SEC Form FWP filed by Goldman Sachs Group Inc.

Buffered PLUS Based on the Value of the Worst-Performing of the S&P 500® Index and the Nasdaq-100 Index® due February 19, 2032

Principal at Risk Securities

The amount that you will be paid on your PLUS on the stated maturity date is based on the worst-performing of the S&P 500® Index and the Nasdaq-100 Index® as measured from the pricing date to and including the valuation date.

If the final index value of each underlying index is greater than its initial index value, the return on your PLUS will be positive and equal to the product of the leverage factor multiplied by the worst of the index percent increases.

If the final index value of any underlying index is equal to or less than its initial index value but the final index value of each underlying index is greater than or equal to its buffer level, you will receive the principal amount of your PLUS. However, if the final index value of any underlying index is less than its buffer level, you will lose 1% for every 1% decline in the value of the worst-performing underlying index beyond the buffer amount, subject to the minimum payment at maturity.

The PLUS are for investors who seek the potential to earn 108.80% of any positive return of the worst-performing underlying index, are willing to forgo interest payments and are willing to risk losing up to 75.00% of their investment if the final index value of any underlying index is less than its buffer level.

GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, underlier supplement no. 47, general terms supplement no. 17,745 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, underlier supplement no. 47, general terms supplement no. 17,745 and preliminary pricing supplement and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, underlier supplement no. 47, general terms supplement no. 17,745 and preliminary pricing supplement if you so request by calling (212) 357-4612.

The PLUS 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:

An investment in the PLUS is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 17,745, the accompanying underlier supplement no. 47, 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 pricing supplement, “Additional Risk Factors Specific to the Notes” in the accompanying general terms supplement no. 17,745, “Additional Risk Factors Specific to the Securities” in the accompanying underlier supplement no. 47, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus. Your PLUS are a riskier investment than ordinary debt securities. Also, your PLUS are not equivalent to investing directly in the underlying index stocks, i.e., the stocks comprising the underlying index to which your PLUS are linked. You should carefully consider whether the offered PLUS are appropriate given your particular circumstances.

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

Risks Related to Structure, Valuation and Secondary Market Sales

Risks Related to Conflicts of Interest

Additional Risks Related to the Nasdaq-100 Index®

Risks Related to Tax

The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 17,744:

Risks Related to Structure, Valuation and Secondary Market Sales

Risks Related to Conflicts of Interest

Risks Related to Tax

The following risk factors are discussed in greater detail in the accompanying underlier supplement no. 47:

Additional Risks Relating to Securities Linked to Underliers that are Equity Indices

Additional Risks Relating to Securities Linked to Underliers Denominated in Foreign Currencies or that Contain Foreign Stocks

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

For details about the license agreement between each underlying index publisher and its issuer, see “The Underliers — S&P 500® Index” and “The Underliers — Nasdaq-100 Index®” on pages S-127 and S-65 of the accompanying underlier supplement no. 47, respectively.

You should review carefully the discussion in the accompanying preliminary pricing 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 PLUS, and you should consult your tax advisor.