# EDGAR Filing Document

**Accession Number:** 0000886982
**File Stem:** 0001193125-25-249575
**Filing Date:** 2025-10
**Character Count:** 233157
**Document Hash:** 2bd5e74f3f1269fd97184744b93c13b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-249575.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0001193125-25-249575

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251024

**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:** 251415188

**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:** 251415189

**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**

---

| | |
|:---|:---|
| &nbsp;&nbsp;![img42159331_0.jpg](img42159331_0.jpg) | **GS Finance Corp.** <br>$3,961,000<br>Trigger Autocallable Contingent Yield Notes due 2029<br>guaranteed by<br>**The Goldman Sachs Group, Inc.** |

---

**The notes do not pay a fixed coupon and may pay no coupon on a payment date.** The amount that you will be paid on your notes is based on the performance of the common stock of Applied Materials, Inc., the common stock of Synopsys, Inc. and an American depositary share of Taiwan Semiconductor Manufacturing Company Limited, representing five common shares of Taiwan Semiconductor Manufacturing Company Limited. The notes will mature on the stated maturity date (October 25, 2029) unless they are automatically called on any determination date commencing in January 2026.

Your notes will be called if the closing price of <u>each</u> stock on any determination date commencing in January 2026 is *greater than* or *equal to* its initial stock price ($220.56 with respect to the common stock of Applied Materials, Inc., $454.30 with respect to the common stock of Synopsys, Inc. and $288.88 with respect to an American depositary share of Taiwan Semiconductor Manufacturing Company Limited, representing five common shares of Taiwan Semiconductor Manufacturing Company Limited), resulting in a payment on the applicable payment date (the dates specified on page S-5) equal to the face amount of your notes *plus* the contingent coupon (described below) then due. The notes will not be called if the closing price of <u>at least one</u> stock is less than its respective initial stock price on a determination date.

On each determination date (the dates in January, April, July and October specified on page S-8), <u>unless previously called</u>, if the closing price of <u>each</u> stock is *greater than* or *equal to* 60.00% of its initial stock price, you will receive on the applicable payment date a contingent coupon for each $10 face amount of your notes equal to (i) the *product of* $0.41875 *times* the number of determination dates that have occurred up to and including the relevant determination date *minus* (ii) the *sum of* all contingent coupons previously paid, if any. **If the closing price of <u>at least one</u> stock on any determination date is less than 60.00% of its initial stock price, you will <u>not</u> receive a contingent coupon payment on the applicable payment date.**

Unless previously redeemed, the amount that you will be paid on your notes at maturity, in addition to the final contingent coupon, if any, is based on the performance of the lesser performing stock (the stock with the lowest stock return). The stock return for each stock is the percentage increase or decrease in the final stock price of such stock on the final determination date from its initial stock price.

At maturity, for each $10 face amount of your notes outstanding, you will receive an amount in cash equal to:

• if the final stock price of <u>each</u> stock is *greater than* or *equal to* 60.00% of its initial stock price, $10 *plus* a contingent coupon calculated as described above; or

• if the final stock price of <u>at least one</u> stock is *less than* 60.00% of its initial stock price, the *sum* of (i) $10 *plus* (ii) the *product* of (a) the lesser performing stock return *times* (b) $10. **You will receive *less than* 60.00% of the face amount of your notes and you will not receive a final contingent coupon.**

**The maximum return on your notes is 4.1875% quarterly (or 16.75% per annum), regardless of how much any stock appreciates.**

**You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page S-15.**

*The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately $9.64 per $10 face amount. For a discussion of the estimated value and the price at which Goldman Sachs & Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the following page.* 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Original issue date:** | &nbsp;&nbsp;October 24, 2025 | &nbsp;&nbsp;**Original issue price:** | &nbsp;&nbsp;100% of face amount |
| &nbsp;&nbsp;**Underwriting discount:** | &nbsp;&nbsp;2.25% of face amount | &nbsp;&nbsp;**Net proceeds to issuer:** | &nbsp;&nbsp;97.75% of face amount |

---

**Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.**

---

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

---

Prospectus Supplement No. 20,432 dated October 22, 2025.

------

The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decide to sell additional notes after the date of this prospectus supplement, at issue prices and with underwriting discounts and net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in notes will depend in part on the issue price you pay for such notes.

GS Finance Corp. may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC, or any other affiliate of GS Finance Corp., may use this prospectus in a market-making transaction in a note after its initial sale. ***Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is being used in a market-making transaction.*** 

&nbsp;&nbsp;**Estimated Value of Your Notes**<br>*The estimated value of your notes at the time the terms of your notes are set on the trade date (as determined by reference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads) is equal to approximately $9.64 per $10 face amount, which is less than the original issue price. The value of your notes at any time will reflect many factors and cannot be predicted; however, the price (not including GS&Co.*'*s customary bid and ask spreads) at which GS&Co. would initially buy or sell notes (if it makes a market, which it is not obligated to do) and the value that GS&Co. will initially use for account statements and otherwise is equal to approximately the estimated value of your notes at the time of pricing, plus an additional amount (initially equal to $0.31 per $10 face amount).*<br>*Prior to January 27, 2026, the price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would buy or sell your notes (if it makes a market, which it is not obligated to do) will equal approximately the sum of (a) the then-current estimated value of your notes (as determined by reference to GS&Co.'s pricing models) plus (b) any remaining additional amount (the additional amount will decline to zero on a straight-line basis over the period from the time of pricing through January 26, 2026). On and after January 27, 2026, the price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would buy or sell your notes (if it makes a market) will equal approximately the then-current estimated value of your notes determined by reference to such pricing models.*<br>

&nbsp;&nbsp;**About Your Notes**<br>The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This prospectus includes this prospectus supplement and the accompanying documents listed below. This prospectus supplement constitutes a supplement to the documents listed below and should be read in conjunction with such documents:<br>•[<u>Prospectus supplement dated February 14, 2025</u>](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>•[<u>Prospectus dated February 14, 2025</u>](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The information in this prospectus supplement supersedes any conflicting information in the documents listed above. In addition, some of the terms or features described in the listed documents may not apply to your notes.<br>

------

**$3,961,000**

**Trigger Autocallable Contingent Yield Notes due 2029**

---

| | |
|:---|:---|
| &nbsp;&nbsp;***FINAL TERMS***  | &nbsp;&nbsp;***FINAL TERMS***  |
| &nbsp;&nbsp;**Issuer:** | &nbsp;&nbsp;GS Finance Corp. |
| &nbsp;&nbsp;**Guarantor:**  | &nbsp;&nbsp;The Goldman Sachs Group, Inc. |
| &nbsp;&nbsp;**Stock/Initial stock price:** | &nbsp;&nbsp;the common stock of Applied Materials, Inc. / $220.56 (the closing price of one share of such stock on the trade date) |
| &nbsp;&nbsp;**Stock/Initial stock price:** | &nbsp;&nbsp;the common stock of Synopsys, Inc. / $454.30 (the closing price of one share of such stock on the trade date) |
| &nbsp;&nbsp;**Stock/Initial stock price:** | &nbsp;&nbsp;an American depositary share of Taiwan Semiconductor Manufacturing Company Limited, representing five common shares of Taiwan Semiconductor Manufacturing Company Limited / $288.88 (the closing price of one share of such stock on the trade date) |
| &nbsp;&nbsp;**Trade date:** | &nbsp;&nbsp;October 22, 2025 |
| &nbsp;&nbsp;**Original issue date:** | &nbsp;&nbsp;October 24, 2025 |
| &nbsp;&nbsp;**Stated maturity date:** | &nbsp;&nbsp;unless the notes are automatically called, October 25, 2029 |
| &nbsp;&nbsp;**Autocall feature:** | &nbsp;&nbsp;if, as measured on any call observation date, the closing price of <u>each</u> stock is *greater than* or *equal to* its initial stock price, your notes will be automatically called; if your notes are automatically called on any call observation date, on the corresponding call payment date, in addition to the contingent coupon then due, you will receive an amount in cash equal to $10 for each $10 face amount of your notes, and no further payments will be made since your notes will no longer be outstanding. If the closing price of <u>at least one</u> stock is below its initial stock price on a call observation date, the notes will not be called. |
| &nbsp;&nbsp;**Cash settlement amount:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the final stock price of <u>each</u> stock is *greater than* or *equal to* its downside threshold, $10 *plus* the final contingent coupon; or<br>•if the final stock price of <u>at least one</u> stock is *less than* its downside threshold, the *sum* of (i) $10 *plus* (ii) the *product* of (a) the lesser performing stock return *times* (b) $10. |
| &nbsp;&nbsp;**Determination date:** | &nbsp;&nbsp;October 22, 2029 |
| &nbsp;&nbsp;**Contingent coupon:** | &nbsp;&nbsp;(i) the *product of* $0.41875 *times* the number of determination dates that have occurred up to and including the relevant determination date *minus* (ii) the *sum of* all contingent coupons previously paid, if any |
| &nbsp;&nbsp;**Downside threshold:** | &nbsp;&nbsp;$132.34 with respect to the common stock of Applied Materials, Inc., $272.58 with respect to the common stock of Synopsys, Inc. and $173.33 with respect to an American depositary share of Taiwan Semiconductor Manufacturing Company Limited, representing five common shares of Taiwan Semiconductor Manufacturing Company Limited (in each case 60.00% of such stock's initial stock price (rounded to the nearest one-hundredth)) |
| &nbsp;&nbsp;**Coupon barrier:** | &nbsp;&nbsp;$132.34 with respect to the common stock of Applied Materials, Inc., $272.58 with respect to the common stock of Synopsys, Inc. and $173.33 with respect to an American depositary share of Taiwan Semiconductor Manufacturing Company Limited, representing five common shares of Taiwan Semiconductor Manufacturing Company Limited (in each case 60.00% of such stock's initial stock price (rounded to the nearest one-hundredth)) |
| &nbsp;&nbsp;**Final stock price:** | &nbsp;&nbsp;with respect to each stock, the closing price of such stock on the determination date, except in the limited circumstances described under "Specific Terms of Your Notes — Consequences of a Market Disruption Event or a Non-Trading Day" on page S-33 and subject to adjustment as provided under "Specific Terms of Your Notes — Anti-dilution Adjustments" on page S-34  |
| &nbsp;&nbsp;**Closing price:** | &nbsp;&nbsp;with respect to each stock on any trading day, the closing price of such stock, as further described under "Specific Terms of Your Notes — Special Calculation Provisions — Closing Price" on page S-41 |
| &nbsp;&nbsp;**Stock return:** | &nbsp;&nbsp;with respect to each stock on the determination date, the *quotient* of (i) the final stock price *minus* the initial stock price *divided by* (ii) the initial stock price, expressed as a percentage |
| &nbsp;&nbsp;**Lesser performing stock:** | &nbsp;&nbsp;the stock with the lowest stock return |
| &nbsp;&nbsp;**Lesser performing stock return:** | &nbsp;&nbsp;the stock return of the lesser performing stock |
| &nbsp;&nbsp;**Face amount:** | &nbsp;&nbsp;$10 per note |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Minimum purchase amount:** | &nbsp;&nbsp;in connection with the initial offering of the notes, the minimum face amount of notes that may be purchased by any investor is $1,000 |
| &nbsp;&nbsp;**Call observation dates:** | &nbsp;&nbsp;each coupon determination date specified in the table below commencing January 22, 2026, to the extent the notes are then outstanding, subject to adjustment as described under "Specific Terms of Your Notes — Call Observation Dates" on page S-33. Although the call observation dates occur quarterly after January 22, 2026, there may not be an equal number of days between call observation dates. |
| &nbsp;&nbsp;**Call payment dates:** | &nbsp;&nbsp;the coupon payment date immediately after the applicable call observation date, subject to adjustment as described under "Specific Terms of Your Notes — Call Payment Dates" on page S-33 |
| &nbsp;&nbsp;**Original issue price:** | &nbsp;&nbsp;100% of the face amount |
| &nbsp;&nbsp;**CUSIP / ISIN:** | &nbsp;&nbsp;36272A557 / US36272A5570 |
| &nbsp;&nbsp;**No listing:** | &nbsp;&nbsp;the offered notes will not be listed or displayed on any securities exchange or interdealer market quotation system |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Coupon Determination Dates\*** | &nbsp;&nbsp;**Coupon Payment Dates\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;January 22, 2026 <sup>Ɨ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;January 27, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;April 22, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;April 27, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;July 22, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;July 27, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;October 22, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;October 27, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;January 22, 2027 | &nbsp;&nbsp;&nbsp;&nbsp;January 27, 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;April 22, 2027 | &nbsp;&nbsp;&nbsp;&nbsp;April 27, 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;July 22, 2027 | &nbsp;&nbsp;&nbsp;&nbsp;July 27, 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;October 22, 2027 | &nbsp;&nbsp;&nbsp;&nbsp;October 27, 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;January 24, 2028 | &nbsp;&nbsp;&nbsp;&nbsp;January 27, 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;April 24, 2028 | &nbsp;&nbsp;&nbsp;&nbsp;April 27, 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;July 24, 2028 | &nbsp;&nbsp;&nbsp;&nbsp;July 27, 2028 |
| &nbsp;&nbsp;October 23, 2028 | &nbsp;&nbsp;October 26, 2028 |
| &nbsp;&nbsp;January 22, 2029 | &nbsp;&nbsp;January 25, 2029 |
| &nbsp;&nbsp;April 23, 2029 | &nbsp;&nbsp;April 26, 2029 |
| &nbsp;&nbsp;July 23, 2029 | &nbsp;&nbsp;July 26, 2029 |
| &nbsp;&nbsp;October 22, 2029 | &nbsp;&nbsp;October 25, 2029 |

---

\*Subject to adjustment as described under "Specific Terms of Your Notes — Coupon Determination Dates" on page S-33 of this prospectus supplement

\*\*Subject to adjustment as described under "Specific Terms of Your Notes — Contingent Coupon and Coupon Payment Dates" on page S-32 of this prospectus supplement

<sup>Ɨ</sup>This is the first date on which your notes may be automatically called.

------

Summary Information

*We refer to the notes we are offering by this prospectus supplement as the "offered notes" or the "notes". Each of the offered notes has the terms described below and under "Specific Terms of Your Notes" on page S-29. Please note that in this prospectus supplement, references to "GS Finance Corp.", "we", "our" and "us" mean only GS Finance Corp. and do not include its subsidiaries or affiliates, references to "The Goldman Sachs Group, Inc.", our parent company, mean only The Goldman Sachs Group, Inc. and do not include its subsidiaries or affiliates and references to "Goldman Sachs" mean The Goldman Sachs Group, Inc. together with its consolidated subsidiaries and affiliates, including us. Also, references to the "accompanying prospectus" mean the accompanying prospectus, dated February 14, 2025, and references to the "accompanying prospectus supplement" mean the accompanying prospectus supplement, dated February 14, 2025, for Medium-Term Notes, Series F, in each case of GS Finance Corp. and The Goldman Sachs Group, Inc. References to the "indenture" in this prospectus supplement mean 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.*

&nbsp;&nbsp;Key Terms

**Issuer:** GS Finance Corp.

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

**Underlying stocks:** the common stock of Applied Materials, Inc. (Bloomberg ticker "AMAT UW"), the common stock of Synopsys, Inc. (Bloomberg ticker "SNPS UW") and an American depositary share ("ADS") of Taiwan Semiconductor Manufacturing Company Limited (Bloomberg ticker "TSM UN"), representing five common shares of Taiwan Semiconductor Manufacturing Company Limited; see "The Underlying Stocks" on page S-46

**Specified currency:** U.S. dollars ("$")

**Face amount:** each note will have a face amount equal to $10; $3,961,000 in the aggregate for all the offered notes; the aggregate face amount of the offered notes may be increased if the issuer, at its sole option, decides to sell an additional amount of the offered notes on a date subsequent to the date of this prospectus supplement

**Denominations:** $10 and integral multiples of $10 in excess thereof

**Minimum purchase amount:** In connection with the initial offering of the notes, the minimum face amount of notes that may be purchased by any investor is $1,000

**Supplemental plan of distribution:** GS Finance Corp. will sell to Goldman Sachs & Co. LLC ("GS&Co."), and GS&Co. will purchase from GS Finance Corp., the aggregate face amount of the offered notes specified on the front cover of this prospectus supplement. GS&Co. proposes initially to offer the notes to the public at the original issue price set forth on the cover page of this prospectus supplement, and to UBS Financial Services Inc. at such price less a concession not in excess of 2.25% of the face amount. See "Supplemental Plan of Distribution" on page S-57.

**Purchase at amount other than face amount:** the amount we will pay you for your notes on a call payment date or the stated maturity date, as the case may be, will not be adjusted based on the issue price you pay for your notes, so if you acquire notes at a premium (or discount) to face amount and hold them to a call payment date or the stated maturity date, it could affect your investment in a number of ways. The return on your investment in such notes will be lower (or higher) than it would have been had you purchased the notes at face amount. See "Additional Risk Factors Specific to Your Notes — If You Purchase Your Notes at a Premium to Face Amount, the

------

Return on Your Investment Will Be Lower Than the Return on Notes Purchased at Face Amount and the Impact of Certain Key Terms of the Notes Will Be Negatively Affected" on page S-20 of this prospectus supplement

**Supplemental discussion of U.S. federal income tax consequences:** you will be obligated pursuant to the terms of the notes — in the absence of a change in law, an administrative determination or a judicial ruling to the contrary — to characterize each note for all tax purposes as an income-bearing pre-paid derivative contract in respect of the underlying stocks, as described under "Supplemental Discussion of U.S. Federal Income Tax Consequences" herein. Pursuant to this approach, it is the opinion of Sidley Austin llp that it is likely that any contingent coupon payment will be taxed as ordinary income in accordance with your regular method of accounting for U.S. federal income tax purposes. If you are a non-United States holder of the notes, we intend to withhold on contingent coupon payments made to you at a 30% rate or at a lower rate specified by an applicable income tax treaty. In addition, upon the sale, exchange, redemption or maturity of your notes, it would be reasonable for you to recognize capital gain or loss equal to the difference, if any, between the amount of cash you receive at such time (excluding amounts attributable to any contingent coupon payment) and your tax basis in your notes.

