Obligation Goldman & Sachs 0.32% ( US38150A6S93 ) en USD

Goldman & Sachs

100 % ⇌

Etas-Unis

US38150A6S93 ( en USD )

0.32% par an ( paiement semestriel )

25/05/2021 - Obligation échue

Prospectus brochure de l'obligation Goldman Sachs US38150A6S93 en USD 0.32%, échue

1 000 USD

1 090 000 USD

38150A6S9

N/A

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

L'obligation de type ISIN US38150A6S93 (Code CUSIP : 38150A6S9), émise par Goldman Sachs, une institution financière mondiale de premier plan basée aux États-Unis, a atteint sa maturité et a été intégralement remboursée le 25 mai 2021, au prix de 100% de sa valeur nominale sur le marché. Cet emprunt, libellé en USD, affichait un taux d'intérêt annuel de 0,32% avec une fréquence de paiement semestrielle. L'émission totale de cet instrument s'élevait à 1 090 000 USD, avec une taille minimale d'achat fixée à 1 000 USD.

Prospectus Supplement No. 118 dated May 23, 2018
424B2 1 d594236d424b2.htm PROSPECTUS SUPPLEMENT NO. 118 DATED MAY 23, 2018
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-219206

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

$1,090,000

Floating Rate Notes due 2021

We will pay interest quarterly on February 25, May 25, August 25 and November 25 of each year, commencing on August 25, 2018 to,
and including, the stated maturity date (May 25, 2021) at a floating rate equal to the then-applicable 2-year CMS rate plus the spread of
0.10% per annum, subject to the minimum interest rate of 0% per annum.
The notes will mature on the stated maturity date. On the stated maturity date, you will receive $1,000, plus any accrued and unpaid
interest, for each $1,000 of the face amount of your notes. T he 2 -ye a r CM S ra t e is ba se d on a hypot he t ic a l int e re st ra t e
sw a p re fe re nc ing 3 -m ont h U SD LI BOR. LI BOR is be ing m odifie d, se e pa ge S -6 .
Y our inve st m e nt in t he not e s involve s c e rt a in risk s, inc luding our c re dit risk . Se e pa ge S -7 .
You should read the disclosure herein to better understand the terms and risks of your investment.

Origina l issue da t e :
May 25, 2018
Origina l issue pric e :
100% of the face amount
U nde rw rit ing disc ount : 0.855% of the face amount
N e t proc e e ds t o t he issue r: 99.145% of the face amount
In addition to offers and sales at the initial price to public, the underwriters may offer the notes from time to time for sale in one or more
transactions at market prices prevailing at the time of sale, at prices related to market prices or at negotiated prices.
N e it he r t he Se c urit ie s a nd Ex c ha nge Com m ission nor a ny ot he r re gula t ory body ha s a pprove d or disa pprove d
of t he se se c urit ie s or pa sse d upon t he a c c ura c y or a de qua c y of t his prospe c t us. Any re pre se nt a t ion t o t he
c ont ra ry is a c rim ina l offe nse . T he not e s a re not ba nk de posit s a nd a re not insure d by t he Fe de ra l De posit
I nsura nc e Corpora t ion or a ny ot he r gove rnm e nt a l a ge nc y, nor a re t he y obliga t ions of, or gua ra nt e e d by, a ba nk .

Goldm a n Sa c hs & Co. LLC

I nc a pit a l LLC
Prospectus Supplement No. 118 dated May 23, 2018.
Table of Contents
The issue price, underwriting discount and net proceeds listed on the cover page hereof relate to the notes we sell initially. We may
decide to sell additional notes after the date of this prospectus supplement, at issue prices and with underwriting discounts and net
proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in notes will depend in
part on the issue price you pay for such notes.
Goldman Sachs may use this prospectus in the initial sale of the offered notes. In addition, Goldman Sachs & Co. LLC, or any other
affiliate of Goldman Sachs may use this prospectus in a market-making transaction in a note after its initial sale. Unless Goldman Sachs
or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is being used in a market-making
transaction.

About Y our Prospe c t us

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

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Prospectus Supplement No. 118 dated May 23, 2018
· ??Prospectus supplement dated July 10, 2017

· ??Prospectus dated July 10, 2017

The information in this prospectus supplement supersedes any conflicting information in the documents listed above. In addition, some
of the terms or features described in the listed documents may not apply to your notes.

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SPECI FI C T ERM S OF Y OU R N OT ES

We refer to the notes we are offering by this prospectus supplement as the "offered notes" or the "notes". Please note that in this
prospectus supplement, references to "The Goldman Sachs Group, Inc.", "we", "our" and "us" mean only The Goldman Sachs Group, Inc.
and do not include its consolidated subsidiaries, while references to "Goldman Sachs" mean The Goldman Sachs Group, Inc., together
with its consolidated subsidiaries. Also, references to the "accompanying prospectus" mean the accompanying prospectus, dated
July 10, 2017, as supplemented by the accompanying prospectus supplement, dated July 10, 2017, relating to Medium-Term Notes,
Series N, of The Goldman Sachs Group, Inc. Please note that in this section entitled "Specific Terms of Your Notes", references to
"holders" mean those who own notes registered in their own names, on the books that we or the trustee maintain for this purpose, and
not those who own beneficial interests in notes registered in street name or in notes issued in book-entry form through The Depository
Trust Company. Please review the special considerations that apply to owners of beneficial interests in the accompanying prospectus,
under "Legal Ownership and Book-Entry Issuance". References to the "indenture" in this prospectus supplement mean the senior debt
indenture, dated July 16, 2008, as amended, between The Goldman Sachs Group, Inc. and The Bank of New York Mellon, as trustee.

