April 20, 2004

1. Structured Investor Products April 20, 2004 Page 1 of 21

2. CONFIDENTIALITY The information in this document is the property of and subject to revision at the discretion of Credit Suisse First Boston ("CSFB"). It and any further confidential information made available to you must be held in complete confidence and documents containing such information may not be used or disclosed without the prior written consent of CSFB. IMPORTANT DISCLAIMER By entering into a transaction with CSFB, you acknowledge that you have read and understood the following terms: CSFB is acting solely as an arm’s length contractual counterparty and neither CSFB nor any affiliate is acting as your financial adviser or fiduciary unless it has agreed to so act in writing. Before entering into any transaction you should ensure that you fully understand its potential risks and rewards and independently determine that it is appropriate for you given your objectives, experience, financial and operational resources, and other relevant circumstances. You should consult with such advisers as you deem necessary to assist you in making these determinations. You should also understand that CSFB or any affiliate may provide banking, credit and other financial services to any company or issuer of securities or financial instruments referred to herein, underwrite, make a market in, have positions in, or otherwise buy and sell securities or financial instruments which may be identical or economically similar to any transaction entered into with you. If we make a market in any security or financial instrument, it should not be assumed that we will continue to do so. Any indicative terms provided to you are provided for your information and do not constitute an offer, a solicitation of an offer, or any advice or recommendation to conclude any transaction (whether on the indicative terms or otherwise). Any indicative price quotations, disclosure materials or analyses provided to you have been prepared on assumptions and parameters that reflect good faith determinations by us or that have been expressly specified by you and do not constitute advice by us. The assumptions and parameters used are not the only ones that might reasonably have been selected and therefore no guarantee is given as to the accuracy, completeness, or reasonableness of any such quotations, disclosure or analyses. No representation or warranty is made that any indicative performance or return indicated will be achieved in the future. None of the employees or agents of CSFB or any affiliate is authorized to amend or supplement the terms of this notice, other than in the form of a written instrument, duly executed by an appropriately authorized signatory and countersigned by you. Page 1 of 21

3. Case Studies of Actual Products Traded • Simple CLN (Single Name or Basket) • First to Default Basket CLN • Principle Guaranteed Basket CLN • Sherlock CLN and yield enhancement • Repos & Total Return Swaps • Bond-linked Note

4. Simple CLN (Single Name or Basket) • For Single Name CLN, investor takes the risk on a single entity. Risk is equivalent to lending to that entity. • For Basket CLN, investor takes the risk on several entities where risk per entity is limited to its weighting in the basket. • Basket is the economic equivalent of executing multiple CLNs at the same time, with the same maturity. • Basket allows for diversified risk in small sizes and savings from simplified documentation process.

5. Simple Basket CLN Issuer: CSFB Nassau Branch (A+/Aa3) Noteholder: XYZ Notional Amount: USD 10,000,000 Tenor: 5 years Reference Entities : Investment Grade Asian Sovereign Basket People’s Republic of China, Republic of Korea and Malaysia (33.33% each) Interest: LIBOR plus 0.50% per annum Obligation: Any G7 currency bond or loan of the Reference Entities. Deliverable Obligation: Any G7 currency bond or loan of the defaulted Reference Entity. Credit Event: Failure to Pay, Repudiation/Moratorium, Restructuring. Adjustment following a Credit Event: Deliverable Obligations will be delivered with a face amount equal to the proportion of the defaulted Reference Entity in the basket, the Notional Amount will be reduced by that amount and the coupon will be adjusted to reflect the weighted average of the spreads of the remaining Reference Entities.

