Corporate Governance Board of Directors John J. Mack Mr. Mack was elected Chairman of the Board and Chief Executive Officer of Morgan Stanley in June 2005. He previously had spent nearly 30 years at the Firm in various positions, most recently as President, Chief Operating Officer and a Director. Prior to his current role, Mr. Mack served as Chairman of Pequot Capital Management. He served before that as co-Chief Executive Officer of Credit Suisse Group and Chief Executive Officer of Credit Suisse First Boston. Mr. Mack is a graduate of Duke University, where he is a member of the Board of Trustees. He also serves as Chairman of the Board of Trustees of New York-Presbyterian Hospital, the University Hospital of both Columbia and Cornell, and as a Trustee of the Doris Duke Charitable Foundation.   Roy J. Bostock Mr. Bostock has been a director since September 2005. He currently serves as Chairman of The Partnership for a Drug-Free America. Until 2001, Mr. Bostock was Chairman of B|Com3 Group, Inc., an advertising and marketing services firm that is now part of the Publicis Groupe S.A. Mr. Bostock played a major role in building some of the most prominent advertising firms in the U.S., beginning with Benton & Bowles in 1964. Following the creation, through a merger, of D'Arcy Masius Benton & Bowles in 1985, Mr. Bostock became President of the combined firm. By 1990, he had also served as Chief Operating Officer and was named Chairman and Chief Executive Officer. In 2000, the agency was renamed the B|Com3 Group and Mr. Bostock became Chairman. Mr. Bostock is a member of the boards of directors of Northwest Airlines Corporation and Yahoo! Inc. and a Trustee Emeritus of Duke University. A graduate of Duke, he has an MBA from Harvard.   Erskine B. Bowles Mr. Bowles has been a director since December 2005. He was elected President of The University of North Carolina effective January 1, 2006. He has been a Senior Advisor to Carousel Capital, a private investment firm, since September 2001, and served as a Managing Director from March 1999 to September 2001. Mr. Bowles was a General Partner of Forstmann Little & Co., a private investment firm, from March 1999 to September 2001. He served in the Administration of President Clinton as head of the Small Business Administration and White House Chief of Staff. He was the United Nations Deputy Special Envoy for Tsunami Recovery with the rank of Under Secretary General in 2005. Mr. Bowles worked at Morgan Stanley from July 1969 to January 1972. He is a director at General Motors Corporation, Cousins Properties Incorporated and North Carolina Mutual Life Insurance Company. A graduate of The University of North Carolina, he has an MBA from Columbia.   Sir Howard J. Davies Sir Howard J. Davies has been a director since 2004. He has been Director of the London School of Economics and Political Science since September 2003. Sir Howard served as Chairman and Chief Executive of the U.K. Financial Services Authority (1997-2003), Deputy Governor of the Bank of England (1995-1997) and Director General of the Confederation of British Industry (1992-1995). From 1987 to 1992 he was Controller (CEO) of the U.K. Audit Commission. From 1982 to 1987 Sir Howard worked for McKinsey & Company. He is currently a Trustee of the Tate Gallery in London and a director of Paternoster plc.   C. Robert Kidder Mr. Kidder has been a director since 1993. He has been Chairman and Chief Executive Officer of 3Stone Advisors LLC since August 2006. He was a Principal of Stonehenge Partners, Inc. from April 2004 to July 2006. From January 1995 to August 2004, Mr. Kidder was Chairman of the Board of Borden Chemical, Inc. (formerly Borden, Inc.) and was its Chief Executive Officer from January 1995 to March 2002. From November 2001 to March 2003, Mr. Kidder was President of Borden Capital, Inc., a company that provided financial and strategic advice to the Borden family of companies. He headed Duracell International Inc. from 1984 to 1995. Mr. Kidder is also a director of Schering-Plough Corporation. Mr. Kidder is currently Chairman of the Board of Trustees of Children's Hospital (Columbus), President of the Wexner Center Foundation Board (a nonprofit partner of The Ohio State University Board of Trustees that oversees the Wexner Center for the Arts) and he serves on the Board of Trustees of Ohio University.   