# EDGAR Filing Document

**Accession Number:** 0001419828
**File Stem:** 0000886982-25-000151
**Filing Date:** 2025-8
**Character Count:** 72759
**Document Hash:** e2cab6e64a3fc94b14eaf6587222f5e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000886982-25-000151.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0000886982-25-000151

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**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:** 251210743

**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:** 251210744

**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

This term sheet, which is not complete and may be changed, relates to an effective Registration Statement under the Securities Act of 1933. This term sheet and the accompanying product supplement, prospectus supplement and prospectus are not an offer to sell these notes in any country or jurisdiction where such an offer would not be permitted.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Subject to Completion**<br>**Preliminary Term Sheet** <br>**dated August 13, 2025** | &nbsp;&nbsp;&nbsp;**Filed Pursuant to Rule 424(b)(2)**<br>**Registration Statement No. 333-284538**<br>**(To Prospectus dated February 14, 2025,** <br>**Prospectus Supplement dated February 14, 2025 and Product Supplement No. EQUITY MLI-2 dated February 14, 2025)** |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units<br>$10 principal amount per unit<br>CUSIP No. 36271J724<br>![img221173105_0.jpg](img221173105_0.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;Pricing Date\*<br>Settlement Date\*<br>Maturity Date\* | &nbsp;&nbsp;August , 2025<br>August , 2025<br>August , 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units<br>$10 principal amount per unit<br>CUSIP No. 36271J724<br>![img221173105_0.jpg](img221173105_0.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;\*Subject to change based on the actual date the notes are priced for initial sale to the public (the "pricing date") | &nbsp;&nbsp;&nbsp;&nbsp;\*Subject to change based on the actual date the notes are priced for initial sale to the public (the "pricing date") |
| &nbsp;&nbsp;**GS Finance Corp.**<br>**Medium-Term Notes, Series F**<br>**guaranteed by The Goldman Sachs Group, Inc.**<br>**Capped Leveraged Index Return Notes**<sup>®</sup> **Linked to the VanEck Semiconductor ETF**<br>▪Maturity of approximately two years<br>▪150.00% leveraged upside exposure to increases in the VanEck Semiconductor ETF (the "Market Measure"), subject to a capped return of [31.50% to 32.50%]<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪**The return on your notes is linked to the performance of the Market Measure, and not to that of the index on which the Market Measure is based.** <br>▪If the Market Measure declines, but not by more than 15.00%, a return of principal<br>▪1-to-1 downside exposure to decreases in the Market Measure beyond a 15.00% decline, with up to 85.00% of your principal at risk<br>▪All payments occur at maturity and are subject to the credit risk of GS Finance Corp., as issuer of the notes, and the credit risk of The Goldman Sachs Group, Inc., as guarantor of the notes.<br>▪No periodic interest payments<br>▪Limited secondary market liquidity, with no exchange listing. | &nbsp;&nbsp;**GS Finance Corp.**<br>**Medium-Term Notes, Series F**<br>**guaranteed by The Goldman Sachs Group, Inc.**<br>**Capped Leveraged Index Return Notes**<sup>®</sup> **Linked to the VanEck Semiconductor ETF**<br>▪Maturity of approximately two years<br>▪150.00% leveraged upside exposure to increases in the VanEck Semiconductor ETF (the "Market Measure"), subject to a capped return of [31.50% to 32.50%]<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪**The return on your notes is linked to the performance of the Market Measure, and not to that of the index on which the Market Measure is based.** <br>▪If the Market Measure declines, but not by more than 15.00%, a return of principal<br>▪1-to-1 downside exposure to decreases in the Market Measure beyond a 15.00% decline, with up to 85.00% of your principal at risk<br>▪All payments occur at maturity and are subject to the credit risk of GS Finance Corp., as issuer of the notes, and the credit risk of The Goldman Sachs Group, Inc., as guarantor of the notes.<br>▪No periodic interest payments<br>▪Limited secondary market liquidity, with no exchange listing. | &nbsp;&nbsp;**GS Finance Corp.**<br>**Medium-Term Notes, Series F**<br>**guaranteed by The Goldman Sachs Group, Inc.**<br>**Capped Leveraged Index Return Notes**<sup>®</sup> **Linked to the VanEck Semiconductor ETF**<br>▪Maturity of approximately two years<br>▪150.00% leveraged upside exposure to increases in the VanEck Semiconductor ETF (the "Market Measure"), subject to a capped return of [31.50% to 32.50%]<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪**The return on your notes is linked to the performance of the Market Measure, and not to that of the index on which the Market Measure is based.** <br>▪If the Market Measure declines, but not by more than 15.00%, a return of principal<br>▪1-to-1 downside exposure to decreases in the Market Measure beyond a 15.00% decline, with up to 85.00% of your principal at risk<br>▪All payments occur at maturity and are subject to the credit risk of GS Finance Corp., as issuer of the notes, and the credit risk of The Goldman Sachs Group, Inc., as guarantor of the notes.<br>▪No periodic interest payments<br>▪Limited secondary market liquidity, with no exchange listing. |

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**The notes are being issued by GS Finance Corp. ("GSFC") and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. ("GSG"). Investing in the notes involves a number of risks. There are important differences between the notes and a conventional debt security, including different investment risks and certain additional costs. See "Risk Factors" beginning on page TS-9 of this term sheet and page PS-7 of the accompanying product supplement, "Considerations Relating to Indexed Notes" beginning on page S-11 of the accompanying prospectus supplement and "Considerations Relating to Indexed Securities" beginning on page 101 of the accompanying prospectus.** 

**The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $9.25 and $9.55 per $10 principal amount. For a discussion of the estimated value and the price at which Goldman Sachs & Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the following page.**

**________________________**

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

**_________________________**

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;<u>Per Unit</u> | &nbsp;&nbsp;<u>Total</u> |
| &nbsp;&nbsp;Public offering price | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp;$ |
| &nbsp;&nbsp;Underwriting discount<sup>(1)</sup> | &nbsp;&nbsp;$0.10 | &nbsp;&nbsp;$ |
|  | &nbsp;&nbsp;$0.05 |  |
| &nbsp;&nbsp;Proceeds, before expenses, to GSFC | &nbsp;&nbsp;$9.85 | &nbsp;&nbsp;$ |

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<sup>(1)</sup> The underwriting discount reflects a sales commission of $0.10 per note and a structuring fee of $0.05 per note.

