Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked Medium-Term Notes, Series F with an aggregate face amount of $47,185,000. The notes provide leveraged exposure to the S&P 500® Index with an upside participation rate of 300%, but the payoff is capped.

At maturity, for each $1,000 note, investors receive $1,000 plus 300% of the index gain, subject to a maximum settlement amount of $1,172.80. If the final index level is at or below the initial level of 7,736.52, investors lose 1% of principal for each 1% decline, up to a total loss. The notes pay no interest and are unsecured obligations exposed to the credit risk of GS Finance Corp. and its parent.

The original issue price is 100% of face amount, with a 0.94% underwriting discount and 99.06% net proceeds to the issuer. The estimated value at pricing is lower than the issue price, and secondary market liquidity is uncertain. Tax treatment is uncertain, with the notes intended to be treated as pre-paid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500®-linked Medium-Term Notes, Series F with an aggregate face amount of $2,986,000. Each note has a $10 face amount and offers 300% upside participation in the S&P 500® Index, but the payoff is capped at a maximum settlement amount of $11.33 per $10 note.

At maturity on August 6, 2027, investors receive cash based on index performance from the August 4, 2026 trade date: if the index is above the initial level of 7,736.52, the gain equals 300% of the index return, limited by the cap; if the index is flat or lower, investors lose 1% of principal for each 1% index decline and can lose their entire investment. The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and will not be listed on any exchange. Estimated value at pricing is lower than the 100% issue price due to underwriting (1.7%) and structuring costs, secondary market liquidity is uncertain, and U.S. tax treatment is uncertain, with the notes intended to be treated as a pre-paid derivative contract.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 4% Decrement Index (USD) ER, maturing on an expected August 15, 2031, unless called earlier from May 2027 to May 2031. The index uses up to 500% leverage, targets 40% volatility and applies a 4.0% per annum daily decrement, which drags performance versus a similar index without this feature.

On each quarterly observation date, if the index is at least 55% of its initial level, investors receive a step-up coupon based on $20 per $1,000 per quarter (2% quarterly, up to 8% per year), net of prior coupons. If on any call observation date the index is at least 87% of its initial level, the notes are automatically redeemed at par plus the applicable coupon. If held to maturity and the final index level is below 55% of the initial level, repayment of principal is reduced one-for-one with index loss, exposing investors to total loss of principal. The estimated initial value is $885–$925 per $1,000, below issue price, and payments are subject to the credit risk of GS Finance Corp. and its parent.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes maturing on August 8, 2030, linked to the Nasdaq-100 Index®, the VanEck Gold Miners ETF and the iShares® Silver Trust. The notes may be redeemed at the issuer’s option at 100% of face amount plus any due coupon on quarterly payment dates from February 2027 through May 2030.

Holders may receive a contingent coupon of $36.125 per $1,000 (3.6125% quarterly, up to 14.45% per annum) only if on each observation date all underliers are at or above 50% of their initial levelslesser performing underlier, with the potential to lose the entire investment and no final coupon.

The initial levels are 29,733.16 for the Nasdaq-100 Index®, $77.92 for VanEck Gold Miners ETF and $53.84 for iShares® Silver Trust. The estimated value at pricing is about $973 per $1,000 face amount, below the issue price, and early secondary-market values are expected to include a temporary additional amount that amortizes to zero by February 8, 2027. Payments are unsecured and subject to the credit risk of both the issuer and guarantor.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F with an aggregate face amount of $10,449,000, linked to the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index. The notes pay a contingent monthly coupon of $11.042 per $1,000 face amount (1.1042% monthly, up to ~13.25% p.a.) only if on each observation date every underlier is at or above its coupon trigger level, set at 70% of its initial level.

At maturity on February 9, 2028, if not previously redeemed at the issuer’s option (available on coupon payment dates from November 2026 to January 2028), investors receive $1,000 per note plus any final coupon if the final level of each underlier is at or above its 70% trigger buffer level. Otherwise, the payoff is $1,000 + ($1,000 × lesser performing underlier return), fully exposing principal to the downside of the worst-performing index and potentially resulting in a 100% loss of invested principal. Upside is capped at return of principal; investors do not participate in index gains beyond par.

The notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., will not be listed on any exchange, may have limited or no secondary market, and involve uncertain and complex U.S. federal income tax treatment as income-bearing prepaid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable S&P 500® Index-linked notes that do not bear interest and are scheduled to mature on August 11, 2031, unless redeemed earlier at the issuer’s option.

The notes provide 100% upside participation in the S&P 500® Index: if the final index level on the determination date exceeds the initial level, investors receive $1,000 plus $1,000 multiplied by the index return. If the index return is zero or negative, investors receive only the $1,000 face amount, so principal is protected at maturity subject to issuer and guarantor credit risk.

GS Finance may redeem the notes quarterly from August 11, 2027 through May 9, 2031 at $1,000 plus a call premium of at least 9.1% on the first call date, rising to at least 43.225% on the last. Early redemption caps upside. The original issue price is 100% of face, with an underwriting discount of 2.5% and net proceeds of 97.5%. The estimated value at pricing is expected to be $885–$915 per $1,000, reflecting structuring and distribution costs, and the notes are unsecured obligations subject to the credit risk of both GS Finance Corp. and the guarantor.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes with an aggregate face amount of $300,000 linked to the EURO STOXX 50® Index and the iShares® MSCI EAFE ETF. The notes pay no interest and are unsecured senior debt.

