FORMER SENIOR CITIGROUP AND BULGE BRACKET EXECUTIVES LAUNCH NEW INTERNATIONAL FINANCIAL SERVICES FIRM StormHarbour Partners to be a Global Markets Firm Focused on Capital Markets and Fixed Income Activities New York – June 23, 2009 – Former Citigroup senior executives, Antonio Cacorino and Fredrick Chapey, today announced the formation of StormHarbour Partners LP, an independent, 50‐professional global markets firm which, through subsidiaries, will focus on capital markets and fixed income activities. StormHarbour’s leadership team includes two other Managing Principals, Robert Cummings, former Managing Director and Head of Citigroup’s European Credit Products Distribution and Sohail Khan, former Managing Director responsible for Citigroup’s legacy asset remediation efforts. With offices in New York and London and plans for expansion into Switzerland and Asia, StormHarbour expects to apply its extensive expertise in analyzing, structuring, distributing and originating fixed income securities across asset classes for its sophisticated pension fund, hedge fund, endowment, insurance, banking and corporate clientele. The firm intends to leverage its partners’ deep experience in fixed income markets to offer broad innovative solutions to clients in the areas of sales and trading, product structuring, advisory services, capital markets and asset management. The firm’s services will span fixed income multiple asset classes, including the full range of credit, emerging markets, securitized product, convertible and alternative asset securities. “StormHarbour was created to fill a need for an experienced international fixed income firm free of conflicts in today’s evolving financial services arena. With offices in strategic financial centers, StormHarbour will provide worldwide coverage and efficient execution across the fixed income asset class. We intend to add professionals who share our global expertise and our commitment to integrity and trust,” said Fredrick Chapey, Co‐Founder and Managing Principal. “We are excited to launch a firm with a talented and seasoned team, a robust infrastructure and a solid capital base to advise and support our clients in these challenging 1 times. Our significant investments in technology, analytics and in‐house proprietary systems will enable us to conduct rigorous valuation and pricing analysis of complex structures and assets to maximize value for our clients. We recognize that each situation is unique and we will tailor our services to best meet individual needs,” said Antonio Cacorino, Co‐Founder and Managing Principal. StormHarbour’s senior executives include Terry Keeley, former Chief Operating Officer of Novator Partners; Cyril Martinez, former Managing Director of Citigroup’s Leveraged Finance Sales team; Chris O’Connor, former Senior Managing Director of Global Debt Syndication and Debt Capital markets at Bear Stearns; John Stomber, former Chief Executive Officer of Carlyle Capital Corporation; and Michael Sussman, former Managing Director and Head of Markets Legal, of Citigroup. For additional information, please visit http://www.stormharbour.com CONTACT: Jonathan Gasthalter/Jane Simmons Sard Verbinnen & Co. +1 212 687 8080 2 BIOGRAPHIES: Antonio Cacorino Co‐Founder and Managing Principal Mr. Cacorino has extensive executive management and client relations experience, most recently as Managing Director, Global co‐Head of the Investor Client Group. In this role Antonio was accountable for overseeing and integrating all sales and relationship management functions across global fixed income, currencies, commodities and equities asset classes. Antonio was a member of the Citigroup Global Corporate & Investment Bank Management Committee. From 2005 to 2006, Antonio was Global Head of Fixed Income Sales and previously oversaw European Fixed Incomes Sales. In 2002, Mr. Cacorino served as Chief Country Officer for Portugal. From 1999 to 2002, he was based in London and led the European Derivative Marketing and Structuring business and oversaw European Structured Products Sales. Between 1995 and 1999 Mr. Cacorino ran all trading and capital markets products for Spain and Portugal and was head of trading across all products for Southern Europe. Mr. Cacorino began his career in 1988 at Citibank in Lisbon, where he worked as a Forex and derivatives trader. Mr. Cacorino received his degree from the University of Lisbon. Fredrick J. Chapey Jr. Co‐Founder and Managing Principal Mr. Chapey has spent 20 years working in the derivatives industry. Most recently, Mr. Chapey was a Managing Director and head of Global Structured Credit Derivatives at Citigroup where he also oversaw the Global Portfolio Optimization business, which was accountable for managing the credit risk of the firm's loan and