**The notes and the related guarantee:**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Are Not FDIC Insured** | &nbsp;&nbsp;**Are Not Bank Guaranteed** | &nbsp;&nbsp;**May Lose Value** |

---

**Goldman Sachs & Co. LLC**

August , 2025

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the VanEck Semiconductor ETF, due August , 2027</u>  

Summary

The Leveraged Index Return Notes<sup>®</sup> Linked to the VanEck Semiconductor ETF, due August , 2027 (the "notes") are our senior unsecured debt securities. Payments on the notes are fully and unconditionally guaranteed by GSG. The notes and the related guarantee are not insured by the Federal Deposit Insurance Corporation or secured by collateral. **The notes will rank equally in right of payment with all of GSFC's other unsecured and unsubordinated obligations, except obligations that are subject to any priorities or preferences by law, and the related guarantee will rank equally in right of payment with all of GSG's other unsecured and unsubordinated obligations, except obligations that are subject to any priorities or preferences by law, and senior to its subordinated obligations. All payments due on the notes, including any repayment of principal, will be subject to the credit risk of GSFC, as issuer, and GSG, as guarantor.** The notes provide you a leveraged return, subject to a cap, if the Ending Value of the Market Measure is greater than the Starting Value. If the Ending Value is equal to or less than the Starting Value but greater than or equal to the Threshold Value, you will receive the principal amount of your notes. If the Ending Value is less than the Threshold Value, you will lose a portion, which could be significant, of the principal amount of your notes. All payments on the notes will be calculated based on the $10 principal amount per unit and will depend on the performance of the Market Measure, subject to our and GSG's credit risk. See "Terms of the Notes" below.

The economic terms of the notes are based upon certain variables, including principally our credit spreads, interest rates (forecasted, current and historical rates), volatility, price-sensitivity analysis and the time to maturity of the notes. These variables will influence the economic terms of the notes and the initial estimated value of the notes on the pricing date. In addition, the underwriting discount and costs incurred in creating, documenting and marketing the notes will reduce the economic terms of the notes and the initial estimated value of the notes on the pricing date. For more information, see "Risk Factors — Valuation- and Market-related Risks — The estimated value of your notes at the time the terms of your notes are set on the pricing date (as determined by reference to pricing models used by GS&Co.) is less than the public offering price of your notes." on page TS-9 of this term sheet.

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

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

**Estimated Value of Your Notes**

The estimated value of your notes at the time the terms of your notes 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 $9.25 and $9.55 per $10 principal amount, which is less than the public offering price. The value of your notes at any time will reflect many factors and cannot be predicted; however, the price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would initially buy or sell notes (if it makes a market, which it is not obligated to do) and the value that GS&Co. will initially use for account statements and otherwise is equal to approximately the estimated value of your notes at the time of pricing, plus an additional amount (initially equal to $ per $10 principal amount).

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

**Minimum Purchase Amount of Notes Offered Hereby**

In connection with the initial offering of the notes, the minimum principal amount of notes that may be purchased by any investor is $100,000.

Capped Leveraged Index Return Notes<sup>®</sup> TS-2

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the VanEck Semiconductor ETF, due August , 2027</u>  

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| | |
|:---|:---|
| Terms of the Notes | Terms of the Notes |
| &nbsp;&nbsp;**Company (Issuer):** | &nbsp;&nbsp;GS Finance Corp. ("GSFC") |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;The Goldman Sachs Group, Inc. ("GSG") |
| &nbsp;&nbsp;**Term:** | &nbsp;&nbsp;Approximately two years. |
| &nbsp;&nbsp;**Market Measure:** | &nbsp;&nbsp;The VanEck Semiconductor ETF (current Bloomberg symbol: "SMH UQ Equity"). |
| &nbsp;&nbsp;**Underlying Index:** | &nbsp;&nbsp;With respect to the Market Measure, the index tracked by such Market Measure. |
| &nbsp;&nbsp;**Principal Amount:** | &nbsp;&nbsp;$10.00 per unit; $ in the aggregate on the settlement date; the aggregate principal amount may be increased if the Company, at its sole option, decides to sell an additional amount on a date subsequent to the pricing date. <br>On the maturity date the Company will pay, for each $10 of the outstanding principal amount, an amount in cash equal to the Redemption Amount. |
| &nbsp;&nbsp;**Redemption Amount:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the maturity date the Company will pay, for each $10 of the outstanding principal amount, an amount in cash equal to:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪If the Ending Value is greater than the Starting Value: <br>![img221173105_1.jpg](img221173105_1.jpg)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪If the Ending Value is equal to or less than the Starting Value, but greater than or equal to the Threshold Value: $10<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪If the Ending Value is less than the Threshold Value:<br>![img221173105_2.jpg](img221173105_2.jpg) |
| &nbsp;&nbsp;**Starting Value:** | &nbsp;&nbsp;The Closing Market Price of the Market Measure on the pricing date. |
| &nbsp;&nbsp;**Ending Value:** | &nbsp;&nbsp;The Closing Market Price of the Market Measure on the Final Calculation Day multiplied by the Price Multiplier on that day. |
| &nbsp;&nbsp;**Participation Rate:** | &nbsp;&nbsp;150.00% |
| &nbsp;&nbsp;**Threshold Value:** | &nbsp;&nbsp;85.00% of the Starting Value (rounded to the nearest one-hundredth) |
| &nbsp;&nbsp;**Capped Value:** | &nbsp;&nbsp;[$13.15 to $13.25] per unit, which represents a return of [31.50% to 32.50%] over the principal amount. The actual Capped Value will be determined on the pricing date. |
| &nbsp;&nbsp;**Final Calculation Day/Maturity Valuation Period:** | &nbsp;&nbsp;Approximately the fifth scheduled Market Measure Business Day immediately preceding the maturity date, subject to postponement in the event of Market Disruption Events and non-Market Measure Business Days, as described beginning on page PS-25 of the accompanying product supplement. |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;August , 2027, subject to postponement as described beginning on page PS-25 of the accompanying product supplement.  |
| &nbsp;&nbsp;**Price Multiplier:** | &nbsp;&nbsp;1, subject to adjustments for certain events relating to the Market Measure described beginning on PS-31 of the accompanying product supplement. |
| &nbsp;&nbsp;**Fees and Charges:** | &nbsp;&nbsp;The underwriting discount of $0.15 per unit listed on the cover page |
| &nbsp;&nbsp;**Calculation Agent:** | &nbsp;&nbsp;Goldman Sachs & Co. LLC. ("GS&Co."), an affiliate of GSFC. |
| &nbsp;&nbsp;**Authorized Denominations:** | &nbsp;&nbsp;$10 or any integral multiple of $10 in excess thereof. |
| &nbsp;&nbsp;**Overdue Principal Rate:** | &nbsp;&nbsp;The effective Federal Funds rate. |
| &nbsp;&nbsp;**Defeasance:** | &nbsp;&nbsp;Not applicable. |