The notes may be automatically called on August 9, 2027 if on the August 4, 2027 call observation date each underlier is at or above its initial level (6,486.70 for EURO STOXX 50 and $107.32 for EFA). If called, investors receive $1,120 per $1,000 face amount. If not called, the August 7, 2031 maturity payoff depends solely on the lesser performing underlier: for gains, investors receive $1,000 plus 313% of the lesser performing underlier return; if the worst underlier finishes between 60% and 100% of its initial level, principal is returned; if it falls below the 60% trigger buffer level, repayment is $1,000 times the lesser performing underlier return, and investors can lose their entire investment.

The notes are subject to the credit risk of GS Finance Corp. and the guarantor, may have limited or no secondary market, and the original issue price of 100% includes a 1% underwriting discount, with net proceeds of 99% to the issuer. Tax treatment is uncertain and may implicate constructive ownership rules under Section 1260 of the Internal Revenue Code.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing auto-callable, zero-coupon structured notes linked to an American depositary share of Taiwan Semiconductor Manufacturing Company Limited (TSM ADS, 5 common shares per ADS). The notes have an aggregate face amount of $3,196,000, a trade date of August 4, 2026, an original issue date of August 7, 2026 and a stated maturity date of August 7, 2031, unless automatically called.

The notes pay no interest. They can be automatically called quarterly from August 2027 if the ADS closing price is at or above a step-down call price; investors then receive $1,000 plus a call premium (13.2%–62.7%) per $1,000 face amount. If never called, payoff at maturity depends on the ADS performance from the initial price of $417.17. If the final price is at least 80% of the initial price (20% buffer), investors receive the maximum settlement amount of $1,660 per $1,000 (a 66% maturity premium). If the final price is below 80%, principal is exposed one-for-one beyond the 20% buffer, with potential loss up to 80% of principal.

The estimated value at pricing is about $954 per $1,000 face amount, below the 100% issue price. An underwriting discount of 4.1% results in net proceeds of 95.9% of face amount to the issuer. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. and include detailed anti-dilution and market disruption adjustment mechanics administered by Goldman Sachs & Co. LLC as calculation agent.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes tied to the S&P 500® Index under its Medium-Term Notes, Series F program. For each $10 face amount, investors receive at maturity a cash amount based on the index performance from the trade date to the determination date.

If the final index level exceeds the initial level of 7,736.52, the payoff is $10 + ($10 × 300% × underlier return), but capped at a maximum settlement amount of $11.44 per $10, so gains above a final level of 104.800% of the initial level do not increase returns. If the final level is equal to or below the initial level, the payoff is $10 + ($10 × underlier return), producing a dollar-for-dollar loss with the index decline and potentially resulting in a total loss of principal.

The notes bear no interest, are issued at 100% of face amount with a 1.7% underwriting discount and 98.3% net proceeds, have a trade date of August 4, 2026, an original issue date of August 7, 2026, a determination date of August 31, 2027, and a stated maturity date of September 3, 2027. They are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed on any exchange, and their secondary market value may be affected by many factors, including issuer credit, interest rates, volatility and market conditions. U.S. federal tax treatment is uncertain; counsel views them as a pre-paid derivative contract in respect of the underlier.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable buffered notes linked to the iShares® Semiconductor ETF (SOXX). The notes pay no interest and are scheduled to mature on August 10, 2028, unless automatically called. If on the call observation date, expected August 18, 2027, SOXX is at or above the initial level of $530.70, the notes are redeemed for a fixed $1,389 per $1,000 face amount. If not called, at maturity investors receive: full principal plus 100% of any positive ETF return; principal back if the ETF has fallen by up to 20%; or a loss of 1.25% of principal for each 1% decline beyond the 20% buffer, potentially to zero. The issuer’s estimated initial value is $900–$930 per $1,000, below issue price, and payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, offers auto-callable contingent coupon notes linked to the S&P 500 Index, Russell 2000 Index and the State Street Consumer Staples Select Sector SPDR ETF. The trade date is expected to be August 10, 2026, with maturity on August 14, 2031, unless the notes are automatically called starting in February 2027 when all three underliers are at or above their initial levels.

Investors may receive a fixed coupon of $8.334 per $1,000 (0.8334% monthly, up to about 10% per annum) on each monthly payment date, but only if every underlier is at or above 70% of its initial level; otherwise the coupon is zero. Principal is protected only down to a 65% “trigger buffer level.” If at maturity any underlier is below 65% of its initial level, repayment is reduced one-for-one with the worst performer, potentially resulting in a loss of the entire investment and no coupon. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value on the trade date is expected to be $885–$925 per $1,000 face amount, below the issue price, reflecting fees, hedging and structural costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay no interest and are expected to be issued on September 3, 2026 and mature on September 5, 2031, unless automatically called starting in September 2027.

A call occurs if the index closing level on a call observation date is at or above the initial level, paying back $1,000 plus a call premium per $1,000 face amount. If never called, and the final index level is at or above the initial level, investors receive a maximum of $2,400.04 per $1,000. If the index falls up to 50%, principal is returned; below that 50% trigger buffer, losses match the index decline and investors can lose their entire investment.

The index uses up to 500% leveraged exposure to E‑mini S&P 500 futures with a 40% volatility target and a 6.0% per annum daily decrement, which drags performance and can worsen losses. The notes’ estimated value at pricing is $885–$935 per $1,000, below issue price, and investors are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes are expected to trade from August 31, 2026 and mature on September 5, 2031, unless automatically called starting February 2027.

