White & Case Advises Panamanian Government on Historic Public-Private Partnership Deal
UK Developer wins $700 million Panama Contract

Miami, February 13, 2007 ... White & Case LLP acted as legal counsel to the Republic of Panama in connection to the proposed redevelopment of the former Howard Air Force Base located adjacent to the Panama Canal. The $700 million project stands out as one of the largest development projects in the world, covering 2,750 acres and generating an estimated 20,000 jobs.

The project, known as the Howard Project, has an estimated 40-year building forecast and incorporates a 1.7 mile airstrip built by the United States, but largely abandoned since US forces pulled out of the country eight years ago. The site is earmarked for a massive new trading hub, known as a "multimodal port" which will take in both the airstrip, access to the canal and build vast depots to store a variety of goods that pass through the canal.

"About 60 percent of the trade in and out of the United States passes through the Panama Canal. When you combine thousands of new homes, hotels, a science park and a golf course, with the proximity to the world's busiest trade canal, you can see why the global investment community is taking note of this project," said H. William Walker, who headed the White & Case team that included Pedro A. Alvarez and Albert Diaz-Silveira. White & Case worked with local Panamanian co-counsel Gabriel González-Ruiz from Icaza, González-Ruiz & Alemán.

London & Regional Properties, a privately owned British developer, has secured the right to build a new "mini-city" on the banks of the Panama Canal. Other interested parties included the Codina Group, from Florida, and Cabi Control, from Mexico. Only Miami-based property firm Easton Group and L&R remained in the final bidding and L&R submitted the successful bid. The Panamanian Cabinet is due to ratify the decision to appoint L&R next week, with completion expected next month. A formal master planning application will be submitted three months later.

"A classic public-private partnership, this project underlines the attractiveness of bringing together public and private interests from across the globe. It will eventually total in the billions of dollars and have a significant impact on neighboring countries and throughout Latin America," added Mr. Walker.

About White & Case
White & Case LLP is a leading global law firm with more than 2,000 lawyers in 35 offices in 23 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

Contact:
Reilly Starr
Regional Media Relations Manager - Americas
White & Case LLP
1 212 819 8315