Two Prominent French Lawyers, Georges Terrier and Christophe Perchet, Join Davis Polk

Davis Polk & Wardwell today said that it is taking a major step
forward in its previously announced plan to expand its French law
practice with the arrival of Georges Terrier and Christophe Perchet as
partners.

Georges Terrier, who joins Davis Polk from Jeantet, a leading
independent French law firm, is a prominent member of the Paris bar
who has earned a market-leading reputation for his corporate advisory,
M&A, corporate governance and related litigation expertise. He
possesses an in-depth knowledge of the market and has developed
trusted relationships with a number of senior business leaders and
other leading players in the legal and financial community of Paris.

Christophe Perchet, during 10 years spent at Jeantet, has
developed a combined M&A and related litigation expertise, in
particular as legal adviser to large French and international
companies in connection with their cross-border transactions.

The recruitment of Georges Terrier and Christophe Perchet furthers
Davis Polk's objective, announced with the hiring of Arnaud Peres and
the current team of lawyers practicing French law, of becoming a
leading Paris firm in strategic advisory and transactional work for
its French and international clients.

John R. Ettinger, Managing Partner of Davis Polk, said: "France is
a strategic market for our firm and our clients, and we are delighted
that Georges and Christophe have agreed to join our team of lawyers in
Paris. We admire their professional qualities and what they have
achieved already in their careers. Importantly, we share with them the
same values and vision for the development of our profession, our
French practice and how best to address our clients' needs."

He added: "This recruitment is a major step forward, which
strengthens our roots in the French market. It is critical to be able
to provide our French and international clients doing business in
France both the resources and expertise of our international network
and an in-depth knowledge of the French market."

Georges Terrier said: "I am extremely impressed by the personal
and professional qualities of the Davis Polk partners. Having spent
many years with a superb French firm, it is very exciting for us to be
joining Davis Polk, with its leadership position on Wall Street and,
above all, to have the opportunity to build a totally integrated team
of first-rate French and U.S. lawyers. The international dimension
provided by Davis Polk's network, particularly within Europe, which we
will thus be able to bring our clients, is essential in order to
assist them in their most important transactions."

Christophe Perchet said: "One of the attractions of our joining
Davis Polk is being able to work with people who have a strong
teamwork culture. This team-oriented approach is the way Georges and I
have always enjoyed working and it translates into high quality
service for the client."

Margaret Tahyar and Arnaud Peres, partners in the Paris office,
emphasized that Georges Terrier and Christophe Perchet bring a special
combination of both transactional and litigation expertise. According
to Ms. Tahyar: "This combination is increasingly a key part of the
strategic advice that clients seek today."

Georges Terrier, 61, is a leading corporate and litigation lawyer
on the Paris scene. A partner at Jeantet since 1982, he has been
managing partner of the firm since 2000. His clients include some of
the largest French companies in the fields of luxury goods, industry,
transport, banking and insurance. Recent corporate transactions in
which he has been involved include advising Sacyr Vallehermoso, the
Spanish construction group, in connection with the litigation
proceedings related to its unsolicited public tender offer for the
French construction group Eiffage; the Vallourec group, in connection
with the acquisition of VM Tubes, one of Vallourec's strategic
industrial assets; the French nuclear group Areva in connection with
the acquisition of the T & D division of Alstom and Suez, in
connection with various transactions, including the sale of the French
cable-operator, Noos.

Christophe Perchet, 41, is a corporate lawyer with experience in
public and private mergers and acquisitions, as well as related
litigation. Recent transactions in which Christophe Perchet was
involved include advising the French government in connection with the
re-organization of EADS corporate governance and its share capital
restructuring; advising Sacyr Vallehermoso, in connection with the
privatization of Sanef, the French motorway company, and in the
acquisition of a 30% stake in the French construction group Eiffage;
and advising the French nuclear group Areva in connection with various
acquisitions in related business areas such as mining, uranium
enrichment and electrical equipment. He began his legal career in 1992
as an associate of Freshfields in Paris before joining Jeantet in
1997, where he was made a partner in 2001.

About Davis Polk & Wardwell

Davis Polk & Wardwell is a global law firm based in New York City.
For more than 150 years, our lawyers have advised industry-leading
companies and global financial institutions on their most challenging
legal and business matters. Davis Polk ranks among the world's
preeminent law firms across the entire range of our practice, which
spans such areas as capital markets, mergers and acquisitions, credit,
litigation, private equity, tax, investment management, insolvency and
restructuring, executive compensation and intellectual property. The
firm has more than 600 lawyers in offices in New York, Menlo Park, CA,
Washington, D.C., London, Paris, Frankfurt, Madrid, Hong Kong, Beijing
and Tokyo. Davis Polk ranked first among all law firms in a survey in
which Fortune 250 law departments were asked to name the firms they
rely on most in corporate transactions (Corporate Counsel, September
2006). Outside of France, Davis Polk practices solely U.S. law and
works closely with a network of leading independent law firms in key
jurisdictions throughout the world.

About Davis Polk in Paris

Opened in 1962, Davis Polk's Paris office was the firm's first
overseas office. Today, the lawyers in our Paris office advise French
clients, as well as clients in other European countries, on a wide
range of global corporate finance and mergers and acquisitions
transactions. We also advise U.S. clients investing in France, as well
as investment banks in deals involving French companies. With over 40
years of continuous practice in France, we have developed
long-standing relationships with many French companies and financial
institutions. In 2005, the firm brought on its first French-qualified
lawyers and it continues to build a leading boutique French law
practice focusing on high-end corporate transactions in conjunction
with its existing U.S. law practice in Paris.