Bond Goldman Sachs 0% ( US38147QY340 ) in USD

Issuer Goldman Sachs
Market price 100 %  ▼ 
Country  United States
ISIN code  US38147QY340 ( in USD )
Interest rate 0%
Maturity 02/11/2022 - Bond has expired



Prospectus brochure of the bond Goldman Sachs US38147QY340 in USD 0%, expired


Minimal amount 1 000 USD
Total amount 3 430 000 USD
Cusip 38147QY34
Standard & Poor's ( S&P ) rating N/A
Moody's rating A2 ( Upper medium grade - Investment-grade )
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 US38147QY340, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 02/11/2022

The Bond issued by Goldman Sachs ( United States ) , in USD, with the ISIN code US38147QY340, was rated A2 ( Upper medium grade - Investment-grade ) by Moody's credit rating agency.







Pricing Supplement No. 3652 dated April 28, 2015
424B2 1 d917443d424b2.htm PRICING SUPPLEMENT NO. 3652 DATED APRIL 28, 2015
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-198735

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

$3,430,000
Leveraged EURO STOXX 50® Index-Linked Notes due 2022


T he not e s do not be a r int e re st . The amount that you will be paid on your notes on the stated maturity date (November 2,
2022) is based on the performance of the EURO STOXX 50® Index as measured from the trade date (April 28, 2015) to and
including the determination date (October 28, 2022). If the final index level on the determination date is greater than the initial
index level of 3,715.42, the return on your notes will be positive, subject to the maximum settlement amount (of $1,840.00 for each
$1,000 face amount of your notes). I f t he fina l inde x le ve l is e qua l t o or le ss t ha n t he init ia l inde x le ve l, you w ill
re c e ive t he fa c e a m ount of your not e s.
To determine your payment at maturity, we will calculate the index return, which is the percentage increase or decrease in the final
index level from the initial index level. On the stated maturity date, for each $1,000 face amount of your notes you will receive an
amount in cash equal to:

·
if the index return is positive (the final index level is greater than the initial index level), the sum of (i) $1,000 plus (ii) the
product of (a) $1,000 times (b) 1.20 times (c) the index return, subject to the maximum settlement amount; or

·
if the index return is zero or negative (the final index level is equal to or less than the initial index level), $1,000.
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 PS-1 1 .
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 $932 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 $960 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 April 28, 2016.

Origina l issue da t e :
April 30, 2015
Origina l issue pric e :
100.00% of the face amount
U nde rw rit ing disc ount :
4.40% of the face amount
N e t proc e e ds t o t he issue r: 95.60% 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.
Pricing Supplement No. 3652 dated April 28, 2015.
Table of Contents
The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decide to sell
additional notes after the date of this pricing supplement, at issue prices and with underwriting discounts and net proceeds that
http://www.sec.gov/Archives/edgar/data/886982/000119312515159478/d917443d424b2.htm[4/30/2015 10:52:17 AM]


Pricing Supplement No. 3652 dated April 28, 2015
differ from the amounts set forth above. The return (whether positive or negative) on your investment in notes will depend in part
on the issue price you pay for such notes.
Goldman Sachs may use this prospectus in the initial sale of the notes. In addition, Goldman, Sachs & 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 pricing supplement and the accompanying documents listed below. This pricing supplement constitutes a supplement to the
documents listed below and should be read in conjunction with such documents:


· Product supplement no. 3141 dated September 15, 2014


· General terms supplement dated September 26, 2014


· Prospectus supplement dated September 15, 2014


· Prospectus dated September 15, 2014
The information in this pricing 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
Le ve ra ge d EU RO ST OX X 5 0 ® I nde x -Link e d N ot e s due 2 0 2 2

I N V EST M EN T T H ESI S

·
For investors willing to forgo interest payments for the potential to earn 120.00% of any positive return of the underlier, up to a
maximum payment of 184.00% of the face amount
DET ERM I N I N G T H E CASH SET T LEM EN T AM OU N T
At maturity, for each $1,000 face amount, the investor will receive (in each case as a percentage of the face amount):

·
If the final underlier level is above 100.00% of its initial level, 100.00% plus 120.00% times the underlier return, subject to a
maximum of 184.00%

·
If the final underlier level is at or below its initial level, 100.00%
K EY T ERM S

I ssue r:

