Summary of GOLDMAN SACHS GROUP INC

Item 2.02 Results of Operations and Financial Condition.

On October 15, 2009, The Goldman Sachs Group, Inc. (Group Inc. and, together with its consolidated subsidiaries, the firm) reported its earnings for its fiscal third quarter ended September 25, 2009. A copy of Group Inc.'s press release containing this information is being furnished as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Group Inc. under the Securities Act of 1933 or the Exchange Act. Item 8.01 Other Events.

On October 15, 2009, Group Inc. reported net revenues of $12.37 billion and net earnings of $3.19 billion for its third quarter ended September 25, 2009. Diluted earnings per common share were $5.25 compared with $1.81 for the third quarter ended August 29, 2008 and $4.93 for the second quarter ended June 26, 2009. Annualized return on average common shareholders' equity (ROE) (1) was 21.4% for the third quarter of 2009 and 19.2% for the first nine months of 2009.

Net Revenues Investment Banking
Net revenues in Investment Banking were $899 million, 31% lower than the third quarter of 2008 and 38% lower than the second quarter of 2009.
Net revenues in Financial Advisory were $325 million, 47% lower than the third quarter of 2008, primarily reflecting a significant decline in industry-wide completed mergers and acquisitions. Net revenues in the firm's Underwriting business were $574 million, 15% lower than the third quarter of 2008, due to significantly lower net revenues in debt underwriting, partially offset by higher net revenues in equity underwriting. The decrease in debt underwriting primarily reflected a decline in net revenues from leveraged loans. The increase in equity underwriting primarily reflected an increase in industry-wide initial public offerings. The firm's investment banking transaction backlog increased significantly during the quarter. (2)
Trading and Principal Investments
Net revenues in Trading and Principal Investments were $10.03 billion, significantly higher than the third quarter of 2008 and 7% lower than a record second quarter of 2009.

- 2 -

Table of Contents

Net revenues in Fixed Income, Currency and Commodities (FICC) were $5.99 billion, significantly higher than the third quarter of 2008. These results reflected strong performances in credit products and mortgages, which were significantly higher compared with a difficult third quarter of 2008. Net revenues in interest rate products were also strong and significantly higher compared with the third quarter of 2008, while net revenues in commodities and currencies were lower compared with the same prior year period. During the quarter, FICC operated in an environment characterized by solid client activity levels, tighter credit spreads and a general improvement in asset values. Net revenues in Equities were $2.78 billion, 78% higher than the third quarter of 2008. These results reflected strong net revenues in derivatives, which were significantly higher than the third quarter of 2008, as well as a solid performance in shares. In addition, net revenues in principal strategies improved significantly compared with a difficult third quarter of 2008. Commissions declined compared with the third quarter of 2008. During the quarter, Equities operated in an environment generally characterized by a significant increase in global equity prices, favorable market opportunities and a decline in volatility levels.
Principal Investments recorded net revenues of $1.26 billion for the third quarter of 2009. These results included a gain of $977 million from corporate principal investments, a gain of $344 million related to the firm's investment in the ordinary shares of Industrial and Commercial Bank of China Limited (ICBC) and a loss of $66 million from real estate principal investments. Asset Management and Securities Services Net revenues in Asset Management and Securities Services were $1.45 billion, 29% lower than the third quarter of 2008 and 6% lower than the second quarter of 2009.
Asset Management net revenues were $974 million, 14% lower than the third quarter of 2008, primarily reflecting the impact of changes in the composition of assets managed. During the third quarter of 2009, assets under management increased $29 billion to $848 billion, due to $39 billion of market appreciation, primarily in equity and fixed income assets, partially offset by $10 billion of net outflows. Net outflows primarily reflected outflows in money market assets, partially offset by inflows in fixed income assets. Securities Services net revenues were $472 million, 48% lower than the third quarter of 2008. The decrease in net revenues primarily reflected the impact of lower customer balances compared with the third quarter of 2008.