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Capped Leveraged Index Return Notes<sup>®</sup> TS-3

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the VanEck Semiconductor ETF, due August , 2027</u>  

Redemption Amount Determination

## On the maturity date, you will receive a cash payment per unit determined as follows:
![img221173105_3.jpg](img221173105_3.jpg)

Capped Leveraged Index Return Notes<sup>®</sup> TS-4

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the VanEck Semiconductor ETF, due August , 2027</u>  

The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This term sheet constitutes a supplement to the documents listed below, does not set forth all of the terms of your notes and therefore should be read in conjunction with such documents:

▪Product supplement no. EQUITY MLI-2 dated February 14, 2025:

[<u>https://www.sec.gov/Archives/edgar/data/886982/000095017025021518/baml_supplement_gs_2025_.htm</u>](https://www.sec.gov/Archives/edgar/data/886982/000095017025021518/baml_supplement_gs_2025_.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:<br>[<u>https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm</u>](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)

These documents (together with this term sheet, the "Note Prospectus") have been filed as part of a registration statement with the SEC, which may, without cost, be accessed on the SEC website at www.sec.gov or from Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") by calling 1-800-294-1322. Before you invest, you should read the Note Prospectus, including this term sheet, for information about us, GSG and this offering. Any prior or contemporaneous oral statement and any other written materials you may have received are superseded by the Note Prospectus. Certain terms used but not defined in this term sheet have the meanings set forth in the accompanying product supplement.

The information in this term sheet supersedes any conflicting information in the documents listed above. In addition, some of the terms or features described in the listed documents may not apply to your notes.

We refer to the notes we are offering by this term sheet as the "offered notes" or the "notes". Each of the offered notes has the terms described below. Please note that in this term sheet, references to "GS Finance Corp.", "we", "our" and "us" mean only GS Finance Corp. and do not include its subsidiaries or affiliates, references to "The Goldman Sachs Group, Inc.", our parent company, mean only The Goldman Sachs Group, Inc. and do not include its subsidiaries or affiliates and references to "Goldman Sachs" mean The Goldman Sachs Group, Inc. together with its consolidated subsidiaries and affiliates, including us. The notes will be issued under the senior debt indenture, dated as of October 10, 2008, as supplemented by the First Supplemental Indenture, dated as of February 20, 2015, each among us, as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee. This indenture, as so supplemented and as further supplemented thereafter, is referred to as the "GSFC 2008 indenture" in the accompanying prospectus supplement.

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

Capped Leveraged Index Return Notes<sup>®</sup> TS-5

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the VanEck Semiconductor ETF, due August , 2027</u>  

Investor Considerations

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| | |
|:---|:---|
| &nbsp;&nbsp;**You may wish to consider an investment in the notes if:** | &nbsp;&nbsp;**The notes may not be an appropriate investment for you if:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪You anticipate that the Market Measure will increase moderately from the Starting Value to the Ending Value.<br>▪You are willing to risk a loss of principal and a negative return on the notes if the Market Measure decreases from the Starting Value to an Ending Value that is below the Threshold Value.<br>▪You accept that the return on the notes will be capped.<br>▪You are willing to forgo the interest payments that are paid on conventional interest-bearing debt securities.<br>▪You are willing to forgo dividends or other benefits of owning shares of the Market Measure or the stocks held by the Market Measure.<br>▪You are willing to accept a limited or no market for sales of the notes prior to maturity, and understand that the market prices for the notes, if any, will be affected by various factors, including our and GSG's actual and perceived creditworthiness, our credit spreads and fees and charges on the notes.<br>▪You are willing to assume our credit risk, as issuer of the notes, and GSG's credit risk, as guarantor of the notes, for all payments under the notes, including the Redemption Amount. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪You believe that the Market Measure will decrease from the Starting Value to the Ending Value or that it will not increase sufficiently over the term of the notes to provide you with your desired return. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪You seek 100% principal repayment or preservation of capital.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪You seek an uncapped return on your investment.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪You seek interest payments or other current income on your investment.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪You want to receive dividends or other distributions paid on the shares of the Market Measure or the stocks held by the Market Measure.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪You seek an investment for which there will be a liquid secondary market.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪You are unwilling or are unable to take market risk on the notes, to take our credit risk, as issuer of the notes, or to take GSG's credit risk, as guarantor of the notes. |

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We urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.

Capped Leveraged Index Return Notes<sup>®</sup> TS-6

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the VanEck Semiconductor ETF, due August , 2027</u>  

Hypothetical Payout Profile and Examples of Payments at Maturity

The below graph is based on **hypothetical** numbers and values.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Capped Leveraged Index Return Notes**<sup>®</sup><br>![img221173105_4.jpg](img221173105_4.jpg) | &nbsp;&nbsp;This graph reflects the returns on the notes, based on the Participation Rate of 150.00%, the Threshold Value of 85.00% of the Starting Value and a Capped Value of $13.15 per unit (the bottom of the Capped Value range). The green line reflects the return on the notes, while the dotted gray line reflects the return of a direct investment in the Market Measure, excluding dividends.<br>This graph has been prepared for purposes of illustration only. |

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The following table and examples are for purposes of illustration only. They are based on **hypothetical** values and show **hypothetical** returns on the notes. They illustrate the calculation of the Redemption Amount and return based on a hypothetical Starting Value of 100, the Participation Rate of 150.00%, a Threshold Value of 85.00, a Capped Value of $13.15 (the bottom of the Capped Value range) per unit and a range of hypothetical Ending Values. **The actual amount you receive and the resulting return will depend on the actual Starting Value, Ending Value, Threshold Value, Capped Value and whether you hold the notes to maturity.** The following examples do not take into account any tax consequences from investing in the notes.

