[{"_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","wu6opl4knb16sugxbxwjz70vl","revision",2,"title","高盛集团关联公司发行半导体ETF挂钩票据","originalTitle","GOLDMAN SACHS GROUP INC (0000886982) (Filer)","summary","GS Finance Corp.发行由高盛集团担保的2029年到期自动赎回挂钩半导体ETF的票据，面值$1,000，季度票息$43.375，若ETF收盘价低于初始水平70%则不支付票息。若ETF在2029年10月9日收盘价低于初始水平70%，投资者将收回本金但无票息。票据受标的波动性、信用状况及市场因素影响，存在本金损失风险。","reason","高盛集团关联公司发行挂钩半导体ETF的自动赎回票据，存在本金损失风险，受标的波动性、信用状况及市场因素影响。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-14T14:41:54.000Z","discoveredAt","2026-10-14T15:11:58.059Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",66,"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","fuq2LDGieZ2I",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","7f17a9c8-c98f-4dfc-91a5-da372f860540","高盛发行半导体ETF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 \n \n \n \n \n

$\"img119683000_0.jpg\"$

GS Finance Corp.

$1,497,000

自动触发的附条件收益ETF联结票据，2029年到期

由

高盛集团有限公司担保

如果在任何观察日，iShares® 半导体ETF（ETF）的收盘价低于初始水平的70%，您在相关支付日将不会收到收益。您将从票据中获得的金额取决于ETF的表现。票据将在规定的到期日（2029年10月12日）到期，除非在2027年4月开始至2029年7月之间的任何观察日自动触发。如果在任何此类观察日，ETF的收盘价大于或等于初始水平559.40美元（该水平为交易日（2026年10月9日）的盘中水平或收盘价），您的票据将被自动触发。如果您的票据被自动触发，您将在下一个支付日（相关观察日后的第三个营业日）收到等于票据面值加上收益的款项（如下所述）

您票据的收益与ETF的表现挂钩，而非与ETF所基于的指数的表现挂钩

观察日为2027年1月开始，每季度1月、4月、7月和10月的第9日，直至2029年10月结束。如果在任何观察日，ETF的收盘价大于或等于初始水平的70%，您将在相关支付日收到每1000美元面值的票据收益43.375美元（季度4.3375%，或最高每年17.35%的潜在收益）

如果票据未被自动触发，在到期时，您将根据ETF收益获得支付金额，除最终收益外。ETF收益是指2029年10月9日最终观察日ETF收盘价相对于初始水平的百分比增减

在到期时，每1000美元面值的票据您将收到现金金额为：

●

如果ETF收益大于或等于-30%（最终水平大于或等于初始水平的70%），1000美元加上按上述说明计算的收益；或

●

如果ETF收益小于-30%（最终水平小于初始水平的70%），则包括（i）1000美元加上（ii）（a）ETF收益乘以（b）1000美元的乘积。您将收到的金额少于票据面值的70%，且无收益

您应阅读本披露内容以更好地了解您的投资条款和风险，包括GS Finance Corp.和高盛集团有限公司的信用风险。见PS-12页

在交易日设定票据条款时，您的票据的估计价值等于每1000美元面值约990美元。有关高盛公司& Co. LLC在票据市场中可能买卖您的票据的估计价值和价格的讨论，请参见下一页

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原始发行日：	2026年10月14日	原始发行价格：	面值的100%
承销折扣：	面值的1%*	发行人净收益：	面值的99%

* 有关承销折扣构成费用的更多信息，请参见PS-25页的“补充分销计划；利益冲突”

美国证券交易委员会或任何其他监管机构均未批准或否决这些证券，也未对本招股说明书的准确性或充分性进行审查。与此相反的任何陈述均属刑事犯罪。这些票据不是银行存款，也不受联邦存款保险公司或其他政府机构的保险，也不是银行的债务或由银行担保。

高盛集团有限公司

定价补充文件第27,316号，日期为2026年10月9日。

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

GS Finance Corp. 可以在票据的首次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票据首次销售后使用本招股说明书进行市场做市交易。除非 GS Finance Corp. 或其代理人在此笔交易的确认中另有通知，否则本招股说明书正在用于市场做市交易。

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

您票据的估计价值

在交易日确定您的票据条款时（根据高盛集团有限公司（GS&Co.）使用的定价模型确定，并考虑我们的信用利差），您票据的估计价值等于每1,000美元面值约990美元，低于原始发行价格。在任何时间，您票据的价值将反映许多因素，无法预测；然而，GS&Co. 初次买入或卖出票据的价格（如果它进行做市，它没有义务这样做）以及 GS&Co. 初次用于账户对账单和其他用途的价值等于您票据在定价时的估计价值，再加上额外金额（最初等于每1,000美元面值10美元）。

在2027年1月9日之前，GS&Co. 买入或卖出您的票据的价格（不包括 GS&Co. 的常规买卖价差）将等于（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8日以直线方式减少至零）。在2027年1月9日及之后，GS&Co. 买入或卖出您的票据的价格（如果它进行做市）将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

这些票据是 GS Finance Corp. 的中期票据、系列F计划的一部分，并由高盛集团有限公司完全无条件担保。本招股说明书包括本定价补充文件以及下列附带文件。本定价补充文件是对下列文件的补充，不详述您票据的所有条款，因此应与这些文件一起阅读。

●

补充条款第17,745号，日期为2026年1月20日

●

说明书补充文件，日期为2025年2月14日

●

说明书，日期为2025年2月14日

本定价补充文件中的信息取代上述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。

我们通过本定价补充文件提供的票据称为“发行票据”或“票据”。每张发行票据的条款如下所述。请注意，在本定价补充文件中，“GS Finance Corp.”、“我们”、“我们”和“我们”仅指GS Finance Corp.，不包括其子公司或关联公司；“The Goldman Sachs Group, Inc.”，我们的母公司，仅指The Goldman Sachs Group, Inc.，不包括其子公司或关联公司；“Goldman Sachs”指The Goldman Sachs Group, Inc.及其合并子公司和关联公司，包括我们。票据将根据2008年10月10日的高级债务契约发行，并由2015年2月20日的第一补充契约补充，该契约由我们作为发行人、The Goldman Sachs Group, Inc.作为担保人以及The Bank of New York Mellon作为受托人签署。该契约在如此补充后以及之后进一步补充的，称为随附的说明书补充文件中的“GSFC 2008契约”。

票据将以簿记形式发行，并由2021年3月22日的主票据编号3代表。

PS-2

条款和条件

CUSIP / ISIN：40058M4G0 / US40058M4G04

公司（发行人）：GS Finance Corp.

担保人：The Goldman Sachs Group, Inc.

