P. Schoenfeld Asset Management Appoints Daniel Goldwater as Managing Director, Europe.

NEW YORK & LONDON -- P. Schoenfeld Asset Management LLC ("PSAM") announced today that Daniel Goldwater will be joining the firm in January 2005 as Managing Director of PSAM Ltd. and Head of Europe.

Mr. Goldwater recently resigned from Goldman Sachs where he was a Managing Director in the firm's London equities division. Prior to this, Mr. Goldwater worked closely with Peter Schoenfeld and Wertheim Schroder's New York based arbitrage desk, from which PSAM emerged in 1997. Mr. Goldwater joined Schroder & Co.'s London office in 1987, where he remained for thirteen years, becoming Managing Director of Schroder & Co.'s. European business in 1998. Mr. Goldwater was Head of Asian Research for Fidelity prior to his tenure at Schroders.

Mr. Goldwater will manage PSAM's London office, where he will assume responsibility for the continued success of the firm's global event driven strategy and spearhead the growth of PSAM's business in Europe and Asia.

PSAM's President and CEO, Peter Schoenfeld, said: "Daniel is an important addition to PSAM. His investment and managerial experience, along with his extensive relationships in key international markets, will allow us to develop and grow our non-US investment capabilities. I look forward to once again working with another former Schroder colleague and friend."

Mr. Goldwater said: "I am delighted to be rejoining Peter and many of my old colleagues with whom I have worked closely at Wertheim Schroder and for whom I have a great deal of respect. Peter Schoenfeld has a twenty-year track-record of success in event driven investment and I am proud to join a group of such talented and experienced investors."

Daniel holds a BA from Oxford University and a Master's degree from the London School of Economics. He is married and has three children.

About P. Schoenfeld Asset Management

Peter Schoenfeld Asset Management LLC ("PSAM") is a registered investment advisor with offices in New York and London. PSAM manages $925 million within a multi-strategy event portfolio and a credit opportunities portfolio. PSAM is SEC, FSA and NASD regulated.