<p><strong><span class="legendSpanClass"><span class="xn-location">SANTA CLARA</span></span></strong> &#8212; SVB Financial Group (&#8220;SVBFG&#8221;) announced its Board of Directors has appointed a restructuring committee consisting of five independent directors to explore strategic alternatives for the holding company and its SVB Capital and SVB Securities businesses, as well as its other assets and investments. Both of these businesses are separate divisions of SVBFG and not part of Silicon Valley Bank, which collapsed Friday and taken over by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) and Federal Reserve.</p>
<p>SVB Financial stock is essentially worthless and trading halted last Thursday.</p>
<ul >
<li><b>SVB Capital</b> is a venture capital and private credit fund platform with deep roots in the innovation economy. The platform will continue to operate and deliver high-quality services to clients through its existing management team, which has a proven track record of success. SVB Capital funds are separate legal entities, distinct from Silicon Valley Bank. Its investor commitments and portfolio investments are owned by the SVB Capital funds and are not subject to the resolution process underway for Silicon Valley Bank. SVB Capital maintains underwriting and investment committee processes that are separate from Silicon Valley Bank. <br class="dnr" /><br class="dnr" /></li>
<li><b>SVB Securities</b> is a leading investment bank serving the innovation economy. It continues to offer clients its differentiated sector knowledge, deep expertise, and an extensive suite of capital market and advisory solutions. The resolution proceedings for Silicon Valley Bank will not directly impact the broker-dealer&#8217;s business operations, which continue uninterrupted under the management of SVB Securities leadership team. Since its acquisition in <span class="xn-chron">January 2019</span> by SVBFG, SVB Securities has maintained its financial and operational independence and has operated largely autonomously as a standalone subsidiary. The firm has a strong client base and solid financial position, with a healthy balance sheet, significant excess net regulatory capital, and no outstanding debt.</li>
</ul>
<p>The members of the holding company&#8217;s restructuring committee are <span class="xn-person">Eric Benhamou</span>, <span class="xn-person">Tom King</span>, <span class="xn-person">Kay Matthews</span>, <span class="xn-person">Mary Miller</span> and <span class="xn-person">Kate Mitchell</span>. In addition to exploring potential transactions for the SVB Capital and SVB Securities businesses, the committee will explore all alternatives for addressing the approximately <span class="xn-money">$3 billion</span> of funded debt held by the holding company, which is recourse only to SVB Financial Group and is not guaranteed by the subsidiaries. The holding company is being advised by Centerview Partners LLC, Sullivan &; Cromwell LLP, and Alvarez &; Marsal as financial, legal, and restructuring advisors, respectively, in conjunction with the committee&#8217;s activities.</p>

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