标的资产：iShares® 半导体ETF（当前彭博符号：“SOXX UQ Equity”），或任何后续标的资产，根据本文件的规定可能随时修改、替换或调整

标的指数：就标的资产而言，该标的资产所跟踪的指数

面值：在原始发行日的总面值为1,497,000美元；如果公司在其单独选择下决定在交易日后某日出售额外金额，则总面值可能会增加

授权面额：1,000美元或超过该金额的任何整数倍

本金金额：根据以下“— 公司的赎回权（自动赎回功能）”中所述的条款，公司在规定到期日赎回时，除最后的票息外，对于每1,000美元的未偿面值，公司将支付现金金额，如果有的话，等于现金结算金额。

现金结算金额：

●

如果最终标的资产水平大于或等于触发缓冲水平，则为1,000美元；或

●

如果最终标的资产水平小于触发缓冲水平，则为（i）1,000美元加上（ii）（a）1,000美元乘以（b）标的资产回报

公司的赎回权（自动赎回功能）：如果发生赎回事件，则未偿面值将被全部自动赎回，公司将在随后的赎回支付日，对于每1,000美元的未偿面值，支付现金金额，除当时应付的票息外，等于1,000美元

赎回事件：如果在任何赎回观察日测量的标的资产收盘水平大于或等于初始标的资产水平，则将发生赎回事件

初始标的水平：$559.40，即交易日标的的日内水平或收盘水平

最终标的水平：确定日期标的的收盘水平，须根据下文“— 市场中断事件或非交易日的影响”和“— 标的的终止或修改”进行调整

标的回报：(i) 最终标的水平减去初始标的水平除以 (ii) 初始标的水平所得的商，以百分比表示

触发缓冲水平：初始标的水平的 70%

票息：视公司赎回权而定，在每个票息支付日，针对每 1,000 美元的未偿面额，公司将支付一笔现金金额，金额等于：

●

如果相关票息观察日标的的收盘水平大于或等于票息触发水平，则支付 $43.375（每季度 4.3375%，或每年最高可达 17.35%）；或

●

如果相关票息观察日标的的收盘水平小于票息触发水平，则支付 $0

在任何票息支付日支付的票息将支付给截至该票息支付日常规记录日营业结束前以本票据登记在册的人。如果票息在到期时到期但并非票息支付日，则该票息将支付给有权领取本票据本金的人。

票息触发水平：初始标的水平的 70%

交易日：2026 年 10 月 9 日

原始发行日期：2026 年 10 月 14 日

确定日期：2026 年 10 月 9 日，除非计算代理人在该日确定发生或持续存在市场中断事件，或者该日并非交易日。在此情况下，确定日期将是计算代理人在该日确定未发生且未持续存在市场中断事件后的第一个交易日。然而，在任何情况下，确定日期都不会推迟到晚于原定到期日，或者如果原定到期日不是工作

PS-3

日，则推迟到原定到期日后的第一个工作日。在该最后一个可能的确定日期，如果发生或持续存在市场中断事件，或者该日不是交易日，则该日仍将是确定日期。

到期日：2026 年 10 月 12 日，除非该日不是工作日，在这种情况下，到期日将推迟到下一个工作日。如果确定日期根据上文“— 确定日期”下的描述被推迟，到期日也将被推迟。在此情况下，到期日将从原定确定日期（不含）起推迟相同的数量个工作日，直至实际确定日期（含）。

赎回观察日期：自 2027 年 4 月起至 2029 年 7 月止的每个票息观察日期，须根据下文“— 票息观察日期”下的调整进行调整

赎回支付日期：每个赎回观察日期后的第三个工作日，须根据上文“— 赎回观察日期”下的调整进行调整

券息观察日：每年1月、4月、7月和10月的第9天，自2027年1月起至2029年10月止，除非计算代理确定该日发生或持续发生市场中断事件，或者该日并非交易日。

在此情况下，券息观察日将是计算代理确定市场中断事件未发生且未持续的第一后续交易日。然而，在任何情况下，券息观察日都不会推迟到原定券息支付日（基于原定券息观察日）之后的日期，或者如果原定券息支付日不是营业日，则推迟到原定券息支付日后的第一个营业日之后。对于适用于相关券息支付日的最后一个可能的券息观察日，如果发生或持续发生市场中断事件，或者该日不是交易日，则该日仍将是券息观察日。

券息支付日：每个券息观察日后的第三个营业日（但最终券息支付日将是到期日），具体调整方式见上文“—券息观察日”下的描述。

收盘价：对于任何给定的交易日，标的资产在该日按普通方式在主要国家证券交易所的收盘价或最后报告的收盘价，按每股或其他单位计算：

●

在该日标的资产上市交易的主要国家证券交易所，或

●

如果标的资产在该日未在任何国家证券交易所上市，则在任何其他作为该资产交易主要市场的美国国家市场系统上。

如果标的资产未按上述方式上市或交易，则标的资产在任何一天的收盘价将是计算代理确定的、从计算代理选定的标的资产经销商处获得的标的资产出价的平均值。经销商数量不必超过三家，且可以包括计算代理或其或公司的任何关联方。

收盘价将根据下文“—反稀释调整”下的描述进行调整。

交易日：满足以下条件的任何一天：(i) 标的资产主要上市交易的交易所开放交易，以及 (ii) 标的资产每股价格由该标的资产主要上市交易的交易所报价。

继任标的资产：任何计算代理根据下文“—标的资产的停止或修改”下提供的条件批准作为继任标的资产的替代标的资产。

标的资产投资顾问：在任何时候，担任当时有效的标的资产投资顾问的人员或实体，包括任何继任投资顾问。

标的资产股票：在任何时候，当时有效的标的资产股票，在考虑任何增补、删除或替换后。

市场中断事件：就任何给定的交易日而言，下列任何一项将构成就标的资产的市场中断事件：

•

在主要市场上，标的证券的交易暂停、停止或受到实质性限制，持续超过连续两个交易时段，或在交易时段结束前半小时内，且该认定由计算代理方全权决定；

PS-4

•

在主要市场上，针对标的证券的期权或期货合约的交易暂停、停止或受到实质性限制，持续超过连续两个交易时段，或在交易时段结束前半小时内，且该认定由计算代理方全权决定；或

•

标的证券不再在原为标的证券主要交易的市场上交易，且该认定由计算代理方全权决定；

并且，对于上述任何一种事件，计算代理方全权决定认为该事件可能实质性干扰公司或其任何关联方或类似处境的个人对与该票据相关的对冲头寸进行全部或实质性部分平仓的能力。

以下事件不构成市场中断事件：

•

对交易时段或交易天数数量的限制，但仅当该限制是由于相关市场常规营业时间的公告变更所致时；以及

•

决定永久停止针对标的证券的期权或期货合约的交易。

为此，在交易标的证券股份的主要证券市场上，或在交易标的证券相关期权或期货合约（如有的话）的主要证券市场上，任何在该市场因常规原因关闭的时间，均不视为“交易停止”。相反，因以下原因在标的证券的主要市场或相关合约的主要市场上对标的证券股份或相关期权或期货合约（如有的话）进行的交易暂停或限制：

•

价格变化超过该市场设定的限制；

•

与标的证券股份或相关合约相关的订单失衡；或

•

与标的证券股份或相关合约相关的买卖报价差异；

将被视为标的证券股份或相关合约在该市场上的交易暂停或实质性限制。

市场中断事件或非交易日的后果：如果市场中断事件发生在或持续于本应作为票息观察日或确定日的某一天，或该日不是交易日，则该票息观察日或确定日将按照上述“— 票息观察日”或“— 确定日”下的描述予以推迟。

