Paul Hastings Advises Morgan Stanley in Hong Kong Share Placements

April 20, 2010

Hong Kong

(April 20, 2010) Paul, Hastings, Janofsky & Walker, a leading global law firm, announced today that it has advised Morgan Stanley in respect of two Hong Kong share placements.

In the first transaction, Paul Hastings advised Morgan Stanley as placing agent in relation to the approximately US$100 million sell-down by Warburg Pincus International Partners, L.P. and Warburg Pincus Private Equity IX, L.P. of shares in Intime Department Store (Group) Company Limited (Intime), a large-scale department store chain in Zhejiang Province, PRC.

In the second transaction, Paul Hastings advised Morgan Stanley as placing agent in relation to the approximately US$40 million sell-down by Enerchina Holdings Limited of shares in Towngas China Company Limited (Towngas China), an investment platform within the Towngas Group focusing on piped city-gas projects in the PRC.

Both Intime and Towngas China are listed on the Hong Kong Stock Exchange.

Raymond Li, chair of the firms Greater China practice, commented: We are pleased to have advised Morgan Stanley on these transactions. We anticipate an increasing number of share placements in Hong Kong given the strength of the capital markets. These deals are clear examples of the firms expertise in this important area of the capital markets and the firm is well-placed to advise on future transactions.

The Paul Hastings teams on both transactions were led by Hong Kong capital markets partner Sammy Li, by of counsel Chris Betts and associate Eric Chow, and U.S. capital markets partners Neil Torpey and David Grimm.

Paul, Hastings, Janofsky & Walker is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.