Document:

<PAGE>   1

                                                                    EXHIBIT 4.10

                               (FACE OF SECURITY)

                  THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
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 INDENTURE.

                  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"),
TO THE GOLDMAN SACHS GROUP, INC. 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.

<PAGE>   2

REGISTERED NO. 1                                             CUSIP NO. 38141GAK0
                                                           ISIN NO. US38141GAK04

                          THE GOLDMAN SACHS GROUP, INC.

                           MEDIUM-TERM NOTES, SERIES B
                              7.50% Notes due 2005

                  The following terms apply to this Security, as and to the
extent shown below:
<TABLE>
<CAPTION>
<S>                                        <C>
PRINCIPAL AMOUNT:                          ORIGINAL ISSUE DISCOUNT
$750,000,000                               SECURITY:  N/A

STATED MATURITY DATE: January                   o  Total Amount of OID:
28, 2005                                           N/A
                                                o  Yield to Maturity:  N/A
SPECIFIED CURRENCY:  U.S.                       o  Initial Accrual Period
dollars for all payments                           OID: N/A
unless otherwise specified
below:                                     REDEMPTION COMMENCEMENT
                                           DATES:  The Company may
     o  payments of principal and          redeem this Security as
        any premium: U.S. dollars          provided in Section 5 on the
                                           reverse hereof
     o  payments of interest:
        U.S. dollars                       REDEMPTION PRICE(S):  See
                                           Section 5 on the reverse
     o  Exchange Rate Agent: N/A           hereof

INTEREST RATE: 7.50% per annum             REPAYMENT AT THE HOLDER'S
                                           OPTION:  N/A
INTEREST PAYMENT DATE(S):
Every January 28 and July 28,              REPAYMENT PRICE:  N/A
beginning July 28, 2000
                                           REPAYMENT DATE(S):  N/A
ORIGINAL ISSUE DATE*: January
28, 2000                                   DEFEASANCE:
</TABLE>

------------------------------------

*        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)
                                       -2-

<PAGE>   3
<TABLE>
<CAPTION>
<S>                                        <C>
     o  Full Defeasance: Yes               on the reverse hereof.

     o  Covenant Defeasance: Yes

</TABLE>
OTHER TERMS:   See Section 4

                  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 Indenture referred to in Section 1 on the
reverse of this Security are used herein as defined therein.

                  The Goldman Sachs Group, Inc., 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 Indenture), for
value received, hereby promises to pay to Cede & Co., 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 duly provided for, on the Interest
Payment Dates 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 the rate per annum equal to the Interest Rate specified on
the face 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, at the rate per annum at which the principal then
bears interest (to the extent that the payment of such interest shall be legally
enforceable), 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.
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                                       -3-

<PAGE>   4

                  The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in the 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 Regular Record Date for such
interest, which shall be the January 13 or July 13 (whether or not a Business
Day, as such term is defined in Section 3 on the reverse hereof) next preceding
such Interest Payment Date. Any interest so payable, but not punctually
paid or duly provided for, on any Interest Payment Date will forthwith cease to
be payable to the Holder on such Regular Record Date and such Defaulted
Interest either may 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 may 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 Indenture.

         CURRENCY OF PAYMENT

                  Payment of principal (and premium, if any) of 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 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

                    (Face of Security continued on next page)

                                       -4-

<PAGE>   5
(as defined in Section 3 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: Corporation Trust Trustee
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 the Specified
Currency for such payment equal to the aggregate amount of such Specified
Currency payable on such payment date to all Holders of Securities of this or
any other series who elect to receive

                    (Face of Security continued on next page)

                                       -5-

<PAGE>   6
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. 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 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

                    (Face of Security continued on next page)

                                       -6-

<PAGE>   7
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 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: Corporation Trust Trustee
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 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

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                                       -7-

<PAGE>   8
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

                    (Face of Security continued on next page)

                                       -8-

<PAGE>   9

                  Notwithstanding any provision of this Security or the
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
Indenture.

         PAYMENTS DUE ON A BUSINESS DAY

                  Unless otherwise specified on the face of this Security, the
following sentence shall apply to this Security. Notwithstanding any provision
of this Security or the Indenture, if any amount of principal, premium or
interest would otherwise be due on this Security on a day (the "Specified Day")
that is not a Business Day, such amount may be paid or made available for
payment on the next succeeding Business Day with the same force and effect as if
such amount were paid on the Specified Day. The provisions of this paragraph
shall apply to the Security in lieu of the provisions of Section 113 of the
Indenture.