derivatives businesses. Prior to assuming these responsibilities he was head of Global Derivatives Marketing and Structuring, after leading the merger integration effort for all derivatives activities of Citibank and Salomon Smith Barney. Mr. Chapey joined Citibank in 1998 to oversee Global Derivatives and Emerging Markets Sales & Trading. Prior to joining Citi, he was the head of Global Derivatives and deputy head of International Capital Markets at Chase Manhattan Corporation with additional responsibilities for Risk Management Research & Advisory and Financial Engineering. Mr. Chapey held a number of other positions at Chase, including head of structuring and marketing of all derivatives and foreign exchange activities, Manager of Derivatives Marketing and Structuring for North and South America, Manager of US Corporate Debt and Derivatives and head of Derivatives Marketing for US Corporations. Earlier, he was a relationship manager in the Commodity Finance Division handling precious metals clients and structuring gold and silver products. He worked in the Credit Audit area analyzing the bank's credit portfolio and presenting strategic recommendations to senior members of the bank. He joined Chase in 1980 in the Global Professional Development Program. 3 Recognition for Mr. Chapey’s derivatives accomplishments include being named a Derivatives Superstar by Global Finance Magazine in 1994 and being inducted into the Derivatives Hall of Fame by Derivatives Strategy Magazine in 2001. Mr. Chapey received his Bachelor of Science of Business Administration with a major in Finance from Georgetown University in 1980. Robert Cummings Managing Principal Robert Cummings has worked in a variety of senior roles within the fixed income credit markets for the past 22 years. He has spent the last 10 years at Citigroup as a Managing Director, most recently based in London as Head of all European distribution for Credit products. Previously, he was the Global Head of Investment Grade Sales as well as head of trading, sales and research for the bank’s US Credit business. Prior to joining Citigroup, Mr. Cummings was a Director in Fixed Income Sales at UBS Securities. He has also held client‐facing roles at Dillon Reed and Mabon Securities. Mr. Cummings has a Bachelor of Science in Business Finance and Applied Economics from Cornell University. Sohail Khan Managing Principal Sohail Khan spent 13 years with Citigroup, most recently serving as a Managing Director overseeing a legacy asset remediation effort focused on helping Citigroup's global client base analyze, re‐structure and dispose legacy portfolios across credit, mortgage, consumer abs and structured markets (CLO's, CDO's, SIV's etc.). From 2005 to 2008, Mr. Khan was Citigroup’s top fixed income sales producer covering hedge funds, structured vehicles and buyers of securitized risk. From 1998 to 2005, Mr. Khan was a senior member of Citi’s structured products team. From 1996 to 1998, he worked as a relationship manager within Citigroup’s corporate bank. Mr. Khan has also been an active speaker at Structured Finance and Alternative Investment conferences around the globe and has co‐authored research published in the widely‐respected Journal of Fixed Income. Mr. Khan graduated received his Masters of Business Administration with distinction from the Lahore University of Management Sciences. Terry Keeley Chief Operating Officer 4 Terry was most recently Chief Operating Officer of Novator Partners LLP, where he was responsible for all operations within Novator including Credit Opportunities, Private Equity, Renewable Energy Funds and Thor Bjorgolfsson’s personal investments. He studied accountancy (ACCA) and corporate finance at London Business School. Terry began his financial career at the Chase Manhattan Bank, where, after completing the internal credit course, he moved into trading on the money market desk and later interest rate options desk. For 10 years he was treasurer of United Financial Japan International (UFJI) where he was responsible for all finance and liquidity. Cyril Martinez General Manager Switzerland Cyril was most recently a Managing Director in Citi's European Leveraged Finance Sales team, where he worked from 2005 to 2008. He was responsible for the distribution of leveraged finance products in Europe, the Middle East and South Africa. From 2000 to 2005, Cyril was a Managing Director at Donaldson Lufkin & Jenrette, acquired by Credit Suisse in August 2000, where he helped develop the distressed debt franchise in Europe, lead managing the distribution of over €10bn of high yield bonds. Prior to this, he was an Executive Director at Goldman Sachs between 1999 and 2000 with similar responsibilities. Cyril began his career in 1994 and has held positions in