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GS Finance Corp. is offering $142,000 of Buffered S&P 500 Index-Linked Notes due July 6, 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The security is a three-year, unsecured senior note linked to the S&P 500庐 Index (initial level 6,204.95 set on the June 30, 2025 trade date). The notes are non-interest-bearing; investors鈥� total return will be determined solely by the index performance on the June 30, 2028 determination date.

Pay-off profile

• Upside participation: 1:1 exposure to any positive index return, capped at a Maximum Settlement Amount of $1,300 (30% total gain) per $1,000 face amount. The cap corresponds to a Cap Level of 130 % of the initial index level.
• Moderate downside benefit: If the index return is negative but the final level is at or above 85 % of the initial level, investors receive the absolute value of that negative return as a positive return (e.g., 鈭�5 % index move 鈬� +5 % note return).
• Downside risk beyond buffer: If the final level is below the Buffer Level (85 % of the initial level), principal is exposed on a 1-for-1 basis after a 15 % buffer: Cash Settlement = $1,000 脳 (1 + index return + 15 %). A 鈭�25 % index return would generate a 鈭�10 % note loss.

Key economic terms

• Issue price: 100 % of face value; estimated value at pricing: $967 (reflects model value less dealer compensation).
• Underwriting discount: 0.75 % of face; net proceeds to issuer: 99.25 %.
• Original issue date: July 3, 2025; maturity: July 6, 2028.
• Authorized denominations: $1,000 and multiples thereof; CUSIP 40058JC86.
• Issuer: GS Finance Corp.; Guarantor: The Goldman Sachs Group, Inc.; indenture: Senior Debt Indenture dated Oct 10, 2008 (as supplemented).

Liquidity & valuation

• Goldman Sachs & Co. LLC may鈥攂ut is not obligated to鈥攎ake a market. Prior to Oct 30, 2025, any bid/ask price will include a declining embedded premium (initially $33 per $1,000) above the estimated value; thereafter quotes reflect model value plus customary spreads.
• The notes will not be listed on any exchange; investors may experience limited or no secondary market liquidity and could receive significantly less than face value prior to maturity.

Risk highlights disclosed

• Credit risk: repayment depends on the solvency of both GS Finance Corp. and Goldman Sachs Group.
• Cap on upside limits participation to 30 % even if the S&P 500 rises more.
• Principal risk: losses begin if the index declines more than 15 % and could be substantial.
• No periodic income; opportunity cost relative to interest-bearing debt.
• Estimated value below issue price means an investor incurs an initial value deficit of ~3.3 % plus underwriting discount.
• Complex tax treatment: treated as a prepaid derivative contract; future IRS guidance could alter taxation.