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Goldman Sachs Bank USA

Salt Lake City, UT · Cert 57485

FDIC

Q3 2008

$21.6BAssets
$2.8BLoans
$18.6BDeposits
$2.7BEquity
Deposit mix
100%Interest-bearing $18.6B0%Noninterest $0.0BQ3 2007Q3 2008

NIM

2.07%Q3 ’064.96%Q3 ’073.15%Q3 ’08+19%+62%

Non-interest income vs. expense

0.06%Q3 ’060.17%Q3 ’070.86%Q3 ’08+1772%+285%

Executive Summary

  • Earnings: ROA of -2.40%, down 204 bps year over year; NIM at 1.06%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 15.02% of deposits as of Q3 2008.

Financial Results

Return on Assets (YTD, annualized)

-2.40%-204 bps YoY

Net Interest Margin (YTD, annualized)

1.06%+41 bps YoY

Efficiency Ratio (YTD, annualized)

n/a

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2007Q4 2007Q1 2008Q2 2008Q3 2008YoY ΔTrend
Earnings
Return on Assets-0.36%-0.79%-6.56%-2.43%-2.40%-204 bps
Return on Equity-3.37%-7.94%-77.03%-27.39%-24.80%-2,143 bps
Net Interest Margin0.65%0.59%0.55%0.58%1.06%+41 bps
Efficiency Ration/an/an/an/an/an/a
Non-Interest Burden1.19%1.76%10.86%4.34%4.57%+338 bps
Growth
Asset Growth (YoY)41.60%51.22%70.80%71.19%44.53%+294 bps
Loan Growth (YoY)1650%255%1826%763%115.51%-153,434 bps
Deposit Growth (YoY)48.62%58.77%72.28%71.61%39.76%-885 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Allowance / Loans0.08%0.07%0.07%0.06%0.07%-1 bps
Allowance Coverage of NPLsn/an/an/an/an/an/an/a
Capital
Tier 1 Leverage Ration/an/an/an/an/an/an/a
Total Risk-Based Capital22.94%13.15%18.24%18.48%22.38%-56 bps
Equity / Assets10.14%7.51%9.27%9.52%12.35%+220 bps
Liquidity & Funding
Loans / Deposits9.74%10.00%10.57%12.26%15.02%+528 bps
Liquid Assets / Assets0.08%0.07%0.06%0.01%0.00%-8 bps
CRE / Total Capitaln/an/an/an/an/an/an/a