The D. E. Shaw Group Forms New Asset-Backed Securities Unit

NEW YORK--(Business Wire)--
The D. E. Shaw group announced today that Richard McKinney has
joined D. E. Shaw & Co., L.P. as a managing director to oversee the
firm's newly formed asset-backed securities unit. Mr. McKinney will
report to Max Stone, a member of the firm's six-person executive
committee. Rocky Kurita joined the firm in July as a senior vice
president and will work with Mr. McKinney in the new endeavor.

"We are extremely fortunate to have Rich leading this important
effort," said Mr. Stone. "The asset-backed securities markets are
fundamentally changing as a result of the excesses of the past few
years, and we think we are well-positioned to build upon our current
presence given our analytical rigor and strong risk management. The
depth of expertise in securitized products that Rich and Rocky bring
will enhance our ability to invest in a broad range of asset-backed
products."

"I'm looking forward to leading and expanding the scope of the
asset-backed securities efforts at the D. E. Shaw group. The firm is
well suited to the space given its analytical firepower and long
record of achievement," said Mr. McKinney.

Mr. McKinney joins the firm from Lehman Brothers, where he headed
the Securitized Products business for the past year. Mr. McKinney
managed multiple trading groups within the mortgage and asset-backed
areas during his 15-year career at Lehman. Mr. Kurita has fourteen
years of experience in trading, hedging, and marketing asset-backed
securities and joined the firm from Deutsche Bank, where he served as
a managing director.

About the D. E. Shaw group

The D. E. Shaw group is a global investment and technology
development firm with more than 1,500 employees; approximately $39
billion in investment and committed capital as of July 1, 2008; and
offices in North America, Europe, and Asia. Since its organization in
1988, the firm has earned an international reputation for financial
innovation, technological leadership, and an extraordinarily
distinguished staff.

This press release is provided for the reader's information only.
The D. E. Shaw group does not endorse the information discussed and
makes no representation as to its accuracy or adequacy. The reader
should not rely on such information for any purpose.

This press release does not constitute the provision of investment
advice. In addition, it does not convey an offer of any type and is
not intended to be, and should not be construed as, an offer to sell,
or the solicitation of an offer to buy, any securities or other
financial products.

Please note the date set forth in the dateline of the press
release, as the press release has not been updated for any information
in it that might have changed. Accordingly, any beliefs and/or
opinions provided in this press release constitute the understanding
of the entity(ies) or individual(s) providing such beliefs and/or
opinions as of the date of the press release and may not reflect the
beliefs and/or opinions that such entity(ies) or individual(s) would
provide today. In addition, no assurances can be made that any aims,
assumptions, expectations, strategies, and/or goals described were or
will be realized or that the activities or any performance described
did or will continue at all or in the same manner as at the time of
the press release.

Broker-dealer activities of the D. E. Shaw group are conducted in
the United States through D. E. Shaw Securities, L.L.C. or D. E. Shaw
Valence, L.L.C., which are registered as broker-dealers with the
United States Securities and Exchange Commission and are members of
the Financial Industry Regulatory Authority, Inc. D. E. Shaw & Co.,
L.P.; D. E. Shaw & Co., L.L.C.; D. E. Shaw Investment Management,
L.L.C.; and Laminar Direct Capital GP, Inc. are registered as
investment advisers with the United States Securities and Exchange
Commission and conduct investment advisory activities.

Finsbury Group
New York
Andy Merrill / Tripp Kyle
+1 (212) 303-7600
andy.merrill@finsbury.com
tripp.kyle@finsbury.com

Copyright Business Wire 2008