K e y T e rm s
I ssue r: The Goldman Sachs Group, Inc.
Spe c ifie d c urre nc y: U.S. dollars ("$")
De nom ina t ions: $1,000 and integral multiples of $1,000 in excess thereof
Fa c e a m ount : each note will have a face amount equal to $1,000, or integral multiples of $1,000 in excess thereof; $1,090,000 in the
aggregate for all the offered notes; the aggregate face amount of the offered notes may be increased if the issuer, at its sole option,
decides to sell an additional amount of the offered notes on a date subsequent to the date of this prospectus supplement
St a t e d m a t urit y da t e : May 25, 2021
T ra de da t e : May 23, 2018
Origina l issue da t e (se t t le m e nt da t e ): May 25, 2018
Form of N ot e s: global form only
Supple m e nt a l disc ussion of U .S. fe de ra l inc om e t a x c onse que nc e s: The notes will be treated as variable rate debt
instruments for U.S. federal income tax purposes. Under this characterization, it is the opinion of Sidley Austin LLP that you should include
qualified stated interest (i.e., the interest payments) in ordinary income at the time you receive or accrue such payments, depending on
your regular method of accounting for tax purposes. In addition, any gain or loss you recognize upon the sale, exchange or maturity of
your notes should be capital gain or loss. Please see "Supplemental Discussion of Federal Income Tax Consequences" below for a more
detailed discussion.
I nt e re st ra t e : a rate per annum equal to the base rate, determined on the relevant interest determination date, plus the spread, subject
to the minimum interest rate; for the initial interest period the base rate shall be the initial base rate
Ba se ra t e : 2-year CMS rate (as described under "Historical 2-Year CMS Rates", "Additional Information About the Notes 2-Year CMS
Rate" and "Discontinuance of the CMS base rate" below). T he 2 -ye a r CM S ra t e is ba se d on a hypot he t ic a l int e re st ra t e sw a p
re fe re nc ing 3 -m ont h U SD LI BOR. LI BOR is be ing m odifie d, se e pa ge S -6 .
I nit ia l ba se ra t e : 2-year CMS rate in effect on May 23, 2018
Disc ont inua nc e of t he CM S ba se ra t e : if the calculation agent determines on an interest determination date that the CMS base rate
has been discontinued, then the calculation agent will use a substitute or successor base rate that it has determined in its sole discretion is
most comparable to the CMS base rate, provided that if the calculation agent determines there is an industry-accepted successor base
rate, then the calculation agent shall use such successor base rate. If the calculation agent has determined a substitute or successor base
rate in accordance with the foregoing, the calculation agent in its sole discretion may determine the business day convention, the
applicable business days and the interest determination dates to be used, and any other relevant methodology for calculating such
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Prospectus Supplement No. 118 dated May 23, 2018
substitute or

S-3
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successor base rate comparable to the CMS base rate, including any adjustment factor needed to make such substitute or successor rate
comparable to the CMS base rate, in a manner that is consistent with industry-accepted practices for such substitute or successor base
rate.
I nde x m a t urit y: 2 years
M inim um int e re st ra t e : 0% per annum
Spre a d: 0.10% per annum
I nt e re st pa ym e nt da t e s: February 25, May 25, August 25 and November 25 of each year, commencing on August 25, 2018, to, and
including, the stated maturity date, subject to adjustments as described elsewhere in the prospectus supplement
I nt e re st pe riods: quarterly; the periods from and including an interest payment date to but excluding the next succeeding interest
payment date (or the stated maturity date, in the case of the final interest period)
I nt e re st de t e rm ina t ion da t e s: the second U.S. Government securities business day preceding the interest reset date
Busine ss da y c onve nt ion: following unadjusted; applicable to interest payment dates and interest reset dates
I nt e re st re se t da t e s: every February 25, May 25, August 25 and November 25 of each year, commencing on August 25, 2018
Da y c ount c onve nt ion: 30/360 (ISDA), as described under "Additional Information About the Notes-- Day Count Convention" below.
Re gula r re c ord da t e s: the day immediately prior to the day on which the interest payment is to be made (as such payment day may
be adjusted under the applicable business day convention)
N o list ing: the notes will not be listed or displayed on any securities exchange or interdealer market quotation system
Lim it e d e ve nt s of de fa ult : The only events of default for the notes are (i) interest or principal payment defaults that continue for 30
days and (ii) certain insolvency events. No other breach or default under our senior debt indenture or the notes will result in an event of
default for the notes or permit the trustee or holders to accelerate the maturity of any debt securities that is, they will not be entitled to
declare the principal amount of any notes to be immediately due and payable. See "Risks Relating to Regulatory Resolution Strategies and
Long-Term Debt Requirements" and "Description of Debt Securities We May Offer -- Default, Remedies and Waiver of Default --
Securities Issued on or after January 1, 2017 under the 2008 Indenture" in the accompanying prospectus for further details.
N o re de m pt ion: the notes will not be subject to redemption right or price dependent redemption right
Busine ss Da y: New York business day.
De fe a sa nc e a pplie s a s follow s:

·
full defeasance: no

·
covenant defeasance: no
Ca lc ula t ion a ge nt : Goldman Sachs & Co. LLC
CU SI P no.: 38150A6S9
I SI N no.: US38150A6S93
FDI C: the notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental
agency; nor are they obligations of, or guaranteed by, a bank

S-4
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H Y POT H ET I CAL EX AM PLES
The following table is provided for purposes of illustration only. It should not be taken as an indication or prediction of future
investment results and is intended merely to illustrate the method we will use to calculate the amount of interest accrued during each
interest period.
The table below is based on 2-year CMS rates that are entirely hypothetical; no one can predict what the 2-year CMS rate will be on
any day during the interest periods, and no one can predict the interest that will accrue on your notes in any interest period.
For these reasons, the actual 2-year CMS rates during the interest periods, as well as the interest payable on each interest payment
date, may bear little relation to the hypothetical table shown below or to the historical 2-year CMS rates shown elsewhere in this
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Prospectus Supplement No. 118 dated May 23, 2018
prospectus supplement. For information about the 2-year CMS rates during recent periods, see "Historical 2-year CMS Rates" on page S-
14. Before investing in the offered notes, you should consult publicly available information to determine the 2-year CMS rates between the
date of this prospectus supplement and the date of your purchase of the offered notes.
The following table illustrates the method we will use to calculate the interest rate at which interest will accrue on each day included in
each interest period, subject to the key terms and assumptions below.
The percentage amounts in the left column of the table below represent hypothetical 2-year CMS rates on a given interest
determination date. The right column of the table below represent the hypothetical interest rate that would be payable on a given interest
payment date, based on the corresponding hypothetical 2-year CMS rate. The information in the table also reflects the key terms and
assumptions in the box below.

K e y T e rm s a nd Assum pt ion
Face amount

$1,000
Minimum interest rate

0% per annum
Spread

0.10% per annum
Also, the hypothetical examples shown below do not take into account the effects of applicable taxes.

H ypot he t ic a l int e re st a m ount pa ya ble on a n int e re st
H ypot he t ic a l 2 -Y e a r CM S Ra t e

pa ym e nt da t e

-3.00%

0.00%*
-2.00%

0.00%*
-1.00%

0.00%*
-0.05%

0.05%
0.00%

0.10%
0.20%

0.30%
0.25%

0.35%
0.90%

1.00%
1.00%

1.10%
1.05%

1.15%
2.35%

2.45%
3.00%

3.10%
4.00%

4.10%
5.50%

5.60%
7.00%

7.10%
* Interest is floored at the minimum interest rate of 0.00% per annum for the interest payment dates.
Payments on the notes are economically equivalent to the amounts that would be paid on a combination of other instruments. For
example, payments on the notes are economically equivalent to the amounts that would be paid on a combination of an interest-bearing
bond bought, and an option bought, by the holder (with an implicit option premium paid over time by the holder). The discussion in this
paragraph does not modify or affect the terms of the notes or the United States income tax treatment of the notes, as described elsewhere
in this prospectus supplement.

S-5
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We cannot predict the actual 2-year CMS rate on any day or the market value of your notes, nor can we predict the relationship
between the 2-year CMS rate and the market value of your notes at any time prior to the stated maturity date. The actual interest
payment that a holder of the offered notes will receive on each interest payment date and the rate of return on the offered notes will
depend on the actual 2-year CMS rates determined by the calculation agent over the life of your notes. Moreover, the assumptions on
which the hypothetical table is based may turn out to be inaccurate. Consequently, the interest amount to be paid in respect of your
notes on each interest payment date may be very different from the information reflected in the table above. The 2-year CMS rate is
based on a hypothetical interest rate swap referencing 3-month USD LIBOR. LIBOR is being modified, see page S-6.

S-6
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ADDI T I ON AL RI SK FACT ORS SPECI FI C T O Y OU R N OT ES

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Prospectus Supplement No. 118 dated May 23, 2018
An investment in your notes is subject to the risks described below, as well as the risks and considerations described in the
accompanying prospectus, dated July 10, 2017, and in the accompanying prospectus supplement, dated July 10, 2017. Your notes are
a riskier investment than ordinary debt securities. You should carefully review these risks and considerations as well as the terms of the
notes described herein and in the accompanying prospectus, dated July 10, 2017, as supplemented by the accompanying prospectus
supplement, dated July 10, 2017, of The Goldman Sachs Group, Inc. Your notes are a riskier investment than ordinary debt securities.
You should carefully consider whether the offered notes are suited to your particular circumstances.

