Obligation Goldman Sachs 0% ( US38148TJN00 ) en USD

Goldman Sachs

100 % ▼

Etas-Unis

US38148TJN00 ( en USD )

03/07/2024 - Obligation échue

Prospectus brochure de l'obligation Goldman Sachs US38148TJN00 en USD 0%, échue

1 000 USD

2 190 000 USD

38148TJN0

N/A

A2 ( Qualité moyenne supérieure )

Goldman Sachs est une banque d'investissement multinationale américaine offrant des services financiers tels que la banque d'investissement, la gestion d'actifs, la gestion de patrimoine et la vente et négociation de titres.

L'Obligation émise par Goldman Sachs ( Etas-Unis ) , en USD, avec le code ISIN US38148TJN00, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 03/07/2024

L'Obligation émise par Goldman Sachs ( Etas-Unis ) , en USD, avec le code ISIN US38148TJN00, a été notée A2 ( Qualité moyenne supérieure ) par l'agence de notation Moody's.

Prospectus Supplement No. 4277 dated December 28, 2015
424B2 1 d69071d424b2.htm PROSPECTUS SUPPLEMENT NO. 4277 DATED DECEMBER 28, 2015
Table of Contents
File d Pursua nt t o Rule 4 2 4 (b)(2 )
Re gist ra t ion St a t e m e nt N o. 3 3 3 -1 9 8 7 3 5

T he Goldm a n Sa c hs Group, I nc .
$2,190,000
GS Momentum Builder® Multi-Asset 5 ER Index-Linked Notes due 2024

T he not e s do not be a r int e re st . The amount that you will be paid on your notes on the stated maturity date (July 3, 2024) is
based on the performance of the GS Momentum Builder® Multi-Asset 5 ER Index as measured from the trade date (December 28,
2015) to and including the determination date (June 28, 2024). The return on your notes will be positive if the index level on the
determination date is greater than the initial level of the index (set on the trade date). If the final index level is less than the initial
index level, you will receive the face amount of your notes.
The index measures the extent to which the performance of the selected underlying assets (up to 14 exchange traded funds and a
money market position, which provide exposure to equities, fixed income, emerging markets, alternatives, commodities, inflation, and
cash equivalent asset classes) outperform the sum of 3-month USD LIBOR plus a daily index fee of 0.50% per annum. The money
market position reflects the returns accruing at a rate equal to the federal funds effective rate on a hypothetical investment in a
notional overnight money account denominated in U.S. dollars. The index rebalances monthly (and sometimes daily) from among the
15 underlying assets. Each month the index is rebalanced by calculating the combination of underlying assets with the highest return
during the prior six months, subject to a (a) limit of 5% on portfolio realized volatility over look-back periods of six months, three
months and one month, and (b) maximum weight for each underlying asset and each asset class. Realized volatility is the degree of
variation in the daily closing prices or levels of the aggregate of the underlying assets over the applicable look-back period. This
results in a portfolio for each of the three look-back periods. The weight of each underlying asset for each monthly rebalancing will
equal the average of the weight, if any, of such underlying asset in the three portfolios. During t he t e rm of your not e s, a s a
re sult of m ont hly re ba la nc ing, t he inde x m a y inc lude a s fe w a s four unde rlying a sse t s (a s fe w a s t hre e ET Fs)
a nd m a y ne ve r inc lude som e of t he unde rlying a sse t s or a sse t c la sse s. Be c a use t he inde x m e a sure s t he
pe rform a nc e of t he se le c t e d unde rlying a sse t s le ss t he sum of 3 -m o-LI BOR plus t he fe e of 0 .5 0 % pe r a nnum ,
t he se le c t e d unde rlying a sse t s m ust out pe rform 3 -m o-LI BOR plus t he fe e of 0 .5 0 % pe r a nnum for t he inde x
le ve l t o inc re a se .
On each index business day the realized volatility of the index for the prior month is calculated and, if it exceeds 6%, the index will
be rebalanced for that day (but not for any subsequent index business day) by ratably reallocating a portion of the exposure to the
ETFs in the index to the money market position sufficient to reduce the prior month realized volatility to 6%. As a re sult of a
da ily re ba la nc ing, t he inde x m a y not inc lude a ny ET Fs a nd m a y a lloc a t e it s e nt ire e x posure t o t he m one y
m a rk e t posit ion, t he re t urn on w hic h m ight not e x c e e d 3 -m o-LI BOR. H ist oric a lly, a signific a nt port ion of t he
inde x e x posure ha s be e n t o t he m one y m a rk e t posit ion, t he re t urn on w hic h ha s be e n be low 3 -m o-LI BOR.
To determine your payment at maturity, we will calculate the index return, which is the percentage increase or decrease in the final
index level from the initial index level of 106.31. At maturity, for each $1,000 face amount of your notes you will receive an amount
in cash equal to:

