Press Release

Milbank Represents Mexican Homebuilder Homex in $255 Million SEC Registered Stock Offering

Offering of Shares and ADRs More than Eleven Times Oversubscribed

NEW YORK, NY, January 31, 2006 – In the largest equity offering of the year out of Latin America, Desarrolladora Homex, S.A. de C.V., the largest housing developer in Mexico, has completed a $255 million SEC registered secondary stock offering. The international law firm Milbank, Tweed, Hadley & McCloy LLP, represented Homex in the transaction, led by partner Michael Fitzgerald.

Milbank’s Fitzgerald noted, “The overwhelming success of the offering indicates the continued international interest in Mexican equity securities generally, where the returns have averaged over 45% per year for the past three years. This investor interest is particularly keen in the Mexican housing sector.” Milbank’s lead role in the transaction builds on its prior involvement with the 2004 IPOs of homebuilders Homex and Urbi Desarrollos Urbanos, which were the first IPOs out of Mexico in five years. International equity offerings by three Mexican issuers have priced in January; Milbank has represented the issuers in all three of these offerings.

About the Offering
In the secondary offering a group of minority Homex shareholders sold common shares and ADRs in Mexico and internationally. The selling shareholders were a venture capital fund controlled by Chicago real estate investor Sam Zell, which sold approximately one third of its interest in Homex and Carlos Romano, the former owner of a housing company acquired by Homex, who sold his entire stake in Homex. The offering, in the form of shares and ADRs, was more than eleven times oversubscribed. The offering was underwritten by Citigroup and co managed by Merrill Lynch and Morgan Stanley.

The Milbank team representing Homex was led by partner Michael Fitzgerald with associates Frank Vivero, Scott Rozic, Edgar Lewandowski and Maria Hyde. Tax advice was provided by partner Bruce Kayle.

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 Controladora Mabe in its US$200 million eurobond offering in the U.S. and European markets, its first issuance of bonds into the U.S. market.

• Representing the international placement agents in the US$100 million initial public offering by Promotora Ambiental.

• Representing the underwriters in three of the four 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 second 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, London, Frankfurt, Munich, Tokyo, Hong Kong and Singapore. 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.