Obligation Goldman Sachs 2.655% ( US38147QGA85 ) en USD

Goldman Sachs

83 % ▼

Etas-Unis

US38147QGA85 ( en USD )

2.655% par an ( paiement semestriel )

22/07/2028

Prospectus brochure de l'obligation Goldman Sachs US38147QGA85 en USD 2.655%, échéance 22/07/2028

1 000 USD

5 250 000 USD

38147QGA8

BBB+ ( Qualité moyenne inférieure )

22/07/2025 ( Dans 149 jours )

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 US38147QGA85, paye un coupon de 2.655% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 22/07/2028

L'Obligation émise par Goldman Sachs ( Etas-Unis ) , en USD, avec le code ISIN US38147QGA85, a été notée NR par l'agence de notation Moody's.

L'Obligation émise par Goldman Sachs ( Etas-Unis ) , en USD, avec le code ISIN US38147QGA85, a été notée BBB+ ( Qualité moyenne inférieure ) par l'agence de notation Standard & Poor's ( S&P ).

Prospectus Supplement No. 2305 dated July 17, 2013
http://www.sec.gov/Archives/edgar/data/886982/000119312513295648/...
424B2 1 d568726d424b2.htm PROSPECTUS SUPPLEMENT NO. 2305 DATED JULY 17, 2013
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-176914

The Goldman Sachs Group, Inc.
$5,250,000

Cal able Quarterly CMS Spread-Linked Notes due 2028

The notes wil mature on the stated maturity date (July 22, 2028).
We may redeem your notes at 100% of their face amount plus any accrued and unpaid interest on any quarterly interest payment date on or after
January 22, 2014.
On the stated maturity date, we wil pay you an amount in cash equal to the face amount of your notes plus accrued and unpaid interest, if any.
The notes wil pay interest quarterly, beginning October 22, 2013. For each of the first four interest periods, interest wil be paid at a rate of 9.00% per
annum. For each interest period thereafter, the amount of interest you wil be paid each quarter wil be based on the product of 5 times the CMS
spread (the difference between the 30-year CMS rate minus the 5-year CMS rate on the relevant interest determination date, which wil be the second
U.S. Government securities business day preceding the respective interest period), subject to the maximum interest rate of 10.00% per annum.
For each quarterly interest period after the fourth interest period, the interest rate per annum for such interest period wil equal:

· if (i) the CMS spread times (ii) 5 is greater than or equal to 10.00%, the maximum interest rate of 10.00%;

· if (i) the CMS spread times (ii) 5 is less than 10.00% but greater than 0%, (i) the CMS spread times (i ) 5; or

· if the CMS spread is equal to or less than 0%, 0%.
After the first four interest periods, if on any interest determination date the 30-year CMS rate does not exceed the 5-year CMS rate,
you will receive no interest on your notes for such interest period, even if the CMS spread on subsequent days is greater than 0%.
Furthermore, after the first four interest periods, the interest rate per annum will be subject to a maximum interest rate of 10.00%.
Your investment in the notes involves certain risks, including, among other things, our credit risk. See page S-4.
You should read the additional disclosure herein so that you may better understand the terms and risks of your investment.
The estimated value of your notes at the time the terms of your notes were set on the trade date (as determined by reference to
pricing models used by Goldman, Sachs & Co. and taking into account our credit spreads) was equal to approximately $924 per $1,000 face
amount, which is less than the original issue price. The value of your notes at any time will reflect many factors and cannot be predicted.

Original issue date: July 22, 2013

Original issue price: 100.00% of the face amount

Underwriting discount: 3.619% of the face amount

Net proceeds to issuer: 96.381% of the face amount
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or
passed upon the accuracy or adequacy of this prospectus supplement, the accompanying prospectus supplement or the accompanying
prospectus. Any representation to the contrary is a criminal offense. The notes are not bank deposits and are not insured by the Federal
Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.
Goldman, Sachs & Co.

