Bond Goldman & Sachs 4.25% ( US38148T2K40 ) in USD

Issuer Goldman & Sachs
Market price 99.75 %  ⇌ 
Country  United States
ISIN code  US38148T2K40 ( in USD )
Interest rate 4.25% per year ( payment 2 times a year)
Maturity 29/05/2025 - Bond has expired



Prospectus brochure of the bond Goldman Sachs US38148T2K40 in USD 4.25%, expired


Minimal amount 1 000 USD
Total amount /
Cusip 38148T2K4
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description Goldman Sachs is a leading global investment banking, securities, and investment management firm that provides a wide range of financial services to corporations, governments, and high-net-worth individuals.

The Bond issued by Goldman & Sachs ( United States ) , in USD, with the ISIN code US38148T2K40, pays a coupon of 4.25% per year.
The coupons are paid 2 times per year and the Bond maturity is 29/05/2025







424B2 1 a15-8428_38424b2.htm PROSPECTUS SUPPLEMENT NO. 3737 DATED MAY 27, 2015
Table of Contents

File d pursua nt t o Rule 4 2 4 (b)(2 )
Re gist ra t ion St a t e m e nt N o. 3 3 3 -1 9 8 7 3 5



T he Goldm a n Sa c hs Group, I nc .
$1,601,000
Callable Monthly Russell 2000® Index-Linked Range Accrual Notes due 2025


The notes will mature on the stated maturity date (May 29, 2025), subject to our right to redeem your notes at 100% of their face
amount plus any accrued and unpaid interest on each interest payment date on or after May 29, 2016.

Interest, if any, will be paid on the 29th day of each month, with the first interest payment date occurring on June 29, 2015. The
amount of interest that you will be paid each month will be based on the number of scheduled trading days, each a "reference
date", on which the closing level of the Russell 2000® Index is greater than or equal to 75.00% of the initial index level of
1,254.357, which is 940.76775. To determine your annualized interest rate for each monthly interest period, we will divide the
number of reference dates in the interest period on which the above condition is met by the total number of reference dates in that
interest period. We will then multiply the resulting fraction by 4.25%. Your monthly interest payment for each $1,000 face amount
of your notes will equal the product of the annualized interest rate times $1,000, determined in accordance with the 30/360 (ISDA)
day count convention. U nle ss t he a bove c ondit ion is m e t on e a c h re fe re nc e da t e in a m ont hly int e re st pe riod,
t he int e re st ra t e w it h re spe c t t o t he ne x t int e re st pa ym e nt da t e w ill be le ss t ha n 4 .2 5 % pe r a nnum , a nd if it
is ne ve r m e t , t he int e re st ra t e w it h re spe c t t o suc h int e re st pa ym e nt da t e w ill be 0 .0 0 % .

Y our inve st m e nt in t he not e s involve s c e rt a in risk s, inc luding, a m ong ot he r t hings, our c re dit risk . Se e
pa ge S -8 .

You should read the additional disclosure herein so that you may better understand the terms and risks of your investment.

The estimated value of your notes at the time the terms of your notes were set on the trade date (as determined by
reference to pricing models used by Goldman, Sachs & Co. (GS&Co.) and taking into account our credit spreads) was
equal to approximately $928 per $1,000 face amount, which is less than the original issue price. The value of your notes
at any time will reflect many factors and cannot be predicted; however, the price (not including GS&Co.'s customary bid
and ask spreads) at which GS&Co. would initially buy or sell notes (if it makes a market, which it is not obligated to do)
and the value that GS&Co. will initially use for account statements and otherwise equals approximately $962.40 per $1,000
face amount, which exceeds the estimated value of your notes as determined by reference to these models. The amount
of the excess will decline on a straight line basis over the period from the trade date through May 29, 2016.

Origina l issue da t e :
May 29, 2015
Origina l issue pric e :
100.00% of the face amount
U nde rw rit ing disc ount :
3.71% of the face amount
N e t proc e e ds t o t he issue r: 96.29% of the face amount


N e it he r t he Se c urit ie s a nd Ex c ha nge Com m ission nor a ny ot he r re gula t ory body ha s a pprove d or
disa pprove d of t he se se c urit ie s or pa sse d upon t he a c c ura c y or a de qua c y of t his prospe c t us. Any
re pre se nt a t ion t o t he c ont ra ry is a c rim ina l offe nse . T he not e s a re not ba nk de posit s a nd a re not insure d by
t he Fe de ra l De posit I nsura nc e Corpora t ion or a ny ot he r gove rnm e nt a l a ge nc y, nor a re t he y obliga t ions of,
or gua ra nt e e d by, a ba nk .