For recent actual prices of the Market Measure, see "The Market Measure" section below. All payments on the notes are subject to issuer and guarantor credit risk.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ending Value** | &nbsp;&nbsp;**Percentage Change from the Starting Value to the Ending Value** | &nbsp;&nbsp;**Redemption Amount per Unit** | &nbsp;&nbsp;**Return on the Notes** |
| &nbsp;&nbsp;0.00 | &nbsp;&nbsp;-100.00% | &nbsp;&nbsp;$1.50 | &nbsp;&nbsp;-85.00% |
| &nbsp;&nbsp;50.00 | &nbsp;&nbsp;-50.00% | &nbsp;&nbsp;$6.50 | &nbsp;&nbsp;-35.00% |
| &nbsp;&nbsp;70.00 | &nbsp;&nbsp;-30.00% | &nbsp;&nbsp;$8.50 | &nbsp;&nbsp;-15.00% |
| &nbsp;&nbsp;80.00 | &nbsp;&nbsp;-20.00% | &nbsp;&nbsp;$9.50 | &nbsp;&nbsp;-5.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.00<sup>(1)</sup> | &nbsp;&nbsp;-15.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;90.00 | &nbsp;&nbsp;-10.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;95.00 | &nbsp;&nbsp;-5.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00<sup>(2)</sup> | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;105.00 | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;$10.75 | &nbsp;&nbsp;7.50% |
| &nbsp;&nbsp;110.00 | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;$11.50 | &nbsp;&nbsp;15.00% |
| &nbsp;&nbsp;115.00 | &nbsp;&nbsp;15.00% | &nbsp;&nbsp;$12.25 | &nbsp;&nbsp;22.50% |
| &nbsp;&nbsp;121.00 | &nbsp;&nbsp;21.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.15<sup>(3)</sup> | &nbsp;&nbsp;31.50% |
| &nbsp;&nbsp;130.00 | &nbsp;&nbsp;30.00% | &nbsp;&nbsp;$13.15 | &nbsp;&nbsp;31.50% |
| &nbsp;&nbsp;150.00 | &nbsp;&nbsp;50.00% | &nbsp;&nbsp;$13.15 | &nbsp;&nbsp;31.50% |
| &nbsp;&nbsp;160.00 | &nbsp;&nbsp;60.00% | &nbsp;&nbsp;$13.15 | &nbsp;&nbsp;31.50% |

---

(1)This is the hypothetical Threshold Value.

(2)The **hypothetical** Starting Value of 100.00 used in these examples has been chosen for illustrative purposes only, and does not represent a likely actual Starting Value for the Market Measure.

(3)The Redemption Amount per unit cannot exceed the hypothetical Capped Value.

Capped Leveraged Index Return Notes<sup>®</sup> TS-7

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the VanEck Semiconductor ETF, due August , 2027</u>  

**Redemption Amount Calculation Examples**

---

| |
|:---|
| &nbsp;&nbsp;**Example 1** |
| &nbsp;&nbsp;The Ending Value is 50.00, or 50.00% of the Starting Value: |
| &nbsp;&nbsp;Starting Value: 100.00 |
| &nbsp;&nbsp;Threshold Value: 85.00<br>Ending Value: 50.00 |
| &nbsp;&nbsp;![img221173105_5.jpg](img221173105_5.jpg)<br>**Example 2** |
| &nbsp;&nbsp;The Ending Value is 90.00, or 90.00% of the Starting Value: |
| &nbsp;&nbsp;Starting Value: 100.00 |
| &nbsp;&nbsp;Threshold Value: 85.00 |
| &nbsp;&nbsp;Ending Value: 90.00 |
| &nbsp;&nbsp;Redemption Amount (per unit) **= $10.00,** the principal amount, since the Ending Value is less than the Starting Value but equal to or greater than the Threshold Value<br>**Example 3** |
| &nbsp;&nbsp;The Ending Value is 105.00, or 105.00% of the Starting Value: |
| &nbsp;&nbsp;Starting Value: 100.00 |
| &nbsp;&nbsp;Ending Value: 105.00 |
| &nbsp;&nbsp;![img221173105_6.jpg](img221173105_6.jpg)<br>**Example 4** |
| &nbsp;&nbsp;The Ending Value is 150.00, or 150.00% of the Starting Value: |
| &nbsp;&nbsp;Starting Value: 100.00 |
| &nbsp;&nbsp;Ending Value: 150.00 |

---

![img221173105_7.jpg](img221173105_7.jpg)

Capped Leveraged Index Return Notes<sup>®</sup> TS-8

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the VanEck Semiconductor ETF, due August , 2027</u>  

Risk Factors

*An investment in your notes is subject to the risks described below, as well as the risks and considerations described under "Risk Factors" beginning on page PS-7 of the accompanying product supplement, "Considerations Relating to Indexed Notes" beginning on page S-11 of the accompanying prospectus supplement and "Considerations Relating to Indexed Securities" beginning on page 101 of the accompanying prospectus. You should carefully review these risks and considerations as well as the more detailed explanation of risks described in the accompanying prospectus, the accompanying prospectus supplement and the accompanying product supplement. You should also review the terms of the notes described herein and in the accompanying prospectus, the accompanying prospectus supplement and the accompanying product supplement. Your notes are a riskier investment than ordinary debt securities. The notes are not an appropriate investment for you if you are not knowledgeable about significant elements of the notes or financial matters in general. We also urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes. Also, your notes are not equivalent to investing directly in the Market Measure or the stocks held by the Market Measure to which your notes are linked.*

**<u>Structure-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪There is no fixed principal repayment amount on the notes at maturity. If the Ending Value is less than the Threshold Value, you will receive a Redemption Amount at maturity that will be less than, and possibly significantly less than, the principal amount of your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Your investment return is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the Market Measure or the stocks held by the Market Measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Payments on the notes will not reflect changes in the value of the Market Measure other than on the Final Calculation Day. As a result, even if the value of the Market Measure increases during the term of the notes, you will receive a Redemption Amount that is less than the principal amount if the Ending Value is less than the Threshold Value on the Final Calculation Day, even if the value of the Market Measure was always greater than the Threshold Value prior to such Final Calculation Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Your return on the notes may be less than the yield you could earn by owning a conventional fixed or floating rate debt security of comparable maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Payments on the notes are subject to the credit risk of GSFC, as issuer, and the credit risk of GSG, as guarantor, and any actual or perceived changes in our or GSG's creditworthiness are expected to affect the value of the notes. If we and GSG become insolvent or are unable to pay our respective obligations, you may lose your entire investment.