Prospectus Supplement No. 2305 dated July 17, 2013.
1 of 29
7/22/2013 9:13 AM

Prospectus Supplement No. 2305 dated July 17, 2013
http://www.sec.gov/Archives/edgar/data/886982/000119312513295648/...
Table of Contents
The issue price, underwriting discount and net proceeds listed on the cover page hereof relate to the notes we sel initial y. We may decide to sel
additional notes after the date of this prospectus supplement, at issue prices and with underwriting discounts and net proceeds that differ from the
amounts set forth above. The return (whether positive or negative) on your investment in notes wil depend in part on the issue price you pay for such
notes.
Goldman Sachs may use this prospectus supplement in the initial sale of the offered notes. In addition, Goldman, Sachs & Co., or any other
affiliate of Goldman Sachs may use this prospectus supplement in a market-making transaction in a note after its initial sale. Unless Goldman Sachs
or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus supplement is being used in a market-making
transaction.

About Your Notes
The notes are part of the Medium-Term Notes, Series D program of The Goldman Sachs Group, Inc. This prospectus supplement constitutes a
supplement to the documents listed below and should be read in conjunction with such documents:

·
Prospectus supplement dated September 19, 2011

·
Prospectus dated September 19, 2011
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.

2 of 29
7/22/2013 9:13 AM

Prospectus Supplement No. 2305 dated July 17, 2013
http://www.sec.gov/Archives/edgar/data/886982/000119312513295648/...
Table of Contents
SUMMARY INFORMATION

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-10. Please note that in this prospectus
supplement, references to "The Goldman Sachs Group, Inc.", "we", "our" and "us" mean only The Goldman Sachs Group, Inc. and do not include
its consolidated subsidiaries. Also, references to the "accompanying prospectus" mean the accompanying prospectus, dated September 19, 2011
as supplemented by the accompanying prospectus supplement, dated September 19, 2011, relating to Medium-Term Notes, Series D, of The
Goldman Sachs Group, Inc. References to the "indenture" in this prospectus supplement mean the senior debt indenture, dated July 16, 2008,
between The Goldman Sachs Group, Inc. and The Bank of New York Mellon, as trustee.

Key Terms

Issuer: The Goldman Sachs Group, Inc.
sale or maturity of the notes wil be taxed as ordinary interest income.
CMS spread: on any interest determination date, the difference of the
Trade date: July 17, 2013
30-year CMS rate minus the 5-year CMS rate.
Original issue date (settlement date): July 22, 2013
30-year CMS rate: for any interest determination date, the 30-year U.S.
dol ar interest rate swap rate (as described on page S-11) on such day,
Stated maturity date: July 22, 2028, subject to our early redemption
subject to adjustment as described elsewhere in this prospectus
right and to adjustment as described under "Specific Terms of Your
supplement
Notes -- Payment of Principal on Stated Maturity Date -- Stated
Maturity Date" on page S-11
5-year CMS rate: for any interest determination date, the 5-year U.S.
dol ar interest rate swap rate (as described on page S-11) on such day,
Specified currency: U.S. dol ars ("$")
subject to adjustment as described elsewhere in this prospectus
Denominations: $1,000 or integral multiples of $1,000 in excess thereof
supplement
Interest payment dates: January 22, April 22, July 22 and October 22
Face amount: each note wil have a face amount equal to $1,000;
of each year, beginning on October 22, 2013, and ending on the stated
$5,250,000 in the aggregate for all the offered notes; the aggregate
maturity date, subject to adjustments as described elsewhere in the
face amount of the offered notes may be increased if the issuer, at its
prospectus supplement
sole option, decides to sel an additional amount of the offered notes on
a date subsequent to the date of this prospectus supplement
Early redemption: we have the right to redeem your notes, in whole but
Supplemental discussion of U.S. federal income tax consequences:
not in part, at a price equal to 100% of the face amount plus accrued
We intend to treat the notes as debt instruments subject to the special
and unpaid interest, on each interest payment date on or after
rules governing contingent payment debt instruments for U.S. federal
January 22, 2014, subject to five business days' prior notice
income tax purposes. Under this treatment, it is the opinion of Sidley
Interest rate: for the first four interest periods, the interest rate wil be
Austin LLP that if you are a U.S. individual or taxable entity, you general y
9.00% per annum. For each interest period thereafter, subject to our
should be required to pay taxes on ordinary income from the notes over
early redemption right, the interest rate wil be based upon the CMS
their term based on the comparable yield for the notes, subject to any
spread on the relevant interest determination date for such interest
positive and negative adjustments based on the actual interest payments
period and wil be a rate per annum equal to:
on the notes. In addition, any gain you may recognize on the

