GOLDMAN SACHS INTERNATIONAL

AVVISO n.1449

26 Gennaio 2017

MOT - EuroMOT

Mittente del comunicato : BORSA ITALIANA

Societa' oggetto dell'Avviso

: GOLDMAN SACHS INTERNATIONAL

Testo del comunicato

Oggetto : 'EuroMOT' - Inizio negoziazioni 'GOLDMAN SACHS INTERNATIONAL'

Si veda allegato.

Disposizioni della Borsa

Società emittente: GOLDMAN SACHS INTERNATIONAL

Società garante: The Goldman Sachs Group, Inc.

Titolo: "Issue of U.S.$ 100,000,000 Ten-Year Fixed-to-Floating Rate Notes, due January 20, 2027" (Codice ISIN XS1457442025)

Società di Rating	Long Term	Data Report
Moody's	A1	09/12/2015
Standard & Poor's	A+	16/12/2016
Fitch Ratings	A	09/12/2015

Rating Emittente:

GOLDMAN SACHS INTERNATIONAL

Oggetto: INIZIO DELLE NEGOZIAZIONI IN BORSA

Data inizio negoziazioni: 27/01/2017

Mercato di negoziazione: Borsa - Mercato telematico delle obbligazioni (MOT),

segmento EuroMOT, 'classe euro-obbligazioni, ABS, titoli di emittenti esteri e altri titoli di debito'

Clearing: CC&G

Sistemi di regolamento: Euroclear e Clearstream

Calendario di regolamento: Il calendario della valuta USD tenuto altresì conto dei

giorni di chiusura dei sistemi di liquidazione interessati

Termini di liquidazione: Il secondo giorno successivo alla data di stipulazione dei

contratti di compravendita

EMS: 25.000

CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE

"Issue of U.S.$ 100,000,000 Ten-Year Fixed-to-Floating Rate Notes, due January 20, 2027"

Modalità di negoziazione: corso secco

N. obbligazioni in circolazione: 50.000

Valore nominale unitario: 2.000 USD Valore nominale complessivo

delle obbligazioni in circolazione: 100.000.000 USD

Interessi: le obbligazioni fruttano interessi annui lordi, pagabili in via posticipata in conformità a quanto specificato nel Prospetto del prestito

Modalità di calcolo dei ratei: 30/360

Godimento: 20/01/2017

Scadenza: 20/01/2027 (rimborso alla pari in un'unica soluzione alla scadenza)

Tagli: unico da nominali 2.000 USD

Codice ISIN: XS1457442025

Codice Instrument Id: 809234

Descrizione: GS INTL MC GE27 USD Importo minimo di negoziazione: 2.000 USD

DISPOSIZIONI DELLA BORSA ITALIANA

Dal giorno 27/01/2017 gli strumenti finanziari "Issue of U.S.$ 100,000,000 Ten-Year Fixed- to-Floating Rate Notes, due January 20, 2027" verranno iscritti nel Listino Ufficiale, comparto obbligazionario (MOT).

Allegato:

- Prospetto di quotazione degli strumenti finanziari.

GOLDMAN SACHS INTERNATIONAL

(Incorporated with unlimited liability in England)

Series M Programme for the issuance of Warrants, Notes and Certificates

Issue of U.S.$ 100,000,000* Ten-Year Fixed-to-Floating Rate Notes, due January 20, 2027 (the "Securities" or the "Notes")

(ISIN: XS1457442025)

Prospectus

Guaranteed by

THE GOLDMAN SACHS GROUP, INC.

(A corporation organised under the laws of the State of Delaware)

This document constitutes a prospectus (this "Prospectus") for the purposes of Article 5.3 of Directive 2003/71/EC as amended, including by Directive 2010/73/EU (the "Prospectus Directive") relating to the above-referenced Securities issued by Goldman Sachs International (the "Issuer" or "GSI") and guaranteed by The Goldman Sachs Group, Inc. (the "Guarantor" or "GSG"). This Prospectus should be read together with any documents incorporated by reference within it.

Programme

The Securities are being issued under the Series M Programme for the issuance of Warrants, Notes and Certificates (the "Programme") of the Issuer and the Guarantor.

Status of the Securities

The Securities are unsecured and unsubordinated general obligations of the Issuer and not of any affiliate of the Issuer. The Securities are not bank deposits and are not insured or guaranteed by the United States Federal Deposit Insurance Corporation, the United States Deposit Insurance Fund, the UK Financial Services Compensation Scheme or any other government or governmental or private agency or deposit protection scheme in any jurisdiction.

The Guaranty

The payment obligations of the Issuer in respect of the Securities are guaranteed by GSG as Guarantor pursuant to a guaranty governed by laws of the State of New York dated May 29, 2015 (the "Guaranty"). The Guaranty will rank pari passu with all other unsecured and unsubordinated indebtedness of GSG.

*Issue Size

On the Issue Date (being January 20, 2017), an aggregate nominal amount of U.S.$ 100,000,000 of Securities will be issued to and made available for sale by GSI (in its capacity as Dealer), and as soon as practicable thereafter, listed and admitted to trading on both the Borsa Italiana S.p.A.'s MOT (Electronic bond market) and the regulated market of the Luxembourg Stock Exchange for purchase by investors. However, GSI reserves the right to cancel some or all of the Securities that it holds at any time prior to the Maturity Date (being January 20,

2027), such right to be exercised in accordance with applicable laws, the terms and conditions of the Securities and the applicable rules of Borsa Italiana S.p.A. and the Luxembourg Stock Exchange including as to notification. In particular, at any time following listing and admission to trading on Borsa Italiana S.p.A.'s MOT (Electronic bond market) and the regulated market of the Luxembourg Stock Exchange, GSI may cancel some or all of any Securities which have not been purchased by investors by such time. Accordingly, the aggregate nominal amount of Securities outstanding at any time may be significantly less than U.S.$ 100,000,000, and this could have a negative impact on an investor's ability to sell the Securities in the secondary market. Notification of any such cancellation of Securities will be made on the website of Borsa Italiana S.p.A. (xxx.xxxxxxxxxxxxx.xx) and in any case according to the rules of Borsa Italiana S.p.A. and on the website of the Luxembourg Stock Exchange (xxx.xxxxxx.xx).

Information incorporated by reference

This Prospectus incorporates by reference certain information from the base prospectus in relation to the Programme dated April 14, 2016 (the "Original Base Prospectus") and the supplement(s) thereto (and the Original Base Prospectus as supplemented, the "Base Prospectus"). See the section entitled "Documents Incorporated by Reference" below. You should read this Prospectus together with such information from the Base Prospectus.

Statements in relation to prospects and financial or trading position

In this Prospectus, where GSI and GSG make statements that "there has been no material adverse change in the prospects" and "no significant change in the financial or trading position" of GSI and GSG, respectively, references in these statements to the "prospects" and "financial or trading position" of GSI and GSG are specifically to their respective ability to meet their full payment obligations under the Securities (in the case of GSI) or Guaranty (in the case of GSG) in a timely manner. Such statements are made, for example, in Elements

B.12 and B.19 (B.12) of the "Summary". Material information about GSI's and GSG's respective financial condition and prospects is included in each of GSI's and GSG's annual and/or interim reports, which are incorporated by reference into this Prospectus.

The date of this Prospectus is January 19, 2017.

Page

IMPORTANT NOTICES 4

SUMMARY 7

RISK FACTORS 18

DOCUMENTS INCORPORATED BY REFERENCE 28

CONTRACTUAL TERMS 33

OTHER INFORMATION 41

EXAMPLES 43

ANNEX – AMENDMENTS TO THE GENERAL TERMS AND CONDITIONS OF THE NOTES 45

GENERAL INFORMATION 46

INDEX OF DEFINED TERMS 53

IMPORTANT NOTICES

Approval and passporting under the EU Prospectus Directive

Application has been made to the Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF"), which is the Luxembourg competent authority for the purpose of the Prospectus Directive for approval of this Prospectus as a prospectus issued in compliance with the Prospectus Directive and relevant implementing measures in Luxembourg for the purpose of giving information with regard to the Securities. This Prospectus constitutes a prospectus for the purposes of Article 5.3 of the Prospectus Directive relating to the Securities, and should be read together with any documents incorporated by reference within it.

An application has been made for the Securities to be listed on the Official List and admitted to trading on the Luxembourg Stock Exchange, a regulated market for the purposes of Directive 2004/39/EC on Markets in Financial Instruments, with effect from as practicable after the Issue Date. No assurances can be given that such application for listing and admission to trading will be granted. Application will also be made for the Securities to be listed on Borsa Italiana S.p.A. and admitted to trading on Borsa Italiana S.p.A.'s MOT (Electronic bond market), a regulated market organised and managed by Borsa Italiana S.p.A, with effect from as practicable after the Issue Date. No assurances can be given that such application for listing and admission to trading will be granted.

This Prospectus will be published on the websites of the Luxembourg Stock Exchange (xxx.xxxxxx.xx) and the Issuer (xxx.xxxxxxx-xxxxx.xx). On the approval of this Prospectus as a prospectus for the purpose of Article 5.3 of the Prospectus Directive by the CSSF, notification of such approval will be made to the Italian National Stock Exchange and Companies Commission (Commissione Nazionale per le Società e la Borsa) ("CONSOB") in its capacity as the competent authority of the Republic of Italy.

CSSF disclaimer

Pursuant to Article 7(7) of the Luxembourg Law on Prospectuses for Securities dated July 10, 2005 (as amended), by approving this Prospectus, the CSSF gives no undertakings as to the economic and financial characteristics of the Securities or the quality or solvency of the Issuer.

Credit ratings

The credit ratings of GSG1 and GSI2 referred to in this Prospectus have been issued by in the case of GSG,

1 The information for this rating has been extracted from information made available by each rating agency referred to below. The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware, and is able to ascertain from information published by such ratings agencies, no facts have been omitted which would render the reproduced information inaccurate or misleading.

As at the date of this prospectus the ratings for GSG were:

Short-term debt:

Fitch, Inc. rating was F1: An 'F1' rating indicates the highest short-term credit quality and the strongest intrinsic capacity for timely payment of financial commitments; may have an added '+' to denote any exceptionally strong credit feature.

Moody's rating was P-2: 'P-2' Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

S&P rating was A-2: A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory.

DBRS rating was R-1 (middle): This indicates superior credit quality. The capacity for the payment of short-term financial obligations as they fall due is very high. Differs from R-1 (high) by a relatively modest degree. Unlikely to be significantly vulnerable to future events.

Long-term debt:

DBRS, Inc. ("DBRS"), Fitch, Inc. ("Fitch"), Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings Services, a division of The McGraw-Xxxx Companies, Inc. ("S&P") and Rating and Investment Information, Inc. ("R&I"), and, in the case of GSI, Fitch, Moody's and S&P, none of which entities is established in the European Union or registered under Regulation (EC) No. 1060/2009, as amended, including by Regulation (EU) No. 513/2011 (the "CRA Regulation"), and as further amended. In general, European regulated investors are restricted from using a rating for regulatory purposes if such rating is not either (1) issued or validly endorsed by a credit rating agency established in the European Union and registered with the European Securities and Markets Authority ("ESMA") under the CRA Regulation) or (2) issued by a credit rating agency established outside the European Union which is certified under the CRA Regulation.

The EU affiliates of DBRS, Fitch, Moody's and S&P are registered under the CRA Regulation. The ESMA has approved the endorsement by such EU affiliates of credit ratings issued by DBRS, Fitch, Moody's and S&P. Accordingly, credit ratings issued by Fitch, Moody's and S&P may be used for regulatory purposes in the EU. The credit rating issued by R&I is incorporated into this Prospectus for information purposes only.

Fitch, Inc. rating was A: An 'A' rating indicates high credit quality and denotes expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

Moody's rating was A3: Obligations rated A are judged to be upper-medium grade and are subject to low credit risk. Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

S&P rating was BBB+: An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

DBRS rating was A (high): An A rating indicates good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than AA. May be vulnerable to future events, but qualifying negative factors are considered manageable.

2 The information for this rating has been extracted from information made available by each rating agency referred to below. The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware, and is able to ascertain from information published by such ratings agencies, no facts have been omitted which would render the reproduced information inaccurate or misleading.

As at the date of this Prospectus the ratings for GSI were:

Short-term debt:

Moody's rating was P-1: 'P-1' Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

S&P rating was A-1: A short-term obligation rated 'A-1' is rated in the highest category by Standard & Poor's. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

Long-term debt:

Moody's rating was A1: Obligations rated 'A' are considered upper-medium grade and are subject to low credit risk. Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from 'Aa' through 'Caa'. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

S&P rating was A+: An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong. The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

Credit ratings may be adjusted over time, and there is no assurance that these credit ratings will be effective after the date of this Prospectus. A credit rating is not a recommendation to buy, sell or hold the Securities.

The list of credit rating agencies registered under the CRA Regulation (as updated from time to time) is published on the website of the ESMA (xxx.xxxx.xxxxxx.xx/xxxx/xxxx-xxxxxxxxxx-xxx-xxxxxxxxx-XXXx).

Important U.S. Notices

The Securities have not been, nor will be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws. Except as provided below, Securities may not be offered, sold or delivered within the United States or to U.S. persons (as defined in Regulation S under the Securities Act ("Regulation S")). The Securities have not been approved or disapproved by the Securities and Exchange Commission or any state securities commission in the United States nor has the Securities and Exchange Commission or any state securities commission passed upon the accuracy or the adequacy of this Prospectus. Any representation to the contrary is a criminal offence in the United States.

Restrictions and distribution and use of this Prospectus

The distribution of this Prospectus and the offering, sale and delivery of the Securities in certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer and the Guarantor to inform themselves about and to observe any such restrictions. This Prospectus may not be used for the purpose of an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation, and no action has been taken or will be taken to permit an offering of the Securities or the distribution of this Prospectus in any jurisdiction where any such action is required.

SUMMARY

Summaries are made up of disclosure requirements known as "Elements". These elements are numbered in Sections A – E (A.1 – E.7).

This summary contains all the Elements required to be included in a summary for this type of securities and Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements.

Even though an Element may be required to be inserted in the summary because of the type of securities and Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element is included in the summary with the mention of "not applicable".

SECTION A – INTRODUCTION AND WARNINGS
A.1	Introduction and warnings	This summary should be read as an introduction to this Prospectus. Any decision to invest in the Securities should be based on consideration of this Prospectus as a whole by the investor. Where a claim relating to the information contained in this Prospectus is brought before a court, the plaintiff investor might, under the national legislation of the Member States, have to bear the costs of translating this Prospectus before the legal proceedings are initiated. Civil liability attaches only to those persons who have tabled the summary including any translation thereof, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of this Prospectus or it does not provide, when read together with the other parts of this Prospectus, key information in order to aid investors when considering whether to invest in such Securities.
A.2	Consents	Not applicable; no consent is given for the use of this Prospectus for subsequent resales of the Securities.
SECTION B – ISSUER AND GUARANTOR
B.1	Legal and commercial name of the Issuer	Goldman Sachs International ("GSI" or the "Issuer").
B.2	Domicile, legal form, legislation and country of incorporation of the Issuer	GSI is a private unlimited liability company incorporated in England and Wales. GSI mainly operates under English law. The registered office of GSI is Xxxxxxxxxxxx Xxxxx, 000 Xxxxx Xxxxxx, Xxxxxx XX0X 0XX, Xxxxxxx.
B.4b	Known trends with respect to the Issuer	GSI's prospects will be affected, potentially adversely, by developments in global, regional and national economies, including in the United Kingdom, movements and activity levels, in financial, commodities, currency and other markets, interest rate movements, political and military developments throughout the world, client activity levels and legal and regulatory developments in the United Kingdom and other countries where the Issuer does business.
B.5	The Issuer's group	Goldman Sachs Group UK Limited, a company incorporated under English law, has a 100 per cent. shareholding in GSI. Goldman Sachs (UK) L.L.C. is established under the laws of the State of Delaware and has a 97.208 per cent. interest in Goldman Sachs Group UK Limited. Goldman Sachs Ireland Group Limited is established under the laws of Ireland and has a 2.792 per cent. interest in Goldman Sachs Group UK Limited. Goldman Sachs Ireland LLC is established under the laws of the State of Delaware and has a 100 per cent. shareholding in Goldman Sachs Ireland Group Limited. Goldman Sachs Ireland Group Holdings LLC is established under the laws of the State of Delaware and has a 75 per cent. interest in Goldman Sachs Ireland LLC. Goldman Sachs Global Holdings L.L.C. is established under the laws of the State of Delaware

		and has a 25 per cent. interest in Goldman Sachs Ireland LLC. The Goldman, Sachs & Co. L.L.C. is established under the laws of the State of Delaware and has a one per cent. interest in Goldman Sachs Global Holdings L.L.C. The Goldman Sachs Group, Inc. is established in Delaware and has a 100 per cent. shareholding in Goldman Sachs Ireland Group Holdings LLC, The Goldman, Sachs & Co. L.L.C. and Goldman Sachs (UK) L.L.C. and a 99 per cent. interest in Goldman Sachs Global Holdings L.L.C. Holding Company Structure of GSI Note: The percentages given are for direct holdings of ordinary shares or equivalent. Minority shareholdings are held by other entities which are themselves owned, directly or indirectly, by The Goldman Sachs Group, Inc.
B.9	Profit forecast or estimate	Not applicable; GSI has not made any profit forecasts or estimates.
B.10	Audit report qualifications	Not applicable; there are no qualifications in the audit report of GSI on its historical financial information.
B.12	Selected historical key financial information of the Issuer	The following table shows selected key historical financial information in relation to GSI: As at and for the nine months As at and for the year ended ended (unaudited) (in USD millions) September 30, September 30, December 31, December 31, 2016 2015 2015 2014 Operating Profit 2,033 2,276 2,939 2,275 Profit on ordinary 1,783 2,078 2,661 2,060 activities before taxation Profit for the 1,321 1,680 2,308 1,608 financial period As of (unaudited) As of (in USD millions) September 30, 2016 December 31, December 31, 2015 2014 Fixed Assets 90 12 14 Current Assets 1,072,495 850,219 967,411

		Total 27,564 26,353 21,997 Shareholders' funds
	No material adverse change	There has been no material adverse change in the prospects of GSI since December 31, 2015.
	Significant changes	Not applicable; there has been no significant change in the financial or trading position particular to GSI subsequent to September 30, 2016.
B.13	Recent events material to the evaluation of the Issuer's solvency	Not applicable; there have been no recent events particular to GSI which are to a material extent relevant to the evaluation of GSI's solvency.
B.14	Issuer's position in its corporate group	Please refer to Element B.5 above. GSI is part of a group of companies of which The Goldman Sachs Group, Inc. is the holding company (the "Goldman Sachs Group") and transacts with, and depends on, entities within such group accordingly.
B.15	Principal activities	The principal activities of GSI consist of securities underwriting and distribution, trading of corporate debt and equity services, non-U.S. sovereign debt and mortgage securities, execution of swaps and derivative instruments, mergers and acquisitions, financial advisory services for restructurings/private placements/lease and project financings, real estate brokerage and finance, merchant banking, stock brokerage and research.
B.16	Ownership and control of the Issuer	Goldman Sachs Group UK Limited, a company incorporated under English law, has a 100 per cent. shareholding in GSI. See also Element B.5.
B.17	Rating of the Issuer or the Securities	The long term debt of GSI is rated 'A+' by S&P, 'A' by Fitch and 'A1' by Moody's. The Securities have not been rated.
B.18	Nature and scope of the Guaranty	The payment obligations of GSI in respect of the Securities are guaranteed by The Goldman Sachs Group, Inc. "GSG" or the "Guarantor") pursuant to a guaranty governed by laws of the State of New York dated May 29, 2015 (the "Guaranty"). The Guaranty will rank pari passu with all other unsecured and unsubordinated indebtedness of GSG.
B.19 (B.1)	Name of Guarantor	The Goldman Sachs Group, Inc.
B.19 (B.2)	Domicile, legal form, legislation and country of incorporation of the Guarantor	GSG is incorporated in the State of Delaware in the United States as a corporation pursuant to the Delaware General Corporation Law. The registered office of GSG is 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, XXX.
B.19 (B.4b)	Known trends with respect to the Guarantor	GSG's prospects will be affected, potentially adversely, by developments in global, regional and national economies, including in the U.S. movements and activity levels, in financial, commodities, currency and other markets, interest rate movements, political and military developments throughout the world, client activity levels and legal and regulatory developments in the United States and other countries where GSG does business.
B.19 (B.5)	The Guarantor's group	Holding Company Structure of GSG

		Note: The percentages given are for direct holdings of ordinary shares or equivalent. Minority shareholdings are held by other entities which are themselves owned, directly or indirectly, by GSG
B.19 (B.9)	Profit forecast or estimate	Not applicable; GSG has not made any profit forecasts or estimates.
B.19 (B.10)	Audit report qualifications	Not applicable; there are no qualifications in the audit report of GSG.
B.19 (B.12)	Selected historical key financial information of the Guarantor	The following table shows selected key historical financial information in relation to GSG: There has been no material adverse change in the prospects of GSG since December 31, 2015. Not applicable; there has been no significant change in GSG's financial or trading position since September 30, 2016.

