EXHIBIT 13.4

Selected Financial Data

		As of or for Year Ended November
		2002		2001		2000(4)			1999(5)		1998
Income statement data (in millions)
Total revenues		$	22,854	$	31,138	$	33,000		$	25,363	$	22,478
Interest expense			8,868		15,327		16,410			12,018		13,958
Net revenues			13,986		15,811		16,590			13,345		8,520
Compensation and benefits(1)			6,744		7,700		7,773			6,459		3,838
Nonrecurring employee initial public offering and acquisition awards			—		—		290			2,257		—
Amortization of employee initial public offering and acquisition awards			293		464		428			268		—
Other operating expenses			3,696		3,951		3,079			2,369		1,761
Pre-tax earnings(1)		$	3,253	$	3,696	$	5,020		$	1,992	$	2,921
Balance sheet data (in millions)
Total assets		$	355,574	$	312,218	$	284,410		$	248,348	$	205,739
Long-term borrowings			38,711		31,016		31,395			20,952		19,906
Total liabilities			336,571		293,987		267,880			238,203		199,355
Shareholders’ equity			19,003		18,231		16,530			10,145		—
Partners’ capital			—		—		—			—		6,310
Common share data (in millions, except per share amounts)
Earnings per share
	Basic	$	4.27	$	4.53	$	6.33		$	5.69		—
	Diluted		4.03		4.26		6.00			5.57		—
Dividends declared per share			0.48		0.48		0.48			0.24		—
Book value per share			38.69		36.33		32.18			20.94		—
Average common shares outstanding
	Basic		495.6		509.7		484.6			475.9		—
	Diluted		525.1		541.8		511.5			485.8		—
Selected data (unaudited)
Employees
	United States		12,511		14,565		14,755			9,746		8,349
	International		7,228		8,112		7,872			5,615		4,684
Total employees(2)			19,739		22,677		22,627	(6)		15,361		13,033
Assets under management (in billions)
Asset class
	Money markets	$	108	$	122	$	72		$	48	$	46
	Fixed income and currency		96		71		57			58		50
	Equity		86		96		107			98		69
	Alternative investments(3)		58		62		58			54		30
Total assets under management		$	348	$	351	$	294		$	258	$	195

(1)	As a partnership, payments for services rendered by profit-participating limited partners were accounted for as distributions of partners’ capital rather than as compensation and benefits expense. As a result, pre-tax earnings in 1998 is not comparable with 2002, 2001, 2000 or 1999.
(2)	Excludes employees of Goldman Sachs’ property management subsidiaries. Substantially all of the costs of these employees are reimbursed to Goldman Sachs by the real estate investment funds to which these subsidiaries provide property management services.
(3)	Includes merchant banking, quantitative asset allocation and other similar funds that the firm manages, as well as funds where the firm recommends one or more subadvisors for the firm’s clients.
(4)	In 2000, pre-tax earnings included a charge of $290 million ($180 million after taxes) related to the firm’s combination with SLK. Excluding this charge, diluted earnings per share were $6.35.
(5)	In 1999, pre-tax earnings were reduced by nonrecurring expenses of $2.26 billion associated with the conversion to corporate form and the charitable contribution to The Goldman Sachs Foundation of $200 million made at the time of the initial public offering.
(6)	Includes 2,600 employees related to the combination with SLK.

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