Bond Goldman Sachs 3% ( US38147QZV12 ) in USD

Issuer Goldman Sachs
Market price refresh price now   99.5 %  ⇌ 
Country  United States
ISIN code  US38147QZV12 ( in USD )
Interest rate 3% per year ( payment 2 times a year)
Maturity 27/05/2030



Prospectus brochure of the bond Goldman Sachs US38147QZV12 en USD 3%, maturity 27/05/2030


Minimal amount 1 000 USD
Total amount 20 000 000 USD
Cusip 38147QZV1
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Next Coupon 27/05/2025 ( In 93 days )
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 US38147QZV12, pays a coupon of 3% per year.
The coupons are paid 2 times per year and the Bond maturity is 27/05/2030







Pricing Supplement No. 3724 dated May 21, 2015
424B2 1 d930361d424b2.htm PRICING SUPPLEMENT NO. 3724 DATED MAY 21, 2015
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-198735



$ 2 0 ,0 0 0 ,0 0 0

T he Goldm a n Sa c hs Group, I nc .
Callable Step-Up Fixed Rate Notes due 2030




We will pay you interest semi-annually on your notes at a rate of 3.00% per annum from and including May 27, 2015 to but
excluding May 27, 2020. We will pay you interest semi-annually on your notes at a rate of 4.00% per annum from and including
May 27, 2020 to but excluding May 27, 2025. We will pay you interest semi-annually on your notes at a rate of 6.00% per annum from
and including May 27, 2025 to but excluding the stated maturity date (May 27, 2030). Interest will be paid on each May 27 and
November 27. The first such payment will be made on November 27, 2015.
I n a ddit ion, w e m a y re de e m t he not e s a t our opt ion, in w hole but not in pa rt , on e a c h Fe brua ry 2 7 , M a y 2 7 ,
August 2 7 a nd N ove m be r 2 7 on or a ft e r M a y 2 7 , 2 0 1 6 , upon five busine ss da ys' prior not ic e , a t a re de m pt ion
pric e e qua l t o 1 0 0 % of t he out st a nding princ ipa l a m ount plus a c c rue d a nd unpa id int e re st t o but e x c luding t he
re de m pt ion da t e . Alt hough t he int e re st ra t e w ill st e p up during t he life of your not e s, you m a y not be ne fit from
suc h inc re a se in t he int e re st ra t e if your not e s a re re de e m e d prior t o t he st a t e d m a t urit y da t e .





Per Note
Total

Initial price to public

100.00%
$20,000,000
Underwriting discount


2.30%
$
460,000
Proceeds, before expenses, to The Goldman Sachs Group, Inc.

97.70%
$19,540,000


The initial price to public set forth above does not include accrued interest, if any. Interest on the notes will accrue from May 27,
2015 and must be paid by the purchaser if the notes are delivered after May 27, 2015. In addition to offers and sales at the initial price
to public, the underwriters and/or dealers may offer the notes from time to time for sale in one or more transactions at market prices
prevailing at the time of sale, at prices related to market prices or at negotiated prices.
The return (whether positive or negative) on your investment in notes will depend in part on the issue price you pay for such
notes.
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 .


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 the notes after their 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.



Goldm a n, Sa c hs & Co.


Pricing Supplement No. 3724 dated May 21, 2015.
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Pricing Supplement No. 3724 dated May 21, 2015
Table of Contents
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:

· 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
SPECI FI C T ERM S OF T H E N OT ES

Please note that in this section entitled "Specific Terms of the Notes", references to "The Goldman Sachs Group, Inc.", "we", "our"
and "us" mean only The Goldman Sachs Group, Inc. and do not include any of its consolidated subsidiaries. Also, in this section,
references to "holders" mean The Depository Trust Company (DTC) or its nominee and not indirect owners who own beneficial
interests in notes through participants in DTC. Please review the special considerations that apply to indirect owners in the
accompanying prospectus, under "Legal Ownership and Book-Entry Issuance".
This pricing supplement no. 3724 dated May 21, 2015 (pricing supplement) and the accompanying prospectus dated September
15, 2014 (accompanying prospectus), relating to the notes, should be read together. Because the notes are part of a series of our debt
securities called Medium-Term Notes, Series D, this pricing supplement and the accompanying prospectus should also be read with
the accompanying prospectus supplement, dated September 15, 2014 (accompanying prospectus supplement). Terms used but not
defined in this pricing supplement have the meanings given them in the accompanying prospectus or accompanying prospectus
supplement, unless the context requires otherwise.
The notes are part of a separate series of our debt securities under our Medium-Term Notes, Series D program governed by our
Senior Debt Indenture, dated as of July 16, 2008, between us and The Bank of New York Mellon, as trustee. This pricing supplement
summarizes specific terms that will apply to your notes. The terms of the notes described here supplement those described in the
accompanying prospectus supplement and accompanying prospectus and, if the terms described here are inconsistent with those
described there, the terms described here are controlling.
T e rm s of t he Ca lla ble St e p-U p Fix e d Ra t e N ot e s due 2 0 3 0

