Bond Goldman Sachs 3% ( US38150ACT07 ) in USD

Goldman Sachs

100 % ⇌

United States

US38150ACT07 ( in USD )

3% per year ( payment 2 times a year)

30/11/2022 - Bond has expired

Prospectus brochure of the bond Goldman Sachs US38150ACT07 in USD 3%, expired

1 000 USD

38150ACT0

N/A

Goldman Sachs is a leading global investment banking, securities, and investment management firm that provides a wide range of financial services to corporations, governments, and high-net-worth individuals.

Goldman Sachs US38150ACT07 (CUSIP: 38150ACT0), a USD-denominated bond with a 3% coupon rate, matured on November 30, 2022, and has been redeemed at 100%, with a minimum purchase size of 1000, paying semi-annually.

424B2 1 form424b2.htm PRICING SUPPLEMENT NO. 226 DATED MAY 28, 2019
File d Pursua nt t o Rule 4 2 4 (b)(2 )
Re gist ra t ion St a t e m e nt N o. 3 3 3 2 1 9 2 0 6
$ 2 0 ,0 0 0 ,0 0 0
T he Goldm a n Sa c hs Group, I nc .

Callable Step-Up Fixed Rate Notes due 2022
We will pay you interest semi-annually on your notes at a rate of 3.00% per annum from and including May 30, 2019 to but excluding November 30, 2021. We will pay you interest semi-
annually on your notes at a rate of 3.50% per annum from and including November 30, 2021 to but excluding May 30, 2022. We will pay you interest semi-annually on your notes at a rate
of 4.00% per annum from and including May 30, 2022 to but excluding the stated maturity date (November 30, 2022). Interest will be paid on each May 30 and November 30. The first such
payment will be made on November 30, 2019.
I n a ddit ion, w e m a y re de e m t he not e s a t our opt ion, in w hole but not in pa rt , on t he la st da y of e a c h Fe brua ry a nd e a c h M a y 3 0 , August 3 0 a nd N ove m be r
3 0 on or a ft e r N ove m be r 3 0 , 2 0 1 9 , upon a t le a st five busine ss da ys' prior not ic e , a t a re de m pt ion pric e e qua l t o 1 0 0 % of t he out st a nding princ ipa l a m ount plus
a c c rue d a nd unpa id int e re st t o but e x c luding t he re de m pt ion da t e . Alt hough t he int e re st ra t e w ill st e p up during t he life of your not e s, you m a y not be ne fit
from suc h inc re a se in t he int e re st ra t e if your not e s a re re de e m e d prior t o t he st a t e d m a t urit y da t e .
Interest payments will be determined in accordance with the 30/360 (ISDA) day count convention and, therefore, on any February redemption date, interest will be paid for less than 90
days. See page PS-6.
Per Note

Total
Initial price to public
100% $20,000,000
Underwriting discount
0.581% $116,200
Proceeds, before expenses, to The Goldman Sachs Group, Inc.
99.419% $19,883,800

The initial price to public set forth above does not include accrued interest, if any. Interest on the notes will accrue from May 30, 2019 and must be paid by the purchaser if the notes are
delivered after May 30, 2019. In addition to offers and sales at the initial price to public, the underwriters may offer the notes from time to time for sale in one or more transactions at market
prices prevailing at the time of sale, at prices related to market prices or at negotiated prices.
The return (whether positive or negative) on your investment in notes will depend in part on the issue price you pay for such notes.
N e it he r t he Se c urit ie s a nd Ex c ha nge Com m ission nor a ny ot he r re gula t ory body ha s a pprove d or disa pprove d of t he se se c urit ie s or pa sse d upon t he
a c c ura c y or a de qua c y of t his prospe c t us. Any re pre se nt a t ion t o t he c ont ra ry is a c rim ina l offe nse .
T he not e s a re not ba nk de posit s a nd a re not insure d by t he Fe de ra l De posit I nsura nc e Corpora t ion or a ny ot he r gove rnm e nt a l a ge nc y, nor a re t he y
obliga t ions of, or gua ra nt e e d by, a ba nk .
Goldman Sachs may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or any other affiliate of Goldman Sachs may use this prospectus in a market-
making transaction in the notes after their initial sale. Unless Goldman Sachs or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is being used in a market-
making transaction.
Goldm a n Sa c hs & Co. LLC
Pricing Supplement No. 226 dated May 28, 2019.
Table of Contents

