Yusuke Horiguchi Phil Suttle Hung Tran George Abed Paul Wright

Washington D.C., November 10, 2009 — Charles Dallara, Managing Director of the Institute of International Finance (IIF), announced a series of senior level management appointments today. "We are strengthening further the leadership of the Institute at a time of unprecedented change in the global financial market environment and as far-reaching regulatory reforms are under discussion," he said. Mr. Dallara noted that Yusuke Horiguchi, the IIF's First Deputy Managing Director and Chief Economist, will retire from the IIF in May, 2010. Mr. Dallara said, "Yusuke has served the Institute with distinction. He has not only led our wide-ranging analytical and research efforts, but he has also been a key partner to me across the entire range of IIF activities during this turbulent period. In particular, he has been instrumental in ensuring the success of our long-standing efforts to build a very effective organizational structure at senior management levels, leaving behind him a formidable professional team." The IIF announced that Philip Suttle, the Institute's Global Head of Economic Research and Product Innovation, will become the IIF's Chief Economist and supervise the overall work of the IIF Economics Department on December 1, 2009. He will become a Deputy Managing Director of the Institute on May 7, 2010. Further, Hung Tran is being promoted to Deputy Managing Director and Counsellor, effective December 1. He will continue to direct the IIF's capital markets and emerging markets policy work and assist the Managing Director in the overall management of the Institute. The IIF noted that Paul Wright, a former senior official at the U.K. Financial Services Authority (FSA) is joining the Institute as Senior Director. And, George Abed, currently Special Advisor and Director, Africa/Middle East Department, is being promoted, effective December 1, to Senior Counsellor and Director of the Africa/Middle East Department. Mr. Dallara said, "The appointments that we are announcing combine to put in place an exceptionally strong team at a time when our more than 375 member financial services firms across the world face exceptional challenges. Phil Suttle and Hung Tran are joining me in the management leadership of the IIF as we move

forward to deepen and strengthen the services that the Institute provides. They both bring outstanding experience and skills, honed in senior positions in both the private and public sectors in the course of their careers."

Both Mr. Tran and Mr. Suttle joined the IIF in mid-2007. Philip Suttle came to the Institute from the post of Managing Director and Global Head of Emerging Market Research at Barclays Capital, New York. He had spent most of his career in the private sector at the research group at JP Morgan, in New York and in London. He has also held positions in the official sector at the World Bank, the Federal Reserve Bank in New York and the Bank of England. In the mid-1980s, he served as an economist at the IIF. Mr. Suttle has an MPhil (Economics) and BA from Oxford University.

Hung Tran came to the IIF after serving since 2001 at the IMF as Deputy Director, Monetary and Capital Markets Department. He served from 1998 to 2001 in London as the Managing Director, Chief Economist/Global Head of Research for Rabobank International. He had spent the prior 12 years with Deutsche Bank with assignments in New York, Frankfurt and Singapore and these included serving as Director of Global Fixed Income Research from 1987-1990 and as Co-Managing Director of Deutsche Bank Research from 1991-1995. Mr. Tran holds BA and MA degrees in economics and accounting from California State University at Fullerton and he was also a doctoral candidate in economics at New York University.

Mr. Dallara said, "We are delighted that Paul Wright will be joining the Institute. Paul brings formidable experience and qualifications and for many years he has been widely seen in the official sector and across the financial services industry as a leading regulatory strategist. Paul will be working closely with me and with David Schraa, Director of the IIF Regulatory Affairs Department and his team."

Paul Wright served as the FSA's Head of International Strategy and Policy Coordination in the Strategy and Risk Division until April of this year. From 1998-2004, he was the FSA's Head of the Major Financial Groups Department responsible for supervision of global firms, risk assessment and risk management issues. Prior to formation of the FSA, he worked for 20 years in the Bank of England, predominantly in economics and subsequently banking supervision roles. Mr. Wright served on the Board of the International Monetary Fund from 1990-92.

Mr. Wright led the FSA's work in formulating regulatory positions on business continuity issues after 9/11. In recent years he has been an active participant in numerous international working groups charged with developing regulatory approaches to hedge funds, the winding down of complex institutions and increased disclosure. In 2007, he chaired an EU Working Group tasked with assessing equivalence of aspects of US supervision to EU standards. For three years he chaired an IOSCO committee on the regulation of financial institutions. He holds BA and MA degrees in economics from the University of Manchester, UK.

In announcing the promotion of George Abed, the IIF's Managing Director said, "George has undertaken a range of key assignments since joining the IIF in addition to leading the work of the Institute in the Middle East and Africa. He has played key roles in working with IIF member firms in the area of reform of compensation policies and in instituting industry-wide surveys of compensation practices. Following a decision by the IIF's board of Directors to launch the Institute's Emerging Market Advisory Council (EMAC), George played an important role in working with leaders of financial services firms based in major emerging markets to help integrate more fully the perspectives of emerging markets institutions into the work of the Institute and in the on-going discussions on regulatory reform of the global financial system."