                      ------------------------------------

                  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 Indenture or be valid or obligatory for any purpose.

                   (Face of Security continued on next page)
                                       -9-

<PAGE>   10

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

                                            THE GOLDMAN SACHS GROUP, INC.

                                            By /s/ Dan H. Jester
                                              --------------------------
                                              Name:  Dan H. Jester
                                              Title: Vice President and
                                                     Treasurer

Dated:   January 28, 2000

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

                                            THE BANK OF NEW YORK, as Trustee

                                            By /s/ Carlos J. Capellan
                                               ----------------------------
                                               Authorized Signatory

                                     -10-
<PAGE>   11

                              (Reverse of Security)

                  1.  SECURITIES AND 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 an Indenture, dated as of May 19, 1999 (herein called the
"Indenture", which term shall have the meaning assigned to it in such
instrument), between the Company and The Bank of New York, as Trustee (herein
called the "Trustee", which term includes any successor trustee under the
Indenture), and reference is hereby made to the Indenture for a statement of
the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee and the Holders of the Securities and of the terms
upon which the Securities are, and are to be, authenticated and delivered.
Insofar as the provisions of the Indenture may conflict with the provisions of
this Security, the provisions of this Security shall control.

                  2.       SERIES AND DENOMINATIONS

                  This Security is one of the series designated on the face
hereof, limited to an aggregate initial offering price not to exceed
$15,000,000,000 (or the equivalent thereof in any other currency or currencies
or currency units), which amount may be increased at the option of the Company
if in the future it determines that it may wish to sell additional Securities of
this series. References herein to "this series" mean the series of securities
designated on the face hereof. Solely for the purposes of section 5 below, the
"January 28, 2005 Tranche" at any time shall consist of this Security and all
other Securities of this series, whether originally issued on or after the
Original Issue Date, that are then Outstanding and specifically provide by their
terms that they are part of the January 28, 2005 Tranche. The Securities that
are part of the January 28, 2005 Tranche do not constitute a separate series
under the Indenture or the Securities.

                  (Reverse of Security continued on next page)

                                      -11-

<PAGE>   12

                  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
multiples 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 and any multiple
thereof.

                  3.       EXCHANGE RATE AGENT AND RELATED TERMS

                  If the principal of or interest on this Security is payable in
a Specified Currency other than U.S. dollars, the Company has initially
appointed the institution named on the face of this Security as Exchange Rate
Agent to act as such agent 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 such agent, Affiliates of such agent or Affiliates
of the Company.

                  All determinations made by 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. The Exchange Rate Agent shall not have any liability therefor.

                  Unless otherwise specified on the face hereof, for all
purposes of this Security, the term "Business Day" means

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                                      -12-

<PAGE>   13
each Monday, Tuesday, Wednesday, Thursday or Friday that (i) is not a day on
which banking institutions in The City of New York generally are authorized or
obligated by law, regulation or executive order to close, (ii) if the Specified
Currency for any payment on this Security is other than U.S. dollars or euros,
is not a day on which banking institutions in the principal financial center of
the country issuing such Specified Currency generally are authorized or
obligated by law, regulation or executive order to close, (iii) if the
Specified Currency for any payment on this Security is euros, is not a Euro
Business Day and (iv) 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. "Euro Business Day"
means any day on which the Trans-European Automated Real-Time Gross Settlement
Express (TARGET) System, or any successor system, is open for business. With
respect to any particular location, the close of business on any day on which
business is not being conducted shall be deemed to mean 5:00 P.M., New York
City time, on that day.

                  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. "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.

                  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

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                                      -13-

<PAGE>   14
the payment of public and private debts in the country issuing such currency
on the Original Issue Date.

                  4.       ADDITIONAL AMOUNTS

                  If the beneficial owner of this Security is a United States
Alien (as defined below), the Company will pay all additional amounts that may
be necessary so that every net payment of the principal of and interest on this
Security to such beneficial owner, after deduction or withholding for or on
account of any present or future tax, assessment or governmental charge imposed
with respect to such payment by any U.S. Taxing Authority (as defined below),
will not be less than the amount provided for in such Security to be then due
and payable; provided, however, that the Company shall have no obligation to pay
additional amounts for or on account of any one or more of the following:

                  (i) any tax, assessment or other governmental charge imposed
         solely because at any time there is or was a connection between such
         beneficial owner (or between a fiduciary, settlor, beneficiary or
         member of such beneficial owner, if such beneficial owner is an estate,
         trust or partnership) and the United States (as defined below) (other
         than the mere receipt of a payment on, or the ownership or holding of,
         a Security), including because such beneficial owner (or such
         fiduciary, settlor, beneficiary or member) at any time, for U.S.
         federal income tax purposes: (a) is or was a citizen or resident, or is
         or was treated as a resident, of the United States, (b) is or was
         present in the United States, (c) is or was engaged in a trade or
         business in the United States, (d) has or had a permanent establishment
         in the United States, (e) is or was a domestic or foreign personal
         holding company, a passive foreign investment company or a controlled
         foreign corporation, (f) is or was a corporation that accumulates
         earnings to avoid U.S. federal income tax or (g) is or was a
         "10-percent shareholder" of the Company as defined in section 871(h)(3)
         of the U.S.

                  (Reverse of Security continued on next page)

                                      -14-

<PAGE>   15
         Internal Revenue Code of 1986, as amended, or any successor
         provision;

                  (ii) any tax, assessment or governmental charge imposed solely
         because of a change in applicable law or regulation, or in any official
         interpretation or application of applicable law or regulation, that
         becomes effective any time after the day on which the payment becomes
         due or is duly provided for, whichever occurs later;

                  (iii) any estate, inheritance, gift, sales, excise, transfer,
         wealth or personal property tax or any similar tax, assessment or other
         governmental charge;

                  (iv) any tax, assessment or other governmental charge imposed
         solely because such beneficial owner or any other Person fails to
         comply with any certification, identification or other reporting
         requirement concerning the nationality, residence, identity or
         connection with the United States of the Holder or any beneficial
         owner of this Security, if compliance is required by statute, by
         regulation of the U.S. Treasury Department or by an applicable income
         tax treaty to which any U.S. Taxing Authority is a party, as a
         precondition to exemption from such tax, assessment or other
         governmental charge;

                  (v) any tax, assessment or other governmental charge which is
         payable otherwise than by deduction or withholding from payments of
         principal of or interest on this Security;

                  (vi) any tax, assessment or other governmental change imposed
         solely because the payment is to be made by a particular Paying Agent
         (which term may include the Company) and would not be imposed if made
         by another Paying Agent (which term may include the Company); or

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                                      -15-

<PAGE>   16
                  (vii) any combination of the taxes, assessments or other
         governmental charges described in items (i) through (vi) of this
         Section 4.

                  Additional amounts also will not be paid with respect to any
payment of principal of or interest on this Security to any United States Alien
who is a fiduciary or a partnership, or who is not the sole beneficial owner of
any such payment, to the extent that the Company would not be required to pay
Additional Amounts to any beneficiary or settlor of such fiduciary or any member
of such a partnership, or to any beneficial owner of the payment, if that Person
had been treated as the beneficial owner of this Security for this purpose.

                  The term "United States Alien" means any person who, for U.S.
federal income tax purposes, is a nonresident alien individual, a foreign
corporation, a foreign partnership or an estate or trust that is not subject to
U.S. federal income tax on a net income basis on income or gain from this
Security. For the purposes of this Section 4 and Section 5 only, (a) the term
"United States" means the United States of America (including the states thereof
and the District of Columbia), together with the territories, possessions and
all other areas subject to the jurisdiction of the United States of America and
(b) the term "U.S. Taxing Authority" means the United States of America or any
state, any other jurisdiction or any taxing authority in the
United States.

                  Except as specifically provided in this Security, the Company
shall not be required to make any payment with respect to any tax, assessment or
other governmental charge imposed by any government or any political subdivision
or taxing authority thereof or therein.

                  Whenever in the Securities of this series (or in the
Indenture, including in Sections 501(1) and (2) thereof, insofar as applicable
to this series) there is a reference, in any context, to the payment of the
principal of or interest on any Security of this series, such mention shall be
deemed to include mention of any payment of additional

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                                      -16-

<PAGE>   17
amounts to United States Aliens in respect of such payment of principal
or interest to the extent that, in such context, such additional amounts are,
were or would be payable in respect thereof pursuant to this Section 4 or any
corresponding section of another Security of this series, as the case may be.
Express mention of the payment of additional amounts in any provision of any
Security of this series shall not be construed as excluding additional amounts
in the provisions of any Security of this series (or of the Indenture insofar
as it applies to this series) where such express mention is not made.

