# EDGAR Filing Document

**Accession Number:** 0000886982
**File Stem:** 0001193125-26-088247
**Filing Date:** 2026-3
**Character Count:** 150796
**Document Hash:** a7c66eace5a44db59d1d15fb39ccead7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-088247.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001193125-26-088247

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**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:** 26714457

**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:** 26714458

**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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| | |
|:---|:---|
| Pricing Supplement No. 22,407 dated February 27, 2026<br>(To WFS Product Supplement No. 9 dated January 20, 2026, <br>Prospectus Supplement dated February 14, 2025<br>and Prospectus dated February 14, 2025) | &nbsp;&nbsp;![img204524668_0.jpg](img204524668_0.jpg) |
| &nbsp;&nbsp;**GS Finance Corp.**<br>**Medium-Term Notes, Series F**<br>***guaranteed by The Goldman Sachs Group, Inc.***<br>**Commodity ETF Linked Securities** | &nbsp;&nbsp;**GS Finance Corp.**<br>**Medium-Term Notes, Series F**<br>***guaranteed by The Goldman Sachs Group, Inc.***<br>**Commodity ETF Linked Securities** |
| &nbsp;&nbsp;**Market Linked Securities—Auto-Callable with Contingent Downside** <br>**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust** **and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029** | &nbsp;&nbsp;**Market Linked Securities—Auto-Callable with Contingent Downside** <br>**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust** **and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linked to the **lowest performing** of the SPDR<sup>®</sup> Gold Trust and the iShares<sup>®</sup> Silver Trust (each referred to as an "underlier")<br> Unlike ordinary debt securities, the securities do not pay interest, do not repay a fixed amount of principal at maturity and are subject to potential automatic call upon the terms described below. Whether the securities are automatically called for a fixed call premium or, if not automatically called, the maturity payment amount, will depend, in each case, on the fund closing price of the lowest performing underlier on the relevant call date. The lowest performing underlier on any call date is the underlier that has the lowest fund closing price on that call date as a percentage of its starting price.<br> **Automatic Call.** If the fund closing price of the lowest performing underlier on any call date is greater than or equal to its applicable call threshold price, the securities will be automatically called for the face amount plus the call premium applicable to that call date. The call threshold price for each underlier is equal to (i) with respect to the first 24 call dates, its starting price and (ii) with respect to the final call date, 70.00% of its starting price. The call premium applicable to each call date will be a percentage of the face amount that increases for each call date based on a simple (non-compounding) return of approximately 21.30% per annum. Please see "Terms of the Securities — Call Dates and Call Premiums" below for the call dates and call premiums. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linked to the **lowest performing** of the SPDR<sup>®</sup> Gold Trust and the iShares<sup>®</sup> Silver Trust (each referred to as an "underlier")<br> Unlike ordinary debt securities, the securities do not pay interest, do not repay a fixed amount of principal at maturity and are subject to potential automatic call upon the terms described below. Whether the securities are automatically called for a fixed call premium or, if not automatically called, the maturity payment amount, will depend, in each case, on the fund closing price of the lowest performing underlier on the relevant call date. The lowest performing underlier on any call date is the underlier that has the lowest fund closing price on that call date as a percentage of its starting price.<br> **Automatic Call.** If the fund closing price of the lowest performing underlier on any call date is greater than or equal to its applicable call threshold price, the securities will be automatically called for the face amount plus the call premium applicable to that call date. The call threshold price for each underlier is equal to (i) with respect to the first 24 call dates, its starting price and (ii) with respect to the final call date, 70.00% of its starting price. The call premium applicable to each call date will be a percentage of the face amount that increases for each call date based on a simple (non-compounding) return of approximately 21.30% per annum. Please see "Terms of the Securities — Call Dates and Call Premiums" below for the call dates and call premiums. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maturity Payment Amount.** If the securities are not automatically called, you will receive a maturity payment amount that will be less than the face amount and you will have 1-to-1 downside exposure to the decrease in the price of the lowest performing underlier<br> Investors may lose up to 100.00% of the face amount<br> Any positive return on the securities will be limited to the applicable call premium, even if the fund closing price of the lowest performing underlier on the applicable call date significantly exceeds its starting price. You will not participate in any appreciation of any underlier beyond the applicable fixed call premium<br> Your return on the securities will depend **solely** on the performance of the underlier that is the lowest performing underlier on each call date. You will not benefit in any way from the performance of the better performing underlier. Therefore, you will be adversely affected if **any underlier** performs poorly, even if the other underlier performs favorably<br> All payments on the securities are subject to credit risk, and you will have no ability to pursue any underlier for payment; if GS Finance Corp., as issuer, and The Goldman Sachs Group, Inc., as guarantor, default on their obligations, you could lose some or all of your investment<br> No periodic interest payments or dividends<br> No exchange listing; designed to be held to maturity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maturity Payment Amount.** If the securities are not automatically called, you will receive a maturity payment amount that will be less than the face amount and you will have 1-to-1 downside exposure to the decrease in the price of the lowest performing underlier<br> Investors may lose up to 100.00% of the face amount<br> Any positive return on the securities will be limited to the applicable call premium, even if the fund closing price of the lowest performing underlier on the applicable call date significantly exceeds its starting price. You will not participate in any appreciation of any underlier beyond the applicable fixed call premium<br> Your return on the securities will depend **solely** on the performance of the underlier that is the lowest performing underlier on each call date. You will not benefit in any way from the performance of the better performing underlier. Therefore, you will be adversely affected if **any underlier** performs poorly, even if the other underlier performs favorably<br> All payments on the securities are subject to credit risk, and you will have no ability to pursue any underlier for payment; if GS Finance Corp., as issuer, and The Goldman Sachs Group, Inc., as guarantor, default on their obligations, you could lose some or all of your investment<br> No periodic interest payments or dividends<br> No exchange listing; designed to be held to maturity |

---

***The estimated value of your securities at the time the terms of your securities are set on the pricing date is equal to approximately $892 per $1,000 face amount. For a discussion of the estimated value and the price at which Goldman Sachs & Co. LLC ("GS&Co.") would initially buy or sell your securities, if it makes a market in the securities, see page PS-8.***

**The securities have more complex features than conventional debt securities and involve risks not associated with conventional debt securities. 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 PS-9.**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Original Offering Price**  | &nbsp;&nbsp;**Underwriting Discount**<sup>(1)(2)</sup>  | &nbsp;&nbsp;&nbsp;**Proceeds to Issuer**<sup>(1)</sup> |
| **Per Security** | $1000.00 | &nbsp;&nbsp;$25.75 | &nbsp;&nbsp;&nbsp;$974.25 |
| **Total** | $2221000 | &nbsp;&nbsp;$57190.75 | &nbsp;&nbsp;&nbsp;$2163809.25 |

---

<sup>(1)</sup> See "Supplemental Plan of Distribution; Conflicts of Interest" on page PS-33.

<sup>(2)</sup> In addition to the 2.575%, GS&Co. may pay to selected securities dealers a fee of up to 0.30% of the face amount in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.

**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 securities 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.** 

---

| | |
|:---|:---|
| **Goldman Sachs & Co. LLC** | **Wells Fargo Securities** |

---

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**Market Linked Securities—Auto-Callable with Contingent Downside** <br>**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**<br>

**Terms of the Securities**<br>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Company (Issuer):** | &nbsp;&nbsp;&nbsp;GS Finance Corp. | &nbsp;&nbsp;&nbsp;GS Finance Corp. | &nbsp;&nbsp;&nbsp;GS Finance Corp. |
| &nbsp;&nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;&nbsp;The Goldman Sachs Group, Inc.  | &nbsp;&nbsp;&nbsp;The Goldman Sachs Group, Inc.  | &nbsp;&nbsp;&nbsp;The Goldman Sachs Group, Inc.  |
| &nbsp;&nbsp;&nbsp;**Market Measures:** | &nbsp;&nbsp;&nbsp;The SPDR<sup>®</sup> Gold Trust and the iShares<sup>®</sup> Silver Trust (each referred to as an "underlier," and collectively as the "underliers"). | &nbsp;&nbsp;&nbsp;The SPDR<sup>®</sup> Gold Trust and the iShares<sup>®</sup> Silver Trust (each referred to as an "underlier," and collectively as the "underliers"). | &nbsp;&nbsp;&nbsp;The SPDR<sup>®</sup> Gold Trust and the iShares<sup>®</sup> Silver Trust (each referred to as an "underlier," and collectively as the "underliers"). |
| &nbsp;&nbsp;&nbsp;**Pricing Date:** | &nbsp;&nbsp;&nbsp;February 27, 2026. | &nbsp;&nbsp;&nbsp;February 27, 2026. | &nbsp;&nbsp;&nbsp;February 27, 2026. |
| &nbsp;&nbsp;&nbsp;**Original Issue Date:** | &nbsp;&nbsp;&nbsp;March 4, 2026. | &nbsp;&nbsp;&nbsp;March 4, 2026. | &nbsp;&nbsp;&nbsp;March 4, 2026. |
| &nbsp;&nbsp;&nbsp;**Original Offering Price:** | &nbsp;&nbsp;&nbsp;$1,000 per security.  | &nbsp;&nbsp;&nbsp;$1,000 per security.  | &nbsp;&nbsp;&nbsp;$1,000 per security.  |
| &nbsp;&nbsp;&nbsp;**Face Amount:**  | &nbsp;&nbsp;&nbsp;$1,000 per security. References in this pricing supplement to a "<u>security</u>" are to a security with a face amount of $1,000. | &nbsp;&nbsp;&nbsp;$1,000 per security. References in this pricing supplement to a "<u>security</u>" are to a security with a face amount of $1,000. | &nbsp;&nbsp;&nbsp;$1,000 per security. References in this pricing supplement to a "<u>security</u>" are to a security with a face amount of $1,000. |
| &nbsp;&nbsp;&nbsp;**Principal Amount:** | &nbsp;&nbsp;&nbsp;Subject to redemption by the company as provided under "— Automatic Call" below, on the stated maturity date, the company will pay, for each $1,000 of the outstanding face amount, an amount, if any, in cash equal to the maturity payment amount. | &nbsp;&nbsp;&nbsp;Subject to redemption by the company as provided under "— Automatic Call" below, on the stated maturity date, the company will pay, for each $1,000 of the outstanding face amount, an amount, if any, in cash equal to the maturity payment amount. | &nbsp;&nbsp;&nbsp;Subject to redemption by the company as provided under "— Automatic Call" below, on the stated maturity date, the company will pay, for each $1,000 of the outstanding face amount, an amount, if any, in cash equal to the maturity payment amount. |
| &nbsp;&nbsp;&nbsp;**Automatic Call**: | &nbsp;&nbsp;&nbsp;If the fund closing price of the lowest performing underlier on any call date is greater than or equal to its applicable call threshold price, the securities will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per security in U.S. dollars equal to the face amount plus the call premium applicable to the relevant call date. The last call date is the final calculation day, and payment upon an automatic call on the final calculation day, if applicable, will be made on the stated maturity date. <br>**Any positive return on the securities will be limited to the applicable call premium, even if the fund closing price of the lowest performing underlier on the applicable call date significantly exceeds its starting price. You will not participate in any appreciation of any underlier beyond the applicable call premium.**<br>If the securities are automatically called, they will cease to be outstanding on the related call settlement date and you will have no further rights under the securities after such call settlement date. You will not receive any notice from us if the securities are automatically called.  | &nbsp;&nbsp;&nbsp;If the fund closing price of the lowest performing underlier on any call date is greater than or equal to its applicable call threshold price, the securities will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per security in U.S. dollars equal to the face amount plus the call premium applicable to the relevant call date. The last call date is the final calculation day, and payment upon an automatic call on the final calculation day, if applicable, will be made on the stated maturity date. <br>**Any positive return on the securities will be limited to the applicable call premium, even if the fund closing price of the lowest performing underlier on the applicable call date significantly exceeds its starting price. You will not participate in any appreciation of any underlier beyond the applicable call premium.**<br>If the securities are automatically called, they will cease to be outstanding on the related call settlement date and you will have no further rights under the securities after such call settlement date. You will not receive any notice from us if the securities are automatically called.  | &nbsp;&nbsp;&nbsp;If the fund closing price of the lowest performing underlier on any call date is greater than or equal to its applicable call threshold price, the securities will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per security in U.S. dollars equal to the face amount plus the call premium applicable to the relevant call date. The last call date is the final calculation day, and payment upon an automatic call on the final calculation day, if applicable, will be made on the stated maturity date. <br>**Any positive return on the securities will be limited to the applicable call premium, even if the fund closing price of the lowest performing underlier on the applicable call date significantly exceeds its starting price. You will not participate in any appreciation of any underlier beyond the applicable call premium.**<br>If the securities are automatically called, they will cease to be outstanding on the related call settlement date and you will have no further rights under the securities after such call settlement date. You will not receive any notice from us if the securities are automatically called.  |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** |  |  |  |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | <u>Call Date</u> | <u>Call Premium</u> | <u>Payment per Security <br>upon an Automatic Call</u> |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | March 4, 2027 | 21.30% of the face amount | $1213.00 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | April 5, 2027 | 23.075% of the face amount | $1230.75 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | May 4, 2027 | 24.85% of the face amount | $1248.50 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | June 4, 2027 | 26.625% of the face amount | $1266.25 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | July 5, 2027 | 28.40% of the face amount | $1284.00 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | August 4, 2027 | 30.175% of the face amount | $1301.75 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | September 7, 2027 | 31.95% of the face amount | $1319.50 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | October 4, 2027 | 33.725% of the face amount | $1337.25 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | November 4, 2027 | 35.50% of the face amount | $1355.00 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | December 6, 2027 | 37.275% of the face amount | $1372.75 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | January 4, 2028 | 39.05% of the face amount | $1390.50 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | February 4, 2028 | 40.825% of the face amount | $1408.25 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | March 6, 2028 | 42.60% of the face amount | $1426.00 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | April 4, 2028 | 44.375% of the face amount | $1443.75 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | May 4, 2028 | 46.15% of the face amount | $1461.50 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | June 5, 2028 | 47.925% of the face amount | $1479.25 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | July 5, 2028 | 49.70% of the face amount | $1497.00 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | August 4, 2028 | 51.475% of the face amount | $1514.75 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | September 5, 2028 | 53.25% of the face amount | $1532.50 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | October 4, 2028 | 55.025% of the face amount | $1550.25 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | November 6, 2028 | 56.80% of the face amount | $1568.00 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | December 4, 2028 | 58.575% of the face amount | $1585.75 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | January 4, 2029 | 60.35% of the face amount | $1603.50 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | February 5, 2029 | 62.125% of the face amount | $1621.25 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** | February 27, 2029 | 63.90% of the face amount | $1639.00 |
| &nbsp;&nbsp;&nbsp; <br>**Call Dates and Call Premiums:** |  |  |  |

