[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"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","vvcvgk0jue9irs1bceo7v1os0","revision",2,"title","高盛发行挂钩S&P 500期货的结构性票据","originalTitle","GOLDMAN SACHS GROUP INC (0000886982) (Filer)","summary","高盛集团下属GS Finance Corp.发行了两款结构性票据，挂钩S&P 500期货收益指数，涉及高杠杆、自动赎回、本金损失等风险。票据不付息，发行价高于模型估值，且存在税务、流动性、市场波动等多重不确定性。","reason","高盛集团发行了两款结构性票据，涉及S&P 500期货收益指数，存在高杠杆、自动赎回、本金损失等多重风险，且发行价高于模型估值，可能影响投资者决策。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-08T19:05:21.000Z","discoveredAt","2026-10-08T19:20:53.324Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"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","ftTOn2z8EJlE",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","190a3f03-22ef-4473-a230-561bd7c0e97f","高盛发行多款S&P 500指数挂钩票据",{"_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.

\n \n

$391,000

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Autocallable S&P\n 500^® 期货 40% VT 自适应响应 6% 减量指数（美元）ER 联动票据 2031 年到期

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由以下公司担保

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高盛集团，股份有限公司

票据不计息。票据将在约定到期日（2031 年 10 月 9 日）到期，除非它们在 2027 年 10 月开始的任何赎回观察日被自动赎回。如果在赎回观察日，S&P 500^® 期货 40% VT 自适应响应 6% 减量指数（美元）ER 的收盘水平大于或等于初始标的资产水平 565.24（即交易日（2026 年 10 月 6 日）该指数的收盘水平），则您的票据将在相应的赎回支付日获得支付，金额为（i）您的票据面值加上（ii）$1,000 乘以适用的赎回溢价金额。每个赎回支付日的赎回观察日、赎回支付日和适用的赎回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^® 期货超额收益指数的敞口。这些规则的总体目标是创建一个指数，为 S&P 500^® 期货超额收益指数提供波动率调整的敞口，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%，每日杠杆变动最大为 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购买并持有该合约所涉及证券的回报率相关，但并不相同。

该指数会受到使用大量杠杆相关风险的影响。投资者应意识到，使用杠杆会放大并加速指数的任何负面表现。该指数还受到每日杠杆变动最大为 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，该指数的去杠杆化速度更慢。

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，该指数仅能实现标普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。

以上描述仅为摘要。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（2031年10月6日）期间指数的表现。

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的50%，您的票据的收益将为正，您将获得每张面值为1000美元的票据最高结算金额1910.02美元。

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

您的票据收益是有限的。如果票据被自动回售，每张面值为1000美元的票据您将获得的最高支付金额等于（i）1000美元加上（ii）1000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1000美元的票据在约定到期日您将获得的最高支付金额为1910.02美元。如果您的票据在任何回售观察日未被自动回售，我们将计算标的物收益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减。到期时，每张面值为1000美元的票据，您将获得等值于：

●

如果最终标的物水平大于或等于初始标的物水平的50%，则为最高结算金额1910.02美元；或者

●

如果最终标的物水平小于初始标的物水平的50%，则为（i）1000美元加上（ii）（a）标的物收益乘以（b）1000美元。 您将获得少于票据面值的金额。

您应阅读本文中的披露信息，以更好地了解您投资的条款和风险，包括GS Finance Corp.和The Goldman Sachs Group, Inc.的信用风险，以及与指数相关的风险，包括使用杠杆和减量。参见第PS-14页。

在交易日确定您的凭证条款时，您的凭证的预估价值等于每1,000美元面值约939美元。有关预估价值以及高盛公司& Co. LLC（Goldman Sachs & Co. LLC）如果在凭证上做市，最初买卖凭证的价格的讨论，请参见下一页。

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原始发行日期：	2026年10月9日	原始发行价格：	面值的100%*
承销折扣：	面值的1.375%*	发行人净收益：	面值的98.625%

* 有关构成承销折扣的费用的更多信息，请参见第PS-35页的“补充发行计划；利益冲突”。

证券交易委员会或其他任何监管机构均未批准或否决这些证券，也未对本招股说明书的准确性或充分性发表意见。任何与此相反的陈述均为刑事犯罪。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，也不是银行的债务或担保。

高盛公司& Co. LLC

定价补充文件第27,177号，2026年10月6日。

上述列出的发行价格、承销折扣和发行人净收益适用于我们最初出售的凭证。我们可能决定在本定价补充文件日期之后出售额外的凭证，其发行价格以及承销折扣和发行人净收益可能与上述金额不同。您在凭证上的投资回报（无论正负）部分取决于您购买凭证的发行价格。

GS Finance Corp.可能在凭证的初始销售中使用本招股说明书。此外，GS Finance Corp.或其任何其他附属公司可能在凭证初始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