I ssue r: The Goldman Sachs Group, Inc.
between (i) the amount realized on the disposition (other than
Princ ipa l a m ount : $20,000,000
amounts attributable to accrued but unpaid interest, which would
be treated as such) and (ii) the U.S. holder's adjusted tax basis in
Spe c ifie d c urre nc y: U.S. dollars ($)
the note.
T ype of N ot e s: Fixed rate notes (notes)
I nt e re st pa ym e nt da t e s: May 27 and November 27 of each
De nom ina t ions: $1,000 and integral multiples of $1,000 in
year, commencing on November 27, 2015 and ending on the
excess thereof
stated maturity date
T ra de da t e : May 21, 2015
Re gula r re c ord da t e s: for interest due on an interest payment
date, the day immediately prior to the day on which payment is to
Origina l issue da t e : May 27, 2015
be made (as such payment day may be adjusted under the
St a t e d m a t urit y da t e : May 27, 2030
applicable business day convention specified below)
I nt e re st ra t e : 3.00% per annum from and including May 27,
Da y c ount c onve nt ion: 30/360
2015 to but excluding May 27, 2020; 4.00% per annum from and
Busine ss da y: New York
including May 27, 2020 to but excluding May 27, 2025; 6.00%
per annum from and including May 27, 2025 to but excluding
Busine ss da y c onve nt ion: following unadjusted
May 27, 2030
Re de m pt ion a t opt ion of issue r be fore st a t e d m a t urit y:
Supple m e nt a l disc ussion of U .S. fe de ra l inc om e t a x
We may redeem the notes at our option, in whole but not in part,
c onse que nc e s: It is the opinion of Sidley Austin LLP that
on each February 27, May 27, August 27 and November 27 on or
interest on a note will be taxable to a U.S. holder as ordinary
after May 27, 2016, upon five business days' prior notice, at a
interest income at the time it accrues or is received in
redemption price equal to 100% of the outstanding principal
accordance with the U.S. holder's normal method of accounting
amount plus accrued and unpaid interest to but excluding the
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Pricing Supplement No. 3724 dated May 21, 2015
for tax purposes (regardless of whether we call the notes). Upon
redemption date
the disposition of a note by sale, exchange, redemption or
List ing: None
retirement (i.e., if we exercise our right to call the notes or
otherwise) or other disposition, a U.S. holder will generally
ERI SA: as described under "Employee Retirement Income
recognize capital gain or loss equal to the difference, if any,
Security Act" on page 118 of the accompanying prospectus

PS-2
Table of Contents
CU SI P no.: 38147QZV1
FDI C: The notes are not bank deposits and are not insured by
I SI N no.: US38147QZV12
the Federal Deposit Insurance Corporation or any other
governmental agency, nor are they obligations of, or guaranteed
Form of not e s: Your notes will be issued in book-entry form
by, a bank
and represented by a master global note. You should read the
section "Legal Ownership and Book-Entry Issuance" in the
Ca lc ula t ion Age nt : Goldman, Sachs & Co.
accompanying prospectus for more information about notes
Fore ign Ac c ount T a x Com plia nc e Ac t (FAT CA)
issued in book-entry form
Wit hholding M a y Apply t o Pa ym e nt s on Y our N ot e s,
De fe a sa nc e a pplie s a s follow s:
I nc luding a s a Re sult of t he Fa ilure of t he Ba nk or

Brok e r T hrough Whic h Y ou H old t he N ot e s t o Provide
·
full defeasance -- i.e., our right to be relieved of all our
I nform a t ion t o T a x Aut horit ie s:
obligations on the note by placing funds in trust for the
Please see the discussion under "United States Taxation --
holder: yes

Taxation of Debt Securities -- Foreign Account Tax Compliance
·
covenant defeasance -- i.e., our right to be relieved of
Act (FATCA) Withholding" in the accompanying prospectus for a
specified provisions of the note by placing funds in trust for
description of the applicability of FATCA to payments made on
the holder: yes
your notes.

