Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering underlier-linked notes due 2028 tied to the S&P 500 Index and the iShares^® MSCI EAFE ETF. For each $1,000 note, investors receive at maturity either principal only or a capped equity-linked payoff.

If the final level of each underlier exceeds its initial level, the payment equals $1,000 plus $1,000 times the lesser performing underlier return, capped at a maximum settlement amount of $1,221 (122.1% of face). If any underlier finishes at or below its initial level, investors receive only the $1,000 face amount, with no upside. The notes pay no periodic interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and may trade below face value before maturity. U.S. tax treatment follows the contingent payment debt instrument rules, requiring accrual of ordinary income over the term even though cash is paid only at maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes tied to the Russell 2000® Index and the S&P 500® Index. The notes do not bear interest and are expected to mature on September 6, 2028, with the trade date expected to be August 31, 2026.

At maturity, for each $1,000 face amount, holders receive a cash amount based on the lesser performing index. Upside participation is 100%, but returns are capped at a maximum settlement amount of $1,317.5 (a 31.75% cap), corresponding to a cap level of 131.75% of each index’s initial level. If the lesser performer is flat or down, investors receive the greater of the minimum settlement amount of $950 (a maximum 5% loss of face amount) or $1,000 plus $1,000 times the lesser index return; losses can reach 5% of face value.

The notes’ estimated value at pricing is expected to be $925–$965 per $1,000, below the 100% issue price, reflecting fees and hedging costs. Market value will be driven by index levels, volatility, rates and the credit of GS Finance Corp. and its guarantor. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, requiring accrual of ordinary income over the term and ordinary income treatment on gain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2028 linked to the common stock of Palo Alto Networks, Inc. The notes are part of GS Finance Corp.’s Medium-Term Notes, Series F program.

Each note has a $1,000 face amount and is issued at 100% of face, with a 1.5% underwriting discount and 98.5% net proceeds to the issuer. Investors receive a contingent quarterly coupon: on each coupon payment date, a coupon is paid only if the underlier’s closing level on the related observation date is at or above a coupon trigger level of 50% of the initial underlier level$48.125 multiplied by the number of observation dates elapsed, minus coupons already paid.

The notes are subject to an automatic call feature: if on any call observation date the underlier closes at or above its initial level, the notes are redeemed at $1,000 per note plus the coupon then due. If not called, at maturity on February 3, 2028, investors receive $1,000 per note if the final underlier level is at or above the trigger buffer level of 50% of the initial level; otherwise they receive $1,000 plus $1,000 times the underlier return, exposing them to up to a 100% loss of principal. Upside is capped at return of principal plus coupons.

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 have limited liquidity, and have an estimated value on the trade date that is less than the original issue price. U.S. federal income tax treatment is uncertain, with counsel treating the notes as income-bearing pre-paid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked notes tied to the Class A common stock of Coinbase Global, Inc. The securities pay a quarterly contingent coupon of at least $70 per $1,000 (at least 28% per annum) only if the stock closing price on each calculation day is at or above 50% of the starting price. From October 2026 to April 2029, the notes are auto-callable if the stock closes at or above 90% of the starting price, returning face amount plus the applicable coupon.

If not called, principal is protected at maturity only if the final stock price is at or above the 50% downside threshold. Otherwise, repayment is reduced in proportion to the stock’s decline, with the potential loss of the entire $1,000 face amount. Investors do not participate in any stock upside or dividends, and all payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated initial fair value is $890–$920 per $1,000, below the $1,000 offering price, reflecting fees and hedging costs.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering index-linked Medium-Term Notes, Series F, due February 25, 2028. The notes are linked to the Dow Jones Industrial Average and the S&P 500 Index and do not bear interest.

At maturity, for each $1,000 face amount, holders receive cash based on the lesser performing underlier. If both final index levels exceed their initial levels, the payoff equals $1,000 plus $1,000 times the lesser underlier return, capped at a maximum settlement amount of at least $1,144. If any index ends at or below its initial level, investors receive only the $1,000 face amount, with no upside.

The notes are subject to the credit risk of GS Finance Corp. and the guarantor, may have limited or no secondary market, and their estimated value at pricing will be lower than the original issue price due to dealer compensation and structuring costs. For U.S. tax purposes, they are treated as contingent payment debt instruments, requiring accrual of taxable income over the term even though no cash is paid until maturity.

GS Finance Corp. is offering Leveraged Callable Dow Jones Industrial Average®-Linked Notes due 2031, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return at least the $1,000 face amount at maturity, subject to issuer credit risk.

If held to maturity and not called, investors receive $1,000 plus a leveraged upside payment when the Dow Jones Industrial Average® rises, with an upside participation rate of at least 105% applied to the index return; if the index return is zero or negative, only $1,000 is paid.

GS Finance Corp. may redeem the notes quarterly from August 2027 to May 2031 at $1,000 plus a fixed call premium ranging from 10% to 47.5%. The notes are offered at 100% of face, with a 2.5% underwriting discount and 97.5% net proceeds to the issuer. The estimated value on the trade date is $885–$915 per $1,000, and the notes are treated as contingent payment debt instruments for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal at risk Contingent Income Auto-Callable Securities linked to Alphabet Inc. Class A common stock, maturing on or about August 3, 2029. These unsecured notes may be automatically called on quarterly call observation dates if Alphabet’s stock closes at or above the initial share price, in which case investors receive the $1,000 principal per security plus the contingent coupon then due, with no further payments.

