# EDGAR Filing Document

**Accession Number:** 0000886982
**File Stem:** 0000950170-25-088518
**Filing Date:** 2025-6
**Character Count:** 69765
**Document Hash:** abcf36039963660ac858daabf8c99e0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-088518.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0000950170-25-088518

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**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:** 251061559

**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:** 251061560

**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**

**The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

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|:---|:---|
| &nbsp;&nbsp;Subject To Completion, dated June 20, 2025<br>Pricing Supplement No. [ ] dated [ ], 2025<br>(To WFS Product Supplement No. 5 dated February 14, 2025, <br>Underlier Supplement No. 44 dated March 20, 2025,<br>Prospectus Supplement dated February 14, 2025<br>and Prospectus dated February 14, 2025) | ![img204752446_0.jpg](img204752446_0.jpg) |

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|:---|
| **GS Finance Corp.**<br> **Medium-Term Notes, Series F**<br>***guaranteed by* The Goldman Sachs Group, Inc.**<br>**Equity Index Linked Securities** |
| &nbsp;&nbsp;**Market Linked Securities— Upside Participation to a Cap and Partial Principal Return at Maturity**<br>**Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index** **due July 1, 2027**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linked to the S&P 500<sup>®</sup> Index <br> Unlike ordinary debt securities, the securities do not pay interest and do not provide for the full repayment of principal at maturity. Instead, the securities provide for a minimum payment at maturity equal to only 90% of the face amount and offer the potential for a positive return at maturity depending on the performance of the underlier from its starting level to its ending level. The maturity payment amount will reflect the following terms:<br>If the level of the underlier increases, you will receive the face amount plus a positive return equal to 100% of the percentage increase in the level of the underlier from the starting level, subject to a maximum return at maturity of at least 14.35% (to be determined on the pricing date) of the face amount. As a result of the maximum return, the maximum maturity payment amount will be at least $1,143.50 <br>If the level of the underlier decreases, you will have 1-to-1 downside exposure to the first 10% decline in the level of the underlier from the starting level to the ending level and you may lose up to 10% of the face amount<br> Investors may lose up to 10% of the face amount<br> All payments on the securities are subject to credit risk, and you will have no ability to pursue any securities included in the underlier for payment; if GS Finance Corp., as issuer, and The Goldman Sachs Group, Inc., as guarantor, default on their obligations, you could lose some or all of your investment <br> No periodic interest payments or dividends<br> No exchange listing; designed to be held to maturity |

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***The estimated value of your securities at the time the terms of your securities are set on the pricing date is expected to be between $925 and $955 per $1,000 face amount. For a discussion of the estimated value and the price at which Goldman Sachs & Co. LLC ("GS&Co.") would initially buy or sell your securities, if it makes a market in the securities, see page PS-9.***

**The securities have more complex features than conventional debt securities and involve risks not associated with conventional debt securities. You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-9.**

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| | | | |
|:---|:---|:---|:---|
|  | **Original Offering Price** <br>| **Underwriting Discount**<sup>(1)(2)</sup> <br>| **Proceeds to Issuer**<sup>(1)</sup><br>|
| **Per Security** | $1000.00 | up to $25.75 | $974.25 |
| **Total** |  |  |  |

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<sup>(1)</sup> See "Supplemental Plan of Distribution; Conflicts of Interest" on page PS-20.

<sup>(2)</sup> In addition to the 2.575%, GS&Co. may pay to selected securities dealers a fee of up to 0.20% of the face amount in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.

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

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

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**<br> **Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**<br>

