RONALD D. SPENCER JOINS CARTER, LEDYARD & MILBURN

Renowned Art Authentication and Art Law Attorney Expands Art Law Practice

NEW YORK, January 16, 2002 -- Carter, Ledyard & Milburn is pleased to announce that Ronald D. Spencer has joined the firm as counsel. He will continue his work with numerous art foundations, art authentication boards and committees as well as artists and their estates, art galleries and art scholars. Mr. Spencer represents the Pollock-Krasner Foundation, established in 1985 by Jackson Pollock's artist wife, Lee Krasner to aid needy and worthy visual artists and which has made grants to several thousand artists totaling more than $30 million. Carter, Ledyard & Milburn already represents the Andy Warhol Foundation for the Visual Arts. The firm will thus represent two of the largest American foundations devoted exclusively to the visual arts.

Mr. Spencer has been legal counsel to several art authentication boards, including the Pollock-Krasner Authentication Board, the Jacob Lawrence Catalogue Raisonne Project, and the Andy Warhol Art Authentication Board. A leading authority on art authentication law, Mr. Spencer has published numerous articles and he lectures frequently on the subject. He is currently editing/authoring a book of essays by prominent art experts, to be published this year by Oxford University Press, The Expert vs. The Object -- Authentication, Connoisseurship and the Law. Mr. Spencer is also legal counsel to numerous foundations established by artists or their estates, and is currently helping two highly regarded contemporary sculptors to establish private foundations to aid sculptors and other visual artists. He also advises several prominent post-war painters and several respected New York art galleries.

"We have worked with Ron Spencer on various art law and foundation matters for over 10 years and are very pleased to now have him join our firm," said Peter P. McN. Gates, partner and member of Carter, Ledyard & Milburn's Art Law and Tax-Exempt Organizations Practice Groups. "Ron's exceptional experience in foundation work and art authentication law enhances our firm's capabilities and increases our ability to serve our clients in the arts and cultural world."

Mr. Spencer joins Carter, Ledyard & Milburn's highly regarded Tax-Exempt Organizations Practice, composed of attorneys who concentrate their practice in this area and attorneys from other departments who have had experience representing tax-exempt clients. The group offers complete legal services to varied tax-exempt organizations, providing advice that is specific to not-for-profit organizations and advice on the general activities of these organizations with sensitivity to the unique issues and concerns of the not-for-profit sector. Among the organizations represented by Carter, Ledyard & Milburn's Tax-Exempt Organizations Practice are the Andy Warhol Foundation for the Visual Arts, New York Foundation for the Arts, Dannon Foundation, GPU Foundation, the newly created Museum of Comic and Cartoon Art, a large number of family foundations, and, on a pro-bono basis, the Twin Towers Fund established by former Mayor Giuliani.

Ronald Spencer received his L.L.B. in '64 from Yale Law School and attended London School of Economics, London, England, University of Paris School of Law, Paris, France, and received a B.A., cum laude, from Brown University in '61. Ronald Spencer is a member of the Art Law Committee of The Association of the Bar of the City of New York and is founder and Chairman of the Park Avenue Malls Planting Project which plants tulips, landscapes and selects contemporary sculpture for exhibition on the Park Avenue Malls from 53rd Street to 86th Streets in Manhattan. He is also a founding Trustee and past President of Carnegie Hill Neighbors, a civic organization that concentrates on zoning, land use, and historic district issues and is a founding member of many other community organizations in New York and Connecticut. Mr. Spencer, 61, is married and has two children.

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.