Obbligazione Goldman Sachs 3.5% ( US38150A2Q73 ) in USD

Emittente Goldman Sachs
Prezzo di mercato refresh price now   100 USD  ▲ 
Paese  Stati Uniti
Codice isin  US38150A2Q73 ( in USD )
Tasso d'interesse 3.5% per anno ( pagato 2 volte l'anno)
Scadenza 31/03/2032



Prospetto opuscolo dell'obbligazione Goldman Sachs US38150A2Q73 en USD 3.5%, scadenza 31/03/2032


Importo minimo 1 000 USD
Importo totale /
Cusip 38150A2Q7
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Coupon successivo 01/04/2025 ( In 37 giorni )
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 US38150A2Q73, pays a coupon of 3.5% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 31/03/2032







Pricing Supplement No. 18 dated March 29, 2017
424B2 1 d369380d424b2.htm PRICING SUPPLEMENT NO. 18 DATED MARCH 29, 2017
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-198735


$ 8 ,5 0 0 ,0 0 0

T he Goldm a n Sa c hs Group, I nc .

Callable Step-Up Fixed Rate Notes due 2032



We will pay you interest semi-annually on your notes at a rate of 3.50% per annum from and including March 31, 2017 to but
excluding March 31, 2022. We will pay you interest semi-annually on your notes at a rate of 4.00% per annum from and including
March 31, 2022 to but excluding March 31, 2027. We will pay you interest semi-annually on your notes at a rate of 5.00% per annum
from and including March 31, 2027 to but excluding the stated maturity date (March 31, 2032). Interest will be paid on each March 31 and
September 30. The first such payment will be made on September 30, 2017.
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 e a c h M a rc h 3 1 , J une 3 0 ,
Se pt e m be r 3 0 a nd De c e m be r 3 1 on or a ft e r M a rc h 3 1 , 2 0 1 8 , upon 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 .





Per Note
Total
Initial price to public
100.000%
$8,500,000
Underwriting discount
2.445% of the principal amount for the $3,000,000
$188,850
principal amount of notes traded on March 28, 2017; and

2.100% of the principal amount for the $5,500,000
principal amount of notes traded on March 29, 2017

Proceeds, before expenses, to The Goldman Sachs Group,
97.555% of the principal amount for the $3,000,000
$8,311,150
Inc.
principal amount of notes traded on March 28, 2017; and

97.900% of the principal amount for the $5,500,000
principal amount of notes traded on March 29, 2017




The initial price to public set forth above does not include accrued interest, if any. Interest on the notes will accrue from March 31,
2017 and must be paid by the purchaser if the notes are delivered after March 31, 2017.
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. 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.


I nc a pit a l LLC


Pricing Supplement No. 18 dated March 29, 2017.
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Pricing Supplement No. 18 dated March 29, 2017
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 January 19, 2017


?
Prospectus dated January 6, 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. 18 dated March 29, 2017 (pricing supplement) and the accompanying prospectus dated January 6, 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 January 19, 2017 (accompanying prospectus supplement). Terms used but not defined in
this pricing supplement have the meanings given 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 3 2

I ssue r: The Goldman Sachs Group, Inc.
I nt e re st pa ym e nt da t e s: March 31 and September 30 of
Princ ipa l a m ount : $8,500,000
each year, commencing on September 30, 2017 and ending on
the stated maturity date
Spe c ifie d c urre nc y: U.S. dollars ($)
Re gula r re c ord da t e s: for interest due on an interest payment
T ype of N ot e s: Fixed rate notes (notes)
date, the day immediately prior to the day on which payment is to
De nom ina t ions: $1,000 and integral multiples of $1,000 in
be made (as such payment day may be adjusted under the
excess thereof
applicable business day convention specified below)
T ra de da t e : March 28, 2017 with respect to $3,000,000
Da y c ount c onve nt ion: 30/360
principal amount of notes and March 29, 2017 with respect to
Busine ss da y: New York
$5,500,000 principal amount of notes; the notes that traded on
March 29, 2017 have the same CUSIP and ISIN numbers as the
Busine ss da y c onve nt ion: following unadjusted
notes that traded on March 28, 2017
Re de m pt ion a t opt ion of issue r be fore st a t e d m a t urit y:
Origina l issue da t e : March 31, 2017
We may redeem the notes at our option, in whole but not in part,
on each March 31, June 30, September 30 and December 31 on
St a t e d m a t urit y da t e : March 31, 2032
or after March 31, 2018, upon five business days' prior notice, at
I nt e re st ra t e : 3.50% per annum from and including March 31,
a redemption price equal to 100% of the outstanding principal
2017 to but excluding March 31, 2022; 4.00% per annum from
amount plus accrued and unpaid interest to but excluding the
and including March 31, 2022 to but excluding March 31, 2027;
redemption date
5.00% per annum from and including March 31, 2027 to but
Lim it e d e ve nt s of de fa ult : The only events of default for the
excluding March 31, 2032
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Pricing Supplement No. 18 dated March 29, 2017
notes are (i) interest or principal payment defaults that continue
Supple m e nt a l disc ussion of U .S. fe de ra l inc om e t a x
for 30 days and (ii) certain insolvency events. No other breach or
c onse que nc e s: It is the opinion of Sidley Austin LLP that
default under our senior debt indenture or the notes will result in
interest on a note will be taxable to a U.S. holder as ordinary
an event of default for the notes or permit the trustee or holders
interest income at the time it accrues or is received in accordance
to accelerate the maturity of any debt securities ­ that is, they will
with the U.S. holder's normal method of accounting for tax
not be entitled to declare the principal amount of any notes to be
purposes (regardless of whether we call the notes). Upon the
immediately due and payable. See "Risks Relating to Regulatory
disposition of a note by sale, exchange, redemption or retirement
Resolution Strategies and Long-Term Debt Requirements" and
(i.e., if we exercise our right to call the notes or otherwise) or
"Description of Debt Securities We May Offer -- Default,
other disposition, a U.S. holder will generally recognize capital
Remedies and Waiver of Default -- Securities Issued on or After
gain or loss equal to the difference, if any, between (i) the amount
January 1, 2017 under the 2008 Indenture" in the accompanying
realized on the disposition (other than amounts attributable to
prospectus for further details.
accrued but unpaid interest, which would be treated as such) and
List ing: None
(ii) the U.S. holder's adjusted tax basis in the note.
ERI SA: as described under "Employee Retirement Income
Security Act" on page 125 of the accompanying prospectus


