<SEC-DOCUMENT>0000950103-25-015720.txt : 20251204
<SEC-HEADER>0000950103-25-015720.hdr.sgml : 20251204
<ACCEPTANCE-DATETIME>20251204103646
ACCESSION NUMBER:		0000950103-25-015720
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20251204
DATE AS OF CHANGE:		20251204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GOLDMAN SACHS GROUP INC
		CENTRAL INDEX KEY:			0000886982
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		ORGANIZATION NAME:           	02 Finance
		EIN:				134019460
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-284538
		FILM NUMBER:		251548582

	BUSINESS ADDRESS:	
		STREET 1:		200 WEST STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10282
		BUSINESS PHONE:		212-902-1000

	MAIL ADDRESS:	
		STREET 1:		200 WEST STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10282

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDMAN SACHS GROUP INC/
		DATE OF NAME CHANGE:	20010104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GS Finance Corp.
		CENTRAL INDEX KEY:			0001419828
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		ORGANIZATION NAME:           	02 Finance
		EIN:				260785112
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-284538-03
		FILM NUMBER:		251548583

	BUSINESS ADDRESS:	
		STREET 1:		C/O THE GOLDMAN SACHS GROUP, INC.
		STREET 2:		200 WEST STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10282
		BUSINESS PHONE:		212-902-1000

	MAIL ADDRESS:	
		STREET 1:		C/O THE GOLDMAN SACHS GROUP, INC.
		STREET 2:		200 WEST STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10282
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>dp238291_424b2-sparca81.htm
<DESCRIPTION>FORM 424B2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="color: red; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>The information in this preliminary
pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an
offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</B></P>

<P STYLE="color: red; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(2)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Registration Statement No. 333-284538</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; font-size: 10pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 86px; width: 86px"></TD>
    <TD STYLE="width: 87%">
    <P STYLE="color: red; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Subject to Completion. Dated December
    4, 2025.</P>
    <P STYLE="color: red; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>GS Finance Corp.</B></P>
    <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">Autocallable </FONT><FONT STYLE="font-size: 11pt">S&amp;P
    500<SUP>&reg;</SUP> Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER-</FONT><FONT STYLE="font-size: 12pt">Linked Notes due
    </FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">guaranteed by</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Goldman Sachs Group, Inc.</B></P>
    <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>The notes do not bear interest.&nbsp;&nbsp;</B>The notes will mature
on the stated maturity date (expected to be December 16, 2030) unless they are automatically called on any call observation date commencing
in December 2026. Your notes will be automatically called on a call observation date if the closing level of the S&amp;P 500<SUP>&reg;</SUP>
Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER on such date is <I>greater than</I> or <I>equal to</I> the initial underlier
level (set on the trade date (expected to be December 11, 2025) and will be the closing level of the index on the trade date), resulting
in a payment on the corresponding call payment date equal to (i) the face amount of your notes <I>plus</I> (ii) the <I>product</I> of
$1,000 <I>times</I> the applicable call premium amount. The call observation dates, call payment dates and applicable call premium amount
for each call payment date are specified on page PS-7 of this pricing supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The index attempts to provide exposure to the S&amp;P 500<SUP>&reg;</SUP>
Futures Excess Return Index with a rules-based overlay that adjusts exposure to the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return
Index on a daily basis. The objective of these rules, taken collectively, is to create an index that provides for volatility-adjusted
exposure to the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index, coupled with further adjustments based on calendar-based signals
and price patterns, subject to a maximum exposure of 500% and a maximum daily change in leverage of 100%. In addition, the index is subject
to a daily decrement of 6.0% per annum.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index tracks the
performance of E-mini S&amp;P 500 futures contracts, not the S&amp;P 500<SUP>&reg;</SUP> Index. Generally, the return on an investment
in a futures contract is correlated with, but not the same as, the return on buying and holding the securities underlying such contract.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>The index is subject to risks associated with the use of significant
leverage. Investors should be aware that the use of leverage will magnify and accelerate any negative performance of the index. The index
is also subject to a cap on the maximum daily change in leverage of 100%, which may result in the index leveraging up more slowly in the
event of a market rally, and/or deleveraging more slowly in the event of a market sell-off, compared to an identical index that does not
cap the amount of daily leverage change.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>In addition, a per annum deduction that is a fixed 6.0% of the index
level, also known as a decrement, is deducted daily, even when the index is not fully invested. The deduction of the decrement has the
effect of offsetting positive returns, and worsening negative returns, on the performance of the index, and the inclusion of the decrement
means the index will trail the performance of an identical index without such a decrement feature. In addition, the index may be significantly
uninvested in the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index on any given day, and, in that case, will realize only a portion
of any gains in the appreciation of the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index or the E-mini S&amp;P 500 futures contracts
on that day and any uninvested portion will earn no return. </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>The index attempts to provide exposure to the S&amp;P 500<SUP>&reg;</SUP>
Futures Excess Return Index. The S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index tracks futures contracts on the S&amp;P 500<SUP>&reg;</SUP>
Index and is likely to underperform the total return performance of the S&amp;P 500<SUP>&reg;</SUP> Index because of an implicit financing
cost. </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>The description above is only a summary. For a more detailed description
of the index, see &ldquo;Index Summary&rdquo; beginning on page PS-3.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If your notes are <U>not</U> automatically called, the amount that you
will be paid on your notes on the stated maturity date will be based on the performance of the index as measured from the trade date to
and including the determination date (expected to be December 11, 2030).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If the final underlier level on the determination date is <I>greater
than</I> or <I>equal to</I> the initial underlier level, the return on your notes will be positive and you will receive the maximum settlement
amount of $2,400 for each $1,000 face amount of your notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If the final underlier level declines by up to 50% from the initial
underlier level, you will receive the face amount of your notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>If the final underlier level declines by more than 50% from the initial
underlier level, the return on your notes will be negative. You could lose your entire investment in the notes.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The return on your notes is capped. If the notes are automatically called,
the maximum payment you would receive for each $1,000 face amount of your notes is equal to (i) $1,000 <I>plus</I> (ii) the <I>product</I>
of $1,000 <I>times</I> the applicable call premium amount. If your notes are not automatically called, the maximum payment you would receive
on the stated maturity date for each $1,000 face amount of your notes is $2,400. If your notes are not automatically called on any call
observation date, we will calculate the underlier return to determine your payment at maturity, which is the percentage increase or decrease
in the final underlier level from the initial underlier level. At maturity, for each $1,000 face amount of your notes, you will receive
an amount in cash equal to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-size: 10pt">if the underlier return is <I>positive</I> or <I>zero</I> (the final underlier level is <I>greater than</I>
or <I>equal to</I> the initial underlier level), the maximum settlement amount of $2,400;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-size: 10pt">if the underlier return is <I>negative</I> but not below -50% (the final underlier level is <I>less
than</I> the initial underlier level, but not by more than 50%), $1,000; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-size: 10pt">if the underlier return is <I>negative </I>and is <I>below</I> -50% (the final underlier level is <I>less
than</I> the initial underlier level by more than 50%), the <I>sum</I> of (i) $1,000 <I>plus</I> (ii) the <I>product</I> of (a) the underlier
return <I>times </I>(b) $1,000. <B>You will receive less than the face amount of your notes.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>You should read the disclosure herein to better understand the terms
and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., as well as risks associated
with the index, including the use of leverage and a decrement. See page PS-13.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>The estimated value of your notes at the time the terms of your notes
are set on the trade date is expected to be between $885 and $925 per $1,000 face amount. For a discussion of the estimated value and
the price at which Goldman Sachs &amp; Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the following
page. </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Original issue date:</B></FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">expected to be December 16, 2025</FONT></TD>
    <TD STYLE="width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Original issue price:</B></FONT></TD>
    <TD STYLE="width: 22%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% of the face amount</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Underwriting discount:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the face amount</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net proceeds to the issuer:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the face amount</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Neither the Securities and Exchange Commission nor any other regulatory
body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus.&nbsp;&nbsp;Any representation
to the contrary is a criminal offense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation
or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Goldman Sachs &amp; Co. LLC</B>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Pricing Supplement No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The issue price, underwriting discount and net proceeds listed above
relate to the notes we sell initially.&nbsp;&nbsp;We may decide to sell additional notes after the date of this pricing supplement, at
issue prices and with underwriting discounts and net proceeds that differ from the amounts set forth above. The return (whether positive
or negative) on your investment in notes will depend in part on the issue price you pay for such notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">GS Finance Corp. may use this prospectus in the initial sale of the
notes. In addition, Goldman Sachs &amp; Co. LLC or any other affiliate of GS Finance Corp. may use this prospectus in a market-making
transaction in a note after its initial sale.&nbsp;&nbsp;<B><I>Unless GS Finance Corp. or its agent informs the purchaser otherwise in
the confirmation of sale, this prospectus is being used in a market-making transaction.</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I></I></B></P>

<DIV STYLE="padding: 0in; border: Black 1pt solid">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Estimated Value of Your Notes</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>The estimated value of your notes at the time the terms of your notes
are set on the trade date (as determined by reference to pricing models used by Goldman Sachs &amp; Co. LLC (GS&amp;Co.) and taking into
account our credit spreads) is expected to be between $885 and $925 per $1,000 face amount, which is less than the original issue price.
The value of your notes at any time will reflect many factors and cannot be predicted; however, the price (not including GS&amp;Co.&rsquo;s
customary bid and ask spreads) at which GS&amp;Co. would initially buy or sell notes (if it makes a market, which it is not obligated
to do) and the value that GS&amp;Co. will initially use for account statements and otherwise is equal to approximately the estimated value
of your notes at the time of pricing, plus an additional amount (initially equal to $&nbsp;&nbsp;&nbsp;&nbsp;per $1,000 face amount).</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Prior to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, the price (not including GS&amp;Co.&rsquo;s customary bid and ask spreads) at which GS&amp;Co. would buy or sell your notes (if it makes
a market, which it is not obligated to do) will equal approximately the sum of (a) the then-current estimated value of your notes (as
determined by reference to GS&amp;Co.&rsquo;s pricing models) plus (b) any remaining additional amount (the additional amount will decline
to zero on a straight-line basis from the time of pricing through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ). On and
after&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , the price (not including GS&amp;Co.&rsquo;s customary bid and ask
spreads) at which GS&amp;Co. would buy or sell your notes (if it makes a market) will equal approximately the then-current estimated value
of your notes determined by reference to such pricing models. </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I></I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I></I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>About Your Prospectus</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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 prospectus includes this pricing supplement
    and the accompanying documents listed below. This pricing supplement constitutes a supplement to the documents listed below, does not
    set forth all of the terms of your notes and therefore should be read in conjunction with such documents:</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 41.25pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&nbsp;&#9;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1419828/000095010325002093/dp225011_424b2.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">S&amp;P 500<SUP>&reg;</SUP> Futures Adaptive Response Indices Supplement No. 1 dated February 18, 2025</FONT></A></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 41.25pt; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 41.25pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&nbsp;&#9;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/886982/000095010325014368/dp236956_424b3-spar4v6.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">November 2025 S&amp;P 500<SUP>&reg;</SUP> Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER Supplement Addendum dated November 5, 2025</FONT></A></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 41.25pt; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 41.25pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&nbsp;&#9;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/886982/000119312525243221/gts_no._17744_2025_shelf.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">General terms supplement no. 17,744 dated October 20, 2025</FONT></A></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 41.25pt; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 41.25pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&nbsp;&#9;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Prospectus supplement dated February 14, 2025</FONT></A></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 41.25pt; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 41.25pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&nbsp;&#9;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Prospectus dated February 14, 2025</FONT></A></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 41.25pt; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The information in this pricing supplement supersedes any conflicting
    information in the documents listed above. In addition, some of the terms or features described in the listed documents may not apply
    to your notes.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We refer to the notes we are offering by this pricing supplement as
    the &ldquo;offered notes&rdquo; or the &ldquo;notes&rdquo;. Each of the offered notes has the terms described below. Please note that
    in this pricing supplement, references to &ldquo;GS Finance Corp.&rdquo;, &ldquo;we&rdquo;, &ldquo;our&rdquo; and &ldquo;us&rdquo; mean
    only GS Finance Corp. and do not include its subsidiaries or affiliates, references to &ldquo;The Goldman Sachs Group, Inc.&rdquo;, our
    parent company, mean only The Goldman Sachs Group, Inc. and do not include its subsidiaries or affiliates and references to &ldquo;Goldman
    Sachs&rdquo; mean The Goldman Sachs Group, Inc. together with its consolidated subsidiaries and affiliates, including us. The notes will
    be issued under the senior debt indenture, dated as of October 10, 2008, as supplemented by the First Supplemental Indenture, dated as
    of February 20, 2015, each among us, as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee.
