EX-4.76






Exhibit 4.76




[Form of Floating Rate Medium-Term Note,
Series E of GS Finance Corp.]




(Face of Security)




          [IF A GLOBAL SECURITY, INSERT — THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
GSFC 2008 INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED,
AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON
OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE GSFC 2008 INDENTURE.]




          [IF DTC IS THE DEPOSITARY, INSERT — UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO GS FINANCE CORP.
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.]




          [INSERT ANY LEGEND REQUIRED BY THE INTERNAL
REVENUE CODE AND THE REGULATIONS THEREUNDER.]




          [INSERT ANY LEGEND REQUIRED BY THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT AND THE REGULATIONS
THEREUNDER.]




          THIS SECURITY IS NOT A BANK DEPOSIT AND IS NOT INSURED BY
THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY, NOR IS IT AN OBLIGATION OF, OR GUARANTEED BY, A BANK.




 









 





CUSIP No.
      
              




GS FINANCE CORP.




MEDIUM-TERM NOTES, SERIES E




FULLY AND UNCONDITIONALLY GUARANTEED BY




THE GOLDMAN SACHS GROUP, INC.

(Floating Rate Security)




          The
following terms apply to this Security, as and to the extent shown below:




	 	 	 
	PRINCIPAL AMOUNT:

	 	REPAYMENT DATE(S):
	 
	STATED MATURITY DATE:

	 	REDEMPTION OR REPAYMENT PRICE(S):
	 
	SPECIFIED CURRENCY: U.S. dollars for
all payments unless otherwise specified
below:




•   payments of principal and any premium:




•    payments of interest:



	 	BASE RATE:


•   CD Rate:




•   CMS Rate:





•   CMT Rate:


	EXCHANGE RATE AGENT:

	 	-    Designated CMT Reuters Screen Page:




	 
	ORIGINAL ISSUE DATE1:

	 	-    Designated CMT Index Maturity:




	 
	ORIGINAL ISSUE DISCOUNT SECURITY:

	 	•   Commercial Paper Rate:


	 
	•   Total Amount of OID:



	 	•   EURIBOR:


	 
	•   Yield to Maturity:



	 	•   Federal Funds Rate:


	 
	•   Initial Accrual Period OID:



	 	-    (Effective)/Open:




	 
	 

	 	
•   LIBOR:


	 

	 	

-    Reuters Screen LIBOR Page:




	 
	 

	 	


-    Index Currency:












 




			
	1	 	This date shall be the issue date of this Security,
unless there is a Predecessor Security, in which case this date shall be the
issue date of the first Predecessor Security.





(Face of Security continued on next page)




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•   Prime Rate:


	 
	 

	 	
•   Treasury Rate:


	 
	 

	 	
•   11th District Cost of Funds Rate:


	 
	REDEMPTION COMMENCEMENT DATE:

	 	INTEREST PAYMENT DATE(S): unless otherwise
specified, the third Wednesday of the
following:
	 
	INDEX MATURITY: 



SPREAD: 



SPREAD MULTIPLIER: 



INITIAL BASE RATE: 

MAXIMUM RATE:

	 	
•   each of the 12 calendar months in each year





•   each March, June, September and December in each year






•   each of the following two calendar months in each year:






•   the following calendar month in each year:


	 
	MINIMUM RATE: 



INTEREST RESET PERIOD:

	 	subject to the second paragraph under

“Payments Due on a Business Day” below
	 
	•   if semi-annual, reset
will occur in each of the following two months in each year:


	 	CALCULATION AGENT:

DEFEASANCE:
	 
	•   if annual, reset will
occur in the following month in each year:


	 	
•   Full Defeasance: N/A


	 
	•   otherwise, reset will
occur daily, weekly, monthly or quarterly in each year as follows:


	 	
•   Covenant Defeasance: N/A


	 
	 	 
	INTEREST RESET DATE(S): as provided in

	 	DAY COUNT CONVENTION:
	Section 3(a) on the reverse of this
Security (unless otherwise specified),
subject to the second paragraph under
“Payments Due on a Business Day” below
	 	 
	 
	 	 
	INTEREST DETERMINATION DATE(S): as
provided in Sections 3(b) through 3(k),
as applicable, on the reverse of this
Security (unless otherwise specified)
	 	 
	 
	 	 
	BUSINESS DAY CONVENTION:
	 	 
	 
	OTHER TERMS:
	 	 






(Face of Security continued on next page)




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          Terms
left blank or marked “N/A”, “No”, “None” or in a similar manner do not apply to this
Security except as otherwise may be specified.




          Whenever used in this Security, the terms specified above
that apply to this Security have the
meanings specified above, unless the context requires otherwise. Other terms used in this Security
that are not defined herein but that are defined in the GSFC 2008 Indenture referred to in Section
1 on the reverse of this Security are used herein as defined therein.




(Face of Security continued on next page)




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          GS
Finance Corp., a corporation duly organized and existing under the laws of the State of
Delaware (hereinafter called the “Company”, which term includes any successor Person under
the GSFC 2008 Indenture), for value received, hereby promises to pay to
                    , or
registered assigns, as principal the Principal Amount on the Stated Maturity Date and to pay
interest thereon, from the Original Issue Date or from the most recent Interest Payment Date to
which interest has been paid or made available for payment, on the Interest Payment Date(s) in each
year, commencing on the first such date that is at least 15 calendar days after the Original Issue
Date, and at the Maturity of the principal hereof, at a rate per annum determined in accordance
with the applicable provisions of Section 3 on the reverse hereof, until the principal hereof is
paid or made available for payment. Any premium and any such installment of interest that is
overdue at any time shall also bear interest (to the extent that the payment of such interest shall
be legally enforceable) at the rate per annum at which the principal then bears interest, from the
date any such overdue amount first becomes due until it is paid or made available for payment.
Notwithstanding the foregoing, interest on any principal, premium or installment of interest that
is overdue shall be payable on demand.




          The
interest so payable, and punctually paid or made available for payment, on any Interest
Payment Date will, as provided in the GSFC 2008 Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on the 15th
calendar day (whether or not a Business Day, as such term is defined in Section 3(o) on the reverse
hereof) next preceding such Interest Payment Date (a “Regular Record Date”);
provided, however, if this Security is a Global Security, a Regular Record Date
will instead occur on the fifth Business Day preceding such Interest Payment Date. Any interest so
payable, but not punctually paid or made available for payment, on any Interest Payment Date will
forthwith cease to be payable to the Holder on such Regular Record Date and such Defaulted Interest
may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to the Holder of this
Security not less than 10 days prior to such Special Record Date, or be paid in any other lawful
manner not inconsistent with the requirements of any securities exchange on which this Security may
be listed, and upon such notice as may be required by such exchange, all as more fully provided in
the GSFC 2008 Indenture. For the purpose of determining a Holder at the close of business on any
relevant record date when business is not being conducted, the close of business will mean 5:00
P.M., New York City time, on that day.




     Currency of Payment



          Payment of principal of (and premium, if any) and interest
on this Security will be made in
the Specified Currency for such payment, except as provided in this and the next three paragraphs.
The Specified Currency for any payment shall be the currency specified as such on the face of this
Security unless, at the time of such payment, such currency is not legal tender for the payment of
public and private debts in the country




(Face of Security continued on next page)




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issuing such currency on the Original Issue Date, in which case
the Specified Currency for
such payment shall be such coin or currency as at the time of such payment is legal tender for the
payment of public and private debts in such country, except as provided in the next sentence. If
the euro is specified on the face of this Security as the Specified Currency for any payment, the
Specified Currency for such payment shall be such coin or currency as at the time of payment is
legal tender for the payment of public and private debts in all EMU Countries (as defined in
Section 3(o) on the reverse hereof), provided that, if on any day there are not at least
two EMU Countries, or if on any day there are at least two EMU Countries but no coin or currency is
legal tender for the payment of public and private debts in all EMU Countries, then the Specified
Currency for such payment shall be deemed not to be available to the Company on such day.




          Except
as provided in the next paragraph, any payment to be made on this Security in a
Specified Currency other than U.S. dollars will be made in U.S. dollars if the Person entitled to
receive such payment transmits a written request for such payment to be made in U.S. dollars to the
Trustee at its Corporate Trust Office, Attention: Corporate Trust Administration, on or before the
fifth Business Day before the payment is to be made. Such written request may be mailed, hand
delivered, telecopied or delivered in any other manner approved by the Trustee. Any such request
made with respect to any payment on this Security payable to a particular Holder will remain in
effect for all later payments on this Security payable to such Holder, unless such request is
revoked on or before the fifth Business Day before a payment is to be made, in which case such
revocation shall be effective for such and all later payments. In the case of any payment of
interest payable on an Interest Payment Date, such written request must be made by the Person who
is the registered Holder of this Security on the relevant Regular Record Date.




          The
U.S. dollar amount of any payment made pursuant to the immediately preceding paragraph
will be determined by the Exchange Rate Agent based upon the highest bid quotation received by the
Exchange Rate Agent as of 11:00 A.M., New York City time, on the second Business Day preceding the
applicable payment date, from three (or, if three are not available, then two) recognized foreign
exchange dealers selected by the Exchange Rate Agent in The City of New York, in each case for the
purchase by the quoting dealer, for U.S. dollars and for settlement on such payment date of an
amount of such Specified Currency for such payment equal to the aggregate amount of such Specified
Currency payable on such payment date to all Holders of this Security who elect to receive U.S.
dollar payments on such payment date, and at which the applicable dealer commits to execute a
contract. If the Exchange Rate Agent determines that two such bid quotations are not available on
such second Business Day, such payment will be made in the Specified Currency for such payment.
All currency exchange costs associated with any payment in U.S. dollars on this Security will be
borne by the Holder entitled to receive such payment, by deduction from such payment.




          Notwithstanding the foregoing, if any amount payable on this
Security is payable on any day
(including at Maturity) in a Specified Currency other than U.S.




