David Morgan Joins JC Flowers

David Morgan has joined JC Flowers & Co. as an operating partner and chairman of Australian operations. He is the former CEO of Westpac Banking Corp., and currently serves as a director of BHP Billiton.

PRESS RELEASE

Dr. David Morgan has been appointed an Operating Partner of

J.C. Flowers & Co. LLC (JCF) and Chairman of its Australian operations. Based in New York, JCF is a global private equity group that focuses solely on the financial services sector. JCF was established in 1998 by J. Christopher Flowers and has invested over $11 billion (A$12 billion) of capital in the sector. The firm also has offices in London, Hamburg and Beijing.

“David's knowledge, track record, and experience makes him one of Australia's most successful corporate leaders,” said J. Christopher Flowers. “These attributes, as well as his disciplined and strategic approach to business, make him a great addition to JCF,” he added.

Dr. Morgan is a director of BHP Billiton and retired as Chief Executive of Westpac Banking Corp. in January 2008 following almost nine years in that position. Before joining Westpac, he held senior positions at Federal Treasury in Canberra and was involved in the float of the Australian dollar and financial sector deregulation throughout the 1980s.

“JCF's leadership, culture and impressive track record meant it was an excellent fit,” Dr. Morgan said. “This is certainly an exciting time in the region and a great time to be involved in the expansion of JCF,” he added.