On each coupon observation date, if the stock closes at or above the downside threshold price of 65.00% of the initial share price, investors receive a contingent quarterly coupon with a memory feature, initially at least $26.25 per $1,000 times the number of elapsed observation dates minus coupons already paid. If the final share price is below the downside threshold, the maturity payment is $1,000 multiplied by the share performance factor, and investors can lose a significant portion or all of their principal while not benefiting from any stock appreciation.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk notes linked to three underliers: the S&P 500 Index, the iShares Expanded Tech-Software Sector ETF and the State Street Utilities Select Sector SPDR ETF. The notes are issued at 100% of face amount, in $1,000 denominations, bear no interest and are expected to mature on August 5, 2031, unless automatically called.

The notes may be automatically redeemed on the expected November 2, 2026 call observation date if each underlier is at least 90% of its initial level, paying a fixed $1,100 per $1,000 on the call payment date. If not called, the maturity payment depends on the lesser performing underlier: full principal plus 100% of its positive return if all underliers finish above initial levels; return of principal only if all are at or above a 70% buffer level; and leveraged downside (about 1.4286% loss per 1% decline below 70%) if any underlier finishes below 70%, with the possibility of losing the entire investment.

The issuer expects the initial estimated value to be $885–$925 per $1,000, below the issue price, reflecting dealer compensation, structuring fees and hedging costs. Payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor, and the notes are characterized for U.S. tax purposes as a pre-paid derivative contract.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers Autocallable Contingent Coupon Index-Linked Notes due 2032 linked to the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index. The notes are part of the Medium-Term Notes, Series F program.

The notes pay a contingent quarterly coupon of $25.375 per $1,000 (2.5375% quarterly, up to 10.15% per annum) only if on each observation date all three indices are at or above 75% of their initial level. The same 75% level also serves as the trigger buffer level for principal at maturity. If the notes are not automatically called and any index finishes below its trigger buffer level on the determination date, repayment of principal is reduced one-for-one with the return of the lesser performing underlier, down to a total loss.

An automatic call feature can redeem the notes early at par plus the due coupon if, starting in 2027, all indices are at or above their initial levels on a call observation date. Investors have no upside participation beyond par, no equity ownership rights, and are fully exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated economic value will be lower than the issue price due to underwriting discounts, structuring fees and other costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Index-Linked Notes due 2028 linked to the Nasdaq-100, Russell 2000 and S&P 500 indices. Investors receive a contingent monthly coupon of $8.792 per $1,000 (0.8792% monthly, up to about 10.55% per year) only if each index is at or above its coupon trigger level of 70% of its initial level on the observation date.

The notes may be automatically called quarterly if on a call observation date each index is at or above its initial level, in which case investors receive $1,000 per note plus the due coupon and the investment ends early. If not called, at maturity on August 3, 2028 the cash payment per $1,000 note depends on the lesser performing index. If that index finishes at or above its trigger buffer level of 60% of its initial level, investors receive full principal back; otherwise, repayment is reduced one-for-one with the index decline, down to zero, and principal loss up to 100% is possible.

The notes carry the credit risk of GS Finance Corp. and the guarantor, may have limited or no secondary market, and their estimated value at pricing is lower than the original issue price due to fees, costs and dealer margin. Tax treatment is uncertain and described as an income-bearing prepaid derivative contract.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked auto-callable buffered notes with an aggregate face amount of $1,183,000. The notes do not bear interest and expose investors to potential loss of principal based on index performance.

The notes may be automatically called on July 21, 2028 if the S&P 500® closing level is at or above the initial level of 7,509.20, paying $1,152.50 per $1,000 face amount. If not called, the July 24, 2031 maturity payout depends on index performance, with 100% upside participation and a 20% buffer. Below 80% of the initial level, principal is reduced one-for-one with further declines, so investors may lose a substantial portion of their investment. Payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes will not be listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the common stock of Advanced Micro Devices, Micron Technology, Oracle and Qualcomm. The notes are expected to trade from a July 27, 2026 trade date, be issued on July 30, 2026, and mature on July 31, 2031, unless automatically called.

The notes pay a monthly coupon that depends on all four stocks. If on a coupon observation date each stock is at or above 77.5% of its initial price, holders receive a maximum coupon that accrues at $9.042 per $1,000 for each observation since issuance (0.9042% monthly, about 10.85% per annum) minus prior coupons. If any stock is below that level, investors receive only the minimum coupon of $0.209 per $1,000 (0.0209% monthly, about 0.25% per annum).

Beginning in July 2027, if on any call observation date each stock is at or above its initial price, the notes are automatically redeemed at $1,000 per $1,000 face amount plus the applicable coupon. At maturity, if not called, investors receive $1,000 plus the final coupon. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent and have an estimated value on the trade date of $885–$925 per $1,000, below the original issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, issues autocallable contingent coupon buffered notes linked to a Class A subordinate voting share of Shopify Inc. The notes are expected to trade from July 23, 2026, and mature on July 26, 2029, unless automatically called earlier.

For each $1,000 face amount, investors may receive a quarterly coupon of $49.375 (4.9375% quarterly, up to 19.75% per annum) when Shopify’s closing price on the relevant observation date is at or above 50% of the initial index stock price. If on any call observation date the closing price is at or above the initial index stock price, the notes are automatically redeemed at $1,000 plus that quarter’s coupon.

