ABIOMED, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements—(Continued) Note 11.
Strategic Investment (Continued) The Company estimated the fair value of the embedded derivative and warrant associated with the WorldHeart transaction using the BlackScholes option valuation model at the initial dates of investment.
The fair value of the embedded derivative and warrant were calculated using the following weighted-average assumptions:
## Table 0 ##
Note 12.
Stock Award Plans and Stock Based Compensation Stock Option Plans Virtually all outstanding stock options of the Company as of March 31, 2008 were granted with an exercise price equal to the fair market value on the date of grant.
For options and restricted stock granted below fair market value, compensation expense is recognized ratably over the vesting period.
Outstanding stock options, if not exercised, expire 10 years from the date of grant.
The 1992 Combination Stock Option Plan (the “Combination Plan”), as amended, was adopted in September 1992 as a combination and amendment of the Company’s then outstanding Incentive Stock Option Plan and Nonqualified Plan.
A total of 2,670,859 options were awarded from the Combination Plan during its ten year restatement term that ended on May 1, 2002.
As of March 31, 2008, 141,300 of these options remain outstanding, fully vested and eligible for future exercise.
The 1998 Equity Incentive Plan, (the “Equity Incentive Plan”), was adopted by the Company in August 1998.
The Equity Incentive Plan provides for grants of options to key employees, directors, advisors and consultants as either incentive stock options or nonqualified stock options as determined by the Company’s Board of Directors.
A maximum of 1,000,000 shares of common stock may be awarded under this plan.
Options granted under the Equity Incentive Plan are exercisable at such times and subject to such terms as the Board of Directors may specify at the time of each stock option grant.
Options outstanding under the Equity Incentive Plan have vesting periods of three to five years from the date of grant and options awarded expire ten years from the date of grant.
The 2000 Stock Incentive Plan, (the “2000 Plan”), as amended, was adopted by the Company in August 2000.
The 2000 Plan provides for grants of options to key employees, directors, advisors and consultants to the Company or its subsidiaries as either incentive or nonqualified stock options as determined by the Company’s Board of Directors.
Up to 4,900,000 shares of common stock may be awarded under the 2000 Plan and are exercisable at such times and subject to such terms as the Board of Directors may specify at the time of each stock option grant.
Options outstanding under the 2000 Plan generally vest four years from the date of grant and options awarded expire ten years from the date of grant.
The Company has a nonqualified stock option plan for non-employee directors (the “Directors’ Plan”).
The Directors’ Plan, as amended, was adopted in July 1989 and provides for grants of options to purchase shares of the Company’s common stock to non-employee Directors of the Company.
Up to 400,000 shares of common stock may be awarded under the Directors’ Plan.
Options outstanding under the Director’s Plan have vesting periods of one to five years from the date of grant and options expire ten years from the date of grant.
18.
ALLOWANCE FOR CREDIT LOSSES
## Table 1 ##
(1) Reclassified to conform to the current period’s presentation.
(2) 2009 primarily includes reductions to the loan loss reserve of approximately $543 million related to securitizations, approximately $402 million related to the sale or transfers to held-for-sale of U. S.  Real Estate Lending Loans, and $562 million related to the transfer of the U. K.  Cards portfolio to held-for-sale.2008 primarily includes reductions to the loan loss reserve of approximately $800 million related to FX translation, $102 million related to securitizations, $244 million for the sale of the German retail banking operation, $156 million for the sale of CitiCapital, partially offset by additions of $106 million related to the Cuscatlán and Bank of Overseas Chinese acquisitions.2007 primarily includes reductions to the loan loss reserve of $475 million related to securitizations and transfers to loans held-for-sale, and reductions of $83 million related to the transfer of the U. K.  CitiFinancial portfolio to held-for-sale, offset by additions of $610 million related to the acquisitions of Egg, Nikko Cordial, Grupo Cuscatlán and Grupo Financiero Uno.
(3) Represents additional credit loss reserves for unfunded corporate lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet.
INSTITUTIONAL CLIENTS GROUP Institutional Clients Group (ICG) includes Securities and Banking and Transaction Services.
ICG provides corporate, institutional and high-net-worth clients with a full range of products and services, including cash management, trading, underwriting, lending and advisory services, around the world.
