UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------
SCHEDULE 13D
Rule 13d-101
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULES 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 3)/1/
Bluegreen Corporation
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(Name of Issuer)
Common Stock
par value $0.01 per share
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(Title of Class of Securities)
703365 10 6
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(CUSIP Number)
Christopher L. O'Dell
Morgan Stanley
1221 Avenue of the Americas
New York, New York 10020
(212) 761-4000
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
April 10, 2002
--------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[_].
Note: Schedules filed in paper format shall include a signed original and five
copes of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
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/1/ The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP NO. 703365 10 6 SCHEDULE 13D Page 2 of 15
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NAMES OF REPORTING PERSONS
1 S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Morgan Stanley Dean Witter & Co.
36-3145972
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
N/A
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
N/A
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
The state of organization is Delaware.
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SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 363,937 (See Item 5)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
363,937 (See Item 5)
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
363,937 (See Item 5)
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
12
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
1.3% (See Item 5)
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TYPE OF REPORTING PERSON*
14
CO, HC
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* See Instructions Before Filling Out!
CUSIP NO. 703365 10 6 SCHEDULE 13D Page 3 of 15
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NAMES OF REPORTING PERSONS
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MSREF III, Inc.
13-3974129
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
N/A
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
N/A
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
The state of organization is Delaware.
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SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 363,937 (See Item 5)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
363,937 (See Item 5)
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
363,937 (See Item 5)
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
1.3% (See Item 5)
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TYPE OF REPORTING PERSON*
14
CO, HC
------------------------------------------------------------------------------
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* See Instructions Before Filling Out!
CUSIP NO. 703365 10 6 SCHEDULE 13D Page 4 of 15
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NAMES OF REPORTING PERSONS
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Morgan Stanley Real Estate Fund III, L.P.
13-3991561
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
N/A
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
The state of organization is Delaware.
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SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 129,016.39 (See Item 5)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
129,016.39 (See Item 5)
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
129,016.39 (See Item 5)
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
12
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
Less than 0.48% (See Item 5)
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TYPE OF REPORTING PERSON*
14
PN
------------------------------------------------------------------------------
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* See Instructions Before Filling Out!
CUSIP NO. 703365 10 6 SCHEDULE 13D Page 5 of 15
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NAMES OF REPORTING PERSONS
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Morgan Stanley Real Estate Investors III, L.P.
13-3993701
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
N/A
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
The state of organization is Delaware
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SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 5,980.58 (See Item 5)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
5,980.58 (See Item 5)
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
5,980.58 (See Item 5)
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
12
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
Less than 0.1% (See Item 5)
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TYPE OF REPORTING PERSON*
14
PN
------------------------------------------------------------------------------
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* See Instructions Before Filling Out!
CUSIP NO. 703365 10 6 SCHEDULE 13D Page 6 of 15
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NAMES OF REPORTING PERSONS
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MSP Real Estate Fund, L.P.
13-3993696
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
N/A
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
The state of organization is Delaware.
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SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 103,302.06 (See Item 5)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
103,302.06 (See Item 5)
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
103,302.06 (See Item 5)
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
12
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
Less than 0.38% (See Item 5)
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TYPE OF REPORTING PERSON*
14
PN
------------------------------------------------------------------------------
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* See Instructions Before Filling Out!
CUSIP NO. 703365 10 6 SCHEDULE 13D Page 7 of 15
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NAMES OF REPORTING PERSONS
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON*
MSREF III Special Fund, L.P.
13-4011444
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
------------------------------------------------------------------------------
SEC USE ONLY
3
------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
N/A
------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
The state of organization is Delaware.
------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 125,637.97 (See Item 5)
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
125,637.97 (See Item 5)
------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
125,637.97 (See Item 5)
------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
12
------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
Less than 0.46% (See Item 5)
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TYPE OF REPORTING PERSON*
14
PN
------------------------------------------------------------------------------
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* See Instructions Before Filling Out!
Item 1. Security and Issuer.