For each $1,000 note, a monthly coupon of $13.334 (1.3334%) accrues only when the index is at or above 70% of its initial level on an observation date; otherwise no coupon is paid. Principal is protected at maturity only if the final index level is at or above the 50% trigger buffer level; below that, repayment is reduced in line with the underlier loss, and investors can lose their entire investment.

The underlier is a highly complex, leveraged futures-based index with a 40% volatility target, up to 500% exposure and a 6% per annum daily decrement, which systematically drags performance. The estimated value on the trade date is $885–$935 per $1,000, below issue price, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Underlier-Linked Notes due 2029 under its Medium-Term Notes, Series F program. Each note has a $1,000 face amount and is linked to three underliers: the Dow Jones Industrial Average, the Russell 2000 Index and the State Street Technology Select Sector SPDR ETF.

Investors may receive a monthly contingent coupon of $8.667 (0.8667% per month, up to about 10.40% per year) per $1,000, but only if on each coupon observation date the closing level of every underlier is at or above 70% of its initial level. The notes are automatically called, returning $1,000 plus the applicable coupon, if on a call observation date each underlier is at or above its initial level.

If the notes are not called, at maturity on August 17, 2029 investors receive $1,000 per note only if each underlier’s final level is at or above 60% of its initial level (trigger buffer level)100%. The notes are unsecured and subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may have limited or no secondary market, and their estimated value at pricing will be less than the original issue price. The filing also highlights underlier-specific, market, liquidity and complex U.S. tax risks, including potential application of Section 1260 constructive ownership rules and FATCA withholding.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Callable Contingent Coupon Index-Linked Notes due 2028 tied to the Nasdaq-100, Russell 2000 and S&P 500 indices under its Medium-Term Notes, Series F program.

Investors receive a monthly contingent coupon of $8.625 per $1,000 (0.8625%, up to 10.35% per year) only if on each observation date every index is at or above its coupon trigger level of 65% of its initial level; otherwise the coupon is zero. Starting in November 2026, the issuer may redeem the notes in whole on any coupon payment date, paying $1,000 per note plus any due coupon.

If not redeemed, principal repayment on the February 10, 2028 stated maturity depends solely on the lesser performing index. If that index is at or above its 65% trigger buffer, investors receive $1,000 per note; if it is below 65%, repayment is $1,000 plus $1,000 times that index’s return, which can result in up to a 100% loss of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the estimated value on the trade date is lower than the original issue price.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., offers autocallable notes due 2033 linked to the Goldman Sachs Momentum Builder Focus ER Index. The notes are issued at $1,000 face amount and may be automatically called annually starting in 2027 if the index closes at or above 101.25% of its initial level.

If called, investors receive $1,000 plus a fixed call premium (from 10.20% in 2027 up to 61.20% in 2032). If never called, at maturity holders receive $1,000 plus 100% of any positive index return; if the index is flat or down, they receive $1,000 only.

The index is a rules-based multi-asset strategy with daily rebalancing, a 5% volatility control, a momentum risk control overlay and total annual deductions of 0.65%, which can lead to large allocations to cash-like positions. The issuer’s estimated value on the trade date is $850–$890 per $1,000, below the issue price. The notes pay no interest, have limited liquidity and are subject to the credit risk of both GS Finance Corp. and its parent. For U.S. tax purposes they are treated as contingent payment debt instruments, generally requiring annual inclusion of ordinary income based on a “comparable yield.”

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable 10-Year CMT rate-linked range accrual notes due August 18, 2031. The notes are issued at 100% of face amount, with an expected trade date of August 14, 2026 and original issue date of August 18, 2026.

Monthly interest, starting around September 18, 2026, is variable and depends on the 10-year CMT rate. For each interest period, the annualized interest rate equals the 8.00% interest factor multiplied by the fraction of scheduled U.S. government securities business days when the 10-year CMT rate is at or below 5.25%. If the rate exceeds 5.25% on all such days in a period, no interest is paid for that month. Interest uses the 30/360 (ISDA) day count convention.

The issuer may redeem the notes, in whole, at 100% of face amount plus accrued interest on any monthly interest payment date on or after August 18, 2027. If not redeemed, investors receive face amount plus accrued interest at maturity. The estimated value at pricing is expected between $929.5 and $979.5 per $1,000, reflecting model-based valuation below issue price, and payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp. is offering index-linked notes due 2031, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the MSCI EAFE Index and the EURO STOXX 50® Index, with payoff based solely on the lesser performing underlier.

At maturity, for each $1,000 face amount, investors receive: (1) $1,000 plus 220% of the lesser performing underlier return if both final index levels exceed their initial levels; (2) $1,000 if any index is at or below its initial level but both stay at or above 70% of their initial levels (the trigger buffer level); or (3) $1,000 plus $1,000 times the lesser performing underlier return if any index finishes below its trigger buffer, exposing investors to 1:1 downside and up to 100% loss of principal. The notes do not pay interest and are subject to the credit risk of the issuer and guarantor, secondary-market and valuation risks, foreign market and currency-related risks, and uncertain U.S. tax treatment as a pre-paid derivative contract.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Buffered S&P 500 Index-Linked Notes due 2028 under its medium-term note program. The notes pay no interest and return a cash amount at maturity based on the S&P 500 Index level on the determination date relative to the initial level.