(Face of Security continued on next page)




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dollars, and if such Specified Currency is not available to the
Company on the two Business
Days before such day, due to the imposition of exchange controls, disruption in a currency market
or any other circumstances beyond the control of the Company, the Company will be entitled to
satisfy its obligation to pay such amount in such Specified Currency by making such payment in U.S.
dollars. The amount of such payment in U.S. dollars shall be determined by the Exchange Rate Agent
on the basis of the noon buying rate for cable transfers in The City of New York, for such
Specified Currency (the “Exchange Rate”) as of the latest day before the day on which such
payment is to be made. Any payment made under such circumstances in U.S. dollars where the
required payment is in other than U.S. dollars will not constitute an Event of Default under the
GSFC 2008 Indenture or this Security.




     Manner of Payment — U.S.
Dollars



          Except
as provided in the next paragraph, payment of any amount payable on this Security in
U.S. dollars will be made at the office or agency of the Company maintained for that purpose in The
City of New York (or at any other office or agency maintained by the Company for that purpose),
against surrender of this Security in the case of any payment due at the Maturity of the principal
hereof (other than any payment of interest that first becomes due on an Interest Payment Date);
provided, however, that, at the option of the Company and subject to the next
paragraph, payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register.




          Payment of any amount payable on this Security in U.S.
dollars will be made by wire transfer
of immediately available funds to an account maintained by the payee with a bank located in the
Borough of Manhattan, The City of New York, if (i) the principal of this Security is at least
$1,000,000 (or the equivalent in another currency) and (ii) the Holder entitled to receive such
payment transmits a written request for such payment to be made in such manner to the Trustee at
its Corporate Trust Office, Attention: Corporate Trust Administration, on or before the fifth
Business Day before the day on which such payment is to be made; provided that, in the case
of any such payment due at the Maturity of the principal hereof (other than any payment of interest
that first becomes due on an Interest Payment Date), this Security must be surrendered at the
office or agency of the Company maintained for that purpose in The City of New York (or at any
other office or agency maintained by the Company for that purpose) in time for the Paying Agent to
make such payment in such funds in accordance with its normal procedures. Any such request made
with respect to any payment on this Security payable to a particular Holder will remain in effect
for all later payments on this Security payable to such Holder, unless such request is revoked on
or before the fifth Business Day before a payment is to be made, in which case such revocation
shall be effective for such payment and all later payments. In the case of any payment of interest
payable on an Interest Payment Date, such written request must be made by the Person who is the
registered Holder of this Security on the relevant Regular Record Date. The Company will pay any
administrative costs imposed by banks in connection with making payments by wire transfer with
respect to this Security, but any tax, assessment or other




(Face of Security continued on next page)




-7- 









 







governmental charge imposed upon any payment will be borne by the
Holder of this Security and
may be deducted from the payment by the Company or the Paying Agent.




     Manner of Payment — Other
Specified Currencies



          Payment of any amount payable on this Security in a
Specified Currency other than U.S. dollars
will be made by wire transfer of immediately available funds to such account as is maintained in
such Specified Currency at a bank or other financial institution acceptable to the Company and the
Trustee and as shall have been designated at least five Business Days prior to the applicable
payment date by the Person entitled to receive such payment; provided that, in the case of
any such payment due at the Maturity of the principal hereof (other than any payment of interest
that first becomes due on an Interest Payment Date), this Security must be surrendered at the
office or agency of the Company maintained for that purpose in The City of New York (or at any
other office or agency maintained by the Company for that purpose) in time for the Paying Agent to
make such payment in such funds in accordance with its normal procedures. Such account designation
shall be made by transmitting the appropriate information to the Trustee at its Corporate Trust
Office in the Borough of Manhattan, The City of New York, by mail, hand delivery, telecopier or in
any other manner approved by the Trustee. Unless revoked, any such account designation made with
respect to this Security by the Holder hereof will remain in effect with respect to any further
payments with respect to this Security payable to such Holder. If a payment in a Specified
Currency other than U.S. dollars with respect to this Security cannot be made by wire transfer
because the required account designation has not been received by the Trustee on or before the
requisite date or for any other reason, the Company will cause a notice to be given to the Holder
of this Security at its registered address requesting an account designation pursuant to which such
wire transfer can be made and such payment will be made within five Business Days after the
Trustee’s receipt of such a designation meeting the requirements specified above, with the same
force and effect as if made on the due date. The Company will pay any administrative costs imposed
by banks in connection with making payments by wire transfer with respect to this Security, but any
tax, assessment or other governmental charge imposed upon any payment will be borne by the Holder
of this Security and may be deducted from the payment by the Company or the Paying Agent.




     Manner of Payment —
Global Securities



          Notwithstanding any provision of this Security or the GSFC
2008 Indenture, if this Security is
a Global Security, the Company may make any and all payments of principal, premium and interest on
this Security pursuant to the Applicable Procedures of the Depositary for this Security as
permitted in the GSFC 2008 Indenture.




(Face of Security continued on next page)




-8- 









 








     Payments Due on a Business
Day



          Notwithstanding any provision of this Security or the GSFC
2008 Indenture, if the Maturity of
the principal hereof occurs on a day that is not a Business Day, any amount of principal, premium
or interest would otherwise be due on this Security on such day (the “Specified Day”) may
be paid or made available for payment on the Business Day that is next succeeding the Specified Day
with the same force and effect as if such amount were paid on the Specified Day, and no interest
will accrue on the amount so payable for the period from the Specified Day to such next succeeding
Business Day.




          As
specified on the face of this Security, one of the following Business Day Conventions shall
apply to any relevant date other than one that falls on the date of Maturity of the principal
hereof. If any such date would otherwise fall on a day that is not a Business Day:





     (i) if the Business
Day Convention is “Following”, then such date will be
postponed to the next day that is a Business Day;




     (ii) if the
Business Day Convention is “Modified Following”, then such date
will be postponed to the next day that is a Business Day; provided that, if such
next succeeding Business Day falls in the next calendar month, then such date will be
advanced to the immediately preceding Business Day;




     (iii) if the
Business Day Convention is “Following Unadjusted”, any payment
due on such date will be postponed to the next day that is a Business Day; provided
that interest due with respect to such Interest Payment Date shall not accrue from and
including such Interest Payment Date to and including such next succeeding Business Day;
and




     (iv) if the
Business Day Convention is “Modified Following Unadjusted”, any
payment due on such date will be postponed to the next day that is a Business Day;
provided that interest due with respect to such Interest Payment Date shall not
accrue from and including such Interest Payment Date to and including such next succeeding
Business Day, and provided further that, if such next succeeding Business
Day would fall in the next succeeding calendar month, the date of payment with respect to
such Interest Payment Date will instead be advanced to the immediately preceding Business
Day.



          The
provisions of the two immediately preceding paragraphs shall apply to this Security in
lieu of the provisions of Section 113 of the GSFC 2008 Indenture.






 







(Face of Security continued on next page)




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          Reference is hereby made to the further provisions of this
Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.




          Unless
the certificate of authentication hereon has been executed by the Trustee by manual
signature, this Security shall not be entitled to any benefit under the GSFC 2008 Indenture or be
valid or obligatory for any purpose.




(Face of Security continued on next page)




-10- 









 








          IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.




     Dated:



	 	 	 	 	 
	 	GS FINANCE CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 


This is one of the Securities of the series designated herein and
referred to in the GSFC 2008
Indenture.




Dated:




	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON,

                as Trustee
 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 




 









 








GUARANTEE




          Capitalized terms used in this Guarantee that are not
defined herein but that are defined in
the Security upon which this Guarantee is endorsed or the GSFC 2008 Indenture referred to in such
Security are used herein as defined therein.




          The
Goldman Sachs Group, Inc., a corporation organized under the laws of the State of Delaware
(herein called the “Guarantor”, which term includes any successor Person under the GSFC
2008 Indenture), for value received, hereby fully and unconditionally guarantees to the Holder of
the Security upon which this Guarantee is endorsed, the due and punctual payment of the principal
of, and premium, if any, and interest, if any, on such Security when and as the same shall become
due and payable, whether at the Stated Maturity, by declaration of acceleration, call for
redemption or otherwise, in accordance with the terms of such Security and of the GSFC 2008
Indenture. In case of the failure of GS Finance Corp., a corporation organized under the laws of
the State of Delaware (herein called the “Company”, which term includes any successor
Person under the GSFC 2008 Indenture), punctually to make any such payment, the Guarantor hereby
agrees to cause such payment to be made punctually when and as the same shall become due and
payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or
otherwise, and as if such payment were made by the Company.




          The
Guarantor hereby agrees that its obligations hereunder shall be absolute and unconditional
irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of
such Security or the GSFC 2008 Indenture, any failure to enforce the provisions of such Security or
the GSFC 2008 Indenture, or any waiver, modification or indulgence granted to the Company with
respect thereto, by the Holder of such Security or the Trustee or any other circumstance which may
otherwise constitute a legal or equitable discharge or defense of a surety or guarantor; provided,
however, that notwithstanding the foregoing, no such waiver, modification or indulgence shall,
without the consent of the Guarantor, increase the principal amount of such Security, or increase
the interest rate thereon, change any redemption provisions thereof (including any change to
increase any premium payable upon redemption thereof) or change the Stated Maturity of any payment
thereon.




          The
Guarantor hereby waives the benefits of diligence, presentment, demand for payment, any
requirement that the Trustee or the Holder of such Security exhaust any right or take any action
against the Company or any other Person, filing of claims with a court in the event of insolvency
or bankruptcy of the Company, any right to require a proceeding first against the Company, protest
or notice with respect to such Security or the indebtedness evidenced thereby and all demands
whatsoever, and covenants that this Guarantee will not be discharged in respect of such Security
except by complete performance of the obligations contained in such Security and in this




-12- 









 







Guarantee. This Guarantee shall constitute a guaranty of payment
and not of collection. The
Guarantor hereby agrees that, in the event of a default in payment of principal, or premium, if
any, or interest, if any, on such Security, whether at its Stated Maturity, by declaration of
acceleration, call for redemption or otherwise, legal proceedings may be instituted by the Trustee
on behalf of, or by, the Holder of such Security, subject to the terms and conditions set forth in
the GSFC 2008 Indenture, directly against the Guarantor to enforce this Guarantee without first
proceeding against the Company.