**Cash settlement amount (on any call payment date):** if your notes are automatically called on a call observation date because the closing price of <u>each</u> underlying stock is *greater than* or *equal to* its initial underlying stock price, for each $10 face amount of your notes, on the related call payment date, we will pay you an amount in cash equal to the *sum* of (i) $10 *plus* (ii) the contingent coupon then due

**Autocall feature:** if, as measured on any call observation date, the closing price of <u>each</u> underlying stock is *greater than* or *equal to* its initial underlying stock price, your notes will be automatically called; if your notes are automatically called on any call observation date, on the corresponding call payment date, in addition to the contingent coupon then due, you will receive an amount in cash equal to $10 for each $10 face amount of your notes, and no further payments will be made since your notes will no longer be outstanding. If the closing price of at least one underlying stock is below its initial underlying stock price on a call observation date, the notes will not be called.

**Cash settlement amount (on the stated maturity date):** if your notes are not automatically called, for each $10 face amount of your notes, we will pay you on the stated maturity date an amount in cash equal to:

• if the final underlying stock price of <u>each</u> underlying stock is *greater than* or *equal to* its downside threshold, $10 *plus* the final contingent coupon; or

• if the final underlying stock price of <u>at least one</u> underlying stock is *less than* its downside threshold, the sum of (i) $10 *plus* (ii) the *product* of (a) the lesser performing underlying stock return *times* (b) $10.

**Downside threshold:** $132.34 with respect to the common stock of Applied Materials, Inc., $272.58 with respect to the common stock of Synopsys, Inc. and $173.33 with respect to an ADS of Taiwan Semiconductor Manufacturing Company Limited, representing five common shares of Taiwan Semiconductor Manufacturing Company Limited (in each case, 60.00% of such underlying stock's initial underlying stock price (rounded to the nearest one-hundredth))

**Lesser performing underlying stock return:** the underlying stock return of the lesser performing underlying stock

**Lesser performing underlying stock:** the underlying stock with the lowest underlying stock return

**Contingent coupon:** subject to the autocall feature, on each coupon payment date, for each $10 face amount of your notes, we will pay you an amount in cash equal to:

• if the closing price of <u>each</u> underlying stock on the related coupon determination date is *greater than* or *equal to* its coupon barrier, (i) the *product* of $0.41875 *times* the number of coupon determination dates that have occurred up to and including the relevant coupon determination date *minus* (ii) the *sum* of all contingent coupons previously paid, if any; or,

------

• if the closing price of <u>at least one</u> underlying stock on the related coupon determination date is *less than* its coupon barrier, $0.00

*No contingent coupon payment or return of principal is guaranteed. As discussed above, we will not pay a contingent coupon with respect to any coupon determination date on which the closing price of at least one underlying stock is less than its respective coupon barrier. Also, although both the coupon determination dates and coupon payment dates occur quarterly, there may not be an equal number of days between coupon determination dates or between coupon payment dates, respectively. However, the way in which the contingent coupon is determined will not vary based on the actual number of days between coupon determination dates or between coupon payment dates.*

**Coupon barrier:** $132.34 with respect to the common stock of Applied Materials, Inc., $272.58 with respect to the common stock of Synopsys, Inc. and $173.33 with respect to an ADS of Taiwan Semiconductor Manufacturing Company Limited, representing five common shares of Taiwan Semiconductor Manufacturing Company Limited (in each case, 60.00% of such underlying stock's initial underlying stock price (rounded to the nearest one-hundredth))

**Initial underlying stock price:** $220.56 with respect to the common stock of Applied Materials, Inc., $454.30 with respect to the common stock of Synopsys, Inc. and $288.88 with respect to an ADS of Taiwan Semiconductor Manufacturing Company Limited, representing five common shares of Taiwan Semiconductor Manufacturing Company Limited. The initial underlying stock price of each underlying stock is the closing price of one share of such underlying stock on the trade date.

**Final underlying stock price:** with respect to each underlying stock, the closing price of one share of such underlying stock on the determination date, except in the limited circumstances described under "Specific Terms of Your Notes — Consequences of a Market Disruption Event or a Non-Trading Day" on page S-33 and subject to adjustment as described under "Specific Terms of Your Notes — Anti-dilution Adjustments" on page S-34

**Closing price:** with respect to each underlying stock on any trading day, the closing price of such underlying stock, as further described under "Specific Terms of Your Notes — Special Calculation Provisions — Closing Price" on page S-41.

**Underlying stock return:** with respect to each underlying stock, the *quotient* of (i) the final underlying stock price *minus* the initial underlying stock price *divided by* (ii) the initial underlying stock price, expressed as a percentage

**Defeasance:** not applicable

**No listing:** the offered notes will not be listed or displayed on any securities exchange or interdealer market quotation system

**Business day:** as described under "Specific Terms of Your Notes – Special Calculation Provisions – Business Day" on page S-41

**Trading day:** as described under "Specific Terms of Your Notes – Special Calculation Provisions – Trading Day" on page S-41

**Trade date:** October 22, 2025

**Original issue date (settlement date):** October 24, 2025

**Determination date:** October 22, 2029, subject to adjustment as described under "Specific Terms of Your Notes — Determination Date" on page S-32

**Stated maturity date:** October 25, 2029, subject to adjustment as described under "Specific Terms of Your Notes — Stated Maturity Date" on page S-32

**Call observation dates:** each coupon determination date specified in the table below commencing January 22, 2026, to the extent the notes are then outstanding, subject to adjustment as described under "Specific Terms of

------

Your Notes — Call Observation Dates" on page S-33. Although the call observation dates occur quarterly after January 22, 2026, there may not be an equal number of days between call observation dates.

**Call payment dates:** the coupon payment date immediately after the applicable call observation date, subject to adjustment as described under "Specific Terms of Your Notes — Call Payment Dates" on page S-33

**Coupon determination dates:** the dates specified as such in the table under the section "Coupon payment dates" below, subject to adjustment as described under "Specific Terms of Your Notes — Coupon Determination Dates" on page S-32. Although the coupon determination dates occur quarterly, there may not be an equal number of days between coupon determination dates.

**Coupon payment dates:** the dates specified in the table below, subject to adjustment as described under "Specific Terms of Your Notes — Contingent Coupon and Coupon Payment Dates" on page S-32. Although the coupon payment dates occur quarterly, there may not be an equal number of days between coupon payment dates.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Coupon Determination Dates** | &nbsp;&nbsp;**Coupon Payment Dates** |
| &nbsp;&nbsp;&nbsp;&nbsp;January 22, 2026 <sup>Ɨ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;January 27, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;April 22, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;April 27, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;July 22, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;July 27, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;October 22, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;October 27, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;January 22, 2027 | &nbsp;&nbsp;&nbsp;&nbsp;January 27, 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;April 22, 2027 | &nbsp;&nbsp;&nbsp;&nbsp;April 27, 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;July 22, 2027 | &nbsp;&nbsp;&nbsp;&nbsp;July 27, 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;October 22, 2027 | &nbsp;&nbsp;&nbsp;&nbsp;October 27, 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;January 24, 2028 | &nbsp;&nbsp;&nbsp;&nbsp;January 27, 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;April 24, 2028 | &nbsp;&nbsp;&nbsp;&nbsp;April 27, 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;July 24, 2028 | &nbsp;&nbsp;&nbsp;&nbsp;July 27, 2028 |
| &nbsp;&nbsp;October 23, 2028 | &nbsp;&nbsp;October 26, 2028 |
| &nbsp;&nbsp;January 22, 2029 | &nbsp;&nbsp;January 25, 2029 |
| &nbsp;&nbsp;April 23, 2029 | &nbsp;&nbsp;April 26, 2029 |
| &nbsp;&nbsp;July 23, 2029 | &nbsp;&nbsp;July 26, 2029 |
| &nbsp;&nbsp;October 22, 2029 | &nbsp;&nbsp;October 25, 2029 |

---

<sup>Ɨ</sup>This is the first date on which your notes may be automatically called.

**Regular record dates:** the scheduled business day immediately preceding the day on which payment is to be made (as such payment date may be adjusted)

**Calculation agent:** GS&Co.

**CUSIP no.:** 36272A557

**ISIN no.:** US36272A5570

**FDIC:** the notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank

------

**HYPOTHETICAL EXAMPLES**

**(Hypothetical terms only. Actual terms may vary.)**

The following examples are provided for purposes of illustration only. They should not be taken as an indication or prediction of future investment results and are intended merely to illustrate (i) the impact that various hypothetical closing prices of the underlying stocks on a coupon determination date could have on the contingent coupon payable on the related coupon payment date and (ii) the impact that the various hypothetical closing prices of the lesser performing underlying stock on the determination date could have on the cash settlement amount at maturity assuming all other variables remain constant.

The examples below are based on a range of underlying stock prices of the lesser performing underlying stock that are entirely hypothetical; no one can predict what the underlying stock price of any underlying stock will be on any day throughout the life of your notes, what the closing price of any underlying stock will be on any coupon determination date or call observation date, as the case may be, and what the final underlying stock price of the lesser performing underlying stock will be on the determination date. The underlying stocks have been highly volatile in the past — meaning that the underlying stock prices have changed substantially in relatively short periods — and their performance cannot be predicted for any future period.

The information in the following examples reflects the hypothetical rates of return on the offered notes assuming that they are purchased on the original issue date at the face amount and held to a call payment date or the stated maturity date. If you sell your notes in a secondary market prior to a call payment date or the stated maturity date, as the case may be, your return will depend upon the market value of your notes at the time of sale, which may be affected by a number of factors that are not reflected in the examples below such as interest rates, the volatility of the underlying stocks, the creditworthiness of GS Finance Corp., as issuer, and the creditworthiness of The Goldman Sachs Group, Inc., as guarantor. In addition, the estimated value of your notes at the time the terms of your notes are set on the trade date (as determined by reference to pricing models used by GS&Co.) is less than the original issue price of your notes. For more information on the estimated value of your notes, see "Additional Risk Factors Specific to Your Notes — The Estimated Value of Your Notes At the Time the Terms of Your Notes Are Set On the Trade Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your Notes" on page S-14 of this prospectus supplement. The information in the examples also reflect the key terms and assumptions in the box below.

---

| | |
|:---|:---|
| **Key Terms and Assumptions** | **Key Terms and Assumptions** |
| &nbsp;&nbsp;&nbsp;Face amount | $10 |
| &nbsp;&nbsp;&nbsp;Initial underlying stock price of the common stock of Applied Materials, Inc. | $100\* |
| &nbsp;&nbsp;&nbsp;Initial underlying stock price of the common stock of Synopsys, Inc. | $100\* |
| &nbsp;&nbsp;&nbsp;Initial underlying stock price of an ADS of Taiwan Semiconductor Manufacturing Company Limited | $100\* |
| &nbsp;&nbsp;&nbsp;Downside threshold | with respect to each underlying stock, 60.00% of its initial underlying stock price, rounded to the nearest one-hundredth |
| &nbsp;&nbsp;&nbsp;Coupon barrier | with respect to each underlying stock, 60.00% of its initial underlying stock price, rounded to the nearest one-hundredth |
| &nbsp;&nbsp;&nbsp;Contingent coupon | (i) the *product* of $0.41875 *times* the number of coupon determination dates that have occurred up to and including the relevant coupon determination date *minus* (ii) the *sum* of all contingent coupons previously paid, if any |
| \* The hypothetical initial underlying stock price of $100 has been chosen for illustrative purposes only and does not represent the actual initial underlying stock price of the underlying stock <br>Neither a market disruption event nor a non-trading day occurs on any originally scheduled coupon determination date or the originally scheduled determination date | \* The hypothetical initial underlying stock price of $100 has been chosen for illustrative purposes only and does not represent the actual initial underlying stock price of the underlying stock <br>Neither a market disruption event nor a non-trading day occurs on any originally scheduled coupon determination date or the originally scheduled determination date |
| No change in or affecting any of the underlying stocks | No change in or affecting any of the underlying stocks |
| Notes purchased on original issue date at the face amount and held to a call payment date or the stated maturity date | Notes purchased on original issue date at the face amount and held to a call payment date or the stated maturity date |

---

------

For these reasons, the actual performance of the underlying stocks over the life of your notes, the actual underlying stock prices on any call observation date or coupon determination date, as well as the contingent coupon payable, if any, on each coupon payment date, may bear little relation to the hypothetical examples shown below or to the historical underlying stock prices shown elsewhere in this prospectus supplement. For information about the underlying stock prices during recent periods, see "The Underlying Stocks — Historical Closing Prices of the Underlying Stocks" on page S-47. Before investing in the notes, you should consult publicly available information to determine the underlying stock prices between the date of this prospectus supplement and the date of your purchase of the notes.

Also, the hypothetical examples shown below do not take into account the effects of applicable taxes. Because of the U.S. tax treatment applicable to your notes, tax liabilities could affect the after-tax rate of return on your notes to a comparatively greater extent than the after-tax return on the underlying stocks.

**Hypothetical Contingent Coupon Payments**

With respect to each $10 face amount of notes, the examples below show hypothetical contingent coupons, if any, that we would pay on a coupon payment date if the closing prices of the underlying stocks on the applicable coupon determination date were the hypothetical closing prices shown.

**Scenario 1**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hypothetical Coupon Determination Date** | &nbsp;&nbsp;**Hypothetical Closing Price of the Common Stock of Applied Materials, Inc.** | &nbsp;&nbsp;**Hypothetical Closing Price of the Common Stock of Synopsys, Inc.** | &nbsp;&nbsp;**Hypothetical Closing Price of an ADS of Taiwan Semiconductor Manufacturing Company Limited** | &nbsp;&nbsp;**Hypothetical Contingent Coupon Paid on Related Coupon Payment Date** |
| &nbsp;&nbsp;**First** | &nbsp;&nbsp;$110 | &nbsp;&nbsp;$50 | &nbsp;&nbsp;$50 | &nbsp;&nbsp;$0.00000 |
| &nbsp;&nbsp;**Second** | &nbsp;&nbsp;$50 | &nbsp;&nbsp;$45 | &nbsp;&nbsp;$60 | &nbsp;&nbsp;$0.00000 |
| &nbsp;&nbsp;**Third** | &nbsp;&nbsp;**$80** | &nbsp;&nbsp;**$70** | &nbsp;&nbsp;**$90** | &nbsp;&nbsp;**$1.25625** |
| &nbsp;&nbsp;**Fourth** | &nbsp;&nbsp;$45 | &nbsp;&nbsp;$40 | &nbsp;&nbsp;$105 | &nbsp;&nbsp;$0.00000 |
| &nbsp;&nbsp;**Fifth** | &nbsp;&nbsp;$25 | &nbsp;&nbsp;$50 | &nbsp;&nbsp;$40 | &nbsp;&nbsp;$0.00000 |
| &nbsp;&nbsp;**Sixth** | &nbsp;&nbsp;$30 | &nbsp;&nbsp;$110 | &nbsp;&nbsp;$30 | &nbsp;&nbsp;$0.00000 |
| &nbsp;&nbsp;**Seventh** | &nbsp;&nbsp;**$65** | &nbsp;&nbsp;**$70** | &nbsp;&nbsp;**$60** | &nbsp;&nbsp;**$1.67500** |
| &nbsp;&nbsp;**Eighth** | &nbsp;&nbsp;$50 | &nbsp;&nbsp;$30 | &nbsp;&nbsp;$105 | &nbsp;&nbsp;$0.00000 |
| &nbsp;&nbsp;**Ninth** | &nbsp;&nbsp;**$80** | &nbsp;&nbsp;**$85** | &nbsp;&nbsp;**$90** | &nbsp;&nbsp;**$0.83750** |
| &nbsp;&nbsp;**Tenth**  | &nbsp;&nbsp;$20 | &nbsp;&nbsp;$25 | &nbsp;&nbsp;$30 | &nbsp;&nbsp;$0.00000 |
| &nbsp;&nbsp;**Eleventh** | &nbsp;&nbsp;$40 | &nbsp;&nbsp;$35 | &nbsp;&nbsp;$40 | &nbsp;&nbsp;$0.00000 |
| &nbsp;&nbsp;**Twelfth - Sixteenth** | &nbsp;&nbsp;$50 | &nbsp;&nbsp;$40 | &nbsp;&nbsp;$50 | &nbsp;&nbsp;$0.00000 |
|  |  |  | &nbsp;&nbsp;**Total Hypothetical Contingent Coupons Paid** | &nbsp;&nbsp;**$3.76875** |

---

In Scenario 1, the hypothetical closing price of each underlying stock increases and decreases by varying amounts, compared to its hypothetical initial underlying stock price, on the hypothetical coupon determination dates. Because the hypothetical closing price of <u>each</u> underlying stock on the third, seventh and ninth hypothetical coupon determination dates is *greater than* or *equal to* its hypothetical coupon barrier, hypothetical contingent coupons are paid on the three related hypothetical coupon payment dates and the total of the hypothetical contingent coupons paid in Scenario 1 is $3.76875. Because the hypothetical closing price of at least one of the underlying stocks on all other hypothetical coupon determination dates is *less than* its hypothetical coupon barrier, no contingent coupons will be paid, including at maturity. Regardless of any contingent coupons paid during the term of the notes, the overall return on your notes may be zero or less.