For each $1,000 note, if the index is at or above its initial level, investors receive $1,000 plus the index return, capped at a maximum upside settlement amount of $1,200. If the index is below the initial level but at or above the 80% buffer level, investors receive $1,000 plus the absolute index return, benefiting from declines up to the 20% buffer. If the index falls more than 20%, investors lose 1% of principal for every 1% the index ends below the buffer level and could lose a substantial portion of principal.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The issuer states the estimated value at pricing will be less than the 100% issue price, secondary market liquidity is uncertain, returns are capped, and the U.S. tax treatment is uncertain, with the notes intended to be treated as pre-paid derivative contracts.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable underlier-linked notes due August 29, 2031 as part of its Medium-Term Notes, Series F program. The notes are linked to the Russell 2000 Index, EURO STOXX 50 Index and the State Street Utilities Select Sector SPDR ETF.

The notes pay no interest. They are automatically called quarterly if each underlier is at or above its initial level, paying $1,000 plus a call premium (starting at 13.25% and rising to 62.9375% of face). If never called, and on the determination date each underlier is at or above its initial level, investors receive $1,000 plus a 66.25% maturity premium.

If at maturity any underlier finishes below its 60% trigger buffer level, repayment is reduced one-for-one with the lesser performing underlier’s return, and investors can lose their entire principal. Returns depend on issuer and guarantor credit, and the estimated value at pricing will be below the original issue price.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $849,000 of Medium-Term Notes, Series F, linked to the Nasdaq-100, Russell 2000 and S&P 500 indexes. The notes pay a contingent monthly coupon of $8.625 per $1,000 (0.8625% monthly, up to 10.35% per annum) only if on each observation date every index is at or above 70% of its initial level.

The notes are subject to a quarterly automatic call if all indexes are at or above their initial levels, in which case investors receive $1,000 per note plus the applicable coupon. If not called, at maturity in July 2028 investors receive $1,000 per note only if every index is at or above its 70% trigger buffer level; otherwise repayment is reduced based on the lesser performing index, and investors can lose up to 100% of principal. The initial issue price is 100% of face amount, with a 2.225% underwriting discount and estimated value lower than the issue price, and the notes carry the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured Trigger Autocallable GEARS linked to an equally weighted basket of 32 large-cap technology, semiconductor, data-center and payments stocks. Each security has a $10 face amount, with a minimum investment of $1,000, and matures on August 17, 2029 unless automatically called earlier.

The basket starts at an initial level of 100.00. If on the August 23, 2027 call observation date the basket is at or above 100% of its initial level, the notes are automatically called and pay $10 plus a 23.50% call return ($12.35 per $10), with no further upside. If not called, at maturity investors get $10 plus geared upside if the basket is above 100%, using an upside gearing set between 1.30 and 1.50. If the final basket level is between 75% and 100% of the initial level, principal is returned. Below 75%, repayment is reduced one-for-one with the basket loss, and investors can lose their entire investment.

The notes pay no coupons, do not provide dividends on component stocks, and are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is $8.90–$9.20 per $10, below the issue price, reflecting structuring costs and dealer compensation.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes whose return is tied to an equally weighted basket of six alternative asset managers: Apollo Global Management, Ares Management, Blackstone, The Carlyle Group, KKR and TPG. The notes pay no interest and have an initial basket level of 100, with a determination date expected 13–15 months after trade and cash settlement on a stated maturity date two business days later.

At maturity, investors receive for each $1,000 face amount: if the basket return is positive, 300% participation in the basket gain, capped at a maximum settlement amount expected between $1,372.9 and $1,437.4; if the basket return is zero or negative, they are fully exposed one‑for‑one to basket losses and can lose their entire principal. The cap level is expected between 112.43% and 114.58% of the initial basket level. The estimated value on the trade date is expected between $930 and $960 per $1,000, reflecting upfront costs and model assumptions, and the notes are subject to the unsecured credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon index-linked notes due August 16, 2029 under its Medium-Term Notes, Series F program. The notes reference the Dow Jones Industrial Average® and the S&P 500® Index.

Investors receive a monthly contingent coupon of $5.834 per $1,000 (0.5834% monthly, up to about 7.00% per year) only if on each observation date both indices are at or above 55% of their initial level. At maturity, if not previously redeemed, principal repayment depends solely on the lesser performing index. If its final level is at least 55% of its initial level, investors receive 100% of face value; otherwise, repayment equals $1,000 plus $1,000 times that index’s return, exposing investors to full downside and potential total loss of principal.

The issuer may redeem the notes at par (plus any due coupon) on any coupon payment date from February 2027 through July 2029, which can shorten the investment term. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor and are not FDIC-insured or exchange-listed.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Digital S&P 500^® Index-Linked Notes due February 16, 2028 under its Medium-Term Notes, Series F program. The notes are linked to the S&P 500 Index and are issued in $1,000 face amounts, in book-entry form.

At maturity, for each $1,000 note, investors receive cash equal to: if the final S&P 500 level is at or above the trigger buffer level of 80% of the initial level, a maximum settlement amount of $1,130; if it is below 80%, $1,000 plus $1,000 times the index return, exposing investors to 1:1 downside below the initial level and up to a 100% loss of principal. The notes pay no interest and have capped upside even if the index more than doubles.

The notes are subject to the credit risk of both GS Finance Corp. and the guarantor, will not be listed on any exchange, and may have limited or no secondary market liquidity. Tax treatment is uncertain; investors are required to treat the notes as a pre-paid derivative contract for U.S. federal income tax purposes, based on counsel’s opinion.