	As and for the
	Nine months ended (unaudited)		Year ended
(in USD millions)	September 30, 2016	September 30, 2015	December 31, 2015	December 31, 2014
Total non-interest revenues	20,187	24,183	30,756	30,481
Net revenues, including net interest income	22,438	26,547	33,820	34,528
Pre-tax earnings	6,907	7,706	8,778	12,357

	As of (unaudited)	As of December
(in USD millions)	September 2016	2015	2014
Total assets	879,987	861,395	855,842
Total liabilities	792,877	774,667	773,045
Total shareholders' equity	87,110	86,728	82,797

B.19 (B.13)	Recent events material to the evaluation of the Guarantor's solvency	Not applicable; there are no recent events particular to GSG which are to a material extent relevant to the evaluation of GSG's solvency.
B.19 (B.14)	Dependence upon other members of the Guarantor's group	See Element B.19 (B.5). GSG is a holding company and, therefore, depends on dividends, distributions and other payments from its subsidiaries to fund dividend payments and to fund all payments on its obligations, including debt obligations.
B.19 (B.15)	Principal activities	The activities of GSG, together with its consolidated subsidiaries ("Goldman Sachs") are conducted in the following segments: (1) Investment Banking: • Financial Advisory, which includes strategic advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, risk management, restructurings and spin-offs, and derivative transactions directly related to these client advisory assignments; and • Underwriting, which includes public offerings and private placements, including domestic and cross-border transactions, of a wide range of securities, loans and other financial instruments, and derivative transactions directly related to these client underwriting activities. (2) Institutional Client Services: • Fixed Income, Currency and Commodities, which includes client execution activities related to making markets in interest rate products, credit products, mortgages, currencies and commodities; and • Equities, which includes client execution activities related to making markets in equity products and commissions and fees from executing and clearing institutional client transactions on major stock, options and futures exchanges worldwide, as well as over-the-counter transactions. Equities also includes our securities services business, which provides financing, securities lending and other prime brokerage services to institutional clients, including hedge funds, mutual funds, pension funds and foundations, and generates revenues primarily in the form of interest rate spreads or fees. (3) Investing & Lending, which includes Goldman Sachs' investing activities and the origination of loans to provide financing to clients. These investments, some of which are consolidated, and loans are typically longer-term in nature. The Goldman Sachs makes investments, directly and indirectly through funds that it manages, in debt securities and loans, public and private equity securities, and real estate entities. (4) Investment Management, which provides investment management services and offers investment products (primarily through separately managed accounts and commingled vehicles, such as mutual funds and private investment funds) across all major asset classes to a diverse set of institutional and individual clients. Investment Management also offers wealth advisory services, including portfolio management and financial counseling, and brokerage and other transaction services to high-net-worth individuals and families.
B.19 (B.16)	Ownership and control of the Guarantor	Not applicable; GSG is a publicly-held company listed on the New York Stock Exchange and not directly or indirectly owned or controlled by any shareholders or affiliated group of shareholders. See Element B.19 (B.5).

B.19 (B.17)	Rating of the Guarantor	The following table sets forth the Guarantor's unsecured credit ratings. A rating is not a recommendation to buy, sell or hold any of the notes. Any or all of these ratings are subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating: Short-Term Long-Term Subordinated Preferred Debt Debt Debt Stock Dominion Bond R-1 (middle) A (high) A BBB (high) Rating Service Limited Fitch, Inc. F1 A A- BB+ Moody's Investors P-2 A3 Baa2 Ba1 Service Standard & Poor's A-2 BBB+ BBB- BB Rating and Investment a-1 A A- N/A Information, Inc.
SECTION C – SECURITIES
C.1	Type and class of Securities	Fixed-to-Floating Rate Notes (the "Securities"). ISIN: XS1457442025; Common Code: 145744202; Valoren: 34309457.
C.2	Currency	The currency of the Securities will be United States Dollar ("USD" or "U.S.$ ").
C.5	Restrictions on the free transferability	The Securities and the Guaranty may not be offered, sold or delivered within the United States or to U.S. persons as defined in Regulation S under the Securities Act ("Regulation S"), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities law. Further, the Securities may not be acquired by, on behalf of, or with the assets of any plans subject to ERISA or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended, other than certain insurance company general accounts. Subject to the above, the Securities will be freely transferable.
C.8	Rights attached to the securities including ranking and any limitation to those rights	Rights: The Securities give the right to each holder of Securities (a "Holder") to receive a potential return on the Securities (see Element C.9 below), together with certain ancillary rights such as the right to receive notice of certain determinations and events and to vote on future amendments. The terms and conditions are governed under English law. Ranking: The Securities are direct, unsubordinated and unsecured obligations of the Issuer and rank equally with all other direct, unsubordinated and unsecured obligations of the Issuer. The Guaranty will rank equally with all other unsecured and unsubordinated indebtedness of GSG. Limitations to rights: • The terms and conditions of the Securities contain provisions for calling meetings of Holders to consider matters affecting their interests generally and these provisions permit defined majorities to bind all Holders, including Holders who did not attend and vote at the relevant meeting and Holders who voted in a manner contrary to the majority. Further, in certain circumstances, the Issuer may amend the terms and conditions of the Securities, without the Holders' consent. • The terms and conditions of the Securities permit the Issuer and the Calculation Agent (as the case may be), on the occurrence of certain

		events and in certain circumstances, without the Holders' consent, to make adjustments to the terms and conditions of the Securities, to redeem the Securities prior to maturity (where applicable), to postpone scheduled payments under the Securities, to change the currency in which the Securities are denominated, to substitute the Issuer with another permitted entity subject to certain conditions, and to take certain other actions with regard to the Securities.
C.9	Rights attached to the securities including interest provisions, yield and representative of the holders	Please refer to Element C.8 above. The return on the Securities will derive from: • The payment on the relevant payment date(s) of an amount on account of Interest; • The potential payment of a Non-scheduled Early Repayment Amount upon an unscheduled early redemption of the Securities (as described below); or
		• If the Securities are not previously redeemed, or purchased and cancelled, the payment of the Final Redemption Amount on the maturity date of the Securities.
		Interest
		The Securities bear interest from January 20, 2017 ("Interest Commencement Date") at the Rate of Interest.
		The interest amount payable on each Interest Payment Date in respect of each Security shall be calculated by multiplying the relevant Rate of Interest by the Calculation Amount, and further multiplying the product by the relevant day count fraction applicable to the interest period ending on (but excluding) the date on which such Interest Payment Date is scheduled to fall, and rounding the resultant figure in accordance with the terms and conditions. If an Interest Payment Date is not a payment business day, the interest amount for that Interest Payment Date will be paid on the next succeeding payment business day but the interest period for the determination of the interest amount shall remain unadjusted.
		The "Rate of Interest" for the interest periods ending on (but excluding) January 20, 2018 and January 20, 2019 shall be 6.00 per cent. (6.00%) per annum.
		The "Rate of Interest" for the interest periods ending on (but excluding) the date on which each Interest Payment Date is scheduled to fall (other than the Interest Payment Dates scheduled to fall on January 20, 2018 and January 20, 2019) shall be equal to the Reference Rate, provided that such Rate of Interest shall be not less than the Minimum Rate of Interest or greater than the Maximum Rate of Interest.
		Defined terms used above:
		• Calculation Amount: U.S.$ 2,000.
		• Reference Rate: a rate equal to the rate for deposits in USD for a period of three months which appears on the Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on the day that is two London business days preceding the first day of the relevant interest period.
		• Interest Payment Dates: the 20th day of January in each calendar year from, and including, January 20, 2018 to, and including, January 20, 2026, and the Maturity Date (as defined below).
		• Maximum Rate of Interest: 4.00 per cent. (4.00%) per annum.
		• Minimum Rate of Interest: 1.75 per cent. (1.75%) per annum.

		Indication of Yield: Not Applicable. Non-scheduled Early Repayment Amount Unscheduled early redemption: The Securities may be redeemed prior to the scheduled maturity (i) at the Issuer's option if the Issuer determines a change in applicable law has the effect that performance by the Issuer or its affiliates under the Securities or hedging transactions relating to the Securities has become (or there is a substantial likelihood in the immediate future that it will become) unlawful or impracticable (in whole or in part), or (ii) upon notice by a Holder declaring such Securities to be immediately repayable due to the occurrence of an event of default which is continuing. In such case, the Non-scheduled Early Repayment Amount payable on such unscheduled early redemption shall be, for each Security, the Specified Denomination of U.S.$ 2,000. Redemption • The Maturity Date for the Securities shall be January 20, 2027, provided that if such day is not a payment business day, the final redemption amount will be paid on the next succeeding payment business day. • Unless previously redeemed or purchased and cancelled, each Security will be redeemed by the Issuer on the maturity date by payment of a Final Redemption Amount of U.S.$ 2,000 per Calculation Amount of Securities. Representative of holders of Securities: Not applicable; the Issuer has not appointed any person to be a representative of the holders of Securities.
C.10	Derivative component in the interest payment	Please refer to Element C.9 above. Not applicable; there is no derivative component in the interest payments made in respect of the Securities.
C.11	Admission to trading on a regulated market	Application has been made to admit the Securities to trading on the regulated market of the Luxembourg Stock Exchange with effect from as soon as practicable following the Issue Date. No assurances can be given that such application for admission to trading will be granted. Application will be made to admit the Securities to trading on Borsa Italiana S.p.A.'s MOT (Electronic bond market) with effect from as soon as practicable following the Issue Date. No assurances can be given that such application for admission to trading will be granted.
SECTION D – RISKS
D.2	Key risks that are specific to the Issuer, the Guarantor and Goldman Sachs	The payment of any amount due on the Securities is subject to our credit risk. The Securities are our unsecured obligations. The Securities are not bank deposits and are not insured or guaranteed by the U.S. Federal Deposit Insurance Corporation, the U.S. Deposit Insurance Fund, the UK Financial Services Compensation Scheme or any other government or governmental or private agency or deposit protection scheme in any jurisdiction. The value of and return on your securities will be subject to our credit risk and to changes in the market's view of our creditworthiness. References in B.12 and B.19 (B.12) above to the "prospects" and "financial or trading position" of the Issuer and Guarantor (as applicable), are specifically to their respective ability to meet their full payment obligations under the Securities (in the case of GSI) or Guaranty (in the case of GSG) in a timely

manner. Material information about the Issuer's and Guarantor's respective financial condition and prospects is included in each of the Issuer's and Guarantor's annual and/or interim reports. You should be aware, however, that each of the key risks highlighted below could have a material adverse effect on the Issuer's and Guarantor's businesses, operations, financial and trading position and prospects, which, in turn, could have a material adverse effect on the return investors receive on the Securities.

The Issuer and the Guarantor are subject to a number of key risks of Goldman Sachs:

• Goldman Sachs' businesses have been and may continue to be adversely affected by conditions in the global financial markets and economic conditions generally.

• Goldman Sachs' businesses and those of its clients are subject to extensive and pervasive regulation around the world.

• Goldman Sachs' businesses have been and may be adversely affected by declining asset values. This is particularly true for those businesses in which Goldman Sachs has net "long" positions, receives fees based on the value of assets managed, or receives or posts collateral.

• Goldman Sachs' businesses have been and may be adversely affected by disruptions in the credit markets, including reduced access to credit and higher costs of obtaining credit.

• Goldman Sachs' market-making activities have been and may be affected by changes in the levels of market volatility.

• Goldman Sachs' investment banking, client execution and investment management businesses have been adversely affected and may in the future be adversely affected by market uncertainty or lack of confidence among investors and CEOs due to general declines in economic activity and other unfavourable economic, geopolitical or market conditions.

• Goldman Sachs' investment management business may be affected by the poor investment performance of its investment products.

• Goldman Sachs may incur losses as a result of ineffective risk management processes and strategies.

• Goldman Sachs' liquidity, profitability and businesses may be adversely affected by an inability to access the debt capital markets or to sell assets or by a reduction in its credit ratings or by an increase in its credit spreads.

• A failure to appropriately identify and address potential conflicts of interest could adversely affect Goldman Sachs' businesses.

• A failure in Goldman Sachs' operational systems or infrastructure, or those of third parties, as well as human error, could impair Goldman Sachs' liquidity, disrupt Goldman Sachs' businesses, result in the disclosure of confidential information, damage Goldman Sachs' reputation and cause losses.

• A failure to protect Goldman Sachs' computer systems, networks and information, and Goldman Sachs' clients' information, against cyber attacks and similar threats could impair Goldman Sachs' ability to conduct Goldman Sachs' businesses, result in the disclosure, theft or destruction of confidential information, damage Goldman Sachs' reputation and cause losses.

• The Guarantor is a holding company and is dependent for liquidity on payments from its subsidiaries, many of which are subject to restrictions.

• The application of regulatory strategies and requirements in the United States and non-U.S. jurisdictions to facilitate the orderly resolution of large financial institutions could create greater risk of loss for Goldman Sachs' security holders.

• The ultimate impact of the recently proposed rules requiring U.S. global systemically important banks to maintain minimum amounts of long- term debt meeting specified eligibility requirements is uncertain.

• The application of GSG's proposed resolution strategy could result in greater losses for GSG's security holders, and failure to address shortcomings in Goldman Sachs' resolution plan could subject us to increased regulatory requirements.

• Goldman Sachs' businesses, profitability and liquidity may be adversely affected by deterioration in the credit quality of, or defaults by, third parties who owe Goldman Sachs money, securities or other assets or whose securities or obligations Goldman Sachs holds.

• Concentration of risk increases the potential for significant losses in Goldman Sachs' market-making, underwriting, investing and lending activities.

• The financial services industry is both highly competitive and interrelated.

• Goldman Sachs faces enhanced risks as new business initiatives lead it to transact with a broader array of clients and counterparties and exposes it to new asset classes and new markets.

• Derivative transactions and delayed settlements may expose Goldman Sachs to unexpected risk and potential losses.

• Goldman Sachs' businesses may be adversely affected if Goldman Sachs is unable to hire and retain qualified employees.

• Goldman Sachs may be adversely affected by increased governmental and regulatory scrutiny or negative publicity.

• Substantial legal liability or significant regulatory action against Goldman Sachs could have material adverse financial effects or cause significant reputational harm to Goldman Sachs, which in turn could seriously harm its business prospects.

• The growth of electronic trading and the introduction of new trading technology may adversely affect Goldman Sachs' business and may increase competition.

• Goldman Sachs' commodities activities, particularly its physical commodities activities, subject Goldman Sachs to extensive regulation and involve certain potential risks, including environmental, reputational and other risks that may expose it to significant liabilities and costs.

• In conducting its businesses around the world, Goldman Sachs is subject to political, economic, legal, operational and other risks that are inherent in operating in many countries.

• Goldman Sachs may incur losses as a result of unforeseen or catastrophic events, including the emergence of a pandemic, terrorist attacks, extreme weather events or other natural disasters.

D.3

Key risks that are specific to the Securities:

• You may lose some or all of your investment in the Securities where:

o We (as Issuer and Guarantor) fail or are otherwise unable to meet our payment obligations;

o You do not hold your Securities to maturity and the secondary

		sale price you receive is less than the original purchase price; or o Your Securities are redeemed early due to an unexpected event and the amount you receive is less than the original purchase price. • The estimated value of your Securities (as determined by reference to pricing models used by us) at the time the terms and conditions of your Securities are set on the trade date, will be less than the original issue price of your Securities. • Your Securities may not have an active trading market, and you may be unable to dispose of them. • In the event that the Guarantor becomes insolvent (but the Issuer does not) you will not be able to declare the Securities to be immediately due and repayable. The return on the Securities may be significantly less than what you would have otherwise received had you been able to declare the Securities immediately due and repayable upon the insolvency of the Guarantor. • We give no assurance that application for listing and admission to trading will be granted (or, if granted, will be granted by the issue date) or that an active trading market in the Securities will develop. We may discontinue any such listing at any time. • The initial issue size of U.S.$ 100,000,000 could be reduced following issuance, and this could have a negative effect on your ability to sell the Securities in the secondary market. • The performance of interest rates is dependent upon a number of factors, including supply and demand on the international money markets, which are influenced by measures taken by governments and central banks, as well as speculations and other macroeconomic factors. • Indices which are deemed 'benchmarks' are the subject of recent national, international and other regulatory guidance and proposals for reform. Some of these reforms are already effective whilst others are still to be implemented. These reforms may cause such benchmarks to perform differently than in the past, or have other consequences which cannot be predicted. • The Issuer of your Securities may be substituted with another company. • We may amend the terms and conditions of your Securities in certain circumstances without your consent.
SECTION E – THE OFFER
E.2b	Reasons for the offer and use of proceeds	The net proceeds of the issue of the Securities will be used in the general business of the Issuer.
E.3	Terms and conditions of the offer	No public offer of the Securities is being made. The Issue Price is 100 per cent. (100%) of the Aggregate Nominal Amount.
E.4	Interests material to the issue/offer	So far as the Issuer is aware, no person involved in the issue of the Securities has an interest material to the issue, including conflicting interests.
E.7	Estimated expenses charged to the investor by the issuer or the offeror	Not applicable. There are no estimated expenses charged to the investor by the Issuer or the offeror.

RISK FACTORS

An investment in your Securities is subject to the risks described below. You should carefully review (i) the applicable risk factors in the section entitled "Risk Factors" from the Base Prospectus incorporated by reference in this Prospectus (see the section entitled "Documents Incorporated by Reference" below) and (ii) the additional risk factors set out below, as well as the terms and conditions of the Securities described in this Prospectus. You should carefully consider whether the Securities are suited to your particular circumstances, including to consult your own professional advisers as necessary. We do not give to you as a prospective purchaser of Securities any assurance or guarantee as to the merits, performance or suitability of such Securities, and you should be aware that we act as an arm's-length contractual counterparty and not as an advisor or fiduciary.

In these Risk Factors, "we" and "our" mean Goldman Sachs.

