JUDITH LOCKHART NAMED AS CARTER LEDYARD & MILBURN LLP’S MANAGING PARTNER

--Election Represents Firm’s Youngest and First Female Managing Partner--

NEW YORK, May 5, 2003 – Wall Street law firm Carter Ledyard & Milburn LLP has elected Judith Lockhart as Managing Partner of the firm. Lockhart, 45, is the firm’s youngest and first female managing partner. She will succeed Jerome Caulfield.

"We are pleased that Judy has agreed to serve as Managing Partner of our firm," Tom Davis, a member of the firm’s executive committee. "All of our partners respect her legal ability, which is exceptional; her determination, judgment, mental toughness and experience in the business world make her a great fit for the job."

Lockhart is a partner in the firm’s Litigation Department and the Employment Practice Group, with experience in general commercial litigation and employment law. She will continue her practice as an employment lawyer and commercial litigator.

“In the years that Judy Lockhart has been representing Garban Intercapital North America, I have found her to be a top flight litigator and superb employment law expert,” said Roger Campbell, Senior Vice President, General Counsel & Secretary for Garban Intercapital North America Inc. “Judy has a great understanding of our business and her always timely advice is unfailingly savvy and practical. Carter Ledyard & Milburn has made an excellent choice in terms of her new role within their firm.”

As the mother of two young children, Lockhart stresses her commitment to a work/life balance, and gives credit to Carter Ledyard & Milburn for creating a culture that allows employees the opportunity to advance in their professional careers while balancing family needs.

“Despite its 150-year Wall Street history, Carter Ledyard & Milburn is a very progressive place to work,” said Lockhart. “This is a firm that truly values the contributions of each employee, and I’m pleased and excited to have been elected the firm’s managing partner.” Lockhart’s management style with Carter Ledyard & Milburn LLP’s 100-plus support staff will continue to support a culture based upon respect and opportunity.

Lockhart received an A.A.S. in 1982, a B.A.A. in 1983 from Pace University and a J.D. in 1985 from Pace University School of Law. She is also one of the Firm’s representatives to Legalink, a global network of international law firms, and plays an active role in the “Raiding on Wall Street” conference, run by fellow Carter Ledyard partner, Larry Carnevale, Lockhart resides with her husband, Dennis Walsh, a prosecutor with the Organized Crime Task Force, and the couple’s two children in Eastchester, New York.

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.