J.C. Flowers & Co. Strengthens Presence In Europe and Asia Pacific With Two Senior Appointments

NEW YORK, November 23 - J.C. Flowers & Co. (JCF) today announces a significant strengthening of
its operations with two senior appointments to its London office. Dr. David
Morgan has been appointed Managing Director, JCF Europe and Asia Pacific, and
Sir Callum McCarthy has been appointed to the newly-created post of Chairman,
JCF Europe.

Dr. Morgan, currently Chairman of J.C. Flowers & Co. LLC in Australia,
will be responsible for JCF's investment portfolio across Europe and Asia
Pacific. Ravi Sinha, Managing Director at J.C. Flowers & Co. LLC in London,
will leave JCF.

Dr. Morgan was Chief Executive of Westpac Banking Corporation, one of
Australia's largest financial services companies, between 1999 and 2008.
Before joining Westpac, he was senior Deputy Secretary of the Federal
Treasury in Canberra. Following today's appointment, he has stood down as a
director of BHP Billiton.

Sir Callum, formerly Chairman of the UK's Financial Services Authority
(FSA), will be JCF's first European chairman. Prior to the FSA, Sir Callum
was chairman and CEO of Ofgem, the economic regulator for the gas and
electricity industries. He has also held senior positions at Barclays Bank
and BZW and was the UK member of The High-Level Group on Financial
Supervision in the EU, established by the EU President to advise on the
regulatory response to the present financial crisis, which reported in
February 2009.

In addition to his new role with JCF, Sir Callum is also a non-executive
director of IntercontinentalExchange and has been nominated as an independent
director of Industrial and Commercial Bank of China.

JCF Founder and Executive Chairman, J. Christopher Flowers, said:

"I am delighted to announce these appointments which represent
a significant strengthening of JCF's international resources. David has
already made a very valuable contribution to J.C. Flowers & Co. in Australia
and his disciplined and strategic approach will ensure that JCF can identify
new investment opportunities in Europe and Asia Pacific. Working alongside
him, Sir Callum McCarthy has extensive banking and regulatory experience and
will bring a wealth of skills and experience to the role of Chairman.
Together, I am sure that they will form a formidable team."

Dr. David Morgan said:

"I look forward to returning to a full time senior executive
position and the exciting challenges of this new role. The events of the last
two years are significantly re-shaping financial services throughout the
world. This not only affects JCF's existing investments, but presents
significant new investment opportunities throughout both Europe and Asia
Pacific. An early focus will be on the UK, where the banking sector is
undergoing a major restructuring."

Sir Callum McCarthy said:

"JCF is unique in its expertise and concentration on the
financial sector. I look forward to helping apply its ideas, managerial
experience and capital to pursue the business opportunities created by the
present far reaching changes in the sector."

    For further information please contact:
    Hillary Ripley
    Director of Investor Relations
    J.C. Flowers & Co. LLC
    Phone: +1-212-404-6838
    Email: hripley@jcfco.com

Note to editors

J.C. Flowers & Co. is a global private equity group that
focuses solely on the financial services sector. JCF was founded in 1998 by
J. Christopher Flowers and has invested approximately US$11 billion (A$12
billion) of capital in the sector.

Hillary Ripley, Director of Investor Relations, J.C. Flowers & Co. LLC, + 1-212-404-6838, hripley at jcfco.com