Goldm a n, Sa c hs & Co.
Prospectus Supplement No. 3737 dated May 27, 2015.

Table of Contents

The issue price, underwriting discount and net proceeds listed on the cover page hereof relate to the notes we sell initially. We
may decide to sell additional notes after the date of this prospectus supplement, at issue prices and with underwriting discounts and
net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in notes
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will depend in part on the issue price you pay for such notes.

Goldman Sachs may use this prospectus in the initial sale of the offered notes. In addition, GS&Co., or any other affiliate of
Goldman Sachs may use this prospectus in a market-making transaction in a note after its initial sale. Unless Goldman Sachs or
its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is being used in a market-making
transaction.




About Y our Prospe c t us

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

·
Prospectus supplement dated September 15, 2014


·
Prospectus dated September 15, 2014


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


Table of Contents

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SU M M ARY I N FORM AT I ON




We refer to the notes we are offering by this prospectus supplement as the "offered notes" or the "notes". Each of the
offered notes, including your notes, has the terms described below and under "Specific Terms of Your Notes" on page S-15.
Please note that in this prospectus supplement, references to "The Goldman Sachs Group, Inc.", "we", "our" and "us" mean only
The Goldman Sachs Group, Inc. and do not include its consolidated subsidiaries. Also, references to the "accompanying
prospectus" mean the accompanying prospectus, dated September 15, 2014, as supplemented by the accompanying prospectus
supplement, dated September 15, 2014, in each case relating to the Medium-Term Notes, Series D of The Goldman Sachs
Group, Inc. References to the "indenture" in this prospectus supplement mean the senior debt indenture, dated July 16, 2008,
between The Goldman Sachs Group, Inc. and The Bank of New York Mellon, as trustee.


K e y T e rm s

I ssue r: The Goldman Sachs Group, Inc.

I nde x : the Russell 2000® Index (Bloomberg symbol, "RTY Index"), as published by the Russell Investment Group ("Russell"); see
"The Index" on page S-23

Fa c e a m ount : each note will have a face amount equal to $1,000; $1,601,000 in the aggregate for all the offered notes; the
aggregate face amount of the offered notes may be increased if the issuer, at its sole option, decides to sell an additional amount
of the offered notes on a date subsequent to the date of this prospectus supplement

T ra de da t e : May 27, 2015

Origina l issue da t e (se t t le m e nt da t e ): May 29, 2015

St a t e d m a t urit y da t e : May 29, 2025, subject to our early redemption right and to adjustment as described under "Specific
Terms of Your Notes -- Payment of Principal on Stated Maturity Date -- Stated Maturity Date" on page S-16

Spe c ifie d c urre nc y: U.S. dollars ("$")

De nom ina t ions: $1,000 or integral multiples of $1,000 in excess thereof

Supple m e nt a l disc ussion of U .S. fe de ra l inc om e t a x c onse que nc e s: We intend to treat your notes as variable rate
debt instruments for U.S. federal income tax purposes. Under this characterization, it is the opinion of Sidley Austin LLP that you
should include the interest payments on the notes in ordinary income at the time you receive or accrue such payments, depending
on your regular method of accounting for tax purposes. In addition, any gain or loss you recognize upon the sale, exchange,
redemption or maturity of your notes should be capital gain or loss except to the extent of any amount attributable to any accrued
but unpaid interest payments on your notes. Please see "Supplemental Discussion of Federal Income Tax Consequences" below
for a more detailed discussion.

Ea rly re de m pt ion right : we have the right to redeem your notes, in whole but not in part, at a price equal to 100% of the face
amount plus any accrued and unpaid interest, on the interest payment date that will fall on May 29, 2016 and on each interest
payment date occurring thereafter, subject to ten business days' prior notice.

