Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,952,000 of index-linked notes due August 3, 2028. The notes pay no interest and repay at maturity an amount tied to the lesser performance of the S&P 500® Index and the Russell 2000® Index between July 31, 2026 and July 31, 2028.

For each $1,000 face amount, if both index returns are zero or positive, investors receive $1,000 plus 106% of the lesser index gain. If any index is negative but both remain at or above 75% of their initial levels, the payoff uses the absolute value of the lesser loss, giving positive returns on moderate declines. If any index closes below 75% of its initial level, repayment equals $1,000 plus the lesser index return, producing losses that can reach a 100% loss of principal.

The original issue price is 100% of face amount, with a 0.8% underwriting discount and 99.2% net proceeds to the issuer. The initial estimated value is about $980 per $1,000, below issue price, and early secondary prices will include a temporary additional amount of about $20 per $1,000 that amortizes to zero by October 30, 2026. Payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor, and the notes are intended to be treated as pre-paid derivative contracts for U.S. federal income tax purposes, though tax outcomes are described as uncertain.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable index-linked notes with an aggregate face amount of $5,335,000 tied to the Nasdaq-100 Index® and the S&P 500® Index. The notes pay no interest and return depends solely on index performance and issuer/guarantor credit.

The notes are automatically called on August 9, 2027 if, on the August 2, 2027 call observation date, each index is at or above its initial level; in that case investors receive $1,160 per $1,000 face amount. If not called, at the August 7, 2028 maturity investors receive: 200% participation in the lesser-performing index’s positive return; par if each final index level is at or above 80% of its initial level; or a loss matching the lesser performer’s full negative return if any index closes below its 80% trigger buffer, up to a total loss of principal.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the MSCI EAFE Index and EURO STOXX 50® Index with an aggregate face amount of $212,000. Each note has a $1,000 face amount, is issued at 100% with a 1% underwriting discount, and does not bear interest.

At maturity on August 5, 2031, the cash payment per $1,000 depends on the lesser performing underlier. If both final index levels exceed their initial levels, the return equals 230% of that lesser underlier’s return. If any index finishes at or below its initial level but both remain at or above 70% of their initial levels (the trigger buffer level), investors receive only the $1,000 principal. If any index ends below its trigger buffer, repayment is $1,000 plus $1,000 times the lesser performing underlier return, which can result in a total loss of principal.

The notes expose investors to equity, foreign market and currency risks, as well as the credit risk of GS Finance Corp. and its guarantor. Market value and model-based estimated value may differ from the issue price, secondary liquidity is not assured, and the U.S. tax treatment is uncertain, though they are intended to be treated as pre-paid derivative contracts.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering unsecured Medium-Term Notes, Series F linked to the Goldman Sachs Momentum Builder Focus ER Index. Each note has a $1,000 face amount and matures on March 1, 2030, with the index observed on a determination date of February 26, 2030.

At maturity, holders receive the greater of the face amount or a leveraged equity-linked payoff. If the final index level exceeds the initial index level, the payoff equals $1,000 plus at least 500% of the index return; if the index is flat or lower, investors receive only the face amount and earn no interest. The notes pay no coupons, are subject to the credit risk of both GS Finance Corp. and the guarantor, and may trade below face value before maturity.

The underlying index is a rules-based, daily rebalanced strategy that allocates among equity, fixed income, commodity and cash-equivalent exposures, with a 5% volatility control, a momentum risk control overlay and an annual 0.65% deduction. Significant allocations to hypothetical cash positions and the excess-return and fee structure can materially reduce index performance. The notes are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of taxable income over their life.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon notes linked to the VanEck Semiconductor ETF. Each note has a $1,000 face amount, a 20% downside buffer, and ties principal repayment to the ETF’s level at maturity.

Quarterly coupons of at least $41.875 (4.1875% of face) are paid only if the ETF’s closing level on the observation date is at or above 80% of its initial level; otherwise the coupon is zero. The issuer can redeem the notes at par plus any due coupon on any coupon payment date from March 2027 through February 2029.

At maturity, if not redeemed and the ETF’s final level is below the 80% buffer, principal is reduced in line with the ETF’s loss beyond 20%, potentially down to 20% of face. Buyers take on credit risk of GS Finance Corp. and the guarantor, limited liquidity, complex tax treatment and potential loss of most of the invested amount.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $747,000 of Contingent Income Buffered Auto-Callable Yield Notes linked to the common stock of NVIDIA Corporation. For each $1,000 face amount, investors may receive a monthly contingent coupon of $12 (1.2% per month, up to 14.4% per year) if, on the relevant observation date, NVIDIA’s closing level is at or above the coupon trigger level, set at 70% of the initial level of $200.75.

The notes are automatically called if on any call observation date the NVIDIA closing level is at or above the initial level, returning $1,000 per note plus any due coupon. If not called, payment at maturity depends on NVIDIA’s final level. Principal is protected only down to the trigger buffer level of 60% of the initial level; if the final level is below this buffer, investors lose principal one-for-one with the underlying return and could lose their entire investment. Upside is capped at the return of face amount plus coupons; investors do not benefit from stock appreciation above par and have no shareholder rights.

The notes price at 100% of face amount with a 3% underwriting discount (net 97% to the issuer), mature on August 3, 2029, and are subject to the credit risk of GS Finance Corp. and its parent. The issuer highlights that the modeled estimated value is less than the issue price, secondary market liquidity may be limited, and U.S. tax treatment is uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, equity-linked notes whose payoff depends on an equally weighted basket of six technology and growth stocks: Amazon.com, Meta Platforms, Netflix, Oracle, Palantir Technologies and Robinhood Markets. The notes pay no interest and have an initial basket level of 100, a trade date expected on August 14, 2026, an issue date expected on August 19, 2026, and a stated maturity date expected on August 17, 2028, unless called earlier.

