Brad S. Karp Elected Chair of Paul, Weiss.

Litigation co-chair Karp to succeed Alfred D. Youngwood on January 1

NEW YORK -- Paul, Weiss, Rifkind, Wharton & Garrison LLP announced today that Brad S. Karp, age 48, has been elected as the new Chair of the firm, effective January 1, 2009. He will succeed Alfred D. Youngwood, who has been the Chair of Paul, Weiss since 1999. Mr. Youngwood will retire on December 31, 2008, after 44 years as a lawyer in the firm's pre-eminent tax practice, and become Of Counsel to the firm.

"I am honored to have served as Chair of our outstanding firm and am delighted to pass the torch to Brad, who embodies the firm's longstanding tradition of providing exceptional counsel and unsurpassed client service while supporting the firm's deeply held values of collegiality, collaboration, and community service," stated Mr. Youngwood. "Brad is a lawyer of immense talent, whose advice is sought by many of the world's largest and most important institutions, and Brad has played and will continue to play a vital role in the growth and success of our firm. Brad's brilliance, commitment, decency and vision will lead the firm to even greater heights while maintaining the firm's core values," Mr. Youngwood continued.

Mr. Karp began his career with Paul, Weiss in 1985 and is currently co-chair of the firm's Litigation Department and a member of its Management Committee. He commented, "It is the highest professional honor to be asked by my partners to serve as Chair of Paul, Weiss. By reinforcing our strong culture, and by delivering the highest quality service and judgment to the firm's clients, Paul, Weiss will continue to flourish, as it has under Alfred's leadership."

Mr. Karp has achieved national prominence as both a litigator and corporate adviser, with extensive experience representing financial institutions and corporations in large, complex litigations and regulatory investigations. Under his leadership, Paul, Weiss was named "Litigation Department of the Year" by The American Lawyer, and Mr. Karp's successful representation of Citigroup and other clients in complex litigations and regulatory matters was featured in a January 2006 American Lawyer cover story, "The Lifesavers." In 2003, Mr. Karp was profiled in The American Lawyer as one of the 45 leading lawyers in the United States under the age of 45. Mr. Karp also has been profiled repeatedly as one of the leading lawyers in the United States by Chambers, Best Lawyers in America, Legal 500, Benchmark/Institutional Investor and Lawdragon.

Mr. Karp is a Director of the Legal Action Center, a Trustee of the Riverdale Country School, a Director of Practicing Attorneys for Law Students Program, Inc., a Director of American Friends of The Hebrew University, a Fellow of the New York Bar Foundation, a member of the Program Advisory Board of the Brennan Center for Justice and a member of the Federal Bar Council Second Circuit Inn of Court. Recently, Mr. Karp was awarded the Torch of Learning Award by the American Friends of Hebrew University and The Arthur Liman Public Interest Award by The Legal Action Center.

Mr. Karp has published more than 300 articles on business litigation and securities law issues. For the past 23 years, he has co-authored a monthly column for the New York Law Journal, titled "Second Circuit Review," which analyzes developments in the Second Circuit Court of Appeals. Mr. Karp is a frequent lecturer, and most recently was a featured speaker at the SIFMA Annual Seminar, the General Counsel Roundtable, The Director's Roundtable, and was a guest lecturer at Harvard Law School.

Mr. Karp is a 1984 graduate of Harvard Law School, and clerked for the Honorable Irving R. Kaufman of the United States Court of Appeals for the Second Circuit.

About Paul, Weiss

Paul, Weiss is a firm of more than 500 lawyers with diverse backgrounds, personalities, ideas and interests who collaboratively provide innovative solutions to our clients' most critical and complex legal and business challenges. We represent a varied range of clients, including some of the largest publicly and privately held corporations and financial institutions in the United States and abroad. We are equally committed to representing those in need, and our pro bono efforts continue to benefit the world in profound ways.