I nt e re st ra t e : the interest rate with respect to any interest payment date will be determined on the immediately preceding
interest determination date, based on the closing level of the index on each reference date during the interest period immediately
preceding such interest payment date. The interest rate will be equal to: the product of (1) 4.25% times (2) the quotient of (i) the
number of reference dates during the applicable interest period when the closing level of the index is greater than or equal to the
trigger level divided by (ii) the number of reference dates in such interest period.

I nit ia l inde x le ve l: 1,254.357

T rigge r le ve l: 940.76775, which is 75.00% of the initial index level

S-4
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Closing le ve l of t he inde x : the closing level of the index on any reference date, as further described under "Specific Terms of
Your Notes -- Special Calculation Provisions -- Closing Level" on page S-19

I nt e re st pa ym e nt da t e s: the 29th day of each month (except for the interest payment date in each February, which will be
the last calendar day of such month), beginning on June 29, 2015 and ending on the stated maturity date, subject to adjustments
as described elsewhere in the prospectus supplement

Re fe re nc e da t e : for each interest period, each day that is a scheduled trading day

Da y c ount c onve nt ion: 30/360 (ISDA)

Busine ss da y c onve nt ion: following unadjusted

Ac c rue d int e re st fa c t or: calculated in accordance with the day count convention with respect to each period from and
including each interest payment date (or the original issue date, in the case of the first interest payment) to but excluding the next
succeeding interest payment date

Re gula r re c ord da t e s: one business day immediately preceding each interest payment date

De fe a sa nc e : not applicable

N o list ing: the offered notes will not be listed or displayed on any securities exchange or interdealer market quotation system

Busine ss da y: as described on page S-19

T ra ding da y: as described on page S-19

Sc he dule d t ra ding da y: as described on page S-19

I nt e re st de t e rm ina t ion da t e s: the tenth scheduled trading day prior to each interest payment date

I nt e re st pe riod: the period from and including each interest determination date (or the original issue date, in the case of the
initial interest period) to but excluding the next succeeding interest determination date

Ca lc ula t ion a ge nt : Goldman, Sachs & Co.

CU SI P no.: 38148T2K4

I SI N no.: US38148T2K40

FDI C: the notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other
governmental agency, nor are they obligations of, or guaranteed by, a bank

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H Y POT H ET I CAL EX AM PLES

The following examples are provided for purposes of illustration only. They should not be taken as an indication or prediction
of future investment results and are intended merely to illustrate (i) the method we will use to determine the interest rate on any
given interest payment date based on the closing level of the index on the reference dates in the immediately preceding interest
period and (ii) the method we will use to calculate the amount of interest accrued between interest payment dates.

The examples below are based on a range of levels of the index that are entirely hypothetical; no one can predict what the
level of the index will be on any day throughout the life of your notes, and no one can predict whether interest will accrue on your
notes. The index has been highly volatile in the past -- meaning that the index level has changed substantially in relatively short
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periods -- and its performance cannot be predicted for any future period.

The information in the following examples reflects the method we will use to calculate the interest rate applicable to any
interest payment date and the hypothetical rates of return on the offered notes assuming that they are purchased on the original
issue date at the face amount and held to the stated maturity date. If you sell your notes in a secondary market prior to the stated
maturity date, as the case may be, your return will depend upon the market value of your notes at the time of sale, which may be
affected by a number of factors that are not reflected in the tables below such as interest rates, the volatility of the index and our
creditworthiness. In addition, the estimated value of your notes at the time the terms of your notes were set on the trade date (as
determined by reference to pricing models used by Goldman, Sachs & Co.) was less than the original issue price of your notes.
For more information on the estimated value of your notes, see "Additional Risk Factors Specific to Your Notes -- The Estimated
Value of Your Notes At the Time the Terms of Your Notes Were Set On the Trade Date (as Determined By Reference to Pricing
Models Used By Goldman, Sachs & Co.) Was Less Than the Original Issue Price Of Your Notes" on page S-8 of this prospectus
supplement. The information in the tables also reflect the key terms and assumptions in the box below.


