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<div>
<div style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr>
<td style="WIDTH: 4em"></td>
<td></td>
</tr>
<tr valign="top">
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Note 8.  </font></b>
</td>
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Commitments,
Contingencies and Guarantees</font></b>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Commitments</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table summarizes the firm’s commitments as of
June 2009 and November 2008:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="46%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="5%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="5%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="5%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="5%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="5%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="5%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="15">
<b>Commitment Amount by Fiscal Period
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="7">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="15">
<b>of Expiration as of June 2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="7">
<b>Total Commitments as of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Remainder</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>2010-</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>2012-</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>2014-</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>November</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>of 2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2011</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2013</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Thereafter</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="23">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="top" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Commitments to extend credit <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="top" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Commercial lending:
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="top" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
<font style=
"WHITE-SPACE: nowrap">Investment-grade</font>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
990
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,675
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,181
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
75
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,921
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8,007
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="top" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
<font style=
"WHITE-SPACE: nowrap">Non-investment-grade </font><sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
921
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,933
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,309
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
349
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,512
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,318
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="top" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
William Street program
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,441
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,290
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13,009
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
439
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
24,179
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
22,610
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="top" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Warehouse financing
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
292
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
40
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
332
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,101
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="top" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total commitments to extend credit
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,644
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
15,938
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
19,499
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
863
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
39,944
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
41,036
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="top" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Forward starting resale and securities borrowing
agreements
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
57,373
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,201
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
58,574
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
61,455
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="top" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Forward starting repurchase and securities lending
agreements
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
12,638
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
12,638
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,948
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="top" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Underwriting commitments
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,858
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,858
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
241
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="top" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Letters of credit <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,890
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
564
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
179
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,634
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,251
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="top" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Investment commitments <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,112
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
10,598
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
110
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
903
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13,723
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
14,266
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="top" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<font style=
"WHITE-SPACE: nowrap">Construction-related</font>
commitments <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
340
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
50
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
390
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
483
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="top" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Other
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
130
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
97
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
27
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
24
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
278
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
260
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="top" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total commitments
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
80,985
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
28,448
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
19,815
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,791
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
131,039
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
131,940
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 0%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table cellspacing="0" cellpadding="0" width="100%" border=
"0">
<tbody>
<tr>
<td width="2%"></td>
<td width="98%"></td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup> 
</td>
<td align="left">
Commitments to extend credit are presented net of
amounts syndicated to third parties.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup> 
</td>
<td align="left">
Included within <font style=
"WHITE-SPACE: nowrap">non-investment-grade</font>
commitments as of June 2009 and November 2008 were
$1.31 billion and $2.07 billion, respectively,
related to leveraged lending capital market
transactions; $105 million and $164 million,
respectively, related to commercial real estate
transactions; and $6.09 billion and $7.09 billion,
respectively, arising from other unfunded credit
facilities. Including funded loans, the total
notional amount of the firm’s leveraged lending
capital market transactions was $5.38 billion and
$7.97 billion as of June 2009 and November 2008,
respectively.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup> 
</td>
<td align="left">
Consists of commitments under letters of credit
issued by various banks which the firm provides to
counterparties in lieu of securities or cash to
satisfy various collateral and margin deposit
requirements.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup> 
</td>
<td align="left">
Consists of the firm’s commitments to invest in
private equity, real estate and other assets directly
and through funds that the firm raises and manages in
connection with its merchant banking and other
investing activities, consisting of $3.09 billion and
$3.15 billion as of June 2009 and November 2008,
respectively, related to real estate private
investments and $10.63 billion and $11.12 billion as
of June 2009 and November 2008, respectively, related
to corporate and other private investments. Such
commitments include $12.21 billion and $12.25 billion
as of June 2009 and November 2008, respectively, of
commitments to invest in funds managed by the firm,
which will be funded at market value on the date of
investment.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup> 
</td>
<td align="left">
Includes commitments of $348 million and $388 million
as of June 2009 and November 2008, respectively,
related to the firm’s new headquarters in New York
City, which is expected to cost between $2.05 billion
and $2.15 billion. The firm has partially financed
this construction project with $1.65 billion of
<font style="WHITE-SPACE: nowrap">tax-exempt</font>
Liberty Bonds.
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>Commitments to Extend Credit.  </b>The firm’s
commitments to extend credit are agreements to lend to
counterparties that have fixed termination dates and are
contingent on the satisfaction of all conditions to
borrowing set forth in the contract. Since these
commitments may expire unused or be reduced or cancelled at
the counterparty’s request, the total commitment amount
does not necessarily reflect the actual future cash flow
requirements. The firm accounts for these commitments at
fair value. To the extent that the firm recognizes losses
on these commitments, such losses are recorded within the
firm’s Trading and Principal Investments segment net of any
related underwriting fees.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<table cellspacing="0" cellpadding="0" width="100%" border=
"0">
<tbody>
<tr>
<td width="5%"></td>
<td width="2%"></td>
<td width="93%"></td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
<b>Commercial lending commitments.  </b>The firm’s
commercial lending commitments are generally extended
in connection with contingent acquisition financing
and other types of corporate lending as well as
commercial real estate financing. The total
commitment amount does not necessarily reflect the
actual future cash flow requirements, as the firm may
syndicate all or substantial portions of these
commitments in the future, the commitments may expire
unused, or the commitments may be cancelled or
reduced at the request of the counterparty. In
addition, commitments that are extended for
contingent acquisition financing are often intended
to be <font style=
"WHITE-SPACE: nowrap">short-term</font> in nature, as
borrowers often seek to replace them with other
funding sources.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
<b>William Street program.  </b>Substantially all of
the commitments provided under the William Street
credit extension program are to <font style=
"WHITE-SPACE: nowrap">investment-grade</font>
corporate borrowers. Commitments under the program
are principally extended by William Street Commitment
Corporation (Commitment Corp.), a consolidated wholly
owned subsidiary of GS Bank USA, GS Bank USA and
other subsidiaries of GS Bank USA. The commitments
extended by Commitment Corp. are supported, in part,
by funding raised by William Street Funding
Corporation (Funding Corp.), another consolidated
wholly owned subsidiary of GS Bank USA. The assets
and liabilities of Commitment Corp. and Funding Corp.
are legally separated from other assets and
liabilities of the firm. The assets of Commitment
Corp. and of Funding Corp. will not be available to
their respective shareholders until the claims of
their respective creditors have been paid. In
addition, no affiliate of either Commitment Corp. or
Funding Corp., except in limited cases as expressly
agreed in writing, is responsible for any obligation
of either entity. With respect to most of the William
Street commitments, Sumitomo Mitsui Financial Group,
Inc. (SMFG) provides the firm with credit loss
protection that is generally limited to 95% of the
first loss the firm realizes on approved loan
commitments, up to a maximum of $1.00 billion. In
addition, subject to the satisfaction of certain
conditions, upon the firm’s request, SMFG will
provide protection for 70% of additional losses on
such commitments, up to a maximum of $1.13 billion,
of which $375 million of protection has been provided
as of June 2009 and November 2008. The firm also uses
other financial instruments to mitigate credit risks
related to certain William Street commitments not
covered by SMFG.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
<b>Warehouse financing.  </b>The firm provides
financing for the warehousing of financial assets.
These arrangements are secured by the warehoused
assets, primarily consisting of commercial mortgages
as of June 2009 and November 2008.
</td>
</tr>
</tbody>
</table>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
  
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>Leases.  </b>The firm has contractual obligations under
<font style="WHITE-SPACE: nowrap">long-term</font>
noncancelable lease agreements, principally for office
space, expiring on various dates through 2069. Certain
agreements are subject to periodic escalation provisions
for increases in real estate taxes and other charges.
Future minimum rental payments, net of minimum sublease
rentals are set forth below (in millions):
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="95%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Remainder of 2009
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
249
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
2010
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
466
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
2011
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
360
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
2012
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
299
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
2013
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
271
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
2014-thereafter
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,780
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Total
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,425
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 12pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Contingencies</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm is involved in a number of judicial, regulatory
and arbitration proceedings concerning matters arising in
connection with the conduct of its businesses. Management
believes, based on currently available information, that
the results of such proceedings, in the aggregate, will not
have a material adverse effect on the firm’s financial
condition, but may be material to the firm’s operating
results for any particular period, depending, in part, upon
the operating results for such period. Given the inherent
difficulty of predicting the outcome of the firm’s
litigation and regulatory matters, particularly in cases or
proceedings in which substantial or indeterminate damages
or fines are sought, the firm cannot estimate losses or
ranges of losses for cases or proceedings where there is
only a reasonable possibility that a loss may be incurred.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
In connection with its insurance business, the firm is
contingently liable to provide guaranteed minimum death and
income benefits to certain contract holders and has
established a reserve related to $6.09 billion and
$6.13 billion of contract holder account balances as of
June 2009 and November 2008, respectively, for such
benefits. The weighted average attained age of these
contract holders was 68 years as of both June 2009 and
November 2008. The net amount at risk, representing
guaranteed minimum death and income benefits in excess of
contract holder account balances, was $2.49 billion and
$2.96 billion as of June 2009 and November 2008,
respectively. See Note 12 for more information on the
firm’s insurance liabilities.
</div>
<div style="MARGIN-TOP: 12pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Guarantees</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm enters into various derivative contracts that meet
the definition of a guarantee under FIN 45, “Guarantor’s
Accounting and Disclosure Requirements for Guarantees,
Including Indirect Guarantees of Indebtedness of Others,”
as amended by FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 133-1</font> and <font style=
"WHITE-SPACE: nowrap">FIN 45-4.</font>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
FIN 45 does not require disclosures about derivative
contracts if such contracts may be cash settled and the
firm has no basis to conclude it is probable that the
counterparties held, at inception, the underlying
instruments related to the derivative contracts. The firm
has concluded that these conditions have been met for
certain large, internationally active commercial and
investment bank counterparties and certain other
counterparties. Accordingly, the firm has not included such
contracts in the tables below.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm, in its capacity as an agency lender, indemnifies
most of its securities lending customers against losses
incurred in the event that borrowers do not return
securities and the collateral held is insufficient to cover
the market value of the securities borrowed.
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
  
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
In the ordinary course of business, the firm provides other
financial guarantees of the obligations of third parties
(e.g., performance bonds, standby letters of credit and
other guarantees to enable clients to complete transactions
and merchant banking fund-related guarantees). These
guarantees represent obligations to make payments to
beneficiaries if the guaranteed party fails to fulfill its
obligation under a contractual arrangement with that
beneficiary.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth certain information about
the firm’s derivative contracts that meet the definition of
a guarantee and certain other guarantees as of June 2009
and November 2008. Derivative contracts set forth below
include written equity and commodity put options, written
currency contracts and interest rate caps, floors and
swaptions. See Note 3 for information regarding credit
derivative contracts that meet the definition of a
guarantee, which are not included below.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 9pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="70%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="19">
<b>Maximum Payout/</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="19">
<b>Notional Amount by Period of
Expiration <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Carrying</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>2010-</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>2012-</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>2014-</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Value</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2011</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2013</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Thereafter</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Total</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="23">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
<b><u>As of June 2009</u></b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
Derivatives <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,548
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
54,434
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
103,668
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
53,300
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
79,521
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
290,923
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
Securities lending indemnifications <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
22,674
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
22,674
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
Other financial guarantees
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
229
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
207
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
325
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
463
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,029
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,024
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="LINE-HEIGHT: 12pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
<b><u>As of November 2008</u></b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
Derivatives <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
17,462
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
114,863
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
73,224
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
30,312
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
90,643
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
309,042
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
Securities lending indemnifications <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
19,306
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
19,306
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
Other financial guarantees
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
235
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
203
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
477
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
458
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
238
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,376
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Such amounts do not
represent the anticipated losses in connection with
these contracts.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Because derivative
contracts are accounted for at fair value, carrying
value is considered the best indication of
payment/performance risk for individual contracts.
However, the carrying value excludes the effect of a
legal right of setoff that may exist under an
enforceable netting agreement and the effect of
netting of cash paid pursuant to credit support
agreements. These derivative contracts are risk
managed together with derivative contracts that are
not considered guarantees under FIN 45 and,
therefore, these amounts do not reflect the firm’s
overall risk related to its derivative
activities.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Collateral held by the
lenders in connection with securities lending
indemnifications was $23.35 billion and
$19.95 billion as of June 2009 and November 2008,
respectively. Because the contractual nature of these
arrangements requires the firm to obtain collateral
with a market value that exceeds the value of the
securities on loan from the borrower, there is
minimal performance risk associated with these
guarantees.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm has established trusts, including Goldman Sachs
Capital I, II and III, and other entities for the limited
purpose of issuing securities to third parties, lending the
proceeds to the firm and entering into contractual
arrangements with the firm and third parties related to
this purpose. See Note 7 for information regarding the
transactions involving Goldman Sachs Capital I, II and III.
The firm effectively provides for the full and
unconditional guarantee of the securities issued by these
entities, which are not consolidated for accounting
purposes. Timely payment by the firm of amounts due to
these entities under the borrowing, preferred stock and
related contractual arrangements will be sufficient to
cover payments due on the securities issued by these
entities. Management believes that it is unlikely that any
circumstances will occur, such as nonperformance on the
part of paying agents or other service providers, that
would make it necessary for the firm to make payments
related to these entities other than those required under
the terms of the borrowing, preferred stock and related
contractual arrangements and in connection with certain
expenses incurred by these entities. Group Inc. also fully
and unconditionally guarantees the securities issued by GS
Finance Corp., a wholly owned finance subsidiary of the
firm, which is consolidated for accounting purposes.
</div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
In the ordinary course of business, the firm indemnifies
and guarantees certain service providers, such as clearing
and custody agents, trustees and administrators, against
specified potential losses in connection with their acting
as an agent of, or providing services to, the firm or its
affiliates. The firm also indemnifies some clients against
potential losses incurred in the event specified
<font style="WHITE-SPACE: nowrap">third-party</font>
service providers, including <font style=
"WHITE-SPACE: nowrap">sub-custodians</font> and
<font style="WHITE-SPACE: nowrap">third-party</font>
brokers, improperly execute transactions. In addition, the
firm is a member of payment, clearing and settlement
networks as well as securities exchanges around the world
that may require the firm to meet the obligations of such
networks and exchanges in the event of member defaults. In
connection with its prime brokerage and clearing
businesses, the firm agrees to clear and settle on behalf
of its clients the transactions entered into by them with
other brokerage firms. The firm’s obligations in respect of
such transactions are secured by the assets in the client’s
account as well as any proceeds received from the
transactions cleared and settled by the firm on behalf of
the client. In connection with joint venture investments,
the firm may issue loan guarantees under which it may be
liable in the event of fraud, misappropriation,
environmental liabilities and certain other matters
involving the borrower. The firm is unable to develop an
estimate of the maximum payout under these guarantees and
indemnifications. However, management believes that it is
unlikely the firm will have to make any material payments
under these arrangements, and no liabilities related to
these guarantees and indemnifications have been recognized
in the condensed consolidated statements of financial
condition as of June 2009 and November 2008.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm provides representations and warranties to
counterparties in connection with a variety of commercial
transactions and occasionally indemnifies them against
potential losses caused by the breach of those
representations and warranties. The firm may also provide
indemnifications protecting against changes in or adverse
application of certain U.S. tax laws in connection with
ordinary-course transactions such as securities issuances,
borrowings or derivatives. In addition, the firm may
provide indemnifications to some counterparties to protect
them in the event additional taxes are owed or payments are
withheld, due either to a change in or an adverse
application of certain <font style=
"WHITE-SPACE: nowrap">non-U.S. tax</font> laws. These
indemnifications generally are standard contractual terms
and are entered into in the ordinary course of business.
Generally, there are no stated or notional amounts included
in these indemnifications, and the contingencies triggering
the obligation to indemnify are not expected to occur. The
firm is unable to develop an estimate of the maximum payout
under these guarantees and indemnifications. However,
management believes that it is unlikely the firm will have
to make any material payments under these arrangements, and
no liabilities related to these arrangements have been
recognized in the condensed consolidated statements of
financial condition as of June 2009 and November 2008.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Group Inc. has guaranteed the payment obligations of
Goldman, Sachs & Co. (GS&Co.), GS Bank USA and GS
Bank Europe, subject to certain exceptions. In
November 2008, the firm contributed subsidiaries into GS
Bank USA, and Group Inc. agreed to guarantee certain
losses, including <font style=
"WHITE-SPACE: nowrap">credit-related</font> losses,
relating to assets held by the contributed entities. In
connection with this guarantee, Group Inc. also agreed to
pledge to GS Bank USA certain collateral, including
interests in subsidiaries and other illiquid assets. In
addition, Group Inc. guarantees many of the obligations of
its other consolidated subsidiaries on a <font style=
"WHITE-SPACE: nowrap">transaction-by-transaction</font>
basis, as negotiated with counterparties. Group Inc. is
unable to develop an estimate of the maximum payout under
its subsidiary guarantees; however, because these
guaranteed obligations are also obligations of consolidated
subsidiaries included in the table above, Group Inc.’s
liabilities as guarantor are not separately disclosed.
</div>
</div>
</div>
-1995000000
-5174000000
-5174000000
2331000000
5303000000
5303000000
4224000000
5045000000
<div>
<div style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr valign="top">
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Note 5.  </font></b>
</td>
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Deposits</font></b>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth deposits as of June 2009 and
November 2008:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="84%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="4%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="4%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>November</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="7">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
U.S. offices <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
35,665
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
23,018
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<font style=
"WHITE-SPACE: nowrap">Non-U.S. offices </font><sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,792
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,625
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
41,457
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
27,643
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Substantially all
U.S. deposits were interest-bearing and were held at
GS Bank USA.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Substantially all
<font style=
"WHITE-SPACE: nowrap">non-U.S. deposits</font> were
interest-bearing and held at Goldman Sachs Bank
(Europe) PLC (GS Bank Europe).</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Included in the above table are time deposits of
$13.01 billion and $8.49 billion as of June 2009 and
November 2008, respectively. The following table sets forth
the maturities of time deposits as of June 2009:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="85%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="11">
<b>As of June 2009</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: black 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>U.S.</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: black 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Non-U.S.</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: black 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Total</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="11">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
2009
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,705
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
981
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,686
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
2010
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,516
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
14
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,530
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
2011
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,593
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,593
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
2012
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
839
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
839
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
2013
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,783
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
25
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,808
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
2014-thereafter
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,551
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,551
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11,987
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,020
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13,007
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
654000000
1176000000
474000000
220000000
975000000
426000000
155000000
1815000000
<div>
<div style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica">
<table style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr valign="top">
<td width="55">
<b>Note 1.</b>
</td>
<td>
<b>Description of Business</b>
</td>
</tr>
</tbody>
</table>
<p style="TEXT-INDENT: 4em">
The Goldman Sachs Group, Inc. (Group Inc.), a Delaware
corporation, together with its consolidated subsidiaries
(collectively, the firm), is a leading global financial
services firm providing investment banking, securities and
investment management services to a substantial and
diversified client base that includes corporations,
financial institutions, governments and <font style=
"WHITE-SPACE: nowrap">high-net-worth</font> individuals.
Founded in 1869, the firm is headquartered in New York and
maintains offices in London, Frankfurt, Tokyo, Hong Kong
and other major financial centers around the world.
</p>
<p style="TEXT-INDENT: 4em">
The firm’s activities are divided into three segments:
</p>
<table style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr valign="top">
<td style="WIDTH: 4em">
 
</td>
<td style="WIDTH: 2em">
• 
</td>
<td align="left">
<b>Investment Banking.  </b>The firm provides a broad
range of investment banking services to a diverse
group of corporations, financial institutions,
investment funds, governments and individuals.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
<b>Trading and Principal Investments.  </b>The firm
facilitates client transactions with a diverse group
of corporations, financial institutions, investment
funds, governments and individuals and takes
proprietary positions through market making in,
trading of and investing in fixed income and equity
products, currencies, commodities and derivatives on
these products. In addition, the firm engages in
<font style=
"WHITE-SPACE: nowrap">market-making</font> and
specialist activities on equities and options
exchanges, and the firm clears client transactions on
major stock, options and futures exchanges worldwide.
In connection with the firm’s merchant banking and
other investing activities, the firm makes principal
investments directly and through funds that the firm
raises and manages.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
<b>Asset Management and Securities Services.  </b>The
firm provides investment advisory and financial
planning services and offers investment products
(primarily through separately managed accounts and
commingled vehicles, such as mutual funds and private
investment funds) across all major asset classes to a
diverse group of institutions and individuals
worldwide and provides prime brokerage services,
financing services and securities lending services to
institutional clients, including hedge funds, mutual
funds, pension funds and foundations, and to
<font style=
"WHITE-SPACE: nowrap">high-net-worth</font>
individuals worldwide.
</td>
</tr>
</tbody>
</table>
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</style> </div>
-642000000
-197000000
-197000000
-204000000
-756000000
-756000000
<div>
<div style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr>
<td style="WIDTH: 4em"></td>
<td></td>
</tr>
<tr valign="top">
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Note 10.  </font></b>
</td>
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Earnings Per Common
Share</font></b>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The computations of basic and diluted earnings per common
share are set forth below:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="61%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="9%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="8%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="8%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Three Months Ended</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Six Months Ended</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="15">
(in millions, except per share amounts)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Numerator for basic and diluted EPS — net
earnings applicable to common shareholders
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,718
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,051
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,377
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,518
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Denominator for basic EPS — weighted average
number of common shares
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
514.1
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
427.5
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
495.7
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
430.3
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Effect of dilutive securities <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Restricted stock units
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
15.8
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9.6
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
12.6
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9.1
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Stock options and warrants
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
21.1
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
10.3
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11.8
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11.2
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Dilutive potential common shares
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
36.9
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
19.9
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
24.4
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
20.3
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Denominator for diluted EPS — weighted average
number of common shares and dilutive potential
common shares
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
551.0
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
447.4
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
520.1
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
450.6
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Basic EPS <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5.27
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4.80
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8.81
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8.18
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Diluted EPS <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4.93
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4.58
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8.42
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7.81
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr>
<td>
<div style=
"FONT-SIZE: 6pt; WIDTH: 70px; BORDER-BOTTOM: rgb(0,0,0) 1pt solid">
</div>
</td>
</tr>
</tbody>
</table>
</div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" border="0">
<tbody>
<tr>
<td width="6%"></td>
<td width="1%"></td>
<td width="93%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">The diluted EPS
computations do not include the antidilutive effect
of restricted stock units (RSUs), stock options and
warrants as follows:</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 8%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="92%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="57%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="12%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="7%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Three Months Ended</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Six Months Ended</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="15">
(in millions)
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="top" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Number of antidilutive RSUs and common shares
underlying antidilutive stock options and
warrants
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
14.3
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6.4
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
53.3
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7.0
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<p>
<font style="FONT-SIZE: 8pt">In accordance with FSP
No. EITF <font style=
"WHITE-SPACE: nowrap">03-6-1,</font> unvested
<font style=
"WHITE-SPACE: nowrap">share-based</font> payment
awards that have <font style=
"WHITE-SPACE: nowrap">non-forfeitable</font> rights
to dividends or dividend equivalents are to be
treated as a separate class of securities in
calculating earnings per share. The firm adopted
the FSP in the first quarter of fiscal 2009. The
impact to basic earnings per common share for the
three and six months ended June 2009 was a
reduction of $0.02 per common share. There was no
impact on diluted earnings per common share. Prior
periods have not been restated due to
immateriality.</font>
</p>
</td>
</tr>
</tbody>
</table>
</div>
</div>
-274000000
-60000000
-60000000
<div>
<div style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr>
<td style="WIDTH: 4em"></td>
<td></td>
</tr>
<tr valign="top">
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Note 11.  </font></b>
</td>
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Goodwill and
Identifiable Intangible Assets</font></b>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Goodwill</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth the carrying value of the
firm’s goodwill by operating segment, which is included in
“Other assets” in the condensed consolidated statements of
financial condition:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="84%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="4%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="4%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>November</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="7">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Investment Banking
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Underwriting
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
125
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
125
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Trading and Principal Investments
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
FICC
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
256
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
247
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Equities <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,389
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,389
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Principal Investments
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
84
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
80
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Asset Management and Securities Services
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Asset Management <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
565
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
565
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Securities Services
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
117
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
117
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,536
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,523
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Primarily related to SLK
LLC (SLK).</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Primarily related to The
Ayco Company, L.P. (Ayco).</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Identifiable Intangible
Assets</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth the gross carrying amount,
accumulated amortization and net carrying amount of the
firm’s identifiable intangible assets:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="28%">
 