About Y our Prospe c t us

The notes are part of the Medium-Term Notes, Series N program of The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and the accompanying documents
listed below. This pricing supplement constitutes a supplement to the documents listed below and should be read in conjunction with such documents:
· Prospectus supplement dated July 10, 2017
· Prospectus dated July 10, 2017
The information in this pricing supplement supersedes any conflicting information in the documents listed above. In addition, some of the terms or features described in the listed documents
may not apply to your notes.
PS-2
Table of Contents
SPECI FI C T ERM S OF T H E N OT ES
Please note that in this section entitled "Specific Terms of the Notes", references to "The Goldman Sachs Group, Inc.", "we", "our" and "us" mean only The Goldman Sachs Group,

Inc. and do not include any of its subsidiaries or affiliates. Also, in this section, references to "holders" mean The Depository Trust Company (DTC) or its nominee and not indirect
owners who own beneficial interests in notes through participants in DTC. Please review the special considerations that apply to indirect owners in the accompanying prospectus,
under "Legal Ownership and Book-Entry Issuance".
This pricing supplement no. 226 dated May 28, 2019 (pricing supplement) and the accompanying prospectus dated July 10, 2017 (accompanying prospectus), relating to the notes, should
be read together. Because the notes are part of a series of our debt securities called Medium-Term Notes, Series N, this pricing supplement and the accompanying prospectus should also be
read with the accompanying prospectus supplement, dated July 10, 2017 (accompanying prospectus supplement). Terms used but not defined in this pricing supplement have the meanings
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given to them in the accompanying prospectus or accompanying prospectus supplement, unless the context requires otherwise.
The notes are part of a separate series of our debt securities under our Medium-Term Notes, Series N program governed by our Senior Debt Indenture, dated as of July 16, 2008, as
amended, between us and The Bank of New York Mellon, as trustee. This pricing supplement summarizes specific terms that will apply to your notes. The terms of the notes described here
supplement those described in the accompanying prospectus supplement and accompanying prospectus and, if the terms described here are inconsistent with those described there, the terms
described here are controlling.
T e rm s of t he Ca lla ble St e p-U p Fix e d Ra t e N ot e s due 2 0 2 2
I ssue r: The Goldman Sachs Group, Inc.

of each year, commencing on November 30, 2019 and ending on the stated maturity date
Princ ipa l a m ount : $20,000,000
Re gula r re c ord da t e s: for interest due on an interest payment date, the day immediately
Spe c ifie d c urre nc y: U.S. dollars ($)
prior to the day on which payment is to be made (as such payment day may be adjusted
T ype of N ot e s: Fixed rate notes (notes) De nom ina t ions: $1,000 and integral multiples
under the applicable business day convention specified below)
of $1,000
in excess thereof
Da y c ount c onve nt ion: 30/360 (ISDA), as further discussed under "Additional
Information About the Notes -- Day Count Convention" on page PS-5 of this pricing
T ra de da t e : May 28, 2019
supplement
Origina l issue da t e : May 30, 2019
Busine ss da y: New York
St a t e d m a t urit y da t e : November 30, 2022
Busine ss da y c onve nt ion: following unadjusted
I nt e re st ra t e : 3.00% per annum from and including May 30, 2019 to but excluding
November 30, 2021; 3.50% per annum from and including November 30, 2021 to but
Re de m pt ion a t opt ion of issue r be fore st a t e d m a t urit y: We may redeem the
excluding May 30, 2022; 4.00% per annum from and including May 30, 2022 to but
notes at our option, in whole but not in part, on the last day of each February and each May
excluding November 30, 2022
30, August 30 and November 30 on or after November 30, 2019, upon at least five business
Supple m e nt a l disc ussion of U .S. fe de ra l inc om e t a x c onse que nc e s: Subject to
days' prior notice, at a redemption price equal to 100% of the outstanding principal amount
the discussion set forth in the section referenced below regarding short-term debt securities,
plus accrued and unpaid interest to but excluding the redemption date
it is the opinion of Sidley Austin LLP that interest on a note will be taxable to a U.S. holder as
Lim it e d e ve nt s of de fa ult : The only events of default for the notes are (i) interest or
ordinary interest income at the time it accrues or is received in accordance with the U.S.
principal payment defaults that continue for 30 days and (ii) certain insolvency events. No
holder's normal method of accounting for tax purposes (regardless of whether we call the
other breach or default under our senior debt indenture or the notes will result in an event of
notes). Upon the disposition of a note by sale, exchange, redemption or retirement (i.e., if
default for the notes or permit the trustee or holders to accelerate the maturity of any debt
we exercise our right to call the notes or otherwise) or other disposition, a U.S. holder will
securities that is, they will not be entitled to declare the principal amount of any notes to
generally recognize capital gain or loss equal to the difference, if any, between (i) the
be immediately due and payable. See "Risks Relating to Regulatory Resolution Strategies
amount realized on the disposition (other than amounts attributable to accrued but unpaid
and Long-Term Debt Requirements" and "Description of Debt Securities We May Offer --
interest, which would be treated as such) and (ii) the U.S. holder's adjusted tax basis in the
Default, Remedies and Waiver of Default -- Securities Issued on or After January 1, 2017
note.
under the 2008 Indenture" in the accompanying prospectus for further details.
I nt e re st pa ym e nt da t e s: May 30 and November 30
List ing: None
PS-3
Table of Contents
ERI SA: as described under "Employee Retirement Income Security Act" on page 119

