Richard S. Fuld, Jr.
Director
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.

Michael L. Ainslie
Director
Private Investor and Former President and Chief Executive Officer of Sotheby's Holdings
Mr. Ainslie, a private investor, is the former president, chief executive officer and a director of Sotheby's Holdings. He was chief executive officer of Sotheby's from 1984 to 1994. From 1980 to 1984, he was president and chief executive officer of the National Trust for Historic Preservation. From 1975 to 1980, he was chief operating officer of N-Ren Corp., a Cincinnati-based chemical manufacturer. From 1971 to 1975, he was president of Palmas Del Mar, a real estate development company. He began his career as an associate with McKinsey & Company. Mr. Ainslie is a director of The St. Joe Company and Lehman Brothers Bank, FSB. He is a trustee of Vanderbilt University and a member (and the chairman emeritus) of the Board of Directors of The Posse Foundation, Inc. Mr. Ainslie has been a director of Lehman Brothers Holdings Inc. since 1996, and serves as a member of the Audit Committee.

John F. Akers
Director
Retired Chairman of International Business Machines Corporation
Mr. Akers, a private investor, is the retired chairman of the Board of Directors of International Business Machines Corporation. Mr. Akers served as chairman of the Board of Directors and chief executive officer of IBM from 1985 until his retirement in 1993, completing a 33-year career with IBM. Mr. Akers is a director of W.R. Grace & Co. He is a former member of the Board of Trustees of the California Institute of Technology and The Metropolitan Museum of Art, as well as the former chairman of the Board of Governors of United Way of America. Mr. Akers was also a member of former President George Bush's Education Policy Advisory Committee. Mr. Akers has been a director of Lehman Brothers Holdings Inc. since 1996. He serves as the chairman of the Compensation and Benefits Committee and as a member of the Finance and Risk Committee.

Roger S. Berlind
Director
Theatrical Producer
Mr. Berlind, who is also a private investor, has been a theatrical producer and principal of Berlind Productions since 1981. Mr. Berlind is also a governor of The Broadway League and has served as a trustee of Princeton University, the Eugene O'Neill Theater Center, The MacDowell Colony and the American Academy of Dramatic Arts. Mr. Berlind has been a director of Lehman Brothers Holdings Inc. since 1985. He serves as a member of the Audit Committee and the Finance and Risk Committee.

Thomas H. Cruikshank
Director
Retired Chairman and Chief Executive Officer of Halliburton Company
Mr. Cruikshank was the chairman and chief executive officer of Halliburton Company, a major petroleum industry service company, from 1989 to 1995, was president and chief executive officer of Halliburton from 1983 to 1989, and served as a director of Halliburton from 1977 to 1996. He joined Halliburton in 1969, and served in various senior accounting and finance positions before being named chief executive officer. Mr. Cruikshank is a director of Lehman Brothers Inc. Mr. Cruikshank has been a director of Lehman Brothers Holdings Inc. since 1996 and serves as the chairman of the Audit Committee and as a member of the Nominating and Corporate Governance Committee.

Marsha Johnson Evans
Director
Rear Admiral, United States Navy (Retired)
Ms. Evans served as president and chief executive officer of the American Red Cross from August 2002 to December 2005. She previously served as the national executive director of Girl Scouts of the USA from January 1998 until July 2002. Ms. Evans was a career officer in the United States Navy, retiring as a rear admiral in January 1998. She served as superintendent of the Naval Postgraduate School in Monterey, California from 1995 to 1998 and headed the Navy's worldwide recruiting organization from 1993 to 1995. She is a director of Weight Watchers International, Inc., Huntsman Corporation and Office Depot, Inc. She also serves on the advisory boards for the Ladies Professional Golf Association and the Pew Partnership for Civic Change, a project of the Pew Charitable Trusts, and is a director of the Naval Academy Foundation and America's Development Foundation. Ms. Evans has been a director of Lehman Brothers Holdings Inc. since 2004. She serves as the chairman of the Nominating and Corporate Governance Committee and as a member of the Compensation and Benefits Committee and the Finance and Risk Committee.