?
if the index return is positive (the final index level is greater than the initial index level), the sum of (i) $1,000 plus (ii) the

product of (a) $1,000 times (b) 3.00 times (c) the index return; or

?
if the index return is zero or negative (the final index level is equal to or less than the initial index level), $1,000.
Y ou should re a d t he a ddit iona l disc losure he re in so t ha t you m a y be t t e r unde rst a nd t he t e rm s a nd risk s of
your inve st m e nt , inc luding our c re dit risk . Se e pa ge S -1 4 . The estimated value of your notes at the time the terms
of your notes are set on the trade date is equal to approximately $913 per $1,000 face amount. For a discussion of the
estimated value and the price at which Goldman, Sachs & Co. would initially buy or sell your notes, if it makes a market in
the notes, see the following page.

Origina l issue da t e :

December 31, 2015
Origina l issue pric e :

100.00% of the face amount
U nde rw rit ing disc ount :
5.40% of the face amount
N e t proc e e ds t o t he issue r:
94.60% of the face amount
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 .
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Prospectus Supplement No. 4277 dated December 28, 2015
Goldm a n, Sa c hs & Co.
Prospectus Supplement No. 4277 dated December 28, 2015.
Table of Contents
The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decide to sell
additional notes after the date of this prospectus supplement, at issue prices and with underwriting discounts and net proceeds that
differ from the amounts set forth above. The return (whether positive or negative) on your investment in notes will depend in part on
the issue price you pay for such notes.
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 a note after its 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.

Est im a t e d V a lue of Y our N ot e s
The estimated value of your notes at the time the terms of your notes are set on the trade date (as determined by
reference to pricing models used by Goldman, Sachs & Co. (GS&Co.) and taking into account our credit spreads) is equal
to approximately $913 per $1,000 face amount, which is less than the original issue price. The value of your notes at
anytime will reflect many factors and cannot be predicted; however, the price (not including GS&Co.'s customary bid and
ask spreads) at which GS&Co. would initially buy or sell notes (if it makes a market, which it is not obligated to do) and
the value that GS&Co. will initially use for account statements and otherwise is equal to approximately $950 per $1,000
face amount, which exceeds the estimated value of your notes as determined by reference to these models. The amount
of the excess will decline on a straight line basis over the period from the trade date through December 28, 2016.

About Y our Prospe c t us
The notes are part of the Medium-Term Notes, Series D program of The Goldman Sachs Group, Inc. This prospectus includes this
prospectus supplement and the accompanying documents listed below. This prospectus supplement constitutes a supplement to
the documents listed below and should be read in conjunction with such documents:

?
Prospectus supplement dated December 22, 2015

?
Prospectus dated December 22, 2015
The information in this prospectus 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.
Table of Contents
The following is a list of the eligible underlying assets for the index, including the related asset classes, asset class maximum
weights and underlying asset maximum weights. The index is more fully described beginning on page S-44 herein.

ASSET
ASSET
UNDERLYING UNDERLYING
ELIGIBLE
ASSET
CLASS
CLASS
ASSET
ASSET
UNDERLYING
TICKER
CLASS
MINIMUM MAXIMUM
MINIMUM
MAXIMUM
ASSET
WEIGHT WEIGHT

WEIGHT

WEIGHT

SPDR® S&P 500® ETF Trust

SPY

0%

20%
Equities

0%

50%
iShares® MSCI EAFE ETF

EFA

0%

20%

iShares® MSCI Japan ETF

EWJ

0%

10%
iShares® 20+ Year Treasury
TLT
0%
20%

Bond ETF

iShares® iBoxx $ Investment
Fixed Income
0%
50%
LQD
0%
20%

Grade Corporate Bond ETF

iShares® iBoxx $ High Yield
HYG
0%
20%

Corporate Bond ETF

iShares® MSCI Emerging Markets
EEM
0%
20%
Emerging

ETF

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Prospectus Supplement No. 4277 dated December 28, 2015
0%
25%
Markets
iShares® J.P. Morgan USD
EMB
0%
20%

