Goldman Saches Q2 2008

segments --Net revenues in Investment Banking were $1.69 billion, 2% lower than the second quarter of 2007 and 44% higher than the first quarter of 2008. --Net revenues in Trading and Principal Investments were $5.59 billion, 16% lower than the second quarter of 2007 and 9% higher than the first quarter of 2008 a.Net revenues in Fixed Income, Currency and Commodities (FICC) were $2.38 billion, 29% lower than the second quarter of 2007, reflecting significantly lower results in credit products. Credit products included a loss of approximately $775 million (including a loss of approximately $500 million from hedges) related to non-investment-grade credit origination activities, and lower results from investments compared with the second quarter of 2007. b.The decrease in credit products was partially offset by higher net revenues in mortgages, which improved from a difficult second quarter of 2007, as well as higher net revenues in interest rate products, commodities and currencies. c.Principal Investments (e.g ICBC) recorded net revenues of $725 million for the second quarter of 2008 --Net revenues in Asset Management and Securities Services were $2.15 billion, 18% higher than the second quarter of 2007 and 5% higher than the first quarter of 2008. Asset manager, mortgage, and commodity (largest commodity trader) offset the loss in credit products.