Source: Company Press Release
 
Dresdner Kleinwort Wasserstein ("DrKW") today announced that it has agreed in principle with the senior executives of its New York-based financial restructuring group, Henry S. Miller, Kenneth A. Buckfire and Martin F. Lewis, to form an independent firm to provide strategic and financial advisory services in large-scale corporate restructuring transactions. The new firm, to be called Miller Buckfire Lewis & Co., LLC, will be owned and controlled by Messrs. Miller Buckfire and Lewis and its employees.
 
Miller Buckfire Lewis & Co. will assume all of DrKW's existing restructuring engagements. Upon commencement of operations, Miller Buckfire Lewis & Co. will have approximately 40 employees and over 20 active client assignments, making it one of the world's leading independent investment banks for restructuring transactions. The new firm will provide a full range of restructuring advisory services, including valuation and debt capacity analysis, business plan development, capital structure design, plan formulation and negotiation and private equity and debt placement. Currently, the financial restructuring group is involved in several high profile restructuring assignments including Kmart Corporation, Polaroid Corporation, Sunbeam Corporation, ICG Communications, Polymer Group, Laidlaw, Inc. and PSINet.
 
The new structure will enable Miller Buckfire Lewis & Co., as an independent company, to overcome potential conflicts between the current restructuring group's proegic alliance under which DrKW will assist Miller Buckfire Lewis & Co. in providing mergers and acquisitions advisory services as well as private equity and high yield debt placement services in troubled- company situations.
 
DrKW's financial restructuring group was founded by Mr. Miller in 1995 and has become one of Wall Street's largest and most active financial advisory groups for restructuring transactions. Since its inception, the financial restructuring group has advised on more than 60 restructuring transactions involving over $70 billion in debt. Some of the financial restructuring group's past clients have included ICO Global Communications, The Loewen Group, Pathmark Stores, PennCorp Financial Group, US Office Products, Bruno's, Carmike Cinemas and the independent power producers for Niagara Mohawk.
 
"We're very happy with this new arrangement," said Michael J. Biondi, Chairman and Co-CEO of DrKW, Americas. "Both parties recognize that the financial restructuring group as an independent entity will have greater flexibility to attract and serve a wide variety of clients. We intend to continue to work with Miller Buckfire Lewis & Co. going forward, building on a successful seven-year track record with Henry and his colleagues."
 
"We are creating Miller Buckfire Lewis & Co. to build on the strong leadership position of our group," said Mr. Miller. "As an autonomous firm, our primary focus will continue to be assisting financially troubled companies and their key constituencies in successfully reorganizing. Although we will be independent of Dresdner Kleinwort Wasserstein, we will still be able to offer our clients access to DrKW's M&A and high yield and other financing capabilities, and will now be able to advise companies for which Dresdner Kleinwort Wasserstein, Dresdner Bank, or their affiliates is a creditor, free of conflicts."
 
The transaction, which is subject to regulatory approval and final documentation, is expected to be completed in May 2002.
 
About Dresdner Kleinwort Wasserstein
 
Dresdner Kleinwort Wasserstein (DrKW) is the marketing name for the investment bank within the Corporates and Markets Division of Dresdner Bank AG, a member of the Allianz Group since July 2001. Headquartered in London, Frankfurt and New York and with an international network of offices, DrKW provides a wide range of investment bank products and services to U.S., European and international clients through its Global Investment Banking, Global Equities and Global Debt business lines.
 
About Miller Buckfire Lewis & Co.
 
Miller Buckfire Lewis & Co., upon commencement of operations, will be one of the world's leading independent financial advisors for complex out-of-court restructurings and in-court chapter 11 cases. To be headquartered in New York, Miller Buckfire Lewis & Co. will provide valuation and debt capacity analysis, business plan development, capital structure design, plan formulation and negotiation and private equity and debt placement services to distressed companies and their key constituencies.