Obligation Goldman Sachs 3.15% ( US38148TAG40 ) en USD

Goldman Sachs

100 % ▼

Etas-Unis

US38148TAG40 ( en USD )

3.15% par an ( paiement semestriel )

21/07/2022 - Obligation échue

Prospectus brochure de l'obligation Goldman Sachs US38148TAG40 en USD 3.15%, échue

1 000 USD

1 000 000 USD

38148TAG4

N/A

NR

Goldman Sachs est une banque d'investissement multinationale américaine offrant des services financiers tels que la banque d'investissement, la gestion d'actifs, la gestion de patrimoine et la vente et négociation de titres.

L'Obligation émise par Goldman Sachs ( Etas-Unis ) , en USD, avec le code ISIN US38148TAG40, paye un coupon de 3.15% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 21/07/2022

L'Obligation émise par Goldman Sachs ( Etas-Unis ) , en USD, avec le code ISIN US38148TAG40, a été notée NR par l'agence de notation Moody's.

424B2 1 a15-15042_20424b2.htm PROSPECTUS SUPPLEMENT NO. 3936 DATED JULY 17, 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 .

$1,000,000

Contingent Coupon GS Momentum Builder® Multi-Asset 5 ER
Index-Linked Notes due 2022

The notes pay a contingent annual coupon for the first six years of their seven year term based on the performance of the GS
Momentum Builder® Multi-Asset 5 ER Index as measured from the trade date (July 17, 2015) to each applicable coupon
determination date (July 17th of each year, commencing July 2016 and ending July 2021). If, as measured on each coupon
determination date, the closing level of the index is greater than or equal to the initial index level of 110.30, on the related coupon
payment date you will receive a coupon of $31.50 for each $1,000 face amount of your notes. I f t he c losing le ve l of t he
inde x on a ny c oupon de t e rm ina t ion da t e is le ss t ha n t he init ia l inde x le ve l, you w ill not re c e ive a c oupon on
t he re la t e d c oupon pa ym e nt da t e .

On the stated maturity date (July 21, 2022), you will be paid an amount in cash based on the performance of the index as
measured from the trade date to and including the determination date (July 18, 2022).

The index measures the extent to which the performance of the selected underlying assets (up to 14 exchange traded funds and a
money market position, which provide exposure to equities, fixed income, emerging markets, alternatives, commodities, inflation,
and cash equivalent asset classes) outperform the sum of 3month USD LIBOR plus a daily index fee of 0.50% per annum. The
money market position reflects the returns accruing at a rate equal to the federal funds effective rate on a hypothetical investment
in a notional overnight money account denominated in U.S. dollars. The index rebalances monthly (and sometimes daily) from
among the 15 underlying assets. Each month the index is rebalanced by calculating the combination of underlying assets with the
highest return during the prior six months, subject to a (a) limit of 5% on portfolio realized volatility over look-back periods of six
months, three months and one month, and (b) maximum weight for each underlying asset and each asset class. Realized volatility
is the degree of variation in the daily closing prices or levels of the aggregate of the underlying assets over the applicable look-
back period. This results in a portfolio for each of the three look-back periods. The weight of each underlying asset for each
monthly rebalancing will equal the average of the weight, if any, of such underlying asset in the three portfolios. During t he t e rm
of your not e s, a s a re sult of m ont hly re ba la nc ing, t he inde x m a y inc lude a s fe w a s four unde rlying a sse t s
(a s fe w a s t hre e ET Fs) a nd m a y ne ve r inc lude som e of t he unde rlying a sse t s or a sse t c la sse s. Be c a use t he
inde x m e a sure s t he pe rform a nc e of t he se le c t e d unde rlying a sse t s le ss t he sum of 3 -m o-LI BOR plus t he fe e
of 0 .5 0 % pe r a nnum , t he se le c t e d unde rlying a sse t s m ust out pe rform 3 -m o-LI BOR plus t he fe e of 0 .5 0 % pe r
a nnum for t he inde x le ve l t o inc re a se .

