[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"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","i749o094xm54nub7cnwlaczs8","revision",2,"title","高盛关联公司发行226.1万美元挂钩S&P 500期货收益指数的2032年到期自动赎回票据","originalTitle","GOLDMAN SACHS GROUP INC (0000886982) (Filer)","summary","GS Finance Corp.发行总面值226.1万美元、由高盛集团担保的结构化票据，挂钩S&P 500 Futures 40% VT Adaptive Response 6% Decrement Index，交付日期为2026年10月20日。","reason","材料说明了该结构化票据的杠杆、递减机制、信用风险及提前赎回和到期结算条件。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_78":89},"publishedAt","2026-10-19T19:21:12.000Z","discoveredAt","2026-10-19T19:32:23.485Z","timelineAt","category","ai-products","tags",[84,85,86],"stockSymbols",[83],"score",64,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","f_Idu4RuuZvQ",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","f8371488-f11a-444f-84a3-f71a4d19357a","高盛发行挂钩S&P 500期货的结构性票据",{"_73":74,"_16":75},"

根据规则424(b)(2)提交

注册声明编号 333-284538

\n \n \n \n

$\"\"$

GS Finance Corp.

$2,261,000

自动触发\nS&P 500^® 期货 40% VT 自适应响应 6% 减量指数（美元）与收益挂钩\n票据，2032年到期

由

高盛集团，公司

票据不计息。票据将在所述到期日（2032年10月20日）到期，除非它们在2027年10月开始的任何触发观察日被自动触发。\n如果在触发观察日，S&P 500^® 期货 40%\nVT 自适应响应 6% 减量指数（美元）的收盘水平大于或等于初始标的水平\n543.25（即交易日（2026年10月15日）该指数的收盘水平），则您的票据将在相应的触发\n支付日获得支付，金额等于（i）您的票据面值加上（ii）$1,000 乘以适用的触发\n溢价金额。每个触发支付日的触发观察日、触发支付日和适用的触发溢价金额在本定价补充文件第PS-7页中规定。

该指数旨在通过基于规则的叠加，提供对S&P 500^®\n期货超额收益指数的敞口，该叠加每日调整对S&P 500^® 期货超额收益\n指数的敞口。这些规则的总体目标是创建一个指数，提供对S&P 500^® 期货超额收益指数的波动率调整\n敞口，同时根据基于日历的信号和价格模式进行进一步调整，最大敞口为500%，每日杠杆变化最大为100%。此外，该指数每日还会有6.0%的减量。

S&P 500^® 期货超额收益指数跟踪\nE-mini S&P 500期货合约的表现，而不是S&P 500^® 指数。通常，期货合约的投资回报率与\n持有相关合约所涉及证券的回报率相关，但并不相同。

该指数受使用大量杠杆相关风险的影响。投资者应意识到，杠杆的使用将放大并加速指数的负面表现。该指数还受到每日杠杆变化最大为100%的限制，这可能导致在市场上涨时，该指数的杠杆增加速度比没有限制的相同指数更慢，或者在市场下跌时，该指数的去杠杆速度更慢。

此外，每年会扣除一个固定比例的金额，即指数水平的6.0%，也称为减损，即使指数未完全投资，也会每日扣除。减损的扣除会抵消指数表现的正收益，并加剧负收益，而包含减损意味着该指数的表现将落后于没有这种减损功能的相同指数。此外，该指数在任何一天可能在标普500^®期货超额收益指数上显著未投资，此时将仅实现标普500^®期货超额收益指数或E-迷你标普500期货合约在该天的增值部分，未投资部分将不会产生任何收益。

该指数旨在提供对标普500^®期货超额收益指数的敞口。标普500^®期货超额收益指数跟踪标普500^®指数的期货合约，由于隐含的融资成本，其表现很可能落后于标普500^®指数的总回报表现。

上述描述仅为摘要。如需更详细的指数描述，请参见第PS-3页开始的“指数摘要”。

如果您的票据未被自动回售，您在约定到期日将获得的金额将基于从交易日到确定日（2032年10月15日）指数的表现。

如果确定日的最终标的物水平大于或等于初始标的物水平，您的票据的回报将为正，您将获得每张面值为1,000美元的票据的最高结算金额2,905美元。

如果最终标的物水平从初始标的物水平下降最多50%，您将获得票据的面值。

如果最终标的物水平从初始标的物水平下降超过50%，您的票据的回报将为负。您可能会损失全部投资。

您的票据的回报是有限的。如果票据被自动回售，每张面值为1,000美元的票据您将获得的最高支付金额等于（i）1,000美元加上（ii）1,000美元乘以相应的回售溢价金额。如果您的票据未被自动回售，每张面值为1,000美元的票据在约定到期日您将获得的最高支付金额为2,905美元。如果您的票据在任何回售观察日未被自动回售，我们将计算标的物回报以确定到期时的支付金额，即最终标的物水平相对于初始标的物水平的百分比增长或下降。到期时，每张面值为1,000美元的票据，您将获得等值的现金金额：

●

如果标的物回报为正或零（最终标的物水平为大于或等于初始标的物水平），最高结算金额为2,905美元；

●

如果标的物回报为负但不低于-50%（最终标的物水平小于初始标的物水平，但不超过50%），则为1,000美元；

●

如果相关资产回报为负且低于-50%（最终相关资产水平比初始相关资产水平低超过50%），则（i）1000美元加上（ii）（a）相关资产回报乘以（b）1000美元的乘积的总和。您将获得的金额少于凭证的面值。

您应阅读本披露内容以更好地了解您投资的条款和风险，包括GS Finance Corp.和高盛集团有限公司的信用风险，以及与指数相关的风险，包括使用杠杆和减量。详见PS-13页。

在交易日确定凭证条款时，您的凭证的预估价值相当于每1000美元面值约946美元。有关高盛证券有限责任公司（Goldman Sachs & Co. LLC）若在凭证上做市，最初买入或卖出凭证的价格以及预估价值的讨论，请参见下一页。\n

\n \n \n \n \n \n \n \n \n \n \n

原始发行日期：	2026年10月20日	原始发行价格：	面值的100%
承销折扣：	面值的1.25%*	发行人净所得：	面值的98.75%

* 有关承销折扣所包含费用的更多信息，请参见第PS-34页的“补充发行计划；利益冲突”部分。

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发表意见。与此相反的任何陈述均为刑事犯罪。凭证不是银行存款，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。

高盛证券有限责任公司

定价补充文件第27,518号，2026年10月15日。

上述的发行价格、承销折扣和发行人净所得适用于我们最初发行的凭证。在本定价补充文件日期之后，我们可能会决定以不同的发行价格、承销折扣和净所得发行额外的凭证。您在凭证上的投资回报（无论正负）部分取决于您购买此类凭证所支付的发行价格。

GS Finance Corp.可能在凭证的首次销售中使用本招股说明书。此外，GS Finance Corp.的高盛证券有限责任公司或任何其他附属公司可能在凭证首次销售后使用本招股说明书进行做市交易。除非GS Finance Corp.或其代理人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。

您的凭证的预估价值

您在交易日设定条款时的票据估值（根据高盛公司及公司（GS&Co.）使用的定价模型确定，并考虑我们的信用利差）约为每1000美元面值的票据价值946美元，低于原始发行价格。您的票据在任何时间的价值将反映许多因素，无法预测；但是，GS&Co.最初买入或卖出票据的价格（不包括GS&Co.的常规买卖价差）以及GS&Co.用于账户报表和其他用途的初始价值等于大约在定价时的票据估值，再加上额外金额（最初为每1000美元面值54美元）。

在2027年2月15日之前，GS&Co.将买入或卖出您的票据的价格（不包括GS&Co.的常规买卖价差）（如果它做市，但没有义务这样做）将等于（a）当前估算的您的票据价值（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14日按直线法减少至零）。在2027年2月15日及之后，GS&Co.将买入或卖出您的票据的价格（不包括GS&Co.的常规买卖价差）（如果它做市）将等于根据此类定价模型确定的当前估算的您的票据价值。

\n \n \n

关于您的招股说明书

\n \n

这些票据是GS金融公司（GS Finance Corp.）中期票据系列F计划的一部分，并由高盛集团（The Goldman Sachs Group, Inc.）全面且无条件担保。本招股说明书包括此定价补充和以下附带文件。此定价补充是以下所列文件的补充，不详述您的票据的所有条款，因此应与这些文件一起阅读：

\n \n

·\t 标准普尔500^®期货自适应响应指数补充第2号，2026年7月27日

\n \n

·\t 2026年10月标准普尔500^®期货40% VT自适应响应6% 减量指数（美元）ER补充附加文件，2026年10月15日

\n \n

·\t 一般条款补充第17,745号，2026年1月20日

\n \n

·\t 2025年2月14日的招股说明书补充

\n \n

·\t 2025年2月14日的招股说明书

\n \n

本定价补充中的信息将取代上述列出文件中的任何冲突信息。此外，列出文件中描述的一些条款或特征可能不适用于您的票据。

\n \n

We refer to the notes we are offering by this pricing supplement as\n the “offered notes” or the “notes”. Each of the offered notes has the terms described below. Please note that\n in this pricing supplement, references to “GS Finance Corp.”, “we”, “our” and “us” mean\n only GS Finance Corp. and do not include its subsidiaries or affiliates, references to “The Goldman Sachs Group, Inc.”, our\n parent company, mean only The Goldman Sachs Group, Inc. and do not include its subsidiaries or affiliates and references to “Goldman\n Sachs” mean The Goldman Sachs Group, Inc. together with its consolidated subsidiaries and affiliates, including us. The notes will\n be issued under the senior debt indenture, dated as of October 10, 2008, as supplemented by the First Supplemental Indenture, dated as\n 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.\n This indenture, as so supplemented and as further supplemented thereafter, is referred to as the “GSFC 2008 indenture” in\n the accompanying prospectus supplement.

\n \n

The notes will be issued in book-entry form and represented by master\n note no. 3, dated March 22, 2021.

PS-2

Index\nSummary

This section contains only a brief summary description\nof the index and does not describe all of its important features in detail. The index is complex and before investing in the notes, you\nmust carefully review the more detailed description of the index contained in the S&P 500^® Futures Adaptive Response\nIndices Supplement No. 2 dated July 27, 2026, as well as the risk factors related to the index under “Additional Risk Factors Specific\nto Your Notes – Additional Risks Related to the Underlier” herein.

All information contained in this pricing supplement\nregarding the S&P 500^® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER set forth in the table below (the\n“index”), including, without limitation, its constituents, method of calculation and changes in their components, has\nbeen derived from publicly available information and other information provided by S&P Dow Jones Indices (the “index sponsor”\nand “index calculation agent”), without independent verification. This information reflects the policies of, and is\nsubject to change by, the index sponsor. The index was developed by the index sponsor, in coordination with an affiliate of GS Finance\nCorp. The index is maintained by the index sponsor and is calculated and published by the index calculation agent. The index sponsor has\nno obligation to continue to publish, and may discontinue the publication of, the index. We also refer to the index as the “underlier”\nin this pricing supplement.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Index	Bloomberg Ticker	Underlying Asset	Underlying Futures Index	Reference Index	Volatility Target	Maximum Leverage	Decrement Factor	Live Date
S&P 500^® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER	SPAR4V6	Unfunded rolling position in E-mini S&P 500 futures	S&P 500^® Futures Excess Return Index	S&P 500^® Index	40%	500%	6%	December 27, 2024

The index was established on the live date set forth\nin the table above. The index is reported by the Bloomberg Professional^® service (“Bloomberg”) under\nthe ticker symbol set forth in the table above.