**Terms of the Securities**<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;**Company (Issuer):** | &nbsp;&nbsp;&nbsp;GS Finance Corp. |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;&nbsp;The Goldman Sachs Group, Inc. |
| &nbsp;&nbsp;**Market Measure:** | &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index (the "<u>underlier</u>"). The underlier is not a multiple exchange index for purposes of the accompanying product supplement. |
| &nbsp;&nbsp;**Pricing Date\*:** | &nbsp;&nbsp;&nbsp;June 26, 2025. |
| &nbsp;&nbsp;**Original Issue Date\*:** | &nbsp;&nbsp;&nbsp;July 1, 2025.  |
| &nbsp;&nbsp;**Original Offering Price:**  | &nbsp;&nbsp;&nbsp;$1,000 per security.  |
| &nbsp;&nbsp;**Face Amount:** | &nbsp;&nbsp;&nbsp;$1,000 per security. References in this pricing supplement to a "<u>security</u>" are to a security with a face amount of $1,000. |
| &nbsp;&nbsp;**Principal Amount:**  | &nbsp;&nbsp;&nbsp;On the stated maturity date, the company will pay, for each $1,000 of the outstanding face amount, an amount in cash equal to the maturity payment amount. |
| &nbsp;&nbsp;&nbsp;**Maturity Payment Amount:** | &nbsp;&nbsp;&nbsp;On the stated maturity date, you will be entitled to receive a cash payment per security in U.S. dollars equal to the maturity payment amount. The "<u>maturity payment amount</u>" per security will equal:<br>&nbsp;&nbsp;&nbsp;&nbsp;• if the ending level is greater than the starting level: $1,000 *plus* the lesser of:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) $1,000 × underlier return × upside participation rate; and <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum return; or<br>&nbsp;&nbsp;&nbsp;&nbsp;• if the ending level is less than or equal to the starting level: the greater of: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) $1,000 + ($1,000 × underlier return); and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the minimum payment at maturity |
| &nbsp;&nbsp;&nbsp;**Maturity Payment Amount:** | &nbsp;&nbsp;&nbsp;**If the ending level is less than the starting level, you will have 1-to-1 downside exposure to the first 10% decline in the level of the underlier from the starting level and you may lose up to 10% of the face amount of your securities at maturity.**  |
| &nbsp;&nbsp;**Stated Maturity**<br>**Date\*:** | &nbsp;&nbsp;&nbsp;July 1, 2027, subject to postponement. The securities are not subject to redemption by GS Finance Corp. or repayment at the option of any holder of the securities prior to the stated maturity date. |
| &nbsp;&nbsp;**Starting Level:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, the closing level of the underlier on the pricing date.  |
| &nbsp;&nbsp;**Closing Level:** | &nbsp;&nbsp;&nbsp;Closing level has the meaning set forth under "General Terms of the Securities—Certain Terms for Securities Linked to an Index—Certain Definitions" in the accompanying product supplement.  |
| &nbsp;&nbsp;**Ending Level:** | &nbsp;&nbsp;&nbsp;The "<u>ending level</u>" will be the closing level of the underlier on the calculation day.  |
| &nbsp;&nbsp;**Maximum Return:** | &nbsp;&nbsp;&nbsp;The "<u>maximum return</u>" will be determined on the pricing date and will be at least 14.35% of the face amount per security (at least $143.50 per security). As a result of the maximum return, the maximum maturity payment amount will be at least $1,143.50 per security.  |
| &nbsp;&nbsp;**Minimum Payment at Maturity:** | &nbsp;&nbsp;&nbsp;$900.00 per security (90% of the face amount) |
| &nbsp;&nbsp;**Upside Participation Rate:** | &nbsp;&nbsp;&nbsp;100%.  |
| &nbsp;&nbsp;**Underlier Return:**  | &nbsp;&nbsp;&nbsp;The "<u>underlier return</u>" is the percentage change from the starting level to the ending level, measured as follows: <br><u>ending level – starting level</u><br>starting level |
| &nbsp;&nbsp;**Calculation Day\*:** | &nbsp;&nbsp;&nbsp;June 28, 2027, subject to postponement.  |

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**<br> **Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;**Market Disruption Events and Postponement Provisions:**  | &nbsp;&nbsp;&nbsp;The calculation day is subject to postponement due to non-trading days and the occurrence of a market disruption event. In addition, the stated maturity date will be postponed if the calculation day is postponed and will be adjusted for non-business days. <br>For more information regarding adjustments to the calculation day and the stated maturity date, see "General Terms of the Securities—Consequences of a Market Disruption Event; Postponement of a Calculation Day—Securities Linked to a Single Market Measure" and "—Payment Dates" in the accompanying product supplement. In addition, for information regarding the circumstances that may result in a market disruption event, see "General Terms of the Securities—Certain Terms for Securities Linked to an Index—Market Disruption Events" in the accompanying product supplement. |
| &nbsp;&nbsp;**Business Day:**  | &nbsp;&nbsp;&nbsp;Each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York City generally are authorized or obligated by law, regulation or executive order to close. |
| &nbsp;&nbsp;**Calculation Agent:** | &nbsp;&nbsp;&nbsp;Goldman Sachs & Co. LLC ("GS&Co.") |
| &nbsp;&nbsp;**Material Tax**<br>**Consequences:** | &nbsp;&nbsp;&nbsp;For a discussion of the material U.S. federal income tax consequences of the ownership and disposition of the securities, see "Supplemental Discussion of U.S. Federal Income Tax Considerations." |
| &nbsp;&nbsp;**Denominations:** | &nbsp;&nbsp;&nbsp;$1,000 and any integral multiple of $1,000. |
| &nbsp;&nbsp;**Overdue Principal Rate:** | &nbsp;&nbsp;&nbsp;The effective Federal Funds rate |
| &nbsp;&nbsp;**Defeasance:**  | &nbsp;&nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**CUSIP:** | &nbsp;&nbsp;&nbsp;40058JFK6 |

