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DAVID MORLEY ELECTED MANAGING PARTNER

International law firm Allen & Overy today announced the election of David Morley to the role of Managing Partner. He will assume this position on 1 May 2003.

Morley, 46, joined Allen & Overy in 1981 and is currently the Managing Partner of the Banking Practice, a role he has held since 1998. He has been a partner at Allen & Overy since 1988, prior to which he was an assistant solicitor from 1982-88, having spent a year in the Brussels office as a trainee solicitor.

He acts for banks and financial institutions, as well as borrowers, on all types of debt and structured finance transactions with particular emphasis on syndicated loans, telecommunications finance, public bid and other acquisition and property finance.

Praised by his clients in Chambers (i) as a "great strategic thinker" who transacts in an "extremely efficient, good humoured" style, he has acted for the bookrunners on the £18bn loan to Vodafone as part of its bid for Mannesmann as well as advising on the £1.9bn jumbo financing of Le Meridien Hotels by CIBC World Markets and Merrill Lynch.

David Morley comments:
"I am absolutely delighted to be elected to this position. It is a great honour and responsibility. There are many challenges facing Allen & Overy over the coming months and years and I am indebted to the partnership for the trust they have placed in me. Guy and I worked closely together when we were running the banking and corporate practice groups. This gives us an opportunity to continue that close working relationship".

Guy Beringer, senior partner, comments:
"David has been a close personal friend for many years and I am delighted he has been given this opportunity. He and I were contemporaries at University and both joined the firm from there. We have both spent over 20 years at Allen & Overy and I look forward to working with him even more closely in his new role. I am very pleased that he will be able to work closely with John Rink, our current managing partner, over the next four months and I am grateful to John for his continuing help and advice".

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