如果计算代理方确定，由于市场中断事件、非交易日或任何其他原因（除上述“— 标的证券的停止或修改”下所述的情况外），在最后一个可能的票息观察日或最后一个可能的确定日无法获得用于确定票息支付日或到期日应付金额的标的证券收盘水平，则计算代理方仍将根据其对当日标的证券水平的评估（由其全权决定）来确定标的证券的收盘水平。

终止或修改标的物：如果标的物从其主要上市交易所退市，且标的物投资顾问或任何人发布了计算代理人确认为可比并批准为继任标的物的替代标的物，或者如果计算代理人指定了替代标的物，则计算代理人将参照该继任标的物确定相关付息日应付的息票（如有）、赎回支付日应付金额或到期日应付现金金额（视适用情况而定）。

如果计算代理人在付息观察日或确定日（视适用情况而定）确定标的物从其主要上市交易所退市或撤出，且没有继任标的物，则计算代理人将通过计算方法确定相关付息日或到期日（视适用情况而定）应付的息票或现金结算金额，该计算方法由计算代理人确定，将尽可能合理地复制标的物。

如果计算代理人确定标的物、标的物股票或标的物计算方法在任何方面发生任何变更——包括标的物的拆股或反向拆股、标的物投资目标的重大变更，以及标的物股票的任何增加、删除或替换，以及任何重新加权或再平衡，且无论该变更是由标的物投资顾问在其现有政策下做出的，还是在修改这些政策后做出的，是由于发布了继任标的物，是由于影响一个或多个标的物股票或其发行人的事件，还是由于任何其他原因——则计算代理人将被允许（但非必须）对标的物或其计算方法做出此类调整，计算代理人认为此类调整是适当的，以确保用于确定息票或现金结算金额（视适用情况而定）的相关付息日或到期日（视适用情况而定）所使用的标的物水平是公平的。

PS-5

settlement amount, as applicable, on the related coupon payment date or the stated maturity date, as applicable, is equitable.

计算代理就标的物所做的任何确定和调整，均可由计算代理自行决定。计算代理没有义务进行任何此类调整。

常规记录日：支付日的前一个营业日（该支付日可能被调整）

反稀释调整：如果发生特定事件（包括上述“— 标的物终止或修改”中描述的事件），计算代理有权调整标的物的收盘价。如果发生除退市或从相关交易所撤出以外的任何事件，计算代理应确定是否以及以何种程度对标的价格或其他任何条款进行调整。计算代理没有义务针对任何此类事件进行调整。

计算代理：Goldman Sachs & Co. LLC（“GS&Co.”）

税务定性：持有人代表其自身及任何对本票据拥有受益权益的其他人士，特此同意与公司（除非法律、行政决定或司法裁决另有规定）将本票据用于所有美国联邦所得税目的，定性为与标的资产相关的收益型预付衍生合约。

逾期本金利率和逾期息票利率：有效联邦基金利率

PS-6

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，其目的仅在于说明（i）标的资产在息票观察日的各种假设收盘水平可能对相关息票支付日应付息票（如有）产生的影响，以及（ii）标的资产在确定日的各种假设收盘水平在假设所有其他变量保持不变的情况下，可能对到期时的现金结算金额产生的影响。

下述示例基于完全假设的标的资产水平范围；没有人能预测票据存续期内任何一天的标的资产收盘水平，也不能预测任何息票观察日或赎回观察日（视情况而定）的标的资产收盘水平，或确定日的最终标的资产水平。标的资产过去波动性极高——这意味着标的资产水平在相对较短的时间内发生了大幅变化——且其未来表现无法预测。

以下示例中的信息反映了所提供票据的假设回报率，假设它们在原始发行日按面值购买并持有至赎回支付日或规定到期日。如果您在赎回支付日或规定到期日（视情况而定）之前的二级市场出售票据，您的回报将取决于出售时的票据市场价值，该价值可能受以下多种因素影响，而这些因素未在下述示例中反映：利率、标的资产的波动性、发行人 GS Finance Corp. 的信用状况，以及担保人 The Goldman Sachs Group, Inc. 的信用状况。此外，在交易日确定票据条款时（参照 GS&Co. 使用的定价模型确定），您票据的估计价值低于票据的原始发行价格。有关票据估计价值的更多信息，请参阅本定价补充文件第 PS-12 页上的“与您的票据相关的特定风险因素——在交易日确定票据条款时（参照 GS&Co. 使用的定价模型确定）您的票据估计价值低于票据的原始发行价格”。示例中的信息也反映了下方方框中的关键条款和假设。

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关键条款和假设
面额	$1,000
息票	$43.375（每季度 4.3375%，或每年最高可达 17.35%）
息票触发水平	初始标的资产水平的 70%
触发缓冲水平	初始标的资产水平的 70%
除非下文另有说明，否则票据不会自动赎回在任何原始设定的息票观察日或赎回观察日或原始设定的确定日，都不会发生市场中断事件或非交易日标的物、任何标的股票或标的物投资顾问的政策，或标的物底层指数的发起人计算其底层指数的方法，均未发生或产生影响的变化在原始发行日按面值购买的票据，并持有至赎回支付日或约定到期日

由于上述原因，票据存续期间标的物的实际表现、任何赎回观察日或息票观察日标的物的实际水平，以及每个息票支付日应付的息票（如有），可能与下文显示的假设示例或本定价补充文件其他地方显示的历史标的物水平关系不大。关于近期期间标的物水平的信息，请参阅第 PS-20 页的“标的物——标的物历史收盘水平”。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与您购买票据日期之间的标的物水平。

此外，下文显示的假设示例未考虑适用税收的影响。由于适用于您的票据的美国税务处理，税务负债可能会对票据的税后回报率产生相对更大的影响，而对标的物股票的税后回报率影响较小。

PS-7

假设息票支付

下方的示例显示了标的物的假设表现，以及我们针对每张面值 1,000 美元的票据在每个息票支付日可能支付的假设息票（如有），假设适用息票观察日的标的物假设收盘水平为初始标的物水平显示的百分比。

场景 1

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假设息票观察日	标的物假设收盘水平（占初始标的物水平的百分比）	假设息票
第一个	40%	$0
第二个	45%	$0
第三个	85%	$43.375
第四个	35%	$0
第五个	90%	$43.375
第六个	30%	$0
第七个	45%	$0
第八个	50%	$0
第九个	55%	$0
第十个	50%	$0
第十一个	55%	$0
第十二个	50%	$0
	假设息票总额	$86.75

在场景 1 中，标的物的假设收盘水平在每个假设息票观察日以不同的幅度增加和减少。由于第三个和第五个假设息票观察日的标的物假设收盘水平大于或等于息票触发水平，场景 1 中的假设息票总额为 86.75 美元。由于所有其他假设息票观察日的标的物假设收盘水平均低于息票触发水平，将不再支付任何息票，包括到期时。