The Goldman Sachs Group, Inc.
U nde rlie r:

The EURO STOXX 50® Index (Bloomberg symbol, "SX5E Index")
Fa c e Am ount :

$3,430,000 in the aggregate; each note will have a face amount equal to $1,000
T ra de Da t e :

April 28, 2015
Se t t le m e nt Da t e :

April 30, 2015
De t e rm ina t ion Da t e :

October 28, 2022
St a t e d M a t urit y Da t e :

November 2, 2022
I nit ia l U nde rlie r Le ve l:

3,715.42
Fina l U nde rlie r Le ve l:

The closing level of the underlier on the determination date
U nde rlie r Re t urn:
The quotient of (i) the final underlier level minus the initial underlier level divided by (ii)

the initial underlier level, expressed as a positive or negative percentage.
U pside Pa rt ic ipa t ion Ra t e :

120.00%
M a x im um Se t t le m e nt Am ount :
$1,840.00
Ca p Le ve l:

170.00% of the initial underlier level
CU SI P/I SI N :

38147QY34 / US38147QY340
http://www.sec.gov/Archives/edgar/data/886982/000119312515159478/d917443d424b2.htm[4/30/2015 10:52:17 AM]


Pricing Supplement No. 3652 dated April 28, 2015
H Y POT H ET I CAL PAY M EN T AT M AT U RI T Y

H ypot he t ic a l Fina l
H ypot he t ic a l Ca sh
U nde rlie r Le ve l (a s % of
Se t t le m e nt Am ount (a s % of
I nit ia l U nde rlie r Le ve l)

Fa c e Am ount )
200.000%

184.000%
1 7 0 .0 0 0 %

1 8 4 .0 0 0 %
150.000%

160.000%
130.000%

136.000%
120.000%

124.000%
110.000%

112.000%
1 0 0 .0 0 0 %

1 0 0 .0 0 0 %
75.000%

100.000%
50.000%

100.000%
25.000%

100.000%
0 .0 0 0 %

1 0 0 .0 0 0 %

RI SK S
Please read the section entitled "Additional Risk Factors Specific to Your Notes" of this pricing supplement as well as the risks and
considerations described in the accompanying prospectus dated September 15, 2014, in the accompanying prospectus supplement
dated September 15, 2014, under "Additional Risk Factors Specific to the Underlier-Linked Notes" in the accompanying product
supplement no. 3141 dated September 15, 2014, and under "Additional Risk Factors Specific to the Notes" in the accompanying
general terms supplement dated September 26, 2014.

PS-3
Table of Contents
SU M M ARY I N FORM AT I ON

We refer to the notes we are offering by this pricing supplement as the "offered notes" or the "notes". Each of the offered
notes, including your notes, has the terms described below. Please note that in this pricing 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, of The
Goldman Sachs Group, Inc. relating to the Medium-Term Notes, Series D program of The Goldman Sachs Group, Inc.,
references to the "accompanying general terms supplement" mean the accompanying general terms supplement, dated
September 26, 2014, of The Goldman Sachs Group, Inc. and references to the "accompanying product supplement no. 3141"
mean the accompanying product supplement no. 3141, dated September 15, 2014, of The Goldman Sachs Group, Inc.
This section is meant as a summary and should be read in conjunction with the section entitled "General Terms of the
Underlier-Linked Notes" on page S-27 of the accompanying product supplement no. 3141 and "Supplemental Terms of the
Notes" on page S-13 of the accompanying general terms supplement. Please note that certain features, as noted below,
described in the accompanying product supplement no. 3141 and general terms supplement are not applicable to the notes.
This pricing supplement supersedes any conflicting provisions of the accompanying product supplement no. 3141 or the
accompanying general terms supplement.
K e y T e rm s
I ssue r: The Goldman Sachs Group, Inc.
U nde rlie r: the EURO STOXX 50® Index (Bloomberg symbol, "SX5E Index")
Spe c ifie d c urre nc y: U.S. dollars ("$")
T e rm s t o be spe c ifie d in a c c orda nc e w it h t he a c c om pa nying produc t supple m e nt no. 3 1 4 1 :


http://www.sec.gov/Archives/edgar/data/886982/000119312515159478/d917443d424b2.htm[4/30/2015 10:52:17 AM]


Pricing Supplement No. 3652 dated April 28, 2015
·
type of notes: notes linked to a single underlier