The notes are automatically called on any observation date from August 16, 2027 onward if the basket closing level is at least 100, paying $1,000 plus a call premium of 21%, 26.25%, 31.5% or 36.75%, depending on the call date. If not called, at maturity investors receive: $1,420 per $1,000 if the basket is at or above 100 (a 42% capped return); principal back if the basket is between 60 and 100; and if the basket is below 60, a loss matching the full negative basket return, potentially down to zero. The issuer’s estimated initial value is $925–$965 per $1,000, below issue price, and payments are subject to the unsecured credit risk of GS Finance Corp. and its parent guarantor.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the VanEck Semiconductor ETF, maturing in 2028. The notes provide 200% upside participation in ETF gains, but returns are capped by a maximum upside settlement amount of at least $1,350 per $1,000 face amount.

The structure includes a 20% downside buffer: if the ETF ends up between 80% and 100% of its initial level, investors receive a positive return equal to the absolute loss of the ETF. Below the 80% buffer level, principal is exposed one-for-one to further declines and investors may lose a substantial portion of their investment. The notes pay no interest, rely on the credit of GS Finance Corp. and its guarantor, may trade below face value before maturity, and carry complex and uncertain U.S. tax treatment as pre-paid derivative contracts.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes due August 29, 2030 under its Medium-Term Notes, Series F program. The notes provide a cash payment at maturity per $1,000 face amount based on the S&P 500® (SPX) performance from the trade date, August 26, 2026, to the determination date, August 26, 2030.

If the final index level exceeds the initial level, investors receive $1,000 + ($1,000 × index return), capped by a maximum settlement amount of at least $1,302, implying a maximum payoff of about 130.2% of face value in the examples. If the final level is equal to or below the initial level, investors receive only the $1,000 principal, so downside in the index results in zero return rather than loss of principal at maturity, assuming no issuer default. The notes pay no periodic interest and do not provide dividends or voting rights on index constituents.

The issuer highlights that the estimated value on the trade date, based on GS&Co. pricing models, is less than the 100% issue price, and secondary market prices may be lower due to fees, model assumptions, and market factors. The notes are unsecured obligations subject to the credit risk of both GS Finance Corp. and the guarantor and are treated as contingent payment debt instruments for U.S. federal income tax, requiring accrual of ordinary income over the term even though cash is only received at maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering no-interest structured notes linked to the common stocks of Netflix, SoFi Technologies and Whirlpool. The notes are automatically callable from August 13, 2027 if each stock’s closing price is at or above its initial level, paying for each $1,000 face amount $1,000 plus $1,000 multiplied by an increasing call premium (70%, 140%, 210% or 280%, depending on call date).

If not called, the August 11, 2031 maturity payoff per $1,000 depends on the worst-performing stock: $4,500 if all finish at or above initial prices; $1,000 if any are below initial but all are at or above 50% of initial; otherwise $1,000 plus the lesser-performing stock return times $1,000, which can result in receiving less than 50% of face and up to a total loss. The structure is subject to complex market disruption and anti-dilution adjustments and to the credit risk of GS Finance Corp. and its guarantor. The estimated initial value is expected to be between $885 and $925 per $1,000.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $1,715,000 of Leveraged Callable EURO STOXX 50® Index-Linked Notes due August 4, 2031. The notes are issued at 100% of face amount, with a 2.5% underwriting discount and 97.5% net proceeds to the issuer, and have an estimated value on the trade date of approximately $959 per $1,000 face amount.

The notes pay no interest. If not called, at maturity investors receive at least the $1,000 face amount per note, plus leveraged upside: a 200% upside participation in the positive return of the EURO STOXX 50® Index from the initial level of 6,344.40 on July 30, 2026 to the determination date on July 30, 2031. If the index return is zero or negative, only face amount is repaid.

GS Finance Corp. may, at its option, redeem all notes on quarterly call payment dates from August 4, 2027 through May 5, 2031, at 100% of face amount plus a call premium ranging from 11.6% to 55.1%. 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.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, income-bearing notes linked to the S&P 500® Index, Russell 2000® Index and the State Street® Consumer Staples Select Sector SPDR® ETF. Each note has a $1,000 face amount, with original issue price at 100% and maturity expected on August 12, 2031, unless automatically called starting in November 2026.

On each monthly observation date, if the closing level of every underlier is at least 70% of its initial level, investors receive a coupon of $8.542 per $1,000 (0.8542% monthly, up to about 10.25% per year). If any underlier is below 70%, that month’s coupon is $0. If on any call observation date all underliers are at or above their initial levels, the notes are automatically redeemed at $1,000 plus the coupon.

If not called, principal repayment at maturity depends on the worst-performing underlier. If each final level is at least 65% of its initial level, investors receive $1,000 plus any final coupon. If any underlier finishes below 65%, repayment is $1,000 + $1,000 × lesser performing underlier return, so losses can reach 100% and no coupon is paid. The estimated economic value on the trade date is $885–$935 per $1,000, and all 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 $1,646,000 of callable Nasdaq-100 Index®-linked notes due August 4, 2031. The notes bear no interest and are unsecured obligations subject to the credit risk of both entities.

The issuer may redeem the notes in whole, beginning August 4, 2027, on specified monthly call payment dates at 100% of face amount plus a call premium ranging from 9.5004% to 46.7103% per $1,000. If not called, at maturity investors receive $1,000 plus 100% of any positive return of the Nasdaq-100 Index® from the initial level of 28,106.35; if the index return is zero or negative, investors receive $1,000, so downside to maturity is limited to forgone interest.

