Free Writing Prospectus pursuant to Rule 433 dated October 13, 2023

Registration Statement No. 333-269296

Subject to our redemption right described below, the notes will pay a fixed coupon of $18.75 (1.875% quarterly, or up to 7.5% per annum) for each $1,000 face amount on each coupon payment date. The amount that you will be paid on your notes on the stated maturity date, in addition to the final coupon, is based on the performance of the S&P 500® Index as measured from the trade date to and including the determination date.

If the final underlier level on the determination date is greater than or equal to 70% of the initial underlier level, you will receive the face amount of your notes.

If the final underlier level is less than 70% of the initial underlier level, the amount you receive will depend on the underlier return but will be less than the face amount of your notes, as described below. You will not benefit from any increase in the final underlier level above the initial underlier level, and you could lose your entire investment in the notes if the final underlier level is less than 70% of the initial underlier level.

We may redeem your notes at 100% of their face amount plus the coupon then due on any coupon payment date on or after the coupon payment date in October 2025 up to the coupon payment date in July 2028.

You should read the accompanying preliminary pricing supplement dated October 12, 2023, 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.

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* Does not include the final coupon

GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, underlier supplement no. 37, 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, underlier supplement no. 37, 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, underlier supplement no. 37, general terms supplement no. 8,999 and preliminary pricing supplement if you so request by calling (212) 357-4612.

The notes 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:

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An investment in the notes is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 8,999, accompanying underlier supplement no. 37, 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 “Additional Risk Factors Specific to Your Notes” in the accompanying preliminary pricing supplement, “Additional Risk Factors Specific to the Notes” in the accompanying general terms supplement no. 8,999, “Additional Risk Factors Specific to the Securities” in the accompanying underlier supplement no. 37, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus.

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

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

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The following risk factor is discussed in greater detail in the accompanying underlier supplement no. 37:

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:

For details about the license agreement between the underlier sponsor and the issuer, see “The Underliers — S&P 500® Index” on page S-113 of the accompanying underlier supplement no. 37.

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