</td>
<td width="2%">
 
</td>
<td width="50%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="5%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="4%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="5%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>November</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="7">
(in millions)
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff; COLOR: #000000" valign=
"bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Customer lists <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" align="left">
Gross carrying amount
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,116
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,160
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff; COLOR: #000000" valign=
"bottom">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Accumulated amortization
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(438
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(436
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style=
"FONT-SIZE: 1pt; BACKGROUND: #cceeff; COLOR: #000000"
valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff; COLOR: #000000" valign=
"bottom">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" align="left">
Net carrying amount
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
678
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
724
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style=
"FONT-SIZE: 1pt; BACKGROUND: #cceeff; COLOR: #000000"
valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>New York Stock</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" align="left">
Gross carrying amount
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
714
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
714
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Exchange (NYSE)</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Accumulated amortization
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(274
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(252
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>DMM rights</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" align="left">
Net carrying amount
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
440
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
462
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff; COLOR: #000000" valign=
"bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Insurance-related</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" align="left">
Gross carrying amount
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
292
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
292
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff; COLOR: #000000" valign=
"bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>assets <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Accumulated amortization
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(167
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(137
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style=
"FONT-SIZE: 1pt; BACKGROUND: #cceeff; COLOR: #000000"
valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff; COLOR: #000000" valign=
"bottom">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" align="left">
Net carrying amount
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
125
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
155
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style=
"FONT-SIZE: 1pt; BACKGROUND: #cceeff; COLOR: #000000"
valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Exchange-traded</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" align="left">
Gross carrying amount
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
138
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
138
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>fund (ETF) lead</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Accumulated amortization
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(46
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(43
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>market maker rights</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" align="left">
Net carrying amount
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
92
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
95
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff; COLOR: #000000" valign=
"bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Other <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" align="left">
Gross carrying amount
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
195
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
178
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff; COLOR: #000000" valign=
"bottom">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Accumulated amortization
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(93
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(85
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style=
"FONT-SIZE: 1pt; BACKGROUND: #cceeff; COLOR: #000000"
valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff; COLOR: #000000" valign=
"bottom">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" align="left">
Net carrying amount
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
102
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
93
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style=
"FONT-SIZE: 1pt; BACKGROUND: #cceeff; COLOR: #000000"
valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Total</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" align="left">
Gross carrying amount
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,455
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,482
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Accumulated amortization
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,018
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(953
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" align="left">
Net carrying amount
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,437
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,529
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Primarily includes the
firm’s clearance and execution and NASDAQ customer
lists related to SLK and financial counseling
customer lists related to Ayco.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Primarily includes VOBA
related to the firm’s insurance businesses.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Primarily includes
marketing-related assets and other contractual
rights.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 12pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Substantially all of the firm’s identifiable intangible
assets are considered to have finite lives and are
amortized over their estimated lives. The weighted average
remaining life of the firm’s identifiable intangible assets
is approximately 11 years.
</div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The estimated future amortization for existing identifiable
intangible assets through 2014 is set forth below (in
millions):
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="95%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Remainder of 2009
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
72
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
2010
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
137
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
2011
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
133
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
2012
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
125
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
2013
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
119
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
2014
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
116
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
18515000000
8221000000
3883000000
1428000000
20743000000
9498000000
7832000000
3470000000
2851000000
1685000000
2263000000
1440000000
2254000000
959000000
959000000
1633000000
0
0
18100000000
8100000000
54916000000
-37786000000
-1485000000
2715000000
17757000000
9422000000
23186000000
13761000000
0
0
0.01
0.01
200000000
200000000
470000000
234000000
483000000
242000000
30438000000
29105000000
<div>
<div style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr>
<td style="WIDTH: 4em"></td>
<td></td>
</tr>
<tr valign="top">
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Note 12.  </font></b>
</td>
<td>
<b><font style="FONT-FAMILY: Arial, Helvetica">Other
Assets and Other Liabilities</font></b>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style="FONT-FAMILY: Arial, Helvetica">Other
Assets</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Other assets are generally less liquid, <font style=
"WHITE-SPACE: nowrap">non-financial</font> assets. The
following table sets forth the firm’s other assets by type:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="84%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="4%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="4%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>November</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="7">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Property, leasehold improvements and
equipment <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
10,925
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
10,793
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Goodwill and identifiable intangible
assets <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,973
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,052
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Income tax-related assets
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,829
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8,359
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<font style=
"WHITE-SPACE: nowrap">Equity-method</font>
investments <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,425
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,454
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Miscellaneous receivables and other
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,953
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,780
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
29,105
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
30,438
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
<div style=
"FONT-SIZE: 6pt; WIDTH: 70px; BORDER-BOTTOM: rgb(0,0,0) 1pt solid">
</div>
</td>
</tr>
</tbody>
</table>
</div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="6%"></td>
<td width="1%"></td>
<td width="93%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Net of accumulated
depreciation and amortization of $7.67 billion and
$6.55 billion as of June 2009 and November 2008,
respectively.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">See Note 11 for further
information regarding the firm’s goodwill and
identifiable intangible assets.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Excludes investments of
$2.81 billion and $3.45 billion accounted for at fair
value under SFAS No. 159 as of June 2009 and
November 2008, respectively, which are included in
“Trading assets, at fair value” in the condensed
consolidated statements of financial
condition.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style="FONT-FAMILY: Arial, Helvetica">Other
Liabilities</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth the firm’s other liabilities
and accrued expenses by type:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="84%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="4%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="4%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>November</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="7">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Compensation and benefits
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
10,178
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,646
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Insurance-related liabilities <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11,851
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,673
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Noncontrolling interests <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
938
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,127
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Income tax-related liabilities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,010
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,865
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Employee interests in consolidated funds
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
438
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
517
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Accrued expenses and other payables
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,198
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,388
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
31,613
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
23,216
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
<div style=
"FONT-SIZE: 6pt; WIDTH: 70px; BORDER-BOTTOM: rgb(0,0,0) 1pt solid">
</div>
</td>
</tr>
</tbody>
</table>
</div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="6%"></td>
<td width="1%"></td>
<td width="93%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Insurance-related
liabilities are set forth in the table below:</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 8%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="92%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="84%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="4%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="4%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>November</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="7">
(in millions)
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Separate account liabilities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,808
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,628
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Liabilities for future benefits and unpaid claims
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,895
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,778
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Contract holder account balances
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
812
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
899
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Reserves for guaranteed minimum death and income
benefits
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
336
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
368
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Total insurance-related liabilities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11,851
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,673
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; MARGIN-LEFT: 8%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Separate account liabilities are supported by separate
account assets, representing segregated contract holder
funds under variable annuity and life insurance contracts.
Separate account assets are included in “Cash and
securities segregated for regulatory and other purposes” in
the condensed consolidated statements of financial
condition.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; MARGIN-LEFT: 8%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Liabilities for future benefits and unpaid claims include
liabilities arising from reinsurance provided by the firm
to other insurers. The firm had a receivable for
$1.32 billion and $1.30 billion as of June 2009 and
November 2008, respectively, related to such reinsurance
contracts, which is reported in “Receivables from customers
and counterparties” in the condensed consolidated
statements of financial condition. In addition, the firm
has ceded risks to reinsurers related to certain of its
liabilities for future benefits and unpaid claims and had a
receivable of $1.35 billion and $1.20 billion as of
June 2009 and November 2008, respectively, related to such
reinsurance contracts, which is reported in “Receivables
from customers and counterparties” in the condensed
consolidated statements of financial condition. Contracts
to cede risks to reinsurers do not relieve the firm from
its obligations to contract holders. Liabilities for future
benefits and unpaid claims include $2.10 billion and
$978 million carried at fair value under SFAS No. 159 as of
June 2009 and November 2008, respectively.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; MARGIN-LEFT: 8%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Reserves for guaranteed minimum death and income benefits
represent a liability for the expected value of guaranteed
benefits in excess of projected annuity account balances.
These reserves are computed in accordance with AICPA
<font style="WHITE-SPACE: nowrap">SOP 03-1</font> and are
based on total payments expected to be made less total fees
expected to be assessed over the life of the contract.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Includes $601 million
and $784 million related to consolidated investment
funds as of June 2009 and November 2008,
respectively.</font>
</td>
</tr>
</tbody>
</table>
</div>
</div>
23216000000
31613000000
978000000
2162000000
20249000000
17480000000
-8341000000
-6531000000
8585000000
11028000000
245258000000
185353000000
4000000
-4000000
0
48000000
-48000000
80000000
36000000
872000000
717000000
170000000
5893000000
5014000000
3400000000
31790000000
20875000000
55000000
50000000
363000000
185000000
280000000
145000000
1033000000
653000000
25899000000
21934000000
64665000000
50381000000
1598000000
1913000000
<div>
<div style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr>
<td style="WIDTH: 4em"></td>
<td></td>
</tr>
<tr valign="top">
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Note 15.  </font></b>
</td>
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Regulation and
Capital Adequacy</font></b>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The Federal Reserve Board is the primary U.S. regulator of
Group Inc. As a bank holding company, the firm is subject
to consolidated regulatory capital requirements
administered by the Federal Reserve Board. The firm’s bank
depository institution subsidiaries, including GS Bank USA,
are subject to similar capital requirements. Under the
Federal Reserve Board’s capital adequacy requirements and
the regulatory framework for prompt corrective action (PCA)
that is applicable to GS Bank USA, the firm and its bank
depository institution subsidiaries must meet specific
capital requirements that involve quantitative measures of
assets, liabilities and certain <font style=
"WHITE-SPACE: nowrap">off-balance-sheet</font> items as
calculated under regulatory reporting practices. The firm
and its bank depository institution subsidiaries’ capital
levels, as well as GS Bank USA’s PCA classification, are
also subject to qualitative judgments by the regulators
about components, risk weightings and other factors.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Many of the firm’s subsidiaries, including GS&Co. and
the firm’s other <font style=
"WHITE-SPACE: nowrap">broker-dealer</font> subsidiaries,
are subject to separate regulation and capital requirements
as described below.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth information regarding
Group Inc.’s capital ratios as of June 2009 calculated in
accordance with the Federal Reserve Board’s regulatory
capital requirements currently applicable to bank holding
companies, which are based on the Capital Accord of the
Basel Committee on Banking Supervision (Basel I). These
ratios are used by the Federal Reserve Board and other
U.S. Federal banking agencies in the supervisory review
process, including the assessment of the firm’s capital
adequacy. The calculation of these ratios includes certain
market risk measures that are under review by the Federal
Reserve Board, as part of Group Inc.’s transition to bank
holding company status. The calculation of these ratios has
not been reviewed with the Federal Reserve Board and,
accordingly, these ratios may be revised in subsequent
filings.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="95%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>June 2009</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
($ in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Tier 1 Capital</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Common shareholders’ equity
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
55,856
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Preferred stock
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,957
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Junior subordinated debt issued to trusts
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,000
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Less: Goodwill
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(3,536
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Less: Disallowable intangible assets
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,437
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Less: Other deductions <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(6,297
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Tier 1 Capital</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
56,543
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Tier 2 Capital</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Qualifying subordinated debt <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13,989
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Less: Other deductions <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(160
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Tier 2 Capital</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13,829
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Total Capital</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
70,372
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b><font style=
"WHITE-SPACE: nowrap">Risk-Weighted</font>
Assets</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
409,204
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Tier 1 Capital Ratio</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13.8
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Total Capital Ratio</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
17.2
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Tier 1 Leverage Ratio</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6.4
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
</tr>
<tr>
<td>
<div style=
"FONT-SIZE: 6pt; WIDTH: 70px; BORDER-BOTTOM: rgb(0,0,0) 1pt solid">
</div>
</td>
</tr>
</tbody>
</table>
</div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="6%"></td>
<td width="1%"></td>
<td width="93%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Principally includes
equity investments in non-financial companies and the
cumulative change in the fair value of the firm’s
unsecured borrowings attributable to the impact of
changes in the firm’s own credit spreads, disallowed
deferred tax assets, and investments in certain
nonconsolidating entities.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Substantially all of the
firm’s existing subordinated debt qualifies as Tier 2
capital for Basel I purposes.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<font style="WHITE-SPACE: nowrap">Risk-Weighted</font>
Assets (RWAs) under the Federal Reserve Board’s
<font style="WHITE-SPACE: nowrap">risk-based</font> capital
guidelines are comprised of requirements for market risk
and credit risk. RWAs for market risk include certain
measures that are under review by the Federal Reserve Board
as part of Group Inc.’s transition to bank holding company
status. Credit risk RWAs for on-balance sheet assets are
based on the balance sheet value. For off-balance sheet
exposures, including OTC derivatives and commitments, a
credit equivalent amount is calculated based on the
notional of each trade. All such assets and amounts are
then assigned a risk weight depending on whether the
counterparty is a sovereign, bank or qualifying securities
firm, or other entity (or where collateral is held, the
risk weight will depend on the nature of such collateral).
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm’s Tier 1 leverage ratio is defined as Tier 1
capital under Basel I divided by adjusted average total
assets (which includes adjustments for disallowed goodwill
and certain intangible assets).
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Federal Reserve Board regulations require bank holding
companies to maintain a minimum Tier 1 capital ratio of 4%
and a minimum total capital ratio of 8%. The required
minimum Tier 1 capital ratio and total capital ratio in
order to be considered a “well capitalized” bank holding
company under the Federal Reserve Board guidelines are 6%
and 10%, respectively. Bank holding companies may be
expected to maintain ratios well above the minimum levels,
depending upon their particular condition, risk profile and
growth plans. The minimum Tier 1 leverage ratio is 3% for
bank holding companies that have received the highest
supervisory rating under Federal Reserve Board guidelines
or that have implemented the Federal Reserve Board’s
capital measure for market risk. Other bank holding
companies must have a minimum Tier 1 leverage ratio of 4%.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm also continues to disclose its capital ratios in
accordance with the capital guidelines applicable to it
before it became a bank holding company in September 2008,
when the firm was regulated by the SEC as a Consolidated
Supervised Entity (CSE). These guidelines were generally
consistent with those set out in the Revised Framework for
the International Convergence of Capital Measurement and
Capital Standards issued by the Basel Committee on Banking
Supervision (Basel II). Subsequent to becoming a bank
holding company, the firm no longer reports the CSE capital
ratios to the SEC and Group Inc. is no longer regulated as
a CSE.
</div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth information regarding
Group Inc.’s capital ratios as of June 2009 and
November 2008 calculated in the same manner (generally
consistent with Basel II) as when the firm was regulated by
the SEC as a CSE:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="90%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>November</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="7">
($ in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>I. Tier 1 and Total Allowable Capital</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Common shareholders’ equity
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
55,856
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
47,898
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Preferred stock
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,957
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
16,471
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Junior subordinated debt issued to trusts
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,000
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,000
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Less: Goodwill
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(3,536
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(3,523
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Less: Disallowable intangible assets
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,437
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,386
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Less: Other deductions <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,322
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,823
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Tier 1 Capital</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
61,518
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
62,637
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Other components of Total Allowable Capital
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Qualifying subordinated debt <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13,989
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13,703
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Less: Other deductions <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(160
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(690
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Total Allowable Capital</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
75,347
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
75,650
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>II. <font style=
"WHITE-SPACE: nowrap">Risk-Weighted</font>
Assets</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Market risk
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
169,649
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
176,646
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Credit risk
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
172,195
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
184,055
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Operational risk
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
40,000
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
39,675
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Total <font style=
"WHITE-SPACE: nowrap">Risk-Weighted</font>
Assets</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
381,844
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
400,376
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>III. Tier 1 Capital Ratio</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
16.1
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
15.6
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>IV. Total Capital Ratio</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
19.7
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
18.9
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
</tr>
<tr>
<td>
<div style=
"FONT-SIZE: 6pt; WIDTH: 70px; BORDER-BOTTOM: rgb(0,0,0) 1pt solid">
</div>
</td>
</tr>
</tbody>
</table>
</div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" border="0">
<tbody>
<tr>
<td width="6%"></td>
<td width="1%"></td>
<td width="93%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Principally includes the
cumulative change in the fair value of the firm’s
unsecured borrowings attributable to the impact of
changes in the firm’s own credit spreads, disallowed
deferred tax assets, and investments in certain
nonconsolidated entities.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Substantially all of the
firm’s existing subordinated debt qualifies as Total
Allowable Capital.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm’s RWAs based on the guidelines applicable to the
firm when it was regulated as a CSE are driven by the
amount of market risk, credit risk and operational risk
associated with its business activities in a manner
generally consistent with methodologies set out in Basel
II. The methodologies used to compute these RWAs for each
of market risk, credit risk and operational risk are
closely aligned with the firm’s risk management practices.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm is currently working to implement the Basel II
framework as applicable to it as a bank holding company (as
opposed to as a CSE). U.S. banking regulators have
incorporated the Basel II framework into the existing
<font style="WHITE-SPACE: nowrap">risk-based</font> capital
requirements by requiring that internationally active
banking organizations, such as Group Inc., transition to
Basel II over the next several years.
</div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
GS Bank USA, a New York State-chartered bank and a member
of the Federal Reserve System and the FDIC, is regulated by
the Federal Reserve Board and the New York State Banking
Department (NYSBD) and is subject to minimum capital
requirements that (subject to certain exceptions) are
similar to those applicable to bank holding companies. GS
Bank USA computes its capital ratios in accordance with the
regulatory capital guidelines currently applicable to state
member banks, which are based on Basel I as implemented by
the Federal Reserve Board, for purposes of assessing the
adequacy of its capital. In order to be considered a “well
capitalized” depository institution under the Federal
Reserve Board guidelines, GS Bank USA must maintain a
Tier 1 capital ratio of at least 6%, a total capital ratio
of at least 10% and a Tier 1 leverage ratio of at least 5%.
In November 2008, the firm contributed subsidiaries into GS
Bank USA. In connection with this contribution, GS Bank USA
agreed with the Federal Reserve Board to minimum capital
ratios in excess of these “well capitalized” levels.
Accordingly, for a period of time, GS Bank USA is expected
to maintain a Tier 1 capital ratio of at least 8%, a total
capital ratio of at least 11% and a Tier 1 leverage ratio
of at least 6%.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth information regarding GS
Bank USA’s capital ratios under Basel I as implemented by
the Federal Reserve Board, as of June 2009.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="95%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>June 2009</b>
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Tier 1 Capital Ratio
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
12.9
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total Capital Ratio
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
17.2
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Tier 1 Leverage Ratio
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9.8
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Consistent with the calculation of Group Inc.’s capital
ratios, the calculation of GS Bank USA’s capital ratios
includes certain market risk measures that are under review
by the Federal Reserve Board. Accordingly, these ratios may
be revised in subsequent filings. GS Bank USA is currently
working to implement the Basel II framework. Similar to the
firm’s requirement as a bank holding company, GS Bank USA
is required to transition to Basel II over the next several
years.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The deposits of GS Bank USA are insured by the FDIC to the
extent provided by law. The Federal Reserve Board requires
depository institutions to maintain cash reserves with a
Federal Reserve Bank. The amount deposited by the firm’s
depository institution subsidiaries held at the Federal
Reserve Bank was approximately $7.04 billion and
$94 million as of June 2009 and November 2008,
respectively, which exceeded required reserve amounts by
$6.73 billion and $6 million as of June 2009 and
November 2008, respectively. GS Bank Europe, a wholly owned
credit institution, is regulated by the Irish Financial
Services Regulatory Authority and is subject to minimum
capital requirements. As of June 2009 and November 2008, GS
Bank USA and GS Bank Europe were both in compliance with
all regulatory capital requirements.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Transactions between GS Bank USA and its subsidiaries and
Group Inc. and its subsidiaries and affiliates (other than,
generally, subsidiaries of GS Bank USA) are regulated by
the Federal Reserve Board. These regulations generally
limit the types and amounts of transactions (including
loans to and borrowings from GS Bank USA) that may take
place and generally require those transactions to be on an
arms-length basis.
</div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm’s U.S. regulated <font style=
"WHITE-SPACE: nowrap">broker-dealer</font> subsidiaries
include GS&Co. and Goldman Sachs Execution &
Clearing, L.P. (GSEC). GS&Co. and GSEC are registered
<font style=
"WHITE-SPACE: nowrap">U.S. broker-dealers</font> and
futures commission merchants subject to <font style=
"WHITE-SPACE: nowrap">Rule 15c3-1</font> of the SEC and
Rule 1.17 of the Commodity Futures Trading Commission,
which specify uniform minimum net capital requirements, as
defined, for their registrants, and also effectively
require that a significant part of the registrants’ assets
be kept in relatively liquid form. GS&Co. and GSEC have
elected to compute their minimum capital requirements in
accordance with the “Alternative Net Capital Requirement”
as permitted by <font style=
"WHITE-SPACE: nowrap">Rule 15c3-1.</font> As of June 2009,
GS&Co. had regulatory net capital, as defined by
<font style="WHITE-SPACE: nowrap">Rule 15c3-1,</font> of
$13.19 billion, which exceeded the amount required by
$11.42 billion. As of June 2009, GSEC had regulatory net
capital, as defined by <font style=
"WHITE-SPACE: nowrap">Rule 15c3-1,</font> of $1.87 billion,
which exceeded the amount required by $1.80 billion. In
addition to its alternative minimum net capital
requirements, GS&Co. is also required to hold tentative
net capital in excess of $1 billion and net capital in
excess of $500 million in accordance with the market and
credit risk standards of Appendix E of <font style=
"WHITE-SPACE: nowrap">Rule 15c3-1.</font> GS&Co. is
also required to notify the SEC in the event that its
tentative net capital is less than $5 billion. As of
June 2009 and November 2008, GS&Co. had tentative net
capital and net capital in excess of both the minimum and
the notification requirements.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm has U.S. insurance subsidiaries that are subject
to state insurance regulation and oversight in the states
in which they are domiciled and in the other states in
which they are licensed. In addition, certain of the firm’s
insurance subsidiaries outside of the U.S. are regulated by
the Bermuda Monetary Authority and by Lloyd’s (which is, in
turn, regulated by the U.K.’s Financial Services Authority
(FSA)). The firm’s insurance subsidiaries were in
compliance with all regulatory capital requirements as of
June 2009 and November 2008.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm’s principal <font style=
"WHITE-SPACE: nowrap">non-U.S. regulated</font>
subsidiaries include Goldman Sachs International (GSI) and
Goldman Sachs Japan Co., Ltd. (GSJCL). GSI, the firm’s
regulated U.K. <font style=
"WHITE-SPACE: nowrap">broker-dealer,</font> is subject to
the capital requirements of the FSA. GSJCL, the firm’s
regulated Japanese <font style=
"WHITE-SPACE: nowrap">broker-dealer,</font> is subject to
the capital requirements imposed by Japan’s Financial
Services Agency. As of June 2009 and November 2008, GSI and
GSJCL were in compliance with their local capital adequacy
requirements. Certain other <font style=
"WHITE-SPACE: nowrap">non-U.S. subsidiaries</font> of the
firm are also subject to capital adequacy requirements
promulgated by authorities of the countries in which they
operate. As of June 2009 and November 2008, these
subsidiaries were in compliance with their local capital
adequacy requirements.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The regulatory requirements referred to above restrict
Group Inc.’s ability to withdraw capital from its regulated
subsidiaries. In addition to limitations on the payment of
dividends imposed by federal and state laws, the Federal
Reserve Board, the FDIC and the NYSBD have authority to
prohibit or to limit the payment of dividends by the
banking organizations they supervise (including GS Bank
USA) if, in the relevant regulator’s opinion, payment of a
dividend would constitute an unsafe or unsound practice in
the light of the financial condition of the banking
organization. As of June 2009, GS Bank USA could have
declared dividends of $1.31 billion to Group Inc. without
regulatory approval. As of November 2008, GS Bank USA would
not have been able to declare dividends to Group Inc.
without regulatory approval.
</div>
</div>
</div>
21000000
21000000
21000000
3648000000
2850000000
11751000000
16805000000
9284000000
5187000000
59810000000
87018000000
-15196000000
-16490000000
7872000000
12194000000
17060000000
20289000000
122021000000
138339000000
116671000000
138339000000
-89500000000
-136246000000
<div>
<p>
  
</p>
<div style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td style="WIDTH: 4em"></td>
<td></td>
</tr>
<tr valign="top">
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Note 4.  </font></b>
</td>
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Securitization
Activities and Variable Interest Entities</font></b>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Securitization
Activities</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm securitizes commercial and residential mortgages,
government and corporate bonds and other types of financial
assets. The firm acts as underwriter of the beneficial
interests that are sold to investors. The firm derecognizes
financial assets transferred in securitizations, provided
it has relinquished control over such assets. Transferred
assets are accounted for at fair value prior to
securitization. Net revenues related to these underwriting
activities are recognized in connection with the sales of
the underlying beneficial interests to investors.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm may have continuing involvement with transferred
assets, including: retaining interests in securitized
financial assets, primarily in the form of senior or
subordinated securities; retaining servicing rights; and
purchasing senior or subordinated securities in connection
with secondary <font style=
"WHITE-SPACE: nowrap">market-making</font> activities.
Retained interests and other interests related to the
firm’s continuing involvement are accounted for at fair
value and are included in “Trading assets, at fair value”
in the condensed consolidated statements of financial
condition. See Note 2 for additional information regarding
fair value measurement.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
During the three and six months ended June 2009, the firm
securitized $12.91 billion and $16.47 billion,
respectively, of financial assets in which the firm had
continuing involvement as of June 2009, including
$12.41 billion and $15.88 billion, respectively, of
residential mortgages, primarily in connection with
government agency securitizations, and $496 million and
$591 million, respectively, of other financial assets.
During the three and six months ended May 2008, the firm
securitized $3.97 billion and $6.54 billion, respectively,
of financial assets, including $2.59 billion and
$4.11 billion, respectively, of residential mortgages,
$773 million and $773 million, respectively, of commercial
mortgages, and $605 million and $1.65 billion,
respectively, of other financial assets, primarily in
connection with CLOs. Cash flows received on retained
interests were $106 million and $200 million for the three
and six months ended June 2009, respectively, and
$155 million and $271 million for the three and six months
ended May 2008, respectively.
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
  
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth certain information related
to the firm’s continuing involvement in securitization
entities to which the firm sold assets, as well as the
total outstanding principal amount of transferred assets in
which the firm has continuing involvement, as of June 2009
in accordance with FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 140-4</font> and FIN 46(R)-8.
The outstanding principal amount set forth in the tables
below is presented for the purpose of providing information
about the size of the securitization entities in which the
firm has continuing involvement, and is not representative
of the firm’s risk of loss. For retained or purchased
interests, the firm’s risk of loss is limited to the fair
value of these interests.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="85%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="11">
<b>As of June 2009 <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Outstanding</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Fair value of</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Fair value of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>principal</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>retained</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>purchased</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>amount</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>interests</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>interests <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></b>
</div>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="11">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Residential <font style=
"WHITE-SPACE: nowrap">mortgage-backed</font>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
41,352
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,998
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
134
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Commercial <font style=
"WHITE-SPACE: nowrap">mortgage-backed</font>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13,714
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
236
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
61
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Other <font style=
"WHITE-SPACE: nowrap">asset-backed </font><sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
19,225
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
113
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
74,291
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,347
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
199
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">As of June 2009, fair
value of other continuing involvement excludes
$334 million, of purchased interests in
securitization entities where the firm’s involvement
was related to secondary <font style=
"WHITE-SPACE: nowrap">market-making</font>
activities. Continuing involvement also excludes
derivative contracts that are used by securitization
entities to manage credit, interest rate or foreign
exchange risk. See Note 3 for information on the
firm’s derivative contracts.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Comprised of senior and
subordinated interests purchased in connection with
secondary <font style=
"WHITE-SPACE: nowrap">market-making</font> activities
in VIEs and QSPEs in which the firm also holds
retained interests. In addition to these interests,
the firm had other continuing involvement in the form
of derivative transactions and guarantees with
certain VIEs for which the carrying value was a net
liability of $253 million as of June 2009. The
notional amounts of these transactions are included
in maximum exposure to loss in the nonconsolidated
VIE table below.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Primarily consists of
CDOs backed by corporate and mortgage obligations and
CLOs. Outstanding principal amount and fair value of
retained interests include $18.07 billion and
$76 million, respectively, as of June 2009 related to
VIEs which are also included in the nonconsolidated
VIE table below.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Primarily consists of
retained interests in government agency QSPEs.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth the weighted average key
economic assumptions used in measuring the fair value of
the firm’s retained interests and the sensitivity of this
fair value to immediate adverse changes of 10% and 20% in
those assumptions:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="38%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="16%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="16%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="16%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>As of June 2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>As of November 2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Type of Retained Interests <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Type of Retained Interests <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Other</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Other</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Mortgage-</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Asset-</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Mortgage-</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Asset-</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Backed</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Backed <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Backed</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Backed</b>
</div>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="15">
($ in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Fair value of retained interests
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,234
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
113
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,415
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
367
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup>
</td>
</tr>
<tr style="LINE-HEIGHT: 6pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Weighted average life (years)
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5.2
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3.6
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6.0
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5.1
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="LINE-HEIGHT: 6pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Constant prepayment rate <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
19.1
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
N.M.
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
15.5
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4.5
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Impact of 10% adverse change <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(20
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
N.M.
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(14
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(6
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Impact of 20% adverse change <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(40
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
N.M.
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(27
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(12
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="LINE-HEIGHT: 6pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Discount rate <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11.3
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
N.M.
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
21.1
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
29.2
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Impact of 10% adverse change
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(62
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
N.M.
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(46
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(25
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Impact of 20% adverse change
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(119
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
N.M.
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(89
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(45
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Includes $2.27 billion
and $1.53 billion as of June 2009 and November 2008,
respectively, held in QSPEs.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Due to the nature and
current fair value of certain of these retained
interests, the weighted average assumptions for
constant prepayment and discount rates and the
related sensitivity to adverse changes are not
meaningful as of June 2009. The firm’s maximum
exposure to adverse changes in the value of these
interests is the firm’s carrying value of
$113 million.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Constant prepayment rate
is included only for positions for which constant
prepayment rate is a key assumption in the
determination of fair value.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">The majority of the
firm’s <font style=
"WHITE-SPACE: nowrap">mortgage-backed</font> retained
interests are U.S. government <font style=
"WHITE-SPACE: nowrap">agency-issued</font>
collateralized mortgage obligations, for which there
is no anticipated credit loss. For the remainder of
the firm’s retained interests, the expected credit
loss assumptions are reflected within the discount
rate.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Includes $192 million of
retained interests related to transfers of
securitized assets that were accounted for as secured
financings rather than sales under
SFAS No. 140.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The preceding table does not give effect to the offsetting
benefit of other financial instruments that are held to
mitigate risks inherent in these retained interests.
Changes in fair value based on an adverse variation in
assumptions generally cannot be extrapolated because the
relationship of the change in assumptions to the change in
fair value is not usually linear. In addition, the impact
of a change in a particular assumption is calculated
independently of changes in any other assumption. In
practice, simultaneous changes in assumptions might magnify
or counteract the sensitivities disclosed above.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
As of June 2009 and November 2008, the firm held mortgage
servicing rights with a fair value of $130 million and
$147 million, respectively. These servicing assets
represent the firm’s right to receive a future stream of
cash flows, such as servicing fees, in excess of the firm’s
obligation to service residential mortgages. The fair value
of mortgage servicing rights will fluctuate in response to
changes in certain economic variables, such as discount
rates and loan prepayment rates. The firm estimates the
fair value of mortgage servicing rights by using valuation
models that incorporate these variables in quantifying
anticipated cash flows related to servicing activities.
Mortgage servicing rights are included in “Trading assets,
at fair value” in the condensed consolidated statements of
financial condition and are classified within level 3 of
the fair value hierarchy. The following table sets forth
changes in the firm’s mortgage servicing rights, as well as
servicing fees earned:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="47%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="15%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="12%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="12%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Three Months Ended</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Six Months Ended</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="7">
(in millions)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Balance, beginning of period
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
139
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
283
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
153
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
93
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Purchases
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
212
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Servicing assets that resulted from transfers of
financial assets
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Changes in fair value due to changes in valuation
inputs and assumptions
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(9
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(35
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(23
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(60
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Balance, end of period <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
130
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
248
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
130
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
248
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr style="LINE-HEIGHT: 9pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Contractually specified servicing fees
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
85
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
72
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
177
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
137
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">As of June 2009, the
fair value was estimated using a weighted average
discount rate of approximately 16% and a weighted
average prepayment rate of approximately 27%. As of
May 2008, the fair value was estimated using
a weighted average discount rate of approximately 16%
and a weighted average prepayment rate of
approximately 26%.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Primarily related to the
acquisition of Litton Loan Servicing LP.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style="FONT-FAMILY: Arial, Helvetica">Variable
Interest Entities (VIEs)</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm, in the ordinary course of business, retains
interests in VIEs in connection with its securitization
activities. The firm also purchases and sells variable
interests in VIEs, which primarily issue <font style=
"WHITE-SPACE: nowrap">mortgage-backed</font> and other
<font style="WHITE-SPACE: nowrap">asset-backed</font>
securities, CDOs and CLOs, in connection with its
<font style="WHITE-SPACE: nowrap">market-making</font>
activities and makes investments in and loans to VIEs that
hold performing and nonperforming debt, equity, real
estate, power-related and other assets. In addition, the
firm utilizes VIEs to provide investors with
principal-protected notes, <font style=
"WHITE-SPACE: nowrap">credit-linked</font> notes and
<font style="WHITE-SPACE: nowrap">asset-repackaged</font>
notes designed to meet their objectives. VIEs generally
purchase assets by issuing debt and equity instruments.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm’s significant variable interests in VIEs include
senior and subordinated debt interests in <font style=
"WHITE-SPACE: nowrap">mortgage-backed</font> and
<font style="WHITE-SPACE: nowrap">asset-backed</font>
securitization vehicles, CDOs and CLOs; loan commitments;
limited and general partnership interests; preferred and
common stock; interest rate, foreign currency, equity,
commodity and credit derivatives; and guarantees.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm’s exposure to the obligations of VIEs is generally
limited to its interests in these entities. In the tables
set forth below, the maximum exposure to loss for purchased
and retained interests and loans and investments is the
carrying value of these interests. In certain instances,
the firm provides guarantees, including derivative
guarantees, to VIEs or holders of variable interests in
VIEs. For these contracts, maximum exposure to loss set
forth in the tables below is the notional amount of such
guarantees, which does not represent anticipated losses and
also has not been reduced by unrealized losses already
recorded by the firm in connection with these guarantees.
As a result, the maximum exposure to loss exceeds the
firm’s liabilities related to VIEs.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following tables set forth total assets in
firm-sponsored nonconsolidated VIEs in which the firm holds
variable interests and other nonconsolidated VIEs in which
the firm holds significant variable interests, and the
firm’s maximum exposure to loss excluding the benefit of
offsetting financial instruments that are held to mitigate
the risks associated with these variable interests. For
June 2009, in accordance with FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 140-4</font> and FIN 46(R)-8,
the following tables also set forth the total assets and
total liabilities included in the condensed consolidated
statements of financial condition related to the firm’s
significant interests in nonconsolidated VIEs. The firm has
aggregated nonconsolidated VIEs based on principal business
activity, as reflected in the first column. The nature of
the firm’s variable interests can take different forms, as
described in the columns under maximum exposure to loss.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="60%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="1%">
 
