Richard S. Fuld, Jr.
Chairman and Chief Executive Officer

Richard S. Fuld, Jr. has been chairman of the Board of Directors of Lehman Brothers Holdings Inc. and Lehman Brothers Inc. since 1994 and chief executive officer of the Company since 1993. He is chairman of Lehman Brothers' Executive Committee.

Mr. Fuld was president and chief operating officer of Lehman Brothers Holdings Inc. and Lehman Brothers Inc. from 1993 to 1994. He was president and co-chief executive officer of the Lehman Brothers Division of Shearson Lehman Brothers Inc. from 1990 to 1993. Mr. Fuld was a vice chairman of Shearson Lehman Brothers from 1984 until 1990 and has been a director of Lehman Brothers Inc. since 1984. He joined Lehman Brothers in 1969.

Mr. Fuld serves on the Board of Directors of the Federal Reserve Bank of New York and is a member of the Executive Committee of the Board of Directors of The Partnership for New York City. He is a member of the International Business Council of the World Economic Forum and The Business Council. In addition, he serves on the Board of Trustees of Middlebury College and NewYork-Presbyterian Hospital, as well as on the Board of Directors of the Robin Hood Foundation.

Mr. Fuld received his B.A. from the University of Colorado and his M.B.A. from the New York University Stern School of Business.

Jasjit S. Bhattal
Chief Executive Officer, Asia-Pacific
Jasjit S. Bhattal is chief executive officer of Lehman Brothers Asia-Pacific. Based in Tokyo, he is responsible for the strategic development and continued expansion of the Firm's investment banking and capital markets businesses in the Asia-Pacific region. He is a member of Lehman Brothers' Executive Committee.

Mr. Bhattal joined the Firm in 1993. He served as deputy head of Asia Investment Banking from 1995 to 1997, and head of Asia Investment Banking from 1998 to 2000. In 1999, he was made chairman of the Asia-Pacific region, and was appointed to his current position as chief executive officer of Asia-Pacific in July 2000.

Mr. Bhattal received an honors and master's degree in economics from Oxford University as a Rhodes Scholar.

Erin Callan
Chief Financial Officer
Erin Callan is chief financial officer and an executive vice president of Lehman Brothers Holdings Inc., a position she has held since December 2007. Ms. Callan is also a member of Lehman Brothers' Executive Committee.

As chief financial officer, Ms. Callan oversees the Firm's finance organization, including Financial Control, Investor Relations, Planning and Analysis, Product Control, Tax, and Treasury.

Ms. Callan joined Lehman Brothers in 1995. During her tenure at the Firm, she has served in various leadership roles across the Investment Banking Division, including head of the Investment Banking Global Hedge Fund Coverage group. This group was launched to address the changing landscape of asset managers and the increasing strategic significance of hedge funds to investment banks. In this capacity, Ms. Callan was the lead banker for several landmark transactions.

Prior to assuming her hedge fund coverage role in 2006, Ms. Callan led Lehman Brothers Global Finance Solutions group and Global Finance Analytics group. These teams acted as think tanks for the Firm's investment banking practices and developed innovative capital markets solutions for clients.

Before joining Lehman Brothers, Ms. Callan was an associate at the law firm of Simpson Thacher & Bartlett in New York.

Ms. Callan holds an A.B. magna cum laude from Harvard College and a J.D. from New York University School of Law.

Scott J. Freidheim
Co-Chief Administrative Officer
Scott J. Freidheim is an executive vice president and co-chief administrative officer of Lehman Brothers Holdings Inc. He is responsible for global oversight of Corporate Strategy; Legal, Compliance and Audit; Corporate Communications, Marketing and Brand Management; Corporate Security; Corporate Services; Diversity; Human Resources; Recruiting; and Talent Management.

Mr. Freidheim is actively involved with the Institute of International Education (IIE, which administers programs including the Fulbright Scholarships), where he is a member of the Board of Trustees and a member of IIE's Scholar Rescue Fund Board of Directors. Additionally, he is a member of the Council on Foreign Relations, a member of the Board of Directors of The Lehman Brothers Foundation, a member of the Board of Trustees of Spelman College, a member of the World Economic Forum's Global Agenda Council and Forum of Young Global Leaders, a member of The Forum of Young Global Leaders of the World Economic Forum, a member of the Executive Advisory Board of Sponsors for Educational Opportunity, a member of Young Presidents' Organization and a member of the Economic Club of New York.

Mr. Freidheim received his B.A. from Northwestern University and his M.B.A. from the Northwestern University Kellogg School of Management.