PS-3
Table of Contents
ADDI T I ON AL I N FORM AT I ON ABOU T T H E N OT ES
Book-Entry System
We will issue the notes as a master global note registered in the name of DTC, or its nominee. The sale of the notes will settle in
immediately available funds through DTC. You will not be permitted to withdraw the notes from DTC except in the limited situations
described in the accompanying prospectus under "Legal Ownership and Book-Entry Issuance -- What Is a Global Security? --
Holder's Option to Obtain a Non-Global Security; Special Situations When a Global Security Will Be Terminated". Investors may hold
interests in a master global note through organizations that participate, directly or indirectly, in the DTC system.
In addition to this pricing supplement, the following provisions are hereby incorporated into the global master note: the description
of the 30/360 day count convention appearing under "Description of Debt Securities We May Offer ­ Calculations of Interest on Debt
Securities ­ Interest Rates and Interest" in the accompanying prospectus, the description of New York business day appearing under
"Description of Debt Securities We May Offer ­ Calculations of Interest on Debt Securities ­ Business Days" in the accompanying
prospectus, the description of the following unadjusted business day convention appearing under "Description of Debt Securities We
May Offer ­ Calculations of Interest on Debt Securities ­ Business Day Conventions" in the accompanying prospectus and the section
"Description of Debt Securities We May Offer ­ Defeasance and Covenant Defeasance" in the accompanying prospectus.
When We Can Redeem the Notes
We will be permitted to redeem the notes at our option before their stated maturity, as described below. The notes will not be
entitled to the benefit of any sinking fund ­ that is, we will not deposit money on a regular basis into any separate custodial account to
repay your note. In addition, you will not be entitled to require us to buy your note from you before its stated maturity.
We will have the right to redeem the notes at our option, in whole but not in part, on each February 27, May 27, August 27 and
November 27 on or after May 27, 2016, at a redemption price equal to 100% of the outstanding principal amount plus accrued and
unpaid interest to but excluding the redemption date. We will provide not less than five business days' prior notice in the manner
described under "Description of Debt Securities We May Offer -- Notices" in the attached prospectus. If the redemption notice is given
and funds deposited as required, then interest will cease to accrue on and after the redemption date on the notes. If any redemption
date is not a business day, we will pay the redemption price on the next business day without any interest or other payment due to the
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Pricing Supplement No. 3724 dated May 21, 2015
delay.
What are the Tax Consequences of the Notes
You should carefully consider, among other things, the matters set forth under "United States Taxation" in the accompanying
prospectus supplement and the accompanying prospectus. The following discussion summarizes certain of the material U.S. federal
income tax consequences of the purchase, beneficial ownership, and disposition of each of the notes. This summary supplements the
section "United States Taxation" in the accompanying prospectus supplement and the accompanying prospectus and is subject to the
limitations and exceptions set forth therein.
As of the original issue date, the notes should not be treated as issued with "original issue discount" ("OID") despite the fact that
the interest rate on the notes is scheduled to step-up over the term of the notes because Treasury regulations generally deem an
issuer to exercise a call option in a manner that minimizes the yield on the debt instrument for purposes of determining whether a debt
instrument is issued with OID. The yield on the notes would be minimized if we call the notes immediately before the increase in the
interest rate on May 27, 2020 and therefore the notes should be treated as maturing on such date for OID purposes. This assumption
is made solely for purposes of determining whether the notes are issued with OID for U.S. federal income tax purposes, and is not an
indication of our intention to call or not to call the notes at any time. If we do not call the notes prior to the increase in the interest rate
then, solely for OID purposes, the notes will be deemed to be reissued at their adjusted issue price on May 27, 2020. This deemed
issuance should not give rise to taxable gain or loss to holders. The same analysis would apply to the increase in the interest rate on
May 27, 2025.
Under this approach, interest on a note will be taxable to a U.S. holder as ordinary interest income at the time it accrues or is
received in accordance with the U.S. holder's normal method of accounting for tax purposes (regardless of whether we call the notes).

PS-4
Table of Contents
Upon the disposition of a note by sale, exchange, redemption or retirement (i.e., if we exercise our right to call the notes or
otherwise) or other disposition, a U.S. holder will generally recognize capital gain or loss equal to the difference, if any, between (i) the
amount realized on the disposition (other than amounts attributable to accrued but unpaid interest, which would be treated as such)
and (ii) the U.S. holder's adjusted tax basis in the note. A U.S. holder's adjusted tax basis in a note generally will equal the cost of the
note (net of accrued interest) to the U.S. holder. The deductibility of capital losses is subject to significant limitations.
Foreign Account Tax Compliance Act (FATCA) Withholding. Pursuant to Treasury regulations, Foreign Account Tax Compliance
Act (FATCA) withholding (as described in "United States Taxation--Taxation of Debt Securities--Foreign Account Tax Compliance Act
(FATCA) Withholding" in the accompanying prospectus) will generally apply to obligations that are issued on or after July 1, 2014;
therefore, the notes will generally be subject to FATCA withholding. However, according to final Treasury regulations, the withholding
tax described above will not apply to payments of gross proceeds from the sale, exchange, redemption or other disposition of the notes
made before January 1, 2017.