</td>
<td width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 7pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="32">
<b>As of June 2009</b>
</td>
</tr>
<tr style="FONT-SIZE: 7pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td style=
"BORDER-RIGHT: #000000 1px solid; PADDING-RIGHT: 2pt">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="7">
<b>Carrying Value of</b>
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="middle" colspan=
"19">
 
</td>
</tr>
<tr style="FONT-SIZE: 7pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td style=
"BORDER-RIGHT: #000000 1px solid; PADDING-RIGHT: 2pt">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="7">
<b>the Firm’s</b>
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="middle" colspan=
"3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 7pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td style=
"BORDER-RIGHT: #000000 1px solid; PADDING-RIGHT: 2pt">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="7">
<b>Variable Interests</b>
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="middle" colspan=
"19">
<b>Maximum Exposure to Loss in Nonconsolidated
VIEs <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></b>
</td>
</tr>
<tr style="FONT-SIZE: 7pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td style=
"BORDER-RIGHT: #000000 1px solid; PADDING-RIGHT: 2pt">
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td style="BORDER-TOP: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td style="BORDER-TOP: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td style=
"BORDER-TOP: #000000 1px solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="middle" colspan=
"3">
<b>Purchased</b>
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td style="BORDER-TOP: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Commitments</b>
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td style="BORDER-TOP: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td style="BORDER-TOP: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td style="BORDER-TOP: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 7pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Assets</b>
</td>
<td style=
"BORDER-RIGHT: #000000 1px solid; PADDING-RIGHT: 2pt">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="middle" colspan=
"3">
<b> and Retained</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>and</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Loans and</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 7pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>in VIE</b>
</td>
<td style=
"BORDER-RIGHT: #000000 1px solid; PADDING-RIGHT: 2pt">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Assets</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Liabilities</b>
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="middle" colspan=
"3">
<b>Interests</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Guarantees</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Derivatives</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Investments</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Total</b>
</td>
</tr>
<tr style="FONT-SIZE: 7pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td style=
"BORDER-RIGHT: #000000 1px solid; PADDING-RIGHT: 2pt">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="middle" colspan=
"7">
(in millions)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Mortgage CDOs <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,065
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td style=
"BORDER-RIGHT: #000000 1px solid; PADDING-RIGHT: 2pt">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
108
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
49
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,214
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(7)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,263
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Corporate CDOs and CLOs <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
24,829
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td style=
"BORDER-RIGHT: #000000 1px solid; PADDING-RIGHT: 2pt">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
495
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
650
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
223
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,059
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(8)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,282
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Real estate, <font style=
"WHITE-SPACE: nowrap">credit-related</font>
<br />
and other investing <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
28,659
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td style=
"BORDER-RIGHT: #000000 1px solid; PADDING-RIGHT: 2pt">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,969
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
168
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
347
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,906
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,253
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Other <font style=
"WHITE-SPACE: nowrap">asset-backed </font><sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
516
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td style=
"BORDER-RIGHT: #000000 1px solid; PADDING-RIGHT: 2pt">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
17
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
516
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
516
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Power-related <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
617
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td style=
"BORDER-RIGHT: #000000 1px solid; PADDING-RIGHT: 2pt">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
213
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
37
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
213
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
250
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Principal-protected notes <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,459
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td style=
"BORDER-RIGHT: #000000 1px solid; PADDING-RIGHT: 2pt">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
26
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,654
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,550
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,550
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td style=
"BORDER-RIGHT: #000000 1px solid; PADDING-RIGHT: 2pt">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid">
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Total
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
66,145
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td style=
"BORDER-RIGHT: #000000 1px solid; PADDING-RIGHT: 2pt">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,824
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,492
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
272
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
384
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13,339
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,119
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
17,114
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td style=
"BORDER-RIGHT: #000000 1px solid; PADDING-RIGHT: 2pt">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid">
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr style="LINE-HEIGHT: 12pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
</tbody>
</table>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="70%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="1%">
 
</td>
<td width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 7pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="24">
<b>As of November 2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 7pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" align="middle" colspan="19">
<b>Maximum Exposure to Loss in Nonconsolidated
VIEs <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></b>
</td>
</tr>
<tr style="FONT-SIZE: 7pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style=
"BORDER-TOP: #000000 1px solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="middle" colspan=
"3">
<b>Purchased</b>
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td style="BORDER-TOP: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Commitments</b>
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td style="BORDER-TOP: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td style="BORDER-TOP: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td style="BORDER-TOP: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 7pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Assets</b>
</td>
<td>
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="middle" colspan=
"3">
<b>and Retained</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>and</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Loans and</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 7pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>in VIE</b>
</td>
<td>
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="middle" colspan=
"3">
<b>Interests</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Guarantees</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Derivatives</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Investments</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Total</b>
</td>
</tr>
<tr style="FONT-SIZE: 7pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="24">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Mortgage CDOs
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13,061
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
242
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,616
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(7)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,858
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Corporate CDOs and CLOs
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8,584
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
161
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
918
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(8)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,079
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Real estate, <font style=
"WHITE-SPACE: nowrap">credit-related</font> and
other investing <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
26,898
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
143
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,223
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,366
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Municipal bond securitizations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
111
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
111
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
111
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Other <font style=
"WHITE-SPACE: nowrap">asset-backed</font>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,355
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,084
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,084
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Power-related
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
844
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
37
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
213
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
250
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Principal-protected notes <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,516
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,353
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,353
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid">
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Total
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
58,369
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid"
valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
403
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
291
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11,971
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,436
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
16,101
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style=
"PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1px solid">
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 0%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table cellspacing="0" cellpadding="0" width="100%" border=
"0">
<tbody>
<tr>
<td width="2%"></td>
<td width="98%"></td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup> 
</td>
<td align="left">
Such amounts do not represent the anticipated losses
in connection with these transactions as they exclude
the effect of offsetting financial instruments that
are held to mitigate these risks.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup> 
</td>
<td align="left">
These VIEs are generally financed through the
issuance of debt instruments collateralized by assets
held by the VIE. Substantially all assets and
liabilities held by the firm related to these VIEs
are included in “Trading assets, at fair value” and
“Trading liabilities, at fair value,” respectively,
in the condensed consolidated statement of financial
condition.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup> 
</td>
<td align="left">
The firm obtains interests in these VIEs in
connection with making investments in real estate,
distressed loans and other types of debt, mezzanine
instruments and equities. These VIEs are generally
financed through the issuance of debt and equity
instruments which are either collateralized by or
indexed to assets held by the VIE. Substantially all
assets and liabilities held by the firm related to
these VIEs are included in “Trading assets, at fair
value” and “Other liabilities and accrued expenses,”
respectively, in the condensed consolidated statement
of financial condition.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup> 
</td>
<td align="left">
Assets and liabilities held by the firm related to
these VIEs are included in “Other assets” and
“Trading liabilities, at fair value” in the condensed
consolidated statement of financial condition.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup> 
</td>
<td align="left">
Consists of <font style=
"WHITE-SPACE: nowrap">out-of-the-money</font> written
put options that provide principal protection to
clients invested in various fund products, with risk
to the firm mitigated through portfolio rebalancing.
Assets related to these VIEs are included in “Trading
assets, at fair value” and liabilities related to
these VIEs are included in “Other secured
financings,” “Unsecured <font style=
"WHITE-SPACE: nowrap">short-term</font> borrowings”
or “Unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings” in
the condensed consolidated statement of financial
condition. Assets in VIE, carrying value of
liabilities and maximum exposure to loss exclude
$3.70 billion as of June 2009, associated with
guarantees related to the firm’s performance under
borrowings from the VIE, which are recorded as
liabilities in the condensed consolidated statement
of financial condition. Substantially all of the
liabilities included in the table above relate to
additional borrowings from the VIE associated with
principal protected notes guaranteed by the firm.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup> 
</td>
<td align="left">
The aggregate amounts include $4.95 billion as of
June 2009, related to guarantees and derivative
transactions with VIEs to which the firm transferred
assets.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(7)</sup> 
</td>
<td align="left">
Primarily consists of written protection on
<font style=
"WHITE-SPACE: nowrap">investment-grade,</font>
<font style="WHITE-SPACE: nowrap">short-term</font>
collateral held by VIEs that have issued CDOs.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(8)</sup> 
</td>
<td align="left">
Primarily consists of total return swaps on CDOs and
CLOs. The firm has generally transferred the risks
related to the underlying securities through
derivatives with <font style=
"WHITE-SPACE: nowrap">non-VIEs.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth the firm’s total assets
excluding the benefit of offsetting financial instruments
that are held to mitigate the risks associated with its
variable interests in consolidated VIEs. The following
table excludes VIEs in which the firm holds a majority
voting interest unless the activities of the VIE are
primarily related to securitization, <font style=
"WHITE-SPACE: nowrap">asset-backed</font> financings or
single-lessee leasing arrangements. For June 2009, in
accordance with FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 140-4</font> and FIN 46(R)-8,
the following table also sets forth the total liabilities
included in the condensed consolidated statement of
financial condition related to the firm’s consolidated
VIEs. The firm has aggregated consolidated VIEs based on
principal business activity, as reflected in the first
column.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="85%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="11">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>June 2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>November 2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>VIE</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>VIE</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>VIE</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Assets <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Liabilities <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Assets <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></b>
</div>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="11">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Real estate, <font style=
"WHITE-SPACE: nowrap">credit-related</font> and
other investing
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,154
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
936
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,560
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Municipal bond securitizations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
733
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
922
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
985
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
CDOs, <font style=
"WHITE-SPACE: nowrap">mortgage-backed</font> and
other <font style=
"WHITE-SPACE: nowrap">asset-backed</font>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
626
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
548
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
32
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Foreign exchange and commodities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
298
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
297
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
652
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Principal-protected notes
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
207
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
207
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
215
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,018
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,910
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,444
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Consolidated VIE assets
and liabilities are presented after intercompany
eliminations and include assets financed on a
nonrecourse basis. Substantially all VIE assets are
included in “Trading assets, at fair value” in the
condensed consolidated statements of financial
condition.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">These VIE liabilities,
which are collateralized by the related VIE assets,
are included in “Other secured financings” in the
condensed consolidated statement of financial
condition and generally do not provide for recourse
to the general credit of the firm.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">These VIE liabilities,
which are partially collateralized by the related VIE
assets, are included in “Other secured financings” in
the condensed consolidated statement of financial
condition.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">These VIE liabilities
are included in “Securities sold under agreements to
repurchase, at fair value” and “Other secured
financings” in the condensed consolidated statement
of financial condition and generally do not provide
for recourse to the general credit of the
firm.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">These VIE liabilities
are primarily included in “Trading liabilities, at
fair value” on the condensed consolidated statement
of financial condition.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">These VIE liabilities
are included in “Other secured financings” on the
condensed consolidated statement of financial
condition.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm did not have <font style=
"WHITE-SPACE: nowrap">off-balance-sheet</font> commitments
to purchase or finance any CDOs held by structured
investment vehicles as of June 2009 and November 2008.
</div>
</div>
</div>
<div>
<div style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr>
<td style="WIDTH: 4em"></td>
<td></td>
</tr>
<tr valign="top">
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Note 9.  </font></b>
</td>
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Shareholders’
Equity</font></b>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style="FONT-FAMILY: Arial, Helvetica">Common
and Preferred Equity</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
During the second quarter of 2009, Group Inc. completed a
public offering of 46.7 million common shares at $123.00
per share for total proceeds of $5.75 billion.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
In June 2009, Group Inc. repurchased from the
U.S. Department of the Treasury (U.S. Treasury) the
10.0 million shares of the Company’s Fixed Rate Cumulative
Perpetual Preferred Stock, Series H (Series H Preferred
Stock), that were issued to the U.S. Treasury pursuant to
the U.S. Treasury’s TARP Capital Purchase Program. The
aggregate purchase price paid by Group Inc. to the
U.S. Treasury for the Series H Preferred Stock, including
accrued dividends, was $10.04 billion. The repurchase
resulted in a <font style=
"WHITE-SPACE: nowrap">one-time</font> preferred dividend of
$426 million, which is included in the condensed
consolidated statements of earnings for the three and six
months ended June 2009. This <font style=
"WHITE-SPACE: nowrap">one-time</font> preferred dividend
represented the difference between the carrying value and
the redemption value of the Series H Preferred Stock. In
connection with the issuance of the Series H Preferred
Stock in October 2008, the firm issued a <font style=
"WHITE-SPACE: nowrap">10-year</font> warrant to the
U.S. Treasury to purchase up to 12.2 million shares of
common stock at an exercise price of $122.90 per share. See
Note 18 for information regarding Group Inc.’s repurchase
of this warrant in July 2009.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
On July 13, 2009, the Board declared a dividend of $0.35
per common share to be paid on September 24, 2009 to common
shareholders of record on August 25, 2009.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
To satisfy minimum statutory employee tax withholding
requirements related to the delivery of common stock
underlying restricted stock units, the firm cancelled
11.1 million of restricted stock units with a total value
of $849 million in the first half of 2009.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm’s share repurchase program is intended to help
maintain the appropriate level of common equity and to
substantially offset increases in share count over time
resulting from employee <font style=
"WHITE-SPACE: nowrap">share-based</font> compensation. The
repurchase program is effected primarily through regular
<font style="WHITE-SPACE: nowrap">open-market</font>
purchases, the amounts and timing of which are determined
primarily by the firm’s current and projected capital
positions (i.e., comparisons of the firm’s desired level of
capital to its actual level of capital) but which may also
be influenced by general market conditions and the
prevailing price and trading volumes of the firm’s common
stock. Upon repurchase of the Series H Preferred Stock in
June 2009, the Company was no longer subject to the
limitations on common stock repurchases imposed under the
U.S. Treasury’s TARP Capital Purchase Program.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
As of June 2009, the firm had 174,000 shares of perpetual
preferred stock issued and outstanding as set forth in the
following table:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 9pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="1%">
 
</td>
<td width="1%">
 
</td>
<td width="14%">
 
</td>
<td width="1%">
 
</td>
<td align="right" width="3%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="3%">
 
</td>
<td width="1%">
 
</td>
<td align="right" width="4%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="4%">
 
</td>
<td width="1%">
 
</td>
<td width="27%">
 
</td>
<td width="1%">
 
</td>
<td width="16%">
 
</td>
<td width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Redemption</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle">
<b>Dividend</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Shares</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Shares</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle">
<b>Earliest</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Value</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="left">
<b>Series</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle">
<b>Preference</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Issued</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Authorized</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle">
<b>Dividend Rate</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle">
<b>Redemption Date</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>(in millions)</b>
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="top" nowrap="nowrap" align="middle">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
A
</div>
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="middle">
Non-cumulative
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
 
</td>
<td valign="top" nowrap="nowrap" align="right">
30,000
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
 
</td>
<td valign="top" nowrap="nowrap" align="right">
50,000
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="top" align="middle">
3 month LIBOR + 0.75%,
<br />
with floor of 3.75% per annum
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="middle">
April 25, 2010
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
$
</td>
<td valign="top" nowrap="nowrap" align="right">
750
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="LINE-HEIGHT: 5pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="top" nowrap="nowrap" align="middle">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
B
</div>
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="middle">
Non-cumulative
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
 
</td>
<td valign="top" nowrap="nowrap" align="right">
32,000
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
 
</td>
<td valign="top" nowrap="nowrap" align="right">
50,000
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="top" align="middle">
6.20% per annum
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="middle">
October 31, 2010
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
 
</td>
<td valign="top" nowrap="nowrap" align="right">
800
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="LINE-HEIGHT: 5pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="top" nowrap="nowrap" align="middle">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
C
</div>
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="middle">
Non-cumulative
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
 
</td>
<td valign="top" nowrap="nowrap" align="right">
8,000
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
 
</td>
<td valign="top" nowrap="nowrap" align="right">
25,000
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="top" align="middle">
3 month LIBOR + 0.75%,
<br />
with floor of 4.00% per annum
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="middle">
October 31, 2010
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
 
</td>
<td valign="top" nowrap="nowrap" align="right">
200
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="LINE-HEIGHT: 5pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="top" nowrap="nowrap" align="middle">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
D
</div>
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="middle">
Non-cumulative
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
 
</td>
<td valign="top" nowrap="nowrap" align="right">
54,000
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
 
</td>
<td valign="top" nowrap="nowrap" align="right">
60,000
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="top" align="middle">
3 month LIBOR + 0.67%,
<br />
with floor of 4.00% per annum
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="middle">
May 24, 2011
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
 
</td>
<td valign="top" nowrap="nowrap" align="right">
1,350
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="LINE-HEIGHT: 5pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="top" nowrap="nowrap" align="middle">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
G
</div>
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="middle">
Cumulative
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
 
</td>
<td valign="top" nowrap="nowrap" align="right">
50,000
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
 
</td>
<td valign="top" nowrap="nowrap" align="right">
50,000
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="top" align="middle">
10.00% per annum
</td>
<td>
 
</td>
<td valign="top" align="middle">
Date of issuance
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
 
</td>
<td valign="top" nowrap="nowrap" align="right">
5,500
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="top" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
 
</td>
<td valign="top" nowrap="nowrap" align="right">
174,000
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
 
