any quarterly interest payment date on or after February 27, 2027.

For each quarterly interest period commencing on or after February 27, 2027, the interest rate per annum for such interest period will equal:

• if (i) 5.15% *minus* the 10-year CMT rate *times* (ii) 8 is *greater than* or *equal to* 16.00%, the maximum interest rate of 16.00%;

• if (i) 5.15% *minus* the 10-year CMT rate *times* (ii) 8 is *less than* 16.00% but *greater than* 0.00%, (i) 5.15% *minus* the 10-year CMT rate *times* (ii) 8; or

• if (i) 5.15% *minus* the 10-year CMT rate *times* (ii) 8 is *equal to* or *less than* 0.00%, the minimum interest rate of 0.00%.

**For each interest period from and including February 27, 2026 to but excluding February 27, 2027, the interest rate will equal 8.00% per annum. For each interest period commencing on or after February 27, 2027, the interest rate per annum could be as little as 0.00% and will be subject to a maximum interest rate of 16.00%.**

You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page S-8.

*The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately $959.50 per $1,000 face amount. For a discussion of the estimated value and the price at which Goldman Sachs & Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the following page.*

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| | | | |
|:---|:---|:---|:---|
| **Original issue date:** | February 27, 2026 | **Original issue price:** | 100% of the face amount |
| **Underwriting discount:** | 1.90% of the face amount | **Net proceeds to the issuer:** | 98.10% of the face amount |

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**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 prospectus. Any representation to the contrary is a criminal offense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.**

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| | |
|:---|:---|
| **Goldman Sachs & Co. LLC** | **UBS Financial Services Inc.**<br>**Selling Agent** |

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**Goldman Sachs & Co. LLC**

Prospectus Supplement No. 22,405 dated February 25, 2026.

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The issue price, underwriting discount and net proceeds listed on the cover page hereof relate to the notes we sell initially. We may decide to sell additional notes after the date of this prospectus supplement, at issue prices and with underwriting discounts and net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in notes 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 offered notes. In addition, Goldman Sachs & Co. LLC, or any other 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 prospectus is being used in a market-making transaction.***

&nbsp;&nbsp;**Estimated Value of Your Notes**<br>*The estimated value of your notes at the time the terms of your notes are set on the trade date (as determined by reference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads) is equal to approximately $959.50 per $1,000 face amount, which is less than the original issue price. The value of your notes at any time will reflect many factors and cannot be predicted; however, the price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would initially buy or sell notes (if it makes a market, which it is not obligated to do) and the value that GS&Co. will initially use for account statements and otherwise is equal to approximately the estimated value of your notes at the time of pricing, plus an additional amount (initially equal to $40.50 per $1,000 face amount).*<br>*Prior to August 25, 2026, the price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would buy or sell your notes (if it makes a market, which it is not obligated to do) will equal approximately the sum of (a) the then-current estimated value of your notes (as determined by reference to GS&Co.'s pricing models) plus (b) any remaining additional amount (the additional amount will decline to zero on a straight-line basis over the period from the time of pricing through August 24, 2026). On and after August 25, 2026, the price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would buy or sell your notes (if it makes a market) will equal approximately the then-current estimated value of your notes determined by reference to such pricing models.*<br>

&nbsp;&nbsp;**About Your Prospectus**<br>The notes 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 prospectus includes this prospectus supplement and the accompanying documents listed below. This prospectus supplement constitutes a supplement to the documents listed below, does not set forth all of the terms of your notes and therefore should be read in conjunction with such documents:<br>•[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>•[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The information in this prospectus supplement supersedes any conflicting information in the documents listed above. In addition, some of the terms or features described in the listed documents may not apply to your notes.<br>We refer to the notes we are offering by this prospectus supplement as the "offered notes" or the "notes". Each of the offered notes has the terms described below. Please note that in this prospectus supplement, references to "GS Finance Corp.", "we", "our" and "us" mean only GS Finance Corp. and do not include its subsidiaries or affiliates, references to "The Goldman Sachs Group, Inc.", our parent company, mean only The Goldman Sachs Group, Inc. and do not include its subsidiaries or affiliates and references to "Goldman Sachs" mean The Goldman Sachs Group, Inc. together with its consolidated subsidiaries and affiliates, including us. The notes will be issued under the senior debt indenture, dated as of October 10, 2008, as supplemented by the First Supplemental Indenture, dated as of February 20, 2015, each among us, as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee. This indenture, as so supplemented and as further supplemented thereafter, is referred to as the "GSFC 2008 indenture" in the accompanying prospectus supplement. <br>The notes will be issued in book-entry form and represented by master note no. 3, dated March 22, 2021.<br>

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# Terms and conditions
**CUSIP / ISIN:** 40058XPL2 / US40058XPL28

**Company (Issuer):** GS Finance Corp.

**Guarantor:** The Goldman Sachs Group, Inc.

**Face amount:** $1,142,000 in the aggregate on the original issue date; the aggregate face amount may be increased if the company, at its sole option, decides to sell an additional amount on a date subsequent to the trade date.

**Authorized denominations:** $1,000 or any integral multiple of $1,000 in excess thereof

**Principal amount:** Subject to redemption by the company as provided under "— Company's redemption right" below, on the stated maturity date, in addition to any accrued and unpaid interest, the company will pay, for each $1,000 of the outstanding face amount, an amount in cash equal to $1,000

**Company's redemption right:** the company may redeem this note at its option, in whole but not in part, on any redemption date. If the company so elects to redeem this note, on such redemption date, in addition to any accrued and unpaid interest, the company will pay, for each $1,000 of the outstanding face amount, a redemption price in cash equal to $1,000.

If the company chooses to exercise its redemption right, it will notify the holder of this note and the trustee by giving at least five business days' prior notice. The day the company gives the notice, which will be a business day, will be the redemption notice date and the interest payment date specified by the company in the redemption notice, which in all cases will be on or after February 27, 2027, will be the redemption date.

The company will not give a redemption notice that results in a redemption date later than the stated maturity date. A redemption notice, once given, shall be irrevocable.

**Redemption dates:** the interest payment date falling on February 27, 2027 and each interest payment date occurring thereafter

**Trade date:** February 25, 2026

**Original issue date:** February 27, 2026

**Stated maturity date:** February 27, 2033, unless that day is not a business day, in which case the stated maturity date will be postponed to the next following business day

**Interest:** Until the principal of this note is paid or made available for payment, the company will pay, on each interest payment date, interest on each $1,000 of the outstanding face amount at a rate per annum equal to the applicable interest rate for the related interest period. For each interest period, the amount of accrued interest on each $1,000 of the outstanding face amount will be calculated by multiplying such face amount by an accrued interest factor for the interest period. The accrued interest factor will be determined by multiplying the applicable interest rate by a factor resulting from the day count convention.

With respect to each $1,000 of the outstanding face amount, the interest paid on any interest payment date will be paid to the person in whose name such amount of this note is registered as of the close of business on the regular record date for such interest payment date. If interest is due at maturity but on a day that is not an interest payment date, the interest will be paid to the person entitled to receive the principal of this note.

All percentages resulting from any calculation relating to this note will be rounded upward or downward, as appropriate, to the next higher or lower one hundred-thousandth of a percentage point, e.g., 9.876541% (or .09876541) being rounded down to 9.87654% (or .0987654) and 9.876545% (or .09876545) being rounded up to 9.87655% (or .0987655). All amounts used in or resulting from any calculation relating to this note will be rounded upward or downward, as appropriate, to the nearest cent, with one-half cent or one-half of a corresponding hundredth of a unit or more being rounded upward.

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**Interest rate:** 

• During the fixed rate period (February 27, 2026 to but excluding February 27, 2027): 8.00% per annum.

• During the floating rate period (February 27, 2027 to but excluding February 27, 2033), the interest rate will be based upon the base rate on the relevant interest determination date for such interest period and will be a rate per annum equal to:

oif (i) 5.15% *minus* the base rate *times* (ii) 8 is *greater than* or *equal to* the maximum interest rate, the maximum interest rate;

oif (i) 5.15% *minus* the base rate *times* (ii) 8 is *less than* the maximum interest rate but *greater than* the minimum interest rate, (i) 5.15% *minus* the base rate *times* (ii) 8; or

oif (i) 5.15% *minus* the base rate *times* (ii) 8 is *equal to* or *less than* the minimum interest rate, the minimum interest rate.

**Maximum interest rate:** 16.00% per annum

**Minimum interest rate:** 0.00% per annum

**Interest periods:** quarterly; each period from and including an interest payment date (or the original issue date, in the case of the first interest period) to but excluding the next interest payment date (or, in the case of the final interest period, the stated maturity date)

**Interest payment dates:** 

• **During the fixed rate period**: February 27, May 27, August 27 and November 27 of each year, commencing on May 27, 2026 and ending on February 27, 2027

• **During the floating rate period**: February 27, May 27, August 27 and November 27 of each year, commencing on May 27, 2027 and ending on the stated maturity date

**Base rate:** for any interest determination date, the yield for Treasury securities at "constant maturity" for a period of the 10-year designated CMT index maturity (the "10-year CMT rate") as published by the Federal Reserve System Board of Governors, or its successor, on its website or in another recognized electronic source for such day, in each case as determined by the calculation agent in its sole discretion.

