Obbligazione Goldman Sachs 3% ( US38150AD441 ) in USD

Goldman Sachs

100 USD ⇌

Stati Uniti

US38150AD441 ( in USD )

3% per anno ( pagato 2 volte l'anno)

30/12/2024 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Goldman Sachs US38150AD441 in USD 3%, scaduta

1 000 USD

38150AD44

N/A

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 US38150AD441, pays a coupon of 3% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 30/12/2024

gs-424b2.htm
424B2 1 gs-424b2.htm 424B2
Fil e d Pursu a nt t o Rule
4 2 4 (b)( 2 )
Re gist r a t i on St a t e m e nt N o. 3 3 3 -
2 1 9 2 0 6

$ 3 ,3 6 8 ,0 0 0
T he Goldm a n Sa c hs Group, I nc .
Callable Fixed Rate Notes due 2024

We will pay you interest semi-annually on your notes at a rate of 3.00% per annum from and including July 31, 2019 to
but excluding the stated maturity date (December 30, 2024). Interest will be paid on each June 30 and December 30. The first
such payment will be made on December 30, 2019.

I n a ddit io n, w e m a y re d e e m t he not e s a t our opt ion, in w hol e but not in pa rt , on e a c h M a rc h 3 0 ,
J une 3 0 , Se pt e m be r 3 0 a nd De c e m be r 30 on or a ft e r De c e m be r 3 0 , 2 0 1 9 , upon a t le a st five bu si ne ss
da ys' prior not ic e , a t a re d e m pt ion pric e e qua l t o 1 0 0 % of t he out st a nding princ ip a l a m ount plus
a c c r ue d a nd unpa id int e re st t o but e x c l uding t he re de m pt ion da t e .

Per Note

Total
Initial price to public

100%
$3,368,000
Underwriting discount

0.578%
$19,467.04
Proceeds, before expenses, to The Goldman Sachs Group, Inc.

99.422%
$3,348,532.96

The initial price to public set forth above does not include accrued interest, if any. Interest on the notes will accrue from
July 31, 2019 and must be paid by the purchaser if the notes are delivered after July 31, 2019. In addition to offers and sales
at the initial price to public, the underwriters may offer the notes from time to time for sale in one or more transactions at market
prices prevailing at the time of sale, at prices related to market prices or at negotiated prices.
The return (whether positive or negative) on your investment in notes will depend in part on the issue price you pay for
such notes.
N e it h e r t he S e c urit ie s a nd Ex c ha n ge C om m is si on 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 s se d up on t he a c c ura c y or a de qua c y of t his
pros pe c t us. A ny re pre se nt a t ion t o t he c ont ra ry is a c rim in a l offe nse .
T he not e s a re not ba nk de p osit s a nd a re not insur e d by t he Fe d e ra l D e posit I nsura nc e
Corpora t ion or a ny ot he r go ve rnm e nt a l a ge n c y, nor a re t he y obliga t ions of, or gua ra nt e e d by, a ba nk .

Goldman Sachs may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or any
other affiliate of Goldman Sachs may use this prospectus in a market-making transaction in the notes after their initial sale.
Unless Goldman Sachs or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is being
used in a market-making transaction.

Goldm a n Sa c hs & Co. LLC

Pricing Supplement No. 235 dated July 29, 2019.

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
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SPE CI FI C T ERM S OF T H E
N OT E S
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. 235 dated July 29, 2019 (pricing supplement) and the accompanying prospectus dated July
10, 2017 (accompanying prospectus), relating to the notes, should be read together. Because the notes are part of a series of
our debt securities called Medium-Term Notes, Series N, this pricing supplement and the accompanying prospectus should
also be read with the accompanying prospectus supplement, dated July 10, 2017 (accompanying prospectus supplement).
Terms used but not defined in this pricing supplement have the meanings 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 C a lla ble Fi x e d Ra t e N ot e s due 2 0 2 4

