Obbligazione Goldman Sachs 1.802% ( US38141GRB22 ) in USD

Emittente Goldman Sachs
Prezzo di mercato 100 USD  ▼ 
Paese  Stati Uniti
Codice isin  US38141GRB22 ( in USD )
Tasso d'interesse 1.802% per anno ( pagato 2 volte l'anno)
Scadenza 02/04/2023 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Goldman Sachs US38141GRB22 in USD 1.802%, scaduta


Importo minimo 1 000 USD
Importo totale 20 000 000 USD
Cusip 38141GRB2
Standard & Poor's ( S&P ) rating BBB+ ( Lower medium grade - Investment-grade )
Moody's rating A2 ( Upper medium grade - Investment-grade )
Descrizione dettagliata Goldman Sachs è una banca d'investimento multinazionale americana che offre servizi di investimento bancario, gestione patrimoniale e trading a clienti istituzionali e privati.

The Obbligazione issued by Goldman Sachs ( United States ) , in USD, with the ISIN code US38141GRB22, pays a coupon of 1.802% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 02/04/2023

The Obbligazione issued by Goldman Sachs ( United States ) , in USD, with the ISIN code US38141GRB22, was rated A2 ( Upper medium grade - Investment-grade ) by Moody's credit rating agency.

The Obbligazione issued by Goldman Sachs ( United States ) , in USD, with the ISIN code US38141GRB22, was rated BBB+ ( Lower medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.







Prospectus Supplement No. 2092 dated March 27, 2013
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424B2 1 d511811d424b2.htm PROSPECTUS SUPPLEMENT NO. 2092 DATED MARCH 27, 2013
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-176914

Prospectus Supplement to the Prospectus dated September 19, 2011
and the Prospectus Supplement dated September 19, 2011 -- No. 2092
The Goldman Sachs Group, Inc.
$20,000,000
Fixed and Floating Rate Medium-Term Notes,

Series D, due 2023



We wil pay a fixed rate of interest at a rate of 2.00% per annum quarterly on January 2, April 2, July 2 and October 2 of each year, commencing
on July 2, 2013 to, and including, April 2, 2015. After April 2, 2015, interest wil be payable quarterly on January 2, April 2, July 2 and October 2 of
each year, commencing on July 2, 2015 to, and including, April 2, 2017, at a floating rate equal to the then-applicable 3-month USD LIBOR rate plus the
spread of 1.50% per annum, subject to the minimum interest rate of 1.50% per annum. After April 2, 2017, interest wil be payable quarterly on
January 2, April 2, July 2 and October 2 of each year, commencing on July 2, 2017 to, and including, the stated maturity date (April 2, 2023) at a
floating rate equal to the then-applicable 3-month USD LIBOR rate plus the spread, subject to the minimum interest rate and the maximum interest rate
of 6.00% per annum. The notes wil mature on the stated maturity date. On the stated maturity date, you wil receive $1,000 for each $1,000 of the
face amount of your notes.
The interest on your notes for each quarterly interest period commencing on or after April 2, 2015 to, but excluding, the stated maturity date,
each of which we refer to as a "floating rate interest period", wil be a rate equal to the then-applicable 3-month USD LIBOR rate on the interest
determination date for the floating rate interest period plus the spread, subject to the minimum interest rate. The interest rate on your notes for the
floating rate interest periods commencing on or after April 2, 2015 to, but excluding, April 2, 2017 wil not be subject to the maximum interest rate. The
interest on your notes for the floating rate interest periods commencing on or after April 2, 2017 to, but excluding, the stated maturity date wil be a rate
equal to:

· If the 3-month USD LIBOR rate on the interest determination date for a floating rate interest period plus the spread is less than the

maximum interest rate, the 3-month USD LIBOR rate on such interest determination date plus the spread, subject to the minimum interest
rate; or

· If the 3-month USD LIBOR rate on the interest determination date for a floating rate interest period plus the spread is equal to or greater

than the maximum interest rate, the maximum interest rate.
For the floating rate interest periods commencing on or after April 2, 2017 to, but excluding, the stated maturity date, even if the
3-month USD LIBOR rate on an interest determination date plus the spread is greater than 6.00% per annum, the notes will accrue only
6.00% per annum in the applicable interest period.
Your investment in the notes involves certain risks, including, among other things, our credit risk. See page S-6.
The foregoing is only a brief summary of the terms of your notes. You should read the additional disclosure provided herein so that you my better
understand the terms and risks of your investment.