FDI C: The notes are not bank deposits and are not insured by the Federal Deposit
of the accompanying prospectus
Insurance Corporation or any other governmental agency, nor are they obligations of, or
CU SI P no.: 38150ACT0
guaranteed by, a bank
I SI N no.: US38150ACT07
Ca lc ula t ion Age nt : Goldman Sachs & Co. LLC
Form of not e s: Your notes will be issued in book-entry form and represented by a master
Fore ign Ac c ount T a x Com plia nc e Ac t (FAT CA) Wit hholding M a y Apply t o
global note. You should read the section "Legal Ownership and Book- Entry Issuance" in
Pa ym e nt s on Y our N ot e s, I nc luding a s a Re sult of t he Fa ilure of t he Ba nk or
the accompanying prospectus for more information about notes issued in book-entry form
Brok e r T hrough Whic h Y ou H old t he N ot e s t o Provide I nform a t ion t o T a x
Aut horit ie s:
De fe a sa nc e a pplie s a s follow s:
Please see the discussion under "United States Taxation -- Taxation of Debt Securities --
·
full defeasance -- i.e., our right to be relieved of all our obligations on the note by
Foreign Account Tax Compliance Act (FATCA) Withholding" in the accompanying prospectus

placing funds in trust for the holder: yes
for a description of the applicability of FATCA to payments made on your notes. The
discussion in that section is hereby modified to reflect regulations proposed by the Treasury
·
covenant defeasance -- i.e., our right to be relieved of specified provisions of the

