DAVID I. KARABELL JOINS CARTER, LEDYARD & MILBURN'S CORPORATE DEPARTMENT

-- Move Expands Firm's Private Equity Practice Group --

NEW YORK, October 9, 2002 - Wall Street law firm Carter, Ledyard & Milburn is pleased to announce that David I. Karabell joined the firm as partner on October 1, 2002. Prior to joining the firm, Mr. Karabell was senior partner at O'Sullivan LLP, formerly O'Sullivan, Graev & Karabell. This is the second addition to Carter, Ledyard's Private Equity practice group in the last several months. John W. Kaufmann joined the firm as partner in June from the New York office of Winston & Strawn.

"We are delighted to have David join our firm," said Robert A. McTamaney, partner and chair of the Corporate Department at Carter, Ledyard. "David's vast experience with mergers & acquisitions and private equity financing further adds to the breath and depth of our corporate department while expanding our private equity capabilities."

Mr. Karabell has over 30 years' experience in mergers & acquisitions and private equity. He represents buyers, investors, companies and lenders in M&As, equity and debt financing, bank lending, workouts and restructurings and real estate acquisitions and sales, financings and leasings.

Mr. Karabell received his B.A. from Temple University in 1961 and his L.L.B. from New York University School of Law in 1967. He also served for eight years in the U.S. Marine Corps. Reserves.

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.