**<u>Valuation- and Market-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪**The estimated value of your notes at the time the terms of your notes are set on the pricing date (as determined by reference to pricing models used by GS&Co.) is less than the public offering price of your notes** **.** The public offering price for your notes exceeds the estimated value of your notes as of the time the terms of your notes 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 Notes"; 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 GSFC, as issuer, the creditworthiness of GSG, as guarantor, and other relevant factors. The price at which GS&Co. would initially buy or sell your notes (if GS&Co. makes a market, which it is not obligated to do), and the value that GS&Co. will initially use for account statements and otherwise, also exceeds the estimated value of your notes as determined by reference to these models. As agreed by GS&Co. and the distribution participants, this excess (i.e., the additional amount described under "Estimated Value of Your Notes") will decline to zero on a straight line basis over the period from the date hereof through the applicable date set forth above under "Estimated Value of Your Notes". Thereafter, if GS&Co. buys or sells your notes it will do so at prices that reflect the estimated value determined by reference to such pricing models at that time. The price at which GS&Co. will buy or sell your notes at any time also will reflect its then current bid and ask spread for similar sized trades of structured notes.

In estimating the value of your notes as of the time the terms of your notes are set on the pricing date, as disclosed above under "Estimated Value of Your Notes", GS&Co.'s pricing models consider certain variables, including principally our credit spreads, interest rates (forecasted, current and historical rates), volatility, price-sensitivity analysis and the time to maturity of the notes. These pricing models are proprietary and rely in part on certain assumptions about future events, which may prove to be incorrect. As a result, the actual value you would receive if you sold your notes in the secondary market, if any, to others may differ, perhaps materially, from the estimated value of your notes determined by reference to our models due to, among other things, any differences in pricing models or assumptions used by others. See "Risk Factors — Valuation- and Market-related Risks — The notes are not designed to be short-term trading instruments, and if you attempt to sell the notes prior to maturity, their market value,

Capped Leveraged Index Return Notes<sup>®</sup> TS-9

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the VanEck Semiconductor ETF, due August , 2027</u>  

if any, will be affected by various factors that interrelate in complex ways, and their market value may be less than the principal amount**.**" on page PS-11 of the accompanying product supplement.

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

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

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

There is no assurance that GS&Co. or any other party will be willing to purchase your notes at any price and, in this regard, GS&Co. is not obligated to make a market in the notes. See "Risk Factors — Valuation- and Market-related Risks — Your notes may not have an active trading market." on page PS-11 of the accompanying product supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪A trading market is not expected to develop for the notes. None of us, GSG, GS&Co. or MLPF&S is obligated to make a market for, or to repurchase, the notes. There is no assurance that any party will be willing to purchase your notes at any price in any secondary market.

**<u>Conflict-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Our hedging and trading activities (including trades in shares of the Market Measure or the stocks held by the Market Measure) and any hedging and trading activities we, GSG, GS&Co., MLPF&S or our other or their affiliates engage in that are not for your account or on your behalf, may affect the market value and return of the notes and may create conflicts of interest with you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪There may be potential conflicts of interest involving the calculation agent, which is an affiliate of ours. We have the right to appoint and remove the calculation agent.

**<u>Market Measure-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪The policies of the Market Measure's investment advisor and the sponsor of the Market Measure's Underlying Index could affect the amount payable on your notes and their market value, and neither has any obligation to consider your interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪There is no assurance that an active trading market will continue for the Market Measure or that there will be liquidity in any such trading market; further, the Market Measure Is Subject to management risks, securities lending risks and custody risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪The Market Measure and its Underlying Index are different and the performance of the market measure may not correlate with the performance of its Underlying Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪You will have no rights of a holder of the Market Measure or the stocks held by the Market Measure, and you will not be entitled to receive the stocks held by or dividends or other distributions on the Market Measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪While we, GSG, GS&Co., MLPF&S and our other or their affiliates may from time to time own securities of companies held by the Market Measure, we, GSG, GS&Co., MLPF&S and our other or their affiliates do not control any company held by the Market Measure, and have not verified any disclosure made by any other company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Payments on the notes will not be adjusted for all events that could affect the Market Measure. See "Description of the Notes— Anti-Dilution and Discontinuance Adjustments Relating to Underlying Funds" beginning on page PS-31 of the accompanying product supplement.

**<u>Tax-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪The U.S. federal income tax consequences of the notes are uncertain, and may be adverse to a holder of the notes. See "Summary Tax Consequences" below and "U.S. Federal Income Tax Summary" beginning on page PS-46 of the accompanying product supplement.

Capped Leveraged Index Return Notes<sup>®</sup> TS-10

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the VanEck Semiconductor ETF, due August , 2027</u>  

Additional Risk Factors

**<u>Additional Market Measure-related Risks</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪**The Market Measure is concentrated in the semiconductor industry and does not provide diversified exposure.** The Market Measure's stocks are not diversified and are concentrated in the semiconductor industry, which means the Market Measure is more likely to be more adversely affected by any negative performance of the semiconductor industry than a Market Measure that includes more diversified stocks across a number of industries. Competitive pressures may have a significant effect on the financial condition of companies in the semiconductor industry. The Market Measure is subject to the risk that companies that are in the semiconductor industry may be similarly affected by particular economic or market events. As product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability.