If, by approximately 5:00 P.M., New York City time, on the day that is one U.S. government securities business day following such day, the rate described in the preceding paragraph for such day does not appear on the website of the Federal Reserve System Board of Governors or in another recognized electronic source, in each case as determined by the calculation agent in its sole discretion, then the base rate for the relevant interest determination date will be the Treasury constant maturity rate for the 10-year designated CMT index maturity that:

• has been published by the Board of Governors of the Federal Reserve System or the U.S. Department of the Treasury; and

• is determined by the calculation agent to be comparable to the applicable rate that would otherwise have been published on the website of the Federal Reserve System Board of Governors or in another recognized electronic source for such day, in each case as determined by the calculation agent in its sole discretion.

If the Board of Governors of the Federal Reserve System or the U.S. Department of the Treasury has not published a yield on Treasury securities at "constant maturity" for the 10-year designated CMT index maturity for such day, after consulting such sources as it deems comparable to any of the foregoing display pages, or any such source as it deems reasonable from which to estimate the base rate, the calculation agent shall determine the base rate in its sole discretion, provided that if the calculation agent determines there is an industry-accepted successor rate, then the calculation agent shall use such successor rate. If the calculation agent has determined a substitute or successor rate in accordance with the foregoing, the calculation agent in its sole discretion may determine the business day convention, the applicable business days and the interest determination dates to be used, and any other relevant methodology for calculating such substitute or successor rate, including any adjustment factor needed to make such substitute or successor rate comparable to the base rate, in a manner that is consistent with any industry-accepted practices for such substitute or successor rate.

**Index maturity:** the period to maturity of the instrument or obligation on which the interest formula is based.

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**Interest determination dates:** for each interest period in the floating rate period, the second U.S. government securities business day preceding such interest period

**Business day convention:** following unadjusted, meaning that for any interest payment date, other than the maturity, that falls on a day that is not a business day, any payment due on such interest payment date will be postponed to the next day that is a business day; provided that interest due with respect to such interest payment date shall not accrue from and including such interest payment date to and including the date of payment of such interest as so postponed. Interest periods also are not adjusted for non-business days. If the stated maturity date or earlier redemption date does not occur on the originally scheduled day (because the originally scheduled stated maturity date or earlier redemption date is not a business day), the interest payment date scheduled to occur on that day will instead occur on the postponed stated maturity date or postponed earlier redemption date. However, interest shall not accrue from and including such originally scheduled interest payment date to and including the postponed stated maturity date or postponed earlier redemption date.

**Day count convention:** 30/360 (ISDA), which means the number of days in the interest period in respect of which payment is being made divided by 360, calculated on a formula basis as follows, as described in Section 4.16(f) of the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, without regard to any subsequent amendments or supplements:

<u>[360 × (Y2 – Y1)] + [30 × (M2 – M1)] + (D2 –D1)</u> <br> 360

**where:**

"Y1" is the year, expressed as a number, in which the first day of the interest period falls;

"Y2" is the year, expressed as a number, in which the day immediately following the last day included in the interest period falls;

"M1" is the calendar month, expressed as a number, in which the first day of the interest period falls;

"M2" is the calendar month, expressed as a number, in which the day immediately following the last day included in the interest period falls;

"D1" is the first calendar day, expressed as a number, of the interest period, unless such number would be 31, in which case D1 will be 30; and

"D2" is the calendar day, expressed as a number, immediately following the last day included in the interest period, unless such number would be 31 and D1 is greater than 29, in which case D2 will be 30.

**Regular record dates:** for interest due on an interest payment date, the business day immediately preceding such interest payment date (as such payment date may be adjusted)

**U.S. government securities business day:** any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income department of its members be closed for the entire day for purposes of trading in U.S. government securities

**Business day:** each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York City generally are authorized or obligated by law, regulation or executive order to close

**Calculation agent:** Goldman Sachs & Co. LLC ("GS&Co.")

**Default amount:** If an event of default occurs and the maturity of this note is accelerated, the company will pay the default amount in respect of the principal of this note at the maturity, instead of the amount payable on the stated maturity date as described earlier. The default amount for the notes on any day (except as provided in the last sentence under "Default quotation period" below) will be an amount, in U.S. dollars, for the face amount of this note, equal to the cost of having a qualified financial institution, of the kind and selected as described below, expressly assume all of the company's payment and other obligations with respect to this note as of that day and as if no default or acceleration had occurred, or to undertake other obligations providing substantially equivalent economic value to you with respect to this note. That cost will equal:

• the lowest amount that a qualified financial institution would charge to effect this assumption or undertaking, plus

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• the reasonable expenses, including reasonable attorneys' fees, incurred by the holder of this note in preparing any documentation necessary for this assumption or undertaking.

During the default quotation period for this note, which is described below, the holder of the notes and/or the company may request a qualified financial institution to provide a quotation of the amount it would charge to effect this assumption or undertaking. If either party obtains a quotation, it must notify the other party in writing of the quotation. The amount referred to in the first bullet point above will equal the lowest — or, if there is only one, the only — quotation obtained, and as to which notice is so given, during the default quotation period. With respect to any quotation, however, the party not obtaining the quotation may object, on reasonable and significant grounds, to the assumption or undertaking by the qualified financial institution providing the quotation and notify the other party in writing of those grounds within two business days after the last day of the default quotation period, in which case that quotation will be disregarded in determining the default amount.

**Default quotation period:** The default quotation period is the period beginning on the day the default amount first becomes due and ending on the third business day after that day, unless:

• no quotation of the kind referred to above is obtained, or

• every quotation of that kind obtained is objected to within five business days after the day the default amount first becomes due.

If either of these two events occurs, the default quotation period will continue until the third business day after the first business day on which prompt notice of a quotation is given as described above. If that quotation is objected to as described above within five business days after that first business day, however, the default quotation period will continue as described in the prior sentence and this sentence.

In any event, if the default quotation period and the subsequent two business day objection period have not ended before the final interest determination date, then the default amount will equal the principal amount of this note.

**Qualified financial institutions:** For the purpose of determining the default amount at any time, a qualified financial institution must be a financial institution organized under the laws of any jurisdiction in the United States of America, Europe or Japan, which at that time has outstanding debt obligations with a stated maturity of one year or less from the date of issue and that is, or whose securities are, rated *either*:

• A-1 or higher by Standard & Poor's Ratings Services or any successor, or any other comparable rating then used by that rating agency, *or*

• P-1 or higher by Moody's Investors Service, Inc. or any successor, or any other comparable rating then used by that rating agency.

**Overdue principal rate**: the effective Federal Funds rate

**Overdue interest rate:** the interest rate in effect during the immediately preceding interest period prior to the due date of such installment of interest

**Defeasance:** not applicable

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**DEFAULT AMOUNT ON ACCELERATION**

If an event of default occurs and the maturity of your notes is accelerated, the company will pay the default amount in respect of the principal of your notes at the maturity, instead of the amount payable on the stated maturity date as described earlier. We describe the default amount under "Terms and Conditions" above.

For the purpose of determining whether the holders of our Series F medium-term notes, which include your notes, are entitled to take any action under the indenture, we will treat the outstanding face amount of your notes as the outstanding principal amount of that note. Although the terms of the offered notes differ from those of the other Series F medium-term notes, holders of specified percentages in principal amount of all Series F medium-term notes, together in some cases with other series of our debt securities, will be able to take action affecting all the Series F medium-term notes, including your notes, except with respect to certain Series F medium-term notes if the terms of such notes specify that the holders of specified percentages in principal amount of all of such notes must also consent to such action. This action may involve changing some of the terms that apply to the Series F medium-term notes or waiving some of our obligations under the indenture. In addition, certain changes to the indenture and the notes that only affect certain debt securities may be made with the approval of holders of a majority in principal amount of such affected debt securities. We discuss these matters in the accompanying prospectus under "Description of Debt Securities We May Offer — Default, Remedies and Waiver of Default" and "Description of Debt Securities We May Offer — Modification of the Debt Indentures and Waiver of Covenants".

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# Additional Risk Factors Specific to Your Notes
*An investment in your notes is subject to the risks described below, as well as the risks and considerations described in the accompanying prospectus and in the accompanying prospectus supplement. You should carefully review these risks and considerations as well as the terms of the notes described herein and in the accompanying prospectus and the accompanying prospectus supplement. Your notes are a riskier investment than ordinary debt securities. You should carefully consider whether the offered notes are appropriate given your particular circumstances.*

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

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

The original issue price for your notes exceeds the estimated value of your notes as of the time the terms of your notes are set on the trade date, as determined by reference to GS&Co.'s pricing models and taking into account our credit spreads. Such estimated value on the trade date is set forth above under "Estimated Value of Your Notes"; after the trade date, the estimated value as determined by reference to these models will be affected by changes in market conditions, the creditworthiness of GS Finance Corp., as issuer, the creditworthiness of The Goldman Sachs Group, Inc., as guarantor, and other relevant factors. The price at which GS&Co. would initially buy or sell your notes (if GS&Co. makes a market, which it is not obligated to do), and the value that GS&Co. will initially use for account statements and otherwise, also exceeds the estimated value of your notes as determined by reference to these models. As agreed by GS&Co. and the distribution participants, this excess (i.e., the additional amount described under "Estimated Value of Your Notes") will decline to zero on a straight line basis over the period from the date hereof through the applicable date set forth above under "Estimated Value of Your Notes". Thereafter, if GS&Co. buys or sells your notes it will do so at prices that reflect the estimated value determined by reference to such pricing models at that time. The price at which GS&Co. will buy or sell your notes at any time also will reflect its then current bid and ask spread for similar sized trades of structured notes.