6. Simple Basket CLN USD 10,000,000 CSFB XYZ Initial Exchange US$10M Note Default options exercisable on Credit Event XYZ CSFB Periodic Payments LIBOR + 0.50% semi-annually on US$10M XYZ CSFB Upon a Credit Event of Malaysia sovereign US$3.33M principal of Malay sovereign debt Notional Amount is reduced by 1/3 and coupon is adjusted Default options on remaining Reference Entities Periodic Payments / Final Exchange XYZ CSFB CSFB US$6.67M principal

7. 1st to Default CLN • For a First to Default CLN, investor takes on the risk of the first entity in a basket to default. The risk is limited to principal and any accrued but unpaid interest on the CLN. • Allows for significant yield enhancement and diversification of risk to several entities in the basket. • Risk is equivalent to lending to the first entity in the basket to default.

8. 1st to Default Basket CLN Issuer: CSFB Nassau Branch (Aa3/A+) Noteholder: XYZ Notional Amount: USD 10,000,000 Tenor: 5 years Reference Entities : Asian Corporate Basket CNOOC, Citic Pacific Ltd, Hutchison Whampoa Ltd. Interest: LIBOR plus 1.80 % per annum Obligation: Any G7 currency bond or loan of the Reference Entities. Deliverable Obligation: Any G7 currency bond or loan of the defaulted Reference Entity. Credit Event: Bankruptcy, Failure to Pay, Repudiation/Moratorium, Restructuring. Adjustment following a Credit Event: Deliverable Obligations will be delivered with a face amount equal to the Notional Amount and the note will be cancelled.

9. 1st to Default Basket CLN USD 10,000,000 CSFB XYZ Initial Exchange US$10M Note Default option exercisable on Credit Event XYZ CSFB Periodic Payments LIBOR + 1.80% semi-annually on US$10M No Credit Event Upon a Credit Event of any Reference Entity US$10M principal of the defaulted Reference Entity US$10M + all interest XYZ XYZ CSFB CSFB No further payments made by CSFB post-Credit Event

10. Principle Guaranteed Basket CLN • If the market value of the portfolio of Reference Obligations falls below a floor price (e.g. 40%), a Credit Event is triggered and no further interest payments will be made on the notes. At maturity investor will receive 100% of principal. • Risk is to a sharp fall in the bond price of the Reference Obligations. Risk is limited to interest coupons. Principal is protected. • Term has to be longer e.g. 10 years, for there to be value.

11. Principle Guaranteed Basket CLN Issuer: CSFB Nassau Branch (Aa3/A+) Noteholder: XYZ Notional Amount: USD 10,000,000 Tenor: 10 years Reference Entities : CNOOC, Citic Pacific Ltd, Hutchison Whampoa Ltd. Interest: [6.30] % per annum Obligations: CNOOC 13, Citic Pacific 11, Hutch 13 Credit Event: The clean price of the Obligations trades at or below the Bond Floor. Bond Floor: 40% of the clean price of Obligations on Trade Date. Adjustment following a Credit Event: All future interest payments will cease and the investor will receive 100% of the principal on the Maturity Date.

12. Principle Guaranteed Basket CLN USD 10,000,000 CSFB XYZ plc Initial Exchange US$10M Note Put option struck at Bond Floor XYZ plc CSFB Periodic Payments 6.30 % semi-annually on US$10M, contingent on Credit Event XYZ plc CSFB Upon a Credit Event Interest Payments No further interest payments are made – no Obligations are delivered. Maturity Date XYZ plc CSFB USD 10,000,000 CSFB

13. Sherlock Collateralized CLN • Investors purchase a CLN from a Special Purpose Vehicle, Sherlock. Sherlock uses the proceeds from the CLN to invest in any collateral that investor requires e.g. “AAA” rated bonds, CSFB bonds, PRC bonds, etc. • Risk is to the Reference Entity and also to the issuer of the collateral. Significant yield enhancement comes from yield on collateral. • If Reference Entity experiences Credit Event, collateral is sold at its market value and the proceeds exchanged for Obligations of the Reference Entity. These are delivered to investor.