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________________________

\* To the extent that we make any change to the expected pricing date or expected original issue date, the calculation day and stated maturity date may also be changed in our discretion to ensure that the term of the securities remains the same.

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**<br> **Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**<br>

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

You should read this pricing supplement together with WFS product supplement no. 5 dated February 14, 2025, the underlier supplement no. 44 dated March 20, 2025, the prospectus supplement dated February 14, 2025 and the prospectus dated February 14, 2025 for additional information about the securities. Information included in this pricing supplement supersedes information in the product supplement, underlier supplement, prospectus supplement and prospectus to the extent it is different from that information. Certain defined terms used but not defined herein have the meanings set forth in the product supplement, prospectus supplement or prospectus.

When we refer to "<u>we</u>," "<u>us</u>" or "<u>our</u>" in this pricing supplement, we refer only to GS Finance Corp. and not to any of its subsidiaries or affiliates, references to "The Goldman Sachs Group, Inc.", our parent company, mean only The Goldman Sachs Group, Inc. and do not include its subsidiaries or affiliates and references to "Goldman Sachs" mean The Goldman Sachs Group, Inc. together with its consolidated subsidiaries and affiliates, including us.

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

• WFS Product Supplement No. 5 dated February 14, 2025:

[<u>https://www.sec.gov/Archives/edgar/data/886982/000095017025021592/wfs_par_2025_shelf.htm</u>](https://www.sec.gov/Archives/edgar/data/886982/000095017025021592/wfs_par_2025_shelf.htm)

• Underlier Supplement No. 44 dated March 20, 2025:

[<u>https://www.sec.gov/Archives/edgar/data/886982/000095017025042819/underlier_supplement_no.htm</u>](https://www.sec.gov/Archives/edgar/data/886982/000095017025042819/underlier_supplement_no.htm)

• Prospectus Supplement dated February 14, 2025:

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

• Prospectus dated February 14, 2025:

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

Please note that, for purposes of this pricing supplement, references in the accompanying underlier supplement to "trade date" shall be deemed to refer to "pricing date".

The securities will be issued under the senior debt indenture, dated as of October 10, 2008, as supplemented by the First Supplemental Indenture, dated as of February 20, 2015, each among us, as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee. This indenture, as so supplemented and as further supplemented thereafter, is referred to as the "GSFC 2008 indenture" in the accompanying prospectus supplement.

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

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**<br> **Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**<br>

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

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

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**<br> **Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**<br>

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

The estimated value of your securities at the time the terms of your securities are set on the pricing date (as determined by reference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads) is expected to be between $925 and $955 per $1,000 face amount, which is less than the original offering price. The value of your securities at any time will reflect many factors and cannot be predicted; however, the price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would initially buy or sell securities (if it makes a market, which it is not obligated to do) and the value that GS&Co. will initially use for account statements and otherwise is equal to approximately the estimated value of your securities at the time of pricing, plus an additional amount (initially equal to $ per $1,000 face amount).

Prior to , the price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would buy or sell your securities (if it makes a market, which it is not obligated to do) will equal approximately the sum of (a) the then-current estimated value of your securities (as determined by reference to GS&Co.'s pricing models) plus (b) any remaining additional amount (the additional amount will decline to zero on a straight-line basis from the time of pricing through). On and after , the price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would buy or sell your securities (if it makes a market) will equal approximately the then-current estimated value of your securities determined by reference to such pricing models.

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**<br> **Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**<br>

**Investor Considerations**<br>

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

▪seek exposure to the upside performance of the underlier if the ending level is greater than the starting level, subject to the maximum return at maturity of at least 14.35% (to be determined on the pricing date) of the face amount;

▪desire to limit downside exposure to the underlier since the securities provide for a minimum payment at maturity equal to 90% of the face amount;

▪are willing to accept the risk that, if the ending level is less than the starting level, they will have 1-to-1 downside exposure to the first 10% decline in the level of the underlier from the starting level and may lose up to 10% of the face amount per security at maturity;

▪are willing to forgo interest payments on the securities and dividends on the securities included in the underlier; and

▪are willing to hold the securities until maturity.