RISK WARNING OF POTENTIAL LOSS OF SOME OR ALL OF YOUR INVESTMENT

You may lose some or all of your entire investment in the Securities where:

• The Issuer or Guarantor fails or is otherwise unable to meet its payment obligations: The Securities are our unsecured obligations. They are not bank deposits and are not insured or guaranteed by the U.S. Federal Deposit Insurance Corporation, the U.S. Deposit Insurance Fund, the UK Financial Services Compensation Scheme or any other government or governmental or private agency or deposit protection scheme in any jurisdiction. Therefore, if the Issuer or Guarantor fails or is otherwise unable to meet its payment obligations under the Securities, you will lose some or all of your investment.

• The secondary sale price is less than the original purchase price: The market price of your Securities prior to maturity may be significantly lower than the purchase price you pay for them. Consequently, if you sell your Securities before the stated scheduled redemption date, you may receive far less than your original invested amount.

• There is an insolvency of the Guarantor but not the Issuer: The insolvency of the Guarantor will not constitute an event of default in relation to your Securities. In the event that the Guarantor becomes insolvent (but the Issuer does not), you will not be able to declare the Securities to be immediately due and repayable. Instead, you will need to wait until the earlier of the time that (i) the Issuer itself becomes insolvent or otherwise defaults on the terms of the Securities and (ii) the final maturity of the Securities. The return you receive on the Securities may be significantly less than what you would have otherwise received had you been able to declare the Securities immediately due and repayable upon the insolvency of the Guarantor.

These circumstances are more fully described below.

A. FACTORS THAT MAY AFFECT OUR ABILITY TO FULFIL OUR OBLIGATIONS UNDER THE SECURITIES

The payment of any amount due on the Securities is subject to our credit risk. The Securities are our unsecured obligations.

The Securities are not bank deposits and are not insured or guaranteed by the U.S. Federal Deposit Insurance Corporation, the U.S. Deposit Insurance Fund, the UK Financial Services Compensation Scheme or any other government or governmental or private agency or deposit protection scheme in any jurisdiction. Investors are dependent on our ability to pay all amounts due on the Securities, and therefore investors are subject to our credit risk and to changes in the market's view of our creditworthiness.

You should also read "Risk Factors – 2. Risks relating to GSI" (pages 48 to 62) in the Base Prospectus incorporated by reference herein.

You should read Part I, Item 1A (Risk Factors) (pages 25 to 43) of GSG's 2015 Form 10-K incorporated by reference herein.

Risks relating to the potential exercise by a UK resolution authority of its resolution powers in relation to GSI

The EU Bank Recovery and Resolution Directive ("BRRD") entered into force on July 2, 2014. EU Member states were required to adopt and publish the laws, regulations and administrative provisions necessary to comply with the BRRD by December 31, 2014 and to apply those with effect from January 1, 2015, except in relation to the bail-in provisions, which were to apply from January 1, 2016 at the latest. Its stated aim is to provide national "resolution authorities" with powers and tools to address banking crises pre-emptively in order to safeguard financial stability and minimise taxpayers' exposure to losses.

The majority of the requirements of the BRRD have been implemented in the UK through the UK Xxxxxxx Xxx 0000, as amended and related statutory instruments (together, the "UK Banking Act"). The UK Banking Act provides for a "resolution regime" granting substantial powers to the Bank of England (or, in certain circumstances, HM Treasury), to implement resolution measures (in consultation with other UK authorities) with respect to a UK financial institution (for example, such as GSI) where the UK resolution authority considers that the relevant institution is failing or is likely to fail, there is no reasonable prospect of other measures preventing the failure of the institution and resolution action is necessary in the public interest.

The resolution powers available to the UK resolution authority include powers to:

• write down the amount owing, including to zero, or convert the relevant securities into other securities, including ordinary shares of the relevant institution (or a subsidiary) – the so-called "bail-in" tool;

• transfer all or part of the business of the relevant institution to a "bridge bank";

• transfer impaired or problem assets to an asset management vehicle; and

• sell the relevant institution to a commercial purchaser.

In addition, the UK resolution authority is empowered to modify contractual arrangements, suspend enforcement or termination rights that might otherwise be triggered and disapply or modify laws in the UK (with possible retrospective effect) to enable the recovery and resolution powers under the UK Banking Act to be used effectively.

You should assume that, in a resolution situation, financial public support will only be available to GSI (or any member of Goldman Sachs Group) as a last resort after the relevant UK resolution authorities have assessed and used, to the maximum extent practicable, the resolution tools, including the bail-in tool.

You should be aware that the exercise of any such resolution power or even the suggestion of any such potential exercise in respect of GSI (or any member of the Goldman Sachs Group) could have a material adverse effect on the rights of holders of Securities, and could lead to a loss of some or all of the investment. The resolution regime is designed to be triggered prior to insolvency of the relevant institution, and holders of securities issued by such institution may not be able to anticipate the exercise of any resolution power (including exercise of the "bail-in" tool) by the UK

resolution authority. Further, holders of securities issued by an institution which has been taken into a resolution regime will have very limited rights to challenge the exercise of powers by the UK resolution authority, even where such powers have resulted in the write down of the securities or conversion of the securities to equity.

B. FACTORS WHICH ARE MATERIAL FOR THE PURPOSES OF ASSESSING THE MARKET RISKS IN RELATION TO THE SECURITIES

1. Risks associated with the value and liquidity of your Securities

1.1 The estimated value of your Securities (as determined by reference to pricing models used by us) at the time the terms and conditions of your Securities are set on the trade date, will be less than the original issue price of your Securities

The original issue price for your Securities will exceed the estimated value of your Securities as from the trade date, as determined by reference to our pricing models and taking into account our credit spreads. The difference between the estimated value of your Securities as of the time the terms and conditions of your Securities were set on the trade date and the original issue price is a result of many factors, including among others on issuance, the expenses incurred in creating, documenting and marketing the Securities and our own internal funding costs (being an amount based on what we would pay to holders of a non-structured security with a similar maturity). The difference may be greater when the Securities are initially traded on any secondary markets and may gradually decline in value during the term of the Securities.

In estimating the value of your Securities as of the time the terms and conditions of your Securities were set on the trade date, our pricing models consider certain variables, including principally our credit spreads, interest rates (forecasted, current and historical rates), volatility, price-sensitivity analysis and the time to maturity of the Securities. These pricing models are proprietary and rely in part on certain assumptions about future events, which may prove to be incorrect. As a result, the actual value you would receive if you sold your Securities in the secondary market, if any, to others may differ, perhaps materially, from the estimated value of your Securities determined by reference to our models due to, among other things, any differences in pricing models or assumptions used by others.

1.2 The value and quoted price of your Securities (if any) at any time will reflect many factors and cannot be predicted

The value and quoted price of your Securities (if any) at any time will reflect many factors and cannot be predicted. The following factors, amongst others, many of which are beyond our control, may influence the market value of your Securities:

• interest rates and yield rates in the market;

• the time remaining until your Securities mature; and

• our creditworthiness, whether actual or perceived, and including actual or anticipated upgrades or downgrades in our credit ratings or changes in other credit measures.

If we make a market in the Securities, the price quoted by us would reflect any changes in market conditions and other relevant factors, including any deterioration in our creditworthiness or perceived creditworthiness. These changes may adversely affect the value of your Securities, including the price you may receive for your Securities in any market making transaction. To the extent that we make a market in the Securities, the quoted price will reflect the estimated value determined by reference to our pricing models at that time, plus or minus its customary bid and ask spread for similar sized trades of

structured securities and subject to the declining excess amount described in risk factor 1.1 (The estimated value of your Securities (as determined by reference to pricing models used by us) at the time the terms and conditions of your Securities are set on the trade date, will be less than the original issue price of your Securities) above.

Further, if you sell or buy your Securities on the secondary market, you will likely be charged a commission for secondary market transactions, or, in the case of a sale of the Securities the price will likely reflect a dealer discount. This commission or discount will further reduce the proceeds you would receive for your Securities in a secondary market sale.

If you sell your Securities prior to maturity, you may receive less than the face amount or initial purchase price of your Securities.

There is no assurance that we or any other party will be willing to purchase your Securities at any price and, in this regard, we are not obligated to make a market in the Securities. See risk factor 1.3 ("Your Securities may not have an active trading market") below.

1.3 Your Securities may not have an active trading market

Unless we expressly tell you otherwise, or to the extent that the rules of any stock exchange on which the Securities are listed and admitted to trading require us to provide liquidity in respect of the Securities, there may be little or no secondary market for your Securities and you may be unable to sell them.

If we do make a market for the Securities, we may cease to do so at any time without notice to you and we are not obligated to provide any quotation of bid or offer price(s) of the Securities which is favourable to you.

Application (i) has been made by the Issuer (or on its behalf) for the Securities to be listed on the Official List and admitted to trading on the regulated market of the Luxembourg Stock Exchange; and (ii) will be made by the Issuer (or on its behalf) for the Securities to be listed on Borsa Italiana S.p.A. and admitted to trading on Borsa Italiana S.p.A.'s MOT (Electronic bond market), a regulated market organised and managed by Borsa Italiana S.p.A., however, we give no assurance that such applications will be accepted, that any particular Securities will be so admitted, or that an active trading market in the Securities will develop. We may discontinue any such listing at any time.

Even if a secondary market for your Securities develops, it may not provide significant liquidity and transaction costs in any secondary market could be high. As a result, the difference between bid and asked prices for your Securities in any secondary market could be substantial. See also risk factor 1.2 (The value and quoted price of your Securities (if any) at any time will reflect many factors and cannot be predicted) above. There may be less liquidity in the secondary market for the Securities also if they are exclusively offered to retail investors without any offer to institutional investors.

On the Issue Date (being January 20, 2017), U.S.$ 100,000,000 of Securities will be issued to and made available for sale by GSI (in its capacity as Dealer), and as soon as practicable thereafter, listed and admitted to trading on both the Borsa Italiana S.p.A.'s MOT (Electronic bond market) and the regulated market of the Luxembourg Stock Exchange for purchase by investors. However, GSI (in its capacity as Dealer) reserves its right to cancel some or all of the Securities that it holds at any time prior to the Maturity Date (being January 20, 2027), such right to be exercised in accordance with applicable laws, the terms and conditions of the Securities and the applicable rules of Borsa Italiana S.p.A. and the Luxembourg Stock Exchange including as to notification. In particular, at any time following listing and admission to trading on Borsa Italiana S.p.A.'s MOT (Electronic bond market) and the regulated market of the Luxembourg Stock Exchange, GSI (in its capacity as Dealer) may cancel some or all of any Securities which have not been purchased by investors by such time. Accordingly, the total amount of

Securities outstanding at any time may be significantly less than U.S.$ 100,000,000, and this could have a negative impact on an investor's ability to sell the Securities in the secondary market. Notification of any such cancellation of Securities will be made on the website of Borsa Italiana S.p.A. (xxx.xxxxxxxxxxxxx.xx) and in any case according to the rules of Borsa Italiana S.p.A. and on the website of the Luxembourg Stock Exchange (xxx.xxxxxx.xx).

You should therefore not assume that the Securities can be sold at a specific time or at a specific price during their life, and you should assume that you may need to hold them until they mature.

1.4 Your Securities may lose value if interest rates increase

Particularly in relation to Fixed Rate Notes that are not linked to an underlying asset and have a term of ten years or more, in most cases an increase in interest rates during the term of the Securities will cause their value to decrease and if you sell the Securities prior to maturity you will receive less than the face amount of the Securities.

2. Risks associated with certain terms of the Securities, including adjustment, substitution and amendments

2.1 Your Securities may be redeemed prior to maturity due to a change in law event, and you may lose some or all of your investment

Where, due to a change in law event, our performance under the Securities or hedging transactions relating to the Securities has become (or there is a substantial likelihood in the immediate future that it will become) illegal or impractical, we may, in our discretion, redeem the Securities.

Following any such early redemption of the Securities, you may not be able to reinvest the proceeds from such redemption at a comparable return and/or with a comparable interest rate for a similar level of risk. You should consider such reinvestment risk in light of other available investments when you purchase the Securities.

2.2 The Issuer of your Securities may be substituted with another company

The Issuer may be substituted as principal obligor under such Securities by any company from the Goldman Sachs Group of companies. Whilst the new issuer will provide an indemnity in your favour in relation to any additional tax or duties that become payable solely as a result of such substitution, you will not have the right to consent to such substitution.

2.3 We may amend the terms and conditions of your Securities in certain circumstances without your consent; amendments to the Securities will bind all holders thereof

The terms and conditions of the Securities may be amended by us without your consent as a holder of the Securities in any of the following circumstances:

• to correct a manifest or proven error or omission;

• where the amendment is of a formal, minor or technical nature; or

• where such amendment will not materially and adversely affect the interests of holders.

In certain other circumstances, the consent of a defined majority of holders is required to make amendments. The terms and conditions of the Securities contain provisions for holders of Securities to call and attend meetings to vote upon such matters or to pass a written resolution in the absence of such a meeting. Resolutions passed at such a meeting, or passed in writing, can bind all holders of Securities,

including investors that did not attend or vote, or who do not consent to the amendments.

3. Risks associated with foreign exchange rates

3.1 You may be exposed to foreign exchange risk on your Securities

Foreign exchange fluctuations between your home currency and the currency in which payments under the Securities is denominated may affect you if you intend to convert gains or losses from the sale of Securities into your home currency.

Foreign exchange rates are, and have been, highly volatile and determined by supply and demand for currencies in the international foreign exchange markets; such fluctuations in rates are subject to economic factors, including, among others, inflation rates in the countries concerned, interest rate differences between the respective countries, economic forecasts, international political factors, currency convertibility and safety of making financial investments in the currency concerned, speculation and measures taken by governments and central banks.

Foreign currency exchange rates can either float or be fixed by sovereign governments. From time to time, governments use a variety of techniques, such as intervention by a country's central bank or imposition of regulatory controls or taxes, to affect the exchange rate of their currencies. Governments may also issue a new currency to replace an existing currency or alter the exchange rate or exchange characteristics by devaluation or revaluation of a currency. Thus, a particular concern in purchasing Securities with foreign exchange risks as described above is that their yields or payouts could be significantly and unpredictably affected by governmental actions. Even in the absence of governmental action directly affecting currency exchange rates, political or economic developments in the country of the relevant currency or elsewhere could lead to significant and sudden changes in the exchange rate of that currency and others. These changes could negatively (or positively) affect the value of and return on the Securities as participants in the global currency markets move to buy or sell the relevant currency in reaction to these developments.

Governments have imposed from time to time and may in the future impose exchange controls or other conditions, including taxes, with respect to the exchange or transfer of a currency that could affect exchange rates as well as the availability of the currency for a Security at its maturity or on any other payment date. In addition, your ability to move currency freely out of the country in which payment in the currency is received or to convert the currency at a freely determined market rate could be limited by governmental actions.

4. Risks associated with discretionary powers of the Issuer and the Calculation Agent including in relation to our hedging arrangements

As described elsewhere in these risk factors, the occurrence of certain events – relating to the Issuer, our hedging arrangements, taxation, the relevant currency or other matters – may give rise to discretionary powers on our part (as Issuer or as Calculation Agent) under the terms and conditions of the Securities.

In relation to our hedging arrangements, we (including through one or more affiliates of the Issuer and the Guarantor) may enter into one or more arrangements to cover our exposure to the relevant cash amounts to be paid or assets to be delivered under the Securities as these fall due. We describe some of the potential types of arrangements in risk factor 7.1 (Our hedging, trading, issuance and underwriting activities may create conflicts of interest between you and us) below. The particular hedging arrangements (if any) undertaken by us, and their cost, will likely be a significant determinant of the price and the economic terms and conditions of your Securities. Accordingly, if an event occurs which negatively impacts our hedging arrangements, we may have discretionary powers under the terms and conditions of your Securities as described in the paragraph immediately above to account for such impact

on our heading arrangements. The exercise by us of such discretionary powers may have a negative impact on the value of and return on your Securities.

5. Risks associated with Interest Rates as Underlying Assets

5.1 Various unpredictable factors may affect the performance of interest rates

The performance of interest rates is dependent upon a number of factors, including supply and demand on the international money markets, which are influenced by measures taken by governments and central banks, as well as speculations and other macroeconomic factors.

5.2 Regulation and reform of "benchmarks", including LIBOR, EURIBOR and other interest rate, equity, commodity, foreign exchange rate and other types of benchmarks

The London Inter-Bank Offered Rate ("LIBOR"), the Euro Interbank Offered Rate ("EURIBOR") and other interest rate, equity, commodity, foreign exchange rate and other types of indices which are deemed to be "benchmarks" are the subject of recent national, international and other regulatory guidance and proposals for reform. Some of these reforms are already effective whilst others are still to be implemented. These reforms may cause such "benchmarks" to perform differently than in the past, or to disappear entirely, or have other consequences which cannot be predicted. Any such consequence could have a material adverse effect on any Securities linked to such a "benchmark".

Key international proposals for reform of "benchmarks" include XXXXX'x Principles for Financial Market Benchmarks (July 2013) (the "IOSCO Benchmark Principles") and the EU Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (the "Benchmark Regulation").

The IOSCO Benchmark Principles aim to create an overarching framework of principles for benchmarks to be used in financial markets, specifically covering governance and accountability as well as the quality and transparency of benchmark design and methodologies. A review published by XXXXX in February 2015 of the status of the voluntary market adoption of the XXXXX Xxxxxxxxx Principles noted that, as the benchmarks industry is in a state of change, further steps may need to be taken by XXXXX in the future, but that it is too early to determine what those steps should be. The review noted that there has been a significant market reaction to the publication of the XXXXX Xxxxxxxxx Principles, with widespread efforts being made to implement the XXXXX Xxxxxxxxx Principles by the majority of administrators surveyed.

On May 17, 2016, the Council of the European Union adopted the Benchmark Regulation. The Benchmark Regulation was published in the Official Journal of the European Union on June 29, 2016 and entered into force on June 30, 2016. It applies across the EU from January 1, 2018, with the exception of certain provisions (specified in article 59) that began to apply from June 30, 2016 and certain provisions which amend Regulation (EU) No 596/2014 on market abuse (the "Market Abuse Regulation") and therefore became effective on the date of entry into force of the Market Abuse Regulation, July 3, 2016.

The Benchmark Regulation will apply to "contributors", "administrators" and "users" of "benchmarks" in the EU, and will, among other things, (i) require benchmark administrators to be authorised (or, if non- EU-based, to have satisfied certain "equivalence" conditions in its local jurisdiction, to be "recognised" by the authorities of a Member State pending an equivalence decision or to be "endorsed" for such purpose by an administrator authorised or registered in the EU, following authorisation of such endorsement by the relevant competent authority) and to comply with requirements in relation to the administration of "benchmarks" and (ii) ban the use of "benchmarks" of unauthorised administrators. The scope of the Benchmark Regulation is wide and, in addition to so-called "critical benchmark" indices

such as EURIBOR, it will apply to many other interest rate indices, as well as equity, commodity and foreign exchange rate indices and other indices (including "proprietary" indices or strategies) which are referenced in certain financial instruments (securities or OTC derivatives listed on an EU regulated market, EU multilateral trading facility (MTF), EU organised trading facility (OTF) or "systematic internaliser"), certain financial contracts and investment funds. Different types of "benchmark" are subject to more or less stringent requirements, and in particular a lighter touch regime will apply where a "benchmark" is not based on interest rates or commodities and the total average value of financial instruments, financial contracts or investment funds referring to a benchmark over the past six months is less than €50bn, subject to further conditions.

The Benchmark Regulation could have a material impact on Securities linked to a "benchmark" rate or index, including in any of the following circumstances:

• a rate or index which is a "benchmark" could not be used as such if its administrator does not obtain authorisation or is based in a non-EU jurisdiction which (subject to applicable transitional provisions) does not satisfy the "equivalence" conditions, is not "recognised" pending such a decision and is not "endorsed" for such purpose. In such event, depending on the particular "benchmark" and the applicable terms of the Securities, the Securities could be de-listed, adjusted, redeemed prior to maturity or otherwise impacted; and

• the methodology or other terms of the "benchmark" could be changed in order to comply with the terms of the Benchmark Regulation, and such changes could have the effect of reducing or increasing the rate or level or affecting the volatility of the published rate or level, and could lead to adjustments to the terms of the Securities, including Calculation Agent determination of the rate or level in its discretion.

