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| <NonNumbericText> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 22 - gs:TransactionsWithAffiliatedFundsTextBlock--> <div style="margin-left: 0%"> <div style="margin-top: 12pt; font-size: 1pt"> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b><font style="font-family: Arial, Helvetica">Note 22. Transactions with Affiliated Funds</font></b> </div> <div style="margin-top: 6pt; font-size: 1pt"> </div> <div align="left" style="text-align:justify; margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> The firm has formed numerous nonconsolidated investment funds with <font style="white-space: nowrap">third-party</font> investors. The firm generally acts as the investment manager for these funds and, as such, is entitled to receive management fees and, in certain cases, advisory fees or incentive fees from these funds. Additionally, the firm invests alongside the <font style="white-space: nowrap">third-party</font> investors in certain funds. </div> <div style="margin-top: 6pt; font-size: 1pt"> </div> <div align="left" style="text-align:justify; margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> The tables below present fees earned from affiliated funds, fees receivable from affiliated funds and the aggregate carrying value of the firm’s interests in affiliated funds. </div> <div style="margin-top: 6pt; font-size: 1pt"> </div> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"> <!-- Table Width Row BEGIN --> <tr style="font-size: 1pt" valign="bottom"> <td width="74%"> </td><!-- colindex=01 type=maindata --> <td width="3%"> </td><!-- colindex=02 type=gutter --> <td width="5%" align="right"> </td><!-- colindex=02 type=lead --> <td width="1%" align="right"> </td><!-- colindex=02 type=body --> <td width="1%" align="left"> </td><!-- colindex=02 type=hang1 --> <td width="6%"> </td><!-- colindex=03 type=gutter --> <td width="5%" align="right"> </td><!-- colindex=03 type=lead --> <td width="1%" align="right"> </td><!-- colindex=03 type=body --> <td width="1%" align="left"> </td><!-- colindex=03 type=hang1 --> <td width="1%"> </td><!-- colindex=04 type=gutter --> <td width="2%"> </td><!-- colindex=04 type=maindata --> </tr> <!-- Table Width Row END --> <!-- TableOutputHead --> <tr style="font-size: 1pt" valign="bottom" align="center"> <td colspan="11" nowrap="nowrap" align="right" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000"> </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td> </td> <td colspan="9" nowrap="nowrap" align="center" valign="bottom"> <b>Three Months<br /> </b> </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td> </td> <td colspan="9" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <b>Ended March</b> </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="left" valign="bottom"> <i>in millions</i> </td> <td> </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom"> <b>2011</b> </td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom"> <b>2010</b> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="right" valign="bottom"> </td> </tr> <tr style="font-size: 1pt" valign="bottom" align="center"> <td colspan="11" nowrap="nowrap" align="right" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000"> </td> </tr> <!-- TableOutputBody --> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Fees earned from affiliated funds </div> </td> <td> </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>$</b> </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>852</b> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="right" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 553 </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td colspan="11" valign="bottom"> </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td colspan="11" style="border-top: 1px solid #000000"> </td> </tr> </table> <div align="left" style="text-align:justify; margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; 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border-bottom: 1px solid #000000"> </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td> </td> <td colspan="9" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <b>As of </b> </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom"> <b>March<br /> </b> </td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom"> <b>December<br /> </b> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="right" valign="bottom"> </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="left" valign="bottom"> <i>in millions</i> </td> <td> </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom"> <b>2011</b> </td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom"> <b>2010</b> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="right" valign="bottom"> </td> </tr> <tr style="font-size: 1pt" valign="bottom" align="center"> <td colspan="11" align="right" valign="bottom" style="font-size: 1pt; border-bottom: 1px solid #000000"> </td> </tr> <!-- TableOutputBody --> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Fees receivable from funds </div> </td> <td> </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>$</b> </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>618</b> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="right" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 886 </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Aggregate carrying value of interests in funds </div> </td> <td> </td> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>15,216</b> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> 14,773 </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td colspan="11" valign="bottom"> </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td colspan="11" style="border-top: 1px solid #000000"> </td> </tr> </table> <div align="left" style="text-align:justify; margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> </div> <div style="margin-top: 6pt; font-size: 1pt"> </div> <div align="left" style="text-align:justify; margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> The firm has provided voluntary financial support to certain of its funds that have experienced significant reductions in capital and liquidity or had limited access to the debt markets during the financial crisis. As of March 2011 and December 2010, the firm had exposure to these funds in the form of loans and guarantees of $240 million and $253 million, respectively, primarily related to certain real estate funds. In addition, as of December 2010, the firm had outstanding commitments to extend credit to these funds of $160 million. No such commitments were outstanding as of March 2011. </div> <div style="margin-top: 6pt; font-size: 1pt"> </div> <div align="left" style="text-align:justify; margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> The firm may provide additional voluntary financial support to these funds if they were to experience significant financial distress; however, such amounts are not expected to be material to the firm. In the ordinary course of business, the firm may also engage in other activities with these funds, including, among others, securities lending, trade execution, market making, custody, and acquisition and bridge financing. See Note 18 for the firm’s investment commitments related to these funds. </div> <div style="margin-top: 0pt; font-size: 1pt"> </div> <!-- XBRL Pagebreak Begin --> <div align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> </div> </div> <!-- END PAGE WIDTH --> <!-- PAGEBREAK --> <div style="margin-left: 0%"> <!-- BEGIN PAGE WIDTH --> <div style="margin-top: 0pt; font-size: 1pt"> </div> <div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b> <font style="font-family: Arial, Helvetica"> </font> </b> </div> <div style="margin-top: 0pt; font-size: 1pt"> </div> <div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b> <font style="font-family: Arial, Helvetica"> </font> </b> </div> <div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b> <font style="font-family: Arial, Helvetica"> </font> </b> </div> <div style="margin-top: 0pt; font-size: 1pt"> </div> <div style="margin-top: 0pt; font-size: 1pt"> </div> <!-- XBRL Pagebreak End --> </div> </NonNumbericText> |
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