          The
obligations of the Guarantor hereunder with respect to such Security shall be continuing
and irrevocable until the date upon which the entire principal of, premium, if any, and interest,
if any, on such Security has been, or has been deemed pursuant to the provisions of Article Four of
the GSFC 2008 Indenture to have been, paid in full or otherwise discharged.




          The
Guarantor shall be subrogated to all rights of the Holder of such Security upon which this
Guarantee is endorsed against the Company in respect of any amounts paid by the Guarantor on
account of such Security pursuant to the provisions of this Guarantee or the GSFC 2008 Indenture;
provided, however, that the Guarantor shall not be entitled to enforce or to receive any payments
arising out of, or based upon, such right of subrogation until the principal of, and premium, if
any, and interest, if any, on all Securities issued under the GSFC 2008 Indenture shall have been
paid in full.




          This
Guarantee shall remain in full force and effect and continue notwithstanding any petition
filed by or against the Company for liquidation or reorganization, the Company becoming insolvent
or making an assignment for the benefit of creditors or a receiver or trustee being appointed for
all or any significant part of the Company’s assets, and shall, to the fullest extent permitted by
law, continue to be effective or reinstated, as the case may be, if at any time payment of the
Security upon which this Guarantee is endorsed, is, pursuant to applicable law, rescinded or
reduced in amount, or must otherwise be restored or returned by the Holder of such Security,
whether as a “voidable preference,” “fraudulent transfer,” or otherwise, all as though such payment
or performance had not been made. In the event that any payment, or any part thereof, is
rescinded, reduced, restored or returned on such Security, such Security shall, to the fullest
extent permitted by law, be reinstated and deemed paid only by such amount paid and not so
rescinded, reduced, restored or returned.




          This
Guarantee shall not be valid or obligatory for any purpose until the certificate of
authentication of the Security upon which this Guarantee is endorsed shall have been manually
executed by or on behalf of the Trustee under the GSFC 2008 Indenture.




          All
terms used in this Guarantee which are defined in the GSFC 2008 Indenture shall have the
meanings assigned to them in such GSFC 2008 Indenture.




-13- 









 








          This
Guarantee shall be deemed to be a contract made under the laws of the State of New York,
and for all purposes shall be governed by and construed in accordance with the laws of the State of
New York.




-14- 









 








          IN
WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly executed.




Dated:




	 	 	 	 	 
	 	THE GOLDMAN SACHS GROUP, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 




 









 







(Reverse of Security)




          1.
Securities and the GSFC 2008 Indenture




          This
Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”) issued and to be issued in one or more series under a Senior Debt
Indenture, dated as of October 10, 2008 (herein called the “GSFC 2008 Indenture”, which term
shall have the meaning assigned to it in such instrument), among the Company, as Issuer, The
Goldman Sachs Group, Inc., as Guarantor (herein called the “Guarantor”, which term includes
any successor guarantor under the GSFC 2008 Indenture) and The Bank of New York Mellon, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the GSFC 2008
Indenture), and reference is hereby made to the GSFC 2008 Indenture for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities
are, and are to be, authenticated and delivered.




          2.
Series and Denominations




          This
Security is one of the series designated on the face hereof, limited to an aggregate
initial offering price (or the equivalent thereof in any other currency or currencies or currency
units) as shall be determined and may be increased from time to time by the Company. References
herein to “this series” mean the series of Securities designated on the face hereof.




          The
Securities of this series are issuable only in registered form without coupons in
“Authorized Denominations”, which term shall have the following meaning. For each Security
of this series having a principal amount payable in U.S. dollars, the Authorized Denominations
shall be $1,000 and integral multiples of $1,000 in excess thereof. For each Security of this
series having a principal amount payable in a Specified Currency other than U.S. dollars, the
Authorized Denominations shall be the amount of such Specified Currency equivalent, at the Exchange
Rate on the first Business Day next preceding the date on which the Company accepts the offer to
purchase such Security, to $1,000 or any integral multiples of $1,000 in excess thereof.




          3.
Interest Rate






               (a) Interest Rate
Reset. The interest rate on this Security will be reset from time to
time, as provided in this Section 3, and each date upon which such rate is reset as so provided
is hereinafter called an “Interest Reset Date”. Unless otherwise specified on the face
hereof, the Interest Reset Dates with respect to this Security will be as follows:




     (i) if the Interest
Reset Period is daily, each Business Day;



(Reverse of Security continued on next page)




-16- 









 









     (ii) if the
Interest Reset Period is weekly and the Base Rate is not the Treasury
Rate, the Wednesday of each week;




     (iii) if the
Interest Reset Period is weekly and the Base Rate is the Treasury Rate,
except as otherwise provided in the definition of “Treasury Interest Determination Date” in
Section 3(o) below, the Tuesday of each week;




     (iv) if the
Interest Reset Period is monthly, the third Wednesday of each month;




     (v) if the Interest
Reset Period is quarterly, the third Wednesday of each March,
June, September and December;




     (vi) if the
Interest Reset Period is semi-annual, the third Wednesday of each of two
months in each year specified under “Interest Reset Period” on the face hereof; and




     (vii) if the
Interest Reset Period is annual, the third Wednesday of the month in each
year specified under “Interest Reset Period” on the face hereof;


provided, however, that (x) the Base Rate in
effect from and including the Original
Issue Date to but excluding the initial Interest Reset Date will be the Initial Base Rate and (y)
if the Interest Reset Period is daily or weekly, the Base Rate in effect for each day following the
second Business Day immediately prior to an Interest Payment Date to but excluding such Interest
Payment Date, and for each day following the second Business Day immediately prior to the day of
Maturity of the principal hereof to but excluding such day of Maturity, will be the Base Rate in
effect on such applicable second Business Day; and provided, further, if so
specified, that any Interest Reset Date shall be subject to adjustment as provided in the second
paragraph under the heading “Payments Due on a Business Day” on the face of this Security.




          Subject to applicable provisions of law and except as
otherwise specified herein, on each
Interest Reset Date the interest rate on this Security shall be the rate determined in accordance
with such of the following Sections 3(b) through 3(k) as provide for determination of the Base Rate
for this Security. The Calculation Agent shall determine the interest rate of this Security in
accordance with the applicable Section below.




          Unless
the Base Rate is LIBOR or EURIBOR, the Calculation Agent will determine the interest
rate of this Security that takes effect on any Interest Reset Date on a day no later than the
Calculation Date (as defined in Section 3(o) below) corresponding to such Interest Reset Date.
However, the Calculation Agent need not wait until the Calculation Date to determine such interest
rate if the rate information it needs to make such determination in the manner specified in the
applicable provisions of Sections 3(b)




(Reverse of Security continued on next page)




-17- 









 







through 3(k) hereof is available from the relevant sources
specified in such applicable
provisions.




          Upon
request of the Holder to the Calculation Agent, the Calculation Agent will provide the
interest rate then in effect on this Security and, if determined, the interest rate that will
become effective on the next Interest Reset Date.





               (b) Determination of
CD Rate. If the Base Rate specified on the face hereof is the
CD Rate, the Base Rate that takes effect on any Interest Reset Date shall equal the rate, on the
second Business Day immediately preceding such Interest Reset Date (the “CD Interest
Determination Date”), for negotiable U.S. dollar certificates of deposit having the Index
Maturity as published in H.15(519) (as defined in Section 3(o) below) opposite the heading “CDs
(secondary market)”. If the CD Rate cannot be determined as described above, the following
procedures will apply in determining the CD Rate:




     (i) If the rate
described above does not appear in H.15(519) at 3:00 P.M., New York
City time, on the Calculation Date corresponding to such CD Interest Determination Date
(unless the calculation is made earlier and the rate is available from that source at that
time), then the CD Rate shall be the rate described above as published in H.15 Daily
Update, or another recognized electronic source used for displaying that rate, under the
heading “CDs (secondary market)”.




     (ii) If the rate
described in clause (i) above does not appear in H.15(519), H.15
Daily Update or another recognized electronic source at 3:00 P.M., New York City time, on
such Calculation Date (unless the calculation is made earlier and the rate is available
from one of those sources at that time), then the CD Rate shall be the arithmetic mean of
the following secondary market offered rates for negotiable U.S. dollar certificates of
deposit of major U.S. money center banks having a remaining maturity closest to the Index
Maturity specified on the face hereof and in a Representative Amount: the rates offered as
of 10:00 A.M., New York City time, on such CD Interest Determination Date, by three leading
nonbank dealers in negotiable U.S. dollar certificates of deposit in New York City, as
selected by the Calculation Agent.




     (iii) If fewer than
three dealers selected by the Calculation Agent are quoting as
described in clause (ii) above, the CD Rate will be the CD Rate in effect on such CD
Interest Determination Date (or, in the case of the first Base Reset Date, the Initial Base
Rate).




               (c) Determination of
CMS Rate. If the Base Rate specified on the face hereof is the
CMS Rate, the Base Rate that takes effect on any Interest Reset Date shall equal the rate, on the
second Business Day immediately preceding such Interest Reset Date (the “CMS Interest
Determination Date”), appearing on the Reuters Screen ISDAFIX2 Page under the heading
“EURIBOR Basis-EUR” or “LIBOR Basis-EUR”,



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for the Index Maturity specified on the face
hereof, at 10:00 A.M., London time. If the CMS
Rate cannot be determined as described above, the following procedures will apply in determining
the CMS Rate:




     (i) If the rate
described above does not appear on Reuters ISDAFIX2 page under the
appropriate heading for the Index Maturity specified on the face hereof at 10:00 A.M.,
London time, on the Calculation Date corresponding to such CMS Interest Determination Date,
unless the calculation is made earlier and the rate is available from that source at that
time, then the CMS rate will be determined on the basis of the mid-market semi-annual swap
rate quotations provided by five leading swap dealers in the London interbank market at
approximately 10:00 A.M., London time, on the CMS 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 day count basis, of a fixed-for-floating euro
interest rate swap transaction with a term equal to such Index Maturity commencing on the
CMS Interest Determination Date with an acknowledged dealer of good credit in the swap
market, where the floating leg, calculated on an actual /360 day count basis, is equivalent
to EURIBOR (in the case of EURIBOR Basis-EUR) or LIBOR (in the case of LIBOR Basis-EUR)
with a maturity of three months, as such rate may be determined as provided in Section
3(f). The Calculation Agent will select the five swap dealers in its sole discretion and
will request the principal London office of each of those dealers to provide a quotation of
its rate.




