The HBR Interview with Bruce Wasserstein CEO Lazard

GIVING GREAT ADVICE. By: Stewart, Thomas A., Morse, Gardiner,
Harvard Business Review,
Jan 2008, Vol. 86, Issue 1

Some important points

LAST SPRING, Bruce Wasserstein received Harvard Law School's 2007 Great Negotiator Award, joining a select group that includes Sadako Ogata, a former United Nations high commissioner for refugees, and George Mitchell, the former U.S. senator who led the peace talks in Northern Ireland.

In presenting the award, Harvard Business School professor James Sebenius cited in particular the masterful deal making that went into Wasserstein's 2005 coup at Lazard, in which he famously disassembled a century and a half of family ownership and took the fractious M&A and financial advisory firm public.

He is a graduate of Harvard's business and law schools and Cambridge University.
At Cambridge University, he wrote a thesis on British merger policy.

Marketing initiative at First Boston:

"How do we market the business?" and "What are we marketing?" and "How can we possibly compete with larger M&A businesses?" We decided first to execute deals really well and then to market that track record. Our competitors often delegated deal implementation to lawyers, which we felt was a mistake. We realized that understanding the nuances of deal terms and structure could have a tremendous financial impact.

We decided to separate the M&A advice, which was a CEO business, from the financing advice, which was a treasurer or CFO business, and appeal directly to the CEOs in our marketing.

We also developed a "creative department." Its job was to think about the dynamics of industries and what changes within them would take place over the next five years.

We helped companies identify and focus on their hidden core strengths.


When I came to Lazard, it had a variety of counterproductive structures. One was what I called the cell-theory structure: You hire a banker. He or she has three assistants. They keep all their information to themselves, and they fight for revenue with other cells. Another was our fee-splitting system. These are counterproductive because Lazard's competitive advantage is working on difficult, complex assignments, so having a very deep, global team is a necessity, especially in light of the impact that globalization has had on industries.

We have a somewhat less centrally managed structure and we sacrifice some degree of efficiency by deliberately having a less centrally managed culture.

We have and want to attract a network of stars - people who communicate and cooperate but are entrepreneurial and stand out as quality individuals, who are not the cogs in a corporate machine.

What we can do is help the CEO think through an array of options, partly by asking the necessary questions, but also by inserting some very practical observations about the effects of specific decisions.

A good banker can ask the right questions, marshal the arguments, highlight the risks, and detail the options from the financial market and practical implementation perspectives.

Whether a deal makes sense relates directly to the question of the CEO's objectives, of course. Having an appreciation of the personality of your client, both the corporate personality and the individual personality, is key.


Similarly, in the deal business, to be a buyer you should have a conviction that is stronger than consensus.Winning may not be about paying $1 more or less but about creating opportunities for the future, managing the target well after the closing, and not being unduly pressured by an inappropriate financing structure. And sometimes winning is not doing the deal at all.

Lehman Brothers - New CFO

Ms. Erin Ms. Callan, CFO will be replaced by Ian Lowitt, who has served as the firm’s co-chief administrative officer since October 2006.

Mr. Lowitt, who will replace her as Lehman’s finance chief, is a 14-year veteran of the firm and has served as its global treasurer, as well as global head of its tax operation.

His promotion to CFO could signal that Lehman Brothers is looking for more risk management and less risk-taking from its finance function. “He will be familiar with the balance sheet issues and can handle any counterparty concerns,” Mr. Hintz said. Mr. Brad Hintz,is a former Lehman CFO and now an analyst at Sanford C. Bernstein.


http://www.financialweek.com/apps/pbcs.dll/article?AID=/20080612/REG/384563283/1008/rss04&rssfeed=rss04

Wagner-Westerman Managing Directors - Goldman Sachs

Thomas A. Wagner
Daniel Wainstein
Timothy D. Walding
Fred Waldman
John E. Waldron
Kevin A. Walker
Paul Walker
Robert P. Wall
Hueh Ming Wang
Michael W. Warren
Haruko Watanuki
Toby C. Watson
Alan S. Waxman


Nicholas H. Weber
John S. Weinberg
Daniel S. Weiner
Gregg S. Weinstein
Scott R. Weinstein
Stefan Weiser
Richard A. Weissmann
Andrew J. Weisz
George W. Wellde, Jr.
Martin M. Werner
Owen O. West
Matthew C. Westerman*

Yae - Zucker Managing Directors Goldman Sachs

John M. Yae

Tetsufumi Yamakawa
Goldman Sachs Group Inc. has relocated chief Japan economist Tetsufumi Yamakawa to London from Tokyo, leaving the investment bank's Japanese operations without a head analyst. 9April 28, 2008)

Takeshi Yamamoto

Yoshihiko Yano
Managing Director, Head of M&A in Japan, Investment Banking Division,
Goldman Sachs Japan Co., Ltd.


Shinichi Yokote

W. Thomas York, Jr.*

Managing director,
Head of private wealth management
Goldman, Sachs & Company
1 New York Plaza, 41st Floor
New York, New York 10004
Business Phone: 212-902-8892
Education: BSBA; MBA, Harvard

For Article having an interview with him by Senior Editor Tony Chapelle visit
http://findarticles.com/p/articles/mi_km2926/is_200511/ai_n15884730

Wassim G. Younan

Paul M. Young

Thomas G. Young
William J. Young
Pei Pei Yu


Peter J. Zangari

Paolo Zannoni

Yoel Zaoui*
Haitao Zhai
Xing Zhang
Yi Kevin Zhang
Han Song Zhu
Wei Zhu
Joan H. Zief
Lauren J. Zucker

Goldman Sachs - Current Management - 20 May 2008

Board of Directors

Lloyd C. Blankfein
Chairman and Chief Executive Officer

Jon Winkelried
President and Co-Chief Operating Officer

Gary D. Cohn
President and Co-Chief Operating Officer

John H. Bryan

Claes Dahlbäck

Stephen Friedman

William W. George

Rajat K. Gupta

James A. Johnson

Lois D. Juliber

Edward M. Liddy

Ruth J. Simmons

John F. W. Rogers
Secretary to the Board


Executive Committee

Lloyd C. Blankfein
Chairman of the Board and Chief Executive Officer
Mr. Blankfein has been the Chairman and Chief Executive Officer since June 2006 and a director since April 2003. Previously, he had been the President and Chief Operating Officer since January 2004. Prior to that, from April 2002 until January 2004, he was a Vice Chairman of Goldman Sachs, with management responsibility for Goldman Sachs’ Fixed Income, Currency and Commodities Division (FICC) and Equities Division (Equities). Prior to becoming a Vice Chairman, he had served as co-head of FICC since its formation in 1997. From 1994 to 1997, he headed or co-headed the Currency and Commodities Division. Mr. Blankfein is not on the board of any public company other than Goldman Sachs. He is affiliated with certain non-profit organizations, including as a member of the Harvard University Committee on University Resources, the Advisory Board of the Tsinghua University School of Economics and Management and the Governing Board of the Indian School of Business, an overseer of the Weill Medical College of Cornell University, and a director of the Partnership for New York City and Catalyst.

Jon Winkelried
President and Co-Chief Operating Officer
Mr. Winkelried has been President and Co-Chief Operating Officer and a director since June 2006. Previously, he had been the co-head of Goldman Sachs’ Investment Banking Division since January 2005. From 2000 to 2005, he was co-head of FICC. From 1999 to 2000, he was head of FICC in Europe. From 1995 to 1999, he was responsible for Goldman Sachs’ leveraged finance business. Mr. Winkelried is not on the board of any public company other than Goldman Sachs. He is also a trustee of the University of Chicago.

Gary D. Cohn
President and Co-Chief Operating Officer
Mr. Cohn has been our President and Co-Chief Operating Officer and a director since June 2006. Previously, he had been the co-head of Goldman Sachs’ global securities businesses since January 2004. He also had been the co-head of Equities since 2003 and the co-head of FICC since September 2002. From March 2002 to September 2002, he served as co-chief operating officer of FICC. Prior to that, beginning in 1999, Mr. Cohn managed the FICC macro businesses. From 1996 to 1999, he was the global head of Goldman Sachs’ commodities business. Mr. Cohn is not on the board of any public company other than Goldman Sachs. He is affiliated with certain non-profit organizations, including as a member of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association and as a trustee of the Gilmour Academy, the NYU Child Study Center, the NYU Hospital, the NYU Medical School, the Harlem Children’s Zone and American University.


John S. Weinberg
Vice Chairman
Mr. Weinberg has been a Vice Chairman of Goldman Sachs since June 2006. He has been co-head of Goldman Sachs’ Investment Banking Division since December 2002. From January 2002 to December 2002, he was co-head of the Investment Banking Division in the Americas. Prior to that, he served as co-head of the Investment Banking Services Department since 1997. He is affiliated with certain non-profit organizations, including as a board member at NewYork-Presbyterian Hospital, The Steppingstone Foundation, the Greenwich Country Day School and Community Anti-Drug Coalitions of America. Mr. Weinberg also serves on the Visiting Committee for Harvard Business School.




J. Michael Evans
Vice Chairman
Mr. Evans has been a Vice Chairman of Goldman Sachs since February 2008 and chairman of Goldman Sachs Asia since 2004. Prior to becoming a Vice Chairman, he had served as global co-head of Goldman Sachs’ securities business since 2003. Previously, he had been co-head of the Equities Division since 2001. Mr. Evans is a board member of CASPER (Center for Advancement of Standards-based Physical Education Reform). He also serves as a trustee of the Bendheim Center for Finance at Princeton University.


Michael S. Sherwood
Vice Chairman
Mr. Sherwood has been a Vice Chairman of Goldman Sachs since February 2008 and co-chief executive officer of Goldman Sachs International since 2005. Prior to becoming a Vice Chairman, he had served as global co-head of Goldman Sachs’ securities business since 2003. Prior to that, he had been head of the Fixed Income, Currency and Commodities Division in Europe since 2001.



David A. Viniar
Executive Vice President and Chief Financial Officer
Mr. Viniar has been an Executive Vice President of Goldman Sachs and Chief Financial Officer since May 1999. He has been the head of Operations, Technology, Finance and Services Division since December 2002. He was head of the Finance Division and co-head of Credit Risk Management and Advisory and Firmwide Risk from December 2001 to December 2002. Mr. Viniar was co-head of Operations, Finance and Resources from March 1999 to December 2001. He was Chief Financial Officer of The Goldman Sachs Group, L.P. from March 1999 to May 1999. From July 1998 until March 1999, he was Deputy Chief Financial Officer and from 1994 until July 1998, he was head of Finance, with responsibility for Controllers and Treasury. From 1992 to 1994, he was head of Treasury and prior to that was in the Structured Finance Department of Investment Banking. He also serves on the Board of Trustees of Union College.

Gregory K. Palm
Executive Vice President, General Counsel and Secretary of the Corporation
Mr. Palm has been an Executive Vice President of Goldman Sachs since May 1999, and General Counsel and head or co-head of the Legal Department since May 1992.

Esta E. Stecher
Executive Vice President, General Counsel and Secretary of the Corporation
Ms. Stecher has been an Executive Vice President of Goldman Sachs and General Counsel and co-head of the Legal Department since December 2000. From 1994 to 2000, she was head of the firm's Tax Department, over which she continues to have senior oversight responsibility. She is also a trustee of Columbia University.

Alan M. Cohen
Executive Vice President and Global Head of Compliance
Mr. Cohen has been an Executive Vice President of Goldman Sachs and Global Head of Compliance since February 2004. From 1991 until January 2004, he was a partner in the law firm of O'Melveny & Myers LLP.



Management Committee
As of April 2008

Lloyd C. Blankfein
Jon Winkelried
Gary D. Cohn
John S. Weinberg
J. Michael Evans
Michael S. Sherwood
Kevin W. Kennedy
Richard A. Friedman
Gregory K. Palm
Masanori Mochida
David A. Viniar
Christopher A. Cole
Esta E. Stecher
David B. Heller
Marc A. Spilker
Edward C. Forst
Richard J. Gnodde
Richard M. Ruzika
Yoel Zaoui
Gordon E. Dyal
David M. Solomon
Edith W. Cooper
Edward K. Eisler
Gwen R. Libstag
John F.W. Rogers
Pablo J. Salame
Donald R. Mullen
Harvey M. Schwartz
Alan M. Cohen

Important Appointments and Job Changes 2008

---------------------
Uday Bhansali - Kotak Mahindra Capital - India

Jan 2 2008

Investment banker Kotak Mahindra Capital today announced the appointment of Uday Bhansali as Executive Director (Investment Banking).