</td>
<td valign="top" nowrap="nowrap" align="right">
235,000
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="top" nowrap="nowrap" align="right">
$
</td>
<td valign="top" nowrap="nowrap" align="right">
8,600
</td>
<td valign="top" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Each share of <font style=
"WHITE-SPACE: nowrap">non-cumulative</font> preferred stock
issued and outstanding has a par value of $0.01, has a
liquidation preference of $25,000, is represented by 1,000
depositary shares and is redeemable at the firm’s option,
subject to the approval of the Board of Governors of the
Federal Reserve System (Federal Reserve Board), at a
redemption price equal to $25,000 plus declared and unpaid
dividends.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Each share of Series G Preferred Stock issued and
outstanding has a par value of $0.01, has a liquidation
preference of $100,000 and is redeemable at the firm’s
option, subject to the approval of the Federal Reserve
Board, at a redemption price equal to $110,000 plus accrued
and unpaid dividends. In connection with the issuance of
the Series G Preferred Stock, the firm issued a five-year
warrant to purchase up to 43.5 million shares of common
stock at an exercise price of $115.00 per share. The
warrant is exercisable at any time until October 1, 2013
and the number of shares of common stock underlying the
warrant and the exercise price are subject to adjustment
for certain dilutive events.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
All series of preferred stock are pari passu and have a
preference over the firm’s common stock upon liquidation.
Dividends on each series of preferred stock, if declared,
are payable quarterly in arrears. The firm’s ability to
declare or pay dividends on, or purchase, redeem or
otherwise acquire, its common stock is subject to certain
restrictions in the event that the firm fails to pay or set
aside full dividends on the preferred stock for the latest
completed dividend period.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
In 2007, the Board authorized 17,500.1 shares of perpetual
<font style="WHITE-SPACE: nowrap">Non-Cumulative</font>
Preferred Stock, Series E, and 5,000.1 shares of perpetual
<font style="WHITE-SPACE: nowrap">Non-Cumulative</font>
Preferred Stock, Series F, in connection with the APEX
issuance. See Note 7 for further information on the APEX
issuance. Under the stock purchase contracts, Group Inc.
will issue on the relevant stock purchase dates (on or
before June 1, 2013 and September 1, 2013 for Series E and
Series F preferred stock, respectively) one share of
Series E and Series F preferred stock to Goldman Sachs
Capital II and III, respectively, for each $100,000
principal amount of subordinated debt held by these trusts.
When issued, each share of Series E and Series F preferred
stock will have a par value of $0.01 and a liquidation
preference of $100,000 per share. Dividends on Series E
preferred stock, if declared, will be payable <font style=
"WHITE-SPACE: nowrap">semi-annually</font> at a fixed
annual rate of 5.79% if the stock is issued prior to
June 1, 2012 and quarterly thereafter, at a rate per annum
equal to the greater of <font style=
"WHITE-SPACE: nowrap">(i) three-month</font> LIBOR plus
0.77% and (ii) 4.00%. Dividends on Series F preferred
stock, if declared, will be payable quarterly at a rate per
annum equal to <font style=
"WHITE-SPACE: nowrap">three-month</font> LIBOR plus 0.77%
if the stock is issued prior to September 1, 2012 and
quarterly thereafter, at a rate per annum equal to the
greater of <font style=
"WHITE-SPACE: nowrap">(i) three-month</font> LIBOR plus
0.77% and (ii) 4.00%. The preferred stock may be redeemed
at the option of the firm on the stock purchase dates or
any day thereafter, subject to regulatory approval and
certain covenant restrictions governing the firm’s ability
to redeem or purchase the preferred stock without issuing
common stock or other instruments with <font style=
"WHITE-SPACE: nowrap">equity-like</font> characteristics.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
On July 13, 2009, the Board declared dividends of $236.98,
$387.50, $252.78 and $252.78 per share of Series A
Preferred Stock, Series B Preferred Stock, Series C
Preferred Stock and Series D Preferred Stock, respectively,
to be paid on August 10, 2009 to preferred shareholders of
record on July 26, 2009. In addition, the Board declared a
dividend of $2,500 per share of Series G Preferred Stock to
be paid on August 10, 2009 to preferred shareholders of
record on July 26, 2009.
</div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style="FONT-FAMILY: Arial, Helvetica">Other
Comprehensive Income</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth the firm’s accumulated other
comprehensive income/(loss) by type:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="85%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="7%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>November</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="7">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Adjustment from adoption of SFAS No. 158, net of
tax
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(194
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(194
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Currency translation adjustment, net of tax
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(91
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(30
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Pension and postretirement liability adjustment,
net of tax
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(89
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
69
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Net unrealized gains/(losses) on <font style=
"WHITE-SPACE: nowrap">available-for-sale</font>
securities, net of tax <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
24
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(47
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total accumulated other comprehensive loss, net
of tax
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(350
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(202
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Consists of net
unrealized gains/(losses) of $17 million and $(55)
million on <font style=
"WHITE-SPACE: nowrap">available-for-sale</font>
securities held by the firm’s insurance subsidiaries
as of June 2009 and November 2008, respectively, and
net unrealized gains of $7 million and $8 million on
<font style=
"WHITE-SPACE: nowrap">available-for-sale</font>
securities held by investees accounted for under the
equity method as of June 2009 and November 2008,
respectively.</font>
</td>
</tr>
</tbody>
</table>
</div>
</div>
4259000000
2068000000
4167000000
2083000000
15529000000
8145000000
19237000000
11719000000
10116000000
5239000000
15028000000
9322000000
26313000000
31135000000
175972000000
147297000000
<div>
<div style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr>
<td style="WIDTH: 4em"></td>
<td></td>
</tr>
<tr valign="top">
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Note 13.  </font></b>
</td>
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Transactions with
Affiliated Funds</font></b>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm has formed numerous nonconsolidated investment
funds with <font style=
"WHITE-SPACE: nowrap">third-party</font> investors. The
firm generally acts as the investment manager for these
funds and, as such, is entitled to receive management fees
and, in certain cases, advisory fees, incentive fees or
overrides from these funds. These fees amounted to
$1.19 billion and $1.76 billion for the six months ended
June 2009 and May 2008, respectively. As of June 2009 and
November 2008, the fees receivable from these funds were
$908 million and $861 million, respectively. Additionally,
the firm may invest alongside the <font style=
"WHITE-SPACE: nowrap">third-party</font> investors in
certain funds. The aggregate carrying value of the firm’s
interests in these funds was $12.82 billion and
$14.45 billion as of June 2009 and November 2008,
respectively. In the ordinary course of business, the firm
may also engage in other activities with these funds,
including, among others, securities lending, trade
execution, trading, custody, and acquisition and bridge
financing. See Note 8 for the firm’s commitments related to
these funds.
</div>
</div>
</div>
0.01
0.01
17446000000
19897000000
52658000000
35173000000
23075000000
14920000000
7286000000
10965000000
-202000000
-350000000
31071000000
40342000000
-1000000
0
0
645000000
-930000000
-930000000
884547000000
889544000000
270000000
126000000
150000000
82000000
1024000000
8372000000
0.70
0.35
0.35
0.35
0.01
0.01
4000000000
4000000000
680953836
749041990
442537317
510736634
7000000
7000000
379000000
192000000
346000000
173000000
3580000000
2095000000
5271000000
3442000000
-201000000
27643000000
41457000000
8.18
4.80
8.81
5.27
7.81
4.58
8.42
4.93
582000000
38000000
<div>
<div style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr valign="top">
<td style="WIDTH: 4em">
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Note 3.  </font></b>
</td>
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Financial
Instruments</font></b>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style="FONT-FAMILY: Arial, Helvetica">Fair
Value of Financial Instruments</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth the firm’s trading assets,
at fair value, including those pledged as collateral, and
trading liabilities, at fair value. At any point in time,
the firm may use cash instruments as well as derivatives to
manage a long or short risk position.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="80%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="15">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>June 2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>November 2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Assets</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Liabilities</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Assets</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Liabilities</b>
</div>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="15">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Commercial paper, certificates of
<br />
deposit, time deposits and other
<br />
money market instruments
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
16,965
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8,662
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Government and U.S. federal agency obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
136,618
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
48,903
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
69,653
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
37,000
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Mortgage and other <font style=
"WHITE-SPACE: nowrap">asset-backed</font>
<br />
loans and securities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13,730
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
134
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
22,393
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
340
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Bank loans and bridge loans
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
18,349
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,419
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
21,839
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,108
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Corporate debt securities and
<br />
other debt obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
27,926
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,056
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
27,879
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,711
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Equities and convertible debentures
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
50,955
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
21,634
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
57,049
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
12,116
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Physical commodities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
682
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
513
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Derivative contracts
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
90,026
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
68,151
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
130,337
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
117,695
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup>
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
355,251
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
147,297
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
338,325
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
175,972
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Includes $4.56 billion
and $4.40 billion as of June 2009 and November 2008,
respectively, of money market instruments held by
William Street Funding Corporation (Funding Corp.) to
support the William Street credit extension program.
See Note 8 for further information regarding the
William Street program.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Net of cash received
pursuant to credit support agreements of
$133.34 billion and $137.16 billion as of June 2009
and November 2008, respectively.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Includes $3.76 billion
and $1.68 billion as of June 2009 and November 2008,
respectively, of securities held within the firm’s
insurance subsidiaries which are accounted for as
<font style=
"WHITE-SPACE: nowrap">available-for-sale</font> under
SFAS No. 115.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Consists of the fair
value of unfunded commitments to extend credit. The
fair value of partially funded commitments is
included in trading assets.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Net of cash paid
pursuant to credit support agreements of
$16.31 billion and $34.01 billion as of June 2009 and
November 2008, respectively.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style="FONT-FAMILY: Arial, Helvetica">Fair
Value Hierarchy</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm’s financial assets at fair value classified within
level 3 of the fair value hierarchy are summarized below:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="85%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="11">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>March
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>November
<br /></b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="11">
($ in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total level 3 assets
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
54,444
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
59,062
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
66,190
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Level 3 assets for which the firm bears economic
exposure <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
50,383
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
54,660
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
59,574
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="LINE-HEIGHT: 9pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total assets
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
889,544
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
925,290
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
884,547
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total financial assets at fair value
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
614,559
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
628,639
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
595,234
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="LINE-HEIGHT: 9pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total level 3 assets as a percentage of Total
assets
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6.1
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6.4
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7.5
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Level 3 assets for which the firm bears economic
exposure as a percentage of Total assets
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5.7
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5.9
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6.7
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="LINE-HEIGHT: 9pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total level 3 assets as a percentage of Total
financial assets at fair value
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8.9
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9.4
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11.1
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Level 3 assets for which the firm bears economic
exposure as a percentage of Total financial
assets at fair value
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8.2
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8.7
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
10.0
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Excludes assets which
are financed by nonrecourse debt, attributable to
minority investors or attributable to employee
interests in certain consolidated funds.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following tables set forth by level within the fair
value hierarchy “Trading assets, at fair value,” “Trading
liabilities, at fair value,” and other financial assets and
financial liabilities accounted for at fair value under the
fair value option as of June 2009 and November 2008. See
Note 2 for further information on the fair value hierarchy.
As required by SFAS No. 157, assets and liabilities are
classified in their entirety based on the lowest level of
input that is significant to the fair value measurement.
</div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="75%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="19">
<b>Financial Assets at Fair Value as of June 2009</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Netting and
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Level 1</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Level 2</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Level 3</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Collateral</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Total</b>
</div>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="19">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Commercial paper, certificates of deposit, time
deposits and other money market instruments
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8,419
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8,546
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
16,965
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
U.S. government and federal agency obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
34,720
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
57,352
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
92,072
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
<font style=
"WHITE-SPACE: nowrap">Non-U.S. government</font>
obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
41,585
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,961
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
44,546
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Mortgage and other <font style=
"WHITE-SPACE: nowrap">asset-backed</font> loans and
securities:
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 40pt; TEXT-INDENT: -10pt">
Loans and securities backed by commercial real
estate
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,170
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,839
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8,009
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 40pt; TEXT-INDENT: -10pt">
Loans and securities backed by residential real
estate <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,085
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,862
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,947
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 40pt; TEXT-INDENT: -10pt">
Loan portfolios <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,774
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,774
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Bank loans and bridge loans
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8,680
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,669
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
18,349
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Corporate debt securities <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
282
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
17,932
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,372
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
20,586
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
State and municipal obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
31
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,626
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,430
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,087
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Other debt obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,450
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,803
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,253
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Equities and convertible debentures
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
20,197
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
18,079
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
12,679
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(8)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
50,955
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Physical commodities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
682
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
682
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Cash instruments
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
105,234
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
120,563
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
39,428
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
265,225
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Derivative contracts
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
333
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
212,185
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
15,016
</td>
<td valign="bottom" nowrap="nowrap" align="left">
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top"> (6)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(137,508
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(9)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
90,026
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Trading assets, at fair value
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
105,567
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
332,748
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
54,444
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(137,508
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
355,251
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Securities segregated for regulatory
<br />
and other purposes
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
14,846
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
17,192
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(7)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
32,038
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Securities purchased under agreements to resell
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
138,339
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
138,339
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Securities borrowed
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
87,018
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
87,018
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Receivables from customers and counterparties
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,913
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,913
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total financial assets at fair value
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
120,413
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
577,210
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
54,444
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(137,508
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
614,559
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Level 3 assets for which the firm does not bear
economic exposure <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(4,061
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Level 3 assets for which the firm
<br />
bears economic exposure
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
50,383
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 0%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<table cellspacing="0" cellpadding="0" width="100%" border=
"0">
<tbody>
<tr>
<td width="2%"></td>
<td width="98%"></td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup> 
</td>
<td align="left">
Includes $5 million and $230 million of CDOs and
collateralized loan obligations (CLOs) backed by real
estate within level 2 and level 3, respectively, of
the fair value hierarchy.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup> 
</td>
<td align="left">
Consists of acquired portfolios of distressed loans,
primarily backed by commercial and residential real
estate collateral.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup> 
</td>
<td align="left">
Includes $222 million and $518 million of CDOs and
CLOs backed by corporate obligations within level 2
and level 3, respectively, of the fair value
hierarchy.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup> 
</td>
<td align="left">
Consists of level 3 assets which are financed by
nonrecourse debt, attributable to minority investors
or attributable to employee interests in certain
consolidated funds.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup> 
</td>
<td align="left">
Consists of U.S. Treasury securities and money market
instruments as well as insurance separate account
assets measured at fair value under American
Institute of Certified Public Accountants (AICPA)
Statement of Position (SOP) <font style=
"WHITE-SPACE: nowrap">03-1,</font> “Accounting and
Reporting by Insurance Enterprises for Certain
Nontraditional <font style=
"WHITE-SPACE: nowrap">Long-Duration</font> Contracts
and for Separate Accounts.”
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup> 
</td>
<td align="left">
Includes $46.27 billion and $9.01 billion of credit
derivative assets within level 2 and level 3,
respectively, of the fair value hierarchy. These
amounts exclude the effects of netting under
enforceable netting agreements across other
derivative product types.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(7)</sup> 
</td>
<td align="left">
Principally consists of securities borrowed and
resale agreements. The underlying securities have
been segregated to satisfy certain regulatory
requirements.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(8)</sup> 
</td>
<td align="left">
Consists of private equity and real estate fund
investments.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(9)</sup> 
</td>
<td align="left">
Represents cash collateral and the impact of netting
across the levels of the fair value hierarchy.
Netting among positions classified within the same
level is included in that level.
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="75%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="19">
<b>Financial Liabilities at Fair Value as of June
2009</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Netting and
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Level 1</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Level 2</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Level 3</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Collateral</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Total</b>
</div>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="19">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
U.S. government and federal agency obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
22,928
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
276
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
23,204
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
<font style=
"WHITE-SPACE: nowrap">Non-U.S. government</font>
obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
25,335
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
364
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
25,699
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Mortgage and other <font style=
"WHITE-SPACE: nowrap">asset-backed</font> loans and
securities:
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 40pt; TEXT-INDENT: -10pt">
Loans and securities backed by commercial real
estate
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
16
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
20
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 40pt; TEXT-INDENT: -10pt">
Loans and securities backed by residential real
estate
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
114
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
114
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Bank loans and bridge loans
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,676
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
743
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,419
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Corporate debt securities <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
39
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,720
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
260
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,019
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
State and municipal obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
30
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
30
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Other debt obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Equities and convertible debentures
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
19,921
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,707
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
21,634
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Cash instruments
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
68,223
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,903
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,020
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
79,146
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Derivative contracts
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
202
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
76,491
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11,940
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(20,482
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
68,151
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Trading liabilities, at fair value
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
68,425
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
86,394
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
12,960
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(20,482
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
147,297
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Deposits
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,045
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,045
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Securities sold under agreements to repurchase, at
fair value
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
132,982
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
132,982
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Securities loaned
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
12,194
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
12,194
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Other secured financings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
287
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,126
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8,067
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
17,480
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Unsecured <font style=
"WHITE-SPACE: nowrap">short-term</font> borrowings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
12,691
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,229
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
14,920
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
16,470
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,427
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
19,897
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Other liabilities and accrued expenses
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
518
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,644
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,162
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total financial liabilities at fair value
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
68,712
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
275,420
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
28,327
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(20,482
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
351,977
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 0%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table cellspacing="0" cellpadding="0" width="100%" border=
"0">
<tbody>
<tr>
<td width="2%"></td>
<td width="98%"></td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup> 
</td>
<td align="left">
Includes $12 million and $149 million of CDOs and
CLOs backed by corporate obligations within level 2
and level 3, respectively, of the fair value
hierarchy.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup> 
</td>
<td align="left">
Includes $9.71 billion and $6.52 billion of credit
derivative liabilities within level 2 and level 3,
respectively, of the fair value hierarchy. These
amounts exclude the effects of netting under
enforceable netting agreements across other
derivative product types.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup> 
</td>
<td align="left">
Level 3 liabilities were 8.0% of Total financial
liabilities at fair value.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup> 
</td>
<td align="left">
Represents cash collateral and the impact of netting
across the levels of the fair value hierarchy.
Netting among positions classified within the same
level is included in that level.
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="75%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="19">
<b>Financial Assets at Fair Value as of November
2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Netting and
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Level 1</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Level 2</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Level 3</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Collateral</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Total</b>
</div>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="19">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Commercial paper, certificates of deposit, time
deposits and other money market instruments
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,205
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,457
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8,662
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Government and U.S. federal agency obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
35,069
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
34,584
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
69,653
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Mortgage and other <font style=
"WHITE-SPACE: nowrap">asset-backed</font> loans and
securities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,886
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
15,507
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
22,393
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Bank loans and bridge loans
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,882
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11,957
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
21,839
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Corporate debt securities and
<br />
other debt obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
14
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
20,269
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,596
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
27,879
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Equities and convertible debentures
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
25,068
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
15,975
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
16,006
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
57,049
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Physical commodities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
513
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
513
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Cash instruments
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
65,356
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
91,566
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
51,066
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
207,988
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Derivative contracts
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
24
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
256,412
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
15,124
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(141,223
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
130,337
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Trading assets, at fair value
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
65,380
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
347,978
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
66,190
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(141,223
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
338,325
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Securities segregated for regulatory
<br />
and other purposes
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
20,030
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
58,800
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
78,830
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Securities purchased under agreements to resell
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
116,671
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
116,671
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Securities borrowed
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
59,810
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
59,810
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Receivables from customers and counterparties
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,598
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,598
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total financial assets at fair value
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
85,410
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
584,857
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
66,190
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(141,223
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
595,234
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Level 3 assets for which the firm does
<br />
not bear economic exposure <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(6,616
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Level 3 assets for which the firm
<br />
bears economic exposure
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
59,574
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 0%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table cellspacing="0" cellpadding="0" width="100%" border=
"0">
<tbody>
<tr>
<td width="2%"></td>
<td width="98%"></td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup> 
</td>
<td align="left">
Consists of level 3 assets which are financed by
nonrecourse debt, attributable to minority investors
or attributable to employee interests in certain
consolidated funds.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup> 
</td>
<td align="left">
Consists of U.S. Treasury securities and money market
instruments as well as insurance separate account
assets measured at fair value under AICPA
<font style="WHITE-SPACE: nowrap">SOP 03-1.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup> 
</td>
<td align="left">
Includes $66.00 billion and $8.32 billion of credit
derivative assets within level 2 and level 3,
respectively, of the fair value hierarchy. These
amounts exclude the effects of netting under
enforceable netting agreements across other
derivative product types.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup> 
</td>
<td align="left">
Principally consists of securities borrowed and
resale agreements. The underlying securities have
been segregated to satisfy certain regulatory
requirements.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup> 
</td>
<td align="left">
Consists of private equity and real estate fund
investments.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup> 
</td>
<td align="left">
Represents cash collateral and the impact of netting
across the levels of the fair value hierarchy.
Netting among positions classified within the same
level is included in that level.
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="75%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="19">
<b>Financial Liabilities at Fair Value as of November
2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Netting and
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Level 1</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Level 2</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Level 3</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Collateral</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Total</b>
</div>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="19">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Government and U.S. federal agency obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
36,385
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
615
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
37,000
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Mortgage and other <font style=
"WHITE-SPACE: nowrap">asset-backed</font> loans and
securities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
320
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
20
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
340
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Bank loans and bridge loans
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,278
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
830
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,108
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Corporate debt securities and
<br />
other debt obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,185
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
515
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,711
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Equities and convertible debentures
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11,928
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
174
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
14
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
12,116
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 30pt; TEXT-INDENT: -10pt">
Physical commodities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Cash instruments
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
48,326
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8,572
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,379
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
58,277
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Derivative contracts
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
21
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
145,777
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,968
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(38,071
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
117,695
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Trading liabilities, at fair value
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
48,347
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
154,349
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11,347
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(38,071
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
175,972
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Deposits
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,224
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,224
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Securities sold under agreements to repurchase, at
fair value
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
62,883
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
62,883
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Securities loaned
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,872
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,872
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Other secured financings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
16,429
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,820
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
20,249
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Unsecured <font style=
"WHITE-SPACE: nowrap">short-term</font> borrowings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
17,916
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,159
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
23,075
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
15,886
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,560
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
17,446
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Other liabilities and accrued expenses
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
978
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
978
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total financial liabilities at fair value
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
48,347
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
280,537
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
21,886
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(38,071
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
312,699
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 0%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table cellspacing="0" cellpadding="0" width="100%" border=
"0">
<tbody>
<tr>
<td width="2%"></td>
<td width="98%"></td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup> 
</td>
<td align="left">
Includes $31.20 billion and $4.74 billion of credit
derivative liabilities within level 2 and level 3,
respectively, of the fair value hierarchy. These
amounts exclude the effects of netting under
enforceable netting agreements across other
derivative product types.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup> 
</td>
<td align="left">
Level 3 liabilities were 7.0% of Total financial
liabilities at fair value.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup> 
</td>
<td align="left">
Represents cash collateral and the impact of netting
across the levels of the fair value hierarchy.
Netting among positions classified within the same
level is included in that level.
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style="FONT-FAMILY: Arial, Helvetica">Level 3
Unrealized Gains/(Losses)</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The table below sets forth a summary of unrealized
gains/(losses) on the firm’s level 3 financial assets and
financial liabilities at fair value still held at the
reporting date for the three and six months ended June 2009
and May 2008:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="56%">
 
</td>
<td width="8%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="8%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="8%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="8%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="15">
<b>Level 3 Unrealized Gains/(Losses)</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Three Months Ended</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Six Months Ended</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May
<br /></b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="15">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Cash instruments — assets
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,932
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(944
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(5,597
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(3,194
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Cash instruments — liabilities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
289
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
280
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(264
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Net unrealized losses on level 3 cash instruments
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,643
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(944
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(5,317
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(3,458
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Derivative contracts — net
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,403
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(447
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(171
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,900
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Other secured financings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(442
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(426
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Unsecured <font style=
"WHITE-SPACE: nowrap">short-term</font>
borrowings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(189
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(18
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(50
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
40
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(133
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(71
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(98
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
32
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Other liabilities and accrued expenses
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
18
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
81
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total level 3 unrealized losses
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(3,792
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,480
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(5,981
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,486
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 12pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 4%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style="FONT-FAMILY: Arial, Helvetica">Cash
Instruments</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 4%; COLOR: #000000; TEXT-INDENT: 4%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The net unrealized loss on level 3 cash instruments of
$1.64 billion for the three months ended June 2009
primarily consisted of unrealized losses on real estate
fund investments, and loans and securities backed by
commercial real estate, reflecting continued weakness in
the commercial real estate market. The net unrealized loss
on level 3 cash instruments of $944 million for the three
months ended May 2008 primarily consisted of unrealized
losses on certain bank loans and bridge loans, and
corporate debt securities and other debt obligations,
reflecting weakness in the credit markets. The net
unrealized loss on level 3 cash instruments of
$5.32 billion for the six months ended June 2009 primarily
consisted of unrealized losses on private equity and real
estate fund investments, and loans and securities backed by
commercial real estate, reflecting weakness in the global
equity markets in the first quarter of 2009, as well as
weakness in the commercial real estate market. The net
unrealized loss on level 3 cash instruments of
$3.46 billion for the six months ended May 2008 primarily
consisted of unrealized losses on loans and securities
backed by commercial and residential real estate, certain
bank loans and bridge loans, and corporate debt securities
and other debt obligations, reflecting weakness in the
broader credit markets.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 4%; COLOR: #000000; TEXT-INDENT: 4%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Level 3 cash instruments are frequently economically hedged
with instruments classified within level 1 and level 2, and
accordingly, gains or losses that have been reported in
level 3 can be partially offset by gains or losses
attributable to instruments classified within level 1 or
level 2 or by gains or losses on derivative contracts
classified within level 3 of the fair value hierarchy.
</div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 4%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Derivative
Contracts</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 4%; COLOR: #000000; TEXT-INDENT: 4%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The net unrealized loss on level 3 derivative contracts of
$1.40 billion for the three months ended June 2009 was
primarily driven by tighter credit spreads (which are
level 2 observable inputs) on the underlying instruments.
The net unrealized loss of $171 million for the six months
ended June 2009 was primarily attributable to tighter
credit spreads on the underlying instruments partially
offset by increases in commodities prices (which are
level 2 observable inputs). The net unrealized loss on
level 3 derivative contracts of $447 million for the three
months ended May 2008 and net unrealized gain of
$1.90 billion for the six months ended May 2008 were
primarily attributable to observable changes in underlying
credit spreads (which are level 2 inputs). Level 3 gains
and losses on derivative contracts should be considered in
the context of the following:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<table cellspacing="0" cellpadding="0" width="100%" border=
"0">
<tbody>
<tr>
<td width="8%"></td>
<td width="2%"></td>
<td width="90%"></td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
A derivative contract with level 1 <font style=
"WHITE-SPACE: nowrap">and/or</font> level 2 inputs is
classified as a level 3 financial instrument in its
entirety if it has at least one significant level 3
input.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
If there is one significant level 3 input, the entire
gain or loss from adjusting only observable inputs
(i.e., level 1 and level 2) is still classified as
level 3.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
Gains or losses that have been reported in level 3
resulting from changes in level 1 or level 2 inputs
are frequently offset by gains or losses attributable
to instruments classified within level 1 or level 2
or by cash instruments reported within level 3 of the
fair value hierarchy.
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The tables below set forth a summary of changes in the fair
value of the firm’s level 3 financial assets and financial
liabilities for the three and six months ended June 2009
and May 2008. The tables reflect gains and losses,
including gains and losses for the entire period on
financial assets and financial liabilities that were
transferred to level 3 during the period, for all financial
assets and financial liabilities categorized as level 3 as
of June 2009 and May 2008, respectively. The tables do not
include gains or losses that were reported in level 3 in
prior periods for instruments that were sold or transferred
out of level 3 prior to the end of the period presented.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="70%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="23">
<b>Level 3 Financial Assets and Financial Liabilities
at Fair Value</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Net unrealized
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>gains/(losses)
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Net
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>relating to
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>purchases,
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Balance,
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>instruments still
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>issuances
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Net transfers
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Balance,
<br /></b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>beginning of
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Net realized
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>held at the
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>and
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>in <font style="WHITE-SPACE: nowrap">and/or</font>
out
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>end of
<br /></b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>period</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>gains/(losses)</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>reporting date</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>settlements</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>of level 3</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>period</b>
</div>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="23">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
<b><u>Three Months Ended June 2009</u></b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Mortgage and other <font style=
"WHITE-SPACE: nowrap">asset-backed</font> loans and
securities:
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 16pt; TEXT-INDENT: -8pt">
Loans and securities backed by commercial real
estate
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,705
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(207
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(637
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(92
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
70
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,839
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 16pt; TEXT-INDENT: -8pt">
Loans and securities backed by residential real
estate
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,088
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
101
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(14
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(301
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(12
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,862
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 16pt; TEXT-INDENT: -8pt">
Loan portfolios
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,851
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
41
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(29
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(89
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,774
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Bank loans and bridge loans
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,866
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
169
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(74
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(679
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
387
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,669
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Corporate debt securities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,648
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
23
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(70
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(161
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(68
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,372
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
State and municipal obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,157
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(5
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(33
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
308
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,430
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Other debt obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,749
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
119
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(166
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(626
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(273
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,803
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Equities and convertible debentures
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13,620
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(937
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
118
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(133
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
12,679
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Total cash instruments — assets
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
42,684
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
260
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,932
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,863
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
279
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
39,428
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Cash instruments — liabilities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,304
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(9
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
289
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(31
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
35
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,020
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Derivative contracts — net
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,116
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
474
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,403
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)(3)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(141
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
30
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,076
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Other secured financings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(7,277
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(15
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(442
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
90
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(423
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(8,067
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Unsecured <font style=
"WHITE-SPACE: nowrap">short-term</font> borrowings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(3,143
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(189
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(219
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,321
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(2,229
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,916
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(25
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(133
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
54
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,407
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(3,427
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Other liabilities and accrued expenses
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,510
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(11
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
18
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(141
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,644
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="70%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="23">
<b>Level 3 Financial Assets and Financial Liabilities
at Fair Value</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Net unrealized
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>gains/(losses)
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Net
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>relating to
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>purchases,
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Balance,
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>instruments still
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>issuances
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Net transfers
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Balance,
<br /></b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>beginning of
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Net realized
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>held at the
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>and
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>in <font style="WHITE-SPACE: nowrap">and/or</font>
out
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>end of
<br /></b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>period</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>gains/(losses)</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>reporting date</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>settlements</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>of level 3</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>period</b>
</div>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="23">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
<b><u>Six Months Ended June 2009</u></b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Mortgage and other <font style=
"WHITE-SPACE: nowrap">asset-backed</font> loans and
securities:
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 16pt; TEXT-INDENT: -8pt">
Loans and securities backed by commercial real
estate
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,170
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(148
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,546
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(530
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(107
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,839
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 16pt; TEXT-INDENT: -8pt">
Loans and securities backed by residential real
estate
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,927
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
183
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(123
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(505
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
380
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,862
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 16pt; TEXT-INDENT: -8pt">
Loan portfolios
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,266
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
90
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(269
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(766
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,547
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(7)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,774
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Bank loans and bridge loans
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11,169
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
344
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(682
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,227
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
65
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,669
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Corporate debt securities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,734
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
163
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(349
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(189
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,372
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
State and municipal obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,356
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(9
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(219
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
295
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,430
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Other debt obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,903
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
68
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(211
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(920
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(37
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,803
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Equities and convertible debentures
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
15,127
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(2,408
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(56
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
12,679
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Total cash instruments — assets
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
49,652
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
714
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(5,597
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(4,210
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,131
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
39,428
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Cash instruments — liabilities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,727
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(2
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
280
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
274
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
155
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,020
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Derivative contracts — net
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,315
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
577
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(171
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)(3)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,446
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
801
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(8)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,076
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Other secured financings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(4,039
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(21
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(426
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,053
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(2,528
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(9)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(8,067
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Unsecured <font style=
"WHITE-SPACE: nowrap">short-term</font> borrowings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(4,712
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(50
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,039
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,564
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(9)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(2,229
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,689
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
15
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(98
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
225
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,880
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(9)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(3,427
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Other liabilities and accrued expenses
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(21
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
81
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(751
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(953
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(10)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,644
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
</tbody>
</table>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 0%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table cellspacing="0" cellpadding="0" width="100%" border=
"0">
<tbody>
<tr>
<td width="1%"></td>
<td width="2%"></td>
<td width="97%"></td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup> 
</td>
<td align="left">
The aggregate amounts include approximately $(2.18)
billion and $510 million reported in “Trading and
principal investments” and “Interest income,”
respectively, in the condensed consolidated statement
of earnings for the three months ended June 2009. The
aggregate amounts include approximately $(5.96)
billion and $1.08 billion reported in “Trading and
principal investments” and “Interest income,”
respectively, in the condensed consolidated statement
of earnings for the six months ended June 2009.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup> 
</td>
<td align="left">
Substantially all is reported in “Trading and
principal investments” in the condensed consolidated
statements of earnings.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup> 
</td>
<td align="left">
Primarily resulted from changes in level 2 inputs.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup> 
</td>
<td align="left">
Principally reflects transfers from level 2 within
the fair value hierarchy of credit derivative assets,
reflecting reduced transparency of the correlation
inputs used to value these financial instruments,
offset by transfers to level 2 within the fair value
hierarchy of equity derivative assets, reflecting
improved transparency of the equity index volatility
inputs used to value these financial instruments.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup> 
</td>
<td align="left">
Principally reflects transfers from level 2 within
the fair value hierarchy due to reduced transparency
of prices for municipal obligations that
collateralize certain secured financings.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup> 
</td>
<td align="left">
Principally reflects transfers from level 3 unsecured
<font style="WHITE-SPACE: nowrap">short-term</font>
borrowings to level 3 unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings
related to changes in the terms of certain notes.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(7)</sup> 
</td>
<td align="left">
Principally reflects the deconsolidation of certain
loan portfolios for which the firm did not bear
economic exposure.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(8)</sup> 
</td>
<td align="left">
Principally reflects transfers from level 2 within
the fair value hierarchy of credit derivative assets,
reflecting reduced transparency of certain credit
spread inputs used to value these financial
instruments, partially offset by transfers to level 2
within the fair value hierarchy of equity derivative
assets, reflecting improved transparency of the
equity index volatility inputs used to value these
financial instruments.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(9)</sup> 
</td>
<td align="left">
Principally reflects transfers from level 3 unsecured
<font style="WHITE-SPACE: nowrap">short-term</font>
borrowings to level 3 other secured financings and
level 3 unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings
related to changes in the terms of certain notes.
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(10)</sup> 
</td>
<td align="left">
Principally reflects transfers from level 2 within
the fair value hierarchy of certain insurance
contracts, reflecting reduced transparency of
mortality curve inputs used to value these
instruments.
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="70%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="23">
<b>Level 3 Financial Assets and Financial Liabilities
at Fair Value</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Net unrealized
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>gains/(losses)
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Net
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>relating to
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>purchases,
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Balance,
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>instruments still
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>issuances
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Net transfers
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Balance,
<br /></b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>beginning of
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Net realized
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>held at the
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>and
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>in <font style="WHITE-SPACE: nowrap">and/or</font>
out
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>end of
<br /></b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>period</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>gains/(losses)</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>reporting date</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>settlements</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>of level 3</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>period</b>
</div>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="23">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
<b><u>Three Months Ended May 2008</u></b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Cash instruments — assets
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
71,373
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
624
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(944
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(2,330
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(9,052
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)(5)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
59,671
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Cash instruments — liabilities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(977
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
301
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
82
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(581
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Derivative contracts — net
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,394
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(8
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(447
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)(3)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
68
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(2,499
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,508
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Other secured financings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(6
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
18
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(892
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(7)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(880
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Unsecured <font style=
"WHITE-SPACE: nowrap">short-term</font> borrowings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(3,839
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(134
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(18
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
357
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(203
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(3,837
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,247
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(4
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(71
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(603
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(77
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(2,002
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="LINE-HEIGHT: 9pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
<b><u>Six Months Ended May 2008</u></b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Cash instruments — assets
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
53,451
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,370
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(3,194
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,422
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,622
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(8)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
59,671
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Cash instruments — liabilities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(554
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
10
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(264
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
251
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(24
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(581
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Derivative contracts — net
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,056
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
104
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,900
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)(3)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
71
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,377
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(9)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,508
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Other secured financings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(6
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(874
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(880
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Unsecured <font style=
"WHITE-SPACE: nowrap">short-term</font> borrowings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(4,271
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(184
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
40
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
699
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(121
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(3,837
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(767
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
32
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,072
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(200
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(2,002
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
</tbody>
</table>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 0%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table cellspacing="0" cellpadding="0" width="100%" border=
"0">
<tbody>
<tr>
<td width="2%"></td>
<td width="98%"></td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup> 
</td>
<td align="left">
The aggregate amounts include approximately $(1.02)
billion and $696 million reported in “Trading and
principal investments” and “Interest income,”
respectively, in the condensed consolidated statement
of earnings for the three months ended May 2008. The
aggregate amounts include approximately $(3.09)
billion and $1.27 billion reported in “Trading and
principal investments” and “Interest income,”
respectively, in the condensed consolidated statement
of earnings for the six months ended May 2008.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup> 
</td>
<td align="left">
Substantially all is reported in “Trading and
principal investments” in the condensed consolidated
statements of earnings.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup> 
</td>
<td align="left">
Principally resulted from changes in level 2 inputs.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup> 
</td>
<td align="left">
The aggregate amount includes a decrease of
$8.80 billion due to full and partial dispositions.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup> 
</td>
<td align="left">
Includes transfers of loans and securities backed by
commercial real estate, and bank loans and bridge
loans to level 2 within the fair value hierarchy,
reflecting improved price transparency for these
financial instruments, largely as a result of partial
dispositions.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup> 
</td>
<td align="left">
Principally reflects transfers to level 2 within the
fair value hierarchy of <font style=
"WHITE-SPACE: nowrap">mortgage-related</font>
derivative assets due to improved transparency of the
correlation inputs used to value these financial
instruments.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(7)</sup> 
</td>
<td align="left">
Principally reflects transfers from level 2 within
the fair value hierarchy due to reduced transparency
of prices for debt obligations that collateralize
certain secured financings.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(8)</sup> 
</td>
<td align="left">
Principally reflects transfers of corporate debt
securities and other debt obligations, and loans and
securities backed by commercial real estate from
level 2 within the fair value hierarchy, reflecting
reduced price transparency for these financial
instruments.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(9)</sup> 
</td>
<td align="left">
Principally reflects transfers to level 2 within the
fair value hierarchy of derivative liabilities due to
improved transparency of the correlation inputs used
to value these financial instruments.
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-TOP: 12pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style="FONT-FAMILY: Arial, Helvetica">Impact of
Credit Spreads</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
On an ongoing basis, the firm realizes gains or losses
relating to changes in credit risk on derivative contracts
through changes in credit mitigants or the sale or unwind
of the contracts. The net gain/(loss) attributable to the
impact of changes in credit exposure and credit spreads on
derivative contracts (including derivative assets and
liabilities and related hedges) was $38 million and
$(145) million for the three months ended June 2009 and
May 2008, respectively, and $86 million and $(129) million
for the six months ended June 2009 and May 2008,
respectively.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth the net gains/(losses)
attributable to the impact of changes in the firm’s own
credit spreads on unsecured borrowings for which the fair
value option was elected. The firm calculates the fair
value of unsecured borrowings by discounting future cash
flows at a rate which incorporates the firm’s observable
credit spreads.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="63%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="9%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="7%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="7%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Three Months Ended</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Six Months Ended</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May
<br /></b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="15">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Net gains/(losses) including hedges
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(348
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(178
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(545
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
155
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Net gains/(losses) excluding hedges
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(353
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(375
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(545
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
143
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The impact of changes in instrument-specific credit spreads
on loans and loan commitments for which the fair value
option was elected was a gain of $917 million and a loss of
$297 million for the three and six months ended June 2009,
respectively, and not material for the three and six months
ended May 2008. The firm attributes changes in the fair
value of floating rate loans and loan commitments to
changes in instrument-specific credit spreads. For fixed
rate loans and loan commitments, the firm allocates changes
in fair value between interest rate-related changes and
credit spread-related changes based on changes in interest
rates. See below for additional details regarding the fair
value option.
</div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style="FONT-FAMILY: Arial, Helvetica">The Fair
Value Option</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 4%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Gains/(Losses)</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth the gains/(losses) included
in earnings for the three and six months ended June 2009
and May 2008 as a result of the firm electing to apply the
fair value option to certain financial assets and financial
liabilities, as described in Note 2. The table excludes
gains and losses related to trading assets and trading
liabilities, as well as gains and losses that would have
been recognized under other generally accepted accounting
principles if the firm had not elected the fair value
option or that are economically hedged with instruments
accounted for at fair value under other generally accepted
accounting principles.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="54%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="12%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Three Months Ended</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Six Months Ended</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May
<br /></b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="15">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font>
borrowings <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(307
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(371
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(442
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
135
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Other secured financings <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(442
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
124
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(417
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
123
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Unsecured <font style=
"WHITE-SPACE: nowrap">short-term</font>
borrowings <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(27
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
25
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(94
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(25
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Receivables from customers and
counterparties <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
84
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
82
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Other liabilities and accrued
expenses <sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(162
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(80
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Other <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
34
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(28
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(22
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(7)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(820
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(249
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(943
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
212
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Excludes losses of
$2.96 billion and $1.54 billion for the three months
ended June 2009 and May 2008, respectively, and
$1.72 billion and $2.26 billion for the six months
ended June 2009 and May 2008, respectively, related
to the embedded derivative component of hybrid
financial instruments. Such losses would have been
recognized pursuant to SFAS No. 133 if the firm had
not elected to account for the entire hybrid
instrument at fair value under the fair value
option.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Excludes gains/(losses)
of $(12) million and $10 million for the three months
ended June 2009 and May 2008, respectively, and
$7 million and $1.04 billion for the six months ended
June 2009 and May 2008, respectively, related to
financings recorded as a result of
securitization-related transactions that were
accounted for as secured financings rather than sales
under SFAS No. 140. Changes in the fair value of
these secured financings are offset by changes in the
fair value of the related financial instruments
included within the firm’s “Trading assets, at fair
value” in the condensed consolidated statements of
financial condition.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Excludes gains/(losses)
of $(1.18) billion and $(59) million for the three
months ended June 2009 and May 2008, respectively,
$(1.48) billion and $253 million for the six months
ended June 2009 and May 2008, respectively, related
to the embedded derivative component of hybrid
financial instruments. Such gains and losses would
have been recognized pursuant to SFAS No. 133 if the
firm had not elected to account for the entire hybrid
instrument at fair value under the fair value
option.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Primarily consists of
gains on certain reinsurance contracts.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Primarily consists of
losses on certain insurance and reinsurance
contracts.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Primarily consists of
gains/(losses) on resale and repurchase agreements,
and securities borrowed and loaned within Trading and
Principal Investments.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(7)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Reported within “Trading
and principal investments” in the condensed
consolidated statements of earnings. The amounts
exclude contractual interest, which is included in
“Interest income” and “Interest expense” in the
condensed consolidated statements of earnings, for
all instruments other than hybrid financial
instruments.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
All trading assets and trading liabilities are accounted
for at fair value either under the fair value option or as
required by other accounting pronouncements. Excluding
equities commissions of $1.02 billion and $1.23 billion for
the three months ended June 2009 and May 2008,
respectively, and $2.00 billion and $2.47 billion for the
six months ended June 2009 and May 2008, respectively, and
the gains and losses on the instruments accounted for under
the fair value option described above, the firm’s “Trading
and principal investments” revenues in the condensed
consolidated statements of earnings primarily represent
gains and losses on “Trading assets, at fair value” and
“Trading liabilities, at fair value” in the condensed
consolidated statements of financial condition.
</div>
<div style="MARGIN-TOP: 12pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style="FONT-FAMILY: Arial, Helvetica">Loans and
Loan Commitments</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
As of June 2009, the aggregate contractual principal amount
of loans and <font style=
"WHITE-SPACE: nowrap">long-term</font> receivables for
which the fair value option was elected exceeded the
related fair value by $45.31 billion, including a
difference of $37.53 billion related to loans with an
aggregate fair value of $4.60 billion that were on
nonaccrual status (including loans more than 90 days past
due). As of November 2008, the aggregate contractual
principal amount of loans and <font style=
"WHITE-SPACE: nowrap">long-term</font> receivables for
which the fair value option was elected exceeded the
related fair value by $50.21 billion, including a
difference of $37.46 billion related to loans with an
aggregate fair value of $3.77 billion that were on
nonaccrual status (including loans more than 90 days past
due). The aggregate contractual principal exceeds the
related fair value primarily because the firm regularly
purchases loans, such as distressed loans, at values
significantly below contractual principal amounts.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
As of June 2009 and November 2008, the fair value of
unfunded lending commitments for which the fair value
option was elected was a liability of $1.78 billion and
$3.52 billion, respectively, and the related total
contractual amount of these lending commitments was
$38.58 billion and $39.49 billion, respectively.
</div>
<div style="MARGIN-TOP: 12pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica"><font style=
"WHITE-SPACE: nowrap">Long-term</font> Debt
Instruments</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The aggregate contractual principal amount of <font style=
"WHITE-SPACE: nowrap">long-term</font> debt instruments
(principal and <font style=
"WHITE-SPACE: nowrap">non-principal</font> protected) for
which the fair value option was elected exceeded the
related fair value by $1.95 billion and $2.42 billion as of
June 2009 and November 2008, respectively.
</div>
<div style="MARGIN-TOP: 12pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Derivative
Activities</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Derivative contracts are instruments, such as futures,
forwards, swaps or option contracts, that derive their
value from underlying assets, indices, reference rates or a
combination of these factors. Derivative instruments may be
privately negotiated contracts, which are often referred to
as OTC derivatives, or they may be listed and traded on an
exchange. Derivatives may involve future commitments to
purchase or sell financial instruments or commodities, or
to exchange currency or interest payment streams. The
amounts exchanged are based on the specific terms of the
contract with reference to specified rates, securities,
commodities, currencies or indices.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Certain cash instruments, such as <font style=
"WHITE-SPACE: nowrap">mortgage-backed</font> securities,
interest-only and principal-only obligations, and indexed
debt instruments, are not considered derivatives even
though their values or contractually required cash flows
are derived from the price of some other security or index.
However, certain commodity-related contracts are included
in the firm’s derivatives disclosure, as these contracts
may be settled in cash or the assets to be delivered under
the contract are readily convertible into cash.
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
  