Summary Overview

The Index

The index attempts to provide exposure to the underlying\nfutures index, the S&P 500^® Futures Excess Return Index, with a rules-based overlay that adjusts exposure to the underlying\nfutures index on a daily basis. The index uses three primary rules to provide these adjustments:

leverage is applied to the weight of the underlying futures index to attempt\nto achieve a predefined volatility target (the volatility target for the index is set forth in the table above) (the “volatility\ntarget”), with a maximum exposure to the underlying futures index of 500% and a cap on the maximum daily change in exposure\nof 100%;

a base index is calculated for the index (“base index”),\nwhich is designed to adjust exposure to the underlying futures index using certain calendar-based signals and price patterns (collectively,\nthe “signals”) in an attempt to overweight or underweight exposures depending on market conditions, including:

a “mean reversion signal,” which is based upon the assumption\nthat in the short-term, the underlying futures index will increase or decrease in value in the opposite direction of the short-term historical\nincreases or decreases in its value;

a “Federal Open Market Committee schedule (“FOMC”)\nsignal,” which is based on the assumption that equities may outperform going into and on the days on which there is a

PS-3

scheduled release of a statement by the\nFOMC to announce monetary policies (an “FOMC statement day”); and

“turn-of-the-month signals,” which are based on the assumption\nthat equities may mean revert during the final days of a given month if equities performed negatively that month while the first days\nof a new month generally yield positive returns for equity securities;

a per annum deduction that is a fixed percentage of the index level, also\nknown as a decrement, is applied daily, which has the effect of offsetting positive returns, and worsening negative returns, on the performance\nof the index and will result in a drag on the performance of the index.

The objective of these rules, taken collectively,\nis to create an index that provides for volatility-adjusted exposure to the underlying futures index, coupled with further adjustments\nbased on the signals and their underlying assumptions described above. In addition, the inclusion of a decrement is intended to permit\nthe economic terms of structured investments linked to the index to be more favorable to investors than the terms that would otherwise\nbe available on a hypothetical identical index without a decrement, assuming that the estimated value of the structured investments and\nmarket conditions are held constant and that all other structural features of the structured investments are the same.

However, the methodology of the index is premised\non several key market-based assumptions:

that there will be an inverse relationship between performance and volatility,\nso that the underlying futures index will tend to increase in times of lower volatility and decline in times of higher volatility;

that the signals will be effective at adjusting the index’s exposure\nto the underlying futures index and that its underlying assumptions about market performance and timing will be accurate; and

that any improvement in the economic terms of a structured investment linked\nto the index will be sufficient to offset the negative effect of the application of a daily decrement to index performance.

如果这些假设被证明始终正确，那么与挂钩标的期货指数的结构化投资相比，与该指数挂钩的结构化投资有可能通过杠杆方式参与上涨和去杠杆方式参与下跌而表现更优。然而，不能保证这些假设在任何特定时间段内都会被证明是正确的。如果这些假设中的任何一个未能被证明始终正确，那么在下跌时期，由于对标的期货指数具有高度杠杆敞口，或在上涨时期由于对标的期货指数的敞口减少，该指数可能会表现不佳。此外，与我们发行的挂钩假设相同指数且没有减损的结构化投资相比，与该指数挂钩的结构化投资的回报可能会显著低于后者。

该指数受与使用大量杠杆相关的风险影响，杠杆率可能高达500%。对标的期货指数的最大每日杠杆变化为100%，这可能导致在市场上涨时，该指数的杠杆增长比没有每日杠杆变化上限的相同指数更慢。此外，这一特性可能导致在市场下跌时，该指数的去杠杆速度比没有每日杠杆变化上限的相同指数更慢。此外，该指数在任何给定日期可能在标的期货指数上显著未投资，这种情况下，该指数仅能实现标的期货指数或标的资产当日增值的一部分收益。此外，每个指数计算日，基准指数中信号的总权重不能比前一个指数计算日的总权重增加或减少超过35%。因此，该指数的表现可能比不应用基准指数中信号总权重增减上限的情况更差。此外，基准指数中信号的总权重加上 100%（“基准权重”）不能超过135%，并且根据信号的 制定方式，不能有效低于90%。

PS-4

制定方式。此外，该指数的减损每日以年化6%的比率从指数中扣除，即使指数未完全投资。任何未投资于标的期货指数的指数部分都不能抵消减损或对指数的正向表现做出贡献，也不会产生任何收益。由于减损的扣除，该指数的表现将落后于没有此类减损功能的相同指数。

无法保证用于构建该指数的投资策略能够实现其预期结果，也无法保证与该指数挂钩的结构化投资会成功或表现优于可能参考标的期货指数或标的资产的任何其他指数或策略的结构化投资。

PS-5

条款和条件

CUSIP / ISIN： 40058MDQ8 / US40058MDQ87

公司（发行人）： GS Finance Corp.

担保人： The Goldman Sachs Group, Inc.

标的物：标普500^®期货40% VT 自适应响应6% 减量指数（美元）ER（当前彭博符号：“SPAR4V6 指数”），或任何后续标的物，根据本文规定可能随时修改、替换或调整。标的物的水平反映了每年6.0%的扣除额，按日累积。

标的期货指数：针对标普500^®期货40% VT 自适应响应6% 减量指数（美元）ER，标普500^®期货超额收益指数

标的资产：针对标普500^®期货40% VT 自适应响应6% 减量指数（美元）ER，E-迷你标普500期货合约

参考指数：针对标普500^®期货40% VT 自适应响应6% 减量指数（美元）ER，标普500^®指数

面值：在原始发行日总面值为2,261,000美元；如果公司根据其单独决定，在交易日后某日决定出售额外金额，则总面值可能会增加

授权面额：1,000美元或超过1,000美元的任何整数倍

本金金额：根据下文“— 公司的赎回权（自动赎回功能）”中所述，如果在规定到期日公司进行赎回，则对于每1,000美元的未偿面值，公司将支付现金金额，该金额等于现金结算金额。

现金结算金额：

●

如果最终标的物水平大于或等于初始标的物水平，则为（i）1,000美元加上（ii）（a）1,000美元乘以（b）到期日溢价金额；

●

如果最终标的物水平小于初始标的物水平，但大于或等于触发缓冲水平，则为1,000美元；或

●

如果最终标的物水平小于触发缓冲水平，则为（i）1,000美元加上（ii）（a）1,000美元乘以（b）标的物收益

公司的赎回权（自动赎回功能）：如果发生赎回事件，则未偿面值将被自动全部赎回，公司将在以下赎回支付日，针对每1,000美元的未偿面值支付现金金额，该金额等于（i）1,000美元加上（ii）（a）1,000美元乘以（b）下文“— 赎回观察日”中规定的适用赎回溢价金额

赎回事件：如果在任何赎回观察日测量时，标的物的收盘水平大于或等于初始标的物水平，则将发生赎回事件

初始标的物水平：543.25，即交易日标的物的收盘水平

最终标的物水平：确定日标的物的收盘水平，根据下文“— 市场中断事件或非交易日的后果”和“— 标的物的中止或修改”中的规定可能进行调整

标的物收益：（i）最终标的物水平减去初始标的物水平除以（ii）初始标的物水平的商，以百分比表示

触发缓冲水平：初始标的物水平的50%

行权溢价金额: 对于任何行权支付日，根据下文“行权观察日”下所述表格中规定的适用行权溢价金额

到期日溢价金额: 190.5%

最大结算金额: $2,905

PS-6

交易日: 2026年10月15日

原始发行日: 2026年10月20日

确定日: 2032年10月15日，除非计算代理人在该日或该日当天确定发生了市场中断事件或该事件仍在持续。在这种情况下，确定日将为随后的第一个交易日，计算代理人在该日确定市场中断事件未发生且未持续。然而，无论如何，确定日不得推迟至最初安排的到期日之后，或者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。在最后可能的确定日，如果发生市场中断事件或该事件仍在持续，或该日不是交易日，该日仍为确定日。

到期日: 2032年10月20日，除非该日不是营业日，此时到期日将推迟至下一个随后的营业日。如果如上文“— 确定日”所述推迟了确定日，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）起，按相同数量的营业日推迟至实际确定日（包括）

行权观察日: 如下表中规定的日期，除非计算代理人在该日或该日不是交易日的情况下确定发生了市场中断事件或该事件仍在持续。在这种情况下，该行权观察日将为随后的第一个交易日，计算代理人在该日确定市场中断事件未发生且未持续。然而，无论如何，行权观察日不得推迟至最初安排的相应行权支付日之后，或者如果最初安排的相应行权支付日不是营业日，则不得推迟至该最初安排的行权支付日之后的第一个营业日。在适用于相关行权支付日的最后可能的行权观察日，如果发生市场中断事件或该事件仍在持续，或该日不是交易日，该日仍为行权观察日。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

行权观察日	行权支付日	行权溢价金额
2027年10月15日	2027年10月21日	31.75%
2028年1月18日	2028年1月21日	39.6875%
2028年4月17日	2028年4月20日	47.625%
2028年7月17日	2028年7月20日	55.5625%
2028年10月16日	2028年10月19日	63.5%
2029年1月16日	2029年1月19日	71.4375%
2029年4月16日	2029年4月19日	79.375%
2029年7月16日	2029年7月19日	87.3125%
2029年10月15日	2029年10月18日	95.25%
2030年1月15日	2030年1月18日	103.1875%
2030年4月15日	2030年4月18日	111.125%
2030年7月15日	2030年7月18日	119.0625%
2030年10月15日	2030年10月18日	127%
2031年1月15日	2031年1月21日	134.9375%
2031年4月15日	2031年4月18日	142.875%
2031年7月15日	2031年7月18日	150.8125%
2031年10月15日	2031年10月20日	158.75%
2032年1月15日	2032年1月21日	166.6875%
2032年4月15日	2032年4月20日	174.625%
2032年7月15日	2032年7月20日	182.5625%

行权支付日期：在上述“— 行权观察日期”下所述的表格中明确规定的日期，或者，如果该日不是营业日，则为下一个后续的营业日。如果根据上述“— 行权观察日期”所述推迟了行权观察日期，则相关的行权支付日期将从但不包括适用的原定行权观察日期起，推迟相同数量的营业日，直至并包括实际的行权观察日期。

PS-7

收盘价：对于任何交易日，由标的物发行人当天发布的标的物或任何后续标的物的官方收盘价。尽管下文“— 标的物的中止或修改”中有相反规定，如果标的物的收盘价在任何交易日变为零，则在本票据的剩余期限内将保持为零（即使标的物被中止，甚至即使标的物以新的基准值重新启动）。“

交易日：标的物发行人营业且标的物由标的物发行人计算并发布的日期

后续标的物：根据下文“— 标的物的中止或修改”中所述，由计算代理批准作为后续标的物的任何替代标的物

标的物发行人：在任何时候，指确定并发布当时有效的标的物的个人或实体，包括任何后续发行人。本票据并非由标的物发行人或其任何关联方赞助、认可、销售或推广，标的物发行人及其关联方不对投资本票据的适当性作出任何陈述。

标的物股票：在任何时候，指当时有效的参考指数所包含的股票，考虑任何新增、删除或替换后的情况

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与标的物相关的市场中断事件：

●

标的物股票在各自主要市场中，按权重计算占参考指数20%或以上的股票出现交易暂停、缺失或重大限制，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，由计算代理自行决定确定

●

针对参考指数或占参考指数20%或以上（按权重计算）的标的物股票的期权或期货合约在各自主要市场中出现交易暂停、缺失或重大限制，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，由计算代理自行决定确定，或

●

按权重计算占参考指数20%或以上的标的物股票，或如果适用的话，针对参考指数或按权重计算占参考指数20%或以上的标的物股票的期权或期货合约，在计算代理自行决定的情况下，不在这些标的物股票或合约的各自主要市场交易。