在交易日确定您的凭证条款时（根据高盛公司& Co. LLC（GS&Co.）使用的定价模型确定，并考虑我们的信用利差），您的凭证的预估价值等于每1,000美元面值约939美元，低于原始发行价格。在任何时间，您的凭证的价值将反映许多因素，无法预测；然而，GS&Co.最初买卖凭证的价格（如果它做市，但没有义务这样做）以及GS&Co.最初用于账户报表和其他用途的价值等于您凭证在定价时的预估价值，加上额外金额（最初等于每1,000美元面值61美元）。

在2027年1月6日之前，GS&Co.将以（不包括GS&Co.通常的买卖价差）其买入或卖出您的票据的价格（如果它做市，但其没有义务这样做）将大致等于（a）您票据的当前估计价值（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1月5日按直线法减少至零）。在2027年1月6日及之后，GS&Co.将以（不包括GS&Co.通常的买卖价差）其买入或卖出您的票据的价格（如果它做市）将大致等于根据此类定价模型确定的您票据的当前估计价值。

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关于您的招股说明书

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这些票据是GS\n Finance Corp.的中期票据系列F计划的一部分，并由高盛集团有限公司完全且无条件担保。本招股说明书包括此定价补充说明和以下附带文件。此定价补充说明是对以下所列文件的补充说明，不详述您票据的所有条款，因此应与这些文件一起阅读：

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·\t标普\n 500^®期货自适应响应指数补充说明第2号，2026年7月27日

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·\t2026年9月\n 标普500^®期货40% VT自适应响应6%递减指数（美元）ER补充说明附加文件，2026年9月21日

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·\t一般条款补充说明第17,745号，2026年1月20日

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·\t招股说明书\n 补充说明，2025年2月14日

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·\t招股说明书\n ，2025年2月14日

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本定价补充说明中的信息将取代上述所列文件中任何冲突的信息。此外，所列文件中描述的一些条款或特征可能不适用于您的票据。

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我们通过此定价补充说明提供的票据称为“发行票据”或“票据”。每张发行票据都有以下描述的条款。请注意，在此定价补充说明中，“GS Finance Corp.”、“我们”、“我们的”和“我们”仅指GS Finance Corp.，不包括其子公司或关联公司；“高盛集团有限公司”（我们的母公司）仅指高盛集团有限公司，不包括其子公司或关联公司；“高盛”指高盛集团有限公司及其合并的子公司和关联公司，包括我们。这些票据将在2008年10月10日签署的高级债务信托契约下发行，并由2015年2月20日签署的第一补充信托契约补充，该契约由我们作为发行人、高盛集团有限公司作为担保人以及纽约银行摩根大通作为受托人签署。此后，该信托契约将被进一步补充，称为“GSFC 2008信托契约”，在附带的招股说明书补充说明中提及。

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这些票据将以簿记形式发行，并由编号为3的主票据，日期为2021年3月22日。

PS-2

指数\n摘要

本部分仅包含指数的简要描述，未详细描述其所有重要特征。该指数较为复杂，在投资于相关票据之前，您必须仔细查阅随附的《标普500期货自适应响应指数补充文件第2号》（发布于2026年7月27日）中更详细的指数描述，以及本文中“与您的票据相关的额外风险因素——与标的物相关的额外风险”部分中与指数相关的风险因素。

本定价补充文件中包含的所有信息，关于表格中列出的标普500期货40% VT 自适应响应6% 减量指数（美元）ER（以下简称“指数”），包括但不限于其构成成分、计算方法及其成分的变化，均来自公开信息以及其他由标普道琼斯指数公司（以下简称“指数发行人”和“指数计算代理”）提供的信息，未经独立验证。此信息反映了指数发行人的政策，并可能由其更改。该指数由指数发行人开发，并与GS Finance Corp的附属公司协调完成。该指数由指数发行人维护，并由指数计算代理进行计算和发布。指数发行人没有义务继续发布该指数，且可能停止发布该指数。我们在此定价补充文件中也将该指数称为“标的物”。

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指数	Bloomberg 代码	标的资产	标的期货指数	参考指数	波动率目标	最大杠杆	减量因子	生效日期
标普500期货40% VT 自适应响应6% 减量指数（美元）ER	SPAR4V6	未加权的E-迷你标普500期货滚动头寸	标普500期货超额收益指数	标普500指数	40%	500%	6%	2024年12月27日

该指数在上表中所述的生效日期建立。该指数由Bloomberg Professional^®服务（以下简称“Bloomberg”）按照上表中所述的代码进行报告。

概述摘要

指数

该指数旨在通过基于规则的叠加，提供对标的期货指数——标普500期货超额收益指数的敞口，该叠加会根据每日规则调整对标的期货指数的敞口。该指数使用三种主要规则来实现这些调整：

对标的期货指数的权重应用杠杆，以尝试实现预定义的波动率目标（该指数的波动率目标在上表中列出）（以下简称“波动率目标”），对标的期货指数的最大敞口为500%，并且对每日敞口的最大变化设有100%的上限；