K e y T e rm s a nd Assum pt ions


Trigger level
75.00% of the initial index
level


Interest rate
4.25% per annum


The day count convention calculation results in an accrued interest factor of approximately 0.08333

The notes are not called

Neither a market disruption event nor a non-trading day occurs on any reference date

No change in or affecting any of the index stocks or the method by which the index sponsor calculates the index

Notes purchased on original issue date at the face amount and held to the stated maturity date


For these reasons, the actual levels of the index on any reference date in any interest period, as well as the interest payable
at each interest payment date, may bear little relation to the hypothetical examples shown below or to the historical levels of the
index shown elsewhere in this prospectus supplement. For information about the index levels during recent periods, see "The Index
-- Historical Closing Levels of the Index" on page S-28. Before investing in the notes, you should consult publicly available
information to determine the index level between the date of this prospectus supplement and the date of your purchase of the
notes.

The following table illustrates the method we will use to calculate the interest rate with respect to an interest payment date,
subject to the key terms and assumptions above. The numbers in the first column represent the number of reference dates ("N")
during any given interest period for which the closing level of the index is greater than or equal to the trigger level. The levels in
the fourth column represent the hypothetical interest amount, as a percentage of the face amount of each note, that would be
payable

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with respect to a given interest period in which the closing level of the index is greater than or equal to the trigger level for a given
number of reference dates (as specified in the first column).

Also, the hypothetical examples shown below do not take into account the effect of applicable taxes.





Am ount of int e re st
Assum e d num be r of
Ac c rua l fra c t ion
t o be pa id for suc h
N * (A)
e ligible t ra ding da ys
(A/B) x 4 .2 5 %
pe riod (using 3 0 /3 6 0 (I SDA)
in a n int e re st pe riod (B)
c onve nt ion)








0
20
0.00000000
0.00%








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5
20
0.01062500
0.09%








10
20
0.02125000
0.18%








15
20
0.03187500
0.27%








20
20
0.04250000
0.35%




*The number of days for which the closing level of the index is greater than or equal to the trigger level in a given interest period is
subject to numerous adjustments, as described elsewhere in this prospectus supplement.

Payments on the notes are economically equivalent to the amounts that would be paid on a combination of other
instruments. For example, payments on the notes are economically equivalent to a combination of an interest-bearing bond bought
by the holder and one or more options entered into between the holder and us (with one or more implicit option premiums paid
over time). The discussion in this paragraph does not modify or affect the terms of the notes or the U.S. federal income tax
treatment of the notes, as described elsewhere in this prospectus supplement.




We cannot predict the actual closing level of the index on any day or the market value of your notes, nor can we predict
the relationship between the closing level of the index and the market value of your notes at any time prior to the stated maturity
date. The actual interest payment that a holder of the notes will receive on each interest payment date and the rate of return on
the offered notes will depend on the actual closing levels of the index as determined by the calculation agent. Moreover, the
assumptions on which the hypothetical examples are based may turn out to be inaccurate. Consequently, the interest amount to
be paid in respect of your notes, if any, on each interest payment date may be very different from the information reflected in the
examples above.


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




An investment in your notes is subject to the risks described below, as well as the risks and considerations described
in the accompanying prospectus dated September 15, 2014 and in the accompanying prospectus supplement dated
September 15, 2014. You should carefully review these risks and considerations as well as the terms of the notes described
herein and in the accompanying prospectus, dated September 15, 2014, as supplemented by the accompanying prospectus
supplement, dated September 15, 2014, of The Goldman Sachs Group, Inc. Your notes are a riskier investment than ordinary
debt securities. Also, your notes are not equivalent to investing directly in the index stocks, i.e., the stocks comprising the
index to which your notes are linked. You should carefully consider whether the offered notes are suited to your particular
circumstances.


T he Est im a t e d V a lue of Y our N ot e s At t he T im e t he T e rm s of Y our N ot e s We re Se t On t he T ra de Da t e (a s
De t e rm ine d By Re fe re nc e t o Pric ing M ode ls U se d By Goldm a n, Sa c hs & Co.) Wa s Le ss T ha n t he Origina l
I ssue Pric e Of Y our N ot e s