Sir Christopher Gent
Director
Non-Executive Chairman of GlaxoSmithKline plc
Sir Christopher Gent has been non-executive chairman of GlaxoSmithKline plc since January 2005. He was non-executive deputy chairman of GlaxoSmithKline plc from June 2004 to January 2005. Prior to his retirement in July 2003, he had been a member of the Board of Directors of Vodafone Group Plc since August 1985 and its chief executive officer since January 1997. Sir Christopher joined Vodafone as managing director of Vodafone Limited in January 1985 when the mobile phone service was first launched and held that position until December 1996. Prior to joining Vodafone, Sir Christopher was director of Network Services for ICL. In this role, he was managing director of Baric, a computer services company owned jointly by Barclays and ICL, and was responsible for ICL's computer bureau services worldwide. Sir Christopher was Knighted for his services to the mobile telecommunications industry in 2001. He is a director of Ferrari SpA, a senior advisor to Bain & Company, Inc. and a member of the advisory board of Reform. He served as the national chairman of the Young Conservatives from 1977 to 1979, and was vice president of the Computer Services Association Council at the time he left ICL. Sir Christopher has been a director of Lehman Brothers Holdings Inc. since 2003. He serves as a member of the Audit Committee and the Compensation and Benefits Committee.

Jerry A. Grundhofer
Director
Chairman Emeritus and Retired Chief Executive Officer of U.S. Bancorp
Mr. Grundhofer is the chairman emeritus and retired chief executive officer of U.S. Bancorp. Mr. Grundhofer served as the chairman of U.S. Bancorp from December 2002 until December 2007. Mr. Grundhofer also served as president and chief executive officer of U.S. Bancorp from February 2001 until October 2004 and December 2006, respectively. From 1993 until February 2001, he served as chairman, president and chief executive officer of U.S. Bancorp predecessors Firstar Corporation and Star Banc Corporation. Mr. Grundhofer is a director of Ecolab, Inc.

Roland A. Hernandez
Director
Retired Chairman and Chief Executive Officer of Telemundo Group, Inc.
Mr. Hernandez is the retired chairman and chief executive officer of Telemundo Group, Inc., a Spanish-language television station company, where he served from August 1998 to December 2000. From March 1995 to August 1998, he served as president and chief executive officer of Telemundo Group, Inc. Prior to that position, Mr. Hernandez was founder and president of Interspan Communications, a company engaged in a variety of services related to Spanish-language media. Mr. Hernandez is also a director of MGM Mirage, The Ryland Group, Inc., Vail Resorts, Inc. and Wal-Mart Stores, Inc. In addition, Mr. Hernandez serves on advisory boards for Harvard University's David Rockefeller Center for Latin American Studies and Harvard Law School, as well as the board of Yale University's President's Council on International Activities. Mr. Hernandez has been a director of Lehman Brothers Holdings Inc. since 2005. He serves as a member of the Finance and Risk Committee.

Henry Kaufman
Director
President of Henry Kaufman & Company, Inc.
Dr. Kaufman has been president of Henry Kaufman & Company, Inc., an investment management and economic and financial consulting firm, since 1988. For the previous 26 years, he was with Salomon Brothers Inc., where he was a managing director, member of the Executive Committee, and in charge of Salomon's four research departments. He was also a vice chairman of the parent company, Salomon Inc. Before joining Salomon Brothers, Dr. Kaufman was in commercial banking and served as an economist at the Federal Reserve Bank of New York. He is a member (and the chairman emeritus) of the Board of Trustees of the Institute of International Education, a member of the Board of Trustees of New York University, a member (and the chairman emeritus) of the Board of Overseers of the Stern School of Business of New York University and a member of the Board of Trustees of the Animal Medical Center. Dr. Kaufman is a member of the International Advisory Committee of the Federal Reserve Bank of New York, a member of the Advisory Committee to the Investment Committee of the International Monetary Fund Staff Retirement Plan, a member of the Board of Governors of Tel-Aviv University and treasurer (and former trustee) of The Economic Club of New York. Dr. Kaufman has been a director of Lehman Brothers Holdings Inc. since 1995. Dr. Kaufman serves as the chairman of the Finance and Risk Committee.

John D. Macomber
Director
Principal of JDM Investment Group
Mr. Macomber has been a principal of JDM Investment Group, a private investment firm, since 1992. He was chairman and president of the Export-Import Bank of the United States from 1989 to 1992, chairman and chief executive officer of Celanese Corporation from 1973 to 1986 and a senior partner at McKinsey & Company from 1954 to 1973. Mr. Macomber is a director of Collexis Holdings, Inc. and Stewart & Stevenson LLC. He is chairman of the Council for Excellence in Government and vice chairman of the Atlantic Council. He is a trustee of the Carnegie Institution of Washington and the Folger Library. Mr. Macomber has been a director of Lehman Brothers Holdings Inc. since 1994. He serves as a member of the Compensation and Benefits Committee, the Executive Committee, and the Nominating and Corporate Governance Committee.