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**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;We refer to February 27, 2029 as the "<u>final calculation day</u>." The call dates are subject to postponement. See "—Market Disruption Events and Postponement Provisions" below. |
| &nbsp;&nbsp;&nbsp;**Call Settlement Date:** | &nbsp;&nbsp;&nbsp;Three business days after the applicable call date (as each such call date may be postponed pursuant to "—Market Disruption Events and Postponement Provisions" below, if applicable); *provided* that the call settlement date for the last call date is the stated maturity date.  |
| &nbsp;&nbsp;&nbsp;**Stated Maturity Date:** | &nbsp;&nbsp;&nbsp;March 2, 2029, subject to postponement. The securities are not subject to repayment at the option of any holder of the securities prior to the stated maturity date. |
| &nbsp;&nbsp;&nbsp;**Maturity Payment Amount:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the securities are not automatically called, then on the stated maturity date, you will be entitled to receive a cash payment per security in U.S. dollars equal to the maturity payment amount. The "<u>maturity payment amount</u>" per security will equal:<br>$1,000 × performance factor of the lowest performing underlier on the final calculation day |
| &nbsp;&nbsp;&nbsp;**Maturity Payment Amount:** | &nbsp;&nbsp;&nbsp;**If the securities are not automatically called, you will have 1-to-1 downside exposure to the decrease in the price of the lowest performing underlier on the final calculation day and will lose more than 30%, and possibly all, of the face amount of your securities at maturity.** |
| &nbsp;&nbsp;&nbsp;**Lowest Performing Underlier:** | &nbsp;&nbsp;&nbsp;For any call date, the "lowest performing underlier" will be the underlier with the lowest performance factor on that day. |
| &nbsp;&nbsp;&nbsp;**Performance Factor:** | &nbsp;&nbsp;&nbsp;With respect to an underlier on any call date, its fund closing price on such day *divided by* its starting price (expressed as a percentage). |
| &nbsp;&nbsp;&nbsp;**Starting Price:** | &nbsp;&nbsp;&nbsp;With respect to the SPDR<sup>®</sup> Gold Trust: $483.75, its fund closing price on the pricing date. <br>With respect to the iShares<sup>®</sup> Silver Trust: $84.99, its fund closing price on the pricing date. |
| &nbsp;&nbsp;&nbsp;**Fund Closing Price:** | &nbsp;&nbsp;&nbsp;With respect to each underlier, fund closing price, closing price and adjustment factor have the meanings set forth under "General Terms of the Securities—Certain Terms for Securities Linked to a Fund—Certain Definitions" in the accompanying product supplement. |
| &nbsp;&nbsp;&nbsp;**Ending Price:** | &nbsp;&nbsp;&nbsp;The "<u>ending price</u>" of an underlier will be its fund closing price on the final calculation day. |
| &nbsp;&nbsp;&nbsp;**Call Threshold Price:** | &nbsp;&nbsp;&nbsp;With respect to an underlier, (i) with respect to the first 24 call dates, its starting price and (ii) with respect to the final call date, 70.00% of its starting price. |
| &nbsp;&nbsp;&nbsp;**Threshold Price:** | &nbsp;&nbsp;&nbsp;With respect to an underlier, 70.00% of its starting price. |
| &nbsp;&nbsp;&nbsp;**Threshold Amount:**  | &nbsp;&nbsp;&nbsp;30.00%. |
| &nbsp;&nbsp;&nbsp;**Market Disruption Events and Postponement Provisions:**  | &nbsp;&nbsp;&nbsp;Each call date (including the final calculation day) is subject to postponement due to non-trading days and the occurrence of a market disruption event. In addition, the stated maturity date will be postponed if the final calculation day is postponed and will be adjusted for non-business days. For more information regarding adjustments to the call dates and the stated maturity date, see "General Terms of the Securities—Consequences of a Market Disruption Event; Postponement of a Calculation Day—Securities Linked to Multiple Market Measures" and "—Payment Dates" in the accompanying product supplement. For purposes of the accompanying product supplement, each call date (including the final calculation day) is a "calculation day" and each call settlement date (including the stated maturity date) is a "payment date." In addition, for information regarding the circumstances that may result in a market disruption event, see "General Terms of the Securities—Certain Terms for Securities Linked to a Fund—Market Disruption Events" in the accompanying product supplement. |
| &nbsp;&nbsp;&nbsp;**Business Day:** | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;**Calculation Agent:** | &nbsp;&nbsp;&nbsp;Goldman Sachs & Co. LLC ("GS&Co.") |
| &nbsp;&nbsp;&nbsp;**Material Tax Consequences:** | &nbsp;&nbsp;&nbsp;For a discussion of the material U.S. federal income and certain estate tax consequences of the ownership and disposition of the securities, see "Supplemental Discussion of U.S. Federal Income Tax Considerations." |
| &nbsp;&nbsp;&nbsp;**Denominations:** | &nbsp;&nbsp;&nbsp;$1,000 and any integral multiple of $1,000. |
| &nbsp;&nbsp;&nbsp;**Overdue Principal Rate:** | &nbsp;&nbsp;&nbsp;The effective Federal Funds rate |
| &nbsp;&nbsp;&nbsp;**Defeasance:** | &nbsp;&nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;&nbsp;**CUSIP:** | &nbsp;&nbsp;&nbsp;40058XPN8 |

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____________________

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**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

**Additional Information About the Issuer, the Guarantor and the Securities**<br>

You should read this pricing supplement together with WFS product supplement no. 9 dated January 20, 2026, the prospectus supplement dated February 14, 2025 and the prospectus dated February 14, 2025 for additional information about the securities. Information included in this pricing supplement supersedes information in the product supplement, prospectus supplement and prospectus to the extent it is different from that information. Certain defined terms used but not defined herein have the meanings set forth in the product supplement, prospectus supplement or prospectus.

When we refer to "<u>we</u>," "<u>us</u>" or "<u>our</u>" in this pricing supplement, we refer only to GS Finance Corp. and not to any of 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.

You may access the product supplement, prospectus supplement and prospectus on the SEC website www.sec.gov as follows (or if such address has changed, by reviewing our filing for the relevant date on the SEC website):

• WFS Product Supplement No. 9 dated January 20, 2026:

[<u>https://www.sec.gov/Archives/edgar/data/886982/000119312526016310/wfs_productsupp_9_2025_s.htm</u>](https://www.sec.gov/Archives/edgar/data/886982/000119312526016310/wfs_productsupp_9_2025_s.htm)

• Prospectus Supplement dated February 14, 2025:

[<u>https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm</u>](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)

• Prospectus dated February 14, 2025:

[<u>https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm</u>](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)

The securities 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.

The securities will be issued in book-entry form and represented by master note no. 3, dated March 22, 2021. References herein to "calculation day" or "final calculation day" shall be deemed to refer to "determination date" in such master note no. 3, dated March 22, 2021.

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**Market Linked Securities—Auto-Callable with Contingent Downside** <br>**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**<br>

GS Finance Corp. may use this prospectus in the initial sale of the securities. 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 security 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.

Wells Fargo Advisors ("WFA") is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

**Estimated Value of the Securities**<br>

The estimated value of your securities at the time the terms of your securities are set on the pricing 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 $892 per $1,000 face amount, which is less than the original offering price. The value of your securities 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 securities (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 securities at the time of pricing, plus an additional amount (initially equal to $103 per $1,000 face amount).

Prior to May 27, 2026, the price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would buy or sell your securities (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 securities (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 from the time of pricing through May 26, 2026). On and after May 27, 2026, the price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would buy or sell your securities (if it makes a market) will equal approximately the then-current estimated value of your securities determined by reference to such pricing models.

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**Market Linked Securities—Auto-Callable with Contingent Downside** <br>**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**<br>

**Investor Considerations**<br>

**The securities are not appropriate for all investors. The securities may be an appropriate investment for investors who:** 

▪believe that the fund closing price of the lowest performing underlier will be greater than or equal to its applicable call threshold price on one of the call dates;

▪seek the potential for a fixed return if the lowest performing underlier is greater than or equal to its applicable call threshold price on any of the call dates in lieu of full participation in any potential appreciation of the lowest performing underlier;

▪are willing to accept the risk that, if the fund closing price of the lowest performing underlier is less than its applicable call threshold price on each call date, they will not receive any positive return on their investment in the securities;

▪are willing to accept the risk that, if the securities are not automatically called, they will lose more than 30%, and possibly all, of the face amount at maturity;

▪understand that the term of the securities may be reduced and that they will not receive a higher call premium payable with respect to a later call date if the securities are called on an earlier call date;

▪understand that the return on the securities will depend solely on the performance of the underlier that is the lowest performing underlier on each call date and that they will not benefit in any way from the performance of the better performing underlier;

▪understand that the securities are riskier than alternative investments linked to only one of the underliers or linked to a basket composed of each underlier;

▪understand and are willing to accept the full downside risks of each underlier;

▪are willing to forgo interest payments on the securities and dividends on the shares of the underliers; and

▪are willing to hold the securities until maturity.

