Form FWP GS Finance Corp. Filed by: GS Finance Corp.

Summary of Terms

Company (Issuer) and Guarantor:

GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor)

Market Measures (each referred to as an “underlier,” and collectively as the “underliers”):

the S&P 500^® Index, the Russell 2000^® Index and the Dow Jones Industrial Average^®

Pricing date:

expected to be December 29, 2022

Issue date:

expected to be January 4, 2023

Final calculation day:

expected to be December 24, 2026

Stated maturity date:

expected to be December 30, 2026

Starting level:

with respect to an underlier, the closing level of such underlier on the pricing date

Ending level:

with respect to an underlier, the closing level of such underlier on the final calculation day

Performance factor:

with respect to an underlier on any calculation day, the quotient of (i) its closing level on such calculation day divided by its starting level (expressed as a percentage)

Lowest performing underlier:

for any calculation day, the underlier with the lowest performance factor on that calculation day

Automatic call:

If the closing level of the lowest performing underlier on any of the calculation days from June 2023 to September 2026, inclusive, is greater than or equal to its starting level, the securities will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per security in U.S. dollars equal to the face amount plus a final contingent coupon payment. The securities will not be subject to automatic call until the June 2023 calculation day.

Downside threshold level:

with respect to an underlier, 60% of its starting level

Contingent coupon payment:

Subject to the automatic call, on each contingent coupon payment date, for each $1,000 of the outstanding face amount, you will receive a contingent coupon payment equal to at least $18.75 (equivalent to a contingent coupon rate of at least 7.50% per annum) (set on the pricing date) if, and only if, the closing level of the lowest performing underlier on the related calculation day is greater than or equal to its coupon threshold level.

Coupon threshold level:

with respect to an underlier, 60% of its starting level

Call settlement date:

three business days after the applicable calculation day

Calculation days:

quarterly, on the 24th day of each March, June, September and December, commencing March 2023 and ending September 2026, and the final calculation day

Contingent coupon payment dates:

quarterly, on the third business day following each calculation day; provided that the contingent coupon payment date with respect to the final calculation day will be the stated maturity date

Maturity payment amount (for each $1,000 face amount of your securities):

•if the ending level of the lowest performing underlier on the final calculation day is greater than or equal to its downside threshold level: $1,000; or

•if the ending level of the lowest performing underlier on the final calculation day is less than its downside threshold level:

$1,000 × performance factor of the lowest performing underlier on the final calculation day

Underwriting discount:

up to 2.50% of the face amount*; Wells Fargo Securities, LLC (“WFS”) is the agent for the distribution of the securities. WFS will receive the underwriting discount of up to 2.50% of the aggregate face amount of the securities sold. The agent may resell the securities to Wells Fargo Advisors (“WFA”) at the original issue price of the securities less a concession of 1.50% of the aggregate face amount of the securities. In addition to the selling concession received by WFA, WFS advises that WFA may also receive out of the underwriting discount a distribution expense fee of 0.075% for each $1,000 face amount of a security WFA sells.

CUSIP:

40057P3Z3

Tax consequences:

See “Supplemental Discussion of U.S. Federal Income Tax Considerations” in the accompanying preliminary pricing supplement

* In addition, in respect of certain securities sold in this offering, GS&Co. may pay a fee of up to 0.15% of the aggregate face amount of the securities sold to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.

Hypothetical Payout Profile (Maturity Payment Amount)

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The Estimated Value of Your Securities At the Time the Terms of Your Securities Are Set On the Pricing Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Offering Price Of Your Securities

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The Securities Are Subject to the Credit Risk of the Issuer and the Guarantor

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You May Lose Your Entire Investment in the Securities

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You May Not Receive a Contingent Coupon on Any Contingent Coupon Payment Date

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Because the Securities Are Linked to the Performance of the Lowest Performing Underlier, You Have a Greater Risk of Receiving No Contingent Coupons and Sustaining a Significant Loss on Your Investment Than If the Securities Were Linked to Just One Underlier

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A Higher Contingent Coupon, a Lower Coupon Threshold Level and/or a Lower Downside Threshold Level May Reflect Greater Expected Volatility of the Underliers, and Greater Expected Volatility Generally Indicates An Increased Risk of Declines in the Levels of the Underliers and, Potentially, a Significant Loss at Maturity

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The Maturity Payment Amount Will Be Based Solely on the Lowest Performing Underlier

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Your Securities Are Subject to Automatic Redemption

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The Return on Your Securities May Change Significantly Despite Only a Small Change in the Level of the Lowest Performing Underlier

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The Contingent Coupon Does Not Reflect the Actual Performance of the Underliers from the Pricing Date to Any Calculation Day or from Calculation Day to Calculation Day

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The Market Value of Your Securities May Be Influenced by Many Unpredictable Factors

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You Have No Shareholder Rights or Rights to Receive Any Underlier Stock

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There are Small-Capitalization Stock Risks Associated with the Russell 2000^® Index

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Certain Considerations for Insurance Companies and Employee Benefit Plans

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The Tax Consequences of an Investment in Your Securities Are Uncertain

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Foreign Account Tax Compliance Act (FATCA) Withholding May Apply to Payments on Your Securities, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the Securities to Provide Information to Tax Authorities