Da y c ount c onv e nt ion: 30/360 (ISDA), as further discussed
I ssue r: The Goldman Sachs Group, Inc.
under "Additional Information About the Notes -- Day Count
Princ ipa l a m o unt : $3,368,000
Convention" on page PS-5 of this pricing supplement
Spe c ifie d c u rre n c y: U.S. dollars ($)
T ype of N ot e s: Fixed rate notes (notes)
Busine ss da y: New York
De nom ina t ions: $1,000 and integral multiples of $1,000
Busine ss da y c on ve nt io n: following unadjusted
in excess thereof
Re de m pt ion a t opt ion of i ssue r be fore st a t e d
T r a de da t e : July 29, 2019
m a t urit y: We may redeem the notes at our option, in whole
Ori gina l issue da t e : July 31, 2019
but not in part, on each March 30, June 30, September 30 and
December 30 on or after December 30, 2019, upon at least
St a t e d m a t urit y da t e : December 30, 2024
five business days' prior notice, at a redemption price equal
I nt e re st ra t e : 3.00% per annum
to 100% of the outstanding principal amount plus accrued
and unpaid interest to but excluding the redemption date
Supple m e nt a l disc ussi on of U .S. fe de ra l inc om e
t a x c onse que n c e s: It is the opinion of Sidley Austin
Lim it e d e ve nt s of de fa ult : The only events of default for the
LLP that interest on a note will be taxable to a U.S. holder
notes are (i) interest or principal payment defaults that continue for
as ordinary interest income at the time it accrues or is
30 days and (ii) certain insolvency events. No other breach or
received in accordance with the U.S. holder's normal
default under our senior debt indenture or the notes will result in
method of accounting for tax purposes (regardless of
an event of default for the notes or permit the trustee or holders to
whether we call the notes). Upon the disposition of a note
accelerate the maturity of any debt securities that is, they will not
by sale, exchange, redemption or retirement (i.e., if we
be entitled to declare the principal amount of any notes to be
exercise our right to call the notes or otherwise) or other
immediately due and payable. See "Risks Relating to Regulatory
disposition, a U.S. holder will generally recognize capital
Resolution Strategies and Long-Term Debt Requirements" and
gain or loss equal to the difference, if any, between (i) the
"Description of Debt Securities We May Offer -- Default, Remedies
amount realized on the disposition (other than amounts
and Waiver of Default -- Securities Issued on or After January 1,
attributable to accrued but unpaid interest, which would be
2017 under the 2008 Indenture" in the accompanying prospectus
treated as such) and (ii) the U.S. holder's adjusted tax
for further details.
basis in the note.
List i ng: None
I nt e re st pa ym e nt da t e s: June 30 and December 30
ERI SA: as described under "Employee Retirement Income
of each year, commencing on December 30, 2019 and
Security Act" on page 119 of the accompanying prospectus
ending on the stated maturity date
CU SI P no.: 38150AD44
Re gula r re c o rd da t e s: for interest due on an interest
I SI N no.: US38150AD441
payment date, the day immediately prior to the day on
which payment is to be made (as such payment day may
Fo rm of not e s: Your notes will be issued in book-entry form
be adjusted under the applicable business day
and represented by a master global note. You should read the
convention specified below)
section "Legal Ownership and Book- Entry Issuance" in the
accompanying prospectus for more information about notes
PS-3

