[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_128":129},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","eyno90ro5k6wwon2a7b61biju","revision",2,"title","高盛集团发行1,297,000美元可赎回指数挂钩票据","originalTitle","GOLDMAN SACHS GROUP INC (0000886982) (Filer)","summary","高盛集团发行了面值1,297,000美元的可赎回固定息票指数挂钩票据，由高盛集团无条件担保。该票据每季度支付1%的票息（最高4%），投资回报取决于标普500、罗素2000和纳斯达克100期货超额收益指数中表现较差的一个指数的表现。","reason","高盛集团发行了面值1,297,000美元的可赎回固定息票指数挂钩票据，挂钩标普500、罗素2000和纳斯达克100期货超额收益指数，投资者面临本金损失风险。","source",{"_12":119,"_120":121,"_9":122,"_123":42,"_124":125,"_126":127},"links",{"_116":117,"_104":118},"publishedAt","2026-10-09T20:05:34.000Z","discoveredAt","2026-10-09T20:21:30.899Z","timelineAt","category","ai-products","tags",[110,111,112,113,114,115],"stockSymbols",[109],"score",65,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":103,"_104":-5,"_105":106,"_107":108},"outline",[77,78,79,80,81,82,83,84],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fn0RFORjYYiI",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","40ec87db-f901-4f1b-9d53-d1d486df90c8","高盛发行可赎回指数挂钩票据",{"_73":74,"_16":75},{"_12":101,"_86":102,"_88":15},{"_12":99,"_86":100,"_88":15},{"_12":97,"_86":98,"_88":15},{"_12":95,"_86":96,"_88":15},{"_12":93,"_86":94,"_88":15},{"_12":91,"_86":92,"_88":15},{"_12":89,"_86":90,"_88":15},{"_12":85,"_86":87,"_88":15},"sec-8","text","Supplemental Discussion of U.S. Federal Income Tax Consequences","level","sec-7","Historical Closing Levels of the Underliers","sec-6","The Underliers","sec-5","我们可能以不同的发行价格出售额外的票据总面值","sec-4","您没有股东权利或获得任何标的物股票的权利","sec-3","与您的凭证相关的其他特定风险因素","sec-2","假设性示例","sec-1","条款和条件","

根据规则424(b)(2)提交

注册声明编号 333-284538

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$\"img95671454_0.jpg\"$

GS Finance Corp.

$1,297,000

2031年到期的可赎回固定利率指数挂钩票据

由

高盛集团有限公司提供担保

在下文所述的赎回权范围内，票据将在每个季度票息支付日支付固定票息，每1000美元面值的票息为10美元（季度1%，或最高每年4%），支付时间从2027年1月开始，到约定到期日（2031年10月10日）结束。在约定到期日，除了最后的票息外，您将根据从交易日（2026年10月7日）到确定日（2031年10月7日）期间S&P 500®期货超额收益指数、Russell 2000®期货超额收益指数和纳斯达克-100期货超额收益™指数的表现，获得票据的支付金额。

S&P 500®期货超额收益指数跟踪的是E-迷你S&P 500期货合约的表现，而不是S&P 500®指数；Russell 2000®期货超额收益指数跟踪的是E-迷你Russell 2000期货合约的表现，而不是Russell 2000®指数；纳斯达克-100期货超额收益™指数跟踪的是E-迷你纳斯达克-100期货合约的表现，而不是纳斯达克-100指数®。一般来说，期货合约的投资回报与购买并持有该合约所对应的证券的回报相关，但并不相同。

此外，关于Russell 2000®期货超额收益指数和纳斯达克-100期货超额收益™指数的表现，仅有有限的历史信息可供参考，这可能使您难以就票据投资做出明智的决策。

我们可以在任何赎回支付日（从2028年1月开始，到2031年7月结束的每个票息支付日）以面值的100%加上（i）1000美元乘以该赎回支付日适用的赎回溢价金额，以及（ii）当时应付的票息金额，赎回您的票据。每个赎回支付日的票息支付日和适用的赎回溢价金额在本定价补充文件第PS-5页中规定。

如果我们不赎回您的票据，在到期时，您将获得的金额（除了最后的票息外）将根据表现较差的指数（即指数回报最低的指数）的表现确定。每个指数的指数回报是该指数在确定日的最终水平相对于其初始水平（S&P 500®期货超额收益指数为619.48，Russell 2000®期货超额收益指数为371.81，纳斯达克-100期货超额收益™指数为812.1006（在每种情况下均为交易日（2026年10月7日）的日内水平或收盘水平））的百分比增长或减少。

如果每个指数的最终水平大于或等于其初始水平，您的票据的回报将为正或零，并等于2倍的较弱表现指数回报的参与率。如果任何指数的最终水平低于其初始水平，但每个指数的最终水平大于或等于其初始水平的75%，则您的票据的回报将等于较弱表现指数回报的绝对值（例如，如果较弱表现指数的回报为-10%，您的回报将为+10%）。如果任何指数的最终水平低于其初始水平的75%，则您的票据的回报将为负。您可能会损失票据的全部投资。

例如，如果较弱表现指数的回报为-25%，您将获得票据的25%的正回报；但是，如果较弱表现指数的回报为-26%，您将损失票据价值的26%（基于较弱表现指数回报的微小负变化，票据的回报将出现非常显著的负变化）。您可能在到期时获得的金额显著低于票据的面值。

在到期时，除了最终票息外，对于每张面值1000美元的票据，您将收到现金金额，等于：

•

如果每个指数的最终水平大于或等于其初始水平，则为（i）1000美元加上（ii）（a）1000美元乘以（b）参与率乘以（c）较弱表现指数的回报；

•

如果任何指数的最终水平低于其初始水平，但每个指数的最终水平大于或等于其初始水平的75%，则为（i）1000美元加上（ii）（a）1000美元乘以（b）较弱表现指数回报的绝对值；或者

•

如果任何指数的最终水平低于其初始水平的75%，则为（i）1000美元加上（ii）（a）1000美元乘以（b）较弱表现指数的回报。您将获得的金额低于票据面值的75%。

您应阅读此处的披露信息，以更好地了解您投资的条款和风险，包括GS Finance Corp.和The Goldman Sachs Group, Inc.的信用风险。参见第PS-11页。

在交易日确定票据条款时，您的票据的估计价值等于每1000美元面值约931美元。有关估计价值以及Goldman Sachs & Co. LLC在票据上做市时可能最初买卖您的票据的价格的讨论，请参见下一页。

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原始发行日期：	2026年10月13日	原始发行价格：	面值的100%
承销折扣：	面值的0.75%*	发行人净收益：	面值的99.25%

* 有关构成承销折扣的费用的更多信息，请参见第PS-27页的“补充发行计划；利益冲突”。

证券交易委员会或其他任何监管机构均未批准或否决这些证券，也未对本招股说明书的准确性或充分性进行审查。与此相反的任何陈述都是犯罪行为。票据不是银行存款，也不受联邦存款保险公司或任何其他政府机构的保险，也不是银行的负债或担保。

Goldman Sachs & Co. LLC

定价补充文件第27,402号，2026年10月7日。

上述发行价格、承销折扣和净收益仅适用于我们最初发行的票据。在本定价补充文件日期之后，我们可能决定以不同的发行价格以及不同的承销折扣和净收益发行额外的票据。您在票据上的投资回报（无论正负）部分取决于您购买此类票据的发行价格。

GS Finance Corp. 可能在票据的首次销售中使用本招股说明书。此外，高盛公司 & Co. LLC 或 GS Finance Corp. 的任何其他附属公司可能在票据首次销售后在做市交易中使用本招股说明书。除非 GS Finance Corp. 或其代理人已在销售确认中另有通知，否则本招股说明书正在用于做市交易。

您票据的预估价值

在交易日确定您的票据条款时（根据高盛公司 & Co. LLC (GS&Co.) 使用的定价模型确定，并考虑我们的信用利差），您票据的预估价值等于每 1,000 美元面值约 931 美元，这低于原始发行价格。在任何时间，您票据的价值将反映许多因素，无法预测；然而，GS&Co. 初始买入或卖出票据的价格（如果它做市，但没有义务这样做）以及 GS&Co. 初始用于账户报表和其他用途的价值等于您票据在定价时的预估价值，再加上额外金额（最初等于每 1,000 美元面值 69 美元）。

