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

Registration Statement No. 333-269296

The notes do not pay a fixed coupon on the payment date and may pay only the minimum coupon amount on the payment date. The amount that you will be paid on your notes is based on the performance of the S&P 500® Index. The notes will mature on the stated maturity date, unless automatically called on the observation date. Your notes will be automatically called if the closing level of the underlier on the observation date is greater than or equal to the initial underlier level. If your notes are automatically called, you will receive a payment on the payment date equal to the face amount of your notes plus the maximum coupon amount (as described below).

On the payment date, for each $1,000 face amount of you notes, you will receive a coupon of either $80 (the maximum coupon amount) or $40 (the minimum coupon amount). If on the observation date the closing level of the underlier is greater than or equal to the initial underlier level, you will receive on the payment date a coupon for each $1,000 face amount of your notes equal to the maximum coupon amount. If on the observation date the closing level of the underlier is less than the initial underlier level, you will receive on the payment date a coupon for each $1,000 face amount of your notes equal to the minimum coupon amount.

The amount that you will be paid on your notes at maturity, if the notes have not been automatically called, is based on the performance of the underlier. The underlier return is the percentage increase or decrease in the closing level of the underlier on the determination date from the initial underlier level.

If the final underlier level on the determination date is greater than or equal to the initial underlier level, the return on your notes will be positive or zero and will equal the participation rate of 2 times the underlier return.

If the final underlier level declines by up to 10% from the initial underlier level, you will receive the face amount of your notes.

If the final underlier level declines by more than 10% from the initial underlier level, the return on your notes will be negative and will equal the underlier return plus 10%.

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.

The examples below show the hypothetical performance of the underlier as well as the hypothetical coupon that we would pay on the coupon payment date with respect to each $1,000 face amount of the notes if the hypothetical closing level of the underlier on the coupon observation date was the percentage of the initial underlier level shown.

Scenario 1

In Scenario 1, because the hypothetical closing level of the underlier on the coupon observation date is less than the initial underlier level, only the minimum coupon amount will be paid with respect to the coupon observation date.

Scenario 2

In Scenario 2, because the hypothetical closing level of the underlier is greater than or equal to the initial underlier level on the coupon observation date (which is also the call observation date), your notes will be automatically called. Therefore, on the hypothetical call payment date, in addition to the maximum coupon amount, you will receive an amount in cash equal to $1,000 for each $1,000 face amount of your notes.

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:

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:

The following risk factors are 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.