Any of the international, national or other proposals for reform or the general increased regulatory scrutiny of "benchmarks" could increase the costs and risks of administering or otherwise participating in the setting of a "benchmark" and complying with any such regulations or requirements. Such factors may have the effect of discouraging market participants from continuing to administer or contribute to certain "benchmarks", trigger changes in the rules or methodologies used in certain "benchmarks" or lead to the disappearance of certain "benchmarks". The disappearance of a "benchmark" or changes in the manner of administration of a "benchmark" could result in adjustment to the terms and conditions, early redemption, discretionary valuation by the Calculation Agent, delisting or other consequence in relation to Securities linked to such "benchmark". Any such consequence could have a material adverse effect on the value of and return on any such Securities.

6. Risks associated with taxation

Tax laws may change and this may have a negative impact on your Securities

Tax law and practice is subject to change, possibly with retrospective effect and this could adversely affect the value of your Securities to you and/or their market value generally. Any such change may (i) cause the tax treatment of the Securities to change from what you understood the position to be at the time of purchase; (ii) render the statements in this Prospectus concerning relevant tax law and practice in relation to the Securities inaccurate or inapplicable in some or all respects to certain Securities or have the effect that this Prospectus does not include material tax considerations in relation to certain Securities; or (iii) give us the right to redeem the Securities early, if such change has the effect that our performance under the Securities or hedging transaction relating to the Securities is unlawful or impracticable (see risk factor 2.1 (Your Securities may be redeemed prior to maturity due to a change in law event, and you may lose some or all of your investment)). You should consult your own tax advisers about the tax implications of holding any Security and of any transaction involving any

Security.

7. Risks associated with conflicts of interest between Goldman Sachs Group and purchasers of Securities

The various roles and trading activities of Goldman Sachs could create conflicts of interest between you and us.

7.1 Our hedging, trading, issuance and underwriting activities may create conflicts of interest between you and us

In anticipation of the sale of the Securities, we and/or our affiliates may (but are not obligated to) enter into hedging transactions involving purchase of indices designed to track the performance of the relevant markets or components of such markets or other transactions on or before the trade date. In addition, from time to time after we issue the Securities, we and/or our affiliates expect to enter into additional hedging transactions and to unwind those we have entered into, in connection with the Securities and perhaps in connection with other Securities we issue, some of which may have returns linked to commodities or foreign currencies or other assets. Consequently, with regard to your Securities, from time to time, we may acquire or dispose of the specified currency of the Securities in foreign exchange transactions involving other currencies.

We and/or our affiliates may acquire a long or short position in securities similar to your Securities from time to time and may, in our or their sole discretion, hold or resell those securities.

In the future, we and/or our affiliates expect to close out hedge positions relating to the Securities and perhaps relating to other Securities with returns linked to foreign currencies. We expect these steps to involve sales of instruments linked to the foreign currencies on or shortly before the trade date. These steps also may involve sales and/or purchases of listed or over-the-counter options, futures or other instruments linked to the foreign currencies, constituent indices or indices designed to track the performance of the exchange or other markets or other components of such markets, as applicable.

7.2 As Calculation Agent, we will have the authority to make determinations that could affect the market value and return on your Securities

The Calculation Agent is GSI. The Calculation Agent has the authority (i) to determine whether certain specified events and/or matters so specified in the conditions relating to the Securities have occurred, and

(ii) to determine the consequence of such event, including potentially, revised calculations, adjustments, postponements or early redemption of the Securities. See risk factor 4 (Risks associated with discretionary powers of the Issuer and the Calculation Agent including in relation to our hedging arrangements) above. Any such determination made by the Calculation Agent (in the absence of manifest or proven error) shall be binding on the Issuer and all purchasers of the Securities. Any such determinations may have an adverse impact on the value of and return on the Securities.

8. Risks associated with an insolvency of the Guarantor but not the Issuer

The insolvency of the Guarantor will not constitute an event of default in relation to the Securities. In the event that the Guarantor becomes insolvent (but the Issuer does not), you will not be able to declare the Securities to be immediately due and repayable. Instead, you will need to wait until the earlier of the time that (i) the Issuer itself becomes insolvent or otherwise defaults on the terms of the Securities and (ii) the final maturity of the Securities. The return you receive on the Securities may be significantly less than what you would have otherwise received had you been able to declare the Securities immediately due and repayable upon the insolvency of the Guarantor.

9. As a participant or contributor to certain "benchmarks" we may have conflicts with you

We may act as a participant or contributor to certain "benchmarks", which could create conflicts of interest between you and us. In its capacity as a participant or contributor to a "benchmark", we will provide input data which will affect the price or level or such "benchmark", and this could affect the value of and return on any Securities linked to a "benchmark".

10. Risks associated with potential 'bail-in' of Securities

See "Risks relating to the potential exercise by a UK resolution authority of its resolution powers in relation to GSI" above.

DOCUMENTS INCORPORATED BY REFERENCE

This Prospectus should be read and construed in conjunction with the documents incorporated by reference into this Prospectus. The information contained in the following documents (other than any documents which are incorporated by reference into such following documents) is hereby incorporated by reference into this Prospectus and deemed to form a part of this Prospectus:

(i) the base prospectus dated April 14, 2016 relating to issues of non-equity securities under the Programme by Goldman Sachs International and Goldman Sachs & Co. Wertpapier GmbH (the "Original Base Prospectus");

(ii) Supplement No. 3 to the Original Base Prospectus dated May 24, 2016 ("Base Prospectus Supplement No. 3");

(iii) Supplement No. 4 to the Original Base Prospectus dated July 5, 2016 ("Base Prospectus Supplement No. 4");

(iv) Supplement No. 5 to the Original Base Prospectus dated July 22, 2016 ("Base Prospectus Supplement No. 5");

(v) Supplement No. 6 to the Original Base Prospectus dated August 1, 2016 ("Base Prospectus Supplement No. 6");

(vi) Supplement No. 11 to the Original Base Prospectus dated November 8, 2016 ("Base Prospectus Supplement No. 11");

(vii) Supplement No. 12 to the Original Base Prospectus dated November 21, 2016 ("Base Prospectus Supplement No. 12" and the Original Base Prospectus as so supplemented, the "Base Prospectus");

(viii) the Unaudited Quarterly Financial Report for the period ended September 30, 2016 of GSI ("GSI's 2016 Third Quarter Financial Report"), containing, in Part II, the Unaudited Financial Statements of GSI for the period ended September 30, 2016 ("GSI's 2016 Third Quarter Financial Statements");

(ix) the Annual Report for the fiscal year ended December 31, 2015 of GSI ("GSI's 2015 Annual Report"), containing, in Part II, the Directors' Report and Audited Financial Statements of GSI for the period ended December 31, 2015 ("GSI's 2015 Financial Statements");

(x) the Annual Report for the fiscal year ended December 31, 2014 of GSI ("GSI's 2014 Annual Report"), containing, in Part 2, the Directors' report and audited financial statements of GSI for the period ended December 31, 2014 ("GSI's 2014 Financial Statements");

(xi) the Quarterly Report on Form 10-Q for the third fiscal quarter ended September 30, 2016 of The Goldman Sachs Group, Inc. (the "GSG's 2016 Third Quarter Form 10-Q"), as filed with the SEC on November 3, 2016;

(xii) the Annual Report on Form 10-K of GSG for the fiscal year ended December 31, 2015 (the "GSG's 2015 Form 10-K"), containing financial statements relating to the fiscal years ended December 31, 2015 and December 31, 2014;

(xiii) the Proxy Statement relating to the 2016 Annual Meeting of Shareholders on May 20, 2016 (the "GSG's 2016 Proxy Statement");

(xiv) the Current Report on Form 8-K dated May 20, 2016 of The Goldman Sachs Group, Inc. ("GSG's May 20, 2016 Form 8-K"), as filed with the U.S. Securities and Exchange Commission on May 20, 2016;

(xv) the Current Report on Form 8-K dated November 21, 2016 of The Goldman Sachs Group, Inc. ("GSG's November 21, 2016 Form 8-K"), as filed with the U.S. Securities and Exchange Commission on November 21, 2016;

(xvi) the Current Report on Form 8-K dated December 12, 2016 of The Goldman Sachs Group, Inc. ("GSG's December 12, 2016 Form 8-K"), as filed with the U.S. Securities and Exchange Commission on December 15, 2016; and

(xvii) the Current Report on Form 8-K dated January 18, 2017 of The Goldman Sachs Group, Inc. ("GSG's January 18, 2017 Form 8-K"), as filed with the U.S. Securities and Exchange Commission on January 18, 2017.

The table below sets out the relevant page references for the information incorporated into this Prospectus by reference. The information incorporated by reference that is not included in the cross-reference list is considered as additional information and is not required by the relevant schedules of Commission Regulation (EC) No. 809/2004 (as amended). Information not incorporated by reference are not relevant for the investor or are covered in other parts of this Prospectus.

The Luxembourg Stock Exchange will publish such documents on its website at xxx.xxxxxx.xx.

Information incorporated by reference Page reference

From the Original Base Prospectus

Risk Factors

2. Risks relating to GSI Pages 48-62

Commonly Asked Questions about the Programme Pages 106-117

General Terms and Conditions of the Notes Pages 171-218

Coupon Payout Conditions Pages 219-227

Form of Guaranty Pages 541-542

Forms of the Notes Pages 554-555

Book-Entry Clearing Systems Pages 556-558

Use of Proceeds Page 559

Goldman Sachs International Pages 560-563

General Information xx Xxxxxxx Sachs International Page 560

Capitalisation Pages 560-561

Corporate Governance Page 561

Management of GSI Page 561

EMEA Conduct Risk Committee Pages 561-563

The Goldman Sachs Group, Inc. Page 567

The proposed financial transactions tax ("FTT") Pages 568 United Kingdom Tax Considerations Pages 568-572

Italian Tax Considerations Pages 592-599

Selling Restrictions Pages 615-636

Offers and Sales and Distribution Arrangements Page 637 Index of Defined Terms Pages 646-654

From Base Prospectus Supplement No. 3

Additional changes to the Base Prospectus

Item 4 – Amendments to the sub-heading "Management of GSI" in the section entitled "Goldman Sachs International"

Page 5

From Base Prospectus Supplement No. 4

Amendments to the Base Prospectus

Item 2 – Amendments to the sub-heading "Capitalisation" in the section entitled "Goldman Sachs International"

Page 2

From Base Prospectus Supplement No. 5

Amendments to the Base Prospectus

Item 3 – Amendments to the section entitled "The General Terms and Conditions of the Notes"

Page 5

From Base Prospectus Supplement No. 6

Amendments to the Base Prospectus

Item 1 – Amendments to the sub-section entitled "The proposed financial transactions tax ("FTT")"

Items 2, 3 and 4 – Amendments to the sub-section entitled "Italian Tax Considerations"

Pages 1-2

Pages 2-3

From Base Prospectus Supplement No. 11

Amendments to the Base Prospectus

Item 3 – Amendments to the sub-heading "EMEA Conduct Risk Committee" in the section entitled "Goldman Sachs International"

Page 8

From Base Prospectus Supplement No. 12

Amendments to the Base Prospectus

Item 3 – Amendments to the sub-heading "General Information xx Xxxxxxx Sachs International" in the section entitled "Goldman Sachs International"

Page 11

From GSI's 2016 Third Quarter Financial Report

Management Report Pages 2-25

Profit and Loss Account Page 26

Balance Sheet Page 27

Statement of Cash Flows Page 29

Notes to the Financial Statements Pages 30-48

From GSI's 2015 Annual Report

Strategic Report Pages 2-48

Directors' Report Pages 49-50

Balance Sheet Page 54

Profit and Loss Account Page 53

Statements of Cash Flows Page 56

Notes to the Financial Statements Pages 57-94

Independent Auditors' Report Pages 51-52

From GSI's 2014 Annual Report

Strategic Report Pages 2-54

Directors' Report Pages 56-58

Balance Sheet Page 62

Profit and Loss Account Page 61

Statement of Cash Flows Page 63

Notes to the Financial Statements Pages 00-000

Xxxxxxxxxxx Auditors' Report Pages 59-60

From GSG's May 20, 2016 Form 8-K*

Item 5.07: Submission of Matters to a Vote of Security Holders Pages 2-3 Signature Page 4

From GSG's November 21, 2016 Form 8-K*

Item 5.02: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Page 2

Signature Page 3

From GSG's December 12, 2016 Form 8-K*

Item 5.02: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Pages 2-3

Item 9.01: Financial Statements and Exhibits Page 3

Signature Page 4

Exhibit 99.1: Goldman Sachs Names Xxxxx X. Xxxxxxx and Xxxxxx X. Xxxxxxxx Presidents and Co-Chief Operating Officers; X. Xxxxxx Xxxxxx Deputy Chief Financial Officer; Xxxxxxx X. Xxxxxx and Xxxxx X. Xxxxxx Vice Chairmen

Pages 5-6

From GSG's January 18, 2017 Form 8-K*

Item 2.02: Results of Operations and Financial Condition Page 3

Item 9.01: Financial Statements and Exhibits Page 3

Signature Page 4

Exhibit 99.1: Press release of GSG dated January 18, 2017 containing financial information for its fourth quarter and year ended December 31, 2016

Pages 5-16

From GSG's 2016 Third Quarter Form 10-Q

Condensed Consolidated Statements of Earnings (Unaudited) Page 2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) Page 3

Condensed Consolidated Statements of Financial Condition (Unaudited) Page 4

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited)

Page 5

Condensed Consolidated Statements of Cash Flows (Unaudited) Page 6 Notes to Condensed Consolidated Financial Statements Pages 7-92 Report of Independent Registered Public Accounting Firm Page 93

Management's Discussion and Analysis 97-160

From GSG's 2015 Form 10-K and GSG's 2016 Proxy Statement

Information required by the Prospectus Regulation Document/Location

Risk factors relating to GSG (Annex IV, Section 4 of the Prospectus Regulation) GSG's 2015 Form 10-K (pp.

25–43)

Information about GSG

History and development of the company (Annex IV, Section 5.1 of the Prospectus Regulation)

GSG's 2015 Form 10-K (p. 1)

Business overview

GSG's principal activities (Annex IV, Section 6.1 of the Prospectus Regulation) GSG's 2015 Form 10-K (pp.

1-6, 121)

GSG's principal markets (Annex IV, Section 6.2 of the Prospectus Regulation) GSG's 2015 Form 10-K (pp.

1, 46, 50-51, 195-196)

Organizational Structure (Annex IV, Section 7 of the Prospectus Regulation) GSG's 2015 Form 10-K (pp.

34-35, Exhibit 21.1)

Trend information (Annex IV, Section 8 of the Prospectus Regulation) GSG's 2015 Form 10-K (pp.

47-112)

Administrative, management and supervisory bodies, including conflicts of interest (Xxxxx XX, Section 10 of the Prospectus Regulation)

GSG's 2015 Form 10-K (p. 45)

GSG's 2016 Proxy

Statement (pp. 1, 4, 7-8, 11-

32, 72-74)

Audit committee (Annex IV, Section 11.1 of the Prospectus Regulation) GSG's 2016 Proxy

Statement (pp. 21, 64-65)

Beneficial owners of more than five per cent. (Annex IV, Section 12 of the Prospectus Regulation)

GSG's 2016 Proxy

Statement (p. 77)

Financial information

Audited historical financial information for the fiscal years ended December 31, 2015 and December 31, 2014 (Xxxxx XX, Section 13.1-13.4 of the Prospectus Regulation)

GSG's 2015 Form 10-K (pp. 116-208)

Audit report (Annex IV, Section 13.1 of the Prospectus Regulation) GSG's 2015 Form 10-K (p.

115)

Balance sheet (Annex IV, Section 13.1 of the Prospectus Regulation) GSG's 2015 Form 10-K (p.

118)

Shareholder's equity statement (Annex IV, Section 13.1 of the Prospectus Regulation)

GSG's 2015 Form 10-K (pp. 118-119, 180-182)

Income statement (Annex IV, Section 13.1 of the Prospectus Regulation) GSG's 2015 Form 10-K (pp.

116)

Cash flow statement (Annex IV, Section 13.1 of the Prospectus Regulation)

Accounting policies and explanatory notes (Xxxxx XX, Section 13.1 of the Prospectus Regulation)

GSG's 2015 Form 10-K (p. 120)

GSG's 2015 Form 10-K (pp. 51-54, 121-208)

Legal and arbitration proceedings (Xxxxx XX, Section 13.6 of the Prospectus Regulation)

Financial or trading position (Annex IV, Section 13.7 of the Prospectus Regulation)

GSG's 2015 Form 10-K (pp. 44, 198-205)

GSG's 2015 Form 10-K (pp. 116-208)

Additional information

Share capital (Annex IV, Section 14.1 of the Prospectus Regulation) GSG's 2015 Form 10-K (pp.

118, 180-182)

Credit ratings (Annex V, Section 7.5 of the Prospectus Regulation) GSG's 2015 Form 10-K (pp.

96-97)

* The page numbers referenced above in relation to the GSG's May 20, 2016 Form 8-K, GSG's November 21, 2016 Form 8-K, GSG's December 12, 2016 Form 8-K and GSG's January 18, 2017 Form 8-K relate to the order in which the pages appear in the PDF version of such document.

Additional information relating to "Alternative Performance Measures" (as defined in the Guidelines published by the European Securities and Markets Authority) contained in GSI's 2015 Annual Report and GSI's 2014 Annual Report is set out in the section "General Information" on pages 51 to 52 of this Prospectus.

GSI will provide without charge to each person to whom this Prospectus is delivered, upon his or her written or oral request, a copy of the documents referred to above which has been incorporated by reference into this Prospectus, excluding exhibits to the documents unless they are specifically incorporated by reference into the documents. Investors can request the documents from Investor Relations, 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, XXX, telephone x0 (000) 000-0000. This Prospectus has been filed with the Commission de Surveillance du Secteur Financier, and will be published on the website of the Luxembourg Stock Exchange (xxx.xxxxxx.xx).

CONTRACTUAL TERMS

ISIN: XS1457442025

Common Code: 145744202

Valoren: 34309457 PIPG Tranche Number: 72891

The terms and conditions ("Conditions") of the Securities shall comprise (i) the General Terms and Conditions of the Notes (the "Original General Note Conditions") as amended by (ii) the Annex below (and subsequent to such amendments, the "General Note Conditions") as completed and/or amended by (iii) the terms of the Coupon Payout Conditions specified to be applicable by these Contractual Terms, as further completed and/or amended by (iv) these Contractual Terms. In the event of any inconsistency between the General Note Conditions as completed and/or amended by the Coupon Payout Conditions and these Contractual Terms, these Contractual Terms shall prevail.

All references in the General Note Conditions and the applicable Coupon Payout Conditions to "Final Terms" shall be deemed to be references to these Contractual Terms.

The Original General Note Conditions and the Coupon Payout Conditions are incorporated by reference herein: see the section entitled "Documents Incorporated by Reference" above.

Terms used herein shall be deemed to be defined as such for the purposes of the General Note Conditions set forth in the Base Prospectus.

1. Tranche Number: One.

2. Specified Currency or Currencies: United States Dollar ("USD" or "U.S.$ ").

3. Aggregate Nominal Amount:

(i) Series: U.S.$ 100,000,000.

(ii) Tranche: U.S.$ 100,000,000.

