WestLB AG Names Neil Colverd as President and CEO of Brightwater Capital Management

New Management Team in Place

NEW YORK--()--WestLB announced today that Neil Colverd has been named President and CEO of its Brightwater Capital Management business, reporting to Graham Light, Vice Chairman of Brightwater Capital Management and global head of the Banks Investment Management unit. Mr. Colverd has been with WestLB for 10 years, most recently as CEO for its APAC region, as well as acting Chief Investment Officer for the Banks Investment Management unit, a position he has held since 2001. In this capacity, Mr. Colverd has been responsible for managing portfolio holdings on a global basis in excess of USD 80 billion. In addition, he is Chairman of the Dublin-based WestLB Covered Bond Bank.

To accommodate the recent and anticipated growth of the Brightwater business, and to strengthen the operational infrastructure of the firm, WestLB's board decided unequivocally to bring in a new management team, said Mr. Light. Were very pleased to have Neil run the Brightwater business along with the appointment of George Suspanic as Chief Investment Officer and Gerri Alfino Egler as Chief Operating Officer, both reporting to Neil.

Mr. Suspanic is a Managing Director at Brightwater, responsible for leveraged finance asset portfolio management. Prior to joining Brightwater at the end of January 2006, Mr. Suspanic was a Managing Director in the Portfolio Management Unit of WestLBs New York Branch, where he was also co-head of its Energy & Power Group. Prior to joining WestLB in 2002, Mr. Suspanic spent 14 years at Goldman Sachs & Co., where he was a Managing Director in the Investment Banking Division. Mr. Suspanic holds an M.S. in Operations Research from Stanford University, and a B.S. in Electrical Engineering, with distinction, from Cornell University.

Ms. Egler joined WestLB in 2004 as a Managing Director to spearhead the development of certain special projects. Previously, Ms. Egler was General Counsel at Assured Guaranty Corp. and CGA Investment Management, Inc. She served as legal counsel with WestLB from 1996 to 1998, and practiced law at Dewey Ballantine and Gibson, Dunn & Crutcher. Ms. Egler received her J.D. from Fordham University School of Law and a B.A., with honors, from the State University of New York at Stony Brook.

About Brightwater Capital Management

Brightwater Capital Management, with over $35 billion in structured finance assets under management, is one of the top global managers of collateralized debt obligations (CDO) and structured investment vehicles (SIV). Brightwater Capital also specializes in asset-backed commercial paper conduits (ABCP).

Brightwater Capital manages the Blue Heron CDO series, the Whitehawk CDO, the Greyhawk Funding securities arbitrage conduit, and the Harrier Finance and Kestrel Funding structured investment vehicles. The investment team is comprised of 20 investment professionals, including a team of portfolio managers with an average of 20 years of experience.

Brightwater Capital Management is a marketing name for the structured investment activities of WestLB Asset Management (US) LLC, which is part of the global asset management business of WestLB AG (WestLB), a registered investment adviser with the U.S. Securities and Exchange Commission.

About WestLB AG

WestLB AG is one of Germanys leading financial services providers with offices in the worlds largest financial centers. The firm provides financial advisory, lending, structured finance, project finance, capital markets and private equity products, asset management, transaction services and real estate finance to institutions. WestLB has total assets of more than 285 billion, as of December 31, 2006. For more information, please visit www.westlb.com

In the United States, certain securities, trading, brokerage and advisory services are provided by WestLBs wholly owned subsidiary WestLB Securities Inc., a registered broker-dealer and member of the NASD and SIPC.

Contacts

WestLB AG
Group Communications Americas
Ashweeta Durani, 212-852-6310
ashweeta_durani@westlb.com
or
Connie J. Kain, 212-597-1439
connie_kain@westlb.com

Contacts

WestLB AG
Group Communications Americas
Ashweeta Durani, 212-852-6310
ashweeta_durani@westlb.com
or
Connie J. Kain, 212-597-1439
connie_kain@westlb.com