GS Finance Corp. describes an index used for structured notes, the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The rules-based index adjusts daily exposure to the S&P 500® Futures Excess Return Index using volatility targets, calendar-based signals and price patterns, with a maximum exposure of 500% and a maximum daily change in leverage of 100%. A 6.0% per annum daily decrement is deducted from the index level.

The index launched on December 27, 2024, with back-tested history available since January 4, 2000. Reported annualized returns are 10.2% since January 4, 2021, 2.4% over 5 years, 3.8% over 3 years and 18.2% over 1 year. Monthly returns show large gains and losses, highlighting high volatility. Investments in notes linked to this index are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., leverage and volatility-targeting risks, the impact of the daily decrement, potential negative roll yields, complex signal-based allocation and the possibility of losing the entire principal.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due 2031 tied to the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index. Investors receive a contingent monthly coupon of $10.125 per $1,000 (1.0125% monthly, up to 12.15% per year) only if on each coupon observation date the closing level of each index is at least 70% of its initial level.

The notes are automatically called if on any call observation date all three indices are at or above their initial levels, in which case investors receive $1,000 per note plus the coupon then due. If the notes are not called, repayment at maturity depends solely on the lesser performing index. If that index is at or above 70% of its initial level, investors receive full principal; if it is below 70%, principal is reduced one-for-one with that index’s total return, and investors may lose up to 100% of principal.

The notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing will be less than the original issue price, secondary market liquidity is uncertain, the notes will not be listed, coupons may never be paid, and the U.S. tax treatment is uncertain, with the issuer intending to treat them as income-bearing pre-paid derivative contracts.

GS Finance Corp. plans to issue unsecured notes guaranteed by The Goldman Sachs Group, Inc., with payments exposed to the credit risk of both entities. The notes are linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER (SPAR4V6), a rules-based index using S&P 500 futures.

The index targets 40% volatility with daily rebalancing, can employ up to 500% leverage with a maximum 100% daily change in leverage, and applies a 6% per annum decrement that reduces returns even when uninvested. It uses calendar and price-pattern signals (mean reversion, FOMC, and turn-of-the-month signals) to adjust futures exposure.

Backtested data from 2005–2026 show SPAR4V6 had an annualized return of 8.9%, volatility of 19.1% and Sharpe ratio of 0.46, versus the S&P 500 Index at 11.4%, 42.4% and 0.27, respectively. Auto-callable note examples show high coupons (up to 18.00%) but backtests indicate meaningful frequencies and magnitudes of principal loss. Extensive risk factors highlight leverage, decrement drag, model and signal risk, index underperformance versus total-return equities, futures roll and liquidity risks, and the possibility of losing the entire investment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due August 10, 2028 linked to the common stock of NVIDIA Corporation. The notes pay a monthly contingent coupon of $10.167 per $1,000 face amount, accruing only if on each observation date NVIDIA’s stock closes at or above a coupon trigger level of 60% of the initial level.

The notes are automatically called if on any call observation date (from February 8, 2027 to July 6, 2028) the stock closes at or above the initial level; investors then receive $1,000 per note plus the due coupon, ending the investment early. If not called, maturity payment depends on the final NVIDIA level: investors receive $1,000 per note if the final level is at or above a trigger buffer level of 60%. Below that level, principal is reduced 1-for-1 with the underlier return, so a very low final level can result in a total loss of principal.

The original issue price is 100% of face amount, including a 1.85% underwriting discount, for net proceeds of 98.15% to the issuer. Investors face the credit risk of GS Finance Corp. and the guarantor, potential illiquidity, model-based secondary pricing below issue price, and uncertain U.S. tax treatment, with counsel viewing the notes as income-bearing pre-paid derivative contracts.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, maturing in 2033. Payment depends on index performance, with no periodic interest and repayment in cash only.

The notes may be automatically called annually if the index closes at or above rising call levels from 101% to 106% of the initial index level, paying face value plus a fixed call premium from 20% to 120%. If never called, at maturity investors receive face value plus upside based on 100% participation in any positive index return, or face value only if the index is flat or down.

The underlying index is a rules-based, daily rebalanced, volatility- and momentum-controlled strategy with a 5% volatility control and a 0.65% per annum deduction that can allocate a very large portion to cash-like positions. The issuer’s estimated value is $850–$890 per $1,000, below the issue price, and the notes are subject to the credit risk of GS Finance Corp. and the guarantor. For U.S. tax purposes, they are treated as contingent payment debt instruments, generally requiring accrual of ordinary income over the term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing leveraged S&P 500 Futures Excess Return Index-linked notes due August 12, 2030. The notes are linked to the S&P 500 Futures Excess Return Index, which tracks E-mini S&P 500 futures, not the S&P 500 Index itself.

At maturity, for each $1,000 note, investors receive a cash amount based on index performance: if the final level is at or above the initial level, the payoff is $1,000 plus 179.15% of the index gain. If the index is down but no more than the 40% trigger buffer (final level between 60% and 100% of initial), investors receive $1,000 plus 50% of the absolute index loss as a positive return.