以及，在发生上述任何事件的情况下，计算代理方可根据其单独的判断认为该事件可能对公司的任何附属公司或与该公司情况相似的人士清算与本票据相关的全部或重大部分对冲头寸的能力产生重大影响。

以下事件不会被视为市场中断事件：

●

对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；

●

决定永久停止与参考指数或任何底层股票相关的期权或期货合约的交易。

就本条款而言，如果底层股票在主要证券市场交易，或与参考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关闭交易的时间不视为“无交易”时间。相反，如果由于以下原因导致在该股票或相关合约的主要市场中暂停或限制交易：

●

该市场设定的价格变动超过限制；

●

与该底层股票或相关合约相关的订单出现失衡；或

●

与该底层股票或相关合约相关的买卖报价出现差异；

则将构成对该股票或相关合约在该市场中的暂停或重大限制交易。

PS-8

市场中断事件或非交易日的后果： 如果在原本应为认沽观察日或确定日的某一天发生了市场中断事件或市场中断事件仍在持续，或者该天不是交易日，则该认沽观察日或确定日将根据上述“—认沽观察日”或“—确定日”部分所述内容进行推迟。

如果计算代理方认为，在最后可能的认沽观察日或最后可能的确定日，用于确定认沽支付日或约定到期日应付金额的底层股票收盘水平因市场中断事件、非交易日或其他任何原因（不包括下文“—底层股票的中止或修改”中所述的情况）而无法获得，那么计算代理方仍将根据其单独判断，对该日的底层股票水平进行评估以确定应付金额。

底层股票的中止或修改： 如果底层股票的发布方中止了底层股票的发布，并且底层股票发布方或其他人发布了计算代理方认为与底层股票相当并批准作为继任底层股票的替代底层股票，或者如果计算代理方指定了替代底层股票，则计算代理方将根据该继任底层股票来确定认沽支付日或约定到期日的应付金额。

如果计算代理认为相关资产的发布已中止且没有继任相关资产，计算代理将根据其认为可以尽可能接近地复制相关资产的计算方法，确定在适用的行权支付日或约定到期日应付的金额。

如果计算代理认为（i）相关资产、相关资产股票或计算相关资产的方法在任何时间以任何方式发生变化——包括任何新增、删除或替换，以及相关资产或相关资产股票的重新加权或再平衡，无论该变化是根据相关资产发起人的现有政策作出的，还是在修改这些政策后作出的，是由于继任相关资产的发布，是由于影响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起人根据相关资产现行相关资产方法在相关资产水平中体现，或（ii）相关资产发生了拆分或反向拆分，那么计算代理将被允许（但非必须）根据其认为适当的调整，对相关资产或其计算方法进行调整，以确保用于确定在行权支付日或约定到期日应付金额的相关资产水平是公平的。

计算代理就相关资产所作的所有决定和调整均可由计算代理自行决定作出。计算代理没有义务作出任何此类调整。

计算代理：高盛公司及公司有限责任合伙（“GS&Co.”）

税务分类：持有人代表其自身及任何其他对该票据具有受益权益的人，同意在没有法律变更、行政裁定或司法裁决相反的情况下，就所有美国联邦所得税目的，将该票据分类为针对相关资产的预付衍生品合约。

逾期本金利率：有效联邦基金利率

PS-9

假设性示例

以下示例仅用于说明目的。它们不应被视为对未来投资结果的指示或预测，仅旨在说明在行权观察日和确定日相关资产的各种假设收盘水平可能对在行权支付日或约定到期日应付现金金额产生的影响，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内任何一天的相关资产收盘水平，也没有人可以预测在行权观察日或确定日的相关资产收盘水平。相关资产在过去波动性很高——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——并且其表现无法预测任何未来时期。

以下示例中的信息反映了假设的收益率\n在购买凭证时按面值购买并持有至提前赎回支付日或规定到期日（以适用者为准）的情况下。如果您在提前赎回支付日或规定到期日之前在二级市场出售您的凭证，您的收益将取决于出售时凭证的市场价值，这可能受到示例中未反映的多种因素的影响，如利率、标的物的波动性、GS Finance Corp.（发行人）的信用状况以及The Goldman Sachs Group, Inc.（担保人）的信用状况。此外，根据GS&Co.使用的定价模型确定，在交易日设定凭证条款时，您的凭证的估计价值低于凭证的原始发行价格。有关您的凭证估计价值的更多信息，请参见本定价补充文件第PS-13页的“与您的凭证相关的特定额外风险因素——在交易日设定凭证条款时（根据GS&Co.使用的定价模型确定）您的凭证的估计价值低于凭证的原始发行价格”。示例中的信息还反映了下方框中列出的关键条款和假设。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

关键条款和假设
面值	$1,000
提前赎回溢价金额	每个提前赎回支付日适用的提前赎回溢价金额请参见本定价补充文件第PS-7页
到期日溢价金额	190.5%
触发缓冲水平	初始标的物水平的50%
在任何原定的提前赎回观察日或原定的确定日均未发生市场中断事件或非交易日
标的物股票或标的物发起人计算标的物的方法未发生或影响任何变化
在原始发行日按面值购买并持有至提前赎回支付日或规定到期日

因此，您的凭证在整个期限内标的物的实际表现，以及在提前赎回支付日或到期时（如有）的支付金额，可能与以下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标的物水平关系不大。有关近期期间的标的物水平信息，请参见第PS-27页的“标的物——标的物的历史收盘水平”。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和您购买凭证日期之间标的物的水平。

此外，以下显示的假设示例未考虑适用税款的影响。由于适用于您的凭证的美国税务处理，税务责任可能比对标的物股票的税后收益更显著地影响您的凭证的税后收益率。

提前赎回支付日的假设支付

下面的示例显示了在与每张面值为1,000美元的票据相关的行权支付日，如果我们支付的金额会是怎样的。假设在适用的行权观察日，标的资产的收盘水平大于或等于初始标的资产水平。虽然您的票据可能有二十个潜在的行权支付日，但下面的示例仅说明您在第一个和第二个行权支付日可能收到的金额。

PS-10

如果您的票据在第一个行权观察日被自动行权（即在第一个行权观察日，标的资产的收盘水平大于或等于初始标的资产水平），那么在适用的行权支付日，我们将针对每张面值为1,000美元的票据支付的现金金额将是1,000美元的总和 加上 适用的行权溢价金额 乘以 1,000美元。例如，如果在第一个行权观察日标的资产的收盘水平被确定为初始标的资产水平的140%，您的票据将被自动行权，那么在相应的行权支付日，我们将针对您的票据支付的现金金额将是您的票据面值的131.75%或每张面值为1,000美元的票据支付1,317.5美元。

例如，如果票据在第一个行权观察日未被自动行权，但在第二个行权观察日被自动行权（即在第一个行权观察日，标的资产的收盘水平小于初始标的资产水平，而在第二个行权观察日，标的资产的收盘水平大于或等于初始标的资产水平），那么在适用的行权支付日，我们将针对每张面值为1,000美元的票据支付的现金金额将是1,000美元的总和 加上 适用的行权溢价金额 乘以 1,000美元。例如，如果在第二个行权观察日标的资产的收盘水平被确定为初始标的资产水平的170%，您的票据将被自动行权，那么在相应的行权支付日，我们将针对您的票据支付的现金金额将是您的票据面值的139.6875%或每张面值为1,000美元的票据支付1,396.875美元。

到期时的假设支付

如果在任何赎回观察日都没有自动赎回这些票据（即在每个赎回观察日，标的资产的收盘价都低于初始标的资产水平），那么在规定的到期日，我们针对您每1000美元面值的票据将支付的现金金额将取决于到期日标的资产的表现，如下表所示。下面的表格假设这些票据在任何赎回观察日都没有被自动赎回，并反映了您在规定到期日可能收到的假设现金结算金额。表格下方左侧列中的水平代表假设的最终标的资产水平，以初始标的资产水平的百分比表示。右侧列中的金额代表基于相应假设的最终标的资产水平的假设现金结算金额，并以票据面值的百分比表示（四舍五入到千分之一的百分比）。因此，假设的现金结算金额为100.000%意味着，根据相应的假设最终标的资产水平和上述假设，我们针对所发行票据的未偿面值每1000美元支付的现金金额将等于票据面值的100.000%。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

这些票据在任何赎回观察日都没有被自动赎回
\n 假设的最终标的资产水平 \n （以初始标的资产水平的百分比表示）	\n 假设的现金结算金额 \n （以面值的百分比表示）
300.000%	290.500%
250.000%	290.500%
200.000%	290.500%
150.000%	290.500%
100.000%	290.500%
99.999%	100.000%
75.000%	100.000%
50.000%	100.000%
49.999%	49.999%
40.000%	40.000%
25.000%	25.000%
0.000%	0.000%

例如，如果在某个赎回观察日这些票据没有被自动赎回，并且最终标的资产水平被确定为初始标的资产水平的25.000%，那么我们在票据到期时将向您支付的现金结算金额将是您票据面值的25.000%，如上表所示。因此，如果您在原始发行日以面值购买了这些票据并持有至规定到期日，您将损失投资的75.000%（如果您以高于面值的价格购买了这些票据，您将相应地损失更高比例的投资）。此外，如果这些票据在赎回观察日没有被自动赎回

PS-11

观察日，并且最终标的资产水平被确定为初始标的资产水平的300.000%，那么我们在票据到期时将向您支付的现金结算金额将是您票据面值的290.500%，如上表所示。因此，如果您持有这些票据至规定到期日，现金结算金额将受到上限限制，您将无法从最终标的资产水平超过初始标的资产水平的部分中获益。

上述显示的金额完全是假设性的；它们基于可能无法在行权观察日或确定日（视情况而定）实现的标的股票的市场价格，以及可能被证明是错误的假设。您在所述到期日或在任何其他时间（包括您可能希望出售您的票据的任何时间）的票据实际市场价值可能与上述假设金额关系不大，这些金额不应被视为对所发行票据投资的财务回报的指示。上述示例中假设票据持有至所述到期日的假设金额是假设您以面值购买了您的票据，并未调整以反映您实际支付的票据发行价格。您的票据投资（无论正负）的回报将受到您支付的票据金额的影响。如果您以面值以外的价格购买票据，您的投资回报将与上述示例所暗示的假设回报不同，且可能显著低于该回报。请阅读第PS-15页的“与您的票据相关的其他特定风险因素——您的票据的市场价值可能受许多不可预测因素的影响”。

票据的支付在经济上等同于对其他工具组合的支付。例如，票据的支付在经济上等同于由持有人购买的附息债券和持有人与我们之间签订的一项或多项期权的组合（在一段时间内支付一项或多项隐含期权费用）。本段中的讨论不会修改或影响票据的条款或美国联邦所得税待遇，如本定价补充文件其他部分所述。

\n \n \n

我们无法预测标的股票在行权观察日或确定日的实际收盘水平，也无法预测您的票据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股票水平与票据市场价值之间的关系。您在行权支付日或到期日实际收到的金额（如有）以及所发行票据的收益率将取决于票据是否被行权、行权观察日标的股票的实际收盘水平以及计算代理根据上述说明确定的实际最终标的股票水平。此外，假设回报所基于的假设可能被证明是不准确的。因此，您在行权支付日或所述到期日根据您的票据支付的现金金额（如有）可能与上述示例中反映的信息大相径庭。

PS-12

与您的票据相关的其他特定风险因素

\n \n \n

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，在随附的标普500^®期货适应性响应指数补充文件第2号中“与指数相关的额外风险因素”以及在随附的一般条款补充文件第17,745号中“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、随附的标普500^®期货适应性响应指数补充文件第2号和随附的一般条款补充文件第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基础股票，即构成参考指数的股票。您应仔细考虑在您特定情况下，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