ICG’s international presence is supported by trading floors in approximately 75 countries and a proprietary network within Transaction Services in over 90 countries.
At December 31, 2009, ICG had approximately $866 billion of assets and $442 billion of deposits.
## Table 2 ##

<table><tr><td></td><td colspan="2">Conversion Feature</td><td colspan="2"> Warrant</td></tr><tr><td></td><td>December 11, 2007</td><td>January 3, 2008</td><td>December 11, 2007</td><td> January 3, 2008</td></tr><tr><td>Stock price</td><td>$2.59</td><td>$2.39</td><td>$2.59</td><td>$2.39</td></tr><tr><td>Exercise Price</td><td>$1.75</td><td>$1.75</td><td>$0.01</td><td>$0.01</td></tr><tr><td>Risk-free interest rate</td><td>2.94%</td><td>2.83%</td><td>3.32%</td><td>3.26%</td></tr><tr><td>Expected option life (years)</td><td>2.00</td><td>1.94</td><td>5.00</td><td>4.94</td></tr><tr><td>Expected volatility</td><td>91.7%</td><td>97.1%</td><td>131.9%</td><td>131.3%</td></tr></table>
<table><tr><td>In millions of dollars</td><td>2009</td><td>2008-1</td><td>2007-1</td></tr><tr><td>Allowance for loan losses at beginning of year</td><td>$29,616</td><td>$16,117</td><td>$8,940</td></tr><tr><td>Gross credit losses</td><td>-32,784</td><td>-20,760</td><td>-11,864</td></tr><tr><td>Gross recoveries</td><td>2,043</td><td>1,749</td><td>1,938</td></tr><tr><td>Net credit (losses) recoveries (NCLs)</td><td>$-30,741</td><td>$-19,011</td><td>$-9,926</td></tr><tr><td>NCLs</td><td>$30,741</td><td>$19,011</td><td>$9,926</td></tr><tr><td>Net reserve builds (releases)</td><td>5,741</td><td>11,297</td><td>6,550</td></tr><tr><td>Net specific reserve builds (releases)</td><td>2,278</td><td>3,366</td><td>356</td></tr><tr><td>Total provision for credit losses</td><td>$38,760</td><td>$33,674</td><td>$16,832</td></tr><tr><td>Other, net-2</td><td>-1,602</td><td>-1,164</td><td>271</td></tr><tr><td>Allowance for loan losses at end of year</td><td>$36,033</td><td>$29,616</td><td>$16,117</td></tr><tr><td>Allowance for credit losses on unfunded lending commitments at beginning of year-3</td><td>$887</td><td>$1,250</td><td>$1,100</td></tr><tr><td>Provision for unfunded lending commitments</td><td>244</td><td>-363</td><td>150</td></tr><tr><td>Allowance for credit losses on unfunded lending commitments at end of year-3</td><td>$1,157</td><td>$887</td><td>$1,250</td></tr><tr><td>Total allowance for loans, leases, and unfunded lending commitments</td><td>$37,190</td><td>$30,503</td><td>$17,367</td></tr></table>
<table><tr><td>In millions of dollars</td><td>2009</td><td>2008</td><td>2007</td><td>% Change 2009 vs. 2008</td><td>% Change 2008 vs. 2007</td></tr><tr><td>Commissions and fees</td><td>$2,075</td><td>$2,876</td><td>$3,156</td><td>-28%</td><td>-9%</td></tr><tr><td>Administration and other fiduciary fees</td><td>4,964</td><td>5,413</td><td>5,014</td><td>-8</td><td>8</td></tr><tr><td>Investment banking</td><td>4,685</td><td>3,329</td><td>5,399</td><td>41</td><td>-38</td></tr><tr><td>Principal transactions</td><td>6,001</td><td>6,544</td><td>7,012</td><td>-8</td><td>-7</td></tr><tr><td>Other</td><td>1,971</td><td>-1,021</td><td>1,169</td><td>NM</td><td>NM</td></tr><tr><td>Total non-interest revenue</td><td>$19,696</td><td>$17,141</td><td>$21,750</td><td>15%</td><td>-21%</td></tr><tr><td>Net interest revenue (including dividends)</td><td>17,739</td><td>17,740</td><td>11,704</td><td>—</td><td>52</td></tr><tr><td>Total