                  5.       REDEMPTION AT THE COMPANY'S OPTION

                  This Security and all other Securities that are part of the
January 28, 2005 Tranche may be redeemed, as a whole but not in part, at the
option of the Company, at a Redemption Price equal to 100% of the Outstanding
principal amount of the Securities to be redeemed, together with interest
accrued to the date fixed for redemption, if, as a result of any amendment to,
or change in, the laws or regulations of the United States (as defined in
Section 4 above) or any U.S. Taxing Authority (as defined in Section 4 above),
or any amendment to or change in an official interpretation or application of
such laws or regulations, which amendment or change becomes effective or is
announced on or after January 25, 2000, the Company will become obligated to
pay, on the next Interest Payment Date, additional amounts in respect of this
Security or any other Security that is part of the January 28, 2005 Tranche,
pursuant to Section 4 of this Security or any such other Security. If the
Company becomes entitled to redeem this Security, it may do so on any day
thereafter pursuant to the Indenture,   provided, however, that (1) the Company
gives the Holder of this Security notice of such redemption not more than 60
days nor less than 30 days prior to the date fixed for redemption as provided
in the Indenture, (2) no such notice of redemption may be given earlier than 90
days prior to the next Interest Payment Date on which the Company would be
obligated to pay such additional amounts and (3) at the time such notice is
given, such obligation to pay such additional amounts remains in effect.
Immediately prior to

                  (Reverse of Security continued on next page)

                                      -17-

<PAGE>   18
the giving of any notice of redemption of Securities pursuant to this
Section 5, the Company will deliver to the Trustee an Officers' Certificate
stating that the Company is entitled to effect such redemption and setting
forth in reasonable detail a statement of facts showing that the conditions
precedent to the right of the Company to so redeem the Securities have
occurred. Interest installments due on or prior to a 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 Indenture.

                  6.       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 Record Date as
provided in the 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),

                  (Reverse of Security continued on next page)

                                      -18-

<PAGE>   19
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 National Association of
Securities Dealers, 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 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, Attention:
Corporation Trust Trustee Administration, 101 Barclay Street, 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.

                  7.       TRANSFER AND EXCHANGE

                  As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this

                  (Reverse of Security continued on next page)

                                      -19-

<PAGE>   20
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 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 not this Security be overdue, and neither
the Company nor 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 Indenture relating to Global Securities,
including the limitations in Section 305 thereof on transfers and exchanges of
Global Securities.

                  (Reverse of Security continued on next page)

                                      -20-

<PAGE>   21
                  8.       DEFEASANCE

                  The 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 Indenture. If so specified on the
face hereof, either or both of such provisions are applicable to this
Security, as so specified.

                  9.       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 Indenture.

                  As provided in and subject to the provisions of the Indenture,
the Holder of this Security shall not have the right to institute any proceeding
with respect to the 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.

                  (Reverse of Security continued on next page)

                                      -21-

<PAGE>   22

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

                  10.      MODIFICATION AND WAIVER

                  The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of
each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal
amount of the Securities at the time Outstanding of all series to be affected
(considered together as one class for this purpose). The Indenture also
contains provisions (i) permitting the Holders of a majority in principal
amount of the Securities at the time Outstanding of all series to be affected
under the Indenture (considered together as one class for this purpose), on
behalf of the Holders of all Securities of such series, to waive compliance by
the Company with certain provisions of the 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 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 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.

                  11.      GOVERNING LAW

                (Reverese of Security continued on next page)

                                     -22-
<PAGE>   23
                  THIS SECURITY AND THE 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)

                                     -23-

<PAGE>   24

                                                           CUSIP NO. __________

                                                 ORIGINAL ISSUE DATE: __________

                          THE GOLDMAN SACHS GROUP, INC.
                           MEDIUM-TERM NOTE, SERIES B

                            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 - NOT APPLICABLE

                  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

                                      -24-

<PAGE>   25

signed, or (ii) a facsimile transmission or letter from a member of a national
securities exchange or the National Association of Securities Dealers, 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 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
              Attention: Corporation Trust Trustee Administration
              101 Barclay Street
              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

                                      -25-

<PAGE>   26
any specification, one Security will be issued in respect of the portion
not being repaid):

              ----------------------------

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.

                                  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.

                               -----------------------------

                                      -26-

<PAGE>   27

                                   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                            NOTICE:  The signature to
guaranteed.                                          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.

                                      -27-<PAGE>   1
                                                                    EXHIBIT 4.11

                               (FACE OF SECURITY)

                  THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
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 INDENTURE.

                  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"),
TO THE GOLDMAN SACHS GROUP, INC. 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.