·
exchange rates: not applicable

·
averaging dates: not applicable

·
redemption right or price dependent redemption right: not applicable

·
cap level: yes, as described below

·
downside participation percentage: not applicable

·
interest: not applicable
Fa c e a m ount : each note will have a face amount of $1,000; $3,430,000 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 pricing supplement
Purc ha se a t a m ount ot he r t ha n fa c e a m ount : the amount we will pay you at the stated maturity date for your notes will
not be adjusted based on the issue price you pay for your notes, so if you acquire notes at a premium (or discount) to face amount
and hold them to the stated maturity date, it could affect your investment in a number of ways. The return on your investment in
such notes will be lower (or higher) than it would have been had you purchased the notes at face amount. Also, the cap level would
be triggered at a lower (or higher) percentage return than indicated below, relative to your initial investment. See "Additional Risk
Factors Specific to Your Notes -- If You Purchase Your Notes at a Premium to Face Amount, the Return on Your Investment Will
Be Lower Than the Return on Notes Purchased at Face Amount and the Impact of Certain Key Terms of the Notes Will be
Negatively Affected" on page PS-13 of this pricing supplement.
Supple m e nt a l disc ussion of U .S. fe de ra l inc om e t a x c onse que nc e s: the notes will be treated as debt instruments
subject to the special rules governing contingent payment debt instruments for U.S. federal income tax purposes. Under this
treatment, it is the opinion of Sidley Austin LLP that if you are a U.S. individual or taxable entity, you generally should be required to
pay taxes on ordinary income from the

PS-4
Table of Contents
notes over their term based on the comparable yield for the notes. In addition, any gain you may recognize on the sale, exchange
or maturity of the notes will be taxed as ordinary interest income.
Ca sh se t t le m e nt a m ount (on t he st a t e d m a t urit y da t e ): for each $1,000 face amount of your notes, we will pay you on
the stated maturity date an amount in cash equal to:

·
if the final underlier level is greater than or equal to the cap level, the maximum settlement amount;

·
if the final underlier level is greater than the initial underlier level but less than the cap level, the sum of (1) $1,000 plus (2) the
product of (i) $1,000 times (ii) the upside participation rate times (iii) the underlier return; or

·
if the final underlier level is equal to or less than the initial underlier level, $1,000.
I nit ia l unde rlie r le ve l: 3,715.42
Fina l unde rlie r le ve l: the closing level of the underlier on the determination date, except in the limited circumstances described
under "Supplemental Terms of the Notes -- Consequences of a Market Disruption Event or a Non-Trading Day" on page S-19 of
the accompanying general terms supplement and subject to adjustment as provided under "Supplemental Terms of the Notes --
Discontinuance or Modification of an Underlier" on page S-23 of the accompanying general terms supplement
U nde rlie r re t urn: the quotient of (1) the final underlier level minus the initial underlier level divided by (2) the initial underlier
level, expressed as a percentage
U pside pa rt ic ipa t ion ra t e : 120.00%
Ca p le ve l: 170.00% of the initial underlier level
M a x im um se t t le m e nt a m ount : $1,840.00
T ra de da t e : April 28, 2015
http://www.sec.gov/Archives/edgar/data/886982/000119312515159478/d917443d424b2.htm[4/30/2015 10:52:17 AM]


Pricing Supplement No. 3652 dated April 28, 2015
Origina l issue da t e (se t t le m e nt da t e ): April 30, 2015
De t e rm ina t ion da t e : October 28, 2022, subject to adjustment as described under "Supplemental Terms of the Notes --
Determination Date" on page S-14 of the accompanying general terms supplement
St a t e d m a t urit y da t e : November 2, 2022, subject to adjustment as described under "Supplemental Terms of the Notes --
Stated Maturity Date" on page S-13 of the accompanying general terms supplement
N o int e re st : the offered notes do not bear interest
N o list ing: the offered notes will not be listed on any securities exchange or interdealer quotation system
N o re de m pt ion: the offered notes will not be subject to redemption right or price dependent redemption right
Closing le ve l: as described under "Supplemental Terms of the Notes -- Special Calculation Provisions -- Closing Level" on page
S-27 of the accompanying general terms supplement
Busine ss da y: as described under "Supplemental Terms of the Notes -- Special Calculation Provisions -- Business Day" on
page S-27 of the accompanying general terms supplement
T ra ding da y: as described under "Supplemental Terms of the Notes -- Special Calculation Provisions -- Trading Day" on page
S-27 of the accompanying general terms supplement
U se of proc e e ds a nd he dging: as described under "Use of Proceeds" and "Hedging" on page S-31 of the accompanying
product supplement no. 3141
ERI SA: as described under "Employee Retirement Income Security Act" on page S-43 of the accompanying product supplement
no. 3141
Supple m e nt a l pla n of dist ribut ion: as described under "Supplemental Plan of Distribution" on page S-44 of the
accompanying product supplement no. 3141; The Goldman Sachs Group, Inc. estimates that its share of the total offering
expenses, excluding underwriting discounts and commissions, will be approximately $10,000.