revenues, net of interest expense</td><td>$37,435</td><td>$34,881</td><td>$33,454</td><td>7%</td><td>4%</td></tr><tr><td>Total operating expenses</td><td>17,568</td><td>20,955</td><td>20,812</td><td>-16</td><td>1</td></tr><tr><td>Net credit losses</td><td>723</td><td>917</td><td>310</td><td>-21</td><td>NM</td></tr><tr><td>Provision for unfunded lending commitments</td><td>138</td><td>-191</td><td>79</td><td>NM</td><td>NM</td></tr><tr><td>Credit reservebuild</td><td>857</td><td>1,149</td><td>167</td><td>-25</td><td>NM</td></tr><tr><td>Provision for benefits and claims</td><td>—</td><td>—</td><td>1</td><td>—</td><td>-100</td></tr><tr><td>Provisions for loan losses and benefits and claims</td><td>$1,718</td><td>$1,875</td><td>$557</td><td>-8%</td><td>NM</td></tr><tr><td>Income from continuing operations before taxes</td><td>$18,149</td><td>$12,051</td><td>$12,085</td><td>51%</td><td>—</td></tr><tr><td>Income taxes</td><td>5,261</td><td>2,746</td><td>3,116</td><td>92</td><td>-12%</td></tr><tr><td>Income from continuing operations</td><td>$12,888</td><td>$9,305</td><td>$8,969</td><td>39%</td><td>4%</td></tr><tr><td>Net income attributable to noncontrolling interests</td><td>68</td><td>18</td><td>45</td><td>NM</td><td>-60</td></tr><tr><td>Net income</td><td>$12,820</td><td>$9,287</td><td>$8,924</td><td>38%</td><td>4%</td></tr><tr><td>Average assets(in billions of dollars)</td><td>$839</td><td>$1,037</td><td>$1,154</td><td>-19%</td><td>-10%</td></tr><tr><td>Return on assets</td><td>1.53%</td><td>0.90%</td><td>0.77%</td><td></td><td></td></tr><tr><td>Revenues by region</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>North America</td><td>$11,926</td><td>$13,148</td><td>$10,644</td><td>-9%</td><td>24%</td></tr><tr><td>EMEA</td><td>13,424</td><td>9,683</td><td>10,755</td><td>39</td><td>-10</td></tr><tr><td>Latin America</td><td>4,784</td><td>3,808</td><td>4,360</td><td>26</td><td>-13</td></tr><tr><td>Asia</td><td>7,301</td><td>8,242</td><td>7,695</td><td>-11</td><td>7</td></tr><tr><td>Total</td><td>$37,435</td><td>$34,881</td><td>$33,454</td><td>7%</td><td>4%</td></tr><tr><td>Income from continuing operations by region</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>North America</td><td>$3,032</td><td>$2,598</td><td>$1,896</td><td>17%</td><td>37%</td></tr><tr><td>EMEA</td><td>4,680</td><td>1,902</td><td>2,411</td><td>NM</td><td>-21</td></tr><tr><td>Latin America</td><td>2,116</td><td>1,636</td><td>1,899</td><td>29</td><td>-14</td></tr><tr><td>Asia</td><td>3,060</td><td>3,169</td><td>2,763</td><td>-3</td><td>15</td></tr><tr><td>Total</td><td>$12,888</td><td>$9,305</td><td>$8,969</td><td>39%</td><td>4%</td></tr><tr><td>Average loans by region(in billions of dollars)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>North America</td><td>$45</td><td>$50</td><td>$51</td><td>-10%</td><td>-2%</td></tr><tr><td>EMEA</td><td>44</td><td>54</td><td>56</td><td>-19</td><td>-4</td></tr><tr><td>Latin America</td><td>21</td><td>24</td><td>26</td><td>-13</td><td>-8</td></tr><tr><td>Asia</td><td>28</td><td>37</td><td>38</td><td>-24</td><td>-3</td></tr><tr><td>Total</td><td>$138</td><td>$165</td><td>$171</td><td>-16%</td><td>-4%</td></tr></table>

Question: In the year with the most Expected volatility of Conversion Feature in Table 0, what is the growth rate of Net credit losses in Table 2?
Answer: 1.95806