Goldman Sachs Reports Third Quarter Earnings Per Common Share of $2.88 and Increases the Quarterly Dividend to $0.55 Per Common Share Business Wire NEW YORK -- October 17, 2013 The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $6.72billion and net earnings of $1.52billion for the third quarter ended September30,2013. Diluted earnings per common share were $2.88 compared with $2.85 for the third quarter of 2012 and $3.70 for the second quarter of 2013. Annualized return on average common shareholders’ equity (ROE)^(1) was 8.1% for the third quarter of 2013 and 10.4% for the first nine months of 2013. Highlights *Goldman Sachs continued its leadership in investment banking, ranking first in worldwide announced and completed mergers and acquisitions for the year-to-date.^(2) *The firm ranked first in worldwide equity and equity-related offerings, common stock offerings and initial public offerings for the year-to-date.^(2) *Assets under supervision^(3) increased to a record $991billion, with net inflows in long-term assets under supervision^(3) of $16billion during the quarter. *The firm continues to manage its liquidity and capital conservatively. The firm’s global core excess liquidity^(4) was $175 billion^(5) as of September30,2013. In addition, the firm’s Tier1 capital ratio^(6) was 16.3%^(5) and the firm’s Tier1 common ratio^(6) was 14.2%^(5) as of September30,2013, in each case under Basel1 and reflecting the revised market risk regulatory capital requirements which became effective on January1,2013. _____________ “The third quarter’s results reflected a period of slow client activity,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer. “Still, we saw various signs that our clients are prepared to act on significant transactions and we believe that the firm is well positioned to help our clients accomplish their objectives. As longer term U.S. budget issues are resolved, we could see an improvement in corporate and investor sentiment that would help lay the basis for a more sustained recovery.” Net Revenues Investment Banking Net revenues in Investment Banking were $1.17billion, essentially unchanged compared with the third quarter of 2012 and 25% lower than the second quarter of 2013. Net revenues in Financial Advisory were $423million, 17% lower than the third quarter of 2012, reflecting a decrease in industry-wide completed mergers and acquisitions. Net revenues in the firm’s Underwriting business were $743million, 13% higher than the third quarter of 2012. This increase reflected significantly higher net revenues in equity underwriting, primarily due to higher net revenues from initial public offerings. Net revenues in debt underwriting were essentially unchanged compared with the third quarter of 2012. The firm’s investment banking transaction backlog increased significantly compared with the end of the second quarter of 2013.^(7) Institutional Client Services Net revenues in Institutional Client Services were $2.86billion, 32% lower than the third quarter of 2012 and 34% lower than the second quarter of 2013. Net revenues in Fixed Income, Currency and Commodities Client Execution were $1.25billion, 44% lower than the third quarter of 2012, reflecting significantly lower net revenues in mortgages and interest rate products, as well as in currencies. In addition, net revenues in credit products were lower, while net revenues in commodities were higher compared with the third quarter of 2012. During the third quarter of 2013, Fixed Income, Currency and Commodities Client Execution operated in a challenging environment, which was characterized by economic uncertainty, difficult market-making conditions in certain businesses and lower levels of activity. Net revenues in Equities were $1.62billion, 18% lower than the third quarter of 2012, primarily due to the sale of the firm’s Americas reinsurance business^(8). Net revenues in equities client execution (excluding net revenues from the firm’s Americas reinsurance business) and commissions and fees were both essentially unchanged compared with the third quarter of 2012. In addition, securities services net revenues were lower compared with the third quarter of 2012, primarily due to the sale of the firm’s hedge fund administration business in 2012. Although global equity