If the final level falls below 60% of the initial level, principal is exposed 1-for-1 to the full index loss and investors can lose up to their entire investment. The notes pay no interest, are unsecured senior debt of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and are subject to their credit risk. Market value can be affected by interest rates, index volatility, futures roll effects, liquidity and dealer pricing; there is no exchange listing and any secondary market making by Goldman Sachs & Co. LLC is discretionary.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500®-linked Medium-Term Notes, Series F, with an aggregate face amount of $948,000. These notes do not bear interest and pay a cash amount at maturity on January 3, 2028 based on the S&P 500® Index level on the December 29, 2027 determination date.

For each $1,000 note, if the final index level is above the initial level of 7,600.50, the payoff is $1,000 plus 125% of the index gain, capped at a maximum settlement amount of $1,202.50. If the final level is at or above the 90% buffer level but not higher than the initial level, investors receive the $1,000 face amount. If the index falls below the buffer, principal is reduced 1% for every 1% decline below the buffer, so investors could lose a substantial portion of principal. The original issue price is 100% of face, with a 0.6% underwriting discount and 99.4% net proceeds to the issuer. Key risks include loss of principal, no interest, capped upside, limited liquidity, market and credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and uncertain U.S. tax treatment.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering Russell 2000 Index-linked notes with an aggregate face amount of $583,000 under its Medium-Term Notes, Series F program. The notes pay no interest and return at maturity depends on the index performance from August 3, 2026 to December 29, 2027.

For each $1,000 note, if the final Russell 2000 level exceeds the initial level, holders receive $1,000 plus 125% of the index gain, capped at a maximum settlement amount of $1,277.50. If the index falls but remains at or above the 90% buffer level, principal is returned. If it closes below the buffer level, principal is reduced 1-for-1 with index losses beyond the 10% buffer, potentially down to 10% of face amount in extreme scenarios.

The original issue price is 100% of face amount, with a 0.6% underwriting discount and 99.4% net proceeds to the issuer. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed on any exchange, may trade at values below issue price, and have uncertain U.S. federal tax treatment characterized as a pre-paid derivative contract in the issuer’s view.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $2,000,000 of Medium-Term Notes, Series F, whose payoff is linked to the common stock of Micron Technology, Inc. The notes have a $1,000 face amount, no interest, and mature on September 9, 2027.

At maturity, investors receive cash based on Micron’s performance versus the $874.66 initial underlier level. Gains equal Micron’s return times a 300% upside participation rate, capped at a maximum settlement amount of $1,640 per $1,000 note. Principal is protected only down to a trigger buffer level of 40% of the initial level; if Micron falls more than 60%, losses match the underlying decline and investors can lose their entire investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor. They will not be listed, may have limited liquidity, are expected to be initially valued below the issue price, and carry uncertain U.S. tax treatment as pre-paid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F linked to the common stock of Western Digital Corporation. The aggregate face amount is $2,000,000, with each note having a $1,000 face amount and no periodic interest.

At maturity on September 9, 2027, the cash payment per $1,000 depends on Western Digital’s stock performance versus the $533.04 initial level. If the final level is above the initial level, investors receive $1,000 plus 300% of the underlier return, capped at a maximum settlement amount of $1,891.50. If the final level is between 40% and 100% of the initial level, investors receive the $1,000 face amount. If the final level is below 40% of the initial level, principal is exposed 1-for-1 to the full decline and investors can lose their entire investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, do not confer any shareholder rights in Western Digital, will not be listed on an exchange, and may have limited or no secondary market liquidity. U.S. tax treatment is uncertain; counsel views them as a pre-paid derivative contract in respect of the underlier.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the S&P 500 Futures Excess Return Index. The notes have a $1,000 face amount, trade date August 31, 2026, and mature on September 6, 2029.

At maturity, investors receive cash based on index performance: 135% participation in positive index return; if the index falls up to the 20% buffer, investors gain the absolute value of that loss; below an 80% buffer level, losses mirror further index declines, potentially reducing repayment to as little as 20% of face in extreme scenarios. The notes pay no interest, are unsecured obligations subject to the credit risk of the issuer and guarantor, and are not equivalent to owning the index, its component stocks, or futures. Valuation is complex, the initial issue price exceeds the modeled estimated value, secondary market liquidity is uncertain, and tax treatment is uncertain, with the notes intended to be treated as a pre-paid derivative contract for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of Microsoft, Oracle and Palantir Technologies. The notes are expected to trade from an August 7, 2026 trade date to an August 10, 2029 stated maturity, unless automatically called starting in August 2027 when each stock is at or above its initial price.

Investors receive a contingent monthly coupon of $17.709 per $1,000 face amount (1.7709% monthly, up to about 21.25% per year) only if on the relevant observation date each stock is at least 50% of its initial price. If the notes are not called and, on the determination date, all three stocks are below their initial prices and any is below 50%, the maturity payment is reduced based on the worst-performing stock and can be far below principal, down to zero. If a trigger event has not occurred, principal is returned at maturity and the final coupon is paid if all stocks are at or above 50% of their initial prices. The estimated value on the trade date is expected to be $925–$955 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Leveraged Buffered Notes linked to the iShares Semiconductor ETF (SOXX). The notes pay no interest and are scheduled to mature on August 10, 2028, unless automatically called earlier.

If on the call observation date (expected August 19, 2027) SOXX is at or above its initial level, the notes are automatically redeemed for $1,250 per $1,000 face amount. If not called, the maturity payment depends on the ETF’s average level on five August 2028 averaging dates. Investors participate in upside at a 176.5% rate if the final level exceeds the initial level, receive full principal back if the ETF has fallen by up to 35%, and incur leveraged losses below a 65% buffer level, potentially losing the entire investment. The estimated initial economic value is $900–$930 per $1,000, below the issue price, and repayment is subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering AMD-linked trigger buffered notes under its Medium-Term Notes, Series F program with an aggregate face amount of $2,000,000. Each note has a $1,000 face amount, is issued at 100% of face (underwriting discount 0.75%, net proceeds 99.25%), and pays no interest.