David Goldfarb
Global Head of Strategic Partnerships, Principal Investing and Risk
David Goldfarb is global head of Strategic Partnerships, Principal Investing and Risk for Lehman Brothers Holdings Inc. and is a member of Lehman Brothers' Executive Committee. He was named global head of Strategic Partnerships, Principal Investing and Risk in October 2006.

As global head of Strategic Partnerships, Principal Investing and Risk, Mr. Goldfarb is responsible for leveraging the Firm's global relationships and overseeing all of the Firm's principal investments, mergers and acquisitions and strategic joint ventures, risk management, and capital deployment. He also oversees the Firm's two internal investment businesses: Global Trading Strategies and Global Principal Strategies.

Mr. Goldfarb was chief administrative officer of Lehman Brothers for two years and, prior to that, served as chief financial officer from 2000 to 2004. Additionally, he served as global controller from 1995 to 2000. Mr. Goldfarb joined Lehman Brothers in 1993. Prior to joining the Firm, Mr. Goldfarb was a senior partner in Ernst & Young's Financial Services practice, where he worked from 1979 to 1993.

Mr. Goldfarb is chairman of the Firm's Pension Trustee Committee. He is a member of the University of Maryland College Park Foundation Board of Trustees and also serves on the Board of Visitors for the University of Maryland Robert H. Smith School of Business.

Joseph M. Gregory
President and Chief Operating Officer
Joseph M. Gregory has been president and chief operating officer of Lehman Brothers Holdings Inc. since 2004 and is a member of Lehman Brothers' Executive Committee.

From 2002 until 2004, Mr. Gregory was the Firm's co-chief operating officer. From 2000 until 2002, he was the Firm's chief administrative officer, and from 1996 to 2000, he was head of the Firm's Global Equities Division, in charge of the overall equities business. From 1991 to 1996, Mr. Gregory was co-head of the Firm's Fixed Income Division. From 1980 to 1991, he held various management positions in the Fixed Income Division, including head of the Firm's Mortgage business. He joined Lehman Brothers in 1974.

Mr. Gregory is chairman of The Lehman Brothers Foundation and oversees the Firm's Diversity and Inclusion initiatives as well as its Leadership programs. He is a member of the National Advisory Board of The Posse Foundation, Inc. and the Board of Trustees of Harlem Children's Zone. He is a trustee of Hofstra University, where he serves on the Finance, Endowment and Investment Committees of the University. Mr. Gregory received his B.A. from Hofstra University.

Jeremy M. Isaacs
Chief Executive Officer, Europe, Middle East and Asia-Pacific
Jeremy M. Isaacs is chief executive officer for Lehman Brothers Europe, Middle East and Asia-Pacific and a member of Lehman Brothers' Executive Committee.

Mr. Isaacs joined the Firm in 1996 as co-chief operating officer of European Equities and later that year became head of Global Equity Derivatives. In 1997, he was appointed head of European Equities and retained responsibility for the global equity derivatives business. In March 1999, he became chief operating officer, Europe, and, in December 1999, Mr. Isaacs was appointed chief executive officer, Europe. In April 2000, he was additionally named head of the Firm's Asian operations, and has held the role of chief executive officer, Europe, Middle East and Asia-Pacific since then.

Prior to joining Lehman Brothers, Mr. Isaacs was an executive director at Goldman Sachs, a firm he joined in 1989.

In December 2003, Mr. Isaacs was appointed a non-executive director of St Mary's NHS Trust, an internationally recognized center of excellence for medical research, teaching and treatment, and served on the board until its merger with Hammersmith NHS Trust in September 2007. In October 2007 he was appointed a non-executive director of the newly formed Imperial College Healthcare NHS Trust, the first Academic Health Science Centre in the U.K. He is also a member of the board and chairman of The Lehman Brothers Foundation Europe and a member of the British Olympic Association Advisory Board.

Mr. Isaacs is an honorary fellow of the London Business School.

Theodore P. Janulis
Global Head of Mortgage Capital
Ted Janulis, a managing director, is global head of Mortgage Capital at Lehman Brothers Holdings Inc., a position he has held since April 2006. Mr. Janulis is also a member of Lehman Brothers' Executive Committee.

Mr. Janulis joined Lehman Brothers in 1985 in the Fixed Income Division. Between 1985 and 1996 he held a variety of positions in the division. He was appointed co-head of the mortgage- and asset-backed securities business in 1996, and in 1997, became the sole head of that business. In 2000, Mr. Janulis became co-head of the Firm's Fixed Income Division. In 2002, he was named global head of the Investment Management Division, which includes Private Investment Management, Asset Management and Private Equity.

Mr. Janulis serves on the boards of The Lehman Brothers Foundation, Ronald McDonald House, the Film Society of Lincoln Center and the International Center of Photography.

