Free Writing Prospectus - Form FWP

FWP

	Free Writing Prospectus pursuant to Rule 433 dated October 25, 2024 / Registration Statement No. 333-269296 STRUCTURED INVESTMENTS Opportunities in U.S. Equities GS Finance Corp.

Buffered PLUS Based on the Value of a Basket of Underlying Stocks due May 5, 2026

Principal at Risk Securities

The Buffered Performance Leveraged Upside SecuritiesSM (Buffered PLUS) do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.

You should read the accompanying preliminary pricing supplement dated October 25, 2024, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

KEY TERMS		Leverage factor:	300.00%
Company (Issuer) / Guarantor:	GS Finance Corp. / The Goldman Sachs Group, Inc.		Maximum payment at maturity:	$1,275.00 per Buffered PLUS (127.50% of the stated principal amount)
Basket:	Basket component	Basket component weighting		Minimum payment at maturity:	$100.00 per Buffered PLUS (10.00% of the stated principal amount)
the common stock of Amazon.com, Inc. (current Bloomberg ticker: "AMZN UW")	25.00%		Buffer amount:	10.00%
the common stock of NVIDIA Corporation (current Bloomberg ticker: "NVDA UW")	25.00%		Basket percent increase:	(final basket value - initial basket value) / initial basket value
the common stock of Tesla, Inc. (current Bloomberg ticker: "TSLA UW")	25.00%		Initial basket value:	100
the common stock of Uber Technologies, Inc. (current Bloomberg ticker: "UBER UN")	25.00%		Final basket value:	the basket closing value on the valuation date
Basket closing value:	the basket closing value on any day is the sum of the products of the basket component closing value of each underlying stock times the applicable multiplier for such underlying stock on such date.
We refer to each basket component singularly as an underlying stock and together as the underlying stocks. The initial basket component value of each underlying stock is the closing value of such underlying stock on the pricing date.
	Basket component closing value:	in the case of each underlying stock, the closing value of such underlying stock.
Pricing date:	expected to price on or about October 31, 2024
Original issue date:	expected to be November 5, 2024		Multiplier:	Each multiplier will be set on the pricing date based on the applicable underlying stock's respective initial basket component value so that each underlying stock will represent its applicable basket component weighting in the predetermined initial basket value. Each multiplier will remain constant for the term of the Buffered PLUS and will equal, for each underlying stock, (i) the product of the applicable basket component weighting times 100 divided by (ii) the applicable initial basket component value.
Valuation date:	expected to be April 30, 2026
Stated maturity date:	expected to be May 5, 2026
Payment at maturity (for each $1,000 stated principal amount of your Buffered PLUS):	• If the final basket value is greater than the initial basket value, $1,000 + the leveraged upside payment, subject to the maximum payment at maturity; • If the final basket value is equal to or less than the initial basket value, but has decreased from the initial basket value by an amount less than or equal to the buffer amount, $1,000 or • If the final basket value is less than the initial basket value and has decreased from the initial basket value by an amount greater than the buffer amount, (i) the product of $1,000 × the basket performance factor plus (ii) $100.00
Basket performance factor:	final basket value / initial basket value
CUSIP / ISIN:	40058FME0 / US40058FME06
Estimated value range:	$900 to $960 (which is less than the original issue price; see the accompanying preliminary pricing supplement)
Leveraged upside payment:	$1,000 × leverage factor × basket percent increase

Buffered PLUS Payoff Diagram
Hypothetical Final Basket Value (as Percentage of Initial Basket Value)	Hypothetical Payment at Maturity (as Percentage of Stated Principal Amount)
200.000%	127.500%
150.000%	127.500%
125.000%	127.500%
109.167%	127.500%
108.000%	124.000%
105.000%	115.000%
102.000%	106.000%
100.000%	100.000%
98.000%	100.000%
95.000%	100.000%
90.000%	100.000%
75.000%	85.000%
50.000%	60.000%
25.000%	35.000%
10.000%	20.000%
0.000%	10.000%

About Your Buffered PLUS

The amount that you will be paid on your Buffered PLUS at stated maturity is based on the performance of an equally weighted basket composed of the common stock of 4 companies, as measured from the pricing date to and including the valuation date.

The initial basket value is 100, and the final basket value will equal the sum of the products, as calculated separately for each underlying stock, of: (i) the closing value of such underlying stock on the valuation date multiplied by (ii) its multiplier. The multiplier will equal, for each underlying stock, the quotient of (i) the weighting of such underlying stock multiplied by 100 divided by (ii) its initial basket component value.

At maturity, if the final basket value is greater than the initial basket value of 100, the return on your Buffered PLUS will be positive and equal to the product of the leverage factor multiplied by the basket percent increase, subject to the maximum payment at maturity.If the final basket value is equal to or less than the initial basket value but has not decreased by more than the buffer amount, you will receive the principal amount of your Buffered PLUS. However, if the final basket value has decreased from the initial basket value by more than the buffer amount, you will lose 1% for every 1% decline beyond the buffer amount, subject to the minimum payment at maturity. Declines in one or more underlying stocks may offset increases in the other underlying stocks.

The Buffered PLUS are for investors who seek the potential to earn 300% of any positive return of the basket, subject to the maximum payment at maturity, are willing to forgo interest payments and are willing to risk losing up to 90.00% of their investment if the final basket value has declined from the initial basket value by more than the buffer amount.

GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, general terms supplement no. 8,999 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, general terms supplement no. 8,999 and preliminary pricing supplement and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, general terms supplement no. 8,999 and preliminary pricing supplement if you so request by calling (212) 357-4612.

The Buffered PLUS are notes that are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:

RISK FACTORS

An investment in the Buffered PLUS is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 8,999, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of certain risk factors discussed in such documents. In addition to the below, you should read in full "Risk Factors" in the accompanying preliminary pricing supplement, "Additional Risk Factors Specific to the Notes" in the accompanying general terms supplement no. 8,999, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus. Your Buffered PLUS are a riskier investment than ordinary debt securities. Also, your Buffered PLUS are not equivalent to investing directly in the underlying stocks. You should carefully consider whether the offered Buffered PLUS are appropriate given your particular circumstances.

The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:

Risks Related to Structure, Valuation and Secondary Market Sales

Risks Related to Conflicts of Interest

Additional Risks Related to the Common Stock of Uber Technologies, Inc.

Risks Related to Tax

The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 8,999:

Risks Related to Structure, Valuation and Secondary Market Sales

Risks Related to Conflicts of Interest

Risks Related to Tax

The following risk factors are discussed in greater detail in the accompanying prospectus supplement:

The following risk factors are discussed in greater detail in the accompanying prospectus:

Risks Relating to Regulatory Resolution Strategies and Long-Term Debt Requirements

TAX CONSIDERATIONS

You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption "Supplemental Discussion of U.S. Federal Income Tax Consequences" concerning the U.S. federal income tax consequences of an investment in the Buffered PLUS, and you should consult your tax advisor.

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