<PAGE>   2

REGISTERED NO. 1                                             CUSIP NO. 38141GAL8
                                                           ISIN NO. US38141GAL86

                          THE GOLDMAN SACHS GROUP, INC.

                           MEDIUM-TERM NOTES, SERIES B
                              7.80% Notes due 2010

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

PRINCIPAL AMOUNT:                             ORIGINAL ISSUE DATE*: January
$750,000,000                                  28, 2000

STATED MATURITY DATE: January                 ORIGINAL ISSUE DISCOUNT
28, 2010                                      SECURITY:  N/A

SPECIFIED CURRENCY:  U.S.                          o  Total Amount of OID:
dollars for all payments                              N/A
unless otherwise specified                         o  Yield to Maturity:  N/A
below:                                             o  Initial Accrual Period
                                                      OID: N/A
     o  payments of principal and
        any premium: U.S. dollars             REDEMPTION COMMENCEMENT
                                              DATES:  The Company may
     o  payments of interest:                 redeem this Security as
        U.S. dollars                          provided in Section 5 on the
                                              reverse hereof
     o  Exchange Rate Agent: N/A
                                              REDEMPTION PRICE(S):  See
INTEREST RATE: 7.80% per annum                Section 5 on the reverse
                                              hereof
INTEREST PAYMENT DATE(S):
Every January 28 and July 28,                 REPAYMENT AT THE HOLDER'S
beginning July 28, 2000                       OPTION:  N/A

                                              REPAYMENT PRICE:  N/A

                                              REPAYMENT DATE(S):  N/A

                                              DEFEASANCE:

------------------------------------

*        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)
                                       -2-

NY12533: 113530.4

<PAGE>   3
o  Full Defeasance: Yes                        on the reverse hereof.

o  Covenant Defeasance: Yes

OTHER TERMS:   See Section 4

                  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 Indenture referred to in Section 1 on the
reverse of this Security are used herein as defined therein.

                  The Goldman Sachs Group, Inc., 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 Indenture), for
value received, hereby promises to pay to Cede & Co., 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 duly provided for, on the Interest
Payment Dates 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 the rate per annum equal to the Interest Rate specified on
the face 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, at the rate per annum at which the principal then
bears interest (to the extent that the payment of such interest shall be legally
enforceable), 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.

                    (Face of Security continued on next page)

                                       -3-

NY12533: 113530.4

<PAGE>   4
                  The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in the 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 Regular Record Date for such
interest, which shall be the January 13 or July 13 (whether or not a Business
Day, as such term is defined in Section 3 on the reverse hereof) next preceding
such Interest Payment Date. Any interest so payable, but not punctually
paid or duly provided for, on any Interest Payment Date will forthwith cease to
be payable to the Holder on such Regular Record Date and such Defaulted Interest
either may 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 may 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 Indenture.

         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 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

                    (Face of Security continued on next page)

                                       -4-

NY12533: 113530.4

<PAGE>   5
(as defined in Section 3 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: Corporation Trust Trustee
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 the Specified
Currency for such payment equal to the aggregate amount of such Specified
Currency payable on such payment date to all Holders of Securities of this or
any other series who elect to receive

                    (Face of Security continued on next page)

                                       -5-

NY12533: 113530.4

<PAGE>   6
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. 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 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

                    (Face of Security continued on next page)

                                       -6-

NY12533: 113530.4

<PAGE>   7
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
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: Corporation Trust Trustee 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 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

                    (Face of Security continued on next page)

                                       -7-

NY12533: 113530.4

<PAGE>   8
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

                    (Face of Security continued on next page)

                                       -8-

NY12533: 113530.4

<PAGE>   9
                  Notwithstanding any provision of this Security or the
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
Indenture.

         PAYMENTS DUE ON A BUSINESS DAY

                  Unless otherwise specified on the face of this Security, the
following sentence shall apply to this Security. Notwithstanding any provision
of this Security or the Indenture, if any amount of principal, premium or
interest would otherwise be due on this Security on a day (the "Specified Day")
that is not a Business Day, such amount may be paid or made available for
payment on the next succeeding Business Day with the same force and effect as if
such amount were paid on the Specified Day. The provisions of this paragraph
shall apply to the Security in lieu of the provisions of Section 113 of the
Indenture.

                     ------------------------------------

                  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 Indenture or be valid or obligatory for any purpose.

                                       -9-

NY12533: 113530.4

<PAGE>   10

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

                                            THE GOLDMAN SACHS GROUP, INC.