------

**Scenario 2**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hypothetical Coupon Determination Date** | &nbsp;&nbsp;**Hypothetical Closing Price of the Common Stock of Applied Materials, Inc.** | &nbsp;&nbsp;**Hypothetical Closing Price of the Common Stock of Synopsys, Inc.** | &nbsp;&nbsp;**Hypothetical Closing Price of an ADS of Taiwan Semiconductor Manufacturing Company Limited** | &nbsp;&nbsp;**Hypothetical Contingent Coupon Paid on Related Coupon Payment Date** |
| &nbsp;&nbsp;**First** | &nbsp;&nbsp;$50 | &nbsp;&nbsp;$110 | &nbsp;&nbsp;$80 | &nbsp;&nbsp;$0.0000 |
| &nbsp;&nbsp;**Second** | &nbsp;&nbsp;$40 | &nbsp;&nbsp;$65 | &nbsp;&nbsp;$90 | &nbsp;&nbsp;$0.0000 |
| &nbsp;&nbsp;**Third** | &nbsp;&nbsp;$45 | &nbsp;&nbsp;$70 | &nbsp;&nbsp;$105 | &nbsp;&nbsp;$0.0000 |
| &nbsp;&nbsp;**Fourth** | &nbsp;&nbsp;$25 | &nbsp;&nbsp;$80 | &nbsp;&nbsp;$70 | &nbsp;&nbsp;$0.0000 |
| &nbsp;&nbsp;**Fifth** | &nbsp;&nbsp;$30 | &nbsp;&nbsp;$90 | &nbsp;&nbsp;$75 | &nbsp;&nbsp;$0.0000 |
| &nbsp;&nbsp;**Sixth** | &nbsp;&nbsp;$20 | &nbsp;&nbsp;$80 | &nbsp;&nbsp;$65 | &nbsp;&nbsp;$0.0000 |
| &nbsp;&nbsp;**Seventh** | &nbsp;&nbsp;$40 | &nbsp;&nbsp;$85 | &nbsp;&nbsp;$85 | &nbsp;&nbsp;$0.0000 |
| &nbsp;&nbsp;**Eighth** | &nbsp;&nbsp;$50 | &nbsp;&nbsp;$70 | &nbsp;&nbsp;$65 | &nbsp;&nbsp;$0.0000 |
| &nbsp;&nbsp;**Ninth** | &nbsp;&nbsp;$40 | &nbsp;&nbsp;$65 | &nbsp;&nbsp;$75 | &nbsp;&nbsp;$0.0000 |
| &nbsp;&nbsp;**Tenth** | &nbsp;&nbsp;$45 | &nbsp;&nbsp;$75 | &nbsp;&nbsp;$80 | &nbsp;&nbsp;$0.0000 |
| &nbsp;&nbsp;**Eleventh** | &nbsp;&nbsp;$25 | &nbsp;&nbsp;$70 | &nbsp;&nbsp;$70 | &nbsp;&nbsp;$0.0000 |
| &nbsp;&nbsp;**Twelfth - Sixteenth** | &nbsp;&nbsp;$30 | &nbsp;&nbsp;$80 | &nbsp;&nbsp;$65 | &nbsp;&nbsp;$0.0000 |
|  |  |  | &nbsp;&nbsp;**Total Hypothetical Contingent Coupons Paid** | &nbsp;&nbsp;**$0.0000** |

---

In Scenario 2, the hypothetical closing price of the common stock of Applied Materials, Inc. decreases by varying amounts, compared to its hypothetical initial underlying stock price, on the hypothetical coupon determination dates and the hypothetical closing price of each of the common stock of Synopsys, Inc. and an ADS of Taiwan Semiconductor Manufacturing Company Limited increases and decreases by varying amounts, compared to its hypothetical initial underlying stock price, on the hypothetical coupon determination dates. Because in each case the hypothetical closing price of the common stock of Applied Materials, Inc. is *less than* its hypothetical coupon barrier, you will not receive a hypothetical contingent coupon payment on any hypothetical coupon payment date, even though the price of each of the common stock of Synopsys, Inc. and an ADS of Taiwan Semiconductor Manufacturing Company Limited is above its hypothetical coupon barrier on each hypothetical coupon determination date. Therefore, the total of the hypothetical contingent coupons paid in Scenario 2 is $0.00. The overall return on your notes will be zero or less.

**Scenario 3**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hypothetical Coupon Determination Date** | &nbsp;&nbsp;**Hypothetical Closing Price of the Common Stock of Applied Materials, Inc.** | &nbsp;&nbsp;**Hypothetical Closing Price of the Common Stock of Synopsys, Inc.** | &nbsp;&nbsp;**Hypothetical Closing Price of an ADS of Taiwan Semiconductor Manufacturing Company Limited** | &nbsp;&nbsp;**Hypothetical Contingent Coupon Paid on Related Coupon Payment Date** |
| &nbsp;&nbsp;**First** | &nbsp;&nbsp;$110 | &nbsp;&nbsp;$105 | &nbsp;&nbsp;$115 | &nbsp;&nbsp;**$0.41875** |
|  |  |  | &nbsp;&nbsp;**Total Hypothetical Contingent Coupons Paid** | &nbsp;&nbsp;**$0.41875** |

---

In Scenario 3, the hypothetical closing price of <u>each</u> underlying stock is *greater than* or *equal to* its hypothetical initial underlying stock price on the first hypothetical coupon determination date (which is also the first hypothetical call observation date), your notes will be automatically called. Therefore, on the corresponding hypothetical call payment date, in addition to the hypothetical contingent coupon of $0.41875, you will receive an amount in cash equal to $10 for each $10 face amount of your notes.

------

**Hypothetical Cash Settlement Amount at Maturity**

**If the notes are <u>not</u> automatically called on any call observation date** (i.e., on each call observation date the closing price of at least one underlying stock is less than its initial underlying stock price) the cash settlement amount we would deliver for each $10 face amount of your notes on the stated maturity date will depend on the performance of the lesser performing underlying stock on the determination date, as shown in the table below. The table below assumes that **the notes have <u>not</u> been automatically called on a call observation date** and reflects hypothetical cash settlement amounts that you could receive on the stated maturity date.

The prices in the left column of the table below represent hypothetical final underlying stock prices of the lesser performing underlying stock and are expressed as percentages of the initial underlying stock price of the lesser performing underlying stock. The amounts in the right column represent the hypothetical cash settlement amounts, based on the corresponding hypothetical final underlying stock price of the lesser performing underlying stock, and are expressed as percentages of the face amount of a note (rounded to the nearest one-thousandth of a percent). Thus, a hypothetical cash settlement amount of 100.000% means that the value of the cash payment that we would deliver for each $10 of the outstanding face amount of the offered notes on the stated maturity date would equal 100.000% of the face amount of a note, based on the corresponding hypothetical final underlying stock price of the lesser performing underlying stock and the assumptions noted above.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**The Notes Have <u>Not</u> Been Automatically Called** | &nbsp;&nbsp;**The Notes Have <u>Not</u> Been Automatically Called** |
| &nbsp;&nbsp;**Hypothetical Final Underlying Stock Price of the Lesser Performing Underlying Stock** | &nbsp;&nbsp;**Hypothetical Cash Settlement Amount at Maturity if the Notes Have <u>Not</u> Been Automatically Called on a Call Observation Date** |
| &nbsp;&nbsp;**(as Percentage of Initial Underlying Stock Price)** | &nbsp;&nbsp;**(as Percentage of Face Amount)** |
| &nbsp;&nbsp;**99.999%** | &nbsp;&nbsp;**100.000%\*** |
| &nbsp;&nbsp;90.000% | &nbsp;&nbsp;100.000%\* |
| &nbsp;&nbsp;85.000% | &nbsp;&nbsp;100.000%\* |
| &nbsp;&nbsp;75.000% | &nbsp;&nbsp;100.000%\* |
| &nbsp;&nbsp;**60.000%** | &nbsp;&nbsp;**100.000%\*** |
| &nbsp;&nbsp;59.999% | &nbsp;&nbsp;59.999% |
| &nbsp;&nbsp;50.000% | &nbsp;&nbsp;50.000% |
| &nbsp;&nbsp;25.000% | &nbsp;&nbsp;25.000% |
| &nbsp;&nbsp;10.000% | &nbsp;&nbsp;10.000% |
| &nbsp;&nbsp;**0.000%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.000%** |
| &nbsp;&nbsp;\*Does not include the final contingent coupon | &nbsp;&nbsp;\*Does not include the final contingent coupon |

---

If, for example, the notes have <u>not</u> been automatically called on a call observation date and the final underlying stock price of the lesser performing underlying stock were determined to be 25.000% of its

------

initial underlying stock price, the cash settlement amount that we would deliver on your notes at maturity would be 25.000% of the face amount of your notes, as shown in the table above. As a result, if you purchased your notes on the original issue date at the face amount and held them to the stated maturity date, you would lose 75.000% of your investment excluding any contingent coupons you may have received over the term of the notes (if you purchased your notes at a premium to face amount you would lose a correspondingly higher percentage of your investment). In addition, if the final underlying stock price of the lesser performing underlying stock were determined to be 75.000% of its initial underlying stock price, the cash settlement amount that we would deliver on your notes at maturity would be 100.000% of the face amount of your notes, as shown in the table above. Because the final underlying stock price of the lesser performing underlying stock is greater than or equal to its downside threshold, if you held your notes to the stated maturity date, you would receive $10 for each $10 face amount of your notes.

The cash settlement amounts shown above are entirely hypothetical; they are based on market prices for the underlying stocks that may not be achieved on the determination date and on assumptions that may prove to be erroneous. The actual market value of your notes on the stated maturity date or at any other time, including any time you may wish to sell your notes, may bear little relation to the hypothetical cash settlement amounts shown above, and these amounts should not be viewed as an indication of the financial return on an investment in the offered notes. The hypothetical cash settlement amounts on notes held to the stated maturity date in the examples above assume you purchased your notes at their face amount and have not been adjusted to reflect the actual issue price you pay for your notes. The return on your investment (whether positive or negative) in your notes will be affected by the amount you pay for your notes. If you purchase your notes for a price other than the face amount, the return on your investment will differ from, and may be significantly lower than, the hypothetical returns suggested by the above examples. Please read "Additional Risk Factors Specific to Your Notes — The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors" on page S-19.

Payments on the notes are economically equivalent to the amounts that would be paid on a combination of other instruments. For example, payments on the notes are economically equivalent to a combination of a bond bought by the holder and one or more options entered into between the holder and us. Therefore, the terms of the notes may be impacted by the various factors mentioned under "Additional Risk Factors Specific to Your Notes — The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors" on page S-19. The discussion in this paragraph does not modify or affect the terms of the notes or the U.S. federal income tax treatment of the notes, as described elsewhere in this prospectus supplement.

We cannot predict the actual closing prices of the underlying stocks on any day, the final underlying stock prices of the underlying stocks or what the market value of your notes will be on any particular trading day, nor can we predict the relationship between the closing prices of the underlying stocks and the market value of your notes at any time prior to the stated maturity date. The actual contingent coupon payment, if any, that you, as a holder of the notes, will receive on each coupon payment date, the actual amount that you will receive at maturity, if any, and the rate of return on the offered notes will depend on whether or not the notes are called and on the actual closing prices of the underlying stocks and the actual final underlying stock prices determined by the calculation agent as described above. Moreover, the assumptions on which the hypothetical examples are based may turn out to be inaccurate. Consequently, the coupon to be paid in respect of your notes, if any, and the cash amount to be paid in respect of your notes on the stated maturity date, if any, may be very different from the information reflected in the examples above.

------

&nbsp;&nbsp;**ADDITIONAL RISK FACTORS SPECIFIC TO YOUR NOTES**<br>

*An investment in your notes is subject to the risks described below, as well as the risks and considerations described in the accompanying prospectus and in the accompanying prospectus supplement. You should carefully review these risks and considerations as well as the terms of the notes described herein and in the accompanying prospectus and the accompanying prospectus supplement. Your notes are a riskier investment than ordinary debt securities. Also, your notes are not equivalent to investing directly in the underlying stocks. You should carefully consider whether the offered notes are appropriate given your particular circumstances.*

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

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

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

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

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

In addition to the factors discussed above, the value and quoted price of your notes at any time will reflect many factors and cannot be predicted. If GS&Co. makes a market in the notes, the price quoted by GS&Co. would reflect any changes in market conditions and other relevant factors, including any deterioration in our creditworthiness or perceived creditworthiness or the creditworthiness or perceived creditworthiness of The Goldman Sachs Group, Inc. These changes may adversely affect the value of your notes, including the price you

------

may receive for your notes in any market making transaction. To the extent that GS&Co. makes a market in the notes, the quoted price will reflect the estimated value determined by reference to GS&Co.'s pricing models at that time, plus or minus its then current bid and ask spread for similar sized trades of structured notes (and subject to the declining excess amount described above).

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

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

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

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

**You May Lose Your Entire Investment in the Notes**

You can lose your entire investment in the notes. Assuming your notes are not automatically called, the cash settlement amount on your notes, if any, on the stated maturity date will be based on the performance of the lesser performing of the underlying stocks as measured from their initial underlying stock prices to their closing prices on the determination date. If the final underlying stock price of the lesser performing underlying stock for your notes is *less than* its downside threshold, you will have a loss for each $10 of the face amount of your notes equal to the *product* of the lesser performing underlying stock return *times* $10. Thus, you may lose your entire investment in the notes, which would include any premium to face amount you paid when you purchased the notes.

Also, the application of the downside threshold applies only at maturity and the market price of your notes prior to a call payment date or the stated maturity date, as the case may be, may be significantly lower than the purchase price you pay for your notes. Consequently, if you sell your notes before the stated maturity date, you may receive far less than the amount of your investment in the notes.

**The Return on Your Notes May Change Significantly Despite Only a Small Change in the Price of the Lesser Performing Underlying Stock**

If your notes are not automatically called and the final underlying stock price of the lesser performing underlying stock is less than its downside threshold, you will receive less than the face amount of your notes and you could lose all or a substantial portion of your investment in the notes. This means that while a drop of up to 40.00% between the initial underlying stock price and the final underlying stock price of the lesser performing underlying stock will not result in a loss of principal on the notes, a decrease in the final underlying stock price of the lesser performing underlying stock to less than 60.00% of its initial underlying stock price will result in a loss of a significant portion of the face amount of the notes despite only a small change in the price of the lesser performing underlying stock.

------

**You May Not Receive a Contingent Coupon on Any Coupon Payment Date**

You will be paid a contingent coupon on a coupon payment date only if the closing price of each underlying stock on the applicable coupon determination date is *equal to* or *greater than* its coupon barrier. If the closing price of at least one underlying stock on the related coupon determination date is less than its coupon barrier, you will not receive a contingent coupon payment on the applicable coupon payment date. If this occurs on every coupon determination date, whether due to changes in the prices of one or more of the underlying stocks, the overall return you earn on your notes will be less than zero and such return will be less than you would have earned by investing in a note that bears interest at the prevailing market rate.

Although the contingent coupon formula provides that, if the closing price of each underlying stock on the related coupon determination date is greater than or equal to its coupon barrier, the contingent coupon paid on the corresponding coupon payment date will be equal to (i) the product of $0.41875 times the number of coupon determination dates that have occurred up to and including the relevant coupon determination date minus (ii) the sum of all contingent coupons previously paid, if any, you should be aware that, with respect to any prior coupon determination dates that did not result in the payment of a coupon, you will not be compensated for any opportunity cost implied by inflation and other factors relating to the time value of money. Further, there is no guarantee that you will receive any contingent coupon payment with respect to the notes at any time and you may lose your entire investment in the notes.

**Because the Notes Are Linked to the Performance of the Lesser Performing Underlying Stock, You Have a Greater Risk of Receiving No Quarterly Contingent Coupons and Sustaining a Significant Loss on Your Investment Than If the Notes Were Linked to Just One Underlying Stock**

The risk that you will not receive any quarterly contingent coupons, or that you will suffer a significant loss on your investment, is greater if you invest in the notes as opposed to substantially similar notes that are linked to the performance of just one underlying stock. With more than one underlying stock, it is more likely that at least one underlying stock will close below its coupon barrier on any coupon determination date, or below its downside threshold on the determination date, than if the notes were linked to only one underlying stock. Therefore, it is more likely that you will not receive any quarterly contingent coupons and that you will suffer a significant loss on your investment.

Movements in the values of the underlying stocks may be correlated or uncorrelated at different times during the term of the notes and, if there is correlation, such correlation may be positive (the underlying stocks move in the same direction) or negative (the underlying stocks move in reverse directions). You should not take the historical correlation (or lack thereof) of the underlying stocks as an indication of the future correlation, if any, of the underlying stocks. Such correlation could have an adverse effect on your return on the notes. For example, if the underlying stocks are negatively correlated on a coupon determination date or the determination date, as applicable, and the price of one underlying stock increases, it is likely that the other underlying stocks will decrease and such decrease could cause one or both of the underlying stocks to close below its coupon barrier on a coupon determination date or below its downside threshold on the determination date. In addition, although the correlation of the underlying stocks' performance may change over the term of the notes, the contingent coupon is determined, in part, based on the correlation of the underlying stocks' performance at the time when the terms of the notes are finalized. As discussed below in "A Higher Contingent Coupon, a Lower Coupon Barrier and/or a Lower Downside Threshold May Reflect Greater Expected Volatility of the Underlying Stocks, and Greater Expected Volatility Generally Indicates An Increased Risk of Declines in the Prices of the Underlying Stocks and, Potentially, a Significant Loss at Maturity", higher contingent coupons indicate a greater potential for missed contingent coupons and for a loss on your investment at maturity, which are risks generally associated with underlying stocks that have lower correlation. In addition, other factors and inputs other than correlation may impact how the terms of the notes are set and the performance of the notes.