On each index business day the realized volatility of the index for the prior month is calculated and, if it exceeds 6%, the index will
be rebalanced for that day (but not for any subsequent index business day) by ratably reallocating a portion of the exposure to the
ETFs in the index to the money market position sufficient to reduce the prior month realized volatility to 6%. As a re sult of a
da ily re ba la nc ing, t he inde x m a y not inc lude a ny ET Fs a nd m a y a lloc a t e it s e nt ire e x posure t o t he m one y
m a rk e t posit ion, t he re t urn on w hic h m ight not e x c e e d 3 -m o-LI BOR. H ist oric a lly, a signific a nt port ion of t he
inde x e x posure ha s be e n t o t he m one y m a rk e t posit ion, t he re t urn on w hic h ha s be e n be low 3 -m o-LI BOR.

To determine your payment at maturity, we will calculate the index return, which is the percentage increase or decrease in the final
index level on the determination date from the initial index level. At maturity, 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 $1,000 times the index return; 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 ou should re a d t he a ddit iona l disc losure he re in so t ha t you m a y be t t e r unde rst a nd t he t e rm s a nd risk s of
your inve st m e nt , inc luding, a m ong ot he r t hings, our c re dit risk . Se e pa ge S -1 7 . The estimated value of your
notes at the time the terms of your notes are set on the trade date is equal to approximately $917 per $1,000 face amount.
For a discussion of the estimated value and the price at which Goldman, Sachs & Co. would initially buy or sell your
notes, if it makes a market in the notes, see the following page.

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Origina l issue da t e :
July 22, 2015
Origina l issue pric e :
100.000% of the face amount
U nde rw rit ing disc ount : 5.075% of the face amount
N e t proc e e ds t o t he
94.925% of the face amount
issue r:

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. 3936 dated July 17, 2015.

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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 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 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.

Est im a t e d V a lue of Y our N ot e s

The estimated value of your notes at the time the terms of your notes are 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)
is equal to approximately $917 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 is
equal to approximately $953 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 July 17, 2016.

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.

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The following is a list of the eligible underlying assets for the index, including the related asset classes, asset class maximum
weights and underlying asset maximum weights. The index is more fully described beginning on page S-46 herein.

ASSET
ASSET
UNDERLYING UNDERLYING
ASSET
ELIGIBLE
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CLASS
CLASS
ASSET
ASSET
CLASS
UNDERLYING
TICKER
MINIMUM
MAXIMUM
MINIMUM
MAXIMUM
ASSET
WEIGHT
WEIGHT
WEIGHT
WEIGHT
SPDR® S&P 500® ETF
SPY
0%
20%
Trust
Equities
0%
50%
iShares® MSCI EAFE ETF
EFA
0%
20%
iShares® MSCI Japan ETF
EWJ
0%
10%
iShares® 20+ Year
TLT
0%
20%
Treasury Bond ETF
iShares® iBoxx
Fixed Income
0%
50%
$ Investment Grade
LQD
0%
20%
Corporate Bond ETF
iShares® iBoxx $ High Yield
HYG
0%
20%
Corporate Bond ETF
iShares® MSCI Emerging
EEM
0%
20%
Markets ETF
Emerging Markets
0%
25%
iShares® J.P. Morgan USD
Emerging Markets Bond
EMB
0%
20%
ETF
iShares® U.S. Real Estate
IYR
0%
20%
ETF
Alternatives
0%
25%
Alerian MLP ETF
AMLP
0%
10%
PowerShares® Senior Loan
BKLN
0%
10%
Portfolio
PowerShares® DB
Commodity Index Tracking
DBC
0%
20%
Commodities
0%
25%
Fund
SPDR® Gold Trust
GLD
0%
20%

Inflation
0%
25%
iShares® TIPS Bond ETF
TIP
0%
25%
Cash Equivalent
0%
50%*
Money Market Position
N/A
0%
50%*

* Wit h re spe c t t o t he m one y m a rk e t posit ion, t he re la t e d a sse t c la ss m a x im um w e ight a nd unde rlying a sse t
m a x im um w e ight lim it a t ions do not a pply t o da ily re ba la nc ing a nd, t he re fore , a s a re sult of da ily
re ba la nc ing, t he inde x m a y a lloc a t e it s e nt ire e x posure t o t he m one y m a rk e t posit ion.

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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-40.
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, while references to "Goldman Sachs" mean
The Goldman Sachs Group, Inc., together with 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.

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Document Outline

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