                                           By /s/ Dan H. Jester
                                              --------------------------
                                              Name:  Dan H. Jester
                                              Title: Vice President and
                                                     Treasurer

Dated:   January 28, 2000

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

                                            THE BANK OF NEW YORK, as Trustee

                                            By Carlos J. Capellan
                                            Authorized Signatory

                                     -10-
<PAGE>   11

                              (Reverse of Security)

                  1. SECURITIES AND 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 an Indenture, dated as of May 19, 1999 (herein called the
"Indenture", which term shall have the meaning assigned to it in such
instrument), between the Company and The Bank of New York, as Trustee (herein
called the "Trustee", which term includes any successor trustee under the
Indenture), and reference is hereby made to the Indenture for a statement of
the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee and the Holders of the Securities and of the terms
upon which the Securities are, and are to be, authenticated and delivered.
Insofar as the provisions of the Indenture may conflict with the provisions of
this Security, the provisions of this Security shall control.

                  2.       SERIES AND DENOMINATIONS

                  This Security is one of the series designated on the face
hereof, limited to an aggregate initial offering price not to exceed
$15,000,000,000 (or the equivalent thereof in any other currency or currencies
or currency units), which amount may be increased at the option of the Company
if in the future it determines that it may wish to sell additional Securities of
this series. References herein to "this series" mean the series of securities
designated on the face hereof. Solely for the purposes of section 5 below, the
"January 28, 2010 Tranche" at any time shall consist of this Security and all
other Securities of this series, whether originally issued on or after the
Original Issue Date, that are then Outstanding and specifically provide by their
terms that they are part of the January 28, 2010 Tranche. The Securities that
are part of the January 28, 2010 Tranche do not constitute a separate series
under the Indenture or the Securities.

                  (Reverse of Security continued on next page)

                                      -11-

NY12533: 113530.4

<PAGE>   12

                  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
multiples 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 and any multiple
thereof.

                  3.       EXCHANGE RATE AGENT AND RELATED TERMS

                  If the principal of or interest on this Security is payable in
a Specified Currency other than U.S. dollars, the Company has initially
appointed the institution named on the face of this Security as Exchange Rate
Agent to act as such agent 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 such agent, Affiliates of such agent or Affiliates
of the Company.

                  All determinations made by 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. The Exchange Rate Agent shall not have any liability therefor.

                  Unless otherwise specified on the face hereof, for all
purposes of this Security, the term "Business Day" means

                  (Reverse of Security continued on next page)

                                      -12-

NY12533: 113530.4

<PAGE>   13
each Monday, Tuesday, Wednesday, Thursday or Friday that (i) is not a day on
which banking institutions in The City of New York generally are authorized or
obligated by law, regulation or executive order to close, (ii) if the Specified
Currency for any payment on this Security is other than U.S. dollars or euros,
is not a day on which banking institutions in the principal financial center of
the country issuing such Specified Currency generally are authorized or
obligated by law, regulation or executive order to close, (iii) if the
Specified Currency for any payment on this Security is euros, is not a Euro
Business Day and (iv) 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. "Euro Business Day"
means any day on which the Trans-European Automated Real-Time Gross Settlement
Express (TARGET) System, or any successor system, is open for business. With
respect to any particular location, the close of business on any day on which
business is not being conducted shall be deemed to mean 5:00 P.M., New York
City time, on that day.

                  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. "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.

                  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

                  (Reverse of Security continued on next page)

                                      -13-

NY12533: 113530.4

<PAGE>   14
the payment of public and private debts in the country issuing such currency
on the Original Issue Date.

                  4.       ADDITIONAL AMOUNTS

                  If the beneficial owner of this Security is a United States
Alien (as defined below), the Company will pay all additional amounts that may
be necessary so that every net payment of the principal of and interest on this
Security to such beneficial owner, after deduction or withholding for or on
account of any present or future tax, assessment or governmental charge imposed
with respect to such payment by any U.S. Taxing Authority (as defined below),
will not be less than the amount provided for in such Security to be then due
and payable; provided, however, that the Company shall have no obligation to pay
additional amounts for or on account of any one or more of the
following:

                  (i) any tax, assessment or other governmental charge imposed
         solely because at any time there is or was a connection between such
         beneficial owner (or between a fiduciary, settlor, beneficiary or
         member of such beneficial owner, if such beneficial owner is an estate,
         trust or partnership) and the United States (as defined below) (other
         than the mere receipt of a payment on, or the ownership or holding of,
         a Security), including because such beneficial owner (or such
         fiduciary, settlor, beneficiary or member) at any time, for U.S.
         federal income tax purposes: (a) is or was a citizen or resident, or is
         or was treated as a resident, of the United States, (b) is or was
         present in the United States, (c) is or was engaged in a trade or
         business in the United States, (d) has or had a permanent establishment
         in the United States, (e) is or was a domestic or foreign personal
         holding company, a passive foreign investment company or a controlled
         foreign corporation, (f) is or was a corporation that accumulates
         earnings to avoid U.S. federal income tax or (g) is or was a
         "10-percent shareholder" of the Company as defined in section 871(h)(3)
         of the U.S.