为该指数计算一个基础指数（以下简称“基础指数”），\n该基础指数旨在通过某些基于日历的信号和价格模式（统称为“信号”）来调整对标的期货指数的敞口，以尝试根据市场状况对敞口进行高配或低配，包括：

“均值回归信号”，该信号基于短期假设，即标的期货指数的价值将与短期历史价值的增减方向相反；

一个“联邦公开市场委员会日程（“FOMC”）信号”，这是基于股票可能在FOMC会议前后以及会议当天表现优于市场的假设；

PS-3

FOMC宣布货币政策的声明的“FOMC声明日”；和

“月末信号”，这是基于股票可能在某个月的最后几天出现均值回归的假设，如果该月股票表现不佳，而新月的前几日通常为股票证券带来正回报；

每年的减幅是一个固定百分比的指数水平，也称为减幅，每天应用，其效果是抵消正回报，并加剧负回报，从而对指数的表现产生拖累；

这些规则的总体目标是创建一个指数，为底层期货指数提供波动率调整的敞口，同时根据上述信号及其基础假设进行进一步调整。此外，引入减幅的目的是使与该指数挂钩的结构化投资的经济条款比没有减幅的假设性相同指数的条款更有利，假设结构化投资的估计价值和市场条件保持不变，并且结构化投资的所有其他结构性特征相同。

然而，该指数的方法论基于几个关键的基于市场的假设：

即表现与波动率之间存在反向关系，因此底层期货指数在波动率较低时往往会增加，在波动率较高时往往会下降；

即这些信号能够有效调整指数对底层期货指数的敞口，并且其关于市场表现和时机的假设是准确的；以及

即与指数挂钩的结构化投资的经济条款的任何改进都足以抵消每日减幅对指数表现的负面影响。

如果这些假设被证明是始终正确的，那么与该指数挂钩的结构化投资就有潜力通过杠杆方式参与上涨和非杠杆方式参与下跌，从而超越与底层期货指数挂钩的结构化投资。然而，不能保证这些假设在任何给定的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没有被证明是始终正确的，那么由于在下跌时对底层期货指数有高度杠杆敞口和/或在上涨时敞口减少，该指数的表现可能会很差。此外，与该指数挂钩的结构化投资的回报可能明显低于由我们发行的、与没有减幅的假设性相同指数挂钩的结构化投资的回报。

该指数可能面临与使用大量杠杆相关的风险，杠杆率可能高达500%。标的期货指数的每日杠杆变动最大为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动上限的相同指数更缓慢。此外，同样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动上限的相同指数更慢。此外，该指数在任何一天可能在标的期货指数上的投资比例显著偏低，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，该指数的表现可能不如不应用基准指数中信号总权重增减上限的情况。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

此外，基准指数中信号的总权重不能超过135%且不能有效低于90%，这取决于信号的制定方式。此外，该指数每天会以每年6%的速率扣除减量，即使该指数并未完全投资。该指数中未投资于标的期货指数的部分无法抵消减量或对指数的正向表现做出贡献，也不会产生任何收益。由于减量的扣除，该指数的表现将落后于没有此类减量功能的相同指数。

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，或会优于可能参考标的期货指数或标的资产的任何其他替代指数或策略的结构化投资。

PS-5

条款和条件

CUSIP / ISIN：40058LXL9 / US40058LXL97

公司（发行人）： GS Finance Corp.

担保人：The Goldman Sachs Group, Inc.

标的物： S&P 500^® 期货\n40% VT Adaptive Response 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天累计的6.0%的减量。

标的期货指数：对于S&P 500^®\n期货 40% VT Adaptive Response 6% 减量指数（美元）ER，S&P 500^® 期货超额收益指数

标的资产：对于S&P 500^®\n期货 40% VT Adaptive Response 6% 减量指数（美元）ER，E-mini S&P 500 期货合约

参考指数：对于S&P 500^®\n期货 40% VT Adaptive Response 6% 减量指数（美元）ER，S&P 500^® 指数

面值：在原始发行日总面值为391,000美元；如果公司在其单独决定下，选择在交易日后某日出售额外金额，总面值可能会增加。

授权面额：1000美元或超过该金额的任何整数倍

本金金额：根据以下“— 公司的赎回权（自动呼叫功能）”中所述，公司在到期日将支付金额，对于每1000美元的未偿面值，支付金额（如有）等于现金结算金额，以现金支付。

现金结算金额：

●

如果最终相关资产水平大于或等于触发缓冲水平，则总和为（i）1000美元加上（ii）（a）1000美元乘以（b）到期日溢价金额；或者

●

如果最终相关资产水平小于触发缓冲水平，则总和为（i）1000美元加上（ii）（a）1000美元乘以（b）相关资产回报

公司的赎回权（自动呼叫功能）：如果发生赎回事件，则未偿面值将被自动全部赎回，公司将在以下呼叫支付日支付金额，对于每1000美元的未偿面值，等于总和（i）1000美元加上（ii）（a）1000美元乘以（b）根据下文“呼叫观察日期”中规定的适用呼叫溢价金额