------

**A Higher Contingent Coupon, a Lower Coupon Barrier and/or a Lower Downside Threshold May Reflect Greater Expected Volatility of the Underlying Stocks, and Greater Expected Volatility Generally Indicates An Increased Risk of Declines in the Prices of the Underlying Stocks and, Potentially, a Significant Loss at Maturity**

The economic terms for the notes, including the contingent coupon, the coupon barrier and the downside threshold, are based, in part, on the expected volatility of each underlying stock at the time the terms of the notes are set. "Volatility" refers to the frequency and magnitude of changes in the prices of the underlying stocks.

Higher expected volatility with respect to each underlying stock as of the trade date generally indicates a greater expectation as of that date that (i) the final underlying stock price of the lesser performing underlying stock could ultimately be less than its downside threshold on the determination date, which would result in a loss of a significant portion or all of your investment in the notes, or (ii) the closing price of the underlying stock on any coupon determination date will be less than its coupon barrier, which would result in the nonpayment of the contingent coupon. At the time the terms of the notes are set, higher expected volatility will generally be reflected in a higher contingent coupon, a lower coupon barrier and/or a lower downside threshold, as compared to otherwise comparable notes issued by the same issuer with the same maturity (taking into account any ability of the issuer to redeem the notes prior to maturity) but with one or more different underlying stocks. **However, there is no guarantee that the higher contingent coupon, lower coupon barrier or lower downside threshold set for your notes on the trade date will adequately compensate you, from a risk-potential reward perspective, for the greater risk of receiving no contingent coupon on any coupon payment date or of losing some or all of your investment in the notes.** 

A relatively higher contingent coupon (as compared to otherwise comparable securities), which would increase the positive return if the closing price of each underlying stock is greater than or equal to its coupon barrier on a coupon determination date, or a relatively lower coupon barrier, which would increase the amount that an underlying stock could decrease on a coupon determination date before the notes become ineligible for a particular coupon payment, may generally indicate an increased risk that the price of each underlying stock will decrease substantially, which would result in the nonpayment of the contingent coupon on some or all of the coupon payment dates.

Similarly, a relatively lower downside threshold (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 underlying stock will decrease substantially. This would result in a significant loss at maturity if the final underlying stock price of at least one underlying stock is less than its downside threshold. Further, a relatively lower downside threshold may not indicate that the notes have a greater likelihood of a return of principal at maturity based on the performance of each underlying stock.

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

**Your Notes Are Subject to Automatic Redemption**

We will automatically call and redeem all, but not part, of your notes on a call payment date, if, as measured on any call observation date, the closing price of each underlying stock is greater than or equal to its initial underlying stock price. Therefore, the term for your notes may be reduced and you will not receive any further payments on the notes since your notes will no longer be outstanding. You may not be able to reinvest the proceeds from an investment in the notes at a comparable return for a similar level of risk in the event the notes are called prior to maturity. For the avoidance of doubt, if your notes are automatically called, no discounts, commissions or fees described herein will be rebated or reduced.

If the notes remain outstanding following any given call observation date, it means that at least one of the underlying stocks has closed below its initial underlying stock price on each prior call observation date. The longer the notes are outstanding from the trade date, the less time remains during which one or both of the underlying

------

stocks will have an opportunity to increase to or above its initial underlying stock price to be automatically called. The notes will not be automatically called in the event that at least one of the underlying stocks does not increase to or beyond its initial underlying stock price.

**The Contingent Coupon Does Not Reflect the Actual Performance of the Underlying Stocks from the Trade Date to Any Coupon Determination Date or from Coupon Determination Date to Coupon Determination Date**

On any coupon payment date, you will receive a contingent coupon only if the price of each underlying stock is equal to or above its coupon barrier. The contingent coupon for each quarterly coupon payment date is different from, and may be less than, a contingent coupon that is based on the performance of any underlying stock between the trade date and any coupon determination date or between two coupon determination dates. You will not participate in any appreciation of any underlying stock. Accordingly, the contingent coupons, if any, on the notes may be less than the return you could earn on another instrument linked to any underlying stock that pays contingent coupons based on the performance of such underlying stock from the trade date to any coupon determination date or from coupon determination date to coupon determination date. In addition, although both the coupon determination dates and coupon payment dates occur quarterly, there may not be an equal number of days between coupon determination dates or between coupon payment dates, respectively. However, the way in which the contingent coupon is determined will not vary based on the actual number of days between coupon determination dates or between coupon payment dates.

**The Cash Settlement Amount Will Be Based Solely on the Lesser Performing Underlying Stock**

If the notes are not automatically called, the cash settlement amount will be based on the lesser performing underlying stock without regard to the performance of the other underlying stocks. As a result, you could lose all or some of your initial investment if the lesser performing underlying stock return is negative, even if there is an increase in the price of the other underlying stocks. This could be the case even if the other underlying stocks increased by an amount greater than the decrease in the lesser performing underlying stock.

**You Are Exposed to the Market Risk of Each Underlying Stock**

Your return on the notes will be contingent upon the independent performance of each underlying stock. Unlike an instrument with a return linked to a basket of underlying assets, in which risk is mitigated and diversified among all of the components of the basket, you will be fully exposed to the risks related to each underlying stock. Poor performance by any of the underlying stocks over the term of the notes may negatively affect your return and will not be offset or mitigated by positive performance by the other underlying stocks.

For the notes to be automatically called, each underlying stock must close at or above its initial underlying stock price on a call observation date. To receive any contingent coupon payment, each underlying stock must close at or above its coupon barrier on a coupon determination date. To receive any contingent repayment of principal at maturity, each underlying stock must close at or above its downside threshold on the determination date. In addition, if not automatically called prior to maturity, you will incur a loss proportionate to the negative return of the lesser performing underlying stock even if the other underlying stocks appreciate during the term of the notes. Accordingly, your investment is subject to the market risk of each underlying stock.

Movements in the values of the underlying stocks may be correlated or uncorrelated at different times during the term of the notes. Any such correlation may be positive (the underlying stocks move in the same direction) or negative (the underlying stocks move in reverse directions), and such correlation (or lack thereof) could have an adverse effect on your return on the notes. If the performance of the underlying stocks is not correlated or is negatively correlated, the risk of not receiving a contingent coupon and of incurring a significant loss of principal at maturity generally increases.

For example, the likelihood that one of the underlying stocks will close below its coupon barrier on a coupon determination date and/or its downside threshold on the determination date, generally will increase when the movements in the values of the underlying stocks are negatively correlated. This results in a greater likelihood

------

that a contingent coupon will not be paid during the term of the notes and/or that there will be a significant loss of principal at maturity if the notes are not previously automatically called.

However, even if the underlying stocks have a higher positive correlation, one or more of those underlying stocks might close below its coupon barrier on a coupon determination date or its downside threshold on the determination date, as each of the underlying stocks may decrease in value together.

The contingent coupon and the downside threshold are determined, in part, based on the correlations of the underlying stocks' performance at the time when the terms of the notes are set on the trade date. A higher contingent coupon, a lower coupon barrier and/or a lower downside threshold (as compared to otherwise comparable securities) are generally associated with more negative correlation, which reflects a greater likelihood that a contingent coupon will not be paid and that there will be a loss on your investment at maturity. **However, there is no guarantee that the higher contingent coupon, lower coupon barrier or lower downside threshold set for your notes on the trade date will adequately compensate you, from a risk-potential reward perspective, for the greater risk of receiving no contingent coupon on any coupon payment date or of losing some or all of your investment in the notes.** 

The correlations referenced in setting the terms of the notes are based on the future expected correlation of the underlying stocks as determined by us and are not derived from the daily prices of the underlying stocks over the period set forth under "Correlation of the Underlying Stocks." Other factors and inputs other than correlation may also impact how the terms of the notes are set and the performance of the notes.

**The greater the number of underlying stocks to which a note is linked, generally the more likely it is that one of the underlying stocks will close below its coupon barrier or its downside threshold, resulting in a greater likelihood that a contingent coupon will not be paid during the terms of the notes and that there will be a significant loss of principal at maturity.** 

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

• the market prices of the underlying stocks;

• the volatility – i.e., the frequency and magnitude of changes – in the closing prices of the underlying stocks;

• the dividend rates of the underlying stocks;

• economic, financial, regulatory, political, military, public health and other events that affect stock markets generally and the market segments of which the underlying stocks are a part, and which may affect the closing prices of the underlying stocks;

• the actual and expected positive or negative correlation between the underlying stocks, or the actual or expected absence of any such correlation;

• interest rates and yield rates in the market;

• the time remaining until your notes mature; and

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

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

------

These factors, and many other factors, will influence the price you will receive if you sell your notes before maturity, including the price you may receive for your notes in any market making transaction. If you sell your notes before maturity, you may receive less than the face amount of your notes or the amount you may receive upon an automatic call or, if the notes are not automatically called, the amount you may receive at maturity.

You cannot predict the future performance of the underlying stocks based on their historical performance. The actual performance of the underlying stocks over the life of the offered notes, the cash settlement amount paid on a call payment date or the stated maturity date, as the case may be, as well as the contingent coupon payable, if any, on each coupon payment date, may bear little or no relation to the historical closing prices of the underlying stocks or to the hypothetical examples shown elsewhere in this prospectus supplement.

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

Your notes will not be listed or displayed on any securities exchange or included in any interdealer market quotation system, and there may be little or no secondary market for your notes. Even if a secondary market for your notes develops, it may not provide significant liquidity and we expect that transaction costs in any secondary market would be high. As a result, the difference between bid and asked prices for your notes in any secondary market could be substantial.

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

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

## If the Prices of the Underlying Stocks Change, the Market Value of Your Notes May Not Change in the Same Manner
The price of your notes may move differently than the performance of the underlying stocks. Changes in the prices of the underlying stocks may not result in a comparable change in the market value of your notes. Even if the closing price of each underlying stock is greater than or equal to its coupon barrier but less than 100% of its initial underlying stock price during some portion of the life of the notes, the market value of your notes may not reflect this. We discuss some of the reasons for this disparity under "— The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors" above.

**We Will Not Hold Shares of the Underlying Stocks for Your Benefit**

The indenture governing your notes does not contain any restriction on our ability or the ability of any of our affiliates to sell, pledge or otherwise convey a share or shares of the underlying stocks acquired by us or them. Neither we nor our affiliates will pledge or otherwise hold shares of the underlying stocks for your benefit in order to enable you to exchange your notes for shares under any circumstances. Consequently, in the event of our bankruptcy, insolvency or liquidation, any shares of the underlying stocks owned by us will be subject to the claims of our creditors generally and will not be available for your benefit specifically.

**You Have No Shareholder Rights or Rights to Receive Any Underlying Stock** 

Investing in your notes will not make you a holder of any of the underlying stocks. Neither you nor any other holder or owner of your notes will have any rights with respect to the underlying stocks, including any voting rights, any rights to receive dividends or other distributions, any rights to make a claim against the underlying stocks or any other rights of a holder of any shares of the underlying stocks. Your notes will be paid in cash, as

------

will any contingent coupon payments, and you will have no right to receive delivery of any shares of the underlying stocks.

**In Some Circumstances, the Payment You Receive on the Notes May Be Based On the Securities of Another Company and Not the Issuer of the Underlying Stock**

Following certain corporate events relating to an underlying stock where its issuer is not the surviving entity, the amount you receive at maturity may be based on the securities of a successor to such underlying stock issuer or any cash or any other assets distributed to holders of shares of such underlying stock in such corporate event. The occurrence of these corporate events and the consequent adjustments may materially and adversely affect the value of the notes. We describe the specific corporate events that can lead to these adjustments and the procedures for selecting distribution property (as described below) under "Specific Terms of Your Notes — Anti-dilution Adjustments".

**Past Underlying Stock Performance is No Guide to Future Performance**

The actual performance of the underlying stocks over the life of the notes, as well as the amount payable at maturity, if any, may bear little relation to the historical closing prices of the underlying stocks or to the hypothetical return examples set forth elsewhere in this prospectus supplement. We cannot predict the future performance of the underlying stocks.

## As Calculation Agent, GS&Co. Will Have the Authority to Make Determinations that Could Affect the Value of Your Notes
As calculation agent for your notes, GS&Co. will have discretion in making certain determinations that affect your notes, including determining: the closing prices of the underlying stocks on any coupon determination date, which we will use to determine the contingent coupon, if any, we will pay on any applicable coupon payment date; whether your notes will be automatically called; the final underlying stock price of the lesser performing underlying stock on the determination date, which we will use to determine the amount we must pay on the stated maturity date; anti-dilution adjustments; whether to postpone a coupon determination date or the determination date because of a market disruption event or a non-trading day; when and how to make anti-dilution adjustments to the underlying stock prices; the coupon determination dates; the coupon payment dates; the call observation dates; the call payment dates and the stated maturity date. See "Specific Terms of Your Notes — Anti-dilution Adjustments" below. The exercise of this discretion by GS&Co. could adversely affect the value of your notes and may present GS&Co. with a conflict of interest. We may change the calculation agent at any time without notice and GS&Co. may resign as calculation agent at any time upon 60 days' written notice to us.

## The Calculation Agent Can Postpone a Coupon Determination Date or the Determination Date, as the Case May Be, If a Market Disruption Event or a Non-Trading Day Occurs or is Continuing
If the calculation agent determines that, on a date that would otherwise be a coupon determination date or the determination date, a market disruption event has occurred or is continuing with respect to any underlying stock or that day is not a trading day with respect to any underlying stock, such coupon determination date or the determination date will be postponed as provided under "Specific Terms of Your Notes — Coupon Determination Dates" and "Specific Terms of Your Notes — Determination Date", as applicable. In no case, however, will the coupon determination date or the determination date be postponed to a date later than the corresponding originally scheduled coupon payment date or the originally scheduled stated maturity date, as applicable, or if the corresponding originally scheduled coupon payment date or the originally scheduled stated maturity date is not a business day, later than the first business day after the corresponding originally scheduled coupon payment date or the originally scheduled stated maturity date. Moreover, if a coupon determination date or the determination date, as applicable, is postponed to the last possible day, but the market disruption event has not ceased by that day or that day is not a trading day, that day will nevertheless be the coupon determination date or the determination date, as applicable, for the corresponding coupon payment date or stated maturity date. In such a case, the calculation agent will determine the applicable closing prices or final underlying stock prices for such coupon determination date or the determination date based on the procedures described under "Specific Terms of Your Notes — Consequences of a Market Disruption Event or a Non-Trading Day" below.

------

**There Is No Affiliation Between the Underlying Stock Issuers and Us**

We are not affiliated with the underlying stock issuers. As discussed above, however, we or our affiliates may currently or from time to time in the future own securities of, or engage in business with the underlying stock issuers. 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 underlying stock issuers. You, as an investor in your notes, should make your own investigation into the underlying stock issuers. See "The Underlying Stocks" below for additional information about the underlying stocks.

The underlying stock issuers are not involved in the offering of your notes in any way and do not have any obligation of any sort with respect to your notes. Thus, the underlying stock issuers do not have any obligation to take your interests into consideration for any reason, including in taking any corporate actions that might affect the market value of your notes.

**You Have Limited Anti-Dilution Protection**

GS&Co., as calculation agent for your note, will adjust the underlying stock prices for stock splits, reverse stock splits, stock dividends, extraordinary dividends, issuances of transferable rights and warrants, reorganization events, and other events that affect the underlying stock issuers', or any distribution property issuers', capital structure, but only in the situations we describe in "Specific Terms of Your Notes — Anti-dilution Adjustments" above. The calculation agent will not be required to make an adjustment for every corporate event that may affect an underlying stock. For example, the calculation agent will not adjust the underlying stock prices for events such as an offering of the underlying stocks for cash by the underlying stock issuers, a tender or exchange offer for the underlying stocks at a premium to their then-current market prices by the underlying stock issuers or a tender or exchange offer for less than all the outstanding shares of the underlying stocks by a third party. In addition, the calculation agent will not adjust the reference amount for regular cash dividends. Furthermore, the calculation agent will determine in its sole discretion whether to make adjustments with respect to corporate or other events as described under "Specific Terms of Your Notes — Anti-dilution Adjustments — Reorganization Events" above. Those events or other actions by the underlying stock issuers or a third party may nevertheless adversely affect the market price of one share of the underlying stocks and, therefore, adversely affect the market value of your notes. The underlying stock issuers or a third party could make an offering or a tender or exchange offer, or the underlying stock issuers could take any other action, that adversely affects the market prices of the underlying stocks and the market value of your note but does not result in an anti-dilution adjustment for your benefit.

## We May Sell an Additional Aggregate Face Amount of the Notes at a Different Issue Price
At our sole option, we may decide to sell an additional aggregate face amount of the notes subsequent to the date of this prospectus supplement. The issue price of the notes in the subsequent sale may differ substantially (higher or lower) from the issue price you paid as provided on the cover of this prospectus supplement.