The original issue price for your notes exceeds the estimated value of your notes as of the time the terms of your notes were
set on the trade date, as determined by reference to Goldman, Sachs & Co.'s pricing models and taking into account our credit
spreads. Such estimated value on the trade date is set forth on the cover of this prospectus supplement; after the trade date, the
estimated value as determined by reference to these models will be affected by changes in market conditions, our creditworthiness
and other relevant factors. The price at which Goldman, Sachs & Co. would initially buy or sell your notes (if Goldman, Sachs &
Co. makes a market, which it is not obligated to do), and the value that Goldman, Sachs & Co. will initially use for account
statements and otherwise, also exceeds the estimated value of your notes as determined by reference to these models. As agreed
by Goldman, Sachs & Co. and the distribution participants, the amount of the excess will decline on a straight line basis over the
period from the date hereof through the applicable date set forth on the cover. Thereafter, if Goldman, Sachs & Co. buys or sells
your notes it will do so at prices that reflect the estimated value determined by reference to such pricing models at that time. The
price at which Goldman, Sachs & Co. will buy or sell your notes at any time also will reflect its then current bid and ask spread for
similar sized trades of structured notes.

In estimating the value of your notes as of the time the terms of your notes were set on the trade date, as disclosed on the
front cover of this prospectus supplement, Goldman, Sachs & Co.'s pricing models consider certain variables, including principally
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our credit spreads, interest rates (forecasted, current and historical rates), volatility, price-sensitivity analysis and the time to
maturity of the notes. These pricing models are proprietary and rely in part on certain assumptions about future events, which may
prove to be incorrect. As a result, the actual value you would receive if you sold your notes in the secondary market, if any, to
others may differ, perhaps materially, from the estimated value of your notes determined by reference to our models due to, among
other things, any differences in pricing models or assumptions used by others. See "The Market Value of Your Notes May Be
Influenced by Many Unpredictable Factors" below.

The difference between the estimated value of your notes as of the time the terms of your notes were set on the trade date
and the original issue price is a result of certain factors, including principally the underwriting discount and commissions, the
expenses incurred in creating, documenting and marketing the notes, and an estimate of the difference between the amounts we
pay to Goldman, Sachs & Co. and the amounts Goldman, Sachs & Co. pays to us in connection with your notes. We pay to
Goldman, Sachs & Co. amounts based on what we would pay to holders of a non-structured note with a similar maturity. In return
for such payment, Goldman, Sachs & Co. pays to us the amounts we owe under your notes.

In addition to the factors discussed above, the value and quoted price of your notes at any time will reflect many factors and
cannot be predicted. If Goldman, Sachs & Co. makes a market in the notes, the price quoted by Goldman, Sachs & Co. would
reflect any changes in market conditions and other relevant factors, including any deterioration in our creditworthiness or perceived
creditworthiness. These changes may adversely affect the value of your notes, including the price you may receive for your notes
in any market making transaction. To the extent that Goldman, Sachs & Co. makes a market in the notes, the

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quoted price will reflect the estimated value determined by reference to Goldman, Sachs & Co.'s pricing models at that time, plus
or minus its then current bid and ask spread for similar sized trades of structured notes (and subject to the declining excess
amount described above).

Furthermore, if you sell your notes, you will likely be charged a commission for secondary market transactions, or the price will
likely reflect a dealer discount. This commission or discount will further reduce the proceeds you would receive for your notes in a
secondary market sale.

There is no assurance that Goldman, Sachs & Co. or any other party will be willing to purchase your notes at any price and, in
this regard, Goldman, Sachs & Co. is not obligated to make a market in the notes. See "-- Your Notes May Not Have an Active
Trading Market" below.

T he N ot e s Are Subje c t t o t he Cre dit Risk of t he I ssue r

Although the interest on the notes will be based on the performance of the index, the payment of any amount due on the notes
is subject to our credit risk. The notes are our unsecured obligations. Investors are dependent on our ability to pay all amounts due
on the notes, and therefore investors are subject to our credit risk and to changes in the market's view of our creditworthiness.
See "Description of the Notes We May Offer -- Information About Our Medium-Term Notes, Series D Program -- How the Notes
Rank Against Other Debt" on page S-4 of the accompanying prospectus supplement.

I f t he Closing Le ve l of t he I nde x I s Le ss T ha n t he T rigge r Le ve l on Any Re fe re nc e Da t e in Any I nt e re st
Pe riod, t he I nt e re st Ra t e Wit h Re spe c t t o t he N e x t I nt e re st Pa ym e nt Da t e Will Be Re duc e d

Because of the formula used to calculate the interest rate applicable to your notes, in the event the closing level of the index
on any reference date in any applicable interest period is less than the trigger level, the interest rate with respect to the next
interest payment date will be reduced. Therefore, if the closing level of the index is less than the trigger level for an entire interest
rate period, you will receive no interest on the related interest payment date. In such case, even if you receive some interest
payments on some or all of the interest payment dates, the overall return you earn on your notes may be less than you would have
earned by investing in a non-indexed debt security of comparable maturity that bears interest at a prevailing market rate.