赎回事件：如果在任何呼叫观察日期测量的，相关资产的收盘水平大于或等于初始相关资产水平的90%，则将发生赎回事件

初始相关资产水平：565.24，这是交易日相关资产的收盘水平

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

相关资产回报： 商数为（i）最终相关资产水平减去初始相关资产水平除以（ii）初始相关资产水平，以百分比表示

触发缓冲水平：初始相关资产水平的50%

呼叫溢价金额：就任何呼叫支付日而言，根据下文“呼叫观察日期”中规定的表格中规定的适用呼叫溢价金额

到期日溢价金额：91.002%

最大结算金额：1910.02美元

交易日：2026年10月6日

原始发行日：2026年10月9日

PS-6

确定日：2031年10月6日，除非计算代理人在该日确定发生市场中断事件或持续发生市场中断事件，或该日不是交易日。在这种情况下，确定日将是计算代理人确定市场中断事件未发生且未持续的第一个交易日。然而，无论如何，确定日不得推迟到原定到期日之后，如果原定到期日不是营业日，则不得推迟到原定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持续发生市场中断事件，或该日不是交易日，该日仍为确定日。

约定到期日： 2031年10月9日，除非该日不是工作日，此时约定到期日将顺延至下一个工作日。如果如上文“— 确定日”所述，确定日被顺延，则约定到期日也将顺延。在这种情况下，约定到期日将从原定的确定日（不包括该日）起，顺延相同的工作日数至实际确定日（包括该日）。\n

赎回观察日： 如下表中所指定的日期，除非计算代理认为该日发生或持续存在市场中断事件，或该日不是交易日。在这种情况下，该赎回观察日将为计算代理确定市场中断事件未发生且未持续的下一个交易日。然而，无论如何，赎回观察日不得顺延至原定对应赎回支付日之后，或如果原定对应赎回支付日不是工作日，则不得顺延至该原定赎回支付日之后的第一个工作日。在适用于相关赎回支付日的最后一个可能的赎回观察日，如果发生或持续存在市场中断事件，或该日不是交易日，该日仍为赎回观察日。\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 \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

赎回观察日	赎回支付日	赎回溢价金额
2027年10月6日	2027年10月12日	18.2004%
2027年11月8日	2027年11月12日	19.7171%
2027年12月6日	2027年12月9日	21.2338%
2028年1月6日	2028年1月11日	22.7505%
2028年2月7日	2028年2月10日	24.2672%
2028年3月6日	2028年3月9日	25.7839%
2028年4月6日	2028年4月11日	27.3006%
2028年5月8日	2028年5月11日	28.8173%
2028年6月6日	2028年6月9日	30.334%
2028年7月6日	2028年7月11日	31.8507%
2028年8月7日	2028年8月10日	33.3674%
2028年9月6日	2028年9月11日	34.8841%
2028年10月6日	2028年10月12日	36.4008%
2028年11月6日	2028年11月9日	37.9175%
2028年12月6日	2028年12月11日	39.4342%
2029年1月8日	2029年1月11日	40.9509%
2029年2月6日	2029年2月9日	42.4676%
2029年3月6日	2029年3月9日	43.9843%
2029年4月6日	2029年4月11日	45.501%
2029年5月7日	2029年5月10日	47.0177%
2029年6月6日	2029年6月11日	48.5344%
2029年7月6日	2029年7月11日	50.0511%
2029年8月6日	2029年8月9日	51.5678%
2029年9月6日	2029年9月11日	53.0845%
2029年10月8日	2029年10月11日	54.6012%
2029年11月6日	2029年11月9日	56.1179%
2029年12月6日	2029年12月11日	57.6346%
2030年1月7日	2030年1月10日	59.1513%
2030年2月6日	2030年2月11日	60.668%

PS-7

2030年3月6日	2030年3月11日	62.1847%
2030年4月8日	2030年4月11日	63.7014%
2030年5月6日	2030年5月9日	65.2181%
2030年6月6日	2030年6月11日	66.7348%
2030年7月8日	2030年7月11日	68.2515%
2030年8月6日	2030年8月9日	69.7682%
2030年9月6日	2030年9月11日	71.2849%
2030年10月7日	2030年10月10日	72.8016%
2030年11月6日	2030年11月12日	74.3183%
2030年12月6日	2030年12月11日	75.835%
2031年1月6日	2031年1月9日	77.3517%
2031年2月6日	2031年2月11日	78.8684%
2031年3月6日	2031年3月11日	80.3851%
2031年4月7日	2031年4月10日	81.9018%
2031年5月6日	2031年5月9日	83.4185%
2031年6月6日	2031年6月11日	84.9352%
2031年7月7日	2031年7月10日	86.4519%
2031年8月6日	2031年8月11日	87.9686%
2031年9月8日	2031年9月11日	89.4853%