If the notes are not called, principal repayment at maturity depends on Shopify’s performance. If the final price is at or above 50% of the initial level, holders receive $1,000 plus any final coupon. If it is below 50%, repayment is reduced one-for-one with the index stock return, potentially to zero, and no coupon is paid. The estimated value on the trade date is $925–$955 per $1,000, reflecting structuring costs and dealer margin.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering zero-coupon notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay no interest and may be automatically called on quarterly call observation dates starting in January 2027 if the index closes at or above 90% of the initial level, returning principal plus a call premium (e.g., 7.35% on the first call payment date) per $1,000 face amount.

If the notes are never called, payoff at maturity in July 2033 depends on index performance. If the final index level is at least 90% of the initial level, investors receive the maximum settlement amount of $2,029 per $1,000 face amount (reflecting a 102.9% maturity date premium). If the final level is between 60% and 90% of the initial level, only principal is returned. Below 60%, losses are one-for-one with the index decline and investors can lose their entire investment.

The underlier is a leveraged futures-based index targeting 40% volatility, with up to 500% exposure and a daily 6% per annum decrement, which drags performance and can offset positive returns. The estimated value at pricing is expected between $885 and $925 per $1,000, below the issue price, and values 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 notes linked to the S&P 500® Index, maturing in 2028. The notes are issued at 100% of face amount, do not bear interest and may be automatically called on July 29, 2027 if the index on the July 26, 2027 call observation date is at or above the initial level of 7,457.69. In that case, holders receive a fixed $1,120 per $1,000 face amount.

If not called, the July 20, 2028 maturity payment depends on the index level. Investors participate 100% in upside above the initial level. Principal is protected only down to a buffer level of 85%; below that, losses match the index decline beyond the 15% buffer, potentially down to 15% of face value in severe declines. Payments are subject to the credit risk of GS Finance Corp. and the guarantor, the notes will not be listed, may trade below issue price, and the issuer’s modeled estimated value at pricing will be less than the original issue price. U.S. tax treatment is uncertain and the notes are 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 autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, maturing in 2033. The notes pay no interest and may be automatically called annually if the index closes at or above rising call levels.

If called, holders receive $1,000 plus a fixed call premium per $1,000 face amount, with call premiums from 14% in 2027 up to 84% in 2032. If never called, at maturity holders receive the greater of $1,000 or $1,000 plus 100% of any index gain; if the index is flat or down, only face value is repaid.

The index uses daily rebalancing, a 5% volatility control, and a momentum risk control feature, and is calculated on an excess return basis over the federal funds rate with a 0.65% per annum deduction. The issuer’s estimated value is $850–$880 per $1,000, below the 100% issue price, and the notes are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of ordinary income over their term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing leveraged, callable notes linked to the S&P 500^® Futures Excess Return Index. The notes are expected to trade on July 24, 2026, be issued on July 29, 2026 and mature on July 28, 2033, unless redeemed early.

The notes pay no interest. At maturity, if the final index level is above the initial level, investors receive for each $1,000 principal the sum of $1,000 plus 8 times the positive index return; if the index return is zero or negative, only the $1,000 face amount is repaid. The upside participation rate is therefore 800%, with no downside below par at maturity.

GS Finance Corp. may redeem the notes in whole on monthly call payment dates from July 29, 2027 through June 29, 2033 at $1,000 plus a fixed call premium (starting at 10.0008% and rising to 69.1722%). The estimated value at pricing is expected to be between $885 and $925 per $1,000, reflecting structuring costs and dealer margin. Payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and investors have no rights in the underlying futures or index components.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Capped Buffer GEARS linked to the S&P 500® Index. The notes have a 2.00x upside gearing on positive index returns, subject to a maximum return of 22.65%–25.65% and a maximum settlement of $12.265–$12.565 per $10 face amount.

Principal is contingently protected only at maturity: if the final index level is at or above the initial level but not above the cap, or down no more than the 10.00% buffer (downside threshold at 90.00% of the initial level), investors receive $10 per note. Below the downside threshold, losses match index declines beyond the buffer, with up to a 90.00% loss if the index goes to zero.

The notes pay no interest, do not provide dividends, and are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. Estimated value on the trade date is expected between $8.90 and $9.20 per $10. Minimum investment is $1,000, with expected trade date July 29, 2026 and maturity August 1, 2028.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes maturing on August 1, 2029. The notes start with a 50% bond allocation and 50% equity allocation. Interest is paid annually and depends on the daily bond allocation percentage.

The annualized interest factor is set between 3.80% and 4.40% on the trade date and is multiplied by the bond allocation percentage; this percentage steps down from 50% to 30%, 10% and then 0% if the S&P 500® falls below 95%, 90% and 85% of its initial level on any day, respectively. After the third trigger, the interest factor becomes 0% permanently and no further interest accrues.

At maturity, investors receive a formula-based cash amount reflecting any remaining bond allocation plus leveraged exposure (initially 50% of face) to S&P 500® performance from the initial level and from each reallocation level. If the index declines sharply, investors can lose a substantial portion or all of their principal. The estimated value is $9.40–$9.70 per $10 face amount, below the 100% issue price, and any payment is subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked Medium-Term Notes, Series F, maturing in 2027. For each $1,000 note, if the final S&P 500 level on the August 2, 2027 determination date is at or above the buffer level of 90% of the initial level of 7,457.69, holders receive a capped cash payment of $1,091.50 (109.15% of face amount).