Department indicating its intent to eliminate the requirements under FATCA of withholding on
note by placing funds in trust for the holder: yes
gross proceeds from the sale, exchange, maturity or other disposition of relevant financial
instruments. The Treasury Department has indicated that taxpayers may rely on these
proposed regulations pending their finalization.
PS-4
Table of Contents
ADDI T I ON AL I N FORM AT I ON ABOU T T H E N OT ES
Book-Entry System
We will issue the notes as a master global note registered in the name of DTC, or its nominee. The sale of the notes will settle in immediately available funds through DTC. You will not be
permitted to withdraw the notes from DTC except in the limited situations described in the accompanying prospectus under "Legal Ownership and Book-Entry Issuance -- What Is a Global
Security? -- Holder's Option to Obtain a Non-Global Security; Special Situations When a Global Security Will Be Terminated". Investors may hold interests in a master global note through
organizations that participate, directly or
indirectly, in the DTC system.
In addition to this pricing supplement, the following provisions are hereby incorporated into the global master note:
the description of New York business day appearing under "Description of Debt Securities We May Offer Calculations of Interest on Debt Securities Business Days" in the accompanying
prospectus, the description of the following unadjusted business day convention appearing under "Description of Debt Securities We May Offer Calculations of Interest on Debt Securities
Business Day Conventions" in the accompanying prospectus and the section "Description of Debt Securities We May Offer Defeasance and Covenant Defeasance" in the accompanying
prospectus.
Day Count Convention
As further described under "Description of Debt Securities We May Offer Calculations of Interest on Debt Securities Interest Rates and Interest" in the accompanying prospectus, for
each interest period the amount of accrued interest will be calculated by multiplying the principal amount of the note by an accrued interest factor for the interest period. The accrued interest
factor will be determined by multiplying the per annum interest rate by a factor resulting from the 30/360 (ISDA) day count convention. The factor is the number of days in the interest period in
respect of which payment is being made divided by 360, calculated on a formula basis as follows:
[360 × (Y2 Y1)] + [30 × (M2 M1)] + (D2 D1)
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360
w he re :
"Y1" is the year, expressed as a number, in which the first day of the interest period falls;
"Y2" is the year, expressed as a number, in which the day immediately following the last day included in the interest period falls;
"M1" is the calendar month, expressed as a number, in which the first day of the interest period
falls;
"M2" is the calendar month, expressed as a number, in which the day immediately following the last day included in the interest period falls;
"D1" is the first calendar day, expressed as a number, of the interest period, unless such number would be 31, in which case D1 will be 30; and
"D2" is the calendar day, expressed as a number, immediately following the last day included in the interest period, unless such number would be 31 and D1 is greater than 29, in which
case D2 will be 30.
When We Can Redeem the Notes
We will be permitted to redeem the notes at our option before their stated maturity, as described below. The notes will not be entitled to the benefit of any sinking fund that is, we will not
deposit money on a regular basis into any separate custodial account to repay your note. In addition, you will not be entitled to require us to buy your note from you before its stated maturity.
We will have the right to redeem the notes at our option, in whole but not in part, on the last day of each February and each May 30, August 30 and November 30 on or after November
30, 2019, at a redemption price equal to 100% of the outstanding principal amount plus accrued and unpaid interest to but excluding the redemption date. We will provide not less than five
business days' prior notice in the manner described under "Description of Debt Securities We May Offer -- Notices" in the attached prospectus. If the redemption notice is given and funds
deposited as required, then interest will cease to accrue on and after the redemption date on the notes. If any redemption date is not a business day, we will pay the redemption price on the
next business day without any interest or other payment due to the delay.
PS-5
Table of Contents
Due to the 30/360 (ISDA) day count convention, the factor used to determine the interest due upon a redemption in February will be less than 90/360.
Re de m pt ion Da t e
Applic a ble Fa c t or for t he Re de m pt ion Da t e
2/29/2020
89 / 360
2/28/2021
88 / 360
2/28/2022
88 / 360
What are the Tax Consequences of the Notes
You should carefully consider, among other things, the matters set forth under "United States Taxation" in the accompanying prospectus supplement and the accompanying prospectus. The
following discussion summarizes certain of the material U.S. federal income tax consequences of the purchase, beneficial ownership, and disposition of each of the notes. This summary
supplements the section "United States Taxation" in the accompanying prospectus supplement and the accompanying prospectus and is subject to the limitations and exceptions set forth
therein.
As of the original issue date, the notes should not be treated as issued with "original issue discount" ("OID") despite the fact that the interest rate on the notes is scheduled to step-up over
the term of the notes because Treasury regulations generally deem an issuer to exercise a call option in a manner that minimizes the yield on the debt instrument for purposes of determining
whether a debt instrument is issued with OID. The yield on the notes would be minimized if we call the notes immediately before the increase in the interest rate on November 30, 2021 and
therefore the notes should be treated as maturing on such date for OID purposes. This assumption is made solely for purposes of determining whether the notes are issued with OID for U.S.
federal income tax purposes, and is not an indication of our intention to call or not to call the notes at any time. If we do not call the notes prior to the increase in the interest rate then, solely for
OID purposes, the notes will be deemed to be reissued at their adjusted issue price on November 30, 2021. This deemed issuance should not give rise to taxable gain or loss to holders. The
same analysis would apply to the increase in the interest rate on May 30, 2022. If the notes are not called on the interest payment date occurring on either November 30, 2021 or May 30, 2022,
