Cadwalader Expands Regulatory Practice with Addition of Steven Lofchie

Cadwalader, Wickersham & Taft LLP, one of the world's leading law
firms, announced today that Steven Lofchie will join the firm as a
partner in New York and will serve as Co-Chairman of the Securities &
Financial Institutions Regulation Department. A former partner at
Davis Polk & Wardwell with significant broker-dealer expertise, Mr.
Lofchie is the author of Lofchie's Guide to Broker-Dealer Regulation,
the leading treatise in the field.

"Financial regulations and financial products are becoming ever
more complex. Even as the sanctions for legal and rule violations grow
harsher, reputational injury has become one of the greatest threats to
a financial institution's viability," said Robert O. Link, Jr.,
Cadwalader's Chairman. "As a result, our clients look to us for more
than just understanding the laws that govern them. Where the law is
undecided and market practice is unclear, clients rely on us for
counsel and judgement. They look to us to help design products and
systems that comply not only with the law but with the regulatory and
public expectations that go beyond the law. Steven brings to this task
a tremendous range of expertise, solidifying Cadwalader's position as
the go-to law firm for financial institutions." Mr. Link added, "His
strong and long standing relationships with many of our clients as
well as leading exchanges and trade associations provide synergies
with virtually all of Cadwalader's practices."

Mr. Lofchie said, "Cadwalader has an unparalleled range of
financial product and financial markets expertise combined with the
ability to execute transactions globally. The firm's steady growth
during a decade of financial turmoil demonstrates its ability not only
to innovate but to master its core practices. Because of this, the
invitation to join Cadwalader was a great opportunity for me. I am
eager to partner with my new colleagues to continue to build dynamic
practices."

Mr. Lofchie's clients include large financial institutions,
specialized securities firms, banks, and hedge funds. He advises on
the full range of statutory and regulatory requirements affecting
financial institutions, products and trading markets, including
organizational structure; sales practices; trading procedures;
satisfaction of regulatory, capital, credit and recordkeeping
obligations; anti-money-laundering; privacy; cross-border
transactions; supervisory systems; and employee matters. In addition
to his regulatory expertises, Mr. Lofchie is a leading practitioner in
the area of derivatives, particularly over-the-counter financial
products. He also works regularly with leading industry trade groups.

Mr. Lofchie received his B.A. from Sarah Lawrence College and his
M.B.A. from Columbia Business School, where he was a General Motors
Fellow. He received his J.D. from Yale Law School, where he was a
member of the Yale Law Journal. He is admitted to practice in the
State of New York and before the U.S. District Court for the Southern
District of New York.

About Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP, established in 1792, is one of
the world's leading international law firms, with offices in New York,
London, Charlotte, Washington and Beijing. Cadwalader serves a diverse
client base, including many of the world's top financial institutions,
undertaking business in more than 50 countries in six continents. The
firm offers legal expertise in antitrust, banking, business fraud,
corporate finance, corporate governance, environmental, healthcare,
insolvency, insurance and reinsurance, litigation, mergers and
acquisitions, private client, private equity, real estate, securities
and financial institutions regulation, securitization, structured
finance, and tax. More information about Cadwalader can be found at
www.cadwalader.com.