Form 424B2 GOLDMAN SACHS GROUP INC

Record pursuant to Rule 424(B)(2)
Registration Statement No. 333-253421

The information contained in this preliminary prospectus supplement is not complete and is subject to change. This preliminary prospectus supplement does not constitute an offer to sell or solicit an offer to buy these securities in any jurisdiction where the offer or sale is not authorized.

Subject to completion. As of June 6, 2022.

Prospectus supplement to the prospectus dated March 22, 2021.

Goldman Sachs, Inc.

% of fixed/floating rate bonds due 2027

The Goldman Sachs, Inc. group will pay interest on the Notes until but not limited to June 2026 (the “Fixed Rate Period”), at an annual fixed rate of %, payable semi-annually in June and December of each year, commencing from December 2022. From June 2026 inclusive to June 2027 exclusive (the “Floating Rate Period”), the Notes will bear interest at an annual rate of SOFR compounded, as described herein, plus %, payable quarterly on March , June, September and December of each year, from September 2026 to June 2027. The Notes will mature on the maturity date indicated, June 2027, and interest for the last period will accrue and be paid on such date. due date.

As described under “Use of Proceeds” in this Prospectus Supplement, we intend to use an amount equal to the net proceeds of this offering of Notes to fund or refinance projects and assets that meet critical environmental, social and/or sustainable development issues, including those related to climate transition and inclusive growth, as defined by our eligibility criteria.

If The Goldman Sachs Group, Inc. becomes obligated to pay additional amounts to
non american investors due to changes in U.S. withholding tax requirements, The Goldman Sachs Group, Inc. may redeem the Notes prior to their maturity at a price equal to 100% of the principal amount redeemed plus accrued interest to repayment date. In addition, The Goldman Sachs Group, Inc. may redeem the Notes (i) on or after December 2022 and up to and including June 2026, at the greater of par or an “aggregate” price calculated as described herein, and (ii) June 2026 or on or after May 2027, at par, in each case plus accrued and unpaid interest. See ”Specific Terms of the Notes — Terms of the Notes — Optional Redemption — Date of Redemption of All at First Par Value” and ”Special Terms of the Notes — Terms of the Notes — Optional Redemption — Nominal Redemption” below.

Investing in the Notes involves risks. See “Additional Notes Considerations” beginning on page
S-7.

Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of such securities or passed upon the accuracy or adequacy of this Prospectus Supplement or the accompanying Prospectus. Any representation to the contrary is a criminal offence.

The Notes have been registered under the Securities Act of 1933 solely for sale in the United States; they have not been and will not be registered for sale outside the United States.

The Notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other government agency, nor are they bonds or guaranteed by any bank.

By rating Total

Initial price to the public

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Subscription discounts

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Proceeds, before expenses, for The Goldman Sachs Group, Inc.

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The initial price to the public shown above does not include accrued interest, if any. Interest on the Notes will accrue from June 2022 and must be paid by the purchaser if the Notes are delivered after June 2022.

The Underwriters expect to deliver the Notes through the facilities of The Depository Trust Company against payment in New York, New York on June 2022.

The Goldman Sachs Group, Inc. may use this Prospectus Supplement and the accompanying Prospectus in the initial sale of the Notes. In addition, Goldman Sachs & Co. LLC or any other affiliate of the Goldman Sachs Group, Inc. may use this Prospectus Supplement and the accompanying Prospectus in connection with a market making transaction in the Notes after their initial sale, and unless they inform the buyer otherwise in the sale confirmation, this prospectus supplement and the accompanying prospectus are used by them in a market making transaction.

Goldman Sachs & Co. LLC

Prospectus supplement dated June 2022.

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