(Tokyo, Japan) Sept. 21, 2004 — International law firm Vinson & Elkins L.L.P. announced today the opening of an office in Tokyo, Japan, to meet the growing demand for its services in Asia.

The new office is Vinson & Elkins' fifth international location and joins a rapidly expanding practice in China.

The Tokyo office was opened in response to rising requests for legal services from U.S. and international clients who are active investors in the market for non-performing loans, real estate and other assets in Japan. The office also will supplement the firm's Asian practice in other areas, including the energy sector.

"Our new Tokyo office further enhances our ability to provide value to our clients in major markets throughout the world," said Joe Dilg, Managing Partner of Vinson & Elkins.

Vinson & Elkins lawyers have been active in the distressed asset market in Asia since the late 1990s, particularly in the area of non-recourse financing of distressed asset portfolios, and have represented clients in approximately 20 Japanese transactions aggregating ¥600 billion ($5.5 billion) since 2001. The firm also has represented clients on transactions in the distressed asset market in China, Korea, Taiwan, Indonesia and Western Europe.

"The Tokyo office is a logical step in the expansion of our capabilities in the distressed asset market, and will allow us to more effectively represent our clients who are active in this area in Japan and elsewhere in Asia," said William Young, the Vinson & Elkins partner in charge of the Tokyo office.

The new location offers Vinson & Elkins an opportunity to further capitalize on its reputation as one of the world's leading energy law firms. Due to its limited domestic energy resources, Japan must satisfy much of its energy requirements internationally, and Japanese energy and trading companies are active participants in worldwide exploration, development and power projects.

"Our reputation as a leading energy law firm, coupled with our footprint in the world's top energy markets, makes Vinson & Elkins a logical choice for Japanese participants in international oil, gas, infrastructure and power projects," Young said.

Vinson & Elkins' Tokyo office will initially be staffed with U.S. trained and licensed attorneys with particular experience in finance, real estate, energy and project development matters.

Vinson & Elkins also is strengthening its Beijing office and is developing its operations in Shanghai, China, while redeploying assets from its recently closed office in Singapore to better service client demands.

In recent months, the firm named Xiao Yong, a prominent Chinese lawyer whose practice primarily involves energy projects, mergers and acquisitions, and foreign investment in China, as a partner in Beijing.

The firm also relocated David Blumental and Nicholas Song from Houston and Singapore, respectively, to Beijing. Both Blumental and Song are experienced transactional lawyers who are fluent in Mandarin and other Chinese dialects. Chris Terry, another U.S. lawyer, also has joined the Beijing office.

Paul Deemer, administrative partner of the Beijing office, said "the admission of Xiao Yong to the partnership and the addition of David, Nicholas and Chris to our Beijing office gives us expanded 'in-country' capabilities to meet the increasing demands of our clients for services in China and throughout the region."

The firm's practice in China also will benefit from a new consulting relationship it has forged with Handel Lee, the former co-administrative partner of Vinson & Elkins' Beijing office who will become chairman of the prominent Chinese law firm King & Wood L.L.P. on Oct. 18.

"We look forward to our continuing relationship with Handel and with King & Wood in China," Dilg said. "Handel will bring significant administrative insights to King & Wood as it continues to internationalize."

The firm's Beijing office maintains a practice primarily focused on developing, acquiring and financing infrastructure projects, including energy and telecommunications projects in China and across the globe. Increased demand for services in China prompted Vinson & Elkins to obtain permission from Chinese authorities for a second location in Shanghai, an evolving commercial center where the firm anticipates more work on inbound and outbound transactions involving foreign investors and Chinese companies.

"When we originally opened our office in Beijing in early 1997, most of our work involved representing Western companies that were investing in China," said Jay Cuclis, a Vinson & Elkins partner and Coordinator of the firm's International Practice. "Because of the explosive growth of the Chinese economy, however, an increasing percentage of our practice in China now involves representing Chinese companies in acquisitions around the world.

"In addition, Shanghai is rapidly emerging as a key commercial center in China and we are particularly excited about the firm's prospects in that market," Cuclis added.  "The new Tokyo office and the expansion of our Chinese operations makes our Asian practice one of the most dynamic areas of growth in our international activities."

For more information about this news release, please contact William Young at 214-220-7994 or via email at byoung@velaw.com, Jay Cuclis at 713-758-3415 or via email at jcuclis@velaw.com or Paul Deemer at 86 (10) 6410-6300 or via email at pdeemer@velaw.com. Darrin Schlegel, V&E;'s senior communications specialist, can be reached at 713-758-2171 or at dschlegel@velaw.com.

Vinson & Elkins was established in 1917 and is one of the world's largest international law firms. The firm has about 700 lawyers practicing in Austin, Beijing, Dallas, Dubai, Houston, London, Moscow, New York, Tokyo and Washington D.C. Vinson & Elkins offers a wide range of legal services. Clients include public and private companies, financial institutions, municipalities, governments of sovereign nations, entrepreneurs, families and individuals.