在交易日确定凭证条款时的估计价值（根据高盛公司使用的定价模型确定）低于凭证的原始发行价格

您凭证的原始发行价格高于在交易日确定凭证条款时的估计价值，该价值是根据高盛公司使用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在“您凭证的估计价值”中所述；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。高盛公司最初买入或卖出您凭证的价格（如果高盛公司做市，它没有义务这样做），以及高盛公司最初用于账户报表和其他用途的价值，也高于根据这些模型确定的您凭证的估计价值。根据高盛公司和分销参与方的约定，这一差额（即“您凭证的估计价值”中描述的额外金额）将从本日开始到上述“您凭证的估计价值”中规定的适用日期之间以直线方式减少至零。\n此后，如果高盛公司买入或卖出您的凭证，将根据当时参考这些定价模型确定的估计价值进行交易。高盛公司任何时候买入或卖出您的凭证的价格也将反映其当时对于类似规模的结构性凭证的买卖价差。

在估算您的票据在交易日设定条款时的价值时，如上文“您的票据的预估价值”中所披露的，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票据的到期时间。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票据出售给他人（如有），您实际获得的价值可能与根据我们的模型确定的票据预估价值不同，可能有较大差异，这可能是由于其他人使用的定价模型或假设不同所致。参见下文“— 您的票据的市场价格可能受许多不可预测因素的影响”。

在交易日设定条款时您的票据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、记录和推广票据所产生的费用，以及我们支付给高盛&Co.的金额与高盛&Co.根据您的票据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票据持有人支付的金额。作为此类支付的回报，高盛&Co.支付给我们我们在您的票据下应付的金额。

除上述因素外，您的票据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.为票据做市，高盛&Co.的报价将反映市场条件的变化和其他相关因素，包括任何

PS-13

我们信用状况或被认为的信用状况的恶化，或高盛集团有限公司的信用状况或被认为的信用状况的恶化。这些变化可能对您的票据价值产生不利影响，包括您在任何做市交易中可能收到的票据价格。在高盛&Co.为票据做市的范围内，报价将反映当时根据高盛&Co.的定价模型确定的预估价值，加上或减去其当时对类似规模的结构性票据交易的买卖价差（并受上述下降的超额金额的限制）。

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的所得。

无法保证高盛&Co.或任何其他方会在任何价格下愿意购买您的票据，就此而言，高盛&Co.没有义务为票据做市。参见随附的一般条款补充文件第17,745号第S-7页的“票据的特定额外风险因素 —— 您的票据可能没有活跃的交易市场”。

票据受发行人和担保人的信用风险影响

虽然票据的收益将基于基础资产的表现，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 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 Goldman Sachs Group, Inc.（作为票据担保人）支付票据所有应付款项的能力，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。详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的描述 —— 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”，以及随附的招股说明书第 65 页“我们可能发行的债务证券的描述 —— Goldman Sachs Group, Inc. 的担保。

在赎回支付日或约定到期日您将收到的金额不会与任何其他时间基础资产的收盘价挂钩，除非是在适用的赎回观察日或确定日，视情况而定

您在任何赎回支付日收到的现金金额，将仅在适用的赎回观察日基础资产的收盘价大于或等于初始基础资产水平时支付。因此，赎回观察日以外日期的基础资产收盘价对您在赎回支付日收到的任何金额没有任何影响。此外，您在约定到期日收到的现金结算金额，将基于确定日基础资产的收盘价。因此，例如，如果基础资产在确定日的收盘价突然下跌，票据的现金结算金额将显著低于如果现金结算金额与该下跌前的基础资产收盘价挂钩时的金额。尽管在赎回支付日、约定到期日或其他时间票据存续期间基础资产的实际收盘价可能高于赎回观察日或确定日的基础资产收盘价，但您将不会从赎回观察日或确定日以外时间的基础资产收盘价中获益。

您可能会损失全部投资

You can lose your entire investment in the notes. Assuming your notes\nare not automatically called on any call observation date, the cash settlement amount on your notes, if any, on the stated maturity date\nwill be based on the performance of the underlier as measured from the initial underlier level to the closing level on the determination\ndate. If the final underlier level is less than the trigger buffer level, you will have a loss for each $1,000 of the face amount\nof your notes equal to the product of (i) the underlier return times (ii) $1,000. Thus, you may lose your entire investment\nin the notes, which would include any premium to face amount you paid when you purchased the notes.

Also, the market price of your notes prior to a call payment date or\nthe stated maturity date, as the case may be, may be significantly lower than the purchase price you pay for your notes. Consequently,\nif you

PS-14

sell your notes before the stated maturity date, you may receive far\nless than the amount of your investment in the notes.

The Return on Your Notes May Change Significantly\nDespite Only a Small Change in the Underlier Level

If the final underlier level is less than the trigger buffer level,\nyou will receive less than the face amount of your notes and you could lose all or a substantial portion of your investment in the notes.\nThis means that while a decrease in the final underlier level to the trigger buffer level will not result in a loss of principal on the\nnotes, a decrease in the final underlier level to less than the trigger buffer level will result in a loss of a significant portion of\nthe face amount of the notes despite only a small change in the level of the underlier.

The Amount You Will Receive on a Call Payment\nDate or on the Stated Maturity Date, as the Case May Be, Will Be Capped

Regardless of the closing level of the underlier on a call observation\ndate, the amount in cash you may receive on the call payment date is capped. Even if the closing level of the underlier on a call observation\ndate exceeds the initial underlier level, causing the notes to be automatically called, the amount in cash payable on the call payment\ndate will be capped, and you will not benefit from any increases in the closing level of the underlier above the initial underlier level\non any call observation date. If your notes are automatically called on a call observation date, the maximum payment you will receive\nfor each $1,000 face amount of your notes will depend on the applicable call premium amount. In addition, the cash settlement amount you\nmay receive on the stated maturity date is capped due to the maturity date premium amount.

Your Notes Are Subject to Automatic Redemption

We will automatically call and redeem all, but not part, of your notes\non a call payment date, if the closing level of the underlier on the corresponding call observation date is greater than or equal\nto the initial underlier level. Therefore, the term for your notes may be reduced. You may not be able to reinvest the proceeds from\nan investment in the notes at a comparable return for a similar level of risk in the event the notes are automatically called prior to\nmaturity. For the avoidance of doubt, if your notes are automatically called, no discounts, commissions or fees described herein will\nbe rebated or reduced.

Your Notes Do Not Bear Interest

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

The Market Value of Your Notes May Be Influenced\nBy Many Unpredictable Factors

When we refer to the market value of your notes, we mean the value that\nyou could receive for your notes if you chose to sell them in the open market before the stated maturity date. A number of factors, many\nof which are beyond our control, will influence the market value of your notes, including:

the level of the underlier;

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

the dividend rates of the underlier stocks;

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

interest rates and yield rates in the market;

the time remaining until your notes mature; and

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

PS-15

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

These factors may influence the market value of your notes if you sell\nyour notes before maturity, including the price you may receive for your notes in any market making transaction. If you sell your notes\nprior to maturity, you may receive less than the face amount of your notes. You cannot predict the future performance of the underlier\nbased on its historical performance.

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

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

You Have No Rights in Any Futures Contract Tracked\nBy the S&P 500^® Futures Excess Return Index

Investing in your notes will not make you a holder of any futures contract\ntracked by the S&P 500^® Futures Excess Return Index. Neither you nor any other holder or owner of your notes will have\nany rights with respect to the futures contracts tracked by the S&P 500^® Futures Excess Return Index, including any\nrights of a holder of the futures contracts. Your notes will be paid in cash and you will have no right to receive delivery of any futures\ncontract tracked by the S&P 500^® Futures Excess Return Index.

You Have No Shareholder Rights or Rights to Receive\nAny Underlier Stock

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

We May Sell an Additional Aggregate Face Amount\nof the Notes at a Different Issue Price

At our sole option, we may decide to sell an additional aggregate face\namount of the notes subsequent to the date of this pricing supplement. The issue price of the notes in the subsequent sale may differ\nsubstantially (higher or lower) from the original issue price you paid as provided on the cover of this pricing supplement.

Additional Risks Related to the Underlier

You should not invest in the notes without also reading the S&P\n500^® Futures Adaptive Response Indices Supplement No. 2 in full, including the sections entitled “The S&P 500^®\nFutures Adaptive Response Indices” and “Additional Risk Factors Specific to The Indices.”

Notes Linked to the Underlier Are Not Suitable\nFor All Investors and Should Be Purchased Only By Investors Who Understand Leverage Risk; the Underlier May Have Leveraged Exposure to\nthe Underlying Futures Index in Falling Stock Markets

Notes linked to the underlier are not suitable for all investors. In\nparticular, notes linked to the underlier will entail leverage risk and should be purchased only by investors who understand leverage\nrisk, including the risks inherent in providing up to 500% leveraged exposure to the underlying futures index,

PS-16

the S&P 500^® Futures Excess Return Index. Investors\nshould be aware that the use of leverage will magnify and accelerate any negative performance of the underlier.

For example, assuming the maximum leverage factor of 500% is applied\nto the underlier in order to achieve its predefined volatility target, for every 1% decrease in the closing level of the underlying futures\nindex, the closing level of the underlier would decline by 5% (excluding any decline due to the application of a decrement feature). Accordingly,\nany note linked to the underlier is only suitable for investors who understand and can bear the risks associated with up to 5 times magnified\ndeclines in the performance of the underlier that result from declines in the closing level of the underlying futures index.

In addition, in a falling stock market, the underlier may be exposed\nto more than 100% of the losses in the underlying futures index and the underlier may likely experience lower returns than the underlying\nfutures index.

The Underlier Is Subject to Risks Associated\nWith Leveraged Exposure and There Is a Greater Risk You Will Receive Less Than the Face Amount of Your Notes Relative to Notes Linked\nto the Underlying Futures Index, Assuming All Other Terms Remain the Same

The underlier is designed to provide a target volatility overlay to\nthe base index, and the volatility target level is generally achieved through leveraged exposure to the underlying futures index. To the\nextent that the realized volatility is greater than the volatility target, the underlier would generally be decreasing its exposure to\nthe underlying futures index, and to the extent that the realized volatility is less than the volatility target, the underlier would generally\nbe increasing its exposure to the underlying futures index. Because the underlier may have leveraged exposure to the underlying futures\nindex, the underlier may be more volatile than the underlying futures index and daily changes in the level of the underlying futures index\nmay have a greater impact on the underlier than the underlying futures index, which does not contain a leverage component.

In addition, a base index is calculated for the underlier, which is\ndesigned to adjust exposure to the underlying futures index using certain calendar-based signals and price patterns in an attempt to overweight\nor underweight exposures depending on market conditions. Because the base index calculated for the underlier is designed to provide exposure\nto the underlying futures index based on these calendar-based signals and price patterns, which generally provide leveraged exposure to\nthe underlying futures index in the base index, daily changes in the level of the underlying futures index may have a greater impact on\nthe underlier than the underlying futures index, which does not contain a leverage component.

The Underlier is Subject to Risks Associated\nWith a Cap on the Daily Change in Leverage

The underlier is subject to a maximum daily change in exposure to the\nUnderlying Futures Index of 100%, with a total maximum exposure of 500%. The maximum daily change in leverage may result in the underlier\nleveraging up more slowly in the event of a market rally compared to an identical index that does not cap the amount of daily leverage\nchange. In addition, the same feature may result in the underlier deleveraging less quickly in the event of a market drawdown compared\nto an identical index that does not have a cap on daily leverage change.