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm enters into derivative transactions to facilitate
client transactions, to take proprietary positions and as a
means of risk management. Risk exposures are managed
through diversification, by controlling position sizes and
by entering into offsetting positions. For example, the
firm may manage the risk related to a portfolio of common
stock by entering into an offsetting position in a related
<font style="WHITE-SPACE: nowrap">equity-index</font>
futures contract.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm applies hedge accounting under SFAS No. 133 to
certain derivative contracts. The firm uses these
derivatives to manage certain interest rate and currency
exposures, including the firm’s net investment in
<font style=
"WHITE-SPACE: nowrap">non-U.S. operations.</font> The firm
designates certain interest rate swap contracts as fair
value hedges. These interest rate swap contracts hedge
changes in the relevant benchmark interest rate
(e.g., London Interbank Offered Rate (LIBOR)), effectively
converting a substantial portion of the firm’s unsecured
<font style="WHITE-SPACE: nowrap">long-term</font>
borrowings, certain unsecured <font style=
"WHITE-SPACE: nowrap">short-term</font> borrowings and
certificates of deposit into floating rate obligations. See
Note 2 for information regarding the firm’s accounting
policy for foreign currency forward contracts used to hedge
its net investment in <font style=
"WHITE-SPACE: nowrap">non-U.S. operations.</font>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm applies a <font style=
"WHITE-SPACE: nowrap">long-haul</font> method to all of its
hedge accounting relationships to perform an ongoing
assessment of the effectiveness of these relationships in
achieving offsetting changes in fair value or offsetting
cash flows attributable to the risk being hedged. The firm
utilizes a <font style=
"WHITE-SPACE: nowrap">dollar-offset</font> method, which
compares the change in the fair value of the hedging
instrument to the change in the fair value of the hedged
item, excluding the effect of the passage of time, to
prospectively and retrospectively assess hedge
effectiveness. The firm’s prospective <font style=
"WHITE-SPACE: nowrap">dollar-offset</font> assessment
utilizes scenario analyses to test hedge effectiveness via
simulations of numerous parallel and slope shifts of the
relevant yield curve. Parallel shifts change the interest
rate of all maturities by identical amounts. Slope shifts
change the curvature of the yield curve. For both the
prospective assessment, in response to each of the
simulated yield curve shifts, and the retrospective
assessment, a hedging relationship is deemed to be
effective if the fair value of the hedging instrument and
the hedged item change inversely within a range of 80% to
125%.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
For fair value hedges, gains or losses on derivative
transactions are recognized in “Interest expense” in the
condensed consolidated statements of earnings. The change
in fair value of the hedged item attributable to the risk
being hedged is reported as an adjustment to its carrying
value and is subsequently amortized into interest expense
over its remaining life. Gains or losses related to hedge
ineffectiveness for these hedges are generally included in
“Interest expense” in the condensed consolidated statements
of earnings. These gains or losses were not material for
the three and six months ended June 2009 and May 2008.
Gains and losses on derivatives used for trading purposes
are included in “Trading and principal investments” in the
condensed consolidated statements of earnings.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The fair value of the firm’s derivative contracts is
reflected net of cash paid or received pursuant to credit
support agreements and is reported on a <font style=
"WHITE-SPACE: nowrap">net-by-counterparty</font> basis in
the firm’s condensed consolidated statements of financial
condition when management believes a legal right of setoff
exists under an enforceable netting agreement. The
following table sets forth the fair value and the number of
contracts of the firm’s derivative contracts by major
product type on a gross basis as of June 2009. Gross fair
values in the table below exclude the effects of both
netting under enforceable netting agreements and netting of
cash received or posted pursuant to credit support
agreements, and therefore are not representative of the
firm’s exposure:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="25%">
 
</td>
<td align="left" width="60%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="11">
<b>As of June 2009</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Derivative
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Derivative
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Number of
<br /></b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Assets</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Liabilities</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Contracts</b>
</div>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="11">
(in millions, except number of contracts)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Derivative contracts for trading
activities</b>
</div>
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Interest rates
</div>
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
539,606
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
486,423
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
275,197
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Credit
</div>
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
291,660
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
252,615
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
464,120
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Currencies
</div>
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
87,011
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
76,341
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
200,828
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Commodities
</div>
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
63,188
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
60,539
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
201,563
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Equities
</div>
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
91,474
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
79,143
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
278,774
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Subtotal
</div>
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,072,939
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
955,061
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,420,482
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="LINE-HEIGHT: 9pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<b>Derivative contracts accounted for as
<br />
hedges under SFAS No. 133</b> <b><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></b>
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Interest rates
</div>
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
21,039
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
825
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Currencies
</div>
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
10
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
20
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
30
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Subtotal
</div>
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
21,049
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
26
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
855
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Gross fair value of derivative contracts</b>
</div>
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,093,988
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
955,087
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,421,337
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Counterparty netting <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(870,627
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(870,627
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Cash collateral netting <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</div>
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(133,335
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(16,309
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<b>Fair value included in “Trading assets, at
fair value”</b>
</div>
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
90,026
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<font style="WHITE-SPACE: nowrap"><b>Fair value
included in “Trading liabilities, at fair
value”</b></font>
</div>
</td>
<td>
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
68,151
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">As of November 2008, the
gross fair value of derivative contracts accounted
for as hedges under SFAS No. 133 consisted of
$20.40 billion in assets and $128 million in
liabilities.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Represents the netting
of receivable balances with payable balances for the
same counterparty pursuant to credit support
agreements in accordance with FIN 39.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Represents the netting
of cash collateral received and posted on a
counterparty basis pursuant to credit support
agreements.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Presented after giving
effect to $410.20 billion of derivative assets and
$390.04 billion of derivative liabilities settled
with clearing organizations.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup></font>
</td>
<td></td>
<td valign="bottom">
<p>
<font style="FONT-SIZE: 8pt">For the three and six
months ended June 2009, the loss recognized on
these derivative contracts was $5.54 billion and
$8.01 billion, respectively, and the related gain
recognized on the hedged borrowings and bank
deposits was $5.54 billion and $7.97 billion,
respectively. These gains and losses are included
in “Interest expense” in the condensed consolidated
statements of earnings. For the three and six
months ended June 2009, the loss recognized on
these derivative contracts included losses of
$350 million and $666 million, respectively, which
were excluded from the assessment of hedge
effectiveness.</font>
</p>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup></font>
</td>
<td></td>
<td valign="bottom">
<p>
<font style="FONT-SIZE: 8pt">For the three and six
months ended June 2009, the loss on these
derivative contracts was $450 million and
$297 million, respectively. Such amounts are
included in “Currency translation adjustment, net
of tax” in the condensed consolidated statements of
comprehensive income. The gain/(loss) related to
ineffectiveness and the <font style=
"WHITE-SPACE: nowrap">gain/(loss)</font>
reclassified to earnings from accumulated other
comprehensive income were not material for the
three and six months ended June 2009.</font>
</p>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm also has embedded derivatives that have been
bifurcated from related borrowings under SFAS No. 133. Such
derivatives, which are classified in unsecured <font style=
"WHITE-SPACE: nowrap">short-term</font> and unsecured
<font style="WHITE-SPACE: nowrap">long-term</font>
borrowings in the firm’s condensed consolidated statements
of financial condition, had a net asset carrying value of
$363 million and $774 million as of June 2009 and
November 2008, respectively. The net asset as of June 2009,
which represented 339 contracts, included gross assets of
$698 million (primarily comprised of equity, credit and
interest rate derivatives) and gross liabilities of
$335 million (primarily comprised of equity and interest
rate derivatives). See Notes 6 and 7 for further
information regarding the firm’s unsecured borrowings.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
As of June 2009 and November 2008, respectively, the firm
has designated $3.31 billion and $3.36 billion of foreign
<font style=
"WHITE-SPACE: nowrap">currency-denominated</font> debt,
included in unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings in the
firm’s condensed consolidated statements of financial
condition, as hedges of net investments in <font style=
"WHITE-SPACE: nowrap">non-U.S. subsidiaries</font> under
SFAS No. 133. For the three and six months ended June 2009,
the <font style="WHITE-SPACE: nowrap">gain/(loss)</font> on
these debt instruments was $(90) million and $179 million,
respectively. Such amounts are included in “Currency
translation adjustment, net of tax” in the condensed
consolidated statements of comprehensive income. The
gain/(loss) related to ineffectiveness and the gain/(loss)
reclassified to earnings from accumulated other
comprehensive income were not material for the three and
six months ended June 2009.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth by major product type the
firm’s gains/(losses) related to trading activities,
including both derivative and nonderivative financial
instruments, for the three and six months ended June 2009
in accordance with SFAS No. 161. These gains/(losses) are
not representative of the firm’s individual business unit
results because many of the firm’s trading strategies
utilize financial instruments across various product types.
Accordingly, gains or losses in one product type frequently
offset gains or losses in other product types. For example,
most of the firm’s longer-term derivative contracts are
sensitive to changes in interest rates and may be hedged
with interest rate swaps. Similarly, a significant portion
of the firm’s cash and derivatives trading inventory has
exposure to foreign currencies and may be hedged with
foreign currency contracts. The gains/(losses) set forth
below are included in “Trading and principal investments”
in the condensed consolidated statements of earnings and
exclude related interest income and interest expense.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="84%">
 
</td>
<td width="5%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="5%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Three Months
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Six Months
<br /></b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Ended June</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Ended June</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="7">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Interest rates
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,814
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,386
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Credit
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,014
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,336
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Currencies
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(1,398
</td>
<td valign="bottom" nowrap="nowrap" align="left">
) <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(421
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Equities
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,743
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,109
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Commodities and other
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,574
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,343
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,747
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13,753
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Includes gains/(losses)
on currency contracts used to hedge positions
included in other product types in this table.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Certain of the firm’s derivative instruments have been
transacted pursuant to bilateral agreements with certain
counterparties that may require the firm to post collateral
or terminate the transactions based on the firm’s
<font style="WHITE-SPACE: nowrap">long-term</font> credit
ratings. As of June 2009, the aggregate fair value of such
derivative contracts that were in a net liability position
was $31.19 billion, and the aggregate fair value of assets
posted by the firm as collateral for these derivative
contracts was $14.26 billion. As of June 2009, additional
collateral or termination payments pursuant to bilateral
agreements with certain counterparties of approximately
$763 million and $1.93 billion could have been called by
counterparties in the event of a <font style=
"WHITE-SPACE: nowrap">one-notch</font> and <font style=
"WHITE-SPACE: nowrap">two-notch</font> reduction,
respectively, in the firm’s <font style=
"WHITE-SPACE: nowrap">long-term</font> credit ratings.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm enters into various derivative transactions that
are considered credit derivatives under FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 133-1</font> and <font style=
"WHITE-SPACE: nowrap">FIN 45-4.</font> The firm’s written
and purchased credit derivatives include credit default
swaps, credit spread options, credit index products and
total return swaps. As individually negotiated contracts,
credit derivatives can have numerous settlement and payment
conventions. The more common types of triggers include
bankruptcy of the reference credit entity, acceleration of
indebtedness, failure to pay, restructuring, repudiation
and dissolution of the entity. Substantially all of the
firm’s purchased credit derivative transactions are with
financial institutions and are subject to stringent
collateral thresholds. As of June 2009, the firm’s written
and purchased credit derivatives had total gross notional
amounts of $2.96 trillion and $3.19 trillion, respectively,
for total net purchased protection of $227.02 billion in
notional value. As of November 2008, the firm’s written and
purchased credit derivatives had total gross notional
amounts of $3.78 trillion and $4.03 trillion, respectively,
for total net purchased protection of $255.24 billion in
notional value. The decrease in notional amounts from
November 2008 to June 2009 primarily reflects compression
efforts across the industry.
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
  
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth certain information related
to the firm’s credit derivatives. Fair values in the table
below exclude the effects of both netting under enforceable
netting agreements and netting of cash paid pursuant to
credit support agreements, and therefore are not
representative of the firm’s exposure.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="23%">
 
</td>
<td width="6%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="6%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="6%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="6%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="6%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="6%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 10pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="15">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="7">
<b>Maximum Payout/Notional
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 10pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="15">
<b>Maximum Payout/Notional Amount
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="7">
<b>Amount of Purchased
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 10pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="15">
<b>of Written Credit Derivatives by Tenor <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="7">
<b>Credit Derivatives</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 10pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Offsetting
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Other
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 10pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>5 Years
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Purchased
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Purchased
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Written Credit
<br /></b>
</td>
</tr>
<tr style="FONT-SIZE: 10pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>0 - 12
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>1 - 5
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>or
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Credit
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Credit
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Derivatives at
<br /></b>
</td>
</tr>
<tr style="FONT-SIZE: 10pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Months</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Years</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Greater</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Total</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Derivatives <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Derivatives <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Fair Value</b>
</td>
</tr>
<tr style="FONT-SIZE: 10pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="27">
($ in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt">
<b><u>As of June 2009</u></b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<b>Credit spread on
<br />
underlying (basis points)</b> <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt">
0-250
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
193,565
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,269,520
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
351,796
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,814,881
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,713,493
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
179,753
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
46,316
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt">
<font style="WHITE-SPACE: nowrap">251-500</font>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
52,816
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
362,155
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
203,387
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
618,358
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
562,599
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
90,180
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
44,985
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt">
<font style="WHITE-SPACE: nowrap">501-1,000</font>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
24,122
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
174,015
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
43,871
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
242,008
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
228,985
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
89,162
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
24,115
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt">
Greater than 1,000
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
44,752
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
210,653
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
29,516
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
284,921
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
254,360
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
68,654
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
91,411
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt">
Total
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
315,255
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,016,343
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
628,570
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,960,168
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,759,437
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
427,749
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
206,827
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup>
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt">
<b><u>As of November 2008</u></b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<b>Credit spread on
<br />
underlying (basis points)</b> <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt">
0-250
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
108,555
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,093,651
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
623,944
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,826,150
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,632,681
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
347,573
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
77,836
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt">
<font style="WHITE-SPACE: nowrap">251-500</font>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
51,015
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
551,971
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
186,084
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
789,070
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
784,149
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
26,316
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
94,278
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt">
<font style="WHITE-SPACE: nowrap">501-1,000</font>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
34,756
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
404,661
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
148,052
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
587,469
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
538,251
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
67,958
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
75,079
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt">
Greater than 1,000
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
41,496
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
373,211
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
161,475
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
576,182
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
533,816
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
103,362
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
222,346
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt">
Total
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
235,822
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,423,494
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,119,555
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,778,871
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,488,897
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
545,209
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
469,539
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup>
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 0%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table cellspacing="0" cellpadding="0" width="100%" border=
"0">
<tbody>
<tr>
<td width="2%"></td>
<td width="98%"></td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup> 
</td>
<td align="left">
Tenor is based on expected duration for <font style=
"WHITE-SPACE: nowrap">mortgage-related</font> credit
derivatives and on remaining contractual maturity for
other credit derivatives.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup> 
</td>
<td align="left">
Offsetting purchased credit derivatives represent the
notional amount of purchased credit derivatives to
the extent they hedge written credit derivatives with
identical underlyings.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup> 
</td>
<td align="left">
Comprised of purchased protection in excess of the
amount of written protection on identical underlyings
and purchased protection on other underlyings on
which the firm has not written protection.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup> 
</td>
<td align="left">
Credit spread on the underlying, together with the
tenor of the contract, are indicators of
payment/performance risk. For example, the firm is
least likely to pay or otherwise be required to
perform where the credit spread on the underlying is
<font style="WHITE-SPACE: nowrap">“0-250”</font>
basis points and the tenor is <font style=
"WHITE-SPACE: nowrap">“0-12</font> Months.” The
likelihood of payment or performance is generally
greater as the credit spread on the underlying and
tenor increase.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
<sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup> 
</td>
<td align="left">
This liability excludes the effects of both netting
under enforceable netting agreements and netting of
cash collateral paid pursuant to credit support
agreements. Including the effects of netting
receivable balances with payable balances for the
same counterparty pursuant to enforceable netting
agreements, the firm’s net liability related to
credit derivatives in the firm’s condensed
consolidated statements of financial condition as of
June 2009 and November 2008 was $13.46 billion and
$33.76 billion, respectively. This net amount
excludes the netting of cash collateral paid pursuant
to credit support agreements. The decrease in this
net liability from November 2008 to June 2009
reflected tightening credit spreads.
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Collateralized
Transactions</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm receives financial instruments as collateral,
primarily in connection with resale agreements, securities
borrowed, derivative transactions and customer margin
loans. Such financial instruments may include obligations
of the U.S. government, federal agencies, sovereigns and
corporations, as well as equities and convertibles.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
In many cases, the firm is permitted to deliver or repledge
these financial instruments in connection with entering
into repurchase agreements, securities lending agreements
and other secured financings, collateralizing derivative
transactions and meeting firm or customer settlement
requirements. As of June 2009 and November 2008, the fair
value of financial instruments received as collateral by
the firm that it was permitted to deliver or repledge was
$596.34 billion and $578.72 billion, respectively, of which
the firm delivered or repledged $435.55 billion and
$445.11 billion, respectively.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm also pledges assets that it owns to counterparties
who may or may not have the right to deliver or repledge
them. Trading assets pledged to counterparties that have
the right to deliver or repledge are included in “Trading
assets, at fair value” in the condensed consolidated
statements of financial condition and were $31.14 billion
and $26.31 billion as of June 2009 and November 2008,
respectively. Trading assets, pledged in connection with
repurchase agreements, securities lending agreements and
other secured financings to counterparties that did not
have the right to sell or repledge are included in “Trading
assets, at fair value” in the condensed consolidated
statements of financial condition and were $122.01 billion
and $80.85 billion as of June 2009 and November 2008,
respectively. Other assets (primarily real estate and cash)
owned and pledged in connection with other secured
financings to counterparties that did not have the right to
sell or repledge were $6.61 billion and $9.24 billion as of
June 2009 and November 2008, respectively.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
In addition to repurchase agreements and securities lending
agreements, the firm obtains secured funding through the
use of other arrangements. Other secured financings include
arrangements that are nonrecourse, that is, only the
subsidiary that executed the arrangement or a subsidiary
guaranteeing the arrangement is obligated to repay the
financing. Other secured financings consist of liabilities
related to the firm’s William Street program; consolidated
VIEs; collateralized central bank financings and other
transfers of financial assets that are accounted for as
financings rather than sales under SFAS No. 140 (primarily
pledged bank loans and mortgage whole loans); and other
structured financing arrangements.
</div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Other secured financings by maturity are set forth in the
table below:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="84%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="4%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="4%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June
<br /></b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>November
<br /></b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="7">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Other secured financings <font style=
"WHITE-SPACE: nowrap">(short-term) </font><sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
14,239
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
21,225
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Other secured financings <font style=
"WHITE-SPACE: nowrap">(long-term):</font>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
2010
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,113
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,157
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
2011
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,766
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,578
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
2012
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,195
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,040
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
2013
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,558
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,377
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
2014
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,319
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,512
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
2015-thereafter
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,107
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,794
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Total other secured financings <font style=
"WHITE-SPACE: nowrap">(long-term) </font><sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)(4)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
16,058
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
17,458
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total other secured financings <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)(6)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
30,297
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
38,683
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">As of June 2009 and
November 2008, consists of <font style=
"WHITE-SPACE: nowrap">U.S. dollar-denominated</font>
financings of $5.06 billion and $12.53 billion,
respectively, with a weighted average interest rate
of 1.35% and 2.98%, respectively, and <font style=
"WHITE-SPACE: nowrap">non-U.S. dollar-denominated</font>
financings of $9.18 billion and $8.70 billion,
respectively, with a weighted average interest rate
of 0.62% and 0.95%, respectively, after giving effect
to hedging activities. The weighted average interest
rates as of June 2009 and November 2008 excluded
financial instruments accounted for at fair value
under SFAS No. 159.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Includes other secured
financings maturing within one year of the financial
statement date and other secured financings that are
redeemable within one year of the financial statement
date at the option of the holder.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">As of June 2009 and
November 2008, consists of <font style=
"WHITE-SPACE: nowrap">U.S. dollar-denominated</font>
financings of $9.41 billion and $9.55 billion,
respectively, with a weighted average interest rate
of 2.80% and 4.62%, respectively, and <font style=
"WHITE-SPACE: nowrap">non-U.S. dollar-denominated</font>
financings of $6.65 billion and $7.91 billion,
respectively, with a weighted average interest rate
of 2.55% and 4.39%, respectively, after giving effect
to hedging activities. The weighted average interest
rates as of June 2009 and November 2008 excluded
financial instruments accounted for at fair value
under SFAS No. 159.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Secured <font style=
"WHITE-SPACE: nowrap">long-term</font> financings
that are repayable prior to maturity at the option of
the firm are reflected at their contractual maturity
dates. Secured <font style=
"WHITE-SPACE: nowrap">long-term</font> financings
that are redeemable prior to maturity at the option
of the holder are reflected at the dates such options
become exercisable.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">As of June 2009 and
November 2008, $25.83 billion and $31.54 billion,
respectively, of these financings were collateralized
by trading assets and $4.47 billion and
$7.14 billion, respectively, by other assets
(primarily real estate and cash). Other secured
financings include $11.50 billion and $13.74 billion
of nonrecourse obligations as of June 2009 and
November 2008, respectively.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(6)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">As of June 2009, other
secured financings includes $16.13 billion,
respectively, related to transfers of financial
assets accounted for as financings rather than sales
under SFAS No. 140. Such financings were
collateralized by financial assets included in
“Trading assets, at fair value” in the condensed
consolidated statement of financial condition of
$16.54 billion as of June 2009, respectively.</font>
</td>
</tr>
</tbody>
</table>
</div>
</div>
4975000000
2832000000
7658000000
5029000000
<div>
<div style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr>
<td style="WIDTH: 4em"></td>
<td></td>
</tr>
<tr valign="top">
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Note 14.  </font></b>
</td>
<td>
<b><font style="FONT-FAMILY: Arial, Helvetica">Income
Taxes</font></b>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm is subject to examination by the U.S. Internal
Revenue Service (IRS) and other taxing authorities in
jurisdictions where the firm has significant business
operations, such as the United Kingdom, Japan, Hong Kong,
Korea and various states, such as New York. The tax years
under examination vary by jurisdiction. The firm does not
expect unrecognized tax benefits to change significantly
during the twelve months subsequent to June 2009.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Below is a table of the earliest tax years that remain
subject to examination by major jurisdiction:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="1%">
 
