Leh Q3 2007

--drivers: equity underwriting a.corporate takover $100 bil deals, up 11% b.equity underwriting, $5.5 bil deals, up 35% --concerns, $26 bill LBO loan commitment, 115% --FI capital market recorded substantial valuation reduction, most significantly on leveraged loan commitments and residential mortgage-related positions. offset by valuation gains on economic hedges and other liabilities, resulting in net reduction of $700 mil. --Invesment banking divers: record advisory net revenues (doubled to $425 mil) as well as equity originiation (62% to $296 mil) --Investment Management up 32% to $802 mil ( driven by private investmenet management net revenues 30% to $334 mil)