The original issue price is 100% of face amount, with a 3.25% underwriting discount and 96.75% net proceeds. The estimated value is approximately $948 per $1,000 at pricing. For tax purposes the notes are treated as contingent payment debt instruments, with a comparable yield of 5.17% and a projected maturity payment of $1,295.44 per $1,000, causing annual taxable income despite no interim cash payments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,618,000 of Autocallable Buffered Notes linked to the First Trust Nasdaq Cybersecurity ETF (CIBR). The notes are issued at 100% of face amount, pay no interest, and may be automatically called on August 6, 2027 if the ETF is at or above the initial level of $90.02, in which case investors receive $1,164 per $1,000 on August 11, 2027.

If not called, the August 3, 2028 payoff depends on ETF performance: upside is 1.25× any positive return; principal is protected only down to a 10% buffer; below that, losses match the ETF decline beyond the buffer, so investors can lose a substantial portion of principal. The estimated value at pricing is about $977 per $1,000, below issue price, reflecting fees and dealer economics, and the notes are subject to the unsecured credit risk of GS Finance Corp. and the guarantor. Extensive risk factors cover market volatility, limited liquidity, ETF-specific and tax risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,573,000 of Leveraged Callable Dow Jones Industrial Average-linked Notes due August 4, 2031. The notes are unsecured obligations that do not bear interest and are subject to the credit risk of both entities.

At maturity, if not earlier redeemed, each $1,000 note pays $1,000 plus 1.05 times any positive return of the Dow Jones Industrial Average from the initial level of 52,208.06 to the July 30, 2031 determination date; if the index return is zero or negative, investors receive $1,000. The issuer may redeem the notes quarterly from August 2027 to May 2031 at 100% of face amount plus a call premium that steps from 10% to 47.5%.

The notes’ estimated value on the trade date is approximately $961 per $1,000 face amount, below the issue price, reflecting underwriting discounts of 2.5% and structuring costs. For U.S. tax purposes, they are treated as contingent payment debt instruments, with a comparable yield of 5.17% and a projected payment at maturity of $1,295.44 per $1,000.

GS Finance Corp is offering equity index-linked Medium-Term Notes, Series F, fully guaranteed by The Goldman Sachs Group, Inc., linked to an equally weighted basket of the S&P 500 Index and the EURO STOXX 50 Index. Each note has a $1,000 face amount, is issued at $1,000 and matures on February 4, 2030. At maturity, investors receive $1,000 plus 100% of any positive basket return, subject to a maximum return of 29.5%, capping the maturity amount at $1,295 per note; if the basket is flat or down, only the $1,000 principal is paid.

The notes pay no periodic interest or dividends and are unsecured obligations of GS Finance Corp, subject to the credit risk of both the issuer and guarantor. The estimated value at pricing is about $956 per $1,000, below the issue price, reflecting structuring and distribution costs. Secondary market liquidity is not assured, and any market-making price will be model-based and may include an additional amount that amortizes to zero by November 29, 2026. For U.S. tax purposes the notes are treated as contingent payment debt instruments, with a comparable yield of 4.99% and projected maturity payment of $1,191.49 used to determine taxable income over the term.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F linked to the common stock of Palo Alto Networks, Inc. with an aggregate face amount of $9,372,000. The notes pay a contingent quarterly coupon of $48.125 per $1,000 face amount per observation sequence, but only if the underlier’s closing level on the relevant observation date is at or above the coupon trigger level, set at 50% of the $325.68 initial underlier level. The same 50% level functions as a trigger buffer level: at maturity, if the notes have not been automatically called and the final underlier level is at or above this level, investors receive $1,000 per note (plus any final coupon). If it is below, principal is reduced one-for-one with the underlier return and investors can lose up to 100% of their investment. The notes feature an automatic call if the underlier is at or above the initial level on specified call observation dates between October 30, 2026 and November 1, 2027, in which case investors receive $1,000 per note plus the applicable coupon and the notes terminate early. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, are sold at 100% of face with a 1.5% underwriting discount, are not listed on any exchange, and may have limited or no secondary market liquidity.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F that are equity index-linked, principal-at-risk securities tied to the lowest performing of four indices: the S&P 500®, Dow Jones Industrial Average®, Nasdaq‑100® and EURO STOXX 50®.

Each note has a $1,000 face amount, original offering price of $1,000 and matures on August 11, 2027, with the ending levels observed on a calculation day of August 6, 2027. If the lowest performing index finishes above its starting level, investors receive $1,000 plus 114% of that index’s positive return. If it is down by up to the 20% buffer, investors receive $1,000. Below the buffer, losses match the decline beyond 20%, with up to 80% loss of principal.

The notes pay no interest or dividends, are not listed, and all payments are subject to the credit risk of GS Finance Corp and its guarantor. The estimated value at pricing is about $966 per $1,000, below the issue price; GS&Co.’s initial valuation for statements adds an extra $29 per $1,000 that amortizes to zero by late October 2026.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering callable index-linked notes tied to the S&P 500® Futures Excess Return Index. The notes pay no interest and are expected to be issued on August 31, 2026 and mature on August 29, 2031, unless redeemed early.

The notes provide 200% upside participation in positive index performance and a 30% downside buffer: if the final index level is at or above 70% of the initial level, investors receive at least the $1,000 face amount; below 70%, losses increase linearly and can reach 70% of principal. GS Finance Corp may redeem the notes monthly from August 31, 2027 to July 31, 2031 at $1,000 plus a call premium starting at at least 19.2504% and rising to at least 94.6478%.

The notes are unsecured obligations of GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., and are subject to their credit risk. The estimated value at pricing is expected to be $885–$935 per $1,000 face amount, below the 100% issue price, reflecting fees, hedging and model assumptions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering fixed coupon buffered index-linked notes tied to the S&P 500® Volatility Plus Daily Risk Control Index. The notes pay a fixed coupon of at least $15.625 per $1,000 each quarter (at least 1.5625% quarterly, or at least 6.25% per annum) from November 2026 to the expected maturity on August 31, 2029.

