FRESHFIELDS BRUCKHAUS DERINGER PRESS RELEASE

Freshfields Bruckhaus Deringer has announced the launch of its ACT practice in China. Renowned China specialist Thomas E Jones will head the practice. In addition, partners Doug Markel (Beijing) and Carl Cheng (Shanghai) as well as a number of associates will be members of the group.

The launch of the China ACT group coincides with the Ministry of Foreign Trade and Economic Cooperation (MOFTEC) issuing the "Provisional Rules on Merger with and Acquisitions of Domestic Enterprises by Foreign Investors" on 7 March, due to come into force on 12 April 2003. Articles 19 - 22 of the Rules contain the basic elements of a merger control regime which may be applicable not only in cases of direct investment in a Chinese company by a foreign company, but also in cases of foreign-to-foreign mergers even if the parties do not have Chinese subsidiaries.

"This development is of great importance to our clients," said Thomas Jones. "The firm's antitrust practice in Europe and the US is recognised as a leader in the field and we will use this position and expertise to develop the practice in this important market through our offices in Beijing, Shanghai and Hong Kong."

Frank Montag, joint head of Freshfields Bruckhaus Deringer's global antitrust group commented, "This is a very exciting development for the antitrust practice. This gives us a strong platform to respond to the increasing internationalisation of antitrust regulation. We are delighted that Tom, who is such a well known and respected China practitioner, will be working with us in developing this new area of expertise in China". Deirdre Trapp, joint head of the group added, "We are pleased to be able to extend our range of antitrust services to our major clients, many of whom have significant interests in China."