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Securities Litigator David Bayless Joins Covington’s San Francisco Office

March 5, 2007

SAN FRANCISCO, CA, March 5, 2007 — Covington & Burling LLP announced today that David Bayless has joined the firm as partner. He will be resident in the firm’s San Francisco office.

Mr. Bayless was the head of the Securities and Exchange Commission’s San Francisco office from 1994 to 1999, during which time he was responsible for all enforcement and regulatory matters within that office’s multi-state jurisdiction. His practice focuses on SEC enforcement work, internal investigations, and private securities class action litigation. Mr. Bayless has extensive experience in SEC investigations involving financial reporting and accounting fraud allegations as well as insider trading. He also represents broker-dealers and investment advisers and their employees in enforcement actions by the SEC and NASD.

The arrival of Mr. Bayless further strengthens Covington’s highly respected white collar and securities litigation practices. The firm regularly represents clients in high-stakes investigatory, regulatory, derivative, criminal and civil securities actions. Six of our securities litigators are former federal prosecutors with extensive experience representing clients before the SEC, the securities and commodities exchanges, banking regulators and the United States Department of Justice.

“We are very pleased to welcome David to Covington,” said Stuart Stock, chair of Covington’s management committee. “David is a terrific lawyer who brings a tremendous depth of experience and expertise in both the SEC enforcement and private securities litigation arenas,” said Don Brown, managing partner of the San Francisco office. “He is the perfect West Coast complement to our securities practice,” said David Martin, co-head of Covington’s securities practice group and former Director of the SEC’s Division of Corporation Finance.

“Covington & Burling is one of the nation’s premier corporate, regulatory and litigation firms,” said Mr. Bayless. “This is a great opportunity to join a team of lawyers of stellar reputation and unsurpassed collegiality and extend my SEC enforcement practice to a loyal client base.”

Mr. Bayless is a graduate of the University of Chicago Law School and Oberlin College. He also holds a Ph.D from Cambridge University.

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