In addition, the underlier is subject to a cap on the daily change in\nleverage of the base index. A base index is calculated for the underlier, which is designed to adjust exposure to the underlying futures\nindex using certain calendar-based signals and price patterns in an attempt to overweight or underweight exposures depending on market\nconditions. On each index calculation day, the aggregate weight of the signals in the base index cannot increase or decrease by more than\n35% from the previous index calculation day. As a result, the performance of the underlier may be worse than if no cap on the increase\nor decrease of the aggregate weight of the signals in the base index were applied. In addition, the base weight cannot exceed 135% and\ncannot effectively go lower than 90% based on how the signals are formulated.

PS-17

There Is No Assurance that Calculating Realized\nVolatility as the Average of Short-Term Volatility and Long-Term Volatility Is the Best Way to Measure Realized Volatility

With regard to the underlier, “realized volatility” is a\nmeasurement of variations in the historical daily returns of the base index that is calculated as the average of short-term volatility\nand long-term volatility by reference to either a “short term” or “long term” decay factor, as applicable. When\nthe volatility of the base index increases (or decreases), short-term volatility will increase (or decrease) more quickly than long-term\nvolatility. Generally, a higher “decay factor” gives relatively greater weight to older data, reflecting a longer-term perspective.\nThere is no assurance that calculating realized volatility in this manner is the best way to measure realized volatility. For example,\nit is possible that exclusively relying on short-term volatility or long-term volatility or on the greater of or lesser of short-term\nvolatility and long-term volatility is a more reliable way to measure realized volatility. Further, if realized volatility were calculated\nin a different manner, the underlier would perform differently, including potentially having higher returns.

There Is No Guarantee that the Underlier Will\nAchieve the Volatility Target

The exposure of the underlier to the underlying futures index is subject\nto a maximum leverage factor of 500% and a cap on daily leverage change of 100%, which may limit the ability of the underlier to fully\nachieve the volatility target, if achieving the volatility target would require a leverage factor in excess of the maximum leverage factor\nor the cap on daily leverage change. Therefore, there is no guarantee that the underlier will achieve the volatility target.

In addition, the underlier adjusts its exposure to the underlying futures\nindex in an attempt to achieve the volatility target at the close of each index calculation day based on the realized volatility of the\nbase index from the index calculation day that is two index calculation days prior to the current index calculation day. Due to the fact\nthat realized volatility can fluctuate significantly during a single day, the leverage factor will not reflect the realized volatility\nof the base index as of that index calculation day. As a result, there is no guarantee that the underlier will achieve the volatility\ntarget and it is possible that the underlier may have greater exposure to the underlying futures index when the level of the underlying\nfutures index is decreasing than it would have had if the leverage factor were calculated based on more current levels of realized volatility.

The Underlier is Subject to Risks Associated\nwith the Use of Signals

The base index calculated for the underlier provides exposure to the\nunderlying futures index based on four signals including the (1) the mean reversion signal, (2) the Federal Open Market Committee schedule\nsignal, (3) the turn-of-the-month mean reversion signal and (4) the turn-of-the-month long signal. The signal methodology used by the\nunderlier may not be successful. The weight of the underlying futures index will be adjusted, in part, based upon the signals, which may\nnot function as expected in the future or under different market conditions. The signals may not perform as expected should market environments\nchange, and such signals’ effectiveness may wane, disappear or reverse over time. If the effectiveness of the signals wanes, disappears\nor reverses, the changes to the weight of the underlying futures index in the base index as a result of the signals will no longer reflect\nthe underlying assumptions of such signals and the performance of the underlier may suffer. No assurance can be given that the signal-based\nmethodology on which the underlier is based will be successful or that a structured investment linked to the underlier will outperform\na structured investment linked to any alternative methodology (whether or not using a signal-based methodology) that might be employed\nin respect of the underlying futures index or the underlying asset.

In addition, the underlier may be adversely affected by an overlap between\nthe signals. Moreover, the aggregate weight of the signals in the base index cannot increase or decrease by more than 35% from the previous\nindex calculation day and the base weight cannot exceed 135% and cannot effectively go lower than 90% based on how the signals are formulated.\nAs a result, the exposure to the underlying futures index may be higher or lower than would have been the case had only one of the signals\nbeen

PS-18

applied and the performance of the underlier may be worse than if only\none of the signals were applied or no maximum exposure limits were applied.

The Underlier is Subject to Risks Associated\nwith Turn-of-the-Month Signals

The underlier provides exposure to the underlying futures index based\non turn-of-the-month signals, including the turn-of-the-month mean reversion signal and the turn-of-the-month long signal (collectively,\nthe “TOM signals”). The TOM signals seek to capitalize on the view that equities may mean revert during the final days of\na given month if equities have performed negatively that month while the first days of a new month generally yield positive returns for\nequity securities. However, there is no guarantee that the level of the underlying futures index will rise during these periods and unexpected\nmarket conditions or other external events may cause the level of the underlying futures index to fall during these periods. No assurance\ncan be given that the TOM signals will be successful or that they will outperform any alternative strategy.

The Underlier is Subject to Risks Associated\nwith the Mean Reversion Signal

The underlier provides exposure to the underlying futures index based\non the mean reversion signal. The mean reversion signal seeks to capitalize on the view that in the short term, the underlying futures\nindex will increase or decrease in value in the opposite direction of the historical increases or decreases in its value. There is no\nguarantee that the actual performance of the underlying futures index will exhibit any mean reversion and any sustained decline in the\nlevel of the underlying futures index at a time when the mean reversion methodology would suggest that the level should increase may result\nin unexpected losses, which could be significant. No assurance can be given that the mean reversion signal will be successful or that\nit will outperform any alternative strategy.

The Underlier is Subject to Risks Associated\nwith the Federal Open Market Committee Schedule Signal

The underlier provides exposure to the underlying futures index based\non the Federal Open Market Committee schedule signal. The FOMC signal seeks to capitalize on the view that equities may outperform going\ninto and on the days of an FOMC statement day. There is no guarantee that the level of the underlying futures index will rise during these\nperiods and unexpected market conditions or other external events may cause the level of the underlying futures index to fall going into\nand on the days of an FOMC statement day. No assurance can be given that the FOMC signal will be successful or that it will outperform\nany alternative strategy.

The Underlier May Be Significantly Uninvested\n

On an index calculation day, the exposure of the underlier to the underlying\nfutures index may be less than 100% when the realized volatility of the base index is above the volatility target. In addition, the weight\nof the underlying futures index in the base index may be less than 100%, based upon certain calendar-based signals and price patterns\nthat may underweight exposures depending on market conditions. If the underlier’s exposure to the underlying futures index is less\nthan 100%, the underlier will not be fully invested, and any uninvested portion will earn no return. The underlier may be significantly\nuninvested on any given day and will realize only a portion of any gains due to appreciation of the underlying asset on any such day.\nThe decrement is deducted daily from the underlier, even when the underlier is not fully invested, which means that any portion of the\nunderlier that is uninvested in the underlying futures index cannot offset the decrement or contribute to positive performance of the\nunderlier.

The Level of the Underlier Reflects a Per Annum\nDaily Decrement

The underlier is subject to a per annum daily decrement, which\nis a fixed percentage of the respective underlier level that is applied daily. As a result of such decrement, the level of the underlier\nwill trail the value of a hypothetical identical index without a decrement.

PS-19

The decrement will have the effect of offsetting positive returns, and\nworsening negative returns, on the performance of the underlier and will result in a drag on the performance of the underlier. The decrement\nwill adversely affect the performance of the underlier in all cases, whether the underlier appreciates or depreciates. The underlier will\nnot appreciate unless the return of its investment strategy is sufficient to offset the negative effects of the decrement, and then only\nto the extent that the return of its investment strategy is greater than the decrement. As a result of the decrement, the level of the\nunderlier may decline even if the return of its investment strategy is positive.

The Amount of the Decrement Applied to the Underlier\nMay Outweigh Any Intended Benefits of the Decrement Feature

The inclusion of a decrement is intended to permit the economic terms\nof structured investments linked to the underlier to be more favorable to investors than the terms that would otherwise be available on\na hypothetical identical index without a decrement, assuming that the estimated value of the structured investments and market conditions\nare held constant and that all other structural features of the structured investments are the same.

However, for the underlier, any improvement in the economic terms of\na structured investment linked to an underlier may not be sufficient to offset the negative effect of the application of the daily decrement\nto the underlier performance. There can be no assurance that the decrement feature will actually result in the terms of a structured note\nlinked to the underlier having terms that are more favorable to investors than would otherwise be available on a hypothetical identical\nindex without a decrement.

The Underlier May Realize Significant Losses\nif It Is Not Consistently Successful in Increasing Exposure to the Underlying Futures Index in Advance of Increases in the Underlying\nFutures Index and Reducing Exposure to the Underlying Futures Index in Advance of Declines in the Underlying Futures Index

The underlier methodology is premised on several key market-based assumptions:\n(1) that there will be an inverse relationship between performance and volatility, so that the underlying futures index will tend to increase\nin times of lower volatility and decline in times of higher volatility; (2) that the signals will be effective in adjusting the underlier’s\nexposure to the underlying futures index and that their underlying assumptions about market performance and timing will be accurate; and\n(3) that, for the underlier, any improvement in the economic terms of a structured investment linked to the underlier will be sufficient\nto offset the negative effect of the application of a daily decrement to underlier performance. If\nany of these assumptions does not prove to be consistently correct, then the underlier may perform poorly as a result of having highly\nleveraged exposure to the underlying futures index at a time of declines and/or having reduced exposure to the underlying futures index\nat a time of increases.

The Underlier May Not Be Successful or Outperform\nAny Alternative Strategy that Might Be Employed in Respect of the Underlying Futures Index

No assurance can be given that the investment strategy on which the\nunderlier is based will be successful or that a structured investment linked to the underlier will outperform a structured investment\nlinked to any alternative strategy that might be employed with respect to the underlying futures index.

An Affiliate of GS Finance Corp. Coordinated\nwith the Underlier Sponsor in the Development of the Underlier

An affiliate of GS Finance Corp. coordinated with the underlier sponsor\nin its development of the guidelines governing the composition and calculation of the underlier.

The underlier sponsor can implement policies, make judgments or enact\nchanges to the underlier’s methodology that could negatively affect the performance of the underlier. The underlier sponsor can\nalso alter, discontinue or suspend calculation or dissemination of the underlier. Any of these actions could adversely affect the value\nof the notes. The underlier sponsor has no obligation to consider your interests in calculating, maintaining or revising the underlier.

PS-20

In addition, an affiliate of GS Finance Corp. was responsible for developing\nthe guidelines governing the composition and calculation of the underlier, which could have an impact, positive or negative, on the levels\nof the underlier and the value of your notes. GS Finance Corp. was under no obligation to consider your interests as an investor in the\nnotes in its role in developing the guidelines governing the underlier. Furthermore, the inclusion of the underlying futures index in\nthe underlier is not an investment recommendation by the Issuer, the Guarantor (if applicable) or any of their affiliates of the underlying\nfutures index.

The Underlier Has a Limited Operating History

The notes are linked to the performance of the underlier, which was\nlaunched on December 27, 2024. Because the underlier has no live underlier level history prior to that date, limited live historical underlier\nlevel information will be available for you to consider in making an independent investigation of the underlier performance, which may\nmake it difficult for you to make an informed decision with respect to the notes.

The hypothetical performance data prior to the launch of the underlier\non December 27, 2024 refers to simulated performance data created by applying the underlier’s calculation methodology to historical\nprices of the underlying futures index. Such simulated hypothetical performance data has been produced by the retroactive application\nof a back-tested methodology. No future performance of the underlier can be predicted based on the simulated hypothetical performance\ndata or the historical underlier performance information as described herein.

