Press Release
Carrion to Join New York Fed Board Of Directors; Fuld Reelected to Second Term
December 4, 2007

NEW YORK—Richard L. Carrion, chairman and chief executive officer of Banco Popular de Puerto Rico, has been elected a Class A director of the Federal Reserve Bank of New York for a three-year term beginning January 2008. Richard S. Fuld, Jr., chairman and chief executive officer of Lehman Brothers Holdings Inc., has been reelected a Class B director of the Federal Reserve Bank of New York for a three-year term beginning January 2008. He has been serving as a Class B director since March 2005.

Mr. Carrion is chairman and chief executive officer of Banco Popular de Puerto Rico and chairman, president and chief executive officer of Popular, Inc., the holding company of Banco Popular of Puerto Rico and Banco Popular North America. He joined Banco Popular in 1976.

Mr. Carrion is president of Banco Popular Foundation and a member of the board of Verizon Communications. Mr. Carrion has been a member of the International Olympic Committee (IOC) since 1990 and currently chairs the Finance Commission. He is a member of the IOC’s Marketing, and TV Rights and New Media Commissions and in 2004 was elected to the IOC Executive Board. Mr. Carrion previously served as a Class A director of the Federal Reserve Bank of New York for the year 1999.

Mr. Carrion received his bachelor’s degree from the Wharton School of Finance and Commerce in 1975 and an M.S. degree from the Massachusetts Institute of Technology in 1976.

Mr. Fuld, has been chairman of the board of directors of Lehman Brothers Holdings Inc. and Lehman Brothers Inc. since 1994 and chief executive officer of the company since 1993. He is chairman of Lehman Brothers’ executive committee.

Mr. Fuld was president and chief operating officer of Lehman Brothers Holdings Inc. and Lehman Brothers Inc. from 1993 to 1994. He was president and co-chief executive officer of the Lehman Brothers Division of Shearson Lehman Brothers Inc. from 1990 to 1993. Mr. Fuld was a vice chairman of Shearson Lehman Brothers from 1984 until 1990 and has been a director of Lehman Brothers Inc. since 1984. He joined Lehman Brothers in 1969.

Mr. Fuld is a member of the executive committee of the board of directors of The Partnership for New York City. He is a member of the International Business Council of the World Economic Forum and The Business Council. In addition, he serves on the Board of Trustees of Middlebury College and New York-Presbyterian Hospital, as well as on the Board of Directors of the Robin Hood Foundation.

Mr. Fuld received his B.A. from the University of Colorado and his M.B.A. from the New York University Stern School of Business.

The board of directors of the Federal Reserve Bank of New York consists of nine members, three of whom are appointed by the Board of Governors of the Federal Reserve Systems as class C directors. The remaining six (three class A and three class B directors) are elected by member banks in the Second Federal Reserve District. Class A directors are drawn from among the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers.

Contact:
Andrew Williams
(212) 720-6143
(646) 720-6143
andrew.williams@ny.frb.org