Causeway Securities EU Defensive 85% Kick Out Plan – April 26 – GS-10

Goldman, Sachs & Co. Wertpapier GmbH (the “Issuer”), part of The Goldman Sachs Group, Inc. (see http:// www.gspriips.eu or call  +442070510104 for more information)

The product provides the potential for capital growth and does  not pay interest. What you will receive at the end of the term of  the product is not certain and will depend on the performance of  the class 3377 preference shares issued by GOLDMAN SACHS  (CAYMAN) LIMITED (ISIN: GS00PSH33778) (the preference  shares). The performance of the preference shares is in turn  linked to the performance of the index EURO STOXX 50® Index  (Price EUR) (the underlying asset). In addition, you will take the  risk that some or all of the value of your investment may be lost at the end of the term of the product. The term of the product will  end no later than May 9, 2031. However, the product may  terminate early depending on the performance of the underlying  asset. Each note has a face value of GBP 1. The issue price is  100.00% of the face value. The product will be listed on  Luxembourg Stock Exchange (Euro MTF). The subscription  period is from March 10, 2026 to April 30, 2026. The issue date is May 11, 2026.

Autocall feature: If the closing price of the underlying asset on  any autocall observation date is at or above 85.00% of the initial  reference price, the preference shares and the notes will  terminate on the corresponding autocall payment date. In this case, you will receive an autocall payment for each note that you  hold. Autocall observation dates are each trading day rolling annually from April 30, 2028 (inclusive) to April 30, 2030  (inclusive). Autocall payment dates are dates falling 5 business  days after each autocall observation date. Autocall payment for  the first autocall payment date is GBP 1.156 and will subsequently increase by GBP 0.078 with each autocall payment date.

Repayment at maturity: This section applies only if no  autocall occurs as described above.

On May 9, 2031, for each note that you hold:

1. If the closing price of the underlying asset on April 30, 2031 is  at least equal to 85.00% of the initial reference price, you will  receive GBP 1.39; or

2. If the closing price of the underlying asset on April 30, 2031 is  at least equal to the barrier price, you will receive GBP 1.00; or

3. Otherwise, you will receive GBP 1.00 multiplied by (i) the  closing price of the underlying asset on April 30, 2031 divided by  (ii) the strike price of the underlying asset.

The initial reference price of the underlying asset is the closing  price on April 30, 2026.

The strike price is 100.00% of the initial reference price. The  barrier price is 65.00% of the initial reference price. The autocall barrier is 85.00% of the initial reference price.

The product terms also provide that if certain exceptional events  occur (1) adjustments may be made to the product and/or (2) the  product issuer may terminate the product early. These events are  specified in the product terms and principally relate to the underlying asset, the product and the product manufacturer. The  return (if any) you receive on such early termination is likely to be different from the scenarios described above and may be less than the amount you invested.

The product is intended to be offered to retail investors who:

1. either (i) have advanced knowledge and a comprehensive  understanding of the product, its market and its specific risks and rewards, with relevant financial industry experience including  either frequent trading or large holdings in products of a similar  nature, risk and complexity or (ii) have the ability to make an  informed investment decision through sufficient knowledge and  understanding of the product and its specific risks and rewards  through professional advice, with experience of investing in  and/or holding a number of similar products providing a similar market exposure;

2. seek capital growth, expect the movement in the underlying  asset to perform in a way that generates a favourable return, have an investment horizon of the recommended holding period  specified in the key information document and understand that the product may terminate  early;

3. accept the risk that the issuer or guarantor could fail to pay or  perform its obligations under the product but otherwise are able  to bear a total loss of their investment; and

4. are willing to accept a level of risk to achieve potential returns  that is consistent with the summary risk indicator shown in the key information document.