</td>
<td width="94%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Earliest</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Tax Year</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>Subject to</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap">
<b>Jurisdiction</b>
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>Examination</b>
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
U.S. Federal
</div>
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2005
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<font style="WHITE-SPACE: nowrap">New York State
and City</font>
</div>
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2004
</td>
<td valign="bottom" nowrap="nowrap" align="left">
  <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
United Kingdom
</div>
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2005
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Japan
</div>
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2005
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Hong Kong
</div>
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2003
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Korea
</div>
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2003
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">IRS examination of
fiscal 2005, 2006 and 2007 began during 2008. IRS
examination of fiscal 2003 and 2004 has been
completed but the liabilities for those years are not
yet final.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">New York State and City
examination of fiscal 2004, 2005 and 2006 began in
2008. New York State examinations of fiscal 1999
through 2003 have been completed but the liabilities
for those years are not yet final.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
All years subsequent to the above years remain open to
examination by the taxing authorities. The firm believes
that the liability for unrecognized tax benefits it has
established is adequate in relation to the potential for
additional assessments. The resolution of tax matters is
not expected to have a material effect on the firm’s
financial condition but may be material to the firm’s
operating results for a particular period, depending, in
part, upon the operating results for that period.
</div>
</div>
</div>
1390000000
1810000000
1377000000
745000000
2409000000
1594000000
14148000000
9327000000
35000000
3942000000
-32154000000
-38731000000
<div>
<div style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr>
<td style="WIDTH: 4em"></td>
<td></td>
</tr>
<tr valign="top">
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Note 17.  </font></b>
</td>
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Interest Income and
Interest Expense</font></b>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth the details of the firm’s
interest income and interest expense:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="48%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Three Months Ended</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Six Months Ended</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="15">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Interest income <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Deposits with banks
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
18
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
38
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
40
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
87
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Securities borrowed, securities purchased under
agreements to resell and federal funds sold
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
176
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,184
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
727
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,314
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Trading assets, at fair value
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,881
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,426
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,039
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,143
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Other interest <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
395
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,850
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,026
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,199
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Total interest income
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,470
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,498
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,832
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
20,743
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Interest expense
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Deposits
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
119
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
186
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
269
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
386
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Securities loaned and securities sold under
agreements to repurchase, at fair value
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
366
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,875
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
911
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,486
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Trading liabilities, at fair value
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
406
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
630
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
869
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,327
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
<font style=
"WHITE-SPACE: nowrap">Short-term</font>
borrowings <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
154
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
448
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
394
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
985
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
<font style=
"WHITE-SPACE: nowrap">Long-term</font>
borrowings <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
648
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,891
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,597
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,260
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Other interest <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(265
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,191
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(157
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,071
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Total interest expense
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,428
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8,221
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,883
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
18,515
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Net interest income
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,042
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,277
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,949
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,228
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
<div style=
"FONT-SIZE: 6pt; WIDTH: 70px; BORDER-BOTTOM: rgb(0,0,0) 1pt solid">
</div>
</td>
</tr>
</tbody>
</table>
</div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="6%"></td>
<td width="1%"></td>
<td width="93%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Interest income is
recorded on an accrual basis based on contractual
interest rates.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Primarily includes
interest income on customer debit balances and other
interest-earning assets.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Includes interest on
unsecured <font style=
"WHITE-SPACE: nowrap">short-term</font> borrowings
and <font style=
"WHITE-SPACE: nowrap">short-term</font> other secured
financings.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Includes interest on
unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings and
<font style="WHITE-SPACE: nowrap">long-term</font>
other secured financings.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(5)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Primarily includes
interest expense on customer credit balances and
other interest-bearing liabilities.</font>
</td>
</tr>
</tbody>
</table>
</div>
</div>
2228000000
1277000000
3949000000
2042000000
18680000000
4580000000
8523000000
4522000000
11361000000
6649000000
820178000000
826731000000
884547000000
889544000000
<div>
 
<div style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr valign="top">
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Note 7.  </font></b>
</td>
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica"><font style=
"WHITE-SPACE: nowrap">Long-Term</font>
Borrowings</font></b>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
As of June 2009 and November 2008, <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings were
$207.30 billion and $185.68 billion, respectively,
comprised of $16.06 billion and $17.46 billion,
respectively, included in “Other secured financings” in the
condensed consolidated statements of financial condition
and $191.24 billion and $168.22 billion, respectively, of
unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings. See
Note 3 for information regarding other secured financings.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm’s unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings extend
through 2043 and consist principally of senior borrowings.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings are set
forth below:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="84%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="4%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="4%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>November</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="7">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Fixed rate obligations <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
118,723
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
103,825
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Floating rate obligations <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
72,519
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
64,395
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
191,242
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
168,220
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">As of June 2009 and
November 2008, $79.82 billion and $70.08 billion,
respectively, of the firm’s fixed rate debt
obligations were denominated in U.S. dollars and
interest rates ranged from 1.63% to 10.04% and from
3.87% to 10.04%, respectively. As of June 2009 and
November 2008, $38.90 billion and $33.75 billion,
respectively, of the firm’s fixed rate debt
obligations were denominated in <font style=
"WHITE-SPACE: nowrap">non-U.S. dollars</font> and
interest rates ranged from 0.67% to 12.65% and from
0.67% to 8.88%, respectively.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">As of June 2009 and
November 2008, $37.77 billion and $32.41 billion,
respectively, of the firm’s floating rate debt
obligations were denominated in U.S. dollars. As of
June 2009 and November 2008, $34.75 billion and
$31.99 billion, respectively, of the firm’s floating
rate debt obligations were denominated in
<font style="WHITE-SPACE: nowrap">non-U.S. dollars.</font>
Floating interest rates generally are based on LIBOR
or the federal funds target rate. <font style=
"WHITE-SPACE: nowrap">Equity-linked</font> and
indexed instruments are included in floating rate
obligations.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Includes $20.75 billion
and $0 as of June 2009 and November 2008,
respectively, guaranteed by the FDIC under the
TLGP.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings by
maturity date are set forth below (in millions):
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="95%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>June 2009</b>
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
2010
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,303
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
2011
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
23,766
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
2012
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
26,453
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
2013
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
23,088
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
2014
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
18,055
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
2015-thereafter
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
90,577
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
191,242
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings
maturing within one year of the financial statement
date and unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings
that are redeemable within one year of the financial
statement date at the option of the holder are
included as unsecured <font style=
"WHITE-SPACE: nowrap">short-term</font> borrowings in
the condensed consolidated statements of financial
condition.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings
that are repayable prior to maturity at the option of
the firm are reflected at their contractual maturity
dates. Unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings
that are redeemable prior to maturity at the option
of the holder are reflected at the dates such options
become exercisable.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm enters into derivative contracts to effectively
convert a substantial portion of its unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings which are
not accounted for at fair value into floating rate
obligations. Accordingly, excluding the cumulative impact
of changes in the firm’s credit spreads, the carrying value
of unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings
approximated fair value as of June 2009 and November 2008.
For unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings for which
the firm did not elect the fair value option, the
cumulative impact due to the widening of the firm’s own
credit spreads would be a reduction in the carrying value
of total unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings of
approximately 3% and 9% as of June 2009 and November 2008,
respectively.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The effective weighted average interest rates for unsecured
<font style="WHITE-SPACE: nowrap">long-term</font>
borrowings are set forth below:
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="80%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="15">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>June 2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>November 2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Amount</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Rate</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Amount</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<div style=
"PADDING-BOTTOM: 1px; WIDTH: 1%; BORDER-BOTTOM: #000000 1px solid">
<b>Rate</b>
</div>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="15">
($ in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Fixed rate obligations
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,225
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6.51
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,015
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4.97
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Floating rate obligations <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
187,017
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
0.96
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
164,205
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2.66
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
191,242
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1.11
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
168,220
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2.73
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Includes fixed rate
obligations that have been converted into floating
rate obligations through derivative contracts.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">The weighted average
interest rates as of June 2009 and November 2008
excluded financial instruments accounted for at fair
value under SFAS No. 155 or SFAS No. 159.</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 9pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Subordinated
Borrowings</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings included
subordinated borrowings with outstanding principal amounts
of $19.17 billion and $19.26 billion as of June 2009 and
November 2008, respectively, as set forth below.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>Junior Subordinated Debt Issued to Trusts in Connection
with <font style=
"WHITE-SPACE: nowrap">Fixed-to-Floating</font> and Floating
Rate Normal Automatic Preferred Enhanced Capital
Securities.  </b>In 2007, Group Inc. issued a total of
$2.25 billion of remarketable junior subordinated debt to
Goldman Sachs Capital II and Goldman Sachs Capital III
(APEX Trusts), Delaware statutory trusts that, in turn,
issued $2.25 billion of guaranteed perpetual Automatic
Preferred Enhanced Capital Securities (APEX) to third
parties and a de minimis amount of common securities to
Group Inc. Group Inc. also entered into contracts with the
APEX Trusts to sell $2.25 billion of perpetual <font style=
"WHITE-SPACE: nowrap">non-cumulative</font> preferred stock
to be issued by Group Inc. (the stock purchase contracts).
The APEX Trusts are wholly owned finance subsidiaries of
the firm for regulatory and legal purposes but are not
consolidated for accounting purposes.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm pays interest <font style=
"WHITE-SPACE: nowrap">semi-annually</font> on $1.75 billion
of junior subordinated debt issued to Goldman Sachs Capital
II at a fixed annual rate of 5.59% and the debt matures on
June 1, 2043. The firm pays interest quarterly on
$500 million of junior subordinated debt issued to Goldman
Sachs Capital III at a rate per annum equal to <font style=
"WHITE-SPACE: nowrap">three-month</font> LIBOR plus 0.57%
and the debt matures on September 1, 2043. In addition, the
firm makes contract payments at a rate of 0.20% per annum
on the stock purchase contracts held by the APEX Trusts.
The firm has the right to defer payments on the junior
subordinated debt and the stock purchase contracts, subject
to limitations, and therefore cause payment on the APEX to
be deferred. During any such extension period, the firm
will not be permitted to, among other things, pay dividends
on or make certain repurchases of its common or preferred
stock. The junior subordinated debt is junior in right of
payment to all of Group Inc.’s senior indebtedness and all
of Group Inc.’s other subordinated borrowings.
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
  
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
In connection with the APEX issuance, the firm covenanted
in favor of certain of its debtholders, who are initially
the holders of Group Inc.’s 6.345% Junior Subordinated
Debentures due February 15, 2034, that, subject to certain
exceptions, the firm would not redeem or purchase
(i) Group Inc.’s junior subordinated debt issued to the
APEX Trusts prior to the applicable stock purchase date or
(ii) APEX or shares of Group Inc.’s Series E or Series F
Preferred Stock prior to the date that is ten years after
the applicable stock purchase date, unless the applicable
redemption or purchase price does not exceed a maximum
amount determined by reference to the aggregate amount of
net cash proceeds that the firm has received from the sale
of qualifying equity securities during the <font style=
"WHITE-SPACE: nowrap">180-day</font> period preceding the
redemption or purchase.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm has accounted for the stock purchase contracts as
equity instruments under EITF Issue <font style=
"WHITE-SPACE: nowrap">No. 00-19,</font> “Accounting for
Derivative Financial Instruments Indexed to, and
Potentially Settled in, a Company’s Own Stock,” and,
accordingly, recorded the cost of the stock purchase
contracts as a reduction to additional <font style=
"WHITE-SPACE: nowrap">paid-in</font> capital. See Note 9
for information on the preferred stock that Group Inc. will
issue in connection with the stock purchase contracts.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>Junior Subordinated Debt Issued to a Trust in Connection
with Trust Preferred Securities.  </b>Group Inc. issued
$2.84 billion of junior subordinated debentures in 2004 to
Goldman Sachs Capital I (Trust), a Delaware statutory trust
that, in turn, issued $2.75 billion of guaranteed preferred
beneficial interests to third parties and $85 million of
common beneficial interests to Group Inc. and invested the
proceeds from the sale in junior subordinated debentures
issued by Group Inc. The Trust is a wholly owned finance
subsidiary of the firm for regulatory and legal purposes
but is not consolidated for accounting purposes.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm pays interest <font style=
"WHITE-SPACE: nowrap">semi-annually</font> on these
debentures at an annual rate of 6.345% and the debentures
mature on February 15, 2034. The coupon rate and the
payment dates applicable to the beneficial interests are
the same as the interest rate and payment dates applicable
to the debentures. The firm has the right, from time to
time, to defer payment of interest on the debentures, and,
therefore, cause payment on the Trust’s preferred
beneficial interests to be deferred, in each case up to ten
consecutive <font style=
"WHITE-SPACE: nowrap">semi-annual</font> periods. During
any such extension period, the firm will not be permitted
to, among other things, pay dividends on or make certain
repurchases of its common stock. The Trust is not permitted
to pay any distributions on the common beneficial interests
held by Group Inc. unless all dividends payable on the
preferred beneficial interests have been paid in full.
These debentures are junior in right of payment to all of
Group Inc.’s senior indebtedness and all of Group Inc.’s
subordinated borrowings, other than the junior subordinated
debt issued in connection with the Normal Automatic
Preferred Enhanced Capital Securities.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>Subordinated Debt.  </b>As of June 2009, the firm had
$14.08 billion of other subordinated debt outstanding with
maturities ranging from fiscal 2010 to 2038. The effective
weighted average interest rate on this debt was 0.53%,
after giving effect to derivative contracts used to convert
fixed rate obligations into floating rate obligations. As
of November 2008, the firm had $14.17 billion of other
subordinated debt outstanding with maturities ranging from
fiscal 2009 to 2038. The effective weighted average
interest rate on this debt was 1.99%, after giving effect
to derivative contracts used to convert fixed rate
obligations into floating rate obligations. This debt is
junior in right of payment to all of the firm’s senior
indebtedness.
</div>
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<div>
<div style=
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cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr>
<td style="WIDTH: 4em"></td>
<td></td>
</tr>
<tr valign="top">
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Note 18.  </font></b>
</td>
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Subsequent
Event</font></b>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
On July 22, 2009, Group Inc. repurchased in full from the
U.S. Treasury the warrant to purchase 12.2 million shares
of common stock that was issued to the U.S. Treasury
pursuant to the U.S. Treasury’s TARP Capital Purchase
Program. The purchase price paid by Group Inc. to the
U.S. Treasury for this warrant was $1.1 billion. This
amount was recorded as a reduction to shareholders' equity.
</div>
</div>
</div>
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<div>
<div style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr>
<td style="WIDTH: 4em"></td>
<td></td>
</tr>
<tr valign="top">
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Note 16.  </font></b>
</td>
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Business
Segments</font></b>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
In reporting to management, the firm’s operating results
are categorized into the following three business segments:
Investment Banking, Trading and Principal Investments, and
Asset Management and Securities Services. See Note 18 to
the consolidated financial statements in Part II, Item 8 of
the firm’s Annual Report on <font style=
"WHITE-SPACE: nowrap">Form 10-K</font> for the fiscal year
ended November 2008 for a discussion of the basis of
presentation for the firm’s business segments.
</div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style="FONT-FAMILY: Arial, Helvetica">Segment
Operating Results</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Management believes that the following information provides
a reasonable representation of each segment’s contribution
to consolidated <font style=
"WHITE-SPACE: nowrap">pre-tax</font> earnings and total
assets:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 6%; MARGIN-RIGHT: 0%">
<table style=
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cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="29%">
 
</td>
<td width="2%">
 
</td>
<td width="25%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="15">
<b>As of or for the</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Three Months Ended</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Six Months Ended</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="15">
(in millions)
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff; COLOR: #000000" valign=
"bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
<b>Investment</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Net revenues
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,440
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,685
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,263
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,857
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff; COLOR: #000000" valign=
"bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
<b>Banking</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Operating expenses
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,167
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,155
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,872
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,095
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style=
"FONT-SIZE: 1pt; BACKGROUND: #cceeff; COLOR: #000000"
valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff; COLOR: #000000" valign=
"bottom">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Pre-tax earnings
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
273
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
530
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
391
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
762
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style=
"FONT-SIZE: 1pt; BACKGROUND: #cceeff; COLOR: #000000"
valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff; COLOR: #000000" valign=
"bottom">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Segment assets
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,473
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,269
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,473
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,269
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style=
"FONT-SIZE: 1pt; BACKGROUND: #cceeff; COLOR: #000000"
valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
<b>Trading and</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Net revenues
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
10,784
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,591
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
17,934
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
10,715
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
<b>Principal</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Operating expenses
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,290
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,961
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11,163
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,704
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
<b>Investments</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Pre-tax earnings
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,494
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,630
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,771
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,011
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Segment assets
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
696,454
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
724,122
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
696,454
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
724,122
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff; COLOR: #000000" valign=
"bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
<b>Asset Management</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Net revenues
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,537
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,146
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,989
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,185
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff; COLOR: #000000" valign=
"bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
<b>and Securities</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Operating expenses
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,250
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,477
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,455
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,970
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style=
"FONT-SIZE: 1pt; BACKGROUND: #cceeff; COLOR: #000000"
valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff; COLOR: #000000" valign=
"bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
<b>Services</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Pre-tax earnings
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
287
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
669
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
534
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,215
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style=
"FONT-SIZE: 1pt; BACKGROUND: #cceeff; COLOR: #000000"
valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff; COLOR: #000000" valign=
"bottom">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Segment assets
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
191,617
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
356,754
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
191,617
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
356,754
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style=
"FONT-SIZE: 1pt; BACKGROUND: #cceeff; COLOR: #000000"
valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">
<b>Total</b>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Net revenues <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)(2)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13,761
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,422
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
23,186
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
17,757
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Operating expenses <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8,732
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,590
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
15,528
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
12,782
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
<font style="WHITE-SPACE: nowrap">Pre-tax</font>
earnings <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,029
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,832
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,658
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,975
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
Total assets
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
889,544
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,088,145
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
889,544
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,088,145
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
<div style=
"FONT-SIZE: 6pt; WIDTH: 70px; BORDER-BOTTOM: rgb(0,0,0) 1pt solid">
</div>
</td>
</tr>
</tbody>
</table>
</div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Net revenues include net
interest income as set forth in the table
below:</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 8%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="92%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="46%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="12%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Three Months Ended</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Six Months Ended</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="15">
(in millions)
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Investment Banking
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
—
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Trading and Principal Investments
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,462
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
352
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,906
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
599
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Asset Management and Securities Services
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
580
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
925
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,043
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,623
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Total net interest
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,042
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,277
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,949
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,228
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Net revenues include
<font style="WHITE-SPACE: nowrap">non-interest</font>
revenues as set forth in the table below:</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 8%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="92%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="45%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="12%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="2%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Three Months Ended</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Six Months Ended</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="7">
(in millions)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Investment banking fees
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,440
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,685
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,263
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,851
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Equities commissions
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,021
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,234
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,995
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,472
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Asset management and other fees
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
957
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,221
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,946
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,562
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Trading and principal investments revenues
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8,301
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,005
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13,033
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,644
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Total <font style=
"WHITE-SPACE: nowrap">non-interest</font>
revenues
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11,719
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8,145
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
19,237
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
15,529
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; MARGIN-LEFT: 8%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Trading and principal investments revenues include
$10 million and $(3) million for the three months ended
June 2009 and May 2008, respectively, and $16 million and
$(2) million for the six months ended June 2009 and
May 2008, respectively, of realized gains/(losses) on
securities held within the firm’s insurance subsidiaries
which are accounted for as <font style=
"WHITE-SPACE: nowrap">available-for-sale</font> under
SFAS No. 115.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Operating expenses
include net provisions for a number of litigation and
regulatory proceedings of $25 million and
$(3) million for the three months ended June 2009 and
May 2008, respectively, and $38 million and
$13 million for the six months ended June 2009 and
May 2008, respectively, that have not been allocated
to the firm’s segments.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt"><font style=
"WHITE-SPACE: nowrap">Pre-tax</font> earnings include
total depreciation and amortization as set forth in
the table below:</font>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 8%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 8pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="92%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="45%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="13%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="10%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Three Months Ended</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>Six Months Ended</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>May</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="15">
(in millions)
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Investment Banking
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
39
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
38
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
76
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
76
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Trading and Principal Investments
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
428
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
214
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
951
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
460
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Asset Management and Securities Services
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
60
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
59
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
149
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
118
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt">
Total depreciation and amortization
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
527
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
311
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,176
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
654
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 12pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Geographic
Information</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Due to the highly integrated nature of international
financial markets, the firm manages its businesses based on
the profitability of the enterprise as a whole. Since a
significant portion of the firm’s activities require
cross-border coordination in order to facilitate the needs
of the firm’s clients, the methodology for allocating the
firm’s profitability to geographic regions is dependent on
estimates and management judgment. Specifically, in interim
periods, the firm allocates compensation and benefits to
geographic regions based upon the firmwide compensation to
net revenues ratio. In the fourth quarter when compensation
by employee is finalized, compensation and benefits are
allocated to the geographic regions based upon total actual
compensation during the fiscal year. See Note 18 to the
consolidated financial statements in Part II, Item 8 of the
firm’s Annual Report on <font style=
"WHITE-SPACE: nowrap">Form 10-K</font> for the fiscal year
ended November 2008 for a discussion of the method of
allocating by geographic region.
</div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The following table sets forth the total net revenues and
<font style="WHITE-SPACE: nowrap">pre-tax</font> earnings
of the firm and its consolidated subsidiaries by geographic
region allocated based on the methodology referred to
above, as well as the percentage of total net revenues and
<font style="WHITE-SPACE: nowrap">pre-tax</font> earnings
for each geographic region:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="60%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="15">
<b>Three Months Ended</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="15">
<b>Six Months Ended</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>June 2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>May 2008</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>June 2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>May 2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="31">
($ in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Net revenues
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Americas <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,019
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
51
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,316
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
57
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13,492
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
58
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,523
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
53
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
EMEA <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,727
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
27
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,756
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
29
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,613
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
24
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,430
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
31
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Asia
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,015
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
22
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,350
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
14
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,081
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
18
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,804
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
16
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total net revenues
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13,761
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
100
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
9,422
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
100
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
23,186
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
100
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
17,757
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
100
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
<font style="WHITE-SPACE: nowrap">Pre-tax</font>
earnings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Americas <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,385
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
47
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,651
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
58
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,530
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
59
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,650
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
53
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
EMEA <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,562
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
31
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
865
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
31
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,141
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
28
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,652
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
33
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Asia
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,107
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
22
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
313
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
11
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,025
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
13
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
686
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
14
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 20pt; TEXT-INDENT: -10pt">
Corporate <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(25
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
N.M.
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
N.M.
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(38
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
N.M.
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
(13
</td>
<td valign="bottom" nowrap="nowrap" align="left">
)
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
N.M.
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total <font style=
"WHITE-SPACE: nowrap">pre-tax</font> earnings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
5,029
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
100
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
2,832
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
100
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
7,658
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
100
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
4,975
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
100
</td>
<td valign="bottom" nowrap="nowrap" align="left">
%
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
<tr>
<td>
<div style=
"FONT-SIZE: 6pt; WIDTH: 70px; BORDER-BOTTOM: rgb(0,0,0) 1pt solid">
</div>
</td>
</tr>
</tbody>
</table>
</div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="6%"></td>
<td width="1%"></td>
<td width="93%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Substantially all
relates to the U.S.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">EMEA (Europe, Middle
East and Africa).</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Consists of net
provisions for a number of litigation and regulatory
proceedings.</font>
</td>
</tr>
</tbody>
</table>
</div>
</div>
894000000
907000000
<div>
<p>
  
</p>
<div style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr valign="top">
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Note 6.  </font></b>
</td>
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica"><font style=
"WHITE-SPACE: nowrap">Short-Term</font>
Borrowings</font></b>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
As of June 2009 and November 2008, <font style=
"WHITE-SPACE: nowrap">short-term</font> borrowings were
$49.41 billion and $73.89 billion, respectively, comprised
of $14.24 billion and $21.23 billion, respectively,
included in “Other secured financings” in the condensed
consolidated statements of financial condition and
$35.17 billion and $52.66 billion, respectively, of
unsecured <font style=
"WHITE-SPACE: nowrap">short-term</font> borrowings. See
Note 3 for information on other secured financings.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Unsecured <font style=
"WHITE-SPACE: nowrap">short-term</font> borrowings include
the portion of unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings maturing
within one year of the financial statement date and
unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings that are
redeemable within one year of the financial statement date
at the option of the holder. The firm accounts for
promissory notes, commercial paper and certain hybrid
financial instruments at fair value under SFAS No. 155 or
SFAS No. 159. <font style=
"WHITE-SPACE: nowrap">Short-term</font> borrowings that are
not recorded at fair value are recorded based on the amount
of cash received plus accrued interest, and such amounts
approximate fair value due to the <font style=
"WHITE-SPACE: nowrap">short-term</font> nature of the
obligations.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Unsecured <font style=
"WHITE-SPACE: nowrap">short-term</font> borrowings are set
forth below:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style="MARGIN-LEFT: 5%; MARGIN-RIGHT: 0%">
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="95%" align="center"
border="0">
<tbody>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td width="84%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="4%">
 
</td>
<td align="left" width="1%">
 
</td>
<td width="2%">
 
</td>
<td align="right" width="1%">
 
</td>
<td align="right" width="4%">
 
</td>
<td align="left" width="1%">
 
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" align="middle" colspan="7">
<b>As of</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>June</b>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="middle"
colspan="3">
<b>November</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2009</b>
</td>
<td>
 
</td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign=
"bottom" nowrap="nowrap" align="middle" colspan="3">
<b>2008</b>
</td>
</tr>
<tr style="FONT-SIZE: 8pt" valign="bottom" align=
"middle">
<td valign="bottom" nowrap="nowrap" align="middle">
 
</td>
<td>
 
</td>
<td valign="bottom" align="middle" colspan="7">
(in millions)
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Current portion of unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font> borrowings
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
16,062
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
26,281
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Hybrid financial instruments
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
8,938
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
12,086
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Promissory notes <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
3,294
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,944
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Commercial paper <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
463
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
1,125
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="BACKGROUND: #cceeff" valign="bottom">
<td valign="bottom" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Other <font style=
"WHITE-SPACE: nowrap">short-term</font>
borrowings <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,416
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
6,222
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 1px solid">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td valign="bottom" nowrap="nowrap" align="left">
<div style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt">
Total <sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup>
</div>
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
35,173
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
<td>
 