    This indenture, as so supplemented and as further supplemented thereafter, is referred to as the &ldquo;GSFC 2008 indenture&rdquo; in
    the accompanying prospectus supplement.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The notes will be issued in book-entry form and represented by master
    note no. 3, dated March 22, 2021.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>&nbsp;</I></B>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Index
Summary</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">This section contains only a brief summary description
of the index and does not describe all of its important features in detail. The index is complex and before investing in the notes, you
must carefully review the more detailed description of the index contained in the S&amp;P 500<SUP>&reg;</SUP> Futures Adaptive Response
Indices Supplement No. 1 dated February 18, 2025, as well as the risk factors related to the index under &ldquo;Additional Risk Factors
Specific to Your Notes &ndash; Additional Risks Related to the Underlier&rdquo; herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">All information contained in this pricing supplement
regarding the S&amp;P 500<SUP>&reg;</SUP> Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER set forth in the table below (the
&ldquo;<B>index</B>&rdquo;), including, without limitation, its constituents, method of calculation and changes in their components, has
been derived from publicly available information and other information provided by S&amp;P Dow Jones Indices (the &ldquo;<B>index sponsor</B>&rdquo;
and &ldquo;<B>index calculation agent</B>&rdquo;), without independent verification. This information reflects the policies of, and is
subject to change by, the index sponsor. The index was developed by the index sponsor, in coordination with an affiliate of GS Finance
Corp. The index is maintained by the index sponsor and is calculated and published by the index calculation agent. The index sponsor has
no obligation to continue to publish, and may discontinue the publication of, the index. We also refer to the index as the &ldquo;<B>underlier</B>&rdquo;
in this pricing supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="padding-top: 4pt; width: 18%; border: Black 1pt solid; text-align: center; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Index</B></FONT></TD>
    <TD STYLE="padding-top: 4pt; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Bloomberg Ticker</B></FONT></TD>
    <TD STYLE="padding-top: 4pt; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Underlying</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Asset</B></FONT></P></TD>
    <TD STYLE="padding-top: 4pt; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Underlying</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Futures Index</B></FONT></P></TD>
    <TD STYLE="padding-top: 4pt; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reference Index</B></FONT></TD>
    <TD STYLE="padding-top: 4pt; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Volatility Target</B></FONT></TD>
    <TD STYLE="padding-top: 4pt; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Maximum Leverage</B></FONT></TD>
    <TD STYLE="padding-top: 4pt; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Decrement Factor</B></FONT></TD>
    <TD STYLE="padding-top: 4pt; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Live Date</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P 500<SUP>&reg;</SUP> Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SPAR4V6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unfunded rolling position in E-mini S&amp;P 500 futures</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P 500<SUP>&reg;</SUP> Index</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">500%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">December 27, 2024</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">The index was established on the live date set forth
in the table above. The index is reported by the Bloomberg Professional<SUP>&reg;</SUP> service (&ldquo;<B>Bloomberg</B>&rdquo;) under
the ticker symbol set forth in the table above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><B>Summary Overview</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><I>The Index</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">The index attempts to provide exposure to the underlying
futures index, the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index, with a rules-based overlay that adjusts exposure to the underlying
futures index on a daily basis. The index uses three primary rules to provide these adjustments:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">leverage is applied to the weight of the underlying futures index to attempt
to achieve a predefined volatility target (the volatility target for the index is set forth in the table above) (the &ldquo;<B>volatility
target</B>&rdquo;), with a maximum exposure to the underlying futures index of 500% and a cap on the maximum daily change in exposure
of 100%;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a base index is calculated for the index (&ldquo;<B>base index</B>&rdquo;),
which is designed to adjust exposure to the underlying futures index using certain calendar-based signals and price patterns (collectively,
the &ldquo;<B>signals</B>&rdquo;) in an attempt to overweight or underweight exposures depending on market conditions, including: </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 59.25pt"></TD><TD STYLE="width: 18pt">o</TD><TD>a &ldquo;mean reversion signal,&rdquo; which is based upon the assumption that in the short-term, the underlying futures index will
increase or decrease in value in the opposite direction of the short-term historical increases or decreases in its value;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 59.25pt"></TD><TD STYLE="width: 18pt">o</TD><TD>a &ldquo;Federal Open Market Committee schedule (&ldquo;<B>FOMC</B>&rdquo;) signal,&rdquo; which is based on the assumption that equities
may outperform going into and on the days on which there is a</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 77.25pt; text-indent: 0in">scheduled release of a statement by the
FOMC to announce monetary policies (an &ldquo;<B>FOMC statement day</B>&rdquo;); and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 77.25pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 59.25pt"></TD><TD STYLE="width: 18pt">o</TD><TD>&ldquo;turn-of-the-month signals,&rdquo; which are based on the assumption that equities may mean revert during the final days of
a given month if equities performed negatively that month while the first days of a new month generally yield positive returns for equity
securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a per annum deduction that is a fixed percentage of the index level, also
known as a decrement, is applied daily, which has the effect of offsetting positive returns, and worsening negative returns, on the performance
of the index and will result in a drag on the performance of the index.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">The objective of these rules, taken collectively,
is to create an index that provides for volatility-adjusted exposure to the underlying futures index, coupled with further adjustments
based on the signals and their underlying assumptions described above. In addition, the inclusion of a decrement is intended to permit
the economic terms of structured investments linked to the index to be more favorable to investors than the terms that would otherwise
be available on a hypothetical identical index without a decrement, assuming that the estimated value of the structured investments and
market conditions are held constant and that all other structural features of the structured investments are the same.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">However, the methodology of the index is premised
on several key market-based assumptions:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">that there will be an inverse relationship between performance and volatility,
so that the underlying futures index will tend to increase in times of lower volatility and decline in times of higher volatility;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">that the signals will be effective at adjusting the index&rsquo;s exposure
to the underlying futures index and that its underlying assumptions about market performance and timing will be accurate; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">that any improvement in the economic terms of a structured investment linked
to the index will be sufficient to offset the negative effect of the application of a daily decrement to index performance.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">If these assumptions prove to be consistently correct,
then a structured investment linked to the index has the potential to outperform a structured investment linked to the underlying futures
index by participating in increases on a leveraged basis and declines on a deleveraged basis. There is no guarantee, however, that these
assumptions will be proven correct over any given time period. If any of these assumptions does not prove to be consistently correct,
then the index may perform poorly as a result of having highly leveraged exposure to the underlying futures index at a time of declines
and/or having reduced exposure to the underlying futures index at a time of increases. In addition, the return on a structured investment
linked to the index could be materially lower than the return on a structured investment issued by us and linked to a hypothetical identical
index without a decrement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><B>The index is subject to risks associated with the
use of significant leverage, which may be as high as up to 500%. The maximum daily change in leverage to the underlying futures index
is 100%, which may result in the index leveraging up more slowly in the event of a market rally compared to an identical index that does
not cap the amount of daily leverage change. In addition, the same feature may result in the index deleveraging less quickly in the event
of a market drawdown compared to an identical index that does not have a cap on daily leverage change. In addition, the index may be significantly
uninvested in the underlying futures index on any given day, and, in that case, will realize only a portion of any gains in the appreciation
of the underlying futures index or underlying asset on that day. In addition, on each index calculation day, the aggregate weight of the
signals in the base index cannot increase or decrease by more than 35% from the previous index calculation day. As a result, the performance
of the index may be worse than if no cap on the increase or decrease of the aggregate weight of the signals in the base index were applied.
Moreover, the aggregate weight of the signals in the base index <I>plus </I>100% (the &ldquo;base weight&rdquo;) cannot exceed 135% and
cannot effectively go lower than 90% based on how the signals </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><B>are formulated. In addition, the index decrement
is deducted daily from the index at a rate of 6% per annum, even when the index is not fully invested. Any portion of the index that is
uninvested in the underlying futures index cannot offset the decrement or contribute to the positive performance of the index and will
not earn any return. Because of the deduction of the decrement, the index will trail the performance of an identical index without such
a decrement feature. </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><B>No assurance can be given that the investment strategy
used to construct the index will achieve its intended results or that a structured investment linked to the index will be successful or
will outperform a structured investment linked to any alternative index or strategy that might reference the underlying futures index
or underlying asset.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TERMS AND CONDITIONS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>CUSIP / ISIN:</B> 40058WEX0 / US40058WEX02</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Company (Issuer):</B>&nbsp;&nbsp;GS Finance Corp.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Guarantor:</B> The Goldman Sachs Group, Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Underlier:&nbsp;&nbsp;</B>the S&amp;P 500<SUP>&reg;</SUP> Futures
40% VT Adaptive Response 6% Decrement Index (USD) ER (current Bloomberg symbol: &ldquo;SPAR4V6 Index&rdquo;), or any successor underlier,
as it may be modified, replaced or adjusted from time to time as provided herein. The level of the underlier reflects a deduction of 6.0%
per annum that accrues daily.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Underlying futures index:</B> with respect to the S&amp;P 500<SUP>&reg;</SUP>
Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Underlying asset:</B> with respect to the S&amp;P 500<SUP>&reg;</SUP>
Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, the E-mini S&amp;P 500 futures contracts</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Reference index:</B> with respect to the S&amp;P 500<SUP>&reg;</SUP>
Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, the S&amp;P 500<SUP>&reg;</SUP> Index</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Face amount:&nbsp;&nbsp;</B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the aggregate on the original issue date; the aggregate face amount may be increased if the company, at its sole option, decides to sell
an additional amount on a date subsequent to the trade date</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Authorized denominations:</B> $1,000 or any integral multiple of
$1,000 in excess thereof</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Principal amount:</B> Subject to redemption by the company as provided
under &ldquo;&mdash; Company&rsquo;s redemption right (automatic call feature)&rdquo; below, on the stated maturity date the company will
pay, for each $1,000 of the outstanding face amount, an amount, if any, in cash equal to the cash settlement amount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Cash settlement amount</B>:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>if the final underlier level is <I>greater than</I> or <I>equal to</I> the initial underlier level, the <I>sum</I> of (i) $1,000 <I>plus</I>
(ii) the <I>product</I> of (a) $1,000 <I>times</I> (b) the maturity date premium amount;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>if the final underlier level is <I>less than</I> the initial underlier level, but <I>greater than</I> or <I>equal to</I> the trigger
buffer level, $1,000; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>if the final underlier level is <I>less than</I> the trigger buffer level, the <I>sum</I> of (i) $1,000 <I>plus</I> (ii) the <I>product</I>
of (a) $1,000 <I>times</I> (b) the underlier return</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Company&rsquo;s redemption right (automatic call feature):</B> if
a redemption event occurs, then the outstanding face amount will be automatically redeemed in whole and the company will pay an amount
in cash on the following call payment date, for each $1,000 of the outstanding face amount, equal to the <I>sum</I> of (i) $1,000 <I>plus</I>
(ii) the <I>product </I>of (a) $1,000 <I>times </I>(b) the applicable call premium amount specified under &ldquo;Call observation dates&rdquo;
below</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Redemption event:</B> a redemption event will occur if, as measured
on any call observation date, the closing level of the underlier is <I>greater than</I> or <I>equal to</I> the initial underlier level</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Initial underlier level (set on the trade date): </B>the closing
level of the underlier on the trade date</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Final underlier level:&nbsp;&nbsp;</B>the closing level of the underlier
on the determination date, subject to adjustment as provided in &ldquo;&mdash; Consequences of a market disruption event or a non-trading
day&rdquo; and &ldquo;&mdash; Discontinuance or modification of the underlier&rdquo; below</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Underlier return:</B>&nbsp;&nbsp;the <I>quotient</I> of (i) the final
underlier level <I>minus </I>the initial underlier level <I>divided </I>by (ii) the initial underlier level, expressed as a percentage</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Trigger buffer level:</B> 50% of the initial underlier level</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Call premium amount</B>: with respect to any call payment date, the
applicable call premium amount specified in the table set forth under &ldquo;Call observation dates&rdquo; below</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Maturity date premium amount: </B>140%</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Maximum settlement amount: </B>$2,400</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Trade date:</B> expected to be December 11, 2025</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Original issue date (set on the trade date):</B> expected to be December
16, 2025</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Determination date (set on the trade date):</B> expected to be December
11, 2030, unless the calculation agent determines that a market disruption event occurs or is continuing on such day or such day is not
a trading day. In that event, the determination date will be the first following trading day on which the calculation agent determines
that a market disruption event does not occur and is not continuing. In no event, however, will the determination date be postponed to
a date later than the originally scheduled stated maturity date or, if the originally scheduled stated maturity date is not a business
day, later than the first business day after the originally scheduled stated maturity date. On such last possible determination date,
if a market disruption event occurs or is continuing or such day is not a trading day, that day will nevertheless be the determination
date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Stated maturity date (set on the trade date):</B> expected to be
December 16, 2030, unless that day is not a business day, in which case the stated maturity date will be postponed to the next following
business day. The stated maturity date will also be postponed if the determination date is postponed as described under &ldquo;&mdash;
Determination date&rdquo; above. In such a case, the stated maturity date will be postponed by the same number of business day(s) from
but excluding the originally scheduled determination date to and including the actual determination date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Call observation dates (set on the trade date):</B> expected to be
the dates specified as such in the table below, unless the calculation agent determines that a market disruption event occurs or is continuing
on that day or that day is not otherwise a trading day. In that event, such call observation date will be the first following trading
day on which the calculation agent determines that a market disruption event does not occur and is not continuing. In no event, however,
will a call observation date be postponed to a date later than the originally scheduled corresponding call payment date or, if the originally
scheduled corresponding call payment date is not a business day, later than the first business day after such originally scheduled call
payment date.&nbsp;&nbsp;On such last possible call observation date applicable to the relevant call payment date, if a market disruption
event occurs or is continuing or such day is not a trading day, that day will nevertheless be the call observation date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: black">