在 2027 年 2 月 7 日之前，GS&Co. 将以（不包括 GS&Co. 常规买卖价差）的价格买入或卖出您的票据（如果它做市，但没有义务这样做）将等于（a）当时您票据的预估价值（根据 GS&Co. 的定价模型确定）加上（b）任何剩余的额外金额（额外金额将从定价时起至 2027 年 2 月 6 日以直线方式减少至零）。在 2027 年 2 月 7 日及之后，GS&Co. 将以（不包括 GS&Co. 常规买卖价差）的价格买入或卖出您的票据（如果它做市）将等于根据此类定价模型确定的您票据的当前预估价值。

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关于您的招股说明书

这些票据是 GS Finance Corp. 的中期票据、系列 F 计划的一部分，并由高盛集团有限公司完全无条件担保。本招股说明书包括本定价补充文件和下列附带文件。本定价补充文件是下列文件的补充文件，不详述您票据的所有条款，因此应与这些文件一并阅读：

•

2026 年 1 月 20 日第 17,745 号一般条款补充文件

•

2026 年 9 月标普 500® 期货超额收益指数补充文件，2026 年 9 月 23 日

•

2026 年 9 月 23 日第 50 号相关资产补充文件

•

2025 年 2 月 14 日定价补充文件

•

2025 年 2 月 14 日招股说明书

本定价补充文件中的信息将取代上述文件中任何冲突的信息。此外，列出文件中描述的某些条款或特征可能不适用于您的票据。

我们通过本定价补充文件发行的票据称为“发行票据”或“票据”。每张发行票据的条款如下所述。请注意，在本定价补充文件中，“GS Finance Corp.”、“我们”、“我们的”和“我们”仅指GS Finance Corp.，不包括其子公司或关联公司；“The Goldman Sachs Group, Inc.”（我们的母公司）仅指The Goldman Sachs Group, Inc.，不包括其子公司或关联公司；“Goldman Sachs”指The Goldman Sachs Group, Inc.及其合并子公司和关联公司，包括我们自己。票据将根据2008年10月10日的高级债务信托协议，以及2015年2月20日的第一次补充信托协议发行，该协议由我们作为发行人、The Goldman Sachs Group, Inc.作为担保人以及The Bank of New York Mellon作为受托人签署。该信托协议，如此后进一步补充，称为随附的招股说明书补充文件中的“GSFC 2008信托协议”。

票据将以簿记形式发行，并由2021年3月22日的主票据编号3代表。

PS-2

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条款和条件

CUSIP / ISIN：40058MA99 / US40058MA997

公司（发行人）：GS Finance Corp.

担保人：The Goldman Sachs Group, Inc.

底层资产（每个单独称为一个底层资产）：标普500®期货超额收益指数（当前彭博符号：“SPXFP Index”），或任何后续底层资产，罗素2000®期货超额收益指数（当前彭博符号：“RTYFPE Index”），或任何后续底层资产，以及纳斯达克-100期货超额收益™指数（当前彭博符号：“NDXNQER Index”），或任何后续底层资产，每个可能根据本文件规定随时修改、替换或调整

参考股票指数（每个单独称为一个参考股票指数）：对于标普500®期货超额收益指数，参考标普500®指数；对于罗素2000®期货超额收益指数，参考罗素2000®指数；对于纳斯达克-100期货超额收益™指数，参考纳斯达克-100指数®

面值：在原始发行日，总面值为1,297,000美元；如果公司在其单独选择下决定在交易日后某日出售额外金额，总面值可能会增加

授权面额：1,000美元或超过该金额的任何整数倍

本金金额：根据以下“— 公司的赎回权”中所述的条款由公司赎回，在到期日，除了最后的票息外，公司将为每1,000美元的未偿面值支付现金金额，如果有的话，等于现金结算金额。

现金结算金额：

•

如果每个底层资产的最终底层资产水平大于或等于其初始底层资产水平，则为（i）1,000美元加上（ii）（a）1,000美元乘以（b）上行参与率乘以（c）表现较差的底层资产收益的乘积；

•

如果任何相关资产的最终相关资产水平低于其初始相关资产水平，但每个相关资产的最终相关资产水平均大于或等于其触发缓冲水平，则总金额为（i）1000美元加上（ii）（a）1000美元乘以（b）最差表现相关资产的绝对收益率；或

•

如果任何相关资产的最终相关资产水平低于其触发缓冲水平，则总金额为（i）1000美元加上（ii）（a）1000美元乘以（b）最差表现相关资产的收益率

公司的赎回权：公司可在每个赎回支付日，根据其选择，全部但不可部分地赎回本票据，按面值金额现金支付，每1000美元未偿面值金额的赎回金额等于（i）1000美元加上（ii）（a）1000美元乘以（b）下文“— 票息支付日”中规定的适用赎回溢价金额，再加上（iii）当时应付的票息。

如果公司选择行使公司的赎回权，它将通过至少提前三个营业日的通知通知本票据的持有人和受托人。公司发出通知的日期（该日期为营业日）将为赎回通知日，公司将在赎回通知中说明的紧随其后的赎回支付日将为赎回日。

公司不会发出导致赎回日晚于最后一个赎回支付日的赎回通知。一旦发出赎回通知，该通知将不可撤销。

初始相关资产水平：相对于标普500®期货超额收益指数为619.48，相对于Russell 2000®期货超额收益指数为371.81，相对于纳斯达克-100期货超额收益™指数为812.1006。每个相关资产的初始相关资产水平是交易日的盘中水平或收盘水平。

最终相关资产水平：相对于一个相关资产，该相关资产在确定日的收盘水平，根据下文“— 市场中断事件或非交易日的后果”和“— 相关资产的中止或修改”中的规定进行调整

PS-3

上行参与率：200%

相关资产收益率：相对于一个相关资产，其最终相关资产水平减去其初始相关资产水平除以（ii）其初始相关资产水平的商，以百分比表示

最差表现相关资产收益率：最差表现相关资产的收益率

最差表现相关资产：收益率最低的相关资产

最差表现相关资产的绝对收益率：最差表现相关资产收益率的绝对值，以百分比表示（例如，-10%的最差表现相关资产收益率将等于+10%的最差表现相关资产的绝对收益率）

触发缓冲水平：对于每个相关资产，为其初始相关资产水平的75%

票息：在每个票息支付日，对于每1000美元的未偿面值金额，公司将在现金中支付金额等于10美元（每季度1%，或每年最高4%）。任何票息支付日应付的票息将支付给在该票息支付日的常规记录日收盘时本票据登记持有人。如果票息在到期时应付但该日不是票息支付日，则票息将支付给有权获得本票据本金的人。

行权金额：就任何行权支付日而言，指下文“— 票息支付日”下所列表格中规定的适用行权金额；如该表格所示，行权金额随着票据存续时间的延长而增加

交易日：2026年10月7日

原始发行日：2026年10月13日

确定日：2031年10月7日，除非计算代理方确定，就任何相关资产而言，该日发生或持续存在市场中断事件，或该日不是交易日。

如果最初安排的确定日对于任何相关资产而言是非交易日，则确定日将为该日之后的第一个对于所有相关资产均为交易日的日期（“第一个合格交易日”），前提是该日对于任何相关资产而言未发生或持续存在市场中断事件。如果在最初安排的确定日或第一个合格交易日，对于任何相关资产而言发生或持续存在市场中断事件，则确定日将为计算代理方确定的下一个交易日，在该日，计算代理方确定每个相关资产至少有一个交易日（从包括最初安排的确定日或第一个合格交易日开始）上未发生或持续存在市场中断事件，并且每个相关资产的收盘水平将在下文“— 市场中断事件或非交易日的后果”中所述的推迟确定日之前或当天确定。（在这种情况下，确定日可能与用于在确定日进行计算的相关资产水平确定的日期不同。）然而，无论如何，确定日不得推迟至最初安排的到期日之后，或如果最初安排的到期日不是营业日，则不得推迟至最初安排的到期日之后的第一个营业日，无论是因为连续非交易日的发生，还是因为一个或多个市场中断事件的发生。在最后一个可能的确定日，如果对于尚未有未发生或持续存在市场中断事件的交易日的相关资产而言发生或持续存在市场中断事件，或者如果该最后一个可能的日期对于该相关资产而言不是交易日，则该日期仍为确定日。

到期日：2031年10月10日，除非该日不是营业日，如果是这样，则到期日将推迟至下一个后续营业日。如果如上文“— 确定日”所述，确定日被推迟，则到期日也将被推迟。在这种情况下，到期日将从最初安排的确定日（不包括）到实际确定日（包括）之间推迟相同数量的营业日。