- 3 -

Table of Contents

Expenses Operating expenses were $7.58 billion, 49% higher than the third quarter of 2008 and 13% lower than the second quarter of 2009. Compensation and Benefits
Compensation and benefits expenses (including salaries, estimated year-end discretionary compensation, amortization of equity awards and other items such as payroll taxes, severance costs and benefits) were $5.35 billion, which was higher than the third quarter of 2008, due to higher net revenues. The ratio of compensation and benefits to net revenues was 43.3% for the third quarter of 2009 (compared with 48.3% for the second quarter of 2009), resulting in a ratio of compensation and benefits to net revenues of 47.0% for the first nine months of 2009. This ratio was 49.0% for the first six months of 2009 and 48.0% for the first nine months of 2008.
Non-Compensation Expenses
Non-compensation expenses were $2.23 billion, 2% higher than the third quarter of 2008 and 7% higher than the second quarter of 2009. The increase compared with the third quarter of 2008 reflected the impact of a $200 million charitable contribution to The Goldman Sachs Foundation and $36 million of net provisions for litigation and regulatory proceedings during the third quarter of 2009, partially offset by the impact of lower transaction volumes in Equities. Provision for Taxes
The effective income tax rate for the first nine months of 2009 was 32.2%, up slightly from 31.5% for the first half of 2009.
Capital As of September 25, 2009, total capital was $255.07 billion, consisting of $65.35 billion in total shareholders' equity (common shareholders' equity of $58.40 billion and preferred stock of $6.96 billion) and $189.72 billion in unsecured long-term borrowings. Book value per common share was $110.75 and tangible book value per common share (3) was $101.39, an increase of 4% and 5%, respectively, during the quarter. Book value and tangible book value per common share are based on common shares outstanding, including restricted stock units granted to employees with no future service requirements, of 527.3 million at period end.
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. Excluding this repurchase, book value and tangible book value per common share
(3) increased 6% and 7%, respectively, during the quarter.

- 4 -

Table of Contents

Under the regulatory capital guidelines currently applicable to bank holding companies, the firm's Tier 1 capital ratio under Basel I (4) was 14.5% as of September 25, 2009, up from 13.8% as of June 26, 2009. The firm's Tier 1 common ratio (4) under Basel I was 11.6% as of September 25, 2009, up from 10.9% as of June 26, 2009. The firm's ratio of tangible common shareholders' equity (3) to Basel I risk-weighted assets (4) was 13.1% as of September 25, 2009, up from 12.4% as of June 26, 2009.
The firm also assesses its capital adequacy using an internal risk-based methodology, which is generally consistent with Basel II. Under this methodology, the firm's Tier 1 capital ratio (4) was 16.0% as of September 25, 2009.
Other Balance Sheet and Liquidity Metrics
• Total assets (5) were $882 billion as of September 25, 2009, down slightly from June 26, 2009.

• Level 3 assets (5) were approximately $50 billion as of September 25, 2009 (down from $54 billion as of June 26, 2009) and represented 5.7% of total assets.

• Average global core excess (6) liquidity was $167 billion for the third quarter of 2009, down slightly from $171 billion for the second quarter of 2009.

Dividends The Board of Directors of Group Inc. (the Board) declared a dividend of $0.35 per common share to be paid on December 30, 2009 to common shareholders of record on December 2, 2009. The Board also declared dividends of $239.58, $387.50, $255.56 and $255.56 per share of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock, respectively (represented by depositary shares, each representing a 1/1,000th interest in a share of preferred stock), to be paid on November 10, 2009 to preferred shareholders of record on October 26, 2009. In addition, the Board declared a dividend of $2,500 per share of Series G Preferred Stock to be paid on November 10, 2009 to preferred shareholders of record on October 26, 2009.

- 5 -

Table of Contents

Cautionary Note Regarding Forward-Looking Statements This Report on Form 8-K contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent only the firm's beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm's control. It is possible that the firm's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the firm's future results and financial condition, see "Risk Factors" in Part I, Item 1A of the firm's Annual Report on Form 10-K for the fiscal year ended November 28, 2008 and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of the firm's Annual Report on Form 10-K for the fiscal year ended November 28, 2008.
Certain of the information regarding the firm's Tier 1 capital ratios, risk-weighted assets, total assets, level 3 assets and average global core excess liquidity consist of preliminary estimates; these estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its quarterly financial statements.
Statements about the firm's investment banking transaction backlog also may constitute forward-looking statements. Such statements are subject to the risk that the terms of these transactions may be modified or that they may not be completed at all; therefore, the net revenues, if any, that the firm actually earns from these transactions may differ, possibly materially, from those currently expected. Important factors that could result in a modification of the terms of a transaction or a transaction not being completed include, in the case of underwriting transactions, a decline or continued weakness in general economic conditions, outbreak of hostilities, volatility in the securities markets generally or an adverse development with respect to the issuer of the securities and, in the case of financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. For a discussion of other important factors that could adversely affect the firm's investment banking transactions, see "Risk Factors" in Part I, Item 1A of the firm's Annual Report on Form 10-K for the fiscal year ended November 28, 2008 and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of the firm's Annual Report on Form 10-K for the fiscal year ended November 28, 2008.

- 6 -

Table of Contents

                 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
                              SEGMENT NET REVENUES
                                  (UNAUDITED)
                                 $ in millions

                                                       Three Months Ended                                % Change From
                                      September 25,         June 26,          August 29,           June 26,        August 29,
                                          2009                2009               2008                2009             2008
. . .