Semiconductor companies are vulnerable to wide fluctuations in securities prices due to rapid product obsolescence. Many semiconductor companies may not successfully introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for their products, and failure to do so could have a material adverse effect on their business, results of operations and financial condition. Reduced demand for end-user products, underutilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor industry. Semiconductor companies typically face high capital costs and such companies may need additional financing, which may be difficult to obtain. They also may be subject to risks relating to research and development costs and the availability and price of components. Moreover, they may be heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. Some of the companies involved in the semiconductor industry are also engaged in other lines of business unrelated to the semiconductor business, and they may experience problems with these lines of business, which could adversely affect their operating results.

The international operations of many semiconductor companies expose them to risks associated with instability and changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations, competition from subsidized foreign competitors with lower production costs, tariffs and trade disputes, and other risks inherent to international business. The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. Companies in the semiconductor industry also may be subject to competition from new market entrants. The stock prices of companies in the semiconductor industry have been and will likely continue to be extremely volatile compared to the overall market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪**The Market Measure may be disproportionately affected by the performance of a small number of stocks.** A relatively small number of stocks comprise a significant portion of the Market Measure. As a result, a decline in the prices of one or more of these stocks, including as a result of events negatively affecting one or more of these companies, may have the effect of significantly lowering the price of the Market Measure even if none of the other stocks held by the Market Measure are affected by such events. Because of the weighting of the holdings of the Market Measure, the amount you receive at maturity could be less than the payment at maturity you would have received if you had invested in a product linked to an exchange-traded fund that capped the maximum weight of any one stock to a low amount or that equally weighted all stocks held by such fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪**An investment in the notes is subject to risks associated with foreign securities markets, including emerging markets.** Some of the securities held by the Market Measure are issued by foreign companies and you should be aware that investments in securities linked to the value of foreign equity securities involve particular risks. Foreign securities markets may have less liquidity and may be more volatile than the U.S. securities markets, and market developments may affect foreign markets differently than U.S. securities markets. Direct or indirect government intervention to stabilize a foreign securities market, as well as cross-shareholdings in foreign companies, may affect trading prices and volumes in those markets. Also, there is generally less publicly available information about non-U.S. companies that are not subject to the reporting requirements of the SEC, and non-U.S. companies are subject to accounting, auditing and financial reporting standards and requirements that differ from those applicable to U.S. reporting companies.

The prices and performance of securities of non-U.S. companies are subject to political, economic, financial, military and social factors which could negatively affect foreign securities markets, including the possibility of recent or future changes in a foreign government's economic, monetary and fiscal policies, the possible imposition of, or changes in, currency exchange laws or other laws or restrictions applicable to foreign companies or investments in foreign equity securities, the possibility of imposition of withholding taxes on dividend income, the possibility of fluctuations in the rate of exchange between currencies, the possibility of outbreaks of hostility or political instability and the possibility of natural disaster or adverse public health developments. Moreover, the relevant non-U.S. economies may differ favorably or unfavorably from the U.S. economy in important respects, such as growth of gross national product, rate of inflation, trade surpluses or deficits, capital reinvestment, resources and self-sufficiency.

Capped Leveraged Index Return Notes<sup>®</sup> TS-11

------

<u>Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the VanEck Semiconductor ETF, due August , 2027</u>  

In addition, the Market Measure may include companies in countries with emerging markets. Countries with emerging markets may have relatively unstable governments, may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets, and may have less protection of property rights than more developed countries. The economies of countries with emerging markets may be based on only a few industries, may be highly vulnerable to changes in local or global trade conditions (due to economic dependence upon commodity prices and international trade), and may suffer from extreme and volatile debt burdens, currency devaluations or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. The securities included in the Market Measure may be listed on a foreign stock exchange. A foreign stock exchange may impose trading limitations intended to prevent extreme fluctuations in individual security prices and may suspend trading in certain circumstances. These actions could limit variations in the price of the Market Measure which could, in turn, adversely affect the value of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪**Government regulatory action, including legislative acts and executive orders, could result in material changes to the composition of a Market Measure comprised of securities from one or more foreign securities markets and could negatively affect your investment in the notes.** Government regulatory action, including legislative acts and executive orders, could cause material changes to the composition of a Market Measure comprised of securities from one or more foreign securities markets and could negatively affect your investment in the notes in a variety of ways, depending on the nature of such government regulatory action and the securities that are affected. For example, recent executive orders issued by the United States Government prohibit United States persons from purchasing or selling publicly traded securities of certain companies that are determined to operate or have operated in the defense and related materiel sector or the surveillance technology sector of the economy of the People's Republic of China, or publicly traded securities that are derivative of, or that are designed to provide investment exposure to, those securities (including indexed notes). If the prohibitions in those executive orders (or prohibitions under other government regulatory action) become applicable to securities that are currently included in a Market Measure or that in the future are included in a Market Measure, such securities may be removed from a Market Measure. If government regulatory action results in the removal of securities that have (or historically have had) significant weight in a Market Measure, such removal could have a material and negative effect on the value of such Market Measure and, therefore, your investment in the notes. Similarly, if securities that are subject to those executive orders or subject to other government regulatory action are not removed from a Market Measure, the value of the notes could be materially and negatively affected, and transactions in, or holdings of, the notes may become prohibited under United States law. Any failure to remove such securities from a Market Measure could result in the loss of a significant portion or all of your investment in the notes, including if you attempt to divest the notes at a time when the value of the notes has declined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪**The notes are subject to foreign currency exchange rate risk.** The Market Measure holds securities traded outside of the United States. Its share price will fluctuate based upon its net asset value, which will in turn depend in part upon changes in the value of the currencies in which the securities held by the Market Measure are traded. Accordingly, investors in the notes will be exposed to currency exchange rate risk with respect to each of the currencies in which the securities held by the Market Measure are traded. An investor's net exposure will depend on the extent to which these currencies strengthen or weaken against the U.S. dollar. If the dollar strengthens against these currencies, the net asset value of the Market Measure will be adversely affected and the price of the Market Measure may decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪**Even though currencies trade around-the-clock, your notes will not.** Your notes are linked to a Market Measure that holds assets denominated in non-U.S. dollar currencies. The interbank market in foreign currencies is a global, around-the-clock market. Therefore, the hours of trading for your notes, if any trading market develops, will not conform to the hours during which the currencies in which the Market Measure is denominated or in which the stocks held by the Market Measure trade. Significant price and rate movements may take place in the underlying foreign currency exchange markets that will not be reflected immediately in the price of your notes. The possibility of these movements should be taken into account in relating the value of your notes to those in the underlying foreign currency exchange markets. There is no systematic reporting of last-sale information for foreign currencies. Reasonably current bid and offer information is available in certain brokers' offices, in bank foreign currency trading offices and to others who wish to subscribe for this information, but this information will not necessarily be reflected in the value of the Market Measure used to calculate the amount payable on your notes. There is no regulatory requirement that those quotations be firm or revised on a timely basis. The absence of last-sale information and the limited availability of quotations to individual investors may make it difficult for many investors to obtain timely, accurate data about the state of the underlying foreign currency exchange markets.