</td>
<td valign="bottom" nowrap="nowrap" align="right">
$
</td>
<td valign="bottom" nowrap="nowrap" align="right">
52,658
</td>
<td valign="bottom" nowrap="nowrap" align="left">
 
</td>
</tr>
<tr style="FONT-SIZE: 1pt" valign="bottom">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="BORDER-TOP: #000000 3px double">
 
</td>
<td>
 
</td>
</tr>
</tbody>
</table>
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left"></div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 1pt; MARGIN-LEFT: 5%; WIDTH: 13%; BORDER-BOTTOM: #000000 1pt solid; align: left">
</div>
<div style="MARGIN-TOP: 3pt; FONT-SIZE: 1pt"></div>
<table style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr>
<td width="7%"></td>
<td width="1%"></td>
<td width="92%"></td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(1)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Includes $3.28 billion
and $3.42 billion as of June 2009 and November 2008,
respectively, guaranteed by the Federal Deposit
Insurance Corporation (FDIC) under the Temporary
Liquidity Guarantee Program (TLGP).</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(2)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Includes $0 and
$751 million as of June 2009 and November 2008,
respectively, guaranteed by the FDIC under the
TLGP.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(3)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">Includes $1.11 billion
and $0 as of June 2009 and November 2008,
respectively, guaranteed by the FDIC under the
TLGP.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 3pt">
<td>
 
</td>
</tr>
<tr>
<td valign="top" align="right">
<font style="FONT-SIZE: 8pt"><sup style=
"FONT-SIZE: 85%; VERTICAL-ALIGN: top">(4)</sup></font>
</td>
<td></td>
<td valign="bottom">
<font style="FONT-SIZE: 8pt">The weighted average
interest rates for these borrowings, after giving
effect to hedging activities, were 1.70% and 3.37% as
of June 2009 and November 2008, respectively, and
excluded financial instruments accounted for at fair
value under SFAS No. 155 or SFAS No. 159.</font>
</td>
</tr>
</tbody>
</table>
</div>
</div>
<div>
<div class="Section1">
<div class="Section1">
<span style="mso-bookmark: OLE_LINK398"><span style=
"mso-bookmark: OLE_LINK256"><span style=
"FONT-FAMILY: Arial,sans-serif">  </span></span></span>
</div>
<div class="Section1">
<div style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica">
<table style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial,Helvetica"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr valign="top">
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Note 2.  </font></b>
</td>
<td>
<b><font style=
"FONT-FAMILY: Arial, Helvetica">Significant
Accounting Policies</font></b>
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style="FONT-FAMILY: Arial, Helvetica">Basis
of Presentation</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
These condensed consolidated financial statements
include the accounts of Group Inc. and all other
entities in which the firm has a controlling financial
interest. All material intercompany transactions and
balances have been eliminated.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm determines whether it has a controlling
financial interest in an entity by first evaluating
whether the entity is a voting interest entity, a
variable interest entity (VIE) or a qualifying
<font style=
"WHITE-SPACE: nowrap">special-purpose</font> entity
(QSPE) under generally accepted accounting principles.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<table cellspacing="0" cellpadding="0" width="100%"
border="0">
<tbody>
<tr>
<td style="WIDTH: 5em"></td>
<td style="WIDTH: 2em"></td>
<td></td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
<p>
<b>Voting Interest Entities.  </b>Voting
interest entities are entities in which (i) the
total equity investment at risk is sufficient
to enable the entity to finance its activities
independently and (ii) the equity holders have
the obligation to absorb losses, the right to
receive residual returns and the right to make
decisions about the entity’s activities. Voting
interest entities are consolidated in
accordance with Accounting Research Bulletin
(ARB) No. 51, “Consolidated Financial
Statements,” as amended. The usual condition
for a controlling financial interest in an
entity is ownership of a majority voting
interest. Accordingly, the firm consolidates
voting interest entities in which it has a
majority voting interest.
<br />
<br />
</p>
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
<b>Variable Interest Entities.  </b>VIEs are
entities that lack one or more of the
characteristics of a voting interest entity. A
controlling financial interest in a VIE is
present when an enterprise has a variable
interest, or a combination of variable interests,
that will absorb a majority of the VIE’s expected
losses, receive a majority of the VIE’s expected
residual returns, or both. The enterprise with a
controlling financial interest, known as the
primary beneficiary, consolidates the VIE. In
accordance with Financial Accounting Standards
Board (FASB) Interpretation <font style=
"WHITE-SPACE: nowrap">(FIN) 46-R,</font>
“Consolidation of Variable Interest Entities,”
the firm determines whether it is the primary
beneficiary of a VIE by first performing a
qualitative analysis of the VIE’s expected losses
and expected residual returns. This analysis
includes a review of, among other factors, the
VIE’s capital structure, contractual terms, which
interests create or absorb variability, related
party relationships and the design of the VIE.
Where qualitative analysis is not conclusive, the
firm performs a quantitative analysis. For
purposes of allocating a VIE’s expected losses
and expected residual returns to its variable
interest holders, the firm utilizes the “top
down” method. Under this method, the firm
calculates its share of the VIE’s expected losses
and expected residual returns using the specific
cash flows that would be allocated to it, based
on contractual arrangements <font style=
"WHITE-SPACE: nowrap">and/or</font> the firm’s
position in the capital structure of the VIE,
under various probability-weighted scenarios. The
firm reassesses its initial evaluation of an
entity as a VIE and its initial determination of
whether the firm is the primary beneficiary of a
VIE upon the occurrence of certain
reconsideration events as defined in <font style=
"WHITE-SPACE: nowrap">FIN 46-R.</font> See
<font style=
"WHITE-SPACE: nowrap">“— Recent</font> Accounting
Developments” below for information regarding
amendments to <font style=
"WHITE-SPACE: nowrap">FIN 46-R.</font>
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
<b>QSPEs.  </b>QSPEs are passive entities that
are commonly used in mortgage and other
securitization transactions. Statement of
Financial Accounting Standards (SFAS) No. 140,
“Accounting for Transfers and Servicing of
Financial Assets and Extinguishments of
Liabilities,” sets forth the criteria an entity
must satisfy to be a QSPE. These criteria include
the types of assets a QSPE may hold, limits on
asset sales, the use of derivatives and financial
guarantees, and the level of discretion a
servicer may exercise in attempting to collect
receivables. These criteria may require
management to make judgments about complex
matters, such as whether a derivative is
considered passive and the level of discretion a
servicer may exercise, including, for example,
determining when default is reasonably
foreseeable. In accordance with SFAS No. 140 and
<font style=
"WHITE-SPACE: nowrap">FIN 46-R,</font> the firm
does not consolidate QSPEs. See <font style=
"WHITE-SPACE: nowrap">“— Recent</font> Accounting
Developments” below for information regarding
amendments to SFAS No. 140.
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
<p>
<b><font style=
"WHITE-SPACE: nowrap">Equity-Method</font>
Investments.  </b>When the firm does not have a
controlling financial interest in an entity but
exerts significant influence over the entity’s
operating and financial policies (generally
defined as owning a voting interest of 20% to
50%) and has an investment in common stock or
<font style=
"WHITE-SPACE: nowrap">in-substance</font>
common stock, the firm accounts for its
investment either in accordance with Accounting
Principles Board Opinion (APB) No. 18, “The
Equity Method of Accounting for Investments in
Common Stock” or at fair value in accordance
with SFAS No. 159, “The Fair Value Option for
Financial Assets and Financial Liabilities.” In
general, the firm accounts for investments
acquired subsequent to the adoption of
SFAS No. 159 at fair value. In certain cases,
the firm may apply the equity method of
accounting to new investments that are
strategic in nature or closely related to the
firm’s principal business activities, where the
firm has a significant degree of involvement in
the cash flows or operations of the investee,
or where <font style=
"WHITE-SPACE: nowrap">cost-benefit</font>
considerations are less significant. See
<font style=
"WHITE-SPACE: nowrap">“— Revenue</font>
Recognition — Other Financial Assets and
Financial Liabilities at Fair Value” below for
a discussion of the firm’s application of
SFAS No. 159.
<br />
<br />
</p>
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
<b>Other.  </b>If the firm does not consolidate
an entity or apply the equity method of
accounting, the firm accounts for its investment
at fair value. The firm also has formed numerous
nonconsolidated investment funds with
<font style="WHITE-SPACE: nowrap">third-party</font>
investors that are typically organized as limited
partnerships. The firm acts as general partner
for these funds and generally does not hold a
majority of the economic interests in these
funds. The firm has generally provided the
<font style=
"WHITE-SPACE: nowrap">third-party</font>
investors with rights to terminate the funds or
to remove the firm as the general partner. As a
result, the firm does not consolidate these
funds. These fund investments are included in
“Trading assets, at fair value” in the condensed
consolidated statements of financial condition.
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
These condensed consolidated financial statements are
unaudited and should be read in conjunction with the
audited consolidated financial statements included in
the firm’s Annual Report on <font style=
"WHITE-SPACE: nowrap">Form 10-K</font> for the fiscal
year ended November 28, 2008. The condensed
consolidated financial information as of
November 28, 2008 has been derived from audited
consolidated financial statements not included herein.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
These unaudited condensed consolidated financial
statements reflect all adjustments that are, in the
opinion of management, necessary for a fair statement
of the results for the interim periods presented. These
adjustments are of a normal, recurring nature. Interim
period operating results may not be indicative of the
operating results for a full year.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
In connection with becoming a bank holding company, the
firm was required to change its fiscal <font style=
"WHITE-SPACE: nowrap">year-end</font> from November to
December. This change in the firm’s fiscal year-end
resulted in a <font style=
"WHITE-SPACE: nowrap">one-month</font> transition
period that began on November 29, 2008 and ended on
December 26, 2008. The firm’s financial information for
this fiscal transition period is included in the firm’s
Quarterly Report on <font style=
"WHITE-SPACE: nowrap">Form 10-Q</font> for the quarter
ended March 27, 2009. On April 13, 2009, the Board of
Directors of Group Inc. (the Board) approved a change
in the firm’s fiscal year-end from the last Friday of
December to December 31, beginning with fiscal 2009.
Fiscal 2009 began on December 27, 2008 and will end on
December 31, 2009. The firm’s third fiscal quarter in
2009 will end on the last Friday of September.
Beginning in the fourth quarter of 2009, the firm’s
fiscal year will end on December 31.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
In the condensed consolidated statements of earnings,
cash flows and comprehensive income, the firm compares
the three and six month periods, as applicable, ended
June 26, 2009 with the previously reported three and
six month periods ended May 30, 2008. Financial
information for the three and six months ended
June 27, 2008 has not been included in this
<font style="WHITE-SPACE: nowrap">Form 10-Q</font> for
the following reasons: (i) the three and six months
ended May 30, 2008 provide a meaningful comparison for
the three and six months ended June 26, 2009;
(ii) there are no significant factors, seasonal or
other, that would impact the comparability of
information if the results for the three and six months
ended June 27, 2008 were presented in lieu of results
for the three and six months ended May 30, 2008; and
(iii) it was not practicable or cost justified to
prepare this information.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
All references to June 2009 and May 2008, unless
specifically stated otherwise, refer to the firm’s
<font style="WHITE-SPACE: nowrap">three-month</font>
fiscal periods ended, or the dates, as the context
requires, June 26, 2009 and May 30, 2008, respectively.
All references to November 2008, unless specifically
stated otherwise, refer to the firm’s fiscal year
ended, or the date, as the context requires,
November 28, 2008. All references to 2009, unless
specifically stated otherwise, refer to the firm’s
fiscal year ending, or the date, as the context
requires, December 31, 2009. Certain reclassifications
have been made to previously reported amounts to
conform to the current presentation.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style="FONT-FAMILY: Arial, Helvetica">Use
of Estimates</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
These condensed consolidated financial statements have
been prepared in accordance with generally accepted
accounting principles that require management to make
certain estimates and assumptions. The most important
of these estimates and assumptions relate to fair value
measurements, the accounting for goodwill and
identifiable intangible assets, discretionary
compensation accruals and the provision for potential
losses that may arise from litigation and regulatory
proceedings and tax audits. Although these and other
estimates and assumptions are based on the best
available information, actual results could be
materially different from these estimates.
</div>
<div style="MARGIN-TOP: 12pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Revenue
Recognition</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>Investment Banking.  </b>Underwriting revenues and
fees from mergers and acquisitions and other financial
advisory assignments are recognized in the condensed
consolidated statements of earnings when the services
related to the underlying transaction are completed
under the terms of the engagement. Expenses associated
with such transactions are deferred until the related
revenue is recognized or the engagement is otherwise
concluded. Underwriting revenues are presented net of
related expenses. Expenses associated with financial
advisory transactions are recorded as <font style=
"WHITE-SPACE: nowrap">non-compensation</font> expenses,
net of client reimbursements.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>Trading Assets and Trading
Liabilities.  </b>Substantially all trading assets and
trading liabilities are reflected in the condensed
consolidated statements of financial condition at fair
value, pursuant principally to:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<table cellspacing="0" cellpadding="0" width="100%"
border="0">
<tbody>
<tr>
<td style="WIDTH: 5em"></td>
<td style="WIDTH: 2em"></td>
<td></td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
SFAS No. 115, “Accounting for Certain Investments
in Debt and Equity Securities;”
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
specialized industry accounting for <font style=
"WHITE-SPACE: nowrap">broker-dealers</font> and
investment companies;
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
SFAS No. 133, “Accounting for Derivative
Instruments and Hedging Activities;” or
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
the fair value option under either SFAS No. 155,
“Accounting for Certain Hybrid Financial
Instruments — an amendment of FASB Statements
No. 133 and 140,” or SFAS No. 159, “The Fair
Value Option for Financial Assets and Financial
Liabilities,” (i.e., the fair value option).
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Related unrealized gains or losses are generally
recognized in “Trading and principal investments” in
the condensed consolidated statements of earnings.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>Other Financial Assets and Financial Liabilities at
Fair Value.  </b>In addition to “Trading assets, at
fair value” and “Trading liabilities, at fair value,”
the firm has elected to account for certain of its
other financial assets and financial liabilities at
fair value under the fair value option. The primary
reasons for electing the fair value option are to
reflect economic events in earnings on a timely basis,
to mitigate volatility in earnings from using different
measurement attributes and to address simplification
and <font style=
"WHITE-SPACE: nowrap">cost-benefit</font>
considerations.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Such financial assets and financial liabilities
accounted for at fair value include:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<table cellspacing="0" cellpadding="0" width="100%"
border="0">
<tbody>
<tr>
<td style="WIDTH: 5em"></td>
<td style="WIDTH: 2em"></td>
<td></td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
certain unsecured <font style=
"WHITE-SPACE: nowrap">short-term</font>
borrowings, consisting of all promissory notes
and commercial paper and certain hybrid financial
instruments;
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
certain other secured financings, primarily
transfers accounted for as financings rather than
sales under SFAS No. 140, debt raised through the
firm’s William Street program and certain other
nonrecourse financings;
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
certain unsecured <font style=
"WHITE-SPACE: nowrap">long-term</font>
borrowings, including prepaid physical commodity
transactions and certain hybrid financial
instruments;
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
resale and repurchase agreements;
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
securities borrowed and loaned within Trading and
Principal Investments, consisting of the firm’s
matched book and certain firm financing
activities;
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
certain deposits issued by Goldman Sachs Bank USA
(GS Bank USA), as well as securities held by GS
Bank USA;
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
certain receivables from customers and
counterparties, including certain margin loans,
transfers accounted for as secured loans rather
than purchases under SFAS No. 140 and prepaid
variable share forwards;
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
certain insurance and reinsurance contracts and
certain guarantees; and
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
• 
</td>
<td align="left">
in general, investments acquired after the
adoption of SFAS No. 159 where the firm has
significant influence over the investee and would
otherwise apply the equity method of accounting.
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>Fair Value Measurements.  </b>The fair value of a
financial instrument is the amount that would be
received to sell an asset or paid to transfer a
liability in an orderly transaction between market
participants at the measurement date (i.e., the exit
price). Financial assets are marked to bid prices and
financial liabilities are marked to offer prices. Fair
value measurements do not include transaction costs.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
SFAS No. 157, “Fair Value Measurements,” establishes a
fair value hierarchy that prioritizes the inputs to
valuation techniques used to measure fair value. The
hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or
liabilities (level 1 measurements) and the lowest
priority to unobservable inputs (level 3 measurements).
The three levels of the fair value hierarchy under
SFAS No. 157 are described below:
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="center">
<font style="FONT-FAMILY: Arial, Helvetica">Basis of
Fair Value Measurement</font>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<table cellspacing="0" cellpadding="0" width="100%"
border="0">
<tbody>
<tr>
<td style="WIDTH: 5em"></td>
<td width="8%"></td>
<td width="87%"></td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
Level 1  
</td>
<td align="left">
Unadjusted quoted prices in active markets that
are accessible at the measurement date for
identical, unrestricted assets or liabilities;
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
Level 2  
</td>
<td align="left">
Quoted prices in markets that are not considered
to be active or financial instruments for which
all significant inputs are observable, either
directly or indirectly;
</td>
</tr>
<tr style="FONT-SIZE: 1pt; LINE-HEIGHT: 6pt">
<td>
 
</td>
</tr>
<tr style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
<td>
 
</td>
<td>
Level 3  
</td>
<td align="left">
Prices or valuations that require inputs that are
both significant to the fair value measurement
and unobservable.
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
A financial instrument’s level within the fair value
hierarchy is based on the lowest level of any input
that is significant to the fair value measurement.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm defines active markets for equity instruments
based on the average daily trading volume both in
absolute terms and relative to the market
capitalization for the instrument. The firm defines
active markets for debt instruments based on both the
average daily trading volume and the number of days
with trading activity.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
In October 2008, the FASB issued FASB Staff Position
(FSP) <font style=
"WHITE-SPACE: nowrap">No. FAS 157-3,</font>
“Determining the Fair Value of a Financial Asset When
the Market for That Asset Is Not Active,” which
specifies that it is acceptable to use inputs based on
management estimates or assumptions, or for management
to make adjustments to observable inputs, to determine
fair value when markets are not active and relevant
observable inputs are not available. In April 2009, the
FASB issued FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 157-4,</font>
“Determining Fair Value When the Volume and Level of
Activity for the Asset or Liability Have Significantly
Decreased and Identifying Transactions That Are Not
Orderly,” which provides additional guidance for
estimating fair value when the volume and level of
activity for an asset or liability have decreased
significantly. The firm’s fair value measurement
policies are consistent with the guidance in both FSP
<font style="WHITE-SPACE: nowrap">No. FAS 157-3</font>
and FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 157-4.</font> See
<font style="WHITE-SPACE: nowrap">“— Recent</font>
Accounting Developments” below for further information
regarding FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 157-4.</font>
</div>
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<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Credit risk is an essential component of fair value.
Cash products (e.g., bonds and loans) and derivative
instruments (particularly those with significant future
projected cash flows) trade in the market at levels
which reflect credit considerations. The firm
calculates the fair value of derivative assets by
discounting future cash flows at a rate which
incorporates counterparty credit spreads and the fair
value of derivative liabilities by discounting future
cash flows at a rate which incorporates the firm’s own
credit spreads. In doing so, credit exposures are
adjusted to reflect mitigants, namely collateral
agreements which reduce exposures based on triggers and
contractual posting requirements. The firm manages its
exposure to credit risk as it does other market risks
and will price, economically hedge, facilitate and
intermediate trades which involve credit risk. The firm
records liquidity valuation adjustments to reflect the
cost of exiting concentrated risk positions, including
exposure to the firm’s own credit spreads.
</div>
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<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
In determining fair value, the firm separates its
“Trading assets, at fair value” and its “Trading
liabilities, at fair value” into two categories: cash
instruments and derivative contracts.
</div>
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<table cellspacing="0" cellpadding="0" width="100%"
border="0">
<tbody>
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<td style="WIDTH: 2em"></td>
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<b>Cash Instruments.  </b>The firm’s cash
instruments are generally classified within
level 1 or level 2 of the fair value hierarchy
because they are valued using quoted market
prices, broker or dealer quotations, or
alternative pricing sources with reasonable
levels of price transparency. The types of
instruments valued based on quoted market prices
in active markets include most government
obligations, active listed equities and certain
money market securities. Such instruments are
generally classified within level 1 of the fair
value hierarchy. In accordance with SFAS No. 157,
the firm does not adjust the quoted price for
such instruments, even in situations where the
firm holds a large position and a sale could
reasonably impact the quoted price.
</td>
</tr>
</tbody>
</table>
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<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 7%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The types of instruments that trade in markets that are
not considered to be active, but are valued based on
quoted market prices, broker or dealer quotations, or
alternative pricing sources with reasonable levels of
price transparency include most government agency
securities, <font style=
"WHITE-SPACE: nowrap">investment-grade</font> corporate
bonds, certain mortgage products, certain bank loans
and bridge loans, less liquid listed equities, certain
state, municipal and provincial obligations and certain
money market securities and loan commitments. Such
instruments are generally classified within level 2 of
the fair value hierarchy.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 7%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Certain cash instruments are classified within level 3
of the fair value hierarchy because they trade
infrequently and therefore have little or no price
transparency. Such instruments include private equity
and real estate fund investments, certain bank loans
and bridge loans (including certain mezzanine
financing, leveraged loans arising from capital market
transactions and other corporate bank debt), less
liquid corporate debt securities and other debt
obligations (including less liquid <font style=
"WHITE-SPACE: nowrap">high-yield</font> corporate
bonds, distressed debt instruments and collateralized
debt obligations (CDOs) backed by corporate
obligations), less liquid mortgage whole loans and
securities (backed by either commercial or residential
real estate), and acquired portfolios of distressed
loans. The transaction price is initially used as the
best estimate of fair value. Accordingly, when a
pricing model is used to value such an instrument, the
model is adjusted so that the model value at inception
equals the transaction price. This valuation is
adjusted only when changes to inputs and assumptions
are corroborated by evidence such as transactions in
similar instruments, completed or pending <font style=
"WHITE-SPACE: nowrap">third-party</font> transactions
in the underlying investment or comparable entities,
subsequent rounds of financing, recapitalizations and
other transactions across the capital structure,
offerings in the equity or debt capital markets, and
changes in financial ratios or cash flows.
</div>
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<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 7%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
For positions that are not traded in active markets or
are subject to transfer restrictions, valuations are
adjusted to reflect illiquidity <font style=
"WHITE-SPACE: nowrap">and/or</font> <font style=
"WHITE-SPACE: nowrap">non-transferability.</font> Such
adjustments are generally based on market evidence
where available. In the absence of such evidence,
management’s best estimate is used.
</div>
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<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 7%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Management’s judgment is required to determine the
appropriate <font style=
"WHITE-SPACE: nowrap">risk-adjusted</font> discount
rate for cash trading instruments that are classified
within level 3 of the fair value hierarchy and that
have little or no price transparency as a result of
decreased volumes and lower levels of trading activity.
In such situations, the firm’s valuation is adjusted to
approximate rates which market participants would
likely consider appropriate for relevant credit and
liquidity risks.
</div>
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border="0">
<tbody>
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<td style="WIDTH: 2em"></td>
<td></td>
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"FONT-SIZE: 10pt; BACKGROUND: #ffffff; COLOR: #000000; FONT-FAMILY: Arial, Helvetica"
valign="top">
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<b>Derivative Contracts.  </b>Derivative
contracts can be <font style=
"WHITE-SPACE: nowrap">exchange-traded</font> or
<font style=
"WHITE-SPACE: nowrap">over-the-counter</font>
(OTC). <font style=
"WHITE-SPACE: nowrap">Exchange-traded</font>
derivatives typically fall within level 1 or
level 2 of the fair value hierarchy depending on
whether they are deemed to be actively traded or
not. The firm generally values <font style=
"WHITE-SPACE: nowrap">exchange-traded</font>
derivatives using models which calibrate to
<font style=
"WHITE-SPACE: nowrap">market-clearing</font>
levels and eliminate timing differences between
the closing price of the <font style=
"WHITE-SPACE: nowrap">exchange-traded</font>
derivatives and their underlying instruments. In
such cases, <font style=
"WHITE-SPACE: nowrap">exchange-traded</font>
derivatives are classified within level 2 of the
fair value hierarchy.
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 7%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
OTC derivatives are valued using market transactions
and other market evidence whenever possible, including
<font style="WHITE-SPACE: nowrap">market-based</font>
inputs to models, model calibration to <font style=
"WHITE-SPACE: nowrap">market-clearing</font>
transactions, broker or dealer quotations, or
alternative pricing sources with reasonable levels of
price transparency. Where models are used, the
selection of a particular model to value an OTC
derivative depends upon the contractual terms of, and
specific risks inherent in, the instrument, as well as
the availability of pricing information in the market.
The firm generally uses similar models to value similar
instruments. Valuation models require a variety of
inputs, including contractual terms, market prices,
yield curves, credit curves, measures of volatility,
prepayment rates and correlations of such inputs. For
OTC derivatives that trade in liquid markets, such as
generic forwards, swaps and options, model inputs can
generally be verified and model selection does not
involve significant management judgment. OTC
derivatives are classified within level 2 of the fair
value hierarchy when all of the significant inputs can
be corroborated to market evidence.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 7%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Certain OTC derivatives trade in less liquid markets
with limited pricing information, and the determination
of fair value for these derivatives is inherently more
difficult. Such instruments are classified within
level 3 of the fair value hierarchy. Where the firm
does not have corroborating market evidence to support
significant model inputs and cannot verify the model to
market transactions, the transaction price is initially
used as the best estimate of fair value. Accordingly,
when a pricing model is used to value such an
instrument, the model is adjusted so that the model
value at inception equals the transaction price. The
valuations of these less liquid OTC derivatives are
typically based on level 1 <font style=
"WHITE-SPACE: nowrap">and/or</font> level 2 inputs that
can be observed in the market, as well as unobservable
level 3 inputs. Subsequent to initial recognition, the
firm updates the level 1 and level 2 inputs to reflect
observable market changes, with resulting gains and
losses reflected within level 3. Level 3 inputs are
only changed when corroborated by evidence such as
similar market transactions, <font style=
"WHITE-SPACE: nowrap">third-party</font> pricing
services <font style=
"WHITE-SPACE: nowrap">and/or</font> broker or dealer
quotations, or other empirical market data. In
circumstances where the firm cannot verify the model
value to market transactions, it is possible that a
different valuation model could produce a materially
different estimate of fair value.
</div>
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<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 7%; COLOR: #000000; TEXT-INDENT: 0%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
When appropriate, valuations are adjusted for various
factors such as liquidity, bid/offer spreads and credit
considerations. Such adjustments are generally based on
market evidence where available. In the absence of such
evidence, management’s best estimate is used.
</div>
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<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>Collateralized Agreements and
Financings.  </b>Collateralized agreements consist of
resale agreements and securities borrowed.
Collateralized financings consist of repurchase
agreements, securities loaned and other secured
financings. Interest on collateralized agreements and
collateralized financings is recognized in “Interest
income” and “Interest expense,” respectively, in the
condensed consolidated statements of earnings over the
life of the transaction.
</div>
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<table cellspacing="0" cellpadding="0" width="100%"
border="0">
<tbody>
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<td style="WIDTH: 5em"></td>
<td style="WIDTH: 2em"></td>
<td></td>
</tr>
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</td>
<td align="left">
<b>Resale and Repurchase
Agreements.  </b>Securities purchased under
agreements to resell and securities sold under
agreements to repurchase, principally
U.S. government, federal agency and <font style=
"WHITE-SPACE: nowrap">investment-grade</font>
sovereign obligations, represent collateralized
financing transactions. The firm receives
securities purchased under agreements to resell,
makes delivery of securities sold under
agreements to repurchase, monitors the market
value of these securities on a daily basis and
delivers or obtains additional collateral as
appropriate. As noted above, resale and
repurchase agreements are carried in the
condensed consolidated statements of financial
condition at fair value under SFAS No. 159.
Resale and repurchase agreements are generally
valued based on inputs with reasonable levels of
price transparency and are classified within
level 2 of the fair value hierarchy. Resale and
repurchase agreements are presented on a
<font style=
"WHITE-SPACE: nowrap">net-by-counterparty</font>
basis when the requirements of FIN 41,
“Offsetting of Amounts Related to Certain
Repurchase and Reverse Repurchase Agreements,” or
FIN 39, “Offsetting of Amounts Related to Certain
Contracts,” are satisfied.
</td>
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<td>
 