prices increased during the quarter, Equities operated in an environment characterized by lower levels of activity and volatility. The net loss attributable to the impact of changes in the firm’s own credit spreads on borrowings for which the fair value option was elected was $72million ($47million and $25million related to Fixed Income, Currency and Commodities Client Execution and equities client execution, respectively) for the third quarter of 2013, compared with a net loss of $370million ($225million and $145million related to Fixed Income, Currency and Commodities Client Execution and equities client execution, respectively) for the third quarter of 2012. Investing & Lending Net revenues in Investing & Lending were $1.48billion for the third quarter of 2013. Results for the third quarter of 2013 included net gains of $938million from investments in equities, primarily in private equities, driven by strong corporate performance and company-specific events. In addition, Investing & Lending net revenues included net interest income and net gains of $300million from debt securities and loans, and other net revenues of $237million related to the firm’s consolidated investments. Investment Management Net revenues in Investment Management were $1.22billion, 2% higher than the third quarter of 2012 and 9% lower than the second quarter of 2013. The increase in net revenues compared with the third quarter of 2012 reflected higher management and other fees, primarily due to higher average assets under supervision and favorable changes in the mix of assets under supervision, partially offset by lower transaction revenues. During the quarter, total assets under supervision^(3) increased $36billion to $991billion. Long-term assets under supervision^(3) increased $35billion, reflecting market appreciation of $19billion, primarily in equity assets, and net inflows of $16billion, primarily in fixed income assets. In addition, liquidity products^(3) increased $1billion. Expenses Operating expenses were $4.56billion, 25% lower than the third quarter of 2012 and 24% lower than the second quarter of 2013. Compensation and Benefits The accrual for compensation and benefits expenses (including salaries, estimated year-end discretionary compensation, amortization of equity awards and other items such as benefits) was $2.38billion for the third quarter of 2013, 35% lower than the third quarter of 2012. The ratio of compensation and benefits to net revenues for the first nine months of 2013 was 41.0%, compared with 43.0% for the first six months of 2013 and 44.0% for the first nine months of 2012. Total staff^(9) increased 3% compared with the end of the second quarter of 2013. Non-Compensation Expenses Non-compensation expenses were $2.17billion, 9% lower than the third quarter of 2012 and 4% lower than the second quarter of 2013. The decrease compared with the third quarter of 2012 included a decline in insurance reserves, reflecting the sale of the firm’s Americas reinsurance business, and lower depreciation and amortization expense, primarily reflecting lower expenses related to consolidated investments. These decreases were partially offset by increased net provisions for litigation and regulatory proceedings and higher brokerage, clearing, exchange and distribution fees. The third quarter of 2013 included net provisions for litigation and regulatory proceedings of $142million. Provision for Taxes The effective income tax rate for the first nine months of 2013 was 30.3%, essentially unchanged compared with 30.4% for the first half of 2013. Capital As of September30,2013, total capital was $245.70billion, consisting of $77.62billion in total shareholders’ equity (common shareholders’ equity of $70.42billion and preferred stock of $7.20billion) and $168.08billion in unsecured long-term borrowings. Book value per common share was $153.58 and tangible book value per common share^(10) was $143.86, both approximately 2% higher compared with the end of the second quarter of 2013. 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 458.5million as of September30,2013. During the quarter, the firm repurchased 10.2million shares of its common stock at an average cost per share of $161.59, for a total cost of $1.65billion. The remaining share authorization under the firm’s existing repurchase program is 65.7million shares.