At maturity, in addition to the final coupon, investors receive for each $1,000 face amount a cash settlement based on index performance from the expected trade date of August 26, 2026 to the determination date expected on August 28, 2029. If the final index level is at least 85% of the initial level (a 15% buffer), investors receive the full face amount. If it is below 85%, the payoff declines linearly according to the formula referencing the index return plus the 15% buffer, and investors receive less than face value, potentially losing up to 85% of principal. Upside is capped at par; investors do not benefit from index gains above the initial level.

The underlying index provides leveraged exposure (100%–200%) to the S&P 500® Index based on a dynamic volatility target, making it more volatile than the S&P 500® itself and increasing the risk of principal loss. The notes are unsecured obligations of GS Finance Corp., subject to the credit risk of both the issuer and the guarantor. The estimated value on the trade date is expected to be $925–$965 per $1,000 face amount, below the original issue price due to fees, margins, and structuring costs.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $750,000 aggregate face amount of index-linked Medium-Term Notes, Series F. The notes are linked to the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index and may be automatically called before maturity.

The notes are issued at 100% of face amount, with a 2.85% underwriting discount and 97.15% net proceeds to the issuer. They pay no interest. On any call observation date from July 30, 2027 to July 2, 2029, if each underlier is at or above its initial level, investors receive $1,000 + ($1,000 × call premium), with call premiums starting at 12.6504%.

If not called, the maturity payment per $1,000 depends on the lesser performing underlier. If all final underlier levels are at or above their initial levels, the payoff is $1,000 + 37.9512%. If any underlier ends below its 70% trigger buffer level, repayment is $1,000 × the lesser performing underlier return, and investors could lose their entire principal. The notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. and will not be listed on any exchange.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing $869,000 of structured notes linked to Micron, Palantir and Tesla stock. The notes pay a contingent monthly coupon of $34.584 per $1,000 (3.4584%, up to ~41.5% p.a.) only if on each observation date all three underliers are at or above 50% of their initial levels.

At maturity in August 2029, if the notes have not been redeemed and each underlier is at or above its 50% trigger buffer level, investors receive $1,000 per note; otherwise principal is reduced one-for-one with the lesser performing underlier return, down to a total loss. The issuer may redeem the notes at par plus any due coupon on any coupon payment date from November 2026 to July 2029. The issue price is 100% of face, with a 0.75% underwriting discount and 99.25% net proceeds. Investors face the credit risk of GS Finance Corp. and its parent, limited or no secondary liquidity, complex tax treatment and an estimated value below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked Medium-Term Notes, Series F tied to the S&P 500® Index, maturing on September 3, 2030, in $1,000 denominations. The notes provide 100% participation in any increase of the index from the starting level to the ending level on the calculation day, subject to a maximum return of at least 30.25% (at least $302.50 per note), so the maximum maturity payment is at least $1,302.50 per note.

If the index is flat or lower at maturity, investors receive only the $1,000 face amount, with no positive return, and the notes pay no periodic interest or dividends. All payments depend on the credit of GS Finance Corp. and its guarantor, and the notes are unsecured, unsubordinated obligations with no exchange listing, intended to be held to maturity. The estimated value on the pricing date is expected to be $900–$930 per $1,000 face amount, below the original offering price, reflecting structuring and distribution costs including an underwriting discount up to 3.825%. U.S. holders are expected to be taxed under contingent payment debt instrument rules, and non-U.S. holders may be affected by FATCA considerations.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,174,000 aggregate face amount of autocallable buffered notes linked to the iShares Semiconductor ETF. The notes pay no interest and mature on August 3, 2028, unless automatically called.

If on the August 6, 2027 call observation date the ETF is at or above the initial level of $504.53, each $1,000 note is redeemed early for $1,300. Otherwise, at maturity investors receive: full principal plus 125% of any positive ETF return; full principal if the ETF decline is up to 20%; or a loss equal to the ETF return plus 20% if the decline exceeds 20%, which can substantially reduce principal.

The initial estimated value is about $973 per $1,000, below the issue price, reflecting fees and dealer economics. Secondary market pricing will reference dealer models, may include an extra amount that amortizes to zero by October 29, 2026, and the notes are subject to the credit risk of both GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500® Daily Risk Control 5% USD Excess Return Index-linked notes maturing on August 2, 2029, with an aggregate face amount of $568,000. The notes pay no interest and are unsecured obligations subject to the credit risk of both entities.

For each $1,000 note, if the final index level on the July 30, 2029 determination date is at or above the initial level of 181.28, holders receive $1,000 plus 178% of the index gain. If the index is lower, holders receive $1,000 plus the absolute index loss, capped by a maximum downside settlement amount of $2,000 per $1,000 face amount. The underlier is an excess return index: its performance equals the S&P 500® Daily Risk Control 5% USD Total Return Index minus borrowing costs at SOFR + 0.02963%, so it will underperform the total return index and may be leveraged or de‑leveraged to target 5% volatility.

The original issue price is 100% of face amount, including a 2.25% underwriting discount, for net proceeds of 97.75% to the issuer. Goldman Sachs & Co. LLC estimates the initial value at approximately $961 per $1,000 note, below issue price, and may make a market but is not obligated to do so. The notes are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of ordinary income based on a 4.9175% comparable yield and a projected payment of $1,159.06 at maturity.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering EURO STOXX 50®-linked notes with an aggregate face amount of $2,198,000 under its Medium-Term Notes, Series F program. The notes pay no interest and provide a cash payment only at maturity on August 2, 2030, based on index performance from July 30, 2026 to July 30, 2030.