The payoff at the September 9, 2027 stated maturity depends on the performance of Advanced Micro Devices, Inc. stock from the July 30, 2026 initial level of $485.39. If the final underlier level is above the initial level, investors receive $1,000 plus 300% of the underlier return, capped by a maximum settlement amount of $1,387.50 per note. If the final level is at or above the trigger buffer level, set at 40% of the initial level, investors receive their $1,000 principal. If the final level is below the trigger buffer level, repayment is $1,000 plus $1,000 times the underlier return, so principal losses are 1-for-1 with AMD’s decline and investors could lose their entire investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed on any exchange, and may trade at values below face, particularly if AMD is volatile, interest rates rise, or the issuers’ perceived creditworthiness weakens. The U.S. federal income tax treatment is uncertain; counsel views treatment as a pre-paid derivative contract, but the IRS could assert a different approach.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500 Futures Excess Return Index, maturing in 2029. The notes provide 170% upside participation in the index return if the final level exceeds the initial level, with no interest payments.

A 10% buffer protects principal as long as the index does not fall below 90% of its initial level; below this buffer, principal loss is linear and can be substantial, down to as little as 10% of face amount in extreme declines. Payment at maturity is made in cash per $1,000 face amount using the disclosed formulas.

The underlier tracks E-mini S&P 500 futures rather than the S&P 500 Index itself, so returns are affected by futures pricing, financing costs, interest rates and roll yields, which may cause underperformance versus the underlying index. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor and may have limited or no secondary market liquidity. U.S. tax treatment is uncertain and based on a pre-paid derivative contract characterization.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable variable-coupon notes linked to the common stock of Oracle, Tesla and Palantir Technologies. The notes have an aggregate face amount of $400,000 on the original issue date and mature on July 31, 2031, unless automatically called.

Investors receive a monthly coupon per $1,000 face amount that depends on each stock’s closing price relative to 75% of its initial price: a maximum coupon of $5.417 (0.5417% monthly, ~6.5% per annum) if all three are at or above this level, and a minimum coupon of $0.834 (0.0834% monthly, ~1% per annum) otherwise. A redemption event and automatic call occur if, on any call observation date from July 2027 through June 2031, each stock closes at or above 75% of its initial level, triggering repayment of face amount plus the due coupon.

The initial stock prices are $119.90 for Oracle, $309.22 for Tesla and $131.53 for Palantir. The estimated value at pricing is approximately $935 per $1,000 note, versus a 100% issue price, reflecting underwriting and structuring costs. Payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable buffered monthly notes linked to the Russell 2000® Index. Interest is a range‑accrual coupon: for each interest period, the annualized rate equals 7.35% multiplied by the fraction of scheduled trading days when the index is at or above 85% of the initial level. If the barrier is never met in a period, the interest rate for that month is 0%.

The notes are callable at the issuer’s option at 100% of face amount plus accrued interest on any monthly interest payment date on or after August 26, 2027. If not redeemed early, at maturity on the expected August 26, 2031 date, investors receive $1,000 per note if the final index level is at least 85% of the initial level; below that buffer, principal is reduced according to index performance and investors can lose a substantial portion of principal. Upside in the index above the initial level is not passed through. The estimated value at pricing is expected to be $886–$936 per $1,000, less than the original issue price, and payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $5,271,000 of unsecured "Jump Securities" linked to a weighted basket of five international equity indices: EURO STOXX 50® (40%), TOPIX (25%), FTSE® 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). The notes are issued at $1,000 denomination, pay no interest, price on July 31, 2026, and mature on August 6, 2031.

The initial basket value is 100. At maturity, if the final basket value is at least 125% of the initial value, investors receive $1,000 plus 175% of the basket’s percentage gain. If the basket is between 100% and 125% of the initial value, investors receive a fixed 25% gain ($1,250 per $1,000). If the basket is below the initial value, principal is reduced one-for-one with the basket decline and can fall to zero, with no minimum repayment.

The original issue price is 100% of principal, with a 3.50% underwriting discount and issuer net proceeds of 96.50%. The estimated value is approximately $935 per $1,000 at pricing, reflecting structuring and distribution costs. Returns and repayment depend on both basket performance and the credit of GS Finance Corp. and its parent guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $640,000 of Leveraged S&P 500® Futures Excess Return Index-Linked Notes due August 5, 2032 under its Medium-Term Notes, Series F program. The notes pay no interest and are unsecured obligations subject to the credit risk of both the issuer and guarantor.

The notes’ return is tied to the S&P 500® Futures Excess Return Index, which tracks E-mini S&P 500 futures rather than the cash S&P 500® Index. The initial underlier level is the lowest closing level during an observation period from July 31, 2026 to November 2, 2026. At maturity, for each $1,000, investors receive: (i) $1,000 plus 185.2% of any positive underlier return; (ii) $1,000 if the underlier return is between 0% and -30%; or (iii) $1,000 plus the full negative underlier return if the decline exceeds 30%, meaning losses can reach 100% of principal.