^(11) On October1,2013, Berkshire Hathaway Inc. and certain of its subsidiaries (collectively, Berkshire Hathaway) exercised in full their warrant to purchase shares of the firm’s common stock. The warrant agreement required net share settlement and the firm delivered 13.1million shares of common stock to Berkshire Hathaway on October4,2013. The impact to both the firm’s book value per common share and tangible book value per common share was a reduction of approximately 3% in October. Under the regulatory capital requirements currently applicable to bank holding companies, the firm’s Tier1 capital ratio^(6) was 16.3%^(5) and the firm’s Tier1 common ratio^(6) was 14.2%^(5) as of September30,2013, up from 15.6% and 13.5%, respectively, as of June30,2013 (in each case under Basel1 and reflecting the revised market risk regulatory capital requirements which became effective on January1,2013). Other Balance Sheet and Liquidity Metrics *The firm’s global core excess liquidity (GCE)^(4) was $175 billion^(5) as of September30,2013 and averaged $187billion^(5) for the third quarter of 2013, compared with an average of $180billion for the second quarter of 2013. *Total assets ^ were $923billion^(5) as of September30,2013, compared with $938billion as of June30,2013. *Level 3 assets ^ were $42billion^(5) as of September30,2013, compared with $43billion as of June30,2013, and represented 4.5% of total assets. Dividends The Board of Directors of The Goldman Sachs Group, Inc. increased the firm’s quarterly dividend to $0.55 per common share from $0.50 per common share. The dividend will be paid on December30,2013 to common shareholders of record on December2,2013. The firm also declared dividends of $239.58, $387.50, $255.56, $255.56, $371.88 and $343.75 per share of SeriesA Preferred Stock, SeriesB Preferred Stock, SeriesC Preferred Stock, SeriesD Preferred Stock, SeriesI Preferred Stock and SeriesJ Preferred Stock, respectively (represented by depositary shares, each representing a 1/1,000th interest in a share of preferred stock), to be paid on November12,2013 to preferred shareholders of record on October28,2013. In addition, the firm declared dividends of $1,000.00 per each share of SeriesE Preferred Stock and SeriesF Preferred Stock, to be paid on December2,2013 to preferred shareholders of record on November17,2013. ______________ The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. Cautionary Note Regarding Forward-Looking Statements This press release 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 PartI, Item1A of the firm’s Annual Report on Form10-K for the year ended December31,2012. Certain of the information regarding the firm’s capital ratios, risk-weighted assets, total assets, level3 assets and 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 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 PartI, Item1A of the firm’s Annual Report on Form10-K for the year ended December31,2012. Conference Call A conference call to discuss the firm’s results, outlook and related matters will be held at 9:30am(ET). The call will be open to the public. Members of the public who would like to listen to the conference call should dial 1-888-281-7154 (U.S. domestic) or 1-706-679-5627 (international). The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the firm’s web site, www.gs.com/shareholders. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the firm’s web site or by dialing 1-855-859-2056 (U.S. domestic) or 1-404-537-3406 (international) passcode number 32039597, beginning approximately two hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at email@example.com. THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES SEGMENT NET REVENUES (UNAUDITED) $ in millions Three Months Ended % Change From September June September June September 30, 30, 30, 30, 30, 2013 2013 2012 2013 2012 Investment Banking Financial $ 423 $ 486 $ 509 (13 ) % (17 ) % Advisory Equity 276 371 189 (26 ) 46 underwriting Debt 467 695 466 (33 ) - underwriting Total 743 1,066 655 (30 ) 13 Underwriting Total Investment 1,166 1,552 1,164 (25 ) - Banking Institutional Client Services Fixed Income, Currency and Commodities 1,247 2,463 2,224 (49 ) (44 ) Client Execution Equities client 