RAPHAEL S. GRUNFELD JOINS CARTER LEDYARD & MILBURN AS PARTNER IN THE CORPORATE DEPARTMENT

-- Expands Israeli Technology Practice --

New York, NY, March 1, 2001– Carter, Ledyard & Milburn is pleased to announce that Raphael S. Grunfeld joined the firm’s Corporate Department on March 1 as a partner. Mr. Grunfeld’s experience representing Israeli high-tech clients will complement Carter, Ledyard’s existing high profile Israeli practice.

As a partner in Morrison & Foerster’s Corporate Finance Group, Mr. Grunfeld focused on corporate finance and mergers and acquisitions in the Internet and telecom industries, as well as general business counseling, cross-border acquisitions, and licensing and intellectual property matters. He also practiced in Israel for ten years in the law firms of Yitzchak Tunik (the former State Controller and President of the Israel Bar Association) and Shiboleth Roberts. Mr. Grunfeld has represented Israeli companies with Internet and high-tech operations in the U.S. in their M&A, corporate finance and general legal activities, including Exalink Ltd., RZCOM, Inc., the Leviev Group of Companies, Mutek Solutions, Inc. Redux, Inc., Vineto, Inc., Netformx Ltd., Percite Technologies Ltd., Celvibe, Inc., Configate, Inc., Orsus Solutions, Inc. and Nuvisio, Inc. Other clients include entrepreneurs Rony Zarom and Eilon Tirosh and Vertex, a VC firm. Mr. Grunfeld is admitted to practice in New York and Israel.

Israeli-licensed associates Efrat Safran and Einat E. Schnitzer. For years, the firm has assisted Israeli high-tech companies to raise equity capital and conduct business in the U.S. Carter, Ledyard has handled the IPOs and NASDAQ listings of numerous Israeli companies. Significant Israeli clients include Attunity Ltd., Eltek Ltd., Internet Gold Ltd., Home Centers Ltd., Magic Software Enterprises Ltd., the MER Group of companies, Nexus Telocation Systems Ltd., RADVision Ltd., and Vi[z]RT Ltd., to name a few.

In the spring of 2000, Carter, Ledyard assisted Vi[z]RT Ltd., a New York-based Israeli provider of broadcast graphic solutions, in buying the virtual studio business of Evans & Sutherland Computer Corp. of Salt Lake City for an undisclosed amount. A few months later, the firm helped Vi[z]RT purchase Norwegian company Peak Broadcast Systems Ltd. for $60 million in a stock purchase agreement. In March 2000 Carter, Ledyard assisted Magic Software Enterprises Ltd., which the firm helped go public in the United States in 1991, in a $100 million follow-on offering. In August, the firm assisted Magic in purchasing Philadelphia-based CoreTech Consulting Group, a provider of consulting services. Later in 2000, Carter, Ledyard counseled Home Centers Ltd., Israel’s largest home improvement chain, and ForSoft Ltd., a leading provider of large scale information technology solutions, in going private transactions.

"We are excited that Mr. Grunfeld is joining our firm. His twenty-five years advising Israeli companies will strengthen our already expanding Israeli practice," said Robert A. McTamaney, partner and chairman of Carter, Ledyard’s Corporate Department. "We are convinced this move makes Carter, Ledyard the leading U.S. law firm for Israeli companies."

On March 14-15, 2001, Carter, Ledyard, in conjunction with Israel Export Institute, Oscar 4B, Government of Israel Economic Mission, Argoquest, Bank Leumi Group, KPMG-Somekh Chaikin, and Lehman Brothers, is sponsoring Investment in Israel Technology II, an international conference for Israeli Hi-tech companies, U.S.-based VCs and strategic partners, at the Marriott Hotel, Santa Clara. The conference will promote 35 of the most promising Israeli early and later stage pre-IPO companies that were chosen for the ingenuity of their products or services and their potential to be successful leaders in their fields.

For several years, Mr. Grunfeld served as General Counsel and Vice President of Genesis Direct, Inc., a U.S. public company engaged in catalog and Internet direct marketing. There he directed all the legal work involved in taking the company from inception through private and institutional financing, through multiple acquisitions of other catalog companies to a roll-up IPO. Before joining Genesis Direct, Inc., Mr. Grunfeld was General Counsel to investment advisor and broker-dealer First Capital Asset Management, Inc. In 1974, Mr. Grunfeld received his Masters of Laws from University College at the University of London, and received his Bachelor of Laws, cum laude, in 1973 from Tel Aviv University. Mr. Grunfeld, 53, resides in Riverdale, NY.

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.