赎回支付日： 如上文“— 赎回观察日”中所述表格中所指定的日期，或如果该日不是工作日，则为下一个工作日。如果如上文“— 赎回观察日”所述，赎回观察日被顺延，则相关赎回支付日将从原定的赎回观察日（不包括该日）起，顺延相同的工作日数至实际的赎回观察日（包括该日）。\n

收盘价：对于任何交易日，由标的物发行人于该交易日发布的标的物或任何继任标的物的官方收盘价。尽管下文“— 标的物的中止或修改”中有任何相反规定，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（即使标的物中止，即使标的物以新的基准值重新开始）。

交易日：标的物发行人正常营业且标的物由标的物发行人计算并发布的日期

继任标的物：根据下文“— 标的物的中止或修改”中所述，由计算代理人批准作为继任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，包括任何继任发行人。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，已考虑任何新增、删除或替换

市场中断事件：就任何交易日而言，以下任何一种情况都将构成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%或以上的股票交易暂停、缺席或受到重大限制，且每次持续交易超过两个小时或在该市场交易结束前的半小时内，由计算代理人自行决定

●

与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相关的期权或期货合约在各自主要市场中交易暂停、缺席或受到重大限制，且每次持续交易超过两个小时或在该市场交易结束前的半小时内，由计算代理人自行决定，或

PS-8

●

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，与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相关的期权或期货合约，不在其 respective 主要市场中交易，由计算代理人自行决定

并且，在上述任何事件的情况下，计算代理人自行决定该事件可能严重影响公司或其任何关联方或类似情况的人士对本票据可能进行的对冲操作的全部或大部分进行平仓的能力。

以下事件不会构成市场中断事件：

●

对交易时间或交易天数的限制，但仅限于该限制是由于相关市场正常营业时间的公告变更所致，以及

●

决定永久中止与参考指数或任何标的物股票相关的期权或期货合约的交易。

为此，如果相关标的股票在主要证券市场交易，或与参考指数或相关标的股票有关的期权或期货合约在主要市场交易，那么在该市场因常规情况而关闭交易时，不会被视为交易缺失。相反，如果由于以下原因导致相关标的股票或与参考指数或相关标的股票有关的期权或期货合约在该股票或这些合约的主要市场中出现交易暂停或限制：

●

价格变动超过该市场设定的限制，

●

与该相关标的股票或这些合约有关的订单出现失衡，或

●

与该相关标的股票或这些合约有关的买卖报价出现差异，

则将构成该股票或这些合约在该市场中的交易暂停或重大限制。

市场中断事件或非交易日的后果： 如果在本应为认股观察日或确定日的某一天发生了市场中断事件或该事件持续存在，或者该天不是交易日，则该认股观察日或确定日将按照上述“—认股观察日”或“—确定日”部分所述进行推迟。

如果计算代理方确定，用于确定认股支付日或规定到期日应付金额的相关标的股票的收盘水平，在最后可能的认股观察日或最后可能的确定日不可用，这是由于市场中断事件、非交易日或其他任何原因（不包括下文“—相关标的股票的中止或修改”中所述的情况），则计算代理方仍将根据其自行决定的、对相关标的股票在该日水平的评估来确定相关标的股票的水平。

相关标的股票的中止或修改： 如果相关标的股票的发起方中止了相关标的股票的发布，且相关标的股票发起方或其他人发布了计算代理方认为与相关标的股票相当并批准作为继任相关标的股票的替代相关标的股票，或者如果计算代理方指定了替代相关标的股票，则计算代理方将根据该继任相关标的股票来确定认股支付日或规定到期日的应付金额。

如果计算代理方确定相关标的股票的发布被中止且没有继任相关标的股票，计算代理方将根据计算代理方确定的、尽可能合理地复制相关标的股票的计算方法，来确定适用的认股支付日或规定到期日的应付金额。

如果计算代理认为（i）在任何时间以任何方式对相关资产、相关资产股票或计算相关资产的方法进行了变更——包括任何增加、删除或替换，以及对相关资产或相关资产股票的重新加权或再平衡，无论该变更是否由相关资产发起人根据其现有政策作出，或是否在其政策修改后作出，是否由于发布了一个继任相关资产，是否由于影响一个或多个相关资产股票或其发行人的事件，或是否由于其他原因——并且该变更未通过相关资产发起人根据相关资产当时的现行相关资产方法在相关资产水平中反映出来，或者（ii）相关资产发生了拆分或反向拆分，则计算代理将被允许（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