If the Closing Level of the Underlier Becomes\nZero or Negative, the Closing Level of the Underlier Will Remain Zero, Which Would Adversely Impact the Amount Payable on Your Notes and\nYou Will Lose Your Entire Investment in the Notes

The underlier is designed to provide a target volatility overlay to\nthe base index, and the volatility target level is generally achieved through leveraged exposure to the underlying futures index, which\nmeans that any decrease in the level of the underlying futures index will result in a larger decrease in the level of the underlier. If\nthe closing level of the underlier becomes zero or negative on any trading day, the underlier sponsor may discontinue or restart the underlier.\nRegardless of whether the underlier sponsor discontinues or restarts the underlier and notwithstanding anything to the contrary provided\nunder “Terms and Conditions — Discontinuance or modification of the underlier” above, the closing level of the underlier\nwill remain zero for the remainder of the term of your notes (even if the underlier is discontinued and even if the underlier is restarted\nwith a new base value). Thus, you will lose your entire investment in the notes.

Under Certain Circumstances, Your Notes May Have\na Higher Risk of Automatic Redemption Than Notes Linked to the Underlying Futures Index

We will automatically call and redeem all, but not part, of your notes\non a call payment date if, as measured on any call observation date, the closing level of the underlier, is greater than or equal\nto the initial underlier level. Because the underlier is designed to provide leveraged exposure to the underlying futures index, the\nunderlier will be more volatile than the underlying futures index and daily changes in the level of the underlying futures index will\nnecessarily have a greater impact on the underlier than the underlying futures index, which does not contain a leverage component. As\na result, under certain circumstances, your notes may have a greater risk of being automatically called prior to the stated maturity date,\nas compared to notes linked to the underlying futures index (which does not contain a leverage component), assuming all other terms remained\nthe same. Therefore, the term for your notes may be reduced. You may not be able to reinvest the proceeds from an investment in the notes\nat a comparable return for a similar level of risk in the event the notes are automatically called prior to maturity. For the avoidance\nof doubt, if your notes are automatically called, no discounts, commissions or fees described herein will be rebated or reduced.

PS-21

Risks Relating to the Underlying Futures Index, Reference Index\nand Underlying Asset

The Underlying Futures Index Is Expected to\nUnderperform the Total Return Performance of the S&P 500^® Index Because of an Implicit Financing Cost

The underlying futures index is a futures-based index. As a futures-based\nindex, it is expected to reflect not only the total return performance of its reference index (the S&P 500^® Index),\nbut also the implicit cost of a financed position in that reference index. The cost of this financed position will adversely affect the\nvalue of the underlying futures index. Any increase in market interest rates will be expected to further increase this implicit financing\ncost and will increase the negative effect on the performance of the underlying futures index. Because of this implicit financing cost,\nthe underlying futures index is expected to underperform the total return performance of the S&P 500^® Index.\nIn addition, in a high interest rate environment, the underlying futures index may even underperform the price return performance of the\nS&P 500^® Index.

The Policies of the Underlier Sponsor and Changes\nthat Affect the Underlying Futures Index or the Securities Comprising the Reference Index Could Affect the Payment Amount on Your Notes\nand Their Market Value

The policies of the underlier sponsor concerning the calculation of\nthe level of the underlier, additions, deletions or substitutions of securities comprising the reference index, the S&P 500^®\nIndex, and the manner in which changes affecting the securities comprising the reference index or its issuers, such as stock dividends,\nreorganizations or mergers, are reflected in the level of the underlying futures index or the reference index, as applicable, could affect\nthe level of the underlier and, therefore, the amount payable on your notes and the market value of your notes. The amount payable on\nyour notes and their market value could also be affected if the underlier sponsor changes these policies, for example, by changing the\nmanner in which it calculates the level of the underlier or if the underlier sponsor discontinues or suspends calculation or publication\nof the level of the underlier, in which case it may become difficult to determine the market value of your notes. If events such as these\noccur, the calculation agent for the notes — which initially will be GS&Co., our affiliate — may determine the closing\nlevel of the underlying futures index — and thus the amount payable on your notes — in a manner it considers appropriate,\nin its sole discretion. We describe the discretion that the calculation agent of the notes will have in determining the closing level\nof the Indices on any trading day and the amount payable on your notes more fully under “Terms and Conditions — Discontinuance\nor modification of the underlier” above. See also “Discontinuance or Modification of an Underlier That Is an Index or an Exchange-Traded\nFund” on page S-28 of the accompanying general terms supplement no. 17,745.

Except to the Extent The Goldman Sachs Group,\nInc. Is One of the Companies Whose Common Stock Comprises the Reference Index, and Except to the Extent That We or Our Affiliates May\nCurrently or in the Future Own Securities of, or Engage in Business With, the Issuers of Securities Comprising the Reference Index or\nOwn the Underlying Asset, There Is No Affiliation Between Us and the Issuers of Securities Comprising the Reference Index

The underlying futures index is linked to the underlying asset, currently\nlisted for trading on the Chicago Mercantile Exchange. The common stock of The Goldman Sachs Group, Inc. is one of the securities comprising\nthe reference index. In addition, we or our affiliates may currently or from time to time in the future own securities of, or engage in\nbusiness with, the issuers of securities comprising the reference index or own the underlying asset. We are not otherwise affiliated with\nthe issuers of securities comprising the reference index or the sponsor of the reference index. Neither we nor any of our affiliates have\nparticipated in the preparation of any publicly available information or made any “due diligence” investigation or inquiry\nwith respect to the underlying futures index or the reference index, any of the other issuers of the securities comprising the reference\nindex or the underlying asset. You, as an investor in your notes, should make your own investigation into the underlying futures index,\nthe reference index, the issuers of the securities comprising the reference index and the E-mini S&P 500 futures contracts. See “Background\non the S&P 500^® Futures Excess Return Index” and “Background on the S&P 500^® Index”\nin the accompanying S&P 500^® Futures Adaptive Response Indices Supplement No. 2 for additional

PS-22

information about the underlying futures index, the E-mini S&P 500\nfutures contracts and the reference index.

None of the issuers of securities comprising the reference index are\ninvolved in the offering of your notes in any way and none of them have any obligation of any sort with respect to your notes. Thus, none\nof the issuers of securities comprising the reference index have any obligation to take your interests into consideration for any reason,\nincluding in taking any corporate actions that might adversely affect the level of the underlying futures index or the reference index\nor making any investment decision for the underlying futures index or the reference index.

Linking to an Equity Futures Contract Is Different\nfrom Linking to the Underlier or the Underlying Futures Index

The underlying futures index is linked to the underlying asset, the\nE-mini S&P 500 futures contract, currently listed for trading on the Chicago Mercantile Exchange. Consequently, the return on your\nnotes will be related to the performance of an equity futures contract and not the reference index. On a given day, a “futures price”\nis the price at which market participants may agree to buy or sell the asset underlying a futures contract in the future, and the “spot\nprice” is the current price of such underlying asset for immediate delivery. A variety of factors can lead to a disparity between\nthe price of a futures contract at a given point in time and the spot price of its underlying asset, such as the expected dividend yields\nof any stocks that comprise such underlying asset, the implicit financing cost associated with the futures contract and market expectations\nrelated to the future price of the futures contract’s underlying asset. Purchasing an equity futures contract is similar to borrowing\nmoney to buy the underlying asset of such futures contract because it enables an investor to gain exposure to such underlying asset without\nhaving to pay the full cost of such exposure up front, and therefore entails a financing cost. As a result, the underlier is expected\nto reflect not only the performance of the reference index, but also the implicit financing cost in the underlying asset contract, among\nother factors. Such implicit financing cost will adversely affect the level of the underlier. Any increase in market interest rates will\nbe expected to further increase this implicit financing cost and will have an adverse effect on the level of the underlier and, therefore,\nthe value of and return on the notes.

The price movement of a futures contract is typically correlated with\nthe movements of the price of its underlying asset, but the correlation is generally imperfect, and price movements in the spot market\nmay not be reflected in the futures market (and vice versa). Accordingly, your notes may underperform a similar investment that more directly\nreflects the return on the reference index.

Negative Roll Yields Will Adversely Affect the\nLevel of the Underlier Over Time and Therefore the Amount Payable on the Notes

The underlying futures index is linked to the underlying asset rather\nthan the reference index. Futures contracts normally specify a certain date for cash settlement of a financial future (such as a futures\ncontract on a securities index) or delivery of the underlying physical commodity for a deliverable future. As the exchange-traded futures\ncontract that comprises the underlier approaches expiration, it is replaced by a similar contract that has a later expiration. Thus, for\nexample, a futures contract purchased and held in September may specify a December expiration. As time passes, the contract expiring in\nDecember may be replaced by a contract for delivery in March. This process is referred to as “rolling.”

As a futures contract approaches expiration, its value will generally\napproach the spot price of its underlying asset because by expiration it will closely represent a contract to buy or sell such underlying\nasset for immediate delivery. If the market for a futures contract is in “contango,” where the price of the futures contract\nwith a later expiration date during a rolling period is higher than the spot price of its underlying asset, then the value of such futures\ncontract would tend to decline over time (assuming the spot price and other relevant factors remain unchanged), because the higher futures\nprice would decline as it approaches the lower spot price by expiration. This negative effect on the futures price is referred to as a\nnegative “carry” or “roll yield” and is realized over the term of such contract. A negative roll yield will adversely\naffect the level of the underlier over time and therefore the amount payable on the notes.

PS-23

Because of the potential effects of negative roll yields, it is possible\nfor the level of the underlier to decrease significantly over time even when the level of the reference index is stable or increasing.

Futures Contracts Are Not Assets with Intrinsic\nValue

The underlying futures index is linked to the underlying asset currently\nlisted for trading on the Chicago Mercantile Exchange. Trading in futures contracts transfers the risk of future price movements from\none market participant to another. This means that for every gain, there is an equal and offsetting loss. Futures contracts themselves\nare not assets with intrinsic value, and simply reflect, in the case of cash-settled contracts, certain rights to payment or obligations\nto make payments to the other party to the contract. Accordingly, market participants taking the opposite side of the underlying asset\ntrades may believe that the level of the reference index will move against the interests of the underlying futures index.

You Have No Rights in Any Futures Contract Tracked\nBy the Underlying Futures Index

Investing in your notes will not make you a holder of any futures contract\ntracked by the underlying futures index. Neither you nor any other holder or owner of your notes will have any rights with respect to\nthe futures contracts tracked by the underlying futures index, including any rights of a holder of the futures contracts. Your notes will\nbe paid in cash and you will have no right to receive delivery of any futures contract tracked by the underlying futures index.

Owning the Notes Is Not the Same as Directly\nOwning the Underlier Stocks or Futures Contract Directly or Indirectly Tracked by the Underlying Futures Index

Your return on the notes will not reflect the return you would have\nrealized on a direct investment in the underlying asset currently listed for trading on the Chicago Mercantile Exchange or any of the\nunderlier stocks comprising the reference index. For example, as an investor in the notes, you will not have rights to receive dividends\nor other distributions or any other rights, including voting rights, with respect to any underlier stocks comprising the reference index.\nThe calculation agent for the notes will calculate the amount payable to you at maturity by reference to the level of the underlier on\nthe determination date, and will not include the amount of any of those dividend payments or other distributions. Therefore, the return\non your investment will not be the same as the return based on the purchase of any stocks or futures contracts that are tracked directly\nor indirectly by the underlying futures index.

