Announcement

Milbank, Tweed, Hadley & McCloy LLP Asian Team Receives Multiple
 “Deal of the Year Awards”

Asian Legal Business Awards Recognize Milbank’s Continued
Leadership in Asian Markets

SINGAPORE, April 12, 2005 - Consistent with its longstanding leadership in Asia, the international law firm Milbank, Tweed, Hadley & McCloy LLP has been recognized by Asian Legal Business for its role in five “DEALS OF THE YEAR” for 2004. The annual Asian Legal Business awards are among the most respected awards in the industry and mark the highest standards of innovation and excellence in the practice of law.

Commenting on the awards, David Zemans, managing partner of the firm’s Singapore office, stated, “The Asian Legal Business awards, together with the recognition from several other premier industry publications, underscore the capabilities of our Asian team and the quality and diversity of our practice. Our longstanding leadership in Asia is a testament to our commitment to providing our clients with the most sophisticated legal advice under changing market conditions. 2004 was another successful year for Milbank – we closed 25 deals in Asia with an aggregate value of $5.1 billion.

Milbank’s award-winning Asian Legal Business magazine 2004 “DEALS OF THE YEAR” are as follows:

• “SINGAPORE EQUITY DEAL OF THE YEAR” and “SINGAPORE DEAL OF THE YEAR”: Starhub IPO. Milbank represented Credit Suisse First Boston (Singapore) Limited and UBS AG (acting through its business group, UBS Investment Bank), as the joint global co-ordinators in connection with the S$526.2 million initial public offering of StarHub Ltd. The Milbank team was led by partners David Zemans and Anthony Root and associates Naomi Ishikawa and Jean Thio. This was the largest IPO in Singapore in the last two years.
  

• “SE ASIA STRUCTURED FINANCE AND SECURITIZATION DEAL OF THE YEAR”: MGTI High Yield Bond. Milbank represented UBS Limited and DBS Bank Ltd. as joint lead managers in connection with the US$270 million high-yield bond offering by PT Mitra Global Telekomunikasi Indonesia. The Milbank team was led by partners David Zemans and Doug Jones, and associates Wai-Fong Yoong, Naomi Ishikawa, Giles Kennedy and Jessica Albrecht, from Milbank’s Singapore office. Closed in mid-September 2004, this was the first dollar bond from Indonesia in six months, indicating a sign of recovery in the Asian high yield market.
  

• “SE ASIA INSOLVENCY & RESTRUCTURING DEAL OF THE YEAR”: United Tractors. Milbank represented the Steering Committee of United Tractors Tbk. in the restructuring of approximately US$300 million in indebtedness. United Tractors is a subsidiary of PT Astra International Tbk, Indonesia's largest car manufacturer. The Milbank team was led by partner David Zemans, and associates Rani Wong and Jessica Albrecht, all from Milbank’s Singapore office. This restructuring was highly structured and needed to address varied intercreditor issues.

• “SINGAPORE M&A DEAL OF THE YEAR”: Metalform LBO. Milbank represented DBS Bank Ltd. in connection with the US$130 million acquisition financing of the assets and business of Metalform Pte Ltd, a Singapore computer parts manufacturer. The Milbank team representing DBS Bank was led by Singapore-based David Zemans and associates Melissa Lewis and Ashley Wright. This deal is the largest leveraged buyout (LBO) in Singapore to date. In addition, Mibank was among the finalists for several other awards:
  

• “INTERNATIONAL FIRM OF THE YEAR”. Milbank was named “INTERNATIONAL FIRM OF THE YEAR” by Legal Week magazine.
  

• “ENERGY & RESOURCES FIRM OF THE YEAR”.
  

• PROJECT FINANCE DEAL OF THE YEAR”: PearlOil Holdings borrowing base financing. Milbank represented the lender, ANZ, on the US$35 million borrowing base financing to PearlOil Holdings Ltd. The Milbank team representing ANZ was led by partner Gary Wigmore and associates Ken Hawkes and Melissa Lewis. The aggregation of the oil and gas fields in Indonesia and Thailand into a single borrowing base structure is the first of its kind in Asia. The deal was also named Euromoney’s Project Finance magazine “ASIA PACIFIC OIL & GAS INDEPENDENT DEAL OF THE YEAR”.
  

• “PROJECT FINANCE DEAL OF THE YEAR”: Wayang Windu financing. Milbank represented CSFB and Deutsche in the US$250 million bond financing for Wayang Windu, a 220 MW geothermal independent power plant (IPP) in West Java, Indonesia.
  

• “ASSET/CORPORATE FINANCE DEAL OF THE YEAR”: CIT – Tiger Airways. Milbank represented CIT in a US$50 million operating lease of one new Airbus A320-200 aircraft for a five year term to Tiger Airways, a startup air carrier based in Singapore.

About Milbank:

With offices in Asia for more than 25 years, Milbank has one of the deepest and broadest practices among international firms in Asia, encompassing project finance, capital markets, M&A and acquisition finance, restructuring, structured products transactions, leasing and transportation finance. Milbank currently has approximately 35 attorneys resident in its Hong Kong, Singapore and Tokyo offices, with attorneys qualified to practice New York and English law.

Milbank continues to be at the forefront of some of the most notable deals in Asia, including the largest corporate debt offering ever, the largest restructuring ever, and two of the largest private equity deals. Milbank has played an active role in landmark transactions spanning virtually every Asian country and across diverse industries, including telecommunications, technology, financial services, power and infrastructure.

Milbank, Tweed, Hadley & McCloy LLP is a premier global law firm headquartered in New York, with offices in Washington, D.C., Los Angeles, Palo Alto, London, Frankfurt, Munich, Tokyo, Hong Kong and Singapore. Milbank is a recognized leader in mergers and acquisitions, capital markets and corporate finance, project finance, acquisition finance, restructuring, and other major fields of legal practice. Milbank provides both English and U.S. law capabilities to its clientele, and provides a full range of services to many of the world’s leading financial, industrial and commercial enterprises, as well as governments, institutions and individuals.