**The securities may not be an appropriate investment for investors who:** 

▪seek a liquid investment or are unable or unwilling to hold the securities to maturity;

▪require full payment of the face amount of the securities at stated maturity;

▪believe that the fund closing price of the lowest performing underlier will be less than its applicable call threshold price on each call date;

▪seek a security with a fixed term;

▪are unwilling to accept the risk that, if the fund closing price of the lowest performing underlier is less than its applicable call threshold price on each call date, they will not receive any positive return on their investment in the securities;

▪are unwilling to accept the risk that the ending price of the lowest performing underlier on the final calculation day may decrease from its starting price by more than the threshold amount, in which case, they will lose more than 30%, and possibly all, of the face amount at maturity;

▪are unwilling to purchase securities with an estimated value as of the pricing date that is lower than the original offering price and that may be as low as the lower estimated value set forth on the cover page;

▪seek current income;

▪seek exposure to a basket composed of each underlier or a similar investment in which the overall return is based on a blend of the performances of the underliers, rather than solely on the lowest performing underlier;

▪are unwilling to accept the risk of exposure to the underliers;

▪seek exposure to the upside performance of any or each underlier beyond the applicable call premiums;

▪are unwilling to accept the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. to obtain exposure to the underliers generally, or to the exposure to the underliers that the securities provide specifically; or

▪prefer the lower risk of fixed income investments with comparable maturities issued by companies with comparable credit ratings.

**The considerations identified above are not exhaustive. Whether or not the securities are an appropriate investment for you will depend on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered the appropriateness of an investment in the securities in light of your particular circumstances. You should also review carefully the "Selected Risk Considerations" herein, as well as the risks and considerations described in the accompanying prospectus, in the accompanying prospectus supplement and the "Risk Factors" in the accompanying product supplement for risks related to an investment in the securities. For more information about the underliers, please see the sections titled "The SPDR**<sup>®</sup> **Gold Trust" and "The iShares**<sup>®</sup> **Silver Trust" below.**

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**Market Linked Securities—Auto-Callable with Contingent Downside** <br>**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**<br>

**Determining Timing and Amount of Payment on the Securities**<br>

Whether the securities are automatically called on any call date for the applicable call premium will be determined based on the fund closing price of the lowest performing underlier on the applicable call date as follows:

![img204524668_1.jpg](img204524668_1.jpg)

If the securities have not been automatically called, then on the stated maturity date, you will receive a cash payment per security (the maturity payment amount) calculated as follows:

![img204524668_2.jpg](img204524668_2.jpg)

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**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

**Selected Risk Considerations**<br>

*An investment in your securities is subject to the risks described below, as well as the risks and considerations described in the accompanying prospectus, in the accompanying prospectus supplement and under "Risk Factors" in the accompanying WFS product supplement no. 9. You should carefully review these risks and considerations as well as the terms of the securities described herein and in the accompanying prospectus, the accompanying prospectus supplement and the accompanying WFS product supplement no. 9. Your securities are a riskier investment than ordinary debt securities. You should carefully consider whether the offered securities are appropriate given your particular circumstances.*

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

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

The original offering price for your securities exceeds the estimated value of your securities as of the time the terms of your securities are set on the pricing date, as determined by reference to GS&Co.'s pricing models and taking into account our credit spreads. Such estimated value on the pricing date is set forth above under "Estimated Value of Your Securities*"*; after the pricing 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 securities (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 securities 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 Securities") 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 Securities". Thereafter, if GS&Co. buys or sells your securities 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 securities at any time also will reflect its then current bid and ask spread for similar sized trades of structured securities.

In estimating the value of your securities as of the time the terms of your securities are set on the pricing date, as disclosed above under "Estimated Value of Your Securities*"*, 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 securities. 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 securities in the secondary market, if any, to others may differ, perhaps materially, from the estimated value of your securities 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 Securities May Be Influenced By Many Unpredictable Factors" below.

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

In addition to the factors discussed above, the value and quoted price of your securities at any time will reflect many factors and cannot be predicted. If GS&Co. makes a market in the securities, 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 securities, including the price you may receive for your securities in any market making transaction. To the extent that GS&Co. makes a market in the securities, 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 securities (and subject to the declining excess amount described above).

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**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

Furthermore, if you sell your securities, 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 securities in a secondary market sale.

There is no assurance that GS&Co., WFS or any other party will be willing to purchase your securities at any price and, in this regard, GS&Co. and WFS are not obligated to make a market in the securities. See "Risk Factors — Your Securities May Not Have an Active Trading Market" in the accompanying product supplement.

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

Although the return on the securities will be based on the performance of each underlier, the payment of any amount due on the securities is subject to the credit risk of GS Finance Corp., as issuer of the securities, and the credit risk of The Goldman Sachs Group, Inc., as guarantor of the securities. The securities are our unsecured obligations. Investors are dependent on our ability to pay all amounts due on the securities, 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 securities, to pay all amounts due on the securities, 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.

**The Call Premium You Will Receive on a Call Settlement Date (Including the Stated Maturity Date) If Your Securities Are Automatically Called and the Amount You Will Receive on the Stated Maturity Date If Your Securities Are Not Automatically Called is Not Linked to the Fund Closing Price of the Underliers at Any Time Other Than on the Applicable Call Date or the Final Calculation Day, as the Case May Be.**

Your securities will not be automatically called, and you will not receive a call premium on a call settlement date (including the stated maturity date), unless the fund closing price of the lowest performing underlier on the applicable call date is greater than or equal to its applicable call threshold price. Therefore, the fund closing prices of the underliers on dates other than a call date will have no effect on whether your securities are automatically called. In addition, if your securities are not automatically called, the maturity payment amount you will receive on the stated maturity date, if any, will be based on the fund closing price of the lowest performing underlier on the final calculation day. Therefore, for example, if the fund closing price of an underlier dropped precipitously on the final calculation day, the maturity payment amount for your securities would be significantly less than it would otherwise have been had the maturity payment amount been linked to the fund closing prices of the underliers prior to such drop. Although the actual fund closing prices of the underliers on the call settlement dates (including the stated maturity date) or at other times during the life of the securities may be higher than the fund closing prices of the underliers on the call dates (including the final calculation day), you will not benefit from the fund closing prices of the underliers at any time other than on the call dates (including the final calculation day).

**You May Lose Your Entire Investment in the Securities.**

You can lose your entire investment in the securities. Assuming your securities are not automatically called, the maturity payment amount on your securities, if any, on the stated maturity date will be based on the performance of the lowest performing of the underliers as measured from its starting price to its fund closing price on the final calculation day. If the ending price of the lowest performing underlier on the final calculation day is *less than* its threshold price, you will have full downside exposure to the decrease in the price of the lowest performing underlier from its starting price, and you will lose 1% of the face amount of your securities for every 1% that the ending price of the lowest performing underlier on the final calculation day is less than its starting price. Thus, you may lose your entire investment in the securities.

Also, the market price of your securities prior to a call settlement date or the stated maturity date, as the case may be, may be significantly lower than the purchase price you pay for your securities. Consequently, if you sell your securities before the stated maturity date, you may receive far less than the amount of your investment in the securities.

**The Return on Your Securities May Change Significantly Despite Only a Small Change in the Price of the Lowest Performing Underlier.**

If the ending price of the lowest performing underlier on the final calculation day is less than its threshold price, you will receive less than the face amount of your securities and you could lose all or a substantial portion of your investment in the securities. This means that while a decrease in the ending price of the lowest performing underlier on the final calculation day to its threshold price will not result in a loss of principal on the securities, a decrease in the ending price of the lowest performing underlier on the final calculation day to less than its threshold price will result in a loss of a

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**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

significant portion of the face amount of the securities despite only a small change in the ending price of the lowest performing underlier.

**Because the Securities Are Linked to the Performance of the Lowest Performing Underlier, You Have a Greater Risk of Sustaining a Significant Loss on Your Investment Than If the Securities Were Linked to Just One Underlier.**

The risk that you will suffer a significant loss on your investment is greater if you invest in the securities as opposed to substantially similar securities that are linked to the performance of just one underlier. With multiple underliers, it is more likely that at least one underlier will close below its applicable call threshold price on any call date, or below its threshold price on the final calculation day, than if the securities were linked to only one underlier. Therefore, it is more likely that you will suffer a significant loss on your investment.

Movements in the prices of the underliers may be correlated or uncorrelated at different times during the term of the securities and, if there is correlation, such correlation may be positive (the underliers move in the same direction) or negative (the underliers move in reverse directions). You should not take the historical correlation (or lack thereof) of the underliers as an indication of the future correlation, if any, of the underliers. Such correlation could have an adverse effect on your return on the securities. For example, if the underliers are negatively correlated on a call date and the price of one underlier increases, it is likely that the other underlier will decrease and such decrease could cause one or more of the underliers to close below its applicable call threshold price on any call date, or below its threshold price on the final calculation day. As discussed below in "A Higher Call Premium, a Lower Fund Closing Price at or Above Which the Securities Will Be Automatically Called and/or a Lower Threshold Price May Reflect Greater Expected Volatility of the Underliers, and Greater Expected Volatility Generally Indicates An Increased Risk of Declines in the Prices of the Underliers and, Potentially, a Significant Loss at Maturity", higher call premium and lower threshold price indicate a greater potential for a loss on your investment at maturity, which are risks generally associated with underliers that have lower correlation. In addition, other factors and inputs other than correlation may impact how the terms of the securities are set and the performance of the securities.

**A Higher Call Premium, a Lower Fund Closing Price at or Above Which the Securities Will Be Automatically Called and/or a Lower Threshold Price May Reflect Greater Expected Volatility of the Underliers, and Greater Expected Volatility Generally Indicates An Increased Risk of Declines in the Prices of the Underliers and, Potentially, a Significant Loss at Maturity.**

The economic terms for the securities, including the call premiums, the fund closing prices of the underliers on a call date at or above which the securities will be automatically called and the threshold prices, are based, in part, on the expected volatility of each underlier at the time the terms of the securities are set. "Volatility" refers to the frequency and magnitude of changes in the prices of the underliers.

Higher expected volatility with respect to each underlier as of the pricing date generally indicates a greater expectation as of that date that (i) the fund closing price of one or more of the underliers on any call date will be less than its applicable call threshold price, in which case your securities will not be automatically called and you will not receive the applicable call premium, or (ii) the ending price of the lowest performing underlier could ultimately be less than its threshold price on the final calculation day, which would result in a loss of a significant portion or all of your investment in the securities. At the time the terms of the securities are set, higher expected volatility will generally be reflected in higher call premiums, lower fund closing prices of the underliers at or above which the securities will be automatically called and/or lower threshold prices, as compared to otherwise comparable securities issued by the same issuer with the same maturity (taking into account any ability of the issuer to redeem the securities prior to maturity) but with one or more different underliers. **However, there is no guarantee that the higher call premiums or lower threshold prices set for your securities on the pricing date will adequately compensate you, from a risk-potential reward perspective, for the greater risk of your securities not being automatically called or of losing some or a significant portion or all of your investment in the securities.** 

A relatively higher call premium (as compared to otherwise comparable securities), which would increase the positive return if the fund closing price of each underlier is greater than or equal to its applicable call threshold price on any call date, or a relatively lower fund closing price of the underliers at or above which the securities will be automatically called, may generally indicate an increased risk that your securities will not be automatically called on any call settlement date.

Similarly, a relatively lower threshold price (as compared to otherwise comparable securities), which would increase the buffer against the loss of principal, may generally indicate an increased risk that the price of each underlier will decrease substantially. This would result in a significant loss at maturity if the ending price of any underlier is less than its

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**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

threshold price. Further, a relatively lower threshold price may not indicate that the securities have a greater likelihood of a return of principal at maturity based on the performance of each underlier.

**You should not take the historical volatility of any underlier as an indication of its future volatility. You should be willing to accept the downside market risk of each underlier and the potential to lose a significant portion or all of your investment in the securities.**

**The Amount You Will Receive on a Call Settlement Date or on the Stated Maturity Date, as the Case May Be, Will Be Capped Due to the Applicable Call Premium.**

Regardless of the fund closing prices of the underliers on a call date, the amount in cash you may receive on the related call settlement date is capped. Even if the fund closing price of the lowest performing underlier on a call date exceeds its applicable call threshold price, causing the securities to be automatically called, you will not benefit from any increase in the fund closing price of the underliers above their starting prices on the call date. If your securities are automatically called on a call date, the maximum payment you will receive for each $1,000 face amount of your securities will depend on the applicable call premium. If your securities are not automatically called, you will receive a maturity payment amount that will be less than the face amount based on the closing level of the lowest performing underlier on the final calculation day and you will lose some, and possibly all, of the face amount of your securities.