Emerging Markets Bond ETF

iShares® U.S. Real Estate ETF

IYR

0%

20%

Alerian MLP ETF

AMLP

0%

10%
Alternatives
0%
25%
PowerShares® Senior Loan
BKLN
0%
10%

Portfolio

PowerShares® DB Commodity
DBC
0%
20%
Commodities
0%

25%
Index Tracking Fund

SPDR® Gold Trust

GLD

0%

20%
Inflation

0%

25%
iShares® TIPS Bond ETF

TIP

0%

25%
Cash Equivalent
0%

50%*
Money Market Position

N/A

0%

50%*
* Wit h re spe c t t o t he m one y m a rk e t posit ion, t he re la t e d a sse t c la ss m a x im um w e ight a nd unde rlying a sse t
m a x im um w e ight lim it a t ions do not a pply t o da ily re ba la nc ing a nd, t he re fore , a s a re sult of da ily re ba la nc ing,
t he inde x m a y a lloc a t e it s e nt ire e x posure t o t he m one y m a rk e t posit ion.
Table of Contents

T ra nsa c t ion Sum m a ry

GS M om e nt um Builde r ® M ult i -Asse t 5 ER I nde x -Link e d N ot e s due 2 0 2 4

The below is only a brief summary of the terms of your notes. You should read the detailed description thereof in "Summary Information" on
page S-8 and in "Specific Terms of Your Notes" on page S-38 as well as the accompanying prospectus supplement and accompanying
prospectus.

I N V EST M EN T T H ESI S

For investors who:

? seek the opportunity to achieve a return at maturity based on the performance of an index that attempts to track the
positive price momentum in certain eligible underlying assets by varying exposure to those eligible underlying assets,
subject to limitations on volatility and a maximum weight for each underlying asset and each asset class.

? understand that the eligible underlying assets provide exposure to equities, fixed income, emerging markets,
alternatives, commodities, inflation, and cash equivalent asset classes.

? seek to have their principal returned after a period of 102 months.

? believe the index will increase during the period from the trade date to the determination date.

? are willing to receive only their principal back at maturity if the index return is less than or equal to zero.

T he inde x m a y inc lude a s fe w a s four unde rlying a sse t s (a s fe w a s t hre e ET Fs) a nd m a y not inc lude
som e of t he unde rlying a sse t s or a sse t s c la sse s during t he e nt ire t e rm of your not e s. H ist oric a lly, a
signific a nt port ion of t he inde x e x posure ha s be e n t o t he m one y m a rk e t posit ion, t he re t urn of w hic h ha s
be e n be low 3 -m ont h U SD LI BOR.

PAY OU T DESCRI PT I ON

At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to:

? if the index return is positive (the final index level is greater than the initial index level), the sum of (i) $1,000 plus
(ii) the product of (a) $1,000 times (b) 3.00 times (c) the index return; or

? if the index return is zero or negative (the final index level is equal to or less than the initial index level), $1,000.

S-2
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Prospectus Supplement No. 4277 dated December 28, 2015

T ra nsa c t ion Sum m a ry

GS M om e nt um Builde r ® M ult i -Asse t 5 ER I nde x -Link e d N ot e s due 2 0 2 4