    <TD STYLE="width: 34%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>Call Observation Dates</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>Call Payment Dates</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>Call Premium Amount</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">December 18, 2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">December 23, 2026</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">28%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">March 11, 2027</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">March 16, 2027</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">35%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 11, 2027</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 16, 2027</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">42%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">September 13, 2027</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">September 16, 2027</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">49%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">December 13, 2027</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">December 16, 2027</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">56%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">March 13, 2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">March 16, 2028</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">63%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 12, 2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 15, 2028</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">70%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">September 11, 2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">September 14, 2028</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">77%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">December 11, 2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">December 14, 2028</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">84%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">March 12, 2029</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">March 15, 2029</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">91%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 11, 2029</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 14, 2029</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">98%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">September 11, 2029</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">September 14, 2029</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">105%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">December 11, 2029</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">December 14, 2029</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">112%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">March 11, 2030</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">March 14, 2030</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">119%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 11, 2030</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 14, 2030</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">126%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">September 11, 2030</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">September 16, 2030</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">133%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Call payment dates (set on the trade date):</B> expected to be the
dates specified as such in the table set forth under &ldquo;&mdash; Call observation dates&rdquo; above, or, if such day is not a business
day, the next succeeding business day. If a call observation date is postponed as described under &ldquo;&mdash; Call observation dates&rdquo;
above, the related call payment date will be postponed by the same number of business day(s) from but excluding the applicable originally
scheduled call observation date to and including the actual call observation date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Closing level: </B>for any given trading day, the official closing
level of the underlier or any successor underlier published by the underlier sponsor on such trading day. Notwithstanding anything to
the contrary provided under &ldquo;&mdash; Discontinuance or modification of the underlier&rdquo; below, if the closing level of</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">the underlier becomes zero on any trading day, it will remain zero for
the remainder of the term of this note (even if the underlier is discontinued and even if the underlier is restarted with a new base value).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Trading day:</B> a day on which the underlier sponsor is open for
business and the underlier is calculated and published by the underlier sponsor</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Successor underlier:</B> any substitute underlier approved by the
calculation agent as a successor underlier as provided under &ldquo;&mdash; Discontinuance or modification of the underlier&rdquo; below</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Underlier sponsor:</B> at any time, the person or entity, including
any successor sponsor, that determines and publishes the underlier as then in effect. The notes are not sponsored, endorsed, sold or promoted
by the underlier sponsor or any of its affiliates and the underlier sponsor and its affiliates make no representation regarding the advisability
of investing in the notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Underlier stocks:</B> at any time, the stocks that comprise the reference
index as then in effect, after giving effect to any additions, deletions or substitutions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Market disruption event:</B> With respect to any given trading day,
any of the following will be a market disruption event with respect to the underlier:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>a suspension, absence or material limitation of trading in underlier stocks constituting 20% or more, by weight, of the reference
index on their respective primary markets, in each case for more than two consecutive hours of trading or during the one-half hour before
the close of trading in that market, as determined by the calculation agent in its sole discretion,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>a suspension, absence or material limitation of trading in option or futures contracts relating to the reference index or to underlier
stocks constituting 20% or more, by weight, of the reference index in the respective primary markets for those contracts, in each case
for more than two consecutive hours of trading or during the one-half hour before the close of trading in that market, as determined by
the calculation agent in its sole discretion, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>underlier stocks constituting 20% or more, by weight, of the reference index, or option or futures contracts, if available, relating
to the reference index or to underlier stocks constituting 20% or more, by weight, of the reference index do not trade on what were the
respective primary markets for those underlier stocks or contracts, as determined by the calculation agent in its sole discretion,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>and</I>, in the case of any of these events, the calculation agent
determines in its sole discretion that such event could materially interfere with the ability of the company or any of its affiliates
or a similarly situated person to unwind all or a material portion of a hedge that could be effected with respect to this note.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following events will not be market disruption events:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>a limitation on the hours or numbers of days of trading, but only if the limitation results from an announced change in the regular
business hours of the relevant market, and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>a decision to permanently discontinue trading in option or futures contracts relating to the reference index or to any underlier stock.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For this purpose, an &ldquo;absence of trading&rdquo; in the primary
securities market on which an underlier stock is traded, or on which option or futures contracts relating to the reference index or an
underlier stock are traded, will not include any time when that market is itself closed for trading under ordinary circumstances. In contrast,
a suspension or limitation of trading in an underlier stock or in option or futures contracts, if available, relating to the reference
index or an underlier stock in the primary market for that stock or those contracts, by reason of:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>a price change exceeding limits set by that market,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>an imbalance of orders relating to that underlier stock or those contracts, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>a disparity in bid and ask quotes relating to that underlier stock or those contracts,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">will constitute a suspension or material limitation of trading in that
stock or those contracts in that market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Consequences of a market disruption event or a non-trading day: </B>If
a market disruption event occurs or is continuing on a day that would otherwise be a call observation date or the determination date,
or such day is not a trading day, then such call observation date or the determination date will be postponed as described under &ldquo;&mdash;
Call observation dates&rdquo; or &ldquo;&mdash; Determination date&rdquo; above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If the calculation agent determines that the closing level of the underlier
that must be used to determine the amount payable on a call payment date or the stated maturity date is not available on the last possible
call observation date or the last possible determination date because of a market disruption event, a non-trading day or for any other
reason (other than as described under &ldquo;&mdash; Discontinuance or modification of the underlier&rdquo; below), then the calculation
agent will nevertheless determine the level of the underlier based on its assessment, made in its sole discretion, of the level of the
underlier on that day.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Discontinuance or modification of the underlier: </B>If the underlier
sponsor discontinues publication of the underlier and the underlier sponsor or anyone else publishes a substitute underlier that the calculation
agent determines is comparable to the underlier and approves as a successor underlier, or if the calculation agent designates a substitute
underlier, then the calculation agent will determine the amount payable on the call payment date or the stated maturity date by reference
to such successor underlier.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If the calculation agent determines that the publication of the underlier
is discontinued and there is no successor underlier, the calculation agent will determine the amount payable on the applicable call payment
date or on the stated maturity date, as applicable, by a computation methodology that the calculation agent determines will as closely
as reasonably possible replicate the underlier.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If the calculation agent determines that (i) the underlier, the underlier
stocks or the method of calculating the underlier is changed at any time in any respect &mdash; including any addition, deletion or substitution
and any reweighting or rebalancing of the underlier or the underlier stocks and whether the change is made by the underlier sponsor under
its existing policies or following a modification of those policies, is due to the publication of a successor underlier, is due to events
affecting one or more of the underlier stocks or their issuers or is due to any other reason &mdash; and is not otherwise reflected in
the level of the underlier by the underlier sponsor pursuant to the then-current underlier methodology of the underlier or (ii) there
has been a split or reverse split of the underlier, then the calculation agent will be permitted (but not required) to make such adjustments
in the underlier or the method of its calculation as it believes are appropriate to ensure that the levels of the underlier used to determine
the amount payable on a call payment date or the stated maturity date, as applicable, is equitable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">All determinations and adjustments to be made by the calculation agent
with respect to the underlier may be made by the calculation agent in its sole discretion. The calculation agent is not obligated to make
any such adjustments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Calculation agent:</B>&nbsp;&nbsp;Goldman Sachs &amp; Co. LLC (&ldquo;GS&amp;Co.&rdquo;)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Tax characterization:</B> The holder, on behalf of itself and any
other person having a beneficial interest in this note, hereby agrees with the company (in the absence of a change in law, an administrative
determination or a judicial ruling to the contrary) to characterize this note for all U.S. federal income tax purposes as a pre-paid derivative
contract in respect of the underlier.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Overdue principal rate:</B> the effective Federal Funds rate</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>HYPOTHETICAL EXAMPLES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following examples are provided for purposes of illustration only.&nbsp;&nbsp;They
should not be taken as an indication or prediction of future investment results and are intended merely to illustrate the impact that
various hypothetical closing levels of the underlier on a call observation date and on the determination date could have on the amount
of cash payable on a call payment date or on the stated maturity date, as the case may be, assuming all other variables remain constant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The examples below are based on a range of underlier levels that are
entirely hypothetical; no one can predict what the closing level of the underlier will be on any day throughout the life of your notes,
and no one can predict what the closing level of the underlier will be on a call observation date or on the determination date.&nbsp;&nbsp;The
underlier has been highly volatile in the past &mdash; meaning that the underlier level has changed substantially in relatively short
periods &mdash; and its performance cannot be predicted for any future period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The information in the following examples reflects hypothetical rates
of return on the offered notes assuming that they are purchased on the original issue date at the face amount and held to a call payment
date or the stated maturity date, as the case may be.&nbsp;&nbsp;If you sell your notes in a secondary market prior to a call payment
date or the stated maturity date, as the case may be, your return will depend upon the market value of your notes at the time of sale,
which may be affected by a number of factors that are not reflected in the examples below such as interest rates, the volatility of the
underlier, the creditworthiness of GS Finance Corp., as issuer, and the creditworthiness of The Goldman Sachs Group, Inc., as guarantor.&nbsp;&nbsp;In
addition, the estimated value of your notes at the time the terms of your notes are set on the trade date (as determined by reference
to pricing models used by GS&amp;Co.) is less than the original issue price of your notes.&nbsp;&nbsp;For more information on the estimated
value of your notes, see &ldquo;Additional Risk Factors Specific to Your Notes &mdash; The Estimated Value of Your Notes At the Time the
Terms of Your Notes Are Set On the Trade Date (as Determined By Reference to Pricing Models Used By GS&amp;Co.) Is Less Than the Original
Issue Price Of Your Notes&rdquo; on page PS-13 of this pricing supplement.&nbsp;&nbsp;The information in the examples also reflects the
key terms and assumptions in the box below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Key Terms and Assumptions</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Face amount</FONT></TD>
    <TD STYLE="width: 70%; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$1,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Call premium amount</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The applicable call premium amount for each call payment date is specified on page PS-7 of this pricing supplement </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Maturity date premium amount</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">140%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trigger buffer level</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">50% of the initial underlier level</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Neither a market disruption event nor a non-trading day occurs on any originally scheduled call observation date or the originally scheduled determination date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">No change in or affecting any of the underlier stocks or the method by which the underlier sponsor calculates the underlier</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Notes purchased on original issue date at the face amount and held to a call payment date or the stated maturity date </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Moreover, we have not yet set the initial underlier level that will
serve as the baseline for determining the underlier return and the amount that we will pay on your notes, if any, on a call payment date
or at maturity. We will not do so until the trade date. As a result, the actual initial underlier level may differ substantially from
the underlier levels prior to the trade date. They may also differ substantially from the underlier level at the time you purchase your
notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For these reasons, the actual performance of the underlier over the
life of your notes, as well as the amount payable on a call payment date or at maturity, if any, may bear little relation to the hypothetical
examples shown below or to the historical underlier level shown elsewhere in this pricing supplement.&nbsp;&nbsp;For information about
the underlier levels during recent periods, see &ldquo;The Underlier &mdash; Historical Closing Levels of the Underlier&rdquo; on page
PS-27.&nbsp;&nbsp;Before investing in the notes, you should consult publicly available information to determine the level of the underlier
between the date of this pricing supplement and the date of your purchase of the notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Also, the hypothetical examples shown below do not take into account
the effects of applicable taxes.&nbsp;&nbsp;Because of the U.S. tax treatment applicable to your notes, tax liabilities could affect the
after-tax rate of return on your notes to a comparatively greater extent than the after-tax return on the underlier stocks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Hypothetical Payment on a Call Payment Date</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The examples below show the hypothetical payments that we would pay
on a call payment date with respect to each $1,000 face amount of the notes if the closing level of the underlier is <I>greater than </I>or
<I>equal </I>to the initial underlier level on the applicable call observation date. While there are sixteen potential call payment dates
with respect to your notes, the examples below only illustrate the amount you will receive, if any, on the first and second call payment
date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>If your notes are automatically called on the first call observation
date </B>(i.e., on the first call observation date the closing level of the underlier is <I>greater than</I> or <I>equal</I> to the initial
underlier level), the amount in cash that we would deliver for each $1,000 face amount of your notes on the applicable call payment date
would be the <I>sum</I> of $1,000 <I>plus</I> the <I>product</I> of the applicable call premium amount <I>times</I> $1,000. If, for example,
the closing level of the underlier on the first call observation date were determined to be 140% of the initial underlier level, your
notes would be automatically called and the amount in cash that we would deliver on your notes on the corresponding call payment date
would be 128% of the face amount of your notes or $1,280 for each $1,000 of the face amount of your notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>If, for example, the notes are <U>not</U> automatically called on
the first call observation date and are automatically called on the second call observation date</B> (i.e., on the first call observation
date the closing level of the underlier is <I>less than</I> the initial underlier level and on the second call observation date the closing