Mr. Janulis earned his M.B.A. from Columbia University, and holds an A.B. from Harvard College.

Stephen M. Lessing
Head of Client Relationship Management
Stephen M. Lessing is head of Client Relationship Management at Lehman Brothers Holdings Inc., a position he has held since 2002. He is a member of Lehman Brothers' Executive Committee.

Mr. Lessing joined the Firm in 1980 as an associate in the Fixed Income Division. In his 27 years with Lehman Brothers, he has held a number of senior management positions, including head of Global Fixed Income Sales and Research, head of Global Equity Sales and Research, co-head of Global Capital Markets, and head of Private Client Services. In his current role, Mr. Lessing is responsible for senior client relationship management across all of the Firm's businesses.

Mr. Lessing is a member of the Board of Trustees of Fairfield University, a member of the Board of Trustees and Investment Committee of the University of Richmond, a member of the President's Leadership Council of Dartmouth College, a member of the Executive Committee of the Board of Directors of the International Tennis Hall of Fame, a member of the National Advisory Board of Youth, I.N.C., a member of the Board of Trustees and Investment Committee of Cold Spring Harbor Laboratory, a member of the Board of Trustees of the Alfred E. Smith Memorial Foundation and a member of the Board of Directors of The Lehman Brothers Foundation. He is also a member of the Investment Committee and Finance Council of the Archdiocese of New York and a member of the Board of Directors of Lessing's Inc.

Mr. Lessing received his B.A. from Fairfield University, and his M.B.A. from Fordham University.

Ian T. Lowitt
Co-Chief Administrative Officer
Ian T. Lowitt is an executive vice president of Lehman Brothers Holdings Inc. and has been co-chief administrative officer since October 2006. In this role, he is responsible for the global oversight of Corporate Real Estate, Expense and Sourcing Services, Finance, Operations, Productivity and Process Improvement, Risk Management, and Technology.

Prior to his current role, Mr. Lowitt was the chief administrative officer of Lehman Brothers Europe. He has also served as global treasurer and global head of Tax, and chairman of Lehman Brothers Bank FSB, the Firm's Delaware-based savings bank. Before becoming global treasurer, he was the Firm's head of Strategy and Corporate Development.

Mr. Lowitt joined Lehman Brothers in 1994 from McKinsey and Company, where he served as an engagement manager advising clients in a number of industries, including financial services, electronics and information technology.

Mr. Lowitt has a B.Sc. in electrical engineering and an M.Sc. in digital electronics from the University of the Witwatersrand in Johannesburg, South Africa. He also has a B.A. in philosophy, politics and economics and an M.Sc. in economics from the University of Oxford. At Oxford, Mr. Lowitt was a Rhodes Scholar.

Herbert H. McDade III
Global Head of Equities
Herbert (Bart) H. McDade III is global head of the Equities Division at Lehman Brothers Holdings Inc., a position he has held since June 2005. Prior to his current position, he served as global head of the Fixed Income Division from 2002 to 2005 and as co-head of the Fixed Income Division from 2000 to 2002. He is a member of Lehman Brothers' Executive Committee.

Mr. McDade joined the Firm in 1983 in Corporate Bond Trading. He was named head of the Firm's Corporate Bond Department in 1991. In 1998, he was named global head of Debt Capital Markets and a member of the Investment Banking Division's Group Head Committee. In 2000, in addition to being appointed co-head of the Firm's Global Fixed Income Division, Mr. McDade was named to the Firm's Operating Committee.

Mr. McDade presently serves on the Board of Directors as well as the Executive Committee of the Securities Industry and Financial Markets Association (SIFMA). Additionally, he is a member of the Board of Directors of the Waterside School and Board of Governors of Winged Foot Golf Club.

Mr. McDade received a B.A. from Duke University and an M.B.A. from the University of Michigan.

Hugh E. McGee III
Global Head of Investment Banking
Hugh (Skip) McGee III is global head of the Investment Banking Division at Lehman Brothers Holdings Inc. He is a member of Lehman Brothers' Executive Committee.

Prior to being named to his current position in 2002, Mr. McGee was head of Lehman Brothers' Global Natural Resources and Power Investment Banking Groups and a member of the Operating Committee of Investment Banking.

Mr. McGee joined Lehman Brothers in 1993 and remains active in energy/power investment banking where he has been focused for more than 15 years. His clients represent all sectors of the energy/power business in both a strategic advisory and financing capacity.

Mr. McGee graduated summa cum laude from Princeton University with a B.S. in systems engineering and received a J.D. with honors from the University of Texas School of Law.