T H E I N DEX

The GS Momentum Builder® Multi-Asset 5 ER Index (the index) measures the extent to which the performance of the exchange traded funds and money
market position included in the index outperform the notional interest rate, which is a rate equal to 3-month USD LIBOR, plus a daily index maintenance fee
of 0.50% per annum. The money market position reflects the returns accruing to a hypothetical investor from an investment in a notional overnight money
account denominated in U.S. dollars that accrues interest at a rate equal to the federal funds effective rate. The index rebalances monthly (and sometimes
daily) from among 15 underlying assets that provide exposure to assets that have been categorized in the following asset classes: equities; fixed income;
emerging markets; alternatives; commodities; inflation; and cash equivalent. The index attempts to track the positive price momentum in the underlying assets,
subject to limitations on volatility and a maximum weight for each underlying asset and each asset class, each as described below.
Features of the index include:
? monthly rebalancing based on the combination of underlying assets that would have provided the highest historical return during a return look-back
period comprised of the prior six months, subject to:
a limit of 5% on the degree of variation in the daily closing prices or closing level, as applicable, of the aggregate of such underlying
assets over three different realized volatility look-back periods (the prior six months, three months and one month); and
a maximum weight for each underlying asset and each asset class; and
? the potential for daily rebalancing into the money market position, based on whether the realized volatility of the underlying assets comprising the
index exceeds the volatility cap of 6% for the applicable volatility cap period (the prior one month).
Analyzing realized volatility over three look-back periods results in a portfolio for each look-back period and the weight of each underlying asset for each
monthly rebalancing will equal the average of the weights of such underlying asset in the three portfolios. Monthly rebalancing will be implemented over a
base index rebalancing period comprised of five base index rebalancing days, which are the first five index business days of each calendar month beginning
on, and including, the base index observation day (the first index business day of each month), subject to adjustment.
The value of the index is calculated on each index business day by reference to the performance of the total return index value net of the sum of the
return on the notional interest rate in effect at that time plus the daily index maintenance fee of 0.50% per annum. Any cash dividend paid on an index ETF is
deemed to be reinvested in such index ETF and subject to subsequent changes in the value of the index ETF. In addition, any interest accrued on the money
market position is similarly deemed to be reinvested on a daily basis in such money market position and subject to subsequent changes in the federal funds
effective rate. The total return index value on each index business day is calculated by reference to the weighted performance of:
? the base index, which is the weighted combination of underlying assets that comprise the index at the applicable time as a result of the most recent
monthly base index rebalancing (whether partially or fully implemented); and
? any additional exposure to the money market position resulting from any daily total return index rebalancing that day.
The underlying assets that comprise the base index as the result of the most recent monthly base index rebalancing may include a combination of ETFs
and the money market position, or solely ETFs. A daily total return index rebalancing will occur on a daily total return index rebalancing day, which is any
index business day, if the realized volatility of the base index exceeds the volatility cap of 6% for the volatility cap period applicable to such daily total return
index rebalancing day. As a result of a daily total return index rebalancing, the index will have exposure to the money market position even if the base index
has no such exposure resulting from its most recent monthly base index rebalancing.
For the purpose of this prospectus supplement:
? an "eligible underlying asset" is one of the ETFs or the money market position that is eligible for inclusion in the index on a monthly base index
observation day;
? an "eligible ETF" is one of the ETFs that is eligible for inclusion in the index on a monthly base index observation day (when we refer to an "ETF" we
mean an exchange traded fund, which for purposes of this prospectus supplement includes the following exchange traded products: SPDR® S&P
500® ETF Trust, PowerShares® DB Commodity Index Tracking Fund and SPDR® Gold Trust);
? an "index underlying asset" is an eligible underlying asset with a non-zero weighting on any index business day;
? an "index ETF" is an ETF that is an eligible ETF with a non-zero weighting on any index business day; and
? an "index business day" is a day on which the New York Stock Exchange is open for its regular trading session on such day.
T ERM S

Issuer
The Goldman Sachs Group, Inc.
Index
GS Momentum Builder® Multi-Asset 5 ER Index
Face Amount
$2,190,000 in the aggregate; each note will have a face amount of $1,000
Trade Date
December 28, 2015
Settlement Date
December 31, 2015
Determination Date
June 28, 2024
Stated Maturity Date
July 3, 2024
Initial Index Level
106.31
Final Index Level
The closing level of the index on the determination date
Upside Participation Rate
300.00%
The quotient of (i) the final index level minus the initial index level divided by (ii) the initial
Index Return
index level, expressed as a percentage
CUSIP / ISIN
38148TJN0 / US38148TJN00

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Prospectus Supplement No. 4277 dated December 28, 2015
S-3
Table of Contents

T ra nsa c t ion Sum m a ry

GS M om e nt um Builde r ® M ult i -Asse t 5 ER I nde x -Link e d N ot e s due 2 0 2 4

H Y POT H ET I CAL EX AM PLES

The following table is provided for purposes of illustration only. It should not be taken as an indication or prediction of future investment
results and is intended merely to illustrate the impact that various hypothetical closing levels of the index on the determination date could
have on the payment at maturity assuming all other variables remain constant. The actual performance of the index over the life of your
notes, particularly on the determination date, as well as the amount payable on the stated maturity date, may bear little relation to the
hypothetical examples shown below or on page S-11 or to the historical levels of the index shown elsewhere in this prospectus supplement.
Y ou should a lso re fe r t o t he hist oric a l inde x pe rform a nc e inform a t ion a nd hypot he t ic a l pe rform a nc e da t a
be ginning on pa ge S-5 4 of t his prospe c t us supple m e nt .

