Company Press Release

DALLAS, May 5 /PRNewswire/ -- Highland Capital Management, L.P. ("Highland"), an investment management firm based in Dallas, Texas, announced today that Patrick Boyce and Lane Britain have been promoted to Partner. Mr. Boyce is currently Chief Operating Officer and Chief Financial Officer at Highland and Mr. Britain serves as a Portfolio Manager and Co-Head of Research at the firm. Both individuals will continue in their existing roles at the firm with the added distinction and responsibility of being a Partner at Highland Capital Management.

"Patrick has brought tremendous operational and financial discipline and expertise to the position of COO and CFO and has helped ensure that Highland delivers reporting and client service at world-class levels," said Jim Dondero, President and co-founder. "Lane is a talented portfolio manager who in addition to running a credit research team, has spearheaded our natural resource investments, including acquisitions in oil, gas, and timber. These promotions are well-deserved and reflect the significant contributions Patrick and Lane have made to the firm's success."

"Lane has led our natural resource private investment effort since it commenced in 2006 and has helped clients maximize returns investing in sectors dislocated by supply/demand imbalances created by the global recession," said Mark Okada, Chief Investment Officer and co-founder. "Patrick has played a strategic role in shaping Highland's operational and banking initiatives, guiding the firm through the challenging landscape of the past 18 months. It takes years of consistent outperformance and teamwork to be promoted to a partner at this firm. I want to thank Patrick and Lane for their hard work and congratulate them on their promotions."

Prior to his current role as Chief Operating Officer and Chief Financial Officer at Highland, Mr. Boyce served as the firm's Chief Administrative Officer. Mr. Boyce began his career at Highland in March 2004 in the investment group, where he was a Distressed Portfolio Manager. Prior to joining Highland, he worked as a vice president for Citigroup Global Markets in its Global Investment Banking group from 2000 to 2004, and was a founding member of its Dallas office. Mr. Boyce also worked as an investment banker for Donaldson, Lufkin & Jenrette where he had corporate finance responsibilities in both the Los Angeles and Dallas offices. Mr. Boyce has an MBA in Finance and Accounting from the University of Chicago's Graduate School of Business and a BBA in Finance from Baylor University. He has also earned the right to use the Chartered Financial Analyst designation and passed all four parts of the Uniform CPA Examination while a resident of Illinois. He is not a CPA in the state of Texas.

Prior to joining Highland in 2006, Mr. Britain was a vice president at Ewing Management Group (formerly Carlyle Management Group) in Dallas, a private equity firm that specializes in acquiring and restructuring companies. Mr. Britain also worked as an investment banker at Salomon Smith Barney and Donaldson, Lufkin and Jenrette. At both firms, Mr. Britain focused on M&A transactions and debt/equity financings. He attended both London School of Economics and Rice University, receiving his undergraduate degree in Economics and Managerial Studies from Rice.

About Highland Capital Management

Highland Capital Management, L.P. is a SEC-registered investment adviser with approximately $24 billion of assets under management. Founded in 1993, Highland is one of the largest global alternative fixed income managers, specializing in bank loans, high yield credit, distressed credit, structured products, equities, and real assets. Highland's diversified client base includes mutual fund investors, public pension plans, foundations and endowments, corporations, financial institutions, governments, and high net worth individuals. Highland is headquartered in Dallas, Texas and maintains offices in New York, London and Singapore.


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