行权支付日：每个票息支付日，从2028年1月开始，到2031年7月结束，根据下文“— 票息支付日”中的描述进行调整

PS-4

付息日期：如下表中指定的每个日期（除非最终付息日期将是规定的到期日），除非对于任何此类付息日期，该日不是工作日，在这种情况下，此类付息日期将推迟到下一个后续工作日。

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付息日期	赎回溢价金额
2027年1月12日	N/A
2027年4月12日	N/A
2027年7月12日	N/A
2027年10月13日	N/A
2028年1月12日	28.125%
2028年4月12日	33.75%
2028年7月12日	39.375%
2028年10月12日	45%
2029年1月11日	50.625%
2029年4月12日	56.25%
2029年7月12日	61.875%
2029年10月11日	67.5%
2030年1月10日	73.125%
2030年4月11日	78.75%
2030年7月11日	84.375%
2030年10月10日	90%
2031年1月10日	95.625%
2031年4月10日	101.25%
2031年7月10日	106.875%
2031年10月10日	N/A

结算水平：就某标的资产而言，在任何交易日，该标的资产或其后续标的资产的官方结算水平，由标的资产发起人于该交易日发布

交易日：就某标的资产而言，标的资产发起人正常营业且标的资产由标的资产发起人计算并发布的日期

后续标的资产：就某标的资产而言，经计算代理人根据下文“— 标的资产的中止或修改”中规定的条款批准的替代标的资产

标的资产发起人：就某标的资产而言，在任何时候，确定并发布该标的资产的个人或实体，包括任何后续发起人。这些票据并非由任何标的资产发起人或其任何关联方赞助、认可、销售或推广，任何标的资产发起人或其关联方均不就投资这些票据的适宜性作出任何陈述。

标的资产股票：就某标的资产而言，在任何时候，构成其参考股票指数的股票，根据当时有效的任何添加、删除或替换

市场中断事件：就任何交易日而言，以下任何一种情况都将构成该标的资产的市场中断事件：

•

标的资产股票中占其参考股票指数权重20%或以上的股票在各自主要市场中暂停交易、无交易或交易受到重大限制，且每次持续交易超过两个小时或在该市场交易结束前的半小时内，由计算代理人自行决定

•

其参考股票指数或占其参考股票指数权重20%或以上的标的资产股票的期权或期货合约在相关主要市场中暂停交易、无交易或交易受到重大限制，且每次持续交易超过两个小时

PS-5

或在该市场交易结束前的半小时内，由计算代理人自行决定，或

•

其参考股票指数或占其参考股票指数权重20%或以上的标的资产股票的期权或期货合约（如有的话）在各自的主要市场中没有交易，这些主要市场是该标的资产股票或合约的各自主要市场，由计算代理人自行决定，

并且，在上述任何事件的情况下，清算代理机构可根据其单独裁量认为，该事件可能对公司的任何附属公司或类似情况的人士撤销与本票据相关的全部或重大部分对冲操作的能力产生重大干扰。
以下事件不会被认定为市场中断事件：

●

交易时间或交易天数的限制，但仅当该限制是由于相关市场正常营业时间的公告变更所导致时，

●

决定永久停止与其参考股权指数或任何底层股票相关的期权或期货合约的交易。

就本目的而言，如果底层股票在主要证券市场交易，或与该股票的参考股权指数或底层股票相关的期权或期货合约在主要市场交易，该市场在正常情况下本身关闭交易的时间段，不视为交易中断。相反，如果由于以下原因在该股票或相关期权或期货合约的主要市场中暂停或限制交易：

•

价格变动超过该市场设定的限制，

•

与该基础股票或这些合约相关的订单失衡，或

•

与该基础股票或这些合约相关的买卖报价差异，

将构成该市场中对该股票或这些合约的暂停交易或重大限制。

针对某一基础资产的市场中断事件，本身不会构成对任何未受影响基础资产的市场中断事件。

市场中断事件或非交易日的后果：对于任何基础资产，如果在本应为确定日期的某一天发生市场中断事件或该天不是交易日，则确定日期将按照上述“— 确定日期”中的描述进行推迟。如果由于连续非交易日的发生，确定日期被推迟到最后可能的日期，则每个基础资产的水平将由计算代理人在该最后可能的推迟确定日期的单独判断下评估的水平。

如果由于与任何相关资产有关的市场中断事件而推迟确定日期，则每个相关资产在确定日期的最终相关资产水平将根据以下方式计算：(i) 对于在最初安排的确定日期或其后第一个合格交易日（如适用）未受到市场中断事件影响的相关资产，该相关资产在该日期的收盘水平；(ii) 对于在最初安排的确定日期或其后第一个合格交易日（如适用）受到市场中断事件影响的相关资产，该相关资产在随后第一个没有市场中断事件的交易日的收盘水平；(iii) 计算代理根据其独立判断，对在该相关资产持续存在市场中断事件的最后可能推迟确定日期的相关资产水平的评估。因此，这可能导致每个相关资产在确定日期的最终相关资产水平在不同的日历日期确定。为避免疑义，一旦确定了相关资产在确定日期的收盘水平，之后发生的市场中断事件或非交易日不会改变该计算。

相关资产的中止或修改：如果相关资产的发布方中止发布相关资产，并且该相关资产发布方或任何其他人发布了计算代理认为与该相关资产可比并批准作为继任相关资产的替代相关资产，或者计算代理指定替代相关资产，则计算代理将根据该继任相关资产在约定到期日确定现金结算金额。

PS-6

如果计算代理确定相关资产的发布中止且没有继任相关资产，则计算代理将根据其确定的计算方法，在约定到期日确定现金结算金额，该方法应尽可能合理地复制该相关资产。

如果计算代理确定（i）相关资产、相关资产股票或计算该相关资产的方法在任何时间以任何方式发生变更——包括任何新增、删除或替换，以及该相关资产或相关资产股票的任何重新加权或再平衡，无论该变更是由相关资产发布方根据其现有政策作出，还是在其政策修改后作出，是由于发布继任相关资产，是由于影响一个或多个相关资产股票或其发行人的事件，还是由于其他原因——且未通过相关资产发布方根据相关资产当前相关资产方法在相关资产水平中反映出来，或（ii）相关资产发生拆分或反向拆分，则计算代理将被允许（但非必须）对该相关资产或其计算方法作出其认为适当的调整，以确保用于确定约定到期日现金结算金额的相关资产水平是公平的。

计算代理方对相关资产的所有决定和调整均可由计算代理方自行决定作出。计算代理方没有义务作出任何此类调整。

常规记录日期：支付日的前一个预定营业日（如该支付日有所调整）

计算代理方：高盛公司及公司有限责任合伙（“GS&Co.”）

税务性质：持有人代表其自身及任何拥有本票据有益权益的其他人士，兹与公司达成一致（在没有法律变更、行政裁定或司法裁决相反的情况下）将本票据在所有美国联邦所得税目的上归类为与相关资产有关的收益性预付衍生合约。

逾期本金利率和逾期票息利率：有效联邦基金利率

PS-7

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假设性示例

以下示例仅用于说明目的。它们不应被理解为对未来投资结果的指示或预测，仅旨在说明在决定日，表现较差的相关资产的各类假设收盘水平可能对到期时现金结算金额产生的影响，假设其他所有变量保持不变。

以下示例基于完全假设的相关资产水平范围；没有人可以预测您的票据在整个生命周期中任何一天的相关资产收盘水平，以及在决定日表现较差的相关资产的最终收盘水平。过去相关资产波动性很高——这意味着相关资产水平在相对较短的时间内发生了重大变化——并且无法预测其在任何未来期间的表现。

以下示例中的信息反映了假设购买票据的假设收益率，假设您在原始发行日按面值购买并在所述到期日或提前赎回日持有。如果您在所述到期日或提前赎回日之前在二级市场出售您的票据，您的收益将取决于出售时票据的市场价值，这可能受到示例中未反映的多种因素影响，如利率、相关资产的波动性、GS Finance Corp.（作为发行人）的信用状况以及 Goldman Sachs Group, Inc.（作为担保人）的信用状况。此外，根据GS&Co.使用的定价模型确定，您的票据在交易日设定条款时的估计价值低于您的票据原始发行价格。有关您的票据估计价值的更多信息，请参见本定价补充文件第PS-11页的“与您的票据相关的特定额外风险因素——在交易日设定您的票据条款时（根据GS&Co.使用的定价模型确定）的估计价值低于您的票据原始发行价格”。示例中的信息还反映了下方框中的关键条款和假设。