Capped Leveraged Index Return Notes<sup>®</sup> TS-12

------

<u>Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the VanEck Semiconductor ETF, due August , 2027</u>  

The Market Measure

The shares of the VanEck Semiconductor ETF (the "Market Measure") are issued by VanEck ETF Trust (the "trust"), a registered investment company.

• The Market Measure is an exchange-traded fund that seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS<sup>®</sup> US Listed Semiconductor 25 Index (the "Underlying Index"). The Underlying Index includes common stocks and depositary receipts of U.S. exchange-listed companies in the semiconductor industry.

• The return on your notes is linked to the performance of the Market Measure, and not to that of the Underlying Index on which the Market Measure is based. The performance of the Market Measure may significantly diverge from that of its Underlying Index.

• The Market Measure's investment advisor is Van Eck Associates Corporation.

• The Market Measure's shares trade on the Nasdaq Stock Market LLC under the ticker symbol "SMH".

• The trust's SEC CIK Number is 0001137360.

• The inception date for purposes of the ETF shares was December 20, 2011.

Effective September 1, 2021, the trust changed its name from VanEck Vectors<sup>®</sup>ETF Trust to VanEck ETF Trust. In addition, effective September 1, 2021, the name of the Market Measure changed from the VanEck Vectors<sup>®</sup>Semiconductor ETF to the VanEck Semiconductor ETF.

**Holdings with Weights Equal to or in Excess of 20% of the VanEck Semiconductor ETF as of August 11, 2025**

NVIDIA Corporation is registered under the Securities Exchange Act of 1934. Companies with securities registered under the Exchange Act are required to file financial and other information specified by the SEC periodically. Information filed by this Market Measure stock issuer with the SEC electronically can be reviewed through a website maintained by the SEC. The address of the SEC's website is sec.gov. Information filed with the SEC by the above-referenced Market Measure stock issuer under the Exchange Act can be located by referencing its SEC file number specified below.

The graph below shows the daily historical closing prices of NVIDIA Corporation from January 1, 2015 through August 11, 2025. We obtained the prices in the graph below using data from Bloomberg Financial Services, without independent verification. We have taken the description of the Market Measure stock issuer set forth below from publicly available information without independent verification.

According to publicly available information, NVIDIA Corporation is a full-stack computing infrastructure company with data-center-scale offerings. Information filed with the SEC by the Market Measure stock issuer under the Exchange Act can be located by referencing its SEC file number 000-23985. The daily historical closing prices for NVIDIA Corporation in the graph below have been adjusted for a 4-for-1 stock split that became effective before the market open on July 20, 2021 and a 10-for-1 stock split that became effective before the market open on June 10, 2024.

**Historical Performance of NVIDIA Corporation**

![img221173105_8.jpg](img221173105_8.jpg)

Capped Leveraged Index Return Notes<sup>®</sup> TS-13

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the VanEck Semiconductor ETF, due August , 2027</u>  

**Where Information About the Market Measure Can Be Obtained** 

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

Neither we, GSG, GS&Co., MLPF&S nor our other or their affiliates make any representation or warranty as to the accuracy or completeness of any materials referred to above, including any filings made by the trust with the SEC.

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

This term sheet relates only to your note and does not relate to the Market Measure. We have derived all information about the Market Measure in this term sheet from the publicly available information referred to in the preceding subsection. Neither we, GSG, GS&Co., MLPF&S nor our other or their affiliates have participated in the preparation of any of those documents or made any "due diligence" investigation or inquiry with respect to the Market Measure in connection with the offering of your note. Furthermore, we do not know whether all events occurring before the date of this term sheet — including events that would affect the accuracy or completeness of the publicly available documents referred to above and the trading price of shares of the Market Measure — have been publicly disclosed. Subsequent disclosure of any events of this kind or the disclosure of or failure to disclose material future events concerning the Market Measure could affect the value you will receive at maturity and, therefore, the market value of your note.

Neither we, GSG, GS&Co., MLPF&S nor our other or their affiliates make any representation to you as to the performance of the Market Measure.

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

Capped Leveraged Index Return Notes<sup>®</sup> TS-14

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the VanEck Semiconductor ETF, due August , 2027</u>  

**Historical Closing Market Prices of the Market Measure**

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

**You should not take the historical prices of the Market Measure as an indication of the future performance of the Market Measure, including because of the recent volatility described above.** We cannot give you any assurance that the future performance of the Market Measure or the stocks held by the Market Measure will result in you receiving the outstanding principal amount of your notes on the maturity date.

Neither we nor any of our affiliates make any representation to you as to the performance of the Market Measure. Before investing in the offered notes, you should consult publicly available information to determine the relevant prices of the Market Measure between the date of this term sheet and the date of your purchase of the notes **and, given the recent volatility described above, you should pay particular attention to recent prices of the Market Measure.** The actual performance of the Market Measure over the life of the offered notes, as well as the Redemption Amount, may bear little relation to the historical Closing Market Prices shown below.

The graph below shows the daily historical Closing Market Prices of the Market Measure from January 1, 2015 through August 11, 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 price of most equity ETFs. We obtained the Closing Market Prices in the graph below from Bloomberg Financial Services, without independent verification. On August 11, 2025, the Closing Market Price of the Market Measure was $293.40.