then, because the period between the interest payment dates on November 30, 2021 and May 30, 2022, respectively and the stated maturity date of the notes is one year or less, the notes,
upon their deemed reissuance on November 30, 2021 or May 30, 2022, could be treated as short-term debt securities for OID purposes (but not for purposes of determining the holding period
of your notes). For a discussion of the U.S. federal income tax consequences to a U.S. holder of owning short-term debt securities, please review the section entitled "United States Taxation--
Taxation of Debt Securities--United States Holders--Short-Term Debt Securities" in the accompanying prospectus.
Under this approach, and subject to the discussion above regarding short-term debt securities, interest on a note will be taxable to a U.S. holder as ordinary interest income at the time it
accrues or is received in accordance with the U.S. holder's normal method of accounting for tax purposes (regardless of whether we call the notes). Upon the disposition of a note by sale,
exchange, redemption or retirement (i.e., if we exercise our right to call the notes or otherwise) or other disposition, a U.S. holder will generally recognize capital gain or loss equal to the
difference, if any, between (i) the amount realized on the disposition (other than amounts attributable to accrued but unpaid interest, which would be treated as such) and (ii) the U.S. holder's
adjusted tax basis in the note. A U.S. holder's adjusted tax basis in a note generally will equal the cost of the note to the U.S. holder. The deductibility of capital losses is subject to significant
limitations.
Foreign Account Tax Compliance Act (FATCA) Withholding. Pursuant to Treasury regulations, Foreign Account Tax Compliance Act (FATCA) withholding (as described in "United States
Taxation--Taxation of Debt Securities--Foreign Account Tax Compliance Act (FATCA) Withholding" in the accompanying prospectus) will generally apply to obligations that are issued on or
after July 1, 2014; therefore, the notes will generally be subject to the FATCA withholding rules. Pursuant to recently proposed regulations, the Treasury Department has indicated its intent to
eliminate the requirements under FATCA of withholding on gross proceeds from the sale, exchange, maturity or other disposition of relevant financial instruments. The Treasury Department has
indicated that taxpayers may rely on these proposed regulations pending their finalization.
PS-6
Table of Contents
SU PPLEM EN T AL PLAN OF DI ST RI BU T I ON
The Goldman Sachs Group, Inc. will sell to Goldman Sachs & Co. LLC, and Goldman Sachs & Co. LLC will purchase from The Goldman Sachs Group, Inc., the aggregate principal amount
of the offered notes specified on the front cover of this pricing supplement. Goldman Sachs & Co. LLC proposes initially to offer the notes to the public at the initial price to public set forth on
the cover page of this pricing supplement, and to certain securities dealers at such price less a concession not in excess of 0.331% of the face amount. If all of the offered notes are not sold at
the initial price to public, the underwriters and/or dealers may change the offering price and the other selling terms.
In the future, Goldman Sachs & Co. LLC or other affiliates of The Goldman Sachs Group, Inc. may repurchase and resell the offered notes in market-making transactions, with resales being
made at prices related to prevailing market prices at the time of resale or at negotiated prices. The Goldman Sachs Group, Inc. estimates that its share of the total offering expenses, excluding
underwriting discounts and commissions, will be approximately $15,000. For more information about the plan of distribution and possible market-making activities, see "Plan of Distribution" in the
accompanying prospectus.
We will deliver the notes against payment therefor in New York, New York on May 30, 2019.
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Any notes which are the subject of the offering contemplated by this pricing supplement, the accompanying prospectus and the accompanying prospectus supplement may not be offered,
sold or otherwise made available to any retail investor in the European Economic Area. Consequently no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPs
Regulation") for offering or selling the notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the notes or otherwise making
them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. For the purposes of this provision:
(a) the expression "retail investor" means a person who is one (or more) of the following:
(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or
(ii) a customer within the meaning of Directive 2002/92/EC (as amended, the "Insurance Mediation Directive"), where that customer would not qualify as a professional client as defined in
point (10) of Article 4(1) of MiFID II; or
(iii) not a qualified investor as defined in Directive 2003/71/EC (as amended, the "Prospectus Directive"); and
(b) the expression an "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the notes to be offered so as to enable an investor
to decide to purchase or subscribe for the notes.
In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a "Relevant Member State"), Goldman Sachs & Co. LLC has
represented and agreed that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the "Relevant Implementation Date") it has
not made and will not make an offer of notes which are the subject of the offering contemplated by this pricing supplement, the accompanying prospectus and the accompanying prospectus
supplement to the public in that Relevant Member State except that, with effect from and including the Relevant Implementation Date, an offer of such notes may be made to the public in that
Relevant Member State:
(a) at any time to any legal entity which is a qualified investor as defined in the Prospectus Directive;
(b) at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), subject to obtaining the prior consent of the relevant dealer or
dealers nominated by the issuer for any such offer; or
(c) at any time in any other circumstances falling within Article 3(2) of the Prospectus Directive,
provided that no such offer of notes referred to above shall require us or any dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive.
For the purposes of this provision, the expression an "offer of notes to the public" in relation to any notes in any Relevant Member State means the communication in any form and by any
means of sufficient information on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe for the notes, as the same may be varied in
that Member State by any measure implementing the Prospectus Directive in that Member State and the expression "Prospectus Directive" means Directive 2003/71/EC (as amended, including