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

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

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

------

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

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

**Goldman Sachs' Trading and Investment Activities for its Own Account or for its Clients, Could Negatively Impact Investors in the Notes**

Goldman Sachs is a global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. As such, it acts as an investor, investment banker, research provider, investment manager, investment advisor, market maker, trader, prime broker and lender. In those and other capacities, Goldman Sachs purchases, sells or holds a broad array of investments, actively trades securities, derivatives, loans, commodities, currencies, credit default swaps, underlying stocks, baskets and other financial instruments and products for its own account or for the accounts of its customers, and will have other direct or indirect interests, in the global fixed income, currency, commodity, equity, bank loan and other markets. Any of Goldman Sachs' financial market activities may, individually or in the aggregate, have an adverse effect on the market for your notes, and you should expect that the interests of Goldman Sachs or its clients or counterparties will at times be adverse to those of investors in the notes.

Goldman Sachs regularly offers a wide array of securities, financial instruments and other products into the marketplace, including existing or new products that are similar to your notes, or similar or linked to the underlying stocks. Investors in the notes should expect that Goldman Sachs will offer securities, financial instruments, and other products that will compete with the notes for liquidity, research coverage or otherwise.

**Goldman Sachs' Market-Making Activities Could Negatively Impact Investors in the Notes**

Goldman Sachs actively makes markets in and trades financial instruments for its own account and for the accounts of customers. These financial instruments include debt and equity securities, currencies, commodities, bank loans, underlying stocks, baskets and other products. Goldman Sachs' activities include, among other things, executing large block trades and taking long and short positions directly and indirectly, through derivative instruments or otherwise. The securities and instruments in which Goldman Sachs takes positions, or expects to take positions, include securities and instruments of an underlying stock, securities and instruments similar to or

------

linked to the foregoing or the currencies in which they are denominated. Market making is an activity where Goldman Sachs buys and sells on behalf of customers, or for its own account, to satisfy the expected demand of customers. By its nature, market making involves facilitating transactions among market participants that have differing views of securities and instruments. As a result, you should expect that Goldman Sachs will take positions that are inconsistent with, or adverse to, the investment objectives of investors in the notes.

If Goldman Sachs becomes a holder of the underlying stocks in its capacity as a market-maker or otherwise, any actions that it takes in its capacity as securityholder, including voting or provision of consents, will not necessarily be aligned with, and may be inconsistent with, the interests of investors in the notes.

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

Goldman Sachs and its personnel, including its sales and trading, investment research and investment management personnel, regularly make investment recommendations, provide market color or trading ideas, or publish or express independent views in respect of a wide range of markets, issuers, securities and instruments. They regularly implement, or recommend to clients that they implement, various investment strategies relating to these markets, issuers, securities and instruments. These strategies include, for example, buying or selling credit protection against a default or other event involving an issuer or financial instrument. Any of these recommendations and views may be negative with respect to the underlying stocks or other securities or instruments similar to or linked to the foregoing or result in trading strategies that have a negative impact on the market for any such securities or instruments, particularly in illiquid markets. In addition, you should expect that personnel in the trading and investing businesses of Goldman Sachs will have or develop independent views of the underlying stocks, the relevant industry or other market trends, which may not be aligned with the views and objectives of investors in the notes.

**Goldman Sachs Regularly Provides Services to, or Otherwise Has Business Relationships with, a Broad Client Base, Which May Include the Issuers of the Underlying Stocks or Other Entities That Are Involved in the Transaction**

Goldman Sachs regularly provides financial advisory, investment advisory and transactional services to a substantial and diversified client base, and you should assume that Goldman Sachs will, at present or in the future, provide such services or otherwise engage in transactions with, among others, the issuers of the underlying stocks, or transact in securities or instruments or with parties that are directly or indirectly related to the foregoing. These services could include making loans to or equity investments in those companies, providing financial advisory or other investment banking services, or issuing research reports. You should expect that Goldman Sachs, in providing such services, engaging in such transactions, or acting for its own account, may take actions that have direct or indirect effects on the underlying stocks, and that such actions could be adverse to the interests of investors in the notes. In addition, in connection with these activities, certain Goldman Sachs personnel may have access to confidential material non-public information about these parties that would not be disclosed to Goldman Sachs employees that were not working on such transactions as Goldman Sachs has established internal information barriers that are designed to preserve the confidentiality of non-public information. Therefore, any such confidential material non-public information would not be shared with Goldman Sachs employees involved in structuring, selling or making markets in the notes or with investors in the notes.

In this offering, as well as in all other circumstances in which Goldman Sachs receives any fees or other compensation in any form relating to services provided to or transactions with any other party, no accounting, offset or payment in respect of the notes will be required or made; Goldman Sachs will be entitled to retain all such fees and other amounts, and no fees or other compensation payable by any party or indirectly by holders of the notes will be reduced by reason of receipt by Goldman Sachs of any such other fees or other amounts.

------

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

A completed offering may reduce Goldman Sachs' existing exposure to the underlying stocks, securities and instruments similar to or linked to the foregoing or the currencies in which they are denominated, including exposure gained through hedging transactions in anticipation of this offering. An offering of notes will effectively transfer a portion of Goldman Sachs' exposure (and indirectly transfer the exposure of Goldman Sachs' hedging or other counterparties) to investors in the notes.

The terms of the offering (including the selection of the underlying stocks, and the establishment of other transaction terms) may have been selected in order to serve the investment or other objectives of Goldman Sachs or another client or counterparty of Goldman Sachs. In such a case, Goldman Sachs would typically receive the input of other parties that are involved in or otherwise have an interest in the offering, transactions hedged by the offering, or related transactions. The incentives of these other parties would normally differ from and in many cases be contrary to those of investors in the notes.

**Other Investors in the Notes May Not Have the Same Interests as You**

Other investors in the notes are not required to take into account the interests of any other investor in exercising remedies or voting or other rights in their capacity as securityholders or in making requests or recommendations to Goldman Sachs as to the establishment of other transaction terms. The interests of other investors may, in some circumstances, be adverse to your interests. For example, certain investors may take short positions (directly or indirectly through derivative transactions) on assets that are the same or similar to your notes, underlying stocks or other similar securities, which may adversely impact the market for or value of your notes.

**<u>Additional Risks Related to an ADS of Taiwan Semiconductor Manufacturing Company Limited</u>**

## An Investment in the Offered Notes is Subject to Risks Associated with Foreign Securities
Your notes are linked, in part, to an ADS representing an interest in a foreign equity security. Investments linked to the value of foreign equity securities involve particular risks. Any foreign securities market may be less liquid, more volatile and affected by global or domestic market developments in a different way than the U.S. securities markets or other foreign securities markets. Both government intervention in a foreign securities market, either directly or indirectly, and cross-shareholdings in foreign companies, may affect trading prices and volumes in that market.

The prices of securities in a foreign country are subject to political, economic, financial and social factors that are unique to such foreign country's geographical region. These factors include: recent changes, or the possibility of future changes, in the applicable foreign government's economic and fiscal policies; the possible implementation of, or changes in, currency exchange laws or other laws or restrictions applicable to foreign companies or investments in foreign equity securities; fluctuations, or the possibility of fluctuations, in currency exchange rates; and the possibility of outbreaks of hostility, political instability, natural disaster or adverse public health developments. For example, the United Kingdom ceased to be a member of the European Union on January 31, 2020 (an event commonly referred to as "Brexit"). The effects of Brexit are uncertain, and, among other things, Brexit has contributed, and may continue to contribute, to volatility in the prices of securities of companies located in Europe (or elsewhere) and currency exchange rates, including the valuation of the euro and British pound in particular. Any one of these factors, or the combination of more than one of these factors, could negatively affect such foreign securities market and the price of securities therein. Further, geographical regions may react to global factors in different ways, which may cause the prices of securities in a foreign securities market to fluctuate in a way that differs from those of securities in the U.S. securities market or other foreign securities markets. Foreign economies may also differ from the U.S. economy in important respects, including growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency, which may have a positive or negative effect on foreign securities prices.

------

## The Offered Notes Are Subject to Foreign Currency Exchange Rate Risk
The ADSs are quoted and traded in U.S. dollars on a U.S. stock exchange, while the securities represented thereby are quoted and traded in the relevant foreign currency on another stock exchange. Therefore, fluctuations in the exchange rate between currencies in which the securities represented by the ADSs are quoted and traded and the U.S. dollar will likely affect the relative value of the ADSs. As a result, the market price of the ADSs trading on the U.S. stock exchange will likely be affected. These trading differences and currency exchange rates may affect the closing prices of the ADSs and, as a result, the market value of the notes.

Foreign currency exchange rates vary over time, and may vary considerably during the life of your notes. Changes in a particular exchange rate result from the interaction of many factors directly or indirectly affecting economic and political conditions. Of particular importance are:

• rates of inflation;

• interest rate levels;

• the balance of payments among countries;

• the extent of government surpluses or deficits in the relevant foreign country and the United States; and

• other financial, economic, military, public health and political factors.

All of these factors are, in turn, sensitive to the monetary, fiscal and trade policies pursued by the governments of the relevant foreign countries and the United States and other countries important to international trade and finance.

The price of the notes and any payment on the notes could also be adversely affected by delays in, or refusals to grant, any required governmental approval for conversions of a local currency and remittances abroad with respect to the ADSs or other de facto restrictions on the repatriation of U.S. dollars.

## There are Important Differences Between the Rights of Holders of ADSs and the Rights of Holders of the Securities Represented By the ADSs
You should be aware that your return on the notes is linked, in part, to the price of an ADS and not to the relevant securities that they represent. There are important differences between the rights of holders of ADSs and the rights of holders of the securities represented by the ADSs. Each ADS is a security evidenced by an American depositary receipt that typically represents one or a fraction of one represented security. The ADSs are issued pursuant to a deposit agreement, which sets forth the rights and responsibilities of the ADS depositary, the applicable underlying stock issuer, and holders of the ADSs, which may be different from the rights of holders of the applicable securities represented by the ADSs. For example, an underlying stock issuer may make distributions in respect of the securities represented by the ADSs that are not passed on to the holders of its ADSs. Any such differences between the rights of holders of the ADSs and the rights of holders of the securities represented by the ADSs may be significant and may materially and adversely affect the value of the ADSs and, as a result, the notes.

## Government Regulatory Action, Including Legislative Acts and Executive Orders, Could Negatively Affect Your Investment in the Notes
Government regulatory action, including legislative acts and executive orders, could negatively affect your investment in the notes in a variety of ways, depending on the nature of such government regulatory action. For example, recently enacted legislation in the United States could lead to a prohibition on trading in the United States of the underlying stock if the Public Company Accounting Oversight Board is prevented from performing inspections relating to the underlying stock issuer by its jurisdiction of organization. Such legislation could have a material and negative effect on the underlying stock issuer, the underlying stock price and your return on the notes.

Further, recent executive orders issued by the U.S. Government prohibit U.S. persons from purchasing or selling publicly traded securities of certain companies that are determined to operate or have operated in the defense

------

and related materiel sector or the surveillance technology sector of the economy of the People's Republic of China, or publicly traded securities that are derivative of, or that are designed to provide investment exposure to, those securities (including indexed notes). If the prohibitions in those executive orders (or prohibitions under other government regulatory action) become applicable to the offered notes due to determinations regarding the underlying stock, the value of the notes could be materially and negatively affected, and transactions in, or holdings of, the notes may become prohibited under United States law. Any such action could result in the loss of a significant portion or all of your investment in the notes, including if you attempt to divest the notes at a time when the value of the notes has declined.

------

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

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

**The Tax Consequences of an Investment in Your Notes Are Uncertain**

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

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 notes, and any such guidance could adversely affect the value and the tax treatment of your notes. 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 notes after the bill was enacted to accrue interest income over the term of such instruments even though there may 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 notes. We describe these developments in more detail under "Supplemental Discussion of U.S. Federal Income Tax Consequences – 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, GS Finance Corp. intends to continue treating the notes for U.S. federal income tax purposes in accordance with the treatment described under "Supplemental Discussion of U.S. Federal Income Tax Consequences" below unless and until such time as Congress, the Treasury Department or the Internal Revenue Service determine 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 notes in your particular circumstances.

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

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

------

&nbsp;&nbsp;**Specific Terms of Your Notes**<br>

*We refer to the notes we are offering by this prospectus supplement as the "offered notes" or the "notes". Please note that in this prospectus supplement, references to "GS Finance Corp.", "we", "our" and "us" mean only GS Finance Corp. and do not include its subsidiaries or affiliates, references to "The Goldman Sachs Group, Inc.", our parent company, mean only The Goldman Sachs Group, Inc. and do not include its subsidiaries or affiliates and references to "Goldman Sachs" mean The Goldman Sachs Group, Inc. together with its consolidated subsidiaries and affiliates, including us. Also, references to the "accompanying prospectus" mean the accompanying prospectus, dated February 14, 2025, and references to the "accompanying prospectus supplement" mean the accompanying prospectus supplement, dated February 14, 2025, for Medium-Term Notes, Series F, in each case of GS Finance Corp. and The Goldman Sachs Group, Inc. Please note that in this section entitled "Specific Terms of Your Notes", references to "holders" mean those who own notes registered in their own names, on the books that we or the trustee maintain for this purpose, and not those who own beneficial interests in notes registered in street name or in notes issued in book-entry form through The Depository Trust Company. Please review the special considerations that apply to owners of beneficial interests in the accompanying prospectus, under "Legal Ownership and Book-Entry Issuance".*

The offered notes are part of a series of debt securities, entitled "Medium-Term Notes, Series F", that we may issue under the indenture from time to time as described in the accompanying prospectus supplement and accompanying prospectus. The offered notes are also "indexed debt securities", as defined in the accompanying prospectus.

This prospectus supplement summarizes specific financial and other terms that apply to the offered notes, including your notes; terms that apply generally to all Series F medium-term notes are described in "Description of Notes We May Offer" in the accompanying prospectus supplement. The terms described here supplement those described in the accompanying prospectus supplement and the accompanying prospectus and, if the terms described here are inconsistent with those described there, the terms described here are controlling.

In addition to those terms described under "Summary Information" in this prospectus supplement, the following terms will apply to your notes:

**Specified currency:**

• U.S. dollars ("$")

**Form of note:**

• global form only: yes, at DTC

• non-global form available: no

**Denominations:** each note registered in the name of a holder must have a face amount of $10 or an integral multiple of $10 in excess thereof

**Defeasance applies as follows:**

• full defeasance: no

• covenant defeasance: no

------

**Other terms:**

• the default amount will be payable on any acceleration of the maturity of your notes as described under "— Special Calculation Provisions" below

• anti-dilution provisions will apply to your notes; see "Anti-dilution Adjustments" below

• a business day for your notes will not be the same as a business day for our other Series F medium-term notes, as described under "— Special Calculation Provisions" below

• a trading day for your notes will be as described under "— Special Calculation Provisions" below

Please note that the information about the settlement or trade date, issue price, discount or commission and net proceeds to GS Finance Corp. on the front cover page or elsewhere in this prospectus supplement relates only to the initial issuance and sale of the offered notes. We may decide to sell additional notes on one or more dates after the date of this prospectus supplement, at issue prices and with underwriting discounts and net proceeds that differ from the amounts set forth on the front cover page or elsewhere in this prospectus supplement. If you have purchased your notes in a market-making transaction after the initial issuance and sale of the offered notes, any such relevant information about the sale to you will be provided in a separate confirmation of sale.

We describe the terms of your notes in more detail below.

**Underlying Stock and Underlying Stock Issuer**

In this prospectus supplement, when we refer to an underlying stock, we mean the common stock of Applied Materials, Inc., the common stock of Synopsys, Inc. or an ADS of Taiwan Semiconductor Manufacturing Company Limited, representing five common shares of Taiwan Semiconductor Manufacturing Company Limited, except as described under "— Anti-dilution Adjustments — Reorganization Events" and — Anti-dilution Adjustments — Distribution Property" below. When we refer to an underlying stock issuer, we mean Applied Materials, Inc., Synopsys, Inc. or Taiwan Semiconductor Manufacturing Company Limited (the issuer of the common shares represented by the ADSs) or any successor thereto.

**Autocall Feature**

If, as measured on any call observation date, the closing prices of <u>each</u> underlying stock is *greater than* or *equal to* its initial underlying stock price, your notes will be automatically called. If your notes are automatically called on any call observation date, on the corresponding call payment date, in addition to the contingent coupon then due, you will receive an amount in cash equal to $10 for each $10 face amount of your notes. No further payments will be made on the notes since your notes will no longer be outstanding. The notes will not be called if the closing price of at least one underlying stock is less than its respective initial underlying stock price on a call observation date.

**Payment of a Contingent Coupon**

Subject to the autocall feature, on each coupon payment date, for each $10 face amount of your notes, we will pay you an amount in cash equal to:

• if the closing price of <u>each</u> underlying stock on the related coupon determination date is *greater than* or *equal to* its coupon barrier, (i) the *product* of $0.41875 *times* the number of coupon determination dates that have occurred up to and including the relevant coupon determination date *minus* (ii) the *sum* of all contingent coupons previously paid, if any; or

• if the closing price of <u>at least one</u> underlying stock on the related coupon determination date is *less than* its coupon barrier, $0.00

------

The coupon barrier is $132.34 with respect to the common stock of Applied Materials, Inc., $272.58 with respect to the common stock of Synopsys, Inc. and $173.33 with respect to an ADS of Taiwan Semiconductor Manufacturing Company Limited, representing five common shares of Taiwan Semiconductor Manufacturing Company Limited (in each case, 60.00% of such underlying stock's initial underlying stock price (rounded to the nearest one-hundredth)).