T he N ot e s Are Subje c t t o t he Cre dit Risk of t he I ssue r
Although the return on the notes will be based in part on the performance of the 2-year CMS rate, the payment of any amount due on
the notes is subject to our credit risk. The notes are our unsecured obligations. Investors are dependent on our ability to pay all amounts
due on the notes, and therefore investors are subject to our credit risk and to changes in the market's view of our creditworthiness. See
"Description of the Notes We May Offer -- Information About Our Medium-Term Notes, Series N Program -- How the Notes Rank Against
Other Debt" on page S-5 of the accompanying prospectus supplement.
We M a y Se ll a n Addit iona l Aggre ga t e Fa c e Am ount of t he N ot e s a t a Diffe re nt I ssue Pric e
At our sole option, we may decide to sell an additional aggregate face amount of the notes subsequent to the date of this prospectus
supplement. The issue price of the notes in the subsequent sale may differ substantially (higher or lower) from the issue price you paid as
provided on the cover of this prospectus supplement.
T he Am ount of I nt e re st Pa ya ble on Y our N ot e s Will N ot Be Affe c t e d by t he 2 -Y e a r CM S Ra t e on Any Da y Ot he r
T ha n a n I nt e re st De t e rm ina t ion Da t e
For each interest period, the amount of interest payable on each interest payment date is calculated based on the 2-year CMS rate on
the applicable interest determination date plus the spread. Although the actual 2-year CMS rate on an interest payment date or at other
times during an interest period may be higher than the 2-year CMS rate on the applicable interest determination date, you will not benefit
from the 2-year CMS rate at any time other than on the interest determination date for such interest period.
Re c e nt Re gula t ory I nve st iga t ions Re ga rding Pot e nt ia l M a nipula t ion of I SDAfix M a y Adve rse ly Affe c t Y our N ot e s
It has been reported that the U.K. Financial Conduct Authority and the U.S. Commodity Futures Trading Commission are working
together to investigate potential manipulation of ISDAfix. If such manipulation occurred, it may have resulted in the 2-year CMS rate being
artificially lower (or higher) than it would otherwise have been. Any changes or reforms affecting the determination or supervision of
ISDAfix (or ICE Swap Rate) in light of these investigations may result in a sudden or prolonged increase or decrease in reported ISDAfix
(or ICE Swap Rate), which could have an adverse impact on the trading market for ISDAfix (or ICE Swap Rate)-benchmarked securities
such as your notes, the value of your notes and any payments on your notes.
T he 2 -Y e a r CM S Ra t e is Ba se d on a H ypot he t ic a l I nt e re st Ra t e Sw a p Re fe re nc ing 3 -M ont h U SD LI BOR; U .K .
Re gula t ors Will N o Longe r Pe rsua de or Com pe l Ba nk s t o Subm it Ra t e s for Ca lc ula t ion of LI BOR Aft e r 2 0 2 1 ;
I nt e re st Ra t e Be nc hm a rk M a y Be Disc ont inue d
The 2-year CMS rate represents the fixed rate of interest payable on a hypothetical interest rate swap with a floating leg based on
3-month USD LIBOR. On July 27, 2017, the Chief Executive of the U.K. Financial Conduct Authority (FCA), which regulates LIBOR,
announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR (which includes the
3-month USD LIBOR rate) after 2021. Such announcement indicates that the continuation of LIBOR on the current basis cannot and will
not be guaranteed after 2021. Notwithstanding the foregoing, it appears highly likely that LIBOR will be discontinued or modified by 2021.
It is not possible to predict the effect that this announcement or any such discontinuance or modification will have on the 3-month USD
LIBOR rate, the 2-year CMS rate or your notes. If the calculation agent determines on an interest determination date that the 2-year CMS
rate has been discontinued, then the calculation agent will use a substitute or successor base rate that it has determined in its sole
discretion is most comparable to the 2-year CMS rate, provided that if the calculation agent determines there is an industry-accepted
successor base rate, then the calculation agent shall use such successor base rate. If the calculation agent has determined a substitute or
successor base rate in accordance with the foregoing, the calculation agent in its sole discretion may determine the business day
convention, the applicable business days and the interest determination dates to be used, and any other relevant methodology for
calculating such substitute or successor base rate, including any adjustment factor needed to make such substitute or successor base rate
comparable to the 2-year CMS rate, in a