In his new role, Uday will be responsible for client relationships and will also oversee a team of bankers, Kotak Mahindra Capital said in a release.

He will also drive many of Kotak Investment Banking's International alliances, it said.

Prior to joining the Kotak Mahindra group, Bhansali has worked for 20 years with Accenture Ltd.

Organization Structure Changes - International

Société Générale

Paris, London 18 December, 2007

Société Générale Corporate & Investment Banking: appointment at the helm of market activities

Société Générale Corporate & Investment Banking makes two appointments in the
management of its market activities.

Christophe Mianné, will head all of the corporate & investment bank market activities in the framework of his position as deputy to Jean-Pierre Mustier, Chief Executive Officer of Société Générale Corporate & Investment Banking.

With these new responsibilities, Christophe will supervise both the Global Equities &
Derivatives Solutions division, and the Fixed Income, Currencies and Commodities division.

He will thus foster the sharing of expertise and the creation of greater synergies across activities, in particular in the areas of risk management and financial engineering.

Luc François, previously co-head of the Global Equities & Derivatives Solutions division with Christophe Mianné, will take full responsibility for that division.

Biographies
Christophe Mianné
Christophe joined Société Générale Corporate & Investment Banking in 1988 in the sales department of the derivatives group and was later the Head of Financial Engineering until 1992 when he was appointed Head of Sales & Marketing for Equity Derivatives. In 1996 he became Deputy Head of the division and was appointed Global Head of Equity Derivatives in 1999. In January 2007, Christophe Mianné was named Deputy Chief Executive of Société Générale Corporate & Investment Banking and co-head of Global Equities & Derivatives Solutions. He has been a member of the Group Management Committee of Societe Generale since July 2001 and is also the Chairman of the Supervisory Board of Lyxor Asset Management. Christophe is a graduate of the Ecole Centrale de Paris.

Luc Francois
Luc has been with Société Générale Corporate & Investment Banking since 1988, when he started out working as a trader for Delahaye Generale Options. He subsequently held various trading positions in the US and Paris, before being appointed Head of Trading and Arbitrage for French Equity Derivatives activities in Paris in 1993. He later moved to Tokyo to work as Head of Asian equity derivatives and in 1997 returned to Paris to take up the role of Head of Trading. In 1999 he was appointed Deputy Head of Equity Derivatives Division. In 2007, Luc has been appointed
co-head of the Global Equities & Derivatives Solutions division. He is a member of the Group Management Committee of Société Générale. Luc is a graduate of ESE (Ecole Superieur d’Electricite).

Société Générale
Société Générale is one of the largest financial services groups in the euro-zone. The Group employs 120,000 people worldwide in three key businesses:
􀂃 Retail Banking & Financial Services: Société Générale serves 24 million individual customers worldwide.
􀂃 Global Investment Management & Services: Société Générale is one of the largest banks in the euro-zone in terms of assets under custody (EUR 2 585 billion, Sept 2007) and under management (EUR 450,1 billion, Sept 2007).
􀂃 Corporate & Investment Banking: Société Générale ranks among the leading banks worldwide in euro capital arkets, derivatives and structured finance.
Société Générale is included in the five major socially-responsible investment indexes.

www.socgen.com


Société Générale Corporate & Investment Banking

A leading player present in over 45 countries across Europe, the Americas and Asia-Pacific, Société Générale Corporate & Investment Banking is the bank of reference for:
􀂃 Euro capital markets. A top 5 player across euro debt capital markets (bonds, securitisation, loans), and a leader in French Equity Capital Markets with European reach.
􀂃 Derivatives. A world leader in equity derivatives, and with forefront positions in many interest rate, credit,
foreign exchange and commodities derivatives.
􀂃 Structured finance. A worldwide leader in export, project and structured commodity finance with global expertise in energy, infrastructure, real estate and media & telecom finance.
Tailoring solutions in terms of capital raising, financing, risk management and investment, Société Générale Corporate & Investment Banking combines expertise, innovation and advisory skills coupled with quality of execution to both issuers and investors clients across debt and equity.

www.sgcib.com

Soure Media release
-----------------------------

Organization Structure Changes - USA

Organization Structure Changes - India

Lehman India

LEHMAN BROTHERS APPOINTS JAYANTA BANERJEE AS
HEAD OF PRIVATE EQUITY AND GROWTH CAPITAL, INDIA

MUMBAI, 12 June 2007

Lehman Brothers, the global investment bank, said today Jayanta Banerjee has joined the Firm as managing director and head of Private Equity (excluding Real Estate) and Growth Capital, India. Based in Mumbai, he will report jointly to Tarun Jotwani, chairman and chief executive officer, India, and Christopher Manning, head of the Investment Management Division, Asia.

In his new role, Mr. Banerjee will be responsible for managing Lehman Brothers’ growth capital principal investments and will work closely with members of the various global private equity funds. Having been involved with the Indian private equity industry since 1998 and having been a member of the senior management team at one of India’s largest and most successful private equity firms, Mr. Banerjee brings vast experience and an indepth knowledge across various sectors as an investor.
Mr. Jotwani said, “Lehman Brothers’ India franchise continues its robust expansion and, under Jayanta’s leadership, we expect to capitalize on the tremendous growth in mid-capcorporate India. With corporate profit growth in the mid-twenty percent range, and private equity investments growing at a rate of more than 100% in India, we are very pleased to have someone of Jayanta’s caliber leading this effort for us.”
Mr. Manning added, “We are excited to have someone of Jayanta's talents as we continue to grow our private equity business in India and we look forward to partnering with management teams to help them achieve their growth plans.”

Prior to joining Lehman Brothers, Mr. Banerjee was Director-Investments at ICICI
Venture. In addition to being a member of the Investment Committee of ICICI Venture’s
US$810 million India Advantage Fund Series 2, the largest Indian private equity fund,
Mr. Banerjee played a pivotal role in raising funds from investors across the globe. He is an alumnus of Indian Institute of Management, Bangalore (IIM B) and holds a Bachelor of Engineering from Jadavpur University, Kolkata.

-------------------------

LEHMAN BROTHERS APPOINTS PRASHANT PURKER AS
HEAD OF GLOBAL FINANCE, INDIA

MUMBAI, 30 April, 2007

Lehman Brothers, the global investment bank, today announced the appointment of Prashant Purker as managing director and head of Global Finance, India.

In this new role, Mr. Purker will be responsible for the Firm’s origination efforts across debt, equity and the client-based Risk Solutions Group in India.
Mr. Purker has more than twenty years of business development and managerial experience across a wide range of financial services and products, including foreign exchange, equities, fixed income, asset-backed finance and interest rates, as well as their related derivatives.

Based in Mumbai, Mr. Purker will report to Surojit Shome, head of Investment Banking,
India and Joonkee Hong, head of Global Finance, Asia.

Mr. Shome said: “We are delighted to have someone of Prashant’s caliber join our
Investment Banking franchise. With M&A on the rise and demand for innovative structured financial products increasing, Prashant’s experience will be an invaluable asset to the Firm.”

Mr. Purker joins Lehman Brothers from ICICI Bank Ltd, where he was head of Global
Principal Investments and Trading, responsible for the bank’s Indian proprietary trading business and the investment and trading activities of its overseas branches. Mr Purker is an Indian Institute of Technology (Kanpur) alumnus and has a post-graduate diploma in management from the Indian Institute of Management (Ahmedabad).



-----------------


LEHMAN BROTHERS APPOINTS PANKAJ VAISH AS HEAD OF EQUITIES AND FIXED INCOME LIQUID MARKETS, INDIA


MUMBAI, 23 April 2007


Lehman Brothers, the global investment bank, today announced the appointment of Pankaj Vaish as managing director and head of Equities and Fixed Income Liquid Markets, India. Based in Mumbai, he will report to Tarun Jotwani, chairman and chief executive officer, India and Hyung Lee, head of Equities and Fixed Income, Asia.
Mr. Vaish brings to the Firm vast experience across product lines. He has worked extensively in equity and derivatives trading, structuring and trading structured products. He also brings in-depth knowledge of hedge funds, having previously founded a global macro hedge fund, called PV Capital Management, and has worked with New York-based Vega Asset Management.

Mr. Jotwani said: “It gives me immense pleasure to welcome a professional of Pankaj’s exceptional standing to the Firm, who brings with him over 16 years of capital markets experience. Currently, India is a market with great potential in the capital markets. His leadership and expertise in financial products will be an invaluable asset as the Firm grows in equities, rates and commodities, among other liquid markets products. His appointment highlights Lehman Brothers’ commitment to expanding our businesses in India.”

Mr. Vaish joins Lehman Brothers from Citigroup, New York, where he was most recently managing director, responsible for proprietary trading of Global Equity Markets via cash and derivatives. Earlier he was responsible for the North American Equity Derivatives Trading, Global Commodity Derivatives business and Fixed-Income Derivatives Trading activities at Citibank. He has a Master of Science in Management as well as a Bachelor’s degree in Economics from the Massachusetts Institute of Technology.




-----------------------------
LEHMAN BROTHERS APPOINTS SUROJIT SHOME AS MANAGING DIRECTOR AND HEAD OF INVESTMENT BANKING, INDIA

MUMBAI, 23 January 2007

Lehman Brothers, the global investment bank, today announced the appointment of Surojit Shome as managing director and head of Investment Banking, India, based in Mumbai.


Mr. Shome brings to the Firm a depth of experience in the Indian market covering the corporate banking, capital markets and investment banking product range. He is responsible for building the Firm’s investment banking franchise in that market and reports to Kunho Cho, head of Investment Banking, Asia Pacific, at Lehman Brothers, and Tarun Jotwani, chairman and chief executive officer, India, at Lehman Brothers.
Mr. Shome joins Lehman Brothers from Citigroup, where he was most recently a managing director and head of Corporate Banking for the Indian sub-continent overseeing corporate and financial institutions coverage teams for India, Sri Lanka, Bangladesh and Nepal. He has a bachelors degree in Economics & Statistics from Presidency College, Kolkata and a post-graduate degree in business management from XLRI, Jamshedpur.

Tarun Jotwani, chairman and CEO, India, at Lehman Brothers, said, “I am delighted to have someone of Surojit’s calibre leading our rapidly expanding Indian investment banking franchise.

India is an exciting growth market and Surojit brings 19 years of experience, enormous domain knowledge and great leadership skills to Lehman Brothers. His appointment highlights the Firm’s commitment to expanding our investment banking presence in India.”

Bsed on media release by Lehman

Important Appointments and Job Changes - 2007

------------------------------
JP Morgan - Barry Zubrow

November 2007

JPMorgan Chase has hired Barry Zubrow, a former co-chairman of Goldman Sachs’ risk committee, as its new chief risk officer.

Mr Zubrow, 54, was Goldman’s chief administrative officer when he left in 2004 to work as a senior adviser to Jon Corzine, the former Goldman executive who is governor of New Jersey.

http://www.ft.com/cms/s/0/27033904-9c64-11dc-bcd8-0000779fd2ac.html
----------------------------

Fidelity Mutual Fund - Investment

Fidelity Plans Two Boards to Oversee Mutual Funds

October 2007

Fidelity Investments plans to create two boards to oversee a stable of mutual funds

One board will supervise equity and high-yield funds, and another will be responsible for investment-grade bond and money- market funds,

Fidelity, which manages $1.5 trillion in assets, currently has one board overseeing 369 of its 427 funds.

Given the extraordinary breadth of fund offerings, there simply weren't enough eyeballs looking at the different products,this is certainly a step in the right direction, analysts feel.

Fidelity's Chief Executive Officer Edward ``Ned'' Johnson III is chairman of the company's fund board. His role after the split hasn't been decided.


