CARTER LEDYARD & MILBURN ELECTS TWO PARTNERS AND THREE COUNSEL

-Firm Expands Securities and Investment Management Groups-

NEW YORK, January 18, 2001 - Wall Street law firm Carter, Ledyard & Milburn announced that Stephen V. Burger and Mary Joan Hoene have been elected partners of the firm effective January 1, 2001. John R. Casolaro, Lisa Factor Fox, and Lee A. Ohliger have become counsel to the firm.

"We are very pleased to have named Stephen Burger and Mary Joan Hoene as partners and John Casolaro, Lisa Factor Fox, and Lee Ohliger as counsel to our firm," said Robert A. McTamaney, partner and chairman of the Corporate Department at Carter, Ledyard. "This strengthens the depth of the firm's service offering across a number of important practice areas, and reflects in particular our commitment to the growing clientele who have retained Carter Ledyard for public securities and investment fund matters."

NEW PARTNERS

Stephen V. Burger
Corporate/Securities

Stephen V. Burger's practice consists of a broad range of corporate and securities work, including public offerings, shelf registrations, private placements, mergers and acquisitions, public company reporting and U.S. securities laws regulation of offshore securities transactions and foreign companies. Transactions handled by Mr. Burger during the past year include the $218 million initial public offering and New York Stock Exchange listing of Orient-Express Hotels Ltd. and $935 million of public debt offerings by Avnet, Inc. Mr. Burger received his J.D. in 1980 from Rutgers University School of Law/Newark, and his A.B., with highest honors and Phi Beta Kappa, from Rutgers College in 1975 with a major in history. He is a member of the Association of the Bar of the City of New York and the American Bar Association and its section of Business Law. Mr. Burger, 48, resides in Manhattan.

Mary Joan Hoene
Investment Management

Mary Joan Hoene's practice focuses on investment management and securities law. She has extensive regulatory, corporate, registration and litigation experience with investment companies, investment advisers, and their affiliates. During 2000, along with Kathleen Moriarty, Ms. Hoene coordinated the Carter, Ledyard team on the launch by Barclays Global Advisors of the iShares exchange-traded funds and worked on exchange-traded fund product development for the American Stock Exchange. She developed a new code of ethics for the PaineWebber Unit Investment Trusts, managed a series of investment company status questions for firm clients and sponsored along with Ernst & Young a Fund Directions panel for mutual fund independent directors. Before joining Carter Ledyard in 1999 as Counsel, Ms. Hoene had positions with AXX Financial, Inc., American International Group and Mitchell Hutchins Asset Management Inc. She was also Deputy Director of the Division of Investment Management at the Securities and Exchange Commission. Ms. Hoene received her J.D. in 1975 from the University of Notre Dame School of Law and her B.A. in 1970 from Seattle University. Ms. Hoene is a member of the American Bar Association and participates in the Business Law Section Federal Regulation of Securities Committee and its Subcommittee on Investment Companies and Investment Advisers. She is also a member of the Women's Investment Management Forum and the Legal & Compliance Division of the Securities Industry Association. Ms. Hoene, 51, resides in Manhattan.

NEW COUNSEL

John R. Casolaro
Litigation and Real Estate

John R. Casolaro's litigation and real estate practices concentrate on condemnation and construction related matters, including arbitrations, trials and appeals. His practice also encompasses general commercial litigation, mechanic's lien filings, foreclosures and discharges, rent adjustment proceedings under long-term leases and construction contract and design professional contract preparation. During 2000, Mr. Casolaro successfully defended a condemning authority in New York's Appellate Division against a claim of unconstitutional deprivation of rights by a rent stabilized tenant, and defended a separate condemning authority against a claim of deprivation of due process rights due to the involvement of a private developer in a condemnation project. Mr. Casolaro has been an American Arbitration Association construction industry arbitrator since 1986 and has extensive experience in various appellate courts. Mr. Casolaro received his J.D., cum laude, in 1977 from Syracuse University College of Law, where he was an editor of the Syracuse Law Review. He received his B.C.E., cum laude, in 1974 from The Cooper Union. He is a member of the American Bar Association and its Forum on the Construction Industry, the New York State Bar Association, and the Association of the Bar of the City of New York. Mr. Casolaro, 48, resides in Pleasantville, NY.

Lisa Factor Fox
Trusts & Estates and Exempt Organizations

Lisa Factor Fox's trusts and estates practice focuses on estate planning, charitable giving, complex estate and trust administration, and property guardianships for wealthy individuals. Her tax-exempt organizations practice includes the formation and dissolution of private foundations, regulatory compliance, and advice on administration and grant-making activities. Prenuptial agreements, split-dollar insurance arrangements, and purchase and sale agreements for shareholders of closely-held corporations are also part of Ms. Fox's experience. Ms. Fox received her J.D., cum laude, in 1991 from the University of Pennsylvania School of Law, where she was an associate editor of the Penn Law Review. She received her B.A., magna cum laude in 1988 from Brandeis University, and was Phi Beta Kappa. She is a member of the Association of the Bar of the City of New York, and the New York State Bar Association. Ms. Fox, 34, resides in South Orange, NJ.

Lee A. Ohliger
Real Estate

Lee A. Ohliger's real estate practice encompasses office leasing and eminent domain proceedings, including purchases and sales of commercial real estate, ground leases, commercial mortgage loans, and all phases of the condemnation process. During 2000, Mr. Ohliger handled for one of our landlord clients a transaction, including expansion space, of over 300,000 square feet, with rentals in excess of $150 million over the 15-year term, and requiring the buyout or relocation of several existing tenants. Mr. Ohliger received his J.D. in 1981, from the University of Pennsylvania School of Law, and his B.S., magna cum laude, in 1978 from the University of Pennsylvania. Mr. Ohliger is a member of the New York State Bar Association, the Real Property Law Committee, the New York County Lawyers Association and its Condemnation Law Committee, and the New Jersey State Bar Association. Mr. Ohliger, 43, resides in Ridgewood, NJ.

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.