PS-9

确保在任何行权支付日或约定到期日（视情况而定）用于确定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： 持有人代表其自身以及任何拥有本票据受益权益的其他人，同意在没有法律变更、行政裁定或司法裁决相反的情况下，将本票据在所有美国联邦所得税目的上分类为针对相关资产的预付衍生工具合同。

逾期本金利率： 有效联邦基金利率

PS-10

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或确定日相关资产的各种假设收盘水平可能对行权支付日或约定到期日（视情况而定）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整个期限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情况，假设您在原始发行日以面值购买这些票据，并持有至赎回支付日或规定的到期日（以适用者为准）。如果您在赎回支付日或规定的到期日之前在二级市场出售您的票据，您的收益将取决于出售时票据的市场价值，这可能受到示例中未反映的多种因素影响，例如利率、标的物的波动性、GS Finance Corp.（作为发行人）的信用状况以及The Goldman Sachs Group, Inc.（作为担保人）的信用状况。此外，根据GS&Co.使用的定价模型，您在交易日确定票据条款时的估计价值低于票据的原始发行价格。有关您票据的估计价值的更多信息，请参见本定价补充文件第PS-14页的“与您的票据相关的特定额外风险因素——在交易日确定您的票据条款时（根据GS&Co.使用的定价模型确定）的估计价值低于您的票据的原始发行价格”。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
赎回溢价金额	每个赎回支付日适用的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	91.002%
触发缓冲水平	初始标的物水平的50%
在任何原定的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赞助商计算标的物的方法未发生或影响任何变化
在原始发行日以面值购买并持有至赎回支付日或规定的到期日的票据

因此，您的票据在整个期限内标的物的实际表现，以及在赎回支付日或到期时（如有）的支付金额，可能与下面显示的假设示例或本定价补充文件中其他地方显示的历史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-28页的“标的物——标的物的历史收盘水平”。在投资票据之前，您应查阅公开信息，以确定本定价补充文件日期和您购买票据日期之间标的物的水平。

此外，下面显示的假设示例未考虑适用税款的影响。由于适用于您票据的美国税法规定，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票据的税后收益率。

赎回支付日的假设支付

以下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将取决于标的资产的收盘水平是否在适用的行权观察日大于或\n等于初始标的资产水平的90%。\n虽然您的票据有四十八个潜在的行权支付日，但以下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-11

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的90%），那么在适用的行权支付日，我们针对每张面值为1,000美元的票据将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美元的乘积。\n例如，如果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，我们在相应行权支付日针对您的票据支付的现金金额将是您的票据面值的118.2004%，即每1,000美元面值的票据支付1,182.004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的90%，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的90%），那么在适用的行权支付日，我们针对每张面值为1,000美元的票据将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美元的乘积。\n例如，如果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，我们在相应行权支付日针对您的票据支付的现金金额将是您的票据面值的119.7171%，即每1,000美元面值的票据支付1,197.171美元。

到期时的假设支付

如果在任何认沽观察日都没有自动认沽（即，在每个认沽观察日，标的资产的收盘价低于初始标的资产水平的90%），那么在所述到期日，我们针对您每1000美元面值的凭证所支付的现金金额将取决于标的资产在决定日的表现，如下表所示。下表假设凭证在任何认沽观察日都没有被自动认沽，并反映了您在所述到期日可能收到的假设现金结算金额。下表左列中的数值代表假设的最终标的资产水平，并以初始标的资产水平的百分比表示。右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，并以凭证面值的百分比表示（四舍五入到千分之一百分比）。因此，假设的现金结算金额为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，我们针对所发行凭证的每1000美元未偿面值所支付的现金金额将等于凭证面值的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

凭证尚未被自动认沽
\n 假设的最终标的资产水平 \n \n （以初始标的资产水平的百分比表示） \n	\n 假设的现金结算金额 \n \n （以面值的百分比表示） \n
300.000%	191.002%
250.000%	191.002%
200.000%	191.002%
150.000%	191.002%
100.000%	191.002%
85.000%	191.002%
75.000%	191.002%
50.000%	191.002%
49.999%	49.999%
40.000%	40.000%
25.000%	25.000%
0.000%	0.000%

例如，如果在认沽观察日凭证尚未被自动认沽，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%，那么我们在凭证到期时针对您的凭证所支付的现金结算金额将为您的凭证面值的25.000%，如上表所示。因此，如果您在原始发行日以面值购买了凭证并持有至所述到期日，您将损失75.000%的投资（如果