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关键条款和假设
面值	$1,000
票息	$10（每季度1%，或最高每年4%）
赎回溢价金额	本定价补充文件第 PS-5 页规定了每次认股支付日的适用认股溢价金额
上行参与率	200%
触发缓冲水平	就每个相关资产而言，为其初始相关资产水平的 75%
在原定确定日，既没有发生市场中断事件，也不是非交易日
在相关资产股票或适用相关资产发行人计算任何相关资产的方法方面没有发生变化或影响
收益的影响已被排除
在原始发行日按面值购买并持有至规定到期日或提前赎回日的凭证

鉴于此，您凭证的标的资产在存续期间的实际表现，以及到期时可能支付的金额，可能与下面显示的假设示例或本定价补充文件中其他地方显示的历史相关资产水平关系不大。有关最近期间相关资产水平的信息，请参见第 PS-20 页的“相关资产——相关资产的历史收盘水平”。在投资凭证之前，您应查阅公开信息，以确定本定价补充文件日期与您购买凭证日期之间的相关资产水平。

此外，下面显示的假设示例未考虑适用税款的影响。由于适用于您凭证的美国税务处理，税务责任可能比相关资产股票的税后回报更显著地影响您凭证的税后回报率。

下表左列中的水平代表较弱表现相关资产的假设最终相关资产水平，以较弱表现相关资产的初始相关资产水平的百分比表示。右列中的金额代表基于

PS-8

的较弱表现相关资产的相应假设最终相关资产水平的假设现金结算金额，并以凭证面值的百分比表示（四舍五入到千分之一百分比）。因此，假设现金结算金额为 100.000% 意味着，根据较弱表现相关资产的相应假设最终相关资产水平和上述假设，我们在规定到期日对每 1,000 美元的待偿面值凭证所交付的现金支付价值将等于凭证面值的 100.000%。

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凭证尚未被赎回

较弱表现相关资产的假设最终相关资产水平	假设现金结算金额
（以初始相关资产水平的百分比）	（以面值的百分比）
175.000%	250.000%
150.000%	200.000%
125.000%	150.000%
100.000%	100.000%
90.000%	110.000%
80.000%	120.000%
75.000%	125.000%
74.999%	74.999%
50.000%	50.000%
25.000%	25.000%
10.000%	10.000%
0.000%	0.000%
* 不包括最终收益

例如，如果凭证尚未被赎回，且较弱表现相关资产的最终相关资产水平被确定为初始相关资产水平的 25.000%，那么我们在凭证到期时向您交付的现金结算金额将为您的凭证面值的 25.000%，如上表所示。因此，如果您在原始发行日按面值购买凭证并持有至规定到期日，您将损失 75.000% 的投资（如果您按面值以上的价格购买凭证，您将损失相应更高的投资比例）。

例如，如果未赎回凭证，并且表现较差的标的资产的最终水平被确定为初始标的资产水平的90.000%，则表现较差的标的资产的绝对回报率为10.000%，在凭证到期时我们向您支付的现金结算金额将为凭证面值的110.000%，如上表所示。

上述显示的现金结算金额完全是假设性的；它们基于可能无法在确定日实现的标的股票市场价格以及可能被证明是错误的假设。在所述到期日或在任何其他时间（包括您可能希望出售凭证的时间）您的凭证的实际市场价值可能与上述假设的现金结算金额关系不大，这些金额不应被视为对所发行凭证投资的财务回报的指示。在上述示例中，假设您按面值购买凭证并持有至所述到期日的凭证的假设现金结算金额并未调整以反映您实际支付的发行价格。您在凭证上的投资回报（无论正负）将受到您支付的凭证金额的影响。如果您以面值以外的价格购买凭证，您的投资回报将与上述示例所暗示的假设回报不同，可能显著低于后者。请阅读第PS-13页的“与您的凭证相关的其他特定风险因素——您的凭证的市场价值可能受许多不可预测因素的影响”。

凭证的支付在经济上等同于对其他工具组合的支付。例如，凭证的支付在经济上等同于持有人购买的附息债券和持有人与我们之间进行的一项或多项期权的组合（其中一项或多项隐含期权费用随时间支付）。本段中的讨论不修改或影响凭证的条款或美国联邦所得税处理，如本定价补充文件其他部分所述。

PS-9

凭证的条款或美国联邦所得税处理，如本定价补充文件其他部分所述。

我们无法预测标的资产的实际最终水平，也无法预测您的凭证在任何特定交易日的市场价值，也无法预测在所述到期日之前任何时间标的资产的收盘水平与您的凭证市场价值之间的关系。您在到期时实际收到的金额（如有）以及所发行凭证的收益率将取决于凭证是否被赎回，以及根据上述描述由计算代理确定的实际最终标的资产水平。此外，假设示例所基于的假设可能被证明是不准确的。因此，根据所述到期日支付的凭证现金金额（如有）可能与上述示例中反映的信息有很大差异。

PS-10

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与您的凭证相关的其他特定风险因素

对您凭证的投资会受到以下风险的影响，以及随附的招股说明书、随附的招股说明书补充文件中描述的风险和考虑因素，在随附的标的物补充文件第50号中的“与证券相关的额外风险因素”以及在随附的通用条款补充文件第17,745号中的“与凭证相关的额外风险因素”。您应仔细审阅这些风险和考虑因素，以及本文中及随附的招股说明书、随附的招股说明书补充文件、随附的标的物补充文件第50号和随附的通用条款补充文件第17,745号中描述的凭证条款。您的凭证比普通债务证券更具风险。此外，您的凭证并不等同于直接投资于标的物股票，即与您的凭证相关联的标的物的参考股权指数所包含的股票。您应仔细考虑，在您特定的情况下，所发行的凭证是否合适。

与结构、估值和二级市场销售相关的风险

在交易日（根据高盛&Co.的定价模型确定）设定您的凭证条款时的估计价值低于您的凭证的原始发行价

您的凭证的原始发行价高于在交易日设定凭证条款时的估计价值，该价值是根据高盛&Co.的定价模型并考虑我们的信用利差确定的。交易日的该估计价值如上所述的“您的凭证的估计价值”部分所述；交易日后，根据这些模型确定的估计价值将受到市场状况变化、GS Finance Corp.（作为发行人）的信用状况、The Goldman Sachs Group, Inc.（作为担保人）的信用状况以及其他相关因素的影响。高盛&Co.最初买入或卖出您的凭证的价格（如果高盛&Co.做市，它没有义务这样做），以及高盛&Co.最初用于账户对账单和其他用途的价值，也高于根据这些模型确定的您的凭证的估计价值。根据高盛&Co.和分销参与者的协议，这一差额（即“您的凭证的估计价值”中描述的额外金额）将从本日开始至上述“您的凭证的估计价值”中规定的适用日期期间内以直线方式减少至零。此后，如果高盛&Co.买入或卖出您的凭证，它将根据当时参考这些定价模型确定的估计价值进行交易。高盛&Co.在任何时间买入或卖出您的凭证的价格也将反映其当时对类似规模的结构化凭证的买卖价差。

在估算您凭证在交易日确定条款时的价值时，如上文“您凭证的预估价值”部分所述，高盛&Co.的定价模型会考虑某些变量，包括我们主要的信用利差、利率（预测的、当前的和历史的利率）、波动率、价格敏感性分析以及凭证的到期时间。这些定价模型是专有的，部分依赖于对未来事件的某些假设，这些假设可能不正确。因此，如果您在二级市场将凭证出售给他人（如有），您实际获得的价值可能与根据我们的模型确定的凭证预估价值有所不同，可能差异较大，这是由于其他因素，包括其他人使用的定价模型或假设可能不同。参见下文“— 您凭证的市场价格可能受许多不可预测因素的影响”。

在交易日确定凭证条款时，您凭证的预估价值与原始发行价格之间的差异是某些因素的结果，包括主要的承销折扣和佣金、创建、记录和推广凭证所产生的费用，以及我们支付给高盛&Co.的金额与高盛&Co.根据您的凭证支付给我们的金额之间的差额估算。我们支付给高盛&Co.的金额是基于我们向具有类似到期日的非结构性凭证持有人支付的金额。作为此类支付的回报，高盛&Co.支付给我们我们根据您的凭证应付的金额。