Original issue date:
April 2, 2013
Original issue price:
100.00% of the face amount
Underwriting discount:
1.97% of the face amount
Net proceeds to the issuer:
98.03% of the face amount
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or
passed upon the accuracy or adequacy of this prospectus supplement, the accompanying prospectus supplement or the accompanying
prospectus. Any representation to the contrary is a criminal offense. The notes are not bank deposits and are not insured by the Federal
Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.
Goldman, Sachs & Co.
Prospectus Supplement dated March 27, 2013.
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The issue price, underwriting discount and net proceeds listed on the cover page hereof relate to the notes we sel initial y. We may decide to sel
additional notes after the date of this prospectus supplement, at issue prices and with underwriting discounts and net proceeds that differ from the
amounts set forth above. The return (whether positive or negative) on your investment in notes wil depend in part on the issue price you pay for such
notes.
Goldman Sachs may use this prospectus supplement in the initial sale of the offered notes. In addition, Goldman, Sachs & Co., or any other
affiliate of Goldman Sachs may use this prospectus supplement in a market-making transaction in a note after its initial sale. Unless Goldman Sachs
or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus supplement is being used in a market-making
transaction.
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SPECIFIC TERMS OF YOUR NOTES

We refer to the notes we are offering by this prospectus supplement as the "offered notes" or the "notes". Please note that in this prospectus
supplement, references to "The Goldman Sachs Group, Inc.", "we", "our" and "us" mean only The Goldman Sachs Group, Inc. and do not include
its consolidated subsidiaries. Also, references to the "accompanying prospectus" mean the accompanying prospectus, dated September 19, 2011,
as supplemented by the accompanying prospectus supplement, dated September 19, 2011, relating to Medium-Term Notes, Series D, of The
Goldman Sachs Group, Inc. Please note that in this section entitled "Specific Terms of Your Notes", references to "holders" mean those who own
notes registered in their own names, on the books that we or the trustee maintain for this purpose, and not those who own beneficial interests in
notes registered in street name or in notes issued in book-entry form through The Depository Trust Company. Please review the special
considerations that apply to owners of beneficial interests in the accompanying prospectus, under "Legal Ownership and Book-Entry Issuance".
References to the "indenture" in this prospectus supplement mean the senior debt indenture, dated July 16, 2008, between The Goldman Sachs
Group, Inc. and The Bank of New York Mellon, as trustee.
Key Terms
Issuer: The Goldman Sachs Group, Inc.
Specified currency: U.S. dol ars ("$")
Face amount: each note wil have a face amount equal to $1,000, or integral multiples of $1,000 in excess thereof; $20,000,000 in the aggregate for
all the offered notes; the aggregate face amount of the offered notes may be increased if the issuer, at its sole option, decides to sel an additional
amount of the offered notes on a date subsequent to the date of this prospectus supplement
Stated maturity date: April 2, 2023
Trade date: March 27, 2013
Original issue date (settlement date): April 2, 2013
Form of Notes: global form only
Supplemental discussion of U.S. federal income tax consequences: We intend to treat your notes as variable rate debt instruments for U.S.
federal income tax purposes. Under this characterization, it is the opinion of Sidley Austin LLP that you should include the amounts treated as qualified
stated interest in ordinary income at the time you receive or accrue such payments, depending on your regular method of accounting for tax purposes.
In addition, you should be required to include any original issue discount in ordinary income as such original issue discount accrues, regardless of your
method of accounting for tax purposes. In addition, any gain or loss you recognize upon the sale or maturity of your notes should be capital gain or loss.
Please see "Supplemental Discussion of Federal Income Tax Consequences" below for a more detailed discussion.
Fixed interest rate: for the fixed rate interest periods, interest on the notes wil be 2.00% per annum
Fixed rate interest payment dates: quarterly; on each January 2, April 2, July 2 and October 2, commencing on July 2, 2013 to, and including, April 2,
2015
Fixed rate interest periods: quarterly; the periods from and including a fixed rate interest payment date (or the original issue date, in the case of the
first fixed rate interest period) to but excluding the fol owing fixed rate interest payment date
Floating interest rate: for the floating rate interest periods commencing on or after April 2, 2015 to, but excluding, April 2, 2017, interest on the notes
wil be the then-applicable 3-month USD LIBOR rate, determined on the relevant interest determination date, plus the spread, subject to the minimum
interest rate; for the floating rate interest periods commencing on or after April 2, 2017 to, but excluding, the stated maturity date, interest on the notes
wil be:

· if the 3-month USD LIBOR rate on an interest determination date plus the spread is less than the maximum interest rate, the 3-month USD

LIBOR rate on such interest determination date plus the spread, subject to the minimum interest rate; or

· if the 3-month USD LIBOR rate on an interest determination date plus the spread is equal to or greater than the maximum interest rate, the

maximum interest rate

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Maximum interest rate: 6.00% per annum
Minimum interest rate: 1.50% per annum
Base rate for the floating rate interest periods: 3-month USD LIBOR (as described in the accompanying prospectus supplement under "Description
of the Notes We May Offer -- Interest Rates -- LIBOR Notes")
Reuters screen LIBOR page: LIBOR01
Index maturity: 3 months
Index currency: U.S. dol ar
Spread: 1.50% per annum
Initial base rate: 3-month USD LIBOR in effect two London business days prior to April 2, 2015; provided, however, that if the calculation agent
cannot determine 3-month USD LIBOR as described in the accompanying prospectus supplement under "Description of the Notes We May Offer --
Interest Rates -- LIBOR Notes", then the initial base rate is 6.00%
Floating rate interest payment dates: quarterly; on each January 2, April 2, July 2 and October 2, commencing on July 2, 2015 and ending on the
stated maturity date
Floating rate interest periods: quarterly; the periods from and including the final fixed rate interest payment date to but excluding the next succeeding
floating rate interest payment date, or the stated maturity date, in the case of the final floating rate interest period, are each a floating rate interest
period
Business day convention: modified fol owing unadjusted; applicable to interest payment dates and floating rate interest reset dates
Interest determination dates: for each floating rate interest period, the second London business day preceding the floating rate interest reset date
Floating rate interest reset dates: every January 2, April 2, July 2 and October 2, commencing on April 2, 2015
Day count fraction: 30/360 (ISDA)
Regular record dates: the scheduled business day immediately preceding each interest payment date
No listing: the notes wil not be listed or displayed on any securities exchange or interdealer market quotation system
No redemption: the notes wil not be subject to redemption right or price dependent redemption right
London business day: any day on which commercial banks are open for general business (including dealings in U.S. dol ars) in London
Business Day: New York business day.
Calculation agent: Goldman, Sachs & Co.
CUSIP no.: 38141GRB2
ISIN no.: US38141GRB22
FDIC: the notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency; nor are
they obligations of, or guaranteed by, a bank