The estimated value on the trade date is approximately $946 per $1,000 face amount, below the 100% issue price, reflecting structuring costs and dealer margin. The underwriting discount is 0.25% of face (net proceeds 99.75%). The notes are not listed, may have limited liquidity, and are sensitive to index volatility, interest rates, futures term structure and the credit profile of Goldman Sachs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Leveraged Nasdaq-100 Futures Excess Return Index-Linked Notes due August 5, 2031. The notes pay no interest and repay at maturity based on the performance of the Nasdaq-100 Futures Excess Return Index, which tracks E-mini Nasdaq-100 futures rather than the Nasdaq-100 Index itself.

The initial underlier level is 742.0093. For each $1,000 note, if the index return is positive, investors receive $1,000 plus 188% of the index gain. If the index return is between 0% and -40%, investors receive $1,000 (a 40% downside buffer). If the index return is below -40%, principal is reduced 1-for-1 with the index return, and investors can lose their entire investment.

The aggregate face amount on the original issue date is $1,357,000, with authorized denominations of $1,000. The notes do not bear interest, are unsecured obligations of GS Finance Corp., and are subject to the credit risk of both the issuer and guarantor. The estimated value at pricing is approximately $953 per $1,000, reflecting structuring fees and other costs, so secondary market values may initially be below par. The underlier has limited live history and is affected by futures-specific factors such as financing costs and roll yield, which can cause performance to diverge from the Nasdaq-100 Index.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked Medium-Term Notes, Series F, with an aggregate face amount of $734,000. The notes pay a contingent quarterly coupon of $18.75 per $1,000 face amount (1.875% quarterly, up to 7.50% per year) only when the S&P 500® closing level on the observation date is at or above the coupon trigger level, set at 75% of the initial level of 7,489.72.

If not redeemed early, at maturity investors receive $1,000 per note when the final index level is at or above the trigger buffer level of 70% of the initial level; below that, principal is reduced one-for-one with the index return, and investors can lose their entire investment. The issuer may redeem the notes in whole, at its option, on any coupon payment date from August 2027 through May 2031 for $1,000 per note plus any due coupon, capping further coupon potential. Principal is not protected, upside participation in index gains is capped at par, payments depend on the credit of GS Finance Corp. and the guarantor, and the original issue price exceeds the model-based estimated value.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked Medium-Term Notes, Series F, with an aggregate face amount of $30,977,000. The notes do not bear interest and may be automatically called on August 18, 2027 if, on the August 13, 2027 call observation date, the S&P 500® closing level is at or above the initial level of 7,489.72. If called, investors receive 110% of face (i.e., $1,100 per $1,000 note).

If not called, the August 3, 2028 maturity payment depends on S&P 500® performance. Above the initial level, investors receive $1,000 plus 204% of the index gain. Between the 90% buffer level and the initial level, repayment is $1,000. Below the buffer, principal is reduced using a buffer rate of about 111.11%, and investors can lose up to their entire investment. The original issue price is 100% of face, with a 1.5% underwriting discount and 98.5% net proceeds to the issuer.

Payments are subject to the credit risk of GS Finance Corp. and the guarantor, and the notes will not be listed on an exchange. GS&Co. may, but is not obligated to, make a market, and the market value may be below the issue price, especially as the estimated value at pricing is less than the original issue price. Investors have no rights in the S&P 500® constituents, face uncertain U.S. tax treatment (treated as a pre-paid derivative contract in counsel’s opinion), and the notes are generally subject to FATCA withholding rules.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the Goldman Sachs Momentum Builder Focus ER Index, with an aggregate face amount of $2,614,000. The notes may be automatically called on annual observation dates if the index closes at or above 100.75% of its initial level, paying for each $1,000 face amount $1,000 plus a call premium ranging from 9.35% to 56.10% depending on call year.

If not called, at maturity in 2033 investors receive for each $1,000 either $1,000 + 100% of index upside if the index is above its initial level, or $1,000 if the index is flat or lower; there is no additional downside below par but the notes pay no periodic interest. The index is a rules-based multi-asset strategy with daily rebalancing, 5% volatility control, a momentum risk control overlay and a 0.65% per annum index-level deduction, and can allocate heavily to cash-like positions, which can reduce returns.

The original issue price is 100% of face amount, with a 4.3% underwriting discount and 95.7% net proceeds. Goldman Sachs estimates the value at issuance at $892 per $1,000, below issue price, with a disclosed additional amount of $65 amortizing to zero by October 30, 2026. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, requiring accrual of ordinary income based on a 5.4413% comparable yield and a projected $1,463.90 payment at maturity per $1,000.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable EURO STOXX 50 Index-Linked Notes due 2031 under its Medium-Term Notes, Series F program. The notes do not bear interest and are unsecured senior obligations subject to the credit risk of the issuer and guarantor.

The notes may be automatically called on September 10, 2027 if the EURO STOXX 50 closing level on the call observation date is at or above the initial level, in which case investors receive $1,130 per $1,000 face amount and the investment ends early. If not called, the September 2031 maturity payment depends on index performance, with 200% upside participation above the initial level, full principal repayment when the final level is between 85% and 100% of the initial level, and losses beyond a 15% downside buffer.

Investors may lose a substantial portion of principal if the index falls below the buffer, with hypothetical outcomes down to 15% of face amount at a zero index level. The estimated value at pricing will be less than the issue price, secondary market liquidity is uncertain, the notes will not be listed, and there are additional risks from foreign equity exposure and uncertain U.S. tax treatment.