The company, the largest U.S. mutual-fund manager, has been criticized for having Johnson, whose family controls the firm, serve as fund board chairman. Board chairmen at firms including Putnam Investments and Invesco Plc's Aim Investments are independent trustees whose responsibility is only to investors.

Mutual-fund boards are composed of trustees, who typically monitor fund fees, strategy and size.

http://www.bloomberg.com/apps/news?pid=20601087&sid=ablVne9XvPak&refer=home
------------------

The resignation of Ellyn McColgan

August 2007

McColgan built Fidelity into America's largest brokerage. In April, she took on broad sales and operations duties that put her in charge of nearly half of the company's 42,000 employees.

McColgan, 53, had made it clear to friends that she wants to be a CEO and that she had hoped it would happen at Fidelity. She, among others, was surprised when Fidelity announced in mid-July that Rodger Lawson, 60, a Fidelity alum who recently was vice chairman of Prudential Financial, would return as president.

Lawson's official arrival on Monday, August 6, put a layer between McColgan and Ned. And it clearly tipped her decision to leave. Now McColgan, who declined to comment for this story, is known to be looking for a CEO job elsewhere in the financial services industry or in the not-for-profit arena.

hile, Fidelity faces the huge task of restocking its ranks following a dizzying series of high-level departures. Chief operating officer Bob Reynolds left unexpectedly in April. Stephen Jonas, who was executive director of the firm's investment management division, quit in January. Fidelity subsequently launched a search for a chief administrative officer as well as a new investment-management boss but at least for now is sticking with its in-house talent.

Merrill Lynch Organization

Board of Directors
Revised October 2007

Carol T. Christ
President, Smith College; former executive vice chancellor and provost, University of California, Berkeley. 63 years old; Director of Merrill Lynch since 2007.

Armando M. Codina
President and Chief Executive Officer, Flagler Development Group; Chairman Emeritus of the Board of Trustees of Florida International University, 60 years old; Director of Merrill Lynch since 2005.

Virgis W. Colbert
Retired Executive Vice President of Worldwide Operations for Miller Brewing Company; 68 years old; Director of Merrill Lynch since 2006.



Alberto Cribiore
Managing Partner and founder of Brera Capital Partners, a global private equity investment firm; former Co-President of Clayton, Dubilier & Rice, Inc.; 62 years old; Director of Merrill Lynch since 2003.

John D. Finnegan
Chairman of the Board, President and Chief Executive Officer of The Chubb Corporation, a property and casualty insurance company; former Executive Vice President of General Motors Corporation, and Chairman and President of General Motors Acceptance Corporation, a subsidiary of General Motors Corporation; 58 years old; Director of Merrill Lynch since 2004.

Judith Mayhew Jonas
Member of the U.K. government's Commission for Equality and Human Rights; former Provost of Kings College, Cambridge; former Special Adviser to the Chairman, Clifford Chance, Solicitors; former Vice Chair of the London Development Agency; 59 years old; Director of Merrill Lynch since 2006.

Aulana L. Peters
Retired Partner in the law firm of Gibson, Dunn & Crutcher LLP; former Member, Public Oversight Board of AICPA; former Commissioner of the U.S. Securities and Exchange Commission; 65 years old; Director of Merrill Lynch since 1994.

Joseph W. Prueher
U.S. Ambassador to the People’s Republic of China from 1999 to 2001; Consulting Professor to the Stanford-Harvard Preventive Defense Project; U.S. Navy Admiral (Ret.), Commander-in-Chief of U.S. Pacific Command from 1996 to 1999; 64 years old; Director of Merrill Lynch since 2001.

Ann N. Reese
Co-Founder and Co-Executive Director of the Center for Adoption Policy, a not-for-profit corporation; former Principal, Clayton, Dubilier & Rice, a private equity investment firm; former Executive Vice President and Chief Financial Officer of ITT Corporation, a hotel and leisure company; 54 years old; Director of Merrill Lynch since 2004.

Charles O. Rossotti
Senior Advisor to The Carlyle Group, a private global investment firm; former Commissioner of Internal Revenue at the Internal Revenue Service; former Chairman of the Board and Chief Executive Officer of American Management Systems, an international business and information technology consulting firm; 66 years old; Director of Merrill Lynch since 2004.













Management Team


Executive Management Team



Alberto Cribiore
Interim Non-Executive Chairman


Rosemary Berkery
Vice Chairman and General Counsel

Ahmass Fakahany
President and Chief Operating Officer

Gregory J. Fleming
President and Chief Operating Officer

Robert J. McCann
President of the Global Wealth Management Group

Jason Brand
President of Merrill Lynch Pacific Rim

Candace Browning
President of Merrill Lynch Global Research

Samuel R. Chapin
Vice Chairman, Executive Client Coverage Group

Damian Chunilal
Chief Operating Officer, Merrill Lynch Pacific Rim, Head of Pacific Rim Investment Banking and Head of Pacific Rim Private Investment Banking Group

Rohit D'Souza
Head of Global Equities and Americas Global Markets, Global Markets & Investment Banking; Head of Global Alternative Investments

Jeffrey N. Edwards
Chief Financial Officer

H. McIntyre (Mac) Gardner
Head of Americas Region and Global Bank Group
Global Wealth Management

Tsunehiro Nakayama
Chairman, Merrill Lynch Japan Securities Company, Ltd., and Vice Chairman, Merrill Lynch International

Victor Nesi
Private Equity for Technology, Media and Telecommunications
Global Markets & Investment Banking

Andrea Orcel
Head of Global Origination and President of EMEA
Global Markets & Investment Banking

James B. Quigley
Vice Chairman, Executive Client Coverage Group; Chairman of Merrill Lynch International and Head of Latin America Global Markets & Investment Banking

Diane L. Schueneman
Head of Global Infrastructure Solutions

John P. Sievwright
Chief Operating Officer of International

David Sobotka
Head of of Fixed Income, Currencies & Commodities

Daniel C. Sontag
Head of Americas Client Relationship Group, Global Wealth Management

Nathan C. Thorne
President, Global Private Equity
Global Markets & Investment Banking

Bob Wigley
Chairman, Europe, Middle East & Africa

Jason Wright
Head of Communications & Public Affairs

Raymundo Yu
Chairman, Asia Pacific Region Executive Client Coverage Group



Samuel R. Chapin


Kevin B. Dunleavy


Harold E. Ford, Jr.


Brian P. Hull


Jerome P. Kenney


Richard (Dick) McCormack

William J. McDonough

Harry McMahon


Thomas A. Petrie

James B. Quigley

Gregg Seibert


Hugh Sullivan





















Private Equity

Team New York

Nathan C. Thorne is a Managing Director and President of Merrill Lynch Global Private Equity. Prior to this role, Mr. Thorne was head of International Private Equity and Vice Chairman of Global Private Equity. Since joining Merrill Lynch in 1984, Mr. Thorne has served in a number of senior positions within Investment Banking, including head of the High Yield Finance and Restructuring Group, and head of Corporate Finance, High Yield Finance and Real Estate. In 1987, he founded the Financial Restructuring Group. Mr. Thorne earned a B.A. degree in English Language and Literature from Yale College in 1976.

Christopher J. Birosak is a Managing Director with MLGPE. Mr. Birosak joined MLGPE in 2004 where he focuses on investments in the health care, energy & power, and industrial sectors. Since joining Merrill Lynch in 1994, Mr. Birosak has worked in various capacities in Leveraged Finance with particular emphasis on leveraged buyouts and M&A related financings. He also co-founded the syndicated loan business at Merrill Lynch in 1994. Mr. Birosak earned a B.A. degree in Economics from Wayne Sate University and an M.B.A. in Finance from the University of Detroit.

George A. Bitar is a Managing Director and Co-Head of U.S. within MLGPE and has been part of Merrill Lynch's private equity business since 1994. Prior to that, Mr. Bitar was in the Leveraged Finance and Restructuring groups within Investment Banking at Merrill Lynch. Mr. Bitar joined Merrill Lynch in 1991 after receiving an M.B.A. from the Columbia Business School.

Robert F. End is a Managing Director and Co-Head of U.S. within MLGPE. Prior to re-joining Merrill Lynch in 2004, Mr. End was a founding partner of a $1 billion independent private equity fund established in 1994. Prior to leaving Merrill Lynch in 1994, Mr. End was a Managing Director of Merrill Lynch Capital Partners, the firm’s private equity group which managed $1.9 billion of capital raised from institutional investors. Mr. End joined Merrill Lynch in 1986 and worked in the Investment Banking Division before joining the private equity group in 1989. Mr. End earned an A.B. degree in Government from Dartmouth College and an M.B.A. from the Amos Tuck School of Business Administration at Dartmouth College.

Mandakini Puri is a Managing Director and Chief Investment Officer of MLGPE and has been part of Merrill Lynch's private equity business since 1994. Prior to that, Ms. Puri was in the Leveraged Finance, Restructuring and Mergers & Acquisitions groups within Investment Banking at Merrill Lynch. Ms. Puri joined Merrill Lynch in 1986 after receiving an M.B.A. from the Wharton School at the University of Pennsylvania.

Angel Morales is a Senior Principal with MLGPE and has been with the group since 1996. Mr. Morales has completed transactions in various industries including the healthcare, consumer products and general industrial sectors. Mr. Morales has a B.A. in Economics from Harvard University and an M.B.A. from Harvard Business School.

Julian D. Alexander is a Principal with MLGPE. Prior to joining MLGPE, Mr. Alexander was a Principal with Weston Presidio in Boston, focusing on private equity investments in a variety of industries. Previously, he has held positions with BancBoston Ventures, Robertson Stephens, and The Walt Disney Company. Mr. Alexander earned a B.A. in Government from Harvard University and an M.B.A. from Harvard Business School.

Cassey Plantada is a Senior Principal with MLGPE and has been with the group since 2000. Prior to joining MLGPE, Ms. Plantada worked in the Mergers & Acquisitions department of Merrill Lynch, where she assisted clients in strategic planning and corporate mergers. Ms. Plantada has a B.A. degree in Economics from Columbia College and an M.B.A. degree from Harvard Business School.

Brian Gorczynski is a Senior Principal with MLGPE. Prior to joining MLGPE in 2004, Mr. Gorczynski was a Principal at Veritas Capital, focusing on private equity investment opportunities in the defense and aerospace industries. Previously, he worked as an Associate at Arena Capital Partners. Mr. Gorczynski began his private equity career in 1994 as an Analyst at Stonington Partners, the successor to Merrill Lynch Capital Partners. Mr. Gorczynski holds a B.S., magna cum laude, in Finance from Boston College and an M.B.A. from Harvard Business



London - Team

Senior Professionals

Guido Padovano
Mr. Padovano is a Managing Director and Head of the European and Latin American regions within Merrill Lynch Global Private Equity, overseeing the European and Latin American private equity effort. He joined Merrill Lynch Investment Banking in 1996, and joined private equity in 1998, where he initially focused on Latin America investments. Mr. Padovano has an Industrial Engineering degree from the University of São Paulo and an M.B.A. from Stanford University.

Matthew Turner
Mr. Turner is a Managing Director and Head of the EMEA region within Merrill Lynch Global Private Equity. He joined Merrill Lynch in 2007. Most recently, he was a partner at Palamon Capital Partners. While there he participated in a significant number of buy-out transactions. Prior to that, Matthew was Global Head of business development for the private equity arm of Prudential plc. His work covered all aspects of capital transactions including accounting, legal due diligence, financing equity and debt execution. He has also led some of the industry’s most significant transactions including Gala Group (the UK’s largest private firm), and Phadia, a 2007 private equity award winner. Mr. Turner received a law degree from Guildford Law College and a B.A. (Hons) in Law from Anglia University.

Eric Kump
Mr. Kump is a Managing Director with Merrill Lynch Global Private Equity. Mr. Kump joined Merrill Lynch’s Financial Institutions M&A group in 1992 and private equity in 1995. He focuses on investments in Western and Eastern Europe in a variety of sectors including retail and distribution among others. Mr. Kump holds a B.A. from Pace University and an M.B.A. from Harvard Business School.