**The Maturity Payment Amount Will Be Based Solely on the Lowest Performing Underlier.**

If the securities are not automatically called, the maturity payment amount will be based on the lowest performing underlier without regard to the performance of the other underlier. As a result, you could lose all or some of your initial investment if the ending price of the lowest performing underlier on the final calculation day is less than its threshold price, even if there is an increase in the price of the other underlier. This could be the case even if the other underlier increased by an amount greater than the decrease in the lowest performing underlier.

**Your Securities Are Subject to Automatic Redemption.**

We will automatically call and redeem all, but not part, of your securities on a call settlement date if, as measured on any call date, the fund closing price of the lowest performing underlier is greater than or equal to its applicable call threshold price. Therefore, the term for your securities may be reduced. You may not be able to reinvest the proceeds from an investment in the securities at a comparable return for a similar level of risk in the event the securities are automatically called prior to maturity. For the avoidance of doubt, if your securities are automatically called, no discounts, commissions or fees described herein will be rebated or reduced.

**Your Securities Do Not Bear Interest.**

You will not receive any interest payments on your securities. As a result, even if the amount payable for your securities on a call settlement date or the stated maturity date, as applicable, exceeds the face amount of your securities, the overall return you earn on your securities 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 Market Value of Your Securities May Be Influenced By Many Unpredictable Factors.**

When we refer to the market value of your securities, we mean the value that you could receive for your securities if you chose and were able to sell them in the open market before the stated maturity date. A number of factors, many of which are beyond our control and impact the value of bonds and options generally, will influence the market value of your securities, including:

● the prices of the underliers;

● the volatility — i.e., the frequency and magnitude of changes — in the prices of the underliers;

● the correlation among the underliers — i.e., the extent to which the prices of the underliers tend to fluctuate at the same time, in the same direction and in similar magnitudes;

● economic, financial, regulatory, political, military, public health and other events that affect stock markets generally and which may affect the prices of the underliers;

● interest rates and yield rates in the market;

● the time remaining until your securities mature; and

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**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

● our creditworthiness and the creditworthiness of The Goldman Sachs Group, Inc., whether actual or perceived, 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 securities may be negatively impacted by increasing interest rates. Such adverse impact of increasing interest rates could be significantly enhanced in securities with longer-dated maturities, the market values of which are generally more sensitive to increasing interest rates.

These factors will influence the price you will receive if you sell your securities before maturity, including the price you may receive for your securities in any market-making transaction. If you sell your securities before maturity, you may receive less than the face amount of your securities or less than you would have received had you held your securities to maturity.

You cannot predict the future prices of the underliers based on their historical fluctuations. The actual price of the underliers over the life of the securities may bear little or no relation to the historical closing prices of the underliers or to the hypothetical examples shown elsewhere in this pricing supplement.

**The Return on Your Securities Will Not Reflect Any Dividends Paid on the Underliers.**

The return on your securities will not reflect the return you would realize if you actually owned shares of the underliers and received the distributions paid on the shares of such underliers. You will not receive any dividends that may be paid on the shares of the underliers. See "—You Have No Shareholder Rights or Rights to Receive Any Shares of the Underliers" below for additional information.

**You Have No Shareholder Rights or Rights to Receive Any Shares of the Underliers.**

Investing in your securities will not make you a holder of any shares of the underliers. Neither you nor any other holder or owner of your securities will have any rights with respect to the underliers, including any voting rights, any rights to receive dividends or other distributions, any rights to make a claim against the underliers or any other rights of a holder of any shares of the underliers. Your securities will be paid in cash and you will have no right to receive delivery of any shares of the underliers.

**<u>Additional Risks Related to the Underliers</u>**

**The Policies of the Underlier Investment Advisor For Any Underlier Could Affect the Amount Payable on Your Securities and Their Market Value.**

The underlier investment advisor of any underlier may be called upon to make certain policy decisions or judgments concerning the valuation of the assets held by such underlier, the calculation of the net asset value and net asset value per share, and additions, deletions or substitutions of assets in an underlier. Such determinations could affect the market price of the shares of that underlier, and therefore, the amount payable on your securities. The amount payable on your securities and their market value could also be affected if the underlier investment advisor changes these policies, for example, by changing or discontinuing the manner in which it evaluates the assets held by an underlier and the manner in which it calculates the net asset value of an underlier, in which case it may become difficult or inappropriate to determine the market value of your securities.

If events such as these occur, the calculation agent — which initially will be GS & Co., our affiliate — may determine the fund closing price of the underliers on a call date or the final calculation day — and thus the amount payable on a call settlement date or the stated maturity date, if any — in a manner it considers appropriate, in its sole discretion.

**Except to the Extent GS&Co. and One or More of Our Other Affiliates Act as Authorized Participants in the Distribution of, and, at Any Time, May Hold, Shares of, the Underliers, There Is No Affiliation Between the Underlier Investment Advisors and Us.**

GS&Co. and one or more of our other affiliates may act, from time to time, as authorized participants in the distribution of shares of the underliers, and, at any time, may hold shares of the underliers. Goldman Sachs is not otherwise affiliated with the underlier investment advisors. Neither we nor any of our affiliates have participated in the preparation of any publicly available information or made any "due diligence" investigation or inquiry with respect to the underliers. You, as an investor in the securities, should make your own investigation into the underliers.

The underlier investment advisors are not involved in the offering of the securities in any way and do not have any obligation of any sort with respect to the securities. The underlier investment advisors do not have any obligation to take

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**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

your interests into consideration for any reason, including when taking any corporate actions that might affect the value of the securities.

**There Is No Assurance That an Active Trading Market Will Continue For the Underliers or That There Will Be Liquidity in Any Such Trading Market; Further, the Underliers Are Subject to Custody Risks.**

Although the shares of the underliers and a number of similar products have been listed for trading on securities exchanges for varying periods of time, there is no assurance that an active trading market will continue for the shares of any underlier or that there will be liquidity in the trading market.

The purpose of the SPDR<sup>®</sup> Gold Trust is to own gold transferred to the SPDR<sup>®</sup> Gold Trust in exchange for shares issued by the SPDR<sup>®</sup> Gold Trust. The SPDR<sup>®</sup> Gold Trust is not actively managed and may be affected by a decline in the price of gold. Similarly, the purpose of the iShares<sup>®</sup> Silver Trust is to own silver transferred to the iShares<sup>®</sup> Silver Trust in exchange for shares issued by the iShares<sup>®</sup> Silver Trust. The iShares<sup>®</sup> Silver Trust is not actively managed and may be affected by a decline in the price of silver.

In addition, the underliers are subject to custody risk, which refers to the risks in safekeeping the SPDR<sup>®</sup> Gold Trust's gold bars and the iShares<sup>®</sup> Silver Trust's silver bullion and facilitating the transfer of gold bars into and out of the SPDR<sup>®</sup> Gold Trust and the transfer of silver bullion into and out of the iShares<sup>®</sup> Silver Trust.

**Ongoing Commodities-Related Regulatory Investigations And Private Litigation Could Affect Prices for Commodities, Which Could Adversely Affect Your Securities.**

An increased focus on price setting and trading prices by regulators and exchanges recently have resulted in a number of changes to the ways in which prices are determined, including prices for commodities. This increased focus also resulted in the publication of standards for benchmark setting by the International Organization of Securities Commissions. Investigations by regulatory authorities, enforcement actions and criminal proceedings in the United States and around the world, and private litigation regarding potential direct and indirect manipulation of the trading prices of certain commodities, are ongoing against a number of firms.

These ongoing investigations, actions, proceedings and litigations may result in further review by exchanges and regulators of the methods by which commodities prices are determined and the manner in which commodities are traded and changes to those methods. In addition, changes to other commodity-related activities, such as storage facilities and delivery methods, may also occur. If any of these changes occur, the price of the commodity to which your securities may be linked may be affected, which may thereby adversely affect the price of the underliers and your securities.

In addition, if alleged trading price manipulation or other alleged conduct that may have artificially affected prices has occurred or is continuing, certain published commodity prices (including historical prices) may have been, or may be in the future, artificially lower (or higher) than they would otherwise have been. In particular, the historical trading information of the commodity to which your securities may be linked may be incorrect and, as a result, may not be representative of the prices or changes in prices or the volatility of the commodity to which your securities may be linked. In the future, any such artificially lower (or higher) prices could have an adverse impact on the relevant commodities or commodity contracts and any payments on, and the value of, your securities and the trading market for your securities.

**Legal and Regulatory Changes Could Adversely Affect the Return on and Value of Your Securities.**

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), which effected substantial changes to the regulation of the futures and over-the-counter (OTC) derivatives markets, was enacted in July 2010. Dodd-Frank required regulators, including the Commodity Futures Trading Commission (CFTC), to adopt regulations to implement many of the requirements of the legislation. While the CFTC has adopted the required regulations, some of them have only recently become effective. The ultimate impact of the regulatory scheme, therefore, cannot yet be fully determined. Under Dodd-Frank, in October 2020 the CFTC adopted a rule to impose limits on the size of positions that can be held by market participants in futures and OTC derivatives on physical commodities. Required compliance with the new position limits rule began on January 1, 2022 for physical commodity futures (and any associated referenced contracts other than economically equivalent swaps) and on January 1, 2023 for economically equivalent swaps. Despite the compliance date for economically equivalent swaps having passed, there remains substantial market uncertainty as to the exact scope of what constitutes an economically equivalent swap. The CFTC also has adopted rules governing the aggregation of positions by market participants under common control and by trading managers. While the ultimate scope and impact of the position limit and aggregation rules, as well as other CFTC rules cannot be conclusively determined at present, these new requirements could restrict the ability of certain market participants to participate in the commodities, futures and swap markets and markets for other OTC derivatives on physical commodities to the extent and at the levels that they

------

**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

have in the past. These factors may also have the effect of reducing liquidity and increasing costs in these markets as well as affecting the structure of the markets in other ways.

In addition, these legislative and regulatory changes have increased, and will continue to increase, the level of regulation of markets and market participants, and therefore the costs of participating in the commodities, futures and OTC derivatives markets. Without limitation, these changes require many OTC derivatives transactions to be executed on regulated exchanges or trading platforms and cleared through regulated clearing houses. Swap dealers (as defined by the CFTC) are also required to be registered and are subject to various regulatory requirements, including, but not limited to, posting and collecting margin for un-cleared OTC swaps traded bilaterally with financial entities, recordkeeping, reporting and various business conduct requirements, as well as minimum financial capital requirements. These legislative and regulatory changes, and the resulting increased costs and regulatory oversight requirements, could result in market participants being required to, or deciding to, limit their trading activities, which could cause reductions in market liquidity and increases in market volatility. In addition, transaction costs incurred by market participants are likely to be higher than in the past, reflecting the costs of compliance with the new regulations. These consequences could adversely affect the price of the underliers, which could in turn adversely affect the return on and value of your securities.

In addition, other regulatory bodies have passed or proposed, or may propose in the future, legislation similar to Dodd-Frank or other legislation containing other restrictions that could adversely impact the liquidity of and increase costs of participating in the commodities markets. For example, the European Union ("EU") Markets in Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation (EU) No 600/2014) (together "MiFID II"), which has applied since January 3, 2018, governs the provision of investment services and activities in relation to, as well as the organized trading of, financial instruments such as shares, bonds, units in collective investment schemes and derivatives. In particular, MiFID II requires EU Member States to apply position limits to the size of a net position which a person can hold at any time in commodity derivatives traded on EU trading venues and in "economically equivalent" OTC contracts. By way of further example, the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) ("EMIR") introduced certain requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts, including the mandatory margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping requirements in respect of all derivative contracts. In the event that the requirements under EMIR and MiFID II apply, these are expected to increase the cost of transacting derivatives.