除上述因素外，您凭证在任何时间的价值和报价将反映许多因素，且无法预测。如果高盛&Co.为凭证做市，高盛&Co.报出的价格将反映市场条件的变化和其他相关因素，包括我们信用状况或被认为的信用状况，或高盛集团（The Goldman Sachs Group, Inc.）的信用状况或被认为的信用状况的任何恶化。这些变化可能对您凭证的价值产生不利影响，包括您在任何做市交易中可能获得的凭证价格。高盛&Co.为凭证做市的范围。

PS-11

注：所引用的价格将反映当时参考GS&Co.定价模型确定的估计价值，加上或减去当时针对类似规模的结构化票据交易的买卖价差（并受上述减少的超额金额的限制）。\n

此外，如果您出售您的票据，您可能会被收取二级市场交易的佣金，或者价格可能会反映交易商的折扣。该佣金或折扣将进一步减少您在二级市场出售票据时获得的收益。\n

无法保证GS&Co.或任何其他方会在任何价格下愿意购买您的票据，在此方面，GS&Co.并无义务在票据上做市。请参见随附的一般条款补充文件第17,745号第S-7页的“与票据相关的特定额外风险因素——您的票据可能没有活跃的交易市场”。\n

票据受发行人的信用风险和担保人的信用风险影响。

尽管票据的回报将基于每个相关资产的表现，但票据任何应付款项的支付将受GS Finance Corp.（票据发行人）的信用风险以及The Goldman Sachs Group, Inc.（票据担保人）的信用风险影响。票据是我们无担保的债务。投资者依赖我们支付票据所有应付款项的能力，因此投资者将面临我们的信用风险以及市场对我们信用状况看法的变化。同样，投资者依赖The Goldman Sachs Group, Inc.作为票据担保人的支付能力，因此也将面临其信用风险以及市场对其信用状况看法的变化。有关详情，请参见随附的招股说明书补充文件第S-5页“我们可能发行的票据描述——关于我们的中期票据系列F计划——票据与其他债务的优先级”以及第65页“我们可能发行的债务证券描述——The Goldman Sachs Group, Inc.的担保”。

您可能损失全部投资于票据的金额

您可能损失全部投资于票据的金额。在我们具有赎回权的情况下，您的票据在到期日的现金结算金额（如有）将基于表现较差的相关资产从初始相关资产水平到确定日收盘水平的表现。如果表现较差的相关资产的最终相关资产水平低于其触发缓冲水平，您每张面值为1,000美元的票据将产生损失，损失金额等于（i）1,000美元乘以（ii）表现较差的相关资产的回报。因此，您可能损失全部投资于票据的金额，这包括您购买票据时支付的面值溢价。

此外，票据在到期日之前市场的交易价格可能显著低于您购买票据时支付的价格。因此，如果您在到期日之前出售票据，您可能获得的金额远低于您在票据上的投资金额。

您的票据回报可能因表现较差的相关资产水平仅有小幅变动而发生重大变化

如果您的票据未被赎回，且表现较差的相关资产的最终相关资产水平低于其触发缓冲水平，您将获得的金额将少于票据的面值，您可能损失全部或大部分投资于票据的金额。这意味着，尽管表现较差的相关资产的最终相关资产水平下降至其触发缓冲水平不会导致票据本金损失，而是产生等于表现较差的相关资产回报绝对值的正回报，但如果表现较差的相关资产的最终相关资产水平下降至其触发缓冲水平以下，即使表现较差的相关资产水平仅有小幅下降，也将导致票据面值的大部分损失。

您票据的应付金额仅在确定日与相关资产的水平挂钩

每种相关资产的最终相关水平将基于确定日该相关资产的收盘水平（根据本定价补充文件中其他地方所述进行调整）。因此，如果在确定日该相关资产的收盘水平突然下跌，您的票据的现金结算金额可能显著低于如果现金结算金额与该相关资产在该下跌前的收盘水平挂钩时的金额。尽管在您票据的到期日或在票据存续期间其他时间相关资产的实际收盘水平可能高于确定日的相关资产收盘水平，但您将无法从确定日以外任何时间的相关资产收盘水平中获益。

PS-12

我们仅在确定日的相关资产收盘水平中获益。

我们有权选择赎回您的票据

在每个付息日，我们有权选择赎回您的票据。即使我们不行使赎回票据的权利，我们拥有该权利的事实可能会对您票据的价值产生不利影响。在票据到期前是否赎回票据完全由我们决定，我们可能出于任何原因行使或不行使该权利。由于存在赎回选择权，您票据的期限可能会缩短。

票息是固定的，不反映相关资产的实际表现

在我们拥有赎回权的前提下，票据将在每个票息支付日支付固定票息。每个票息支付日的票息与基于相关资产表现的票息不同，可能显著低于后者。您不会参与任何相关资产的价值增长。因此，票据上的票息可能显著低于您通过与相关资产表现挂钩的其他工具可能获得的收益。

现金结算金额将仅基于表现较差的相关资产

如果我们的票据未被赎回，现金结算金额将基于表现较差的相关资产，而不管其他相关资产的表现如何。因此，如果表现较差的相关资产回报为负，即使其他相关资产的水平有所上升，您可能会损失全部或部分初始投资。即使其他相关资产的上升幅度大于表现较差的相关资产的下降幅度，这种情况仍可能发生。

您票据的市场价值可能受许多不可预测因素的影响

当我们提到您票据的市场价值时，我们指的是如果您选择在规定到期日前在公开市场上出售票据，您可能获得的价值。许多因素将影响您票据的市场价值，其中许多因素超出我们的控制范围，包括：

•

您没有股东权利或获得任何标的物股票的权利

投资您的票据不会使您成为任何标的物股票的持有人。您或您的票据的任何其他持有人或所有者对标的物股票没有任何权利，包括任何投票权、任何获得股息或其他分配的权利、任何对标的物股票提出索赔的权利或任何其他标的物股票持有人的权利。您的票据将以现金支付，您无权获得任何标的物股票的交割。

我们可能以不同的发行价格出售额外的票据总面值

根据我们的单独决定，我们可能在本定价补充文件发布日后决定出售额外的票据总面值。后续销售中票据的发行价格可能与本定价补充文件封面上提供的您支付的发行价格有较大差异（更高或更低）。\n

与标的物相关的额外风险\n

将票据与股票期货合约挂钩与将票据与适用的参考股票指数挂钩有所不同\n

您票据的收益将与股票期货合约的表现相关，而不是与适用的参考股票指数相关。在某一天，“期货价格”是指市场参与者可以约定在未来买卖期货合约所涉资产的价格，“现货价格”是指该所涉资产的当前价格，用于即时交割。各种因素可能导致某一时间点期货合约的价格与其所涉资产的现货价格之间出现差异，例如构成该所涉资产的任何股票的预期股息收益率、与期货合约相关的隐含融资成本以及与期货合约所涉资产未来价格相关的市场预期。购买股票期货合约类似于借钱购买该期货合约所涉资产，因为它使投资者能够获得对该所涉资产的敞口，而无需 upfront 支付全部敞口成本，因此会涉及融资成本。因此，标的物预计不仅会反映适用的参考股票指数的表现，还会反映其期货合约中的隐含融资成本（例如，与标普 500® 期货超额收益指数相关的 E-mini 标普 500 期货合约，与 Russell 2000® 期货超额收益指数相关的 E-mini Russell 2000 期货合约，或与纳斯达克-100 期货超额收益™ 指数相关的 E-mini 纳斯达克-100 期货合约），以及其他因素。这种隐含的融资成本将对标的物的水平产生不利影响。市场利率的任何上升预计将进一步增加这种隐含的融资成本，并对标的物的水平产生不利影响，因此将影响票据的价值和收益。\n

期货合约的价格波动通常与所涉资产价格的波动相关，但相关性通常不完美，现货市场的价格波动可能不会反映在期货市场（反之亦然）。因此，您的票据可能在表现上不如一种更直接反映适用参考股票指数收益的投资。\n

负滚动收益将随时间推移对每个标的物的水平产生不利影响，因此将影响票据的应付金额\n

每个标的物都与它的期货合约相关，而不是与它的参考股票指数相关。期货合约通常规定一个特定日期进行金融期货（如证券指数期货）的现金结算或可交割期货的所涉实物商品交割。当构成标的物的交易所交易期货合约接近到期时，它将被一个具有较晚到期日的类似合约取代。因此，例如，9 月购买并持有的期货合约可能规定在 12 月

