Stephen R. Volk Named Vice Chairman of CSFB; Will Work Closely with CEO John J. Mack on Strategic Management of Firm

Business Wire, July 16, 2001

Business Editors

NEW YORK--(BUSINESS WIRE)--July 16, 2001

Credit Suisse First Boston (CSFB) today announced that Stephen R. Volk has agreed to join the Firm as Vice Chairman and member of the Executive Board, effective August 1, 2001.

Mr. Volk will work closely with Chief Executive Officer John J. Mack on day-to-day strategic management of the Firm and be a resource as a senior banker. Mr. Volk's key priorities will include working with the Firm's senior leadership to forge a cohesive team among CSFB's people; maintain a sharp focus on client service; and carry out CSFB's business practices in accordance with the highest standards.

Mr. Mack said, "We are fortunate to have someone of Steve's rare ability joining CSFB. He is widely regarded by leading CEOs and corporate boards as one of the most trusted advisors to companies undergoing rapid change and growth. Steve has uncommon judgment and integrity, and he brings strategic insight with a global perspective.

"Steve is ideally suited to assist with the challenges we face now, having provided sound strategic guidance to many companies working through major acquisitions and organizational change. As a long-time advisor to CSFB, Steve knows the company and its people well. Finally, Steve's unique ability to build a sense of shared purpose among diverse groups of people will be invaluable as everyone at CSFB works together to forge a unified team," Mr. Mack added.

Mr. Volk said, "It is a great pleasure for me to be joining John and the other remarkably talented people of CSFB. John is an extraordinarily dynamic leader, who can help leverage CSFB's many strengths to take it to an even higher level of success. I look forward to working with everyone at the Firm to build on its already strong competitive position in global financial markets."

As a partner with the law firm Shearman & Sterling, Mr. Volk has advised boards and senior executives on major transactions and organizational change at many leading multinational companies, including GE, Viacom, SmithKline Beecham and Georgia Pacific, among others. He and his firm have been involved in many of the major consolidations involving securities firms and banks.

Mr. Volk also served, from 1991 to June 2001, as Shearman & Sterling's Senior Partner, the top leadership position at the firm. During that time, the firm grew by more than 70% and implemented a major global strategy with more than one-third of its professionals now located in offices throughout Europe and Asia. Mr. Volk joined Shearman & Sterling in 1960 and became a partner in 1968.

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 retail online brokerage services. It operates in over 87 locations across more than 39 countries on 6 continents, and has some 28,000 staff worldwide. 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.

Stephen R. Volk

Stephen R. Volk has spent his entire career as a business lawyer at Shearman & Sterling, counseling that firm's investment banking and corporate clients (both U.S. and multinational) in domestic and international transactions. He has advised many of the leading investment banking firms on a wide variety of issues. In the mid-seventies, Mr. Volk formed Shearman & Sterling's Mergers and Acquisitions Group, which grew from a few lawyers to a group of over 150 lawyers today. He has worked on many of the major friendly and contested takeover transactions in the last 30 years, representing bidders, target companies, independent directors and investment bankers. Mr. Volk was the firm's Senior Partner from 1991 to June 2001 and was Deputy Senior Partner from 1988 to 1991. He joined the firm in 1960 and became a partner in 1968.

Mr. Volk's recent experience includes representation of SmithKline Beecham in its $76 billion merger with Glaxo Wellcome, creating the world's largest drug company; Viacom, Inc in its $46 billion purchase of CBS Corp., the largest broadcast deal in history; and Phelps Dodge Corp., the U.S.'s largest copper producer, in its unsolicited exchange offers for Cyprus Amax Minerals Co. and Asarco Inc.

Mr. Volk received a B.A., Phi Beta Kappa, from Dartmouth College and a J.D. from Harvard Law School. Mr. Volk's professional and business associations include: Director, Consolidated Edison, Inc.; Director, Contigroup Companies Inc.; Trustee, Consolidated Edison Company of New York, Inc.; Trustee, Harvard Law School Association of New York City, Inc.; Member, Council on Foreign Relations; Member, Committee on Securities Regulation, American Bar Association; Member, Dean's Advisory Board, Harvard Law School; Fellow, American Bar Foundation; He is also a frequent lecturer to business and legal groups on topics, including Merger and Acquisitions.