     (ii) If at least
three quotations are provided, the CMS Rate for the CMS Interest
Determination Date will be the arithmetic mean of the quotations, eliminating the highest
and lowest quotations or, in the event of equality, one of the highest and one of the
lowest quotations.




     (iii) If fewer than
three quotations are provided, the Calculation Agent will
determine the CMS Rate in its sole discretion.




               (d) Determination of
CMT Rate. If the Base Rate specified on the face hereof is the
CMT Rate, the Base Rate that takes effect on any Interest Reset Date shall equal the CMT Rate on
the second Business Day immediately preceding such Interest Reset Date (the “CMT Interest
Determination Date”). “CMT Rate” means the following rate as published in H.15(519)
opposite the heading “Treasury constant maturities”, as the yield is displayed on the Designated
CMT Reuters Screen Page (as defined in Section 3(o) below) under the heading “ . . . Treasury
Constant Maturities . . .”, under the column for the Designated CMT Index Maturity (as defined in
Section 3(o) below):




     (x) if the
Designated CMT Reuters Screen Page is the Reuters Screen FRBCMT Page, the
rate for such CMT Interest Determination Date; or



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-19- 









 









     (y) if the
Designated CMT Reuters Screen Page is the Reuters Screen FEDCMT Page, the
weekly or monthly average, as specified on the face hereof, for the week that ends
immediately before the week in which such CMT Interest Determination Date falls, or for the
month that ends immediately before the month in which such CMT Interest Determination Date
falls, as applicable.



If the CMT Rate cannot be determined
as described above, the following procedures will apply in
determining the CMT Rate:




     (i) If the
applicable rate described above is not displayed on the relevant Designated
CMT Reuters Screen Page at 3:00 P.M., New York City time, on the Calculation Date
corresponding to such CMT Interest Determination Date (unless the calculation is made
earlier and the rate is available from that source at that time), then the CMT Rate will be
the applicable Treasury constant maturity rate described above — i.e., for
the Designated CMT Index Maturity and for either such CMT Interest Determination Date or
the weekly or monthly average, as applicable — as published in H.15(519).




     (ii) If the
applicable rate described in clause (i) above does not appear in H.15(519)
at 3:00 P.M., New York City time, on such Calculation Date (unless the calculation is made
earlier and the rate is available from that source at that time), then the CMT Rate will be
the Treasury constant maturity rate, or other U.S. Treasury rate, for the Designated CMT
Index Maturity and with reference to such CMT Interest Determination Date, that:




     (A) is published by
the Board of Governors of the Federal Reserve System, or
the U.S. Department of the Treasury, and




     (B) is determined
by the Calculation Agent to be comparable to the applicable
rate formerly displayed on the Designated CMT Reuters Screen Page and published in
H.15(519).




     (iii) If the rate
described in clause (ii) above does not appear in H.15(519) at 3:00
P.M., New York City time, on such Calculation Date (unless the calculation is made earlier
and the rate is available from that source at that time), then the CMT Rate will be the
yield to maturity of the arithmetic mean of the following secondary market offered rates
for the most recently issued Treasury Notes (as defined in Section 3(o) below) having an
original maturity of approximately the Designated CMT Index Maturity, having a remaining
term to maturity of not less than the Designated CMT Index Maturity minus one year and in a
Representative Amount: the offered rates, as of approximately 3:30 P.M., New York City
time, on such CMT Interest Determination Date, of three primary U.S. government securities
dealers in New York City selected by the Calculation Agent. In selecting such offered
rates, the Calculation Agent will request quotations from five such primary dealers and
will disregard the highest quotation



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-20- 









 









— or, if there is equality, one of the
highest — and the lowest quotation — or, if
there is equality, one of the lowest.




     (iv) If the
Calculation Agent is unable to obtain three quotations of the kind
described in clause (iii) above, the CMT Rate will be the yield to maturity of the
arithmetic mean of the following secondary market offered rates for Treasury Notes having
an original maturity longer than the Designated CMT Index Maturity, having a remaining term
to maturity closest to the Designated CMT Index Maturity and in a Representative Amount:
the offered rates, as of approximately 3:30 P.M., New York City time, on such CMT Interest
Determination Date, of three primary U.S. government securities dealers in New York City
selected by the Calculation Agent. In selecting such offered rates, the Calculation Agent
will request quotations from five such primary dealers and will disregard the highest
quotation — or, if there is equality, one of the highest — and the lowest quotation —
or, if there is equality, one of the lowest. If two Treasury Notes with an original
maturity longer than the CMT Designated Index Maturity have remaining terms to maturity
that are equally close to the Designated CMT Index Maturity, the Calculation Agent will
obtain quotations for the Treasury Notes with the shorter original term to maturity.




     (v) If fewer than
five but more than two such primary dealers are quoting as described
in clause (iv) above, then the CMT Rate for such CMT Interest Determination Date will be
based on the arithmetic mean of the offered rates so obtained, and neither the highest nor
the lowest of such quotations will be disregarded.




     (vi) If two or
fewer primary dealers selected by the Calculation Agent are quoting as
described in clause (v) above, the CMT Rate shall be the CMT Rate in effect on such CMT
Interest Determination Date (or, in the case of the first Interest Reset Date, the Initial
Base Rate).




               (e) Determination of
Commercial Paper Rate. If the Base Rate specified on the face
hereof is the Commercial Paper Rate, the Base Rate that takes effect on any Interest Reset Date
shall equal the Money Market Yield (as defined in Section 3(o) below) of the rate, for the second
Business Day immediately preceding such Interest Reset Date (the “Commercial Paper Interest
Determination Date”), for commercial paper having the Index Maturity specified on the face
hereof, as published in H.15(519) opposite the heading “Commercial Paper — Nonfinancial”. If
the Commercial Paper Rate cannot be determined as described above, the following procedures will
apply in determining the Commercial Paper Rate:




     (i) If the rate
described above does not appear in H.15(519) at 3:00 P.M., New York
City time, on the Calculation Date (as defined in Section 3(o) below) corresponding to such
Commercial Paper Interest Determination Date (unless the



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-21- 









 









calculation is made earlier and the rate is
available from that source at that time),
then the Commercial Paper Rate will be the rate, for such Commercial Paper Interest
Determination Date, for commercial paper having the Index Maturity specified on the face
hereof, as published in H.15 Daily Update (as defined in Section 3(o) below) or any other
recognized electronic source used for displaying that rate, opposite the heading
“Commercial Paper — Nonfinancial”.




     (ii) If the rate
described in clause (i) above does not appear in H.15(519), H.15
Daily Update or another recognized electronic source at 3:00 P.M., New York City time, on
such Calculation Date (unless the calculation is made earlier and the rate is available
from one of those sources at that time), the Commercial Paper Rate will be the Money Market
Yield of the arithmetic mean of the following offered rates for U.S. dollar commercial
paper that has the Index Maturity and is placed for an industrial issuer whose long-term
bond rating is “AA”, or the equivalent, from a nationally recognized rating agency: the
rates offered as of 11:00 A.M., New York City time, on such Commercial Paper Interest
Determination Date by three leading U.S. dollar commercial paper dealers in New York City
selected by the Calculation Agent.




     (iii) If fewer than
three dealers selected by the Calculation Agent are quoting as
described in clause (ii) above, the Commercial Paper Rate shall be the Commercial Paper
Rate in effect on such Commercial Paper Interest Determination Date (or, in the case of the
first Interest Reset Date, the Initial Base Rate).




               (f) Determination of
EURIBOR. If the Base Rate specified on the face hereof is
EURIBOR, the Base Rate that takes effect on any Interest Reset Date shall equal the interest rate
for deposits in euros designated as “EURIBOR” and sponsored jointly by the European Banking
Federation and ACI — The Financial Markets Association (or any company established by the joint
sponsors for purposes of compiling and publishing that rate) on the second Euro Business Day (as
defined in Section 3(o) below) before such Interest Reset Date (a “EURIBOR Interest
Determination Date”), and will be determined in accordance with the following provisions:




     (i) EURIBOR will be
the offered rate for deposits in euros having the Index Maturity
beginning on such Interest Reset Date, as that rate appears on the Reuters Screen EURIBOR01
Page as of 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date.




     (ii) If the rate
described in clause (i) above does not so appear on the Reuters
Screen EURIBOR01 Page, EURIBOR will be determined on the basis of the rates, at
approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date, at
which deposits of the following kind are offered to prime



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-22- 









 









banks in the Euro-Zone (as defined in Section
3(o) below) interbank market by the
principal Euro-Zone office of each of four major banks in that market selected by the
Calculation Agent: euro deposits having the Index Maturity specified on the face hereof
beginning on such Interest Reset Date and in a Representative Amount. The Calculation
Agent will request the principal Euro-Zone office of each of these banks to provide a
quotation of its rate. If at least two quotations are provided, EURIBOR for such EURIBOR
Interest Determination Date will be the arithmetic mean of such quotations.




     (iii) If fewer than
two quotations are provided as described in clause (ii) above,
EURIBOR for such EURIBOR Interest Determination Date will be the arithmetic mean of the
rates for loans of the following kind to leading Euro-Zone banks quoted, at approximately
11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date, by three major
banks in the Euro-Zone selected by the Calculation Agent: loans of euros having the Index
Maturity specified on the face hereof beginning on such Interest Reset Date and in a
Representative Amount.




     (iv) If fewer than
three banks selected by the Calculation Agent are quoting as
described in clause (iii) above, EURIBOR shall be the EURIBOR in effect on such EURIBOR
Interest Determination Date (or, in the case of the first Interest Reset Date, the Initial
Base Rate).