If the final index level exceeds the initial level of 6,344.40, investors receive $1,000 plus 174% of the index gain per $1,000 note. If the index ends at or above the 80% trigger buffer level, principal is returned. If the index falls more than 20%, principal is reduced 1-for-1 with the index loss, down to a total loss of investment. The original issue price is 100% of face, including a 2.75% underwriting discount. Investors bear the credit risk of GS Finance Corp. and its parent, face potentially illiquid secondary markets, significant sensitivity to index moves near the trigger, and uncertain U.S. tax treatment characterized as a pre-paid derivative contract.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering non-interest-bearing, auto-callable notes linked to an equally weighted basket of five stocks: Advanced Micro Devices, Applied Materials, Broadcom, Robinhood Markets Class A and ServiceNow. Each has a 20% weight and initial weighted value of 20, giving an initial basket level of 100.

The notes may be automatically called quarterly starting July 30, 2027 if the basket level is at least 90% of the initial level, paying $1,000 plus a fixed call premium (e.g., 17% on the first call date) per $1,000 face amount. If not called, at maturity on August 4, 2031, investors receive: $1,000 plus 100% of any positive basket return; $1,000 if the final basket level is between 50% and 100% of the initial level; or $1,000 plus the basket return (downside 1:1) if the basket falls below 50%, which can lead to a substantial or total loss of principal.

The aggregate face amount is $746,000. The original issue price is 100% of face, with a 4.125% underwriting discount and 95.875% net proceeds to the issuer. The estimated value at pricing is about $919 per $1,000, reflecting structuring and distribution costs. Payments depend on the basket’s performance and the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering structured notes with an aggregate face amount of $1,600,000, linked to the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes pay a contingent quarterly coupon of $18.75 per $1,000 face amount when each index is at or above 70% of its initial level on the relevant observation date; otherwise the coupon for that quarter is $0. The notes may be automatically called beginning July 30, 2027 if all indices are at or above their initial levels, in which case investors receive $1,000 per note plus any due coupon.

If not called, at maturity on August 3, 2028 investors receive $1,000 per note only if each index is at or above its 70% buffer level. If any index finishes below its buffer, repayment is reduced based on the lesser performing index, with a minimum of 30% of face amount in extreme declines, so investors can lose a substantial portion of principal. Investors do not receive dividends on the indices and are exposed to the credit risk of GS Finance Corp. and its parent. The estimated value at pricing is lower than the original issue price, and secondary market values may be volatile and illiquid.

GS Finance Corp. is issuing principal at risk, equity index-linked notes linked to the Russell 2000® Index, guaranteed by The Goldman Sachs Group, Inc., under its Medium-Term Notes, Series F program. Each security has a $1,000 face amount, pricing on July 30, 2026, issuing on August 4, 2026, and maturing on October 5, 2027.

At maturity, investors receive: if the index is above the starting level of 2,946.101, the face amount plus 300% of the index gain, capped at a 20.70% maximum return, for a maximum payment of $1,207 per $1,000. If the index is at or below the starting level, the payoff is $1,000 + $1,000 × index return, giving 1‑for‑1 downside exposure to the Russell 2000® with potential loss of the entire principal.

The notes pay no interest, are designed to be held to maturity, and have no exchange listing. The original public offering price is $1,000, including an underwriting discount of 2.325%, with issuer proceeds of $976.75 per note on a $100,000 aggregate face amount. The initial estimated value is about $973 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing auto-callable contingent coupon notes under its Medium-Term Notes, Series F program with an aggregate face amount of $1,358,000. The notes are linked to three underliers: the Russell 2000 Index, the S&P 500 Index and the State Street SPDR S&P Regional Banking ETF (KRE).

For each $1,000 face amount, investors may receive a monthly contingent coupon of $10.417 (1.0417% per month, up to about 12.5% per year) only if, on the relevant observation date, the closing level of each underlier is at or above its coupon trigger level, set at 70% of its initial level. The same 70% level functions as a trigger buffer for principal at maturity. If the notes are not automatically called and any underlier finishes below its trigger buffer on the determination date, the redemption amount is reduced based on the lesser performing underlier return, and investors can lose their entire investment.

The notes may be automatically called on scheduled observation dates starting February 1, 2027 if all underliers are at or above their initial levels, in which case investors receive $1,000 per note plus any due coupon, ending the investment early. Payments depend entirely on the credit of GS Finance Corp. and the Goldman Sachs Group, Inc., the levels and volatility of the underliers, and there is no listing, limited liquidity, and significant tax and structural complexity, including potential application of Section 1260 constructive ownership rules.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes with an aggregate face amount of $16,457,000 under its Medium-Term Notes, Series F program. The notes are linked to the Goldman Sachs Momentum Builder Focus ER Index, a rules-based multi-asset index that rebalances daily across up to ten underlying assets with 5% volatility control, a momentum risk control feature and a 0.65% per annum deduction applied at the index level.

The notes feature an automatic call: on annual call observation dates from 2027 to 2032, if the index is at or above rising call levels (from 100.75% to 104.50% of the initial level), investors receive principal plus a fixed call premium (from 13.25% to 79.50%) and the notes terminate. If never called, at maturity in August 2033 investors receive for each $1,000 face amount the greater of $1,000 or $1,000 plus 100% of the index’s positive return; if the index is flat or down, only principal is repaid, with no periodic interest. The original issue price is 100% of face, including a 4.1% underwriting discount, for net proceeds of 95.9% to the issuer. The issuer’s estimated value is $896 per $1,000 on the trade date. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, with a comparable yield of 5.38% per annum, causing holders to accrue taxable ordinary income over the term even though payments generally occur only upon call or at maturity. Payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F linked to the common stock of Marvell Technology, Inc. The aggregate face amount is $1,200,000, issued at 100% of face with a 2.35% underwriting discount (net proceeds 97.65%).

