Credit Ratings: As part of its review of ratings of a number of global financial institutions, on June 21, 2012, Moody's Investors Service (Moody's) downgraded the credit ratings for The Goldman Sachs Group, Inc. (Group Inc.), Goldman Sachs Bank USA (GS Bank USA) and a number of other global financial institutions. Moody's current unsecured credit ratings for Group Inc., GS Bank USA and Goldman, Sachs & Co. (GS&Co.) as of June 21, 2012 are provided below:

               Short-Term      Long-Term     Subordinated      Rating        Trust        Preferred     Rating
                  Debt           Debt1           Debt         Outlook      Preferred2      Stock3       Outlook

Group Inc.        P-2             A3             Baa1         Negative        Baa3           Ba2        Stable

1 Includes the senior guaranteed trust securities issued by Murray Street Investment Trust I.

2 Trust preferred securities issued by Goldman Sachs Capital I.

3 Includes Group Inc.'s non-cumulative preferred stock and the Normal Automatic Preferred Enhanced Capital Securities (APEX) issued by Goldman Sachs Capital II and Goldman Sachs Capital III.

                    Short-Term    Short-Term     Long-Term     Long-Term     Rating
                       Debt      Bank Deposits     Debt      Bank Deposits   Outlook

      GS Bank USA      P-1            P-1           A2            A2         Stable
      GS&Co.           P-1            N/A           N/A           N/A          N/A