· if (i) the CMS spread times (ii) 5 is greater than or equal to the

maximum

S-2
3 of 29
7/22/2013 9:13 AM

Prospectus Supplement No. 2305 dated July 17, 2013
http://www.sec.gov/Archives/edgar/data/886982/000119312513295648/...
Table of Contents

interest rate: the maximum interest rate;
Interest determination dates: for each interest period after the first

· if (i) the CMS spread times (ii) 5 is less than the maximum
four interest periods, the second U.S. Government securities business
day preceding such interest period

interest rate but greater than 0%: (i) the CMS spread times (ii) 5;
or
Interest period: the period from and including each interest payment

date (or the original issue date, in the case of the initial interest period)

· if the CMS spread is equal to or less than 0%: 0%
to but excluding the next succeeding interest payment date (or the
Maximum interest rate: 10.00% per annum
stated maturity date, in the case of the final interest period)
Day count convention: 30/360 (ISDA)
FDIC: The notes are not bank deposits and are not insured by the
Federal Deposit Insurance Corporation (the "FDIC") or any other
Business day convention: fol owing unadjusted
governmental agency, nor are they obligations of, or guaranteed by, a
Regular record dates: the scheduled business day immediately
bank
preceding each interest payment date
Calculation agent: Goldman, Sachs & Co.
Defeasance: not applicable
CUSIP no.: 38147QGA8
No listing: the offered notes wil not be listed or displayed on any
ISIN no.: US38147QGA85
securities exchange or interdealer market quotation system
Business day: as described on page S-13
U.S. Government securities business day: any day except for a
Saturday, Sunday or a day on which the Securities Industry and
Financial Markets Association recommends that the fixed income
department of its members be closed for the entire day for purposes of
trading in U.S. government securities

S-3
4 of 29
7/22/2013 9:13 AM

Prospectus Supplement No. 2305 dated July 17, 2013
http://www.sec.gov/Archives/edgar/data/886982/000119312513295648/...
Table of Contents
ADDITIONAL RISK FACTORS SPECIFIC TO YOUR NOTES

An investment in your notes is subject to the risks described below, as well as the risks described under "Considerations Relating to Indexed
Securities" in the accompanying prospectus dated September 19, 2011. You should carefully review these risks as well as the terms of the notes
described herein and in the accompanying prospectus, dated September 19, 2011, as supplemented by the accompanying prospectus
supplement, dated September 19, 2011, of The Goldman Sachs Group, Inc. Your notes are a riskier investment than ordinary debt securities. You
should carefully consider whether the offered notes are suited to your particular circumstances.

The Estimated Value of Your Notes At the Time the Terms of Your
differences in pricing models or assumptions used by others. See "--
Notes Were Set On the Trade Date (as Determined By Reference to
The Market Value of Your Notes May Be Influenced by Many Factors
Pricing Models Used By Goldman, Sachs & Co.) Was Less Than
That Are Unpredictable and Interrelated in Complex Ways" below.
the Original Issue Price Of Your Notes
The difference between the estimated value of your notes as of the
The original issue price for your notes exceeds the estimated value
time the terms of your notes were set on the trade date and the original
of your notes as of the time the terms of your notes were set on the
issue price is a result of certain factors, including principal y the
trade date, as determined by reference to Goldman, Sachs & Co.'s
underwriting discount and commissions, the expenses incurred in
pricing models and taking into account our credit spreads. Such
creating, documenting and marketing the notes, and an estimate of the
estimated value on the trade date is set forth on the cover of this
difference between the amounts we pay to Goldman, Sachs & Co. and
prospectus supplement; after the trade date, the estimated value as
the amounts Goldman, Sachs & Co. pays to us in connection with your
determined by reference to these models wil be affected by changes in
notes. We pay to Goldman, Sachs & Co. amounts based on what we
market conditions, our creditworthiness and other relevant factors. If
would pay to holders of a non-structured note with a similar maturity. In
Goldman, Sachs & Co. buys or sel s your notes it wil do so at prices
return for such payment, Goldman, Sachs & Co. pays to us the amounts
that reflect the estimated value determined by reference to such pricing
we owe under your notes.
models at that time. The price at which Goldman, Sachs & Co. wil buy
or sel your notes at any time also wil reflect its then current bid and ask
In addition to the factors discussed above, the value and quoted
spread for similar sized trades of structured notes.
price of your notes at any time wil reflect many factors and cannot be
predicted. If Goldman, Sachs & Co. makes a market in the notes, the
In estimating the value of your notes as of the time the terms of
price quoted by Goldman, Sachs & Co. would reflect any changes in
your notes were set on the trade date, as disclosed on the front cover of
market conditions and other relevant factors, including any deterioration
this prospectus supplement, Goldman, Sachs & Co.'s pricing models
in our creditworthiness or perceived creditworthiness. These changes
consider certain variables, including principally our credit spreads,
may adversely affect the value of your notes, including the price you may
interest rates (forecasted, current and historical rates), volatility, price-
receive for your notes in any market making transaction. To the extent
sensitivity analysis and the time to maturity of the notes. These pricing
that Goldman, Sachs & Co. makes a market in the notes, the quoted
models are proprietary and rely in part on certain assumptions about
price wil reflect the estimated value determined by reference to
future events, which may prove to be incorrect. As a result, the actual
Goldman, Sachs & Co.'s pricing models at that time, plus or minus its
value you would receive if you sold your notes in the secondary market,
then current bid and ask spread for similar sized trades of structured
if any, to others may differ, perhaps material y, from the estimated value
notes.
of your notes determined by reference to our models due to, among
other things, any