Djamal Moussaoui
Mr. Moussaoui is a Managing Director with Merrill Lynch Global Private Equity. Previously, he was a Director in the Mergers & Acquisitions Group of Merrill Lynch focusing on telecommunication and media. Prior to joining Merrill Lynch, Mr. Moussaoui was a Vice President in the Mergers & Acquisitions Group of Citigroup in London. Mr. Moussaoui is a graduate of Ecole des Hautes Etudes Commerciales (HEC) in Paris.


Tokyo

Terutomo Mitsumasu
Mr. Mitsumasu is a Managing Director and Head of the Japan region within Merrill Lynch Global Private Equity. Prior to joining Merrill Lynch Global Private Equity in 2005, Mr. Mitsumasu was a Deputy General Manager at Shinsei Bank’s Private Equity Division, responsible for buyout investments in Japan. Prior to that, he was a Vice President at JP Morgan Capital and had also worked in M&A Advisory and TMT sector coverage within Investment Banking. Mr. Mitsumasu earned a B.A. degree in Law from Keio University.

Hidetoshi Shibata
Mr. Shibata is a Managing Director in the Japan region within Merrill Lynch Global Private Equity. Immediately prior to joining Merrill Lynch Global Private Equity in 2007, Mr. Shibata was a Partner at MKS Partners, one of the longest standing Japanese independent private equity funds. At MKS, he led fund raising, deal sourcing, transaction execution and value-add initiatives to the portfolio companies. Prior to that, he was a project leader in a large scale reengineering initiative at Central Japan Railway. Mr. Shibata earned an M.B.A. from Harvard Business School and a B.E. degree in Mechano-Informatics from the University of Tokyo.

Sydney

Brian A. Renaud
Mr. Renaud is a Managing Director and Head of the Australia region within Merrill Lynch Global Private Equity. He joined Merrill Lynch in 1990 and worked in High Yield Finance in New York and Corporate Finance in London prior to joining MLGPE. Mr. Renaud received an M.B.A. degree from Harvard Business School and a B.S. degree in International Economics from Georgetown University.

Hongkong

Erh Fei Liu
Mr. Liu is a Managing Director and Head of the China region within Merrill Lynch Global Private Equity and Chairman, Merrill Lynch China Region. Mr. Liu joined Merrill Lynch in 1999 from Credit Agricole Indosuez, where he was a Managing Director and head of the Investment Banking Group. Mr. Liu holds an M.B.A. from Harvard University and a B.A. in Economics from Brandeis University.

Bing Wang
Mr. Wang is a Managing Director with Merrill Lynch Global Private Equity. Prior to this role, Mr. Wang was the Co-Head of Merrill Lynch China Corporate Finance Division and Asia Pacific Global Industry Group, where he developed extensive experience in large and complex transactions in the PRC region. He holds a Master Degree from University of Toronto and an M.B.A. degree from INSEAD with honor.

Brazil

Guido Padovano
Mr. Padovano is a Managing Director and Head of the European and Latin American regions within Merrill Lynch Global Private Equity, overseeing the European and Latin American private equity effort. He joined Merrill Lynch Investment Banking in 1996, and joined private equity in 1998, where he initially focused on Latin America investments. Mr. Padovano has an Industrial Engineering degree from the University of São Paulo and an M.B.A. from Stanford University.

Marcelo Di Lorenzo
Mr. Di Lorenzo is a Managing Director with Merrill Lynch Global Private Equity. Prior to joining Merrill Lynch Global Private Equity in 2001, Mr. Di Lorenzo was a Vice President at Morgan Stanley Global Private Equity, responsible for private equity investments in Latin America. Prior to that, he was an Associate in the Latin American Group of DLJ Merchant Banking and worked as a management consultant for McKinsey & Company. Mr. Di Lorenzo earned an M.B.A. with honors from the Graduate School of Business at The University of Chicago in 1995 and a B.S. in Mechanical-Aeronautics Engineering from Instituto Tecnologico de Aeronautica (ITA) in Brazil in 1990.

Lehman Brothers Managing Directors

Emmanuel Regniez, Managing Director in Investment Banking, France

SUROJIT SHOME, MANAGING DIRECTOR AND HEAD OF INVESTMENT BANKING, India
GARETH DERBYSHIRE, MANAGING DIRECTOR, PENSIONS ADVISORY GROUP LONDON
Richard Noble, managing director, European power investment
banking group.
AKIRA ENDO, MANAGING DIRECTOR, HEAD OF HUMAN RESOURCE,ASIA, TOKYO,
Christopher Wendel, Managing Director, Head of Equities Sales, Asia (Korean)

Lehman Brothers Organization

Board of Directors


Richard S. Fuld, Jr.
Michael L. Ainslie
John F. Akers
Roger S. Berlind
Thomas H. Cruikshank
Marsha Johnson Evans
Sir Christopher Gent
Roland A. Hernandez
Henry Kaufman
John D. Macomber

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.

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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 chairman 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.

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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. and PepsiCo, Inc. 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.

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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 League of American Theaters and Producers and has served as a trustee of Princeton University, the Eugene O'Neill Theater Center 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.

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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.

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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.

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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 member of the Financial Reporting Council, 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.

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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. He is also a dean's advisory board member for the University of Southern California's Annenberg School for Communication. Mr. Hernandez has been a director of Lehman Brothers Holdings Inc. since 2005. He serves as a member of the Finance and Risk Committee.

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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.

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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., Stem Cell Innovations, 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.

















Senior Management

Richard S. Fuld, Jr.
Jasjit S. Bhattal
Scott J. Freidheim
David Goldfarb
Joseph M. Gregory
Jeremy M. Isaacs
Theodore P. Janulis
Stephen M. Lessing
Ian T. Lowitt
Herbert H. McDade III
Hugh E. McGee III
Roger B. Nagioff
Christopher O'Meara
Thomas A. Russo
George H. Walker



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.

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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.

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Scott J. Freidheim
Co-Chief Administrative Officer
Scott J. Freidheim is co-chief administrative officer of Lehman Brothers Holdings Inc. and a member of the Firm's Management Committee. He is responsible for global oversight of Corporate Services; Corporate Communications, Marketing and Brand Management; Legal, Compliance and Audit; Corporate Security; Corporate Strategy; Diversity; Human Resources; Recruiting; and Talent Management. Additionally, he is chief of staff to the chairman and chief executive officer.

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, a member of IIE's Scholar Rescue Fund Board of Directors and Selection Committee, and co-founder and chairman of IIE's New Leaders Group. Additionally, he is 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.

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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.

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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.

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Theodore P. Janulis
Global Head of Mortgage Capital
Ted Janulis, a managing director, is global head of the Firm's Mortgage Capital business, 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.

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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.

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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, Finance, Investor Relations, Operations, Productivity and Process Improvement, 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.

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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.

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Roger B. Nagioff
Global Head of Fixed Income
Roger B. Nagioff is global head of the Fixed Income Division at Lehman Brothers Holdings Inc., a position he has held since May 2007. He is a member of Lehman Brothers' Executive Committee.

Mr. Nagioff joined Lehman Brothers in 1997 as head of European Equity Trading, and two years later, was named head of European Equities. From 2000 to 2004, he served as co-head of Global Equities and from 2004 to 2007, he was chief operating officer, Europe.

Mr. Nagioff's career began in 1985 at Wedd Durlacher Mordaunt & Co. (later BZW) in the London traded options market. He later spent time trading at Smith New Court and in 1989, he joined NatWest Markets running all of their European Equity Trading, Equity Derivatives, Convertibles and Proprietary Trading operations.

Mr. Nagioff is a lawyer and graduated from what is now The City University in London.

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Christopher O'Meara
Chief Financial Officer
Christopher O'Meara is the chief financial officer and an executive vice president of Lehman Brothers Holdings Inc. Mr. O'Meara was named chief financial officer in December 2004.

As chief financial officer, Mr. O'Meara oversees Financial Control, Planning and Analysis, Investor Relations, Product Control, Tax, and Treasury on a global basis.

Mr. O'Meara joined Lehman Brothers in 1994. During his tenure at the Firm, Mr. O'Meara has served in various prominent roles across the Finance Division including financial controller, head of Expense Management, chief financial officer of Investment Banking, and head of Financial Management Information. Mr. O'Meara has served as the Firm's global controller since April 2002.

Mr. O'Meara has extensive experience in the financial services industry. Prior to joining Lehman Brothers, Mr. O'Meara was a managing director and controller of several business units at Bankers Trust Company, and prior to that, was a senior manager in Ernst & Young's Financial Services practice.

Mr. O'Meara graduated from Georgetown University with a degree in business administration, and is a certified public accountant.

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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. He is a member of 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.

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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.

UBS Investment Bank

January 2007

Global Wealth Management &
Business Banking


Marcel Rohner | Chairman and CEO
Global Wealth Management &
Business Banking



Our vision
As the global leader in wealth management, we are determined to become the provider of choice for private clients worldwide. The scale and significance of our wealth management business in UBS ensures the highest levels of long-term
commitment to the interests of our private clients. We will provide our clients with a consistent positive experience at every point of contact with our group, anywhere in the world. This is founded on the high quality of our advisory process
through which we first take the time to listen to our clients, then develop and implement solutions for and with them, and finally monitor and learn from the results. At the center of this process is the client advisor. Careful selection, development and support of our client advisors is instrumental in providing a positive experience to our clients, thus fostering long-term personal relationships with our group.

As the leading bank in Switzerland, we grow by providing a complete range of top quality banking, securities and operational services, and multi-channel access for individual and corporate clients.

Clients and markets
Wealth management is a fast-growing market. According to
an internal UBS estimate, the global growth rate of liquid assets
held by wealthy individuals is expected to grow by 5.8%
annually between 2005 and 2009.
The wealth management market is very fragmented and
UBS’s global market share, including the US wealth management
business, is estimated at 3.5%.
A clearly structured advisory process helps client advisors
add value at each step and provides our clients with a consistent
and comprehensive experience. Our approach consists of
four clear, mutually enhancing steps, which are shown in the
UBS Client Experience diagram on the next page.
We offer sophisticated products and services specifically
designed to address the needs of:
– core affluent clients with investable assets of CHF 250,000
to CHF 1–2 million

– high net worth clients with investable assets of CHF 1 –2
million to CHF 50 million
– ultra-high net worth clients with investable assets of more
than CHF 50 million.
We also provide financial intermediaries, both inside and
outside Switzerland, with UBS’s wealth management solutions,
products and services.
Growth initiatives
Wealth management in Asia Pacific
One of the main challenges for the wealth management
business in the next few years will be to enhance its already
strong business footprint in the Asia Pacific region. The region
is very heterogeneous and, taken together, accounts for
more than half the world’s population – while only contributing
a quarter of total global Gross Domestic Product
(GDP).
Our wealth management business has a presence in six
domestic Asia Pacific markets and plans to expand its network
of branches and offices into further high-potential locations.
By cooperating with the other Business Groups in the region, wealth management can draw on a wide array of
products and services already on offer and share infrastructure,
delivering significant cost savings.
In March 2006, we opened a wealth management business
office (sub-branch) in Osaka, an important step in further
expanding our presence in Japan.
Given the strong demand for wealth management services
in the region, UBS decided in September 2006 to create
a regional training center for employees in Singapore,
which is scheduled to open in 2007. Clients will also be able
to take courses at the facility.

Distribution
Our extensive wealth management branch network comprises
4,742 client advisors, 107 offices in Switzerland and
77 offices worldwide.