level of the underlier is <I>greater than</I> or <I>equal</I> to the initial underlier level), the amount in cash that we would deliver
for each $1,000 face amount of your notes on the applicable call payment date would be the <I>sum</I> of $1,000 <I>plus</I> the <I>product</I>
of the applicable call premium amount <I>times</I> $1,000. If, for example, the closing level of the underlier on the second call observation
date were determined to be 170% of the initial underlier level, your notes would be automatically called and the amount in cash that we
would deliver on your notes on the corresponding call payment date would be 135% of the face amount of your notes or $1,350 for each $1,000
of the face amount of your notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Hypothetical Payment at Maturity</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>If the notes are <U>not</U> automatically called on any call observation
date</B> (i.e., on each of the call observation dates the closing level of the underlier is less than the initial underlier level), the
amount in cash we would deliver for each $1,000 face amount of your notes on the stated maturity date will depend on the performance of
the underlier on the determination date, as shown in the table below. The table below assumes that <B>the notes have <U>not</U> been automatically
called on any call observation date</B> and reflects hypothetical cash settlement amounts that you could receive on the stated maturity
date. The levels in the left column of the table below represent hypothetical final underlier levels and are expressed as percentages
of the initial underlier level.&nbsp;&nbsp;The amounts in the right column represent the hypothetical cash settlement amounts, based on
the corresponding hypothetical final underlier level, and are expressed as percentages of the face amount of a note (rounded to the nearest
one-thousandth of a percent). Thus, a hypothetical cash settlement amount of 100.000% means that the value of the cash payment that we
would deliver for each $1,000 of the outstanding face amount of the offered notes on the stated maturity date would equal 100.000% of
the face amount of a note, based on the corresponding hypothetical final underlier level and the assumptions noted above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The Notes Have <U>Not</U> Been Automatically Called</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 49%; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Hypothetical Final Underlier Level</B>&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(as Percentage of Initial Underlier Level)</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 51%; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Hypothetical Cash Settlement Amount</B>&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(as Percentage of Face Amount)</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">300.000%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">240.000%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">250.000%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">240.000%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">200.000%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">240.000%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">150.000%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">240.000%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>100.000%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>240.000%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">99.999%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">100.000%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">75.000%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">100.000%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>50.000%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>100.000%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">49.999%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">49.999%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">40.000%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">40.000%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">25.000%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">25.000%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: silver">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>0.000%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>0.000%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>If, for example, the notes have <U>not</U> been automatically called
on a call observation date</B> and the final underlier level were determined to be 25.000% of the initial underlier level, the cash settlement</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">amount that we would deliver on your notes at maturity would be 25.000%
of the face amount of your notes, as shown in the table above. As a result, if you purchased your notes on the original issue date at
the face amount and held them to the stated maturity date, you would lose 75.000% of your investment (if you purchased your notes at a
premium to face amount you would lose a correspondingly higher percentage of your investment). In addition, <B>if the notes have not been
automatically called on a call observation date</B> and the final underlier level were determined to be 300.000% of the initial underlier
level, the cash settlement amount that we would deliver on your notes at maturity would be 240.000% of the face amount of your notes,
as shown in the table above.&nbsp;&nbsp;As a result, if you held your notes to the stated maturity date, the cash settlement amount would
be capped, and you would not benefit from any increase in the final underlier level over the initial underlier level.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The amounts shown above are entirely hypothetical; they are based on
market prices for the underlier stocks that may not be achieved on a call observation date or the determination date, as the case may
be, and on assumptions that may prove to be erroneous. The actual market value of your notes on the stated maturity date or at any other
time, including any time you may wish to sell your notes, may bear little relation to the hypothetical amounts shown above, and these
amounts should not be viewed as an indication of the financial return on an investment in the offered notes.&nbsp;&nbsp;The hypothetical
amounts on notes held to the stated maturity date in the examples above assume you purchased your notes at the face amount and have not
been adjusted to reflect the actual issue price you pay for your notes. The return on your investment (whether positive or negative) in
your notes will be affected by the amount you pay for your notes. If you purchase your notes for a price other than the face amount, the
return on your investment will differ from, and may be significantly lower than, the hypothetical returns suggested by the above examples.&nbsp;&nbsp;Please
read &ldquo;Additional Risk Factors Specific to Your Notes &mdash; The Market Value of Your Notes May Be Influenced By Many Unpredictable
Factors&rdquo; on page PS-15.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Payments on the notes are economically equivalent to the amounts that
would be paid on a combination of other instruments. For example, payments on the notes are economically equivalent to a combination of
an interest-bearing bond bought by the holder and one or more options entered into between the holder and us (with one or more implicit
option premiums paid over time). The discussion in this paragraph does not modify or affect the terms of the notes or the U.S. federal
income tax treatment of the notes, as described elsewhere in this pricing supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: black 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 10pt"><I>We cannot predict the actual closing level of the underlier on a call observation date or the determination date or what the market value of your notes will be on any particular trading day, nor can we predict the relationship between the underlier level and the market value of your notes at any time prior to the stated maturity date. The actual amount that you will receive, if any, on a call payment date or the maturity date and the rate of return on the offered notes will depend on whether the notes are called, the actual initial underlier level, which we will set on the trade date, and on the actual closing level of the underlier on the call observation dates and the actual final underlier level determined by the calculation agent as described above. Moreover, the assumptions on which the hypothetical returns are based may turn out to be inaccurate. Consequently, the amount of cash to be paid in respect of your notes, if any, on the call payment date or the stated maturity date may be very different from the information reflected in the examples above. </I></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>ADDITIONAL RISK FACTORS SPECIFIC TO YOUR NOTES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>An investment in your notes is subject to the risks described below, as well as the risks and considerations described in the accompanying prospectus, in the accompanying prospectus supplement</I>, <I>under &ldquo;Additional Risk Factors Specific to the Indices&rdquo; in the accompanying S&amp;P 500<SUP>&reg;</SUP> Futures Adaptive Response Indices Supplement No. 1 and under &ldquo;Additional Risk Factors Specific to the Notes&rdquo; in the accompanying general terms supplement no. 17,744. You should carefully review these risks and considerations as well as the terms of the notes described herein and in the accompanying prospectus, the accompanying prospectus supplement, the accompanying S&amp;P 500<SUP>&reg;</SUP> Futures Adaptive Response Indices Supplement No. 1 and the accompanying general terms supplement no. 17,744. Your notes are a riskier investment than ordinary debt securities. Also, your notes are not equivalent to investing directly in the underlier stocks, i.e., the stocks comprising the reference index. You should carefully consider whether the offered notes are appropriate given your particular circumstances.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>&nbsp;</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Risks Related to Structure, Valuation and Secondary Market Sales</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Estimated Value of Your Notes At the Time
the Terms of Your Notes Are Set On the Trade Date (as Determined By Reference to Pricing Models Used By GS&amp;Co.) Is Less Than the Original
Issue Price Of Your Notes</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The original issue price for your notes exceeds the estimated value
of your notes as of the time the terms of your notes are set on the trade date, as determined by reference to GS&amp;Co.&rsquo;s pricing
models and taking into account our credit spreads. Such estimated value on the trade date is set forth above under &ldquo;Estimated Value
of Your Notes<I>&rdquo;</I>; after the trade date, the estimated value as determined by reference to these models will be affected by
changes in market conditions, the creditworthiness of GS Finance Corp., as issuer, the creditworthiness of The Goldman Sachs Group, Inc.,
as guarantor<I>,</I> and other relevant factors. The price at which GS&amp;Co. would initially buy or sell your notes (if GS&amp;Co. makes
a market, which it is not obligated to do), and the value that GS&amp;Co. will initially use for account statements and otherwise, also
exceeds the estimated value of your notes as determined by reference to these models. As agreed by GS&amp;Co. and the distribution participants,
this excess (i.e., the additional amount described under &ldquo;Estimated Value of Your Notes&rdquo;) will decline to zero on a straight
line basis over the period from the date hereof through the applicable date set forth above under &ldquo;Estimated Value of Your Notes&rdquo;.
Thereafter, if GS&amp;Co. buys or sells your notes it will do so at prices that reflect the estimated value determined by reference to
such pricing models at that time. The price at which GS&amp;Co. will buy or sell your notes at any time also will reflect its then current
bid and ask spread for similar sized trades of structured notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In estimating the value of your notes as of the time the terms of your
notes are set on the trade date, as disclosed above under &ldquo;Estimated Value of Your Notes&rdquo;, GS&amp;Co.&rsquo;s pricing models
consider certain variables, including principally our credit spreads, interest rates (forecasted, current and historical rates), volatility,
price-sensitivity analysis and the time to maturity of the notes.&nbsp;&nbsp;These pricing models are proprietary and rely in part on
certain assumptions about future events, which may prove to be incorrect. As a result, the actual value you would receive if you sold
your notes in the secondary market, if any, to others may differ, perhaps materially, from the estimated value of your notes determined
by reference to our models due to, among other things, any differences in pricing models or assumptions used by others.&nbsp;&nbsp;See
&ldquo;&mdash; The Market Value of Your Notes May Be Influenced By Many Unpredictable Factors&rdquo; below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The difference between the estimated value of your notes as of the time
the terms of your notes are set on the trade date and the original issue price is a result of certain factors, including principally the
underwriting discount and commissions, the expenses incurred in creating, documenting and marketing the notes, and an estimate of the
difference between the amounts we pay to GS&amp;Co. and the amounts GS&amp;Co. pays to us in connection with your notes. We pay to GS&amp;Co.
amounts based on what we would pay to holders of a non-structured note with a similar maturity.&nbsp;&nbsp;In return for such payment,
GS&amp;Co. pays to us the amounts we owe under your notes.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition to the factors discussed above, the value and quoted price
of your notes at any time will reflect many factors and cannot be predicted.&nbsp;&nbsp;If GS&amp;Co. makes a market in the notes, the
price quoted by GS&amp;Co. would reflect any changes in market conditions and other relevant factors, including any</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">deterioration in our creditworthiness or perceived creditworthiness
or the creditworthiness or perceived creditworthiness of The Goldman Sachs Group, Inc. These changes may adversely affect the value of
your notes, including the price you may receive for your notes in any market making transaction. To the extent that GS&amp;Co. makes a
market in the notes, the quoted price will reflect the estimated value determined by reference to GS&amp;Co.&rsquo;s pricing models at
that time, plus or minus its then current bid and ask spread for similar sized trades of structured notes (and subject to the declining
excess amount described above).&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Furthermore, if you sell your notes, you will likely be charged a commission
for secondary market transactions, or the price will likely reflect a dealer discount.&nbsp;&nbsp;This commission or discount will further
reduce the proceeds you would receive for your notes in a secondary market sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">There is no assurance that GS&amp;Co. or any other party will be willing
to purchase your notes at any price and, in this regard, GS&amp;Co. is not obligated to make a market in the notes. See &ldquo;Additional
Risk Factors Specific to the Notes &mdash; Your Notes May Not Have an Active Trading Market&rdquo; on page S-7 of the accompanying general
terms supplement no. 17,744.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Notes Are Subject to the Credit Risk of the
Issuer and the Guarantor</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Although the return on the notes will be based on the performance of
the underlier, the payment of any amount due on the notes is subject to the credit risk of GS Finance Corp., as issuer of the notes, and
the credit risk of The Goldman Sachs Group, Inc., as guarantor of the notes. The notes are our unsecured obligations.&nbsp;&nbsp;Investors
are dependent on our ability to pay all amounts due on the notes, and therefore investors are subject to our credit risk and to changes
in the market&rsquo;s view of our creditworthiness.&nbsp;&nbsp;Similarly, investors are dependent on the ability of The Goldman Sachs
Group, Inc., as guarantor of the notes, to pay all amounts due on the notes, and therefore are also subject to its credit risk and to
changes in the market&rsquo;s view of its creditworthiness. See &ldquo;Description of the Notes We May Offer &mdash; Information About
Our Medium-Term Notes, Series F Program &mdash; How the Notes Rank Against Other Debt&rdquo; on page S-5 of the accompanying prospectus
supplement and &ldquo;Description of Debt Securities We May Offer &ndash; Guarantee by The Goldman Sachs Group, Inc.&rdquo; on page 65
of the accompanying prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Amount You Will Receive on a Call Payment
Date or on the Stated Maturity Date is Not Linked to the Closing Level of the Underlier at Any Time Other Than on the Applicable Call
Observation Date or the Determination Date, as the Case May Be</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The amount in cash you will receive on a call payment date, if any,
will be paid only if the closing level of the underlier on the applicable call observation date is <I>greater than</I> or <I>equal</I>
to the initial underlier level.&nbsp;&nbsp;Therefore, the closing level of the underlier on dates other than the call observation dates
will have no effect on any amount paid in respect of your notes on the call payment date.&nbsp;&nbsp;In addition, the cash settlement
amount you will receive on the stated maturity date, if any, will be based on the closing level of the underlier on the determination
date.&nbsp;&nbsp;Therefore, for example, if the closing level of the underlier dropped precipitously on the determination date, the cash
settlement amount for the notes would be significantly less than it would otherwise have been had the cash settlement amount been linked
to the closing level of the underlier prior to such drop. Although the actual closing level of the underlier on the call payment dates,
stated maturity date or at other times during the life of the notes may be higher than the closing level of the underlier on the call
observation dates or the determination date, you will not benefit from the closing levels of the underlier at any time other than on the
call observation dates or on the determination date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>You May Lose Your Entire Investment in the Notes</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">You can lose your entire investment in the notes. Assuming your notes
are not automatically called on any call observation date, the cash settlement amount on your notes, if any, on the stated maturity date
will be based on the performance of the underlier as measured from the initial underlier level to the closing level on the determination
date.&nbsp;&nbsp;If the final underlier level is <I>less than</I> the trigger buffer level, you will have a loss for each $1,000 of the
face amount of your notes equal to the <I>product</I> of (i) the underlier return <I>times</I> (ii) $1,000. Thus, you may lose your entire
investment in the notes, which would include any premium to face amount you paid when you purchased the notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Also, the market price of your notes prior to a call payment date or
the stated maturity date, as the case may be, may be significantly lower than the purchase price you pay for your notes.&nbsp;&nbsp;Consequently,
if you</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">sell your notes before the stated maturity date, you may receive far
less than the amount of your investment in the notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Return on Your Notes May Change Significantly
Despite Only a Small Change in the Underlier Level</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If the final underlier level is less than the trigger buffer level,
you will receive less than the face amount of your notes and you could lose all or a substantial portion of your investment in the notes.