In estimating the value of your notes as of the time the terms of your notes are set on the trade date, as disclosed above under "Estimated Value of Your Notes*"*, GS&Co.'s pricing models consider certain variables, including principally our credit spreads, interest rates (forecasted, current and historical rates), volatility, price-sensitivity analysis and the time to maturity of the notes. These pricing models are proprietary and rely in part on certain assumptions about future events, which may prove to be incorrect. As a result, the actual value you would receive if you sold your notes in the secondary market, if any, to others may differ, perhaps materially, from the estimated value of your notes determined by reference to our models due to, among other things, any differences in pricing models or assumptions used by others. See "— The Market Value of Your Notes May Be Influenced By Many Unpredictable Factors" below.

The difference between the estimated value of your notes as of the time the terms of your notes are set on the trade date and the original issue price is a result of certain factors, including principally the underwriting discount and commissions, the expenses incurred in creating, documenting and marketing the notes, and an estimate of the difference between the amounts we pay to GS&Co. and the amounts GS&Co. pays to us in connection with your notes. We pay to GS&Co. amounts based on what we would pay to holders of a non-structured note with a similar maturity. In return for such payment, GS&Co. pays to us the amounts we owe under your notes.

In addition to the factors discussed above, the value and quoted price of your notes at any time will reflect many factors and cannot be predicted. If GS&Co. makes a market in the notes, the price quoted by GS&Co. would reflect any changes in market conditions and other relevant factors, including any deterioration in our creditworthiness or perceived creditworthiness or the creditworthiness or perceived creditworthiness of The Goldman Sachs Group, Inc. These changes may adversely affect the value of your notes, including the price you may receive for your notes in any market making transaction. To the extent that GS&Co. makes a market in the notes, the quoted price will reflect the estimated value determined by reference to GS&Co.'s pricing models at that time, plus or minus its then current bid and ask spread for similar sized trades of structured notes (and subject to the declining excess amount described above).

Furthermore, if you sell your notes, you will likely be charged a commission for secondary market transactions, or the price will likely reflect a dealer discount. This commission or discount will further reduce the proceeds you would receive for your notes in a secondary market sale.

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There is no assurance that GS&Co. or any other party will be willing to purchase your notes at any price and, in this regard, GS&Co. is not obligated to make a market in the notes. See "— Your Notes May Not Have an Active Trading Market" below.

**The Notes Are Subject to the Credit Risk of the Issuer and the Guarantor**

Although the interest payments on the notes for each interest period in the floating rate period will be based in part on the base rate, the payment of any amount due on the notes is subject to the credit risk of GS Finance Corp., as issuer of the notes, and the credit risk of The Goldman Sachs Group, Inc., as guarantor of the notes. The notes are our unsecured obligations. Investors are dependent on our ability to pay all amounts due on the notes, and therefore investors are subject to our credit risk and to changes in the market's view of our creditworthiness. Similarly, investors are dependent on the ability of The Goldman Sachs Group, Inc., as guarantor of the notes, to pay all amounts due on the notes, and therefore are also subject to its credit risk and to changes in the market's view of its creditworthiness. See "Description of the Notes We May Offer — Information About Our Medium-Term Notes, Series F Program — How the Notes Rank Against Other Debt" on page S-5 of the accompanying prospectus supplement and "Description of Debt Securities We May Offer— Guarantee by The Goldman Sachs Group, Inc." on page 65 of the accompanying prospectus.

**By Purchasing This Note, You Are Taking the View That, on Each Interest Determination Date For the Floating Rate Period, the Base Rate Will Be Less Than 5.15%**

By purchasing these notes, you are taking the view that the base rate on the interest determination date for each interest period during the floating rate period will be less than 5.15%. Your notes provide an opportunity to participate in decreases in the base rate, subject to the maximum interest rate, whereby you will receive a positive interest rate for an interest period during the floating rate period only if the base rate on the relevant interest determination date is less than 5.15%. Any base rate of 5.15% or more on the relevant interest determination date for an interest period during the floating rate period will result in no interest being paid for that interest period. Accordingly, the interest rate on your notes for each interest period in the floating rate period will move inversely to the performance of the base rate on the relevant interest determination date.

**We Are Able to Redeem Your Notes at Our Option**

On any quarterly interest payment date on or after February 27, 2027, we will be permitted to redeem your notes at our option. Even if we do not exercise our option to redeem your notes, our ability to do so may adversely affect the value of your notes. It is our sole option whether to redeem your notes prior to maturity and we may or may not exercise this option for any reason.

Many factors may influence the likelihood of your notes being redeemed. In general, your notes are more likely to be redeemed when prevailing interest rates are lower than the interest payable on an interest payment date. On the other hand, we will be less likely to redeem the notes when we expect the base rate to be 5.15% or more on the relevant interest determination date for an interest period, such that you will receive no interest for that interest period. Because of this redemption option, the term of your notes could be reduced. You may not be able to reinvest the proceeds from an investment in the notes at a comparable return for a similar level of risk in the event the notes are redeemed prior to maturity, particularly if the notes are redeemed in the low interest rate environment described above.

**If the Base Rate Changes, the Market Value of Your Notes May Not Change in the Same Manner** 

The price of your notes may move differently than the base rate. Changes in the base rate may not result in a comparable change in the market value of your notes. Even if (i) 5.15% *minus* the base rate *times* (ii) 8 is greater than the minimum interest rate during some portion of the life of the offered notes, the market value of your notes may not increase in the same manner. We discuss some of the reasons for this disparity under "— The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors" below.

Because of the long-dated maturity of your notes, the expected future performance of the base rate will have a greater impact on the market value of your notes than if your notes had an earlier maturity date. In particular, the expected future performance of the base rate may cause the market value of your notes to decrease even though (i) 5.15% *minus* the base rate *times* (ii) 8 *may* be greater than the minimum interest rate during some portion of the life of the offered notes. Moreover, expectations about the performance of the base rate in the future are subject to a great degree of uncertainty and may be based on assumptions about the future that may prove to be incorrect. Even if the expected future performance of the base rate is favorable to your notes, this uncertainty may result in market participants substantially discounting this future performance when determining the market value of your notes.

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**If 5.15% *minus* the Base Rate Is Equal to or Less Than 0.00% on the Relevant Interest Determination Date For Any Interest Period in the Floating Rate Period, No Interest Will Be Paid for that Interest Period**

Because of the formula used to calculate the interest rate for each interest period in the floating rate period applicable to your notes, in the event that on the relevant interest determination date for any interest period in the floating rate period 5.15% *minus* the base rate is equal to or less than 0.00%, no interest will be paid for such interest period, even if 5.15% *minus* the base rate on subsequent days is greater than 0.00%. Therefore, if the base rate is 5.15% or more on multiple interest determination dates, you will receive no interest during the affected interest periods in the floating rate period. In such case, even if you receive some interest payments on some or all of the other interest payment dates for the floating rate period, the overall return you earn on your notes may be less than you would have earned by investing in a non-indexed debt security of comparable maturity that bears interest at a prevailing market rate.

## The Amount of Interest Payable on Your Notes Will Not Be Affected by the Base Rate on Any Day Other Than the Interest Determination Date for the Applicable Interest Period in the Floating Rate Period
For an interest period in the floating rate period, the amount of interest payable on the interest payment date is calculated based on the base rate on the interest determination date for the interest period. Although the actual base rate at other times may be higher than the base rate on the interest determination date for an interest period, with respect to the interest period you will not benefit from the base rate at any time other than on such interest determination date.

**The Amount of Interest Payable on Any Interest Payment Date For Any Interest Period in the Floating Rate Period Is Capped**

For each interest period in the floating rate period, the interest rate will be subject to the maximum interest rate, which will limit the amount of interest you may receive on the interest payment date for such interest period. Because of the formula used to calculate the interest rate on your notes during each interest period in the floating rate period, if (i) 5.15% *minus* the base rate *times* (ii) 8 is greater than or equal to the maximum interest rate, the interest rate will be capped at the maximum interest rate. Thus, you will not benefit from any decrease in the base rate to below 3.15%. Furthermore, since the interest rate in the floating rate period is determined quarterly, if the interest rate for at least one interest period in the floating rate period during any year is less than the maximum interest rate, your actual return for such year will be less than the maximum interest rate, even if the interest rate is equal to the maximum interest rate for the remaining interest periods in the floating rate period during such year. Thus, the notes may provide less interest income than an investment in a similar instrument.