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issued in book-entry form
FDI C: The notes are not bank deposits and are not insured by
De fe a sa nc e a pplie s a s follow s:
the Federal Deposit Insurance Corporation or any other
governmental agency, nor are they obligations of, or
· full defeasance -- i.e., our right to be relieved of all our
guaranteed by, a bank
obligations on the note by placing funds in trust for the
Ca lc ula t ion Age nt : Goldman Sachs & Co. LLC
holder: yes
· covenant defeasance -- i.e., our right to be relieved of
Fo re ign A c c ou nt T a x Com plia nc e A c t ( FAT CA)
specified provisions of the note by placing funds in trust
Wit hh olding M a y Apply t o Pa ym e nt s on Y our N ot e s,
for the holder: yes
I nc luding a s a R e sult of t he Fa ilu re of t he B a nk or
Brok e r T hrough Whi c h Y ou H old t he N ot e s t o Provide
I nform a t ion t o T a x Aut horit ie s:
Please see the discussion under "United States Taxation --
Taxation of Debt Securities -- Foreign Account Tax Compliance
Act (FATCA) Withholding" in the accompanying prospectus for a
description of the applicability of FATCA to payments made on
your notes. The discussion in that section is hereby modified to
reflect regulations proposed by the Treasury Department indicating
its intent to eliminate the requirements under FATCA of withholding
on gross proceeds from the sale, exchange, maturity or other
disposition of relevant financial instruments. The Treasury
Department has indicated that taxpayers may rely on these
proposed regulations pending their finalization.

PS-4

AD D I T I ON AL I N FORM AT I ON ABOU T T H E
N OT ES

Book-Entry System
We will issue the notes as a master global note registered in the name of DTC, or its nominee. The sale of the notes will
settle in immediately available funds through DTC. You will not be permitted to withdraw the notes from DTC except in the
limited situations described in the accompanying prospectus under "Legal Ownership and Book-Entry Issuance -- What Is a
Global Security? -- Holder's Option to Obtain a Non-Global Security; Special Situations When a Global Security Will Be
Terminated". Investors may hold interests in a master global note through organizations that participate, directly or
indirectly, in the DTC system.

In addition to this pricing supplement, the following provisions are hereby incorporated into the global master note:
the description of New York business day appearing under "Description of Debt Securities We May Offer Calculations of
Interest on Debt Securities Business Days" in the accompanying prospectus, the description of the following unadjusted
business day convention appearing under "Description of Debt Securities We May Offer Calculations of Interest on Debt
Securities Business Day Conventions" in the accompanying prospectus and the section "Description of Debt Securities We
May Offer Defeasance and Covenant Defeasance" in the accompanying prospectus.
Day Count Convention
As further described under "Description of Debt Securities We May Offer Calculations of Interest on Debt Securities
Interest Rates and Interest" in the accompanying prospectus, for each interest period the amount of accrued interest will be
calculated by multiplying the principal amount of the note by an accrued interest factor for the interest period. The accrued
interest factor will be determined by multiplying the per annum interest rate by a factor resulting from the 30/360 (ISDA) day count
convention. The factor is the number of days in the interest period in respect of which payment is being made divided by 360,
calculated on a formula basis as follows:
[360 × (Y2 Y1)] + [30 × (M2 M1)] + (D2 D1)
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
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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 March 30, June 30,
September 30 and December 30 on or after December 30, 2019, at a redemption price equal to 100% of the outstanding
principal amount plus accrued and unpaid interest to but excluding the redemption date. We will provide not less than five
business days' prior notice in the manner described under "Description of Debt Securities We May Offer -- Notices" in the
attached prospectus. If the redemption notice is given and funds deposited as required, then interest will cease to accrue
on and after the redemption date on the notes. If any redemption date is not a business day, we will pay the redemption
price on the next business day without any interest or other payment due to the delay.

PS-5

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.
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. Upon the disposition of a note by sale,
exchange, redemption or retirement (i.e., if we exercise our right to call the notes or otherwise) or other disposition, a U.S. holder
will generally recognize capital gain or loss equal to the difference, if any, between (i) the amount realized on the disposition
(other than amounts attributable to accrued but unpaid interest, which would be treated as such) and (ii) the U.S. holder's
adjusted tax basis in the note. A U.S. holder's adjusted tax basis in a note generally will equal the cost of the note to the U.S.
holder. The deductibility of capital losses is subject to significant limitations.

