Press Release

Milbank Represents Controladora Mabe, S.A. de C.V. in its First Eurobond Issuance

US$200 Million Bond Placed in the U.S. and European Markets

NEW YORK, NY, December 22, 2005 – Underscoring investor interest in well-managed Mexican consumer goods companies, Controladora Mabe, S.A. de C.V., a leading manufacturer and distributor of white line products in the Americas, has completed its first issuance of bonds into the U.S. market. The international law firm Milbank, Tweed, Hadley & McCloy LLP, led by partner Michael Fitzgerald, represented Controladora Mabe in structuring and closing the transaction.

Commenting on the transaction, Milbank’s Fitzgerald stated, “The success of the Mabe bond offering reflects favorable conditions for consumer goods companies in Mexico and Mabe’s favorable ratings. Mabe is 49% owned by General Electric and, under the GE name, produces one in four gas ranges sold in the United States. Mabe is a prime example of a well run Mexican company that has benefited from growth in the Mexican economy and opportunities for cross border trade throughout the Americas.” Mabe’s bond offering follows the recent initial public offering by Mexican waste management company Promotora Ambiental, S.A. de C.V. (“PASA”). Fitzgerald led the Milbank team representing the international placement agents in PASA’s US$100 million global equity offering.

About the Financing
Issued by Controladora Mabe, S.A. de C.V., the US$200 million was placed in the U.S. and European markets. The 6 1/2 % senior notes due 2015 are guaranteed by certain subsidiaries of Mabe. The proceeds are intended to be used to refinance existing debt including debt incurred in connection with Mabe’s recent acquisition of Camco Inc., a leading white line products company in Canada.

The Milbank team representing Mabe included partner Michael Fitzgerald, counsel Taisa Markus, associates Karina Dorin and Sarah Trust and international attorney Maria Hyde Marcin, all based in the Firm’s New York office.

Citigroup Global Markets Inc. acted as sole bookrunner and ABN AMRO Bank N.V. acted as joint lead manager.

About Milbank
Active in Latin America for many years, Milbank has played a prominent role in some of the region’s most innovative and complex transactions, from project financings and restructurings to securities offerings and IPOs. Milbank’s Global Securities/M&A/General Corporate Group is renowned for its leadership in sophisticated cross-border transactions and combines both the transactional and regulatory expertise necessary to successfully negotiate and close mergers & acquisitions and other transactions across a wide range of industries.

Milbank’s Global Securities group has been involved in a number of “first of its kind” transactions in Latin America. Notable transactions include:

• Representing the underwriters in all three of the Brazilian “Tier I” perpetual securities offerings issued by financial institutions to date: Banespa, Unibanco and Banco Bradesco.

• Representing Southern Peru Copper Corporation (“SPCC”) in its US$800 million 144A international debt offering, one of the largest inaugural debt offerings by a Latin American company in recent years.

• Representing SPCC in its $947 million SEC registered secondary stock offering, the largest equity offering by a Latin American company within the past five years.

• Representing Grupo Mexico and its subsidiary Minera Mexico in the merger of its Mexican and Peruvian operations to turn SPCC into the world’s number 2 copper company by reserves and market capitalization.

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.