PS-3
Table of Contents
CU SI P no.: 38150A2Q7
FDI C: The notes are not bank deposits and are not insured by
the Federal Deposit Insurance Corporation or any other
I SI N no.: US38150A2Q73
governmental agency, nor are they obligations of, or guaranteed
Form of not e s: Your notes will be issued in book-entry form
by, a bank
and represented by a master global note. You should read the
Ca lc ula t ion Age nt : Goldman, Sachs & Co.
section "Legal Ownership and Book- Entry Issuance" in the
accompanying prospectus for more information about notes
Fore ign Ac c ount T a x Com plia nc e Ac t (FAT CA)
issued in book-entry form
Wit hholding M a y Apply t o 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
De fe a sa nc e a pplie s a s follow s:
Brok e r T hrough Whic h Y ou H old t he N ot e s t o Provide

·
full defeasance -- i.e., our right to be relieved of all our
I nform a t ion t o T a x Aut horit ie s:

obligations on the note by placing funds in trust for the
Please see the discussion under "United States Taxation
holder: yes

-- Taxation of Debt Securities -- Foreign Account Tax
·
covenant defeasance -- i.e., our right to be relieved of
Compliance Act (FATCA) Withholding" in the accompanying

specified provisions of the note by placing funds in trust
prospectus for a description of the applicability of FATCA to
for the holder: yes
payments made on your notes.


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
the 30/360 day count convention appearing under "Description of Debt Securities We May Offer ­ Calculations of Interest on Debt
Securities ­ Interest Rates and Interest" in the accompanying prospectus, 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
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Pricing Supplement No. 18 dated March 29, 2017
"Description of Debt Securities We May Offer ­ Defeasance and Covenant Defeasance" in the accompanying prospectus.
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 each March 31, June 30, September 30 and
December 31 on or after March 31, 2018, 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.
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
March 31, 2022 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 March 31, 2022. 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 March 31, 2027.
Under this approach, 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).

PS-5
Table of Contents
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
(net of accrued interest) 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 FATCA withholding. However, according to published guidance, the withholding tax
described above will not apply to payments of gross proceeds from the sale, exchange, redemption or other disposition of the notes made
before January 1, 2019.

PS-6
Table of Contents
SU PPLEM EN T AL PLAN OF DI ST RI BU T I ON
The Goldman Sachs Group, Inc. and the underwriters for this offering named below have entered into a distribution agreement with
respect to the notes. Subject to certain conditions, each underwriter named below has severally agreed to purchase the principal amount
of notes indicated in the following table.
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Pricing Supplement No. 18 dated March 29, 2017

Princ ipa l Am ount
U nde rw rit e rs

of N ot e s
Goldman, Sachs & Co.