If the final level is below the buffer, the cash payment declines by approximately 1.1111% of face value for every 1% the index ends below the buffer, and investors can lose their entire principal. The notes pay no interest, are unsecured obligations of GS Finance Corp. with a guarantee from The Goldman Sachs Group, Inc., are not insured by any government agency, and will not be listed on an exchange. They are offered at 100% of face amount with a 1% underwriting discount and 99% net proceeds to the issuer. U.S. federal tax treatment is uncertain; the issuer and its counsel view the notes as a pre‑paid derivative contract in respect of the S&P 500, and the notes are generally subject to FATCA rules.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Buffer Autocallable GEARS notes linked to the S&P 500 Index in $10 denominations, with a minimum purchase of $1,000. The notes may be automatically called on August 5, 2027 if the S&P 500 closing level is at least 100% of the initial level, paying $10 plus a 9.00% call return per $10 face amount.

If not called, at maturity on July 31, 2029 investors receive: enhanced upside if the index is above its initial level, via upside gearing expected between 1.205 and 1.405; full principal repayment if the index is between 90.00% and 100.00% of its initial level; or a dollar‑for‑dollar loss beyond a 10.00% buffer if the index ends below 90.00% of its initial level, up to a 90.00% loss if the index is zero. The notes pay no interest or dividends, have an estimated initial value of $9.40–$9.70 per $10, and expose holders to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers autocallable contingent coupon index-linked notes due January 27, 2028, linked to the Nasdaq‑100, Russell 2000 and S&P 500 indices. Each note has a $1,000 face amount.

Investors may receive a monthly contingent coupon of $11.042 per $1,000 (1.1042% monthly, up to about 13.25% per year) only if, on each observation date, all underliers are at or above 70% of their initial level. The same 70% level serves as a trigger buffer at maturity. If the notes are not automatically called and any index finishes below its trigger buffer, repayment of principal is reduced one‑for‑one with the worst index performance, and investors could lose their entire investment.

The notes are automatically called if, on any call observation date from October 26, 2026 through December 27, 2027, all underliers are at or above their initial levels, returning $1,000 per note plus the applicable coupon. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and are expected to be sold off an existing medium‑term note shelf program without listing on an exchange.

GS Finance Corp. is offering Trigger Autocallable GEARS, unsecured notes linked to the S&P 500® Index and guaranteed by The Goldman Sachs Group, Inc. The notes are issued in $10 denominations with a minimum purchase of $1,000, maturing in August 2031 unless automatically called in August 2027.

The structure provides leveraged upside if the final index level exceeds the initial level, with upside gearing expected between 1.43 and 1.631. Principal is protected at maturity only if the final index level is at or above the 75% downside threshold; below that, losses mirror the index and can reach 100%. An automatic call occurs if, on the call observation date, the index is at or above 100% of its initial level, paying back principal plus an 8.00% call return.

The estimated value is between $9.35 and $9.65 per $10 face amount, below the 100% issue price, reflecting structuring costs and dealer compensation, including a 2.50% underwriting discount. Investors receive no coupons or dividends and are fully exposed to both market risk of the S&P 500 Index and the credit risk of GS Finance Corp. and its parent.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk, auto-callable notes linked to the Class A common stock of Palantir Technologies Inc. The notes may be automatically called quarterly if Palantir’s closing price on a call observation date is at least the initial share price, which is defined as the lowest closing price during a roughly one‑month initial observation period starting on the pricing date. Upon an automatic call, holders receive $1,000 principal plus a fixed call premium, targeted to range from at least 20.00% on early dates up to at least 100.00% on later dates; no further payments occur after a call.

If not called, at maturity in August 2031 investors receive $1,000 plus a maturity premium (at least 100.00%) if the final share price is at or above a downside threshold price equal to 70.00% of the initial share price. If the final share price is below this threshold, repayment is reduced 1‑for‑1 with the stock decline (final price/initial price), so the payout can be well below 70% of principal and can be zero. Investors do not receive dividends or any participation in stock gains beyond the capped premium amounts and are exposed to both Palantir stock risk and the credit risk of GS Finance Corp. and its guarantor. The estimated value is disclosed as $895 to $955 per $1,000 security versus a 100% issue price, reflecting fees, structuring features and dealer margins.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F, with an aggregate face amount of $17,991,000. These notes pay a contingent monthly coupon of $11.667 per $1,000 face amount (1.1667% monthly, up to approximately 14.00% per annum) only if on each coupon observation date the closing level of all three underliers — the Nasdaq-100 Index, the Russell 2000 Index and the S&P 500 Index — is at or above its coupon trigger level of 75% of its initial level.

At maturity on July 19, 2029, if the notes have not been redeemed and the final level of every underlier is at or above its trigger buffer level of 70% of its initial level, investors receive $1,000 per note plus any final coupon. If any underlier finishes below its trigger buffer level, repayment of principal is reduced in proportion to the lesser performing underlier return, and investors can lose up to their entire investment.

The issuer may, at its option, redeem the notes early in whole (but not in part) on any coupon payment date from October 2026 through June 2029 by paying $1,000 per $1,000 face amount plus any due coupon. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, offer no equity ownership or dividends in the underliers, may not pay any coupons for the life of the notes, and may have limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked buffered notes under its Medium-Term Notes, Series F program with an aggregate face amount of $6,530,000. Each note has a $1,000 face amount and pays no interest.

