Cleary Gottlieb Receives Top Rankings in Chambers USA 2006 Guide

June 2, 2006

Cleary Gottlieb and many partners in the firm’s New York and Washington offices once again received top rankings in the just-released Chambers USA 2006 guide. Chambers lists Cleary Gottlieb as one of the leading law firms in the United States, with 16 top-ranked practices (up from 14 last year). The new areas cited for excellence are the firm’s Capital Markets: CDOs, Repackaging & Other Synthetic Products practice and its Financial Services: Regulatory Compliance practice. Additionally, 43 of the firm’s partners have been distinguished as “leaders” in their respective fields, up from the 31 cited last year (all of whom were recognized again). The newly recognized partners are: Craig Brod, Derek Bush, Raymond Check, Mitch Dupler, Jason Factor, Paul Glotzer, Nic Grabar, Jeff Karpf, Michael Mazzuchi, Jack Murphy, Mark Nelson and David Sugerman.

The following Cleary Gottlieb practices are recognized for being among the best in the United States, based on Chambers’ interviews of the firm’s clients as well as lawyers at other firms:

· Antitrust--“Clients relish the ’creative thinking’ endemic to this firm, while peers give a sigh of relief at its presence on the other side of a deal, observing that professionalism and efficiency are both adjectives synonymous with Cleary’s antitrust practice.”

· Bankruptcy/Restructuring--“With its impressive financial services clout, this firm was elected by clients as one of the best at dealing with ’the most technical and esoteric of bankruptcy issues.’”

· Capital Markets (CDOs, Repackaging & Other Synthetic Products)--”’By far the most talented group out there,’ the firm’s structured finance team is ’setting the standard others aspire to’ with ’highly skilled and seasoned attorneys’ who have ’pioneered most of the groundbreaking structures in the field.’”

· Capital Markets (Debt and Equity, excluding West Coast)--“The firm has carved itself ’a fair share of the national IPO market,’ and is also ’responsive to the increasing globalization of the capital markets’ and offers ’by far the most impressive cross-border capacities.’”

· Capital Markets (Derivatives)--”’A definite leader and a model for other players,’ the firm’s derivatives practice is ’simply fantastic,’ fielding some of the ’strongest derivatives lawyers in the country,’ who design ’uniquely innovative techniques on big-ticket transactions.’”

· Capital Markets (Securitization)--“This ’elite’ securitization team possesses the ’best resources to act on the US as well as the global financial markets.’”

· Corporate/M&A--”’Quality and consistency with outstanding client care’ exudes from this team, and peers point to the firm’s consummate cross-border presence, espying a ’wonderful depth of capacity in the international arena.’”

· Employee Benefits & Executive Compensation--“This ’terrific’ three-partner team is considered by clients to be ’as good as it gets,’ with the team acting for a glittering cast of investment banks on ERISA matters.”

· Financial Services: Financial Institutions M&A and Regulatory Compliance--“The firm’s financial institutions advisory practice is generally perceived to be ’the greatest in the country,’ with a ’most comprehensively talented group’ that spans the entire range of regulatory, transactional and enforcement issues that confronts its ’prestigious financial house clients.’”

· International Arbitration--“This highly international firm is particularly well known in the market for its representation of foreign sovereigns in major arbitrations and has strong teams in New York, DC, Paris and Rome.”

· Litigation (General Commercial) and Litigation (Securities)--“A highflier in both international arbitration and securities litigation, Cleary also has tremendous general commercial litigators, whom clients praise for their consistency and ability to negotiate in a ’prompt and professional’ manner.’”

· Private Fund Formation--“The firm has won a loyal following among clients because of its ’quality lawyers who take a personal interest and give attention to our matters,’ with advice that is ’practical, responsive and timely.’”

· Real Estate--“With its widespread market appeal and an international reach, this firm makes its mark particularly in the field of real estate finance.”

· Tax--“This firm’s ’magnificent’ tax group fields ’some of the most brilliant scholarly minds,’ in the tax field, and clients feel the ’assiduous and reliable’ 30-attorney group ’runs the gamut.’”

The complete list of Cleary Gottlieb partners profiled by Chambers as leading lawyers in the U.S. is as follows:

· George Cary, David Gelfand, Mark Leddy and Mark Nelson for antitrust;

· Jim Bromley and Lindsee Granfield for bankruptcy and restructuring;

· Raymond Check, Mitch Dupler and Michael Mazzuchi for capital markets (CDOs, Repackaging and Other Synthetic Products);

· Craig Brod, Carmen Corrales, Nic Grabar, Jeff Karpf, Les Silverman and Allan Sperling for capital markets (Debt & Equity, excluding West Coast);

· Michael Dayan, Seth Grosshandler and Ed Rosen for capital markets (Derivatives);

· Raymond Check, Mitch Dupler and David Sugerman for capital markets (Securitization);

· Victor Lewkow, Michael Ryan, Paul Shim and Dan Sternberg for corporate/M&A;

· Arthur Kohn, Bob Raymond and Brick Susko for employee benefits & executive compensation;

· Derek Bush, Paul Glotzer, Jack Murphy, Michael Ryan and Bob Tortoriello for financial services: regulatory compliance;

· Larry Friedman for international arbitration;

· Max Gitter for litigation (General Commercial);

· Max Gitter and Mitch Lowenthal for securities litigation;

· Lewis Liman for litigation (White-Collar Crime & Government Investigations);

· Michael Gerstenzang for private fund formation;

· Steve Horowitz and Michael Weinberger for real estate;

· Jason Factor, Yaron Reich and Les Samuels for tax;

· Ed Kleinbard, Erika Nijenhuis, Jim Peaslee for tax: financial products.

The full listing of firms, leading lawyers and the reviews can be accessed through Chambers’ Web site,