S-7
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manner that is consistent with industry-accepted practices for such substitute or successor base rate. See "Specific Terms of Your Notes
-- Key Terms -- Discontinuance of the CMS base rate" on page S-4.
Eve n if t he 2 -Y e a r CM S Ra t e is N ot Disc ont inue d, Suc h Ra t e M a y N ot Be Publishe d on a n I nt e re st De t e rm ina t ion
Da t e a nd, I f Suc h Ra t e is N ot Publishe d, it M a y Be Ca lc ula t e d Ba se d on De a le r Quot a t ions or by t he Ca lc ula t ion
Age nt in it s Sole Disc re t ion
Even if the 2-year CMS rate is not discontinued, it is possible that such rate may not be available on the applicable interest
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Prospectus Supplement No. 118 dated May 23, 2018
determination date because such rate is not published by the Intercontinental Exchange (ICE). Non-publication by ICE of the applicable
CMS rate (ICE Swap Rate) could occur for a number of reasons, such as a lack of available market data and an inability to use available
market data to estimate rates for index maturities that are not available, or for other reasons. For example, on February 6, 2018, no CMS
Rate (ICE Swap Rate) was published for any index maturity. If the 2-year CMS rate cannot be determined using the Reuters ICESWAP1
page due to the non-publication of such rate on a given interest determination date, the calculation agent will determine such rate on the
basis of the mid-market semi-annual swap rate quotations provided by five leading swap dealers in the New York City interbank market at
approximately 11:00 a.m., New York City time, on that date. If fewer than three quotations are provided as requested (as occurred in
relation to the February 6, 2018 non-publication of the 2-year CMS rate), the 2-year CMS rate will be determined by the calculation agent
in its sole discretion. See "Additional Information About the Notes -- 2-Year CMS Rate" on page S-12. If, after an interest determination
date, you would like to know the level of the 2-year CMS rate on such interest determination date, please call GS&Co. at (212) 902-0300.
Re gula t ion a nd Re form of "Be nc hm a rk s", I nc luding LI BOR a nd Ot he r T ype s of Be nc hm a rk s, M a y Ca use Suc h
"Be nc hm a rk s" t o Pe rform Diffe re nt ly T ha n in t he Pa st , or t o Disa ppe a r Ent ire ly, or H a ve Ot he r Conse que nc e s
Whic h Ca nnot be Pre dic t e d
LIBOR and other interest rate, equity, 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 while 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 your notes.
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 discretionary valuation by the calculation agent or other consequence in relation to your notes. Any such consequence
could have a material adverse effect on the value of and return on your notes.
T he H ist oric a l Le ve ls of t he 2 -Y e a r CM S Ra t e Are N ot a n I ndic a t ion of t he Fut ure Le ve ls of t he
2 -Y e a r CM S Ra t e
In the past, the level of the 2-year CMS rate has experienced significant fluctuations. You should note that historical levels, fluctuations
and trends of the 2-year CMS rate are not necessarily indicative of future levels. Any historical upward or downward trend in the 2-year
CMS rate is not an indication that the 2-year CMS rate is more or less likely to increase or decrease at any time during an interest period,
and you should not take the historical levels of the 2-year CMS rate as an indication of its future performance.
I f Y ou Purc ha se Y our N ot e s a t a Pre m ium t o Fa c e Am ount , t he Re t urn on Y our I nve st m e nt Will Be Low e r T ha n t he
Re t urn on N ot e s Purc ha se d a t Fa c e Am ount a nd t he I m pa c t of Ce rt a in K e y T e rm s of t he N ot e s Will be N e ga t ive ly
Affe c t e d
The amount you will be paid for your notes on the stated maturity date will not be adjusted based on the issue price you pay for the
notes. If you purchase notes at a price that differs from the face amount of the notes, then the return on your investment in such notes
held to the stated maturity date will differ from, and may be substantially less than, the return on notes purchased at face amount. If you
purchase your notes at a premium to face amount and hold them to the stated maturity date, the return on your investment in the notes
will be lower than it would have been had you purchased the notes at face amount or a discount to face amount.
T he M a rk e t V a lue of Y our N ot e s M a y Be I nflue nc e d by M a ny U npre dic t a ble Fa c t ors
When we refer to the market value of your notes, we mean the value that you could receive for your notes if you chose to sell them in
the open market before the stated maturity date. A number of factors, many of which are beyond our control, will influence the market
value of your notes, including:

S-8
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·
the 2-year CMS rate;

·
the volatility i.e., the frequency and magnitude of changes in the level of the 2-year CMS rate;

·
the expected future performance of the 2-year CMS rate;

·
economic, financial, regulatory, political, military and other events that affect the level of the 2-year CMS rate generally;

·
interest rate and yield rates in the market;

