Obbligazione Goldman Sachs 3.5% ( US38150A5T85 ) in USD

Goldman Sachs

100.1 USD ⇌

Stati Uniti

US38150A5T85 ( in USD )

3.5% per anno ( pagato 2 volte l'anno)

14/02/2030

Prospetto opuscolo dell'obbligazione Goldman Sachs US38150A5T85 en USD 3.5%, scadenza 14/02/2030

1 000 USD

38150A5T8

N/A

14/08/2025 ( In 172 giorni )

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 US38150A5T85, pays a coupon of 3.5% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 14/02/2030

Pricing Supplement No. 92 dated February 12, 2018
424B2 1 d286655d424b2.htm PRICING SUPPLEMENT NO. 92 DATED FEBRUARY 12, 2018
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-219206

$ 2 ,0 0 0 ,0 0 0

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

Callable Step-Up Fixed Rate Notes due 2030

We will pay you interest semi-annually on your notes at a rate of 3.50% per annum from and including February 14, 2018 to
but excluding February 14, 2026. We will pay you interest semi-annually on your notes at a rate of 4.00% per annum from and
including February 14, 2026 to but excluding February 14, 2028. We will pay you interest semi-annually on your notes at a rate of
4.50% per annum from and including February 14, 2028 to but excluding the stated maturity date (February 14, 2030). Interest will
be paid on each February 14 and August 14. The first such payment will be made on August 14, 2018.
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 Fe brua ry 1 4 ,
M a y 1 4 , August 1 4 a nd N ove m be r 1 4 on or a ft e r Fe brua ry 1 4 , 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 .

Per Note
Total
Initial price to public

100.00%
$2,000,000
Underwriting discount

1.975%
$39,500
Proceeds, before expenses, to The Goldman Sachs Group, Inc.

98.025%
$1,960,500

The initial price to public set forth above does not include accrued interest, if any. Interest on the notes will accrue from
February 14, 2018 and must be paid by the purchaser if the notes are delivered after February 14, 2018. 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.
If interest rates increase, in most cases the market value of the notes will decrease and, if you sell the notes prior to maturity,
you will receive less than the principal amount of the 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

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Pricing Supplement No. 92 dated February 12, 2018
Pricing Supplement No. 92 dated February 12, 2018.
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. 92 dated February 12, 2018 (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 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 3 0

I ssue r: The Goldman Sachs Group, Inc.
Re gula r re c ord da t e s: for interest due on an interest payment
Princ ipa l a m ount : $2,000,000
date, the day immediately prior to the day on which payment is to be
made (as such payment day may be adjusted under the applicable
Spe c ifie d c urre nc y: U.S. dollars ($)
business day convention specified below)
T ype of N ot e s: Fixed rate notes (notes)
Da y c ount c onve nt ion: 30/360 (ISDA), as further discussed under
De nom ina t ions: $1,000 and integral multiples of $1,000 in excess
"Additional Information About the Notes -- Day Count Convention" on
thereof
page PS-5 of this pricing supplement
T ra de da t e : February 12, 2018
Busine ss da y: New York
Origina l issue da t e : February 14, 2018
Busine ss da y c onve nt ion: following unadjusted
St a t e d m a t urit y da t e : February 14, 2030
Re de m pt ion a t opt ion of issue r be fore st a t e d m a t urit y:
I nt e re st ra t e : 3.50% per annum from and including February 14,
We may redeem the notes at our option, in whole but not in part, on
2018 to but excluding February 14, 2026; 4.00% per annum from and
each February 14, May 14, August 14 and November 14 on or after
including February 14, 2026 to but excluding February 14, 2028;
February 14, 2019, upon at least five business days' prior notice, at a
4.50% per annum from and including February 14, 2028 to but
redemption price equal to 100% of the outstanding principal amount
excluding February 14, 2030
plus accrued and unpaid interest to but excluding the redemption date
Supple m e nt a l disc ussion of U .S. fe de ra l inc om e t a x
Lim it e d e ve nt s of de fa ult : The only events of default for the
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Pricing Supplement No. 92 dated February 12, 2018
c onse que nc e s: It is the opinion of Sidley Austin LLP that interest
notes are (i) interest or principal payment defaults that continue for 30
on a note will be taxable to a U.S. holder as ordinary interest income
days and (ii) certain insolvency events. No other breach or default
at the time it accrues or is received in accordance with the U.S.
under our senior debt indenture or the notes will result in an event of
holder's normal method of accounting for tax purposes (regardless
default for the notes or permit the trustee or holders to accelerate the
of whether we call the notes). Upon the disposition of a note by sale,
maturity of any debt securities that is, they will not be entitled to
exchange, redemption or retirement (i.e., if we exercise our right to
declare the principal amount of any notes to be immediately due and
call the notes or otherwise) or other disposition, a U.S. holder will
payable. See "Risks Relating to Regulatory Resolution Strategies and
generally recognize capital gain or loss equal to the difference, if any,
Long-Term Debt Requirements" and "Description of Debt Securities
between (i) the amount realized on the disposition (other than
We May Offer -- Default, Remedies and Waiver of Default --
amounts attributable to accrued but unpaid interest, which would be
Securities Issued on or After January 1, 2017 under the 2008
treated as such) and (ii) the U.S. holder's adjusted tax basis in the
Indenture" in the accompanying prospectus for further details.
note.
List ing: None
I nt e re st pa ym e nt da t e s: February 14 and August 14 of each
year, commencing on August 14, 2018 and ending on the stated
maturity date