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HYPOTHETICAL EXAMPLES
The fol owing table is provided for purposes of il ustration only. It should not be taken as an indication or prediction of future investment results
and is intended merely to il ustrate the method we wil use to calculate the amount of interest accrued during each interest period fol owing the fourth
interest period.
The table below is based on 3-month USD LIBOR rates that are entirely hypothetical; no one can predict what the 3-month USD LIBOR rate wil
be on any day during the floating rate interest periods, and no one can predict the interest that wil accrue on your notes in any interest period during
the floating rate interest periods. The 3-month USD LIBOR rate has been highly volatile -- meaning that it has changed substantially in relatively short
periods -- in the past and it cannot be predicted for any future period.
For these reasons, the actual 3-month USD LIBOR rates during the floating rate interest periods, as wel as the interest payable on each floating
rate interest payment date, may bear little relation to the hypothetical table shown below or to the historical 3-month USD LIBOR rates shown
elsewhere in this prospectus supplement. For information about the 3-month USD LIBOR rates during recent periods, see "Historical 3-Month USD
LIBOR Rates" on page S-11. Before investing in the offered notes, you should consult publicly available information to determine the 3-month USD
LIBOR rates between the date of this prospectus supplement and the date of your purchase of the offered notes.
The fol owing table il ustrates the method we wil use to calculate the interest rate at which interest wil accrue on each day included in each
floating rate interest period, subject to the key terms and assumptions below.
The percentage amounts in the left column of the table below represent hypothetical final 3-month USD LIBOR rates on a given interest
determination date. The center and right columns of the table below represent the hypothetical interest, as a percentage of the face amount of each
note, that would be payable on a given floating rate interest payment date, based on the corresponding hypothetical 3-month USD LIBOR rate. Thus, a
hypothetical interest payment amount of 6.00% per annum with respect to a given floating rate interest payment date means that the value of the cash
payment that we would deliver for each $1,000 of the outstanding face amount of the offered notes on such floating rate interest payment date would
equal 6.00% per annum of the face amount of a note.
The information in the table also reflects the key terms and assumptions in the box below.

Key Terms and Assumption
Face amount

$1,000
Maximum interest rate

6.00% per annum
Minimum interest rate

1.50% per annum
Spread

1.50% per annum
Also, the hypothetical examples shown below do not take into account the effects of applicable taxes.

Hypothetical 3-month USD
Hypothetical interest amount payable on a floating rate interest
LIBOR Rate

payment date (including the spread).
On or after July 2, 2015 to and
On or after July 2, 2017 to and
including April 2, 2017
including the stated maturity date


(per annum)

(per annum)
-3.00%

1.50%*

1.50%*
-2.00%

1.50%*

1.50%*
-1.00%

1.50%*

1.50%*
0.00%

1.50%*

1.50%*
0.80%

2.30%

2.30%
0.90%

2.40%

2.40%
1.00%

2.50%

2.50%
2.50%

4.00%

4.00%
3.00%

4.50%

4.50%
4.00%

5.50%

5.50%
5.50%

7.00%

6.00%**
7.00%

8.50%

6.00%**
* Interest is floored at the minimum interest rate of 1.50% per annum for the interest payment dates on or after July 2, 2015.
** Interest is capped at the maximum interest rate of 6.00% per annum for the interest payment dates on or after July 2, 2017.

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Payments on the notes are economically equivalent to the amounts that would be paid on a combination of other instruments. For example,
payments on the notes are economical y equivalent to the amounts that would be paid on a combination of an interest-bearing bond bought, and an
option bought, by the holder (with an implicit option premium paid over time by the holder). The discussion in this paragraph does not modify or affect
the terms of the notes or the United States income tax treatment of the notes, as described elsewhere in this prospectus supplement.

We cannot predict the actual 3-month USD LIBOR rate on any day or the market value of your notes, nor can we predict the relationship
between the 3-month USD LIBOR rate and the market value of your notes at any time prior to the stated maturity date. The actual interest payment
that a holder of the offered notes will receive on each floating rate interest payment date and the rate of return on the offered notes will depend on
the actual 3-month USD LIBOR rates determined by the calculation agent over the life of your notes. Moreover, the assumptions on which the
hypothetical table is based may turn out to be inaccurate. Consequently, the interest amount to be paid in respect of your notes on each floating
rate interest payment date may be very different from the information reflected in the table above.

