Press Release

Milbank Elevates Two Attorneys in Asian Offices

Naming of Darrel Holstein and Edward Sun as Partners Reflects Strength of Asian Private Equity and Corporate Finance Practices

HONG KONG AND TOKYO, November 21, 2005 – Underscoring its commitment to the continued growth of its private equity and corporate finance practices in Asia, the international law firm Milbank, Tweed, Hadley & McCloy LLP has elected Darrel Holstein and Edward Sun as partners in the Firm’s Tokyo and Hong Kong offices, respectively.

In addition to Darrel Holstein and Edward Sun, Milbank’s 2005 Class of eleven new partners includes: William B. Bice (Global Project Finance, New York); John H. Cobb (Global Securities, New York); Ulrike Dormann (Global Corporate, Munich); John D. Franchini (Global Corporate, New York); Brett D. Goldblatt (Global Corporate, Los Angeles); Sean M. Murphy (Litigation, New York); Stephen D. Nordahl (Strategic Sourcing & Technology, New York); James Warbey (Global Finance, London); and Debra Alligood White (Strategic Sourcing & Technology, Washington, DC).

Commenting on the appointments, Anthony Root, managing partner of Milbank’s Hong Kong office and head of the firm’s corporate practice in Asia, stated, “Continuing Milbank’s long-standing history of leadership in Asia, the promotions of Darrel and Ed are indicative of the depth of experience and strength of our team in Asia, particularly in private equity financings, acquisitions, IPOs and exits, as well as corporate finance and capital markets arenas.”

Gary Wigmore, managing partner of Milbank’s Tokyo office, added, “Our ability to develop and retain top talent like Darrel and Ed puts us at a distinct advantage in the increasingly competitive Asian Market. Since Japan is the second largest economy in the world and China is one of the fastest growing emerging markets, it is important to have experienced partners positioned in these countries to handle complex cross-border transactions. Darrel’s experience will be instrumental to building our capabilities in Tokyo as the Japanese economy rebounds from its decade-long recession and opens further to investment. Ed will likewise play a critical role in leading our China practice when we open our office in Beijing early next year and he becomes resident in that office.”

DARREL J. HOLSTEIN, formerly Of Counsel, has been named partner in Milbank’s Global Corporate Department. His practice concentrates on cross-border mergers and acquisitions and corporate and financial transactions, with a focus on Japan. Mr. Holstein represents foreign corporations, private equity firms and financial institutions in connection with public and private acquisitions, joint ventures and restructurings in Japan, and Japanese corporations and financial institutions in connection with cross-border projects in Japan and acquisitions, joint ventures and other corporate transactions in the United States and other jurisdictions.

Mr. Holstein’s transactions in Japan include establishing the first wave of satellite television broadcasting platform companies and cable television MSOs, and the development of the Universal Studios Osaka theme park. He advises Japanese issuers in connection with international securities offerings and compliance with U.S. securities laws. Mr. Holstein also assists foreign corporations with licensing and distribution arrangements, employment matters, financings and other commercial aspects of their business activities in Japan.

Darrel Holstein received an LL.B. from Tohoku University in 1986 and a J.D. from Harvard Law School in 1989. A resident of Japan for more than ten years, Mr. Holstein is fluent in Japanese and knowledgeable in all areas of Japanese commercial law and business practice.

EDWARD T. SUN, formerly Of Counsel, has been named partner in Milbank’s Global Securities and China Practice Groups. Mr. Sun is a New York trained attorney with broad experience in the Greater China and Asian markets generally. His practice focuses on M&A/private equity, capital markets and distressed transactions. Mr. Sun is expected to relocate to Beijing when the Firm opens an office there in 2006.

Mr. Sun’s capital markets work encompasses U.S. SEC registered and Rule 144A/Regulation S offerings for both underwriters and Asian issuers. His recent capital markets transactions include high-yield debt offerings from Chinese, Indonesian and Philippines issuers, the first Nasdaq and GEM (Hong Kong) dual listing IPO (of a Chinese internet company) and a rights offering by a major listed Indonesian company. His recent M&A transactions include private equity investments for Citigroup, Goldman Sachs and Farallon Capital. Most recently Ed Sun, along with Anthony Root, were the lead Milbank attorneys representing China Construction Bank (“CCB”) in negotiating and closing a series of strategic investments made in CCB by Bank of America and Temasek’s subsidiary Asian Financial Holdings, as well as advising CCB in its recently completed US$8 billion IPO on matters relating to the strategic investments.

Mr. Sun earned his B.A., Phi Beta Kappa, from Stanford University and his J.D., cum laude, from Harvard Law School. In addition to his native language English, he is fluent in Mandarin and Taiwanese.

About Milbank:
With offices in Asia for more than 25 years, Milbank has one of the deepest and broadest practices among U.S. firms in Asia, encompassing capital markets, private equity/M&A and acquisition finance, project 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.

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. Named Legal Week’s “INTERNATIONAL FIRM OF THE YEAR” for 2004, Milbank is a recognized leader in capital markets, corporate finance, project finance, acquisition finance, and other major fields of legal practice. The Firm's practice includes cross-border mergers and acquisitions and global securities transactions as well as assisting multinational clients with their cross border investments. Milbank 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.