PS-14

到期。随着时间的推移，12 月到期的合约可能会被 3 月交割的合约取代。这个过程被称为“滚动”。

当期货合约接近到期时，其价值通常会接近其标的资产的现货价格，因为到期时它将 closely 代表一份立即交割该标的资产的合约。如果期货合约的市场处于“远期贴水”状态，在滚动期间，较晚到期的期货合约价格高于其标的资产的现货价格，那么此类期货合约的价值往往会随时间下降（假设现货价格和其他相关因素保持不变），因为较高的期货价格会在到期时下降至较低的现货价格。这种对期货价格的负面影响被称为负的“持有成本”或“滚动收益”，并在该合约的期限内实现。负的滚动收益会随时间对标的资产水平产生不利影响，从而影响票据的支付金额。由于负的滚动收益可能产生的影响，即使其参考股票指数的水平保持稳定或上升，标的资产的水平也可能随时间显著下降。

期货合约不是具有内在价值的资产

Each underlier is linked to its underlying futures contract currently listed for trading on the Chicago Mercantile Exchange. Trading in futures contracts transfers the risk of future price movements from one market participant to another. This means that for every gain, there is an equal and offsetting loss. Futures contracts themselves are not assets with intrinsic value, and simply reflect, in the case of cash-settled contracts, certain rights to payment or obligations to make payments to the other party to the contract. Accordingly, market participants taking the opposite side of applicable underlying futures contract trades may believe that the level of applicable reference equity index will move against the interests of the applicable underlier.

Owning the Notes Is Not the Same as Directly Owning the Underlier Stocks or Futures Contracts Directly or Indirectly Tracked by the Underliers

Your return on the notes will not reflect the return you would have realized on a direct investment in the underlying futures contracts currently listed for trading on the Chicago Mercantile Exchange or any of the underlier stocks comprising the applicable reference equity index. For example, as an investor in the notes, you will not have rights to receive dividends or other distributions or any other rights, including voting rights, with respect to any underlier stocks. The calculation agent for the notes will calculate the amount payable to you at maturity by reference to the levels of the underliers on the determination date, and will not include the amount of any of those dividend payments or other distributions. Therefore, the return on your investment will not be the same as the return based on the purchase of any stocks or futures contracts that are tracked directly or indirectly by the underliers.

Suspension or Disruptions of Market Trading in Stocks or Futures Contracts May Adversely Affect the Value of the Notes

Securities markets and futures markets are subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity in the markets, the participation of speculators, and government regulation and intervention. In addition, futures markets typically have regulations that limit the amount of fluctuation in some futures contract prices that may occur during a single business day. These limits are generally referred to as “daily price fluctuation limits,” and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a “limit price.” Once the limit price has been reached in a particular contract, no trades may be made at a price beyond the limit, or trading may be limited for a specified period of time. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at potentially disadvantageous times or prices. These circumstances could affect the level of the underliers and, therefore, could adversely affect the payments on the notes.

Additional Risks Related to the Russell 2000® Futures Excess Return Index

The Russell 2000® Futures Excess Return Index Has a Limited Operating History

The notes are linked, in part, to the performance of the Russell 2000® Futures Excess Return Index, which was launched on May 20, 2024. Because the Russell 2000® Futures Excess Return Index has no live underlier level history prior to that date, limited live historical underlier level information will be available for you to consider in making an independent investigation of the underlier performance, which may make it difficult for you to make an informed decision with respect to the notes.

PS-15

The hypothetical performance data prior to the launch of the Russell 2000® Futures Excess Return Index on May 20, 2024 refers to simulated performance data created by applying the Russell 2000® Futures Excess Return Index’s calculation methodology to historical prices of the E-mini Russell 2000 futures contract that the Russell 2000® Futures Excess Return Index tracks. Such simulated hypothetical performance data has been produced by the retroactive application of a back-tested methodology. No future performance of the Russell 2000® Futures Excess Return Index can be predicted based on the simulated hypothetical performance data or the historical underlier performance information described herein.

Additional Risks Related to the Nasdaq-100 Futures Excess Return™ Index

The Nasdaq-100 Futures Excess Return™ Index Has a Limited Operating History

The notes are linked, in part, to the performance of the Nasdaq-100 Futures Excess Return™ Index, which was launched on April 1, 2024. Because the Nasdaq-100 Futures Excess Return™ Index has no live underlier level history prior to that date, limited live historical underlier level information will be available for you to consider in making an independent investigation of the underlier performance, which may make it difficult for you to make an informed decision with respect to the notes.

The hypothetical performance data prior to the launch of the Nasdaq-100 Futures Excess Return™ Index on April 1, 2024 refers to simulated performance data created by applying the Nasdaq-100 Futures Excess Return™ Index’s calculation methodology to historical prices of the E-mini Nasdaq-100 futures contract that the Nasdaq-100 Futures Excess Return™ Index tracks. Such simulated hypothetical performance data has been produced by the retroactive application of a back-tested methodology. No future performance of the Nasdaq-100 Futures Excess Return™ Index can be predicted based on the simulated hypothetical performance data or the historical underlier performance information described herein.

As Compared to Other Index Sponsors, Nasdaq, Inc. Retains Significant Control and Discretionary Decision-Making Over the Underlier, Which May Have an Adverse Effect on the Level of the Underlier and on Your Notes

Pursuant to the underlier methodology, Nasdaq, Inc. retains the right, from time to time, to exercise reasonable discretion as it deems appropriate in order to ensure underlier integrity, including, but not limited to, changes to quantitative inclusion criteria. Nasdaq, Inc. may also, due to special circumstances, apply discretionary adjustments to ensure and maintain quality of the underlier. Although it is unclear how and to what extent this discretion could or would be exercised, it is possible that it could be exercised by Nasdaq, Inc. in a manner that materially and adversely affects the level of the underlier and therefore your notes. Nasdaq, Inc. is not obligated to, and will not, take account of your interests in exercising the discretion described above.

Risks Related to Tax

The Tax Consequences of an Investment in Your Notes Are Uncertain

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

The Internal Revenue Service announced on December 7, 2007 that it is considering issuing guidance regarding the tax treatment of an instrument such as your notes, and any such guidance could adversely affect the value and the tax treatment of your notes. Among other things, the Internal Revenue Service may decide to require the holders to accrue ordinary income on a current basis and recognize ordinary income on payment at maturity, and could subject non-U.S. investors to withholding tax. Furthermore, in 2007, legislation was introduced in Congress that, if enacted, would have required holders that acquired instruments such as your notes after the bill was enacted to accrue interest income over the term of such instruments. It is not possible to predict whether a similar or identical bill will be enacted in the future, or whether any such bill would affect the tax treatment of your notes. We describe these developments in more detail under “Supplemental Discussion of U.S. Federal Income Tax Consequences – United States Holders – Possible Change in Law” below. You should consult your tax advisor about this matter. Except to the extent otherwise provided by law, GS Finance Corp. intends to continue treating the notes for U.S. federal income tax purposes in accordance with the treatment described under “Supplemental Discussion of U.S. Federal Income Tax Consequences” below unless and until such time as Congress, the Treasury Department or the Internal Revenue Service determine that some other treatment is more appropriate. Please also consult your tax advisor concerning the U.S. federal income tax and any other applicable tax consequences to you of owning your notes in your particular circumstances.

PS-16

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

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

PS-17

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The Underliers

S&P 500® Futures Excess Return Index

The S&P 500® Futures Excess Return Index measures the performance of the nearest maturing quarterly E-mini S&P 500 futures contract trading on the Chicago Mercantile Exchange (“CME”). E-mini S&P 500 futures contracts are quarterly contracts to buy or sell standardized trading “units”. One trading unit of the E-mini S&P 500 futures contracts equals $50 multiplied by the S&P 500® Index (price return version). The S&P 500® Index includes a representative sample of 500 companies in leading industries of the U.S. economy.

For more details about the S&P 500® Futures Excess Return Index, the underlier sponsor and license agreement between the underlier sponsor and the issuer, see “The Underliers — S&P 500® Futures Excess Return Index” on page S-125 of the accompanying underlier supplement no. 50. Also, see the accompanying September 2026 S&P 500® Futures Excess Return Index supplement.

The S&P 500® Futures Excess Return Index, the S&P 500® Futures Index and the S&P 500® Index are products of S&P Dow Jones Indices LLC, and have been licensed for use by GS Finance Corp. (“Goldman”). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC; Dow Jones® 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 notes 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 notes.