PS-5
Table of Contents
SU PPLEM EN T AL PLAN OF DI ST RI BU T I ON
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 principal 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 initial price to public set forth on the
cover page of this pricing supplement, and to certain securities dealers at such price less a concession not in excess of 1.75% of the
face amount. If all of the offered notes are not sold at the initial price to public, the underwriters and/or dealers may change the offering
price and the other selling terms. In addition to offers and sales at the initial price to public, the underwriters and/or dealers may offer
the notes from time to time for sale in one or more transactions at market prices prevailing at the time of sale, at prices related to
market prices or at negotiated prices.
In the future, Goldman, Sachs & Co. or other affiliates of The Goldman Sachs Group, Inc. may repurchase and resell the offered
notes in market-making transactions, with resales being made at prices related to prevailing market prices at the time of resale or at
negotiated prices. The Goldman Sachs Group, Inc. estimates that its share of the total offering expenses, excluding underwriting
discounts and commissions, will be approximately $15,000. For more information about the plan of distribution and possible market-
making activities, see "Plan of Distribution" in the accompanying prospectus.
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Pricing Supplement No. 3724 dated May 21, 2015
We will deliver the notes against payment therefor in New York, New York on May 27, 2015, which is the third scheduled
business day following the date of this pricing supplement and of the pricing of the notes.
In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a
"Relevant Member State") with effect from and including the date on which the Prospectus Directive is implemented in that Relevant
Member State (the "Relevant Implementation Date") an offer of the offered notes which are the subject of the offering contemplated by
this pricing supplement in relation thereto may not be made to the public in that Relevant Member State except that, with effect from
and including the Relevant Implementation Date, an offer of such offered notes may be made to the public in that Relevant Member
State:


a)
at any time to any legal entity which is a qualified investor as defined in the Prospectus Directive;

b)
at any time to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD

Amending Directive, 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive),
subject to obtaining the prior consent of the relevant dealer or dealers nominated by the Issuer for any such offer; or


c)
at any time in any other circumstances falling within Article 3(2) of the Prospectus Directive,
provided that no such offer of offered notes shall require the Issuer or any dealer to publish a prospectus pursuant to Article 3 of the
Prospectus Directive.
For the purposes of this provision, the expression "an offer of notes to the public" in relation to any notes in any Relevant Member
State means the communication in any form and by any means of sufficient information on the terms of the offer and the notes to be
offered so as to enable an investor to decide to purchase or subscribe the notes, as the same may be varied in that Member State by
any measure implementing the Prospectus Directive in that Member State. The expression "Prospectus Directive" means Directive
2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member
State) and includes any relevant implementing measure in each Relevant Member State and the expression "2010 PD Amending
Directive" means Directive 2010/73/EU.

PS-6
Table of Contents
Goldman, Sachs & Co. has represented and agreed that:
(a) in relation to any notes that have a maturity of less than one year (i) it is a person whose ordinary activities involve it in
acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of its business and (ii) it has not
offered or sold and will not offer or sell any notes other than to persons whose ordinary activities involve them in acquiring, holding,
managing or disposing of investments (as principal or agent) for the purposes of their businesses or who it is reasonable to expect will
acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses where the issue of the
offered notes would otherwise constitute a contravention of Section 19 of the Financial Services and Markets Act 2000 (the "FSMA") by
The Goldman Sachs Group, Inc.;
(b) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an
invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection
with the issue or sale of the offered notes in circumstances in which Section 21(1) of the FSMA does not apply to The Goldman Sachs
Group, Inc.; and
(c) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the
notes in, from or otherwise involving the United Kingdom.
No advertisement, invitation or document relating to the notes may be issued or may be in the possession of any person for the
purpose of issue (in each case whether in Hong Kong or elsewhere), if such advertisement, invitation or document is directed at, or
the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities
laws of Hong Kong) other than with respect to the offered notes which are or are intended to be disposed of only to persons outside of
Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and
any rules made thereunder.
The offered notes have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No.
25 of 1948, as amended), or the FIEA. The offered notes may not be offered or sold, directly or indirectly, in Japan or to, or for the
benefit of, any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of
Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except
pursuant to an exemption from the registration requirements of the FIEA and otherwise in compliance with any relevant laws, and
regulations of Japan.
This pricing supplement, along with the accompanying prospectus supplement and prospectus have not been registered as a
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Pricing Supplement No. 3724 dated May 21, 2015
prospectus with the Monetary Authority of Singapore. Accordingly, this pricing supplement, along with the accompanying prospectus
supplement and prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or
purchase, of the offered notes may not be circulated or distributed, nor may the offered notes be offered or sold, or be made the
subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an
institutional investor (as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA")) under Section
274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any
person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii)
otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to
conditions set forth in the SFA.
Where the offered notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation
(which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the
entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as defined in
Section 239(1) of the SFA) of that corporation shall not be transferred except: (1) to an institutional investor under Section 274 of the
SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer in that corporation's
securities pursuant to Section 275(1A) of the SFA, (3) where no consideration is or will be given for the transfer, (4) as specified in
Section 276(7) of the SFA, or (5) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and
Debentures) Regulations 2005 of Singapore ("Regulation 32").
Where the offered notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where
the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited
investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for six months after that trust
has acquired the offered notes under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to
a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer that is made on terms that
such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each
transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is
or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as
specified in Regulation 32.