On the Issue Date (being January 20, 2017), an aggregate nominal amount of U.S.$ 100,000,000 of Securities will be issued to and made available for sale by Goldman Sachs International (in its capacity as Dealer) ("GSI"), and as soon as practicable thereafter, listed and admitted to trading on both the Borsa Italiana S.p.A.'s MOT (Electronic bond market) and the regulated market of the Luxembourg Stock Exchange for purchase by investors. However, GSI reserves its right to cancel some or all of the Securities that it holds at any time prior to the Maturity Date (being January 20, 2027), such right to be exercised in accordance with applicable laws, the terms and conditions of the Securities and the applicable rules of Borsa Italiana

S.p.A. and the Luxembourg Stock Exchange including as to notification. In particular, at any time following listing and admission to trading on Borsa Italiana

S.p.A.'s MOT (Electronic bond market) and the regulated market of the Luxembourg Stock Exchange, GSI may cancel some or all of any Securities which have not been purchased by investors by such time. Accordingly, the aggregate nominal amount of Securities outstanding at any time may be significantly less than U.S.$ 100,000,000, and this could have a negative impact on an investor's ability to sell the Securities in the secondary market. Notification of any such cancellation of Securities will be made on the website of Borsa Italiana S.p.A. (xxx.xxxxxxxxxxxxx.xx) and in any case according to the rules of Borsa Italiana

S.p.A. and on the website of the Luxembourg Stock Exchange (xxx.xxxxxx.xx).

4. Issue Price: 100 per cent. (100%) of the Aggregate Nominal Amount.

5. Specified Denomination: U.S.$ 2,000.

6. Calculation Amount: U.S.$ 2,000.

7. Issue Date: January 20, 2017.

8. Maturity Date: Scheduled Maturity Date is January 20, 2027. The Maturity Date shall not be subject to any adjustment.

For the avoidance of doubt, General Note Condition 11(i) (Payments on Business Days) shall apply to the Maturity Date.

(i) Strike Date: Not Applicable.

(ii) Relevant Determination Date (General Note Condition 2(a)):

Not Applicable.

(iii) Scheduled Determination Date: Not Applicable.

(iv) First Maturity Date Specific Adjustment:

Not Applicable.

(v) Second Maturity Date Specific Adjustment:

Not Applicable.

(vi) Business Day Adjustment: Not Applicable.

9. Underlying Asset(s): Not Applicable.

VALUATION PROVISIONS

10. Valuation Date(s): Not Applicable.

11. Initial Valuation Date: Not Applicable.

12. Averaging: Not Applicable.

13. Asset Initial Price: Not Applicable.

14. Adjusted Asset Final Reference Date: Not Applicable.

15. Adjusted Asset Initial Reference Date: Not Applicable.

16. FX (Final) Valuation Date: Not Applicable.

17. FX (Initial) Valuation Date: Not Applicable.

18. Final FX Valuation Date: Not Applicable.

19. Initial FX Valuation Date: Not Applicable.

COUPON PAYOUT CONDITIONS

20. Coupon Payout Conditions: Applicable.

21. Interest Basis: In respect of:

(i) the Interest Payment Dates scheduled to fall on January 20, 2018 and January 20, 2019, 6.00 per cent. (6.00%) Fixed Rate; and

(ii) each Interest Payment Date (other than the Interest Payment Dates scheduled to fall on January 20, 2018 and January 20, 2019), USD- LIBOR Floating Rate.

22. Interest Commencement Date: Issue Date.

23. Fixed Rate Note Conditions (General Note Condition 7):

Applicable.

(i) Rate(s) of Interest: 6.00 per cent. (6.00%) per cent. per annum payable annually in arrear.

(ii) Interest Payment Date(s): January 20, 2018 and January 20, 2019.

For the avoidance of doubt, General Note Condition 11(i) (Payments on Business Days) shall apply to the Interest Payment Dates.

The Interest Periods shall be "Unadjusted".

(iii) Fixed Coupon Amount(s): Not Applicable.

(iv) Broken Amount(s): Not Applicable.

(v) Day Count Fraction: 30/360.

(vi) Step Up Fixed Rate Note Conditions (General Note Condition 7(e)):

Not Applicable.

24. BRL FX Conditions (Coupon Payout Condition 1.1(c)):

Not Applicable.

25. FX Security Conditions (Coupon Payout Condition 1.1(d)):

Not Applicable.

26. Floating Rate Note Conditions (General Note Condition 8):

Applicable.

(i) Interest Period(s): Unadjusted.

For the purposes of applying the Floating Rate Note Conditions, the first Interest Period shall commence on, and include, January 20, 2019.

(ii) Interest Payment Dates: The 20th day of January in each calendar year from, and

including, January 20, 2020 to, and including, January 20, 2026, and each such date shall not be subject to any adjustment in accordance with a Business Day Convention, and the Maturity Date.

For the avoidance of doubt, General Note Condition 11(i) (Payments on Business Days) shall apply to the Interest Payment Dates.

(iii) Business Day Convention: Not Applicable.

(iv) Manner in which the Rate(s) of Interest is/are to be determined:

Screen Rate Determination.

(v) Screen Rate Determination (General Note Condition 8(c)):

Applicable.

(a) Reference Rate: Reuters Screen shall prevail.

(b) Reference Rate Currency: USD.

fall on or after January 20, 2020, the Interest Determination Date shall be the second London Banking Day falling prior to the first day of the Interest Period ending on (but excluding) the day on which such Interest Payment Date is scheduled to fall.

Where "London Banking Day" means any day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in London.

(d) Relevant Screen Page(s): Reuters Screen: LIBOR01.

(e) Relevant Maturity: Three months.

(f) Relevant Time: 11:00 a.m., London time.

(g) Relevant Financial Centre: London.

(h) Specified Time for the purposes of General Note Condition 8(c)(iii):

The Specified Time shall be 11:00 a.m., New York City time.

For the purposes of applying General Note Condition 8(c)(iii), the Principal Financial Centre of the Specified Currency shall be deemed to be New York City.

(i) Reference Rate 0% Floor: Not Applicable.

(vi) ISDA Determination (General Note Condition 8(d)):

Not Applicable.

(vii) Steepener Floating Rate Conditions (General Note Condition 8(e)):

Not Applicable.

(viii) Margin(s): Not Applicable.

(ix) Participation Rate: Not Applicable.

(x) Minimum Rate of Interest: 1.75 per cent. (1.75%) per annum.

(xi) Maximum Rate of Interest: 4.00 per cent. (4.00%) per annum.

(xii) Day Count Fraction: 30/360.

(xiii) Specified Period: Not Applicable.

(xiv) Capped Floored Floating Rate Note Conditions (General Note Condition 8(g)):

Not Applicable. General Note Condition 8(f) shall apply to the Notes.

(xv) Substitute or Successor Rate of Interest (General Note Condition 8(h)):

Applicable.

27. Change of Interest Basis (General Note Condition 9):

Not Applicable.

28. Conditional Coupon (Coupon Payout Condition 1.3)

Not Applicable.

AUTOCALL PAYOUT CONDITIONS

29. Automatic Early Redemption (General Note Condition 10(i):

Not Applicable.

30. Autocall Payout Conditions: Not Applicable.

REDEMPTION PROVISIONS

31. Redemption/Payment Basis: Redemption at par.

32. Redemption at the option of the Issuer (General Note Condition 10(b)):

Not Applicable.

33. Redemption at the option of Noteholders (General Note Condition 10(c)):

Not Applicable.

34. Zero Coupon Note Conditions: Not Applicable.

35. Final Redemption Amount of each Note (General Note Condition 10(a)):

U.S.$ 2,000 per Calculation Amount.

FINAL REDEMPTION AMOUNT PAYOUT CONDITIONS

36. Single Limb Payout (Payout Condition 1.1): Not Applicable.

37. Multiple Limb Payout (Payout Condition 1.2):

Not Applicable.

38. Downside Physical Settlement (Payout Condition 1.2(c)(ii):

Not Applicable.

39. Barrier Event Conditions (Payout Condition 2):

Not Applicable.

40. Trigger Event Conditions (Payout Condition 3):

Not Applicable.

41. Currency Conversion: Not Applicable.

42. Physical Settlement (General Note Condition 12(a)):

Not Applicable.

43. Non-scheduled Early Repayment Amount: Par.

SHARE LINKED NOTE / INDEX LINKED NOTE / COMMODITY LINKED NOTE / FX LINKED NOTE / INFLATION LINKED NOTE

44. Type of Notes: The Notes are Fixed Rate Notes and Floating Rate Notes

– the Fixed Rate Note Conditions and the Floating Rate Note Conditions are applicable.

45. Share Linked Notes: Not Applicable.

46. Index Linked Notes: Not Applicable.

47. Commodity Linked Notes (Single Commodity or Commodity Basket):

Not Applicable.

48. Commodity Linked Notes (Commodity Index or Commodity Index Basket):

Not Applicable.

49. FX Linked Notes: Not Applicable.

50. Inflation Linked Notes: Not Applicable.

51. EIS Notes: Not Applicable.

52. Multi-Asset Basket Linked Notes: Not Applicable.

GENERAL PROVISIONS APPLICABLE TO THE NOTES

53. FX Disruption Event/CNY FX Disruption Event/Currency Conversion Disruption Event (General Note Condition 13):

Not Applicable.

54. Rounding (General Note Condition 22):

(i) Non-Default Rounding − calculation values and percentages:

Not Applicable.

(ii) Non-Default Rounding − amounts due and payable:

Not Applicable.

(iii) Other Rounding Convention: Not Applicable.

55. Additional Business Centre(s): TARGET.

− Non-Default Business Day: Not Applicable.

56. Form of Notes: Registered Notes.

Global Registered Note registered in the name of a nominee for a common depositary for Euroclear and Clearstream, Luxembourg exchangeable for Individual Note Certificates in the limited circumstances described in the Global Registered Note.

57. Additional Financial Centre(s) relating to Payment Business Days:

TARGET.

− Non-Default Payment Business Day: Not Applicable.

58. Principal Financial Centre: The Principal Financial Centre in relation to USD is the

State of New York.

− Non-Default Principal Financial Centre: Applicable.

59. Instalment Notes (General Note Condition 10(p)):

Not Applicable.

60. Minimum Trading Number (General Note Condition 5(f)):

The minimum trading lot indicated by Borsa Italiana

S.p.A. in the first trading day notice.

61. Permitted Trading Multiple (General Note Condition 5(f)):

An integral multiple of the minimum trading lot indicated in paragraph 60 in accordance with Article 4.3.2, paragraph 9 of the Rules of the Markets organised and managed by Borsa Italiana S.p.A.

62. Record Date (General Note Condition 11): Not Applicable.

63. Calculation Agent (General Note Condition 18):

Goldman Sachs International.

DISTRIBUTION

64. Method of distribution: Non-syndicated.

(i) If syndicated, names and addresses of Managers/placers and underwriting commitments:

Not Applicable.

(ii) Date of Subscription Agreement: Not Applicable.

(iii) If non-syndicated, name and address of Dealer:

Goldman Sachs International, Xxxxxxxxxxxx Xxxxx, 000 Xxxxx Xxxxxx, Xxxxxx XX0X 0XX, Xxxxxxx.

65. Non-exempt Offer: Not Applicable.

Signed on behalf of Goldman Sachs International:

By: .................................................

Duly authorised

52627954(Ver10)/Ashurst(AKIM)/EK

OTHER INFORMATION

1. LISTING AND ADMISSION TO TRADING (i) Application has been made by the Issuer (or on

its behalf) for the Notes to be listed on the Official List and admitted to trading on the regulated market of the Luxembourg Stock Exchange with effect from as soon as practicable after the Issue Date. No assurances can be given that such application for listing and admission to trading will be granted; and

(ii) Application will be made by the Issuer (or on its behalf) for the Notes to be listed on Borsa Italiana S.p.A. and admitted to trading on Borsa Italiana S.p.A.'s MOT (Electronic bond market), a regulated market organised and managed by Borsa Italiana S.p.A, with effect from as soon as practicable after the Issue Date. No assurances can be given that such application for listing and admission to trading will be granted.

The Issuer has no duty to maintain the listing (if any) of the Notes on the relevant stock exchange(s) over their entire lifetime. The Notes may be suspended from trading and/or de-listed at any time in accordance with applicable rules and regulations of the relevant stock exchange(s).

2. ESTIMATED TOTAL EXPENSES RELATED TO THE ADMISSION TO TRADING

Not Applicable.

3. LIQUIDITY ENHANCEMENT AGREEMENTS

Not Applicable.

4. RATINGS Not Applicable.

5. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/OFFER

Save as discussed in risk factor 7, "Risks associated with conflicts of interest between Goldman Sachs Group and purchasers of Securities" on page 26 of this Prospectus, so far as the Issuer is aware, no person involved in the issue of the Notes has an interest material to the issue.

6. REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES

(i) Reasons for the offer: Not Applicable.

(ii) Estimated net proceeds: Not Applicable.

(iii) Estimated total expenses: Not Applicable.

7. YIELD

Indication of yield: Not Applicable.

8. PERFORMANCE AND VOLATILITY OF THE UNDERLYING ASSET

Not Applicable.

9. OPERATIONAL INFORMATION

Any Clearing System(s) other than Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme and the relevant identification number(s):

Not Applicable.

For the avoidance of doubt, and to the extent applicable in the event of listing on Borsa Italiana S.p.A., Italian investors may participate via an account with, or have an account with a participant of, Monte Titoli S.p.A. Monte Titoli S.p.A. will, in turn, have an account ("bridge") with Euroclear or Clearstream, Luxembourg

Delivery: Delivery against payment.

Names and addresses of additional Paying Agent(s) (if any):

Not Applicable.

Operational contact(s) for Fiscal Agent: xx-xx-xxxxxxxxxx@xx.xxx.

Intended to be held in a manner which would allow Eurosystem eligibility:

No.

EXAMPLES

THE EXAMPLES PRESENTED BELOW ARE FOR ILLUSTRATIVE PURPOSES ONLY.

For the purposes of each Example:

(i) the Issue Price is 100 per cent. (100%) of the Aggregate Nominal Amount, the Aggregate Nominal Amount is U.S.$ 100,000,000 and the Calculation Amount is U.S.$ 2,000;

(ii) in respect of any Interest Amount payable pursuant to General Note Condition 7 (Fixed Rate Note Conditions), the Interest Payment Dates are January 20, 2018 and January 20, 2019;

(iii) in respect of any Interest Amount payable pursuant to General Note Condition 8 (Floating Rate Note Conditions), the Interest Payment Dates are the 20th day of January in each calendar year from, and including, January 20, 2020 to, and including, January 20, 2026, and the Maturity Date; and

(iv) the day count fraction is deemed to be one.

FINAL REDEMPTION

The Notes will be redeemed on the Maturity Date and the Final Redemption Amount payable in respect of each Calculation Amount of the Notes will be U.S.$ 2,000.

FIXED COUPON

An Interest Amount of U.S.$ 120.00 will be payable on the Interest Payment Dates scheduled to fall on January 20, 2018 and January 20, 2019.

FLOATING COUPON

Example 1 – Negative floating rate (subject to Minimum Rate of Interest): The 3-Month-USD-LIBOR for the Interest Period commencing on (and including) January 20, 2019 is -1.00 per cent. (-1.00%).

An Interest Amount of U.S.$ 35.00 will be payable on the Interest Payment Date scheduled to fall on January 20, 2020.

Example 2 – Zero floating rate (subject to Minimum Rate of Interest): The 3-Month-USD-LIBOR for the Interest Period commencing on (and including) January 20, 2019 is zero.

An Interest Amount of U.S.$ 35.00 will be payable on the Interest Payment Date scheduled to fall on January 20, 2020.

Example 3 – Positive floating rate: The 3-Month-USD-LIBOR for the Interest Period commencing on (and including) January 20, 2019 is 3.00 per cent. (3.00%).

An Interest Amount of U.S.$ 60.00 will be payable on the Interest Payment Date scheduled to fall on January 20, 2020.

Example 4 – Positive floating rate: The 3-Month-USD-LIBOR for the Interest Period commencing on (and including) January 20, 2019 is 3.50 per cent. (3.50%).

An Interest Amount of U.S.$ 70.00 will be payable on the Interest Payment Date scheduled to fall on January 20, 2020.

Example 5 – Positive floating rate (subject to Maximum Rate of Interest): The 3-Month-USD-LIBOR for the Interest Period commencing on (and including) January 20, 2019 is 4.00 per cent. (4.00%) or more.

An Interest Amount of U.S.$ 80.00 will be payable on the Interest Payment Date scheduled to fall on January 20, 2020.

ANNEX

AMENDMENTS TO THE GENERAL TERMS AND CONDITIONS OF THE NOTES

The General Terms and Conditions of the Notes are amended as described below for the purposes of this Prospectus only.

1. General Note Condition 17 (Change in law)

General Note Condition 17 (Change in law) shall be deleted in its entirety and replaced with the following:

"Upon a Change in Law Event, the Issuer shall have the right to redeem the Notes on such day as shall be notified to the Holders in accordance with General Note Condition 20 (Notices) and will, if and to the extent permitted by applicable law, pay to the Holder in respect of each Note the Non-scheduled Early Repayment Amount (which may be determined taking into account the change of applicable law) on such day. A "Change in Law Event" shall be deemed to have occurred upon the Issuer becoming aware that, due to (a) the adoption of, or any change in, any applicable law, rule, regulation, judgment, order, sanction, or directive of any governmental, administrative, legislative or judicial authority or power ("applicable law"), or (b) the promulgation of, or any change in, the formal or informal interpretation of any applicable law by a court, tribunal or regulatory authority with competent jurisdiction, which has the effect (as determined by the Issuer in its discretion, acting in good faith and in a commercially reasonable manner, according to generally accepted practices or methodologies) that:

(a) its performance under the Notes or its performance or that of any of its affiliates under any related Hedge Positions (whether with respect to the Underlying Asset(s) or any constituent thereof); or

(b) the performance of any of its affiliates under the Notes had such affiliate been an issuer of the Notes or under any related Hedge Positions (whether with respect to the Underlying Asset(s) or any constituent thereof) had such affiliate been a party to any such hedging arrangement,

has or will become unlawful or impractical in whole or in part or there is a substantial likelihood of the same in the immediate future."

2. General Note Condition 18 (Agents)

The last paragraph of General Note Condition 18 (Agents) shall be deleted in its entirety and replaced with the following:

"The Calculation Agent shall not act as an agent for the Holders but shall be the agent of the Issuer and all its calculations, determinations and adjustments hereunder shall be made in good faith and in a commercially reasonable manner, according to generally accepted practices or methodologies, and (save in the case of manifest or proven error) shall be final and binding on the Issuer and the Holders. All calculation functions required of the Calculation Agent under these General Note Conditions may be delegated to any such person as the Calculation Agent, in its discretion, acting in good faith and in a commercially reasonable manner, according to generally accepted practices or methodologies, may decide."

GENERAL INFORMATION

1. Authorisations

The Programme has been authorised pursuant to a written resolution of the Executive Committee of the Board of Directors of GSI passed on September 28, 1998.

2. Financial Statements

The statutory financial statements of GSI for the periods ended December 31, 2015 and December 31, 2014 have been audited without qualification by PricewaterhouseCoopers LLP, Chartered Accountants and Statutory Auditors, 7 More Xxxxxx Xxxxxxxxx, Xxxxxx, XX0 0XX in accordance with the laws of England. PricewaterhouseCoopers LLP is a registered member of the Institute of Chartered Accountants in England and Wales.