**<u>Additional Risks Related to the SPDR</u>**<sup>®</sup> **<u>Gold Trust</u>**

**The SPDR**<sup>®</sup> **Gold Trust Is a Concentrated Investment in a Single Commodity and Does Not Provide Diversified Exposure.**

The SPDR<sup>®</sup> Gold Trust is concentrated in a single commodity. As a result, the performance of the SPDR<sup>®</sup> Gold Trust will be concentrated in the performance of that specific commodity. Although your investment in the securities will not result in the ownership or other direct interest in the commodity held (directly or indirectly) by the SPDR<sup>®</sup> Gold Trust, the return on your investment in the securities will be subject to certain risks similar to those associated with direct investment in that commodity. This increases the risk that any market events that create a decrease in demand for or the trading price of the commodity would significantly adversely affect the SPDR<sup>®</sup> Gold Trust, which could have an adverse impact on the value of the securities.

**The Value of the Shares of the SPDR**<sup>®</sup> **Gold Trust Relates Directly to the Value of the Gold Held by the SPDR**<sup>®</sup> **Gold Trust and Fluctuations in the Price of Gold Could Materially Adversely Affect an Investment in the SPDR**<sup>®</sup> **Gold Trust's Shares.**

The shares are designed to mirror as closely as possible the performance of the price of gold, and the value of the shares relates directly to the value of the gold held by the SPDR<sup>®</sup> Gold Trust, less the trust's liabilities (including estimated accrued expenses). The price of gold has fluctuated widely over the past several years. Several factors may affect the price of gold, including, but not limited to:

• global supply and demand of gold, which may be influenced by such factors as gold's uses in jewelry, technology and industrial applications, purchases made by investors in the form of bars, coins and other gold products, forward selling by gold producers, purchases made by gold producers to unwind their hedge positions, central bank purchases and sales, and production and cost levels in the major gold-producing countries such as China, the United States and Australia;

• interest rates;

------

**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

• investors' expectations concerning inflation rates;

• currency exchange rates;

• investment and trading activities of hedge funds and commodity funds;

• global or regional political, economic, public health or financial events and situations, especially those unexpected in nature; and

• other economic variables such as income growth, economic output and monetary policies.

Gold markets have historically experienced extended periods of flat or declining prices, in addition to sharp fluctuations.

**Fees and Expenses Payable by the SPDR**<sup>®</sup> **Gold Trust Are Charged Regardless of Profitability and May Result in a Depletion of its Assets.**

The SPDR<sup>®</sup> Gold Trust is subject to fees and expenses, which are payable irrespective of profitability. Interest earned on the assets posted as collateral is paid to the SPDR<sup>®</sup> Gold Trust and is used to pay fees and expenses. A prolonged decline in interest rates could materially affect the amount of interest paid to the SPDR<sup>®</sup> Gold Trust. In the case of either an extraordinary expense and/or insufficient interest income to cover ordinary expenses, the SPDR<sup>®</sup> Gold Trust could be forced to liquidate its positions in gold to pay such expenses.

**Potential Discrepancies, or Future Changes, in the Calculation of the LBMA Gold Price PM Could Have an Adverse Effect on the Value of the SPDR**<sup>®</sup> **Gold Trust.**

The value of the gold held by the SPDR<sup>®</sup> Gold Trust is determined using the LBMA Gold Price PM, which is the LBMA Gold Price determined at 3:00 pm (London time) on the particular day. ICE Benchmark Administration (IBA) is the administrator for the LBMA Gold Price PM, and IBA provides the auction platform, methodology as well as overall independent administration and governance for the LBMA Gold Price. As the administrator of the LBMA Gold Price, IBA operates an electronic and tradeable auction process. The price formation is in U.S. dollars only and prices are set twice daily at 10:30 a.m. and 3:00 p.m. (London time). Within the process, aggregated gold bids and offers are updated in real-time with the imbalance calculated and the price updated every 30 seconds until the buy and sell orders are matched.

If the LBMA Gold Price PM does not prove to be an accurate benchmark, and the LBMA Gold Price PM varies materially from the price of gold determined by other mechanisms, the net asset value of the SPDR<sup>®</sup> Gold Trust and, therefore, the value of an investment in the shares could be adversely impacted. Further, the calculation of the LBMA Gold Price PM is not an exact process, but is based upon a procedure of matching orders from participants in the auction process and their customers to sell gold with orders from participants in the auction process and their customers to buy gold at particular prices. The LBMA Gold Price PM does not therefore purport to reflect each buyer or seller of gold in the market, nor does it purport to set a definitive price for gold at which all orders for sale or purchase will take place on that particular day or time. All orders placed into the auction process by the participants will be executed on the basis of the price determined pursuant to the LBMA Gold Price PM auction process. Any future developments or changes in the determination of the LBMA Gold price PM, to the extent they have a material impact on the LBMA Gold Price PM, could adversely impact the net asset value of the SPDR<sup>®</sup> Gold Trust and the value of the shares.

**The Amount of Gold Represented by the Shares of the SPDR**<sup>®</sup> **Gold Trust Will Continue to Be Reduced During the Life of the SPDR**<sup>®</sup> **Gold Trust Due to the SPDR**<sup>®</sup> **Gold Trust's Expenses.**

Each outstanding share represents a fractional, undivided interest in the gold held by SPDR<sup>®</sup> Gold Trust. The SPDR<sup>®</sup> Gold Trust does not generate any income and regularly sells gold to pay for its ongoing expenses. Therefore, the amount of gold represented by each share has gradually declined over time. This is also true with respect to shares that are issued in exchange for additional deposits of gold into the SPDR<sup>®</sup> Gold Trust, as the amount of gold required to create shares proportionately reflects the amount of gold represented by the shares outstanding at the time of creation. Assuming a constant gold price, the trading price of the shares is expected to gradually decline relative to the price of gold as the amount of gold represented by the shares gradually declines.

**Termination or Liquidation of the SPDR**<sup>®</sup> **Gold Trust Could Adversely Affect the Value of the Securities.**

The SPDR<sup>®</sup> Gold Trust is a Delaware statutory trust. The trust may be required to terminate and liquidate at a time that is disadvantageous to you. If the trust is required to terminate and liquidate, such termination and liquidation could occur at a time when the price of gold is lower than the price of gold at the time when you purchased your securities, which could have an adverse impact on the value of the securities.

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**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

**<u>Additional Risks Related to the iShares</u>**<sup>®</sup> **<u>Silver Trust</u>**

**The iShares**<sup>®</sup> **Silver Trust Is a Concentrated Investment in a Single Commodity and Does Not Provide Diversified Exposure.**

The price of shares of the iShares<sup>®</sup> Silver Trust is linked to the price of silver and not to a diverse basket of commodities or a broad-based commodity index. The price of silver may not correlate to the price of commodities generally and may diverge significantly from the prices of commodities generally. Because the securities are linked, in part, to the iShares<sup>®</sup> Silver Trust that is itself linked to the price of a single commodity, the securities may carry greater risk and may be more volatile than a security linked to the prices of multiple commodities or a broad-based commodity index.

**The Price of the iShares**<sup>®</sup> **Silver Trust Is Linked to the Price of Silver, Which May Change Unpredictably and Affect the Value of the Securities in Unforeseeable Ways.**

The iShares<sup>®</sup> Silver Trust attempts to mirror, as closely as possible, before fees and expenses, the performance of the price of silver, and the value of the shares of the iShares<sup>®</sup> Silver Trust is most directly affected by the value of the silver bullion held by the iShares<sup>®</sup> Silver Trust. The silver markets are generally subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity in the markets and government regulation and intervention.

Silver prices are subject to volatile price movements over short periods of time and are generally affected by numerous factors. These include:

• a change in economic conditions, such as a recession. Silver is used in a wide range of industrial applications, and an economic downturn could have a negative impact on its demand and, consequently, its price and the price of the iShares<sup>®</sup> Silver Trust;

• a significant increase in silver hedging activity by silver producers. Traditionally, silver producers have not hedged to the same extent that other producers of precious metals (gold, for example) have. Should there be an increase in the level of hedging activity of silver producing companies, a decline in world silver prices could result, adversely affecting the price of the iShares<sup>®</sup> Silver Trust;

• a significant change in the attitude of speculators and investors towards silver. Should the speculative community take a negative view towards silver, a decline in world silver prices could occur, negatively impacting the price of the shares of the iShares<sup>®</sup> Silver Trust;

• global silver supply and demand, which is influenced by such factors as silver's uses in jewelry, technology and industrial applications, purchases made by investors in the form of bars, coins and other silver products, forward selling by silver producers, purchases made by silver producers to unwind silver hedge positions, central bank purchases and sales, and production and cost levels in major silver-producing countries such as China, Mexico and Peru;

• global or regional political, economic, public health or financial events and situations, especially those unexpected in nature;

• investors' expectations with respect to the rate of inflation;

• interest rates;

• investment and trading activities of hedge funds and commodity funds;

• other economic variables such as income growth, economic output, and monetary policies; and

• investor confidence.

It is not possible to predict the aggregate effect of all or any combination of these factors. Conversely, several factors may trigger a temporary increase in the price of silver prior to the pricing date for the securities. If that is the case, the starting price of the iShares<sup>®</sup> Silver Trust will be affected by the temporarily high prices of silver, which will negatively affect your payments on the securities when the causes for the temporary increase disappear.

**Investing in Securities Linked to the iShares**<sup>®</sup> **Silver Trust Is Not the Same as Investing Directly in Silver.**

The performance of the iShares<sup>®</sup> Silver Trust may not fully replicate the performance of the price of silver due to the fees and expenses charged by the iShares<sup>®</sup> Silver Trust or by restrictions on access to silver due to other circumstances. The iShares<sup>®</sup> Silver Trust does not generate any income and as the iShares<sup>®</sup> Silver Trust regularly sells silver to pay for its ongoing expenses, the amount of silver represented by each share of the iShares<sup>®</sup> Silver Trust has gradually declined over

------

**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

time. The iShares<sup>®</sup> Silver Trust sells silver to pay expenses on an ongoing basis irrespective of whether the trading price of the shares rises or falls in response to changes in the price of silver. The sale of the iShares<sup>®</sup> Silver Trust's silver to pay expenses at a time of low silver prices could adversely affect the value of the iShares<sup>®</sup> Silver Trust and, therefore, the value of your securities. Additionally, there is a risk that part or all of the iShares<sup>®</sup> Silver Trust's silver could be lost, damaged or stolen due to war, terrorism, theft, natural disaster or otherwise, which could adversely affect the value of your securities.

**An Investment in the Securities Is Subject to Risks Associated with the London Bullion Market.**

The price of one share of the iShares<sup>®</sup> Silver Trust is closely related to the price of silver. The net asset value of the iShares<sup>®</sup> Silver Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the trust on any day from the total value of the silver and all other assets of the trust on that day.

In addition, the price at which silver is traded on over-the-counter markets around the world has an effect on the value of shares in the trust. Most of such over-the-counter market trading clears through the London bullion market, which is the market in London on which the members of the LBMA quote prices.

Investments in commodities that are traded on non-U.S. markets involve risks associated with the markets in those countries, including risks of volatility and governmental intervention in those markets.

The LBMA is a self-regulatory association of bullion market participants. Although the LBMA sets out good practices for participants in the bullion market, the LBMA itself is not a regulated entity. If the LBMA should cease operations, if bullion trading should become subject to a value added tax or other tax or any other form of regulation currently not in place, or if the LBMA should change any rule or bylaw or take emergency action under its rules, the market for silver, and consequently the prices of the iShares<sup>®</sup> Silver Trust, as well as the value of the securities, may be affected. The London bullion market is a principals' market which operates in a manner more closely analogous to an over-the-counter physical commodity market than a regulated futures market, and certain features of U.S. futures contracts are not present in the context of London bullion market trading. For example, there are no daily price limits on the London bullion market which would otherwise restrict fluctuations in the prices of London bullion market contracts. In a declining market, it is possible that prices would continue to decline without limitation within a trading day or over a period of trading days.

**Termination of the iShares**<sup>®</sup> **Silver Trust Could Adversely Affect the Value of the Securities.**

The iShares<sup>®</sup> Silver Trust may be required to terminate and liquidate at a time that is disadvantageous to you, such as when the price of silver is lower than the price of silver at the time when you purchased your securities.