PS-5
Table of Contents
The Goldman Sachs Group, Inc. has agreed to sell to Goldman, Sachs & Co., and Goldman, Sachs & Co. has agreed to purchase
from The Goldman Sachs Group, Inc., the aggregate face amount of the offered notes specified on the front cover of this pricing
supplement. Goldman, Sachs & Co. proposes initially to offer the notes to the public at the original issue prices set forth on the
cover page of this pricing supplement, and to certain securities dealers at such prices less a concession not in excess of 4.00% of
the face amount.
We will deliver the notes against payment therefor in New York, New York on April 30, 2015, which is the second scheduled
business day following the date of this pricing supplement and of the pricing of the notes.
We have been advised by Goldman, Sachs & Co. that it intends to make a market in the notes. However, neither Goldman,
Sachs & Co. nor any of our other affiliates that makes a market is obligated to do so and any of them may stop doing so at any
time without notice. No assurance can be given as to the liquidity or trading market for the notes.
Ca lc ula t ion a ge nt : Goldman, Sachs & Co.
CU SI P no.: 38147QY34
I SI N no.: US38147QY340
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

PS-6
Table of Contents
http://www.sec.gov/Archives/edgar/data/886982/000119312515159478/d917443d424b2.htm[4/30/2015 10:52:17 AM]


Pricing Supplement No. 3652 dated April 28, 2015
H Y POT H ET I CAL EX AM PLES
The following table and chart 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 the impact that the various hypothetical underlier levels on the
determination date could have on the cash settlement amount at maturity assuming all other variables remain constant.
The examples below are based on a range of final underlier levels that are entirely hypothetical; no one can predict what the
underlier level will be on any day throughout the life of your notes, and no one can predict what the final underlier level will be on
the determination date. The underlier has been highly volatile in the past -- meaning that the underlier level has changed
considerably in relatively short periods -- and its performance cannot be predicted for any future period.
The information in the following examples reflects 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, 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 table below such as interest rates, the volatility of the underlier 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 PS-11 of this pricing
supplement. The information in the table also reflects the key terms and assumptions in the box below.

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

$1,000
Upside participation rate

120.00%
Cap level

170.00% of the initial underlier level
Maximum settlement amount

$1,840.00
Neither a market disruption event nor a non-trading day occurs on the originally scheduled determination date
No change in or affecting any of the underlier stocks or the method by which the underlier sponsor calculates the
underlier
Notes purchased on original issue date at the face amount and held to the stated maturity date
For these reasons, the actual performance of the underlier over the life of your notes, as well as the amount payable at maturity
may bear little relation to the hypothetical examples shown below or to the historical underlier levels shown elsewhere in this
pricing supplement. For information about the historical levels of the underlier during recent periods, see "The Underlier --
Historical Closing Levels of the Underlier" below. Before investing in the offered notes, you should consult publicly available
information to determine the levels of the underlier between the date of this pricing supplement and the date of your purchase of
the offered notes.
Also, the hypothetical examples shown below do not take into account the effects of applicable taxes. Because of the U.S. tax
treatment applicable to your notes, tax liabilities could affect the after-tax rate of return on your notes to a comparatively greater
extent than the after-tax return on the underlier stocks.
The levels in the left column of the table below represent hypothetical final underlier levels and are expressed as percentages of
the initial underlier level. The amounts in the right column represent the hypothetical cash settlement amounts, based on the
corresponding hypothetical final underlier level

PS-7
Table of Contents
(expressed as a percentage of the initial underlier level), and are expressed as percentages of the face amount of a note (rounded
to the nearest one-thousandth of a percent). Thus, a hypothetical cash settlement amount of 100.000% means that the value of the
cash payment that we would deliver for each $1,000 of the outstanding face amount of the offered notes on the stated maturity
date would equal 100.000% of the face amount of a note, based on the corresponding hypothetical final underlier level (expressed
as a percentage of the initial underlier level) and the assumptions noted above.