PricewaterhouseCoopers LLP, which is a member of the American Institute of Certified Public Accountants and regulated as an independent registered public accounting firm under the rules of the Public Company Accounting Oversight Board, of 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, XXX, audited GSG's consolidated statements of financial condition as of December 31, 2015 and December 31, 2014 and the related consolidated statements of earnings, cash flows and changes in shareholders' equity for the fiscal years ended December 31, 2015 and December 31, 2014 and issued unqualified audit opinions thereon.

The consolidated statements of GSG incorporated by reference in this Prospectus by reference from the GSG's 2015 Form 10-K for the fiscal year ended December 31, 2015 and management's assessment of the effectiveness of internal control over financial reporting (which is included in management's report on internal control over financial reporting) have been incorporated in reliance on the report of PricewaterhouseCoopers LLP included therein given on the authority of said firm as experts in auditing and accounting.

3. No significant change and no material adverse change

There has been no significant change in the financial or trading position of GSI or GSG since September 30, 2016.

There has been no material adverse change in the prospects of GSI or GSG since December 31, 2015.

In this Prospectus, references to the "prospects" and "financial or trading position" of GSI and GSG are specifically to the ability of GSI and GSG to meet its full payment obligations under the Securities (in the case of GSI) or Guaranty (in the case of GSG) in a timely manner. In addition, all such statements should be read in conjunction with and are qualified by the information contained in the documents incorporated by reference into this Prospectus.

4. Litigation

Save as disclosed in (i) "Legal Proceedings" of Note 25 to GSI's 2015 Financial Statements (pages 77 and 78) of GSI's 2015 Annual Report, (ii) "Legal Proceedings" in Part 1, Item 3 (page 44) and Note 27 to the Consolidated Financial Statements (pages 198 to 205) of GSG's 2015 Form 10-K, (iii) "Legal Proceedings" in Part II, Item 1 (page 161) and Note 27 to the Condensed Consolidated Financial Statements (pages 85 to 92) of GSG's 2016 Third Quarter Form 10-Q and (iv) "Legal Proceedings" of Note 15 to GSI's 2016 Third Quarter Financial Statements (pages 35 to 36) of GSI's 2016 Third Quarter Financial Report, there have been no governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which GSI or GSG is aware) during the 12 months before the date of this Prospectus which may have, or have had in the recent past, significant effects on

GSI's or GSG's financial position or profitability.

5. Availability of Documents

For so long as any Securities shall be outstanding, copies of the following documents may be obtained free of charge upon request during normal business hours from the specified office of the Issuer and the office of the Luxembourg Paying Agent and each of the Paying Agents:

(a) the certificate of incorporation of GSG;

(b) the constitutional documents of GSI;

(d) the programme agency agreement in relation to the Securities dated May 29, 2015;

(e) the deed of covenant made by the Issuer dated May 29, 2015;

(f) a copy of this Prospectus and any document incorporated by reference herein; and

(g) all reports, letters and other documents, balance sheets, valuations and statements by any expert any part of which is extracted or referred to in this Prospectus.

6. Responsibility statement

The Issuer and the Guarantor accept responsibility for the information contained in this Prospectus. To the best of the knowledge of GSI and GSG (which have taken all reasonable care to ensure that such is the case) the information contained in this Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. Where information contained in this Prospectus has been sourced from a third party, this information has been accurately reproduced and, so far as GSI and GSG is aware and is able to ascertain from information published by that third party, no facts have been omitted which would render the reproduced information inaccurate or misleading.

7. Content of websites does not form part of this Prospectus

No content of any website, cited or referred to in this Prospectus, shall be deemed to form part of, or be incorporated by reference into this Prospectus.

8. De-listing

Although no assurance is made as to the liquidity of the Securities as a result of their listing on the Official List of the Luxembourg Stock Exchange or Borsa Italiana S.p.A., as the case may be, delisting the Securities from the Luxembourg Stock Exchange or Borsa Italiana S.p.A., as the case may be, may have a material adverse effect on a purchaser's ability to resell its Securities in the secondary market.

9. Non-equity securities

The Securities will not constitute "equity securities" for the purposes of Article 2(1)(b) of the Prospectus Directive and Article 2(1)(v) of the Luxembourg Law dated July 10, 2005 as amended on July 3, 2012 on prospectuses for securities (the "Luxembourg Prospectus Law").

10. Objects and Purposes of the Issuer

The objects and purposes of the Issuer are provided for in paragraph 3 of the Memorandum of Association of GSI.

11. Selected Financial Information

The selected financial information set out below has been extracted from (as applicable) (i) GSI's 2015 Financial Statements, which have been audited by PricewaterhouseCoopers LLP and on which PricewaterhouseCoopers LLP issued an unqualified audit report and (ii) GSI's 2016 Third Quarter Financial Statements, which have not been audited.

GSI's 2015 Financial Statements have been prepared in accordance with FRS 101. GSI's 2016 Third Quarter Financial Statements have been prepared in accordance with FRS 104. GSI's 2015 Financial Statements and GSI's 2016 Third Quarter Financial Statements are incorporated by reference into this Prospectus. The financial information presented below should be read in conjunction with the financial statements included in such document, the notes thereto and report thereon.

The following table shows selected key historical financial information in relation to GSI:

	As at and for the nine months ended (unaudited)		As at and for the year ended
(in USD millions)	September 30, 2016	September 30, 2015	December 31, 2015	December 31, 2014
Operating Profit	2,033	2,276	2,939	2,275
Profit on ordinary activities before taxation	1,783	2,078	2,661	2,060
Profit for the financial period	1,321	1,680	2,308	1,608

	As at (unaudited)	As at
(in USD millions)	September 30, 2016	December 31, 2015	December 31, 2014
Fixed Assets	90	12	14
Current Assets	1,072,495	850,219	967,411
Total Shareholders' funds:	27,564	26,353	21,997

The following table shows selected key historical financial information in relation to GSG:

	As and for the nine months ended (unaudited)		As and for the Year ended
(in USD millions)	September 30, 2016	September 30, 2015	December 2015	December 2014
Total non-interest revenues	20,187	24,183	30,756	30,481
Net revenues, including net interest income	22,438	26,547	33,820	34,528
Pre-tax earnings	6,907	7,706	8,778	12,357

As at (unaudited)

As at

(in USD millions)

September 30, 2016

December 31,

2015

December 31,

2014

Total assets	879,987	861,395	855,842
Total liabilities	792,877	774,667	773,045
Total shareholders' equity:	87,110	86,728	82,797

12. Luxembourg Tax Considerations

The following overview is of a general nature and is included herein solely for information purposes. It is a general description of certain Luxembourg tax considerations relating to the purchasing, holding and disposing of Securities.

This description is based on the laws, regulations and applicable tax treaties as in effect in Luxembourg on the date hereof, all of which are subject to change, possibly with retroactive effect. It is not intended to be, nor should it be construed to be, legal or tax advice.

The following overview does not purport to be a comprehensive description of all tax considerations that may be relevant to a particular prospective holder with regard to a decision to purchase, own or dispose of Securities.

Prospective holders are advised to consult their own tax advisers as to the tax consequences, under the tax laws of the country of which they are resident and under the laws of the all relevant jurisdictions, to which they may be subject.

The residence concept used under the respective headings below applies for Luxembourg income tax assessment purposes only. Any reference in the present section to a tax, duty, xxxx, impost or other charge or withholding of a similar nature refers to Luxembourg tax law and/or concepts only.

Withholding tax

Non-Luxembourg tax resident holders

Under the Luxembourg general tax laws currently in force, there is no withholding tax to be withheld by the debtor of Securities on payments of principal, premium or arm's length interest (including accrued but unpaid interest) to non-Luxembourg tax resident holders. Nor is any Luxembourg withholding tax payable upon redemption or repurchase of Securities held by non-Luxembourg tax resident holders to the extent said Securities do not (i) give entitlement to a share of the profits generated by the issuing company and (ii) the issuing company is not thinly capitalised.

Luxembourg tax resident holders

Under Luxembourg general tax laws currently in force and subject to the law of December 23, 2005, as amended (hereinafter the "Law"), there is no withholding tax to be withheld by the debtor of Securities on payments of principal, premium or arm's length interest (including accrued but unpaid interest) to Luxembourg tax resident holders. Nor is any Luxembourg withholding tax payable upon redemption or repurchase of Securities held by Luxembourg tax resident holders to the extent said Securities do not (i) give entitlement to a share of the profits generated by the issuing company and (ii) the issuing company is not thinly capitalised.

Under the Law, payments of interest or similar income made or ascribed by a paying agent established in Luxembourg to or for the immediate benefit of an individual beneficial owner who is tax resident of Luxembourg will be subject to a withholding tax of 20 per cent.

Luxembourg resident individuals can opt to self declare and pay a 20 per cent xxxx on interest payments made or ascribed by paying agents located in a Member State of the European Union other than Luxembourg or a Member State of the European Economic Area.

In case the individual beneficial owner is an individual acting in the course of the management of his/her private wealth, said withholding tax will be in full discharge of income tax. Responsibility for the withholding tax will be assumed by the Luxembourg Paying Agent. Payments of interest under Securities coming within the scope of the Law would be subject to withholding tax at a rate of 20 per cent.

Registration tax

Neither the issuance nor the transfer of Securities will give rise to any Luxembourg stamp duty, issuance tax, registration tax, transfer tax or similar taxes or duties. Notwithstanding, documents relating to the Securities, other than the Securities themselves, presented in a notarial deed or in the course of litigation may require registration. In this case, and based on the nature of such documents, registration duties may apply.

Automatic exchange of information

Under the law of December 18, 2015 implementing the Directive on Administrative Cooperation ("DAC2") and the OECD Common Reporting Standard (the "CRS") (the "Law"), since January 1, 2016, the Luxembourg financial institutions are required to provide to the fiscal authorities of other EU Member States and jurisdictions participating to the CRS details of payments of interest, dividends and similar type of income, gross proceeds from the sale of financial assets and other income, and account balances held on reportable accounts, as defined in the DAC2 and the CRS, of account holders residents of, or established in, an EU Member State and certain dependent and associated territories of EU Member States or in a jurisdiction which has introduced the CRS in its domestic law.

Payment of interest and other income derived from the Securities will fall into the scope of the Law and are therefore subject to reporting obligations.

Prospective investors should consult their own tax advisor with respect to the application of the DAC2 and the CRS to such investor in light of such investor's individual circumstances.

13. Alternative Performance Measures

The table below presents the Alternative Performance Measures (as defined in the Guidelines published by the European Securities and Markets Authority) ("APMs" and each an "APM") in respect of GSI's 2015 Annual Report that is prepared in accordance with U.K. Generally Accepted Accounting Practices ("U.K. GAAP").

APM	Page number	Definition, components and basis of calculation of the APM	Reconciliation of the APM	Use of the APM	Comparative APM
Effective tax rate	7	The effective tax rate is the tax expense divided by the accounting profit.	GSI's effective tax rate for the full year of 2015 was 13.3%.	This APM is meaningful as it is used as a comparison to the U.K. tax rate applicable to GSI.	GSI's effective tax rate for the full year of 2014 was 21.9%.
		Components/basis of calculation: "Tax on profit on ordinary activities" divided by "Profit on ordinary activities before taxation".	Reconciliation: $353M/$2,661M. Both numbers are presented on page 53 of GSI's 2015 Annual Report.		Reconciliation: $452M/$2,060M. Both numbers are presented on page 53 of GSI's 2015 Annual Report.
		This APM and its components relate to the performance of the past reporting period.
Effective tax rate excluding one-time benefit on the revaluation of GSI's deferred tax asset as a result of the Finance (No. 2) Xxx 0000 being enacted	7	The effective tax rate excluding one-time benefit is the tax expense excluding the one-time effect of increased U.K. corporate tax rates divided by the accounting profit. Components/basis of calculation: Sum of "Tax on profit on ordinary activities" less "Effect of increased U.K. corporate tax rates" divided by "Profit on ordinary activities before taxation". This APM and its components relate to the performance of the past reporting period.	GSI's effective tax rate for the full year 2015 excluding the one-time benefit was 19.1%. Reconciliation: ($353M- $(155M))/$2,661M. "Tax on profit on ordinary activities" is disclosed on page 53 of GSI's 2015 Annual Report. "Effect of increased U.K. corporate tax rates" is disclosed on page 72 of GSI's 2015 Annual Report. "Profit on ordinary activities before taxation" is disclosed on page 53 of GSI's 2015 Annual Report.	This APM is meaningful as it is used as a comparison to the U.K. tax rate applicable to GSI.	There was no equivalent one-time benefit in 2014, i.e. the effect of increased U.K. corporate tax rates is Nil. Hence the comparable APM is GSI's effective tax rate for the full year of 2014 of 21.9%.

The table below presents the APMs in respect of GSI's 2014 Annual Report that is prepared in accordance with U.K. GAAP.

APM	Page number	Definition, components and basis of calculation of the APM	Reconciliation of the APM	Use of the APM	Comparative APM
Effective tax rate	8	The effective tax rate is the tax expense divided by the accounting profit.	GSI's effective tax rate for the full year of 2014 was 21.9%.	This APM is meaningful as it is used as a comparison to the U.K. tax rate applicable to GSI.	GSI's effective tax rate for the full year of 2013 was 43.3%.
		Components/basis of calculation: "Tax on profit on ordinary activities" divided by "Profit on ordinary activities before taxation".	Reconciliation: $456M/$2,080M. Both numbers are presented on page 61 of GSI's 2014 Annual Report.		Reconciliation: $129M/$298M. Both numbers are presented on page 61 of GSI's 2014 Annual Report.
		This APM and its components relate to the performance of the past reporting period.

Index of Defined Terms

INDEX OF DEFINED TERMS

Page Page

APM 51

APMs 51

applicable law 45

Base Prospectus 2, 28

Base Prospectus Supplement No. 11 28

Base Prospectus Supplement No. 12 28

Base Prospectus Supplement No. 3 28

Base Prospectus Supplement No. 4 28

Base Prospectus Supplement No. 5 28

Base Prospectus Supplement No. 6 28

Benchmark Regulation 24

BRRD 19

Change in Law Event 45

Conditions 33

CONSOB 4

CRA Regulation 5

CSSF 4

DBRS 5

ESMA 5

EURIBOR 24

Fitch 5

General Note Conditions 33

Goldman Sachs 11

Goldman Sachs Group 9

GSG 1, 9

GSG's 2015 Form 10-K 28

GSG's 2016 Proxy Statement 28

GSG's 2016 Third Quarter Form 10-Q 28

GSG's December 12, 2016 Form 8-K 29

GSG's January 18, 2017 Form 8-K 29

GSG's May 20, 2016 Form 8-K 28

GSG's November 21, 2016 Form 8-K 29

GSI 1, 7, 33

GSI's 2014 Annual Report 28

GSI's 2014 Financial Statements 28

GSI's 2015 Annual Report 28

GSI's 2015 Financial Statements 28

GSI's 2016 Third Quarter Financial Report 28

GSI's 2016 Third Quarter Financial Statements 28

Guarantor 1, 9

Guaranty 1, 9

Holder 12

Interest Commencement Date 13

XXXXX Xxxxxxxxx Principles 24

Issuer 1, 7

LIBOR 24

Luxembourg Prospectus Law 47

Market Abuse Regulation 24

Moody's 5

Notes 1

Original Base Prospectus 2, 28

Original General Note Conditions 33

Programme 1

Prospectus 1

Prospectus Directive 1

R&I 5

Rate of Interest 13

Regulation S 6, 12

S&P 5

Securities 1, 12

Securities Act 6

U.K. GAAP 51

U.S.$ 12, 33

UK Banking Act 19

USD 12, 33

Registered Office of GSI

Goldman Sachs International

Xxxxxxxxxxxx Xxxxx 000 Xxxxx Xxxxxx Xxxxxx XX0X 0XX Xxxxxxx

Registered Office of GSG The Goldman Sachs Group, Inc.

000 Xxxx Xxxxxx

Xxx Xxxx, Xxx Xxxx 00000 XXX

Principal Programme Agent and Registrar (Notes) Citigroup Global Markets Xxxxxxxxxxx XX

Xxxxxxxxx 00 00000 Xxxxxxxxx xx Xxxx

Xxxxxxx Xxxxxxxx of Germany

Transfer Agents

Banque Internationale à Luxembourg, société anonyme

00 xxxxx x'Xxxx

X-0000 Xxxxxxxxxx Xxxxx Duché de Luxembourg

Citibank, N.A., London Branch

Citigroup Centre Canada Square Canary Wharf London E14 5LB England

Fiscal Agent and Paying Agent

Citibank, N.A., London Branch

Citigroup Centre Canada Square Canary Wharf London E14 5LB England

Calculation Agent Goldman Sachs International

Xxxxxxxxxxxx Xxxxx 000 Xxxxx Xxxxxx Xxxxxx XX0X 0XX Xxxxxxx

Auditors to GSI PricewaterhouseCoopers LLP

0 Xxxxxxxxxx Xxxxx Xxxxxx XX0X 0XX

Xxxxxxx

Independent Accountants of the Guarantor

PricewaterhouseCoopers LLP 000 Xxxxxxx Xxxxxx

Xxx Xxxx, Xxx Xxxx 00000 XXX

Legal Advisers to the Issuer

as to English law Xxxxxxx LLP Xxxxxxxxx Xxxxx 0 Xxxxxx Xxxxxx

Xxxxxx XX0X 0XX Xxxxxxx

as to Italian securities law Xxxxxxx & Xxxxxxx LLP Xxx Xxxxxxx Xxxxxx 0 00000 Xxxxx

Xxxxx

NOTA DI SINTESI

Le note di sintesi sono costituite da obblighi di informativa conosciuti come “Elementi”. Questi elementi sono numerati nelle Sezioni A - E (A.1 - E.7).

La presente nota di sintesi contiene tutti gli Elementi che devono essere inclusi in una nota di sintesi per questa tipologia di strumenti finanziari ed Emittente. Poiché alcuni Elementi non devono essere trattati, vi possono essere intervalli nella sequenza numerica degli Elementi.

Anche qualora l'inclusione di un Elemento nella nota di sintesi sia richiesta in ragione della tipologia degli strumenti finanziari e dell'Emittente, è possibile che nessuna informazione rilevante possa essere fornita in merito a quell'Elemento. In questo caso, una breve descrizione dell'Elemento è inclusa nella nota di sintesi con la menzione “non applicabile”.