PS-8

场景 2


假设息票观察日	标的物假设收盘水平（占初始标的物水平的百分比）	假设息票
第一个	25%	$0
第二个	40%	$0
第三个	35%	$0
第四个	45%	$0
第五个	40%	$0
第六个	20%	$0
第七个	45%	$0
第八个	50%	$0
第九个	55%	$0
第十个	50%	$0
第十一个	55%	$0
第十二个	50%	$0
	假设息票总额	$0

在情景 2 中，标的物的假设收盘价在每个假设息票观察日都会以不同幅度增加或减少。因为在每种情况下，相关息票观察日的标的物假设收盘价都低于息票触发水平，因此您不会在适用的假设息票支付日收到息票支付。由于这种情况发生在每个假设息票观察日，您持有的票据获得的整体回报将小于零。因此，情景 2 中假设息票的总和为 $0。

情景 3

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假设息票观察日	标的物假设收盘价（占初始标的物水平的百分比）	假设息票
第一次	40%	$0
第二次	120%	$43.375
	假设息票总额	$43.375

在情景 3 中，标的物的假设收盘价在第一次假设息票观察日低于息票触发水平，但在第二次假设息票观察日增加到高于初始标的物水平的水平。由于在第二次假设息票观察日（同时也是第一次假设赎回观察日）标的物的假设收盘价大于或等于初始标的物水平，您的票据将被自动赎回。因此，在相应的假设赎回支付日，除了 $43.375 的假设息票外，您还将收到一笔现金，金额等于每 $1,000 面额票据的 $1,000。

PS-9

假设到期支付

如果票据在任何赎回观察日均未被自动赎回（即在每个赎回观察日标的物的收盘价均低于初始标的物水平），我们在到期日为每 $1,000 面额票据交付的现金结算金额将取决于确定日期标的物的表现，如下表所示。下表假设票据未被自动赎回，不包括最终息票（如有），并反映了您在到期日可能收到的假设现金结算金额。如果最终标的物水平（占初始标的物水平的百分比）低于息票触发水平，您在到期时将不会收到最终息票。

下表左列的数值代表假设最终标的物水平，并按初始标的物水平的百分比表示。右列的金额代表基于相应假设最终标的物水平的假设现金结算金额，并按票据面额的百分比表示（四舍五入至最接近的千分之一）。因此，假设现金结算金额为 100.000% 意味着，根据相应的假设最终标的物水平和上述假设，我们在到期日为每 $1,000 已发行面额的报价票据交付的现金支付价值将等于票据面额的 100.000%。

票据未被自动赎回

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假设最终标的物水平（占初始标的物水平的百分比）	假设现金结算金额（占面额的百分比）
200.000%	100.000%*
175.000%	100.000%*
150.000%	100.000%*
125.000%	100.000%*
100.000%	100.000%*
80.000%	100.000%*
75.000%	100.000%*
70.000%	100.000%*
69.999%	69.999%
50.000%	50.000%
40.000%	40.000%
25.000%	25.000%
0.000%	0.000%

*不包括最终息票

例如，如果在观察日未对票据进行自动赎回，且最终标的水平被确定为初始标的水平的 25.000%，那么我们在票据到期时向您交付的现金结算金额将是票据面值的 25.000%，如上表所示。因此，如果您在原始发行日按面值购买票据并持有至约定到期日，您将损失投资的 75.000%（如果您按高于面值的价格购买票据，您将损失相应比例更高的投资）。此外，如果最终标的水平被确定为初始标的水平的 200.000%，那么我们在票据到期时向您交付的现金结算金额将被限制为每张 1,000 美元面值票据的 100.000%，如上表所示。因此，如果您持有票据至约定到期日，您将无法从最终标的水平高于初始标的水平的任何增长中受益。

上述显示的现金结算金额纯属假设；它们基于标的股票的市场价格，而这些价格可能在确定日无法实现，并基于可能被证明是错误的假设。您票据在约定到期日或任何其他时间（包括您可能希望出售票据的任何时间）的实际市场价值可能与上述假设的现金结算金额几乎没有关系，且这些金额不应被视为对投资所提供票据的财务回报的指示。上述示例中持有至约定到期日的票据的假设现金结算金额假设您按面值购买票据，且未进行调整以反映您为票据支付的实际发行价格。您在票据上的投资回报（无论是正值还是负值）将受您为票据支付金额的影响。如果您按非面值的价格购买票据，您的投资回报将与上述示例所暗示的假设回报不同，且可能显著低于该假设回报。请阅读第 PS-14 页上的“针对您的票据的额外风险因素——您的票据的市场价值可能受许多不可预测因素影响”。

PS-10

票据的支付在经济上等同于在其他工具组合上支付的金额。例如，票据的支付在经济上等同于持有人购买的一只附息债券以及持有人与我们之间签订的一项或多项期权（其中包含一项或多项随时间支付的隐含期权溢价）。本段落的讨论不会修改或影响票据的条款或票据的美国联邦所得税待遇，如本定价补充文件其他地方所述。

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我们无法预测标的资产在任何一天的最终水平，也无法预测您的票据在任何特定交易日将具有的市场价值，更无法预测标的资产的收盘水平与您的票据的市场价值在任何到期日之前的关系。票据持有人在每个付息日收到的实际票息（如有），您在到期日收到的实际金额（如有），以及所提供票据的回报率，将取决于票据是否被自动赎回，以及标的资产在付息观察日的实际收盘水平和计算代理人确定的实际最终标的水平（如上所述）。此外，假设示例所基于的假设可能会不准确。因此，您的票据应支付的票息（如有）以及您的票据在规定的到期日应支付的现金金额（如有），可能与上述示例中反映的信息有很大差异。

PS-11

针对您的票据的具体风险因素

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投资您的票据将面临以下风险，以及随附招股说明书、随附招股说明书补充文件以及随附通用条款补充文件第 17,745 号中“针对票据的具体风险因素”项下所述的风险和考虑事项。您应仔细审查这些风险和考虑事项，以及本文件及随附招股说明书、随附招股说明书补充文件和随附通用条款补充文件第 17,745 号中描述的票据条款。您的票据比普通债务证券风险更高。此外，您的票据并不等同于直接投资于标的股票，即构成您的票据所挂钩标的的股票。您应仔细考虑在您特定情况下所提供票据是否合适。

与结构、估值及二级市场销售相关的风险

您票据在交易日（由 GS&Co. 使用的定价模型确定）设定条款时的估计价值低于您票据的原始发行价

您票据的原始发行价超过了根据高盛定价模型并考虑我们的信用利差确定的、于交易条款设定时（即交易日）您票据的估计价值。上述交易日的估计价值列示在“您的票据估计价值”下；交易日之后，根据这些模型确定的估计价值将受到市场状况变化、发行人高盛金融公司（GS Finance Corp.）的信用状况、担保人高盛集团（The Goldman Sachs Group, Inc.）的信用状况以及其他相关因素的影响。高盛最初买入或卖出您票据的价格（如果高盛做市，尽管它没有义务这样做）以及高盛最初用于账户报表和其他用途的价值，也超过了根据这些模型确定的您票据的估计价值。根据高盛与分销参与方的约定，该差额（即“您的票据估计价值”下所述的额外金额）将在从本日起至“您的票据估计价值”下列示的适用日期的期间内按直线方式逐渐降至零。此后，如果高盛买入或卖出您的票据，将以反映当时根据此类定价模型确定的估计价值的价格进行交易。高盛在任何时间买入或卖出您票据的价格也将反映其当时针对类似规模的结构化票据交易买卖价差。

