Credit Suisse First Boston to Sell Pershing to The Bank of New York

Transaction Strengthens Capital for CSFB's Core Businesses


NEW YORK, Jan. 8, 2003 (PRIMEZONE) -- Credit Suisse (NYSE:CSR):

Credit Suisse First Boston (CSFB) today announced that it has entered into a definitive agreement to sell its Pershing unit to The Bank of New York Company, Inc. for U.S. $2 billion in cash, together with the repayment of a U.S. $480 million subordinated loan, as well as an additional contingent payment of up to U.S. $50 million based on future performance. The transaction is expected to close in the first half of this year, subject to regulatory approvals and other conditions. Pershing is a global leader in financial services outsourcing solutions and investment-related products with more than 850 clients worldwide.

Commenting on the transaction, CSFB's Chief Executive Officer and Co-CEO of Credit Suisse Group, John J. Mack, said: "We are pleased to announce an agreement with The Bank of New York on the sale of Pershing. This will allow CSFB to improve the resources available for our core services to clients. Given today's challenging capital market environment, CSFB is focused on enhancing our leading positions in our primary business areas."

As a result of the transaction, the regulatory capital positions of CSFB and CSG will be enhanced by the elimination of approximately U.S. $500 million in goodwill and an aggregate reduction in risk-weighted assets of approximately U.S. $1.8 billion. The transaction will generate a modest pre-tax loss and an after-tax loss on the sale of approximately U.S. $250 million.

Pershing's current senior management team will continue to lead the organization. Pershing's Chief Executive Officer, Richard F. Brueckner said: "Pershing has achieved market leadership by delivering a diverse array of high quality financial services outsourcing solutions to leading financial institutions and their investment professionals. Our affiliation with The Bank of New York will position us to offer an even broader range of services on a global basis."

Credit Suisse First Boston (CSFB) is a leading global investment bank serving institutional, corporate, government and individual clients. CSFB's businesses include securities underwriting, sales and trading, investment banking, private equity, financial advisory services, investment research, venture capital, correspondent brokerage services and asset management. CSFB operates in 77 locations in 36 countries across six continents. The Firm is a business unit of the Zurich-based Credit Suisse Group, a leading global financial services company. For more information on Credit Suisse First Boston, please visit our Website at http://www.csfb.com.

Located in eleven offices worldwide, Pershing is a leading global provider of financial services outsourcing solutions and investment-related products and services to nearly 1,000 institutional and retail financial organizations and registered investment advisors. Its businesses include execution, settlement, financing, and information management services.

Cautionary Statement Regarding Forward-Looking Information

This press release contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to our plans, objectives or goals; our future economic performance or prospects; the potential effect on our future performance of certain contingencies; and assumptions underlying any such statements.

Words such as "believes," "anticipates," "expects," intends" and "plans" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable laws.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include (i) market and interest rate fluctuations; (ii) the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations in particular; (iii) the ability of counterparties to meet their obligations to us; (iv) the effects of, and changes in, fiscal, monetary, trade and tax policies, and currency fluctuations; (v) political and social developments, including war, civil unrest or terrorist activity; (vi) the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations; (vii) the ability to maintain sufficient liquidity and access to capital markets; (viii) operational factors such as systems failure, human error, or the failure to properly implement procedures; (ix) actions taken by regulators with respect to our business and practices in one or more of the countries in which we conduct our operations; (x) the effects of changes in laws, regulations or accounting policies or practices; (xi) competition in geographic and business areas in which we conduct our operations; (xii) the ability to retain and recruit qualified personnel; (xiii) the ability to maintain our reputation and promote our brands; (xiv) the ability to increase market share and control expenses; (xv) technological changes; (xvi) the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users; (xvii) acquisitions, including the ability to integrate successfully acquired businesses; and (xviii) our success at managing the risks involved in the foregoing.

We caution you that the foregoing list of important factors is not exclusive; when evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, as well as the risks identified in the most recently filed Form 20-F and reports on Form 6-K furnished to the U.S. Securities and Exchange Commission by our parent, Credit Suisse Group, and the most recently filed reports on Forms 10-K, 10- Q and 8-K with the U.S. Securities and Exchange Commission by our affiliate, Credit Suisse First Boston (USA), Inc.



            

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