This Amendment No. 3 to Schedule 13D amends and supplements the Schedule
13D Statement dated August 14, 1998 (the "Schedule 13D") which was filed with
the Securities and Exchange Commission ("SEC") on behalf of Morgan Stanley Dean
Witter & Co. ("MSDW"), MSREF III, Inc., Morgan Stanley Real Estate Investors
III, L.P. ("MSREI"), Morgan Stanley Real Estate Fund III, L.P. ("MSREF"), MSP
Real Estate Fund, L.P. ("MSP"), and MSREF III Special Fund, L.P., a Delaware
limited partnership ("Special Fund" and, together with MSREI, MSREF and MSP, the
"Funds"), as amended. Each capitalized term not defined in this Amendment has
the meaning assigned to that term in the original Schedule 13D.
The class of equity securities to which this statement relates is the
common stock, $.01 par value per share ("Common Stock"), of Bluegreen
Corporation (the "Issuer"), a Massachusetts corporation. The principal executive
offices of the Issuer are located at 4960 Conference Way North, Suite 100, Boca
Raton, Florida.
Item 5. Interest in Securities of the Issuer.
Item 5 is hereby amended by being deleted in its entirety and replaced with
the following:
The response to Item 6 is incorporated herein by this reference.
Pursuant to a Stock Purchase Agreement dated as of April 10, 2002 (the
"Stock Purchase Agreement"), the Funds sold 5,548,416 shares of Common Stock and
agreed to sell, on or before June 14, 2002, 333,937 shares of Common Stock, all
of which shares were previously reported on the Schedule 13D as held by the
Funds, to Levitt Companies, LLC. A copy of the Stock Purchase Agreement is
attached as Exhibit 4 hereto. As a result of such transaction, each of the
reporting persons ceased to be the beneficial owner of more than 5% of the
Common Stock, effective as of the date of the Stock Purchase Agreement. The only
shares of Common Stock beneficially owned by any of the reporting persons are
the 333,937 shares to be sold on or before June 14, 2002 and shares issuable
upon the exercise of the Director Options (as hereinafter defined). 105,000
shares of Common Stock are issuable upon exercise of the Director Options,
30,000 of which were exercisable immediately prior to consummation of the sale.
The remainder of the options may have vested upon consummation of the
transaction depending upon the total number shares of Common Stock held by the
purchaser.
The foregoing does not purport to be a complete description of the Stock
Purchase Agreement and is qualified in its entirety by reference to Exhibit 4
hereof, which is incorporated herein by reference hereof.
Pursuant to the Director Agreements (as hereinafter defined), the Issuer
granted certain Stock Options (Right to Buy) (the "Director Options") to each of
John P. Buza, Michael J. Franco and Joseph M. Zuber. Pursuant to the terms of
the Director Agreements, the Director Options are held by each of Mr. Buza, Mr.
Franco and Mr. Zuber for the full benefit of the Funds. Each of Mr. Buza, Mr.
Franco and Mr. Zuber have resigned as directors of the Issuer as of April 10,
2002.
For purposes of Rule 13d-3 promulgated under the Securities Exchange Act of
1934, as amended ("Rule 13d-3") the Funds may be deemed to beneficially own, in
the aggregate 363,937 shares of Common Stock, or 1.3% of the total number of
shares of Common Stock outstanding pursuant to Rule 13d-3 (the "Outstanding
Shares"). Each of the Funds is deemed to beneficially own the following amount
of Common Stock or percentage of the Outstanding Shares: MSREI: 5,980.58 shares
or less than 0.1%; MSP: 103,302.06 shares or 0.38%; Special Fund: 125,637.97
shares or 0.46%, MSREF: 129,016.39 shares or 0.48%.
The percentages set forth in the preceding paragraphs are based on
27,058,950 shares of Common Stock outstanding as set forth in the Company's
Quarterly Report on Form 10-Q for the period ended December 30, 2001.
The information set forth in items 7 through 10 of the cover pages to this
Schedule 13D is incorporated herein by reference.
Except as disclosed herein, none of the Funds, MSDW or MSREF III, Inc. has
effected any transaction in shares of Common Stock during the preceding 60 days.
No other person is known to have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, such
securities.
MSDW is filing solely in its capacity as parent company of, and indirect
beneficial owner of securities held by, one of its business units.
Item 6. Contracts, Arrangements, Understandings or Relationships With
Respect to Securities of the Issuer.
