White & Case Advises Indicus Advisors on Sale of 50% Stake to Cinven Limited

Strategic Partnership to Capitalise on Opportunities in Global Debt Markets

London, August 22, 2008 ... Global law firm White & Case LLP has advised Indicus Advisors ("Indicus"), an alternative investment manager focusing on European leveraged finance and global structured credit, on the sale of a 50 percent stake in its business to European private equity firm, Cinven Limited ("Cinven"). The balance of the firm will remain with Indicus' senior management. Indicus will remain a distinct firm and will continue to be managed by its current partners, but will leverage Cinven's infrastructure and relationships. Cinven will retain its focus on private equity.

"We are delighted to have advised Indicus in what is an important juncture in its rapid development story. We have worked closely with Indicus since its inception two years ago, and have advised on all of its legal matters," commented White & Case partner Richard Reilly. "With global debt markets currently in a state of transition, this deal represents an exciting opportunity for Indicus to further that growth in partnership with Cinven. We wish the partnership every success."

The White & Case team advising Indicus was led by partners Richard Reilly, Philip Broke and Greg Stonefield, working alongside associates Tim Buckland and Jeremy Reynolds.

"In light of recent movements in global markets, many players in the investment management sector are recognising that they need to adapt in order to maximise global opportunities. With markets likely to remain in a state of flux for the time to come, we anticipate that we will see further strategic partnerships formed as firms seek to capitalise on the opportunities brought about by market conditions," added White & Case partner Philip Broke.

Indicus was founded in May 2006 by managing partners David Reilly and Ujjaval Desai. Indicus today has 17 professionals located in London and New York with approximately $1.75 billion of assets under management. Indicus also advises on over $2 billion of structured investments for several large institutional investors. Last year White & Case advised Indicus on the issue by Queen Street CLO II B.V., a Dutch issuer, of senior floating rate, subordinated and combination notes. The portfolio consisted of Senior Loans, Mezzanine Obligations, High Yield Bonds and certain Synthetic Securities.

White & Case has extensive experience of advising in strategic acquisitions across markets and geographies having advised on a number of other deals including: Angel Trains on its sale by Royal Bank of Scotland to a consortium of investors for £3.6 billion; advising Nordic bank Nordea in relation to the sale of its institutional global custody business to JPMorgan; the acquisition of a strategic stake in JSC Bank CenterCredit by Kookmin Bank, Korea's largest financial institution for approximately $634 million; and the acquisition of JSC ATF Bank, Kazakhstan's third largest bank, by the Italian financial services group UniCredit, for approximately $2.175 billion. The Firm also has a wealth of additional private equity and investment fund experience.

About White & Case
White & Case LLP is a leading global law firm with more than 2,300 lawyers in 37 offices in 25 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:
Sara McIlroy
European Media Relations Mgr, White & Case
44 0 20 7532 2946