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

Securities markets and futures markets are subject to temporary distortions\nor other disruptions due to various factors, including the lack of liquidity in the markets, the participation of speculators, and government\nregulation and intervention. In addition, futures markets typically have regulations that limit the amount of fluctuation in some futures\ncontract prices that may occur during a single business day. These limits are generally referred to as “daily price fluctuation\nlimits,” 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\nprice.” Once the limit price has been reached in a particular contract, no trades may be made at a price beyond the limit, or trading\nmay be limited for a specified period of time. Limit prices have the effect of precluding trading in a particular contract or forcing\nthe liquidation of contracts at potentially disadvantageous times or prices. These circumstances could affect the level of the underlying\nfutures index and, therefore, could adversely affect the level of the underlier and the amount payable on the notes.

Risks Related to Tax

The Tax Consequences of an Investment in Your\nNotes Are Uncertain

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

PS-24

The Internal Revenue Service (the “IRS”) announced\nin 2007 that it is considering issuing guidance regarding the tax treatment of an instrument such as your notes, and any such guidance\ncould adversely affect the value and the tax treatment of your notes. Among other things, the IRS may decide to require the holders to\naccrue ordinary income on a current basis and recognize ordinary income on payment at maturity, and could subject non-U.S. investors to\nwithholding tax. In addition, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. It is\nnot possible to predict whether a similar or identical bill will be enacted in the future, or whether any such bill would affect the tax\ntreatment of your notes. We describe these developments in more detail under “Supplemental Discussion of U.S. Federal Income\nTax Consequences – United States Holders – Possible Change in Law” below. You should consult your tax advisor about\nthis matter. Except to the extent otherwise provided by law, GS Finance Corp. intends to continue treating the notes for U.S. federal\nincome tax purposes in accordance with the treatment described under “Supplemental Discussion of U.S. Federal Income Tax Consequences”\nbelow unless and until such time as Congress, the Treasury Department or the IRS determine that some other treatment is more appropriate.\nPlease also consult your tax advisor concerning the U.S. federal income tax and any other applicable tax consequences to you of owning\nyour notes in your particular circumstances.

Foreign Account Tax Compliance Act (FATCA) Withholding\nMay 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\nInformation to Tax Authorities

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

PS-25

THE UNDERLIER

The S&P 500^® Futures 40% VT Adaptive Response 6%\nDecrement Index (USD) ER is designed to provide exposure to the S&P 500^® Futures Excess Return Index with a rules-based\noverlay that adjusts exposure to the S&P 500^® Futures Excess Return Index on a daily basis. Leverage is applied to\nthe weight of the S&P 500^® Futures Excess Return Index to attempt to achieve a predefined volatility target of 40%,\nwith a maximum exposure to the S&P 500^® Futures Excess Return Index of 500%. A base index is calculated for the underlier,\nwhich is designed to adjust exposure to the S&P 500^® Futures Excess Return Index using certain calendar-based signals\nand price patterns in an attempt to overweight or underweight exposures depending on market conditions. A per annum deduction that is\na fixed percentage of the underlier level, known as a decrement, is applied daily, which has the effect of offsetting positive returns\non the performance of the underlier and will result in a drag on the performance of the underlier. No assurance can be given that the\ninvestment strategy used to construct the underlier will achieve its intended results or that a structured investment linked to the underlier\nwill be successful or will outperform any alternative index or strategy that might reference the S&P 500^® Futures Excess\nReturn Index. For additional information on the underlier, see the accompanying S&P 500^® Futures Adaptive Response\nIndices Supplement No. 2 and October 2026 S&P 500^® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER Supplement\nAddendum; see also “Index Summary” above.

PS-26

Historical Closing Levels of the Underlier

The closing level of the underlier has fluctuated in the past and may,\nin the future, experience significant fluctuations. In particular, the underlier has recently experienced extreme and unusual volatility.\nAny historical upward or downward trend in the closing level of the underlier during the period shown below is not an indication that\nthe 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 the underlier\nas an indication of the future performance of the underlier, including because of the volatility described above. We cannot give you\nany assurance that the future performance of the underlier or the underlier stocks will result in you receiving an amount greater than\nthe outstanding face amount of your notes on the stated maturity date.

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

The graph below shows the daily closing levels of the underlier from\nJanuary 1, 2021 through October 15, 2026 (using hypothetical performance data and historical closing levels). As a result, the following\ngraph does not reflect the global financial crisis which began in 2008, which had a materially negative impact on the price of most equity\nsecurities and, as a result, the level of most equity indices. Since the underlier was launched on December 27, 2024 and has a limited\noperating history, the graph includes hypothetical performance data for the underlier prior to its launch on December 27, 2024. The hypothetical\nperformance data prior to December 27, 2024 was obtained from the underlier sponsor’s website, without independent verification.\nThe historical closing levels from December 27, 2024 to October 15, 2026 were obtained from Bloomberg Financial Services, without independent\nverification. (In the graph, the hypothetical historical closing levels can be found to the left of the vertical solid line marker and\nthe historical closing levels can be found to the right of the vertical solid line marker.) You should not take the hypothetical performance\ndata or historical levels of the underlier as an indication of the future performance of the underlier.

PS-27

Historical Performance of the S&P 500^®\nFutures 40% VT Adaptive Response 6% Decrement Index (USD) ER

$\"\"$

PS-28

Comparative Performance of the S&P 500^®\nFutures 40% VT Adaptive Response 6% Decrement Index (USD) ER and the S&P 500^® Futures Excess Return Index

The graph below shows the performance, from January 1, 2021 through\nOctober 15, 2026, of the underlier and the S&P 500^® Futures Excess Return Index.

For comparative purposes, each of the underlier and the S&P 500^®\nFutures Excess Return Index have been adjusted to have a closing level of 100.00 on January 1, 2021 by dividing the applicable closing\nlevel on each day by that index’s closing level on January 1, 2021 and multiplying the quotient by 100.00.

Since the underlier was launched on December 27, 2024 and has a limited\noperating history, the graph includes hypothetical performance data for the underlier prior to its launch of December 27, 2024. The hypothetical\nperformance data for the underlier prior to December 27, 2024 used to create this graph was obtained from the underlier sponsor’s\nwebsite, without independent verification. The daily historical closing levels of the underlier from December 27, 2024 to October 15,\n2026 used to create this graph were obtained from Bloomberg Financial Services, without independent verification. (In the graph, historical\nclosing levels can be found to the right of the vertical solid line marker.) The daily historical closing levels of the S&P 500^®\nFutures Excess Return Index from January 1, 2021 through October 15, 2026 used to create this graph were obtained from Bloomberg Financial\nServices, without independent verification. You should not take this graph, the hypothetical performance data of the underlier or the\nhistorical closing levels of the indices used to create this graph as an indication of the future performance of any index, including\nthe underlier, or the correlation (if any) between the level of the underlier and the level of the S&P 500^® Futures\nExcess Return Index.

As described above, the leverage factor causes the underlier to be more\nvolatile than the S&P 500^® Futures Excess Return Index and therefore causes the underlier to underperform the S&P\n500^® Futures Excess Return Index when the S&P 500^® Futures Excess Return Index declines. This underperformance\nwill be especially dramatic when the S&P 500^® Futures Excess Return Index experiences a rapid and significant decline\nbetween the measurement of realized volatility of the base index on the index calculation day that is two index calculation days prior\nto the current index calculation day (“T - 2”) and the calculation of the leverage factor on an index calculation day (“T”).

Comparative Performance of the S&P 500^®\nFutures 40% VT Adaptive Response 6% Decrement Index (USD) ER and the S&P 500^® Futures Excess Return Index

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PS-29

SUPPLEMENTAL DISCUSSION OF U.S. FEDERAL INCOME\nTAX CONSEQUENCES

The following section supplements and, to the extent of any inconsistency,\nsupersedes the discussion of U.S. federal income taxation in the accompanying prospectus contained in the \"United States Taxation”\nsection. This section, when read in conjunction with certain subsections of the \"United States Taxation\" section in the\naccompanying prospectus referenced herein, represents the opinion of Davis Polk & Wardwell LLP, counsel to The Goldman Sachs Group,\nInc. and GS Finance Corp. (“our counsel”).

This section is a discussion of the material U.S. federal income tax\nconsequences of the ownership and disposition of the notes. It generally assumes that you will purchase a note for cash at its stated\nprincipal amount and hold it as a capital asset for tax purposes within the meaning of Section 1221 of the Internal Revenue Code of 1986,\nas amended (the “Code”). Prospective investors who purchase notes at a different time or for a different price may\nhave consequences that differ from those described below. This section is only a summary of the general tax characteristics and treatment\nof the notes and does not describe all of the U.S. federal income tax consequences that may be relevant to you in light of your particular\ncircumstances, including any differing tax consequences that may be applicable to you if you are, for instance:

•

a dealer or trader in securities that elects to use a mark-to-market method of tax accounting with respect to the notes;

•

a financial institution;

•

a life insurance company;

•

a “regulated investment company”;

•

a “real estate investment trust”;

•

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 the notes as a hedge or that is hedged against interest rate risks;

•

a person that owns the notes as part of a “straddle” or conversion transaction for tax purposes or who has entered into\na “constructive sale” with respect to a note; or

•

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

If an entity that is classified as a partnership for\nU.S. federal income tax purposes holds the notes, the U.S. federal income tax treatment of a partner will generally depend on the status\nof the partner and the activities of the partnership. If you are a partnership holding the notes or a partner in such a partnership, you\nshould consult your tax advisor as to your particular U.S. federal tax consequences of holding and disposing of the notes.

Although this section is based on the Code, its legislative history,\nexisting and proposed regulations under the Code, published rulings and court decisions, all as currently in effect, no statutory, judicial\nor administrative authority directly discusses how your notes should be treated for U.S. federal income tax purposes and, as a result,\nthe U.S. federal income tax consequences of your investment in your notes are uncertain. Moreover, these laws are subject to change, possibly\non a retroactive basis. This discussion does not address the effects of any applicable state, local or non-U.S. tax laws or the potential\napplication of the Medicare tax or any alternative minimum tax.

PS-30

\n \n \n \n

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 subsection describes the tax consequences to you if you are a United\nStates holder. You are a United States holder if you are a beneficial owner of notes and you are:

•

a citizen or individual resident of the United States;

•

a domestic corporation; or

•

an estate or trust the income of which is subject to U.S. federal income tax regardless of its source.

Tax Treatment. You will be obligated pursuant to the terms of\nthe notes – in the absence of a change in law, an administrative determination or a judicial ruling to the contrary – to characterize\nyour notes for all U.S. federal income tax purposes as pre-paid derivative contracts in respect of the underlier that are treated as “open\ntransactions.” In the opinion of our counsel, this characterization is a reasonable interpretation of current law. Except as otherwise\nstated below, the discussion below assumes that the notes will be so treated.

Subject to the discussion below regarding the constructive\nownership rules, upon the sale, exchange, redemption or maturity of your notes, you should recognize capital gain or loss equal to the\ndifference between the amount realized on the sale, exchange, redemption or maturity and your tax basis in your notes. Your tax basis\nin your notes should generally be equal to the amount that you paid for the notes. Such capital gain or loss should generally be short-term\ncapital 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\nmore than one year. Short-term capital gains are generally subject to tax at the marginal tax rates applicable to ordinary income.

The constructive ownership rules of Section 1260\nof the Code could possibly apply to your notes. If your notes were subject to the constructive ownership rules, then any long-term capital\ngain that you realize upon the sale, exchange, or maturity of your notes would be recharacterized as ordinary income (and you would be\nsubject to an interest charge on deferred tax liability with respect to such recharacterized capital gain) to the extent that such capital\ngain exceeds the amount of “net underlying long-term capital gain” (as defined in Section 1260 of the Code). Because the application\nof the constructive ownership rules is unclear, you are strongly urged to consult your tax advisor with respect to the possible application\nof the constructive ownership rules to your investment in the notes.

