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STATEMENTS & PRESS RELEASES
March 27, 2009
Press Release: SIPA Trustee to Sell Market Making Business for Up to $15.5 million

AS OF 7:00 pm 3/27/09

PRESS RELEASE OF IRVING H. PICARD

MADOFF TRUSTEE TO SELL MARKET MAKING BUSINESS FOR UP TO $15.5 MILLION

NEW YORK, NY – Irving H. Picard, the SIPA Trustee for the Liquidation of Bernard L. Madoff
Investment Securities LLC (“BLMIS”), announced today a definitive agreement for Castor Pollux
Securities, LLC (“Castor Pollux”) to act as the “stalking horse” bidder for the acquisition of the
assets related to the market making business of BLMIS. Castor Pollux is a Boston-based brokerdealer.

“This agreement is a successful outcome of the broadly-marketed sales process we started in
December,” said Mr. Picard.

Under the terms of the agreement, Castor Pollux will acquire the infrastructure assets and
intellectual property related to the market making business of BLMIS. The sale excludes cash and
securities related to the market making business. Subject to higher and better offers, Castor Pollux
will pay $500,000 to the Trustee at closing and payments of up to $15 million based on gross
revenues generated and shares traded through 2012.

Mr. Picard continued: “We have faced many challenges in this process. The initial proceeds reflect
that the business has not been operational since December 12 and that significant capital is required
to restart operations. The structure of this transaction enables the Madoff victims to participate in
future value derived from the assets acquired by Castor Pollux.”

Retention of the skeletal BLMIS staff necessary for the market making business is not a condition to
the deal. Thus, the Trustee has terminated their employment effective today.

The agreement is subject to the completion of a court-approved overbid process expected to occur
in mid-April, receipt of financing, other contingencies and bankruptcy court approval.

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April 22, 2009
Press Release: SIPA Trustee Receiving Additional Competing Bids for Madoff Market Maker Business

PRESS RELEASE OF IRVING H. PICARD

TRUSTEE RECEIVES ADDITIONAL COMPETING BIDS FOR MADOFF MARKET
MAKER BUSINESS

NEW YORK, NY – Irving H. Picard, the SIPA Trustee for the Liquidation of Bernard L. Madoff
Investment Securities LLC (“BLMIS”), announced today that he received three additional
competing bids for the acquisition of the assets related to the market making business of BLMIS.
On March 27, 2009, the Trustee entered into a definitive agreement with Castor Pollux Securities
LLC (“Castor Pollux”) for Castor Pollux to buy the market making business subject to Trustee’s
receipt of higher and better offers. The Bankruptcy Court entered an Order on April 7, 2009
establishing auction procedures for the sale. The agreement with Castor Pollux was amended and
restated on April 21, 2009.

“We are pleased that additional bidders have come forward to bid for the market making business.
The entry of these new bidders to the process will assure that the sale price for these assets will be
maximized for the benefit of Madoff’s victims. The auction process will increase the consideration
being paid for the market making assets,” said Mr. Picard.

The Trustee expects to proceed with the Bankruptcy Court approved auction on April 27, 2009
where the new bidders, in addition to Castor Pollux, will vie for the market making business. The
Trustee will select the entity with the highest and best bid at the conclusion of the auction as the
winning bidder and will then present that bid to the Bankruptcy Court for approval. The
Bankruptcy Court hearing on the sale will be held on April 30, 2009 having been adjourned from
April 28, 2009. This hearing was adjourned to permit the Trustee’s counsel and the winning bidder
to finalize the necessary agreements following the auction.

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April 28, 2009
Press Release: SIPA Trustee Announcing the Winning Bid of up to $25.5 Million for Madoff Market Maker Business

PRESS RELEASE OF IRVING H. PICARD

Trustee Announces Winning Bid of up to $25.5 Million for Madoff Market Maker Business

NEW YORK, NY – Irving H. Picard, the SIPA Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”), announced that following the completion of the Bankruptcy Court approved auction conducted today at the offices of Baker Hostetler where he and his counsel are based, Castor Pollux Securities LLC (“Castor Pollux”) is the winning bidder for the acquisition of the assets related to the market making business of BLMIS. Castor Pollux will pay $1,000,000 at closing and up to $24.5 million in deferred compensation through December 2013. Three bidders competed in the auction. One entity that had submitted a bid on April 22, 2009 withdrew its bid prior to the auction.

On March 27, 2009, the Trustee entered into a definitive agreement with Castor Pollux, subject to higher and better offers, for the sale of the market making business. That bid was for $500,000 to be paid at closing and payments of up to $15 million based on gross revenues generated and shares traded through 2012. As a result of the auction, the closing date cash consideration is twice what was initially proposed and the earn-out consideration is also substantially higher than the original bid.

“The auction today yielded a higher and better offer for the market making business. The additional consideration that we will receive as a result of the auction will benefit Madoff’s victims. Not only is the initial payment higher than the original bid, the transaction allows Madoff’s victims to participate in future earnings of the business in a higher amount than the original bid,” said Mr. Picard. Trustee Picard also noted that all of the costs associated with the marketing and sale of the market making assets have been funded by the Securities Investor Protection Corporation.

The Bankruptcy Court will hold a hearing on April 30, 2009 where the Trustee will present the winning bid to the Court for approval.

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