This means that while a decrease in the final underlier level to the trigger buffer level will not result in a loss of principal on the
notes, a decrease in the final underlier level to less than the trigger buffer level will result in a loss of a significant portion of
the face amount of the notes despite only a small change in the level of the underlier.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Amount You Will Receive on a Call Payment
Date or on the Stated Maturity Date, as the Case May Be, Will Be Capped</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Regardless of the closing level of the underlier on a call observation
date, the amount in cash you may receive on the call payment date is capped. Even if the closing level of the underlier on a call observation
date exceeds the initial underlier level, causing the notes to be automatically called, the amount in cash payable on the call payment
date will be capped, and you will not benefit from any increases in the closing level of the underlier above the initial underlier level
on any call observation date. If your notes are automatically called on a call observation date, the maximum payment you will receive
for each $1,000 face amount of your notes will depend on the applicable call premium amount. In addition, the cash settlement amount you
may receive on the stated maturity date is capped due to the maturity date premium amount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Your Notes Are Subject to Automatic Redemption</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We will automatically call and redeem all, but not part, of your notes
on a call payment date, if the closing level of the underlier on the corresponding call observation date is <I>greater than</I> or <I>equal
to</I> the initial underlier level. Therefore, the term for your notes may be reduced. You may not be able to reinvest the proceeds from
an investment in the notes at a comparable return for a similar level of risk in the event the notes are automatically called prior to
maturity. For the avoidance of doubt, if your notes are automatically called, no discounts, commissions or fees described herein will
be rebated or reduced.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Your Notes Do Not Bear Interest</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">You will not receive any interest payments on your notes. As a result,
even if the cash settlement amount payable for your notes on the stated maturity date exceeds the face amount of your notes, the overall
return you earn on your notes may be less than you would have earned by investing in a non-indexed debt security of comparable maturity
that bears interest at a prevailing market rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Market Value of Your Notes May Be Influenced
By Many Unpredictable Factors</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">When we refer to the market value of your notes, we mean the value that
you could receive for your notes if you chose to sell them in the open market before the stated maturity date. A number of factors, many
of which are beyond our control, will influence the market value of your notes, including:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the level of the underlier;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the volatility&mdash;i.e., the frequency and magnitude of changes&mdash;in
the closing level of the underlier;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the dividend rates of the underlier stocks;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">economic, financial, regulatory, political, military, public health and other
events that affect stock markets generally and the underlier stocks, and which may affect the closing level of the underlier;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">interest rates and yield rates in the market;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the time remaining until your notes mature; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">our creditworthiness and the creditworthiness of The Goldman Sachs Group,
Inc., whether actual or perceived, and including actual or anticipated upgrades or downgrades in our credit ratings or the credit ratings
of The Goldman Sachs Group, Inc. or changes in other credit measures.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Without limiting the foregoing, the market value of your notes may be
negatively impacted by increasing interest rates. Such adverse impact of increasing interest rates could be significantly enhanced in
notes with longer-dated maturities, the market values of which are generally more sensitive to increasing interest rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">These factors may influence the market value of your notes if you sell
your notes before maturity, including the price you may receive for your notes in any market making transaction. If you sell your notes
prior to maturity, you may receive less than the face amount of your notes. You cannot predict the future performance of the underlier
based on its historical performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>If You Purchase Your Notes at a Premium to Face
Amount, the Return on Your Investment Will Be Lower Than the Return on Notes Purchased at Face Amount and the Impact of Certain Key Terms
of the Notes Will Be Negatively Affected</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The cash settlement amount you will be paid for your notes on the stated
maturity date, if any, or the amount you will be paid on a call payment date will not be adjusted based on the issue price you pay for
the notes. If you purchase notes at a price that differs from the face amount of the notes, then the return on your investment in such
notes held to a call payment date or the stated maturity date will differ from, and may be substantially less than, the return on notes
purchased at face amount. If you purchase your notes at a premium to face amount and hold them to a call payment date or the stated maturity
date, the return on your investment in the notes will be lower than it would have been had you purchased the notes at face amount or a
discount to face amount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>You Have No Rights in Any Futures Contract Tracked
By the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Investing in your notes will not make you a holder of any futures contract
tracked by the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index. Neither you nor any other holder or owner of your notes will have
any rights with respect to the futures contracts tracked by the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index, including any
rights of a holder of the futures contracts. Your notes will be paid in cash and you will have no right to receive delivery of any futures
contract tracked by the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>You Have No Shareholder Rights or Rights to Receive
Any Underlier Stock</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Investing in your notes will not make you a holder of any of the underlier
stocks.&nbsp;&nbsp;Neither you nor any other holder or owner of your notes will have any rights with respect to the underlier stocks,
including any voting rights, any rights to receive dividends or other distributions, any rights to make a claim against&nbsp;&nbsp;the
underlier stocks or any other rights of a holder of the underlier stocks.&nbsp;&nbsp;Your notes will be paid in cash and you will have
no right to receive delivery of any underlier stocks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>We May Sell an Additional Aggregate Face Amount
of the Notes at a Different Issue Price</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">At our sole option, we may decide to sell an additional aggregate face
amount of the notes subsequent to the date of this pricing supplement. The issue price of the notes in the subsequent sale may differ
substantially (higher or lower) from the original issue price you paid as provided on the cover of this pricing supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Additional Risks Related to the Underlier</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>You should not invest in the notes without also reading the S&amp;P
500<SUP>&reg;</SUP> Futures Adaptive Response Indices Supplement No. 1 in full, including the sections entitled &ldquo;The S&amp;P 500<SUP>&reg;</SUP>
Futures Adaptive Response Indices&rdquo; and &ldquo;Additional Risk Factors Specific to The Indices.&rdquo;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Notes Linked to the Underlier Are Not Suitable
For All Investors and Should Be Purchased Only By Investors Who Understand Leverage Risk; the Underlier May Have Leveraged Exposure to
the Underlying Futures Index</B>&nbsp;<B>in Falling Stock Markets&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Notes linked to the underlier are not suitable for all investors. In
particular, notes linked to the underlier will entail leverage risk and should be purchased only by investors who understand leverage
risk, including the risks inherent in providing up to 500% leveraged exposure to the underlying futures index,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index. Investors
should be aware that the use of leverage will magnify and accelerate any negative performance of the underlier.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For example, assuming the maximum leverage factor of 500% is applied
to the underlier in order to achieve its predefined volatility target, for every 1% decrease in the closing level of the underlying futures
index, the closing level of the underlier would decline by 5% (excluding any decline due to the application of a decrement feature). Accordingly,
any note linked to the underlier is only suitable for investors who understand and can bear the risks associated with up to 5 times magnified
declines in the performance of the underlier that result from declines in the closing level of the underlying futures index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, in a falling stock market, the underlier may be exposed
to more than 100% of the losses in the underlying futures index and the underlier may likely experience lower returns than the underlying
futures index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Underlier Is Subject to Risks Associated
With Leveraged Exposure and There Is a Greater Risk You Will Receive Less Than the Face Amount of Your Notes Relative to Notes Linked
to the Underlying Futures Index, Assuming All Other Terms Remain the Same</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underlier is designed to provide a target volatility overlay to
the base index, and the volatility target level is generally achieved through leveraged exposure to the underlying futures index. To the
extent that the realized volatility is greater than the volatility target, the underlier would generally be decreasing its exposure to
the underlying futures index, and to the extent that the realized volatility is less than the volatility target, the underlier would generally
be increasing its exposure to the underlying futures index. Because the underlier may have leveraged exposure to the underlying futures
index, the underlier may be more volatile than the underlying futures index and daily changes in the level of the underlying futures index
may have a greater impact on the underlier than the underlying futures index, which does not contain a leverage component.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, a base index is calculated for the underlier, which is
designed to adjust exposure to the underlying futures index using certain calendar-based signals and price patterns in an attempt to overweight
or underweight exposures depending on market conditions. Because the base index calculated for the underlier is designed to provide exposure
to the underlying futures index based on these calendar-based signals and price patterns, which generally provide leveraged exposure to
the underlying futures index in the base index, daily changes in the level of the underlying futures index may have a greater impact on
the underlier than the underlying futures index, which does not contain a leverage component.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Underlier is Subject to Risks Associated
With a Cap on the Daily Change in Leverage</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underlier is subject to a maximum daily change in exposure to the
Underlying Futures Index of 100%, with a total maximum exposure of 500%. The maximum daily change in leverage may result in the underlier
leveraging up more slowly in the event of a market rally compared to an identical index that does not cap the amount of daily leverage
change. In addition, the same feature may result in the underlier deleveraging less quickly in the event of a market drawdown compared
to an identical index that does not have a cap on daily leverage change.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, the underlier is subject to a cap on the daily change in
leverage of the base index. A base index is calculated for the underlier, which is designed to adjust exposure to the underlying futures
index using certain calendar-based signals and price patterns in an attempt to overweight or underweight exposures depending on market
conditions. On each index calculation day, the aggregate weight of the signals in the base index cannot increase or decrease by more than
35% from the previous index calculation day. As a result, the performance of the underlier may be worse than if no cap on the increase
or decrease of the aggregate weight of the signals in the base index were applied. In addition, the base weight cannot exceed 135% and
cannot effectively go lower than 90% based on how the signals are formulated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>There Is No Assurance that Calculating Realized
Volatility as the Average of Short-Term Volatility and Long-Term Volatility Is the Best Way to Measure Realized Volatility</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">With regard to the underlier, &ldquo;realized volatility&rdquo; is a
measurement of variations in the historical daily returns of the base index that is calculated as the average of short-term volatility
and long-term volatility by reference to either a &ldquo;short term&rdquo; or &ldquo;long term&rdquo; decay factor, as applicable. When
the volatility of the base index increases (or decreases), short-term volatility will increase (or decrease) more quickly than long-term
volatility. Generally, a higher &ldquo;decay factor&rdquo; gives relatively greater weight to older data, reflecting a longer-term perspective.
There is no assurance that calculating realized volatility in this manner is the best way to measure realized volatility. For example,
it is possible that exclusively relying on short-term volatility or long-term volatility or on the greater of or lesser of short-term
volatility and long-term volatility is a more reliable way to measure realized volatility. Further, if realized volatility were calculated
in a different manner, the underlier would perform differently, including potentially having higher returns.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>There Is No Guarantee that the Underlier Will
Achieve the Volatility Target</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The exposure of the underlier to the underlying futures index is subject
to a maximum leverage factor of 500% and a cap on daily leverage change of 100%, which may limit the ability of the underlier to fully
achieve the volatility target, if achieving the volatility target would require a leverage factor in excess of the maximum leverage factor
or the cap on daily leverage change. Therefore, there is no guarantee that the underlier will achieve the volatility target.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, the underlier adjusts its exposure to the underlying futures
index in an attempt to achieve the volatility target at the close of each index calculation day based on the realized volatility of the
base index from the index calculation day that is two index calculation days prior to the current index calculation day. Due to the fact
that realized volatility can fluctuate significantly during a single day, the leverage factor will not reflect the realized volatility
of the base index as of that index calculation day. As a result, there is no guarantee that the underlier will achieve the volatility
target and it is possible that the underlier may have greater exposure to the underlying futures index when the level of the underlying
futures index is decreasing than it would have had if the leverage factor were calculated based on more current levels of realized volatility.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Underlier is Subject to Risks Associated
with the Use of Signals</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The base index calculated for the underlier provides exposure to the
underlying futures index based on four signals including the (1) the mean reversion signal, (2) the Federal Open Market Committee schedule
signal, (3) the turn-of-the-month mean reversion signal and (4) the turn-of-the-month long signal. The signal methodology used by the
underlier may not be successful. The weight of the underlying futures index will be adjusted, in part, based upon the signals, which may
not function as expected in the future or under different market conditions. The signals may not perform as expected should market environments
change, and such signals&rsquo; effectiveness may wane, disappear or reverse over time. If the effectiveness of the signals wanes, disappears
or reverses, the changes to the weight of the underlying futures index in the base index as a result of the signals will no longer reflect
the underlying assumptions of such signals and the performance of the underlier may suffer. No assurance can be given that the signal-based
methodology on which the underlier is based will be successful or that a structured investment linked to the underlier will outperform
a structured investment linked to any alternative methodology (whether or not using a signal-based methodology) that might be employed
in respect of the underlying futures index or the underlying asset.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, the underlier may be adversely affected by an overlap between
the signals. Moreover, the aggregate weight of the signals in the base index cannot increase or decrease by more than 35% from the previous
index calculation day and the base weight cannot exceed 135% and cannot effectively go lower than 90% based on how the signals are formulated.
As a result, the exposure to the underlying futures index may be higher or lower than would have been the case had only one of the signals
been</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">applied and the performance of the underlier may be worse than if only
one of the signals were applied or no maximum exposure limits were applied.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">The Underlier is Subject to Risks Associated
with Turn-of-the-Month Signals</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underlier provides exposure to the underlying futures index based
on turn-of-the-month signals, including the turn-of-the-month mean reversion signal and the turn-of-the-month long signal (collectively,
the &ldquo;TOM signals&rdquo;). The TOM signals seek to capitalize on the view that equities may mean revert during the final days of
a given month if equities have performed negatively that month while the first days of a new month generally yield positive returns for
equity securities. However, there is no guarantee that the level of the underlying futures index will rise during these periods and unexpected
market conditions or other external events may cause the level of the underlying futures index to fall during these periods. No assurance
can be given that the TOM signals will be successful or that they will outperform any alternative strategy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">The Underlier is Subject to Risks Associated
with the Mean Reversion Signal</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underlier provides exposure to the underlying futures index based
on the mean reversion signal. The mean reversion signal seeks to capitalize on the view that in the short term, the underlying futures
index will increase or decrease in value in the opposite direction of the historical increases or decreases in its value. There is no
guarantee that the actual performance of the underlying futures index will exhibit any mean reversion and any sustained decline in the
level of the underlying futures index at a time when the mean reversion methodology would suggest that the level should increase may result
in unexpected losses, which could be significant. No assurance can be given that the mean reversion signal will be successful or that
it will outperform any alternative strategy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">The Underlier is Subject to Risks Associated
with the Federal Open Markets Committee Schedule Signal</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underlier provides exposure to the underlying futures index based
on the Federal Open Markets Committee schedule signal. The FOMC signal seeks to capitalize on the view that equities may outperform going
into and on the days of an FOMC statement day. There is no guarantee that the level of the underlying futures index will rise during these
periods and unexpected market conditions or other external events may cause the level of the underlying futures index to fall going into
and on the days of an FOMC statement day. No assurance can be given that the FOMC signal will be successful or that it will outperform
any alternative strategy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Underlier May Be Significantly Uninvested
</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On an index calculation day, the exposure of the underlier to the underlying
futures index may be less than 100% when the realized volatility of the base index is above the volatility target. In addition, the weight
of the underlying futures index in the base index may be less than 100%, based upon certain calendar-based signals and price patterns
that may underweight exposures depending on market conditions. If the underlier&rsquo;s exposure to the underlying futures index is less
than 100%, the underlier will not be fully invested, and any uninvested portion will earn no return. The underlier may be significantly
uninvested on any given day and will realize only a portion of any gains due to appreciation of the underlying asset on any such day.