**The Historical Levels of the Base Rate Are Not an Indication of the Future Levels of the Base Rate**

In the past, the level of the base rate has experienced significant fluctuations. You should note that historical levels, fluctuations and trends of the base rate are not necessarily indicative of future levels of the base rate. Any historical upward or downward trend in the base rate is not an indication that the base rate is more or less likely to increase or decrease at any time, and you should not take the historical levels of the base rate as an indication of its future performance.

**If You Purchase Your Notes at a Premium to Face Amount, the Return on Your Investment Will Be Lower Than the Return on Notes Purchased at Face Amount and the Impact of Certain Key Terms of the Notes Will be Negatively Affected**

The amount you will be paid for your notes on the stated maturity date or the amount we will pay you upon any early redemption of your notes will not be adjusted based on the issue price you pay for the notes. If you purchase notes at a price that differs from the face amount of the notes, then the return on your investment in such notes held to the stated maturity date or the date of early redemption will differ from, and may be substantially less than, the return on notes purchased at face amount. If you purchase your notes at a premium to face amount and hold them to the stated maturity date or the date of early redemption, the return on your investment in the notes will be lower than it would have been had you purchased the notes at face amount or a discount to face amount.

**Your Notes May Not Have an Active Trading Market**

Your notes will not be listed or displayed on any securities exchange or included in any interdealer market quotation system, and there may be little or no secondary market for your notes. Even if a secondary market for your notes develops, it may not provide significant liquidity and we expect that transaction costs in any secondary

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market would be high. As a result, the difference between bid and asked prices for your notes in any secondary market could be substantial.

## The Market Value of Your Notes May Be Influenced By Many Unpredictable Factors
When we refer to the market value of your notes, we mean the value that you could receive for your notes if you chose to sell them in the open market before the stated maturity date. A number of factors, many of which are beyond our control, will influence the market value of your notes, including:

• the base rate;

• the volatility – i.e., the frequency and magnitude of changes – in the base rate;

• economic, financial, regulatory, political, military, public health and other events that affect the base rate generally;

• interest rates and yield rates in the market;

• the time remaining until your notes mature; and

• our creditworthiness and the creditworthiness of The Goldman Sachs Group, Inc., whether actual or perceived, and including actual or anticipated upgrades or downgrades in our credit ratings or the credit ratings of The Goldman Sachs Group, Inc. or changes in other credit measures.

Without limiting the foregoing, the market value of your notes may be negatively impacted by increasing interest rates. Such adverse impact of increasing interest rates could be significantly enhanced in notes with longer-dated maturities, the market values of which are generally more sensitive to increasing interest rates.

These factors, and many other factors, will influence the price you will receive if you sell your notes before maturity, including the price you may receive for your notes in any market making transaction. If you sell your notes before maturity, you may receive less than the face amount of your notes.

You cannot predict the future performance of the base rate based on its historical performance. The actual performance of the base rate over the life of the offered notes, as well as the interest payable on each interest payment date during the floating rate period, may bear little or no relation to the historical levels of the base rate or the hypothetical examples shown elsewhere in this prospectus supplement.

**As Calculation Agent, GS&Co. Will Have the Authority to Make Determinations That Could Affect the Value of Your Notes and the Amount You May Receive On Any Interest Payment Date For an Interest Period in the Floating Rate Period**

As calculation agent for your notes, GS&Co. will have discretion in making certain determinations that affect your notes, including determining: the base rate for any interest determination date, which we will use to determine the amount, if any, we will pay on any applicable interest payment date for an interest period in the floating rate period. Further, if the Board of Governors of the Federal Reserve System or the U.S. Department of the Treasury does not publish a yield on Treasury securities at "constant maturity" for the 10-year designated CMT index maturity for any interest determination date, after consulting such sources as it deems comparable to any of the foregoing display pages, or any such source as it deems reasonable from which to estimate the base rate, GS&Co. shall determine the base rate in its sole discretion, provided that if GS&Co. determines there is an industry-accepted successor rate, then GS&Co. shall use such successor rate. If GS&Co. has determined a substitute or successor rate in accordance with the foregoing, GS&Co. in its sole discretion may determine the business day convention, the applicable business days and the interest determination dates to be used, and any other relevant methodology for calculating such substitute or successor rate, including any adjustment factor needed to make such substitute or successor rate comparable to the base rate, in a manner that is consistent with industry-accepted practices for such substitute or successor rate. See "Terms and Conditions — Base rate" above. The exercise of this discretion by GS&Co. could adversely affect the value of your notes and may present GS&Co. with a conflict of interest. We may change the calculation agent at any time without notice and GS&Co. may resign as calculation agent at any time upon 60 days' written notice to us.

**We May Sell an Additional Aggregate Face Amount of the Notes at a Different Issue Price**

At our sole option, we may decide to sell an additional aggregate face amount of the notes subsequent to the date of this prospectus supplement. The issue price of the notes in the subsequent sale may differ substantially (higher or lower) from the issue price you paid as provided on the cover of this prospectus supplement.

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

**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**

Goldman Sachs has hedged or expects to hedge our obligations under the notes by purchasing listed or over-the-counter options, futures and/or other instruments linked to the base rate. Goldman Sachs also expects to adjust the hedge by, among other things, purchasing or selling any of the foregoing, and perhaps other instruments linked to the base rate, at any time and from time to time, and to unwind the hedge by selling any of the foregoing on or before any interest determination date for your notes. Alternatively, Goldman Sachs may hedge all or part of our obligations under the notes with unaffiliated distributors of the notes which we expect will undertake similar market activity. Goldman Sachs may also enter into, adjust and unwind hedging transactions relating to other rate-linked notes whose returns are linked to changes in the level of the base rate.

In addition to entering into such transactions itself, or distributors entering into such transactions, Goldman Sachs may structure such transactions for its clients or counterparties, or otherwise advise or assist clients or counterparties in entering into such transactions. These activities may be undertaken to achieve a variety of objectives, including: permitting other purchasers of the notes or other securities to hedge their investment in whole or in part; facilitating transactions for other clients or counterparties that may have business objectives or investment strategies that are inconsistent with or contrary to those of investors in the notes; hedging the exposure of Goldman Sachs to the notes including any interest in the notes that it reacquires or retains as part of the offering process, through its market-making activities or otherwise; enabling Goldman Sachs to comply with its internal risk limits or otherwise manage firmwide, business unit or product risk; and/or enabling Goldman Sachs to take directional views as to relevant markets on behalf of itself or its clients or counterparties that are inconsistent with or contrary to the views and objectives of the investors in the notes.

Any of these hedging or other activities may adversely affect the levels of the base rate and therefore the market value of your notes and the amount we will pay on your notes, if any. In addition, you should expect that these transactions will cause Goldman Sachs or its clients, counterparties or distributors to have economic interests and incentives that do not align with, and that may be directly contrary to, those of an investor in the notes. Neither Goldman Sachs nor any distributor will have any obligation to take, refrain from taking or cease taking any action with respect to these transactions based on the potential effect on an investor in the notes, and may receive substantial returns on hedging or other activities while the value of your notes declines. In addition, if the distributor from which you purchase notes is to conduct hedging activities in connection with the notes, that distributor may otherwise profit in connection with such hedging activities and such profit, if any, will be in addition to the compensation that the distributor receives for the sale of the notes to you. You should be aware that the potential to earn fees in connection with hedging activities may create a further incentive for the distributor to sell the notes to you in addition to the compensation they would receive for the sale of the notes.

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

**Certain Considerations for Insurance Companies and Employee Benefit Plans**

Any insurance company or fiduciary of a pension plan or other employee benefit plan that is subject to the prohibited transaction rules of the Employee Retirement Income Security Act of 1974, as amended, which we call "ERISA", or the Internal Revenue Code of 1986, as amended, including an IRA or a Keogh plan (or a governmental plan to which similar prohibitions apply), and that is considering purchasing the offered notes with the assets of the insurance company or the assets of such a plan, should consult with its counsel regarding whether the purchase or holding of the offered notes could become a "prohibited transaction" under ERISA, the Internal Revenue Code or any substantially similar prohibition in light of the representations a purchaser or holder in any of the above categories is deemed to make by purchasing and holding the offered notes. This is discussed in more detail under "Employee Retirement Income Security Act" below.

**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 notes will be treated as debt instruments subject to special rules governing contingent payment debt instruments for U.S. federal income tax purposes. If you are a U.S. individual or taxable entity, you generally will be required to pay taxes on ordinary income from the notes over their term based on the comparable yield for the notes, subject to any positive or negative adjustments based on the actual interest payments on the notes. This comparable yield is determined solely to calculate the amount on which you will be taxed prior to maturity and is neither a prediction nor a guarantee of what the actual yield will be. In addition, any gain you may recognize on

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the sale, exchange, redemption or maturity of the notes will be taxed as ordinary interest income. If you are a secondary purchaser of the notes, the tax consequences to you may be different. Please see "Supplemental Discussion of U.S. Federal Income Tax Consequences" below for a more detailed discussion. Please also consult your tax advisor concerning the U.S. federal income tax and any other applicable tax consequences to you of owning your notes in your particular circumstances.