Item 6 is hereby amended by being deleted in its entirety and replaced with
the following:
The Funds entered into (i) an Agreement Regarding Director Compensation,
dated as of October 20, 1999, with Michael J. Franco (the "Franco Director
Agreement"), MSREF's nominee to the Company's board of directors, (ii) an
Agreement Regarding Director Compensation, dated as of October 20, 1999, with
Joseph M. Zuber (the "Zuber Director Agreement"), MSP's nominee to the Company's
board of directors, and (iii) an Agreement Regarding Director Compensation,
dated March 21, 2001, with John P. Buza (the "Buza Director Agreement" and,
together with the Franco Director Agreement and the Zuber Director Agreement,
the "Director Agreements"), the nominee of MSREF and MSP, as Designating Funds
(as defined in the Buza Director Agreement), to the Company's board of
directors. Pursuant to the Director Agreements, each of Mr. Buza, Mr. Franco and
Mr. Zuber agreed that he will hold any compensation and benefits he receives
from the Company in his capacity as a member of the board of directors of the
Company for the benefit of the Funds, and that the economic interest with
respect to such compensation will, to the full extent permitted by law, belong
to the Funds. The Funds' interest in any such compensation will be allocated
among the Funds as follows: MSREI: 1.6433%; MSREF: 35.4502%; MSP: 28.3846%; and
Special Fund: 34.5219%. Mr. Buza, Mr. Franco and Mr. Zuber each agreed (a) not
to transfer any such compensation to any person other than the Funds without the
Funds' prior written consent and (b) to vote or cause to be voted all shares of
Common Stock he receives as such compensation (or that constitute proceeds of
any such compensation), as directed by the Funds. A copy of the Buza Director
Agreement, a copy of the Franco Director Agreement and a copy of the Zuber
Director Agreement are attached as Exhibit 1, Exhibit 2 and Exhibit 3 hereto,
respectively, and incorporated herein by this reference.
On October 21, 1999, the Company granted an option to purchase 15,000
shares of Common Stock to each of Mr. Franco and Mr. Zuber (the "1999 Options")
at an exercise price of $5.9375 per share of Common Stock. The 1999 Options vest
in three annual installments beginning on October 21, 2000. Pursuant to the
Director Agreements, the Funds are deemed to beneficially own the 1999 Options.
On August 3, 2000 the Company granted an option to purchase 15,000 shares
of Common Stock to each of Mr. Franco and Mr. Zuber (the "2000 Options") at an
exercise price of $2.875 per share of Common Stock. The 2000 Options vest in
three annual installments beginning August 5,
2001. Pursuant to the Director Agreements, the Funds are deemed to beneficially
own the 2000 Options.
On August 2, 2001 the Company granted an option to purchase 15,000 shares
of Common Stock to each of Mr. Buza, Mr. Franco and Mr. Zuber (the "2001
Options") at an exercise price of $2.11 per share of Common Stock. The 2001
Options vest in three annual installments beginning August 2, 2002. Pursuant to
the Director Agreements, the Funds are deemed to beneficially own the 2001
Options.
Item 7. Material to be Filed as Exhibits.
The following are filed herewith as Exhibits to this Amendment No. 3 to
Schedule 13D.
Exhibit No. Description
----------- -----------
1 Agreement Regarding Director Compensation (Buza)
2* Agreement Regarding Director Compensation (Franco)
3* Agreement Regarding Director Compensation (Zuber)
4 Stock Purchase Agreement dated as of April 10, 2002,
among the Funds and Levitt Companies, LLC
*Previously filed.
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: April 11, 2002
MORGAN STANLEY DEAN WITTER & CO.
By: /s/ Peter R. Vogelsgang
--------------------------------------
Peter R. Vogelsgang
Authorized signatory
MSREF III, INC.
By: /s/ Christopher L. O'Dell
---------------------------------------
Christopher L. O'Dell
Vice President and Secretary
MORGAN STANLEY REAL ESTATE INVESTORS
III, L.P.
By: MSREF III, L.L.C., its General Partner
By: MSREF III, Inc., its MS Member
By: /s/ Christopher L. O'Dell
-----------------------------------
Christopher L. O'Dell
Vice President and Secretary
MORGAN STANLEY REAL ESTATE FUND III, L.P.