549 638 847 (14 ) (35 ) execution ^(8) Commissions 727 836 721 (13 ) 1 and fees Securities 340 376 392 (10 ) (13 ) services Total 1,616 1,850 1,960 (13 ) (18 ) Equities Total Institutional 2,863 4,313 4,184 (34 ) (32 ) Client Services Investing & Lending Equity 938 462 923 103 2 securities Debt securities 300 658 558 (54 ) (46 ) and loans Other 237 295 323 (20 ) (27 ) Total Investing & 1,475 1,415 1,804 4 (18 ) Lending Investment Management Management and other 1,085 1,098 1,016 (1 ) 7 fees Incentive 71 118 82 (40 ) (13 ) fees Transaction 62 116 101 (47 ) (39 ) revenues Total Investment 1,218 1,332 1,199 (9 ) 2 Management Total net $ 6,722 $ 8,612 $ 8,351 (22 ) (20 ) revenues Nine Months Ended % Change From September September September 30, 30, 30, 2013 2012 2012 Investment Banking Financial $ 1,393 $ 1,467 (5 ) % Advisory Equity 1,037 683 52 underwriting Debt 1,856 1,371 35 underwriting Total 2,893 2,054 41 Underwriting Total Investment 4,286 3,521 22 Banking Institutional Client Services Fixed Income, Currency and Commodities 6,927 7,876 (12 ) Client Execution Equities client 1,996 2,407 (17 ) execution ^(8) Commissions 2,356 2,331 1 and fees Securities 1,036 1,168 (11 ) services Total 5,388 5,906 (9 ) Equities Total Institutional 12,315 13,782 (11 ) Client Services Investing & Lending Equity 2,527 1,677 51 securities Debt securities 1,524 1,365 12 and loans Other 907 876 4 Total Investing & 4,958 3,918 27 Lending Investment Management Management and other 3,243 3,038 7 fees Incentive 329 357 (8 ) fees Transaction 293 311 (6 ) revenues Total Investment 3,865 3,706 4 Management Total net $ 25,424 $ 24,927 2 revenues THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) In millions, except per share amounts and total staff Three Months Ended % Change From September June September June September 30, 30, 30, 30, 30, 2013 2013 2012 2013 2012 Revenues Investment $ 1,166 $ 1,552 $ 1,168 (25 ) % - % banking Investment 1,153 1,267 1,147 (9 ) 1 management Commissions and 765 873 748 (12 ) 2 fees Market making 1,364 2,692 2,650 (49 ) (49 ) Other principal 1,434 1,402 1,802 2 (20 ) transactions Total non-interest 5,882 7,786 7,515 (24 ) (22 ) revenues Interest income 2,398 2,663 2,629 (10 ) (9 ) Interest expense 1,558 1,837 1,793 (15 ) (13 ) Net interest 840 826 836 2 - income Net revenues, including net 6,722 8,612 8,351 (22 ) (20 ) interest income Operating expenses Compensation and 2,382 3,703 3,675 (36 ) (35 ) benefits Brokerage, clearing, exchange and 573 613 547 (7 ) 5 distribution fees Market 117 140 123 (16 ) (5 ) development Communications 202 182 190 11 6 and technology Depreciation and 280 266 396 5 (29 ) amortization Occupancy 205 210 217 (2 ) (6 ) Professional 211 218 205 (3 ) 3 fees Insurance - 49 153 (100 ) (100 ) reserves Other expenses 585 586 547 - 7 Total non-compensation 2,173 2,264 2,378 (4 ) (9 ) expenses Total operating 4,555 5,967 6,053 (24 ) (25 ) expenses Pre-tax earnings 2,167 2,645 2,298 (18 ) (6 ) Provision for 650 714 786 (9 ) (17 ) taxes Net earnings 1,517 1,931 1,512 (21 ) - Preferred stock 88 70 54 26 63 dividends Net earnings applicable to $ 1,429 $ 1,861 $ 1,458 (23 ) (2 ) common shareholders Earnings per common share Basic ^(12) $ 3.07 $ 3.92 $ 2.95 (22 ) % 4 % Diluted 2.88 3.70 2.85 (22 ) 1 Average common shares outstanding Basic 463.4 473.2 491.2 (2 ) (6 ) Diluted 496.4 503.5 510.9 (1 ) (3 ) Selected Data Total staff at 32,600 31,700 32,600 3 - period-end ^ (9) THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) In millions, except per share amounts Nine Months Ended % Change From September September September 30, 30, 30, 2013 2012 2012 Revenues Investment banking $ 4,286 $ 3,534 21 % Investment management 3,670 3,518 4 Commissions and fees 2,467 2,407 2 Market making 7,493 8,652 (13 ) Other principal 4,917 3,909 26 transactions Total non-interest 22,833 22,020 4 revenues Interest income 7,669 8,517 (10 ) Interest expense 5,078 5,610 (9 ) Net interest income 2,591 2,907 (11 ) Net revenues, including 25,424 24,927 2 net interest income Operating expenses Compensation and 10,424 10,968 (5 ) benefits Brokerage, clearing, exchange and 1,747 1,658 5 distribution fees Market development 398 369 8 Communications and 572 588 (3 ) technology Depreciation and 848 1,238 (32 ) amortization Occupancy 633 643 (2 ) Professional fees 675 652 4 Insurance reserves 176 431 (59 ) Other expenses 1,766 1,486 19 Total non-compensation 6,815 7,065 (4 ) expenses Total operating 17,239 18,033 (4 ) expenses Pre-tax earnings 8,185 6,894 19 Provision for taxes 2,477 2,311 7 Net earnings 5,708 4,583 25 Preferred stock 230 124 85 dividends Net earnings applicable $ 5,478 $ 4,459 23 to common shareholders Earnings per common share Basic ^(12) $ 11.55 $ 8.85 31 % Diluted 10.89 8.57 27 Average common shares outstanding Basic 472.7 501.1 (6 ) Diluted 503.2 520.1 (3 ) THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES SELECTED FINANCIAL DATA (UNAUDITED) Average Daily VaR ^(13) $ in millions Three Months Ended September June September 30, 30, 30, 2013 2013 2012 Risk Categories Interest rates $ 68 $ 59 $ 73 Equity prices 30 30 21 Currency rates 17 23 12 Commodity 17 19 22 prices Diversification (48 ) (50 ) (47 ) effect ^ (13) Total $ 84 $ 81 $ 81 Assets Under Supervision ^ (3) $ in billions As of % Change From September June September June September 30, 30, 30, 30, 30, 2013 2013 2012 2013 2012 Assets under $ 878 $ 849 $ 856 3 % 3 % management Other client 113 106 95 7 19 assets Assets under supervision $ 991 $ 955 $ 951 4 4 (AUS) Asset Class Alternative $ 144 $ 143 $ 154 1 % (6 ) % investments Equity 190 173 156 10 22 Fixed income 429 412 406 4 6 Long-term AUS 763 728 716 5 7 ^(3) Liquidity 228 227 235 - (3 ) products ^(3) Total AUS $ 991 $ 955 $ 951 4 4 Three Months Ended September June September 30, 30, 30, 2013 2013 2012 Balance, beginning of $ 955 $ 968 $ 916 period Net inflows / (outflows) Alternative - (4 ) 8 investments Equity 4 1 (3 ) Fixed income 12 10 ^(14) 9 Long-term AUS net inflows / 16 7 14 (outflows) Liquidity 1 (9 ) (1 ) products Total AUS net inflows / 17 (2 ) 13 (outflows) Net market appreciation / 19 (11 ) 22 (depreciation) Balance, end of $ 991 $ 955 $ 951 period Footnotes Annualized ROE is computed by dividing annualized net earnings applicable (1) to common shareholders by average monthly common shareholders’ equity. The table below presents the firm’s average common shareholders’ equity: Average for the Three Nine Months Months Ended Ended Unaudited, in September September millions 30, 2013 30, 2013 Total shareholders' $ 77,551 $ 77,225 equity Preferred (7,200) (6,800) stock Common shareholders’ $ 70,351 $ 70,425 equity (2) Thomson Reuters – January 1, 2013 through September 30, 2013. Assets under supervision (AUS) include assets under management and other client assets. Assets under management include client assets where the firm earns a fee for managing assets on a discretionary basis. Other client assets include client assets invested with (3) third-party managers, private bank deposits and advisory relationships where the firm earns a fee for advisory and other services, but does not have investment discretion. Long-term AUS represents AUS excluding liquidity products. Liquidity products represents money markets and bank deposit assets. The firm’s global core excess represents a pool of excess liquidity consisting of unencumbered, highly liquid securities and cash. For a further discussion of the firm's global core excess liquidity pool, see (4) “Liquidity Risk Management” in PartI, Item2 “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the firm's Quarterly Report on Form10-Q for the period ended June30,2013. (5) Represents a preliminary estimate and may be revised in the firm’s Quarterly Report on Form10-Q for the period ended September30,2013. The Tier1 capital ratio equals Tier1 capital divided by risk-weighted assets (RWAs). The Tier1 common ratio equals Tier1 common capital divided by RWAs. As of September30,2013, Tier1 capital was $71.05billion and Tier1 common capital was $61.83billion (Tier1 capital less $9.22billion of preferred stock, junior subordinated debt issued to trusts and other adjustments). The firm’s RWAs under the Board of Governors of the Federal Reserve System’s risk-based capital requirements were approximately $437billion as of September30,2013, under Basel1 and reflecting the revised market risk regulatory capital (6) requirements which became effective on January1,2013. Management believes that the Tier1 common ratio is meaningful because it is one of the measures that the firm, its regulators and