·
the time remaining until your notes 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.
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Prospectus Supplement No. 118 dated May 23, 2018
These factors, and many other factors, will influence the price you will receive if you sell your notes before maturity, including the price
you may receive for your notes in any market making transaction. If you sell your notes before maturity, you may receive less than the face
amount of your notes.
You cannot predict the future performance of the 2-year CMS rate based on its historical performance. The actual performance of the
2-year CMS rate over the life of the offered notes may bear little or no relation to the historical levels of the 2-year CMS rate or to the
hypothetical examples shown elsewhere in this prospectus supplement.
I f t he 2 -Y e a r CM S Ra t e Cha nge s, t he M a rk e t V a lue of Y our N ot e s M a y N ot Cha nge in t he Sa m e M a nne r
The price of your notes may move differently than the 2-year CMS rate. Changes in the 2-year CMS rate may not result in a
comparable change in the market value of your notes. We discuss some of the reasons for this disparity under "-- The Amount of Interest
Payable on Your Notes Will Not Be Affected by the 2-year CMS rate on Any Day Other Than an Interest Determination Date" and "-- The
Market Value of Your Notes May Be Influenced by Many Unpredictable Factors" above.
Ant ic ipa t e d H e dging Ac t ivit ie s by Goldm a n Sa c hs or Our Dist ribut ors M a y N e ga t ive ly I m pa c t I nve st ors in t he
N ot e s a nd Ca use Our I nt e re st s a nd T hose of Our Clie nt s a nd Count e rpa rt ie s t o be Cont ra ry t o T hose of I nve st ors
in t he N ot e s
Goldman Sachs expects to hedge our obligations under the notes by purchasing futures and/or other instruments linked to 2-year CMS
rate. Goldman Sachs also expects to adjust the hedge by, among other things, purchasing or selling any of the foregoing, and perhaps
other instruments linked to 2-year CMS rate, at any time and from time to time, and to unwind the hedge by selling any of the foregoing on
or before the final interest determination date for your notes. Alternatively, Goldman Sachs may hedge all or part of our obligations under
the notes with unaffiliated distributors of the notes which we expect will undertake similar market activity. Goldman Sachs may also enter
into, adjust and unwind hedging transactions relating to other 2-year CMS rate-linked notes whose returns are linked to 2-year CMS rate.
In addition to entering into such transactions itself, or distributors entering into such transactions, Goldman Sachs may structure such
transactions for its clients or counterparties, or otherwise advise or assist clients or counterparties in entering into such transactions. These
activities may be undertaken to achieve a variety of objectives, including: permitting other purchasers of the notes or other securities to
hedge their investment in whole or in part; facilitating transactions for other clients or counterparties that may have business objectives or
investment strategies that are inconsistent with or contrary to those of investors in the notes; hedging the exposure of Goldman Sachs to
the notes including any interest in the notes that it reacquires or retains as part of the offering process, through its market-making activities
or otherwise; enabling Goldman Sachs to comply with its internal risk limits or otherwise manage firmwide, business unit or product risk;
and/or enabling Goldman Sachs to take directional views as to relevant markets on behalf of itself or its clients or counterparties that are
inconsistent with or contrary to the views and objectives of the investors in the notes.
Any of these hedging or other activities may adversely affect the levels of 2-year CMS rate -- and therefore the market value of your
notes and the amount we will pay on your notes at maturity. In addition, you should expect that these transactions will cause Goldman
Sachs or its clients, counterparties or distributors to have economic interests and incentives that do not align with, and that may be directly
contrary to, those of an investor in the notes. Neither Goldman Sachs nor any distributor will have any obligation to take, refrain from
taking or cease taking any action with respect to these transactions based on the potential effect on an investor in the notes, and may
receive substantial returns on hedging or other activities while the value of your notes declines. In addition, if the distributor from which you
purchase notes is to conduct hedging activities in connection with the notes, that distributor may otherwise profit in connection with such
hedging activities and such profit, if any, will be in addition to the compensation that the distributor receives for the sale of the notes to
you. You should be aware that the potential to earn fees in connection with hedging activities may create a further incentive for the
distributor to sell the notes to you in addition to the compensation they would receive for the sale of the notes.