**The Correlation Between the Performance of the iShares**<sup>®</sup> **Silver Trust and the Price of Silver May Be Imperfect.**

A discrepancy may exist between the performance of the iShares<sup>®</sup> Silver Trust and the price of silver. Since the shares of the iShares<sup>®</sup> Silver Trust are traded on an exchange and are subject to market supply and investor demand, the market value of one share of the iShares<sup>®</sup> Trust may differ from the net asset value per share of the iShares<sup>®</sup> Silver Trust. As a result of the potential discrepancies identified above, the iShares<sup>®</sup> Silver Trust return may not correlate perfectly with the return on silver over the same period. For more information, see "The Underliers – iShares<sup>®</sup> Silver Trust" on page PS-30.

**<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 securities 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 securities 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 securities.

**The Tax Consequences of an Investment in Your Securities Are Uncertain.**

The tax consequences of an investment in your securities are uncertain, both as to the timing and character of any inclusion in income in respect of your securities.

The Internal Revenue Service announced on December 7, 2007 that it is considering issuing guidance regarding the tax treatment of an instrument such as your securities, and any such guidance could adversely affect the value and the tax

------

**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

treatment of your securities. Among other things, the Internal Revenue Service may decide to require the holders to accrue ordinary income on a current basis and recognize ordinary income on payment at maturity, and could subject non-U.S. investors to withholding tax. Furthermore, in 2007, legislation was introduced in Congress that, if enacted, would have required holders that acquired instruments such as your securities after the bill was enacted to accrue interest income over the term of such instruments even though there will be no interest payments over the term of such instruments. It is not possible to predict whether a similar or identical bill will be enacted in the future, or whether any such bill would affect the tax treatment of your securities. We describe these developments in more detail under "Supplemental Discussion of U.S. Federal Income Tax Considerations — United States Holders — Possible Change in Law" below. You should consult your tax advisor about this matter. Except to the extent otherwise provided by law, we intend to continue treating the securities for U.S. federal income tax purposes in accordance with the treatment described under "Supplemental Discussion of U.S. Federal Income Tax Considerations" below unless and until such time as Congress, the Treasury Department or the Internal Revenue Service determines that some other treatment is more appropriate. Please also consult your tax advisor concerning the U.S. federal income tax and any other applicable tax consequences to you of owning your securities in your particular circumstances.

**Your Securities May Be Subject to the Constructive Ownership Rules**

There exists a risk that the constructive ownership rules of Section 1260 of the Internal Revenue Code could apply to your securities. If your securities were subject to the constructive ownership rules, then any long-term capital gain that you realize upon the sale, exchange, redemption or maturity of your securities would be re-characterized as ordinary income (and you would be subject to an interest charge on deferred tax liability with respect to such re-characterized capital gain) to the extent that such capital gain exceeds the amount of "net underlying long-term capital gain" (as defined in Section 1260 of the Internal Revenue Code). Because the application of the constructive ownership rules is unclear you are strongly urged to consult your tax advisor with respect to the possible application of the constructive ownership rules to your investment in the securities.

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

------

**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

**Hypothetical Examples and Returns**<br>

The payout profile, return tables and examples below illustrate hypothetical payments upon an automatic call or at stated maturity for a $1,000 face amount security on a hypothetical offering of securities under various scenarios, with the assumptions set forth in the table below. The terms used for purposes of these hypothetical examples do not represent any actual starting price, call threshold price or threshold price. The hypothetical starting price of $100.00 for each underlier has been chosen for illustrative purposes only and does not represent the actual starting price for any underlier. The actual starting price, call threshold price and threshold price for each underlier will be determined on the pricing date and will be set forth under "Terms of the Securities" above. For historical data regarding the actual closing prices of the underliers, see the historical information set forth herein. The payout profile, return table and examples below assume that an investor purchases the securities for $1,000 per security. These examples are for purposes of illustration only and the values used in the examples may have been rounded for ease of analysis. The actual amount you receive at stated maturity or upon automatic call and the resulting pre-tax total rate of return will depend on the actual terms of the securities. The performance of the better performing underlier is not relevant to your return on the securities.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Call Premiums:**  | &nbsp;&nbsp;&nbsp;21.30% for the first call date, 23.075 for the second call date, 24.85% for the third call date, 26.625% for the fourth call date, 28.40% for the fifth call date, 30.175% for the sixth call date, 31.95% for the seventh call date, 33.725% for the eighth call date, 35.50% for the ninth call date, 37.275% for the tenth call date, 39.05% for the eleventh call date, 40.825% for the twelfth call date, 42.60% for the thirteenth call date, 44.375% for the fourteenth call date, 46.15% for the fifteenth call date, 47.925% for the sixteenth call date, 49.70% for the seventeenth call date, 51.475% for the eighteenth call date, 53.25% for the nineteenth call date, 55.025% for the twentieth call date, 56.80% for the twenty-first call date, 58.575% for the twenty-second call date, 60.35% for the twenty-third call date, 62.125% for the twenty-fourth call date and 63.90% for the twenty-fifth call date  |
| &nbsp;&nbsp;&nbsp;**Hypothetical Starting Price:**  | &nbsp;&nbsp;&nbsp;For each underlier, $100.00 |
| &nbsp;&nbsp;&nbsp;**Hypothetical Call Threshold Price:** | &nbsp;&nbsp;&nbsp;For each underlier, (i) with respect to the first 24 call dates, $100.00 (100.00% of the hypothetical starting price) and (ii) with respect to the final call date, $70.00 (70.00% of the hypothetical starting price) |
| &nbsp;&nbsp;&nbsp;**Hypothetical Threshold Price:**  | &nbsp;&nbsp;&nbsp;For each underlier, $70.00 (70.00% of its hypothetical starting price) |
| &nbsp;&nbsp;&nbsp;**Threshold Amount:**  | &nbsp;&nbsp;&nbsp;30.00% |

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**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

**Hypothetical Payout Profile**

![img204524668_3.jpg](img204524668_3.jpg)

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**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

**Hypothetical Returns** 

***If the securities are automatically called:***

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| | | |
|:---|:---|:---|
| **Hypothetical call date on which securities are automatically called** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical payment per security on related call settlement date** | **Hypothetical pre-tax <br>total rate of return**<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1st call date | $1213.00 | 21.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2nd call date | $1230.75 | 23.075% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3rd call date | $1248.50 | 24.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4th call date | $1266.25 | 26.625% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5th call date | $1284.00 | 28.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6th call date | $1301.75 | 30.175% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7th call date | $1319.50 | 31.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8th call date | $1337.25 | 33.725% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9th call date | $1355.00 | 35.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10th call date | $1372.75 | 37.275% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11th call date | $1390.50 | 39.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12th call date | $1408.25 | 40.825% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13th call date | $1426.00 | 42.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14th call date | $1443.75 | 44.375% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15th call date | $1461.50 | 46.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16th call date | $1479.25 | 47.925% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17th call date | $1497.00 | 49.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18th call date | $1514.75 | 51.475% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19th call date | $1532.50 | 53.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20th call date | $1550.25 | 55.025% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21st call date | $1568.00 | 56.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22nd call date | $1585.75 | 58.575% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23rd call date | $1603.50 | 60.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24th call date | $1621.25 | 62.125% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25th call date | $1639.00 | 63.90% |

---

***If the securities are not automatically called:***

---

| | | | |
|:---|:---|:---|:---|
| **Hypothetical ending price of the lowest performing underlier on the final calculation day** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical performance factor of the lowest performing underlier on the final calculation day** <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical maturity payment amount per security** | **Hypothetical pre-tax total rate of return**<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69.99 | 69.99% | $699.90 | -30.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50.00 | 50.00% | $500.00 | -50.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40.00 | 40.00% | $400.00 | -60.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.00 | 20.00% | $200.00 | -80.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.00 | 10.00% | $100.00 | -90.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.00 | 0.00% | $0.00 | -100.00% |

---

<sup>(1)</sup> The hypothetical pre-tax total rate of return is the number, expressed as a percentage, that results from comparing the payment per security upon automatic call or at stated maturity to the face amount of $1,000.

------

**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

**Hypothetical Examples Of Payment Upon An Automatic Call Or At Stated Maturity** 

**Example 1. The fund closing price of the lowest performing underlier on the first call date is greater than its applicable call threshold price, and the securities are automatically called on the first call date:** 

---

| | | |
|:---|:---|:---|
|  | **SPDR**<sup>®</sup> **Gold Trust** | **iShares**<sup>®</sup> **Silver Trust** |
| &nbsp;&nbsp;**Hypothetical starting price:** | $100.00 | $100.00 |
| &nbsp;&nbsp;**Hypothetical fund closing price on first call date:** | $139.00 | $140.00 |
| &nbsp;&nbsp;**Hypothetical call threshold price for the first call date:** | $100.00 | $100.00 |
| &nbsp;&nbsp;**Hypothetical performance factor on first call date**<br>**(fund closing price on first call date *divided by* starting price):** | 139.00% | 140.00% |

---

<u>Step 1</u>: Determine which underlier is the lowest performing underlier on the relevant call date.

In this example, the SPDR<sup>®</sup> Gold Trust has the lowest performance factor and is, therefore, the lowest performing underlier on the call date.

<u>Step 2</u>: Determine whether the securities will be automatically called on the first call date.

Because the hypothetical fund closing price of the lowest performing underlier on the first call date is greater than its hypothetical call threshold price, the securities are automatically called on the first call date and you will receive on the related call settlement date the face amount of your securities plus a call premium of 21.30% of the face amount. Even though the lowest performing underlier appreciated by 39.00% from its starting price to its fund closing price on the first call date in this example, your return is limited to the call premium of 21.30% that is applicable to such call date.

On the call settlement date, you would receive $1,213.00 per security.

------

**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

**Example 2. The securities are not automatically called prior to the last call date (the final calculation day). The fund closing price of the lowest performing underlier on the final calculation day is greater than its applicable call threshold price, and the securities are automatically called on the final calculation day:** 

---

| | | |
|:---|:---|:---|
|  | **SPDR**<sup>®</sup> **Gold Trust** | **iShares**<sup>®</sup> **Silver Trust** |
| &nbsp;&nbsp;**Hypothetical starting price:** | $100.00 | $100.00 |
| &nbsp;&nbsp;**Hypothetical fund closing price on call dates prior to the final calculation day**: | Various (all below call threshold price) | Various (all below call threshold price) |
| &nbsp;&nbsp;**Hypothetical call threshold price for the final calculation day:** | $70.00 | $70.00 |
| &nbsp;&nbsp;**Hypothetical fund closing price on final calculation day (i.e., the ending price):** | $80.00 | $85.00 |
| &nbsp;&nbsp;**Hypothetical performance factor on final calculation day**<br>**(fund closing price on final calculation day *divided by* starting price):**  | 80.00% | 85.00% |

---

<u>Step 1</u>: Determine which underlier is the lowest performing underlier on the final calculation day.

In this example, the SPDR<sup>®</sup> Gold Trust has the lowest performance factor and is, therefore, the lowest performing underlier on the final calculation day.

<u>Step 2</u>: Determine whether the securities will be automatically called on the final calculation day.

Because the hypothetical fund closing price of the lowest performing underlier on each call date prior to the last call date (which is the final calculation day) is less than its hypothetical call threshold price, the securities are not called prior to the final calculation day. Because the fund closing price of the lowest performing underlier on the final calculation day is greater than its applicable call threshold price, the securities are automatically called on the final calculation day and you will receive on the related call settlement date (which is the stated maturity date) the face amount of your securities plus a call premium of 63.90% of the face amount.

On the call settlement date (which is the stated maturity date), you would receive $1,639.00 per security.