Donald T. Nicolaisen Mr. Nicolaisen served as Chief Accountant for the U.S. Securities and Exchange Commission from September 2003 to November 2005. Prior to joining the SEC, he was a senior partner at the accounting firm PricewaterhouseCoopers. Mr. Nicolaisen began his career at the firm's predecessor, Price Waterhouse, in 1967, and held a wide range of management and leadership positions, including serving on the firm's U.S. and global boards and leading Price Waterhouse's national office for accounting and SEC services. Mr. Nicolaisen currently serves on the Board of Directors of MGIC Investment Corporation, Verizon Communications Inc. and Zurich Financial Services.   Charles H. Noski Mr. Noski has been a director since September 2005. He was Corporate Vice President and Chief Financial Officer of Northrop Grumman Corporation from December 2003 to March 2005, and a director from November 2002 to May 2005. Prior to joining Northrop in 2003, Mr. Noski was a senior advisor to The Blackstone Group. Earlier, Mr. Noski was Senior Executive Vice President and Chief Financial Officer as well as Vice Chairman of the Board of AT&T Corp. Mr. Noski has also been President, Chief Operating Officer and a director of Hughes Electronics Corporation and a partner with Deloitte & Touche. He is a member of the boards of directors of Microsoft Corporation, Air Products and Chemicals, Inc., and Automatic Data Processing, Inc. He holds a bachelor's degree in business administration and a master's degree in accounting from California State University, Northridge, and an honorary Doctor of Humane Letters awarded by the California State University system.   Hutham S. Olayan Ms. Olayan since 1985 has been President and Chief Executive Officer of Olayan America Corporation, the arm of The Olayan Group for the Americas. She also serves as a director of The Olayan Group, a private, multinational enterprise with diversified businesses and investments in Saudi Arabia and the Middle East and major financial investments internationally. Ms. Olayan has been a trustee of the American University of Beirut, her alma mater, since 1993. She is a founding member of the Arab Bankers Association of North America, a trustee of The Conference Board and a board member of the Institute for International Economics. She holds an MBA from Indiana University.   Charles E. Phillips, Jr. Mr. Phillips has been a director since June 2006. He is President and Director of Oracle Corporation. Before joining Oracle in May 2003, Mr. Phillips served as a Managing Director at Morgan Stanley in Equity Research. Prior to his career on Wall Street, Mr. Phillips was a Captain in the United States Marine Corps. Mr. Phillips holds a BS in Computer Science from the United States Air Force Academy, an MBA from Hampton University and a JD from New York Law School. He is a member of the bar in Washington, D.C. and Georgia. Mr. Phillips is a board member of Viacom, Inc. He is also a board member of Jazz at Lincoln Center in New York City and New York Law School.   O. Griffith Sexton Mr. Sexton has been a director since September 2005. He is an adjunct professor of finance at Columbia Business School and a visiting lecturer at Princeton University, where he teaches courses in corporate finance. Prior to his academic career, Mr. Sexton was an investment banker at Morgan Stanley from 1973 to 1995, where he was engaged in the development and execution of advisory assignments involving a wide variety of corporate financial transactions. Since 1995, he also has served as an advisory director of Morgan Stanley. He is a member of the boards of directors of Investor AB, a publicly traded Swedish investment company, and Hamilton Lane, a privately held asset-management company based in Philadelphia. A former U.S. naval aviator and Vietnam veteran, Mr. Sexton holds a BSE from Princeton and an MBA from Stanford.   Dr. Laura D. Tyson Dr. Tyson has been a director since 1997. She has been Professor, Walter A. Haas School of Business, University of California at Berkeley, since January 2007. She was Dean of the London Business School from January 2002 to December 2006. Previously Dr. Tyson served as Dean of Haas Business School at the University of California at Berkeley from July 1998 to December 2001. She held the Class of 1939 Chair in Economics and Business Administration at the University from January 1997 until July 1998. Dr. Tyson served in the Clinton Administration from January 1993 through December 1996, during which time she served as the President's National Economic Adviser. Dr. Tyson also served as a member of the President's National Security Council and Domestic Policy Council. Prior to her appointment as National Economic Adviser, Dr. Tyson served as the sixteenth Chair of the White House Council of Economic Advisers, the first woman to hold that post. She is also a director of Eastman Kodak Company, AT&T Inc. and 24/7 Customer Inc.