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

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

▪are unwilling to accept the risk that the ending level may decrease from the starting level, and that they may lose up to 10% of the face amount per security at maturity;

▪seek uncapped exposure to the upside performance of the underlier;

▪seek full return of the face amount of the securities at stated maturity;

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

▪seek current income;

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

▪seek exposure to the underlier but are unwilling to accept the risk/return trade-offs inherent in the maturity payment amount for the securities;

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

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

**The considerations identified above are not exhaustive. Whether or not the securities are an appropriate investment for you will depend on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered the appropriateness of an investment in the securities in light of your particular circumstances. You should also review carefully the "Selected Risk Considerations" herein, as well as the risks and considerations described in the accompanying prospectus, in the accompanying prospectus supplement, under "Additional Risk Factors Specific to the Securities" in the accompanying underlier supplement and the "Risk Factors" in the accompanying product supplement for risks related to an investment in the securities. For more information about the underlier, please see the section titled "The S&P 500**<sup>®</sup> **Index" below.**

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**<br> **Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**<br>

**Determining Payment at Stated Maturity**<br>

On the stated maturity date, you will receive a cash payment per security (the maturity payment amount) calculated as follows:

![img204752446_1.jpg](img204752446_1.jpg)

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**<br> **Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**<br>

**Selected Risk Considerations**<br>

*An investment in your securities is subject to the risks described below, as well as the risks and considerations described in the accompanying prospectus, in the accompanying prospectus supplement, under "Additional Risk Factors Specific to the Securities" in the accompanying underlier supplement no. 44 and under "Risk Factors" in the accompanying WFS product supplement no. 5. You should carefully review these risks and considerations as well as the terms of the securities described herein and in the accompanying prospectus, the accompanying prospectus supplement, the accompanying underlier supplement no. 44 and the accompanying WFS product supplement no. 5. Your securities are a riskier investment than ordinary debt securities. Also, your securities are not equivalent to investing directly in the underlier stocks, i.e., the stocks comprising the underlier to which your securities are linked. You should carefully consider whether the offered securities are appropriate given your particular circumstances.*<br>

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

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

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

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

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

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

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

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

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**<br> **Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**<br>

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

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

**The Amount Payable on Your Securities Is Not Linked to the Level of the Underlier at Any Time Other Than the Calculation Day.**

The ending level will be based on the closing level of the underlier on the calculation day (subject to adjustment as described elsewhere in this pricing supplement). Therefore, if the closing level of the underlier dropped precipitously on the calculation day, the maturity payment amount for your securities may be significantly less than it would have been had the maturity payment amount been linked to the closing level of the underlier prior to such drop in the level of the underlier. Although the actual level of the underlier on the stated maturity date or at other times during the life of your securities may be higher than the ending level, you will not benefit from the closing level of the underlier at any time other than on the calculation day.

**You May Lose a Portion of Your Investment in the Securities.** 

You can lose a portion of your investment in the securities. The cash payment on your securities on the stated maturity date will be based on the performance of the underlier as measured from the starting level set on the pricing date to the closing level on the calculation day. If the ending level is less than the starting level, you will lose up to 10% of your investment in the securities, excluding any premium to face amount you paid when you purchased the securities.

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

**Your Securities Do Not Bear Interest.**

You will not receive any interest payments on your securities. As a result, even if the maturity payment amount payable for your securities on the stated maturity date exceeds the face amount of your securities, the overall return you earn on your securities may be less than you would have earned by investing in a non-indexed debt security of comparable maturity that bears interest at a prevailing market rate.

**The Potential for the Value of Your Securities to Increase Will Be Limited.**

Your ability to participate in any change in the value of the underlier over the life of your securities will be limited because of the cap level. The maximum return will limit the maturity payment amount you may receive for each of your securities at maturity, no matter how much the level of the underlier may rise beyond the starting level over the life of your securities. Accordingly, the amount payable for each of your securities may be significantly less than it would have been had you invested directly in the underlier.