No statutory, judicial or administrative authority directly discusses\nhow 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\nin the notes are uncertain and alternative characterizations are possible. We do not plan to request a ruling from the IRS, and the IRS\nor a court might not agree with the treatment described herein. Accordingly, we urge you to consult your tax advisor in determining the\ntax consequences of an investment in your notes in your particular circumstances, including the application of state, local or other tax\nlaws and the possible effects of changes in federal or other tax laws.

Alternative Treatments. Because there is no judicial or administrative\nauthority discussing how your notes should be treated for U.S. federal income tax purposes, the IRS might assert that a treatment other\nthan that described above is more appropriate. For example, the IRS could treat your notes as debt instruments subject to special rules\ngoverning contingent payment debt instruments.

Under those rules, the amount of interest you are required to take into\naccount for each accrual period would be determined by constructing a projected payment schedule for the notes and applying rules similar\nto those for accruing original issue discount on a hypothetical noncontingent debt instrument with that projected payment schedule. This\nmethod is applied by first determining the comparable yield – i.e.,

PS-31

the yield at which we would issue a noncontingent fixed rate debt instrument\nwith terms and conditions similar to your notes – and then determining a payment schedule as of the applicable original issue date\nthat would produce the comparable yield. These rules may have the effect of requiring you to include interest in income in respect of\nyour notes prior to your receipt of cash attributable to that income.

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

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

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

Possible Change in Law. In 2007, the IRS released a notice stating\nthat the IRS and the Treasury Department are actively considering issuing guidance regarding the proper U.S. federal income tax treatment\nof an instrument such as the offered notes, including whether the holders should be required to accrue ordinary income on a current basis\nand whether gain or loss should be ordinary or capital. It is not possible to determine what guidance they will ultimately issue, if any.\nIt is possible, however, that under such guidance, holders of the notes will ultimately be required to accrue income currently and this\ncould be applied on a retroactive basis. The IRS and the Treasury Department are also considering other relevant issues, including whether\nforeign holders of such instruments should be subject to withholding tax on any deemed income accruals. In addition, members of Congress\nhave proposed legislative changes to the tax treatment of derivative contracts. It is not possible to predict whether a similar or identical\nbill will be enacted in the future, or whether any such bill would affect the tax treatment of your notes.

Except to the extent otherwise provided by law, GS Finance Corp. intends\nto continue treating the notes for U.S. federal income tax purposes in accordance with the treatment described above unless and until\nsuch time as Congress, the Treasury Department or the IRS determine that some other treatment is more appropriate.

It is impossible to predict what any such legislation or administrative\nor regulatory guidance might provide, and whether the effective date of any legislation or guidance will affect notes that were issued\nbefore the date that such legislation or guidance is issued. You are urged to consult your tax advisor as to the possibility that any\nlegislative 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.\nYou 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\nnotes.

You are not a non-United States holder for purposes of this discussion\nif you are (i) an individual who is present in the United States for 183 days or more in the taxable year of disposition of a note, or\n(ii) a former citizen or resident of the United States. In addition, you are not a non-United States holder if income in respect of your\nnotes is effectively connected with the conduct of a United States trade or business. If you are or may become a person described in this\nparagraph during the period in which you hold a note, you should consult your tax advisor regarding the U.S. federal tax consequences\nof an investment in the notes.

PS-32

Under the characterization of the notes described above, subject to\nthe discussions below and \"United States Taxation — Taxation of Debt Securities — Non-United States Holders” in\nthe accompanying prospectus, you should generally not be subject to U.S. federal income or withholding tax on the payment on your note,\nassuming income on the notes is not effectively connected with your conduct of a United States trade or business. However, under generally\napplicable information reporting and backup withholding requirements you may be required to provide an applicable IRS Form W-8 (or otherwise\nestablish an exemption) in order to avoid backup withholding on the payment on the notes. See the accompanying prospectus under \"United\nStates Taxation — Taxation of Debt Securities — Backup Withholding and Information Reporting — Non-United States Holders.\"

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

Possible Withholding Under Section 871(m) of the Code. The United\nStates Treasury Department has issued regulations under which amounts paid or deemed paid on certain financial instruments (“871(m)\nfinancial instruments”) that are treated as attributable to U.S.-source dividends could be treated, in whole or in part depending\non the circumstances, as a “dividend equivalent” payment that is subject to tax at a rate of 30% (or a lower rate under an\napplicable treaty), which in the case of any amounts you receive upon the sale, exchange, redemption or maturity of your notes, could\nbe collected via withholding. If these regulations were to apply to the notes, we (or an applicable withholding agent) may be required\nto withhold such taxes if any U.S.-source dividends are paid on the stocks included in the underlier during the term of the notes. We\ncould also require you to make certifications (e.g., on an applicable IRS Form W-8) prior to the maturity of the notes in\norder to avoid or minimize withholding obligations, and we could withhold accordingly (subject to your potential right to claim a refund\nfrom the IRS) if such certifications were not received or were not satisfactory. If withholding was required, we would not be required\nto pay any additional amounts with respect to amounts so withheld. These regulations generally will apply to 871(m) financial instruments\n(or a combination of financial instruments treated as having been entered into in connection with each other) issued (or significantly\nmodified and treated as retired and reissued) on or after January 1, 2029, but will also apply to certain 871(m) financial instruments\n(or a combination of financial instruments treated as having been entered into in connection with each other) that have a delta (as defined\nin the applicable Treasury regulations) of one and are issued (or significantly modified and treated as retired and reissued) on or after\nJanuary 1, 2017. In addition, these regulations will not apply to financial instruments that reference a “qualified index”\n(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\nunder Section 871(m). In certain limited circumstances, however, you should be aware that it is possible for non-United States holders\nto be liable for tax under these rules with respect to a combination of transactions treated as having been entered into in connection\nwith each other even when no withholding is required. You should consult your tax advisor concerning these regulations, subsequent official\nguidance 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\n(FATCA) withholding (as described in “United States Taxation—Taxation of Debt Securities—Foreign Account Tax Compliance\nAct (FATCA) Withholding” in the accompanying prospectus) will generally apply to obligations that are issued on or after July 1,\n2014; therefore, the notes will generally be subject to the FATCA withholding rules.

THE TAX CONSEQUENCES OF OWNING AND DISPOSING OF THE NOTES ARE UNCLEAR.\nYOU SHOULD CONSULT YOUR TAX ADVISOR REGARDING THE TAX CONSEQUENCES OF OWNING AND DISPOSING OF THE NOTES, INCLUDING THE TAX CONSEQUENCES\nUNDER STATE, LOCAL, NON-U.S. AND OTHER TAX LAWS AND THE POSSIBLE EFFECTS OF CHANGES IN U.S. FEDERAL OR OTHER TAX LAWS.

PS-33

Supplemental\nplan of distribution; conflicts of interest

See “Supplemental Plan of Distribution” on page S-51 of\nthe accompanying general terms supplement no. 17,745 and “Plan of Distribution — Conflicts of Interest” on page 127\nof the accompanying prospectus; GS Finance Corp. estimates that its share of the total offering expenses, excluding underwriting discounts\nand commissions, will be approximately $10,000.

GS Finance Corp. will sell to GS&Co., and GS&Co. will purchase\nfrom GS Finance Corp., the aggregate face amount of the offered notes specified on the front cover of this pricing supplement. GS&Co.\nproposes initially to offer the notes to the public at the original issue price set forth on the cover page of this pricing supplement,\nand to certain securities dealers at such price less a concession not in excess of 1.25% of the face amount. GS&Co. will pay a fee\nof 1% from the concession to Axio Financial LLC in connection with its marketing efforts related to the offered notes. GS&Co. is an\naffiliate of GS Finance Corp. and The Goldman Sachs Group, Inc. and, as such, will have a “conflict of interest” in this offering\nof notes within the meaning of Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5121. Consequently, this offering of notes will\nbe conducted in compliance with the provisions of FINRA Rule 5121. GS&Co. will not be permitted to sell notes in this offering to\nan account over which it exercises discretionary authority without the prior specific written approval of the account holder. We have\nbeen 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\nan 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\nYork on October 20, 2026. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required\nto settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade\nnotes on any date prior to one business day before delivery will be required to specify alternative settlement arrangements to prevent\na failed settlement.

We have been advised by GS&Co. that it intends to make a market\nin 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\nstop 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\nquotation system.

PS-34

VALIDITY\nOF THE NOTES

In the opinion of Davis Polk & Wardwell LLP, as special counsel\nto GS Finance Corp. and The Goldman Sachs Group, Inc., when the notes offered by this pricing supplement have been issued by GS Finance\nCorp. pursuant to the GSFC 2008 indenture (as defined in the accompanying prospectus supplement), the trustee has made the appropriate\nentries or notations to the master global note that represents such notes (the “master note”), and such notes have been delivered\nagainst payment as contemplated herein, such notes will be valid and binding obligations of GS Finance Corp. and the related guarantee\nwill be a valid and binding obligation of The Goldman Sachs Group, Inc., enforceable in accordance with their terms, subject to applicable\nbankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles\nof general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided\nthat such counsel expresses no opinion as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable\nlaw on the conclusions expressed above and (ii) any provision of the GSFC 2008 indenture that purports to avoid the effect of fraudulent\nconveyance, fraudulent transfer or similar provision of applicable law by limiting the amount of The Goldman Sachs Group, Inc.’s\nobligation under the related guarantee. This opinion is given as of the date hereof and is limited to the laws of the State of New York\nand the General Corporation Law of the State of Delaware. In addition, this opinion is subject to customary assumptions about the trustee’s\nauthorization, execution and delivery of the GSFC 2008 indenture and its authentication of the master note and the validity, binding nature\nand enforceability of the GSFC 2008 indenture with respect to the trustee, all as stated in the letter of such counsel dated February\n12, 2025, which is Exhibit 5.7 to the Pre-Effective Amendment No.1 to the Registration Statement on Form S-3 filed by The Goldman Sachs\nGroup, Inc. on February 12, 2025.

PS-35

We have not authorized anyone to provide\nany information or to make any representations other than those contained or incorporated by reference in this pricing supplement, the\naccompanying general terms supplement no. 17,745, the accompanying S&P 500^® Futures Adaptive Response Indices Supplement\nNo. 2, the accompanying October 2026 S&P 500^® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER Supplement\nAddendum, the accompanying prospectus supplement or the accompanying prospectus. We take no responsibility for, and can provide no assurance\nas to the reliability of, any other information that others may give you. This pricing supplement, the accompanying general terms supplement\nno. 17,745, the accompanying S&P 500^® Futures Adaptive Response Indices Supplement No. 2, the accompanying October\n2026 S&P 500^® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER Supplement Addendum, the accompanying prospectus\nsupplement and the accompanying prospectus is an offer to sell only the notes offered hereby, but only under circumstances and in jurisdictions\nwhere it is lawful to do so. The information contained in this pricing supplement, the accompanying general terms supplement no. 17,745,\nthe accompanying S&P 500^® Futures Adaptive Response Indices Supplement No. 2, the accompanying October 2026 S&P\n500^® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER Supplement Addendum, the accompanying prospectus supplement\nand the accompanying prospectus is current only as of the respective dates of such documents.

$2,261,000

GS Finance Corp.

Autocallable S&P 500^® Futures\n40% VT Adaptive Response 6% Decrement Index (USD) ER-Linked Notes due 2032

guaranteed by

The Goldman Sachs

Group, Inc.

_______________

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_______________
\n
\n

Goldman Sachs & Co. LLC

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