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ADDITIONAL RISK FACTORS SPECIFIC TO YOUR NOTES

An investment in your notes is subject to the risks described below as well as the risks described under "Considerations Relating to Floating
Rate Debt Securities" in the accompanying prospectus dated September 19, 2011. Your notes are a riskier investment than ordinary debt
securities. You should carefully review these risks as well as the terms of the notes described herein and in the accompanying prospectus, dated
September 19, 2011, as supplemented by the accompanying prospectus supplement, dated September 19, 2011, of The Goldman Sachs Group,
Inc. You should carefully consider whether the offered notes are suited to your particular circumstances.
The Notes Are Subject to the Credit Risk of the Issuer
Although the return on the notes wil be based in part on the performance of the 3 month-USD LIBOR, the payment of any amount due on the
notes is subject to our credit risk. The notes are our unsecured obligations. Investors are dependent on our ability to pay all amounts due on the notes,
and therefore investors are subject to our credit risk and to changes in the market's view of our creditworthiness. See "Description of the Notes We
May Offer -- Information About Our Medium-Term Notes, Series D Program -- How the Notes Rank Against Other Debt" on page S-4 of the
accompanying prospectus supplement.
The Amount of Interest Payable On The Notes In Certain Interest Periods Is Capped
For each floating rate interest period commencing on or after April 2, 2017, on the applicable interest determination date, the 3-month USD
LIBOR rate plus the spread wil be subject to the maximum interest rate of 6.00% per annum, which wil limit the amount of interest you may receive on
each floating rate interest payment date. Thus, you wil not benefit from any increases in the 3-month USD LIBOR rate plus the spread above the
maximum interest rate. Accordingly, the notes may provide more or less interest income than an investment in a similar instrument.
We May Sell an Additional Aggregate Face Amount of the Notes at a Different Issue Price
At our sole option, we may decide to sel an additional aggregate face amount of the notes subsequent to the date of this prospectus
supplement. The issue price of the notes in the subsequent sale may differ substantial y (higher or lower) from the issue price you paid as provided on
the cover of this prospectus supplement.
The Amount of Interest Payable on Your Notes Will Not Be Affected by the 3-Month USD LIBOR Rate on Any
Day Other Than an Interest Determination Date
For each interest period after the first four interest periods, the amount of interest payable on each floating rate interest payment date is
calculated based on the 3-month USD LIBOR rate on the applicable interest determination date plus the spread. Although the actual 3-month USD
LIBOR rate on a floating rate interest payment date or at other times during a floating rate interest period may be higher than the 3-month USD LIBOR
rate on the applicable interest determination date, you wil not benefit from the 3-month USD LIBOR rate at any time other than on the interest
determination date for such floating rate interest period.
Changes in the Method Pursuant to Which the LIBOR Rates Are Determined May Adversely Affect the Value of Your Notes
Beginning in 2008, concerns have been raised that some of the member banks surveyed by the British Bankers' Association (the "BBA") in
connection with the calculation of LIBOR across a range of maturities and currencies may have been under-reporting or otherwise manipulating the
inter-bank lending rate applicable to them in order to profit on their derivatives positions or to avoid an appearance of capital insufficiency or adverse
reputational or other consequences that may have resulted from reporting inter-bank lending rates higher than those they actually submitted. At least
one BBA member bank has entered into a settlement with a number of its regulators and law enforcement agencies with respect to alleged
manipulation of LIBOR, and investigations by regulators and governmental authorities in various jurisdictions are ongoing. In addition, there have been
allegations that member banks may have manipulated other inter-bank lending rates, such as EURIBOR. If manipulation of LIBOR or another inter-bank
lending rate occurred, it may have resulted in that rate being artificial y lower (or higher) than it would otherwise have been. Any such manipulation could
have occurred over a substantial period of time.
Fol owing a review of LIBOR conducted at the request of the U.K. Government, on September 28, 2012, Martin Wheatley (Managing Director of
the U.K. Financial Services Authority and Chief Executive-designate of the Financial Conduct Authority) published recommendations for reforming the
setting and governing of LIBOR (the "Wheatley Review"). The Wheatley Review made a number of recommendations for changes with respect to
LIBOR including the introduction of statutory regulation of LIBOR, the transfer of responsibility for LIBOR from the BBA to an independent
administrator, changes to the method of compilation of lending rates and new regulatory oversight and enforcement mechanisms for rate-setting and
reduction in the number of currencies and tenors for which LIBOR is published. On October 17, 2012, the Financial Secretary to the U.K. Treasury
responded to the Wheatley Review, endorsing the report's