At maturity on January 21, 2028, investors receive a cash amount based on the arithmetic average S&P 500® level on five January 2028 averaging dates versus the initial level 7,533.77. Upside is leveraged at a 200% upside participation rate but capped at a maximum settlement amount of $1,197.50 per $1,000 note, corresponding to a capped return once the index has risen to 109.875% of its initial level.

Downside is partially buffered: investors receive full principal if the final underlier level is at or above the buffer level of 90% of the initial level. Below that, losses increase at a buffer rate of approximately 111.11% of the index decline beyond the 10% buffer, 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, may have limited secondary liquidity, and have uncertain U.S. tax treatment characterized as a pre-paid derivative contract in counsel’s opinion.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering digital notes linked to the EURO STOXX® Banks Index. The notes pay no interest and return at maturity depends solely on index performance over roughly 23–26 months.

If the final index level is at least 80% of the initial level, investors receive a capped payment, the maximum settlement amount, expected to be between $1,218 and $1,255.7 per $1,000 face amount. If the index falls more than 20%, repayment of principal is reduced at a buffer rate of 125%, so investors lose 1.25% of face amount for every 1% the index ends below 80%, potentially losing their entire investment.

The notes are unsecured obligations of GS Finance Corp, fully guaranteed by The Goldman Sachs Group, Inc., and carry their credit risk. The estimated value on the trade date is expected between $945 and $975 per $1,000, below issue price, reflecting fees, hedging costs and model valuation.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing structured notes with an aggregate face amount of $6,532,000 linked to three ETFs: VanEck Gold Miners ETF (GDX), State Street SPDR S&P 500 ETF Trust (SPY) and State Street Energy Select Sector SPDR ETF (XLE). Each $1,000 note pays a contingent quarterly coupon of $28.375 (2.8375% per quarter, up to 11.35% per year) only if on the observation date the closing level of each underlier is at or above its coupon trigger level, set at 50% of its initial level; otherwise the coupon is zero.

Initial underlier levels are $71.40 (GDX), $750.72 (SPY) and $57.02 (XLE). At maturity on July 19, 2029, if none of the underliers has fallen below its trigger buffer level (also 50% of initial), investors receive $1,000 per note plus any final coupon. If any underlier finishes below its trigger buffer, the redemption is reduced to $1,000 plus $1,000 times the lesser performing underlier return, which can result in a total loss of principal.

The issuer may redeem the notes early, in whole but not in part, at 100% of face value plus any due coupon on any coupon payment date from January 2027 through April 2029. The original issue price is 100% of face amount, with a 1.85% underwriting discount and 98.15% net proceeds to the issuer. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, may have limited secondary market liquidity, and feature complex tax treatment and valuation, with the estimated initial value lower than the issue price.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due July 20, 2029, linked to the common stock of NVIDIA Corporation. The initial underlier level is $202.81, set on July 17, 2026.

The notes pay a contingent quarterly coupon of $37.50 per $1,000 (3.75% quarterly, up to 15.00% per annum) only if, on each coupon observation date, the NVIDIA share price is at or above the coupon trigger level, set at 60% of the initial level. If the underlier is below this level, no coupon is paid.

The notes are subject to an automatic call feature: if on any call observation date the underlier is at or above the initial level, the notes are redeemed early at $1,000 per note plus the due coupon. If not called, principal repayment at maturity is contingent on the final NVIDIA level versus the trigger buffer level of 50% of the initial level. If the final level is at or above 50%, investors receive $1,000 per note; if below 50%, repayment is reduced one-for-one with the underlier return, and investors can lose their entire investment.

The estimated value of the notes on the trade date is less than the 100% issue price, reflecting fees and dealer economics. Investors are exposed to the credit risk of both GS Finance Corp. and the guarantor, face uncertain U.S. tax treatment (treated as an income-bearing prepaid derivative contract), and have no shareholder rights in NVIDIA.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers autocallable contingent coupon notes linked to the Russell 2000 Index, S&P 500 Index and the State Street SPDR S&P Regional Banking ETF. Each note has a $1,000 face amount.

The notes pay a contingent monthly coupon of $10.417 per $1,000 (1.0417% per month, up to approximately 12.5% per year) only if, on the observation date, the closing level of each underlier is at or above 70% of its initial level. The same 70% level serves as the trigger buffer for principal.

The notes are autocallable beginning February 1, 2027: if, on any call observation date, each underlier is at or above its initial level, investors receive $1,000 per note plus the due coupon, and the notes terminate early. If not called, they mature on August 4, 2031.

At maturity, if the notes have not been called and the final level of every underlier is at or above 70% of its initial level, investors receive $1,000 per note plus any final coupon. If any underlier finishes below 70%, repayment is reduced one-for-one with the return of the worst-performing underlier, and investors can lose up to 100% of principal.

Key risks include: the estimated value being lower than the issue price, full credit risk of GS Finance Corp. and Goldman Sachs, possible no coupons over the life of the notes, potential illiquidity, concentration risk in regional banks via KRE, and uncertain U.S. tax treatment, including potential application of constructive ownership rules.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing auto-callable Medium-Term Notes, Series F, linked to the Goldman Sachs Momentum Builder® Focus ER Index. The aggregate face amount is $1,481,000 with an original issue price of 100% of face value.

The notes pay no coupons. On each annual call observation date from July 2027 to July 2032, the notes are automatically called if the index is at or above the rising call levels, delivering for each $1,000 face amount $1,000 plus a call premium (from 10.80% up to 64.80%). If not called, at maturity in July 2033 investors receive $1,000 plus 100% of any positive index return; if the final index level is at or below its initial level of 113.74, only the $1,000 face amount is paid.