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As Ca lc ula t ion Age nt , Goldm a n Sa c hs & Co. LLC Will H a ve t he Aut horit y t o M a k e De t e rm ina t ions t ha t Could
Affe c t t he V a lue of Y our N ot e s a nd t he Am ount Y ou M a y Re c e ive On Any I nt e re st Pa ym e nt Da t e
As calculation agent for your notes, Goldman Sachs & Co. LLC will have discretion in making certain determinations that affect your
notes, including determining the 2-year CMS rate on any interest determination date, which we will use to determine the amount we will
pay on any applicable interest payment date. Further, if Goldman Sachs & Co. LLC determines on an interest determination date that the
2-year CMS rate has been discontinued, then Goldman Sachs & Co. LLC will use a substitute or successor base rate that it has
determined in its sole discretion is most comparable to the 2-year CMS rate, provided that if Goldman Sachs & Co. LLC determines there
is an industry-accepted successor base rate, then Goldman Sachs & Co. LLC shall use such successor base rate. If Goldman Sachs &
Co. LLC has determined a substitute or successor base rate in accordance with the foregoing, Goldman Sachs & Co. LLC in its sole
discretion may determine the business day convention, the applicable business days and the interest determination dates to be used, and
any other relevant methodology for calculating such substitute or successor base rate, including any adjustment factor needed to make
such substitute or successor base rate comparable to the 2-year CMS rate, in a manner that is consistent with industry-accepted practices
for such substitute or successor base rate. See "Specific Terms of Your Notes -- Key Terms -- Discontinuance of the CMS base rate" on
page S-4. The exercise of this discretion by Goldman Sachs & Co. LLC could adversely affect the value of your notes and may present
Goldman Sachs & Co. LLC with a conflict of interest. We may change the calculation agent at any time without notice and Goldman
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Prospectus Supplement No. 118 dated May 23, 2018
Sachs & Co. LLC may resign as calculation agent at any time upon 60 days' written notice to Goldman Sachs.
Y our N ot e s M a y N ot H a ve a n Ac t ive T ra ding M a rk e t
Your notes will not be listed or displayed on any securities exchange or included in any interdealer market quotation system, and there
may be little or no secondary market for your notes. Even if a secondary market for your notes develops, it may not provide significant
liquidity and we expect that transaction costs in any secondary market would be high. As a result, the difference between bid and asked
prices for your notes in any secondary market could be substantial.
Ce rt a in Conside ra t ions for I nsura nc e Com pa nie s a nd Em ploye e Be ne fit Pla ns
Any insurance company or fiduciary of a pension plan or other employee benefit plan that is subject to the prohibited transaction rules
of the Employee Retirement Income Security Act of 1974, as amended, which we call "ERISA", or the Internal Revenue Code of 1986, as
amended, including an IRA or a Keogh plan (or a governmental plan to which similar prohibitions apply), and that is considering
purchasing the offered notes with the assets of the insurance company or the assets of such a plan, should consult with its counsel
regarding whether the purchase or holding of the offered notes could become a "prohibited transaction" under ERISA, the Internal
Revenue Code or any substantially similar prohibition in light of the representations a purchaser or holder in any of the above categories is
deemed to make by purchasing and holding the offered notes. This is discussed in more detail under "Employee Retirement Income
Security Act" below.
Fore ign Ac c ount T a x Com plia nc e Ac t (FAT CA) Wit hholding M a y Apply t o Pa ym e nt s on Y our N ot e s, I nc luding a s a
Re sult of t he Fa ilure of t he Ba nk or Brok e r T hrough Whic h Y ou H old t he N ot e s t o Provide I nform a t ion t o T a x
Aut horit ie s
Please see the discussion under "United States Taxation -- Taxation of Debt Securities -- Foreign Account Tax Compliance Act
(FATCA) Withholding" in the accompanying prospectus for a description of the applicability of FATCA to payments made on your notes.

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U SE OF PROCEEDS
We will use the net proceeds we receive from the sale of the offered notes for the purposes we describe in the accompanying
prospectus under "Use of Proceeds".
H EDGI N G
In anticipation of the sale of the offered notes, we and/or our affiliates have entered into or expect to enter into hedging transactions
involving purchases of instruments linked to the 2-year CMS rate. In addition, from time to time, we and/or our affiliates expect to enter into
additional hedging transactions and to unwind those we have entered into, in connection with the offered notes and perhaps in connection
with other notes we issue, some of which may have returns linked to the 2-year CMS rate. Consequently, with regard to your notes, from
time to time, we and/or our affiliates:

·
expect to acquire or dispose of positions in over-the-counter options, futures or other instruments linked to the 2-year CMS rate,

and/or

·
may take short positions in securities of the kind described above -- i.e., we and/or our affiliates may sell securities of the kind

that we do not own or that we borrow for delivery to purchaser, and/or

·
may take or dispose of positions in interest rate swaps, options swaps and treasury bonds.
We and/or our affiliates may also acquire a long or short position in securities similar to your notes 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 offered notes and perhaps relating to other
notes with returns linked to the 2-year CMS rate. These steps may also involve sales and/or purchases of some or all of the listed or
over-the-counter options, futures or other instruments linked to the 2-year CMS rate.

The hedging activity discussed above may adversely affect the market value of your notes from time to time and the amount we will
pay on your notes. See "Additional Risk Factors Specific to Your Notes" above for a discussion of these adverse effects.

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ADDI T I ON AL I N FORM AT I ON ABOU T T H E N OT ES
2-Year CMS Rate
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Prospectus Supplement No. 118 dated May 23, 2018
In this prospectus supplement, when we refer to the 2-year CMS rate, we mean the rate as it appears on Reuters screen ICESWAP1
page under the heading 2-year index maturity for rates at approximately 11:00 a.m. New York time, on each interest determination date.
If the calculation agent determines on an interest determination date that the CMS base rate has been discontinued, then the
calculation agent will use a substitute or successor base rate that it has determined in its sole discretion is most comparable to the CMS
base rate, provided that if the calculation agent determines there is an industry-accepted successor base rate, then the calculation agent
shall use such successor base rate. If the calculation agent has determined a substitute or successor base rate in accordance with the
foregoing, the calculation agent in its sole discretion may determine the business day convention, the applicable business days and the
interest determination dates to be used, and any other relevant methodology for calculating such substitute or successor base rate,
including any adjustment factor needed to make such substitute or successor base rate comparable to the CMS base rate, in a manner
that is consistent with industry-accepted practices for such substitute or successor base rate.
Unless the calculation agent uses a substitute or successor base rate as so provided, if the 2-year CMS rate cannot be determined in
the manner described above on the relevant interest determination date, the following procedures will apply to your notes.