$4,250,000
Incapital LLC

$4,250,000


Total

$8,500,000


Notes sold by the underwriters to the public will initially be offered at the initial price to public set forth on the cover of this pricing
supplement. The underwriters intend to purchase the notes from The Goldman Sachs Group, Inc. at a purchase price equal to the initial
price to public less a discount of 2.445% of the principal amount for the $3,000,000 principal amount of notes that traded on March 28,
2017 and 2.100% of the principal amount for the $5,500,000 principal amount of notes that traded on March 29, 2017. Any notes sold by
the underwriters to securities dealers may be sold at a discount from the initial price to public of up to 1.895% of the principal amount for
the $3,000,000 principal amount of notes that traded on March 28, 2017 and up to 1.550% of the principal amount for the $5,500,000
principal amount of notes that traded on March 29, 2017. If all of the offered notes are not sold at the initial price to public, the
underwriters may change the offering price and the other selling terms.
Please note that the information about the initial price to public and net proceeds to The Goldman Sachs Group, Inc. on the front
cover page relates only to the initial sale of the notes. If you have purchased a note in a market-making transaction by Goldman, Sachs &
Co. or any other affiliate of The Goldman Sachs Group, Inc. after the initial sale, information about the price and date of sale to you will
be provided in a separate confirmation of sale.
Each underwriter has represented and agreed that it will not offer or sell the notes in the United States or to United States persons
except if such offers or sales are made by or through FINRA member broker-dealers registered with the U.S. Securities and Exchange
Commission.
The Goldman Sachs Group, Inc. estimates that its share of the total offering expenses, excluding underwriting discounts and
commissions, whether paid to Goldman, Sachs & Co. or any other underwriter, will be approximately $10,000.
We will deliver the notes against payment therefor in New York, New York on March 31, 2017.
The notes are a new issue of securities with no established trading market. The Goldman Sachs Group, Inc. has been advised by
Goldman, Sachs & Co. and Incapital LLC that they may make a market in the notes. Goldman, Sachs & Co. and Incapital LLC are not
obligated to do so and may discontinue market-making at any time without notice. No assurance can be given as to the liquidity of the
trading market for the notes.
The Goldman Sachs Group, Inc. has agreed to indemnify the several underwriters against certain liabilities, including liabilities under
the Securities Act of 1933.
Certain of the underwriters and their affiliates have in the past provided, and may in the future from time to time provide, investment
banking and general financing and banking services to The Goldman Sachs Group, Inc. and its affiliates, for which they have in the past
received, and may in the future receive, customary fees. The Goldman Sachs Group, Inc. and its affiliates have in the past provided, and
may in the future from time to time provide, similar services to the underwriters and their affiliates on customary terms and for customary
fees. Goldman, Sachs & Co., one of the

PS-7
Table of Contents
underwriters, is an affiliate of The Goldman Sachs Group, Inc. Please see "Plan of Distribution--Conflicts of Interest" on page 124 of the
accompanying prospectus.
Conflic t s of I nt e re st
GS&Co. 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. GS&Co. 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-8
Table of Contents
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Pricing Supplement No. 18 dated March 29, 2017
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 January 19,
2017, which has been filed as an exhibit to a Current Report on Form 8-K filed with the Securities and Exchange Commission on
January 19, 2017.

PS-9
Table of Contents




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
$8,500,000
prospectus is current only as of the respective dates of such documents.


TABLE OF CONTENTS
Pricing Supplement
T he Goldm a n Sa c hs Group, I nc .


Pa ge
Specific Terms of the Notes
PS-3
Additional Information About the Notes
PS-5
Callable Step-Up Fixed Rate
Supplemental Plan of Distribution
PS-7
Notes due 2032
Conflicts of Interest
PS-8
Validity of the Notes
PS-9
Prospectus Supplement dated January 19, 2017

Use of Proceeds
S-2

Description of Notes We May Offer
S-3
Considerations Relating to Indexed Notes
S-19
United States Taxation
S-22
Employee Retirement Income Security Act
S-23
Supplemental Plan of Distribution
S-24

Validity of the Notes
S-26

Prospectus dated January 6, 2017


Available Information

2
Prospectus Summary

4
Risks Relating to Regulatory Resolution Strategies and Long-Term Debt
Requirements

8
Use of Proceeds

12
Description of Debt Securities We May Offer

13
Description of Warrants We May Offer

45
Description of Purchase Contracts We May Offer

62
Description of Units We May Offer

67
Description of Preferred Stock We May Offer

73


Description of Capital Stock of The Goldman Sachs Group, Inc.

81
Legal Ownership and Book-Entry Issuance

86
Considerations Relating to Floating Rate Securities

91
Considerations Relating to Indexed Securities

93
Considerations Relating to Securities Denominated or Payable in or Linked

to a Non-U.S. Dollar Currency

94
United States Taxation

97
Plan of Distribution
121
Conflicts of Interest
124
Employee Retirement Income Security Act
125
Validity of the Securities
126
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Pricing Supplement No. 18 dated March 29, 2017
Experts
126
Goldm a n, Sa c hs & Co.
Review of Unaudited Condensed Consolidated Financial Statements by
Independent Registered Public Accounting Firm
127
I nc a pit a l LLC
Cautionary Statement Pursuant to the Private Securities Litigation Reform
Act of 1995
127





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