Press Release

Greenfield Online Acquires Ciao AG for US$154 million

Milbank’s Munich and London Offices Act as Advisors to the Sellers and Ciao AG

MUNICH, GERMANY, April 7, 2005 - Yesterday the shareholders of Ciao AG, Munich (private equity funds Apax, Index, Wellington and Burda Ventures as well as a number of individuals including the two co-founders Maximilian Cartellieri and Marcus Paul) sold their shares to Greenfield Online Inc., a U.S. NASDAQ listed company. Munich based Ciao AG was valued at approximately US$154 million subject to certain post-closing adjustments. The consideration consisted partly in cash and partly in unregistered common stock of Greenfield Online Inc.

In this complex cross border transaction, Milbank again brought its integrated German and US M&A and securities capabilities to bear.

The Milbank team consisted of Dr. Peter Nussbaum and Peter Memminger in Munich and Tom Siebens and Scott Yarbrough in London.

MILBANK IN EUROPE:
Milbank opened its first European office in London 25 years ago and opened a second European office in Frankfurt in 2001 and Munich in 2004. The firm’s presence in Europe has more than doubled in the last two years, with growing strengths in corporate, capital markets, private equity, outsourcing and litigation.

The firm’s Global Corporate/M&A Group has worked on some of the most sophisticated transactions in every geographical market. Milbank’s London office has been involved in some of the most complex acquisitions and private equity investments in Europe. The Frankfurt office is a leader in sophisticated cross-border lease and acquisition finance transactions. The Munich office is widely recognized for its expertise in public M&A and private equity, as well as tax and financial structuring. Notable Milbank deals in Germany include:

• Representing ProSiebenSat.1 Media AG in connection with its take over of all interests in EUVÍA Media AG & Co. KG.
  
  

• Advising on the shareholder agreements, transaction structure and tax issues in the acquisition of HT Troplast AG by private equity firms The Carlyle Group and Advent International.
  
  

• Representing BC Partners in connection with the exit from its 48.9% stake in KTM Group GmbH.
  
  

• Representing Apax Partners in its leveraged buyout of LR International.
  
  

• Representing JP Morgan Partners in the sale of its stake in Gerresheimer Glas.
  
  

• Representing the Carlyle Group in the sale of its stake in BERU AG to Borg Warner.
  
  

• Representing the Carlyle Group in the sale of its stake in Honsel International Technologies to Ripplewood Holdings.
  
  

• Representing the private equity sponsors in the €2.7 billion Acquisition by Kabel Deutschland GmbH of three separate German cable companies (ish, iesy and Kabel Baden-Württemberg).
  
  

• €2.6 Billion Leveraged Buyout of Cognis Group: The LBO of the specialty chemicals business of the German company Henkel was completed in record time by employing many of the techniques pioneered in the earlier Messer Griesheim LBO. Recently, Cognis completed an innovative €1.6 billion recapitalization.
  
  

• Representing the Goldman Sachs private equity funds in their participation in the €1.8 billion LBO of the broadband cable network of Deutsche Telekom AG and the creation of Kabel Deutschland GmbH.

Milbank, Tweed, Hadley & McCloy LLP is a 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 and other major fields of legal practice. Milbank has English, German and U.S. law capabilities, 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.