------

**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

**Example 3. The securities are not automatically called. The ending price of the lowest performing underlier on the final calculation day is less than its threshold price and the maturity payment amount is less than the face amount:**

---

| | | |
|:---|:---|:---|
|  | **SPDR**<sup>®</sup> **Gold Trust** | **iShares**<sup>®</sup> **Silver Trust** |
| &nbsp;&nbsp;**Hypothetical starting price:** | $100.00 | $100.00 |
| &nbsp;&nbsp;**Hypothetical fund closing price on call dates prior to the final calculation day**: | Various (all below call threshold price) | Various (all below call threshold price) |
| &nbsp;&nbsp;**Hypothetical call threshold price for the final calculation day:** | $70.00 | $70.00 |
| &nbsp;&nbsp;**Hypothetical ending price:**  | $40.00 | $110.00 |
| &nbsp;&nbsp;**Hypothetical threshold price:**  | $70.00, which is 70.00% of its hypothetical starting price | $70.00, which is 70.00% of its hypothetical starting price |
| &nbsp;&nbsp;**Hypothetical performance factor on final calculation day**<br>**(fund closing price on final calculation day *divided by* starting price):** | 40.00% | 110.00% |

---

<u>Step 1</u>: Determine which underlier is the lowest performing underlier on the final calculation day.

In this example, the SPDR<sup>®</sup> Gold Trust has the lowest performance factor and is, therefore, the lowest performing underlier on the final calculation day.

<u>Step 2</u>: Determine the maturity payment amount based on the performance factor of the lowest performing underlier on the final calculation day.

Because the hypothetical fund closing price of the lowest performing underlier on each call date (including the final calculation day) is less than its hypothetical call threshold price, the securities are not automatically called. Because the hypothetical ending price of the lowest performing underlier on the final calculation day is less than its hypothetical threshold price, you would lose a portion of the face amount of your securities and receive the maturity payment amount equal to:

$1,000 × performance factor of the lowest performing underlier on the final calculation day

$1,000 × 40.00%

= $400.00

On the stated maturity date, you would receive $400.00 per security.

------

**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

**The SPDR**<sup>®</sup> **Gold Trust**<br>

The SPDR<sup>®</sup> Gold Trust (the "trust") issues shares (the "shares") representing units of fractional undivided beneficial interest in and ownership of the trust.

● The purpose of the trust is to hold gold bars and, from time to time, issue shares in exchange for deposits of gold and distribute gold in connection with redemptions of shares. The trust seeks to reflect the performance of the price of gold bullion, less the expenses of the trust's operations. The shares are designed to be a cost-effective and convenient way to invest in gold.

● The trust's trustee is BNY Mellon Asset Servicing, a division of The Bank of New York Mellon

● The shares trade under the ticker symbol "GLD" on the NYSE Arca.

● The trust's SEC CIK Number is 0001222333.

● The trust's inception date was November 12, 2004.

**Where Information About the Trust Can Be Obtained** 

Information filed by the trust with the U.S. Securities and Exchange Commission ("SEC") electronically can be reviewed through a website maintained by the SEC. The address of the SEC's website is sec.gov. Information filed with the SEC by the trust, including its reports to shareholders, can be located by referencing its CIK number referred to above. In addition, information regarding the trust (including its fees) may be obtained from other sources including, but not limited to, press releases, newspaper articles, other publicly available documents, and the trust's website. We are not incorporating by reference the website, the sources listed above or any material they include in this pricing supplement.

We do not make any representation or warranty as to the accuracy or completeness of any materials referred to above, including any filings made by the trust with the SEC.

**We Obtained the Information About the Trust From the Trust's Publicly Available Information**

This pricing supplement relates only to your security and does not relate to the trust. We have derived all information about the trust in this pricing supplement from the publicly available information referred to in the preceding subsection. We have not participated in the preparation of any of those documents or made any "due diligence" investigation or inquiry with respect to the trust in connection with the offering of your security. Furthermore, we do not know whether all events occurring before the date of this pricing supplement — including events that would affect the accuracy or completeness of the publicly available documents referred to above and the trading price of shares of the trust — have been publicly disclosed. Subsequent disclosure of any events of this kind or the disclosure of or failure to disclose material future events concerning the trust could affect the value you will receive at maturity and, therefore, the market value of your security.

Neither we nor any of our affiliates make any representation to you as to the performance of the trust.

We or any of our affiliates may currently or from time to time engage in business with the trust, including making loans to or equity investments in the trust or providing advisory services to the trust, including merger and acquisition advisory services. In the course of that business, we or any of our affiliates may acquire non-public information about the trust and, in addition, one or more of our affiliates may publish research reports about the trust. As an investor in a security, you should undertake such independent investigation of the trust as in your judgment is appropriate to make an informed decision with respect to an investment in a security.

------

**Market Linked Securities—Auto-Callable with Contingent Downside** 

**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**

**Historical Information**

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

**You should not take the historical prices of the underlier as an indication of the future performance of the underlier, including because of the recent volatility described above.** We cannot give you any assurance that the future performance of the underlier will result in you receiving an amount greater than the outstanding face amount of your securities on the stated maturity date.

Neither we nor any of our affiliates make any representation to you as to the performance of the underlier. Before investing in the offered securities, you should consult publicly available information to determine the prices of the underlier between the date of this pricing supplement and the date of your purchase of the offered securities **and, given the recent volatility described above, you should pay particular attention to recent prices of the underlier.** The actual performance of the underlier over the life of the offered securities, as well as the maturity payment amount, may bear little relation to the historical closing prices shown below.

The graph below shows the daily historical closing prices of the underlier from January 1, 2021 through February 27, 2026. As a result, the following graph does not reflect the global financial crisis which began in 2008, which had a materially negative impact on the price of most commodities and, as a result, the price of most commodity ETFs. We obtained the closing prices of the underlier in the graph below from Bloomberg Financial Services, without independent verification.

**Historical Performance of the SPDR**<sup>®</sup> **Gold Trust**

![img204524668_4.jpg](img204524668_4.jpg)

------

**Market Linked Securities—Auto-Callable with Contingent Downside** <br>**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**<br>

**The iShares**<sup>®</sup> **Silver Trust**<br>

The iShares<sup>®</sup> Silver Trust (the "trust") issues shares (the "shares") representing fractional undivided beneficial interests in its net assets.

● The purpose of the trust is to own silver transferred to the trust in exchange for shares issued by the trust. The trust seeks to reflect generally the performance of the price of silver. The trust seeks to reflect such performance before payment of the trust's expenses and liabilities. The shares are intended to constitute a simple and cost-effective means of making an investment similar to an investment in silver.

● The trust's trustee is The Bank of New York Mellon

● The shares trade under the ticker symbol "SLV" on the NYSE Arca.

● The trust's SEC CIK Number is 0001330568.

● The trust's inception date was April 21, 2006.

● Where Information About the Trust Can Be Obtained

Information filed by the trust with the U.S. Securities and Exchange Commission ("SEC") electronically can be reviewed through a website maintained by the SEC. The address of the SEC's website is sec.gov. Information filed with the SEC by the trust, including its reports to shareholders, can be located by referencing its CIK number referred to above.

In addition, information regarding the trust (including its fees) may be obtained from other sources including, but not limited to, press releases, newspaper articles, other publicly available documents, and the trust's website. We are not incorporating by reference the website, the sources listed above or any material they include in this pricing supplement.

We do not make any representation or warranty as to the accuracy or completeness of any materials referred to above, including any filings made by the trust with the SEC.

We Obtained the Information About the Trust From the Trust's Publicly Available Information

This pricing supplement relates only to your security and does not relate to the trust. We have derived all information about the trust in this pricing supplement from the publicly available information referred to in the preceding subsection. We have not participated in the preparation of any of those documents or made any "due diligence" investigation or inquiry with respect to the trust in connection with the offering of your security. Furthermore, we do not know whether all events occurring before the date of this pricing supplement — including events that would affect the accuracy or completeness of the publicly available documents referred to above and the trading price of shares of the trust — have been publicly disclosed. Subsequent disclosure of any events of this kind or the disclosure of or failure to disclose material future events concerning the trust could affect the value you will receive at maturity and, therefore, the market value of your security.

Neither we nor any of our affiliates make any representation to you as to the performance of the trust.

We or any of our affiliates may currently or from time to time engage in business with the trust, including making loans to or equity investments in the trust or providing advisory services to the trust, including merger and acquisition advisory services. In the course of that business, we or any of our affiliates may acquire non-public information about the trust and, in addition, one or more of our affiliates may publish research reports about the trust. As an investor in a security, you should undertake such independent investigation of the trust as in your judgment is appropriate to make an informed decision with respect to an investment in a security.

------

**Market Linked Securities—Auto-Callable with Contingent Downside** <br>**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**<br>

**Historical Information** 

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

**You should not take the historical prices of the underlier as an indication of the future performance of the underlier, including because of the recent volatility described above.** We cannot give you any assurance that the future performance of the underlier will result in you receiving an amount greater than the outstanding face amount of your securities on the stated maturity date.

Neither we nor any of our affiliates make any representation to you as to the performance of the underlier. Before investing in the offered securities, you should consult publicly available information to determine the prices of the underlier between the date of this pricing supplement and the date of your purchase of the offered securities **and, given the recent volatility described above, you should pay particular attention to recent prices of the underlier.** The actual performance of the underlier over the life of the offered securities, as well as the maturity payment amount, may bear little relation to the historical closing prices shown below.

The graph below shows the daily historical closing prices of the underlier from January 1, 2021 through February 27, 2026. As a result, the following graph does not reflect the global financial crisis which began in 2008, which had a materially negative impact on the price of most commodities and, as a result, the price of most commodity ETFs. We obtained the closing prices of the underlier in the graph below from Bloomberg Financial Services, without independent verification.

**Historical Performance of the iShares**<sup>®</sup> **Silver Trust**

![img204524668_5.jpg](img204524668_5.jpg)

------

**Market Linked Securities—Auto-Callable with Contingent Downside** <br>**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**<br>

**Supplemental Discussion of U.S. Federal Income Tax Considerations**<br>

The following section supplements, and to the extent inconsistent therewith supersedes, 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. In addition, it is the opinion of Sidley Austin llp that the characterization of the securities for U.S. federal income tax purposes that will be required under the terms of the securities, as discussed below, is a reasonable interpretation of current law.

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 tax exempt organization;

● a partnership;

● a regulated investment company;

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

● a person that owns a security as a hedge or that is hedged against interest rate risks;

● a person that owns a security 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.

Although 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, no statutory, judicial or administrative authority directly addresses how your securities should be treated for U.S. federal income tax purposes, and as a result, the U.S. federal income tax consequences of your investment in your securities are uncertain. Moreover, 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 any other applicable tax consequences of your investments in the securities, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.*<br>

**United States Holders**

This section applies to you only if you are a United States holder that holds your securities as a capital asset for tax purposes. You are a United States holder if you are a beneficial owner of each of your securities 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.

*Tax Treatment.* By purchasing the securities you agree— in the absence of a change in law, an administrative determination or a judicial ruling to the contrary — to characterize your securities for all tax purposes as pre-paid derivative contracts in respect of the underliers. Except as otherwise stated below, the discussion herein assumes that the securities will be so treated.

Upon the sale, exchange, redemption or maturity of your securities, you should recognize capital gain or loss equal to the difference, if any, between the amount of cash you receive at such time and your tax basis in your securities. Your tax basis in the securities will generally be equal to the amount that you paid for the securities. If you hold your securities for more than one year, the gain or loss generally will be long-term capital gain or loss. If you hold your securities for one year or less, the gain or loss generally will be short-term capital gain or loss. Short-term capital gains are generally subject to tax at the marginal tax rates applicable to ordinary income.

------

**Market Linked Securities—Auto-Callable with Contingent Downside** <br>**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**<br>

In addition, the constructive ownership rules of Section 1260 of the Internal Revenue Code could possibly apply to your securities. If your securities were subject to the constructive ownership rules, then any long-term capital gain that you realize upon the sale, exchange, redemption or maturity of your securities would be re-characterized as ordinary income (and you would be subject to an interest charge on deferred tax liability with respect to such re-characterized capital gain) to the extent that such capital gain exceeds the amount of "net underlying long-term capital gain" (as defined in Section 1260 of the Internal Revenue Code). Because the application of the constructive ownership rules is unclear you are strongly urged to consult your tax advisor with respect to the possible application of the constructive ownership rules to your investment in the securities.