**You Have No Shareholder Rights or Rights to Receive Any Underlier Stock.**

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

**The Market Value of Your Securities May Be Influenced by Many Unpredictable Factors.**

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

● the level of the underlier;

● the volatility — i.e., the frequency and magnitude of changes — in the level of the underlier;

● the dividend rates of the underlier stocks;

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

● interest rates and yield rates in the market;

● the time remaining until your securities mature; and

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**<br> **Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**<br>

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

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

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

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

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

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

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

**Your Securities Will Be Treated as Debt Instruments Subject to Special Rules Governing Contingent Payment Debt Instruments for U.S. Federal Income Tax Purposes.**

The securities will be treated as debt instruments subject to special rules governing contingent payment debt instruments for U.S. federal income tax purposes. If you are a U.S. individual or taxable entity, you generally will be required to pay taxes on ordinary income from the securities over their term based on the comparable yield for the securities, even though you will not receive any payments from us until maturity. This comparable yield is determined solely to calculate the amount on which you will be taxed prior to maturity and is neither a prediction nor a guarantee of what the actual yield will be. In addition, any gain you may recognize on the sale, exchange or maturity of the securities will be taxed as ordinary interest income. If you are a secondary purchaser of the securities, the tax consequences to you may be different. Please see "Supplemental Discussion of U.S. Federal Income Tax Considerations" below for a more detailed discussion. Please also consult your tax advisor concerning the U.S. federal income tax and any other applicable tax consequences to you of owning your securities in your particular circumstances.

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

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

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**<br> **Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**<br>

**Hypothetical Examples and Returns**<br>

The payout profile, return table and examples below illustrate the maturity payment amount for a $1,000 face amount security on a hypothetical offering of securities under various scenarios, with the assumptions set forth in the table below. The terms used for purposes of these hypothetical examples do not represent the actual starting level. The hypothetical starting level of 100.00 has been chosen for illustrative purposes only and does not represent the actual starting level. The actual starting level will be determined on the pricing date and will be set forth under "Terms of the Securities" above. For historical data regarding the actual closing levels of the underlier, see the historical information set forth herein. The payout profile, return table and examples below assume that an investor purchases the securities for $1,000 per security. These examples are for purposes of illustration only and the values used in the examples may have been rounded for ease of analysis. The actual maturity payment amount and resulting pre-tax total rate of return will depend on the actual terms of the securities.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Upside Participation Rate:**  | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Hypothetical Maximum Return:**  | &nbsp;&nbsp;14.35% or $143.50 per security (the lowest possible maximum return that may be determined on the pricing date) |
| &nbsp;&nbsp;**Hypothetical Starting Level:**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00 |
| &nbsp;&nbsp;**Minimum Payment at Maturity:**  | &nbsp;&nbsp;$900.00 per security (90% of the face amount) |

---

**Hypothetical Payout Profile**![img204752446_2.jpg](img204752446_2.jpg)

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**

**Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**

**Hypothetical Returns** 

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| | | | |
|:---|:---|:---|:---|
| **Hypothetical**<br>**ending level** | &nbsp;&nbsp;&nbsp;**Hypothetical** <br>**underlier return**<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;**Hypothetical**<br>**maturity payment amount per security** | &nbsp;&nbsp;&nbsp;**Hypothetical**<br>**pre-tax total**<br>**rate of return**<sup>(2)</sup> |
| &nbsp;&nbsp;200.00 | 100.00% | $1143.50 | 14.35% |
| &nbsp;&nbsp;175.00 | 75.00% | $1143.50 | 14.35% |
| &nbsp;&nbsp;150.00 | 50.00% | $1143.50 | 14.35% |
| &nbsp;&nbsp;125.00 | 25.00% | $1143.50 | 14.35% |
| &nbsp;&nbsp;120.00 | 20.00% | $1143.50 | 14.35% |
| &nbsp;&nbsp;114.35 | 14.35% | $1143.50  | 14.35% |
| &nbsp;&nbsp;110.00 | 10.00% | $1100.00  | 10.00% |
| &nbsp;&nbsp;105.00 | 5.00% | $1050.00  | 5.00% |
| &nbsp;&nbsp;100.00 | 0.00% | $1000.00 | 0.00% |
| &nbsp;&nbsp;95.00 | -5.00% | $950.00 | -5.00% |
| &nbsp;&nbsp;94.00 | -6.00% | $940.00 | -6.00% |
| &nbsp;&nbsp;93.00 | -7.00% | $930.00 | -7.00% |
| &nbsp;&nbsp;90.00 | -10.00% | $900.00 | -10.00% |
| &nbsp;&nbsp;85.00 | -15.00% | $900.00 | -10.00% |
| &nbsp;&nbsp;70.00 | -30.00% | $900.00 | -10.00% |
| &nbsp;&nbsp;50.00 | -50.00% | $900.00 | -10.00% |
| &nbsp;&nbsp;25.00 | -75.00% | $900.00 | -10.00% |
| &nbsp;&nbsp;0.00 | -100.00% | $900.00 | -10.00% |

---

<sup>(1)</sup> The underlier return is equal to the percentage change from the starting level to the ending level (i.e., the ending level *minus* starting level, *divided* by starting level).