H ypot he t ic a l Ca sh
H ypot he t ic a l Fina l I nde x
Se t t le m e nt Am ount (a s a

Le ve l (a s a Pe rc e nt a ge of

Pe rc e nt a ge of Fa c e
t he I nit ia l I nde x Le ve l)

Am ount )

175.00%

325.00%

150.00%

250.00%

140.00%

220.00%

130.00%

190.00%

120.00%

160.00%

110.00%

130.00%

1 0 0 .0 0 %

1 0 0 .0 0 %

90.00%

100.00%

75.00%

100.00%

50.00%

100.00%

25.00%

100.00%

0 .0 0 %

1 0 0 .0 0 %

S-4
Table of Contents
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Prospectus Supplement No. 4277 dated December 28, 2015
Transaction Summary GS Momentum
Builder® Multi - Asset 5 ER Index - Linked Notes due 2024 REBALANCING Monthly Base Index Rebalancing Daily Total Return
Index Rebalancing Calculate the 6 - month historical returns for each underlying asset combination Calculate the 6 - month, 3 - month and 1 - month realized volatility for each underlying asset combination (each a potential portfolio) Calculate the realized volatility of the index underlying assets for the applicable 1 - month volatility cap period Has the realized volatility for the applicable 1 - month volatility cap period exceeded the volatility cap ? Determine three potential portfolios (one
for each realized volatility look - back period) by selecting underlying asset weights that both (i) would have provided the highest 6 - month historical return and (ii) are within the underlying asset maximum weight, the asset class maximum weight and the applicable realized volatility constraint Determine the weighting of each index underlying asset by averaging the weights of each underlying asset in the three potential portfolios identified
above The weightings of the index underlying assets will be rebalanced in order to reduce the realized volatility for the applicable 1 - month volatility cap period by ratably
reallocating a portion of the exposure to the ETFs comprising the index to the money
market position. The money
market position reflects the notional returns accruing to a hypothetical investor from an investment in a notional overnight money
account denominated in U.S. dollars that accrues interest at the overnight interest rate,
which is a rate equal to the
federal funds effective rate Yes No The index will not be rebalanced on such index business day Run the daily rebalancing test to determine if any further changes from this position are required

S-5
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T ra nsa c t ion Sum m a ry

GS M om e nt um Builde r ® M ult i -Asse t 5 ER I nde x -Link e d N ot e s due 2 0 2 4

H ist oric a l I nform a t ion a nd H ypot he t ic a l Da t a

The following chart and table provide a comparison between the index (using historical information and hypothetical data, as explained below) and certain
asset classes (in each case, represented by a benchmark ETF or a benchmark index) from December 3, 2007 to December 28, 2015. Benchmark ETF data
and benchmark index data is based on the historical levels of the benchmark ETFs and benchmark indices, respectively. The historical index information
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Prospectus Supplement No. 4277 dated December 28, 2015
from December 17, 2013 (the index launch date) to December 28, 2015 reflects the actual performance of the index. (In the chart, this historical index
information can be found to the right of the vertical solid line marker.) The hypothetical index data from March 3, 2011 to December 16, 2013 is based on the
historical levels of the eligible underlying assets using the same methodology that is used to calculate the index. Hypothetical index data for the period from
December 3, 2007 through March 2, 2011 was calculated using the same methodology that is used to calculate the index, provided that a proxy was used for
the following eligible ETFs, in each case for the period of time that such eligible ETF was not in existence: iShares® J.P. Morgan USD Emerging Markets
Bond ETF (not in existence prior to December 19, 2007), Alerian MLP ETF (not in existence prior to August 25, 2010) and PowerShares® Senior Loan
Portfolio (not in existence prior to March 3, 2011). As a result, due to the varying weights of the eligible ETFs and proxies, at any time during this period as
much as 100% of the hypothetical index performance data was derived from proxy data. Please note that the benchmark ETFs and benchmark indices that
are used to represent asset classes for purposes of the following table and chart may not be eligible underlying assets for purposes of the index and in some
cases differ from the eligible underlying assets that are used to represent asset classes with the same or similar titles for purposes of the index. Y ou
should not t a k e t he hist oric a l inde x inform a t ion, hypot he t ic a l inde x da t a or hist oric a l be nc hm a rk ET F a nd be nc hm a rk inde x
da t a a s a n indic a t ion of t he fut ure pe rform a nc e of t he inde x .