Clients and strategy
Changing legislation and basic market forces have steadily
eroded the long entrenched boundaries separating trust,
banking, and brokerage in the US, creating an opportunity
to deliver a seamless set of services to affluent and wealthy
private clients. With 38% of the world’s wealth located in
the US, the growth prospects are substantial.
We believe we are in a position to capture this strategic
opportunity with a unique approach – within the current
regulatory framework and the prevailing competitive landscape.
Following our successful shift into the firm’s global
wealth management business, we have now embarked on a
long-term strategy that focuses on the delivery of a client
experience that sets us apart from competitors.
The strategy comprises a number of organic growth initiatives
and infrastructure enhancements aimed at fundamentally
improving the way financial advisors approach
and service individual clients. It will also allow for targeted
strategic investments while making more use of the global
wealth management support platform, bringing scale efficiencies.
We will also closely look at any suitable acquisition
opportunity that potentially complements our organic
growth drive.
Internally, asset-gathering efforts benefit from our established
strategy of treating client feedback systematically and
seriously. Extensive proprietary survey data sampled annually
is used to create an index for every individual financial
advisor. The index is the base by which each financial advi-sor gets specific feedback in terms of the four consultative
steps of UBS’s client experience – understanding the client’s
needs, proposing solutions, agreeing and implementing
them with the client, and, finally, reviewing performance on
a continuous basis. This will help to generate an accurate,
overall picture of what clients think about the advice they
receive.
Our business has also aligned its strategy with regard to
advisor compensation. Specifically, financial advisor compensation
now incorporates net new money growth as a key
component.
At the same time, there is a large-scale effort to collaborate
more closely with UBS’s other businesses. With the help
of the global wealth and asset management businesses, and
by pursuing an open architecture framework, we will enhance
the number of structured products and hedge funds
we offer in the US – and expand in-house research capabilities
for private clients.
The other strategic investments focus on enhancing internal
infrastructure and technology – while evaluating the opportunity
for potential acquisitions, such as the Piper Jaffray
and McDonald Investments branch networks. Such acquisitions
enable us to expand our financial advisor network
while leveraging our existing product platform, gaining access and increased representation in important client markets.
As always, potential acquisitions must meet UBS’s financial
and cultural criteria.
We are also expanding our ability to address the specific
needs of ultra-high net worth clients. We opened the first of
a series of dedicated offices for such clients in New York
City in July 2006. There, specialized financial advisors who
have completed a specific accreditation program giving
them the skill and knowledge to deal with wealthy clients,
work together with private bankers, trust officers and multidisciplinary
product experts. We believe the pilot office has
a particularly promising future as we have a very high share
of the market in New York, and we are taking advantage of
the fact that no other major firm delivers trust, banking and
brokerage comprehensively and effectively from a single
source.


Global Asset Management

John A. Fraser | Chairman and CEO
Global Asset Management

Our vision
Our global asset management business provides investment management solutions directly to our private, institutional and corporate clients and through financial intermediaries. We aim to deliver superior investment performance to clients
through the management of their investments, across and within all major asset classes and through a number of investment approaches. The strength of our global asset management business lies in its globally integrated investment organization
and processes, as well as in the quality of its client service.


Strategic opportunities


The industry in which we operate is becoming more complex
and client demands are changing. Key industry trends vary
for each location, capability and client segment. Among major
trends, we see a continuing shift in the pension industry
from defined benefit to defined contribution plans – although
the speed of the shift varies in each country. Access
to wholesale distribution channels is increasingly becoming
important. As baby boomers move into retirement, the focus
is shifting from wealth accumulation to income generation
and capital protection, providing attractive new opportunities.
Investors are increasingly looking to standardize their
core or central portfolios and adding actively managed areas
or satellites, with a particular focus on alternatives and real
estate. We also remain optimistic about the growth potential
in emerging markets.
We intend to further diversify our investment capabilities,
expand our alternative and real estate investment offering,
and focus on high value-adding products. Highly innovative
products like dynamic alpha and absolute return will continue
to drive asset and net new money growth. Investments
in our global real estate business in Europe, infrastructure
and growth equities capability are examples of further business
diversification.
In parallel to this, we aim to strengthen our distribution
both through our own channels as well as through third parties.
The acquisition of Banco Pactual in Brazil by UBS and
our recently announced acquisition of Standard Chartered’s mutual funds management business in India are key elements
in our growth strategy to expand in emerging markets.
We also see growth potential in our joint venture in
China (UBS SDIC) and are seeking to build a discretionary asset
management business in the restructured Beijing Securities.
Opportunities in global real estate and infrastructure are
being considered. We are examining options for entry into
other emerging markets such as South Korea in order to
gain access to these long-term growth opportunities.
We recognize the crucial importance of a robust risk and
compliance culture to the sustainability of our business.
Managing operational risk continues to be a key focus. We
also remain committed to the effective execution of our
strategy, ensuring that our initiatives deliver profit growth.


Investment banking

Huw Jenkins | Chairman and CEO
Investment Bank

Strategic opportunities

The financial industry will remain very competitive but the
strength of the markets and the level of client activity continue
to offer attractive investment opportunities. The Investment
Bank’s growth agenda is derived from the needs of
our clients and is based on four pillars: focusing on high
growth client segments, capturing new business growth
through product innovation, building a scalable and convergent
infrastructure and developing employees.


We have already made significant progress in our plan to
expand our offering to high growth clients such as hedge
funds and financial sponsors as well as private clients, who
are increasingly seeking yield from alternative asset classes.
Specifically, we have continued to build our prime brokerage
platform for hedge fund clients. To better meet financial
sponsor needs, we have re-engineered our leveraged finance
processes and adapted our risk levels accordingly. We have
also reviewed our structured derivatives businesses and
grown our range of commodities products which provide
private clients with exposure to these rapidly growing asset
classes, through both our own wealth management business
and other private banks.

In capturing new business growth through product innovation,
fixed income continues to be an area of major focus.
We are expanding our commodities business globally and
have already seen meaningful growth in revenues. We have
established a securitized product group to take advantage of
this growing asset class. Our investment grade structured
credit and trading business has been rebuilt under new management.


In emerging markets, we are positioned to take part in
future growth with the acquisition of Banco Pactual in Brazil,
which will be a platform for expansion in Latin America, and
we have acquired certain assets, licenses, and staff from Beijing
Securities in China to be incorporated in UBS Securities.


We have also received a banking license from the Central
Bank in Russia and have been granted a license in Dubai to
service both international and domestic clients.

In Turkey, we
became a member of the Istanbul Stock Exchange through
an acquisition of a small broker dealer.


As our businesses in securities areas continue to commoditize,
we are building a scalable and convergent infrastructure.


To maintain cost leadership, we are replacing and consolidating
legacy systems, enabling us to drive down the incremental
cost of trades. This will allow us to expand capacity at low
marginal cost, innovate more complex products and services
and put in place the backbone for further growth.


We will keep investing in attracting qualified employees,
giving them the support to realize their potential in an inclusive
environment. We continue to demonstrate our ability to
manage and retain staff, including the successful integration
of employees in acquisitions, and through development programs
such as those for junior high-potential professionals.


By working to deliver all of UBS’s services and products to
our clients, the Investment Bank is well positioned to take
full advantage of market trends and generate sustainable
levels of growt

Investment Bank History Goldman Sachs Present Management

Goldman Sachs

Board of Directors
As of May 2007


Lloyd C. Blankfein
Chairman and Chief Executive Officer

Mr. Blankfein, age 52, has been the Chairman and Chief Executive Officer since June 2006. Previously, he had been our President and Chief Operating Officer since January 2004. Prior to that, from April 2002 until January 2004, he was a Vice Chairman of Goldman Sachs, with management responsibility for Goldman Sachs' Fixed Income, Currency and Commodities Division ("FICC") and Equities Division. Prior to becoming a Vice Chairman, he had served as co-head of FICC since its formation in 1997. From 1994 to 1997, he headed or co-headed the Currency and Commodities Division. Mr. Blankfein is not on the board of any public company other than Goldman Sachs. He is affiliated with certain non-profit organizations, including as a member of the Harvard University Committee on University Resources, the Advisory Board of the Tsinghua University School of Economics and Management and the Governing Board of the Indian School of Business, an overseer of the Weill Medical College of Cornell University, and a director of the Partnership for New York City, Catalyst and The Robin Hood Foundation.



Gary D. Cohn
President and Co-Chief Operating Officer


Jon Winkelried
President and Co-Chief Operating Officer


John H. Bryan



Claes Dahlb䣫



Stephen Friedman



William W. George



Rajat K. Gupta



James A. Johnson



Lois D. Juliber



Edward M. Liddy



Ruth J. Simmons



John F. W. Rogers
Secretary to the Board



Executive Officers
As of February 2007


Lloyd C. Blankfein
Chairman of the Board and Chief Executive Officer

Gary D. Cohn
President and Co-Chief Operating Officer

Jon Winkelried
President and Co-Chief Operating Officer

John S. Weinberg
Vice Chairman

David A. Viniar
Executive Vice President and Chief Financial Officer

Mr. Viniar has been an Executive Vice President of Goldman Sachs and Chief Financial Officer since May 1999. He has been the head of Operations, Technology, Finance and Services Division since December 2002. He was head of the Finance Division and co-head of Credit Risk Management and Advisory and Firmwide Risk from December 2001 to December 2002. Mr. Viniar was co-head of Operations, Finance and Resources from March 1999 to December 2001. He was Chief Financial Officer of The Goldman Sachs Group, L.P. from March 1999 to May 1999. From July 1998 until March 1999, he was Deputy Chief Financial Officer and from 1994 until July 1998, he was head of Finance, with responsibility for Controllers and Treasury. From 1992 to 1994, he was head of Treasury and prior to that was in the Structured Finance Department of Investment Banking. He also serves on the Board of Trustees of Union College.

http://smi-execs.blogspot.com/2008/03/david-viniar.html

Edward C. Forst
Executive Vice President and Chief Administrative Officer

Gregory K. Palm
Executive Vice President, General Counsel and Secretary of the Corporation

Esta E. Stecher
Executive Vice President, General Counsel and Secretary of the Corporation

Kevin W. Kennedy
Executive Vice President-Human Capital Management

Alan M. Cohen
Executive Vice President and Global Head of Compliance

Mr. Cohen has been an Executive Vice President of Goldman Sachs and Global Head of Compliance since February 2004. From 1991 until January 2004, he was a partner in the law firm of O'Melveny & Myers LLP. Mr. Cohen is also a board member of the Chelsea Piers Scholarship Fund, a non-profit organization.




Management Committee
As of August 2007


Lloyd C. Blankfein
Jon Winkelried
Gary D. Cohn
Kevin W. Kennedy
Richard A. Friedman
Gregory K. Palm (ex-officio)
Masanori Mochida
John S. Weinberg
David A. Viniar
Christopher A. Cole
J. Michael Evans
Peter S. Kraus
Thomas K. Montag
Michael S. Sherwood
Esta E. Stecher (ex-officio)
Edward C. Forst
Richard J. Gnodde
John F.W. Rogers
David M. Solomon
Alan M. Cohen (ex-officio)



Our Managing Directors make sure that the values that have helped to define Goldman Sachs in the financial industry are maintained.