by Directive 2010/73/EU), and includes any relevant implementing measure in the Relevant Member State.
Any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the issue or sale of the notes may only be communicated or
caused to be communicated in
PS-7
Table of Contents
circumstances in which Section 21(1) of the FSMA does not apply to The Goldman Sachs Group, Inc.
All applicable provisions of the FSMA must be complied with in respect to anything done by any person in relation to the notes in, from or otherwise involving the United Kingdom.
The notes may not be offered or sold in Hong Kong by means of any document other than (i) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571 of the
Laws of Hong Kong) and any rules made thereunder, or (ii) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and
Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) or which do not constitute an offer to the public within the meaning of that Ordinance; and no advertisement, invitation
or document relating to the notes may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere) which is directed at, or
the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the notes
which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance and any rules made
thereunder.
This pricing supplement, along with the accompanying prospectus supplement and the accompanying prospectus have not been registered as a prospectus with the Monetary Authority of
Singapore. Accordingly, this pricing supplement, along with the accompanying prospectus supplement and the accompanying prospectus and any other document or material in connection with
the offer or sale, or invitation for subscription or purchase, of the notes may not be circulated or distributed, nor may the notes be offered or sold, or be made the subject of an invitation for
subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act, Chapter 289
of Singapore (the "SFA")) under Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to
Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other
applicable provision of the SFA, in each case subject to conditions set forth in the SFA.
Where the notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section 4A of the
SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as
defined in Section 239(1) of the SFA) of that corporation shall not be transferable for six months after that corporation has acquired the notes under Section 275 of the SFA except: (1) to an
institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer in that corporation's securities
pursuant to Section 275(1A) of the SFA, (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA,
or (6) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore ("Regulation 32").
Where the notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A
of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall
not be transferable for six months after that trust has acquired the notes under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant
person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than
S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration
is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32.
The notes have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended), or the FIEA. The notes may not be
offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws
of Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration requirements
of the FIEA and otherwise in compliance with any relevant laws and regulations of Japan.
The notes are not offered, sold or advertised, directly or indirectly, in, into or from Switzerland on the basis of a public offering and will not be listed on the SIX Swiss Exchange or any other
offering or regulated trading facility in Switzerland. Accordingly, neither this pricing supplement nor any accompanying prospectus supplement, prospectus or other marketing material constitute a
prospectus as defined in article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus as defined in article 32 of the Listing Rules of the SIX Swiss Exchange or any other
regulated trading facility in Switzerland. Any resales of the notes by the underwriters thereof may only be undertaken on a private basis to selected individual investors in compliance with Swiss
law. This pricing supplement and accompanying prospectus and prospectus supplement may not be copied, reproduced, distributed or passed on to others or otherwise made available in
PS-8
Table of Contents
Switzerland without our prior written consent. By accepting this pricing supplement and accompanying prospectus and prospectus supplement or by subscribing to the notes, investors are
deemed to have acknowledged and agreed to abide by these restrictions. Investors are advised to consult with their financial, legal or tax advisers before investing in the notes.
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PS-9
Table of Contents
Conflic t s of I nt e re st
Goldman Sachs & Co. LLC is an affiliate of The Goldman Sachs Group, Inc. and, as such, will have a "conflict of interest" in this offering of notes within the meaning of Financial Industry
Regulatory Authority, Inc. (FINRA) Rule 5121. Consequently, this offering of notes will be conducted in compliance with the provisions of FINRA Rule 5121. Goldman Sachs & Co. LLC will not
be permitted to sell notes in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.
PS-10
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V ALI DI T Y OF T H E N OT ES
In the opinion of Sidley Austin LLP, as counsel to The Goldman Sachs Group, Inc., when the notes offered by this pricing supplement have been executed and issued by The Goldman
Sachs Group, Inc. and authenticated by the trustee pursuant to the indenture, and delivered against payment as contemplated herein, such notes will be valid and binding obligations of The
Goldman Sachs Group, Inc., enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of
reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses
no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and
is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware as in effect on the date hereof. In addition, this opinion is subject to customary
assumptions about the trustee's authorization, execution and delivery of the indenture and the genuineness of signatures and certain factual matters, all as stated in the letter of such counsel
dated July 10, 2017, which has been filed as Exhibit 5.5 to The Goldman Sachs Group, Inc.'s registration statement on Form S-3 filed with the Securities and Exchange Commission on July 10,
2017.
PS-11
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We have not authorized anyone to provide any information or to make any representations other than those contained