Pe rform a nc e Sinc e De c e m be r 2 0 0 7

GS Momentum
Global Equities
Commodities
Builder® Multi
US Bonds
(MSCI ACWI
(S&P GSCI
US Real Estate

As of 12/28/2015
Asset 5 ER
(AGG)
Excess Return
Excess Return
(IYR)
Index
Index)
Index)

(GSMBMA5)

Effective Performance (1 Month)

0.27%

-0.21%
-1.38%

-9.29%

1.28%

Effective Performance (6 Month)

-2.84%

0.68%
-4.49%

-31.84%

7.73%

Annualized* Performance (since December 2007)

4.93%

3.58%
1.61%

-14.04%

5.12%

Annualized* Realized Volatility (since December 2007)**

5.22%

5.53%
18.51%

24.44%

36.04%

Return over Risk (since December 2007)***

0.95

0.65

0.09

-0.57

0.14

Maximum Peak-to-Trough Drawdown****

-11.05%

-13.19%
-58.27%

-80.80%

-68.32%

* Calculated on a per annum percentage basis.
** Calculated on the same basis as realized volatility used in calculating the index.
*** Calculated by dividing the annualized performance by the annualized realized volatility since December 3, 2007.
**** The largest percentage decline experienced in the relevant measure from a previously occurring maximum level.

S-6
Table of Contents
T ra nsa c t ion Sum m a ry

GS M om e nt um Builde r ® M ult i -Asse t 5 ER I nde x -Link e d N ot e s due 2 0 2 4

The following chart, which is based on historical information and hypothetical data, sets forth the monthly allocation on each base index
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Prospectus Supplement No. 4277 dated December 28, 2015
observation day between each asset class from December 3, 2007 to December 1, 2015, with each bar representing a month. The historical
index information from December 17, 2013 (the index launch date) to December 1, 2015 reflects the actual performance of the index. (In the
chart, this historical information can be found to the right of the vertical solid line marker.) The hypothetical index data from March 3, 2011 to
December 16, 2013 is based on the historical levels of the eligible underlying assets using the same methodology that is used to calculate
the index. Hypothetical index data for the period from December 3, 2007 through March 2, 2011 was calculated using the same methodology
that is used to calculate the index, provided that a proxy was used for the following eligible ETFs, in each case for the period of time that
such eligible underlying asset was not in existence: iShares® J.P. Morgan USD Emerging Markets Bond ETF (not in existence prior to
December 19, 2007), Alerian MLP ETF (not in existence prior to August 25, 2010) and PowerShares® Senior Loan Portfolio (not in existence
prior to March 3, 2011). As a result, due to the varying weights of the eligible underlying assets and proxies, at any time during this period as
much as 100% of the hypothetical index performance data was derived from proxy data. Y ou should not t a k e t he hist oric a l inde x
inform a t ion or hypot he t ic a l inde x da t a a s a n indic a t ion of t he fut ure pe rform a nc e of t he inde x .

RI SK S

Ple a se re a d t he se c t ion e nt it le d "Addit iona l Risk Fa c t ors Spe c ific t o Y our N ot e s" be ginning on pa ge S-1 4 of t his
prospe c t us supple m e nt a s w e ll a s t he risk s a nd c onside ra t ions de sc ribe d in t he a c c om pa nying prospe c t us da t e d
De c e m be r 2 2 , 2 0 1 5 a nd t he a c c om pa nying prospe c t us supple m e nt da t e d De c e m be r 2 2 , 2 0 1 5 .

