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Global Credit Trading

In our continuing effort to grow and improve our credit businesses we have decided to merge our cash credit trading and credit derivative ("GCD") businesses globally to form one overall credit trading umbrella that includes investment grade, emerging markets and high yield.

In our continuing effort to grow and improve our credit businesses we have decided to merge our cash credit trading and credit derivative ("GCD") businesses globally to form one overall credit trading umbrella that includes investment grade, emerging markets and high yield.

The new overall business, Global Credit Trading, will report jointly to Sal Naro and Stephen Bell. Although Sal and Stephen will both have overall responsibility for the whole group, Sal will focus on the structured business, asset swap/basis trading and infrastructure/logistics issues. Stephen will focus on the institutional and retail flow business and client market making.

This combination will present our customer base with a unified credit platform and allow us to operate seamlessly around the globe so that we can better service our clients' needs and objectives. Furthermore, this allows us to leverage our global credit expertise to the benefit of all businesses.

On a functional basis, many of the infrastructure issues facing our credit businesses are shared and this move allows us to utilize the best solutions across credit trading globally. Additionally, the global structure will allow us to manage risk across products and time zones more effectively.

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