14. Sherlock Collateralized CLN Issuer: Sherlock (“SPV”) Notional Amount: USD 10,000,000 Tenor: 5 years Reference Entities : CNOOC, Citic Pacific Ltd, Hutchison Whampoa Ltd. collateralised by “AAA” rated tranche of CDO Interest: LIBOR plus [2.80] % per annum Obligation: Specified G7 currency bonds or loans of the Reference Entities. Deliverable Obligation: Specified G7 currency bonds or loans of the defaulted Reference Entity. Credit Event: Bankruptcy, Failure to Pay, Repudiation/Moratorium, Restructuring. Adjustment following a Credit Event: Deliverable Obligations will be delivered equal to the Notional Amount after deduction for collateral unwind costs.

15. Sherlock Collateralized CLN SPV Collateral Proceeds CSFB US$ 10M Reference Obligations Noteholders SPV . US$10m Obligations less collateral unwind costs US$10M Senior Secured Notes Paying LIBOR+2.80% Yield pick-up LIBOR +1.00% US$ 10M Junior US$10m AAA rated CDOs

16. Repos & Total Return Swap • Investor purchases CLNs or bonds, pledges the CLNs or bonds as collateral in a total return swap. • Investor receives more funds (equal to the haircut applied on the CLNs or bonds) and pays repo rate for the funds. • Allows for increased returns through leverage and better utilisation of existing funds.

17. Total Return Swap Sherlock CLN Notional Amount: USD 10,000,000 Tenor: 5 year Reference Entity : People’s Republic of China Collateral in Sherlock: CSFB Bonds due 2008 Interest: LIBOR plus 0.60% per annum Obligation: Any G7 currency bond or loan Deliverable Obligation:Any G7 currency bond or loan Total Return Swap Notional Amount: USD 6,000,000 Tenor: 1 year Initial Portfolio: USD 10M PRC-linked Sherlock CLN Haircut: 40% Interest rate: LIBOR + 0.15% per annum Margining: 90% top-up, 110% top-down Net Expected Returns per annum Returns from CLN: USD 16M *0.60% = USD 96,000 Payment for TRS: -(USD 6M *0.15%) = - USD 9,000 Net Return on USD10m: USD 87,000 i.e. LIBOR plus 0.87%

18. Total Return Swap US$ 10,000,000 + pledge of USD 10M note Collateral is subject to margining CSFB Leveraged CLN XYZ US$10M Note + US$ 6M Note L + 0.15% pa on US$ 6 mln CSFB XYZ Periodic Payments XYZ plc CSFB L + 0.60% pa on US$ 16 mln US$6 mln Final Exchange, no Credit Event XYZ CSFB US$16 mln Final Exchange, Credit Event US$6 mln XYZ CSFB US$16 mln of PRC Obligations

19. Bond Linked Note • Fixed or floating rate note with embedded put option on bonds. Principal only is subject to the price risk of a specified bond issue. Interest is guaranteed. • If the price of the bond is below a strike price chosen by the investor on the maturity date, CSFB has the right to deliver bonds with a face amount equal to the Notional Amount of the Note. • As an alternative to buying cash bond. Investors achieve liquid exposure to a bond and yield enhancement in the short term. If put option is exercised, investor receives underlying bonds at a lower price and higher yield than what they would get today in the cash market.

20. Bond Linked Note Issuer: CSFB Nassau Branch (Aa3/A+) Noteholder: XYZ Notional Amount: USD 10,000,000 Maturity: 6 months Reference Entity: Hutchison Whampoa International Obligation: 6.25% Fixed rate bonds maturing 13 Feb 2013 Cash Price: [103.40%] (current yield: LIBOR +1.50%) Strike Price: [101.40%] (2% below Cash Price) Interest: LIBOR + 3.50% pa If at Maturity in 6 months, XYZ receives the Bonds at 101.40%, yield will be higher e.g. LIBOR +1.80%

21. Bond Linked Note US$ 10,000,000 CSFB XYZ Initial Exchange US$10M Note Put option XYZ CSFB Periodic Payments LIBOR + 3.50 % Price is > 101.40% on maturity Price is <= 101.40% on maturity US$10M principal of debt US$10M + interest XYZ plc XYZ plc CSFB CSFB