SEZIONE A – INTRODUZIONE E AVVERTENZE
A.1	Introduzione e avvertenze	La presente nota di sintesi va letta come un'introduzione al Prospetto. Qualsiasi decisione di investire negli Strumenti Finanziari dovrebbe basarsi sull'esame da parte dell'investitore del presente Prospetto nel suo complesso. Qualora sia proposta un'azione legale in merito alle informazioni contenute nel presente Prospetto dinanzi all'autorità giudiziaria, l'investitore ricorrente, ai sensi della legislazione nazionale degli Stati membri, potrebbe essere tenuto a sostenere le spese di traduzione del presente Prospetto prima dell'inizio del procedimento. La responsabilità civile incombe solo sulle persone che hanno preparato la nota di sintesi, compresa la sua eventuale traduzione, ma solo quando la nota di sintesi sia fuorviante, imprecisa o incoerente se letta insieme con le altre parti del presente Prospetto oppure, se letta insieme con le altre parti del presente Prospetto, non contenga informazioni chiave che aiutino gli investitori nello stabilire se investire in tali Strumenti Finanziari.
A.2	Autorizzazioni	Non applicabile; non viene concessa alcuna autorizzazione all'utilizzo del presente Prospetto per la successiva rivendita degli Strumenti Finanziari.
SEZIONE B – EMITTENTE E GARANTE
B.1	Denominazione legale e commerciale dell'Emittente	Goldman Sachs International (“GSI” o l’“Emittente”)
B.2	Domicilio e forma giuridica dell'Emittente, legislazione in base alla quale opera e paese di costituzione	GSI è una società privata a responsabilità illimitata (private unlimited liability company) costituita in Inghilterra e nel Galles. GSI opera principalmente ai sensi della legge inglese. La sede legale di GSI è Xxxxxxxxxxxx Xxxxx, 000 Xxxxx Xxxxxx, Xxxxxx XX0X 0XX, Xxxxxxxxxxx.
B.4b	Tendenze note riguardanti l’Emittente	Le prospettive di GSI saranno influenzate, potenzialmente in modo negativo, dagli sviluppi nelle economie globali, regionali e nazionali, incluso il Regno Unito, dai movimenti e livelli di attività nei mercati finanziari, delle merci, delle valute e altri mercati, dalle variazioni dei tassi di interesse, dagli sviluppi politici e militari in tutto il mondo, dai livelli delle attività dei clienti e dagli sviluppi legali e regolamentari nel Regno Unito e negli altri paesi dove l’Emittente opera.
B.5	Gruppo dell'Emittente	Goldman Sachs Group UK Limited, una società costituita ai sensi della legge inglese, detiene una partecipazione azionaria del 100 per cento in GSI. Goldman Sachs (UK) L.L.C. è costituita ai sensi delle leggi dello Stato del Delaware e ha una partecipazione del 97,208 per cento in Goldman Sachs Group UK Limited. Goldman Sachs Ireland Group Limited è costituita ai sensi della legge irlandese

		ed ha una partecipazione del 2,792 per cento in Goldman Sachs Group UK Limited. Goldman Sachs Ireland LLC è costituita ai sensi delle leggi dello Stato del Delaware ed ha una partecipazione del 100 per cento in Goldman Sachs Ireland Group Limited. Goldman Sachs Ireland Group Holdings LLC è costituita ai sensi delle leggi dello Stato del Delaware ed ha una partecipazione del 75 per cento in Goldman Sachs Ireland LLC. Goldman Sachs Global Holdings L.L.C. è costituita ai sensi delle leggi dello Stato del Delaware ed ha una partecipazione del 25 per cento in Goldman Sachs Ireland LLC. The Goldman, Sachs & Co. L.L.C. è costituita ai sensi delle leggi dello Stato del Delaware ed ha una partecipazione dell’1 per cento in Goldman Sachs Global Holdings L.L.C.. The Goldman Sachs Group, Inc. è costituita nel Delaware e ha una partecipazione del 100 per cento in Goldman Sachs Ireland Group Holdings LLC, The Goldman, Sachs & Co. L.L.C. e Goldman Sachs (UK) L.L.C. ed una partecipazione del 99 per cento in Goldman Sachs Global Holdings L.L.C. Struttura della Holding Company di GSI The Goldman Sachs Group, Inc. 100% 99% 100% Goldman, Sachs & Co. The Goldman, Sachs & Co. L.L.C. 100% Wertpapier GmbH
		1% Goldman Sachs Ireland Group Goldman Sachs Global Holdings L.L.C. Holdings LLC.
		25% 75% Goldman Sachs Ireland LLC 100% 100% Goldman Sachs (UK) L.L.C Goldman Sachs Ireland Group Limited 97,208% 2,792% Goldman Sachs Group UK Limited 100% Goldman Sachs International Nota: Le percentuali indicate sono per la detenzione diretta di azioni ordinarie o per l'equivalente. Partecipazioni di minoranza sono detenute da altre entità che a loro volta appartengono, direttamente o indirettamente, a The Goldman Sachs Group, Inc.
B.9	Previsione o stima degli utili	Non applicabile; GSI non ha fatto previsioni o stime degli utili.
B.10	Xxxxxxx contenuti nella relazione di	Non applicabile; non ci sono rilievi nella relazione di revisione di GSI sulle informazioni finanziarie relative ai propri esercizi passati.

	revisione
B.12	Informazioni finanziarie fondamentali selezionate sull’Emittente relative agli esercizi passati	La seguente tabella mostra informazioni finanziarie fondamentali selezionate in relazione agli esercizi passati di GSI: al e per i nove mesi chiusi al (non al e per l’Esercizio chiuso al sottoposto a revisione contabile) (in milioni di USD) 30 settembre 2016 30 settembre 2015 31 dicembre 2015 31 dicembre 2014 Risultato operativo 2.033 2.276 2.939 2.275 Utile delle attività 1.783 2.078 2.661 2.060 ordinarie al lordo delle imposte Utile per l’anno 1.321 1.680 2.308 1.608 finanziario Al Al 30 settembre 2016 31 dicembre 2015 31 dicembre 2014 (non sottoposto a revisione contabile) (in milioni di USD) Immobilizzazioni 90 12 14 Attività correnti 1.072.495 850.219 967.411 Fondi Patrimoniali 27.564 26.353 21.997 Totali
	Assenza di cambiamenti negativi sostanziali	Non si sono verificati cambiamenti negativi sostanziali delle prospettive di GSI dal 31 dicembre 2015.
	Cambiamenti significativi	Non applicabile, non vi è stato alcun cambiamento significativo nella situazione finanziaria o commerciale di GSI successivamente al 30 settembre 2016.
B.13	Fatti recenti sostanzialmente rilevanti per la valutazione della solvibilità dell'Emittente	Non applicabile; non vi sono fatti recenti riguardanti GSI che siano rilevanti in misura sostanziale per la valutazione della solvibilità di GSI.
B.14	Posizione dell'Emittente nel proprio gruppo	Si prega di fare riferimento all'Elemento B.5 di cui sopra. GSI fa parte di un gruppo di società delle quali The Goldman Sachs Group, Inc. rappresenta la holding company (il “Gruppo Goldman Sachs”) e di conseguenza effettua operazioni con, e dipende da,

	societario	entità all'interno di tale gruppo.
B.15	Principali attività	Le attività principali di GSI consistono nella sottoscrizione e nella distribuzione di strumenti finanziari, nel commercio di servizi relativi al debito e al capitale societario, di strumenti finanziari di debito pubblico non USA e di strumenti finanziari garantiti da ipoteca, nell'esecuzione di contratti di swap e relativi a strumenti derivati, nelle fusioni e acquisizioni, nei servizi di consulenza finanziaria per le ristrutturazioni/i collocamenti privati/i leasing ed il project financings, nell'intermediazione e nella finanza immobiliare, nelle attività di merchant banking, nell'intermediazione sulle azioni e nella ricerca.
B.16	Proprietà e controllo dell'Emittente	Goldman Sachs Group UK Limited, una società costituita ai sensi della legge inglese detiene una partecipazione azionaria del 100 per cento in GSI. Si veda l’Elemento B.5
B.17	Rating dell'Emittente o degli Strumenti Finanziari	Il debito di lungo termine di GSI è valutato ‘A+’ da S&P, ‘A’ da Fitch e ‘A1’ da Moody’s. Gli Strumenti Finanziari non sono stati oggetto di rating.
B.18	Natura e portata della Garanzia	Le obbligazioni di pagamento con riferimento agli Strumenti Finanziari sono garantite da The Goldman Sachs Group, Inc. (“GSG” o il “Garante”) ai sensi di una garanzia regolata dalla legge dello Stato di New York datata 29 maggio 2015 (la “Garanzia”). La Garanzia concorrerà pari passu con tutti gli altri debiti non garantiti e non subordinati di GSG.
B.19 (B.1)	Denominazione del Garante	The Goldman Sachs Group, Inc.
B.19 (B.2)	Domicilio, forma giuridica del Garante, legislazione in base alla quale opera e paese di costituzione	GSG è una società costituita nello Stato del Delaware negli Stati Uniti ai sensi della Delaware General Corporation Law. La sede legale di GSG è 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, XXX.
B.19 (B.4b)	Tendenze note riguardanti il Garante	Le prospettive di GSG saranno influenzate, potenzialmente in modo negativo, dagli sviluppi delle economie globali, regionali e nazionali, compresi gli Stati Uniti, dai movimenti e dai livelli di attività, nei mercati finanziari, delle materie prime, delle valute e in altri mercati, dai movimenti dei tassi di interesse, dagli sviluppi politici e militari in tutto il mondo, dai livelli di attività dei clienti e dagli sviluppi legislativi e regolamentari negli Stati Uniti e in altri paesi in cui opera GSG.

B.19 (B.5)	Gruppo del Garante	Struttura della Holding Company di GSG Nota: Le percentuali indicate sono per la detenzione diretta di azioni ordinarie o per l'equivalente. Partecipazioni di minoranza sono detenute da altre entità che a loro volta appartengono, direttamente o indirettamente, a GSG.
B.19 (B.9)	Previsione o stima	Non applicabile; GSG non ha fatto previsioni o stime degli utili.
B.19 (B.10)	Rilievi contenuti nella relazione di revisione	Non applicabile; non ci sono rilievi nella relazione di revisione di GSG.
B.19 (B.12)	Informazioni finanziarie fondamentali selezionate sul Garante relative agli esercizi passati	La seguente tabella mostra informazioni finanziarie fondamentali selezionate in relazione agli esercizi passati di GSG:
				Al settembre (non sottoposto a revisione contabile)	Al dicembre
				2016	2015	2014
			(in milioni di

	Al e per i nove mesi chiusi al (non sottoposto a revisione contabile)		Al e per l’Esercizio concluso al
(in milioni di USD)	30 settembre 2016	30 settembre 2015	31 Dicembre 2015	31 Dicembre 2014
Xxxxxx totali non derivanti da interessi	20.187	24.183	30.756	30.481

Xxxxxx xxxxx, incluso il reddito derivante dall’interesse netto	22.438	26.547	33.820	34.528

Utili prima delle imposte	6.907	7.706	8.778	12.357

			USD)
			Totale attivo	879.987	861.395	855.842

			Totale passivo	792.877	774.667	773.045

			Patrimonio netto	87.110	86.728	82.797
		Non si sono verificati cambiamenti negativi sostanziali delle prospettive di GSG dal 31 dicembre 2015. Non applicabile; non vi è stato alcun cambiamento significativo nella situazione finanziaria o commerciale di GSG dal 30 settembre 2016.
B.19 (B.13)	Fatti recenti sostanzialmente rilevanti per la valutazione della solvibilità del Garante	Non applicabile; non vi sono fatti recenti riguardanti GSG che siano rilevanti in misura sostanziale per la valutazione della solvibilità di GSG.
B.19 (B.14)	Dipendenza del Garante da altri membri del gruppo	Vedere Elemento B.19 (B.5). GSG è una holding company e, pertanto, dipende dai dividendi, dalle distribuzioni e dagli altri pagamenti delle sue controllate per finanziare il pagamento dei dividendi e di tutti i pagamenti dovuti, incluse le obbligazioni.
B.19 (B.15)	Principali attività	Le attività di GSG, insieme alle sue controllate consolidate (“Goldman Sachs”) sono svolte nei seguenti settori: (1) Investment Banking: • Consulenza Finanziaria, che include incarichi di consulenza strategica in relazione a fusioni e acquisizioni, disinvestimenti, attività di difesa aziendale, gestione del rischio, ristrutturazioni e spin-off, e operazioni in derivati direttamente collegate a questi incarichi di consulenza dei clienti; e • Sottoscrizione, che include offerte pubbliche e private placements, incluse operazioni domestiche e cross-border, di un ampia gamma di titoli, finanziamenti e altri strumenti finanziari, e operazioni in derivati direttamente collegate alle attività di sottoscrizione dei clienti. (2) Servizi ai Clienti Istituzionali: • Reddito Fisso, Valuta e Materie Prime, che includono l’esecuzione di attività per i clienti connesse al market making di prodotti di tassi di interesse, prodotti di credito, mutui, valute e materie prime; e • Azionario, che include l’esecuzione di attività per i clienti connesse al market making di prodotti azionari e commissioni e spese derivanti dalla esecuzione e compensazione di transazioni dei clienti istituzionali sulle maggiori borse, scambi di opzioni e futures in tutto il mondo e operazioni over-the counter. Azionario inoltre include la nostra offerta di custodia dei titoli, che prevede servizi di finanziamento, prestito titoli e intermediazione principale (prime brokerage) a clienti istituzionali, tra i quali fondi speculativi (hedge funds), fondi comuni (mutual funds), fondi pensione e fondazioni, e genera ricavi principalmente nella forma di tassi di interesse e commissioni. (3) Investing & Lending, che include le attività di investimento di Goldman Sachs e la concessione di finanziamenti per fornire risorse finanziarie ai clienti. Siffatti investimenti, alcuni dei quali sono consolidati, ed i finanziamenti sono tipicamente a lungo termine.

		Goldman Sachs effettua investimenti, direttamente e indirettamente per mezzo dei fondi che gestisce, in titoli di debito e finanziamenti, titoli azionari pubblici e privati, ed entità immobiliari. (4) Investment Management, che fornisce servizi di gestione degli investimenti e offre prodotti di investimento (principalmente attraverso conti di gestione separati e veicoli di vario tipo, quali mutual funds e fondi private investment) in tutte le maggiori asset class a una diversa gamma di investitori istituzionali e individuali. Il segmento Investment Management offre inoltre servizi di consulenza patrimoniale, inclusi gestione del portafoglio e consulenza finanziaria, intermediazione ed altri servizi a investitori con patrimoni ingenti e a famiglie.
B.19 (B.16)	Proprietà e controllo del Garante	Non applicabile; GSG è una società indipendente quotata sulla Borsa di New York e non è detenuta nè è controllata, direttamente o indirettamente, da azionisti o da un gruppo di azionisti affiliati. Vedere Elemento B.19 (B.5).
B.19 (B.17)	Rating del Garante	La seguente tabella rappresenta i rating del credito non garantito del Garante. Il rating non è una raccomandazione ad acquistare, vendere o detenere obbligazioni. Alcuni o tutti i rating sono soggetti a revisione o a ritiro in qualsiasi momento da parte delle organizzazioni che assegnano i rating. Ciascun rating dovrebbe essere valutato indipendentemente da qualsiasi altro rating:
				Debito a Breve Termine	Debito a Lungo Termine	Debito Subordinato	Azioni Privilegiate
			Dominion Bond Rating Service Limited	R-1 (middle)	A (high)	A	BBB (high)
			Fitch, Inc.	F1	A	A-	BB+
			Moody's Investors Service	P-2	A3	Baa2	Ba1
			Standard & Poor's	A-2	BBB+	BBB-	BB
			Rating and Investment Information, Inc.	a-1	A	A-	N/A
SEZIONE C – STRUMENTI FINANZIARI
C.1	Tipo e classe degli Strumenti Finanziari	Obbligazioni a tasso da Fisso a Variabile (Fixed-to-Floating Rate) (gli “Strumenti Finanziari”). ISIN: XS1457442025; Common Code: 145744202; Valoren: 34309457.
C.2	Valuta	La valuta degli Strumenti Finanziari sarà il dollaro statunitense (“USD”)
C.5	Restrizioni alla libera trasferibilità	Gli Strumenti Finanziari e la Garanzia non possono essere offerti, venduti o consegnati negli Stati Uniti o a soggetti statunitensi (U.S. persons), come definiti nel Regulation S ai sensi del Securities Act (“Regulation S”), salvo che ai sensi di un'esenzione dai, o in una operazione non soggetta ai, requisiti di registrazione del Securities Act e della legislazione di stato sui valori mobiliari applicabile. Inoltre, gli Strumenti Finanziari non possono essere acquisiti da, per conto di o con il patrimonio di piani soggetti a ERISA o alla Sezione 4975 del U.S. Internal Revenue Code del 1986, come modificato, oltre che da taluni conti generali di società di assicurazione. Fatto salvo quanto precede, gli Strumenti Finanziari saranno liberamente trasferibili.
C.8	Diritti connessi agli strumenti finanziari compresi il ranking e ogni	Diritti: Gli Strumenti Finanziari danno il diritto a ciascun portatore di Strumenti Finanziari (un “Portatore”) di ricevere un rendimento potenziale sugli Strumenti Finanziari (vedere l’Elemento C.9 di seguito), unitamente a taluni diritti ancillari come il diritto di ricevere avviso di talune determinazioni ed eventi e di votare su modifiche future. I termini e le condizioni (le terms and

	limitazione a tali diritti	conditions) sono regolati ai sensi della legge inglese. Ranking: Gli Strumenti Finanziari sono obbligazioni dirette, non subordinate e non garantite (unsecured) dell'Emittente ed hanno pari grado rispetto alle altre obbligazioni dirette, non subordinate e non garantite (unsecured) dell'Emittente. La Garanzia ha pari grado rispetto alle altre obbligazioni non subordinate e non garantite (unsecured) di GSG.
		Limitazioni ai diritti:
		• I termini e le condizioni degli Strumenti Finanziari contengono previsioni per la convocazione delle assemblee dei Portatori per valutare questioni che influenzano i loro interessi in generale e queste previsioni consentono a maggioranze definite di impegnare tutti i Portatori, compresi i Portatori che non hanno partecipato e votato alla relativa assemblea e i Portatori che hanno votato in modo contrario alla maggioranza. Inoltre, in determinate circostanze, l'Emittente può modificare i termini e le condizioni degli Strumenti Finanziari, senza il consenso dei Portatori.
		• I termini e le condizioni degli Strumenti Finanziari consentono all'Emittente e all'Agente di Calcolo (a seconda del caso), al verificarsi di determinati eventi e, in determinate circostanze, senza il consenso dei Portatori, di apportare modifiche ai termini e alle condizioni degli Strumenti Finanziari, di rimborsare gli Strumenti Finanziari prima della scadenza (se applicabile), di rinviare i pagamenti prestabiliti ai sensi degli Strumenti Finanziari, di cambiare la valuta in cui gli Strumenti Finanziari sono denominati, di sostituire l'Emittente con un altro soggetto consentito subordinatamente a determinate condizioni, e di adottare talune altre azioni per quanto riguarda gli Strumenti Finanziari.
C.9	Diritti connessi agli strumenti finanziari, comprese le previsioni sugli interessi, l’indicazione del tasso di rendimento e il rappresentante dei Portatori	Si prega di fare riferimento all’Elemento C.8 sopra. Il rendimento degli Strumenti Finanziari deriverà da: • Il pagamento alla/e relativa/e data/e di di pagamento di un importo a titolo di Interesse; • Il potenziale pagamento di un Importo del Pagamento Anticipato Non Programmato a seguito di rimborso anticipato non programmato degli Strumenti Finanziari (Come descritto sotto); o • Se gli Strumenti Finanziari non sono precedentemente rimborsati, o acquistati e cancellati, il pagamento dell’Ammontare di Rimborso Finale alla data di scadenza degli Strumenti Finanziari. Interessi Gli Strumenti Finanziari maturano interessi a partire dal 20 gennaio 2017 (“Data di Decorrenza degli Interessi”) al Tasso di Interesse. L'importo Data di Pagamento degli Interessi con riferimento a ciascuno Strumento Finanziario deve essere calcolato moltiplicando il relativo Tasso di Interesse per l’Ammontare di Calcolo, e moltiplicando poi il prodotto per il relativo day count franction applicabile al periodo di interesse che termina alla data in cui in tale Data di Pagamento degli Interessi (esclusa) è previsto che cada e arrotondando la cifra risultante ai sensi delle terms and conditions. Qualora una Data di Pagamento degli Interessi non sia un payment business day, l’ammontare degli interessi relativi a tale Data di Pagamento degli Interessi sarà pagato nel successivo payment business day, ma il periodo di interessi ai fini della determinazione dell’ammontare degli interessi rimarrà non modificato (unadjusted). Il “Tasso di Interessi” per i periodi di interessi che finiscono il 20 gennaio 2018 ed il 20 gennaio 2019 è pari al 6% per cento (6%) annuo. Il “Tasso di Interessi” per i periodi di interessi che finiscono nelle date (escluse) in cui ciascuna Data di Pagamento degli Interessi è prevista cadere (tranne le Date di Pagamento degli Interessi che cadono il 20 gennaio 2018 ed il 20 gennaio 2019) è pari al Tasso di Riferimento, fermo restando che tale Tasso di Interesse non sarà inferiore del Tasso di Interessi Minimo o superiore al Tasso di Interessi Massimo. Definizioni dei termini utilizzati in precedenza:

• Importo di Calcolo: USD 2.000.