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recommendations, and indicating that the U.K. Government would act without delay to take the necessary action to implement the recommendations.
However, it is not possible to predict the effect of any changes in the methods pursuant to which the LIBOR rates are determined and any other
reforms to LIBOR that wil be enacted in the U.K. and elsewhere. Any such changes or reforms to LIBOR may result in a sudden or prolonged increase
or decrease in reported LIBOR rates, which could have an adverse impact on the value of your notes and any payments linked to LIBOR thereunder. In
addition, uncertainty as to the extent and mechanism by which the recommendations wil be adopted and the timing of such changes may adversely
affect the current trading market for LIBOR-based securities and the value of your notes.
The Historical Levels of the 3-month USD LIBOR Rate Are Not an Indication of the Future Levels of the
3-month USD LIBOR rate
In the past, the level of the 3-month USD LIBOR rate has experienced significant fluctuations. You should note that historical levels, fluctuations
and trends of the 3-month USD LIBOR rate are not necessarily indicative of future levels. Any historical upward or downward trend in the 3-month USD
LIBOR rate is not an indication that the 3-month USD LIBOR rate is more or less likely to increase or decrease at any time during a floating rate
interest period, and you should not take the historical levels of the 3-month USD LIBOR rate as an indication of its future performance.
The Market Value of Your Notes May Be Influenced by Many Factors That Are Unpredictable and Interrelated in Complex Ways
When we refer to the market value of your notes, we mean the value that you could receive for your notes if you chose to sel it in the open
market before the stated maturity date. A number of factors, many of which are beyond our control, wil influence the market value of your notes,
including:


· the 3-month USD LIBOR rate;


· the volatility -- i.e., the frequency and magnitude of changes -- in the level of the 3-month USD LIBOR rate;


· economic, financial, regulatory, political, military and other events that affect LIBOR rates general y;


· other interest rates and yield rates in the market;


· the time remaining until your notes mature; and

· our creditworthiness, whether actual or perceived, and including actual or anticipated upgrades or downgrades in our credit ratings or

changes in other credit measures.
These factors, and many other factors, wil influence the price you wil receive if you sel your notes before maturity, including the price you may
receive for your notes in any market making transaction. If you sel your notes before maturity, you may receive less than the face amount of your
notes.
You cannot predict the future performance of the 3-month USD LIBOR rate based on its historical performance. The actual performance of the
3-month USD LIBOR rate during the floating rate interest periods, as wel as the interest payable on each floating rate interest payment date may bear
little or no relation to the hypothetical levels of the 3-month USD LIBOR rate or to the hypothetical examples shown elsewhere in this prospectus
supplement.
If the 3-month USD LIBOR Rate Changes, the Market Value of Your Notes May Not Change in the Same Manner
The price of your notes may move differently than the 3-month USD LIBOR rate. Changes in the 3-month USD LIBOR rate may not result in a
comparable change in the market value of your notes. We discuss some of the reasons for this disparity under "-- The Amount of Interest Payable on
Your Notes Wil Not Be Affected by the 3-Month USD LIBOR Rate on Any Day Other Than an Interest Determination Date" and "-- The Market Value
of Your Notes May Be Influenced by Many Factors That Are Unpredictable and Interrelated in Complex Ways" above.
Goldman Sachs' Anticipated Hedging Activities May Negatively Impact Investors in the Notes and Cause our Interests and Those of
Our Clients and Counterparties to be Contrary to Those of Investors in the Notes
Goldman Sachs expects to hedge our obligations under the notes by purchasing futures and/or other instruments linked to 3-month USD LIBOR.
We also expect to adjust our hedge by, among other things, purchasing or sel ing any of the foregoing, and perhaps other instruments linked to the
3-month USD LIBOR, at any time and from time to time, and to unwind the hedge by sel ing any of the foregoing on or before the determination date for
your notes. We may also enter into, adjust and unwind hedging transactions relating to other rate-linked notes whose returns are linked to changes in
the level of 3-month USD LIBOR.
Any of these hedging or other activities may adversely affect the levels of the 3-month USD LIBOR and therefore the market value of your notes
and the amount we wil pay on your notes. In addition, you should expect that these transactions wil cause Goldman Sachs or its clients or
counterparties to have economic interests and incentives that do