The decrement is deducted daily from the underlier, even when the underlier is not fully invested, which means that any portion of the
underlier that is uninvested in the underlying futures index cannot offset the decrement or contribute to positive performance of the
underlier.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">The Level of the Underlier Reflects a Per Annum
Daily Decrement</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underlier is subject to a <I>per annum </I>daily decrement, which
is a fixed percentage of the respective underlier level that is applied daily. As a result of such decrement, the level of the underlier
will trail the value of a hypothetical identical index without a decrement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The decrement will have the effect of offsetting positive returns, and
worsening negative returns, on the performance of the underlier and will result in a drag on the performance of the underlier. The decrement
will adversely affect the performance of the underlier in all cases, whether the underlier appreciates or depreciates. The underlier will
not appreciate unless the return of its investment strategy is sufficient to offset the negative effects of the decrement, and then only
to the extent that the return of its investment strategy is greater than the decrement. As a result of the decrement, the level of the
underlier may decline even if the return of its investment strategy is positive.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Amount of the Decrement Applied to the Underlier
May Outweigh Any Intended Benefits of the Decrement Feature</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The inclusion of a decrement is intended to permit the economic terms
of structured investments linked to the underlier to be more favorable to investors than the terms that would otherwise be available on
a hypothetical identical index without a decrement, assuming that the estimated value of the structured investments and market conditions
are held constant and that all other structural features of the structured investments are the same.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">However, for the underlier, any improvement in the economic terms of
a structured investment linked to a underlier may not be sufficient to offset the negative effect of the application of the daily decrement
to the underlier performance. There can be no assurance that the decrement feature will actually result in the terms of a structured note
linked to the underlier having terms that are more favorable to investors than would otherwise be available on a hypothetical identical
index without a decrement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Underlier May Realize Significant Losses
if It Is Not Consistently Successful in Increasing Exposure to the Underlying Futures Index in Advance of Increases in the Underlying
Futures Index and Reducing Exposure to the Underlying Futures Index in Advance of Declines in the Underlying Futures Index</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underlier methodology is premised on several key market-based assumptions:
(1) that there will be an inverse relationship between performance and volatility, so that the underlying futures index will tend to increase
in times of lower volatility and decline in times of higher volatility; (2) that the signals will be effective in adjusting the underlier&rsquo;s
exposure to the underlying futures index and that their underlying assumptions about market performance and timing will be accurate; and
(3) that, for the underlier, any improvement in the economic terms of a structured investment linked to the underlier will be sufficient
to offset the negative effect of the application of a daily decrement to underlier performance. <FONT STYLE="background-color: white">If
any of these assumptions does not prove to be consistently correct, then the underlier may perform poorly as a result of having highly
leveraged exposure to the underlying futures index at a time of declines and/or having reduced exposure to the underlying futures index
at a time of increases.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">The Underlier May Not Be Successful or Outperform
Any Alternative Strategy that Might Be Employed in Respect of the Underlying Futures Index</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">No assurance can be given that the investment strategy on which the
underlier is based will be successful or that a structured investment linked to the underlier will outperform a structured investment
linked to any alternative strategy that might be employed with respect to the underlying futures index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">An Affiliate of GS Finance Corp. Coordinated
with the Underlier Sponsor in the Development of the Underlier</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">An affiliate of GS Finance Corp. coordinated with the underlier sponsor
in its development of the guidelines governing the composition and calculation of the underlier.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underlier sponsor can implement policies, make judgments or enact
changes to the underlier&rsquo;s methodology that could negatively affect the performance of the underlier. The underlier sponsor can
also alter, discontinue or suspend calculation or dissemination of the underlier. Any of these actions could adversely affect the value
of the notes. The underlier sponsor has no obligation to consider your interests in calculating, maintaining or revising the underlier.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, an affiliate of GS Finance Corp. was responsible for developing
the guidelines governing the composition and calculation of the underlier, which could have an impact, positive or negative, on the levels
of the underlier and the value of your notes. GS Finance Corp. was under no obligation to consider your interests as an investor in the
notes in its role in developing the guidelines governing the underlier. Furthermore, the inclusion of the underlying futures index in
the underlier is not an investment recommendation by the Issuer, the Guarantor (if applicable) or any of their affiliates of the underlying
futures index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Underlier Has a Limited Operating History</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The notes are linked to the performance of the underlier, which was
launched on December 27, 2024. Because the underlier has no live underlier level history prior to that date, limited live historical underlier
level information will be available for you to consider in making an independent investigation of the underlier performance, which may
make it difficult for you to make an informed decision with respect to the notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The hypothetical performance data prior to the launch of the underlier
on December 27, 2024 refers to simulated performance data created by applying the underlier&rsquo;s calculation methodology to historical
prices of the underlying futures index. Such simulated hypothetical performance data has been produced by the retroactive application
of a back-tested methodology. No future performance of the underlier can be predicted based on the simulated hypothetical performance
data or the historical underlier performance information as described herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>If the Closing Level of the Underlier Becomes
Zero or Negative, the Closing Level of the Underlier Will Remain Zero, Which Would Adversely Impact the Amount Payable on Your Notes and
You Will Lose Your Entire Investment in the Notes</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underlier is designed to provide a target volatility overlay to
the base index, and the volatility target level is generally achieved through leveraged exposure to the underlying futures index, which
means that any decrease in the level of the underlying futures index will result in a larger decrease in the level of the underlier. If
the closing level of the underlier becomes zero or negative on any trading day, the underlier sponsor may discontinue or restart the underlier.
Regardless of whether the underlier sponsor discontinues or restarts the underlier and notwithstanding anything to the contrary provided
under &ldquo;Terms and Conditions &mdash; Discontinuance or modification of the underlier&rdquo; above, the closing level of the underlier
will remain zero for the remainder of the term of your notes (even if the underlier is discontinued and even if the underlier is restarted
with a new base&nbsp;value). Thus, you will lose your entire investment in the notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Under Certain Circumstances, Your Notes May Have
a Higher Risk of Automatic Redemption Than Notes Linked to the Underlying Futures Index</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We will automatically call and redeem all, but not part, of your notes
on a call payment date if, as measured on any call observation date, the closing level of the underlier, is <I>greater than</I> or <I>equal
to</I> the initial underlier level. Because the underlier is designed to provide leveraged exposure to the underlying futures index, the
underlier will be more volatile than the underlying futures index and daily changes in the level of the underlying futures index will
necessarily have a greater impact on the underlier than the underlying futures index, which does not contain a leverage component. As
a result, under certain circumstances, your notes may have a greater risk of being automatically called prior to the stated maturity date,
as compared to notes linked to the underlying futures index (which does not contain a leverage component), assuming all other terms remained
the same. Therefore, the term for your notes may be reduced. You may not be able to reinvest the proceeds from an investment in the notes
at a comparable return for a similar level of risk in the event the notes are automatically called prior to maturity. For the avoidance
of doubt, if your notes are automatically called, no discounts, commissions or fees described herein will be rebated or reduced.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Risks Relating to the Underlying Futures Index, Reference Index
and Underlying Asset</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">The Underlying Futures Index Is Expected to
Underperform the Total Return Performance of the S&amp;P 500<SUP>&reg;</SUP> Index Because of an Implicit Financing Cost</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underlying futures index is a futures-based index. As a futures-based
index, it is expected to reflect not only the total return performance of its reference index (the S&amp;P 500<SUP>&reg;</SUP> Index),
but also the implicit cost of a financed position in that reference index. The cost of this financed position will adversely affect the
value of the underlying futures index. Any increase in market interest rates will be expected to further increase this implicit financing
cost and will increase the negative effect on the performance of the underlying futures index. Because of this implicit financing cost,
the underlying futures index is expected to underperform the&nbsp;total return&nbsp;performance of the S&amp;P 500<I><SUP>&reg;</SUP></I>&nbsp;Index.
In addition, in a high interest rate environment, the underlying futures index may even underperform the price return performance of the
S&amp;P 500<I><SUP>&reg;</SUP></I> Index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Policies of the Underlier Sponsor and Changes
that Affect the Underlying Futures Index or the Securities Comprising the Reference Index Could Affect the Payment Amount on Your Notes
and Their Market Value</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The policies of the underlier sponsor concerning the calculation of
the level of the underlier, additions, deletions or substitutions of securities comprising the reference index, the S&amp;P 500<SUP>&reg;</SUP>
Index, and the manner in which changes affecting the securities comprising the reference index or its issuers, such as stock dividends,
reorganizations or mergers, are reflected in the level of the underlying futures index or the reference index, as applicable, could affect
the level of the underlier and, therefore, the amount payable on your notes and the market value of your notes. The amount payable on
your notes and their market value could also be affected if the underlier sponsor changes these policies, for example, by changing the
manner in which it calculates the level of the underlier or if the underlier sponsor discontinues or suspends calculation or publication
of the level of the underlier, in which case it may become difficult to determine the market value of your notes. If events such as these
occur, the calculation agent for the notes &mdash; which initially will be GS&amp;Co., our affiliate &mdash; may determine the closing
level of the underlying futures index &mdash; and thus the amount payable on your notes &mdash; in a manner it considers appropriate,
in its sole discretion. We describe the discretion that the calculation agent of the notes will have in determining the closing level
of the Indices on any trading day and the amount payable on your notes more fully under &ldquo;Terms and Conditions &mdash; Discontinuance
or modification of the underlier&rdquo; above. See also &ldquo;Discontinuance or Modification of an Underlier That Is an Index or an Exchange-Traded
Fund&rdquo; on page S-28 of the accompanying general terms supplement no. 17,744.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Except to the Extent The Goldman Sachs Group,
Inc. Is One of the Companies Whose Common Stock Comprises the Reference Index, and Except to the Extent That We or Our Affiliates May
Currently or in the Future Own Securities of, or Engage in Business With, the Issuers of Securities Comprising the Reference Index or
Own the Underlying Asset, There Is No Affiliation Between Us and the Issuers of Securities Comprising the Reference Index</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underlying futures index is linked to the underlying asset, currently
listed for trading on the Chicago Mercantile Exchange. The common stock of The Goldman Sachs Group, Inc. is one of the securities comprising
the reference index. In addition, we or our affiliates may currently or from time to time in the future own securities of, or engage in
business with, the issuers of securities comprising the reference index or own the underlying asset. we are not otherwise affiliated with
the issuers of securities comprising the reference index or the sponsor of the reference index. Neither we nor any of our affiliates have
participated in the preparation of any publicly available information or made any &ldquo;due diligence&rdquo; investigation or inquiry
with respect to the underlying futures index or the reference index, any of the other issuers of the securities comprising the reference
index or the underlying asset. You, as an investor in your notes, should make your own investigation into the underlying futures index,
the reference index, the issuers of the securities comprising the reference index and the E-mini S&amp;P 500 futures contracts. See &ldquo;Background
on the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index&rdquo; and &ldquo;Background on the S&amp;P 500<SUP>&reg;</SUP> Index&rdquo;
in the accompanying S&amp;P 500<SUP>&reg;</SUP> Futures Adaptive Response Indices Supplement No 1. for additional</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">information about the underlying futures index, the E-mini S&amp;P 500
futures contracts and the reference index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">None of the issuers of securities comprising the reference index are
involved in the offering of your notes in any way and none of them have any obligation of any sort with respect to your notes. Thus, none
of the issuers of securities comprising the reference index have any obligation to take your interests into consideration for any reason,
including in taking any corporate actions that might adversely affect the level of the underlying futures index or the reference index
or making any investment decision for the underlying futures index or the reference index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Linking to an Equity Futures Contract Is Different
from Linking to the Underlier or the Underlying Futures Index</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underlying futures index is linked to the underlying asset, the
E-mini S&amp;P 500 futures contract, currently listed for trading on the Chicago Mercantile Exchange. Consequently, the return on your
notes will be related to the performance of an equity futures contract and not the reference index. On a given day, a &ldquo;futures price&rdquo;
is the price at which market participants may agree to buy or sell the asset underlying a futures contract in the future, and the &ldquo;spot
price&rdquo; is the current price of such underlying asset for immediate delivery. A variety of factors can lead to a disparity between
the price of a futures contract at a given point in time and the spot price of its underlying asset, such as the expected dividend yields
of any stocks that comprise such underlying asset, the implicit financing cost associated with the futures contract and market expectations
related to the future price of the futures contract&rsquo;s underlying asset. Purchasing an equity futures contract is similar to borrowing
money to buy the underlying asset of such futures contract because it enables an investor to gain exposure to such underlying asset without
having to pay the full cost of such exposure up front, and therefore entails a financing cost. As a result, the underlier is expected
to reflect not only the performance of the reference index, but also the implicit financing cost in the underlying asset contract, among
other factors. Such implicit financing cost will adversely affect the level of the underlier. Any increase in market interest rates will
be expected to further increase this implicit financing cost and will have an adverse effect on the level of the underlier and, therefore,
the value of and return on the notes.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The price movement of a futures contract is typically correlated with
the movements of the price of its underlying asset, but the correlation is generally imperfect, and price movements in the spot market
may not be reflected in the futures market (and vice versa). Accordingly, your notes may underperform a similar investment that more directly
reflects the return on the reference index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Negative Roll Yields Will Adversely Affect the
Level of the Underlier Over Time and Therefore the Amount Payable on the Notes</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underlying futures index is linked to the underlying asset rather
than the reference index. Futures contracts normally specify a certain date for cash settlement of a financial future (such as a futures
contract on a securities index) or delivery of the underlying physical commodity for a deliverable future. As the exchange-traded futures
contract that comprises the underlier approaches expiration, it is replaced by a similar contract that has a later expiration. Thus, for
example, a futures contract purchased and held in September may specify a December expiration. As time passes, the contract expiring in
December may be replaced by a contract for delivery in March. This process is referred to as &ldquo;rolling.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As a futures contract approaches expiration, its value will generally
approach the spot price of its underlying asset because by expiration it will closely represent a contract to buy or sell such underlying
asset for immediate delivery. If the market for a futures contract is in &ldquo;contango,&rdquo; where the price of the futures contract
with a later expiration date during a rolling period is higher than the spot price of its underlying asset, then the value of such futures
contract would tend to decline over time (assuming the spot price and other relevant factors remain unchanged), because the higher futures
price would decline as it approaches the lower spot price by expiration. This negative effect on the futures price is referred to as a
negative &ldquo;carry&rdquo; or &ldquo;roll yield&rdquo; and is realized over the term of such contract. A negative roll yield will adversely
affect the level of the underlier over time and therefore the amount payable on the notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Because of the potential effects of negative roll yields, it is possible
for the level of the underlier to decrease significantly over time even when the level of the reference index is stable or increasing.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Futures Contracts Are Not Assets with Intrinsic
Value</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underlying futures index is linked to the underlying asset currently
listed for trading on the Chicago Mercantile Exchange. Trading in futures contracts transfers the risk of future price movements from
one market participant to another. This means that for every gain, there is an equal and offsetting loss. Futures contracts themselves
are not assets with intrinsic value, and simply reflect, in the case of cash-settled contracts, certain rights to payment or obligations
to make payments to the other party to the contract. Accordingly, market participants taking the opposite side of the underlying asset
trades may believe that the level of the reference index will move against the interests of the underlying futures index.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>You Have No Rights in Any Futures Contract Tracked
By the Underlying Futures Index</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Investing in your notes will not make you a holder of any futures contract
tracked by the underlying futures index. Neither you nor any other holder or owner of your notes will have any rights with respect to
the futures contracts tracked by the underlying futures index, including any rights of a holder of the futures contracts. Your notes will
be paid in cash and you will have no right to receive delivery of any futures contract tracked by the underlying futures index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Owning the Notes Is Not the Same as Directly
Owning the Underlier Stocks or Futures Contract Directly or Indirectly Tracked by the Underlying Futures Index</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Your return on the notes will not reflect the return you would have
realized on a direct investment in the underlying asset currently listed for trading on the Chicago Mercantile Exchange or any of the
underlier stocks comprising the reference index. For example, as an investor in the notes, you will not have rights to receive dividends
or other distributions or any other rights, including voting rights, with respect to any underlier stocks comprising the reference index.