Download list from

http://www2.goldmansachs.com/our_firm/corporate_information/the_leaders/2007_9-24_MDs_for_Posting.pdf




Managing Directors
As of September 24, 2007


*Members of Partnership Committee


Lloyd C. Blankfein
Howard A. Silverstein
Kevin W. Kennedy*
http://smi-execs.blogspot.com/2008/03/kennedy-kevin.html

Thomas E. Tuft
John P. Curtin, Jr.
Frank L. Coulson, Jr.
Richard A. Friedman
Joseph H. Gleberman
Timothy J. O’Neill
John J. Powers
Jon Winkelried
Gregory K. Palm
Masanori Mochida
Gene T. Sykes
David A. Viniar
John S. Weinberg
George W. Wellde, Jr.
Sharmin Mossavar-Rahmani
Armen A. Avanessians
Gary D. Cohn
Christopher A. Cole
Henry Cornell
J. Michael Evans
Francis J. Ingrassia
Peter S. Kraus
Robert Litterman
Thomas K. Montag
Richard G. Sherlund
Michael S. Sherwood
Esta E. Stecher
Byron D. Trott
Tracy R. Wolstencroft*
Terence J. O’Neill
E. Gerald Corrigan
Milton R. Berlinski
Jean-Luc Biamonti
Thomas C. Brasco
Peter D. Brundage
Andrew A. Chisholm
Abby Joseph Cohen*
Frank T. Connor
Randolph L. Cowen*
Glenn P. Earle
Charles P. Eve
Edward C. Forst
Christopher G. French
C. Douglas Fuge
Richard J. Gnodde
http://smi-execs.blogspot.com/2008/03/richard-gnodde.html


Jeffrey B. Goldenberg
David B. Heller
Timothy J. Ingrassia
Robert C. Jones
Bruce M. Larson
Anthony D. Lauto*
Gwen R. Libstag
Victor M. Lopez-Balboa
Sanjeev K. Mehra
Richard T. Ong
Sanjay H. Patel
Stuart M. Rothenberg*
Richard M. Ruzika*
Muneer A. Satter
Howard B. Schiller
John P. Shaughnessy
Theodore T. Sotir
Marc A. Spilker
Hsueh J. Sung*
Mark R. Tercek
Susan A. Willetts*
W. Thomas York, Jr.*
Philippe J. Altuzarra
David M. Atkinson
Jonathan A. Beinner
Andrew S. Berman
James J. Birch
David R. Boles
Charles W.A. Bott
Steven M. Bunson
George H. Butcher III
Chris Casciato
Laura C. Conigliaro
John W. Curtis
Matthew S. Darnall
Alexander C. Dibelius
Karlo J. Duvnjak
Isabelle Ealet
John E. Eisenberg
Elizabeth C. Fascitelli
Laurie R. Ferber
Oliver L. Frankel
H. John Gilbertson, Jr.
Douglas C. Grip
Celeste A. Guth
Gregory T. Hoogkamp
William L. Jacob III
Andrew J. Kaiser
Robert C. King, Jr.
Mitchell J. Lieberman
Josephine Linden
Francisco Lopez-Balboa
Antigone Loudiadis
John A. Mahoney
Charles G.R. Manby
David J. Mastrocola
Theresa E. McCabe
Stephen J. McGuinness
J. William McMahon
Audrey A. McNiff
Wayne L. Moore
Donald J. Mulvihill
Robert J. Pace
Stephen R. Pierce
John J. Rafter
Charlotte P. Ransom
John F.W. Rogers
J. Michael Sanders
Victor R. Simone, Jr.
Michael M. Smith
Jonathan S. Sobel
Michael A. Troy
Kaysie P. Uniacke
Haruko Watanuki
Todd A. Williams
Paolo Zannoni
Yoel Zaoui*
Joan H. Zief
Kendrick R. Wilson III
Peter C. Aberg
Frances R. Bermanzohn
Robert A. Berry
Craig W. Broderick
Richard M. Campbell-Breeden
Anthony H. Carpet
Michael J. Carr
Kent A. Clark
Timothy J. Cole
Edith W. Cooper*
John S. Daly
Juan A. Del Rivero
Simon P. Dingemans
Jana Hale Doty
Gordon E. Dyal
Michael P. Esposito
Steven M. Feldman
Stephen C. Fitzgerald*
Matthew T. Fremont-Smith
Andrew M. Gordon
Robert D. Gottlieb
David J. Greenwald*
Erol Hakanoglu
Roger C. Harper
Maykin Ho
Timothy E. Hodgson
Christopher G. Hogg
Robert D. Hormats
James A. Hudis
Bimaljit S. Hundal
Colin E. King
David J. Kostin
Koji Kotaka
Paulo C. Leme
Hughes B. Lepic
Matthew G. L’Heureux
Robert J. Markwick
Kathy M. Matsui
Richard F.X. McArdle
Geraldine F. McManus
James E. Milligan
Yukihiro Moroe
Jeffrey M. Moslow
Andrea Ponti
Michael J. Poulter
Dioscoro-Roy I. Ramos
Joseph Ravitch
Pamela P. Root
Jacob D. Rosengarten
Paul M. Russo
Gary B. Schermerhorn
Steven M. Scopellite
Ravi Sinha

Ravi Sinha is a senior member of the Investment Banking Division – he joined Goldman Sachs in the Mergers and Acquisitions department in 1989 and worked in Corporate Finance from 1993-1994 before returning to Mergers and Acquisitions. He is Co-chief Officer for the Americas Industrial Business within the Investment Banking Division.

Ravi Sinha is co-head of the Industrials Business Department within the Investment Banking Division. He became a managing director in 1999 and a partner in 2000.

Edward M. Siskind
Sarah E. Smith*
Chief Accounting Officer

Raymond S. Stolz
Steven H. Strongin
Patrick Sullivan
Daisuke Toki
John J. Vaske
Hueh Ming Wang
David M. Weil
Tetsufumi Yamakawa
Robert D. Henderson
Eileen Rominger
Michael S. Wishart
David M. Solomon
Karen R. Cook
Gregory A. Agran
Raanan A. Agus
Dean C. Backer
Stuart N. Bernstein
Alison L. Bott
Mary D. Byron
Mark M. Carhart
Thomas G. Connolly
Michael G. De Lathauwer
James Del Favero
Martin R. Devenish
Armando A. Diaz
Michele I. Docharty
Thomas M. Dowling
Brian J. Duffy
Edward K. Eisler
Jeffrey F. Fastov
James A. Fitzpatrick
Lorenzo Grabau
Peter W. Grieve
Keith L. Hayes
Bruce A. Heyman
Joanne M. Hill
Daniel E. Holland III
Teresa E. Holliday
Michael R. Housden
Paul J. Huchro
Edith A. Hunt
Toni-Dara Infante
Raymond J. Iwanowski
Andrew J. Jonas
David K. Kaugher
Lawrence S. Keusch
Timothy M. Kingston
Richard E. Kolman
John J. Lauto
Matthew Lavicka
David N. Lawrence
Ronald S. Levin
Kathleen M. Maloney
Robert S. Mancini
Richard P. McNeil
Michael R. Miele
Suok J. Noh
Geoffrey M. Parker
David B. Philip
Ellen R. Porges
Richard H. Powers
Kevin A. Quinn
Ivan Ross
Katsunori Sago*
Pablo J. Salame*
Jeffrey W. Schroeder
Harvey M. Schwartz*
Karen D. Seitz
Ravi M. Singh
Trevor A. Smith
Daniel L. Sparks
Shahriar Tadjbakhsh
Donald J. Truesdale
John S. Willian
Kenneth W. Willman
Andrew F. Wilson
Paul M. Young
Thomas J. Kenny
Jack Levy
Mark F. Dehnert
Michael H. Siegel
Matthew C. Westerman*

*Members of Partnership Committee

Managing Directors
As of September 24, 2007


Jason H. Ekaireb
Antonio Borges
Seaborn S. Eastland
William C. Montgomery
Stephen P. Hickey
Yusuf A. Aliredha
John G. Andrews
John A. Ashdown
William A. Badia
Christopher M. Barter
Janet L. Bell
John D. Bertuzzi
Elizabeth E. Beshel
Alan J. Brazil
Melissa R. Brown
Mark Carroll
Amy L. Chasen
W. Reed Chisholm II
Jane P. Chwick
Peter H. Comisar
Brahm S. Cramer
Nicholas P. Crapp
Michael L. Crowl
Michael D. Daffey
Jean A. De Pourtales
Joseph P. DiSabato
Suzanne O. Donohoe
James H. Donovan
Donald J. Duet
Michael L. Dweck
Gregory H. Ekizian
Earl S. Enzer
Christopher H. Eoyang
Norman Feit
Robert K. Frumkes
Richard A. Genna
Robert R. Gheewalla
Gary T. Giglio
Pedro Gonzalez Grau
Michael J. Graziano
Peter Gross
Douglas C. Heidt
David P. Hennessey
Peter C. Herbert
Kenneth W. Hitchner
Peter Hollmann
Philip Holzer
Zu Liu Frederick Hu*
Walter A. Jackson
Andrew R. Jessop
Peter T. Johnston
Roy R. Joseph
James C. Katzman
Carsten Kengeter
Gioia M. Kennett
Shigeki Kiritani
Gregory D. Lee
Todd W. Leland
Johan H. Leven
Richard J. Levy
Tobin V. Levy
George C. Liberopoulos
Anthony W. Ling
Bonnie S. Litt
Joseph Longo
Peter B. MacDonald
Mark G. Machin
John V. Mallory
Blake W. Mather
John J. McCabe
James A. McNamara
Robert A. McTamaney
Leslie S. Nelson
Fergal J. O’Driscoll
L. Peter O’Hagan
Taneki Ono
Nigel M. O’Sullivan
James R. Paradise
Arthur J. Peponis
B. Andrew Rabin
Philip A. Raper
Michael J. Richman
Michael S. Rotter
Thomas M. Schwartz
Lisa M. Shalett
David G. Shell
Ralph J. Silva
David T. Simons
Johannes R. Sulzberger
Richard J. Sussman
Caroline H. Taylor
David H. Tenney
Peter K. Tomozawa
Eiji Ueda
Lucas van Praag
Ashok Varadhan


Casper W. Von Koskull
Gregg S. Weinstein
Scott R. Weinstein
Martin M. Werner
C. Howard Wietschner
Kurt D. Winkelmann
Wassim G. Younan


Brian Duggan
Nicholas G. Giordano
Donald W. Himpele
James H. Rogan
Gary J. Sveva
Christopher P. Sullivan

Ruud G. Hendriks
Harry Silver
B. Michael Covell
William J. Young
Donald R. Mullen*
Alison J. Mass
James A. Jacobson, Jr.


Ben I. Adler
Ignacio Alvarez-Rendueles
Lori B. Appelbaum
Philip S. Armstrong
William J. Bannon
Scott B. Barringer
Steven M. Barry
Jordan M. Bender
Paul D. Bernard
George M. Brady
Joseph M. Busuttil
Jin Yong Cai
Valentino D. Carlotti
Eduardo Centola
James B. Clark
Linda S. Daines
Stephen Davies
Oral W. Dawe
Diego De Giorgi
Daniel L. Dees
Kenneth M. Eberts, III
Luca D. Ferrari
David A. Fishman
Alexander W. Fletcher
Orit P. Freedman
Enrico S. Gaglioti
James R. Garvey
Gregg A. Gonsalves
Larry J. Goodwin
Stefan Green
David J. Grounsell
Mary L. Harmon
Valerie J. Harrison
Rumiko Hasegawa
Edward A. Hazel
Melina E. Higgins
Margaret J. Holen
Sean C. Hoover
Robert F. Incorvaia
Kenneth L. Josselyn
Toshinobu Kasai
Eric S. Lane
Gregg R. Lemkau
Ryan D. Limaye
Jill E. Lohrfink
Christopher J. Magarro
David J. Marshall
Allan S. Marson
Robert A. Mass
George N. Mattson
Ian R. McCormick
Gerald C. McNamara, Jr.
Stuart G. McPherson
Lance P. Meaney
Bernard A. Mensah
Julian R. Metherell
Masatoki J. Mitsumata
J. Ronald Morgan, III
James P. Morris
Rie Murayama
Mark J. Naylor
Jeffrey P. Nedelman
Gavin G. O’Connor
Todd G. Owens
Fumiko Ozawa
Helen Paleno
Archie W. Parnell
Todd J. Phillips
Anthony J. Principato
Alan M. Rapfogel
Sara E. Recktenwald
Jeffrey A. Resnick
Thomas S. Riggs, III
Normann G. Roesch
David C. Ryan
David M. Ryan
James E. Sawtell
Susan J. Scher
Stephen M. Scherr
Abraham Shua
Jeffrey S. Sloan
John E. Smollen
Raymond B. Strong, III
Nicolas F. Tiffou
David H. Voon
John E. Waldron
Robert P. Wall
Michael W. Warren
David D. Wildermuth
Kevin L. Willens
Jon A. Woodruff
William M. Wicker
Douglas M. Angstrom
Edward R. Wilkinson
Timothy H. Moe