S-4
5 of 29
7/22/2013 9:13 AM

Prospectus Supplement No. 2305 dated July 17, 2013
http://www.sec.gov/Archives/edgar/data/886982/000119312513295648/...
Table of Contents
Furthermore, if you sell your notes, you will likely be charged a
Because of the long-dated maturity of your notes, the expected
commission for secondary market transactions, or the price wil likely
future performance of the CMS spread wil have a greater impact on the
reflect a dealer discount. This commission or discount wil further reduce
market value of your notes than if your notes had an earlier maturity
the proceeds you would receive for your notes in a secondary market
date. In particular, the expected future performance of the CMS spread
sale.
may cause the market value of your notes to decrease even though the
CMS spread may be greater than 0% during some portion of the life of
There is no assurance that Goldman, Sachs & Co. or any other
the offered notes. Moreover, expectations about the performance of the
party wil be wil ing to purchase your notes at any price and, in this
CMS spread in the future are subject to a great degree of uncertainty
regard, Goldman, Sachs & Co. is not obligated to make a market in the
and may be based on assumptions about the future that may prove to
notes. See "-- Your Notes May Not Have an Active Trading Market"
be incorrect. Even if the expected future performance of the CMS
below.
spread is favorable to your notes, this uncertainty may result in market
participants substantial y discounting this future performance when
The Notes Are Subject to the Credit Risk of the Issuer
determining the market value of your notes.
Although the return on the notes wil be based in part on the
If the CMS Spread Is Less than or Equal to 0% on the Relevant
relationship between the 5-year CMS rate and the 30-year CMS rate,
Interest Determination Date for Any Interest Period After the First
the payment of any amount due on the notes is subject to our credit risk.
The notes are our unsecured obligations. Investors are dependent on
Four Interest Periods, No Interest Will Be Paid for that Interest
our ability to pay all amounts due on the notes, and therefore investors
Period
are subject to our credit risk and to changes in the market's view of our
Because of the formula used to calculate the interest rate
creditworthiness. See "Description of the Notes We May Offer --
applicable to your notes, in the event that on the relevant interest
Information About Our Medium-Term Notes, Series D Program -- How
determination date for any interest period after the first four interest
the Notes Rank Against Other Debt" on page S-4 of the accompanying
periods the 30-year CMS rate does not exceed the 5-year CMS rate, no
prospectus supplement.
interest wil be paid for such interest period, even if the CMS spread on
If the CMS Spread Changes, the Market Value of Your Notes May
subsequent days is greater than 0%. Therefore, if the 30-year CMS rate
Not Change in the Same Manner
does not exceed the 5-year CMS rate by for a prolonged period of time
over the life of your notes after the first four interest periods, including
The price of your notes may move differently than the CMS spread.
interest determination dates, you wil receive no interest during the
The CMS spread wil vary during the term of the notes based on the
affected interest periods. In such case, even if you receive some interest
relationship between the 5-year CMS rate and the 30-year CMS rate as
payments on some or al of the interest payment dates, the overall
wel as the market's expectation of this relationship in the future.
return you earn on your notes may be less than you would have earned
Changes in the CMS spread may not result in a comparable change in
by investing in a non-indexed debt security of comparable maturity that
the market value of your notes. Even if the CMS spread is greater than
bears interest at a prevailing market rate.
0% during some portion of the life of the offered notes after the first four
interest periods, the market value of your notes may not increase in the
Assuming circumstances where no interest payment is to be made
same manner. We discuss some of the reasons for this disparity under
on your notes after the fourth interest period, the present value of your
"-- The Market Value of Your Notes May Be Influenced by Many
notes as of the original issue date wil equal the present value of a bond
Factors That Are Unpredictable and Interrelated in Complex Ways"
that pays only the coupons up to and including the fourth interest period,
below.
and with the same maturity and face