**Payment of Principal on Stated Maturity Date**

If your notes are <u>not</u> automatically called, for each $10 face amount of your notes, we will pay you on the stated maturity date an amount in cash equal to:

• if the final underlying stock price of <u>each</u> underlying stock is *greater than* or *equal to* its downside threshold, $10 *plus* the final contingent coupon; or

• if the final underlying stock price of <u>at least one</u> underlying stock is *less than* its downside threshold, the *sum* of (i) $10 *plus* (ii) the *product* of (a) the lesser performing underlying stock return *times* (b) $10

The downside threshold is $132.34 with respect to the common stock of Applied Materials, Inc., $272.58 with respect to the common stock of Synopsys, Inc. and $173.33 with respect to an ADS of Taiwan Semiconductor Manufacturing Company Limited, representing five common shares of Taiwan Semiconductor Manufacturing Company Limited (in each case, 60.00% of such underlying stock's initial underlying stock price (rounded to the nearest one-hundredth)).

With respect to each underlying stock, the underlying stock return is calculated by *subtracting* the initial underlying stock price from the final underlying stock price and *dividing* the result by the initial underlying stock price, with the quotient expressed as a percentage.

The lesser performing underlying stock is the underlying stock with the lowest underlying stock return. The lesser performing underlying stock return is the underlying stock return of the lesser performing underlying stock.

The initial underlying stock price is $220.56 with respect to the common stock of Applied Materials, Inc., $454.30 with respect to the common stock of Synopsys, Inc. and $288.88 with respect to an ADS of Taiwan Semiconductor Manufacturing Company Limited, representing five common shares of Taiwan Semiconductor Manufacturing Company Limited. The initial underlying stock price of each underlying stock is the closing price of one share of such underlying stock on the trade date. With respect to each underlying stock, the calculation agent will determine the final underlying stock price, which will be the closing price of such underlying stock on the determination date. However, the calculation agent will have discretion to adjust the closing price on any call observation date or the determination date or to determine it in a different manner as described under " — Consequences of a Market Disruption Event or a Non-Trading Day" and "— Anti-dilution Adjustments" below.

***Stated Maturity Date***

The stated maturity date is October 25, 2029, unless that day is not a business day, in which case the stated maturity date will be postponed to the next following business day. If the determination date is postponed as described under "— Determination Date" below, the stated maturity date will be postponed by the same number of business day(s) from but excluding the originally scheduled determination date to and including the actual determination date.

***Determination Date***

The determination date is October 22, 2029, unless the calculation agent determines that, with respect to any underlying stock, a market disruption event occurs or is continuing on that day or that day is not otherwise a trading day.

------

In the event the originally scheduled determination date is a non-trading day with respect to any underlying stock, the determination date will be the first day thereafter that is a trading day for all underlying stocks (the "first qualified trading day") provided that no market disruption event occurs or is continuing with respect to an underlying stock on that day. If a market disruption event with respect to an underlying stock occurs or is continuing on the originally scheduled determination date or the first qualified trading day, the determination date will be the first following trading day on which the calculation agent determines that each underlying stock has had at least one trading day (from and including the originally scheduled determination date or the first qualified trading day, as applicable) on which no market disruption event has occurred or is continuing and the closing price of each underlying stock will be determined on or prior to the postponed determination date as set forth under "— Consequences of a Market Disruption Event or a Non-Trading Day" below. (In such case, the determination date may differ from the date on which the price of an underlying stock is determined for the purpose of the calculations to be performed on the determination date.) In no event, however, will the determination date be postponed to a date later than the originally scheduled stated maturity date or, if the originally scheduled stated maturity date is not a business day, later than the first business day after the originally scheduled stated maturity date, either due to the occurrence of serial non-trading days or due to the occurrence of one or more market disruption events. On such last possible determination date, if a market disruption event occurs or is continuing with respect to an underlying stock that has not yet had such a trading day on which no market disruption event has occurred or is continuing or if such last possible day is not a trading day with respect to such underlying stock, that day will nevertheless be the determination date.

**Contingent Coupon and Coupon Payment Dates**

The contingent coupons will be calculated and paid as described in this prospectus supplement.

The contingent coupons on the offered notes will be paid on the coupon payment dates (the dates specified in the table under "Summary Information — Key Terms — Coupon payment dates" on page S-5, unless, for any such coupon payment date, that day is not a business day, in which case such coupon payment date will be postponed to the next following business day; if a coupon determination date is postponed as described under "*—* Coupon Determination Dates" below, such coupon payment date will be postponed by the same number of business day(s) from but excluding the applicable originally scheduled coupon determination date to and including the actual coupon determination date). Although the coupon payment dates occur quarterly, there may not be an equal number of days between coupon payment dates.

**Coupon Determination Dates**

The coupon determination dates are the dates specified as such in the table under "Summary Information — Key Terms — Coupon payment dates" on S-5, unless the calculation agent determines that, with respect to any underlying stock, a market disruption event occurs or is continuing on that day or that day is not otherwise a trading day. In the event the originally scheduled coupon determination date is a non-trading day with respect to any underlying stock, the coupon determination date will be the first day thereafter that is a trading day for all underlying stocks (the "first qualified coupon trading day") provided that no market disruption event occurs or is continuing with respect to an underlying stock on that day. If a market disruption event with respect to an underlying stock occurs or is continuing on the originally scheduled coupon determination date or the first qualified coupon trading day, the coupon determination date will be the first following trading day on which the calculation agent determines that each underlying stock has had at least one trading day (from and including the originally scheduled coupon determination date or the first qualified coupon trading day, as applicable) on which no market disruption event has occurred or is continuing and the closing price of each underlying stock for that coupon determination date will be determined on or prior to the postponed coupon determination date as set forth under "— Consequences of a Market Disruption Event or a Non-Trading Day" below. (In such case, the coupon determination date may differ from the date on which the price of an underlying stock is determined for

------

the purpose of the calculations to be performed on the coupon determination date.) In no event, however, will the coupon determination date be postponed to a date later than the originally scheduled coupon payment date or, if the originally scheduled coupon payment date is not a business day, later than the first business day after the originally scheduled coupon payment date, either due to the occurrence of serial non-trading days or due to the occurrence of one or more market disruption events. On such last possible coupon determination date applicable to the relevant coupon payment date, if a market disruption event occurs or is continuing with respect to an underlying stock that has not yet had such a trading day on which no market disruption event has occurred or is continuing or if such last possible day is not a trading day with respect to such underlying stock, that day will nevertheless be the coupon determination date. Although the coupon determination dates occur quarterly, there may not be an equal number of days between coupon determination dates*.***

**Call Observation Dates**

The call observation dates are each coupon determination date commencing January 22, 2026, to the extent the notes are then outstanding, subject to adjustment as described under "*—* Coupon Determination Dates" above. Although the call observation dates occur quarterly after January 22, 2026, there may not be an equal number of days between call observation dates.

**Call Payment Dates**

If your notes are automatically called on any call observation date, on the corresponding call payment date (the coupon payment date immediately after the applicable call observation date, unless, for any such call payment date, that day is not a business day, in which case such call payment date will be postponed to the next following business day; if the call observation date is postponed as described under "*—* Call Observation Dates" above, such call payment date will be postponed by the same number of business day(s) from but excluding the originally scheduled call observation date to and including the actual call observation date) you will receive an amount in cash equal to $10 for each $10 face amount of your notes in addition to the contingent coupon then due, and no further payments will be made on the notes since your notes will no longer be outstanding.

**Consequences of a Market Disruption Event or a Non-Trading Day**

With respect to any underlying stock, if a market disruption event occurs or is continuing on a day that would otherwise be a coupon determination date or the determination date, or such day is not a trading day, then such coupon determination date or the determination date will be postponed as described under "— Coupon Determination Dates" or "— Determination Date" above. If any coupon determination date or the determination date is postponed to the last possible date due to the occurrence of serial non-trading days, the price of each underlying stock will be the calculation agent's assessment of such price, in good faith and in its sole discretion, on such last possible postponed coupon determination date or determination date, as applicable.

If any coupon determination date or the determination date is postponed due to a market disruption event with respect to any underlying stock, the closing price of each underlying stock with respect to such coupon determination date or the final underlying stock price with respect to the determination date, as applicable, will be calculated based on (i) for any underlying stock that is not affected by a market disruption event on (A) the applicable originally scheduled coupon determination date or the first qualified coupon trading day thereafter (if applicable) or (B) the originally scheduled determination date or the first qualified trading day thereafter (if applicable), the closing price of the underlying stock on that date, (ii) for any underlying stock that is affected by a market disruption event on (A) the applicable originally scheduled coupon determination date or the first qualified coupon trading day thereafter (if applicable) or (B) the originally scheduled determination date or the first qualified trading day thereafter (if applicable), the closing price of the underlying stock on the first following trading day on which no market disruption event exists for such underlying stock and (iii) the calculation agent's assessment, in good faith and in its

------

sole discretion, of the price of any underlying stock on the last possible postponed coupon determination date or determination date, as applicable, with respect to such underlying stock as to which a market disruption event continues through the last possible postponed coupon determination date or determination date. As a result, this could result in the closing price on any coupon determination date or final underlying stock price on the determination date of each underlying stock being determined on different calendar dates.

For the avoidance of doubt, once the closing price for an underlying stock is determined for a coupon determination date or determination date, the occurrence of a later market disruption event or non-trading day will not alter such calculation.

***Anti-dilution Adjustments***

The calculation agent will adjust the closing price of an underlying stock on a coupon determination date or the determination date, as applicable, only if an event described under one of the six subsections beginning with "— Stock Splits" below occurs and only if the relevant event occurs during the period described under the applicable subsection. The adjustments described below do not cover all events that could affect the closing price of an underlying stock on a coupon determination date or the determination date, as applicable, such as an issuer tender or exchange offer for such underlying stock at a premium to its market price or a tender or exchange offer made by a third party for less than all outstanding shares of such underlying stock. We describe the risks relating to dilution under "Additional Risk Factors Specific to Your Notes — You Have Limited Anti-Dilution Protection" above.

For purposes of these adjustments with respect to an underlying stock that is an ADS, except as noted below, all adjustments to the reference amount (described under "— How Adjustments Will Be Made") will be made as if the applicable security represented by the ADS is serving as that underlying stock. Therefore, for example, if a security represented by the ADSs is subject to a two-for-one stock split and assuming the reference amount for such underlying stock is equal to one, the reference amount for that underlying stock would be adjusted to equal two. The term "dividend" used in this section will mean the dividend paid by the underlying stock issuer, net of any applicable foreign withholding or similar taxes that would be due on dividends paid to a U.S. person that claims and is entitled to a reduction in such taxes under an applicable income tax treaty, if available.

No adjustment to the ADS price or the reference amount, including those described below, will be made if (i) holders of the ADS are not eligible to participate in any of the transactions described below or (ii) (and to the extent that) the calculation agent determines in its sole discretion that the underlying stock issuer or the depositary for the ADS has adjusted the number of shares of the applicable securities represented by each ADS so that the ADS price would not be affected by the corporate event in question. However, to the extent that the number of shares of the securities represented by each ADS is changed for any other reason, appropriate adjustments to the anti-dilution adjustments described herein (which may include ignoring such provision, if appropriate) will be made to reflect that change.

**How Adjustments Will Be Made**

In this prospectus supplement, we refer to anti-dilution adjustment of the closing price of an underlying stock on a coupon determination date or the determination date, as applicable. With respect to an underlying stock, if an event requiring anti-dilution adjustment occurs, the calculation agent will make the adjustment by taking the following steps:

• ***Step One.*** The calculation agent will adjust the reference amount. This term refers to the amount of the underlying stock or other property that must be used to determine the closing price of the underlying stock on a coupon determination date or the determination date, as applicable. For example, if no adjustment described under this subsection entitled "— Anti-dilution Adjustments" is required at a time, the reference amount for that time will be one share of the underlying stock. In that case, the closing price of the underlying stock on a coupon determination date or the determination

------

date, as applicable, will be the closing price of one share of the underlying stock on the applicable coupon determination date or the determination date. We describe how the closing price will be determined under "— Special Calculation Provisions" below.

If an adjustment described under this subsection entitled "— Anti-dilution Adjustments" is required because one of the dilution events described in the first five subsections below — these involve stock splits, reverse stock splits, stock dividends, other dividends and distributions and issuances of transferable rights and warrants — occurs, then the adjusted reference amount at that time might instead be, for example, two shares of the underlying stock or a half share of the underlying stock, depending on the event. In that example, the closing price of the underlying stock on a coupon determination date or the determination date, as applicable, would be the price (determined as specified under "— Special Calculation Provisions — Closing Price" below) at the close of trading on the applicable coupon determination date or the determination date of two shares of the underlying stock or a half share of the underlying stock, as applicable.

If an adjustment described under this subsection entitled "— Anti-dilution Adjustments" is required at a time because one of the reorganization events described under "— Reorganization Events" below — these involve events in which cash, securities or other property is distributed in respect of the underlying stock — occurs, then the reference amount at that time will be adjusted to be as follows, assuming there has been no prior or subsequent anti-dilution adjustment: the amount of each type of the property distributed in the reorganization event in respect of one share of the underlying stock, plus one share of the underlying stock if the underlying stock remains outstanding. In that event, the closing price of the underlying stock on a coupon determination date or the determination date, as applicable, would be the value of the adjusted reference amount at the close of trading on such coupon determination date or the determination date.

The manner in which the calculation agent adjusts the reference amount in step one will depend on the type of dilution event requiring adjustment. These events and the nature of the required adjustments are described in the six subsections that follow.

• ***Step Two.*** Having adjusted the reference amount in step one, the calculation agent will determine the closing price of the underlying stock on a coupon determination date or the determination date, as applicable, in the following manner.

If the adjusted reference amount at the applicable time consists entirely of shares of the underlying stock, the underlying stock price will be the closing price (determined as described under "— Special Calculation Provisions — Closing Price" below) of the adjusted reference amount on the applicable date.

On the other hand, if the adjusted reference amount at the applicable time includes any property other than shares of the underlying stock, the closing price of the underlying stock on a coupon determination date or the determination date, as applicable, will be the value of the adjusted reference amount as determined by the calculation agent in the manner described under "— Reorganization Events — Adjustments for Reorganization Events" below at the applicable time.

• ***Step Three.*** Having determined the closing price of the underlying stock on a coupon determination date or the determination date, as applicable, in step two, the calculation agent will use such price to calculate the amount payable on the applicable coupon payment date, if any, or the cash settlement amount.

If more than one event requiring adjustment as described in this subsection entitled "— Anti-dilution Adjustments" occurs, the calculation agent will first adjust the reference amount as described in step one above for each event, sequentially, in the order in which the events occur, and on a cumulative basis. Thus, having adjusted the reference amount for the first event, the calculation agent will repeat step one for the second event, applying the required adjustment to the reference amount as already adjusted for

------

the first event, and so on for each event. Having adjusted the reference amount for all events, the calculation agent will then take the remaining applicable steps in the process described above, determining the closing price of the underlying stock on a coupon determination date or the determination date, as applicable, using the reference amount as sequentially and cumulatively adjusted for all the relevant events. The calculation agent will make all required determinations and adjustments no later than the applicable coupon determination date or the determination date, as applicable.

The calculation agent will adjust the reference amount for each reorganization event described under "— Reorganization Events" below. For any other dilution event described below, however, the calculation agent will not be required to adjust the reference amount unless the adjustment would result in a change of at least 0.1% in the underlying stock price that would apply without the adjustment. The closing price of the underlying stock on a coupon determination date or the determination date, as applicable, resulting from any adjustment will be rounded up or down, as appropriate, to the nearest ten-thousandth, with five hundred-thousandths being rounded upward — e.g., 0.12344 will be rounded down to 0.1234 and 0.12345 will be rounded up to 0.1235.

If an event requiring anti-dilution adjustment occurs, the calculation agent will make the adjustment with a view to offsetting, to the extent practical, any change in the economic position of the holder, GS Finance Corp., as issuer, and The Goldman Sachs Group, Inc., as guarantor, relative to your notes, that results solely from that event. The calculation agent may, in its sole discretion, modify the anti-dilution adjustments as necessary to ensure an equitable result.

The calculation agent will make all determinations with respect to anti-dilution adjustments, including any determination as to whether an event requiring adjustment has occurred, as to the nature of the adjustment required and how it will be made or as to the value of any property distributed in a reorganization event, and will do so in its sole discretion in good faith. In the absence of manifest error, those determinations will be conclusive for all purposes and will be binding on you and us, without any liability on the part of the calculation agent. The calculation agent will provide information about the adjustments it makes upon written request by the holder.

In this prospectus supplement, when we say that the calculation agent will adjust the reference amount for one or more dilution events, we mean that the calculation agent will take all the applicable steps described above with respect to those events.

The following six subsections describe the dilution events for which the reference amount is to be adjusted. Each subsection describes the manner in which the calculation agent will adjust the reference amount — the first step in the adjustment process described above — for the relevant event.

**Stock Splits**

A stock split is an increase in the number of a corporation's outstanding shares of stock without any change in its stockholders' equity. Each outstanding share will be worth less as a result of a stock split.

If an underlying stock is subject to a stock split, then the calculation agent will adjust the reference amount to equal the sum of the prior reference amount — i.e., the reference amount before that adjustment — plus the product of (1) the number of additional shares issued in the stock split with respect to one share of such underlying stock times (2) the prior reference amount. The reference amount will not be adjusted, however, unless the first day on which such underlying stock trades without the right to receive the stock split occurs after the trade date and on or before the applicable coupon determination date or the determination date, as applicable.