By: MSREF III, L.L.C., its General Partner
By: MSREF III, Inc., its MS Member
By: /s/ Christopher L. O'Dell
-----------------------------------
Christopher L. O'Dell
Vice President and Secretary
MSP REAL ESTATE FUND, L.P.
By: MSREF III, L.L.C., its General Partner
By: MSREF III, Inc., its MS Member
By: /s/ Christopher L. O'Dell
-----------------------------------
Christopher L. O'Dell
Vice President and Secretary
MSREF III SPECIAL FUND, L.P.
By: MSREF III, L.L.C., its General Partner
By: MSREF III, Inc., its MS Member
By: /s/ Christopher L. O'Dell
----------------------------------
Christopher L. O'Dell
Vice President and Secretary
EXHIBIT INDEX
Exhibit No. Description
----------- ------------
1 Agreement Regarding Director Compensation (Buza)
2* Agreement Regarding Director Compensation (Franco)
3* Agreement Regarding Director Compensation (Zuber)
4 Stock Purchase Agreement dated as of April 10, 2002,
among the Funds and Levitt Companies, LLC
*Previously filed.
AMENDMENTS TO APPENDIX A
The portion of Appendix A listing and describing the executive officers and
directors of MSDW is hereby deleted in its entirety and replaced with the
following:
The names of the Directors and the names and titles of the Executive
Officers of MSDW and their business addresses and principal occupations are set
forth below. If no address is given, the Director's or Executive Officer's
business address is that of MSDW at 1585 Broadway, New York, New York 10036.
Unless otherwise indicated, each occupation set forth opposite an individual's
name refers to MSDW and each individual is a United States citizen.
Name Present Principal Occupation
--------------------------------------- ------------------------------------------------------------
* Philip J. Purcell Chairman of the Board and Chief Executive Officer
* Robert G. Scott President and Chief Operating Officer
* Robert P. Bauman Retired; former Chief Executive Officer of Smith Kline
Invensys plc Beecham plc
Invensys House, Carlisle Place
London SW1P 1BX, ENGLAND
* Edward A. Brennan Retired; former Chairman of the Board, President and Chief
400 North Michigan Avenue, Suite 400 Executive Officer of Sears, Roebuck and Co.
Chicago, IL 60611
* John E. Jacob Executive Vice President and Chief Communications Officer
Anheuser-Busch Companies, Inc. of Anheuser-Busch Companies, Inc.
One Busch Place
St. Louis, MO 63118
* C. Robert Kidder Chairman of the Board and Chief Executive Officer of
Borden, Inc. Borden, Inc.
180 East Broad St.
Columbus, OH 43215
* Charles F. Knight Chairman of Emerson Electric Co.
Emerson Electric Co.
8000 West Florissant
St. Louis, MO 63136
* John W. Madigan Chairman and Chief Executive Officer of Tribune Company
Tribune Company
435 North Michigan Avenue, Suite 2300
Chicago, IL 60611
* Miles L. Marsh Former Chairman of the Board and Chief Executive Officer
W.H. Clark & Associates of Fort James Corporation
20 S. Clark St, Suite 2222
Chicago, IL 60603
* Michael A. Miles Special Limited Partner of Forstmann Little and Co.
1350 Lake Road
Lake Forest, IL 60045
Name Present Principal Occupation
--------------------------------------- ------------------------------------------------------------
* Laura D'Andrea Tyson Dean of the London Business School
London Business School
Sussex Place, Regents Park
London NW1 4SA, England
Stephen S. Crawford Executive Vice President and Chief Financial Officer
Alexander C. Frank Treasurer
Roger C. Hochschild Executive Vice President and Chief Strategic and
Administrative Officer
Donald G. Kempf, Jr. Executive Vice President, Chief Legal Officer & Secretary
Tarek F. Abdel-Meguid Head of Worldwide Investment Banking
Zoe Cruz Head of Worldwide Fixed Income Division
John P. Havens Head of Worldwide Institutional Equities Group
Mitchell M. Merin President and COO, Asset Management
David W. Nelms President and COO, Discover Financial Services
Stephan F. Newhouse Co-President and COO, Institutional Securities Group
Vikram S. Pandit Co-President and COO, Institutional Securities Group
Joseph R. Perella Chairman of Institutional Securities Group
John H. Schaefer President and COO, Individual Investor Group
* Director