**Foreign Account Tax Compliance Act (FATCA) Withholding May Apply to Payments on Your Notes, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the Notes to Provide Information to Tax Authorities**

Please see the discussion under "United States Taxation — Taxation of Debt Securities — Foreign Account Tax Compliance Act (FATCA) Withholding" in the accompanying prospectus for a description of the applicability of FATCA to payments made on your notes.

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**USE OF PROCEEDS**

We will lend the net proceeds from the sale of the offered notes to The Goldman Sachs Group, Inc. or its affiliates. The Goldman Sachs Group, Inc. will use the proceeds from such loans for the purposes we describe in the accompanying prospectus under "Use of Proceeds". We or our affiliates may also use those proceeds in transactions intended to hedge our obligations under the offered notes as described below.

**HEDGING**

In anticipation of the sale of the offered notes, we and/or our affiliates have entered into or expect to enter into hedging transactions involving purchases of listed or over-the-counter options, futures and other instruments linked to the base rate on or before the trade date. In addition, from time to time after we issue the offered notes, we and/or our affiliates may enter into additional hedging transactions and unwind those we have entered into, in connection with the offered notes and perhaps in connection with other notes we issue, some of which may have returns linked to the base rate. Consequently, with regard to your notes, from time to time, we and/or our affiliates:

• expect to acquire, or dispose of positions in listed or over-the-counter options, futures or other instruments linked to the base rate,

• may take short positions in securities of the kind described above — i.e., we and/or our affiliates may sell securities of the kind that we do not own or that we borrow for delivery to purchaser, and/or

• may take or dispose of positions in interest rate swaps, options swaps and treasury bonds.

We and/or our affiliates may acquire a long or short position in securities similar to your notes from time to time and may, in our or their sole discretion, hold or resell those securities.

In the future, we and/or our affiliates expect to close out hedge positions relating to the offered notes and perhaps relating to other notes with returns linked to the base rate. We expect these steps to involve sales of instruments linked to the base rate on or shortly before the interest determination dates. These steps may also involve sales and/or purchases of some or all of the listed or over-the-counter options, futures or other instruments linked to the base rate.

*The hedging activity discussed above may adversely affect the market value of your notes from time to time and the amount we will pay on your notes at maturity. See "Additional Risk Factors Specific to Your Notes" above for a discussion of these adverse effects.*

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**Historical 10-YEAR CMT Rates** 

The graph set forth below illustrates the historical levels of the base rate from January 1, 2021 through February 25, 2026. We obtained the levels of the base rate shown in the graph from the website of the Federal Reserve Board of Governors, without independent verification.

The base rate has fluctuated in the past and may, in the future, experience significant fluctuations. In particular, the base rate has recently experienced extreme and unusual volatility. Any historical upward or downward trend in the base rate during the period shown below is not an indication that the base rate is more or less likely to increase or decrease at any time.

**You should not take the historical levels of the base rate provided below as an indication of the future levels of the base rate, including because of the recent volatility described above.** We cannot give you any assurance that the future levels of the base rate will result in you receiving any interest payments and, if you do receive any such interest payments, that such payment will be greater than the interest payments you would have received if you invested in a non-indexed debt security of comparable maturity that bears interest at a prevailing market rate. Neither we nor any of our affiliates make any representation to you as to the base rate.

![img183279741_1.gif](img183279741_1.gif)

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## HYPOTHETICAL EXAMPLES
The following examples are provided for purposes of illustration only. They should not be taken as an indication or prediction of future investment results and are intended merely to illustrate how various hypothetical interest rates and hypothetical interest payments for an interest period during the floating rate period would be calculated for each $1,000 face amount of notes.

The examples below are based on a range of base rates that are entirely hypothetical; no one can predict what the base rate will be on any interest determination date, and no one can predict the interest that will be paid on your notes during any interest period during the floating rate period. The base rate has been highly volatile in the past — meaning that the base rate has changed substantially in relatively short periods — and its performance cannot be predicted for any future period.

The information in the following examples reflects the method we will use to calculate the interest rate for a given interest period during the floating rate period and the hypothetical interest payment on the offered notes for such interest period assuming that we have not exercised our early redemption right prior to the floating rate period. If you sell your notes in a secondary market prior to the stated maturity date, your return will depend upon the market value of your notes at the time of sale, which may be affected by a number of factors that are not reflected in the examples below such as the volatility of the base rate, the creditworthiness of GS Finance Corp., as issuer, and the creditworthiness of The Goldman Sachs Group, Inc., as guarantor. In addition, the estimated value of your notes at the time the terms of your notes are set on the trade date (as determined by reference to pricing models used by GS&Co.) is less than the original issue price of your notes. For more information on the estimated value of your notes, see "Additional Risk Factors Specific to Your Notes — The Estimated Value of Your Notes At the Time the Terms of Your Notes Are Set On the Trade Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your Notes" on page S-8 of this prospectus supplement.

For these reasons, the actual base rate on any interest determination date for an interest period during the floating rate period, as well as the interest payable on each interest payment date during the floating rate period, may bear little relation to the hypothetical examples shown below or to the historical levels of the base rate shown elsewhere in this prospectus supplement. For information about the base rate during recent periods, see "— Historical 10-Year CMT Rates" on page S-14. Before investing in the notes, you should consult publicly available information to determine the base rate between the date of this prospectus supplement and the date of your purchase of the notes.

The actual interest payment for any interest period during the floating rate period will depend on the actual base rate on the related interest determination date. The applicable interest rate for a quarterly interest period during the floating rate period will be determined on a per annum basis but will apply only to that interest period during the floating rate period. In addition, whether or not you would receive interest at the interest rate below would depend on whether or not we determine to exercise our early redemption right prior to during the floating rate period in which such interest rates would be applicable. These values and assumptions have been chosen arbitrarily for the purpose of these examples, and should not be taken as indicative of the future performance of the base rate. The numbers appearing in the following examples have been rounded for ease of analysis.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Hypothetical Base Rate** | &nbsp;&nbsp;**Hypothetical Interest Rate (Per Annum) For the Interest Period** | &nbsp;&nbsp;**Hypothetical Quarterly Interest Payment\*** |
| &nbsp;&nbsp;8.00% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;7.00% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;6.00% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;1.20% | &nbsp;&nbsp;$3.00 |
| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;5.20% | &nbsp;&nbsp;$13.00 |
| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;9.20% | &nbsp;&nbsp;$23.00 |
| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;13.20% | &nbsp;&nbsp;$33.00 |
| &nbsp;&nbsp;3.15% | &nbsp;&nbsp;16.00% | &nbsp;&nbsp;$40.00 |
| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;16.00% | &nbsp;&nbsp;$40.00 |
| &nbsp;&nbsp;2.00% | &nbsp;&nbsp;16.00% | &nbsp;&nbsp;$40.00 |
| &nbsp;&nbsp;1.00% | &nbsp;&nbsp;16.00% | &nbsp;&nbsp;$40.00 |
| &nbsp;&nbsp;0.00% | &nbsp;&nbsp;16.00% | &nbsp;&nbsp;$40.00 |
| &nbsp;&nbsp;-0.20% | &nbsp;&nbsp;16.00% | &nbsp;&nbsp;$40.00 |

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\*Assumes an interest period during the floating rate period of 90 days

The following examples illustrate how the interest rates during the floating rate period set forth in the table above are calculated.

**Example 1:** Based on a hypothetical base rate of 7.00%, the interest payable for the relevant interest payment date is calculated as follows:

***Step 1: Calculate the interest rate (per annum)***

The per annum interest rate for the relevant interest period equals (i) 5.15% *minus* 7.00% *times* (ii) 8, subject to the maximum interest rate of 16.00% per annum and the minimum interest rate of 0.00% per annum. Given that (i) 5.15% *minus* 7.00% *times* (ii) 8 equals -14.80%, which is less than 0.00%, the per annum interest rate for the relevant interest payment date shall be 0.00%.

***Step 2: Calculate the quarterly interest payment for the relevant interest period during the floating rate period***

The amount of interest payment for the relevant interest period equals the *product* of (i) the face amount *times* (ii) the interest rate *times* (iii) the applicable day count convention on a 30/360 (ISDA) basis. No adjustments will be made in the event an interest payment date is not a business day. The interest payment for this interest period during the floating rate period is $0.00 because 5.15% *minus* the base rate is less than 0.00%.

**Example 2:** Based on a hypothetical base rate of 4.50%, the interest payable for the relevant interest payment date is calculated as follows:

***Step 1: Calculate the interest rate (per annum)***

The per annum interest rate for the relevant interest period equals (i) 5.15% *minus* 4.50% *times* (ii) 8, subject to the maximum interest rate of 16.00% per annum and the minimum interest rate of 0.00% per annum. Given that (i) 5.15% *minus* 4.50% *times* (ii) 8 equals 5.20%, which is *more than* 0.00% and *less than* 16.00%, the per annum interest rate for the relevant interest payment date shall be 5.20%.

