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Goldman Sachs (GS) is marketing an autocallable, contingent-coupon structured note linked to the worst-performing of Super Micro Computer (SMCI) and MicroStrategy (MSTR) common shares. The $1,000-denominated securities are expected to price on 18-Jul-2025, settle on 23-Jul-2025 and mature on 21-Jul-2028, unless automatically called earlier.

Income potential: Investors earn a quarterly contingent coupon of 鈮� 8.9625% of face (35.85% p.a.) when the lowest underlying closes at or above 60 % of its starting price on the relevant calculation day. A 鈥渕emory鈥� feature pays any previously missed coupons once the trigger is satisfied.

Early redemption: Beginning January 2026, if the worst-performing share closes at or above its starting price on any quarterly calculation day, the notes are automatically called at par plus that quarter鈥檚 coupon (and any deferred coupons).

Principal risk: If the note is not called and, on the final calculation day, the worst-performing share is below 60 % of its starting price, investors receive $1,000 脳 performance factor, exposing them to full downside beyond the 40 % buffer. Investors therefore face a potential loss of more than 40 % and up to 100 % of principal.

Credit & valuation: The notes are senior unsecured obligations of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The preliminary estimated value is $925-$955 per $1,000, reflecting an initial value shortfall and embedded fees (underwriting discount up to 2.325 % plus additional selling concessions).

• Underlying selection: SMCI and MSTR are historically volatile equities, increasing the probability of coupon suspension and principal loss.
• Liquidity: No exchange listing is planned; secondary trading, if any, will be limited and may be at prices below the estimated value.

Investors seeking high income and willing to accept significant equity and credit risk may find the structure attractive; however, the combination of high volatility underlyings, sizeable fees, and downside exposure demands careful risk assessment.

Product overview: GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F, structured as Market Linked Securities that are Auto-Callable with a Contingent Coupon (memory feature) and Contingent Downside Principal at Risk. The notes are linked to the lowest performing of Super Micro Computer, Inc. (SMCI) and MicroStrategy Incorporated Class A (MSTR) common shares, mature on 21 Jul 2028 and may be called quarterly from Jan 2026 through Apr 2028.

Key economic terms:

• Face amount: $1,000 per note; original offering price 100%.
• Contingent coupon: at least $89.625 quarterly (鈮�35.85% p.a.) paid only if the lowest-performing stock鈥檚 closing price 鈮� 60% of its starting price on the relevant calculation day. Unpaid coupons accumulate and are paid once the trigger is met (memory feature).
• Automatic call: triggered if, on any calculation day, the lowest-performing stock closes 鈮� its starting price; investor receives face value plus the final coupon and any accrued coupons.
• Downside protection: limited. If not called and on the final calculation day the lowest-performing stock closes < 60% of its starting price, repayment = face 脳 performance factor, exposing investors to >40% and up to 100% capital loss.
• Estimated value at pricing: $925 鈥� $955 per $1,000 (92.5-95.5% of offer), reflecting underwriting discount (2.325%) and dealer fees (up to 0.30%).
• Issuer/guarantor credit: senior unsecured obligations of GS Finance Corp.; payments guaranteed by The Goldman Sachs Group, Inc.
• No listing; intended to be held to maturity. Secondary market making is discretionary.

Risk highlights: coupons and principal are contingent; investors could receive no coupons and lose most or all principal. Product embeds equity risk concentrated in two highly volatile stocks, credit risk of GS entities, liquidity risk, complex tax treatment and an initial price/value differential. Investors do not receive dividends or participate in any upside beyond coupons.

Investor profile: suitable only for sophisticated investors seeking high potential income, comfortable with equity volatility, issuer credit exposure, complex payoff mechanics and possible illiquidity.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering unsecured, senior market-linked notes tied to Reddit, Inc.鈥檚 Class A common stock. The two-year securities (pricing date July 10 2025; maturity July 29 2026) differ from conventional debt in three material ways:

• Contingent Fixed Return: If Reddit鈥檚 ending price is at or above 80 % of its starting price, holders receive face value plus a minimum 46.25 % return (鈮� $462.50 per $1,000). This is the maximum upside; investors do not participate in any further appreciation.
• Contingent Downside: If the ending price falls more than 20 % below the starting price, repayment is reduced 1-for-1 with the decline. Investors can lose up to their entire principal.
• No interim cash flows: The notes pay no coupons or dividends and are designed to be held to maturity; there is no issuer call feature.

Key transactional details include:

• Face amount: $1,000 per note; denominations of $1,000.
• Original offering price: 100 % of face; underwriting discount up to 2.325 % ($23.25) plus up to 0.20 % dealer fee.
• Estimated value on the pricing date: $925鈥�$955 (92.5 %鈥�95.5 % of face), reflecting structuring and distribution costs.
• Threshold price: 80 % of starting price (20 % buffer).
• Calculation day: July 24 2026; Goldman Sachs & Co. LLC acts as calculation agent and market maker (no obligation to provide liquidity).
• Credit exposure: Unsecured obligations of GS Finance Corp. with full guarantee from The Goldman Sachs Group, Inc.; subject to issuer and guarantor credit risk.
• CUSIP: 40058JMJ1; no exchange listing.

Risk highlights disclosed in the supplement:

• Estimated value is below issue price; secondary prices will decline by the disclosed 鈥渁dditional amount鈥� and are expected to trade at a discount.
• Full downside exposure beyond the 20 % threshold.
• Liquidity may be limited; GS&Co. and WFS are not required to maintain a market.
• Tax treatment uncertain; product expected to be treated as a pre-paid derivative contract.
• Reddit share price has limited history and 鈥渆xtreme and unusual volatility,鈥� increasing outcome uncertainty.

The product targets investors comfortable with Reddit equity risk who seek enhanced, but capped, upside relative to the 20 % downside buffer and who can tolerate both issuer credit exposure and potential illiquidity.