                  (Reverse of Security continued on next page)

                                      -14-

NY12533: 113530.4

<PAGE>   15

         Internal Revenue Code of 1986, as amended, or any successor
         provision;

                  (ii) any tax, assessment or governmental charge imposed solely
         because of a change in applicable law or regulation, or in any official
         interpretation or application of applicable law or regulation, that
         becomes effective any time after the day on which the payment becomes
         due or is duly provided for, whichever occurs later;

                  (iii) any estate, inheritance, gift, sales, excise, transfer,
         wealth or personal property tax or any similar tax, assessment or other
         governmental charge;

                  (iv) any tax, assessment or other governmental charge imposed
         solely because such beneficial owner or any other Person fails to
         comply with any certification, identification or other reporting
         requirement concerning the nationality, residence, identity or
         connection with the United States of the Holder or any beneficial
         owner of this Security, if compliance is required by statute, by
         regulation of the U.S. Treasury Department or by an applicable income
         tax treaty to which any U.S. Taxing Authority is a party, as a
         precondition to exemption from such tax, assessment or other
         governmental charge;

                  (v) any tax, assessment or other governmental charge which is
         payable otherwise than by deduction or withholding from payments of
         principal of or interest on this Security;

                  (vi) any tax, assessment or other governmental change imposed
         solely because the payment is to be made by a particular Paying Agent
         (which term may include the Company) and would not be imposed if made
         by another Paying Agent (which term may include the Company); or

                  (Reverse of Security continued on next page)

                                      -15-

NY12533: 113530.4

<PAGE>   16
         (vii) any combination of the taxes, assessments or other
         governmental charges described in items (i) through (vi) of this
         Section 4.

                  Additional amounts also will not be paid with respect to any
payment of principal of or interest on this Security to any United States Alien
who is a fiduciary or a partnership, or who is not the sole beneficial owner of
any such payment, to the extent that the Company would not be required to pay
Additional Amounts to any beneficiary or settlor of such fiduciary or any member
of such a partnership, or to any beneficial owner of the payment, if that Person
had been treated as the beneficial owner of this Security for this purpose.

                  The term "United States Alien" means any person who, for U.S.
federal income tax purposes, is a nonresident alien individual, a foreign
corporation, a foreign partnership or an estate or trust that is not subject to
U.S. federal income tax on a net income basis on income or gain from this
Security. For the purposes of this Section 4 and Section 5 only, (a) the term
"United States" means the United States of America (including the states thereof
and the District of Columbia), together with the territories, possessions and
all other areas subject to the jurisdiction of the United States of America and
(b) the term "U.S. Taxing Authority" means the United States of America or any
state, any other jurisdiction or any taxing authority in the United States.

                  Except as specifically provided in this Security, the Company
shall not be required to make any payment with respect to any tax, assessment or
other governmental charge imposed by any government or any political subdivision
or taxing authority thereof or therein.

                  Whenever in the Securities of this series (or in the
Indenture, including in Sections 501(1) and (2) thereof, insofar as applicable
to this series) there is a reference, in any context, to the payment of the
principal of or interest on any Security of this series, such mention shall be
deemed to include mention of any payment of additional

                  (Reverse of Security continued on next page)

                                      -16-

NY12533: 113530.4

<PAGE>   17
amounts to United States Aliens in respect of such payment of principal
or interest to the extent that, in such context, such additional amounts are,
were or would be payable in respect thereof pursuant to this Section 4 or any
corresponding section of another Security of this series, as the case may be.
Express mention of the payment of additional amounts in any provision of any
Security of this series shall not be construed as excluding additional amounts
in the provisions of any Security of this series (or of the Indenture insofar
as it applies to this series) where such express mention is not made.