Foreign Account Tax Compliance Act (FATCA) Withholding. Pursuant to Treasury regulations, Foreign Account Tax
Compliance Act (FATCA) withholding (as described in "United States Taxation--Taxation of Debt Securities--Foreign Account
Tax Compliance Act (FATCA) Withholding" in the accompanying prospectus) will generally apply to obligations that are issued on
or after July 1, 2014; therefore, the notes will generally be subject to the FATCA withholding rules. Pursuant to recently proposed
regulations, the Treasury Department has indicated its intent to eliminate the requirements under FATCA of withholding on gross
proceeds from the sale, exchange, maturity or other disposition of relevant financial instruments. The Treasury Department has
indicated that taxpayers may rely on these proposed regulations pending their finalization.

PS-6

SU PPLEM EN T AL PLAN OF DI S T 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
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concession not in excess of 0.228% of the principal 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 July 31, 2019.
Any notes which are the subject of the offering contemplated by this pricing supplement, the accompanying prospectus and
the accompanying prospectus supplement may not be offered, sold or otherwise made available to any retail investor in the
European Economic Area. Consequently no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPs
Regulation") for offering or selling the notes or otherwise making them available to retail investors in the EEA has been prepared
and therefore offering or selling the notes or otherwise making them available to any retail investor in the EEA may be unlawful
under the PRIIPs Regulation. For the purposes of this provision:
(a)
the expression "retail investor" means a person who is one (or more) of the following:

(i)
a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II");

or

(ii)
a customer within the meaning of Directive 2002/92/EC (as amended, the "Insurance Mediation

Directive"), where that customer would not qualify as a professional client as defined in point (10) of
Article 4(1) of MiFID II; or

(iii)
not a qualified investor as defined in Directive 2003/71/EC (as amended, the "Prospectus Directive");

and
(b)
the expression an "offer" includes the communication in any form and by any means of sufficient information on the terms
of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe for the notes.
In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a
"Relevant Member State"), Goldman Sachs & Co. LLC has represented and agreed that with effect from and including the date on
which the Prospectus Directive is implemented in that Relevant Member State (the "Relevant Implementation Date") it has not
made and will not make an offer of notes which are the subject of the offering contemplated by this pricing supplement, the
accompanying prospectus and the accompanying prospectus supplement to the public in that Relevant Member State except that,
with effect from and including the Relevant Implementation Date, an offer of such notes may be made to the public in that
Relevant Member State:

a)
at any time to any legal entity which is a qualified investor as defined in the Prospectus Directive;

b)
at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus

Directive), subject to obtaining the prior consent of the relevant dealer or dealers nominated by the issuer for any such
offer; or

c)
at any time in any other circumstances falling within Article 3(2) of the Prospectus Directive,

provided that no such offer of notes referred to above shall require us or any dealer to publish a prospectus pursuant to
Article 3 of the Prospectus Directive.
For the purposes of this provision, the expression an "offer of notes to the public" in relation to any notes in any Relevant
Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the
notes to be offered so as to enable an investor to decide to purchase or subscribe for the notes, as the same may be varied in
that Member State by any measure implementing the Prospectus Directive in that Member State and the expression "Prospectus
Directive" means Directive 2003/71/EC (as amended, including by Directive 2010/73/EU), and includes any relevant implementing
measure in the Relevant Member State.
Any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection
with the issue or sale of the notes may only be communicated or caused to be communicated in
PS-7