**Reverse Stock Splits**

A reverse stock split is a decrease in the number of a corporation's outstanding shares of stock without any change in its stockholders' equity. Each outstanding share will be worth more as a result of a reverse stock split.

------

If an underlying stock is subject to a reverse stock split, then once the reverse stock split becomes effective, the calculation agent will adjust the reference amount to equal the product of the prior reference amount *times* the quotient of (1) the number of additional shares of such underlying stock outstanding immediately after the reverse stock split becomes effective divided by (2) the number of shares of such underlying stock outstanding immediately before the reverse stock split becomes effective. The reference amount will not be adjusted, however, unless the reverse stock split becomes effective after the trade date and on or before the applicable coupon determination date or the determination date, as applicable.

**Stock Dividends**

In a stock dividend, a corporation issues additional shares of its stock to all holders of its outstanding shares of its stock in proportion to the shares they own. Each outstanding share will be worth less as a result of a stock dividend.

If an underlying stock is subject to a stock dividend, then the calculation agent will adjust the reference amount to equal the sum of the prior reference amount plus the product of (1) the number of additional shares issued in the stock dividend with respect to one share of such underlying stock times (2) the prior reference amount. The reference amount will not be adjusted, however, unless the ex-dividend date occurs after the trade date and on or before the applicable coupon determination date or the determination date, as applicable.

The ex-dividend date for any dividend or other distribution is the first day on which an underlying stock trades without the right to receive that dividend or other distribution.

**Other Dividends and Distributions**

The reference amount is not required to be adjusted to reflect dividends or other distributions paid with respect to an underlying stock, other than:

• stock dividends described above,

• issuances of transferable rights and warrants as described under "— Transferable Rights and Warrants" below,

• distributions that are spin-off events described under "— Reorganization Events" below, and

• extraordinary dividends described below.

A dividend or other distribution with respect to an underlying stock will be deemed to be an extraordinary dividend if its per share value exceeds that of the immediately preceding non-extraordinary dividend, if any, for such underlying stock by an amount equal to at least 10% of the closing price of such underlying stock on the first trading day before the ex-dividend date.

If an extraordinary dividend occurs with respect to an underlying stock, the calculation agent will adjust the reference amount to equal the product of (1) the prior reference amount times (2) a fraction, the numerator of which is the closing price of such underlying stock on the trading day immediately preceding the ex-dividend date and the denominator of which is the amount by which that closing price exceeds the extraordinary dividend amount. The reference amount will not be adjusted, however, unless the ex-dividend date occurs after the trade date and on or before the applicable coupon determination date or the determination date, as applicable.

The extraordinary dividend amount with respect to an extraordinary dividend for an underlying stock equals:

• for an extraordinary dividend that is paid in lieu of a regular quarterly dividend, the amount of the extraordinary dividend per share of such underlying stock minus the amount per share of the immediately preceding dividend, if any, that was not an extraordinary dividend for such underlying stock, or

------

• for an extraordinary dividend that is not paid in lieu of a regular quarterly dividend, the amount per share of the extraordinary dividend.

To the extent an extraordinary dividend is not paid in cash, the value of the non-cash component will be determined by the calculation agent. A distribution on an underlying stock that is a stock dividend, an issuance of transferable rights or warrants or a spin-off event and also an extraordinary dividend will result in an adjustment to the reference amount only as described under "— Stock Dividends" above, "— Transferable Rights and Warrants" below or "— Reorganization Events" below, as the case may be, and not as described here.

**Transferable Rights and Warrants**

With respect to an underlying stock, if the underlying stock issuer issues transferable rights or warrants to all holders of the underlying stock to subscribe for or purchase underlying stock at an exercise price per share that is less than the closing price of the underlying stock on the trading day immediately preceding the ex-dividend date for the issuance, then the reference amount will be adjusted by multiplying the prior reference amount by the following fraction:

• the numerator will be the number of shares of the underlying stock outstanding at the close of business on the day immediately preceding that ex-dividend date plus the number of additional shares of the underlying stock offered for subscription or purchase under those transferable rights or warrants, and

• the denominator will be the number of shares of the underlying stock outstanding at the close of business on the day immediately preceding that ex-dividend date plus the number of additional shares of the underlying stock that the aggregate offering price of the total number of shares of the underlying stock so offered for subscription or purchase would purchase at the closing price of the underlying stock on the trading day immediately preceding that ex-dividend date, with that number of additional shares being determined by multiplying the total number of shares so offered by the exercise price of those transferable rights or warrants and dividing the resulting product by the closing price on the trading day immediately preceding that ex-dividend date.

The reference amount will not be adjusted, however, unless the ex-dividend date described above occurs after the trade date and on or before the applicable coupon determination date or the determination date, as applicable.

**Reorganization Events**

With respect to an underlying stock, each of the following is a reorganization event:

• the underlying stock is reclassified or changed,

• the underlying stock is an ADS and is no longer listed or admitted to trading on a U.S. securities exchange or the ADS deposit agreement between the issuer of the security represented by the ADS and the ADS depositary is terminated for any reason,

• the underlying stock issuer has been subject to a merger, consolidation, amalgamation, binding share exchange or other business combination and either is not the surviving entity or is the surviving entity but all the outstanding shares of the underlying stock are reclassified or changed,

• the underlying stock has been subject to a takeover, tender offer, exchange offer, solicitation proposal or other event by another entity or person to purchase or otherwise obtain all of the outstanding shares of the underlying stock, such that all of the outstanding shares of the underlying stock (other than shares of the underlying stock owned or controlled by such other entity or person) are transferred, or irrevocably committed to be transferred, to another entity or person,

------

• the underlying stock issuer or any subsidiary of the underlying stock issuer has been subject to a merger, consolidation, amalgamation or binding share exchange in which the underlying stock issuer is the surviving entity and all the outstanding shares of the underlying stock (other than shares of the underlying stock owned or controlled by such other entity or person) immediately prior to such event collectively represent less than 50% of the outstanding shares of the underlying stock immediately following such event,

• the underlying stock issuer sells or otherwise transfers its property and assets as an entirety or substantially as an entirety to another entity,

• the underlying stock issuer effects a spin-off — that is, issues to all holders of the underlying stock equity securities of another issuer, other than as part of an event described in the bullet points above,

• the underlying stock issuer is liquidated, dissolved or wound up or is subject to a proceeding under any applicable bankruptcy, insolvency or other similar law, or

• any other corporate or similar events that affect or could potentially affect market prices of, or shareholders' rights in, the underlying stock or distribution property, which will be substantiated by an official characterization by either the Options Clearing Corporation with respect to options contracts on the underlying stock or by the primary securities exchange on which the underlying stock or listed options on the underlying stock are traded, and will ultimately be determined by the calculation agent in its sole discretion.

**Adjustments for Reorganization Events**

If a reorganization event occurs, then the calculation agent will adjust the reference amount so that it consists of the amount of each type of distribution property distributed in respect of one share of an underlying stock — or in respect of whatever the prior reference amount may be — in the reorganization event, taken together. We define the term "distribution property" below. For purposes of the three-step adjustment process described under "— How Adjustments Will Be Made" above, the distribution property so distributed will be the adjusted reference amount described in step one, the value of that property at the close of trading hours for an underlying stock on the applicable date will be the underlying stock price described in step two, and the calculation agent will determine the coupon payable on a coupon payment date, if any, or the cash settlement amount as described in step three. As described under "— How Adjustments Will Be Made" above, the calculation agent may, in its sole discretion, modify the adjustments described in this paragraph as necessary to ensure an equitable result.

The calculation agent will determine the value of each type of distribution property in its sole discretion. For any distribution property consisting of a security, the calculation agent will use the closing price (calculated according to the same methodology as specified in this prospectus supplement, without any anti-dilution adjustments) of one share of such security on the applicable date. The calculation agent may value other types of property in any manner it determines, in its sole discretion, to be appropriate. If a holder of an underlying stock may elect to receive different types or combinations of types of distribution property in the reorganization event, the distribution property will consist of the types and amounts of each type distributed to a holder that makes no election, as determined by the calculation agent in its sole discretion. As described under "— How Adjustments Will Be Made" above, the calculation agent may, in its sole discretion, modify the adjustments described in this paragraph as necessary to ensure an equitable result.

If a reorganization event occurs and the calculation agent adjusts the reference amount to consist of the distribution property distributed in the reorganization event, as described above, the calculation agent will make any further anti-dilution adjustments for later events that affect the distribution property, or any component of the distribution property, comprising the new reference amount. The calculation agent will do so to the same extent that it would make adjustments if an underlying stock were outstanding and were affected by the same kinds of events. If a subsequent reorganization event affects only a particular

------

component of the reference amount, the required adjustment will be made with respect to that component, as if it alone were the reference amount.

For example, if an underlying stock issuer merges into another company and each share of such underlying stock is converted into the right to receive two common shares of the surviving company and a specified amount of cash, the reference amount will be adjusted to consist of two common shares of the surviving company and the specified amount of cash for each share of underlying stock (adjusted proportionately for any partial share) comprising the reference amount before the adjustment. The calculation agent will adjust the common share component of the adjusted reference amount to reflect any later stock split or other event, including any later reorganization event, that affects the common shares of the surviving company, to the extent described in this subsection entitled "— Anti-dilution Adjustments" as if the common shares of the surviving company were such underlying stock. In that event, the cash component will not be adjusted but will continue to be a component of the reference amount. Consequently, each component included in the reference amount will be adjusted on a sequential and cumulative basis for all relevant events requiring adjustment up to the relevant date.

The calculation agent will not make any adjustment for a reorganization event, however, unless the event becomes effective (or, if the event is a spin-off, unless the ex-dividend date for the spin-off occurs) after the trade date and on or before the applicable coupon determination date or the determination date, as applicable.

**Distribution Property**

When we refer to distribution property, we mean the cash, securities and other property or assets distributed in a reorganization event in respect of one outstanding share of an underlying stock — or in respect of whatever the applicable reference amount may then be if any anti-dilution adjustment has been made in respect of a prior event. In the case of a spin-off, or any other reorganization event after which an underlying stock remains outstanding, the distribution property also includes one share of such underlying stock — or other applicable reference amount — in respect of which the distribution is made.

If a reorganization event occurs, the distribution property distributed in the event will be substituted for an underlying stock as described above. Consequently, in this prospectus supplement, when we refer to an underlying stock, we mean any distribution property that is distributed in a reorganization event and comprises the adjusted reference amount. Similarly, when we refer to an underlying stock issuer, we mean any successor entity in a reorganization event.

**Default Amount on Acceleration**

If an event of default occurs and the maturity of your notes is accelerated, we will pay the default amount in respect of the principal of your notes at the maturity, instead of the amount payable on the stated maturity date as described earlier. We describe the default amount under "— Special Calculation Provisions" below.

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

------

prospectus under "Description of Debt Securities We May Offer — Default, Remedies and Waiver of Default" and "— Modification of the Debt Indentures and Waiver of Covenants.

**Manner of Payment**

Any payment or delivery on your notes at maturity will be made to an account designated by the holder of your notes and approved by us, or at the office of the trustee in New York City, but only when your notes are surrendered to the trustee at that office. We also may make any payment or delivery in accordance with the applicable procedures of the depositary.

**Modified Business Day**

As described in the accompanying prospectus, any payment on your notes that would otherwise be due on a day that is not a business day may instead be paid on the next day that is a business day, with the same effect as if paid on the original due date. For your notes, however, the term business day may have a different meaning than it does for other Series F medium-term notes. We discuss this term under "— Special Calculation Provisions" below.

**Role of Calculation Agent**

The calculation agent in its sole discretion will make all determinations regarding each underlying stock, the coupon determination dates, the coupon payment dates, the regular record dates, the coupon, if any, on each coupon payment date, each underlying stock return, the closing prices of the underlying stocks on each coupon determination date, each final underlying stock price, the determination date, the call observation dates, call payment dates, business days, trading days, postponement of a coupon payment date, a call payment date or the stated maturity date, anti-dilution adjustments and the amount of cash payable on your notes at maturity. Absent manifest error, all determinations of the calculation agent will be final and binding on you and us, without any liability on the part of the calculation agent.

Please note that GS&Co., our affiliate, is currently serving as the calculation agent as of the date of this prospectus supplement. We may change the calculation agent for your notes at any time after the date of this prospectus supplement without notice and GS&Co. may resign as calculation agent at any time upon 60 days' written notice to us.

**Special Calculation Provisions**

***Business Day***

When we refer to a business day with respect to your notes, we mean 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. A day is a scheduled business day if, as of the trade date, such day is scheduled to be a Monday, Tuesday, Wednesday, Thursday or 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.

***Trading Day***

When we refer to a trading day with respect to an underlying stock, we mean a day on which the principal securities market for such underlying stock is open for trading.

***Closing Price***

When we refer to the closing price of an underlying stock on any trading day, we mean the closing sale price or last reported sale price, regular way, for such underlying stock, on a per-share or other unit basis:

• on the principal national securities exchange on which such underlying stock is listed for trading on that day, or

------

• if such underlying stock is not listed on any national securities exchange on that day, on any other U.S. national market system that is the primary market for the trading of such underlying stock

If an underlying stock is not listed or traded as described above, then the closing price for such underlying stock on any day will be the average, as determined by the calculation agent, of the bid prices for such underlying stock obtained from as many dealers in such underlying stock selected by the calculation agent as will make those bid prices available to the calculation agent. The number of dealers need not exceed three and may include the calculation agent or any of its or our affiliates.

The closing price of an underlying stock is subject to adjustment as described under "— Anti-dilution Adjustments" above.

***Default Amount***

The default amount for your notes on any day (except as provided in the last sentence under "—Default Quotation Period" below), will be an amount in the specified currency for the face amount of your notes, equal to the cost of having a qualified financial institution, of the kind and selected as described below, expressly assume all of our payment and other obligations with respect to your notes as of that day and as if no default or acceleration had occurred, or to undertake other obligations providing substantially equivalent economic value to you with respect to your notes. That cost will equal:

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

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

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

***Default Quotation Period***

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

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

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

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

------

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

***Qualified Financial Institutions***

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

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

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

***Market Disruption Event***

With respect to any given trading day, any of the following will be a market disruption event with respect to an underlying stock:

• a suspension, absence or material limitation of trading in such underlying stock on its primary market for more than two consecutive hours of trading or during the one-half hour before the close of trading in that market, as determined by the calculation agent in its sole discretion,

• a suspension, absence or material limitation of trading in option or futures contracts relating to such underlying stock in the primary market for those contracts for more than two consecutive hours of trading or during the one-half hour before the close of trading in that market, as determined by the calculation agent in its sole discretion, or

• such underlying stock does not trade on what was the primary market for such underlying stock, as determined by the calculation agent in its sole discretion,

and, in the case of any of these events, the calculation agent determines in its sole discretion that the event could materially interfere with the ability of GS Finance Corp. or any of its affiliates or a similarly situated party to unwind all or a material portion of a hedge that could be effected with respect to the notes. For more information about hedging by GS Finance Corp. and/or any of its affiliates, see "Use of Proceeds" and "Hedging" below.

The following events will not be market disruption events:

• a limitation on the hours or numbers of days of trading, but only if the limitation results from an announced change in the regular business hours of the relevant market, and

• a decision to permanently discontinue trading in option or futures contracts relating to such underlying stock.

For this purpose, an "absence of trading" in the primary securities market on which shares of such underlying stock are traded, or on which option or futures contracts, if available, relating to such underlying stock are traded, will not include any time when that market is itself closed for trading under ordinary circumstances. In contrast, a suspension or limitation of trading in shares of such underlying stock or in option or futures contracts, if available, relating to such underlying stock in the primary market for such underlying stock or those contracts, by reason of:

• a price change exceeding limits set by that market,

------

• an imbalance of orders relating to the shares of such underlying stock or those contracts, or

• a disparity in bid and ask quotes relating to the shares of such underlying stock or those contracts,

will constitute a suspension or material limitation of trading in shares of such underlying stock or those contracts in that market.

A market disruption event with respect to one underlying stock will not, by itself, constitute a market disruption event for any unaffected underlying stock.

As is the case throughout this prospectus supplement, references to the underlying stock in this description of market disruption events include securities that are part of any adjusted reference amount, as determined by the calculation agent in its sole discretion.

------

&nbsp;&nbsp;**Use of Proceeds**<br>

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

&nbsp;&nbsp;**hEDGING**<br>

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

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

• may take or dispose of positions in the securities of the underlying stock issuers themselves,

• may take or dispose of positions in listed or over-the-counter options or other instruments based on underlying stocks designed to track the performance of the New York Stock Exchange or other components of the U.S. equity market, and /or

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

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

In the future, we and/or our affiliates expect to close out hedge positions relating to the offered notes and perhaps relating to other notes with returns linked to the underlying stocks. We expect these steps to involve sales of instruments linked to the underlying index on or shortly before the determination date. These steps may also involve sales and/or purchases of the underlying stocks, or listed or over-the-counter options, futures or other instruments linked to the underlying stocks or indices designed to track the performance of the New York Stock Exchange or other components of the U.S. equity market.

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

------

&nbsp;&nbsp;**The Underlying stocks**<br>

***Where Information About the Underlying Stock Issuers Can Be Obtained*** 

The underlying stocks are registered under the Exchange Act. Companies with securities registered under the Exchange Act are required to file financial and other information specified by the U.S. Securities and Exchange Commission ("SEC") periodically. Information filed by the underlying stock issuers with the 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 each of the above-referenced underlying stock issuers under the Exchange Act can be located by referencing its SEC file number specified below.