S-5
6 of 29
7/22/2013 9:13 AM

Prospectus Supplement No. 2305 dated July 17, 2013
http://www.sec.gov/Archives/edgar/data/886982/000119312513295648/...
Table of Contents
amount issued by us, in each case discounted using current interest
year wil be less than 10.00% per annum, even if the interest rate is
rates and credit spreads based on the discount method used by
10.00% per annum for the remaining interest periods during such year.
Goldman, Sachs & Co., which may be different from the methods used
Thus, the notes may provide less interest income than an investment in a
by others. On the original issue date such present value wil be
similar instrument.
approximately 55.0% of the face amount of your notes (you should not
base any tax characterization of your notes on such present value).
The Historical Levels of the CMS Spread Are Not an Indication of
the Future Levels of the CMS Spread
The Amount of Interest Payable on Your Notes After the First Four
Interest Periods Will Not Be Affected by the CMS Spread on Any
In the past, the level of the CMS spread has experienced significant
Day Other Than the Interest Determination Date for the Applicable
fluctuations. You should note that historical levels, fluctuations and trends
Interest Period
of the CMS spread are not necessarily indicative of future levels. Any
historical upward or downward trend in the CMS spread is not an
For each interest period after the first four interest periods, the
indication that the CMS spread is more or less likely to increase or
amount of interest payable on each interest payment date is calculated
decrease at any time after the first four interest periods, and you should
based on the CMS spread on the interest determination date for the
not take the historical levels of the CMS spread as an indication of its
applicable interest period. Although the actual CMS spread on an
future performance.
interest payment date or at other times after the first four interest
periods may be higher than the CMS spread on the interest
Recent Regulatory Investigations Regarding Potential Manipulation
determination date, you wil not benefit from the CMS spread at any time
of ISDAfix May Adversely Affect Your Notes
other than on such interest determination date.
It has been reported that the U.K. Financial Conduct Authority and
The Amount of Interest Payable On The Notes In Any Quarter Is
the U.S. Commodity Futures Trading Commission are working together
Capped
to investigate potential manipulation of ISDAfix. If such manipulation
occurred, it may have resulted in this rate or the quarterly difference in
For each of the first four interest periods, interest wil be paid at a
such rate being artificial y lower (or higher) than it would otherwise have
rate of 9.00% per annum (equal to a quarterly interest payment of
been. Any changes or reforms affecting the determination or supervision
$22.50 for each $1,000 face amount of notes). After the first four
of ISDAfix in light of these investigations, may result in a sudden or
interest periods, the interest rate wil be subject to the maximum interest
prolonged increase or decrease in reported ISDAfix or the quarterly
rate of 10.00% per annum, which wil limit the amount of interest you
difference in ISDAfix, which could have an adverse impact on the trading
may receive on each interest payment date. Because of the formula
market for ISDAfix-benchmarked securities such as your notes, the
used to calculate the interest rate on your notes, if (i) the CMS spread
value of your notes and any payments on your notes.
times (ii) 5 is greater than or equal to 10.00% per annum, the interest
rate after the first four interest periods wil be capped at 10.00% per
If You Purchase Your Notes at a Premium to Face Amount, the
annum (equal to a maximum quarterly interest payment of $25.00 for
Return on Your Investment Will Be Lower Than the Return on
each $1,000 face amount of notes). Thus, you wil not benefit from any
Notes Purchased at Face Amount and the Impact of Certain Key
increases in the CMS spread above 2.00%. Furthermore, since the
Terms of the Notes Will be Negatively Affected
interest rate is determined quarterly, if the interest rate for at least one
interest period after the first four interest periods during any year is less
The amount you wil be paid for your notes on the stated maturity
than 10.00% per annum, your actual return for such
date wil not be adjusted based on the issue price you pay for the notes.