***Step 2: Calculate the quarterly interest payment for the relevant interest period during the floating rate period***

The amount of interest payment for the relevant interest period equals the *product* of (i) the face amount *times* (ii) the interest rate *times* (iii) the applicable day count convention on a 30/360 (ISDA) basis. No adjustments will be made in the event an interest payment date is not a business day. The interest payment for this interest period during the floating rate period with a hypothetical per annum interest rate of 5.20% is $13.00 for every $1,000 face amount of notes, calculated as follows:

$1,000 × 5.20% × 90/360 = $13.00

**Example 3:** Based on a hypothetical base rate of 1.00%, the interest payable for the relevant interest payment date is calculated as follows:

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***Step 1: Calculate the interest rate (per annum)***

The per annum interest rate for the relevant interest period equals (i) 5.15% *minus* 1.00% *times* (ii) 8, subject to the maximum interest rate of 16.00% per annum and the minimum interest rate of 0.00% per annum. Given that (i) 5.15% *minus* 1.00% *times* (ii) 8 equals 33.20%, which is *greater than* 16.00%, the per annum interest rate for the relevant interest payment date shall be 16.00% (that is, shall be set equal to the maximum interest rate).

***Step 2: Calculate the quarterly interest payment for the relevant interest period during the floating rate period***

The amount of interest payment for the relevant interest period equals the *product* of (i) the face amount *times* (ii) the interest rate *times* (iii) the applicable day count convention on a 30/360 (ISDA) basis. No adjustments will be made in the event an interest payment date is not a business day. The interest payment for this interest period during the floating rate period with a hypothetical per annum interest rate of 16.00% is $40.00 for every $1,000 face amount of notes, calculated as follows:

$1,000 × 16.00% × 90/360 = $40.00

The payment amounts shown above are entirely hypothetical; they are based on hypothetical interest rates that may not be achieved on any interest determination date and on assumptions that may prove to be erroneous. The actual market value of your notes on the stated maturity date or at any other time, including any time you may wish to sell your notes, may bear little relation to the hypothetical payment amounts shown above, and these amounts should not be viewed as an indication of the financial return on an investment in the offered notes. Please read "Additional Risk Factors Specific to Your Notes — The Market Value of Your Notes May Be Influenced By Many Unpredictable Factors" on page S-11.

*We cannot predict the actual base rate on any interest determination date or the market value of your notes, nor can we predict the relationship between the base rate and the market value of your notes at any time prior to the stated maturity date. The actual interest payment, if any, that a holder of the offered notes will receive on each interest payment date and the rate of return on the offered notes will depend on the actual base rate for each interest period during the floating rate period, determined by the calculation agent over the life of your notes. Moreover, the assumptions on which the hypothetical example is based may turn out to be inaccurate. Consequently, the interest amount to be paid in respect of your notes on each interest payment date may be very different from the information reflected in the examples above.* 

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# Supplemental Discussion of U.S. Federal Income Tax Consequences
The following section supplements the discussion of U.S. federal income taxation in the accompanying prospectus.

The following section is the opinion of Sidley Austin llp, counsel to GS Finance Corp. and The Goldman Sachs Group, Inc. It applies to you only if you hold your notes as a capital asset for tax purposes. This section does not apply to you if you are a member of a class of holders subject to special rules, such as:

• a dealer in securities or currencies;

• a trader in securities that elects to use a mark-to-market method of accounting for your securities holdings;

• a bank;

• a life insurance company;

• a regulated investment company;

• an accrual method taxpayer subject to special tax accounting rules as a result of its use of financial statements;

• a tax-exempt organization;

• a partnership;

• a person that owns the notes as a hedge or that is hedged against interest rate risks;

• a person that owns the notes as part of a straddle or conversion transaction for tax purposes; or

• a United States holder (as defined below) whose functional currency for tax purposes is not the U.S. dollar.

This section is based on the U.S. Internal Revenue Code of 1986, as amended, its legislative history, existing and proposed regulations under the Internal Revenue Code, published rulings and court decisions, all as currently in effect. These laws are subject to change, possibly on a retroactive basis.

*You should consult your tax advisor concerning the U.S. federal income tax, and other tax consequences of your investment in the notes, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.*

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**United States Holders**

This subsection describes the tax consequences to a United States holder. You are a United States holder if you are a beneficial owner of notes and you are:

• a citizen or resident of the United States;

• a domestic corporation;

• an estate whose income is subject to U.S. federal income tax regardless of its source; or

• a trust if a United States court can exercise primary supervision over the trust's administration and one or more United States persons are authorized to control all substantial decisions of the trust.

If you are not a United States holder, this section does not apply to you and you should refer to "— Non-United States Holders" below.

Your notes will be treated as debt instruments subject to special rules governing contingent payment debt instruments for U.S. federal income tax purposes. Under those rules, the amount of interest you are required to take into account for each accrual period will be determined by constructing a projected payment schedule for your notes and applying rules similar to those for accruing original issue discount on a hypothetical noncontingent debt instrument with that projected payment schedule. This method is applied by first determining the yield at which we would issue a noncontingent fixed rate debt instrument with terms and conditions similar to your notes (the "comparable yield") and then determining as of the issue date a payment schedule that would produce the comparable yield. Under these rules, you will only accrue interest based on the comparable yield. You will not have to separately include the amount of interest that you receive, except to the extent of any positive or negative adjustments discussed below.

It is not entirely clear how, under the rules governing contingent payment debt instruments, the maturity date for debt instruments (such as your notes) that provide for the possibility of early redemption should be determined for

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purposes of computing the comparable yield and projected payment schedule. It would be reasonable, however, to compute the comparable yield and projected payment schedule for your notes (and we intend to make the computation in such a manner) based on the assumption that your notes will remain outstanding until the stated maturity date.

We have determined that the comparable yield for the notes is equal to 4.5936% per annum, compounded quarterly with a projected payment schedule consisting of estimates of the quarterly interest payments (as set forth in the table below) and a payment at maturity of $1,005.35 (including the final estimated interest payment) based on an investment of $1,000.

Based on this comparable yield, if you are an initial holder that holds a note until maturity and you pay your taxes on a calendar year basis, we have determined that you would be required to report the following amounts as ordinary income, not taking into account any positive or negative adjustments you may be required to take into account based on the actual payments on the notes, from the note each year:

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| | | |
|:---|:---|:---|
| **Accrual Period** | **Interest Deemed to Accrue During Accrual Period (per $1,000 note)** | **Total Interest Deemed to Have Accrued from Original Issue Date (per $1,000 note) as of End of Accrual Period** |
| February 27, 2026 through December 31, 2026 | $38.77 | &nbsp;&nbsp;&nbsp;&nbsp;$38.77 |
| January 1, 2027 through December 31, 2027 | $44.86 | &nbsp;&nbsp;&nbsp;&nbsp;$83.63 |
| January 1, 2028 through December 31, 2028 | $44.42 | $128.05 |
| January 1, 2029 through December 31, 2029 | $44.13 | $172.18 |
| January 1, 2030 through December 31, 2030 | $44.33 | $216.51 |
| January 1, 2031 through December 31, 2031 | $44.86 | $261.37 |
| January 1, 2032 through December 31, 2032 | $45.86 | $307.23 |
| January 1, 2033 through February 27, 2033 | &nbsp;&nbsp;&nbsp;&nbsp;$7.36 | $314.59 |

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In addition, we have determined the projected payments for your notes as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Taxable Year** | &nbsp;&nbsp;**Payment in February** | &nbsp;&nbsp;**Payment in**<br>**May** | &nbsp;&nbsp;**Payment in**<br>**August** | &nbsp;&nbsp;**Payment in**<br>**November** |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;$20.00 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;$15.31 | &nbsp;&nbsp;$14.83 | &nbsp;&nbsp;$14.31 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;$13.73 | &nbsp;&nbsp;$13.20 | &nbsp;&nbsp;$12.64 | &nbsp;&nbsp;$12.12 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;$11.64 | &nbsp;&nbsp;$11.05 | &nbsp;&nbsp;$10.57 | &nbsp;&nbsp;$10.13 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;$9.67 | &nbsp;&nbsp;$9.19 | &nbsp;&nbsp;$8.80 | &nbsp;&nbsp;$8.40 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;$8.00 | &nbsp;&nbsp;$7.46 | &nbsp;&nbsp;$7.17 | &nbsp;&nbsp;$6.83 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;$6.48 | &nbsp;&nbsp;$6.14 | &nbsp;&nbsp;$5.91 | &nbsp;&nbsp;$5.68 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;$1005.35 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

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You are required to use the comparable yield and projected payment schedule that we compute in determining your interest accruals in respect of your notes, unless you timely disclose and justify on your U.S. federal income tax return the use of a different comparable yield and projected payment schedule.

*The comparable yield and projected payment schedule are not provided to you for any purpose other than the determination of your interest accruals in respect of your notes, and we make no representation regarding the amount of contingent payments with respect to your notes.*

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If, during any taxable year, the actual payments with respect to the notes exceed the projected payments for that taxable year, you will incur a "net positive adjustment" under the contingent payment debt regulations equal to the amount of such excess. You will treat a net positive adjustment as additional interest income in that taxable year.