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<td align="left">
<b>Securities Borrowed and
Loaned.  </b>Securities borrowed and loaned are
generally collateralized by cash, securities or
letters of credit. The firm receives securities
borrowed, makes delivery of securities loaned,
monitors the market value of securities borrowed
and loaned, and delivers or obtains additional
collateral as appropriate. Securities borrowed
and loaned within Securities Services, relating
to both customer activities and, to a lesser
extent, certain firm financing activities, are
recorded based on the amount of cash collateral
advanced or received plus accrued interest. As
these arrangements generally can be terminated on
demand, they exhibit little, if any, sensitivity
to changes in interest rates. As noted above,
securities borrowed and loaned within Trading and
Principal Investments, which are related to the
firm’s matched book and certain firm financing
activities, are recorded at fair value under
SFAS No. 159. These securities borrowed and
loaned transactions are generally valued based on
inputs with reasonable levels of price
transparency and are classified within level 2 of
the fair value hierarchy.
</td>
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<b>Other Secured Financings.  </b>In addition to
repurchase agreements and securities loaned, the
firm funds assets through the use of other
secured financing arrangements and pledges
financial instruments and other assets as
collateral in these transactions. As noted above,
the firm has elected to apply SFAS No. 159 to
transfers accounted for as financings rather than
sales under SFAS No. 140, debt raised through the
firm’s William Street program and certain other
nonrecourse financings, for which the use of fair
value eliminates <font style=
"WHITE-SPACE: nowrap">non-economic</font>
volatility in earnings that would arise from
using different measurement attributes. These
other secured financing transactions are
generally classified within level 2 of the fair
value hierarchy. Other secured financings that
are not recorded at fair value are recorded based
on the amount of cash received plus accrued
interest. See Note 3 for further information
regarding other secured financings.
</td>
</tr>
</tbody>
</table>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>Hybrid Financial Instruments.  </b>Hybrid financial
instruments are instruments that contain bifurcatable
embedded derivatives under SFAS No. 133 and do not
require settlement by physical delivery of <font style=
"WHITE-SPACE: nowrap">non-financial</font> assets
(e.g., physical commodities). If the firm elects to
bifurcate the embedded derivative, it is accounted for
at fair value and the host contract is accounted for at
amortized cost, adjusted for the effective portion of
any fair value hedge accounting relationships. If the
firm does not elect to bifurcate, the entire hybrid
financial instrument is accounted for at fair value
under SFAS No. 155. See Notes 3 and 6 for further
information regarding hybrid financial instruments.
</div>
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<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>Transfers of Financial Assets.  </b>In general,
transfers of financial assets are accounted for as
sales under SFAS No. 140 when the firm has relinquished
control over the transferred assets. For transfers
accounted for as sales, any related gains or losses are
recognized in net revenues. Transfers that are not
accounted for as sales are accounted for as
collateralized financings, with the related interest
expense recognized in net revenues over the life of the
transaction.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>Commissions.  </b>Commission revenues from executing
and clearing client transactions on stock, options and
futures markets are recognized in “Trading and
principal investments” in the condensed consolidated
statements of earnings on a <font style=
"WHITE-SPACE: nowrap">trade-date</font> basis.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>Insurance Activities.  </b>Certain of the firm’s
insurance and reinsurance contracts are accounted for
at fair value under SFAS No. 159, with changes in fair
value included in “Trading and principal investments”
in the condensed consolidated statements of earnings.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Revenues from variable annuity and life insurance and
reinsurance contracts not accounted for at fair value
under SFAS No. 159 generally consist of fees assessed
on contract holder account balances for mortality
charges, policy administration fees and surrender
charges, and are recognized within “Trading and
principal investments” in the condensed consolidated
statements of earnings in the period that services are
provided.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Interest credited to variable annuity and life
insurance and reinsurance contract account balances and
changes in reserves are recognized in “Other expenses”
in the condensed consolidated statements of earnings.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Premiums earned for underwriting property catastrophe
reinsurance are recognized within “Trading and
principal investments” in the condensed consolidated
statements of earnings over the coverage period, net of
premiums ceded for the cost of reinsurance. Expenses
for liabilities related to property catastrophe
reinsurance claims, including estimates of losses that
have been incurred but not reported, are recognized
within “Other expenses” in the condensed consolidated
statements of earnings.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>Merchant Banking Overrides.  </b>The firm is
entitled to receive merchant banking overrides
(i.e., an increased share of a fund’s income and gains)
when the return on the funds’ investments exceeds
certain threshold returns. Overrides are based on
investment performance over the life of each merchant
banking fund, and future investment underperformance
may require amounts of override previously distributed
to the firm to be returned to the funds. Accordingly,
overrides are recognized in the condensed consolidated
statements of earnings only when all material
contingencies have been resolved. Overrides are
included in “Trading and principal investments” in the
condensed consolidated statements of earnings.
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
  
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>Asset Management.  </b>Management fees are
recognized over the period that the related service is
provided based upon average net asset values. In
certain circumstances, the firm is also entitled to
receive incentive fees based on a percentage of a
fund’s return or when the return on assets under
management exceeds specified benchmark returns or other
performance targets. Incentive fees are generally based
on investment performance over a <font style=
"WHITE-SPACE: nowrap">12-month</font> period and are
subject to adjustment prior to the end of the
measurement period. Accordingly, incentive fees are
recognized in the condensed consolidated statements of
earnings when the measurement period ends. Asset
management fees and incentive fees are included in
“Asset management and securities services” in the
condensed consolidated statements of earnings.
</div>
<div style="MARGIN-TOP: 12pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica"><font style=
"WHITE-SPACE: nowrap">Share-Based</font>
Compensation</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm accounts for <font style=
"WHITE-SPACE: nowrap">share-based</font> compensation
in accordance with <font style=
"WHITE-SPACE: nowrap">SFAS No. 123-R,</font>
<font style="WHITE-SPACE: nowrap">“Share-Based</font>
Payment.” The cost of employee services received in
exchange for a <font style=
"WHITE-SPACE: nowrap">share-based</font> award is
generally measured based on the grant-date fair value
of the award. <font style=
"WHITE-SPACE: nowrap">Share-based</font> awards that do
not require future service (i.e., vested awards,
including awards granted to retirement-eligible
employees) are expensed immediately. <font style=
"WHITE-SPACE: nowrap">Share-based</font> employee
awards that require future service are amortized over
the relevant service period. Expected forfeitures are
included in determining <font style=
"WHITE-SPACE: nowrap">share-based</font> employee
compensation expense. In the first quarter of 2006, the
firm adopted <font style=
"WHITE-SPACE: nowrap">SFAS No. 123-R</font> under the
modified prospective adoption method. Under this method
of adoption, the provisions of <font style=
"WHITE-SPACE: nowrap">SFAS No. 123-R</font> are
generally applied only to <font style=
"WHITE-SPACE: nowrap">share-based</font> awards granted
subsequent to adoption. <font style=
"WHITE-SPACE: nowrap">Share-based</font> awards held by
employees that were retirement-eligible on the date of
adoption of <font style=
"WHITE-SPACE: nowrap">SFAS No. 123-R</font> continue to
be amortized over the stated service period of the
award.
</div>
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<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm pays cash dividend equivalents on outstanding
restricted stock units. Dividend equivalents paid on
restricted stock units are generally charged to
retained earnings. Dividend equivalents paid on
restricted stock units expected to be forfeited are
included in compensation expense. The firm adopted
Emerging Issues Task Force (EITF) Issue <font style=
"WHITE-SPACE: nowrap">No. 06-11,</font> “Accounting for
Income Tax Benefits of Dividends on <font style=
"WHITE-SPACE: nowrap">Share-Based</font> Payment
Awards” in the first quarter of fiscal 2009.
Accordingly, the tax benefit related to dividend
equivalents paid on restricted stock units is accounted
for as an increase to additional <font style=
"WHITE-SPACE: nowrap">paid-in</font> capital. Prior to
the adoption of EITF Issue <font style=
"WHITE-SPACE: nowrap">No. 06-11,</font> the firm
accounted for this tax benefit as a reduction to income
tax expense. See “— Recent Accounting Developments”
below for further information on EITF Issue
<font style="WHITE-SPACE: nowrap">No. 06-11.</font>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
In certain cases, primarily related to the death of an
employee or conflicted employment (as outlined in the
applicable award agreements), the firm may cash settle
<font style="WHITE-SPACE: nowrap">share-based</font>
compensation awards. For awards accounted for as equity
instruments, additional <font style=
"WHITE-SPACE: nowrap">paid-in</font> capital is
adjusted to the extent of the difference between the
current value of the award and the grant-date value of
the award.
</div>
<div style="MARGIN-TOP: 12pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Goodwill</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Goodwill is the cost of acquired companies in excess of
the fair value of identifiable net assets at
acquisition date. In accordance with SFAS No. 142,
“Goodwill and Other Intangible Assets,” goodwill is
tested at least annually for impairment. An impairment
loss is recognized if the estimated fair value of an
operating segment, which is a component one level below
the firm’s three business segments, is less than its
estimated net book value. Such loss is calculated as
the difference between the estimated fair value of
goodwill and its carrying value.
</div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Identifiable Intangible
Assets</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Identifiable intangible assets, which consist primarily
of customer lists, Designated Market Maker (DMM) rights
and the value of business acquired (VOBA) in the firm’s
insurance subsidiaries, are amortized over their
estimated lives in accordance with SFAS No. 142 or, in
the case of insurance contracts, in accordance with
SFAS No. 60, “Accounting and Reporting by Insurance
Enterprises,” and SFAS No. 97, “Accounting and
Reporting by Insurance Enterprises for Certain
<font style="WHITE-SPACE: nowrap">Long-Duration</font>
Contracts and for Realized Gains and Losses from the
Sale of Investments.” Identifiable intangible assets
are tested for impairment whenever events or changes in
circumstances suggest that an asset’s or asset group’s
carrying value may not be fully recoverable in
accordance with SFAS No. 144, “Accounting for the
Impairment or Disposal of <font style=
"WHITE-SPACE: nowrap">Long-Lived</font> Assets,” or
SFAS No. 60 and SFAS No. 97. An impairment loss,
generally calculated as the difference between the
estimated fair value and the carrying value of an asset
or asset group, is recognized if the sum of the
estimated undiscounted cash flows relating to the asset
or asset group is less than the corresponding carrying
value.
</div>
<div style="MARGIN-TOP: 12pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Property, Leasehold
Improvements and Equipment</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Property, leasehold improvements and equipment, net of
accumulated depreciation and amortization, are recorded
at cost and included in “Other assets” in the condensed
consolidated statements of financial condition.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Substantially all property and equipment are
depreciated on a straight-line basis over the useful
life of the asset. Leasehold improvements are amortized
on a straight-line basis over the useful life of the
improvement or the term of the lease, whichever is
shorter. Certain costs of software developed or
obtained for internal use are capitalized and amortized
on a straight-line basis over the useful life of the
software.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Property, leasehold improvements and equipment are
tested for impairment whenever events or changes in
circumstances suggest that an asset’s or asset group’s
carrying value may not be fully recoverable in
accordance with SFAS No. 144. An impairment loss,
calculated as the difference between the estimated fair
value and the carrying value of an asset or asset
group, is recognized if the sum of the expected
undiscounted cash flows relating to the asset or asset
group is less than the corresponding carrying value.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm’s operating leases include office space held
in excess of current requirements. Rent expense
relating to space held for growth is included in
“Occupancy” in the condensed consolidated statements of
earnings. In accordance with SFAS No. 146, “Accounting
for Costs Associated with Exit or Disposal Activities,”
the firm records a liability, based on the fair value
of the remaining lease rentals reduced by any potential
or existing sublease rentals, for leases where the firm
has ceased using the space and management has concluded
that the firm will not derive any future economic
benefits. Costs to terminate a lease before the end of
its term are recognized and measured at fair value upon
termination.
</div>
<div style="MARGIN-TOP: 12pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Foreign Currency
Translation</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Assets and liabilities denominated in <font style=
"WHITE-SPACE: nowrap">non-U.S. currencies</font> are
translated at rates of exchange prevailing on the date
of the condensed consolidated statements of financial
condition, and revenues and expenses are translated at
average rates of exchange for the period. Gains or
losses on translation of the financial statements of a
<font style=
"WHITE-SPACE: nowrap">non-U.S. operation,</font> when
the functional currency is other than the U.S. dollar,
are included, net of hedges and taxes, in the condensed
consolidated statements of comprehensive income. The
firm seeks to reduce its net investment exposure to
fluctuations in foreign exchange rates through the use
of foreign currency forward contracts and foreign
<font style=
"WHITE-SPACE: nowrap">currency-denominated</font> debt.
For foreign currency forward contracts, hedge
effectiveness is assessed based on changes in forward
exchange rates; accordingly, forward points are
reflected as a component of the currency translation
adjustment in the condensed consolidated statements of
comprehensive income. For foreign <font style=
"WHITE-SPACE: nowrap">currency-denominated</font> debt,
hedge effectiveness is assessed based on changes in
spot rates. Foreign currency remeasurement gains or
losses on transactions in nonfunctional currencies are
included in the condensed consolidated statements of
earnings.
</div>
<div style="MARGIN-TOP: 12pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Income
Taxes</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Deferred tax assets and liabilities are recognized for
temporary differences between the financial reporting
and tax bases of the firm’s assets and liabilities.
Valuation allowances are established to reduce deferred
tax assets to the amount that more likely than not will
be realized. The firm’s tax assets and liabilities are
presented as a component of “Other assets” and “Other
liabilities and accrued expenses,” respectively, in the
condensed consolidated statements of financial
condition. Tax provisions are computed in accordance
with SFAS No. 109, “Accounting for Income Taxes.” The
firm adopted the provisions of FIN 48, “Accounting for
Uncertainty in Income Taxes — an Interpretation of FASB
Statement No. 109,” as of December 1, 2007, and
recorded a transition adjustment resulting in a
reduction of $201 million to beginning retained
earnings in the first fiscal quarter of 2008. Under
FIN 48, a tax position can be recognized in the
financial statements only when it is more likely than
not that the position will be sustained upon
examination by the relevant taxing authority based on
the technical merits of the position. A position that
meets this standard is measured at the largest amount
of benefit that will more likely than not be realized
upon settlement. A liability is established for
differences between positions taken in a tax return and
amounts recognized in the financial statements. The
firm reports interest expense related to income tax
matters in “Provision for taxes” in the condensed
consolidated statements of earnings and income tax
penalties in “Other expenses” in the condensed
consolidated statements of earnings.
</div>
<div style="MARGIN-TOP: 12pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Earnings Per Common
Share (EPS)</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
Basic EPS is calculated by dividing net earnings
applicable to common shareholders by the weighted
average number of common shares outstanding. Common
shares outstanding includes common stock and restricted
stock units for which no future service is required as
a condition to the delivery of the underlying common
stock. Diluted EPS includes the determinants of basic
EPS and, in addition, reflects the dilutive effect of
the common stock deliverable pursuant to stock warrants
and options and to restricted stock units for which
future service is required as a condition to the
delivery of the underlying common stock. The firm
adopted FSP No. EITF <font style=
"WHITE-SPACE: nowrap">03-6-1,</font> “Determining
Whether Instruments Granted in <font style=
"WHITE-SPACE: nowrap">Share-Based</font> Payment
Transactions Are Participating Securities,” in the
first quarter of fiscal 2009. Accordingly, the firm
treats unvested <font style=
"WHITE-SPACE: nowrap">share-based</font> payment awards
that have <font style=
"WHITE-SPACE: nowrap">non-forfeitable</font> rights to
dividend or dividend equivalents as a separate class of
securities in calculating earnings per share. See
<font style="WHITE-SPACE: nowrap">“— Recent</font>
Accounting Developments” below for further information
on FSP No. EITF <font style=
"WHITE-SPACE: nowrap">03-6-1.</font>
</div>
<div style="MARGIN-TOP: 12pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style="FONT-FAMILY: Arial, Helvetica">Cash
and Cash Equivalents</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
The firm defines cash equivalents as highly liquid
overnight deposits held in the ordinary course of
business. As of June 2009 and November 2008, “Cash and
cash equivalents” on the condensed consolidated
statements of financial condition included
$6.02 billion and $5.60 billion, respectively, of cash
and due from banks and $16.16 billion and
$10.14 billion, respectively, of interest-bearing
deposits with banks.
</div>
<div style="MARGIN-TOP: 18pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 2%; COLOR: #000000; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b><i><font style=
"FONT-FAMILY: Arial, Helvetica">Recent Accounting
Developments</font></i></b>
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>EITF Issue <font style=
"WHITE-SPACE: nowrap">No. 06-11.  </font></b>In
June 2007, the EITF reached consensus on Issue
<font style="WHITE-SPACE: nowrap">No. 06-11,</font>
“Accounting for Income Tax Benefits of Dividends on
<font style="WHITE-SPACE: nowrap">Share-Based</font>
Payment Awards.” EITF Issue <font style=
"WHITE-SPACE: nowrap">No. 06-11</font> requires that
the tax benefit related to dividend equivalents paid on
restricted stock units, which are expected to vest, be
recorded as an increase to additional <font style=
"WHITE-SPACE: nowrap">paid-in</font> capital. The firm
previously accounted for this tax benefit as a
reduction to income tax expense. EITF Issue
<font style="WHITE-SPACE: nowrap">No. 06-11</font> was
applied prospectively for tax benefits on dividend
equivalents declared beginning in the first quarter of
fiscal 2009. The adoption of EITF Issue <font style=
"WHITE-SPACE: nowrap">No. 06-11</font> did not have a
material effect on the firm’s financial condition,
results of operations or cash flows.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>FASB Staff Position <font style=
"WHITE-SPACE: nowrap">No. FAS 140-3.  </font></b>In
February 2008, the FASB issued FASB Staff Position
<font style="WHITE-SPACE: nowrap">No. FAS 140-3,</font>
“Accounting for Transfers of Financial Assets and
Repurchase Financing Transactions.” FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 140-3</font> requires an
initial transfer of a financial asset and a repurchase
financing that was entered into contemporaneously or in
contemplation of the initial transfer to be evaluated
as a linked transaction under SFAS No. 140 unless
certain criteria are met, including that the
transferred asset must be readily obtainable in the
marketplace. The firm adopted FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 140-3</font> for new
transactions entered into after November 2008. The
adoption of FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 140-3</font> did not have
a material effect on the firm’s financial condition,
results of operations or cash flows.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>SFAS No. 161.  </b>In March 2008, the FASB issued
SFAS No. 161, “Disclosures about Derivative Instruments
and Hedging Activities — an amendment of FASB Statement
No. 133.” SFAS No. 161 requires enhanced disclosures
about an entity’s derivative and hedging activities,
and was effective for the firm beginning in the
<font style="WHITE-SPACE: nowrap">one-month</font>
transition period ended December 2008. Since
SFAS No. 161 requires only additional disclosures
concerning derivatives and hedging activities, adoption
of SFAS No. 161 did not affect the firm’s financial
condition, results of operations or cash flows.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>FASB Staff Position No. EITF <font style=
"WHITE-SPACE: nowrap">03-6-1.  </font></b>In June 2008,
the FASB issued FSP No. EITF <font style=
"WHITE-SPACE: nowrap">03-6-1,</font> “Determining
Whether Instruments Granted in <font style=
"WHITE-SPACE: nowrap">Share-Based</font> Payment
Transactions Are Participating Securities.” The FSP
addresses whether instruments granted in <font style=
"WHITE-SPACE: nowrap">share-based</font> payment
transactions are participating securities prior to
vesting and therefore need to be included in the
earnings allocation in calculating earnings per share
under the two-class method described in SFAS No. 128,
“Earnings per Share.” The FSP requires companies to
treat unvested <font style=
"WHITE-SPACE: nowrap">share-based</font> payment awards
that have <font style=
"WHITE-SPACE: nowrap">non-forfeitable</font> rights to
dividends or dividend equivalents as a separate class
of securities in calculating earnings per share. The
firm adopted the FSP in the first quarter of fiscal
2009. The impact for the three and six months ended
June 2009 to basic earnings per common share was a
reduction of $0.02 per common share. There was no
impact on diluted earnings per common share. Prior
periods have not been restated due to immateriality.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>SFAS No. 141(R).  </b>In December 2007, the FASB
issued a revision to SFAS No. 141, “Business
Combinations.” SFAS No. 141(R) requires changes to the
accounting for transaction costs, certain contingent
assets and liabilities, and other balances in a
business combination. In addition, in partial
acquisitions, when control is obtained, the acquiring
company must measure and record all of the target’s
assets and liabilities, including goodwill, at fair
value as if the entire target company had been
acquired. The provisions of SFAS No. 141(R) applied to
the firm’s business combinations beginning in the first
quarter of fiscal 2009. Adoption of SFAS No. 141(R) did
not affect the firm’s financial condition, results of
operations or cash flows, but may have an effect on
accounting for future business combinations.
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
  
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>SFAS No. 160.  </b>In December 2007, the FASB issued
SFAS No. 160, “Noncontrolling Interests in Consolidated
Financial Statements — an amendment of ARB No. 51.”
SFAS No. 160 requires that ownership interests in
consolidated subsidiaries held by parties other than
the parent (i.e., noncontrolling interests) be
accounted for and presented as equity, rather than as a
liability or mezzanine equity. SFAS No. 160 was
effective for the firm beginning in the first quarter
of fiscal 2009. Adoption of SFAS No. 160 did not have a
material effect on the firm’s financial condition,
results of operations or cash flows.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>FASB Staff Position <font style=
"WHITE-SPACE: nowrap">No. FAS 140-4</font> and
FIN 46(R)-8.  </b>In December 2008, the FASB issued FSP
<font style="WHITE-SPACE: nowrap">No. FAS 140-4</font>
and FIN 46(R)-8, “Disclosures by Public Entities
(Enterprises) about Transfers of Financial Assets and
Interests in Variable Interest Entities.” FSP
<font style="WHITE-SPACE: nowrap">No. FAS 140-4</font>
and FIN 46(R)-8 requires enhanced disclosures about
transfers of financial assets and interests in VIEs,
and was effective for the firm beginning in the
<font style="WHITE-SPACE: nowrap">one-month</font>
transition period ended December 2008. Since the FSP
requires only additional disclosures concerning
transfers of financial assets and interests in VIEs,
adoption of the FSP did not affect the firm’s financial
condition, results of operations or cash flows.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>EITF Issue <font style=
"WHITE-SPACE: nowrap">No. 07-5.  </font></b>In
June 2008, the EITF reached consensus on Issue
<font style="WHITE-SPACE: nowrap">No. 07-5,</font>
“Determining Whether an Instrument (or Embedded
Feature) Is Indexed to an Entity’s Own Stock.” EITF
Issue <font style="WHITE-SPACE: nowrap">No. 07-5</font>
provides guidance about whether an instrument (such as
the firm’s outstanding common stock warrants) should be
classified as equity and not subsequently recorded at
fair value. The firm adopted EITF Issue <font style=
"WHITE-SPACE: nowrap">No. 07-5</font> in the first
quarter of fiscal 2009. Adoption of EITF Issue
<font style="WHITE-SPACE: nowrap">No. 07-5</font> did
not affect the firm’s financial condition, results of
operations or cash flows.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>FASB Staff Position <font style=
"WHITE-SPACE: nowrap">No. FAS 157-4.  </font></b>In
April 2009, the FASB issued FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 157-4,</font>
“Determining Fair Value When the Volume and Level of
Activity for the Asset or Liability Have Significantly
Decreased and Identifying Transactions That Are Not
Orderly.” The FSP provides guidance for estimating fair
value when the volume and level of activity for an
asset or liability have decreased significantly.
Specifically, the FSP lists factors which should be
evaluated to determine whether a transaction is
orderly, clarifies that adjustments to transactions or
quoted prices may be necessary when the volume and
level of activity for an asset or liability have
decreased significantly, and provides guidance for
determining the concurrent weighting of the transaction
price relative to fair value indications from other
valuation techniques when estimating fair value. The
firm adopted FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 157-4</font> in the
second quarter of 2009. Since the firm’s fair value
methodologies were consistent with FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 157-4,</font> adoption of
the FSP did not affect the firm’s financial condition,
results of operations or cash flows.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>FASB Staff Position <font style=
"WHITE-SPACE: nowrap">No. FAS 115-2</font> and
<font style=
"WHITE-SPACE: nowrap">FAS 124-2.  </font></b>In
April 2009, the FASB issued FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 115-2</font> and
<font style="WHITE-SPACE: nowrap">FAS 124-2,</font>
“Recognition and Presentation of <font style=
"WHITE-SPACE: nowrap">Other-Than-Temporary</font>
Impairments.” Under the FSP, only the portion of an
<font style=
"WHITE-SPACE: nowrap">other-than-temporary</font>
impairment on a debt security related to credit loss is
recognized in current period earnings, with the
remainder recognized in other comprehensive income, if
the holder does not intend to sell the security and it
is more likely than not that the holder will not be
required to sell the security prior to recovery.
Previously, the entire <font style=
"WHITE-SPACE: nowrap">other-than-temporary</font>
impairment was recognized in current period earnings.
The firm adopted FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 115-2</font> and
<font style="WHITE-SPACE: nowrap">FAS 124-2</font> in
the second quarter of 2009. Adoption of the FSP did not
have a material effect on the firm’s financial
condition, results of operations or cash flows.
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
  
</div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>FASB Staff Position <font style=
"WHITE-SPACE: nowrap">No. FAS 107-1</font> and APB
<font style="WHITE-SPACE: nowrap">28-1.  </font></b>In
April 2009, the FASB issued FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 107-1</font> and APB
<font style="WHITE-SPACE: nowrap">28-1,</font> “Interim
Disclosures about Fair Value of Financial Instruments.”
The FSP requires that the fair value disclosures
prescribed by FASB Statement No. 107, “Disclosures
about Fair Value of Financial Instruments” be included
in financial statements prepared for interim periods.
The firm adopted FSP <font style=
"WHITE-SPACE: nowrap">No. FAS 107-1</font> and APB
<font style="WHITE-SPACE: nowrap">28-1</font> in the
second quarter of 2009. The adoption of the FSP did not
affect the firm’s financial condition, results of
operations or cash flows.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>SFAS No. 165.  </b>In May 2009, the FASB issued
SFAS No. 165, “Subsequent Events,” which codifies the
guidance regarding the disclosure of events occurring
subsequent to the balance sheet date. SFAS No. 165 does
not change the definition of a subsequent event
(i.e., an event or transaction that occurs after the
balance sheet date but before the financial statements
are issued) but requires disclosure of the date through
which subsequent events were evaluated when determining
whether adjustment to or disclosure in the financial
statements is required. SFAS No. 165 was effective for
the firm for the second quarter of 2009. For the second
quarter of 2009, the firm evaluated subsequent events
through August 4, 2009. Since SFAS No. 165 requires
only additional disclosures concerning subsequent
events, adoption of the standard did not affect the
firm’s financial condition, results of operations or
cash flows.
</div>
<div style="MARGIN-TOP: 6pt; FONT-SIZE: 1pt"></div>
<div style=
"FONT-SIZE: 10pt; BACKGROUND: #ffffff; MARGIN-LEFT: 0%; COLOR: #000000; TEXT-INDENT: 5%; MARGIN-RIGHT: 0%; FONT-FAMILY: Arial, Helvetica"
align="left">
<b>SFAS No. 166 and 167.  </b>In June 2009, the FASB
issued SFAS No. 166, “Accounting for Transfers of
Financial Assets — an amendment of FASB Statement
No. 140” and SFAS No. 167, “Amendments to FASB
Interpretation No. 46(R),” which change the accounting
for securitizations and VIEs. SFAS No. 166 will
eliminate the concept of a QSPE, change the
requirements for derecognizing financial assets, and
require additional disclosures about transfers of
financial assets, including securitization transactions
and continuing involvement with transferred financial
assets. SFAS No. 167 will change the determination of
when a VIE should be consolidated. Under SFAS No. 167,
the determination of whether to consolidate a VIE is
based on the power to direct the activities of the VIE
that most significantly impact the VIE’s economic
performance together with either the obligation to
absorb losses or the right to receive benefits that
could be significant to the VIE, as well as the VIE’s
purpose and design. Both Statements are effective for
fiscal years beginning after November 15, 2009. The
firm is currently evaluating the impact of adopting
SFAS No. 166 and 167 on its financial condition,
results of operations and cash flows.
</div>
</div>
</div>
</div>
</div>
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In connection with becoming a bank holding company, the firm was required to change its fiscal year-end from November to December. The beginning of period for the six months ended June 2009 is December 26, 2008.
Relates to repurchases of common stock by a broker-dealer subsidiary to facilitate customer transactions in the ordinary course of business and shares withheld to satisfy withholding tax requirements.