**Historical Performance of the Market Measure**

![img221173105_9.jpg](img221173105_9.jpg)

Capped Leveraged Index Return Notes<sup>®</sup> TS-15

------

<u>Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the VanEck Semiconductor ETF, due August , 2027</u>  

Supplement to the Plan of Distribution; Conflicts of Interest

See "Supplemental Plan of Distribution" on page PS-43 of the accompanying product supplement and "Plan of Distribution — Conflicts of Interest" on page 127 of the accompanying prospectus. GSFC estimates that its share of the total offering expenses, excluding underwriting discounts and commissions, will be approximately $.

GSFC will sell to GS&Co., and GS&Co. will purchase from GSFC, the aggregate principal amount of the offered notes specified on the front cover of this term sheet. MLPF&S will purchase the notes from GS&Co. for resale, and will receive a discount in connection with the sale of the notes in an amount up to the full amount of underwriting discount set forth on the cover of this term sheet. MLPF&S will offer the notes at the public offering price set forth on the cover page hereto. GS&Co. is an affiliate of GSFC and GSG and, as such, will have a "conflict of interest" in this offering of notes within the meaning of Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5121. Consequently, this offering of notes will be conducted in compliance with the provisions of FINRA Rule 5121. GS&Co. will not be permitted to sell notes in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder. We will pay a fee to LFT Securities, LLC for providing certain electronic platform services with respect to this offering, which will reduce the economic terms of the notes to you. An affiliate of MLPF&S has an ownership interest in LFT Securities, LLC.

In connection with the initial offering of the notes, the minimum principal amount of notes that may be purchased by any investor is $100,000.

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

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

The notes will not be listed on any securities exchange or interdealer quotation system. If you place an order to purchase the notes, you are consenting to MLPF&S and/or one of its affiliates acting as a principal in effecting the transaction for your account.

The value of the notes shown on your account statement will be based on GS&Co.'s estimate of the value of the notes if GS&Co. were to make a market in the notes, which they are not obligated to do. That estimate will be based upon the price that GS&Co. may pay for the notes in light of then-prevailing market conditions and other considerations as described under "Risk Factors — Valuation- and Market-related Risks — The estimated value of your notes at the time the terms of your notes are set on the pricing date (as determined by reference to pricing models used by GS&Co.) is less than the public offering price of your notes." on page TS-9 of this term sheet.

Capped Leveraged Index Return Notes<sup>®</sup> TS-16

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the VanEck Semiconductor ETF, due August , 2027</u>  

Structuring the Notes

The notes are our debt securities, the return on which is linked to the performance of the Market Measure. The related guarantees are GSG's obligations. As is the case for all of our debt securities, including our market-linked notes, the economic terms of the notes reflect our and GSG's actual or perceived creditworthiness at the time of pricing. The economic terms of the notes are based upon certain variables, including principally our credit spreads, interest rates (forecasted, current and historical rates), volatility, price-sensitivity analysis and the time to maturity of the notes. These variables will influence the economic terms of the notes and the initial estimated value of the notes on the pricing date. In addition, the underwriting discount and costs incurred in creating, documenting and marketing the notes will reduce the economic terms of the notes and the initial estimated value of the notes on the pricing date.

At maturity, we are required to pay the Redemption Amount to holders of the notes, which will be calculated based on the performance of the Market Measure and the $10 per unit principal amount. In order to meet these payment obligations, at the time we issue the notes, we have entered into, or expect to enter into, certain hedging arrangements (which may include call options, put options or other derivatives) with GS&Co. or one of our other affiliates. The terms of these hedging arrangements may take into account a number of factors, including our and GSG's creditworthiness, interest rate movements, the volatility of the Market Measure, the tenor of the notes and the tenor of the hedging arrangements. See "Hedging" on page PS-22 in the accompanying product supplement for additional information.

For further information, see "Risk Factors—Valuation- and Market-related Risks" and "—Conflict-related Risks" beginning on page PS-10 and PS-13, respectively, and "Use of Proceeds" on page PS-22 of the accompanying product supplement.

Capped Leveraged Index Return Notes<sup>®</sup> TS-17

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<u>Capped Leveraged Index Return Notes<sup>®</sup><br>Linked to the VanEck Semiconductor ETF, due August , 2027</u>  

Summary Tax Consequences

You should consider the U.S. federal income tax consequences of an investment in the notes, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪There is no statutory, judicial, or administrative authority directly addressing the characterization of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪You agree with us (in the absence of an administrative determination, or judicial ruling to the contrary) to characterize and treat the notes for all tax purposes as a single financial contract with respect to the Market Measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪No assurance can be given that the Internal Revenue Service ("IRS") or any court will agree with this characterization and tax treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Under this characterization and tax treatment of the notes, a U.S. Holder (as defined in the prospectus) generally will recognize capital gain or loss upon maturity or upon a sale, exchange or redemption of the notes prior to maturity This capital gain or loss generally will be long-term capital gain or loss if you hold the notes for more than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Under current IRS guidance, withholding on "dividend equivalent" payments (as discussed in the product supplement), if any, will not apply to notes that are issued as of the date of this term sheet unless such notes are "delta-one" instruments.

You should consult your own tax advisor concerning the U.S. federal income tax consequences to you of acquiring, owning, and disposing of the notes, as well as any tax consequences arising under the laws of any state, local, foreign, or other tax jurisdiction and the possible effects of changes in U.S. federal or other tax laws. You should review carefully the discussion under the section entitled "U.S. Federal Income Tax Summary" beginning on page PS-46 of the accompanying product supplement.

Where You Can Find More Information

We and GSG have filed a registration statement (including a product supplement, a prospectus supplement, and a prospectus) with the SEC for the offering to which this term sheet relates. Before you invest, you should read the Note Prospectus, including this term sheet, and the other documents relating to this offering that we and GSG have filed with the SEC, for more complete information about us, GSG and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov or, alternatively, by calling MLPF&S toll-free at 1-800-294-1322.

"Leveraged Index Return Notes<sup>®</sup>" and "LIRNs<sup>®</sup>" are registered service marks of Bank of America Corporation, the parent company of MLPF&S.

Capped Leveraged Index Return Notes<sup>®</sup> TS-18

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