PS-12

您以高于面值的价格购买了凭证，您将相应地损失更高比例的投资）。此外，如果在认沽观察日凭证尚未被自动认沽，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%，那么我们在凭证到期时针对您的凭证所支付的现金结算金额将为您的凭证面值的191.002%，如上表所示。因此，如果您持有凭证至所述到期日，现金结算金额将受到上限限制，您将不会从最终标的资产水平超过初始标的资产水平50.000%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）实现的底层股票的市场价格，以及可能被证明是错误的假设。您凭证在所述到期日或在任何其他时间（包括您可能希望出售凭证的时间）的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凭证投资的财务回报的指示。上述示例中持有凭证至所述到期日的假设金额假设您以面值购买了凭证，并未调整以反映您实际支付的凭证发行价格。您凭证的投资回报（无论正负）将受到您支付的凭证金额的影响。如果您以不同于面值的价格购买凭证，您的投资回报将与上述示例所暗示的假设回报不同，且可能显著低于该回报。请阅读第PS-16页的“与您的凭证相关的额外风险因素——您的凭证的市场价值可能受许多不可预测因素的影响”。

凭证的付款在经济上等同于对其他工具组合的付款。例如，凭证的付款在经济上等同于持有人购买的带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凭证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

我们无法预测底层资产在行权观察日或确定日的实际收盘水平，也无法预测在任何特定交易日您的凭证的市场价值，也无法预测在所述到期日前任何时间底层资产水平与凭证市场价值之间的关系。您在行权付款日或到期日实际收到的金额（如有）以及所发行凭证的收益率将取决于凭证是否被行权、行权观察日的底层资产实际收盘水平以及计算代理根据上述情况确定的实际最终底层资产水平。此外，假设回报所基于的假设可能被证明是不准确的。因此，您在行权付款日或所述到期日根据您的凭证支付的现金金额（如有）可能与上述示例中反映的信息有很大不同。

PS-13

与您的凭证相关的额外风险因素

\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”部分所述，高盛&Co.的定价模型会考虑某些变量，包括我们主要的信用利差、利率（预测的、当前的和历史的利率）、波动率、价格敏感性分析以及票据的到期时间。这些定价模型是专有的，并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，如果您在二级市场出售您的票据（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，原因包括但不限于其他人使用的定价模型或假设的差异。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由于某些因素造成的，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.支付给我们与您的票据有关的金额之间的估算差异。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.会支付给我们我们根据您的票据应付的金额。

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.报出的价格将反映市场状况和其他相关因素的任何变化，包括

PS-14

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。如果高盛&Co.为票据做市，报价将反映当时参考高盛&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约束）。

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

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，就这一点而言，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）和The Goldman Sachs Group, Inc.（票据担保人）的信用风险影响。这些票据是我们无担保的债务义务。投资者依赖我们支付票据所有应付款项的能力，因此投资者将面临我们的信用风险以及市场对我们信用状况看法的变化。同样，投资者依赖The Goldman Sachs Group, Inc.（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”，以及第65页“我们可能发行的债务证券的描述——The 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与基础资产在任何时间点的收盘价无关，除非是在适用的赎回观察日或确定日

您在赎回支付日（如有）收到的现金金额，只有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的90%时才会支付。因此，赎回观察日以外日期的基础资产收盘价不会影响您在赎回支付日收到的任何金额。此外，您在约定到期日（如有）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突然大幅下跌，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、约定到期日或票据存续期间其他时间点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，但您将无法从赎回观察日或确定日以外时间点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\nface amount of your notes equal to the product of (i) the underlier return times (ii) $1,000. Thus, you may lose your entire\ninvestment in 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-15

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 90% of the initial underlier level, causing the notes to be automatically called, the amount in cash payable on the call\npayment date will be capped, and you will not benefit from any increases in the closing level of the underlier above 90% of the initial\nunderlier level on any call observation date. If your notes are automatically called on a call observation date, the maximum payment you\nwill receive for each $1,000 face amount of your notes will depend on the applicable call premium amount. In addition, the cash settlement\namount you may 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 90% of the initial underlier level. Therefore, the term for your notes may be reduced. You may not be able to reinvest the proceeds\nfrom an investment in the notes at a comparable return for a similar level of risk in the event the notes are automatically called prior\nto maturity. 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-16

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,\nincluding any voting rights, any rights to receive dividends or other distributions, any rights to make a claim against the\nunderlier stocks or any other rights of a holder of the underlier stocks. Your notes will be paid in cash and you will have\nno right to receive delivery of any underlier 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-17

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-18

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-19

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-20

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-21

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 90% of the initial underlier level. Because the underlier is designed to provide leveraged exposure to the underlying futures index,\nthe underlier 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-22

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-23

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-24

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-25

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\nIncome Tax Consequences – United States Holders – Possible Change in Law” below. You should consult your tax advisor\nabout this 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-26

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 September 2026 S&P 500^® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER Supplement\nAddendum; see also “Index Summary” above.

