Securities and Exchange Commission

Litigation Release No. 18110 / April 28, 2003

   Securities and Exchange Commission v. Credit Suisse First Boston LLC,
   f/k/a Credit Suisse First Boston Corporation, 03 CV 2946 (WHP)
   (S.D.N.Y.)

   SEC SUES CREDIT SUISSE FIRST BOSTON FOR RESEARCH ANALYST CONFLICTS OF
   INTEREST FIRM TO SETTLE WITH SEC, NASD, NYSE, NY ATTORNEY GENERAL, AND
   STATE REGULATORS

   The Securities and Exchange Commission announced today that it has
   settled charges against Credit Suisse First Boston LLC ("CSFB"),
   formerly known as Credit Suisse First Boston Corporation, a New
   York-based brokerage firm and investment bank, arising from an
   investigation of research analyst conflicts of interest. This
   settlement, and settlements with nine other brokerage firms, are part
   of the global settlement the firms have reached with the Commission,
   NASD, Inc., the New York Stock Exchange, Inc. ("NYSE"), the New York
   Attorney General, and other state regulators. As part of the
   settlement, CSFB has agreed to pay $75 million as disgorgement and an
   additional $75 million in penalties. One-half of the total of these
   payments - $75 million - will be paid in connection with the SEC
   action and related proceedings by the NASD and NYSE and will be placed
   into a distribution fund for the benefit of customers of the firm. The
   remainder will be paid to resolve related proceedings by state
   regulators. In the SEC action, CSFB has agreed to a federal court
   order that will enjoin the firm from future violations of the federal
   securities laws and NASD and NYSE rules and require the firm to make
   changes in the operations of its equity research and investment
   banking departments. In addition, CSFB will pay, over five years, $50
   million to provide the firm's clients with independent research.

   In connection with this matter, the Commission today filed a Complaint
   against CSFB in the U.S. District Court for the Southern District of
   New York, alleging violations of the federal securities laws and NASD
   and NYSE rules. According to the Commission's Complaint, from at least
   July 1998 through December 2001, research analysts at CSFB were
   subject to inappropriate influence by investment banking at the firm.
   The Complaint also alleges that CSFB published false or misleading
   research, published exaggerated or unwarranted research or research
   that lacked a reasonable basis, engaged in improper "spinning"
   activities relating to initial public offerings ("IPOs"), and failed
   to maintain appropriate supervision over its research and investment
   banking operations.

   Specifically, the Commission's Complaint alleges that