Information about the underlying stock issuers may also be obtained from other sources such as press releases, newspaper articles and other publicly available documents.

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 underlying stock issuers with the SEC.

***We Obtained the Information About the Underlying Stock Issuers From the Underlying Stock Issuers' Public Filings***

This prospectus supplement relates only to your notes and does not relate to the underlying stocks or other securities of the underlying stock issuers. We have derived all information about the underlying stock issuers in this prospectus 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 underlying stock issuers in connection with the offering of your notes. Furthermore, we do not know whether all events occurring before the date of this prospectus 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 underlying stocks — 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 underlying stock issuers could affect the value you will receive on a coupon payment date or at maturity and, therefore, the market value of your notes.

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

We or any of our affiliates may currently or from time to time engage in business with the underlying stock issuers, including making loans to or equity investments in the underlying stock issuers or providing advisory services to the underlying stock issuers, 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 underlying stock issuers and, in addition, one or more of our affiliates may publish research reports about the underlying stock issuers. As an investor in a note, you should undertake such independent investigation of the underlying stock issuers as in your judgment is appropriate to make an informed decision with respect to an investment in a note.

------

**Historical Closing Prices of the Underlying Stocks**

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

**You should not take the historical closing prices of an underlying stock as an indication of the future performance of an underlying stock, including because of the recent volatility described above.** We cannot give you any assurance that the future performance of any underlying stock will result in you receiving any contingent coupon payments or receiving the outstanding face amount of your notes on the stated maturity date.

Neither we nor any of our affiliates make any representation to you as to the performance of the underlying stocks. Before investing in the offered notes, you should consult publicly available information to determine the relevant prices of the underlying stocks between the date of this prospectus supplement and the date of your purchase of the offered notes **and, given the recent volatility described above, you should pay particular attention to recent prices of the underlying stocks**. The actual performance of an underlying stock over the life of the offered notes, as well as the cash settlement amount at maturity may bear little relation to the historical prices shown below.

## The graphs below show the daily historical closing prices of each underlying stock from January 1, 2020 through October 22, 2025, adjusted for corporate events, if applicable. As a result, the following graphs do not reflect the global financial crisis which began in 2008, which had a materially negative impact on the price of most equity securities. We obtained the closing prices in the graphs below from Bloomberg Financial Services, without independent verification.
According to publicly available information, Applied Materials, Inc. designs, develops, produces, and services the critical wafer fabrication and display fabrication tools its customers need to manufacture semiconductors and displays. Information filed with the SEC by the underlying stock issuer under the Exchange Act can be located by referencing its SEC file number 000-06920.

**Historical Performance of Applied Materials, Inc.**

![img42159331_1.jpg](img42159331_1.jpg)

------

According to publicly available information, Synopsys, Inc. delivers silicon to system design solutions. Information filed with the SEC by the underlying stock issuer under the Exchange Act can be located by referencing its SEC file number 000-19807.

**Historical Performance of Synopsys, Inc.**

![img42159331_2.jpg](img42159331_2.jpg)

------

According to publicly available information, Taiwan Semiconductor Manufacturing Company Limited manufactures semiconductors using manufacturing processes for their customers based on integrated circuit designs. Information filed with the SEC by the underlying stock issuer under the Exchange Act can be located by referencing its SEC file number 001-14700.

**Historical Performance of Taiwan Semiconductor Manufacturing Company Limited**

![img42159331_3.jpg](img42159331_3.jpg)

------

**Correlation of the Underlying Stocks**

The graph below shows the historical closing prices of each underlying stock from January 1, 2020 through October 22, 2025, adjusted for corporate events, if applicable. For comparison purposes, each underlying stock has been adjusted to have a closing price of 100.00 on January 1, 2020 by dividing the closing price of that underlying stock on each day by the closing price of that underlying stock on January 1, 2020 and multiplying by 100.00. We obtained the closing prices used to determine the adjusted closing prices in the graph below from Bloomberg Financial Services, without independent verification. **You should not take the historical performance of the underlying stocks as an indication of the future performance of the underlying stocks, including because of the recent volatility described above.**

![img42159331_4.jpg](img42159331_4.jpg)

Movements in the values of the underlying stocks may be correlated or uncorrelated at different times during the term of the notes and, if there is correlation, such correlation may be positive (the underlying stocks move in the same direction) or negative (the underlying stocks move in reverse directions). The more similar the movements of the daily returns of the underlying stocks over the given period, the more positively correlated those underlying stocks are. The graph above illustrates the historical performance of each underlying stock relative to the other underlying stocks over the time period shown and provides an indication of how the relative performance of the daily returns of one underlying stock has historically been to the other underlying stocks. **However, it is the <u>actual</u> price of the lesser performing underlying stock (and not the price of historical correlation between the underlying stocks) that determines the return on your notes.**

**Please read "Additional Risk Factors Specific to Your Notes—You Are Exposed to the Market Risk of Each Underlying Stock" on page S-18 of this prospectus supplement**

------

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

The following section supplements the discussion of U.S. federal income taxation in the accompanying prospectus.

The following section is the opinion of Sidley Austin llp, counsel to GS Finance Corp. and The Goldman Sachs Group, Inc. In addition, it is the opinion of Sidley Austin llp that the characterization of the notes for U.S. federal income tax purposes that will be required under the terms of the notes, 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 regulated investment company;

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

• a tax exempt organization;

• a partnership;

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

• a person that owns a note 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 discusses how your notes 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 notes 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 other tax consequences of your investment in the notes, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.*

**United States Holders**

This section applies to you only if you are a United States holder that holds your notes as a capital asset for tax purposes. You are a United States holder if you are a beneficial owner of a note 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*. You will be obligated pursuant to the terms of the notes — in the absence of a change in law, an administrative determination or a judicial ruling to the contrary — to characterize your notes for all tax purposes as income-bearing pre-paid derivative contracts in respect of the underlying stocks. Except as otherwise stated below, the discussion below assumes that the notes will be so treated.

Coupon payments that you receive should be included in ordinary income at the time you receive the payment or when the payment accrues, in accordance with your regular method of accounting for U.S. federal income tax purposes.

Upon the sale, exchange, redemption or maturity of your notes, you should recognize capital gain or loss equal to the difference between the amount realized on the sale, exchange, redemption or maturity (excluding any amounts attributable to accrued and unpaid coupon payments, which will be taxable as described above) and your tax basis in your notes. Your tax basis in your notes will generally be equal to the amount that you paid for the notes. Such capital gain or loss should generally be short-term capital gain or loss if you hold the notes for one year or less, and should be long-term capital gain or loss if you hold the notes for more than one year. Short-term capital gains are generally subject to tax at the marginal tax rates applicable to ordinary income.

We will not attempt to ascertain whether any underlying stock issuer would be treated as a "passive foreign investment company" ("PFIC"), within the meaning of Section 1297 of the Internal Revenue Code. If any underlying stock issuer were so treated, certain adverse U.S. federal income tax consequences could possibly apply to a United States holder. You should refer to information filed with the SEC with respect to the underlying stock issuers and consult your tax advisor regarding the possible consequences to you, if any, if a particular underlying stock issuer is or becomes a PFIC.

**No statutory, judicial or administrative authority directly discusses how your notes 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 notes 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 notes 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 notes 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 notes 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 notes and applying rules similar to those for accruing original issue discount on a hypothetical noncontingent debt instrument with that projected payment schedule. This method is applied by first determining the comparable yield — i.e., the yield at which we would issue a noncontingent fixed rate debt instrument with terms and conditions similar to your notes — and then determining a payment schedule as of the applicable original 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 notes 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 notes 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 notes, and, thereafter, as capital loss.

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

------

It is possible that the Internal Revenue Service could assert that your notes should generally be characterized as described above, except that (1) the gain you recognize upon the sale, exchange, redemption or maturity of your notes should be treated as ordinary income or (2) you should not include the coupon payments in income as you receive them but instead you should reduce your basis in your notes by the amount of coupon payments that you receive. It is also possible that the Internal Revenue Service could seek to characterize your notes in a manner that results in tax consequences to you different from those described above.

It is also possible that the Internal Revenue Service could seek to characterize your notes as notional principal contracts. It is also possible that the coupon payments would not be treated as either ordinary income or interest for U.S. federal income tax purposes, but instead would be treated in some other manner.

You should consult your tax advisor as to possible alternative characterizations of your notes for U.S. federal income tax purposes.

***Possible Change in Law***

In 2007, legislation was introduced in Congress that, if enacted, would have required holders that acquired instruments such as your notes after the bill was enacted to accrue interest income over the term of such instruments even though there may 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 notes.

In addition, 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 an instrument such as the offered notes including whether the 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 notes 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 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, GS Finance Corp. intends to continue treating the notes for U.S. federal income tax purposes in accordance with the treatment described above unless and until such time as Congress, the Treasury Department or the Internal Revenue Service determine that some other treatment is more appropriate.

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 notes 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 notes.

**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 the notes and are, for U.S. federal income tax purposes:

• a nonresident alien individual;

• a foreign corporation; or

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

Because the U.S. federal income tax treatment (including the applicability of withholding) of the coupon payments on the notes is uncertain, in the absence of further guidance, we intend to withhold on the coupon payments made to you at a 30% rate or at a lower rate specified by an applicable income tax treaty under an "other income" or similar provision. We will not make payments of any additional amounts. To claim a reduced treaty rate for

------

withholding, you generally must provide a valid Internal Revenue Service Form W-8BEN, Internal Revenue Service Form W-8BEN-E or an acceptable substitute form upon which you certify, under penalty of perjury, your status as a non-United States holder and your entitlement to the lower treaty rate. Payments will be made to you at a reduced treaty rate of withholding only if such reduced treaty rate would apply to any possible characterization of the payments (including, for example, if the coupon payments were characterized as contract fees). Withholding also may not apply to coupon payments made to you if: (i) the coupon payments are "effectively connected" with your conduct of a trade or business in the United States and are includable in your gross income for U.S. federal income tax purposes, (ii) the coupon payments are attributable to a permanent establishment that you maintain in the United States, if required by an applicable tax treaty, and (iii) you comply with the requisite certification requirements (generally, by providing an Internal Revenue Service Form W-8ECI). If you are eligible for a reduced rate of United States withholding tax, you may obtain a refund of any amounts withheld in excess of that rate by filing a refund claim with the Internal Revenue Service.

"Effectively connected" payments includable in your United States gross income are generally taxed at rates applicable to United States citizens, resident aliens, and domestic corporations; if you are a corporate non-United States holder, "effectively connected" payments may be subject to an additional "branch profits tax" under certain circumstances.

You will also be subject to generally applicable information reporting and backup withholding requirements with respect to payments on your notes and, notwithstanding that we do not intend to treat the notes as debt for tax purposes, we intend to backup withhold on such payments with respect to your notes 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.

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 notes 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 notes to be subject to withholding, even if you comply with certification requirements as to your foreign status.

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

We will not attempt to ascertain whether any underlying stock issuer would be treated as a "United States real property holding corporation" ("USRPHC"), within the meaning of Section 897 of the Internal Revenue Code. If any underlying stock issuer were so treated, certain adverse U.S. federal income tax consequences could possibly apply to a non-United States holder. You should refer to information filed with the SEC with respect to the underlying stock issuers and consult your tax advisor regarding the possible consequences to you, if any, if a particular underlying stock issuer is or becomes a USRPHC.

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 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 coupon payments and any amounts you receive upon the sale, exchange, redemption or maturity of your notes, could be collected via withholding. If these regulations were to apply to the notes, we may be required to withhold such taxes if any U.S.-source dividends are paid on any of the underlying stocks during the term of the notes. We could also require you to make certifications (e.g., an applicable Internal Revenue Service Form W-8) prior to any coupon payment or the maturity of the notes 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 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 notes, your notes 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 notes for U.S. federal income tax purposes.

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

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

------

**Employee Retirement Income Security Act**<br>

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

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

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

------

&nbsp;&nbsp;**Supplemental Plan of Distribution**<br>

GS Finance Corp. will sell to GS&Co., and GS&Co. will purchase from GS Finance Corp., the aggregate face amount of the offered notes specified on the front cover of this prospectus supplement. GS&Co. proposes initially to offer the notes to the public at the original issue price set forth on the cover page of this prospectus supplement, and to UBS Financial Services Inc. at such price less a concession not in excess of 2.25% of the face amount.

In connection with the initial offering of the notes, the minimum face amount of notes that may be purchased by any investor is $1,000.

In the future, GS&Co. or other affiliates of GS Finance Corp. may repurchase and resell the offered notes in market-making transactions, with resales being made at prices related to prevailing market prices at the time of resale or at negotiated prices. GS Finance Corp. estimates that its share of the total offering expenses, excluding underwriting discounts and commissions, will be approximately $20,000. For more information about the plan of distribution and possible market-making activities, see "Plan of Distribution" in the accompanying prospectus.

We will deliver the notes against payment therefor in New York, New York on October 24, 2025. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes on any date prior to one business day before delivery will be required to specify alternative settlement arrangements to prevent a failed settlement.

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"); or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000, as amended (the "FSMA") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) or not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA; and

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

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

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

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

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

Where the notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as defined in Section 239(1) of the SFA) of that corporation shall not be transferable for six months after that corporation has acquired the notes under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA, (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore ("Regulation 32").

------

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

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

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

**Conflicts of Interest**

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

------

**VALIDITY OF THE NOTES AND GUARANTEE**

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

------

We have not authorized anyone to provide any information or to make any representations other than those contained or incorporated by reference in this prospectus supplement, the accompanying prospectus supplement or the accompanying prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus supplement, the accompanying prospectus supplement and the accompanying prospectus is an offer to sell only the notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus supplement, the accompanying prospectus supplement and the accompanying prospectus is current only as of the respective dates of such documents.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>Page</u> |
| [<u>Summary Information</u>](#summaryinformation) | &nbsp;&nbsp;&nbsp;&nbsp;S-5 |
| [<u>Hypothetical Examples</u>](#hypotheticalexamples) | &nbsp;&nbsp;&nbsp;&nbsp;S-9 |
| [<u>Additional Risk Factors Specific to Your Notes</u>](#additionalriskfactors) | &nbsp;&nbsp;&nbsp;&nbsp;S-14 |
| [<u>Specific Terms of Your Notes</u>](#specifictermsofyournotes) | &nbsp;&nbsp;&nbsp;&nbsp;S-29 |
| [<u>Use of Proceeds</u>](#useofproceeds) | &nbsp;&nbsp;&nbsp;&nbsp;S-45 |
| [<u>Hedging</u>](#hedging) | &nbsp;&nbsp;&nbsp;&nbsp;S-45 |
| [<u>The Underlying Stocks</u>](#underlyingstock) | &nbsp;&nbsp;&nbsp;&nbsp;S-46 |
| [<u>Supplemental Discussion of U.S. Federal Income Tax Consequences</u>](#ustax) | &nbsp;&nbsp;&nbsp;&nbsp;S-51 |
| [<u>Employee Retirement Income Security Act</u>](#erisa) | &nbsp;&nbsp;&nbsp;&nbsp;S-56 |
| [<u>Supplemental Plan of Distribution</u>](#supplementalplanofdistr) | &nbsp;&nbsp;&nbsp;&nbsp;S-57 |
| &nbsp;&nbsp;&nbsp;[<u>Conflicts of Interest</u>](#conflictsofinterest) | &nbsp;&nbsp;&nbsp;&nbsp;S-59 |
| [<u>Validity of the Notes and Guarantee</u>](#validity) | &nbsp;&nbsp;&nbsp;&nbsp;S-60 |
| Prospectus Supplement dated February 14, 2025 | Prospectus Supplement dated February 14, 2025 |
| Use of Proceeds | S-2 |
| Description of Notes We May Offer | S-3 |
| Considerations Relating to Indexed Notes | S-11 |
| United States Taxation | S-14 |
| Employee Retirement Income Security Act | S-15 |
| Supplemental Plan of Distribution | S-16 |
| Validity of the Notes and Guarantees | S-18 |
| Prospectus dated February 14, 2025 | Prospectus dated February 14, 2025 |
| Available Information | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Prospectus Summary | &nbsp;&nbsp;4 |
| Risks Relating to Regulatory Resolution Strategies and Long-Term Debt Requirements  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Use of Proceeds  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Description of Debt Securities We May Offer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Description of Warrants We May Offer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| Description of Units We May Offer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| GS Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| Legal Ownership and Book-Entry Issuance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| Considerations Relating to Indexed Securities | &nbsp;&nbsp;101 |
| Considerations Relating to Securities Denominated or Payable in or Linked to a Non-U.S. Dollar Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 |
| United States Taxation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
| Plan of Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| Conflicts of Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |
| Employee Retirement Income Security Act | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| Validity of the Securities and Guarantees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 |
| Independent Registered Public Accounting Firm | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 |
| Cautionary Statement Pursuant to the Private Securities Litigation Reform Act of 1995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 |

---

------

$3,961,000<br>**<br>GS Finance Corp.**

<br>Trigger Autocallable Contingent Yield Notes due 2029

<br>guaranteed by

**The Goldman Sachs Group, Inc.<br>**<br> ____________<br>![img42159331_5.jpg](img42159331_5.jpg)<br>____________<br>**Goldman Sachs & Co. LLC**

**UBS Financial Services Inc.**

**Selling Agent**

------

## 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 $3,961,000.

------