PS-3
Table of Contents
ERI SA: as described under "Employee Retirement Income
FDI C: The notes are not bank deposits and are not insured by
Security Act" on page 119 of the accompanying prospectus
the Federal Deposit Insurance Corporation or any other
governmental agency, nor are they obligations of, or guaranteed
CU SI P no.: 38150A5T8
by, a bank
I SI N no.: US38150A5T85
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
Fore ign Ac c ount T a x Com plia nc e Ac t (FAT CA)
and represented by a master global note. You should read the
Wit hholding M a y Apply t o Pa ym e nt s on Y our N ot e s,
section "Legal Ownership and Book- Entry Issuance" in the
I nc luding a s a Re sult of t he Fa ilure of t he Ba nk or
accompanying prospectus for more information about notes
Brok e r T hrough Whic h Y ou H old t he N ot e s t o
issued in book-entry form
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 --

·
full defeasance -- i.e., our right to be relieved of all our
Taxation of Debt Securities -- Foreign Account Tax Compliance

obligations on the note by placing funds in trust for the
Act (FATCA) Withholding" in the accompanying prospectus for a
holder: yes
description of the applicability of FATCA to payments made on

your notes.
·
covenant defeasance -- i.e., our right to be relieved of

specified provisions of the note by placing funds in trust
for the holder: yes

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
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Pricing Supplement No. 92 dated February 12, 2018
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)

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 each February 14, May 14, August 14
and November on or after February 14, 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
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
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Pricing Supplement No. 92 dated February 12, 2018
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 February 14, 2026 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 February 14, 2026. 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 February 14, 2028.
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). 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. has agreed to sell to Goldman Sachs & Co. LLC, and Goldman Sachs & Co. LLC has agreed
to 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 1.50% 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 February 14, 2018, which is the second
scheduled business day following the date of this pricing supplement and of the pricing of the notes.
From January 1, 2018, 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
the expression an "offer" includes the communication in any form and by any means of sufficient information on the terms of
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Pricing Supplement No. 92 dated February 12, 2018
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

PS-7
Table of Contents
connection with the issue or sale of the notes may only be communicated or caused to be communicated in 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
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Pricing Supplement No. 92 dated February 12, 2018
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

PS-8
Table of Contents
prospectus supplement may not be copied, reproduced, distributed or passed on to others or otherwise made available in
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.

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
Table of Contents
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
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Pricing Supplement No. 92 dated February 12, 2018
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
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
$2,000,000
pricing supplement, the accompanying prospectus supplement and the
accompanying prospectus is current only as of the respective dates of
such documents.

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

Pa ge
Callable Step-Up Fixed Rate
Specific Terms of the Notes
PS-3
Additional Information About the Notes
PS-5
Notes due 2030
Supplemental Plan of Distribution
PS-7
Conflicts of Interest
PS-10
Validity of the Notes
PS-11
Prospectus Supplement dated July 10, 2017

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
Supplemental Plan of Distribution
S-25

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
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Pricing Supplement No. 92 dated February 12, 2018
Considerations Relating to Floating Rate Securities

89
Goldm a n Sa c hs & Co. LLC
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 Accounting
Firm

121
Cautionary Statement Pursuant to the Private Securities
Litigation Reform Act of 1995

121

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Document Outline

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