PS-7
Table of Contents
V ALI DI T Y OF T H E N OT ES
In the opinion of Sidley Austin LLP, as counsel to The Goldman Sachs Group, Inc., when the notes offered by this pricing
supplement have been executed and issued by The Goldman Sachs Group, Inc. and authenticated by the trustee pursuant to the
indenture, and delivered against payment as contemplated herein, such notes will be valid and binding obligations of The Goldman
Sachs Group, Inc., enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting
creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation,
concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of
fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is
given as of the date hereof and is limited to the Federal laws of the United States, the laws of the State of New York and the General
Corporation Law of the State of Delaware as in effect on the date hereof. In addition, this opinion is subject to customary assumptions
about the trustee's authorization, execution and delivery of the indenture and the genuineness of signatures and certain factual matters,
all as stated in the letter of such counsel dated September 15, 2014, which has been filed as Exhibit 5.5 to The Goldman Sachs
Group, Inc.'s registration statement on Form S-3 filed with the Securities and Exchange Commission on September 15, 2014.

PS-8
Table of Contents





We have not authorized anyone to provide any information or to make any
representations other than those contained or incorporated by reference in this
pricing supplement, the accompanying prospectus supplement or the accompanying
prospectus. We take no responsibility for, and can provide no assurance as to the
reliability of, any other information that others may give you. This pricing
supplement, the accompanying prospectus supplement and the accompanying
prospectus is an offer to sell only the notes offered hereby, but only under
circumstances and in jurisdictions where it is lawful to do so. The information
contained in this pricing supplement, the accompanying prospectus supplement and
$20,000,000
the accompanying prospectus is current only as of the respective dates of such
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Pricing Supplement No. 3724 dated May 21, 2015
documents.


TABLE OF CONTENTS
T he Goldm a n Sa c hs Group, I nc .
Pricing Supplement


Pa ge
Callable Step-Up Fixed Rate
Specific Terms of the Notes
PS-2
Additional Information About the Notes
PS-4
Notes due 2030
Supplemental Plan of Distribution
PS-6
Validity of the Notes
PS-8

Prospectus Supplement dated September 15, 2014

Use of Proceeds
S-2
Description of Notes We May Offer
S-3
Considerations Relating to Indexed Notes
S-19
United States Taxation
S-22

Employee Retirement Income Security Act
S-23
Supplemental Plan of Distribution
S-24
Validity of the Notes
S-26
Prospectus dated September 15, 2014


Available Information

2

Prospectus Summary

4
Use of Proceeds

8
Description of Debt Securities We May Offer

9
Description of Warrants We May Offer

39
Description of Purchase Contracts We May Offer

56
Description of Units We May Offer

61
Description of Preferred Stock We May Offer

67
Description of Capital Stock of The Goldman Sachs Group, Inc.

75
Legal Ownership and Book-Entry Issuance

80
Considerations Relating to Floating Rate Debt Securities

85
Considerations Relating to Indexed Securities

87

Considerations Relating to Securities Denominated or Payable in or


Linked to a Non-U.S. Dollar Currency

88
United States Taxation

91
Plan of Distribution
114
Conflicts of Interest
117
Employee Retirement Income Security Act
118
Validity of the Securities
119
Experts
119
Review of Unaudited Condensed Consolidated Financial Statements by
Independent Registered Public Accounting Firm
120
Cautionary Statement Pursuant to the Private Securities Litigation
Goldm a n, Sa c hs & Co.
Reform Act of 1995
120







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