iDAD Defensive Step Down Kick Out Plan – Issue 2

Goldman, Sachs & Co. Wertpapier GmbH (the “Issuer”) (see  http://www.gspriips.eu or call +442070510101 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 3458 preference shares issued by GOLDMAN SACHS  (CAYMAN) LIMITED (ISIN: GS00PSH34586) (the preference  shares). The performance of the preference shares is in turn  linked to the performance of a basket consisting of the S&P 500® Index and the EURO STOXX 50® Index (Price EUR) (the  underlying assets). 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 July 3, 2031. However, the product may terminate early  depending on the performance of the underlying assets. 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 issue date is July 10, 2026.

Autocall feature: If the closing price of each underlying asset  on any autocall observation date is at or above its autocall barrier, 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 June 26, 2028 (inclusive) to June 26, 2030 (inclusive). Autocall  payment dates are dates falling 5 business days after each autocall observation date. Autocall barrier for the first autocall  observation date is 100.00% of the initial reference price of the  relevant underlying asset and will subsequently decrease by  10.00% of the initial reference price of the relevant underlying  asset with each autocall observation date. Autocall payment for  the first autocall payment date is GBP 1.173 and will subsequently increase by GBP 0.0865 with each autocall payment date.

Repayment at maturity:

This section applies only if no autocall occurs as described above.

On July 3, 2031, for each note that you hold:

1. If the closing price of the underlying asset with the lowest  performance (as compared with its initial reference price) on June 26, 2031 is at least equal to 70.00% of its initial reference  price, you will receive GBP 1.4325; or

2. If the closing price of the underlying asset with the lowest  performance (as compared with its initial reference price) on June 26, 2031 is at least equal to its 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 with the lowest performance  (as compared with its initial reference price) on June 26, 2031  divided by (ii) the strike price of such underlying asset.

The strike prices, barrier prices and initial reference prices are  shown in the key information document.

The initial reference price of an underlying asset is the closing  price of such underlying asset on June 26, 2026.

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 assets, 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  assets 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.