Akio Asuke
Matthew H. Cyzer
Phillip S. Hylander
Larry M. Kellerman
Gene Reilly


Hilary E. Ackermann
Jeffrey D. Adams
Elizabeth D. Anderson
Charles Baillie
Bernardo Bailo
Stacy Bash-Polley
Driss Ben-Brahim
Susan M. Benz
Johannes M. Boomaars
J. Theodore Borter
Mairtin Brady
Timothy J. Bridges
David D. Buckley
Nicholas F. Burgin
Gerald J. Cardinale
Lik Shuen David Chan
Thomas V. Cholnoky
Colin Coleman
Kenneth W. Coquillette
Michael J. Crinieri
Craig W. Crossman
Jeffrey R. Currie
Stephen D. Daniel
Giorgio De Santis
Bradley S. DeFoor
Alvaro del Castano
David C. Earling
Robert K. Ehudin
Kathy G. Elsesser
Peter C. Enns
Katherine B. Enquist
James P. Esposito
Douglas L. Feagin
Gail S. Fierstein
Pierre-Henri Flamand
Timothy T. Furey
Gonzalo R. Garcia
Justin G. Gmelich
Eldridge F. Gray
Michael J. Grimaldi
Benoit Herault
Axel Hoerger
Simon N. Holden
Shin Horie
Adrian M. Jones
Shunji Katayama
Alan S. Kava
Andreas Koernlein
J. Christopher A. Kojima
Kazuaki Kojima
Takahiro Komatsu
Joon Kwun
Simon M. Lamb
Rudolf N. Lang
Brian J. Lee
George C. Lee
Tim Leissner
Allan S. Levine
Brian T. Levine
Lisette M. Lieberman
Terence Tayseop Lim
Mark A. Lynch
Paula B. Madoff
Puneet Malhi
Simon I. Mansfield
Naomi Matsuoka
Matthew B. McLennan
Bruce H. Mendelsohn
Michael J. Millette
Milton R. Millman
Philip J. Moffitt
Simon P. Morris
Thomas C. Morrow
Marc O. Nachmann
Claire M. Ngo
Erik F. Nielsen
James B. Otness
Steven M. Pinkos
Andrew F. Pyne
William M. Quinn
Jean Raby
Richard J. Revell
Kirk L. Rimer
Juliet A. Robinson
David J. Rosenblum
Marc A. Rothenberg
Matthew L. Schroeder
Peter A. Seibold
Daniel M. Shefter
David A. Shiffman
Guy C. Slimmon
Claudia Spiess
Joseph F. Squeri
Christoph W. Stanger
Chase O. Stevenson
Richard J. Stingi
Kunio Tahara
Roland W. Tegeder
Irene Y. Tse
Robin A. Vince
Andrea A. Vittorelli
Theodore T. Wang
Elisha Wiesel
Neil J. Wright
Denise A. Wyllie
Yi Kevin Zhang


