Free Writing Prospectus pursuant to Rule 433 dated July 26, 2021 / Registration Statement No. 333-253421

This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary prospectus supplement and related documents for a more detailed description of the underlying stocks (including historical prices of the underlying stocks), the terms of the securities and certain risks.

The amount that you will be paid on your securities is based on the performance of the worst performing of the common stock of Citizens Financial Group, Inc., the common stock of Fifth Third Bancorp and the common stock of Signature Bank. The securities will mature on the stated maturity date unless they are automatically called on any call observation date. At maturity, if not previously automatically called, (i) if the final share price of each underlying stock is greater than or equal to its coupon threshold level you will receive the principal amount of your securities plus a coupon payment of at least $0.27 (set on the trade date), (ii) if the final share price of any underlying stock is less than its coupon threshold level but the final share price of each underlying stock is greater than or equal to its downside threshold level, you will not receive a coupon payment but you will receive the principal amount of your securities and (iii) if the final share price of any underlying index is less than its downside threshold level, you will not receive a coupon payment, the payment at maturity will be based on the performance of the underlying stock with the lowest index performance factor (the quotient of the final share price divided by the initial share price) and you will receive significantly less than the principal amount of your securities. Investors will not participate in any appreciation of any underlying stock. If the final share price of any underlying stock is less than its downside threshold level, you will not receive a coupon payment and you will lose a significant portion or all of your investment.  

Your securities will be automatically called if the closing price of each underlying stock on any call observation date is greater than or equal to its initial share price, resulting in a payment on the corresponding call payment date equal to the principal amount of your securities plus the contingent quarterly coupon (defined below) then due.

The securities will not pay a fixed coupon and may pay no coupon on a coupon payment date. On each coupon determination date, subject to the automatic call feature, if the closing price of each underlying stock is greater than or equal to its coupon threshold level, you will receive on the corresponding coupon payment date a contingent quarterly coupon payment of at least $0.27 for each $10 principal amount of your securities. If the closing price of any underlying stock on any coupon determination date is less than its coupon threshold level, you will not receive a coupon payment on the applicable coupon payment date. 

The securities are for investors who seek to earn a coupon at an above current market rate in exchange for the risk of receiving few or no contingent quarterly coupons and the risk of losing a significant portion or all of the principal of their securities based on the performance of the worst performing underlying stock .

GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement and preliminary prospectus supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement and preliminary prospectus supplement and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement and preliminary prospectus supplement if you so request by calling (212) 357-4612.

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

This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary prospectus supplement and related documents for a more detailed description of the underlying stocks (including historical prices of the underlying stocks), the terms of the securities and certain risks.

An investment in the securities is subject to risks. Many of the risks are described in the accompanying preliminary prospectus supplement, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of certain risk factors discussed in such documents. In addition to the below, you should read in full “Risk Factors” in the accompanying preliminary prospectus supplement, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus. Your securities are a riskier investment than ordinary debt securities. Also, your securities are not equivalent to investing directly in the underlying stocks. You should carefully consider whether the offered securities are appropriate given your particular circumstances. 

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

Risks Related to Structure, Valuation and Secondary Market Sales

This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary prospectus supplement and related documents for a more detailed description of the underlying stocks (including historical prices of the underlying stocks), the terms of the securities and certain risks.

Risks Related to Conflicts of Interest

Risks Related to Tax

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

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

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

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

This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary prospectus supplement and related documents for a more detailed description of the underlying stocks (including historical prices of the underlying stocks), the terms of the securities and certain risks.