MICHAEL C. DAVIS JOINS CARTER LEDYARD & MILBURN’S ENVIRONMENTAL PRACTICE GROUP

-- Move Expands Firm’s Environmental Practice to Washington, DC --

WASHINGTON, DC, May 12, 2003 – Wall Street law firm Carter Ledyard & Milburn LLP is pleased to announce that Michael C. Davis has joined the firm as a partner today. Mr. Davis’s move expands the firm’s strong environmental capabilities to its Washington, DC office. Carter Ledyard was recently named one of the leading environmental law firms in New York by The Chambers USA Guide to America’s Leading Business Lawyers.

“We are delighted to have Michael join our firm,” said Stephen L. Kass, Co-Director of Carter Ledyard’s Environmental Practice Group. “Michael’s vast experience with environmental litigation further adds to the breadth and depth of our environmental capabilities.”

Prior to joining the firm, Mr. Davis was partner at Willcox & Savage, P.C. in Norfolk, Virginia. From 1993 to 1995, he was an associate at Goldberg, Kohn, Bell, Black, Rosenbloom & Moritz, Ltd. in Chicago, Illinois. Mr. Davis has over 10 years of experience in litigating environmental and corporate matters. He has served as lead counsel for a Fortune 500 company in litigation concerning Superfund sites and in hazardous materials transportation incidents requiring multi-day evacuations of communities. He has represented landowners in litigation against former tenants engaged in industrial activities. Mr. Davis also handles general commercial litigation, including libel and defamation, RICO, breach of contract, conspiracy, and construction law.

Carter Ledyard & Milburn LLP's Environmental Practice Group was established in 1994 and is directed by Stephen L. Kass, Clifford P. Case III, and Jean M. McCarroll. The Environmental Practice Group is engaged in a broad environmental practice, including environmental impact assessment and disclosure, land-use planning and development, regulation of hazardous and toxic substances, corporate compliance and environmental audits, all forms of environmental litigation, historic preservation, governmental relations, and international environmental regulation.

Mr. Davis received his B.A. from Cornell University in 1990 and his J.D. from University of Chicago Law School in 1993, where he received a Chicago Law Foundation grant. He served on the University of Chicago Law Review and was articles editor of the University of Chicago Roundtable. Mr. Davis, 34, lives in Washington, DC and is married with one child.

Carter Ledyard & Milburn LLP (www.clm.com), established in 1854, has approximately 104 attorneys and has been headquartered on Wall Street since its founding and has additional offices in midtown Manhattan and Washington, DC. Carter Ledyard's general practice includes corporate, securities, mergers and acquisitions, private equity, litigation, intellectual property, environmental, employment, media and technology, immigration, investment regulation, antitrust, trusts and estates, maritime, ERISA, exempt organizations, real estate, tax and bankruptcy. A significant part of the firm's practice involves representing overseas-based clients and their U.S. affiliates, financial institutions and other financial services providers, governmental entities and media and technology clients.