investors use to assess capital adequacy. The Tier1 common ratio is a non-GAAP measure and may not be comparable to similar non-GAAP measures used by other companies. For a further discussion of the firm's capital ratios, see “Equity Capital” in PartI, Item2 “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the firm's Quarterly Report on Form10-Q for the period ended June30,2013. The firm’s investment banking transaction backlog represents an (7) estimate of the firm’s future net revenues from investment banking transactions where management believes that future revenue realization is more likely than not. In April 2013, the firm completed the sale of a majority stake in its Americas reinsurance business and no longer consolidates this business. (8) Net revenues related to reinsurance were $84 million and $297 million for the three months ended June30,2013 and September30,2012, respectively, and $317million and $767million for the nine months ended September30,2013 and September30,2012, respectively. (9) Includes employees, consultants and temporary staff. Tangible common shareholders' equity equals total shareholders' equity less preferred stock, goodwill and identifiable intangible assets. Tangible book value per common share is computed by dividing tangible common shareholders’ equity by the number of common shares outstanding, including restricted stock units granted to employees with no future service requirements. Management believes that tangible common (10) shareholders’ equity and tangible book value per common share are meaningful because they are measures that the firm and investors use to assess capital adequacy. Tangible common shareholders’ equity and tangible book value per common share are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. The table below presents the reconciliation of total shareholders' equity to tangible common shareholders' equity: As of Unaudited, in September millions 30, 2013 Total shareholders' $ 77,616 equity Preferred (7,200) stock Common shareholders’ 70,416 equity Goodwill and identifiable (4,458) intangible assets Tangible common $ 65,958 shareholders’ equity The remaining authorization represents the shares that may be repurchased under the repurchase program approved by the Board of (11) Directors. As disclosed in Note19. Shareholders’ Equity in PartI, Item1 “Financial Statements” in the firm's Quarterly Report on Form10-Q for the period ended June30,2013, share repurchases require approval by the Board of Governors of the Federal Reserve System. Unvested share-based payment awards that have non-forfeitable rights to dividends or dividend equivalents are treated as a separate class of securities in calculating earnings per common share. The impact of (12) applying this methodology was a reduction in basic earnings per common share of $0.01, $0.01 and $0.02 for the three months ended September30,2013, June30,2013 and September30,2012, respectively, and $0.04 and $0.05 for the nine months ended September30,2013 and September30,2012, respectively. VaR is the potential loss in value of the firm’s inventory positions due to adverse market movements over a one-day time horizon with a 95% confidence level. Diversification effect equals the difference between total VaR and the sum of the VaRs for the four risk categories. For a (13) further discussion of VaR and the diversification effect, see “Market Risk Management” in PartI, Item2 “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the firm's Quarterly Report on Form10-Q for the period ended June30,2013. In April 2013, the firm completed the sale of a majority stake in its Americas reinsurance business and no longer consolidates this business. (14) Long-term AUS flows for the three months ended June30,2013 include $10billion in assets managed by the firm related to this business. These assets were previously excluded from AUS as they were assets of a consolidated subsidiary. Contact: The Goldman Sachs Group, Inc. Media Relations: Jake Siewert, 212-902-5400 Investor Relations: Dane E. Holmes, 212-902-0300
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Goldman Sachs Reports Third Quarter Earnings Per Common Share of $2.88 and Increases the Quarterly Dividend to $0.55 Per Common
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