Andrew J. Morton
Global Head of Fixed Income
Andrew J. Morton is global head of the Fixed Income Division at Lehman Brothers Holdings Inc., a position he has held since February 2008. He is a member of Lehman Brothers' Executive Committee.

Mr. Morton joined Lehman Brothers in 1993 as head of Fixed Income Derivatives Research and later ran the U.S. Dollar Derivatives Trading desk. He was named head of the European Interest Rates business in 1999 and co-head of European Fixed Income in 2004. In January 2007 he assumed sole responsibility for the business and in October 2007 was appointed co-chief operating officer of the Fixed Income Division globally.

Prior to joining the Firm, Mr. Morton had an academic career in mathematical finance. He holds a B.Math from the University of Waterloo and a Ph.D. in applied probability from Cornell University.

Thomas A. Russo
Vice Chairman/Chief Legal Officer
Thomas A. Russo is an executive vice president and the chief legal officer of Lehman Brothers Holdings Inc. Mr. Russo is a vice chairman of Lehman Brothers Inc. He is a member of and serves as counsel to Lehman Brothers' Executive Committee. He is responsible for the Firm's Legal, Compliance and Audit group.

Prior to joining the Firm in January 1993, Mr. Russo was a partner at Cadwalader, Wickersham & Taft and a member of its Management Committee. On multiple occasions, Mr. Russo was listed in the National Law Journal as one of the "100 Most Influential Lawyers in America."

From 1975 to 1977, Mr. Russo was the deputy general counsel of the Commodity Futures Trading Commission and then became the first director of its Division of Trading and Markets. From 1971 to 1975, he was an associate at Cadwalader, Wickersham & Taft. Mr. Russo also worked as an attorney in the Division of Market Regulation of the Securities and Exchange Commission from 1969 until 1971.

He has written articles on topics in the securities, derivatives, commodities and banking fields as well as textbooks on securities law and commodities law.

Mr. Russo is a member of the Executive Committee of the National Board of Trustees of the March of Dimes, vice chairman of the Board of Trustees of The Institute for Financial Markets, and chairman of the Executive Committee of the Board of Trustees of the Institute of International Education, as well as a founder of the Institute of International Education's Scholar Rescue Fund and a member of its Board. Mr. Russo serves on the Board of Governors of the Financial Industry Regulatory Authority. He is also a member of the Federal Reserve Bank of New York's International Advisory Committee and a member of the Committee on Capital Markets Regulation.

A Phi Beta Kappa graduate of Fordham University with a B.A., Mr. Russo earned his J.D. at Cornell Law School and his M.B.A. at Cornell's Johnson School of Management.

Benoit Savoret
Chief Operating Officer, Europe and the Middle East
Benoit Savoret is chief operating officer for Lehman Brothers in Europe and the Middle East, a position he has held since May 2007. Mr. Savoret has operational responsibility for overseeing the Firm's activities in the region across all business lines and all geographies. He is also a member of Lehman Brothers’ Executive Committee.

Mr. Savoret joined Lehman Brothers in 1997 in Equity Derivatives Trading. He was appointed global head of Trading for the Firm's Options business in 1999. He became head of the Firm's Asian Equities business in 2000, and in 2002, he was appointed head of European Equity Trading and European Equity Derivatives. In 2004, he was named co-head of European Equities and became sole head from 2006 until assuming his current position.

Prior to joining Lehman Brothers, Mr. Savoret worked for Société Générale in the U.S., U.K. and Asia. His responsibilities in Asia included serving as head of the non-Japan Asia Equity Derivatives business in Hong Kong and Tokyo. He also has experience working in the U.S. options markets in Philadelphia and Chicago in the early 1990s.

Mr. Savoret graduated with an engineering degree from the École Centrale Paris and is a member of its Advisory Committee on Education and Curriculum as well as a member of its Board of Directors.

George H. Walker
Global Head of Investment Management
George H. Walker is global head of the Investment Management Division at Lehman Brothers Holdings Inc. In this role, Mr. Walker oversees Asset Management, including Neuberger Berman, Private Investment Management and Private Equity businesses. He is a member of the Firm's Executive Committee.

Previously, Mr. Walker was head of Alternative Investment Strategies for Goldman Sachs Asset Management and a partner of the firm. He served on the firm's Partnership Committee.

Mr. Walker serves as a member of the Board of Directors of Local Initiatives Support Cooperation, a vice chair of the Board of Trustees of The New School and a member of the Board of Overseers of the University of Pennsylvania's School of Arts & Science.

Mr. Walker earned his B.A./B.S. from the University of Pennsylvania and an M.B.A. from the Wharton School.