                  5.       REDEMPTION AT THE COMPANY'S OPTION

                  This Security and all other Securities that are part of the
January 28, 2010 Tranche may be redeemed, as a whole but not in part, at the
option of the Company, at a Redemption Price equal to 100% of the Outstanding
principal amount of the Securities to be redeemed, together with interest
accrued to the date fixed for redemption, if, as a result of any amendment to,
or change in, the laws or regulations of the United States (as defined in
Section 4 above) or any U.S. Taxing Authority (as defined in Section 4 above),
or any amendment to or change in an official interpretation or application of
such laws or regulations, which amendment or change becomes effective or is
announced on or after January 25, 2000, the Company will become obligated to
pay, on the next Interest Payment Date, additional amounts in respect of this
Security or any other Security that is part of the January 28, 2010 Tranche,
pursuant to Section 4 of this Security or any such other Security. If the
Company becomes entitled to redeem this Security, it may do so on any
day thereafter pursuant to the Indenture, provided, however, that (1) the
Company gives the Holder of this Security notice of such redemption not more
than 60 days nor less than 30 days prior to the date fixed for redemption as
provided in the Indenture, (2) no such notice of redemption may be given
earlier than 90 days prior to the next Interest Payment Date on which the
Company would be obligated to pay such additional amounts and (3) at the time
such notice is given, such obligation to pay such additional amounts remains in
effect. Immediately prior to

                  (Reverse of Security continued on next page)

                                      -17-

NY12533: 113530.4

<PAGE>   18
the giving of any notice of redemption of Securities pursuant to this
Section 5, the Company will deliver to the Trustee an Officers' Certificate
stating that the Company is entitled to effect such redemption and setting
forth in reasonable detail a statement of facts showing that the conditions
precedent to the right of the Company to so redeem the Securities have
occurred. Interest installments due on or prior to a 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 Indenture.

                  6.       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 Record Date as
provided in the 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),

                  (Reverse of Security continued on next page)

                                      -18-

NY12533: 113530.4

<PAGE>   19
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 National Association of
Securities Dealers, 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 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, Attention:
Corporation Trust Trustee Administration, 101 Barclay Street, 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.

                  7.       TRANSFER AND EXCHANGE

                  As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this

                  (Reverse of Security continued on next page)

                                      -19-

NY12533: 113530.4

<PAGE>   20
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 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 not this Security be overdue, and neither
the Company nor 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 Indenture relating to Global Securities,
including the limitations in Section 305 thereof on transfers and exchanges of
Global Securities.

                  (Reverse of Security continued on next page)

                                      -20-

NY12533: 113530.4

<PAGE>   21
                  8.       DEFEASANCE

                  The 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 Indenture. If so specified on the face
hereof, either or both of such provisions are applicable to this Security, as
so specified.

                  9.       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 Indenture.

                  As provided in and subject to the provisions of the Indenture,
the Holder of this Security shall not have the right to institute any proceeding
with respect to the 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.

                  (Reverse of Security continued on next page)

                                      -21-

NY12533: 113530.4

<PAGE>   22
                  No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the
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.

                  10.      MODIFICATION AND WAIVER

                  The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of
each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal
amount of the Securities at the time Outstanding of all series to be affected
(considered together as one class for this purpose). The Indenture also
contains provisions (i) permitting the Holders of a majority in principal
amount of the Securities at the time Outstanding of all series to be affected
under the Indenture (considered together as one class for this purpose), on
behalf of the Holders of all Securities of such series, to waive compliance by
the Company with certain provisions of the 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 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 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.

                  11.      GOVERNING LAW

                 (Reverse of Security continued on next page)

                                     -22-
<PAGE>   23

                  THIS SECURITY AND THE 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)

                                     -23-

<PAGE>   24

                                                            CUSIP NO. __________

                                                 ORIGINAL ISSUE DATE: __________

                          THE GOLDMAN SACHS GROUP, INC.
                           MEDIUM-TERM NOTE, SERIES B

                            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 - NOT APPLICABLE

                  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

                                      -24-

NY12533: 113530.4

<PAGE>   25

signed, or (ii) a facsimile transmission or letter from a member of a national
securities exchange or the National Association of Securities Dealers, 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 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
              Attention: Corporation Trust Trustee Administration
              101 Barclay Street
              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

                                      -25-

NY12533: 113530.4

<PAGE>   26
any specification, one Security will be issued in respect of the portion not
being repaid):

              ----------------------------

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.

                                  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.

                                -----------------------------

                                      -26-

NY12533: 113530.4

<PAGE>   27

                                   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                            NOTICE:  The signature to
guaranteed.                                          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.

                                      -27-

NY12533: 113530.4

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