· The 2-year CMS rate for each interest determination date will be determined on the basis of the mid-market semi-annual swap rate
quotations provided by five leading swap dealers in the New York City interbank market at approximately 11:00 a.m., New York City
time, on the relevant interest determination date. For this purpose, the semi-annual swap rate means the mean of the bid and offered
rates for the semi-annual fixed leg, calculated on a 30/360 (ISDA) day count basis, of a fixed-for-floating U.S. dollar interest rate swap
transaction with a term equal to two years commencing on the interest reset date, with an acknowledged dealer of good credit in the
swap market, where the floating leg, calculated on an Actual/360 (ISDA) day count basis, is equivalent to the index rate that is then
used in the calculation of the CMS rate with a designated maturity of three months. The calculation agent will select the five swap
dealers in its sole discretion and will request the principal New York City office of each of those dealers to provide a quotation of its
rate.

· If at least three quotations are provided, the 2-year CMS rate on the relevant interest determination date will be the arithmetic mean of
the quotations described above, eliminating the highest and lowest quotations or, in the event of equality, one of the highest and one
of the lowest quotations.

· If fewer than three quotations are provided, the calculation agent will determine the 2-year CMS rate in its sole discretion.
"Reuters screen" means the display on the Thomson Reuters Eikon service, or any successor or replacement service, on the page
specified in this prospectus supplement, or any successor or replacement page on that service.
Day Count Convention
As further described under "Description of Debt Securities We May Offer -- Calculations of Interest on Debt Securities -- Interest
Rates and Interest" in the accompanying prospectus, for each interest period (each, an "interest period"), 30/360 (ISDA) means the
number of days in such interest period in respect of which payment is being made divided by 360, calculated on a formula basis as
follows, as described in Section 4.16(f) of the 2006 ISDA Definitions published by the International Swaps and Derivatives Association,
without regard to any subsequent amendments or supplements:

[360 × (Y2 Y1)] + [30 × (M2 M1)] + (D2 D1)

360
w he re :
"Y1" is the year, expressed as a number, in which the first day of the interest period falls;
"Y2" is the year, expressed as a number, in which the day immediately following the last day included in the interest period falls;
"M1" is the calendar month, expressed as a number, in which the first day of the interest period falls;

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"M2" is the calendar month, expressed as a number, in which the day immediately following the last day included in the interest
period falls;
"D1" is the first calendar day, expressed as a number, of the interest period, unless such number would be 31, in which case D1
will be 30; and
"D2" is the calendar day, expressed as a number, immediately following the last day included in the interest period, unless such
number would be 31 and D1 is greater than 29, in which case D2 will be 30.

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Prospectus Supplement No. 118 dated May 23, 2018
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H I ST ORI CAL 2 -Y EAR CM S RAT ES
The level of the 2-year CMS rate has fluctuated in the past and may, in the future, experience significant fluctuations. Any historical
upward or downward trend in the level of the 2-year CMS rate during any period shown below is not an indication that the 2-year CMS
rate is more or less likely to increase or decrease at any time during the life of your notes. See "Additional Risk Factors Specific to Your
Notes -- The 2-year CMS Rate is Based on a Hypothetical Interest Rate Swap Referencing 3-month USD LIBOR; U.K. Regulators Will No
Longer Persuade or Compel Banks to Submit Rates for Calculation of LIBOR After 2021; Interest Rate Benchmark May Be Discontinued",
"Additional Risk Factors Specific to Your Notes -- Recent Regulatory Investigations Regarding Potential Manipulation of ISDAfix May
Adversely Affect Your Notes" and "Additional Risk Factors Specific to Your Notes -- Regulation and Reform of "Benchmarks", Including
LIBOR and Other Types of Benchmarks, May Cause such "Benchmarks" to Perform Differently Than in the Past, or to Disappear Entirely,
or Have Other Consequences Which Cannot be Predicted" for more information relating to the 2-year CMS rate.
Y ou should not t a k e t he hist oric a l le ve ls of t he 2 -ye a r CM S ra t e a s a n indic a t ion of fut ure le ve ls of t he 2 -ye a r
CM S ra t e . We cannot give you any assurance that the future levels of the 2-year CMS rate will result in your receiving a return on your
notes that is greater than the return you would have realized if you invested in a debt security of comparable maturity that bears interest at
a prevailing market rate.
Neither we nor any of our affiliates make any representation to you as to the performance of the 2-year CMS rate. Before investing in
the offered notes, you should consult publicly available information to determine the levels of the 2-year CMS rate between the date of
this prospectus supplement and the date of your purchase of the offered notes. The actual levels of the 2-year CMS rate during the
interest periods may bear little relation to the historical levels of the 2-year CMS rate shown below.
The graph below shows the daily historical last levels of the 2-year CMS rate from May 23, 2008 through May 23, 2018. We obtained
the last levels in the graph below from Reuters, without independent verification.

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H ist oric a l Pe rform a nc e of t he 2 -ye a r CM S Ra t e

*The reference rate was not published by the Intercontinental Exchange on February 11, 2016 or February 6, 2018.
The notes are not sponsored, endorsed, sold or promoted by ICE Benchmark Administration and ICE Benchmark Administration makes no
representation regarding the advisability of investing in the notes.

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