在估算交易条款设定时（即交易日）您票据的价值时，如上文“您的票据估计价值”中披露，高盛的定价模型考虑了某些变量，主要包括我们的信用利差、利率（预测、当前和历史利率）、波动性、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，并在一定程度上依赖于对未来事件的某些假设，这些假设可能会被证明是错误的。因此，如果您在二级市场向他人出售票据（如有），您实际收到的价值可能与根据我们的模型确定的票据估计价值有所不同，甚至可能存在实质性差异，这可能是由于其他方使用的定价模型或假设存在差异等原因所致。请参阅下文“— 您票据的市场价值可能受许多不可预测因素影响”。

交易条款设定时（即交易日）您票据的估计价值与原始发行价之间的差额是由某些因素造成的，主要包括承销折扣和佣金、创建、记录和营销票据所产生的费用，以及我们支付给高盛的金额与高盛因您的票据向我们支付的金额之间的差额估计。我们向高盛支付的金额基于我们将支付给具有类似到期时间的非结构化票据持有人的金额。作为回报，高盛向我们支付您票据项下我们欠付的金额。

除了上述因素外，您的票据在任何时间的价值和报价将反映许多因素，无法预测。如果GS&Co.为票据做市，GS&Co.的报价将反映市场状况和其他相关因素的任何变化，包括我们信用状况或被认为的信用状况，或高盛集团有限公司的信用状况或被认为的信用状况的任何恶化。这些变化可能对您的票据价值产生不利影响，包括您在任何做市交易中可能收到的票据价格。在GS&Co.为票据做市的范围内，报价将反映GS&Co.当时参考其定价模型确定的估计价值，加上或减去其当时对类似规模的结构化票据交易的买卖差价（并受上述递减超额金额的约束）。\n

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

PS-12\n

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

票据受发行人的信用风险和担保人的信用风险影响\n

尽管票据的票息（如有）和回报将基于标的资产的表现，但票据任何应付金额的支付将受GS Finance Corp.（票据发行人）的信用风险以及高盛集团有限公司（票据担保人）的信用风险的影响。票据是我们无担保的债务。投资者依赖我们支付票据所有应付金额的能力，因此投资者也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，投资者依赖高盛集团有限公司作为票据担保人支付票据所有应付金额的能力，因此也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页的“我们将可能发行的票据的描述——关于我们的中期票据系列F计划的信息——票据与其他债务的优先级”以及随附的招股说明书第67页的“我们将可能发行的债务证券的描述——高盛集团有限公司的担保”。\n

您可能会损失全部投资于票据的资金

您可能会损失在票据上的全部投资。假设您的票据不会被自动赎回，那么在票据的约定到期日，如果有的话，您的票据的现金结算金额将根据标的物的表现来确定，该表现是从初始标的物水平到确定日的最终标的物水平来衡量的。如果最终标的物水平低于触发缓冲水平，您每张面值为1000美元的票据将产生损失，损失金额等于标的物回报乘以1000美元。因此，您可能会损失在票据上的全部投资，这包括您购买票据时支付的面值溢价。

此外，无论是在赎回支付日还是约定到期日之前，您的票据的市场价格可能会显著低于您购买票据时支付的购买价格。因此，如果您在约定到期日之前出售您的票据，您可能会收到远低于您在票据上的投资金额。

您的票据的收益可能会因标的物水平的微小变化而发生显著变化

如果您的票据不会被自动赎回，并且最终标的物水平低于触发缓冲水平，您将获得的金额将少于票据的面值，您可能会损失在票据上的全部或大部分投资。这意味着，尽管最终标的物水平下降至触发缓冲水平不会导致票据本金的损失，但最终标的物水平下降至触发缓冲水平以下将导致票据面值的显著部分损失，尽管标的物水平仅发生微小变化。

您可能在任何票息支付日都无法获得票息

如果相关票息观察日的标的物收盘水平低于票息触发水平，您将在适用的票息支付日无法获得票息支付。如果这种情况发生在每个票息观察日，您在票据上的总体收益将为零或更低，且该收益将低于您通过投资于按现行市场利率计息的票据所能获得的收益。

只有在相关票息观察日的标的物收盘水平大于或等于票息触发水平时，您才可在票息支付日获得票息。您应意识到，对于任何未导致票息支付的先前票息观察日，您不会因通货膨胀和其他与货币时间价值相关的因素所隐含的机会成本得到补偿。此外，无法保证您在任何时候都能获得任何票息支付，您可能会损失在票据上的全部投资。

您的票据可能被自动赎回

如果在任何观察赎回日期，相关资产的收盘价大于或等于初始相关资产水平，我们将自动赎回您的票据的全部但非部分，而非部分。因此，您的票据的期限可能会缩短。在票据被自动赎回后，您将不会收到任何额外的票息支付，而且如果票据在到期前被自动赎回，您可能无法将票据投资的收益以类似风险水平的可比回报进行再投资。为避免疑义，如果您的票据被自动赎回，此处所述的任何折扣、佣金或费用都不会退还或减少。

PS-13

票息并不反映从交易日到任何票息观察日或从一个票息观察日到另一个票息观察日的相关资产的实际表现

每个票息支付日的票息与基于交易日与任何票息观察日或两个票息观察日之间的相关资产收盘价百分比差异确定的票息不同，可能还低于该票息。因此，票据上的任何票息可能低于您通过投资与相关资产表现挂钩的其他工具所获得的收益。

您的票据的市场价格可能受许多不可预测因素的影响

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

●\t相关资产的水平；

●\t波动率 - 即相关资产收盘价变化的频率和幅度；

●\t相关资产股票的股息率；

●\t影响股市整体和相关资产股票的经济、金融、监管、政治、军事、公共卫生等事件，这些事件可能会影响相关资产的收盘价；

●\t市场中的利率和收益率；

●\t您的票据到期剩余时间；以及

●\t我们的信用状况以及高盛集团公司的信用状况，无论实际或感知，包括我们或高盛集团公司的信用评级的实际或预期升级或降级，或信用评级的变化以及其他信用指标的变化。

除上述内容外，市场价格可能因利率上升而受到负面影响。对于到期日较长的票据，这种利率上升的负面影响可能会显著加剧，因为这些票据的市场价格通常对利率上升更敏感。

如果在到期前出售您的票据，这些因素可能会影响您的票据的市场价格，包括您在任何做市交易中可能收到的价格。如果您在到期前出售您的票据，您可能收到的金额少于票据的面值。您无法根据相关资产的历史表现预测其未来表现。