For each $1,000 note, investors may receive contingent quarterly coupons only if Marvell’s share price on the observation date is at or above the coupon trigger level, set at 50% of the initial level. The initial underlier level is $163.40. The notes are subject to an automatic call feature: if the stock closes at or above the initial level on any call observation date, the notes are redeemed early at $1,000 plus any due coupon.

At maturity, if not called, investors receive $1,000 per note only if the final stock level is at or above the 50% trigger buffer level. Below that level, repayment is reduced one-for-one with the stock’s decline, and investors can lose their entire investment. The notes carry issuer and guarantor credit risk, may have limited or no secondary market, and involve uncertain and complex U.S. tax treatment.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked medium-term notes with an aggregate face amount of $2,000,000. The notes do not pay interest and repay a cash amount at maturity based on the S&P 500 Index performance from the trade date to the determination date.

For each $1,000 note, if the final index level is at or above the initial level (7,437.63), the payoff is $1,000 plus the index return, capped at a maximum upside settlement amount of $1,470. If the index declines but remains at or above the buffer level of 85% of the initial level, investors receive $1,000 plus the absolute value of the index return. If the index falls below the buffer level, investors lose 1% of face value for each 1% decline below the buffer, and may receive substantially less than face value at maturity.

The notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below face value before maturity, and will not be listed on any securities exchange. U.S. tax treatment is uncertain; the issuer and its counsel view the notes as pre-paid derivative contracts for tax purposes.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $250,000 of structured notes linked to the Dow Jones Industrial Average, Russell 2000 Index and VanEck Semiconductor ETF. The notes pay no interest and may be automatically called on scheduled observation dates if all three underliers are at or above their initial levels, returning principal plus a fixed call premium that steps up over time.

If not called, the maturity payoff depends only on the lesser performing underlier. If that underlier is at or above its initial level, investors receive principal plus a capped 77.2524% maturity premium. If it is between 70% and 100% of its initial level, principal is returned. Below the 70% trigger buffer, repayment equals principal multiplied by the lesser performing underlier return, which can lead to a total loss of invested principal. The notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., are not listed on any exchange, and their estimated value at pricing is lower than the 100% issue price. The filing highlights significant market, liquidity and tax uncertainties, including potential application of constructive ownership rules.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing Medium-Term Notes, Series F linked to the S&P 500® Futures Excess Return Index with an aggregate face amount of $1,927,000. The notes have an original issue price of 100% of face, an underwriting discount of 0.85% and net proceeds of 99.15% of face.

The notes may be automatically called on August 11, 2027 if the index on the August 6, 2027 call observation date is at or above the initial level of 594.70, paying a fixed $1,123 per $1,000 face amount. If not called, the August 2, 2029 maturity payment depends on index performance, with a 150% upside participation rate above the initial level, full principal protection down to a 75% buffer level, and losses below that level at a 1:1 rate with index declines beyond the 25% buffer.

The notes do not bear interest, are subject to the credit risk of GS Finance Corp. and the guarantor, and are not listed on any exchange. The estimated value at pricing is less than the issue price, secondary market prices may be significantly lower than face, and investors may lose a substantial portion of their investment. Tax treatment as a pre-paid derivative contract is uncertain, and the product entails futures-specific risks such as negative roll yield and differences between futures and spot index performance.

GS Finance Corp., fully and unconditionally 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 $400,000. Each note has a $1,000 face amount and pays no interest.

At maturity, for each $1,000 note investors receive: the maximum settlement amount of $1,157.50 if the S&P 500® final level is at or above the trigger buffer level of 80% of the initial level; otherwise $1,000 plus $1,000 × the underlier return, leading to a dollar-for-dollar loss below the initial level and potential total loss of principal. Upside is capped, so gains above the cap are not passed through.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, are not listed, may have limited or no secondary market, and their estimated value at pricing is lower than the 100% issue price due to fees and structuring costs. Tax treatment is uncertain; the issuer and its counsel view the notes as a pre-paid derivative contract, but the IRS could assert a different characterization.

GOLDMAN SACHS GROUP INC (GS), via GS Finance Corp., is offering unsecured index-linked notes due January 29, 2030 with an aggregate face amount of $572,000, linked to the Bloomberg Bitcoin 4% Decrement ER Index, which references the iShares Bitcoin Trust ETF.

The notes pay no interest. At maturity, investors receive leveraged upside of 150% of index gains, capped at a maximum settlement amount of $4,400 per $1,000 note (cap level about 326.667% of the initial index level). A 15% buffer protects principal only against moderate declines; below that, losses are 1:1 beyond the buffer and a substantial loss of principal is possible. The index embeds an excess‑return and 4% decrement feature, which structurally drags performance and can cause underperformance even when bitcoin or the ETF rise.

The original issue price is 100% of face, with a 1% underwriting discount and 99% net proceeds to the issuer. The estimated value at pricing is approximately $926 per $1,000, reflecting fees and model assumptions. Payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

Goldman Sachs Group, Inc. (GS), via GS Finance Corp., is offering auto-callable Medium-Term Notes, Series F, linked to the Goldman Sachs Momentum Builder Focus ER Index, fully and unconditionally guaranteed by Goldman Sachs. The notes have a total aggregate face amount of $49,677,000, trade on July 28, 2026, and mature on July 29, 2033, unless automatically called earlier.

The notes pay no interest. If on any annual call observation date the index closes at or above a rising call level (starting at 100.50% of the initial index level), the notes are automatically called and pay $1,000 plus a fixed call premium (from 10.85% up to 65.10%) per $1,000. If never called, at maturity investors receive $1,000 plus 100% of any positive index return; if the index is flat or down, they receive only the $1,000 face amount, subject to issuer and guarantor credit risk.

