# EDGAR Filing Document

**Accession Number:** 0001419828
**File Stem:** 0001193125-25-248855
**Filing Date:** 2025-10
**Character Count:** 28046
**Document Hash:** d3b4908394464e145a11fad501675f0d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-248855.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001193125-25-248855

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**SUBJECT COMPANY**: 

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

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-284538-03
- **FILM NUMBER:** 251413579

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

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

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

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

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

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

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|:---|:---|
| ![img262215402_0.jpg](img262215402_0.jpg) | Free Writing Prospectus pursuant to Rule 433 dated October 23, 2025 / Registration Statement No. 333-284538<br>STRUCTURED INVESTMENTS<br>Opportunities in U.S. and International Equities<br>**GS Finance Corp.** |

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Buffered PLUS Based on the Value of a Basket of Equity Indices due November 4, 2027

**Principal at Risk Securities**

**The Buffered Performance Leveraged Upside Securities**<sup>SM</sup>**(Buffered PLUS) do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.** 

**You should read the accompanying preliminary pricing supplement dated October 23, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;***KEY TERMS*** | &nbsp;&nbsp;***KEY TERMS*** | &nbsp;&nbsp;***KEY TERMS*** | &nbsp;&nbsp;**Leverage factor:** | &nbsp;&nbsp;200.00% |
| &nbsp;&nbsp;**Company (Issuer) / Guarantor:**  | &nbsp;&nbsp;GS Finance Corp. / The Goldman Sachs Group, Inc. | &nbsp;&nbsp;GS Finance Corp. / The Goldman Sachs Group, Inc. | &nbsp;&nbsp;**Maximum payment at maturity (set on the pricing date):** | &nbsp;&nbsp;at least $1,179.00 per Buffered PLUS (at least 117.90% of the stated principal amount) |
| &nbsp;&nbsp;**Basket:** |  |  |  |  |
| &nbsp;&nbsp;**Basket:** | &nbsp;&nbsp;**Basket component** | &nbsp;&nbsp;**Basket component weighting** | &nbsp;&nbsp;**Minimum payment at maturity:**  | &nbsp;&nbsp;$100.00 per Buffered PLUS (10.00% of the stated principal amount) |
| &nbsp;&nbsp;**Basket:** | &nbsp;&nbsp;S&P 500<sup>®</sup> Index (current Bloomberg symbol: "SPX Index") | &nbsp;&nbsp;60.00% | &nbsp;&nbsp;**Buffer amount:** | &nbsp;&nbsp;10.00% |
| &nbsp;&nbsp;**Basket:** | &nbsp;&nbsp;S&P 500<sup>®</sup> Index (current Bloomberg symbol: "SPX Index") | &nbsp;&nbsp;60.00% | &nbsp;&nbsp;**Basket percent increase:** | &nbsp;&nbsp;(final basket value – initial basket value) / initial basket value |
| &nbsp;&nbsp;**Basket:** | &nbsp;&nbsp;Russell 2000<sup>®</sup> Index (current Bloomberg symbol: "RTY Index") | &nbsp;&nbsp;40.00% | &nbsp;&nbsp;**Basket percent increase:** | &nbsp;&nbsp;(final basket value – initial basket value) / initial basket value |
| &nbsp;&nbsp;**Basket:** | &nbsp;&nbsp;Russell 2000<sup>®</sup> Index (current Bloomberg symbol: "RTY Index") | &nbsp;&nbsp;40.00% | &nbsp;&nbsp;**Initial basket value:** | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;**Basket:** | &nbsp;&nbsp;*We refer to each basket component singularly as an underlying index and together as the underlying indices. The initial basket component value of each underlying index is the index closing value of such underlying index on the pricing date.* | &nbsp;&nbsp;*We refer to each basket component singularly as an underlying index and together as the underlying indices. The initial basket component value of each underlying index is the index closing value of such underlying index on the pricing date.* | &nbsp;&nbsp;**Final basket value:** | &nbsp;&nbsp;the basket closing value on the valuation date |
| &nbsp;&nbsp;**Basket:** | &nbsp;&nbsp;*We refer to each basket component singularly as an underlying index and together as the underlying indices. The initial basket component value of each underlying index is the index closing value of such underlying index on the pricing date.* | &nbsp;&nbsp;*We refer to each basket component singularly as an underlying index and together as the underlying indices. The initial basket component value of each underlying index is the index closing value of such underlying index on the pricing date.* | &nbsp;&nbsp;**Basket closing value:** | &nbsp;&nbsp;the basket closing value on any day is the sum of the products of the basket component closing value of each underlying index times the applicable multiplier for such underlying index on such date. |
| &nbsp;&nbsp;**Pricing date:** | &nbsp;&nbsp;expected to price on or about October 31, 2025 | &nbsp;&nbsp;expected to price on or about October 31, 2025 | &nbsp;&nbsp;**Basket closing value:** | &nbsp;&nbsp;the basket closing value on any day is the sum of the products of the basket component closing value of each underlying index times the applicable multiplier for such underlying index on such date. |
| &nbsp;&nbsp;**Original issue date:** | &nbsp;&nbsp;expected to be November 5, 2025 | &nbsp;&nbsp;expected to be November 5, 2025 | &nbsp;&nbsp;**Basket component closing value:** | &nbsp;&nbsp;in the case of each underlying index, the closing value of such underlying index. |