如果您以高于面值的价格购买您的票据，您的投资回报将低于以面值购买票据的回报，并且票据的某些关键条款的影响将受到负面影响

您在所述到期日（如有）或提前赎回支付日将收到的现金结算金额不会根据您购买票据时支付的发行价进行调整。如果您以不同于票据面值的价格购买票据，那么在持有至提前赎回支付日或所述到期日时，您在该票据上的投资回报将与以面值购买票据的回报不同，可能显著更低。如果您以高于面值的价格购买票据并持有至提前赎回支付日或所述到期日，您在票据上的投资回报将低于如果您以面值或折价购买票据时的回报。

您的票据的回报不会反映您实际拥有底层资产或底层股票并收到底层资产股息时的回报

您的票据的回报不会反映如果您实际拥有底层资产或底层股票并收到底层资产股份的分红时您将实现的回报。您不会收到底层股票发行人或底层资产股份可能支付的任何股息。有关更多信息，请参见下文“—您不拥有底层资产或任何底层股票的股东权利或获得任何底层资产或底层股票的权利”。

您不拥有底层资产或任何底层股票的股东权利或获得任何底层资产或任何底层股票的权利

投资您的票据不会使您成为任何底层资产或任何底层股票的持有人。您或您的票据的任何其他持有人或所有者都不会对底层资产或底层股票有任何权利，包括任何投票权、任何收取股息或其他分配的权利、任何对底层资产或底层股票提出索赔的权利或任何其他持有底层资产或底层股票股份的持有人的权利。

PS-14

股票。您的票据将以现金支付，您无权获得任何底层资产或任何底层股票的交付。

我们可能会以不同的发行价出售额外的票据总面值

根据我们的单独决定，我们可能在本定价补充文件日期之后决定出售额外的票据总面值。后续销售中票据的发行价可能与本定价补充文件封面上所列的您支付的发行价有较大差异（更高或更低）

与底层资产相关的额外风险

底层资产的投资顾问政策以及底层资产相关指数的发起人的政策，可能会影响您票据的应付金额及其市场价值

基础资产的投资顾问可能在某些时候需要就基础资产投资顾问有关基础资产净值计算、基础资产中证券的增减或替换以及影响其相关指数的变化如何反映在基础资产中的政策实施方面做出某些政策决策或判断，这可能会影响基础资产份额的市场价格，从而影响您的票据在约定到期日的现金结算金额。如果基础资产投资顾问更改这些政策，例如，通过更改其计算基础资产净值的方式，或者如果基础资产投资顾问中止或暂停基础资产净值的计算或发布，那么您的票据的现金结算金额和市场价值也可能受到影响，在这种情况下，可能难以或不适宜确定您的票据的市场价值。

如果发生此类情况，计算代理人——最初将是我们的关联公司GS&Co.——可能会在确定日以它认为适当的方式确定基础资产的收盘水平——从而确定您票据在约定到期日的现金结算金额——全权自行决定。我们将在上面的“条款和条件——基础资产的中止或修改”部分更详细地描述计算代理人确定基础资产在确定日的收盘水平以及您票据的现金结算金额时所拥有的裁量权。

此外，基础资产相关指数的发起人拥有其相关指数，并负责相关指数的设计和维护。基础资产相关指数发起人的相关指数计算政策，包括有关相关指数中包含的股权证券的增减或替换的决策，可能会影响相关指数的水平，从而可能会影响基础资产份额的市场价格，因此会影响您票据的应付金额及其市场价值。

基础资产可能不存在活跃交易市场，或任何此类交易市场可能不存在流动性；此外，基础资产可能面临管理风险、证券借贷风险和托管风险

尽管基础资产的份额和一些类似产品已在证券交易所上市交易了一段时间，但无法保证基础资产份额的活跃交易市场会持续存在，也无法保证任何此类交易市场都会有流动性。

此外，标的物还面临管理风险，即标的物投资顾问的投资策略可能无法产生预期结果，而该策略的实施受到多种限制。标的物并未被积极管理，可能受到与其基准指数相关的市场板块整体下跌的影响。标的物投资顾问会投资于其基准指数中包含或代表的证券，而不论这些证券的投资价值如何。标的物投资顾问在下跌市场中不会尝试采取防御性立场。此外，标的物的投资顾问可能被允许对其标的物总资产的一部分进行证券借贷，这可能使标的物面临借款人未能及时或根本未归还借出证券的风险。

此外，标的物还面临托管风险，这指的是在交易清算和结算过程中的风险，以及由当地银行、代理机构和保管机构持有的证券的风险。在发展程度较低的市场中，交易量低和价格波动大使得交易更难完成和结算，政府或贸易团体可能要求当地代理机构将证券存放在不受独立评估的指定保管机构中。一个国家的证券市场发展程度越低，发生托管问题的可能性就越大。

此外，标的物还受其上市交易的证券交易所采用的上市标准约束。不能保证标的物将继续满足适用的上市要求，或标的物不会被退市。

PS-15

标的物及其基准指数不同，标的物的表现可能与基准指数的表现不相关

标的物可能不持有其基准指数中全部或大部分的权益证券，也可能持有未包含在其基准指数中的证券或资产。因此，虽然标的物的表现通常与基准指数的表现相关，但标的物的表现也部分与其基准指数中未包含的权益证券的份额以及其他资产（如期货合约、期权和互换合约，以及现金及现金等价物，包括与标的物投资顾问有关联的货币市场基金的份额）的表现相关。

标的物投资组合证券与其基准指数证券之间的相关性不完善、价格四舍五入、其基准指数的变化以及监管要求可能导致跟踪误差，即标的物的表现与其基准指数的表现之间的偏离。

In addition, the performance of the underlier will reflect additional transaction costs and fees that are not included in the calculation of its underlying index and this may increase the tracking error of the underlier. Also, corporate actions with respect to the sample of equity securities (such as mergers and spin-offs) may impact the performance differential between the underlier and its underlying index. Finally, because the shares of the underlier are traded on an exchange and are subject to market supply and investor demand, the market value of one share of the underlier may differ from the net asset value per share of the underlier.

For all of the foregoing reasons, the performance of the underlier may not correlate with the performance of its underlying index. Consequently, the return on your notes will not be the same as investing directly in the underlier or in its underlying index or in the underlier stocks or in its underlying index stocks, and will not be the same as investing in a debt security with payments linked to the performance of its underlying index.

The Underlier Is Concentrated in the Semiconductor Industry and Does Not Provide Diversified Exposure

The underlier stocks are not diversified and are concentrated in the semiconductor industry, which means the underlier is more likely to be more adversely affected by any negative performance of the semiconductor industry than an underlier that includes more diversified stocks across a number of sectors. Semiconductor companies face intense competition, both domestically and internationally, and such competition may have an adverse effect on profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights, would adversely affect the profitability of these companies.