               (g) Determination of
Federal Funds Rate. If the Base Rate specified on the face
hereof is the Federal Funds (Effective) Rate, the Base Rate that takes effect on any Interest
Reset Date shall equal the rate, on the second Business Day immediately preceding such Interest
Reset Date (the “Federal Funds Interest Determination Date”), as published in H.15(519)
opposite the heading “Federal funds (effective)”, as that rate is displayed on the Reuters Screen
FEDFUNDS1 Page under the heading “EFFECT”. If the Federal Funds (Effective) Rate cannot be
determined as described above, the following procedures will apply in determining the Federal
Funds (Effective) Rate:




     (i) If the rate
described above is not displayed on the Reuters Screen FEDFUNDS1 Page
at 3:00 P.M., New York City time, on the Calculation Date corresponding to such Federal
Funds Interest Determination Date (unless the calculation is made earlier and the rate is
available from that source at that time), then the Federal Funds (Effective) Rate will be
the rate described above as published in H.15 Daily Update, or another recognized
electronic source used for displaying that rate, opposite the heading “Federal funds
(effective)”.




     (ii) If the rate
described in clause (i) above is not displayed on the Reuters Screen
FEDFUNDS1 Page and does not appear in H.15(519), H.15 Daily Update or another recognized
electronic source at 3:00 P.M., New York City time, on



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-23- 









 









such Calculation Date (unless the calculation is
made earlier and the rate is
available from one of those sources at that time), the Federal Funds (Effective) Rate will
be the arithmetic mean of the rates for the last transaction in overnight, U.S. dollar
federal funds arranged, before 9:00 A.M., New York City time, on such Federal Funds
Interest Determination Date, by three leading brokers of U.S. dollar federal funds
transactions in New York City selected by the Calculation Agent.




     (iii) If fewer than
three brokers selected by the Calculation Agent are quoting as
described in clause (ii) above, the Federal Funds (Effective) Rate will be the Federal
Funds (Effective) Rate in effect on such Federal Funds Interest Determination Date (or, in
the case of the first Interest Reset Date, the Initial Base Rate).



          If the
Base Rate specified on the face hereof is the Federal Funds Open Rate, the Base Rate
that takes effect on any Interest Reset Date shall equal the rate, on the Federal Funds Interest
Determination Date, as published in H.15(519) under the heading “Federal funds” and opposite the
caption “Open”, as that rate is displayed on the Reuters Screen Page 5. If the Federal Funds
Open Rate cannot be determined as described above, the following procedures will apply in
determining the Federal Funds Open Rate:





     (i) If the rate
described above is not displayed on the Reuters Screen Page 5 at 5:00
P.M., New York City time, on such Federal Funds Interest Determination Date (unless the
calculation is made earlier and the rate is available from that source at that time), then
the Federal Funds Open Rate will be the rate for such day displayed on the FFPREBON Index
page on Bloomberg (which is the Fed Funds Opening Rate as reported by Prebon Yamane (or a
successor) on Bloomberg).




     (ii) If the rate
described in clause (i) above is not displayed on the Reuters Screen
Page 5 and does not appear on the FFPREBON Index on Bloomberg at 5:00 P.M., New York City
time, on such Federal Funds Interest Determination Date (unless the calculation is made
earlier and the rate is available from one of those sources at that time), the Federal
Funds Open Rate will be the arithmetic mean of the rates for the last transaction in
overnight, U.S. dollar federal funds arranged, before 9:00 A.M., New York City time, on
such Federal Funds Interest Determination Date, quoted by three leading brokers of U.S.
dollar federal funds transactions in New York City selected by the Calculation Agent.




     (iii) If fewer than
three brokers selected by the Calculation Agent are quoting as
described in clause (ii) above, the Federal Funds Open Rate will be the Federal Funds Open
Rate in effect on such Federal Funds Interest Determination Date (or, in the case of the
first Interest Reset Date, the Initial Base Rate).



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-24- 









 









               (h) Determination of
LIBOR. If the Base Rate specified on the face hereof is LIBOR,
the Base Rate that takes effect on any Interest Reset Date shall be LIBOR on the corresponding
LIBOR Interest Determination Date (as defined in Section 3(o) below). LIBOR will be the offered
rate appearing on the Reuters Screen LIBOR Page (as defined in Section 3(o) below) as of 11:00
A.M., London time, on such LIBOR Interest Determination Date for deposits of the Index Currency
having the Index Maturity beginning on such Interest Reset Date.




     (i) If LIBOR does
not so appear on the Reuters Screen LIBOR Page, then LIBOR will be
determined on the basis of the rates, at approximately 11:00 A.M., London time, on such
LIBOR Interest Determination Date, at which deposits of the following kind are offered to
prime banks in the London interbank market by four major banks in that market selected by
the Calculation Agent: deposits of the Index Currency having the Index Maturity specified
on the face hereof beginning on the relevant Interest Reset Date and in a Representative
Amount (as defined in Section 3(o) below). The Calculation Agent will request the
principal London office of each such bank to provide a quotation of its rate. If at least
two quotations are provided, LIBOR for such LIBOR Interest Determination Date will be the
arithmetic mean of the quotations.




     (ii) If fewer than
two quotations are provided as described in clause (i) above, LIBOR
for such LIBOR Interest Determination Date will be the arithmetic mean of the rates for
loans of the following kind to leading European banks quoted, at approximately 11:00 A.M.
in the principal financial center for the country issuing the Index Currency, on such LIBOR
Interest Determination Date, by three major banks in that principal financial center
selected by the Calculation Agent: loans of the Index Currency having the Index Maturity
specified on the face hereof beginning on such Interest Reset Date and in a Representative
Amount.




     (iii) If fewer than
three banks selected by the Calculation Agent are quoting as
described in clause (ii) above, LIBOR will be the LIBOR in effect on such LIBOR Interest
Determination Date (or, in the case of the first Interest Reset Date, the Initial Base
Rate).



                 (i)
Determination of Prime Rate. If the Base Rate specified on the face hereof is
the Prime Rate, the Base Rate that takes effect on any Interest Reset Date shall equal the rate,
for the second Business Day immediately preceding such Interest Reset Date (the “Prime
Interest Determination Date”), published in H.15(519) opposite the heading “Bank prime loan”.
If the Prime Rate cannot be determined as described above, the following procedures will apply
in determining the Prime Rate:





     (i) If the rate
described above does not appear in H.15(519) at 3:00 P.M., New York
City time, on the Calculation Date corresponding to such Prime



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-25- 









 









Interest Determination Date (unless the
calculation is made earlier and the rate is
available from that source at that time), then the Prime Rate will be the rate, for such
Prime Interest Determination Date, as published in H.15 Daily Update or another recognized
electronic source used for the purpose of displaying that rate, opposite the heading “Bank
prime loan”.




     (ii) If the rate
described in clause (i) above does not appear in H.15(519), H.15
Daily Update or another recognized electronic source at 3:00 P.M., New York City time, on
such Calculation Date (unless the calculation is made earlier and the rate is available
from one of those sources at that time), then the Prime Rate will be the arithmetic mean of
the following rates as they appear on the Reuters Screen USPRIME1 Page (as defined in
Section 3(o) below): the rate of interest publicly announced by each bank appearing on that
page as that bank’s prime rate or base lending rate, as of 11:00 A.M., New York City time,
on such Prime Interest Determination Date.




     (iii) If fewer than
four of the rates referred to in clause (ii) above appear on the
Reuters Screen USPRIME1 Page, the Prime Rate will be the arithmetic mean of the Prime Rates
or base lending rates, as of the close of business on such Prime Interest Determination
Date, of three major banks in New York City selected by the Calculation Agent. For this
purpose, the Calculation Agent will use rates quoted on the basis of the actual number of
days in the year divided by a 360-day year.




     (iv) If fewer than
three banks selected by the Calculation Agent are quoting as
described in clause (iii) above, the Prime Rate shall be the Prime Rate in effect on such
Prime Interest Determination Date (or, in the case of the first Interest Reset Date, the
Initial Base Rate).




               (j) Determination of
Treasury Rate. If the Base Rate specified on the face hereof
is the Treasury Rate, the Base Rate that takes effect on any Interest Reset Date shall equal the
rate for the auction on the corresponding Treasury Interest Determination Date (as defined in
Section 3(o) below) of direct obligations of the United States (“Treasury Bills”) having
the Index Maturity specified on the face hereof, as that rate appears on the Reuters Screen
USAUCTION10 Page or the Reuters Screen USAUCTION11 Page under the heading “INVEST RATE”. If the
Treasury Rate cannot be determined as described above, the following procedures will apply in
determining the Treasury Rate:




     (i) If the rate
described above does not appear on either the Reuters Screen
USAUCTION10 or USAUCTION11 Page at 3:00 P.M., New York City time, on the Calculation Date
corresponding to such Treasury Interest Determination Date (unless the calculation is made
earlier and the rate is available from that source at that time), the Treasury Rate will be
the Bond Equivalent



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-26-









 









Yield (as defined in Section 3(o) below) of the
rate, for such Treasury Interest
Determination Date and for Treasury Bills having the Index Maturity specified on the face
hereof, as announced by the U.S. Department of the Treasury.




     (ii) If the auction
rate described in clause (i) above is not so announced by 3:00
P.M., New York City time, on such Calculation Date, or if no such auction is held for the
relevant week, then the Treasury Rate will be the Bond Equivalent Yield of the rate, for
such Treasury Interest Determination Date and for Treasury Bills having the Index Maturity
specified on the face hereof, as published in H.15(519) under the heading “U.S. government
securities/Treasury bills (secondary market)”.




     (iii) If the rate
described in clause (ii) above does not appear in H.15(519) at 3:00
P.M., New York City time, on such Calculation Date (unless the calculation is made earlier
and the rate is available from one of those sources at that time), then the Treasury Rate
will be the rate, for such Treasury Interest Determination Date and for Treasury Bills
having the Index Maturity specified on the face hereof, as published in H.15 Daily Update,
or another recognized electronic source used for displaying that rate, under the heading
“U.S. government securities/Treasury Bills (secondary market)”.