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
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thereunder.
This pricing supplement, along with the accompanying prospectus supplement and the accompanying prospectus have not
been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this pricing supplement, along with the
accompanying prospectus supplement and the accompanying prospectus and any other document or material in connection with
the offer or sale, or invitation for subscription or purchase, of the notes may not be circulated or distributed, nor may the notes be
offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in
Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act, Chapter 289 of
Singapore (the "SFA")) under Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant
to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions
specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable
provision of the SFA, in each case subject to conditions set forth in the SFA.
Where the notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation
(which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and
the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as
defined in Section 239(1) of the SFA) of that corporation shall not be transferable for six months after that corporation has
acquired the notes under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a
relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer in that corporation's
securities pursuant to Section 275(1A) of the SFA, (3) where no consideration is or will be given for the transfer, (4) where the
transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32 of the Securities
and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore ("Regulation 32").
Where the notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where
the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and
each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust
shall not be transferable for six months after that trust has acquired the notes under Section 275 of the SFA except: (1) to an
institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where
such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less
than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by
exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by
operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32.
The notes have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25
of 1948, as amended), or the FIEA. The notes may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of
any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of
Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except
pursuant to an exemption from the registration requirements of the FIEA and otherwise in compliance with any relevant laws and
regulations of Japan.
The notes are not offered, sold or advertised, directly or indirectly, in, into or from Switzerland on the basis of a public
offering and will not be listed on the SIX Swiss Exchange or any other offering or regulated trading facility in Switzerland.
Accordingly, neither this pricing supplement nor any accompanying prospectus supplement, prospectus or other marketing
material constitute a prospectus as defined in article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus
as defined in article 32 of the Listing Rules of the SIX Swiss Exchange or any other regulated trading facility in Switzerland. Any
resales of the notes by the underwriters thereof may only be undertaken on a private basis to selected individual investors in
compliance with Swiss law. This pricing supplement and accompanying prospectus and prospectus supplement may not be
copied, reproduced, distributed or passed on to others or otherwise made available in
PS-8

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

Confli c 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.
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PS-10

V ALI DI T Y OF T H E N OT ES
In the opinion of Sidley Austin LLP, as counsel to The Goldman Sachs Group, Inc., when the notes offered by this pricing
supplement have been executed and issued by The Goldman Sachs Group, Inc. and authenticated by the trustee pursuant to the
indenture, and delivered against payment as contemplated herein, such notes will be valid and binding obligations of The Goldman
Sachs Group, Inc., enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws
affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without
limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the
effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This
opinion is given as of the date hereof and is limited to the laws of the State of New York and the General Corporation Law of the
State of Delaware as in effect on the date hereof. In addition, this opinion is subject to customary assumptions about the trustee's
authorization, execution and delivery of the indenture and the genuineness of signatures and certain factual matters, all as stated in
the letter of such counsel dated July 10, 2017, which has been filed as Exhibit 5.5 to The Goldman Sachs Group, Inc.'s registration
statement on Form S-3 filed with the Securities and Exchange Commission on July 10, 2017.

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gs-424b2.htm

PS-11

We have not authorized anyone to provide any information or to make any
representations other than those contained or incorporated by reference in this

pricing supplement, the accompanying prospectus supplement or the
accompanying prospectus. We take no responsibility for, and can provide no
assurance as to the reliability of, any other information that others may give you.

This pricing supplement, the accompanying prospectus supplement and the
accompanying prospectus is an offer to sell only the notes offered hereby, but

only under circumstances and in jurisdictions where it is lawful to do so. The
information contained in this pricing supplement, the accompanying prospectus

supplement and the accompanying prospectus is current only as of the respective
dates of such documents.
TABLE OF CONTENTS

Pricing Supplement
Specific Terms of the Notes
PS-3
$3,368,000
Additional Information About the Notes
PS-5
Supplemental Plan of Distribution
PS-7

Conflicts of Interest
PS-10
Validity of the Notes
PS-11
T he Goldm a n Sa c hs Group, I nc .

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
Callable Fixed Rate
United States Taxation
S-23
Employee Retirement Income Security Act
S-24
Notes due 2024
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
Considerations Relating to Floating Rate Securities
89
Considerations Relating to Indexed Securities
90
Considerations Relating to Securities Denominated or Payable in

or Linked to a Non-U.S. Dollar Currency
91
United States Taxation
94
____________
Plan of Distribution
116
Conflicts of Interest
118
Employee Retirement Income Security Act
119
Validity of the Securities
120
Experts
120
Review of Unaudited Condensed Consolidated Financial

Statements by Independent Registered Public Accounting Firm
121
Cautionary Statement Pursuant to the Private Securities Litigation

Goldm a n Sa c hs & Co. LLC
Reform Act of 1995
121

PS-12

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Document Outline

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