<sup>(2)</sup> The hypothetical pre-tax total rate of return is the number, expressed as a percentage, that results from comparing the maturity payment amount per security to the face amount of $1,000.

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**<br> **Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**<br>

**Hypothetical Examples** 

**Example 1. Maturity payment amount is greater than the face amount and reflects a return that is less than the maximum return:** 

---

| | |
|:---|:---|
|  | **S&P 500**<sup>®</sup> **Index** |
| &nbsp;&nbsp;**Hypothetical starting level:** | 100.00 |
| &nbsp;&nbsp;**Hypothetical ending level:** | 110.00 |
| &nbsp;&nbsp;**Hypothetical underlier return** <br>**(ending level – starting level)/starting level:**  | 10.00% |

---

Because the hypothetical ending level is greater than the hypothetical starting level, the maturity payment amount per security would be equal to the face amount of $1,000 *plus* a positive return equal to the *lesser of*:

&nbsp;&nbsp;&nbsp;&nbsp; (i) $1,000 × underlier return × upside participation rate

$1,000 × 10.00% × 100.00%

= $100.00; and

&nbsp;&nbsp;&nbsp;&nbsp; (ii) the maximum return of $143.50

On the stated maturity date, you would receive $1,100.00 per security.

**Example 2. Maturity payment amount is greater than the face amount and reflects a return equal to the maximum return:** 

---

| | |
|:---|:---|
|  | **S&P 500**<sup>®</sup> **Index** |
| &nbsp;&nbsp;**Hypothetical starting level:** | 100.00 |
| &nbsp;&nbsp;**Hypothetical ending level:** | 150.00 |
| &nbsp;&nbsp;**Hypothetical underlier return** <br>**(ending level – starting level)/starting level:**  | 50.00% |

---

Because the hypothetical ending level is greater than the hypothetical starting level, the maturity payment amount per security would be equal to the face amount of $1,000 *plus* a positive return equal to the *lesser of*:

&nbsp;&nbsp;&nbsp;&nbsp; (i) $1,000 × underlier return × upside participation rate

$1,000 × 50.00% × 100.00%

= $500.00; and

&nbsp;&nbsp;&nbsp;&nbsp; (ii) the maximum return of $143.50

On the stated maturity date, you would receive $1,143.50 per security, which is the maximum maturity payment amount.

**Example 3. Maturity payment amount is less than the face amount and is greater than the minimum payment at maturity:** 

---

| | |
|:---|:---|
|  | **S&P 500**<sup>®</sup> **Index** |
| &nbsp;&nbsp;**Hypothetical starting level:** | 100.00 |
| &nbsp;&nbsp;**Hypothetical ending level:** | 98.00 |
| &nbsp;&nbsp;**Hypothetical underlier return** <br>**(ending level – starting level)/starting level:**  | -2.00% |

---

Because the hypothetical ending level is less than the hypothetical starting level, you would lose a portion of the face amount of your securities and the maturity payment amount per security would equal the *greater* of:

&nbsp;&nbsp;&nbsp;&nbsp;(i) $1,000 + ($1,000 × underlier return)

= $1,000 + ($1,000 × -2.00%)

= $980.00; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the minimum payment at maturity of $900.00

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**<br> **Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**<br>

On the stated maturity date, you would receive $980.00 per security.

**Example 4. Maturity payment amount is less than the face amount and is equal to the minimum payment amount:** 

---

| | |
|:---|:---|
|  | **S&P 500**<sup>®</sup> **Index** |
| &nbsp;&nbsp;**Hypothetical starting level:** | 100.00 |
| &nbsp;&nbsp;**Hypothetical ending level:** | 50.00 |
| &nbsp;&nbsp;**Hypothetical underlier return** <br>**(ending level – starting level)/starting level:**  | -50.00% |

---

Because the hypothetical ending level is less than the hypothetical starting level, you would lose a portion of the face amount of your securities and the maturity payment amount per security would equal the *greater* of:

&nbsp;&nbsp;&nbsp;&nbsp;(i) $1,000 + ($1,000 × underlier return)

= $1,000 + ($1,000 × -50.00%)

= $500.00; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the minimum payment at maturity of $900.00

On the stated maturity date, you would receive $900.00 per security, which is the minimum payment at maturity.