| &nbsp;&nbsp;**Valuation date:** | &nbsp;&nbsp;expected to be November 1, 2027 | &nbsp;&nbsp;expected to be November 1, 2027 | &nbsp;&nbsp;**Multiplier:** | &nbsp;&nbsp;Each multiplier will be set on the pricing date based on the applicable underlying index's respective initial basket component value so that each underlying index will represent its applicable basket component weighting in the predetermined initial basket value. Each multiplier will remain constant for the term of the Buffered PLUS and will equal, for each underlying index, (i) the product of the applicable basket component weighting times 100 divided by (ii) the applicable initial basket component value.  |
| &nbsp;&nbsp;**Stated maturity date:** | &nbsp;&nbsp;expected to be November 4, 2027 | &nbsp;&nbsp;expected to be November 4, 2027 | &nbsp;&nbsp;**Multiplier:** | &nbsp;&nbsp;Each multiplier will be set on the pricing date based on the applicable underlying index's respective initial basket component value so that each underlying index will represent its applicable basket component weighting in the predetermined initial basket value. Each multiplier will remain constant for the term of the Buffered PLUS and will equal, for each underlying index, (i) the product of the applicable basket component weighting times 100 divided by (ii) the applicable initial basket component value.  |
| &nbsp;&nbsp;**Payment at maturity (for each $1,000 stated principal amount of your Buffered PLUS):** | &nbsp;&nbsp;&nbsp;&nbsp;•if the final basket value is greater than the initial basket value, $1,000 + the leveraged upside payment, subject to the maximum payment at maturity;<br>•if the final basket value is equal to or less than the initial basket value, but has decreased from the initial basket value by an amount *less than* or *equal to* the buffer amount, $1,000 or<br>•if the final basket value is less than the initial basket value and has decreased from the initial basket value by an amount *greater than* the buffer amount, (i) the *product of* $1,000 × the basket performance factor *plus* (ii) $100.00 | &nbsp;&nbsp;&nbsp;&nbsp;•if the final basket value is greater than the initial basket value, $1,000 + the leveraged upside payment, subject to the maximum payment at maturity;<br>•if the final basket value is equal to or less than the initial basket value, but has decreased from the initial basket value by an amount *less than* or *equal to* the buffer amount, $1,000 or<br>•if the final basket value is less than the initial basket value and has decreased from the initial basket value by an amount *greater than* the buffer amount, (i) the *product of* $1,000 × the basket performance factor *plus* (ii) $100.00 | &nbsp;&nbsp;**Multiplier:** | &nbsp;&nbsp;Each multiplier will be set on the pricing date based on the applicable underlying index's respective initial basket component value so that each underlying index will represent its applicable basket component weighting in the predetermined initial basket value. Each multiplier will remain constant for the term of the Buffered PLUS and will equal, for each underlying index, (i) the product of the applicable basket component weighting times 100 divided by (ii) the applicable initial basket component value.  |
| &nbsp;&nbsp;**Payment at maturity (for each $1,000 stated principal amount of your Buffered PLUS):** | &nbsp;&nbsp;&nbsp;&nbsp;•if the final basket value is greater than the initial basket value, $1,000 + the leveraged upside payment, subject to the maximum payment at maturity;<br>•if the final basket value is equal to or less than the initial basket value, but has decreased from the initial basket value by an amount *less than* or *equal to* the buffer amount, $1,000 or<br>•if the final basket value is less than the initial basket value and has decreased from the initial basket value by an amount *greater than* the buffer amount, (i) the *product of* $1,000 × the basket performance factor *plus* (ii) $100.00 | &nbsp;&nbsp;&nbsp;&nbsp;•if the final basket value is greater than the initial basket value, $1,000 + the leveraged upside payment, subject to the maximum payment at maturity;<br>•if the final basket value is equal to or less than the initial basket value, but has decreased from the initial basket value by an amount *less than* or *equal to* the buffer amount, $1,000 or<br>•if the final basket value is less than the initial basket value and has decreased from the initial basket value by an amount *greater than* the buffer amount, (i) the *product of* $1,000 × the basket performance factor *plus* (ii) $100.00 | &nbsp;&nbsp;**Basket performance factor:** | &nbsp;&nbsp;final basket value / initial basket value |
| &nbsp;&nbsp;**Leveraged upside payment:** | &nbsp;&nbsp;$1,000 × leverage factor × basket percent increase | &nbsp;&nbsp;$1,000 × leverage factor × basket percent increase | &nbsp;&nbsp;**CUSIP / ISIN:** | &nbsp;&nbsp;40058QQ44 / US40058QQ440 |
| &nbsp;&nbsp;**Leveraged upside payment:** | &nbsp;&nbsp;$1,000 × leverage factor × basket percent increase | &nbsp;&nbsp;$1,000 × leverage factor × basket percent increase | &nbsp;&nbsp;**Estimated value range:** | &nbsp;&nbsp;$905 to $965 (which is less than the original issue price; see the accompanying preliminary pricing supplement) |

