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For Immediate Release
Contact: Melinda M. Bascone
Director of Marketing
Carter Ledyard & Milburn LLP
212-238-8753
info@clm.com

CARTER, LEDYARD & MILBURN ACTING IN UK MERGER OF MONEY BROKERS

-Wall Street Law Firm Assisting Garban plc and Intercapital plc in Agreed Merger-

NEW YORK, July 2, 1999 -- Wall Street law firm Carter, Ledyard & Milburn is advising both Garban plc and Intercapital plc on U.S. issues arising in connection with their agreed merger which was announced today. The merger will create the world's largest wholesale money broker, to be named Garban-Intercapital plc, with annual revenues exceeding £500m and a combined market capitalization of £305.6m as of July 1, 1999. Last year, Carter, Ledyard advised Garban plc and United Business Media plc regarding Garban's demerger from United Business, and also worked on the combination of Intercapital's broking business with long-time Carter, Ledyard client Exco plc.

"This is a very exciting endeavor for everyone involved in the transaction," said Robert A. McTamaney, the partner at Carter, Ledyard who is leading the Intercapital plc team. "Over many years, our firm has actively represented all but one of the firms in the inter-dealer brokerage industry, and we are pleased that both parties to the industry's largest consolidation have turned to us for advice."

The Carter, Ledyard team representing Intercapital plc is led by Robert A. McTamaney, Chairman of the firm's Corporate Department, while a team led by International Practice Group Chairman James E. Abbott is advising Garban plc. Others at Carter, Ledyard who are working on the transaction include securities partner Stephen J. Glusband, tax partner Howard J. Barnet, real estate partner Macculloch M. Irving, employment counsel Judith A. Lockhart, and benefits counsel Patricia Matzye.

UK counsel to Intercapital for the deal is a group led by partner Mary Leth at London's MacFarlanes. Garban plc is represented by London's Ashurst Morris Crisp, led by partner Christopher J. Ashworth, working with Garban's General Counsel Gillian Switalski.

Garban plc is one of the world's largest institutional money and securities brokers, with offices serving the major financial centers in the Americas, Europe and Asia Pacific. The Garban group includes Garban Corporates, Garvin GuyButler, Harlow Meyer Savage, Garban Harlow, Ueda Harlow, Titus and Donnelly. Additional information about Garban is located on their website at http://www.garban.com.

Intercapital plc is another of the world's leading inter-dealer brokers with offices in London, New York, Copenhagen, Frankfurt, Singapore, and Sydney. The group has experience in derivative securities, money markets, and energy products. Additional information about Intercapital is located on their website at http://www.icap.com.

Carter Ledyard & Milburn LLP (www.clm.com), established in 1854, has approximately 90 attorneys and has been headquartered on Wall Street since its founding. Carter Ledyard's general practice includes corporate, securities, mergers and acquisitions, broker-dealer, on-shore and off-shore hedge and other alternative investment funds, private equity, litigation, intellectual property, environmental, employment, media and technology, immigration, investment regulation, antitrust, art law, trusts and estates, maritime, ERISA, tax-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.

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