PS-27

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 6, 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 6, 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-28

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

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PS-29

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 6, 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 6, 2026\nused 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 6, 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-30

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,\nyou should 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-31

\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-32

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\na notice stating that the IRS and the Treasury Department are actively considering issuing guidance regarding the proper U.S. federal\nincome tax treatment of an instrument such as the offered notes, including whether the holders should be required to accrue ordinary income\non a current basis and whether gain or loss should be ordinary or capital. It is not possible to determine what guidance they will ultimately\nissue, if any. It is possible, however, that under such guidance, holders of the notes will ultimately be required to accrue income currently\nand this could be applied on a retroactive basis. The IRS and the Treasury Department are also considering other relevant issues, including\nwhether foreign holders of such instruments should be subject to withholding tax on any deemed income accruals. In addition, members\nof Congress have proposed legislative changes to the tax treatment of derivative contracts. It is not possible to predict whether a similar\nor identical bill 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\nof your notes is effectively connected with the conduct of a United States trade or business. If you are or may become a person described\nin this paragraph 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-33

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,\nunder generally applicable information reporting and backup withholding requirements you may be required to provide an applicable IRS\nForm W-8 (or otherwise establish an exemption) in order to avoid backup withholding on the payment on the notes. See the accompanying\nprospectus under \"United States Taxation — Taxation of Debt Securities — Backup Withholding and Information Reporting\n— 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\nto withholding under Section 871(m). In certain limited circumstances, however, you should be aware that it is possible for\nnon-United States holders to be liable for tax under these rules with respect to a combination of transactions treated as having been\nentered into in connection with each other even when no withholding is required. You should consult your tax advisor concerning\nthese regulations, subsequent official guidance and regarding any other possible alternative characterizations of your notes for U.S.\nfederal 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. YOU\nSHOULD CONSULT YOUR TAX ADVISOR REGARDING THE TAX CONSEQUENCES OF OWNING AND DISPOSING OF THE NOTES, INCLUDING THE TAX CONSEQUENCES UNDER\nSTATE, LOCAL, NON-U.S. AND OTHER TAX LAWS AND THE POSSIBLE EFFECTS OF CHANGES IN U.S. FEDERAL OR OTHER TAX LAWS.

PS-34

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 1.375% of the face amount. GS&Co.\nmay pay a referral fee of 0.75% from the concession to another dealer in connection with its marketing efforts related to the offered\nnotes. GS&Co. is an affiliate of GS Finance Corp. and The Goldman Sachs Group, Inc. and, as such, will have a “conflict\nof interest” in this offering of notes within the meaning of Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5121. Consequently,\nthis offering of notes will be conducted in compliance with the provisions of FINRA Rule 5121. GS&Co. will not be permitted to sell\nnotes in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the\naccount holder. We have been advised that GS&Co. will also pay a fee to iCapital Markets LLC, a broker-dealer in which an affiliate\nof GS Finance Corp. holds an indirect minority equity interest, for services it is providing in connection with this offering and a fee\nto an unaffiliated broker-dealer on behalf of a distribution participant for providing certain electronic platform services in connection\nwith this offering.

We will deliver the notes against payment therefor in New York, New\nYork on October 9, 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-35

VALIDITY OF 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\nthe trustee’s authorization, execution and delivery of the GSFC 2008 indenture and its authentication of the master note and the\nvalidity, binding nature and enforceability of the GSFC 2008 indenture with respect to the trustee, all as stated in the letter of such\ncounsel dated February 12, 2025, which is Exhibit 5.7 to the Pre-Effective Amendment No.1 to the Registration Statement on Form S-3 filed\nby The Goldman Sachs Group, Inc. on February 12, 2025.

PS-36

We have not authorized anyone to provide any information or to make\nany representations other than those contained or incorporated by reference in this pricing supplement, the accompanying general terms\nsupplement no. 17,745, the accompanying S&P 500^® Futures Adaptive Response Indices Supplement No. 2, the accompanying\nSeptember 2026 S&P 500^® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER Supplement Addendum, the accompanying\nprospectus supplement or the accompanying prospectus. We take no responsibility for, and can provide no assurance as to the reliability\nof, any other information that others may give you. This pricing supplement, the accompanying general terms supplement no. 17,745, the\naccompanying S&P 500^® Futures Adaptive Response Indices Supplement No. 2, the accompanying September 2026 S&P 500^®\nFutures 40% VT Adaptive Response 6% Decrement Index (USD) ER Supplement Addendum, the accompanying prospectus supplement and the accompanying\nprospectus is an offer to sell only the notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to\ndo so. The information contained in this pricing supplement, the accompanying general terms supplement no. 17,745, the accompanying S&P\n500^® Futures Adaptive Response Indices Supplement No. 2, the accompanying September 2026 S&P 500^® Futures\n40% VT Adaptive Response 6% Decrement Index (USD) ER Supplement Addendum, the accompanying prospectus supplement and the accompanying\nprospectus is current only as of the respective dates of such documents.

$391,000

GS Finance Corp.

Autocallable S&P 500^® Futures\n40% VT Adaptive Response 6% Decrement Index (USD) ER-Linked Notes due 2031

guaranteed by

The Goldman Sachs

Group, Inc.

_______________

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_______________
\n
\n

Goldman Sachs & Co. LLC

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