Marina L. Roesler
Howard Q. Spooner
Sanaz Zaimi
Sheila H. Patel
William M. Roberts
William Lee Hemphill
Thomas V. Conigliaro
Olusegun O. Aganga
Mark E. Agne
Thomas K. Amster
Anton J. Arriola
Gareth W. Bater
Marjorie Boliscar
Oliver R. Bolitho
Sally A. Boyle
Lester R. Brafman
Cynthia A. Brower
Randall S. Burkert
Philippe L. Camu
John W. Cembrook
Robert J. Ceremsak
James R. Cielinski
William J. Conley, Jr.
Colin J. Corgan
Thomas W. Cornacchia
Frederick C. Darling
David H. Dase
François -Xavier de Mallmann
Thomas F. Dempsey
L. Brooks Entwistle
Gregory A. Finck
Mark B. Florian
Timothy B. Flynn
Elisabeth Fontenelli
Elizabeth J. Ford
Colleen A. Foster
Linda M. Fox
Kieu L. Frisby
Timur F. Galen
Rachel C. Golder
Kevin J. Guidotti
Vishal Gupta
Elizabeth M. Hammack
Kuniyoshi Hayashi
Kenneth L. Hirsch
Robert Howard
Mark Howard-Johnson
Zubin P. Irani
Kevin M. Jordan
James P. Kenney
Steven E. Kent
Yasuro K. Koizumi
Robert A. Koort
J. Douglas Kramer
Tak Sing Kenneth Kwok
Brian J. Lahey
Jonathan A. Langer
Hugh J. Lawson
Cham Chung Ken Lee
Ronald Lee
Deborah R. Leone
Thomas R. Lynch
Peter J. Lyon
Aadarsh K. Malde
Alexander M. Marshall
Thomas H. Mattox
James P. McCarthy
Dermot W. McDonogh
Olivier F. Meyohas
Scott E. Molin
Arjun N. Murti
Craig J. Nossel
Anthony J. Noto
Peter C. Oppenheimer
Robert W. Pack
Lisa L. Parisi
John M. Perlowski
Carol V. Pledger
Gilberto Pozzi
Krishna S. Rao
Louisa G. Ritter
Lisa A. Rotenberg
Pamela S. Ryan
Josephine Scesney
Clare R. Scherrer
Vivian C. Schneck-Last
John A. Sebastian
Peter A. Seccia
Peter D. Selman
Heather K. Shemilt
Kunihiko Shiohara
Gavin Simms
Alec P. Stais
Laurence Stein
Patrick M. Street
Morgan C. Sze
Thomas D. Teles
Frederick Towfigh
Greg A. Tusar
Philip J. Venables
Alejandro Vollbrechthausen
Richard A. Weissmann
Eileen M. White
Deborah B. Wilkens
Samuel J. Wisnia
Shinichi Yokote
Peter J. Zangari
Alan M. Cohen
Michiel P. Lap
Jane Hargreaves
Peter E. Scialla
Helena Koo
Dhruv Narain
John T. Kilgallon
Takushi Abe
Reinhard B. Koester
Peter F. Spies
Stefan R. Bollinger
Linnea K. Conrad
Gregory B. Carey
Paul R. Aaron
Koichiro Abe
Andrew W. Alford
Fareed T. Ali
William D. Anderson Jr.
Yoshio Ando
Rachel Ascher
Dolores S. Bamford
Benjamin C. Barber
Slim C. Bentami
Leslie A. Biddle
Susan G. Bowers
Christoph M. Brand
Michael J. Brandmeyer
Andrew I. Braun
Anne F. Brennan
Patrick T. Briody
Adam J. Brooks
Jason M. Brown
Nancy D. Browne
Elizabeth M. Burban
Anthony Cammarata Jr.
David C. Carlebach
Donald J. Casturo
James R. Charnley
Martin Cher
Elena Ciallie
Matthew J. Clark
Scott Coleman
Ann S. Costello
Elizabeth Cottam
Jeffrey F. Daly
Debora J. Daskivich
Michael C. Dawley
Karl M. Devine
Jamal Dhanani
Ahmad B. Dik
Aidan P. Dunn
Laurent M. Dupeyron
William J. Elliott
Mark Evans
William J. Fallon
Matthew J. Fassler
Nigel K. Faulkner
Jose M. Fernandez
Wolfgang Fink
Silverio Foresi
Dino Fusco
James R. Garman
Kevin S. Gasvoda
Paul E. Germain
Sarah J. Gray
Jason R. Haas
Edward G. Hadden
Thomas E. Halverson
Eric I. Hamou
Jan Hatzius
Jens D. Hofmann
Laura A. Holleman
Dane E. Holmes
R. Maynard Holt III
Leo Z. Huang
Robyn A. Huffman
Alastair J. Hunt
Leonid Ioffe
David L. Jasper
Pernille D. Jensen
Arihiro Kanda
Shafiq A. Karmali
Steffen J. Kastner
Stuart A. Katz
Poir-Mok Kee
Christopher M. Keogh
Bjorn P. Killmer
Peter Kimpel
Scott G. Kolar
Annette L. Krassner
Gregory Kuppenheimer
Linda A. LaGorga
Harvey Chi Chung Lee
Joseph B. Lee
Eugene H. Leouzon
Wayne M. Leslie
Kemp J. Lewis
John S. Lindfors
Iain Lindsay
Michael C. Liou
Hugo P. MacNeill
Margaret M. Mager
Arline Mann
Andrew A. McEachern
Christopher D. McFadden
Kevin T. McGuire
Thomas J. McLaughlin
Avinash Mehrotra
Jonathan M. Meltzer
Christopher Milner
Elizabeth A. Mily
Christina P. Minnis
Cheri S. Mowrey Davison
Yumiko Murakami
Kenichi Nagasu
Tetsuo Naraha
Massimiliano Nardulli
Kiele E. Neas
Ted K. Neely II
Michael L. November
Toru Okabe
Timothy J. O'Reilly
Richard O'Toole
Konstantinos N.
Pantazopoulos
Bryant C. Park
Alfredo J. Pastro
Robert D. Patch
Bruce B. Petersen
Cameron P. Poetzscher
Kenneth A. Pontarelli
Vijay C. Popat
Dirk M. Popielas
Lora J. Price
Lorin P. Radtke
Deepak K. Rao
Buckley T. Ratchford
Dierk M. Reuter
Luigi G. Rizzo
J. Timothy Romer
Howard M. Rowe
Robert W. Savage
John R. Sawtell
Alexander Schrantz
Paul D. Scialla
Lewis M. Segal
Harvey S. Shapiro
Mark D. Shattan
Adam Sherman
Hiroko Shinoda
Keith A. Shultis
Suhail A. Sikhtian
Norborne G. Smith III
Ying Ying Glenda So
David Z. Solomon
Robert C. Spofford
Joseph J. Struzziery III
Randolph A. Stuzin
Damian E. Sutcliffe
Robert J. Sweeney
Yozo Tachibana
Adam L. Taetle
Pawan Tewari
J. David Tracy
Terrence P. Travis
Damian J. Valentino
Thomas A. Wagner
Paul Walker
Alan S. Waxman
Nicholas H. Weber
Dominic A. Wilson
Gavin E. Wilson
Steve Windsor
Martin Wiwen-Nilsson
Yoshihiko Yano
Pei Pei Yu
Mark R. Beveridge
Xing Zhang
Hector E. Negroni
R. Martin Chavez
William T. Howard Jr.
Mark Perwien
Atosa Moini
Edward Madara III
Stephen J. O'Flaherty
Court E. Golumbic
Alasdair J. Warren
Douglas Borden
Yoshiyuki Hoshino
Howard Fisher
Ian Gilday
Dorothee Blessing
Amar Kuchinad
Marshall Smith
Robert K. Jacobsen
Charles F. Adams
John Chrysikopoulos
Richard A. Kimball Jr.
Kent D. Daniel
Fenglei Fang
Min Hee Kim
Salvatore Di Stasi
Nancy Gloor
Guy M. du Parc Braham
James C. Wardlaw
Vincent Duhamel
Thomas J. Stein
Farid Pasha
Asif M. Adatia
Nick S. Advani
Sang Gyun Ahn
Analisa M. Allen
Mark A. Allen
Ichiro Amano
Andrea Anselmetti
Lori H. Arndt
Akihiko Asami
Jeffrey D. Barnett
Stephanie K. Bell-Rose
Tracey E. Benford
Gaurav Bhandari
Marc O. Boheim
Vivek Bohra
Ralane F. Bonn
Andrew C. Bound
Patricia L. Bowden
John E. Bowman III
Oonagh T. Bradley
Samuel S. Britton
Russell A. Broome
Torrey J. Browder
Derek T. Brown
Samantha R. Brown
Steve M. Bunkin
Mark J. Buono
Charles E. Burrows
Shawn P. Byron
Jason G. Cahilly
Scott C. Campbell
Marguarite A. Carmody
Stuart A. Cash
Christopher L. Castello
Nien Tze Elizabeth Chen
Chul Chung
Denis P. Coleman III
Kevin P. Connors
Richard N. Cormack
James V. Covello
Christian P. de Haaij
Mark E. DeNatale
Olaf Diaz-Pintado
Albert F. Dombrowski
Katinka I. Domotorffy
Keith Douglas
Daniel A. Dreyfus
Kirsten A. Dzialga
Henrik G. Ehrnrooth
David P. Eisman
Carl Faker
Stephan J. Feldgoise
Patrick J. Fels
Benjamin W. Ferguson
Samuel W. Finkelstein
Peter E. Finn
Yuji Fujimori
Sean J. Gallagher
Ivan C. Gallegos Rivas
James P. Ganley
Francesco U. Garzarelli
Basil P. Geoghegan
Michelle Gill
Alicia K. Glen
James Gomez
Francisco X. Gonzalez
Jason A. Gottlieb
Maria M. Grant
Christoph Gugelmann
John D. Haase
Mark K. Hancock
Martin Hintze
Todd Hohman
James P. Houghton
Bradley Hunt
Christopher E. Hussey
Etsuko Kanayama
Hiroyuki Kaneda
Maria Karahalis
Dimitrios Kavvathas
C. Annette Kelton
Scott E. Kilgallen
John J. Kim
James A. King
Hideki Kinuhata
Michael E. Koester
John N. Kolz
Christopher P. Lalli
Lori A. Lancaster
Roy I. Lapidus
Geoffrey C. Lee
Laurent Lellouche
Jesse H. Lentchner
John R. Levene
Bradford S. Levy
Terence M. Lim
Hao Cheng Liu
Lindsay P. LoBue
Joseph W. Macaione
Ian W. MacLeod
David M. Marcinek
Marvin Markus
Roger C. Matthews Jr.
Thomas F. Matthias
F. Scott McDermott
John J. McGuire Jr.
Sean T. McHugh
Peter D. Meyer
Carolina Minio-Paluello
James G. Mitchell
David R. Mittelbusher
Bryan P. Mix
Timothy A. Morgan
Junko Mori
Takashi Murata
Massoud Mussavian
Amol S. Naik
Basant Nanda
Michael T. Nartey
Chiang-Ling Ng
Junya Nishiwaki
Masatomo Odagawa
Tosa Ogbomo
Mitsunari Okamoto
Husnu H. Okvuran
San W. Orr III
Peter J. Ort
Jennifer A. Padovani
Fred B. Parish Jr.
Martin A. Pennay
Nicholas W. Phillips
Louis Piliego
Michelle H. Pinggera
M. Louise Pitt
James F. Radecki
Richard N. Ramsden
Shlomi Raz
Carl J. Reed
Andrew D. Richard
Scott A. Romanoff
Michael J. Rost
David T. Rusoff
Ankur A. Sahu
Guy E. Saidenberg
Brian J. Saluzzo
David A. Schwimmer
David D. Seeberan
Nobuhiko Seki
Rebecca M. Shaghalian
Magid N. Shenouda
Hiroyuki Shimizu
Julian F. Simon
Michael L. Simpson
Barry Sklar
Jeremy S. Sloan
Jeffrey E. Sockwell
Mark R. Sorrell
John D. Storey
Jonathan W. Summers
Ram K. Sundaram
Tatsuya Suzuki
Michael J. Swenson
Joseph D. Swift
Henry Seiichi Takata
Jasper Tans
Massimo Tassan-Solet
Eric N. Tavel
Cory W. Thackeray
Klaus B. Toft
Jeffrey M. Tomasi
David G. Torrible
Naoki Toyoizumi
John H. Tribolati
Suzette M. Unger
Leo J. van der Linden
Lai Kun Judy Vas Chau
Simone Verri
Paul E. Vigilante
Toby C. Watson
Andrew J. Weisz
Teresa M. Wilkinson
Oliver C. Will
Joel M. Wine
Andrew E. Wolff
Jennifer O. Youde
Thomas G. Young
Han Song Zhu
Lauren J. Zucker
Hidehiro Imatsu
Wei Zhu
Edin Buturovic
Pekka I. Soininen
Steven A. Mayer
Kenneth N. Murphy
Mitsuo Kojima
Michael T. Smith
Thomas G. Fruge
Kenichiro Yoshida
Clifford D. Schlesinger
Krishnamurthy Sudarshan
Paul A. Bartlett
Maziar Minovi
Steven Ricciardi
Heather Arnold
Tuan Lam
Saad Ashraf
James W. Kilman
Todd E. Eagle
Jess T. Fardella
Simone Russo
Robin Rousseau
Kristin F. Gannon
Charles W. Lockyer
Adam S. Clayton
Christian A. Katz
Stefan Dorfmeister
James H. Sprayregen
Jonathan M. Penkin
Mark R. Etherington
Laurent Bouaziz
Craig W. Packer
David A. George
Michael Rimland
Keith Ackerman
Jeff Abt
Kevin A. Lockhart
Carlos Pertejo
Reza Ali
Dojin Kim
Massimo Della Ragione
Lachlan Edwards
Vesna Nevistic
Rene Mottas
Chang-Po Yang
Gail Kreitman
Enrique Del Rio
Fadi Abuali
Kevin L. Adams
Elif A. Aktug
Christian S. Alexander
David Z. Alter
Vincent L. Amatulli
Rajesh Amin
Koral Anderson
Stephen Arnold
Kulbir S. Arora
Omar M. Asali
Ramaz A. Ashurov
Paul E. Bachman
Andrew J. Bagley
Mustafa Bagriacik
Susan E. Balogh
Jennifer A. Barbetta
Ali K. Bastani
Gerry M. Beatty
Henry Becker Jr
Roger S. Begelman
Olly B. Benkert
Avanish R. Bhavsar
Joshua S. Birnbaum
Christopher E. Blume
Shane M. Bolton
Peter V. Bonanno
William C. Bousquette Jr
Paddy T. Boyle
Stephen Branton-Speak
Simon A. Bregazzi
Emmanuel Bresson
Benjamin R. Broadbent
Janet A. Broeckel
Bill E. Burgess
Trevor R. Busche
Lisa O. Busumbru
Richard J. Butland
Jon Butler
Joseph A. Camarda
Roy E. Campbell II
John H. Chartres
Martin E. Chavez
Henry L. Chen
Julian Cheong
Alex S. Chi
Steven N. Cho
Han Ching Choong
Kasper E. Christoffersen
Gary W. Chropuvka
Teresa Clarke Ellis
Jesse H. Cole
Brian M. Coleman
Cyril Cottu
Timothy Craighead
Joshua C. Critchley
Vijay B. Culas
Giovanni Cutaia
Kyle R. Czepiel
Manda J. D'Agata
Sven Dahlmeyer
Jack F. Daly
Rajeev R. Das
Michael J. Daum
Alexander Davidovich
Nicola A. Davies
Philip J. Davies
Tracy DeBlieck
Craig M. Delizia
Stacey Ann DeMatteis
Michael Dinias
Iain N. Drayton
Christina Drews
Vance M. Duigan
Steve T. Elia
Harry Eliades
Frank Ertinger
Suzanne Escousse
Steven A. Ferjentsik
Carlos Fernandez-Aller
Gregory C. Ferrero
Jonathan D. Fiorello
Sarah J. Friar
David A. Friedland
John J. Gauthier
Elizabeth Gilbert
Masaki Gobayashi
John H. Godfrey
Irwin Goldberg
Billy Goldstein
Juan D. Gomez-Villalba
Maria V. Gordon
Roberta M. Goss
Paul Graves
Philip W. Grovit
Jonathan J. Hall
Dylan S. Halterlein
Greger C. Hamilton
Magnus C. Hardeberg
Norman A. Hardie
Kandace K. Heck
Ali G. Hedayat
Joanna Hislop
Ryan H. Holsheimer
Harold P. Hope III
Gregory P. Hopper
Ericka T. Horan
Joanne Howard
Alison J. Howe
Stephanie M. Hui
Paul Humphreys
Irfan S. Hussain
Kota Igarashi
Tsuyoshi Inoue
Katsuhiro Ishikawa
Makoto Ito
Kathleen Jack
Matt A. Jaume
Tanweer Kabir
Christian Kames
Raymond W. Kamrath
Afwa D. Kandawire
Nicola S. Kane
Henry King
Andrew J. Kleeger
Herman R. Klein Wassink
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Akiko Koda
Ravi G. Krishnan
Jorg H. Kukies
Shiv Kumar
Svetlana Kurilova
Edwin Wing-Tang Kwok
David W. Lang
Nyron Z. Latif
Vivian W. Lau
Nadia L. Titarchuk
Matthew D. Leavitt
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James E. Levine
Leland Lim
Alexander G. Loosley
David B. Ludwig
John H. Ma
Aedan M. MacGreevy
Raghav Maliah
Matthew F. Mallgrave
Edith Mandel
Karim H. Manji
Scott D. Marchakitus
Fabio N. Mariani
Ramnek S. Matharu
Shogo Matsuzawa
Thomas C. Mazarakis
Patrick S. McClymont
Graeme E. McEvoy
John E. McGarry
Shane McKenna
Penny A. McSpadden
Celine-Marie G. Mechain
Justin E. Metz
Takashi Mikkaichi
Simon H. Moseley
William E. Muecke
Jeff Mullen
Yoshie Naumann
Edward T. Naylor
Scott R. Norby
Graham H. Officer
Hideyuki Omokawa
Maire M. O'Neill
Gerald B. Ouderkirk III
Martin C. Pankau
Charles L. Park
Jae Hyuk Park
Francesco Pascuzzi
Barend M. Pennings
Zara Pratley
Curtis S. Probst
Lisa Rabbe
Jeff Rabinowitz
Larry J. Restieri Jr
Lloyd S. ReynoldsSamuel D. Robinson
Pippa Rogers
Michael E. Ronen
Adam C. Rosenberg
Wendy E. Sacks
Ricardo Salaman
Thierry Sancier
David J. Santina
Kara Saxon
Ian M. Schmidek
Paul E. Schurman
Steven M. Schwartz
Stephen B. Scobie
Devesh P. Shah
Judith L. Shandling
Adrianne W. Shapira
Graham P. Shaw
Hazem A. Shawki
Steven R. Sher
Justin W. Slatky
Radford Small
Ian G. Smith
Ramsey D. Smith
Robert A. Sorrell
Raghu Srinivasan
Kevin M. Sterling
Robert M. Suss
Richard Suth
Yusuke Takahashi
Daiki Takayama
Tin Hsien Tan
Renaud Tartanson
Megan M. Taylor
Richard J. Taylor
Maria Teresa Tejada
Siew Hua Thio
Tim H. Thornton
Oliver Thym
Ingrid C. Tierens
Joseph K. Todd
Mark R. Tolette
Hiroyuki Tomokiyo
Jill L. Toporek
David Townshend
Patrick M. Tribolet
Richard J. Tufft
Michael S. Turok
Klaus Umek
Toshihiko Umetani
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Thomas S. Vandever
Richard C. Vanecek
Sebastian Varga von Kibed
Massimiliano Veneziani
Kurt J. Von Holzhausen
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Daniel Wainstein
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Fred Waldman
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Donna A. Winston
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David Tien-Wei Wu
John M. Yae
Haitao Zhai
Richard K. Lyons
Iain N. Drayton
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Ruibin Meng
Gregg J. Felton
David N. Frechette
Will E. Matthews
Brendan M. McGovern
Shigemitsu Sugisaki
Takashi Yoshimura
James M. Li.
Justin J. Pascoe
Drake Pike
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James W. Wight
Alexander Dubitsky
Xuan Karen Fang
David K. Cheung
Douglas R. Manchester
Matthew C. Schwab
Stephen Graham
Khaled Eldabag
Leonard Brooks III
Keith Tuffley
Nobuaki Miyatake
Julie A. Harris
Takeshi Yamamoto
William L. Blais
Alla Gil
Michael S. Swell
Sarakorn Gerjarusak
Tamim H. Al-Kawari
John C. Shaffer
Timothy F. Vincent
Ana C. Cabral
Ronald S Kent
Damien Liebaut
William F. Spoor
Erich Bluhm
David G. McDonald
Ezra Nahum
Dina H. Powell
Anthony Gutman
Steve Sang Yong Park
Peter C. Russell
CelesteJ. Tambaro
Michael Furth
James P. Kelly
Andrew Wilkinson
Eric M. Kirsch
Gregory P. Lee
Alexis Maged
Peter Scaturro
Wai Cheong Shum
Randall L.J. Yasny
Jason B. Mollin
Robert M. Pulford
Osamu Nakajima
Linda Koster
Paul A. Craven
Filippo Cartiglia
Miriam T. Esteve
Maximillian C. Justicz
Adriano C. Piccinin
John G. Bruno
Patrick Tassin de Nonneville
Gabriel Perahia
Diego E. Ferro
David M. Inggs
Kenneth J. Newcombe
James M. Karp
Shirish B. Godbole
Chetan Bhandari
Edward B. Droesch
Timothy J. Talkington
Daniel J. Bingham