     (iv) If the rate
described in clause (iii) above does not appear in H.15 Daily Update
or another recognized electronic source at 3:00 P.M., New York City time, on such
Calculation Date (unless the calculation is made earlier and the rate is available from one
of those sources at that time), the Treasury Rate will be the Bond Equivalent Yield of the
arithmetic mean of the following secondary market bid rates for the issue of Treasury Bills
with a remaining maturity closest to the Index Maturity specified on the face hereof: the
rates bid as of approximately 3:30 P.M., New York City time, on such Treasury Interest
Determination Date, by three primary U.S. government securities dealers in New York City
selected by the Calculation Agent.




     (v) If fewer than
three dealers selected by the Calculation Agent are quoting as
described in clause (iv) above, the Treasury Rate shall be the Treasury Rate in effect on
such Treasury Interest Determination Date (or, in the case of the first Interest Reset
Date, the Initial Base Rate).




               (k) Determination of
11th District Rate. If the Base Rate specified on the face
hereof is the 11th District Cost of Funds Rate (the “11th District Rate”), the Base Rate
that takes effect on any Interest Reset Date shall equal the 11th District Rate on the 11th
District Interest Determination Date (as defined in Section 3(o) below) corresponding to such
Interest Reset Date. The 11th District Rate on any 11th District Interest Determination Date
shall be the rate equal to the monthly weighted average cost of funds for the calendar month
immediately before such date, as displayed on the



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-27- 









 









Reuters Screen COFI/ARMS Page opposite the
heading “11TH Dist COFI:” as of 11:00 A.M., San
Francisco time, on such date. If the 11th District Rate cannot be determined as described above,
the following procedures will apply in determining the 11th District Rate:




     (i) If the rate
described above does not appear on the Reuters Screen COFI/ARMS Page
on such 11th District Interest Determination Date, then the 11th District Rate on such date
will be the monthly weighted average cost of funds paid by institutions that are members of
the Eleventh Federal Home Loan Bank District for the calendar month immediately preceding
such date, as most recently announced by the Federal Home Loan Bank of San Francisco as
such monthly weighted average cost of funds.




     (ii) If the Federal
Home Loan Bank of San Francisco fails to announce the cost of
funds described in clause (i) above on or before such 11th District Interest Determination
Date, the 11th District Rate that takes effect on such Interest Reset Date will be the 11th
District Rate in effect on such 11th District Interest Determination Date (or, in the case
of the first Interest Reset Date, the Initial Base Rate).



          Any of
the interest rates determined in accordance with Sections 3(b) — (k) will be adjusted
by the addition or subtraction of the Spread, if any, specified on the face hereof or by
multiplying such Base Rate by the Spread Multiplier, if any, specified on the face hereof.





               (l) Minimum and
Maximum Limits. Notwithstanding the foregoing, the rate at which
interest accrues on this Security (i) shall not at any time be higher than the Maximum Rate, if
any, or less than the Minimum Rate, if any, specified on the face hereof, in each case on an
accrual basis, and (ii) shall not at any time be higher than the maximum rate permitted by New
York law, as the same may be modified by United States law of general application.




               (m) Calculation of
Interest. Payments of interest hereon with respect to any
Interest Payment Date or at the Maturity of the principal hereof will include interest accrued to
but excluding such Interest Payment Date or the date of such Maturity, as the case may be.
Accrued interest from the date of issue or from the last date to which interest has been paid or
made available for payment shall be calculated by the Calculation Agent by multiplying the
Principal Amount by an accrued interest factor for the specified Interest Period. Such accrued
interest factor shall be expressed as a decimal and computed by multiplying the interest rate
(also expressed as a decimal) in effect on the applicable period by the Day Count Convention
specified on the face hereof for such Interest Period.



          All
percentages resulting from any calculation with respect to this Security will be rounded
upward or downward, as appropriate, to the next higher or lower one




(Reverse of Security continued on next page)




-28- 









 







hundred-thousandth of a percentage point (e.g., 9.876541%
(or .09876541) being rounded down to
9.87654% (or .0987654) and 9.876545% (or .09876545) being rounded up to 9.87655% (or .0987655)).
All amounts used in or resulting from any calculation with respect to this Security will be rounded
upward or downward, as appropriate, to the nearest cent, in the case of U.S. dollars, or to the
nearest corresponding hundredth of a unit, in the case of a currency other than U.S. dollars, with
one-half cent or one-half of a corresponding hundredth of a unit or more being rounded upward.





               (n) Calculation Agent
and Exchange Rate Agent. The Company has initially appointed
the institutions named on the face of this Security as Calculation Agent and Exchange Rate Agent,
respectively, to act as such agents with respect to this Security, but the Company may, in its
sole discretion, appoint any other institution (including any Affiliate of the Company) to serve
as any such agent from time to time. The Company will give the Trustee prompt written notice of
any change in any such appointment. Insofar as this Security provides for any such agent to
obtain rates, quotes or other data from a bank, dealer or other institution for use in making any
determination hereunder, such agent may do so from any institution or institutions of the kind
contemplated hereby notwithstanding that any one or more of such institutions are any such agent,
Affiliates of any such agent or Affiliates of the Company.



          All
determinations made by the Calculation Agent or the Exchange Rate Agent may be made by
such agent in its sole discretion and, absent manifest error, shall be conclusive for all purposes
and binding on the Holder of this Security and the Company. Neither the Calculation Agent nor the
Exchange Rate Agent shall have any liability therefor.





               (o) Definitions of
Calculation Terms. As used in this Security, the following terms have
the meanings set forth below:



          “Bond Equivalent Yield” means a yield
expressed as a percentage and calculated in
accordance with the following formula:




	 	 	 	 	 	 	 	 	 
	 
	 	Bond Equivalent Yield =	 	D x N	 	x 100,	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	360 - (D x M)	 	 	 	 






            where




	 	•	 	“D” equals the annual rate for Treasury Bills quoted on a bank discount basis and
expressed as a decimal;
	 
	 	•	 	“N” equals 365 or 366, as the case may be; and
	 
	 	•	 	“M” equals the actual number of days in the applicable Interest Reset Period.





(Reverse of Security continued on next page)




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          “Business Day” means, for this Security, a
day that meets the requirements set forth
in each of clauses (i) through (v) below, in each case to the extent such requirements apply to
this Security as specified below:





	 	(i)	 	is a New York Business Day;
	 
	 	(ii)	 	if the Base Rate is LIBOR, is also a London Business Day;
	 
	 	(iii)	 	if the Specified Currency for payment of principal of or interest on this
Security is other than U.S. dollars or euros, is also a day on which banking
institutions are not authorized or obligated by law, regulation or executive order to
close in the principal financial center of the country issuing the Specified Currency;
	 
	 	(iv)	 	if the Base Rate is EURIBOR or if the Specified Currency for payment of
principal of or interest on this Security is euros, or the Base Rate is LIBOR for
which the Index Currency is euros, is also a Euro Business Day; and
	 
	 	(v)	 	solely with respect to any payment or other action to be made or taken at any
Place of Payment outside The City of New York, is a Monday, Tuesday, Wednesday,
Thursday or Friday that is not a day on which banking institutions in such Place of
Payment generally are authorized or obligated by law, regulation or executive order to
close.




Solely when used in the third paragraph under the heading
“Currency of Payment” on the face of this
Security, the meaning of the term “Business Day” shall be determined as if the Base Rate for this
Security is neither LIBOR nor EURIBOR.




               The
“Calculation Date” corresponding to any Commercial Paper Interest Determination
Date, Prime Interest Determination Date, LIBOR Interest Determination Date, EURIBOR Interest
Determination Date, Treasury Interest Determination Date, CMT Interest Determination Date, CD
Interest Determination Date, CMS Interest Determination Date, Federal Funds Interest Determination
Date or 11th District Interest Determination Date, as the case may be, means the earlier of:





          (i) the tenth day
after such Interest Determination Date or, if any such day is not a
Business Day, the next succeeding Business Day; and




          (ii) the Business
Day immediately preceding the Interest Payment Date or the date of
Maturity of the principal hereof, whichever is the day on which the next payment of
interest will be due.



(Reverse of Security continued on next page)




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The Calculation Date corresponding to any Interest Reset Date
means the Calculation Date
corresponding to the relevant interest determination date immediately preceding such Interest Reset
Date.





	 	 	 	“Day Count Convention” means:
	 
	 	(i)	 	if “1/1 (ISDA)”, 1;
	 
	 	(ii)	 	if “Actual/Actual (ISDA)” or “Act/Act (ISDA)”, the number of days in the
Interest Period divided by 365 (or, if any portion of that Interest Period falls in a
leap year, the sum of (1) the number of days in that portion of the Interest Period
falling in a leap year divided by 366 and (2) the number of days in that portion of
the Interest Period falling in a non-leap year divided by 365);
	 
	 	(iii)	 	if “Actual/Actual (ICMA)”, the number of days in the Interest Period,
including February 29 in a leap year, divided by 360 or, if the Specified Currency is
euro or pounds sterling, the number of days in the calendar year;
	 
	 	(iv)	 	if “Actual/Actual (Bond)”, the number of calendar days in the Interest
Period, divided by the number of calendar days in the Interest Period multiplied by
the number of Interest Periods in the calendar year;
	 
	 	(v)	 	if “Actual/Actual (Euro)”, the number of calendar days in the Interest Period
divided by 365 or, if the Interest Period includes February 29, 366;
	 
	 	(vi)	 	if “Actual/365 (Fixed)”, “Act/365 (Fixed)”, “A/365 (Fixed)” or “A365F”, the
actual number of days in the Interest Period divided by 365;
	 
	 	(vii)	 	if “Actual/360 (ISDA)”, “Act/360 (ISDA)” or “A/360 (ISDA)”, the number of
days in the Interest Period divided by 360;
	 
	 	(viii)	 	if “Actual/360 (ICMA)”, the number of calendar days in the period, including
February 29 in a leap year, divided by 360 days;
	 
	 	(ix)	 	if “30/360 (ISDA)”, “360/360 (ISDA)” or “Bond Basis (ISDA)”, the number of
days in the Interest Period in respect of which payment is being made divided by 360,
calculated on a formula basis as follows:





	 	 	 	 	 	 	 
	 	 	Day Count Fraction =
	 	[360x(Y2-Y1] + [ 30 x (M2-M1]+(D2-D1)
 

360
	 	 






     where



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	 	•	 	“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;
	 
	 	•	 	“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
1 is greater than 29, in which case D2 will be 30; and
	 
	 	(x)	 	if “30E/360”, “30E/360 (ISDA)” or “Eurobond Basis”, the number of days in the
Interest Period in respect of which payment is being made divided by 360, calculated
on a formula basis as follows:





	 	 	 	 	 	 	 
	 	 	Day Count Fraction =
	 	[360 ́(Y2-Y1
] + [30x(M2-M1]+(D2-D1)
 

360
	 	 






     where




	 	•	 	“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;
	 
	 	•	 	“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 (1) such number would





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	 	 	 	be 31, and (2), if “30E/360 (ISDA)” is specified, that day is also the last day of
February, in which case D2 will be 30.





