Ex-E*Trade CEO Joins NewOak Capital

Donald Layton has joined NewOak Capital as a senior advisor and co-chair of the firm’s investment committee. He also will help lead the development of a private equity vehicle for bank recaps. Layton is the vice chairman and co-CEO of J.P. Morgan Chase and former chairman and CEO of E*Trade Financial Corp.

PRESS RELEASE

NewOak Capital LLC announces the appointment of Donald H. Layton as Senior Advisor and Co-Chairman of its Investment Committee. He will take a lead role in developing the firm’s private equity vehicle for bank recapitalization investments, assisting in the identification and full evaluation of investment opportunities as well as providing ongoing advice regarding strategic and operational improvements for the banks in the firm’s investment portfolio.

We value Don’s tremendous wealth of proven experience and leadership in the financial industry, both as Vice Chairman at J.P. Morgan Chase and as Chairman & CEO of E*Trade Financial Corporation, where he led their turnaround to financial health. Don’s in-depth banking industry expertise will greatly enhance and complement NewOak Capital’s state-of-the-art credit loss estimation, asset valuation and restructuring, and broad financial industry advisory capabilities. NewOak Capital will benefit greatly by Don’s invaluable role on the Board of Advisors of NewOak Capital in providing ongoing strategic advice on the overall direction of the Firm. We are delighted to be working closely with Don to take advantage of unparalleled opportunities in the banking space for NewOak Capital’s clients and grow the firm,” says Ron D’Vari, CEO and Co-Founder.

“I am excited to be helping NewOak Capital with its bank recapitalization investment initiatives, which I believe to be one of the most creative opportunities in the field of bank investing today. More broadly, I think Ron and his associates at NewOak Capital have developed, in just a short time, a firm with great potential to grow beyond its core industry-leading expertise in structured securities, and I look forward to helping them to do just that.”

Donald H. Layton was Chairman of E*TRADE Financial Corporation from November 2007, and additionally Chief Executive Officer from March 2008, retiring from both positions in December 2009. Previously, he had retired from JP Morgan Chase in 2004 after 29 years at the firm and its predecessors, serving most recently as Vice Chairman and a member of its three-person Office of the Chairman, as well as its Executive Committee. Mr. Layton also serves as a director of Assured Guaranty Ltd, a leading provider of financial guaranty and credit enhancement products. He has served as a Senior Advisor to The Securities Industry and Financial Markets Association, and is a member of the Federal Reserve Bank of New York’s Capital Markets Advisory Committee and the Massachusetts Institute of Technology Visiting Committee for Economics. Mr. Layton received Bachelor and Master of Science degrees in economics from the Massachusetts Institute of Technology, and a Master of Business Administration degree from Harvard University.

About NewOak Capital (www.newoakcapital.com)

NewOak Capital is an advisory, asset management and capital markets firm organized to serve as an ally to institutions in addressing the challenges of the global credit markets. Using an integrated analytics platform, we provide analysis, valuation, restructuring, risk transfer and investment management solutions and services to financial institutions and other investors. The NewOak Capital team consists of more than 55 professionals with an average of more than 17 years of experience across multiple asset classes and credit cycles. Our experts incorporate the interaction of residential/commercial, consumer, and corporate credits via capital markets, financial institutions, corporate spending/capital needs, and consumer behavior. NewOak Capital is not encumbered by legacy or rear-view analysis by design. We have a reality-based, forward looking fundamental approach to credit analysis. NewOak Capital is able to apply consistent analysis across large and complex portfolios and create valuable security and portfolio level risk profiles as well as valuation across scenarios that are easy to visualize and explain.

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Disclaimer:

NewOak Capital LLC is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority or any state securities regulatory authority. Presently, NewOak Capital LLC is exempt from federal registration as an investment adviser because it does not provide “continuous and regular supervisory or management services” contemplated by the definition of “investment adviser” under the Investment Advisers Act of 1940. No information contained herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security, or fund. Any sale or purchase of securities or ownership interest that results from information presented herein will be on a negotiated basis between the parties.

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