H ypot he t ic a l Fina l U nde rlie r Le ve l
H ypot he t ic a l Ca sh Se t t le m e nt Am ount
(a s Pe rc e nt a ge of I nit ia l U nde rlie r Le ve l)

(a s Pe rc e nt a ge of Fa c e Am ount )
http://www.sec.gov/Archives/edgar/data/886982/000119312515159478/d917443d424b2.htm[4/30/2015 10:52:17 AM]


Pricing Supplement No. 3652 dated April 28, 2015
200.000%

184.000%
190.000%

184.000%
1 7 0 .0 0 0 %

1 8 4 .0 0 0 %
150.000%

160.000%
140.000%

148.000%
130.000%

136.000%
120.000%

124.000%
110.000%

112.000%
1 0 0 .0 0 0 %

1 0 0 .0 0 0 %
75.000%

100.000%
50.000%

100.000%
25.000%

100.000%
0 .0 0 0 %

1 0 0 .0 0 0 %
If, for example, the final underlier level were determined to be 25.000% of the initial underlier level, the cash settlement amount that
we would deliver on your notes at maturity would be 100.000% of the face amount of your notes, as shown in the table above. As
a result, if you purchased your notes on the original issue date at the face amount and held them to the stated maturity date, you
would receive no return on your investment. In addition, if the final underlier level were determined to be 200.000% of the initial
underlier level, the cash settlement amount that we would deliver on your notes at maturity would be capped at the maximum
settlement amount (expressed as a percentage of the face amount), or 184.000% of each $1,000 face amount of your notes, as
shown in the table above. As a result, if you held your notes to the stated maturity date, you would not benefit from any increase in
the final underlier level over 170.000% of the initial underlier level.
The following chart also shows a graphical illustration of the hypothetical cash settlement amounts (expressed as a percentage of
the face amount of your notes) that we would pay on your notes on the stated maturity date, if the final underlier level (expressed
as a percentage of the initial underlier level) were any of the hypothetical levels shown on the horizontal axis. The chart shows that
any hypothetical final underlier level (expressed as a percentage of the initial underlier level) of less than 100.000% (the section left
of the 100.000% marker on the horizontal axis) would result in a hypothetical cash settlement amount of 100.000% of the face
amount of your notes. The chart also shows that any hypothetical final underlier level (expressed as a percentage of the initial
underlier level) of greater than or equal to 170.000% (the section right of the 170.000% marker on the horizontal axis) would result
in a capped return on your investment.

PS-8
Table of Contents
http://www.sec.gov/Archives/edgar/data/886982/000119312515159478/d917443d424b2.htm[4/30/2015 10:52:17 AM]


Pricing Supplement No. 3652 dated April 28, 2015
The cash settlement amounts shown above are entirely hypothetical; they are based on market prices for the underlier stocks that
may not be achieved on the determination date and on assumptions that may prove to be erroneous. The actual market value of
your notes on the stated maturity date or at any other time, including any time you may wish to sell your notes, may bear little
relation to the hypothetical cash settlement amounts shown above, and these amounts should not be viewed as an indication of the
financial return on an investment in the offered notes. The hypothetical cash settlement amounts on notes held to the stated
maturity date in the examples above assume you purchased your notes at their face amount and have not been adjusted to reflect
the actual issue price you pay for your notes. The return on your investment (whether positive or negative) in your notes will be
affected by the amount you pay for your notes. If you purchase your notes for a price other than the face amount, the return on
your investment will differ from, and may be significantly lower than, the hypothetical returns suggested by the above examples.
Please read "Additional Risk Factors Specific to the Underlier-Linked Notes -- The Market Value of Your Notes May Be Influenced
by Many Unpredictable Factors" on page S-25 of the accompanying product supplement no. 3141.
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 pricing supplement.