Russell 2000® Futures Excess Return Index

The Russell 2000® Futures Excess Return Index measures the performance of the first nearby E-mini Russell 2000 futures contract (symbol: “RTY”) trading on the Chicago Mercantile Exchange (“CME”). E-mini Russell 2000 futures contracts are quarterly contracts to buy or sell standardized trading “units”. One trading unit of E-mini Russell 2000 futures contracts equals $50 multiplied by the Russell 2000® Index (price return version). The Russell 2000® Index measures the composite price performance of stocks of 2,000 companies incorporated in the U.S., its territories and certain “benefit-driven incorporation countries” and is designed to track the performance of the small capitalization segment of the U.S. equity market.

For more details about the Russell 2000® Futures Excess Return Index, the underlier sponsor and license agreement between the underlier sponsor and the issuer, see “The Underliers — Russell 2000® Futures Excess Return Index” on page S-89 of the accompanying underlier supplement no. 50.

Frank Russell Company doing business as FTSE Russell (“Russell”) and Goldman Sachs International have entered into a non-exclusive license agreement, granting GS Finance Corp., in exchange for a fee, permission to use the Russell 2000® Futures Excess Return Index or the Russell 2000® Index in connection with the offer and sale of the notes. GS Finance Corp. is not affiliated with Russell; the only relationship between Russell and GS Finance Corp. is the licensing of the use of the Russell 2000® Futures Excess Return Index or the Russell 2000® Index (a trademark of Russell) and trademarks relating to the Russell 2000® Futures Excess Return Index or the Russell 2000® Index.

GS Finance Corp. does not accept any responsibility for the calculation, maintenance or publication of the Russell 2000® Futures Excess Return Index or Russell 2000® Index or any successor index.

The notes (the “Product”) has been developed solely by Goldman Sachs. The “Product” is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the Russell 2000® Futures Excess Return Index (the “Index”) vest in the relevant LSE Group company which owns the Index. “FTSE®” “Russell®”, “FTSE Russell®” are trade mark(s) of the relevant LSE Group company and are used by any other LSE Group company under license.

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The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Product. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Product or the suitability of the Index for the purpose to which it is being put by Goldman Sachs.

Nasdaq-100 Futures Excess Return™ Index

The Nasdaq-100 Futures Excess Return™ Index is designed to measure the performance of the nearest expiring quarterly E-mini Nasdaq-100 futures contract (symbol: “NQ”) trading on the Chicago Mercantile Exchange (“CME”). E-mini Nasdaq-100 futures contracts are quarterly contracts to buy or sell standardized trading “units”. One trading unit of the E-mini Nasdaq-100 futures contract equals $20 multiplied by the Nasdaq-100 index (price return version). The Nasdaq-100 Index® is designed to measure the performance of 100 of the largest Nasdaq listed non-financial stocks.

For more details about the Nasdaq-100 Futures Excess Return™ Index, the underlier sponsor and license agreement between the underlier sponsor and the issuer, see “The Underliers — Nasdaq-100 Futures Excess Return™ Index” on page S-62 of the accompanying underlier supplement no. 50.

The Product(s) is not sponsored, endorsed, sold or promoted by Nasdaq or its affiliates (Nasdaq, with its affiliates, are referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Product(s). The Corporations make no representation or warranty, express or implied to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly, or the ability of the Nasdaq-100 Futures Excess Return™ Index or the Nasdaq-100 Index® to track general stock market performance. The Corporations' only relationship to GS Finance Corp. (“Licensee”) is in the licensing of the Nasdaq®, the Nasdaq-100 Futures Excess Return™ Index or the Nasdaq-100 Index®, and certain trade names of the Corporations and the use of the Nasdaq-100 Futures Excess Return™ Index or the Nasdaq-100 Index® which is determined, composed and calculated by Nasdaq without regard to Licensee or the Product(s). Nasdaq has no obligation to take the needs of the Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the Nasdaq-100 Futures Excess Return™ Index or the Nasdaq-100 Index®. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the Product(s).

The Corporations do not guarantee the accuracy and/or uninterrupted calculation of the Nasdaq-100 Futures Excess Return™ Index or the Nasdaq-100 Index® or any data included therein. The Corporations make no warranty, express or implied, as to results to be obtained by Licensee, owners of the product(s), or any other person or entity from the use of the Nasdaq-100 Futures Excess Return™ Index or the Nasdaq-100 Index® or any data included therein. The Corporations make no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the Nasdaq-100 Index® or any data included therein. Without limiting any of the foregoing, in no event shall the Corporations have any liability for any lost profits or special, incidental, punitive, indirect, or consequential damages, even if notified of the possibility of such damages.

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Historical Closing Levels of the Underliers

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

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

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

The graph below shows the daily historical closing levels of the S&P 500® Futures Excess Return Index from January 1, 2021 through October 7, 2026. As a result, the following graph does not reflect the global financial crisis which began in 2008, which had a materially negative impact on the price of most 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® Futures Excess Return Index

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PS-20

The graph below shows the daily closing levels of the Russell 2000® Futures Excess Return Index from January 1, 2021 through October 7, 2026 (using hypothetical performance data and historical closing levels). 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. Since the Russell 2000® Futures Excess Return Index was launched on May 20, 2024 and has a limited operating history, the graph includes hypothetical performance data for the Russell 2000® Futures Excess Return Index prior to its launch on May 20, 2024. The hypothetical performance data prior to May 20, 2024 was obtained from the underlier sponsor’s website, without independent verification.

The historical closing levels from May 20, 2024 to October 7, 2026 were obtained from Bloomberg Financial Services, without independent verification. (In the graph, the hypothetical historical closing levels can be found to the left of the vertical solid line marker and the historical closing levels can be found to the right of the vertical solid line marker.) You should not take the hypothetical performance data or historical levels of the Russell 2000® Futures Excess Return Index as an indication of the future performance of the Russell 2000® Futures Excess Return Index.

Historical Performance of the Russell 2000® Futures Excess Return Index

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PS-21

The graph below shows the daily closing levels of the Nasdaq-100 Futures Excess Return™ Index from January 1, 2021 through October 7, 2026 (using hypothetical performance data and historical closing levels). 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. Since the Nasdaq-100 Futures Excess Return™ Index was launched on April 1, 2024 and has a limited operating history, the graph includes hypothetical performance data for the Nasdaq-100 Futures Excess Return™ Index prior to its launch on April 1, 2024. The hypothetical performance data prior to April 1, 2024 was obtained from the underlier sponsor’s website, without independent verification.

The historical closing levels from April 1, 2024 to October 7, 2026 were obtained from Bloomberg Financial Services, without independent verification. (In the graph, the hypothetical historical closing levels can be found to the left of the vertical solid line marker and the historical closing levels can be found to the right of the vertical solid line marker.) You should not take the hypothetical performance data or historical levels of the Nasdaq-100 Futures Excess Return™ Index as an indication of the future performance of the Nasdaq-100 Futures Excess Return™ Index.

Historical Performance of the Nasdaq-100 Futures Excess Return™ Index

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Supplemental Discussion of U.S. Federal Income Tax Consequences

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

The following section is the opinion of Sidley Austin llp, counsel to GS Finance Corp. and The Goldman Sachs Group, Inc. In addition, it is the opinion of Sidley Austin llp that the characterization of the notes for U.S. federal income tax purposes that will be required under the terms of the notes, as discussed below, is a reasonable interpretation of current law.

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

•

a dealer in securities or currencies;

•

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

•

a bank;

•

a life insurance company;

•

a regulated investment company;

•

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

•

a tax exempt organization;

•

a partnership;

•

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

•

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

•

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

Although this section is based on the U.S. Internal Revenue Code of 1986, as amended, its legislative history, existing and proposed regulations under the Internal Revenue Code, published rulings and court decisions, all as currently in effect, no statutory, judicial or administrative authority directly discusses how your notes should be treated for U.S. federal income tax purposes, and as a result, the U.S. federal income tax consequences of your investment in your notes are uncertain. Moreover, these laws are subject to change, possibly on a retroactive basis.

You should consult your tax advisor concerning the U.S. federal income tax and other tax consequences of your investment in the notes, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.