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SU M M ARY I N FORM AT I ON

We refer to the notes we are offering by this prospectus supplement as the "offered notes" or the "notes". Each of the offered
notes, including your notes, has the terms described below and under "Specific Terms of Your Notes" on page S-38. Please note
that in this prospectus supplement, references to "The Goldman Sachs Group, Inc.", "we", "our" and "us" mean only The Goldman
Sachs Group, Inc. and do not include its consolidated subsidiaries, while references to "Goldman Sachs" mean The Goldman
Sachs Group, Inc., together with its consolidated subsidiaries. Also, references to the "accompanying prospectus" mean the
accompanying prospectus, dated December 22, 2015, as supplemented by the accompanying prospectus supplement, dated
December 22, 2015, in each case relating to the Medium-Term Notes, Series D of The Goldman Sachs Group, Inc. References
to the "indenture" in this prospectus supplement mean the senior debt indenture, dated July 16, 2008, between The Goldman
Sachs Group, Inc. and The Bank of New York Mellon, as trustee.

K e y T e rm s
I ssue r: The Goldman Sachs Group, Inc.
I nde x : GS Momentum Builder® Multi-Asset 5 ER Index (Bloomberg symbol, "GSMBMA5 Index"), as published by the index
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Prospectus Supplement No. 4277 dated December 28, 2015
sponsor (including any index calculation agent acting on the index sponsor's behalf); see "The Index" on page S-44. Additional
information about the index, including the index methodology, which may be amended from time to time, is available at the following
website: http://www.solactive.com/indexing-en/indices/complex/. We are not incorporating by reference the website or any material it
includes in this prospectus supplement
I nde x c a lc ula t ion a ge nt : Solactive AG
I nde x sponsor: Goldman, Sachs & Co. ("GS&Co.")
Spe c ifie d c urre nc y: U.S. dollars ("$")
Fa c e a m ount : each note will have a face amount of $1,000; $2,190,000 in the aggregate for all the offered notes; the aggregate
face amount of the offered notes may be increased if the issuer, at its sole option, decides to sell an additional amount of the offered
notes on a date subsequent to the date of this prospectus supplement
De nom ina t ions: $1,000 or integral multiples of $1,000 in excess thereof
Purc ha se a t a m ount ot he r t ha n fa c e a m ount : the amount we will pay you at the stated maturity date for your notes will not
be adjusted based on the issue price you pay for your notes, so if you acquire notes at a premium (or discount) to face amount and
hold them to the stated maturity date, it could affect your investment in a number of ways. The return on your investment in such
notes will be lower (or higher) than it would have been had you purchased the notes at face amount. See "Additional Risk Factors
Specific to Your Notes -- If You Purchase Your Notes at a Premium to Face Amount, the Return on Your Investment Will Be Lower
Than the Return on Notes Purchased at Face Amount and the Impact of Certain Key Terms of the Notes Will Be Negatively
Affected" on page S-16 of this prospectus supplement
Supple m e nt a l disc ussion of U .S. fe de ra l inc om e t a x c onse que nc e s: the notes will be treated as debt instruments
subject to the special rules governing contingent payment debt instruments for U.S. federal income tax purposes. Under this
treatment, it is the opinion of Sidley Austin LLP that if you are a U.S. individual or taxable entity, you generally should be required to
pay taxes on ordinary income from the notes over their term based on the comparable yield for the notes. In addition, any gain you
may recognize on the sale, exchange or maturity of the notes will be taxed as ordinary interest income.
Ca sh se t t le m e nt a m ount (on t he st a t e d m a t urit y da t e ): for each $1,000 face amount of notes, we will pay you on the
stated maturity date an amount in cash equal to:
? if the index return is positive, the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the upside participation rate
times (c) the index return; or
? if the index return is zero or negative, $1,000.
I nit ia l inde x le ve l: 106.31
Fina l inde x le ve l: the closing level of the index on the determination date, except in the limited circumstances described under
"Specific Terms of Your Notes -- Payment of Principal on Stated Maturity Date -- Consequences of a Non-Trading Day" on page S-
39 and subject to adjustment as provided under "Specific Terms of Your Notes -- Payment of Principal on Stated Maturity Date --
Discontinuance or Modification of the Index" on page S-39
Closing le ve l of t he inde x : the official closing level of the index or any successor index published by the index sponsor
(including any index calculation agent acting on the index sponsor's behalf) on any trading day for the index