If, during any taxable year, the actual payments with respect to the notes are less than the amount of projected payments for that taxable year, you will incur a "net negative adjustment" under the contingent payment debt regulations equal to the amount of such deficit. This net negative adjustment will (a) reduce your interest income on the notes for that taxable year, and (b) to the extent of any excess after the application of (a), give rise to an ordinary loss to the extent of your interest income on the notes during prior taxable years, reduced to the extent such interest was offset by prior net negative adjustments. Any net negative adjustment in excess of the amounts described in (a) and (b) will be carried forward as a negative adjustment to offset future interest income with respect to the notes or to reduce the amount realized on a sale, exchange, redemption or maturity of the notes. A net negative adjustment is not subject to the two percent floor limitation on miscellaneous itemized deductions.

Furthermore, it is possible that any Form 1099-OID you receive in respect of the notes may not take net negative or positive adjustments into account and therefore may overstate or understate your interest inclusions. You should consult your tax advisor as to whether and how adjustments should be made to the amounts reported on any Form 1099-OID.

If you purchase your notes at a price other than their adjusted issue price determined for tax purposes, you must determine the extent to which the difference between the price you paid for your notes and their adjusted issue price is attributable to a change in expectations as to the projected payment schedule, a change in interest rates, or both, and reasonably allocate the difference accordingly. If the adjusted issue price of your notes is greater than the price you paid for your notes, you must make positive adjustments increasing (i) the amount of interest that you would otherwise accrue and include in income each year, and (ii) the amount of ordinary income (or decreasing the amount of ordinary loss) recognized upon sale, exchange, redemption or maturity by the amounts allocated under the previous paragraph to each of interest and the projected payment schedule; if the adjusted issue price of your notes is less than the price you paid for your notes, you must make negative adjustments, decreasing (i) the amount of interest that you must include in income each year, and (ii) the amount of ordinary income (or increasing the amount of ordinary loss) recognized upon sale, exchange, redemption or maturity by the amounts allocated under the previous paragraph to each of interest and the projected payment schedule. Adjustments allocated to the interest amount are not made until the date the daily portion of interest accrues.

The adjusted issue price of your notes will equal your notes' original issue price plus any interest deemed to be accrued on your notes (under the rules governing contingent payment debt instruments) as of the time you purchase your notes, decreased by the amount of the fixed interest payments and the projected amount of any contingent payment previously made with respect to the notes. The original issue price of your notes will be the first price at which a substantial amount of the notes is sold to persons other than bond houses, brokers or similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers. Therefore, you may be required to make the adjustments described above even if you purchase your notes in the initial offering if you purchase your notes at a price other than the issue price.

Because any Form 1099-OID that you receive will not reflect the effects of positive or negative adjustments resulting from your purchase of notes at a price other than the adjusted issue price determined for tax purposes, you are urged to consult with your tax advisor as to whether and how adjustments should be made to the amounts reported on any Form 1099-OID.

You will recognize gain or loss upon the sale, exchange, redemption or maturity of your notes in an amount equal to the difference, if any, between the cash amount you receive at such time and your adjusted basis in your notes. In general, your adjusted basis in your notes will equal the amount you paid for your notes, increased by the amount of interest you previously accrued with respect to your notes (in accordance with the comparable yield and the projected payment schedule for your notes), decreased by the amount of the fixed interest payments and the projected amount of any contingent payment previously made to you with respect to your notes and increased or decreased by the amount of any positive or negative adjustment, respectively, that you are required to make if you purchase your notes at a price other than the adjusted issue price determined for tax purposes.

Any gain you recognize upon the sale, exchange, redemption or maturity of your notes will be ordinary interest income. Any loss you recognize at such time will be ordinary loss to the extent of interest you included as income in the current or previous taxable years in respect of your notes, and, thereafter, capital loss. If you are a noncorporate holder, you would generally be able to use such ordinary loss to offset your income only in the

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taxable year in which you recognize the ordinary loss and would generally not be able to carry such ordinary loss forward or back to offset income in other taxable years.

**Non-United States Holders**

If you are a non-United States holder, please see the discussion under "United States Taxation —Taxation of Debt Securities — Non-United States Holders" in the accompanying prospectus for a description of the tax consequences relevant to you. You are a non-United States holder if you are the beneficial owner of the notes and are, for U.S. federal income tax purposes:

• a nonresident alien individual;

• a foreign corporation; or

• an estate or trust that in either case is not subject to U.S. federal income tax on a net income basis on income or gain from the notes.

**Foreign Account Tax Compliance Act (FATCA) Withholding**

Pursuant to Treasury regulations, Foreign Account Tax Compliance Act (FATCA) withholding (as described in "United States Taxation—Taxation of Debt Securities—Foreign Account Tax Compliance Act (FATCA) Withholding" in the accompanying prospectus) will generally apply to obligations that are issued on or after July 1, 2014; therefore, the notes will generally be subject to the FATCA withholding rules.

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# Employee Retirement Income Security AcT
*This section is only relevant to you if you are an insurance company or the fiduciary of a pension plan or an employee benefit plan (including a governmental plan, an IRA or a Keogh Plan) proposing to invest in the notes.*

The U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA") and the U.S. Internal Revenue Code of 1986, as amended (the "Code"), prohibit certain transactions ("prohibited transactions") involving the assets of an employee benefit plan that is subject to the fiduciary responsibility provisions of ERISA or Section 4975 of the Code (including individual retirement accounts, Keogh plans and other plans described in Section 4975(e)(1) of the Code) (a "Plan") and certain persons who are "parties in interest" (within the meaning of ERISA) or "disqualified persons" (within the meaning of the Code) with respect to the Plan; governmental plans may be subject to similar prohibitions unless an exemption applies to the transaction. The assets of a Plan may include assets held in the general account of an insurance company that are deemed "plan assets" under ERISA or assets of certain investment vehicles in which the Plan invests. Each of The Goldman Sachs Group, Inc. and certain of its affiliates may be considered a "party in interest" or a "disqualified person" with respect to many Plans, and, accordingly, prohibited transactions may arise if the notes are acquired by or on behalf of a Plan unless those notes are acquired and held pursuant to an available exemption. In general, available exemptions include: transactions effected on behalf of that Plan by a "qualified professional asset manager" (prohibited transaction exemption 84-14) or an "in-house asset manager" (prohibited transaction exemption 96-23), transactions involving insurance company general accounts (prohibited transaction exemption 95-60), transactions involving insurance company pooled separate accounts (prohibited transaction exemption 90-1), transactions involving bank collective investment funds (prohibited transaction exemption 91-38) and transactions with service providers under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code where the Plan receives no less and pays no more than "adequate consideration" (within the meaning of Section 408(b)(17) of ERISA and Section 4975(f)(10) of the Code). The person making the decision on behalf of a Plan or a governmental plan shall be deemed, on behalf of itself and the plan, by purchasing and holding the notes, or exercising any rights related thereto, to represent that (a) the plan will receive no less and pay no more than "adequate consideration" (within the meaning of Section 408(b)(17) of ERISA and Section 4975(f)(10) of the Code) in connection with the purchase and holding of the notes, (b) none of the purchase, holding or disposition of the notes or the exercise of any rights related to the notes will result in a non-exempt prohibited transaction under ERISA or the Code (or, with respect to a governmental plan, under any similar applicable law or regulation), and (c) neither The Goldman Sachs Group, Inc. nor any of its affiliates is a "fiduciary" (within the meaning of Section 3(21) of ERISA) or, with respect to a governmental plan, under any similar applicable law or regulation) with respect to the purchaser or holder in connection with such person's acquisition, disposition or holding of the notes, or as a result of any exercise by The Goldman Sachs Group, Inc. or any of its affiliates of any rights in connection with the notes, and neither The Goldman Sachs Group, Inc. nor any of its affiliates has provided investment advice in connection with such person's acquisition, disposition or holding of the notes.

*If you are an insurance company or the fiduciary of a pension plan or an employee benefit plan (including a governmental plan, an IRA or a Keogh plan), and propose to invest in the notes, you should consult your legal counsel.*

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# Supplemental Plan of Distribution
GS Finance Corp. will sell to GS&Co., and GS&Co. will purchase from GS Finance Corp., the aggregate face amount of the offered notes specified on the front cover of this prospectus supplement. GS&Co. proposes initially to offer the notes to the public at the original issue price set forth on the cover page of this prospectus supplement, and to UBS Financial Services Inc. at such price less a concession not in excess of 1.90% of the face amount.

In the future, GS&Co. or other affiliates of GS Finance Corp. may repurchase and resell the offered notes in market-making transactions, with resales being made at prices related to prevailing market prices at the time of resale or at negotiated prices. GS Finance Corp. estimates that its share of the total offering expenses, excluding underwriting discounts and commissions, will be approximately $15,000. For more information about the plan of distribution and possible market-making activities, see "Plan of Distribution" in the accompanying prospectus.

We will deliver the notes against payment therefor in New York, New York on February 27, 2026. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes on any date prior to one business day before delivery will be required to specify alternative settlement arrangements to prevent a failed settlement.

We have been advised by GS&Co. that it intends to make a market in the notes. However, neither GS&Co. nor any of our other affiliates that makes a market is obligated to do so and any of them may stop doing so at any time without notice. No assurance can be given as to the liquidity or trading market for the notes.