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not align with, and that may be directly contrary to, those of an investor in the notes. Goldman Sachs wil have no obligation to take, refrain from taking
or cease taking any action with respect to these transactions based on the potential effect on an investor in the notes, and may receive substantial
returns on hedging or other activities while the value of your notes declines.
As Calculation Agent, Goldman, Sachs & Co. Will Have the Authority to Make Determinations that Could
Affect the Value of Your Notes and the Amount You May Receive On Any Interest Payment Date
As calculation agent for your notes, Goldman, Sachs & Co. wil have discretion in making certain determinations that affect your notes, including
determining the 3-month USD LIBOR rate on any interest determination date, which we wil use to determine the amount we wil pay on any applicable
interest payment date during the floating rate interest periods. The exercise of this discretion by Goldman, Sachs & Co. could adversely affect the value
of your notes and may present Goldman, Sachs & Co. with a conflict of interest. We may change the calculation agent at any time without notice and
Goldman, Sachs & Co. may resign as calculation agent at any time upon 60 days' written notice to Goldman Sachs.
Your Notes May Not Have an Active Trading Market
Your notes wil not be listed or displayed on any securities exchange or included in any interdealer market quotation system, and there may be
little or no secondary market for your notes. Even if a secondary market for your notes develops, it may not provide significant liquidity and we expect
that transaction costs in any secondary market would be high. As a result, the difference between bid and asked prices for your notes in any secondary
market could be substantial.
Certain Considerations for Insurance Companies and Employee Benefit Plans
Any insurance company or fiduciary of a pension plan or other employee benefit plan that is subject to the prohibited transaction rules of the
Employee Retirement Income Security Act of 1974, as amended, which we cal "ERISA", or the Internal Revenue Code of 1986, as amended, including
an IRA or a Keogh plan (or a governmental plan to which similar prohibitions apply), and that is considering purchasing the offered notes with the assets
of the insurance company or the assets of such a plan, should consult with its counsel regarding whether the purchase or holding of the offered notes
could become a "prohibited transaction" under ERISA, the Internal Revenue Code or any substantial y similar prohibition in light of the representations a
purchaser or holder in any of the above categories is deemed to make by purchasing and holding the offered notes. This is discussed in more detail
under "Employee Retirement Income Security Act" below.
You May Be Required to Accrue Interest in Excess of Interest Payments
As discussed below under "Supplemental Discussion of Federal Income Tax Consequences", you may be required to accrue an amount of
interest on your note in a period that exceeds the stated interest on your note in such period.

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USE OF PROCEEDS
We wil use the net proceeds we receive from the sale of the offered notes for the purposes we describe in the accompanying prospectus under
"Use of Proceeds".
HEDGING
In anticipation of the sale of the offered notes, we and/or our affiliates have entered into or expect to enter into hedging transactions involving
purchases of instruments linked to the 3-month USD LIBOR rate. In addition, from time to time, we and/or our affiliates expect to enter into additional
hedging transactions and to unwind those we have entered into, in connection with the offered notes and perhaps in connection with other notes we
issue, some of which may have returns linked to the 3-month USD LIBOR rate. Consequently, with regard to your notes, from time to time, we and/or
our affiliates:

·
expect to acquire or dispose of positions in over-the-counter options, futures or other instruments linked to the 3-month USD LIBOR

rate, and/or

·
may take short positions in securities of the kind described above -- i.e., we and/or our affiliates may sel securities of the kind that

we do not own or that we borrow for delivery to purchaser, and/or


·
may take or dispose of positions in interest rate swaps, options swaps and treasury bonds.
We and/or our affiliates may also acquire a long or short position in securities similar to your notes from time to time and may, in our or their sole
discretion, hold or resel those securities.
In the future, we and/or our affiliates expect to close out hedge positions relating to the offered notes and perhaps relating to other notes with
returns linked to the 3-month USD LIBOR rate. These steps may also involve sales and/or purchases of some or al of the listed or over-the-counter
options, futures or other instruments linked to the 3-month USD LIBOR.

The hedging activity discussed above may adversely affect the market value of your notes from time to time and the amount we will pay on
your notes. See "Additional Risk Factors Specific to Your Notes" above for a discussion of these adverse effects.

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