The index is a rules-based, daily rebalanced multi-asset strategy with volatility and momentum risk controls and a 0.65% per annum deduction, often allocating heavily to cash-like positions. The estimated value of the notes on the trade date is $891 per $1,000, below issue price, reflecting fees and hedging costs. The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. and are taxed as contingent payment debt instruments using a 5.26% comparable yield.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is issuing EURO STOXX 50®-linked medium-term notes with an aggregate face amount of $486,000. Each note has a $1,000 face amount and matures on July 21, 2031, with payment based on index performance from the July 16, 2026 trade date to the determination date.

If the final index level is at or above 75% of the initial level, holders receive the greater of the $1,386 threshold settlement amount or $1,000 plus $1,000 times the index return. If the final level is below 75% of the initial level, repayment equals $1,000 plus $1,000 times the index return, so investors lose 1% of principal for each 1% decline from the initial level and could lose their entire investment. The notes do not bear interest, carry issuer and guarantor credit risk, may have limited secondary liquidity, and involve complex and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $853,000 of Medium-Term Notes, Series F, whose return is linked to three ETFs: VanEck Gold Miners ETF (GDX), State Street SPDR S&P 500 ETF Trust (SPY) and State Street Energy Select Sector SPDR ETF (XLE).

The notes pay a contingent quarterly coupon of $31.50 per $1,000 face amount (3.15%), only if on each observation date every underlier is at or above its coupon trigger level of 50% of its initial level; otherwise the coupon is zero. At maturity, if not earlier redeemed and if all final underlier levels are at or above their 50% trigger buffer levels, investors receive $1,000 per note plus any final coupon. If any underlier finishes below its trigger buffer level, repayment equals $1,000 plus $1,000 times the lesser performing underlier return, so principal loss can reach 100%.

The company may redeem the notes at par plus any due coupon on any coupon payment date from January 2027 through April 2029, shortening the potential term. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and Goldman Sachs. The issuer states the model-based estimated value on the trade date is less than the 100% issue price, and secondary market values may be further reduced by dealer spreads and commissions.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked Medium-Term Notes, Series F, with an aggregate face amount of $6,530,000. For each $1,000 note, payment at maturity depends on the S&P 500 Index performance from the trade date to five averaging dates in January 2028.

If the final underlier level (the arithmetic average of the S&P 500 closing levels on the averaging dates) is at or above the buffer level of 90% of the initial level of 7,533.77, investors receive a maximum settlement amount of $1,148.50 per $1,000. If the final level is below the buffer, the downside is leveraged: investors lose approximately 1.1111% of principal for every 1% the index falls below the buffer, up to a potential 100% loss of invested principal. The notes pay no interest and do not provide dividends or shareholder rights in the S&P 500 stocks.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed on an exchange, and may have limited or no secondary market. The original issue price is 100% of face amount, with an underwriting discount of 0.15% and net proceeds of 99.85% of face amount to the issuer. U.S. federal income tax treatment is uncertain; counsel views the notes as a pre-paid derivative contract, but the IRS could assert a different characterization.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes due July 27, 2029 linked to the Dow Jones Industrial Average, the Russell 2000 Index and the State Street Technology Select Sector SPDR ETF.

The notes pay a contingent monthly coupon of $8.959 per $1,000 (0.8959% monthly, up to approximately 10.75% per year) only if on each observation date the closing level of each underlier is at or above 70% of its initial level. The notes are automatically called, returning $1,000 plus the due coupon, if on any call observation date all underliers are at or above their initial levels.

If not called, at maturity investors receive $1,000 per note only if the final level of every underlier is at or above 60% of its initial level. Otherwise, the payoff is $1,000 plus $1,000 times the return of the worst-performing underlier, which can result in a total loss of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, are not listed, and their estimated value at pricing is less than the original issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,110,000 of Trigger Autocallable Contingent Yield Notes due 2028 linked to the common stock of Albemarle Corporation. The notes pay a contingent coupon of $0.615 per $10 (up to 24.60% per annum) on quarterly coupon dates only if Albemarle’s share price on the related observation date is at or above the coupon barrier of 60.00% of the initial price of $124.74; otherwise no coupon is paid.

Starting in October 2026, the notes are automatically called if Albemarle’s closing price on any call observation date is at or above the initial price, returning $10 per note plus the coupon, with no further payments. If not called, at maturity in January 2028 investors receive $10 plus the final coupon only if the final price is at or above the downside threshold of 60.00% of the initial price. If the final price is below this level, the payoff is $10 × (1 + stock return), leading to a loss proportionate to Albemarle’s decline and potentially a total loss of principal. The notes are unsecured and all payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value is $9.58 per $10 face amount, reflecting fees, costs and GS’s pricing assumptions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers autocallable notes linked to the common stocks of Apple, Amazon.com, Advanced Micro Devices and Verizon. The notes are expected to trade from a July 21, 2026 trade date and mature on July 24, 2031, unless automatically called between July 2027 and June 2031 when all four stocks close at or above their initial prices on a call observation date.