**No statutory, judicial or administrative authority directly discusses how your securities should be treated for U.S. federal income tax purposes. As a result, the U.S. federal income tax consequences of your investment in the securities are uncertain and alternative characterizations are possible. Accordingly, we urge you to consult your tax advisor in determining the tax consequences of an investment in your securities in your particular circumstances, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.**

*Alternative Treatments.* There is no judicial or administrative authority discussing how your securities should be treated for U.S. federal income tax purposes. Therefore, the Internal Revenue Service might assert that a treatment other than that described above is more appropriate. For example, the Internal Revenue Service could treat your securities as a single debt instrument subject to special rules governing contingent payment debt instruments. Under those rules, the amount of interest you are required to take into account for each accrual period would be determined by constructing a projected payment schedule for the securities 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 comparable yield – i.e., the yield at which we would issue a noncontingent fixed rate debt instrument with terms and conditions similar to your securities – and then determining a payment schedule as of the issue date that would produce the comparable yield. These rules may have the effect of requiring you to include interest in income in respect of your securities prior to your receipt of cash attributable to that income.

If the rules governing contingent payment debt instruments apply, any gain you recognize upon the sale, exchange, redemption or maturity of your securities would be treated as ordinary interest income. Any loss you recognize at that time would be treated as ordinary loss to the extent of interest you included as income in the current or previous taxable years in respect of your securities, and, thereafter, as capital loss.

If the rules governing contingent payment debt instruments apply, special rules would apply to a person who purchases securities at a price other than the adjusted issue price as determined for tax purposes.

It is also possible that your securities could be treated in the manner described above under "Tax Treatment", except that any gain or loss that you recognize at maturity or upon redemption would be treated as ordinary gain or loss. You should consult your tax advisor as to the tax consequences of such characterization and any possible alternative characterizations of your securities for U.S. federal income tax purposes.

It is also possible that the Internal Revenue Service could assert that your securities should be treated as giving rise to "collectibles" gain or loss if you have held your securities for more than one year, although we do not think such a treatment would be appropriate in this case because a sale or exchange of the securities is not a sale or exchange of a collectible but is rather a sale or exchange of a derivative contract that reflects (through the SPDR<sup>®</sup> Gold Trust and the iShares<sup>®</sup> Silver Trust) the value of collectibles. "Collectibles" gain is currently subject to tax at marginal rates of up to 28%.

It is possible that the Internal Revenue Service could seek to characterize your securities in a manner that results in tax consequences to you that are different from those described above. You should consult your tax advisor as to the tax consequences of any possible alternative characterizations of your securities for U.S. federal income tax purposes.

***Possible Change in Law***

On December 7, 2007, the Internal Revenue Service released a notice stating that the Internal Revenue Service and the Treasury Department are actively considering issuing guidance regarding the proper U.S. federal income tax treatment of instruments such as the offered securities, including whether holders should be required to accrue ordinary income on a current basis and whether gain or loss should be ordinary or capital. It is not possible to determine what guidance they will ultimately issue, if any. It is possible, however, that under such guidance, holders of the securities will ultimately be required to accrue income currently and this could be applied on a retroactive basis. The Internal Revenue Service and the Treasury Department are also considering other relevant issues, including whether foreign holders of such instruments

------

**Market Linked Securities—Auto-Callable with Contingent Downside** <br>**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**<br>

should be subject to withholding tax on any deemed income accruals and whether the special "constructive ownership rules" of Section 1260 of the Internal Revenue Code might be applied to such instruments. Except to the extent otherwise provided by law, we intend to continue treating the securities for U.S. federal income tax purposes in accordance with the treatment described above under "Tax Treatment" unless and until such time as Congress, the Treasury Department or the Internal Revenue Service determines that some other treatment is more appropriate.

Furthermore, in 2007, legislation was introduced in Congress that, if enacted, would have required holders that acquired instruments such as your securities after the bill was enacted to accrue interest income over the term of such instruments even though there will be no interest payments over the term of such instruments. It is not possible to predict whether a similar or identical bill will be enacted in the future, or whether any such bill would affect the tax treatment of your securities.

It is impossible to predict what any such legislation or administrative or regulatory guidance might provide, and whether the effective date of any legislation or guidance will affect securities that were issued before the date that such legislation or guidance is issued. You are urged to consult your tax advisor as to the possibility that any legislative or administrative action may adversely affect the tax treatment of your securities.

***Backup Withholding and Information Reporting***

You will be subject to generally applicable information reporting and backup withholding requirements as discussed in the accompanying prospectus under "United States Taxation — Taxation of Debt Securities — Backup Withholding and Information Reporting — United States Holders" with respect to payments on your securities and, notwithstanding that we do not intend to treat the securities as debt for tax purposes, we intend to backup withhold on such payments with respect to your securities unless you comply with the requirements necessary to avoid backup withholding on debt instruments (in which case you will not be subject to such backup withholding) as set forth under "United States Taxation — Taxation of Debt Securities — United States Holders" in the accompanying prospectus. Please see the discussion under "United States Taxation — Taxation of Debt Securities — Backup Withholding and Information Reporting—United States Holders" in the accompanying prospectus for a description of the applicability of the backup withholding and information reporting rules to payments made on your securities.

**Non-United States Holders**

This section applies to you only if you are a non-United States holder. You are a non-United States holder if you are the beneficial owner of securities 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 securities.

You will be subject to generally applicable information reporting and backup withholding requirements as discussed in the accompanying prospectus under "United States Taxation — Taxation of Debt Securities — Backup Withholding and Information Reporting — Non-United States Holders" with respect to payments on your securities and, notwithstanding that we do not intend to treat the securities as debt for tax purposes, we intend to backup withhold on such payments with respect to your securities unless you comply with the requirements necessary to avoid backup withholding on debt instruments (in which case you will not be subject to such backup withholding) as set forth under "United States Taxation — Taxation of Debt Securities — Non-United States Holders" in the accompanying prospectus.

As discussed above, alternative characterizations of the securities for U.S. federal income tax purposes are possible. Should an alternative characterization of the securities, by reason of a change or clarification of the law, by regulation or otherwise, cause payments with respect to the securities to become subject to withholding tax, we will withhold tax at the applicable statutory rate and we or our agents, including WFS, will not make payments of any additional amounts. Prospective non-United States holders of the securities should consult their tax advisor in this regard.

Furthermore, on December 7, 2007, the Internal Revenue Service released Notice 2008-2 soliciting comments from the public on various issues, including whether instruments such as your securities should be subject to withholding. It is therefore possible that rules will be issued in the future, possibly with retroactive effect, that would cause payments on your securities to be subject to withholding, even if you comply with certification requirements as to your foreign status.

In addition, the Treasury Department has issued regulations under which amounts paid or deemed paid on certain financial instruments ("871(m) financial instruments") that are treated as attributable to U.S.-source dividends could be

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**Market Linked Securities—Auto-Callable with Contingent Downside** <br>**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**<br>

treated, in whole or in part depending on the circumstances, as a "dividend equivalent" payment that is subject to tax at a rate of 30% (or a lower rate under an applicable treaty), which in the case of any amounts you receive upon the sale, exchange, redemption or maturity of your securities, could be collected via withholding. If these regulations were to apply to the securities, we may be required to withhold such taxes if any U.S.-source dividends are paid on the underliers during the term of the securities. We could also require you to make certifications (e.g., an applicable Internal Revenue Service Form W-8) prior to the maturity of the securities in order to avoid or minimize withholding obligations, and we could withhold accordingly (subject to your potential right to claim a refund from the Internal Revenue Service) if such certifications were not received or were not satisfactory. If withholding was required, we or our agents, including WFS, would not be required to pay any additional amounts with respect to amounts so withheld. These regulations generally will apply to 871(m) financial instruments (or a combination of financial instruments treated as having been entered into in connection with each other) issued (or significantly modified and treated as retired and reissued) on or after January 1, 2027, but will also apply to certain 871(m) financial instruments (or a combination of financial instruments treated as having been entered into in connection with each other) that have a delta (as defined in the applicable Treasury regulations) of one and are issued (or significantly modified and treated as retired and reissued) on or after January 1, 2017. In addition, these regulations will not apply to financial instruments that reference a "qualified index" (as defined in the regulations). We have determined that, as of the issue date of your securities, your securities will not be subject to withholding under these rules. In certain limited circumstances, however, you should be aware that it is possible for non-United States holders to be liable for tax under these rules with respect to a combination of transactions treated as having been entered into in connection with each other even when no withholding is required. You should consult your tax advisor concerning these regulations, subsequent official guidance and regarding any other possible alternative characterizations of your securities for U.S. federal income tax purposes.

Under current law, while the matter is not entirely clear, individual non-United States holders, and entities whose property is potentially includible in those individuals' gross estates for U.S. federal estate tax purposes (for example, a trust funded by such an individual and with respect to which the individual has retained certain interests or powers), should note that, absent an applicable treaty benefit, a security is likely to be treated as U.S. situs property, subject to U.S. federal estate tax. These individuals and entities should consult their own tax advisors regarding the U.S. federal estate tax consequences of investing in a security.

**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 securities will generally be subject to the FATCA withholding rules.

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**Market Linked Securities—Auto-Callable with Contingent Downside** <br>**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**<br>

**Supplemental Plan of Distribution; Conflicts of Interest**<br>

See "Supplemental Plan of Distribution" on page S-42 of the accompanying product supplement and "Plan of Distribution — Conflicts of Interest" on page 127 of the accompanying prospectus; GS Finance Corp. estimates that its share of the total offering expenses, excluding underwriting discounts and commissions, will be approximately $10,000.

GS Finance Corp. will sell to GS&Co., and GS&Co. will purchase from GS Finance Corp., the aggregate face amount of the offered securities specified on the front cover of this pricing supplement. GS&Co. proposes initially to offer the securities to the public at the original offering price set forth on the cover page of this pricing supplement. Wells Fargo Securities, LLC ("WFS") is the agent for the distribution of the securities. WFS will receive the underwriting discount of 2.575% of the aggregate face amount of the securities sold ($25.75 per $1,000 face amount of securities). The agent may resell the securities to Wells Fargo Advisors ("WFA") at the original offering price of the securities less a concession of 2.00% of the aggregate face amount of the securities ($20.00 per $1,000 face amount of securities). In addition to the selling concession received by WFA, WFS advises that WFA will also receive out of the underwriting discount a distribution expense fee of 0.075% for each $1,000 face amount of a security WFA sells ($0.75 per $1,000 face amount of securities). In addition, in respect of certain securities sold in this offering, GS&Co. may pay a fee of up to 0.30% of the aggregate face amount of the securities sold (up to $3.00 per $1,000 face amount of securities) to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers. Please note that the information about the original issue date and original offering price set forth on the cover of this pricing supplement relate only to the initial distribution.

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 securities within the meaning of Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5121. Consequently, this offering of securities will be conducted in compliance with the provisions of FINRA Rule 5121. GS&Co. will not be permitted to sell securities in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder. We have been advised that GS&Co. will also pay a fee to iCapital Markets LLC, a broker-dealer in which an affiliate of GS Finance Corp. holds an indirect minority equity interest, for services it is providing in connection with this offering.

We will deliver the securities against payment therefor in New York, New York on the original issue date set forth on the cover page of this pricing supplement. 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 securities on any date prior to one business day before delivery will be required to specify alternative settlement arrangements to prevent a failed settlement.

For information related to hedging activities, see "Risk Factors — Hedging Activities by Goldman Sachs or Our Distributors May Negatively Impact Investors in the Securities and Cause Our Interests and Those of Our Clients and Counterparties to be Contrary to Those of Investors in the Securities." on page S-10 of the accompanying product supplement.

We have been advised by GS&Co. and WFS that they intend to make a market in the securities. However, none of GS&Co., WFS nor any of their respective 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 securities.

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**Market Linked Securities—Auto-Callable with Contingent Downside** <br>**Principal at Risk Securities Linked to the Lowest Performing of the SPDR**<sup>®</sup> **Gold Trust and the iShares**<sup>®</sup> **Silver Trust due March 2, 2029**<br>

**Validity of the Securities and Guarantee**<br>

In the opinion of Sidley Austin llp, as counsel to GS Finance Corp. and The Goldman Sachs Group, Inc., when the securities offered by this pricing supplement have been executed and issued by GS Finance Corp., such securities have been authenticated by the trustee pursuant to the indenture, and such securities have been delivered against payment as contemplated herein, (a) such securities 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 securities 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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## 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 $2,221,000.

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