The index is a rules-based, volatility- and momentum-controlled strategy with a 5% volatility target and a 0.65% per annum deduction, often heavily allocated to cash-like positions, which can dampen returns. The notes are priced at 100% of face, but Goldman’s estimated value on the trade date is $896 per $1,000, reflecting fees and hedging costs. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, requiring accrual of ordinary income based on a 5.3521% comparable yield and a projected maturity payment of $1,454.68 per $1,000, regardless of actual payments.

GOLDMAN SACHS GROUP INC (GS), via GS Finance Corp., is issuing principal-protected index-linked notes under its Series F medium-term note program, fully and unconditionally guaranteed by Goldman Sachs. The notes pay no coupons and return at least the $1,000 face amount at maturity, subject to issuer and guarantor credit risk.

The payoff on January 31, 2030 depends on the Goldman Sachs Momentum Builder Focus ER Index (GSMBFC5). For each $1,000, investors receive $1,000 plus 482% of the positive index return if the final index level on January 28, 2030 exceeds the initial level of 113.24; otherwise they receive only $1,000. The index is a rules-based, daily rebalanced multi-asset strategy with volatility and momentum risk controls and an annual deduction of 0.65%, and often holds large cash positions that can materially reduce performance.

Aggregate face amount is $3,295,000, issued at 100% with a 3.12% underwriting discount and 96.88% net proceeds to the issuer. The notes are treated as contingent payment debt instruments for U.S. tax purposes, with a comparable yield of 5.0125% per annum and a projected payment at maturity of $1,192.42 per $1,000 for tax accruals. Estimated value at pricing is lower than the issue price, and secondary market liquidity is not assured.

GOLDMAN SACHS GROUP INC (GS), via GS Finance Corp., is issuing fixed-coupon buffered notes linked to the S&P 500® Volatility Plus Daily Risk Control Index, with an aggregate face amount of $1,405,000. The notes pay a fixed coupon of $15 per $1,000 (1.5% quarterly, up to 6% per year) on the last calendar day of January, April, July and October from October 2026 to maturity.

The trade date is July 28, 2026, original issue date July 31, 2026, and stated maturity date July 31, 2029. At maturity, in addition to the final coupon, investors receive $1,000 per $1,000 face if the index is at or above 85% of the initial level of 7,273.67. Below that buffer, principal is reduced linearly according to the index return plus the 15% buffer, down to 15% of face if the index falls to zero, so investors can lose a substantial portion of principal and do not participate in any upside above 100% of face.

The index provides leveraged exposure (100%–200%) to the S&P 500® based on a dynamic volatility target, making it more volatile than the S&P 500® Index and increasing downside risk. The original issue price is 100% of face, with a 3% underwriting discount and 97% net proceeds to the issuer; the estimated value at pricing is $952 per $1,000. Payments are unsecured obligations of GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., and are subject to their credit risk and complex, uncertain U.S. tax treatment.

GOLDMAN SACHS GROUP INC (GS), via GS Finance Corp., is offering index-linked Medium-Term Notes, Series F, fully and unconditionally guaranteed by Goldman Sachs. The notes have an aggregate face amount of $2,157,000, priced at 100% of face with a 3.25% underwriting discount, yielding 96.75% net proceeds to the issuer. Payments at the August 2, 2029 stated maturity depend on the Goldman Sachs Momentum Builder Focus ER Index (GSMBFC5 Index).

For each $1,000 note, investors receive the greater of (i) face amount or (ii) face plus 420% of any positive index return from the trade date to the July 30, 2029 determination date; there is no downside below par at maturity but the notes pay no periodic interest and can trade below par before maturity. The initial index level is 113.24. The index is a rules-based, daily rebalanced multi-asset strategy with a 5% realized volatility control, momentum risk control, and significant potential allocation to cash-like positions, all subject to an annual deduction of 0.65% (accruing daily) on an excess-return basis over the federal funds rate.

The notes are senior unsecured obligations of GS Finance Corp., subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. For U.S. tax purposes they are treated as contingent payment debt instruments, using a comparable yield of 4.96% per annum and a projected maturity payment of $1,161.15 per $1,000, causing taxable accrual of ordinary income over the term even though cash is only received at maturity.

GOLDMAN SACHS GROUP INC (GS), via GS Finance Corp, is offering Euro Stoxx 50®-linked Medium‑Term Notes, Series F, that are auto‑callable and principal at risk, maturing August 31, 2029. Each security has a $1,000 face amount, pays no interest and is guaranteed by The Goldman Sachs Group, Inc.

The notes may be automatically called on September 2, 2027 if the index is at or above the starting level, paying $1,122 or more per $1,000 (call premium at least 12.20%). If not called, maturity payoff depends on index performance with a 150% upside participation rate and a 15% downside buffer; investors can lose up to 85% of principal. Estimated initial value is $890–$920 per $1,000, below the offering price, and all payments are subject to GS Finance Corp and Goldman Sachs credit risk.

GOLDMAN SACHS GROUP INC (GS), via GS Finance Corp., is offering $2,802,000 aggregate face amount of Medium-Term Notes, Series F, auto-callable and fully and unconditionally guaranteed by Goldman Sachs. The notes pay no interest and their return depends on the worst-performing of three underliers: the Russell 2000 Index, EURO STOXX 50 Index and State Street Utilities Select Sector SPDR ETF.

The notes may be automatically called quarterly if each underlier is at or above its initial level on a call observation date, paying $1,000 plus a call premium (starting at 15.55% of face and stepping up over time). If held to maturity and not called, the cash settlement per $1,000 is: $1,000 plus a 77.75% maturity premium if all final underlier levels are at or above initial; $1,000 if each is at or above its trigger buffer level of 70% of initial; or $1,000 times the lesser-performing underlier return if any finishes below its trigger buffer, which can result in a total loss of principal.