Holders receive, for each $1,000 face amount, a contingent monthly coupon of $9.625 (0.9625% per month, up to 11.55% per year) only if on the related observation date every stock closes at or above 70% of its initial price; otherwise the coupon is zero. If not called, at maturity investors receive $1,000 per note plus any final coupon. The estimated value at issuance is $885–$925 per $1,000, below the original issue price, reflecting fees, hedging and model assumptions. Payments are unsecured and subject to the credit risk of GS Finance Corp. and the guarantor, and there may be limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon index-linked notes due January 27, 2028, linked to the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes are part of Goldman’s Medium-Term Notes, Series F program.

Investors receive a contingent monthly coupon of $10.834 per $1,000 face amount (1.0834% monthly, up to approximately 13.00% per annum) only if on each observation date all three indices are at or above a coupon trigger level equal to 70% of their initial level. If any index is below its trigger, no coupon is paid for that month.

Unless earlier redeemed, at maturity investors receive $1,000 per note if each index is at or above its 70% trigger buffer level. If any index is below this level, principal is reduced one-for-one with the return of the worst-performing index, and investors can lose up to 100% of principal. The issuer may redeem the notes in whole on any coupon payment date from October 2026 through December 2027 at $1,000 per note plus any due coupon.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value at pricing will be lower than the issue price, there will be no listing, secondary market liquidity is uncertain, and tax treatment is uncertain but expected to follow income-bearing prepaid derivative contract treatment.

GS Finance Corp is offering Autocallable Contingent Coupon Equity‑Linked Notes due 2028, linked to the common stock of NVIDIA Corporation and fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are part of GS Finance Corp’s Medium‑Term Notes, Series F program.

Investors receive a contingent quarterly coupon of $35 per $1,000 face amount only if, on the relevant observation date, NVIDIA’s share price is at or above 61% of the initial level; otherwise the coupon is zero. The notes are automatically called if NVIDIA’s closing level on any call observation date is at least the initial level, paying $1,000 per $1,000 face amount plus the due coupon. If the notes are not called and NVIDIA’s final level is below the 61% trigger buffer level, repayment of principal is reduced one‑for‑one with the underlier return and investors can lose their entire investment.

The notes price at 100% of face amount, with a 1.85% underwriting discount and 98.15% net proceeds to the issuer. They are subject to the credit risk of both GS Finance Corp and The Goldman Sachs Group, Inc., are unsecured, will not be listed on any exchange, and their estimated value at pricing is less than the original issue price.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Index-Linked Notes due 2029 linked to the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index.

For each $1,000 face amount, investors may receive a monthly contingent coupon of $10.042 (1.0042% monthly, up to approximately 12.05% per annum) if on the relevant observation date the closing level of each underlier is at or above 60% of its initial level. The notes are automatically called if on any call observation date each underlier is at or above its initial level, in which case investors receive $1,000 plus the applicable coupon.

If the notes are not called, at maturity on July 26, 2029 investors receive $1,000 per note if the final level of each underlier is at or above 60% of its initial level; otherwise the payoff equals $1,000 plus $1,000 times the return of the worst-performing underlier, exposing investors to up to a 100% loss of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, may have limited or no secondary market, and their estimated value at pricing will be lower than the original issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes whose return depends on an equally weighted basket of 8 large-cap technology-related stocks (Alphabet, Amazon, Meta, Microsoft, Oracle, Palantir, Salesforce and Tesla). The notes pay no interest and have a stated maturity date expected to be August 9, 2029, with trade and determination dates expected to be August 5, 2026 and August 6, 2029, respectively.

Each note has a $1,000 face amount. At maturity, investors receive: (1) $1,000 plus 1.1 times the positive basket return, capped at a maximum settlement amount of $1,850; (2) $1,000 if the basket decline is between 0% and 10%; or (3) $1,000 plus the basket return plus 10% if the basket falls more than 10%, exposing investors to losses of principal. The initial basket level is 100, with a 10% buffer (buffer level 90). The estimated value at pricing is expected to be $890–$920 per $1,000, reflecting fees, hedging and model valuations, and the notes are subject to the unsecured credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,250,000 of Callable Fixed Coupon Index-Linked Notes due July 20, 2028. The notes pay a fixed coupon of $7.375 per $1,000 each month (0.7375% monthly, up to 8.85% per annum), starting August 2026, regardless of index performance while outstanding.

The notes are linked to the Nasdaq-100 Index (initial level 29,502.60) and the S&P 500 Index (initial level 7,572.40). Unless earlier redeemed, at maturity investors receive, per $1,000, the final coupon plus: $1,000 if the return of each index is at or above -20% (each final level at least 80% of its initial level), or $1,000 plus $1,000 times the lesser performing index return if any index falls below the 80% trigger buffer, which can result in a loss of up to the entire principal.

The issuer may redeem the notes at par plus coupon on any monthly coupon date from July 2027 through June 2028. The original issue price is 100% of face amount, with an underwriting discount of 0.85% and net proceeds of 99.15%. The estimated value at pricing is approximately $977 per $1,000, reflecting fees, hedging costs and issuer funding spreads, and the notes 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 no‑interest, autocallable structured notes linked to an equally weighted basket of 9 large-cap tech-related stocks, with an initial basket level of 100 and a stated maturity in July 2028.

The notes may be automatically called in July 2027 if the basket is at or above its initial level, paying at least $1,221.6 per $1,000 face amount. If not called, investors receive at maturity: leveraged upside at a 125% upside participation rate, full principal back if the basket is down up to 20%, and buffered downside where losses beyond 20% are magnified by a 125% buffer rate. The estimated initial value is $900–$930 per $1,000, and investors are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., as well as market, liquidity and structural risks, including potential loss of the entire investment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Equity-Linked Notes due 2027 linked to the Class A common stock of Meta Platforms, Inc. For each $1,000 face amount, investors may receive a contingent monthly coupon of $9.417 (0.9417% monthly, up to about 11.30% per year) whenever the Meta stock closing level on the relevant observation date is at least 58% of the initial underlier level, which also serves as the trigger buffer level.

