July 6, 2000 (New York, NY) - In a strategic move that will further enhance its corporate practice, Proskauer Rose LLP announced today that two lateral groups of corporate and securities lawyers will be moving to the firm.

Peter M. Fass and Steven L. Lichtenfeld from the real estate securities and finance practice group of the now-defunct Battle Fowler are becoming Proskauer partners and are bringing a group of other lawyers with them. In addition, Kathy H. Rocklen, a securities regulation expert and incoming chair of the Executive Committee of the Association of the Bar of the City of New York, will become a Proskauer partner.

"These attorneys will increase our ability to provide a full range of real estate financing and securities services to major banks and investment firms," said Alan S. Jaffe, chairman of Proskauer. "Their expertise will provide further depth and breadth to our services to broker- dealer firms, real estate investment trusts, lenders, opportunity funds and others."

"They are experienced, highly-regarded lawyers within the fields they practice, and they will complement our expertise in securities regulation matters, corporate and real estate finance law, and real estate investment trusts (REITs)."

Joining Proskauer's corporate practice, along with Steven A. Fishman, senior counsel, and seven associates are:

Peter Fass -- One of the leading experts in tax advantaged financing in the real estate industry, Fass recently spearheaded the consolidation of seven public partnerships into an American Stock Exchange REIT and an American Stock Exchange publicly-traded business trust, which involved approximately $500 million in assets. He is the author of numerous handbooks and treatises, including the eight volume "Tax Advantaged Securities, LLPs, Pass Throughs and Other Vehicles."

Steven L. Lichtenfeld -- One of the founders of Battle Fowler's real estate securities and finance group, Mr. Lichtenfeld specializes in corporate and real estate finance and securities law matters. Mr. Lichtenfeld regularly advises financial institutions, investment banking firms, opportunity funds, REITs, and pension advisors regarding financing matters, including public offerings and private placements of debt and equity securities, mergers and acquisitions, and other corporate, partnership and limited liability company matters.

Kathy H. Rocklen -- Rocklen counsels domestic and foreign broker-dealers, investment advisors, banks and other financial institutions on a broad variety of issues, including securities and banking regulatory compliance, debt and equity sales, and trading and investment practices.