S-6
7 of 29
7/22/2013 9:13 AM

Prospectus Supplement No. 2305 dated July 17, 2013
http://www.sec.gov/Archives/edgar/data/886982/000119312513295648/...
Table of Contents
If you purchase notes at a price that differs from the face amount of the
You cannot predict the future performance of the CMS spread
notes, then the return on your investment in such notes held to the stated
based on its historical performance. The actual performance of the CMS
maturity date or the date of early redemption wil differ from, and may
spread over the life of the offered notes after the first four interest
be substantial y less than, the return on notes purchased at face amount.
periods, as wel as the interest payable on each interest payment date,
If you purchase your notes at a premium to face amount and hold them
may bear little or no relation to the hypothetical levels of the CMS
to the stated maturity date or the date of early redemption the return on
spread or to the hypothetical examples shown elsewhere in this
your investment in the notes wil be lower than it would have been had
prospectus supplement.
you purchased the notes at face amount or a discount to face amount.
Goldman Sachs' Anticipated Hedging Activities May Negatively
The Market Value of Your Notes May Be Influenced by Many
Impact Investors in the Notes and Cause our Interests and Those
Factors That Are Unpredictable and Interrelated in Complex Ways
of Our Clients and Counterparties to be Contrary to Those of
Investors in the Notes
When we refer to the market value of your notes, we mean the
value that you could receive for your notes if you chose to sel it in the
Goldman Sachs expects to hedge our obligations under the notes
open market before the stated maturity date. A number of factors, many
by purchasing futures and/or other instruments linked to the CMS
of which are beyond our control, wil influence the market value of your
spread. We also expect to adjust our hedge by, among other things,
notes, including:
purchasing or sel ing any of the foregoing, and perhaps other

instruments linked to the CMS spread, at any time and from time to
·
the 30-year CMS rate and the 5-year CMS rate;
time, and to unwind the hedge by sel ing any of the foregoing on or

before the final interest determination date for your notes. We may also
·
the volatility -- i.e., the frequency and magnitude of changes -- in
enter into, adjust and unwind hedging transactions relating to other
the level of the CMS spread;
rate-linked notes whose returns are linked to changes in the level of the

CMS spread.
·
economic, financial, regulatory, political, military and other events
that affect CMS rates general y;
Any of these hedging or other activities may adversely affect the

levels of the CMS spread and therefore the market value of your notes
·
interest rates and yield rates in the market;
and the amount we wil pay on your notes. In addition, you should expect

that these transactions wil cause Goldman Sachs or its clients or
·
the time remaining until your notes mature; and
counterparties to have economic interests and incentives that do not

·
our creditworthiness, whether actual or perceived, and including
align with, and that may be directly contrary to, those of an investor in
actual or anticipated upgrades or downgrades in our credit ratings
the notes. Goldman Sachs wil have no obligation to take, refrain from
or changes in other credit measures.
taking or cease taking any action with respect to these transactions
based on the potential effect on an investor in the notes, and may
These factors, and many other factors, wil influence the price you
receive substantial returns on hedging or other activities while the value
wil receive if you sel your notes before maturity, including the price you
of your notes declines.
may receive for your notes in any market making transaction. If you sel
your notes before maturity, you may receive less than the face amount
of your notes.