          “Designated CMT Index Maturity” means, if
the Base Rate is the CMT Rate, the Index
Maturity for this Security and will be the original period to maturity of a U.S. Treasury security
— either 1, 2, 3, 5, 7, 10, 20 or 30 years — specified on the face hereof, provided that,
if no such original maturity period is so specified, the Designated CMT Index Maturity will be 2
years.




          “Designated CMT Reuters Screen Page” means,
if the Base Rate is the CMT Rate, the
Reuters Screen Page specified on the face hereof that displays Treasury constant maturities as
reported in H.15(519), provided that, if no Reuters Screen Page is so specified, then the
applicable page will be the Reuters Screen FEDCMT Page and provided, further, that
if the Reuters Screen FEDCMT Page applies but it is not specified on the face hereof whether the
weekly or monthly average applies, the weekly average will apply.




          “EMU Countries” means, at any time, the
countries (if any) then participating in the
European Economic and Monetary Union (or any successor union) pursuant to the Treaty on European
Union of February 1992 (or any successor treaty), as it may be amended from time to time.




          “Euro Business Day” means each Monday,
Tuesday, Wednesday, Thursday and Friday on
which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) System, or
any successor system, is open for business.




          “Euro-Zone” means, at any time, the region
comprised of the EMU Countries.




          “H.15(519)” means the weekly statistical
release designated as such published by the
Federal Reserve System Board of Governors, or its successor, available through the website of the
Board of Governors of the Federal Reserve System at
http://www.federalreserve.gov/releases/h15/update/h15upd.htm, or any successor site or
publication.




          “H.15 Daily Update” means the daily update
of H.15(519), available through the website
of the Board of Governors of the Federal Reserve System, at
http://www.federalreserve.gov/releases/h15/update/h15upd.htm, or any successor site or
publication.




          “Index Maturity” means the period to
maturity of the instrument or obligation on which
the interest rate formula is based, as specified on the face hereof.




(Reverse of Security continued on next page)




-33- 









 








          “Interest Period” means the period from and
including an Interest Payment Date (or,
with respect to the initial Interest Period, the Original Issue Date) to but excluding the next
succeeding Interest Payment Date.




          The
“LIBOR Interest Determination Date” corresponding to any Interest Reset Date means
the second London Business Day preceding such Interest Reset Date, unless the Index Currency is
pounds sterling, in which case the LIBOR Interest Determination Date will be the Interest Reset
Date.




          “London Business Day” means each Monday,
Tuesday, Wednesday, Thursday and Friday that
is not a day on which banking institutions in London generally are authorized or obligated by law,
regulation or executive order to close and, if the Base Rate for this Security is LIBOR, is also a
day on which dealings in the Index Currency specified on the face hereof are transacted in the
London interbank market.




          “Money Market Yield” means a yield
expressed as a percentage and calculated in
accordance with the following formula:




	 	 	 	 	 	 	 
	 

	 	Money Market Yield =
	 	D x 360	 	x 100,
	 

	 	 	 	 	 	 
	 

	 	 	 	360 - (D x M)	 	 






     where




	 	•	 	“D” equals the per annum rate for commercial paper quoted on a bank discount basis
and expressed as a decimal; and
	 
	 	•	 	“M” equals the actual number of days in the applicable Interest Reset Period.





          “New York Business Day” means each Monday,
Tuesday, Wednesday, Thursday and Friday
that is not a day on which banking institutions in New York City generally are authorized or
obligated by law, regulation or executive order to close.




          “Representative Amount” means an amount
that, in the Calculation Agent’s judgment, is
representative of a single transaction in the relevant market at the relevant time.




          “Reuters Screen” means the display on the
Reuters 3000 Xtra service or any successor
or replacement service, on the page or pages, or any successor or replacement page or pages on that
service.




          “Reuters Screen LIBOR Page” means the
display on the Reuters Screen LIBOR01 Page or
Reuters Screen LIBOR02 Page, as specified on the face hereof, or any




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successor or replacement service, on which London interbank rates
of major banks for the Index
Currency are displayed.




          “Reuters Screen USPRIME1 Page” means the
display on the Reuters Screen page titled
“USPRIME1”, for the purpose of displaying prime rates or base lending rates of major U.S. banks.




          The
“Treasury Interest Determination Date” corresponding to any Interest Reset Date
means the day of the week in which such Interest Reset Date falls on which Treasury bills would
normally be auctioned. If, as the result of a legal holiday, an auction is so held on the Friday
in the week immediately preceding the week in which such Interest Reset Day falls, such Friday will
be the corresponding Treasury Interest Determination Date. If an auction date shall fall on a day
that would otherwise be an Interest Reset Date, then such Interest Reset Date shall instead be the
first Business Day immediately following such auction date.




          “Treasury Notes” means direct, noncallable,
fixed rate obligations of the U.S.
government.




          The
“11th District Interest Determination Date” corresponding to a particular Interest
Reset Date will be the last working day, in the first calendar month immediately preceding such
Interest Reset Date, on which the Federal Home Loan Bank of San Francisco publishes the monthly
average cost of funds paid by member institutions of the Eleventh Federal Home Loan Bank District
for the second calendar month immediately preceding such Interest Reset Date.




          References in this Security to U.S. dollars shall mean, as
of any time, the coin or currency
that is then legal tender for the payment of public and private debts in the United States of
America.




          References in this Security to the euro shall mean, as of
any time, the coin or currency (if
any) that is then legal tender for the payment of public and private debts in all EMU Countries.




          References in this Security to a particular currency other
than U.S. dollars and euros shall
mean, as of any time, the coin or currency that is then legal tender for the payment of public and
private debts in the country issuing such currency on the Original Issue Date.




          References in this Security to a particular heading or
headings on any of Designated CMT
Reuters Screen Page, H.15(519), H.15 Daily Update, Reuters Screen LIBOR Page, Reuters Screen
USPRIME1 Page, Reuters Screen USAUCTION10 Page, Reuters Screen USAUCTION11 Page, Reuters Screen
ISDAFIX2 Page, Reuters Screen COFI/ARMS Page, Reuters Screen Page 5 or Reuters Screen include any
successor or replacement heading or headings as determined by the Calculation Agent.




(Reverse of Security continued on next page)




-35- 









 








          4.
Redemption at the Company’s Option




          Unless
a Redemption Commencement Date is specified on the face hereof, this Security shall not
be redeemable at the option of the Company before the Stated Maturity Date. If a Redemption
Commencement Date is so specified, and unless otherwise specified on the face hereof, this Security
is subject to redemption upon not less than 30 days’ nor more than 60 days’ notice at any time and
from time to time on or after the Redemption Commencement Date, in each case as a whole or in part,
at the election of the Company and at the applicable Redemption Price specified on the face hereof
(expressed as a percentage of the principal amount of this Security to be redeemed), together with
accrued interest to the Redemption Date, but interest installments due on or prior to such
Redemption Date will be payable to the Holder of this Security, or one or more Predecessor
Securities, of record at the close of business on the relevant record date, all as provided in the
GSFC 2008 Indenture.




          5.
Repayment at the Holder’s Option




          Except
as otherwise may be provided on the face hereof, if one or more Repayment Dates are
specified on the face hereof, this Security will be repayable in whole or in part in an amount
equal to any Authorized Denomination (provided that the remaining principal amount of any
Security surrendered for partial repayment shall at least equal an Authorized Denomination), on any
such Repayment Date, in each case at the option of the Holder and at the applicable Repayment Price
specified on the face hereof (expressed as a percentage of the principal amount to be repaid),
together with accrued interest to the applicable Repayment Date (but interest installments due on
or prior to such Repayment Date will be payable to the Holder of this Security, or one or more
Predecessor Securities, of record at the close of business on the relevant Regular Record Date as
provided in the GSFC 2008 Indenture). If this Security provides for more than one Repayment Date
and the Holder exercises its option to elect repayment, the Holder shall be deemed to have elected
repayment on the earliest Repayment Date after all conditions to such exercise have been satisfied,
and references herein to the “applicable Repayment Date” shall mean such earliest Repayment Date.




          In
order for the exercise of such option to be effective and this Security to be repaid, the
Company must receive at the applicable address of the Trustee set forth below (or at such other
place or places of which the Company shall from time to time notify the Holder of this Security),
on any Business Day not later than the 15th, and not earlier than the 25th, calendar day prior to
the applicable Repayment Date (or, if either such calendar day is not a Business Day, the next
succeeding Business Day), either (i) this Security, with the form below entitled “Option to Elect
Repayment” duly completed and signed, or (ii) a facsimile transmission or letter from a member of a
national securities exchange or the Financial Industry Regulatory Authority, Inc., a commercial
bank or a trust company in the United States of America setting forth (a) the name, address and
telephone number of the Holder of this Security, (b) the principal




(Reverse of Security continued on next page)




-36- 









 







amount of this Security and the amount of this Security to be
repaid, (c) a statement that the option to
elect repayment is being exercised thereby and (d) a guarantee stating that the Company will
receive this Security, with the form below entitled “Option to Elect Repayment” duly completed and
signed, not later than five Business Days after the date of such facsimile transmission or letter
(provided that this Security and form duly completed and signed are received by the Company
by such fifth Business Day). Any such election shall be irrevocable. The address to which such
deliveries are to be made is The Bank of New York Mellon, Attention: Corporate Trust
Administration, 101 Barclay Street, 4E, New York, New York 10286 (or at such other places as the
Company or the Trustee shall notify the Holder of this Security). All questions as to the
validity, eligibility (including time of receipt) and acceptance of any Security for repayment will
be determined by the Company, whose determination will be final and binding. Notwithstanding the
foregoing, (x) if this Security is a Global Security, the option of the Holder to elect repayment
may be exercised in accordance with the Applicable Procedures of the Depositary for this Security
at least 15 calendar days prior to the applicable Repayment Date and (y) whether or not this
Security is a Global Security, the option of the Holder to elect repayment may be exercised in any
such manner as the Company may approve.