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**<br> **Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**<br>

**The S&P 500**<sup>®</sup> **Index**<br>

The S&P 500<sup>®</sup> Index includes a representative sample of 500 companies in leading industries of the U.S. economy and is intended to provide a performance benchmark for the large-cap U.S. equity markets.

For more details about the underlier, the underlier sponsor and license agreement between the underlier sponsor and the issuer, see "The Underliers — S&P 500<sup>®</sup> Index" on page S-125 of the accompanying underlier supplement no. 44.

**Historical Information** 

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

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

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

The graph below shows the daily historical closing levels of the underlier from January 1, 2020 through June 17, 2025. As a result, the following graph does not reflect the global financial crisis which began in 2008, which had a materially negative impact on the price of most equity securities and, as a result, the level of most equity indices. We obtained the closing levels in the graph below from Bloomberg Financial Services, without independent verification.

**Historical Performance of the S&P 500**<sup>®</sup> **Index**

![img204752446_3.jpg](img204752446_3.jpg)

The S&P 500<sup>®</sup> Index is a product of S&P Dow Jones Indices LLC, and has been licensed for use by GS Finance Corp. ("Goldman"). Standard & Poor's<sup>®</sup> and S&P<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC; Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and these trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by Goldman. Goldman's securities are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, Standard & Poor's Financial Services LLC or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, Standard & Poor's Financial Services LLC or any of their respective affiliates make any representation regarding the advisability of investing in such securities.

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**

**Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**

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

The following section supplements, and to the extent inconsistent therewith supersedes, the discussion of U.S. federal income taxation in the accompanying prospectus.

The following section is the opinion of Sidley Austin llp, counsel to GS Finance Corp. and The Goldman Sachs Group, Inc. It applies to you only if you hold your securities as a capital asset for tax purposes.

This section does not apply to you if you are a member of a class of holders subject to special rules, such as:

● a dealer in securities or currencies;

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

● a bank;

● a life insurance company;

● a tax exempt organization;

● a partnership;

● a regulated investment company;

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

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

● a person that owns a security as part of a straddle or conversion transaction for tax purposes; or

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

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

*You should consult your tax advisor concerning the U.S. federal income tax and any other applicable tax consequences of your investments in the securities, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.*<br>

**United States Holders**

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

● a citizen or resident of the United States;

● a domestic corporation;

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

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

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

Your securities will be treated as debt instruments subject to the special rules governing contingent payment debt instruments for U.S. federal income tax purposes. Under those rules, the amount of interest you are required to take into account for each accrual period will be determined by constructing a projected payment schedule for your securities and applying rules similar to those for accruing original issue discount on a hypothetical noncontingent debt instrument with that projected payment schedule. This method is applied by first determining the yield at which we would issue a noncontingent fixed rate debt instrument with terms and conditions similar to your securities (the "comparable yield") and then determining as of the issue date a payment schedule that would produce the comparable yield. These rules will generally have the effect of requiring you to include amounts in income in respect of your securities over their term based on the comparable yield for the securities, even though you will not receive any payments from us until maturity.

We have determined that the comparable yield for the securities is equal to % per annum, compounded semi-annually with a projected payment at maturity of $ based on an investment of $1,000.

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

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**<br> **Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**<br>

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| | | |
|:---|:---|:---|
| **Accrual Period** | **Interest Deemed to Accrue During Accrual Period (per $1,000 security)** | **Total Interest Deemed to Have Accrued from Original Issue Date (per $1,000 security) as of End of Accrual Period** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; through December 31, 2025 |  |  |
| January 1, 2026 through December 31, 2026 |  |  |
| January 1, 2027 through  |  |  |

---

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

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

If you purchase your securities at a price other than their adjusted issue price determined for tax purposes, you must determine the extent to which the difference between the price you paid for your securities and their adjusted issue price is attributable to a change in expectations as to the projected payment schedule, a change in interest rates, or both, and reasonably allocate the difference accordingly. The adjusted issue price of your securities will equal your securities' original issue price plus any interest deemed to be accrued on your securities (under the rules governing contingent payment debt instruments) as of the time you purchase your securities. The original issue price of your securities will be the first price at which a substantial amount of the securities is sold to persons other than bond houses, brokers or similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers. Therefore, you may be required to make the adjustments described above even if you purchase your securities in the initial offering if you purchase your securities at a price other than the issue price.