The original issue price is 100% of face, with a 4.125% underwriting discount and 95.875% net proceeds to the issuer. Key risks highlighted include potential loss of the entire investment, capped upside, reliance on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., limited or no secondary market liquidity, foreign market risks for the EURO STOXX 50, sector concentration risk in utilities for XLU, and uncertain U.S. federal income tax treatment, including possible application of constructive ownership rules and FATCA.

GOLDMAN SACHS GROUP INC (GS), via GS Finance Corp., is issuing index-linked notes due August 2, 2029, with an initial aggregate face amount of $236,000 tied to the Russell 2000® and S&P 500® indices. The notes pay no interest and repayment at maturity depends on the lesser-performing index between the trade date (July 28, 2026) and the determination date (July 30, 2029).

Investors have a 15% buffer: if the weaker index is down by up to 15%, the loss becomes a positive return; if both indices are flat or up, gains equal the weaker index return times a 102% participation rate. If the weaker index falls by more than 15%, investors lose principal based on that index’s decline beyond the buffer. The estimated value is about $959 per $1,000 face, versus a 100% issue price, reflecting fees and structuring costs. The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and carry issuer/guarantor credit risk with no listing or assured secondary market.

Goldman Sachs Group Inc. (GS), through GS Finance Corp., is issuing leveraged, callable notes linked to the S&P 500 Futures Excess Return Index, with a total face amount of $1,227,000. The notes pay no interest and are guaranteed by The Goldman Sachs Group, Inc.

The notes mature on August 2, 2032, but GS Finance Corp. may redeem them in whole on monthly call payment dates from August 2, 2027 to July 1, 2032 at 100% of face plus a fixed call premium (rising from 30% to 177.5% of face). If not redeemed, at maturity investors receive, per $1,000, either $1,000 if the index return is zero or negative, or $1,000 plus 1.4× any positive index return, based on an initial index level of 594.12.

The original issue price is 100% of face, with a 4.23% underwriting discount and net proceeds of 95.77% of face to the issuer. The estimated value at pricing is about $908 per $1,000. For U.S. tax purposes the notes are treated as contingent payment debt instruments, using a comparable yield of 5.265% and a projected payment at maturity of $1,372.54 per $1,000.

GOLDMAN SACHS GROUP INC (symbol: GS) is the issuer of record for a Form 424B2 filing submitted to the SEC.

GOLDMAN SACHS GROUP INC (through issuer GS Finance Corp) is offering medium-term, index-linked notes with an aggregate face amount of $1,388,000, fully and unconditionally guaranteed by Goldman Sachs. The notes reference the Nasdaq-100 Index® and the Russell 2000® Index and do not bear interest.

The notes feature a semi-annual automatic call: on any call observation date, if the closing level of each underlier is at or above its initial level, the notes are redeemed early at $1,000 plus a fixed call premium per $1,000 face amount, with call premiums ranging from 11.5% to 28.75%. If not called, the maturity payment depends solely on the lesser performing underlier, with a 150% upside participation rate when both final levels exceed their initial levels, and principal protection only down to a 15% buffer (85% of initial level) on each index.

If any underlier finishes below its 85% buffer and the notes have not been called, repayment of principal is reduced 1:1 beyond the buffer, and investors may lose a substantial portion of their investment. The notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., have an estimated value on the trade date that is less than the original issue price, will not be listed on any exchange, and may have limited or no secondary market liquidity.

GOLDMAN SACHS GROUP INC (GS), through GS Finance Corp., is offering principal-protected structured notes linked to the Goldman Sachs Momentum Builder® Focus ER Index under its Medium-Term Notes, Series F program, fully and unconditionally guaranteed by Goldman Sachs Group Inc.

The notes have an aggregate face amount of $3,424,000, are issued in $1,000 denominations, and may be automatically called annually from 2027 to 2032 if the index closes at or above an increasing call level. On a call, holders receive $1,000 plus a fixed call premium (e.g., 13.15% on the first call date, up to 78.90% on the last) per $1,000.

If not called, at the August 4, 2033 stated maturity, the cash payment per $1,000 equals: $1,000 plus 100% of any positive index return, or $1,000 if the final index level is at or below the initial level, providing full principal repayment at maturity, subject to issuer and guarantor credit risk. The index uses daily rebalancing, a 5% volatility control, and a momentum risk control feature, and is reduced by the federal funds rate and a 0.65% per annum deduction, with potentially large allocations to cash-like positions.

The original issue price is 100% of face, with a 4% underwriting discount. Goldman Sachs estimates the value on the trade date at $897 per $1,000, including a $63 “additional amount” that amortizes to zero by October 27, 2026. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, with a comparable yield of 5.36% and ordinary income recognition over the term.

Goldman Sachs Group Inc. (GS), via GS Finance Corp., is offering unsecured, index-linked notes maturing on July 29, 2031 whose payoff depends on the Bloomberg Bitcoin 4% Decrement ER Index, an excess‑return index tied to the iShares Bitcoin Trust ETF and reduced by a Fed funds plus 4% decrement.

The notes pay no interest. At maturity, for each $1,000 face amount, investors receive: (i) $1,000 plus 1.4× any positive index return; (ii) $1,000 if the index decline is up to 15%; or (iii) $1,000 plus the index return plus 15% if the index falls more than 15%, exposing holders to substantial principal loss. The initial index level is 31,384.29, with a buffer level at 85% of that value. The aggregate face amount is $574,000, issued at 100% of face with a 1% underwriting discount and estimated value of about $917 per $1,000 at pricing. Payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the product embeds significant risks associated with bitcoin and digital assets.