PS-9
Table of Contents
We cannot predict the actual final underlier level or what the market value of your notes will be on any particular trading day,
nor can we predict the relationship between the underlier level and the market value of your notes at any time prior to the
stated maturity date. The actual amount that you will receive at maturity and the rate of return on the offered notes will depend
on the actual final underlier level determined by the calculation agent as described above. Moreover, the assumptions on
which the hypothetical returns are based may turn out to be inaccurate. Consequently, the amount of cash to be paid in
http://www.sec.gov/Archives/edgar/data/886982/000119312515159478/d917443d424b2.htm[4/30/2015 10:52:17 AM]


Pricing Supplement No. 3652 dated April 28, 2015
respect of your notes on the stated maturity date may be very different from the information reflected in the table and chart
above.

PS-10
Table of Contents
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, in the accompanying prospectus supplement dated September 15, 2014,
under "Additional Risk Factors Specific to the Notes" in the accompanying general terms supplement, and under "Additional Risk
Factors Specific to the Underlier-Linked Notes" in the accompanying product supplement no. 3141. 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, the
accompanying general terms supplement, dated September 26, 2014, and the accompanying product supplement no. 3141,
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 underlier stocks, i.e., the stocks comprising the underlier 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 pricing 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 this 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 pricing supplement, Goldman, Sachs & Co.'s pricing models consider certain variables, including principally our credit
spreads, interest rates (forecasted, current and historical rates), volatility, price-sensitivity analysis and the time to maturity of the
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 "Additional Risk Factors Specific to the Underlier-
Linked Notes -- The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors" on page S-25 of the
accompanying product supplement no. 3141.
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

PS-11
http://www.sec.gov/Archives/edgar/data/886982/000119312515159478/d917443d424b2.htm[4/30/2015 10:52:17 AM]


Pricing Supplement No. 3652 dated April 28, 2015
Table of Contents
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 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 "Additional Risk Factors Specific to the
Underlier-Linked Notes -- Your Notes May Not Have an Active Trading Market" on page S-24 of the accompanying product
supplement no. 3141.
T he N ot e s Are Subje c t t o t he Cre dit Risk of t he I ssue r
Although the return on the notes will be based on the performance of the underlier, 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.
T he Am ount Pa ya ble on Y our N ot e s I s N ot Link e d t o t he Le ve l of t he U nde rlie r a t Any T im e Ot he r t ha n t he
De t e rm ina t ion Da t e
The final underlier level will be based on the closing level of the underlier on the determination date (subject to adjustment as
described elsewhere in this pricing supplement). Therefore, if the closing level of the underlier dropped precipitously on the
determination date, the cash settlement amount for your notes may be significantly less than it would have been had the cash
settlement amount been linked to the closing level of the underlier prior to such drop in the level of the underlier. Although the
actual level of the underlier on the stated maturity date or at other times during the life of your notes may be higher than the final
underlier level, you will not benefit from the closing level of the underlier at any time other than on the determination date.
Also, the market price of your notes prior to the stated maturity date may be significantly lower than the purchase price you pay for
your notes. Consequently, if you sell your notes before the stated maturity date, you may receive far less than the amount of your
investment in the notes.
Y our N ot e s Do N ot Be a r I nt e re st
You will not receive any interest payments on your notes. As a result, even if the cash settlement amount payable for your notes
on the stated maturity date exceeds the face amount of your notes, 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.
T he Pot e nt ia l for t he V a lue of Y our N ot e s t o I nc re a se Will Be Lim it e d
Your ability to participate in any change in the value of the underlier over the life of your notes will be limited because of the cap
level. The maximum settlement amount will limit the cash settlement amount you may receive for each of your notes at maturity, no
matter how much the level of the underlier may rise beyond the cap level over the life of your notes. Accordingly, the amount
payable for each of your notes may be significantly less than it would have been had you invested directly in the underlier.
Y ou H a ve N o Sha re holde r Right s or Right s t o Re c e ive Any U nde rlie r St oc k
Investing in your notes will not make you a holder of any of the underlier stocks. Neither you nor any other holder or owner of your
notes will have any voting rights, any right to receive dividends or other distributions, any rights to make a claim against the
underlier stocks or any other rights with respect to the underlier stocks. Your notes will be paid in cash and you will have no right to
receive delivery of any underlier stocks.

PS-12
Table of Contents
http://www.sec.gov/Archives/edgar/data/886982/000119312515159478/d917443d424b2.htm[4/30/2015 10:52:17 AM]


Document Outline