or incorporated by reference in this pricing supplement, the accompanying prospectus supplement or the accompanying
prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other information
that others may give you. This pricing supplement, the accompanying prospectus supplement and the accompanying
prospectus is an offer to sell only the notes offered hereby, but only under circumstances and in jurisdictions where it is
lawful to do so. The information contained in this pricing supplement, the accompanying prospectus supplement and the
accompanying prospectus is current only as of the respective dates of such documents.
TABLE OF CONTENTS
Pricing Supplement
Specific Terms of the Notes
PS -3
Additional Information About the Notes
PS -5
$20,000,000
Supplemental Plan of Distribution
PS -7
Conflicts of Interest
PS -10
Validity of the Notes
PS -11
Prospectus Supplement dated July 10, 2017
T he Goldm a n Sa c hs Group, I nc .
Use of Proceeds
S-2
Description of Notes We May Offer
S-3
Considerations Relating to Indexed Notes
S-20
United States Taxation
S-23
Employee Retirement Income Security Act
S-24
Callable Step-Up Fixed Rate
Supplemental Plan of Distribution
S-25
Notes due 2022
Validity of the Notes
S-27

Prospectus dated July 10, 2017

Available Information
2
Prospectus Summary
4
Risks Relating to Regulatory Resolution Strategies and Long-Term Debt Requirements
8
Use of Proceeds
13
Description of Debt Securities We May Offer
14
Description of Warrants We May Offer
45
Description of Purchase Contracts We May Offer
61
Description of Units We May Offer
66
Description of Preferred Stock We May Offer
71
Description of Capital Stock of The Goldman Sachs Group, Inc.
79
Legal Ownership and Book-Entry Issuance
84
Considerations Relating to Floating Rate Securities
89
Considerations Relating to Indexed Securities
90
Considerations Relating to Securities Denominated or Payable in or Linked to a Non-U.S. Dollar Currency
91
United States Taxation
94
Plan of Distribution
116
Conflicts of Interest
118
Employee Retirement Income Security Act
119
Validity of the Securities
120
Experts
120
Review of Unaudited Condensed Consolidated Financial Statements by Independent Registered Public
121
Accounting Firm
Cautionary Statement Pursuant to the Private Securities Litigation Reform Act of 1995
121
Goldm a n Sa c hs & Co. LLC
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Document Outline

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