The calculation agent for the notes will calculate the amount payable to you at maturity by reference to the level of the underlier on
the determination date, and will not include the amount of any of those dividend payments or other distributions. Therefore, the return
on your investment will not be the same as the return based on the purchase of any stocks or futures contracts that are tracked directly
or indirectly by the underlying futures index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Suspension or Disruptions of Market Trading in
Stocks or Futures Contracts May Adversely Affect the Value of the Notes</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Securities markets and futures markets are subject to temporary distortions
or other disruptions due to various factors, including the lack of liquidity in the markets, the participation of speculators, and government
regulation and intervention. In addition, futures markets typically have regulations that limit the amount of fluctuation in some futures
contract prices that may occur during a single business day. These limits are generally referred to as &ldquo;daily price fluctuation
limits,&rdquo; and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a &ldquo;limit
price.&rdquo; Once the limit price has been reached in a particular contract, no trades may be made at a price beyond the limit, or trading
may be limited for a specified period of time. Limit prices have the effect of precluding trading in a particular contract or forcing
the liquidation of contracts at potentially disadvantageous times or prices. These circumstances could affect the level of the underlying
futures index and, therefore, could adversely affect the level of the underlier and the amount payable on the notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Risks Related to Tax</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Tax Consequences of an Investment in Your
Notes Are Uncertain&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The tax consequences of an investment in your notes are uncertain, both
as to the timing and character of any inclusion in income in respect of your notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Internal Revenue Service (the &ldquo;<B>IRS</B>&rdquo;) announced
in 2007 that it is considering issuing guidance regarding the tax treatment of an instrument such as your notes, and any such guidance
could adversely affect the value and the tax treatment of your notes. Among other things, the IRS may decide to require the holders to
accrue ordinary income on a current basis and recognize ordinary income on payment at maturity, and could subject non-U.S. investors to
withholding tax. In addition, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. It is
not possible to predict whether a similar or identical bill will be enacted in the future, or whether any such bill would affect the tax
treatment of your notes.&nbsp;&nbsp;We describe these developments in more detail under &ldquo;Supplemental Discussion of U.S. Federal
Income Tax Consequences &ndash; United States Holders &ndash; Possible Change in Law&rdquo; below. You should consult your tax advisor
about this matter. Except to the extent otherwise provided by law, GS Finance Corp. intends to continue treating the notes for U.S. federal
income tax purposes in accordance with the treatment described under &ldquo;Supplemental Discussion of U.S. Federal Income Tax Consequences&rdquo;
below unless and until such time as Congress, the Treasury Department or the IRS determine that some other treatment is more appropriate.
Please also consult your tax advisor concerning the U.S. federal income tax and any other applicable tax consequences to you of owning
your notes in your particular circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Foreign Account Tax Compliance Act (FATCA) Withholding
May Apply to Payments on Your Notes, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the Notes to Provide
Information to Tax Authorities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Please see the discussion under &ldquo;United States Taxation &mdash;
Taxation of Debt Securities &mdash; Foreign Account Tax Compliance Act (FATCA) Withholding&rdquo; in the accompanying prospectus for a
description of the applicability of FATCA to payments made on your notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>THE UNDERLIER</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The S&amp;P 500<SUP>&reg;</SUP> Futures 40% VT Adaptive Response 6%
Decrement Index (USD) ER is designed to provide exposure to the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index with a rules-based
overlay that adjusts exposure to the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index on a daily basis. Leverage is applied to
the weight of the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index to attempt to achieve a predefined volatility target of 40%,
with a maximum exposure to the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index of 500%. A base index is calculated for the underlier,
which is designed to adjust exposure to the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index using certain calendar-based signals
and price patterns in an attempt to overweight or underweight exposures depending on market conditions. A per annum deduction that is
a fixed percentage of the underlier level, known as a decrement, is applied daily, which has the effect of offsetting positive returns
on the performance of the underlier and will result in a drag on the performance of the underlier. <B>No assurance can be given that the
investment strategy used to construct the underlier will achieve its intended results or that a structured investment linked to the underlier
will be successful or will outperform any alternative index or strategy that might reference the S&amp;P 500<SUP>&reg;</SUP> Futures Excess
Return Index. </B>For additional information on the underlier, see the accompanying S&amp;P 500<SUP>&reg;</SUP> Futures Adaptive Response
Indices Supplement No. 1 and November 2025 S&amp;P 500<SUP>&reg;</SUP> Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER Supplement
Addendum; see also &ldquo;Index Summary&rdquo; above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Historical Closing Levels of the Underlier</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The closing level of the underlier has fluctuated in the past and may,
in the future, experience significant fluctuations. Any historical upward or downward trend in the closing level of the underlier during
the period shown below is not an indication that the underlier is more or less likely to increase or decrease at any time during the life
of your notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>You should not take the historical closing levels of the underlier
as an indication of the future performance of the underlier, including because of the volatility described above. </B>We cannot give you
any assurance that the future performance of the underlier or the underlier stocks will result in you receiving an amount greater than
the outstanding face amount of your notes on the stated maturity date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Neither we nor any of our affiliates make any representation to you
as to the performance of the underlier. Before investing in the offered notes, you should consult publicly available information to determine
the levels of the underlier between the date of this pricing supplement and the date of your purchase of the offered notes <B>and, given
the recent volatility described above, you should pay particular attention to recent levels of the underlier</B>. The actual performance
of the underlier over the life of the offered notes, as well as the cash settlement amount at maturity, may bear little relation to the
historical levels shown below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The graph below shows the daily closing levels of the underlier from
January 1, 2020 through December 1, 2025 (using hypothetical performance data and historical closing levels). As a result, the following
graph does not reflect the global financial crisis which began in 2008, which had a materially negative impact on the price of most equity
securities and, as a result, the level of most equity indices. Since the underlier was launched on December 27, 2024 and has a limited
operating history, the graph includes hypothetical performance data for the underlier prior to its launch on December 27, 2024. The hypothetical
performance data prior to December 27, 2024 was obtained from the underlier sponsor&rsquo;s website, without independent verification.
The historical closing levels from December 27, 2024 to December 1, 2025 were obtained from Bloomberg Financial Services, without independent
verification. (In the graph, the hypothetical historical closing levels can be found to the left of the vertical solid line marker and
the historical closing levels can be found to the right of the vertical solid line marker.) You should not take the hypothetical performance
data or historical levels of the underlier as an indication of the future performance of the underlier.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Historical Performance of the S&amp;P 500<SUP>&reg;</SUP>
Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.gif" ALT="" STYLE="height: 350px; width: 623px"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Comparative Performance of the S&amp;P 500<SUP>&reg;</SUP>
Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER and the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The graph below shows the performance, from January 1, 2020 through
December 1, 2025, of the underlier and the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For comparative purposes, each of the underlier and the S&amp;P 500<SUP>&reg;</SUP>
Futures Excess Return Index have been adjusted to have a closing level of 100.00 on January 1, 2020 by dividing the applicable closing
level on each day by that index&rsquo;s closing level on January 1, 2020 and multiplying the quotient by 100.00.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Since the underlier was launched on December 27, 2024 and has a limited
operating history, the graph includes hypothetical performance data for the underlier prior to its launch of December 27, 2024. The hypothetical
performance data for the underlier prior to December 27, 2024 used to create this graph was obtained from the underlier sponsor&rsquo;s
website, without independent verification. The daily historical closing levels of the underlier from December 27, 2024 to December 1,
2025 used to create this graph were obtained from Bloomberg Financial Services, without independent verification. (In the graph, historical
closing levels can be found to the right of the vertical solid line marker.) The daily historical closing levels of the S&amp;P 500<SUP>&reg;</SUP>
Futures Excess Return Index from January 1, 2020 through December 1, 2025 used to create this graph were obtained from Bloomberg Financial
Services, without independent verification. You should not take this graph, the hypothetical performance data of the underlier or the
historical closing levels of the indices used to create this graph as an indication of the future performance of any index, including
the underlier, or the correlation (if any) between the level of the underlier and the level of the S&amp;P 500<SUP>&reg;</SUP> Futures
Excess Return Index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As described above, the leverage factor causes the underlier to be more
volatile than the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index and therefore causes the underlier to underperform the S&amp;P
500<SUP>&reg;</SUP> Futures Excess Return Index when the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index declines. This underperformance
will be especially dramatic when the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index experiences a rapid and significant decline
between the measurement of realized volatility of the base index on the index calculation day that is two index calculation days prior
to the current index calculation day (&ldquo;T - 2&rdquo;) and the calculation of the leverage factor on an index calculation day (&ldquo;T&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Comparative Performance of the S&amp;P 500<SUP>&reg;</SUP>
Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER and the S&amp;P 500<SUP>&reg;</SUP> Futures Excess Return Index</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_002.gif" ALT="" STYLE="height: 208px; width: 624px"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>SUPPLEMENTAL DISCUSSION OF U.S. FEDERAL INCOME
TAX CONSEQUENCES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following section supplements and, to the extent of any inconsistency,
supersedes the discussion of U.S. federal income taxation in the accompanying prospectus contained in the &quot;United States Taxation&rdquo;
section.&nbsp;This section, when read in conjunction with certain subsections of the &quot;United States Taxation&quot; section in the
accompanying prospectus referenced herein, represents the opinion of Davis Polk &amp; Wardwell LLP, counsel to The Goldman Sachs Group,
Inc. and GS Finance Corp. (&ldquo;our counsel&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This section is a discussion of the material U.S. federal income tax
consequences of the ownership and disposition of the notes. It generally assumes that you will purchase a note for cash at its stated
principal amount and hold it as a capital asset for tax purposes within the meaning of Section 1221 of the Internal Revenue Code of 1986,
as amended (the &ldquo;<B>Code</B>&rdquo;). Prospective investors who purchase notes at a different time or for a different price may
have consequences that differ from those described below. This section is only a summary of the general tax characteristics and treatment
of the notes and does not describe all of the U.S. federal income tax consequences that may be relevant to you in light of your particular
circumstances, including any differing tax consequences that may be applicable to you if you are, for instance:&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a dealer or trader in securities that elects to use a mark-to-market method of tax accounting with respect to the notes;&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a financial institution;&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a life insurance company;&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a &ldquo;regulated investment company&rdquo;;&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a &ldquo;real estate investment trust&rdquo;;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>an accrual method taxpayer subject to special tax accounting rules as a result of its use of financial statements;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a tax-exempt organization;&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a partnership;&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a person that owns the notes as a hedge or that is hedged against interest rate risks;&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a person that owns the notes as part of a &ldquo;straddle&rdquo; or conversion transaction for tax purposes or who has entered into
a &ldquo;constructive sale&rdquo; with respect to a note; or&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a United States holder (as defined below) whose functional currency for tax purposes is not the U.S. dollar.&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">If an entity that is classified as a partnership for
U.S. federal income tax purposes holds the notes, the U.S. federal income tax treatment of a partner will generally depend on the status
of the partner and the activities of the partnership.&nbsp;&nbsp;If you are a partnership holding the notes or a partner in such a partnership,
you should consult your tax advisor as to your particular U.S. federal tax consequences of holding and disposing of the notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Although this section is based on the Code, its legislative history,
existing and proposed regulations under the Code, published rulings and court decisions, all as currently in effect, no statutory, judicial
or administrative authority directly discusses how your notes should be treated for U.S. federal income tax purposes and, as a result,
the U.S. federal income tax consequences of your investment in your notes are uncertain. Moreover, these laws are subject to change, possibly
on a retroactive basis.&nbsp;This discussion does not address the effects of any applicable state, local or non-U.S. tax laws or the potential
application of the Medicare tax or any alternative minimum tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>You should consult your tax advisor concerning the U.S. federal income tax and other tax consequences of your investment in the notes, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>United States Holders</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This subsection describes the tax consequences to you if you are a United
States holder. You are a United States holder if you are a beneficial owner of notes and you are:&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a citizen or individual resident of the United States;&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a domestic corporation;&nbsp;or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>an estate or trust the income of which is subject to U.S. federal income tax regardless of its source.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Tax Treatment.</I> You will be obligated pursuant to the terms of
the notes &ndash; in the absence of a change in law, an administrative determination or a judicial ruling to the contrary &ndash; to characterize
your notes for all U.S. federal income tax purposes as pre-paid derivative contracts in respect of the underlier that are treated as &ldquo;open
transactions.&rdquo; In the opinion of our counsel, this characterization is a reasonable interpretation of current law. Except as otherwise
stated below, the discussion below assumes that the notes will be so treated.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Subject to the discussion below regarding the constructive
ownership rules, upon the sale, exchange, redemption or maturity of your notes, you should recognize capital gain or loss equal to the