The notes may not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). Consequently no key information document required by Regulation (EU) No 1286/2014, as amended (the "PRIIPs Regulation") for offering or selling the notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. For the purposes of this provision:

(a) the expression "retail investor" means a person who is one (or more) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as amended ("MiFID II"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a customer within the meaning of Directive (EU) 2016/97 where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not a qualified investor as defined in Regulation (EU) 2017/1129, as amended; and

(b) the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe for the notes.

The communication of this prospectus supplement, the accompanying prospectus supplement and the accompanying prospectus and any other document or materials relating to the issue of the notes offered hereby is not being made, and this prospectus supplement, the accompanying prospectus supplement and the accompanying prospectus and such other documents and/or materials have not been approved, by an authorized person for the purposes of section 21 of the United Kingdom's Financial Services and Markets Act 2000, as amended (the "FSMA"). Accordingly, this prospectus supplement, the accompanying prospectus supplement and the accompanying prospectus and such other documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. This prospectus supplement, the accompanying prospectus supplement and the accompanying prospectus and such other documents and/or materials are for distribution only to persons who (i) have professional experience in matters relating to investments and who fall within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Financial Promotion Order")), (ii) fall within Article 49(2)(a) to (d) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are other persons to whom it may otherwise lawfully be communicated or distributed under the Financial Promotion Order (all such persons together being referred to as "relevant persons"). This prospectus supplement, the accompanying prospectus supplement and the accompanying prospectus and any such other documents and/or materials are directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons.

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Any investment or investment activity to which this prospectus supplement, the accompanying prospectus supplement and the accompanying prospectus and any such other documents and/or materials relate will be engaged in only with relevant persons. Any person in the United Kingdom that is not a relevant person should not act or rely on this prospectus supplement, the accompanying prospectus supplement and the accompanying prospectus or any other documents and/or materials relating to the issue of the notes offered hereby or any of their contents.

The notes may not be offered, sold or otherwise made available to any retail investor in the United Kingdom. Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law in the United Kingdom (the "UK PRIIPs Regulation") for offering or selling the notes or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling the notes or otherwise making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation. For the purposes of this provision:

(a) the expression "retail investor" means a person who is neither:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law in the United Kingdom; nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a qualified investor as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024 (as may be amended from time to time); and

(b) the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the notes to be offered so as to enable an investor to decide to buy or subscribe for the notes.

Any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the issue or sale of the notes may only be communicated or caused to be communicated in circumstances in which Section 21(1) of the FSMA does not apply to GS Finance Corp. or The Goldman Sachs Group, Inc.

All applicable provisions of the FSMA must be complied with in respect to anything done by any person in relation to the notes in, from or otherwise involving the United Kingdom.

The notes may not be offered or sold in Hong Kong by means of any document other than (i) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and any rules made thereunder, or (ii) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) or which do not constitute an offer to the public within the meaning of that Ordinance; and no advertisement, invitation or document relating to the notes may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere) which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the notes which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance and any rules made thereunder.

This prospectus supplement, along with the accompanying prospectus supplement and the accompanying prospectus have not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus supplement, along with the accompanying prospectus supplement and the accompanying prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the notes may not be circulated or distributed, nor may the notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA")) under Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where the notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as defined in Section 239(1) of the SFA) of that corporation shall not be

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transferable for six months after that corporation has acquired the notes under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA, (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore ("Regulation 32").

Where the notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for six months after that trust has acquired the notes under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32.

The notes have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended), or the FIEA. The notes may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration requirements of the FIEA and otherwise in compliance with any relevant laws and regulations of Japan.

The notes are not offered, sold or advertised, directly or indirectly, in, into or from Switzerland on the basis of a public offering and will not be listed on the SIX Swiss Exchange or any other offering or regulated trading facility in Switzerland. Accordingly, neither this prospectus supplement nor any accompanying prospectus supplement, prospectus or other marketing material constitute a prospectus as defined in article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus as defined in article 32 of the Listing Rules of the SIX Swiss Exchange or any other regulated trading facility in Switzerland. Any resales of the notes by the underwriters thereof may only be undertaken on a private basis to selected individual investors in compliance with Swiss law. This prospectus supplement and accompanying prospectus and prospectus supplement may not be copied, reproduced, distributed or passed on to others or otherwise made available in Switzerland without our prior written consent. By accepting this prospectus supplement and accompanying prospectus and prospectus supplement or by subscribing to the notes, investors are deemed to have acknowledged and agreed to abide by these restrictions. Investors are advised to consult with their financial, legal or tax advisers before investing in the notes.

The notes will not be listed on any securities exchange or interdealer quotation system.

**Conflicts of Interest**

GS&Co. is an affiliate of GS Finance Corp. and The Goldman Sachs Group, Inc. and, as such, will have a "conflict of interest" in this offering of notes within the meaning of Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5121. Consequently, this offering of notes will be conducted in compliance with the provisions of FINRA Rule 5121. GS&Co. will not be permitted to sell notes in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.

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**VALIDITY OF THE NOTES AND GUARANTEE**

In the opinion of Sidley Austin llp, as counsel to GS Finance Corp. and The Goldman Sachs Group, Inc., when the notes offered by this pricing supplement have been executed and issued by GS Finance Corp., such notes have been authenticated by the trustee pursuant to the indenture, and such notes have been delivered against payment as contemplated herein, (a) such notes will be valid and binding obligations of GS Finance Corp., enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above and (b) the guarantee with respect to such notes will be a valid and binding obligation of The Goldman Sachs Group, Inc., enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware as in effect on the date hereof. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and the genuineness of signatures and certain factual matters, all as stated in the letter of such counsel dated January 27, 2025, which has been filed as Exhibit 5.6 to the registration statement on Form S-3 filed with the Securities and Exchange Commission by GS Finance Corp. and The Goldman Sachs Group, Inc. on January 27, 2025.

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| | | |
|:---|:---|:---|
| We have not authorized anyone to provide any information or to make any representations other than those contained or incorporated by reference in this prospectus supplement, the accompanying prospectus supplement or the accompanying prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus supplement, the accompanying prospectus supplement and the accompanying prospectus is an offer to sell only the notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus supplement, the accompanying prospectus supplement and the accompanying prospectus is current only as of the respective dates of such documents.  | We have not authorized anyone to provide any information or to make any representations other than those contained or incorporated by reference in this prospectus supplement, the accompanying prospectus supplement or the accompanying prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus supplement, the accompanying prospectus supplement and the accompanying prospectus is an offer to sell only the notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus supplement, the accompanying prospectus supplement and the accompanying prospectus is current only as of the respective dates of such documents.  | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Pages</u> | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Terms and Conditions</u>](#terms) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-3 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Default Amount on Acceleration</u>](#defaultaccl) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-7 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Additional Risk Factors Specific to Your Notes</u>](#risks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-8 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Use of Proceeds</u>](#useofproceeds) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-14 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Hedging</u>](#hedging) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-14 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Historical 10-Year CMT Rates</u>](#historical_cms_spreads) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-15 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Hypothetical Examples</u>](#hypo) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-16 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Supplemental Discussion of U.S. Federal Income Tax Consequences</u>](#tax) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-19 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Employee Retirement Income Security Act</u>](#erisa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-23 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Supplemental Plan of Distribution</u>](#supp) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-24 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Conflicts of Interest</u>](#conflictsofinterest) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-26 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| [<u>Validity of the Notes and Guarantee</u>](#validity) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-27 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| Prospectus Supplement dated February 14, 2025 | Prospectus Supplement dated February 14, 2025 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| Use of Proceeds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-2 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| Description of Notes We May Offer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-3 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| Considerations Relating to Indexed Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-11 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| United States Taxation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-14 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| Employee Retirement Income Security Act | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-15 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| Supplemental Plan of Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-16 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| Validity of the Notes and Guarantees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S-18 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| Prospectus dated February 14, 2025 | Prospectus dated February 14, 2025 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available Information | 2 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prospectus Summary | 4 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Relating to Regulatory Resolution Strategies and Long-Term Debt Requirements | 9 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of Proceeds | 14 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Debt Securities We May Offer | 15 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Warrants We May Offer | 68 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Units We May Offer | 86 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Finance Corp. | 91 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Ownership and Book-Entry Issuance | 93 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Considerations Relating to Floating Rate Securities | 99 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Considerations Relating to Indexed Securities | 101 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Considerations Relating to Securities Denominated or Payable in or Linked to a Non-U.S. Dollar Currency | 102 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Taxation | 105 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan of Distribution | 123 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| Conflicts of Interest | 127 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee Retirement Income Security Act | 128 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Validity of the Securities and Guarantees | 129 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Registered Public Accounting Firm | 130 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cautionary Statement Pursuant to the Private Securities Litigation Reform Act of 1995 | 130 | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
|  |  | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |
|  |  | <br>$1,142,000<br>**<br>GS Finance Corp.<br>**<br> Callable Fixed and Floating Rate Notes due 2033<br>guaranteed by<br>**The Goldman Sachs Group, Inc.**<br>**<br>**<br>____________<br>![img183279741_2.jpg](img183279741_2.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**<br>**UBS Financial Services Inc.**<br>**Selling Agent** |

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

**EX-FILING FEES**

The prospectus to which this Exhibit is attached is a final prospectus for the related offering. The maximum aggregate offering price for such offering is $1,142,000.

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