I f Y ou Purc ha se Y our N ot e s a t a Pre m ium t o Fa c e Am ount , t he Re t urn on Y our I nve st m e nt Will Be Low e r
T ha n t he Re t urn on N ot e s Purc ha se d a t Fa c e Am ount a nd t he I m pa c t of Ce rt a in K e y T e rm s of t he N ot e s Will
be N e ga t ive ly Affe c t e d

The amount you will be paid for your notes on the stated maturity date will not be adjusted based on the issue price you pay
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for the notes. If you purchase notes at a price that differs from the face amount of the notes, then the return on your investment in
such notes held to the stated maturity date will differ from, and may be substantially less than, the return on notes purchased at
face amount. If you purchase your notes at a premium to face amount and hold them to the stated maturity date the return on your
investment in the notes will be lower than it would have been had you purchased the notes at face amount or a discount to face
amount.

T he M a rk e t V a lue of Y our N ot e s M a y Be I nflue nc e d by M a ny U npre dic t a ble Fa c t ors

When we refer to the market value of your notes, we mean the value that you could receive for your notes if you chose to sell
them in the open market before the stated maturity date. A number of factors, many of which are beyond our control, will influence
the market value of your notes, including:

·
the level of the index;


·
the volatility ­ i.e., the frequency and magnitude of changes ­ in the closing level of the index;


·
the dividend rates of the index stocks;


·
economic, financial, legislative, regulatory, political, military and other events that affect stock markets generally and the index

stocks, and which may affect the closing level of the index;

·
interest rates and yield rates in the market;


·
the time remaining until your notes mature; and


·
our creditworthiness, whether actual or perceived, and including actual or anticipated upgrades or downgrades in our credit

ratings or changes in other credit measures.

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These factors, and many other factors, will influence the price you will receive if you sell your notes before maturity, including
the price you may receive for your notes in any market making transaction. If you sell your notes before maturity, you may receive
less than the face amount of your notes.

You cannot predict the future performance of the index based on its historical performance. The actual performance of the
index over the life of the offered notes, as well as the interest payable on each interest payment date, may bear little or no relation
to the historical closing levels of the index or the hypothetical examples shown elsewhere in this prospectus supplement.

I f t he Le ve l of t he I nde x Cha nge s, t he M a rk e t V a lue of Y our N ot e s M a y N ot Cha nge in t he Sa m e M a nne r

The price of your notes may move differently than the performance of the index. Changes in the level of the index may not
result in a comparable change in the market value of your notes. Even if the closing level of the index is greater than or equal to
the trigger level during some portion of the life of the notes, the market value of your notes may not increase in the same manner.
We discuss some of the reasons for this disparity under "-- The Market Value of Your Notes May Be Influenced by Many
Unpredictable Factors" above.

Ant ic ipa t e d H e dging Ac t ivit ie s by Goldm a n Sa c hs or Our Dist ribut ors M a y N e ga t ive ly I m pa c t I nve st ors in
t he N ot e s a nd Ca use Our I nt e re st s a nd T hose of Our Clie nt s a nd Count e rpa rt ie s t o be Cont ra ry t o T hose of
I nve st ors in t he N ot e s

Goldman Sachs expects to hedge The Goldman Sachs Group, Inc.'s obligations under the notes by purchasing futures and/or
other instruments linked to the index. Goldman Sachs also expects to adjust the hedge by, among other things, purchasing or
selling any of the foregoing, and perhaps other instruments linked to the index or the stocks underlying the index, which we refer to
as index stocks, at any time and from time to time, and to unwind the hedge by selling any of the foregoing on or before the
determination date for your notes. Alternatively, Goldman Sachs may hedge all or part of our obligations under the notes with
unaffiliated distributors of the notes which we expect will undertake similar market activity. Goldman Sachs may also enter into,
http://www.sec.gov/Archives/edgar/data/886982/000110465915041840/a15-8428_38424b2.htm[5/29/2015 11:29:16 AM]


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