S-7
8 of 29
7/22/2013 9:13 AM

Prospectus Supplement No. 2305 dated July 17, 2013
http://www.sec.gov/Archives/edgar/data/886982/000119312513295648/...
Table of Contents
As Calculation Agent, Goldman, Sachs & Co. Will Have the
Certain Considerations for Insurance Companies and Employee
Authority to Make Determinations that Could Affect the Value of
Benefit Plans
Your Notes and the Amount You May Receive On Any Interest
Payment Date
Any insurance company or fiduciary of a pension plan or other
employee benefit plan that is subject to the prohibited transaction rules
As calculation agent for your notes, Goldman, Sachs & Co. wil
of the Employee Retirement Income Security Act of 1974, as amended,
have discretion in making certain determinations that affect your notes,
which we cal "ERISA", or the Internal Revenue Code of 1986, as
including determining the CMS spread on any interest determination date
amended, including an IRA or a Keogh plan (or a governmental plan to
in certain circumstances, which we wil use to determine the amount, if
which similar prohibitions apply), and that is considering purchasing the
any, we wil pay on any applicable interest payment date after the first
offered notes with the assets of the insurance company or the assets of
four interest payment dates. See "Specific Terms of Your Notes" below.
such a plan, should consult with its counsel regarding whether the
The exercise of this discretion by Goldman, Sachs & Co. could
purchase or holding of the offered notes could become a "prohibited
adversely affect the value of your notes and may present Goldman,
transaction" under ERISA, the Internal Revenue Code or any
Sachs & Co. with a conflict of interest. We may change the calculation
substantially similar prohibition in light of the representations a purchaser
agent at any time without notice and Goldman, Sachs & Co. may resign
or holder in any of the above categories is deemed to make by
as calculation agent at any time upon 60 days' written notice to Goldman
purchasing and holding the offered notes. This is discussed in more
Sachs.
detail under "Employee Retirement Income Security Act" below.
Your Notes May Not Have an Active Trading Market
We May Sell an Additional Aggregate Face Amount of the Notes at
a Different Issue Price
Your notes wil not be listed or displayed on any securities exchange
or included in any interdealer market quotation system, and there may
At our sole option, we may decide to sel an additional aggregate
be little or no secondary market for your notes. Even if a secondary
face amount of the notes subsequent to the date of this prospectus
market for your notes develops, it may not provide significant liquidity
supplement. The issue price of the notes in the subsequent sale may
and we expect that transaction costs in any secondary market would be
differ substantial y (higher or lower) from the issue price you paid as
high. As a result, the difference between bid and asked prices for your
provided on the cover of this prospectus supplement.
notes in any secondary market could be substantial.
We Intend to Treat the Notes as Debt Instruments Subject to
We Are Able to Redeem Your Notes at Our Option
Special Rules Governing Contingent Payment Debt Instruments for
U.S. Federal Income Tax Purposes
On any interest payment date on or after January 22, 2014, we wil
be permitted to redeem your notes at our option. Even if we do not
We intend to treat the notes as debt instruments subject to special
exercise our option to redeem your notes, our ability to do so may
rules governing contingent payment debt instruments for U.S. federal
adversely affect the value of your notes. It is our sole option whether to
income tax purposes. Under this treatment, if you are a U.S. individual or
redeem your notes prior to maturity and we may or may not exercise
taxable entity, you generally should be required to pay taxes on ordinary
this option for any reason. Because of this redemption option, the term
income from the notes over their term based on the comparable yield for
of your notes could be anywhere between six months and fifteen years.
the notes, subject to any positive and negative adjustments based on the
actual interest payments on the notes This comparable yield is
determined solely to calculate the amount on

S-8
9 of 29
7/22/2013 9:13 AM

Prospectus Supplement No. 2305 dated July 17, 2013
http://www.sec.gov/Archives/edgar/data/886982/000119312513295648/...
Table of Contents
which you wil be taxed prior to maturity and is neither a prediction nor a
guarantee of what the actual yield wil be. In addition, any gain you may

recognize on the sale or maturity of the notes wil be taxed as ordinary
interest income. If you are a secondary purchaser of the notes, the tax
consequences to you may be different.
It is possible that the Internal Revenue Service could successful y
assert that your notes should be treated as variable rate debt
instruments. If the notes are so treated you would include the ful interest
payment in ordinary income at the time you receive or accrue such
interest payment, depending on your method of accounting for tax
purposes. You should consult your tax advisor concerning possible
further U.S. federal income tax ramifications if your notes are so treated.
Please see "Supplemental Discussion of Federal Income Tax
Consequences" below for a more detailed discussion. Please also
consult your own tax advisor concerning the U.S. federal income tax and
any other applicable tax consequences to you of owning your notes in
your particular circumstances.

S-9
10 of 29
7/22/2013 9:13 AM