difference between the amount realized on the sale, exchange, redemption or maturity and your tax basis in your notes. Your tax basis
in your notes should generally be equal to the amount that you paid for the notes. Such capital gain or loss should generally be short-term
capital gain or loss if you hold the notes for one year or less and should be long-term capital gain or loss if you hold the notes for
more than one year. Short-term capital gains are generally subject to tax at the marginal tax rates applicable to ordinary income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The constructive ownership rules of Section 1260
of the Code could possibly apply to your notes. If your notes were subject to the constructive ownership rules, then any long-term capital
gain that you realize upon the sale, exchange, or maturity of your notes would be recharacterized as ordinary income (and you would be
subject to an interest charge on deferred tax liability with respect to such recharacterized capital gain) to the extent that such capital
gain exceeds the amount of &ldquo;net underlying long-term capital gain&rdquo; (as defined in Section 1260 of the Code). Because the application
of the constructive ownership rules is unclear, you are strongly urged to consult your tax advisor with respect to the possible application
of the constructive ownership rules to your investment in the notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>No statutory, judicial or administrative authority directly discusses
how your notes should be treated for U.S. federal income tax purposes. As a result, the U.S. federal income tax consequences of your investment
in the notes are uncertain and alternative characterizations are possible. We do not plan to request a ruling from the IRS, and the IRS
or a court might not agree with the treatment described herein. Accordingly, we urge you to consult your tax advisor in determining the
tax consequences of an investment in your notes in your particular circumstances, including the application of state, local or other tax
laws and the possible effects of changes in federal or other tax laws.</B>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Alternative Treatments. </I>Because there is no judicial or administrative
authority discussing how your notes should be treated for U.S. federal income tax purposes, the IRS might assert that a treatment other
than that described above is more appropriate. For example, the IRS could treat your notes as debt instruments subject to special rules
governing contingent payment debt instruments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under those rules, the amount of interest you are required to take into
account for each accrual period would be determined by constructing a projected payment schedule for the notes and applying rules similar
to those for accruing original issue discount on a hypothetical noncontingent debt instrument with that projected payment schedule. This
method is applied by first determining the comparable yield &ndash; i.e.,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">the yield at which we would issue a noncontingent fixed rate debt instrument
with terms and conditions similar to your notes &ndash; and then determining a payment schedule as of the applicable original issue date
that would produce the comparable yield. These rules may have the effect of requiring you to include interest in income in respect of
your notes prior to your receipt of cash attributable to that income.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If the rules governing contingent payment debt instruments apply, any
gain you recognize upon the sale, exchange, redemption or maturity of your notes would be treated as ordinary interest income. Any loss
you recognize at that time would be treated as ordinary loss to the extent of interest you included as income in the current or previous
taxable years in respect of your notes, and, thereafter, as capital loss.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If the rules governing contingent payment debt instruments apply, special
rules would apply to persons who purchase a note at a price other than the adjusted issue price as determined for tax purposes.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">You should consult your tax advisor as to possible alternative characterizations
of your notes for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Possible Change in Law.&nbsp;&nbsp;</I>In 2007, the IRS released
a notice stating that the IRS and the Treasury Department are actively considering issuing guidance regarding the proper U.S. federal
income tax treatment of an instrument such as the offered notes, including whether the holders should be required to accrue ordinary income
on a current basis and whether gain or loss should be ordinary or capital. It is not possible to determine what guidance they will ultimately
issue, if any. It is possible, however, that under such guidance, holders of the notes will ultimately be required to accrue income currently
and this could be applied on a retroactive basis. The IRS and the Treasury Department are also considering other relevant issues, including
whether foreign holders of such instruments should be subject to withholding tax on any&nbsp;deemed income accruals. In addition, members
of Congress have proposed legislative changes to the tax treatment of derivative contracts. It is not possible to predict whether a similar
or identical bill will be enacted in the future, or whether any such bill would affect the tax treatment of your notes.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Except to the extent otherwise provided by law, GS Finance Corp. intends
to continue treating the notes for U.S. federal income tax purposes in accordance with the treatment described above unless and until
such time as Congress, the Treasury Department or the IRS determine that some other treatment is more appropriate.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">It is impossible to predict what any such legislation or administrative
or regulatory guidance might provide, and whether the effective date of any legislation or guidance will affect notes that were issued
before the date that such legislation or guidance is issued. You are urged to consult your tax advisor as to the possibility that any
legislative or administrative action may adversely affect the tax treatment of your notes.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Non-United States Holders</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This section applies to you only if you are a non-United States holder.
You are a non-United States holder if you are the beneficial owner of the notes and are, for U.S. federal income tax purposes:&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a nonresident alien individual;&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a foreign corporation; or&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>an estate or trust that in either case is not subject to U.S. federal income tax on a net income basis on income or gain from the
notes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">You are not a non-United States holder for purposes of this discussion
if you are (i) an individual who is present in the United States for 183 days or more in the taxable year of disposition of a note, or
(ii) a former citizen or resident of the United States.&nbsp;&nbsp;In addition, you are not a non-United States holder if income in respect
of your notes is effectively connected with the conduct of a United States trade or business. If you are or may become a person described
in this paragraph during the period in which you hold a note, you should consult your tax advisor regarding the U.S. federal tax consequences
of an investment in the notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under the characterization of the notes described above, subject to
the discussions below and &quot;United States Taxation &mdash; Taxation of Debt Securities &mdash; Non-United States Holders&rdquo; in
the accompanying prospectus, you should generally not be subject to U.S. federal income or withholding tax on the payment on your note,
assuming income on the notes is not effectively connected with your conduct of a United States trade or business.&nbsp;&nbsp;However,
under generally applicable information reporting and backup withholding requirements you may be required to provide an applicable IRS
Form W-8 (or otherwise establish an exemption) in order to avoid backup withholding on the payment on the notes. See the accompanying
prospectus under &quot;United States Taxation &mdash; Taxation of Debt Securities &mdash; Backup Withholding and Information Reporting
&mdash; Non-United States Holders.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As discussed above, alternative characterizations of the notes for U.S.
federal income tax purposes are possible, and the law applicable to the notes could change (including retroactively). Should an alternative
characterization of the notes, by reason of a change or clarification of the law, by regulation or otherwise, cause payments with respect
to the notes to become subject to withholding tax, we will withhold tax at the applicable statutory rate and we will not make payments
of any additional amounts. Prospective non-United States holders of the notes should consult their tax advisors in this regard.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Possible Withholding Under Section 871(m) of the Code.</I> The United
States Treasury Department has issued regulations under which amounts paid or deemed paid on certain financial instruments (&ldquo;871(m)
financial instruments&rdquo;) that are treated as attributable to U.S.-source dividends could be treated, in whole or in part depending
on the circumstances, as a &ldquo;dividend equivalent&rdquo; payment that is subject to tax at a rate of 30% (or a lower rate under an
applicable treaty), which in the case of any amounts you receive upon the sale, exchange, redemption or maturity of your notes, could
be collected via withholding. If these regulations were to apply to the notes, we (or an applicable withholding agent) may be required
to withhold such taxes if any U.S.-source dividends are paid on the stocks included in the underlier during the term of the notes. We
could also require you to make certifications (e.g., on an applicable IRS Form W-8) prior to the<B>&nbsp;</B>maturity of the notes in
order to avoid or minimize withholding obligations, and we could withhold accordingly (subject to your potential right to claim a refund
from the IRS) if such certifications were not received or were not satisfactory. If withholding was required, we would not be required
to pay any additional amounts with respect to amounts so withheld. These regulations generally will apply to 871(m) financial instruments
(or a combination of financial instruments treated as having been entered into in connection with each other) issued (or significantly
modified and treated as retired and reissued) on or after January 1, 2027, but will also apply to certain 871(m) financial instruments
(or a combination of financial instruments treated as having been entered into in connection with each other) that have a delta (as defined
in the applicable Treasury regulations) of one and are issued (or significantly modified and treated as retired and reissued) on or after
January 1, 2017.&nbsp;&nbsp;In addition, these regulations will not apply to financial instruments that reference a &ldquo;qualified index&rdquo;
(as defined in the regulations).&nbsp;&nbsp;We have determined that, as of the issue date of your notes, your notes will not be subject
to withholding under Section 871(m).&nbsp;&nbsp;In certain limited circumstances, however, you should be aware that it is possible for
non-United States holders to be liable for tax under these rules with respect to a combination of transactions treated as having been
entered into in connection with each other even when no withholding is required.&nbsp;&nbsp;You should consult your tax advisor concerning
these regulations, subsequent official guidance and regarding any other possible alternative characterizations of your notes for U.S.
federal income tax purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Foreign Account Tax Compliance Act (FATCA) Withholding</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Pursuant to Treasury regulations, Foreign Account Tax Compliance Act
(FATCA) withholding (as described in &ldquo;United States Taxation&mdash;Taxation of Debt Securities&mdash;Foreign Account Tax Compliance
Act (FATCA) Withholding&rdquo; in the accompanying prospectus) will generally apply to obligations that are issued on or after July 1,
2014; therefore, the notes will generally be subject to the FATCA withholding rules.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>THE TAX CONSEQUENCES OF OWNING AND DISPOSING OF THE NOTES ARE UNCLEAR.&nbsp;&nbsp;YOU
SHOULD CONSULT YOUR TAX ADVISOR REGARDING THE TAX CONSEQUENCES OF OWNING AND DISPOSING OF THE NOTES, INCLUDING THE TAX CONSEQUENCES UNDER
STATE, LOCAL, NON-U.S. AND OTHER TAX LAWS AND THE POSSIBLE EFFECTS OF CHANGES IN U.S. FEDERAL OR OTHER TAX LAWS.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Supplemental
plan of distribution; conflicts of interest</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See &ldquo;Supplemental Plan of Distribution&rdquo; on page S-51 of
the accompanying general terms supplement no. 17,744 and &ldquo;Plan of Distribution &mdash; Conflicts of Interest&rdquo; on page 127
of the accompanying prospectus; GS Finance Corp. estimates that its share of the total offering expenses, excluding underwriting discounts
and commissions, will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">GS Finance Corp. will sell to GS&amp;Co., and GS&amp;Co. will purchase
from GS Finance Corp., the aggregate face amount of the offered notes specified on the front cover of this pricing supplement. GS&amp;Co.
proposes initially to offer the notes to the public at the original issue price set forth on the cover page of this pricing supplement,
and to certain securities dealers at such price less a concession not in excess of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of
the face amount. GS&amp;Co. is an affiliate of GS Finance Corp. and The Goldman Sachs Group, Inc. and, as such, will have a &ldquo;conflict
of interest&rdquo; in this offering of notes within the meaning of Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5121. Consequently,
this offering of notes will be conducted in compliance with the provisions of FINRA Rule 5121. GS&amp;Co. will not be permitted to sell
notes in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the
account holder. We have been advised that GS&amp;Co. will also pay a fee to iCapital Markets LLC, a broker-dealer in which an affiliate
of GS Finance Corp. holds an indirect minority equity interest, for services it is providing in connection with this offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We expect to deliver the notes against payment therefor in New York,
New York on December 16, 2025. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are
required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish
to trade notes on any date prior to one business day before delivery will be required to specify alternative settlement arrangements to
prevent a failed settlement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have been advised by GS&amp;Co. that it intends to make a market
in the notes. However, neither GS&amp;Co. nor any of our other affiliates that makes a market is obligated to do so and any of them may
stop doing so at any time without notice. No assurance can be given as to the liquidity or trading market for the notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The notes will not be listed on any securities exchange or interdealer
quotation system.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 34; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have not authorized anyone to provide any information or to make
any representations other than those contained or incorporated by reference in this pricing supplement, the accompanying general terms
supplement no. 17,744, the accompanying S&amp;P 500<SUP>&reg;</SUP> Futures Adaptive Response Indices Supplement No. 1, the accompanying
November 2025 S&amp;P 500<SUP>&reg;</SUP> Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER Supplement Addendum, the accompanying
prospectus supplement or the accompanying prospectus. We take no responsibility for, and can provide no assurance as to the reliability
of, any other information that others may give you. This pricing supplement, the accompanying general terms supplement no. 17,744, the
accompanying S&amp;P 500<SUP>&reg;</SUP> Futures Adaptive Response Indices Supplement No. 1, the accompanying November 2025 S&amp;P 500<SUP>&reg;</SUP>
Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER Supplement Addendum, the accompanying prospectus supplement and the accompanying
prospectus is an offer to sell only the notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to
do so. The information contained in this pricing supplement, the accompanying general terms supplement no. 17,744, the accompanying S&amp;P
500<SUP>&reg;</SUP> Futures Adaptive Response Indices Supplement No. 1, the accompanying November 2025 S&amp;P 500<SUP>&reg;</SUP> Futures
40% VT Adaptive Response 6% Decrement Index (USD) ER Supplement Addendum, the accompanying prospectus supplement and the accompanying
prospectus is current only as of the respective dates of such documents.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">$</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>GS Finance Corp. </B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Autocallable S&amp;P 500<SUP>&reg;</SUP> Futures
40% VT Adaptive Response 6% Decrement Index (USD) ER-Linked Notes due</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">guaranteed by</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Goldman Sachs</B>&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Group, Inc.</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>_______________</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 96px; width: 96px"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>_______________</B><BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Goldman Sachs &amp; Co. LLC</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