• Tasso di Riferimento: un tasso pari al tasso per i depositi in USD per un periodo di tre mesi che appare sulla schermata di Reuters, alla pagina LIBOR01 alle 11:00, ora di Londra, nel secondo London business day precedente il primo giorno del relativo periodo di interessi.

• Date di Pagamento degli Interessi: il 20 gennaio di ogni anno di calendario a partire dal 20 gennaio 2018 (incluso) fino al 20 gennaio 2026 ed alla Data di Scadenza (come definita di seguito) (inclusi).

• Tasso di Interessi Massimo: 4% annuo.

• Tasso di Interessi Minimo: 1,75% annuo.

Indicazione del Tasso di Rendimento: Non applicabile

Importo del Pagamento Anticipato Non Programmato

Pagamento anticipato non programmato: Gli Strumenti Finanziari possono essere rimborsati prima della scadenza programmata (i) ad opzione dell’Emittente se l’Emittente determina che una modifica delle normativa applicabile abbia come effetto che l’adempimento degli obblighi nascenti dagli Strumenti Finanziari da parte dell’Emittente o da parte della di sue controllate, collegate o società sottoposte a comune controllo, ovvero nascenti da operazioni di copertura relative agli Strumenti Finanziari sono diventate (o è sostanzialmente probabile che diventino nel prossimo futuro) illecite o non praticabili (totalmente o parzialmente), o (ii) a seguito di avviso da parte di un Portatore che dichiara questi Strumenti Finanziari immediatamente rimborsabili a causa del verificarsi di un event of default che persiste.

In tali casi, l’Importo del Pagamento Anticipato Non Programmato (Non-scheduled Early Repayment Amount) pagabile con riferimento a tale rimborso anticipato non programmato sarà, per ogni Strumento Finanziario, la Denominazione Specificata di USD 2.000.

Rimborso

• La Data di Scadenza degli Strumenti Finanziari sarà il 20 gennaio 2027, fermo restando che, qualora tale giorno non sia un payment business day, l’ammontare di rimborso finale sarà pagato nel successivo payment business day.

• A meno che non sia stato rimborsato anticipatamente o acquistato e cancellato, ciascuno Strumento Finanziario sarà rimborsato dall'Emittente alla data di scadenza con il pagamento di un Ammontare di Rimborso Finale pari a USD 2.000 per Importo di Calcolo degli Strumenti Finanziari.

Rappresentante dei portatori degli Strumenti Finanziari: Non applicabile; l'Emittente non ha nominato alcuna persona come rappresentante dei portatori degli Strumenti Finanziari.

C.10

Componente derivata nel pagamento degli interessi

Si veda l’Elemento C.9 sopra

Non applicabile; non vi è alcuna componente derivata nei pagamenti degli interessi effettuati con riferimento agli Strumenti Finanziari.

C.11

Ammissione alle negoziazioni su un mercato regolamentato

È stata presentata domanda di ammissione degli Strumenti Finanziari alla negoziazione sul mercato regolamentato della Borsa del Lussemburgo con effetto da appena possibile dopo la Data di Emissione. Non può essere fornita alcuna assicurazione che tale domanda di ammissione alla negoziazione sarà accolta. Sarà presentata domanda per l’ammissione alla negoziazione degli Strumenti Finanziari sul mercato MOT (Mercato Telematico delle Obbligazioni) di Borsa Italiana

S.p.A. con effetto da appena possibile dopo la Data di Emissione. Non può essere fornita alcuna

		assicurazione che tale domanda ammissione alla negoziazione sarà accolta.
SEZIONE D - RISCHI
D.2	Principali rischi che sono specifici per l’Emittente, il Garante e Goldman Sachs	Il pagamento di qualsiasi importo dovuto sugli Strumenti Finanziari è soggetto al nostro rischio di credito. Gli Strumenti Finanziari sono nostre obbligazioni non garantite. Gli Strumenti Finanziari non sono depositi bancari e non sono assicurati o garantiti dal U.S. Federal Deposit Insurance Corporation, dal U.S. Deposit Insurance Fund, dal UK Financial Services Compensation Scheme o qualsiasi altro ente governativo o governamentale o agenzia privata, o schema di protezione di deposito in alcuna giurisdizione. Il valore o il rendimento sugli strumenti finanziari sarà soggetto al nostro rischio di credito e a cambiamenti nella visione di mercato del nostro merito di credito.
		I riferimenti nel B.12 e B.19 (B.12) di cui sopra alle "prospettive" e alla "situazione finanziaria o commerciale" dell'Emittente e del Garante (a seconda dei casi), sono specificamente alle rispettive capacità di soddisfare per intero le proprie obbligazioni di pagamento ai sensi degli Strumenti Finanziari (nel caso di GSI) o della Garanzia (nel caso di GSG) in modo tempestivo. Informazioni sostanzialmente rilevanti sulla situazione finanziaria e sulle prospettive dell’Emittente e rispettivamente del Garante sono incluse nelle relazioni annuali e/o infrannuali dell’Emittente e del Garante. Tuttavia, è necessario che voi siate consapevole che ciascuno dei principali rischi evidenziati di seguito potrebbe avere un effetto negativo sostanzialmente rilevante sull'attività, sulle operazioni, sulla situazione finanziaria e commerciale e sulle prospettive dell'Emittente e del Garante, che, a sua volta, potrebbe avere un effetto negativo sostanzialmente rilevante sul rendimento che gli investitori ricevono sugli Strumenti Finanziari.
		L'Emittente e il Garante sono soggetti ad una serie di rischi fondamentali di Goldman Sachs:
		• Le attività di Goldman Sachs sono state, e possono continuare ad essere, negativamente influenzate dalle condizioni dei mercati finanziari globali e dalle condizioni economiche in generale.
		• Le attività di Goldman Sachs e quelle dei suoi clienti sono soggette ad un’ampia e diffusa regolamentazione in tutto il mondo.
		• Le attività di Goldman Sachs sono state, e potrebbero essere, negativamente influenzate da valori patrimoniali in declino. Questo è particolarmente vero per quelle attività in cui Goldman Sachs ha posizioni nette "lunghe", riceve un compenso in base al valore del patrimonio gestito, o riceve o conferisce garanzie (collateral).
		• Le attività di Goldman Sachs sono state, e potrebbero essere, negativamente influenzate da disfunzioni nei mercati del credito, compreso il ridotto accesso al credito e costi più elevati di ottenimento del credito.
		• Le attività di market-making di Goldman Sachs sono state e possono essere influenzate dalle variazioni dei livelli di volatilità del mercato.
		• Le attività di investment banking, client execution e investment management di Goldman Sachs sono state influenzate negativamente e possono essere colpite in futuro da incertezze di mercato o da mancanza di fiducia tra gli investitori e gli amministratori delegati a causa di diminuzioni generali dell'attività economica ed altre condizioni economiche, geopolitiche o di mercato sfavorevoli.
		• Le attività di gestione degli investimenti di Goldman Sachs possono essere influenzate dalla scarsa performance dei propri prodotti di investimento.
		• Goldman Sachs può incorrere in perdite a causa di processi e strategie di gestione del rischio inefficaci.
		• La liquidità, la redditività e le attività di Goldman Sachs potrebbero essere negativamente influenzate dall'incapacità di accedere ai mercati dei capitali di debito o di vendere attività o da una riduzione dei suoi credit rating o da un aumento dei suoi spread creditizi.
		• La mancata identificazione e risoluzione appropriata dei potenziali conflitti di interesse potrebbe influenzare negativamente le attività di Goldman Sachs.

• Una carenza nei sistemi operativi o nelle infrastrutture di Goldman Sachs, o in quelle di terze parti, così come un errore umano, potrebbero mettere in pericolo la liquidità di Goldman Sachs, interrompere le attività di Goldman Sachs, comportare la divulgazione di informazioni riservate, danneggiare la reputazione di Goldman Sachs e causare perdite.

• La mancanza di protezione dei sistemi di computer di Goldman Sachs, delle reti e delle informazioni, e delle informazioni dei clienti di Goldman Sachs, contro attacchi informatici e minacce simili potrebbero compromettere la capacità di Goldman Sachs di condurre le attività di Goldman Sachs, causare la divulgazione, il furto o la distruzione di informazioni riservate, danneggiare la reputazione di Goldman Sachs e causare perdite.

• Il Garante è una holding company e dipende per la propria liquidità dai pagamenti delle sue controllate, molti dei quali sono soggetti a restrizioni.

• L’applicazione di strategie regolamentari e dei requisiti negli Stati Uniti e nelle giurisdizioni non

U.S. per facilitare la risoluzione ordinata di grandi istituti finanziari potrebbe determinare un maggiore rischio di perdita per portatori di strumenti finanziari Goldman Sachs.

• É incerto l’impatto finale delle regole recentemente proposte che richiedono ad importanti banche

U.S. di rilevanza sistemica globale di mantenere importi minimi di debito di lungo termine che soddisfino dei requisiti specifici di idoneità.

• L’applicazione della proposta strategia di risoluzione di GSG potrebbe comportare maggiori perdite per i portatori di strumenti finanziari Goldman Sachs, e l’incapacità di affrontare le carenze nel piano di risoluzione di Goldman Sachs potrebbe sottoporci a maggiori requisiti regolamentari.

• Le attività di Goldman Sachs, la redditività e la liquidità possono essere negativamente influenzate dal deterioramento della qualità del credito, o dal default, di terzi parti che devono a Goldman Sachs denaro, strumenti finanziari o altre attività, o terze parti di cui Goldman Xxxxx detiene strumenti finanziari o obbligazioni.

• La concentrazione del rischio aumenta il potenziale di perdite significative nelle attività di market-making, sottoscrizione (underwriting), investimento e prestito di Goldman Sachs.

• Il settore dei servizi finanziari è sia altamente competitivo sia intercorrelato.

• Goldman Sachs affronta rischi maggiori dal momento che nuove iniziative di business portano a negoziare con una gamma più ampia di clienti e controparti e lo espone a nuove classi di attività e nuovi mercati.

• Le operazioni in derivati e la ritardata liquidazione potrebbero esporre Goldman Sachs a rischi imprevisti e perdite potenziali.

• Le attività Goldman Sachs potrebbero essere negativamente influenzate se Goldman Sachs non è in grado di assumere e mantenere personale qualificato.

• Goldman Sachs potrebbe essere negativamente influenzata da un maggiore controllo regolamentare e governativo o pubblicità negativa.

• Una significativa responsabilità giuridica o un significativo intervento normativo nei confronti di Goldman Sachs potrebbero avere effetti finanziari negativi sostanziali o causare notevoli danni alla reputazione di Goldman Sachs, che a sua volta potrebbe seriamente danneggiare le prospettive di business di Goldman Sachs.

• La crescita del commercio elettronico e l'introduzione di nuove tecnologie di trading potrebbe influenzare negativamente l'attività di Goldman Sachs e potrebbe aumentare la concorrenza.

• Le attività di Goldman Sachs relative alle merci, soprattutto quelle relative alle materie prime fisiche, sottopongono Goldman Sachs ad un'ampia regolamentazione e comportano alcuni rischi potenziali, inclusi rischi ambientali, di reputazione e ad altri rischi che potrebbero esporla a significative responsabilità e costi.

• Nello svolgimento delle proprie attività nel mondo, Goldman Sachs è soggetta a rischi politici, economici, giuridici, operativi e ad altri rischi che sono insiti nel fatto di operare in molti paesi.

• Goldman Sachs può incorrere in perdite a seguito di eventi imprevisti o catastrofici, tra cui l'emergere di una pandemia, attacchi terroristici, eventi meteorologici estremi o altre calamità

		naturali.
D.3	Principali rischi che sono specifici per gli Strumenti Finanziari:	• Potreste perdere parte o tutto l’investimento negli Strumenti Finanziari qualora: ° Noi (quali Emittente e Garante) fallissimo o fossimo comunque non in grado di far fronte alle nostre obbligazioni di pagamento; ° Non deteniate i vostri Strumenti Finanziari fino a scadenza e il prezzo secondario di vendita sia inferiore al prezzo originario di acquisto; o ° I vostri Strumenti Finanziari siano rimborsati anticipatamente a seguito di un evento imprevisto e l’ammontare che voi riceviate sia inferiore al prezzo originario di acquisto. • Il valore stimato dei vostri Strumenti Finanziari (come determinato con riferimento ai modelli di prezzo utilizzati da noi) al momento in cui i termini e le condizioni dei vostri Strumenti Finanziari sono stabiliti alla trade date, sarà inferiore al prezzo di emissione iniziale dei vostri Strumenti Finanziari. • I vostri Strumenti Finanziari potrebbero non avere un mercato delle negoziazioni attivo e voi potreste non essere in grado di venderli. • Nel caso in cui il Garante (ma non l’Emittente) dovesse diventare insolvente, non sareste in grado di chiedere che gli Strumenti Finanziari siano immediatamente dovuti e rimborsabili. Il rendimento degli Strumenti Finanziari potrebbe essere significativamente inferiore rispetto a quello che avreste ottenuto se aveste avuto la possibilità di chiedere che gli Strumenti Finanziari fossero dovuti ed esigibili immediatamente in occasione dell’insolvenza del Garante. • Non forniamo alcuna assicurazione che la domanda di quotazione sarà accolta e l’ammissione alla negoziazione sarà concessa (o, se concessa, sarà concessa dalla data di emissione) o che sarà sviluppata una attiva negoziazione sui mercati degli Strumenti Finanziari. Possiamo interrompere tale quotazione in ogni momento. • L’iniziale importo di emissione di USD 100.000.000 potrebbe essere ridotto in seguito all’emissione, e questo potrebbe avere un effetto negativo sulla vostra capacità di vendere gli Strumenti Finanziari nel mercato secondario. • La performance dei tassi di interesse dipende da numerosi fattori, inclusi l’offerta e la domanda sui mercati internazionali monetari, che sono influenzate da misure prese da governi e banche centrali, così come speculazioni e altri fattori macroeconomici. • Gli indici che si ritengono 'benchmarks' sono soggetti alle recenti linee guida e proposte di riforma nazionali, internazionali e altre. Alcune di queste riforme sono già in vigore mentre altre devono ancora essere implementate. Queste riforme potranno determinare che tali benchmarks rendano diversamente rispetto al passato, o abbiano altre conseguenze che non possono essere previste. • L'Emittente degli Strumenti Finanziari può essere sostituito con un’altra società. • Potremmo modificare le terms and conditions degli Strumenti Finanziari in determinate circostanze senza il vostro consenso.
SEZIONE E – L’OFFERTA
E.2b	Ragioni dell'offerta e impiego dei proventi	I proventi netti dell'emissione degli Strumenti Finanziari saranno utilizzati nell'attività generale dell'Emittente.

E.3	Termini e condizioni dell'offerta	Non viene effettuata alcuna offerta pubblica degli Strumenti Finanziari. Il Prezzo di Emissione è pari al 100% del Valore Nominale Complessivo
E.4	Interessi che sono significativi per l’emissione/l’offe rta	Per quanto di conoscenza dell'Emittente, nessun soggetto coinvolto nell'emissione degli Strumenti Finanziari ha un interesse rilevante nell'emissione, compresi interessi confliggenti.
E.7	Spese stimate addebitate all’investitore dall’emittente o dall’offerente	Non applicabile. Non ci sono spese stimate addebitate all'investitore da parte dell'Emittente o dell’offerente.

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GOLDMAN SACHS INTERNATIONAL

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GOLDMAN SACHS INTERNATIONAL

"Issue of U.S.$ 100,000,000 Ten-Year Fixed-to-Floating Rate Notes, due January 20, 2027"

GOLDMAN SACHS INTERNATIONAL

Issue of U.S.$ 100,000,000* Ten-Year Fixed-to-Floating Rate Notes, due January 20, 2027 (the "Securities" or the "Notes")

(ISIN: XS1457442025)

Prospectus

THE GOLDMAN SACHS GROUP, INC.

Programme

Status of the Securities

The Guaranty

*Issue Size

Information incorporated by reference

Statements in relation to prospects and financial or trading position

TABLE OF CONTENTS

IMPORTANT NOTICES

Approval and passporting under the EU Prospectus Directive

CSSF disclaimer

Credit ratings

Important U.S. Notices

Restrictions and distribution and use of this Prospectus

SUMMARY

RISK FACTORS

RISK WARNING OF POTENTIAL LOSS OF SOME OR ALL OF YOUR INVESTMENT

You may lose some or all of your entire investment in the Securities where:

These circumstances are more fully described below.

A. FACTORS THAT MAY AFFECT OUR ABILITY TO FULFIL OUR OBLIGATIONS UNDER THE SECURITIES

You should also read "Risk Factors – 2. Risks relating to GSI" (pages 48 to 62) in the Base Prospectus incorporated by reference herein.

You should read Part I, Item 1A (Risk Factors) (pages 25 to 43) of GSG's 2015 Form 10-K incorporated by reference herein.

Risks relating to the potential exercise by a UK resolution authority of its resolution powers in relation to GSI

B. FACTORS WHICH ARE MATERIAL FOR THE PURPOSES OF ASSESSING THE MARKET RISKS IN RELATION TO THE SECURITIES

Tax laws may change and this may have a negative impact on your Securities

Security.

DOCUMENTS INCORPORATED BY REFERENCE

Information incorporated by reference Page reference

Information required by the Prospectus Regulation Document/Location

Information about GSG

Business overview

Financial information

Additional information

CONTRACTUAL TERMS

2. Specified Currency or Currencies: United States Dollar ("USD" or "U.S.$ ").

VALUATION PROVISIONS

COUPON PAYOUT CONDITIONS

AUTOCALL PAYOUT CONDITIONS

REDEMPTION PROVISIONS

FINAL REDEMPTION AMOUNT PAYOUT CONDITIONS

SHARE LINKED NOTE / INDEX LINKED NOTE / COMMODITY LINKED NOTE / FX LINKED NOTE / INFLATION LINKED NOTE

GENERAL PROVISIONS APPLICABLE TO THE NOTES

− Non-Default Payment Business Day: Not Applicable.

DISTRIBUTION

OTHER INFORMATION

EXAMPLES

THE EXAMPLES PRESENTED BELOW ARE FOR ILLUSTRATIVE PURPOSES ONLY.

FINAL REDEMPTION

FIXED COUPON

FLOATING COUPON

ANNEX

AMENDMENTS TO THE GENERAL TERMS AND CONDITIONS OF THE NOTES

1. General Note Condition 17 (Change in law)

2. General Note Condition 18 (Agents)

GENERAL INFORMATION

Withholding tax

Automatic exchange of information

INDEX OF DEFINED TERMS

Registered Office of GSI

Goldman Sachs International

Registered Office of GSG The Goldman Sachs Group, Inc.

Principal Programme Agent and Registrar (Notes) Citigroup Global Markets Xxxxxxxxxxx XX

Transfer Agents

Banque Internationale à Luxembourg, société anonyme

Citibank, N.A., London Branch

Fiscal Agent and Paying Agent

Citibank, N.A., London Branch

Calculation Agent Goldman Sachs International

Auditors to GSI PricewaterhouseCoopers LLP

Independent Accountants of the Guarantor

Legal Advisers to the Issuer

NOTA DI SINTESI

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