Further, the technology sector (an industry category that is broader than, and includes, the semiconductor industry) represents a significant portion of the underlier and, to the extent that continues, the underlier is more likely to be more adversely affected by any negative performance of the technology sector than an underlier that includes more diversified stocks across a number of sectors. Technology companies, including information technology companies, face intense competition, both domestically and internationally, which may have an adverse effect on a company’s profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology sector are heavily dependent on patent and other intellectual property rights. A technology company’s loss or impairment of these rights may adversely affect the company’s profitability.

The Underlier Has Limited Historical Information Tracking the ICE Semiconductor Index

The underlier changed the underlying index it tracks on June 21, 2021, when the underlier began tracking the NYSE Semiconductor Index (formerly the ICE Semiconductor Index). As a result, historical information for you to consider in making an independent investigation into the performance of the underlier tracking the NYSE Semiconductor Index is only available since June 21, 2021, which may make it difficult for you to make an informed decision with respect to the notes. Any historical information about the performance of the underlier for any period before June 21, 2021 was during a period in which the underlier tracked a different index, and therefore should not be considered information relevant to how the underlier will perform tracking the NYSE Semiconductor Index. You should not take the historical performance of the underlier while tracking an index other than the NYSE Semiconductor Index as an indication of the future performance of the underlier. In addition, there can be no assurance that the underlier will not further change the index it tracks in the future. See “The Underlier” below for more information on the index the underlier previously tracked.

PS-16

An Investment in the Offered Notes Is Subject to Risks Associated with Foreign Securities

The value of your notes is linked to an underlier which holds, in part, stocks from one or more foreign securities markets. Investments linked to the value of foreign equity securities involve particular risks. Any foreign securities market may be less liquid, more volatile and affected by global or domestic market developments in a different way than are the U.S. securities market or other foreign securities markets. Both government intervention in a foreign securities market, either directly or indirectly, and cross-shareholdings in foreign companies, may affect trading prices and volumes in that market. Also, there is generally less publicly available information about foreign companies than about those U.S. companies that are subject to the reporting requirements of the U.S. Securities and Exchange Commission. Further, foreign companies are subject to accounting, auditing and financial reporting standards and requirements that differ from those applicable to U.S. reporting companies.

The prices of securities in a foreign country are subject to political, economic, financial and social factors that are unique to such foreign country’s geographical region. These factors include: recent changes, or the possibility of future changes, in the applicable foreign government’s economic and fiscal policies; the possible implementation of, or changes in, currency exchange laws or other laws or restrictions applicable to foreign companies or investments in foreign equity securities; fluctuations, or the possibility of fluctuations, in currency exchange rates; and the possibility of outbreaks of hostility, political instability, natural disaster or adverse public health developments. For example, the United Kingdom ceased to be a member of the European Union on January 31, 2020 (an event commonly referred to as “Brexit”). The effects of Brexit are uncertain, and, among other things, Brexit has contributed, and may continue to contribute, to volatility in the prices of securities of companies located in Europe (or elsewhere) and currency exchange rates, including the valuation of the euro and British pound in particular. Any one of these factors, or the combination of more than one of these factors, could negatively affect such foreign securities market and the price of securities therein. Further, geographical regions may react to global factors in different ways, which may cause the prices of securities in a foreign securities market to fluctuate in a way that differs from those of securities in the U.S. securities market or other foreign securities markets. Foreign economies may also differ from the U.S. economy in important respects, including growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency, which may have a positive or negative effect on foreign securities prices.

Because foreign exchanges may be open on days when the underlier is not traded, the value of the securities underlying the underlier may change on days when shareholders will not be able to purchase or sell shares of the underlier.

Government Regulatory Action, Including Legislative Acts and Executive Orders, Could Result in Material Changes to the Composition of an Underlier with Underlier Stocks from One or More Foreign Securities Markets and Could Negatively Affect Your Investment in the Notes

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

PS-17

Risks Related to Tax

The Tax Consequences of an Investment in Your Notes Are Uncertain

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

The Internal Revenue Service announced on December 7, 2007 that it is considering issuing guidance regarding the tax treatment of an instrument such as your notes, and any such guidance could adversely affect the value and the tax treatment of your notes. Among other things, the Internal Revenue Service may decide to require the holders to accrue ordinary income on a current basis and recognize ordinary income on payment at maturity, and could subject non-U.S. investors to withholding tax. Furthermore, in 2007, legislation was introduced in Congress that, if enacted, would have required holders that acquired instruments such as your notes after the bill was enacted to accrue interest income over the term of such instruments even though there may be no interest payments over the term of such instruments. It is not possible to predict whether a similar or identical bill will be enacted in the future, or whether any such bill would affect the tax treatment of your notes. We describe these developments in more detail under “Supplemental Discussion of U.S. Federal Income Tax Consequences – United States Holders – Possible Change in Law” below. You should consult your tax advisor about this matter. Except to the extent otherwise provided by law, GS Finance Corp. intends to continue treating the notes for U.S. federal income tax purposes in accordance with the treatment described under “Supplemental Discussion of U.S. Federal Income Tax Consequences” below unless and until such time as Congress, the Treasury Department or the Internal Revenue Service determine that some other treatment is more appropriate. Please also consult your tax advisor concerning the U.S. federal income tax and any other applicable tax consequences to you of owning your notes in your particular circumstances.

Your Notes May Be Subject to the Constructive Ownership Rules

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

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

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

PS-18

THE UNDERLIER

The shares of the iShares® Semiconductor ETF (the “underlier”) are issued by iShares® Trust (the “trust”), a registered investment company. Prior to June 21, 2021, the underlier was known as the iShares PHLX Semiconductor ETF.

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The underlier is an exchange-traded fund that seeks investment results which correspond generally to the price and yield performance, before fees and expenses, of the NYSE Semiconductor Index (the “index”). Effective November 3, 2023, the index changed its name from ICE Semiconductor Index to NYSE Semiconductor Index. The index measures the performance of the equity securities of the 30 largest U.S.-listed companies that are classified according to the ICE Uniform Sector Classification schema within the semiconductors industry (as determined by ICE Data Indices, LLC or its affiliates). Prior to June 21, 2021, the underlying ETF tracked the PHLX Semiconductor Sector Index.

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The return on your notes is linked to the performance of the underlier, and not to that of the index on which the underlier is based. The underlier follows a strategy of “representative sampling,” which means the underlier’s holdings are not the same as those of its index. The performance of the underlier may significantly diverge from that of its index.

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The underlier’s investment advisor is BlackRock Fund Advisors.

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The underlier’s shares trade on the Nasdaq under the ticker symbol “SOXX”.

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The trust’s SEC CIK Number is 0001100663.

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The underlier’s inception date was July 10, 2001.

Where Information About the Underlier Can Be Obtained

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

We do not make any representation or warranty as to the accuracy or completeness of any materials referred to above, including any filings made by the trust with the SEC.