The notes can be automatically called on specified call observation dates from February 1, 2027 through August 2, 2027 if the Meta closing level is at or above the initial level, in which case investors receive $1,000 per note plus the applicable coupon, ending the investment early. If the notes are not called, at maturity on September 3, 2027 investors receive $1,000 per note if the final underlier level is at least the trigger buffer level; otherwise, repayment is reduced one-for-one with the underlier return, exposing investors to a potential 100% loss of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor and may have limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the VanEck Gold Miners ETF and the VanEck Semiconductor ETF. The notes pay a contingent monthly coupon of $19.917 per $1,000 (1.9917% monthly, ~23.9% per annum) for any observation date on which both ETFs are at or above 75% of their initial levels.

The notes may be automatically called on monthly observation dates from January 2027 through March 2029 if both ETFs are at or above their initial levels, in which case investors receive $1,000 per note plus the coupon, and the product terminates early. At maturity in April 2029, if not called, principal repayment depends on the worst-performing ETF. Full principal is repaid (plus any final coupon) if both ETFs are at or above 80% of initial levels. Between 75% and 80%, investors receive between 95% and just under 100% of face value plus the coupon. If the worst ETF ends below 75% of its initial level, investors lose principal according to a formula and receive no final coupon.

The notes carry the credit risk of GS Finance Corp. and its guarantor, offer no upside participation above par, and do not pass through any ETF dividends. The issuer’s estimated value on the trade date is $925–$955 per $1,000 face amount, below the 100% issue price.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due April 29, 2031 linked to the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index. The notes pay a contingent monthly coupon of $9.167 per $1,000 face amount (0.9167% monthly, with potential for up to approximately 11.00% per annum) only if, on each coupon observation date, the closing level of every underlier is at or above its coupon trigger level, set at 70% of its initial level.

The notes are subject to an automatic call feature: if, on any call observation date from January 25, 2027, each underlier is at or above its initial level, investors receive $1,000 per $1,000 face amount plus the applicable coupon, and the notes terminate early. At maturity, if not called, payment depends solely on the lesser performing underlier. If the final level of every underlier is at or above its trigger buffer level of 60% of its initial level, investors receive full principal. If any underlier finishes below its trigger buffer level, principal is reduced one-for-one with the lesser performing underlier return and investors can lose up to 100% of their investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor. They are not listed, may have limited liquidity, and their estimated value at pricing will be lower than the original issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged callable notes linked to the EURO STOXX 50® Index. Each note has a $1,000 face amount, an original issue price of 100% of face and pays no interest. The notes are scheduled to mature on August 4, 2031, unless redeemed early at the issuer’s option on quarterly call payment dates from August 2027 through May 2031.

If held to maturity and not called, investors receive at least their full principal. If the final index level exceeds the initial level, the payoff equals $1,000 plus 200% of the index’s positive return. If the index return is zero or negative, repayment is limited to $1,000. Early redemption, if exercised, pays $1,000 plus a call premium, starting at at least 11.6% of face on August 4, 2027 and rising to at least 55.1% by May 5, 2031.

The estimated value at pricing is $885–$915 per $1,000, below the issue price, reflecting underwriting discounts of 2.5% of face and structuring costs. Investors bear the unsecured credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., market and volatility risk tied to the EURO STOXX 50®, call risk, complex U.S. tax treatment as a contingent payment debt instrument, and potential secondary-market illiquidity.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes with an aggregate face amount of $851,000 under its Medium-Term Notes, Series F program. The notes do not bear interest and may be automatically called on October 1, 2027 if the S&P 500® closing level on the September 28, 2027 call observation date is greater than or equal to the initial level of 7,572.40; in that case, holders receive $1,100 per $1,000 face amount.

If not called, the July 2, 2029 maturity payment per $1,000 depends on S&P 500® performance: upside is 135% participation in any positive index return; return of principal if the final level is between 80% and 100% of the initial level (the trigger buffer level); and a 1:1 loss with the index if the final level falls below 80%, up to a total loss of principal. The structure exposes investors to the credit risk of GS Finance Corp. and the guarantor, potential illiquidity, uncertain tax treatment, and the possibility of losing their entire investment.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is issuing equity-linked notes with a basket of 9 equally weighted large-cap technology-related stocks, each with an initial weight of approximately 11.111% and an initial basket level of 100.

The notes pay no interest and mature on July 19, 2028, but are subject to an automatic call on July 28, 2027 if the basket level is at least 100, in which case investors receive $1,201.5 per $1,000 face amount on August 2, 2027.

If not called, at maturity investors receive: (i) for a positive basket return, $1,000 plus 125% of the basket gain; (ii) for a basket return between 0% and -20%, $1,000; and (iii) for a basket return below -20%, $1,000 plus 125% of the loss beyond the 20% buffer, so principal can be significantly reduced up to total loss.

The notes’ estimated value on the trade date is approximately $939 per $1,000 face amount, below the issue price, reflecting underwriting discounts of 1.5% and structuring costs; net proceeds to the issuer are 98.5% of face amount on an aggregate face amount of $8,022,000.