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Table of Contents
I nde x re t urn: the quotient of (i) the final index level minus the initial index level divided by (ii) the initial index level, expressed as
a positive or negative percentage
U pside pa rt ic ipa t ion ra t e : 300.00%
T ra de da t e : December 28, 2015
Origina l issue da t e (se t t le m e nt da t e ): December 31, 2015
St a t e d m a t urit y da t e : July 3, 2024, subject to postponement as described under "Specific Terms of Your Notes -- Payment of
Principal on Stated Maturity Date -- Stated Maturity Date" on page S-39
De t e rm ina t ion da t e : June 28, 2024, subject to adjustment as described under "Specific Terms of Your Notes -- Payment of
Principal on Stated Maturity Date -- Determination Date" on page S-39
N o int e re st : the notes do not bear interest
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Prospectus Supplement No. 4277 dated December 28, 2015
N o list ing: the notes will not be listed on any securities exchange or interdealer market quotation system
N o re de m pt ion: the notes will not be subject to redemption right or price dependent redemption right
N ot e c a lc ula t ion a ge nt : GS&Co.
Busine ss da y: as described under "Specific Terms of Your Notes -- Special Calculation Provisions -- Business Day" on page S-
41
T ra ding da y: as described under "Specific Terms of Your Notes -- Special Calculation Provisions -- Trading Day" on page S-41
CU SI P no.: 38148TJN0
I SI N no.: US38148TJN00
FDI C: the notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental
agency, nor are they obligations of, or guaranteed by, a bank

S-9
Table of Contents
H Y POT H ET I CAL EX AM PLES
The following table, examples and chart are provided for purposes of illustration only. They should not be taken as an indication
or prediction of future investment results and are intended merely to illustrate the impact that the various hypothetical index levels on
the determination date could have on the cash settlement amount at maturity assuming all other variables remain constant.
The examples below are based on a range of index levels that are entirely hypothetical; no one can predict what the index level
will be on any day throughout the life of your notes, and no one can predict what the final index level will be on the determination
date. The index has been highly volatile in the past -- meaning that the index level has changed considerably in relatively short
periods -- and its performance cannot be predicted for any future period.
The information in the following examples reflects hypothetical rates of return on the offered notes assuming that they are
purchased on the original issue date at the face amount and held to the stated maturity date. If you sell your notes in a secondary
market prior to the maturity date, your return will depend upon the market value of your notes at the time of sale, which may be
affected by a number of factors that are not reflected in the table shown below such as the volatility of the index and our
creditworthiness. In addition, the estimated value of your notes at the time the terms of your notes are set on the trade date (as
determined by reference to pricing models used by GS&Co.) is less than the original issue price of your notes. For more information
on the estimated value of your notes, see "Additional Risk Factors Specific to Your Notes -- The Estimated Value of Your Notes At
the Time the Terms of Your Notes Are Set On the Trade Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is
Less Than the Original Issue Price Of Your Notes" on page S-14 of this prospectus supplement. The information in the table also
reflects the key terms and assumptions in the box below.

K e y T e rm s a nd Assum pt ions

Face amount
$1,000

Upside participation rate
300.00%

No non-trading day occurs on the originally scheduled determination date

No change in or affecting any of the eligible underlying assets or the method by which the index sponsor calculates the index

Notes purchased on original issue date and held to the stated maturity date

For these reasons, the actual performance of the index over the life of your notes, as well as the amount payable at maturity
may bear little relation to the hypothetical examples shown below or to the historical index performance information or hypothetical
performance data shown elsewhere in this prospectus supplement. For information about the historical index performance levels and
hypothetical performance data of the index during recent periods, see "The Index -- Daily Closing Levels of the Index" on page S-
55. Before investing in the offered notes, you should consult publicly available information to determine the level of the index
between the date of this prospectus supplement and the date of your purchase of the offered notes.
Any rate of return you may earn on an investment in the notes may be lower than that which you could earn on a comparable
investment in the index underlying assets.
Also, the hypothetical examples shown below do not take into account the effects of applicable taxes. Because of the U.S. tax
treatment applicable to your notes, tax liabilities could affect the after-tax rate of return on your notes to a comparatively greater
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Document Outline

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