United States Holders

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

•

a citizen or resident of the United States;

•

a domestic corporation;

•

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

•

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

Tax Treatment. You will be obligated pursuant to the terms of the notes — in the absence of a change in law, an administrative determination or a judicial ruling to the contrary — to characterize your notes for all tax purposes as income-bearing pre-paid derivative contracts in respect of the underliers. Except as otherwise stated below, the discussion below assumes that the notes will be so treated.

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

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

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

Alternative Treatments. There is no judicial or administrative authority discussing how your notes should be treated for U.S. federal income tax purposes. Therefore, the Internal Revenue Service might assert that a treatment other than that described above is more appropriate. For example, the Internal Revenue Service could treat your notes as a single debt instrument subject to special rules governing contingent payment debt instruments.

Under those rules, the amount of interest you are required to take into account for each accrual period would be determined by constructing a projected payment schedule for the notes and applying rules similar to those for accruing original issue discount on a hypothetical noncontingent debt instrument with that projected payment schedule. This method is applied by first determining the comparable yield — i.e., the yield at which we would issue a noncontingent fixed rate debt instrument with terms and conditions similar to your notes — and then determining a payment schedule as of the applicable original issue date that would produce the comparable yield. These rules may have the effect of requiring you to include interest in income in respect of your notes prior to your receipt of cash attributable to that income.

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

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

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

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

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

Possible Change in Law

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

PS-24

instruments. It is not possible to predict whether a similar or identical bill will be enacted in the future, or whether any such bill would affect the tax treatment of your notes.

In addition, on December 7, 2007, the Internal Revenue Service released a notice stating that the Internal Revenue Service and the Treasury Department are actively considering issuing guidance regarding the proper U.S. federal income tax treatment of an instrument such as the offered notes including whether the holders should be required to accrue ordinary income on a current basis and whether gain or loss should be ordinary or capital. It is not possible to determine what guidance they will ultimately issue, if any. It is possible, however, that under such guidance, holders of the notes will ultimately be required to accrue income currently and this could be applied on a retroactive basis. The Internal Revenue Service and the Treasury Department are also considering other relevant issues, including whether foreign holders of such instruments should be subject to withholding tax on any deemed income accruals, and whether the special “constructive ownership rules” of Section 1260 of the Internal Revenue Code might be applied to such instruments. Except to the extent otherwise provided by law, GS Finance Corp. intends to continue treating the notes for U.S. federal income tax purposes in accordance with the treatment described above unless and until such time as Congress, the Treasury Department or the Internal Revenue Service determine that some other treatment is more appropriate.

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

Non-United States Holders

This section applies to you only if you are a non-United States holder. You are a non-United States holder if you are the beneficial owner of the notes and are, for U.S. federal income tax purposes:

•

a nonresident alien individual;

•

a foreign corporation; or

•

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

Because the U.S. federal income tax treatment (including the applicability of withholding) of the coupon payments on the notes is uncertain, in the absence of further guidance, we intend to withhold on the coupon payments made to you at a 30% rate or at a lower rate specified by an applicable income tax treaty under an “other income” or similar provision. We will not make payments of any additional amounts. To claim a reduced treaty rate for withholding, you generally must provide a valid Internal Revenue Service Form W-8BEN, Internal Revenue Service Form W-8BEN-E, or an acceptable substitute form upon which you certify, under penalty of perjury, your status as a non-United States holder and your entitlement to the lower treaty rate. Payments will be made to you at a reduced treaty rate of withholding only if such reduced treaty rate would apply to any possible characterization of the payments (including, for example, if the coupon payments were characterized as contract fees).

Withholding also may not apply to coupon payments made to you if: (i) the coupon payments are “effectively connected” with your conduct of a trade or business in the United States and are includable in your gross income for U.S. federal income tax purposes, (ii) the coupon payments are attributable to a permanent establishment that you maintain in the United States, if required by an applicable tax treaty, and (iii) you comply with the requisite certification requirements (generally, by providing an Internal Revenue Service Form W-8ECI). If you are eligible for a reduced rate of United States withholding tax, you may obtain a refund of any amounts withheld in excess of that rate by filing a refund claim with the Internal Revenue Service.

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

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

PS-25

requirements necessary to avoid backup withholding on debt instruments (in which case you will not be subject to such backup withholding) as set forth under “United States Taxation – Taxation of Debt Securities – Non-United States Holders” in the accompanying prospectus.

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

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

In addition, the Treasury Department has issued regulations under which amounts paid or deemed paid on certain financial instruments (“871(m) financial instruments”) that are treated as attributable to U.S.-source dividends could be treated, in whole or in part depending on the circumstances, as a “dividend equivalent” payment that is subject to tax at a rate of 30% (or a lower rate under an applicable treaty), which in the case of coupon payments and any amounts you receive upon the sale, exchange, redemption or maturity of your notes, could be collected via withholding. If these regulations were to apply to the notes, we may be required to withhold such taxes if any U.S.-source dividends are paid on the stocks included in the reference equity indices during the term of the notes. We could also require you to make certifications (e.g., an applicable Internal Revenue Service Form W-8) prior to any coupon payment or the maturity of the notes in order to avoid or minimize withholding obligations, and we could withhold accordingly (subject to your potential right to claim a refund from the Internal Revenue Service) if such certifications were not received or were not satisfactory. If withholding was required, we would not be required to pay any additional amounts with respect to amounts so withheld. These regulations generally will apply to 871(m) financial instruments (or a combination of financial instruments treated as having been entered into in connection with each other) issued (or significantly modified and treated as retired and reissued) on or after January 1, 2029, but will also apply to certain 871(m) financial instruments (or a combination of financial instruments treated as having been entered into in connection with each other) that have a delta (as defined in the applicable Treasury regulations) of one and are issued (or significantly modified and treated as retired and reissued) on or after January 1, 2017. In addition, these regulations will not apply to financial instruments that reference a “qualified index” (as defined in the regulations). We have determined that, as of the issue date of your notes, your notes will not be subject to withholding under these rules. In certain limited circumstances, however, you should be aware that it is possible for non-United States holders to be liable for tax under these rules with respect to a combination of transactions treated as having been entered into in connection with each other even when no withholding is required. You should consult your tax advisor concerning these regulations, subsequent official guidance and regarding any other possible alternative characterizations of your notes for U.S. federal income tax purposes.

Foreign Account Tax Compliance Act (FATCA) Withholding

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

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Supplemental plan of distribution; conflicts of interest

See “Supplemental Plan of Distribution” on page S-51 of the accompanying general terms supplement no. 17,745 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 $15,000.

GS Finance Corp. will sell to GS&Co., and GS&Co. will purchase from GS Finance Corp., the aggregate face amount of the offered notes specified on the front cover of this pricing supplement. GS&Co. proposes initially to offer the notes to the public at the original issue price set forth on the cover page of this pricing supplement, and to certain securities dealers at such price less a concession not in excess of 0.75% of the face amount. GS&Co. will pay a fee of 0.5% from the concession to Axio Financial LLC in connection with its marketing efforts related to the offered notes. GS&Co. is an affiliate of GS Finance Corp. and The Goldman Sachs Group, Inc. and, as such, will have a “conflict of interest” in this offering of notes within the meaning of Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5121. Consequently, this offering of notes will be conducted in compliance with the provisions of FINRA Rule 5121. GS&Co. will not be permitted to sell notes in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder. 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 notes against payment therefor in New York, New York on October 13, 2026. 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.

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VALIDITY OF THE NOTES AND GUARANTEE

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

PS-28

We have not authorized anyone to provide any information or to make any representations other than those contained or incorporated by reference in this pricing supplement, the accompanying general terms supplement no. 17,745, the accompanying September 2026 S&P 500® Futures Excess Return Index supplement, the accompanying underlier supplement no. 50, the accompanying prospectus supplement or the accompanying prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This pricing supplement, the accompanying general terms supplement no. 17,745, the accompanying September 2026 S&P 500® Futures Excess Return Index supplement, the accompanying underlier supplement no. 50, the accompanying prospectus supplement and the accompanying prospectus is an offer to sell only the notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this pricing supplement, the accompanying general terms supplement no. 17,745, the accompanying September 2026 S&P 500® Futures Excess Return Index supplement, the accompanying underlier supplement no. 50, the accompanying prospectus supplement and the accompanying prospectus is current only as of the respective dates of such documents.

$1,297,000

GS Finance Corp.

Callable Fixed Coupon Index-Linked Notes due 2031

guaranteed by

The Goldman Sachs Group, Inc.

____________

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____________

Goldman Sachs & Co. LLC

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