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

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| | |
|:---|:---|
| **Buffered PLUS Payoff Diagram\*** | **Buffered PLUS Payoff Diagram\*** |
| ![img262215402_1.jpg](img262215402_1.jpg) | ![img262215402_1.jpg](img262215402_1.jpg) |
| **Hypothetical Final Basket Value**<br>**(as Percentage of Initial Basket Value)** | **Hypothetical Payment at Maturity (as Percentage of Stated Principal Amount)** |
| 200.000% | 117.900% |
| 150.000% | 117.900% |
| 125.000% | 117.900% |
| **108.950%** | **117.900%** |
| 108.000% | 116.000% |
| 105.000% | 110.000% |
| 102.000% | 104.000% |
| **100.000%** | **100.000%** |
| 98.000% | 100.000% |
| 95.000% | 100.000% |
| **90.000%** | **100.000%** |
| 75.000% | 85.000% |
| 50.000% | 60.000% |
| 25.000% | 35.000% |
| 10.000% | 20.000% |
| **0.000%** | **10.000%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* assumes a maximum payment at maturity of 117.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* assumes a maximum payment at maturity of 117.9% |

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

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&nbsp;&nbsp;***About Your Buffered PLUS***<br>

The amount that you will be paid on your Buffered PLUS at stated maturity is based on the performance of an equally weighted basket composed of the S&P 500<sup>®</sup> Index and the Russell 2000<sup>®</sup> Index, as measured from the pricing date to and including the valuation date.

The initial basket value is 100, and the final basket value will equal the *sum* of the products, as calculated separately for each underlying index, of: (i) the index closing value of such index on the valuation date *multiplied* by (ii) its multiplier. The multiplier will equal, for each index, the *quotient* of (i) the weighting of such index *multiplied* by 100 *divided* by (ii) its initial basket component value.

At maturity, if the final basket value is *greater than* the initial basket value of 100, the return on your Buffered PLUS will be positive and equal to the *product* of the leverage factor *multiplied* by the basket percent increase, subject to the maximum payment at maturity. If the final basket value is *equal to* or *less than* the initial basket value but has not decreased by more than the buffer amount, you will receive the principal amount of your Buffered PLUS. **However, if the final basket value has decreased from the initial basket value by more than the buffer amount, you will lose 1% for every 1% decline beyond the buffer amount, subject to the minimum payment at maturity. Declines in one underlying index may offset increases in the other underlying index.** 

The Buffered PLUS are for investors who seek the potential to earn 200% of any positive return of the basket, subject to the maximum payment at maturity, are willing to forgo interest payments and are willing to risk losing up to 90.00% of their investment if the final basket value has declined from the initial basket value by more than the buffer amount.

**GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, underlier supplement no. 46, general terms supplement no. 17,744 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, underlier supplement no. 46, general terms supplement no. 17,744 and preliminary pricing supplement and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, underlier supplement no. 46, general terms supplement no. 17,744 and preliminary pricing supplement if you so request by calling (212) 357-4612.**

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

• [<u>Preliminary pricing supplement dated October 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/886982/000119312525248756/bskmk204_prelim.htm)

• [<u>General terms supplement no. 17,744 dated October 20, 2025</u>](https://www.sec.gov/Archives/edgar/data/886982/000119312525243221/gts_no._17744_2025_shelf.htm)

• [<u>Underlier supplement no. 46 dated September 22, 2025</u>](https://www.sec.gov/Archives/edgar/data/886982/000119312525211606/underlier_supplement_no.htm)

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

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

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

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&nbsp;&nbsp;***RISK FACTORS***<br>

An investment in the Buffered PLUS is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 17,744, accompanying underlier supplement no. 46, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of certain risk factors discussed in such documents. In addition to the below, you should read in full "Risk Factors" in the accompanying preliminary pricing supplement, "Additional Risk Factors Specific to the Notes" in the accompanying general terms supplement no. 17,744, "Additional Risk Factors Specific to the Securities" in the accompanying underlier supplement no. 46, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus. Your Buffered PLUS are a riskier investment than ordinary debt securities. Also, your Buffered PLUS are not equivalent to investing directly in the underlying indices. You should carefully consider whether the offered Buffered PLUS are appropriate given your particular circumstances.

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

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

▪Your Buffered PLUS Do Not Bear Interest

▪You May Lose a Substantial Portion of Your Investment in the Buffered PLUS

▪The Buffered PLUS Are Subject to the Credit Risk of the Issuer and the Guarantor

▪The Return on Your Buffered PLUS Will Be Limited

▪The Lower Performance of One Underlying Index May Offset an Increase in the Other Underlying Index

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

▪The Amount Payable on Your Buffered PLUS Is Not Linked to the Basket Component Closing Values of the Underlying Indices at Any Time Other than the Valuation Date

▪The Market Value of Your Buffered PLUS May Be Influenced By Many Unpredictable Factors

▪Investing in the Buffered PLUS Is Not Equivalent to Investing in the Underlying Indices; You Have No Shareholder Rights or Rights to Receive Any Underlying Index Stock

▪We May Sell an Additional Aggregate Stated Principal Amount of the Buffered PLUS at a Different Issue Price

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

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

▪Other Investors May Not Have the Same Interests as You

**<u>Additional Risks Related to the Russell 2000</u>**<sup>®</sup>**<u>Index</u>**

▪There are Small Capitalization Stock Risks Associated with the Russell 2000<sup>®</sup> Index

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

▪Your Buffered PLUS May Be Subject to an Adverse Change in Tax Treatment in the Future

▪Non-United States Holders Should Consider the Withholding Tax Implications of Owning the Buffered PLUS

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

**The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 17,744:**

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

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

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

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

▪Past Performance is No Guide to Future Performance

▪Your Notes May Not Have an Active Trading Market

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

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

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

▪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' Trading and Investment Activities for its Own Account or for its Clients Could Negatively Impact Investors in the Notes

▪Goldman Sachs' Market-Making Activities Could Negatively Impact 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 Regularly Provides Services to, or Otherwise Has Business Relationships with, a Broad Client Base, Which May Include the Sponsors of the Underlier or Underliers or Constituent Indices, As Applicable, the Investment Advisors of the Underlier or Underliers, As Applicable, or the Issuers of the Underlier or the Underlier Stocks or Other Entities That Are Involved in the Transaction

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

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

▪Certain Considerations for Insurance Companies and Employee Benefit Plans

**The following risk factors are discussed in greater detail in the accompanying underlier supplement no. 46:**

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

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

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

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

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

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

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

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

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

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

▪We May Have Conflicts of Interest Regarding an Indexed Note

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

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

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

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

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

For details about the license agreement between each underlying index publisher and the issuer, see "The Underliers — S&P 500<sup>®</sup> Index" and "The Underliers — Russell 2000<sup>®</sup> Index" on pages S-127 and S-88 of the accompanying underlier supplement no. 46, respectively.

&nbsp;&nbsp;***TAX CONSIDERATIONS***<br>

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

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

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