We Obtained the Information About the Underlier From the Trust’s Publicly Available Information

This pricing supplement relates only to your note and does not relate to the underlier. We have derived all information about the underlier in this pricing supplement from the publicly available information referred to in the preceding subsection. We have not participated in the preparation of any of those documents or made any “due diligence” investigation or inquiry with respect to the underlier in connection with the offering of your note. Furthermore, we do not know whether all events occurring before the date of this pricing supplement — including events that would affect the accuracy or completeness of the publicly available documents referred to above and the trading price of shares of the underlier — have been publicly disclosed. Subsequent disclosure of any events of this kind or the disclosure of or failure to disclose material future events concerning the underlier could affect the value you will receive at maturity and, therefore, the market value of your note.

Neither we nor any of our affiliates make any representation to you as to the performance of the underlier.

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

PS-19

Historical Closing Levels of the Underlier

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

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

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

The graph below shows the daily historical closing levels of the underlier from January 1, 2021 through October 9, 2026. As a result, the following graph does not reflect the global financial crisis which began in 2008, which had a materially negative impact on the price of most equity securities and, as a result, the level of most equity ETFs. The underlier currently tracks the NYSE Semiconductor Index. Prior to June 21, 2021, the underlier tracked the PHLX Semiconductor Sector Index. In the graph, closing levels to the left of the vertical solid line marker reflect the historical closing levels of the underlier while it tracked the PHLX Semiconductor Sector Index. Closing levels to the right of the vertical solid line marker reflect the historical closing prices of the underlier tracking its current underlying index, the NYSE Semiconductor Index. We obtained the closing levels in the graph below from Bloomberg Financial Services, without independent verification.

Historical Performance of the iShares® Semiconductor ETF

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PS-20

SUPPLEMENTAL DISCUSSION OF U.S. FEDERAL INCOME TAX CONSEQUENCES

The following section supplements the discussion of U.S. federal income taxation in the accompanying prospectus.

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

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

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a dealer in securities or currencies;

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

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a bank;

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a life insurance company;

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a regulated investment company;

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

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a tax exempt organization;

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a partnership;

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

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

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

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

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

United States Holders

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

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a citizen or resident of the United States;

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a domestic corporation;

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

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

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

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

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

PS-21

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

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

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

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

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

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

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

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

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

Possible Change in Law

In 2007, legislation was introduced in Congress that, if enacted, would have required holders that acquired instruments such as your notes after the bill was enacted to accrue interest income over the term of such instruments even though there may be no interest payments over the term of such instruments. It is not possible to predict whether a similar or identical bill will be enacted in the future, or whether any such bill would affect the tax treatment of your notes.

In addition, on December 7, 2007, the Internal Revenue Service released a notice stating that the Internal Revenue Service and the Treasury Department are actively considering issuing guidance regarding the proper U.S. federal income tax treatment of an instrument such as the offered notes including whether the holders should be required to accrue ordinary income on a current basis and whether gain or loss should be ordinary or capital. It is not possible to determine what guidance they will ultimately issue, if any. It is possible, however, that under such guidance,

PS-22

holders of the notes will ultimately be required to accrue income currently and this could be applied on a retroactive basis. The Internal Revenue Service and the Treasury Department are also considering other relevant issues, including whether foreign holders of such instruments should be subject to withholding tax on any deemed income accruals, and whether the special “constructive ownership rules” of Section 1260 of the Internal Revenue Code might be applied to such instruments. Except to the extent otherwise provided by law, GS Finance Corp. intends to continue treating the notes for U.S. federal income tax purposes in accordance with the treatment described above unless and until such time as Congress, the Treasury Department or the Internal Revenue Service determine that some other treatment is more appropriate.

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

Non-United States Holders

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

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a nonresident alien individual;

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a foreign corporation; or

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

Because the U.S. federal income tax treatment (including the applicability of withholding) of the coupon payments on the notes is uncertain, in the absence of further guidance, we intend to withhold on the coupon payments made to you at a 30% rate or at a lower rate specified by an applicable income tax treaty under an “other income” or similar provision. We will not make payments of any additional amounts. To claim a reduced treaty rate for withholding, you generally must provide a valid Internal Revenue Service Form W-8BEN, Internal Revenue Service Form W-8BEN-E, or an acceptable substitute form upon which you certify, under penalty of perjury, your status as a non-United States holder and your entitlement to the lower treaty rate. Payments will be made to you at a reduced treaty rate of withholding only if such reduced treaty rate would apply to any possible characterization of the payments (including, for example, if the coupon payments were characterized as contract fees). Withholding also may not apply to coupon payments made to you if: (i) the coupon payments are “effectively connected” with your conduct of a trade or business in the United States and are includable in your gross income for U.S. federal income tax purposes, (ii) the coupon payments are attributable to a permanent establishment that you maintain in the United States, if required by an applicable tax treaty, and (iii) you comply with the requisite certification requirements (generally, by providing an Internal Revenue Service Form W-8ECI). If you are eligible for a reduced rate of United States withholding tax, you may obtain a refund of any amounts withheld in excess of that rate by filing a refund claim with the Internal Revenue Service.

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

You will also be subject to generally applicable information reporting and backup withholding requirements with respect to payments on your notes and, notwithstanding that we do not intend to treat the notes as debt for tax purposes, we intend to backup withhold on such payments with respect to your notes unless you comply with the requirements necessary to avoid backup withholding on debt instruments (in which case you will not be subject to such backup withholding) as set forth under “United States Taxation — Taxation of Debt Securities — Non-United States Holders” in the accompanying prospectus.

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

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

PS-23

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

Foreign Account Tax Compliance Act (FATCA) Withholding

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

PS-24

Supplemental plan of distribution; conflicts of interest

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

GS Finance Corp. will sell to GS&Co., and GS&Co. will purchase from GS Finance Corp., the aggregate face amount of the offered notes specified on the front cover of this pricing supplement. GS&Co. proposes initially to offer the notes to the public at the original issue price set forth on the cover page of this pricing supplement, and to certain securities dealers at such price less a concession not in excess of 1% of the face amount. GS&Co. may pay a referral fee of 0.5% from the concession to another dealer in connection with its marketing efforts related to the offered notes. GS&Co. is an affiliate of GS Finance Corp. and The Goldman Sachs Group, Inc. and, as such, will have a “conflict of interest” in this offering of notes within the meaning of Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5121. Consequently, this offering of notes will be conducted in compliance with the provisions of FINRA Rule 5121. GS&Co. will not be permitted to sell notes in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder. We have been advised that GS&Co. will also pay a fee to iCapital Markets LLC, a broker-dealer in which an affiliate of GS Finance Corp. holds an indirect minority equity interest, for services it is providing in connection with this offering.

We will deliver the notes against payment therefor in New York, New York on October 14, 2026. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes on any date prior to one business day before delivery will be required to specify alternative settlement arrangements to prevent a failed settlement.

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

The notes will not be listed on any securities exchange or interdealer quotation system.

PS-25

VALIDITY OF THE NOTES AND GUARANTEE

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

PS-26

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

$1,497,000

GS Finance Corp.

Autocallable Contingent Coupon ETF-Linked Notes due 2029

guaranteed by

The Goldman Sachs Group, Inc.

$\"img119683000_2.jpg\"$

Goldman Sachs & Co. LLC

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