     6. Transfer and Exchange



     As provided in the GSFC 2008 Indenture and subject to certain
limitations therein set forth,
the transfer of this Security is registrable in the Security Register, upon surrender of this
Security for registration of transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by the Holder hereof or his or her attorney duly authorized in
writing, and thereupon one or more new Securities of this series and of like tenor, of Authorized
Denominations, and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.



     As provided in the GSFC 2008 Indenture and subject to certain
limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount of Securities of
this series and of like tenor, of a different Authorized Denomination, as requested by the Holder
surrendering the same.



     No service charge shall be made for any such registration of
transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.



     Prior to due presentment of this Security for registration of
transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or




(Reverse of Security continued on next page)




-37- 









 







not this Security be overdue, and neither the Company, the Trustee
nor any such agent shall be
affected by notice to the contrary.




          If
this Security is a Global Security, this Security shall be subject to the provisions of the
GSFC 2008 Indenture relating to Global Securities, including the limitations in Section 305 thereof
on transfers and exchanges of Global Securities.




          7.
Defeasance




          The
GSFC 2008 Indenture contains provisions for defeasance at any time of the entire
indebtedness of this Security or certain restrictive covenants and Events of Default with respect
to this Security, in each case upon compliance with certain conditions set forth in the GSFC 2008
Indenture. If so specified on the face hereof, either or both of such provisions are applicable to
this Security, as so specified.




          8.
Remedies




          If an
Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the GSFC 2008 Indenture.




          As
provided in and subject to the provisions of the GSFC 2008 Indenture, the Holder of this
Security shall not have the right to institute any proceeding with respect to the GSFC 2008
Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder,
unless such Holder shall have previously given the Trustee written notice of a continuing Event of
Default with respect to the Securities of this series, the Holders of not less than 25% in
principal amount of the Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and
offered the Trustee indemnity reasonably satisfactory to it, and the Trustee shall not have
received from the Holders of a majority in principal amount of Securities of this series at the
time Outstanding a direction inconsistent with such request, and shall have failed to institute any
such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The
foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement
of any payment of principal hereof or any premium or interest hereon on or after the respective due
dates expressed herein.




          If so
provided pursuant to the terms of any specific Securities, the above-referenced
provisions of the GSFC 2008 Indenture regarding the ability of Holders to waive certain defaults,
or to request the Trustee to institute proceedings (or to give the Trustee other directions) in
respect thereof, may be applied differently with regard to such Securities.




          No
reference herein to the GSFC 2008 Indenture and no provision of this Security or of the
GSFC 2008 Indenture shall alter or impair the obligation of the




(Reverse of Security continued on next page)




-38- 









 







Company, which is absolute and unconditional, to pay the principal
of (and premium, if any)
and interest on this Security at the times, place and rate, and in the coin or currency, herein
prescribed, or alter or impair the obligation of the Guarantor, which is unconditional to pay
pursuant to the Guarantee endorsed hereupon.




          9.
Modification and Waiver




          The
GSFC 2008 Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and the Guarantor and the
rights of the Holders of the Securities to be affected under the GSFC 2008 Indenture at any time by
the Company, the Guarantor and the Trustee with the consent of the Holders of a majority in
principal amount of all Securities at the time Outstanding to be affected, considered together as
one class for this purpose (such Securities to be affected may be Securities of the same or
different series and, with respect to any series, may comprise fewer than all the Securities of
such series). The GSFC 2008 Indenture also contains provisions (i) permitting the Holders of a
majority in principal amount of the Securities at the time Outstanding to be affected under the
GSFC 2008 Indenture, considered together as one class for this purpose (such affected Securities
may be Securities of the same or different series, and with respect to any particular series, may
comprise fewer than all the Securities of such series), on behalf of the Holders of all Securities
so affected, to waive compliance by the Company with certain provisions of the GSFC 2008 Indenture
and (ii) permitting the Holders of a majority in principal amount of the Securities at the time
Outstanding of any series to be affected under the GSFC 2008 Indenture (with each such series
considered separately for this purpose), on behalf of the Holders of all Securities of such series,
to waive certain past defaults under the GSFC 2008 Indenture and their consequences. Any such
consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.




          10.
Governing Law




          This Security and the GSFC 2008 Indenture shall be
governed by and construed in accordance
with the laws of the State of New York.




(Reverse of Security continued on next page)




-39- 









 





CUSIP NO.                     



ORIGINAL ISSUE DATE:                     




GS FINANCE CORP.

MEDIUM-TERM NOTE, SERIES E




FULLY AND UNCONDITIONALLY GUARANTEED BY

THE GOLDMAN SACHS GROUP, INC.




OPTION TO ELECT REPAYMENT




TO BE COMPLETED ONLY IF THIS SECURITY IS REPAYABLE

AT THE OPTION OF THE HOLDER AND THE HOLDER

ELECTS TO EXERCISE SUCH RIGHT




          The undersigned hereby irrevocably requests and instructs the Company to repay the Security
referred to in this notice (or the portion thereof specified below) at the applicable Repayment
Price, together with interest to the Repayment Date, all as provided for in such Security, to the
undersigned, whose name, address and telephone number are as follows:




 




(please print name of the undersigned)




 




(please print address of the undersigned)




 




(please print telephone number of the undersigned)




          If such Security provides for more than one Repayment Date, the undersigned requests repayment
on the earliest Repayment Date after the requirements for exercising this option have been
satisfied, and references in this notice to the Repayment Date mean such earliest Repayment Date.
Terms used in this notice that are defined in such Security are used herein as defined therein.




          For such Security to be repaid the Company must receive at the applicable address of the
Trustee set forth below or at such other place or places of which the Company or the Trustee shall
from time to time notify the Holder of such Security, any Business Day not later than the 15th or
earlier than the 25th calendar day prior to the Repayment Date (or, if either such calendar day is
not a Business Day, the next succeeding Business Day), (i) such Security, with this “Option to
Elect Repayment” form duly completed and signed, or (ii) a facsimile transmission or letter from a
member of a national securities exchange or the Financial Industry Regulatory Authority, Inc., a
commercial bank or a trust company in the United States of America setting forth (a) the




(Reverse of Security continued on next page)




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name, address and telephone number of the Holder of such Security, (b) the principal amount of
such Security and the amount of such Security to be repaid, (c) a statement that the option to
elect repayment is being exercised thereby and (d) a guarantee stating that such Security to be
repaid with the form entitled “Option to Elect Repayment” on the addendum to the Security duly
completed and signed will be received by the Company not later than five Business Days after the
date of such facsimile transmission or letter (provided that such Security and form duly
completed and signed are received by the Company by such fifth Business Day). The address to which
such deliveries are to be made is:



The Bank of New York Mellon

Attention: Corporate Trust Administration

101 Barclay Street, 4E

New York, New York 10286



or at such other place as the Company or the Trustee shall notify the Holder of such Security.




          If less than the entire principal amount of such Security is to be repaid, specify the portion
thereof (which shall equal any Authorized Denomination) that the Holder elects to have repaid:




 





and specify the denomination or denominations (which shall equal any Authorized Denomination) of
the Security or Securities to be issued to the Holder in respect of the portion of such Security
not being repaid (in the absence of any specification, one Security will be issued in respect of
the portion not being repaid):




 






(Reverse of Security continued on next page)




-41-









 





	 	 	 	 	 	 	 
	Date:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	 	 	 	 	Notice: The signature to this Option to Elect
Repayment must correspond with the name of the
Holder as written on the face of such Security in
every particular without alteration or
enlargement or any other change whatsoever.






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ABBREVIATIONS




          The following abbreviations, when used in the inscription on the face of this Security, shall
be construed as though they were written out in full according to applicable laws or regulations.




	 	 	 	 	 	 	 
	 

	 	TEN COM
	 	-
	 	as tenants in common
	 
	 	 	 	 	 	 
	 

	 	TEN ENT
	 	-
	 	as tenants by the entireties
	 
	 	 	 	 	 	 
	 

	 	JT TEN
	 	-
	 	as joint tenants with the right of survivorship and not
as tenants in common






	 	 	 	 	 	 	 	 	 	 	 
	 

	 	UNIF GIFT MIN ACT -
	 	               
	 	Custodian
	 	               
	 	 
	 

	 	 	 	 
	 	 	 	 	 	 
	 

	 	 	 	(Cust)
	 	 	 	(Minor)
	 	 






under Uniform Gifts to Minors Act




 





(State)





Additional abbreviations may also be used




though not in the above list.




 






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ASSIGNMENT




          FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto




      




PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE




	 	 	 	 	 
	 

	 	 	 	 
	/

	 	 
	 	/
	 

	 	 	 	 





 





(Please Print or Typewrite Name and Address

Including Postal Zip Code of Assignee)




 





	 	 	 
	the attached Security and all rights thereunder, and hereby irrevocably constitutes and appoints

	 	 
	 

	 	 
	 
	 	 
	 




to transfer said Security on the books of the Company, with full power of substitution in the
premises.




Dated:                     


Signature Guaranteed



	 	 	 	 	 
	 

	 	 	 	 
	NOTICE: Signature must be
guaranteed.

	 	 	 	NOTICE: The signature to this
assignment must correspond with the name of the
Holder as written upon the face of the attached
Security in every particular, without alteration
or enlargement or any change whatever.







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