If the adjusted issue price of your securities is greater than the price you paid for your securities, you must make positive adjustments increasing (i) the amount of interest that you would otherwise accrue and include in income each year, and (ii) the amount of ordinary income (or decreasing the amount of ordinary loss) recognized upon maturity by the amounts allocated under the previous paragraph to each of interest and the projected payment schedule; if the adjusted issue price of your securities is less than the price you paid for your securities, you must make negative adjustments, decreasing (i) the amount of interest that you must include in income each year, and (ii) the amount of ordinary income (or increasing the amount of ordinary loss) recognized upon maturity by the amounts allocated under the previous paragraph to each of interest and the projected payment schedule. Adjustments allocated to the interest amount are not made until the date the daily portion of interest accrues.

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

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

Any gain you recognize upon the sale, exchange or maturity of your securities will be ordinary interest income. Any loss you recognize at such time will be ordinary loss to the extent of interest you included as income in the current or previous taxable years in respect of your securities, and, thereafter, capital loss. If you are a noncorporate holder, you would generally be able to use such ordinary loss to offset your income only in the taxable year in which you recognize the ordinary loss and would generally not be able to carry such ordinary loss forward or back to offset income in other taxable years.

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**

**Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**

**Non-United States Holders**

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

● a nonresident alien individual;

● a foreign corporation; or

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

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 amounts you receive upon the sale, exchange or maturity of your securities, could be collected via withholding. If these regulations were to apply to the securities, we may be required to withhold such taxes if any U.S.-source dividends are paid on the stocks included in the underlier during the term of the securities. We could also require you to make certifications (e.g., an applicable Internal Revenue Service Form W-8) prior to the maturity of the securities in order to avoid or minimize withholding obligations, and we could withhold accordingly (subject to your potential right to claim a refund from the Internal Revenue Service) if such certifications were not received or were not satisfactory. If withholding was required, we, or the applicable withholding agent, 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 original issue date of your securities, your securities will not be subject to withholding under these rules. In certain limited circumstances, however, you should be aware that it is possible for non-United States holders to be liable for tax under these rules with respect to a combination of transactions treated as having been entered into in connection with each other even when no withholding is required. You should consult your tax advisor concerning these regulations, subsequent official guidance and regarding any other possible alternative characterizations of your securities for U.S. federal income tax purposes.

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

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

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**Market Linked Securities—Upside Participation to a Cap and Partial Principal Return at Maturity**

**Principal at Risk Securities Linked to the S&P 500**<sup>®</sup> **Index due July 1, 2027**

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

See "Supplemental Plan of Distribution" on page S-41 of the accompanying product supplement and "Plan of Distribution - Conflicts of Interest" on page 127 of the accompanying prospectus; GS Finance Corp. estimates that its share of the total offering expenses, excluding underwriting discounts and commissions, will be approximately $.

GS Finance Corp. will sell to GS&Co., and GS&Co. will purchase from GS Finance Corp., the aggregate face amount of the offered securities specified on the front cover of this pricing supplement. GS&Co. proposes initially to offer the securities to the public at the original offering price set forth on the cover page of this pricing supplement. Wells Fargo Securities, LLC ("WFS") is the agent for the distribution of the securities. WFS will receive the underwriting discount of up to 2.575% of the aggregate face amount of the securities sold (up to $25.75 per $1,000 face amount of securities). The agent may resell the securities to Wells Fargo Advisors ("WFA") at the original offering price of the securities less a concession of 2.00% of the aggregate face amount of the securities ($20.00 per $1,000 face amount of securities). In addition to the selling concession received by WFA, WFS advises that WFA may also receive out of the underwriting discount a distribution expense fee of 0.075% for each $1,000 face amount of a security WFA sells ($0.75 per $1,000 face amount of securities). In addition, in respect of certain securities sold in this offering, GS&Co. may pay a fee of up to 0.20% of the aggregate face amount of the securities sold (up to $2.00 per $1,000 face amount of securities) to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers. Please note that the information about the original issue date and original offering price set forth on the cover of this pricing supplement relate only to the initial distribution.

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

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

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

We have been advised by GS&Co. and WFS that they intend to make a market in the securities. However, none of GS&Co., WFS nor any of their respective affiliates that makes a market is obligated to do so and any of them may stop doing so at any time without notice. No assurance can be given as to the liquidity or trading market for the securities.

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