Milbank Strengthens Asian Strategy - Appoints James J. Murray to Singapore.

Singapore and Tokyo, Japan, Mar 7, 2006 - (JCN Newswire) - Illustrating its continuing growth of project finance activity in Asia, the international law firm, Milbank, Tweed, Hadley & McCloy LLP, announced today that senior project finance attorney, James J. Murray, has returned to join the firm's Singapore office. The move is part of the firm's continuing pan-Asia expansion.

Mr. Murray, who previously worked in Milbank's New York and Tokyo offices, was instrumental in several groundbreaking deals including the landmark acquisition finance project developed by Japan Bank for International Cooperation  ("JBIC") Mizuho Corporate Bank and ING Bank for the CBK Power Project in the Philippines. The transaction was named the 2005 "Acquisition Finance Deal of the Year" by Euromoney's Project Finance magazine and "Deal of the Year 2005" by Asian Counsel.

Gary Wigmore, head of Milbank's Global Project Finance Practice in Asia, commented: "With the major economies of Asia growing, we're seeing a tremendous flow of new capital by Japanese and other Asian investors, as well from private equity and hedge funds from around the world. James is well respected by JBIC, the Japanese electric and gas utilities, and trading companies - the leaders in capital investments in Asia and the Middle East - for knowing what it takes to close complicated cross border transactions." Mr. Wigmore added that with more than 11 years of transactional experience, "Mr. Murray has spearheaded projects throughout Asia, the Middle East, Europe and South America, and has extensive experience in high growth industries, such as energy, resources and telecommunications."

David Zemans, managing partner of Milbank's Singapore office, said: "Mr. Murray's return to Milbank illustrates our continued expansion in Asia." He added: "James is joining Milbank's large and growing Project Finance group." At the senior level, Milbank's Project Finance group includes, among others, Gary Wigmore and Darrel Holstein in Japan; Y.J. Kim and Desiree Woo in Hong Kong; and Ashley Wright and David Zemans in Singapore. Two attorneys were also recently named partner in Asia: Darrel Holstein in Tokyo and Edward Sun in Hong Kong.

Qualified to practice in New York, England & Wales, and Australia, Mr. Murray is returning to the firm after nearly six-months advising on a major iron ore mining project in Western Australia. He received his Bachelor of Commerce and Bachelor of Laws degrees (Hons) from Melbourne University. He received his Master of Laws degree from Monash University.

With offices in Asia for nearly 30 years, Milbank has one of the strongest practices in Asia, encompassing project finance, capital markets, private equity/M&A and acquisition finance, restructuring, and transportation finance. Milbank has nearly 40 attorneys resident in its Hong Kong, Singapore and Tokyo offices qualified to practice New York and English law. Milbank is scheduled to open an office in Beijing in March 2006.

Milbank is regularly involved in the largest, most complex and highest profile deals in Asia. Milbank's deals in Asia in 2005 included:

- The Caliraya-Botocan-Kalayaan ("CBK") acquisition financing, which won the "Asia-Pacific Deal of the Year 2005" from Project Finance and "Deal of the Year 2005" from Asian Counsel;

- The $1 billion PT Adaro leveraged buyout, which won "Best Non-Investment Grade Bond Deal for 2005" from FinanceAsia and "Deal of the Year" nominations from IFLR and Asian Legal Business;

- Over $8 billion of strategic sales by China Construction Bank ("CCB") to Bank of America and Temasek and CCB's $8 billion IPO, which have swept numerous awards and nominations from leading financial and legal publications; and

- The $2.5 billion strategic investment in Bank of China by Royal Bank of Scotland, which has been nominated for "M&A Deal of the Year" by both Asian Legal Business and IFLR.

About Milbank, Tweed, Hadley & McCloy LLP

Milbank, Tweed, Hadley & McCloy LLP is a premier global law firm headquartered in New York, with offices in Los Angeles, Washington, D.C., 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.

Source: Milbank, Tweed, Hadley & McCloy LLP

Contact:

David Zemans
Milbank, Tweed, Hadley & McCloy LLP
30 Raffles Place
#14-00 Caltex House
Singapore  048622
Phone: [phone]
Fax:  [phone]
[e-mail]

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