Credit Suisse Acquires Guilford Capital Launching US Tax Credit Syndication Business
(May 17, 2006)

New Growth Business to Enhance Real Estate and Fixed Income Platform

May 17, 2006 - Credit Suisse today announced the acquisition of Guilford Capital Corporation, a finance company specializing in the acquisition and syndication of federal and state tax credits primarily for low income housing projects.

Credit Suisse will operate Guilford in conjunction with Column Financial, the Bank's commercial real estate lending subsidiary and launch a new Tax Credit business that will provide a wide range of capital solutions for the tax credit and real estate industries. The new Credit Suisse Tax Credit Group will purchase tax credits from developers and sponsors and syndicate them to corporate and institutional investors for their tax management purposes.

"The Guilford acquisition enhances key growth areas of our investment banking business, including real estate lending and the federal agency-backed multi-family mortgage business," said Robert Brennan, Head of Real Estate Finance and Securitization at Credit Suisse. "With this acquisition, Credit Suisse will deliver a broader platform of financing products to our clients. In the future, we expect to syndicate tax credits for historic redevelopment and clean energy projects and as we combine Guilford with our banking strength and market expertise, we will offer clients a unique partnership and deliver a highly efficient, competitive source of capital."

Guilford, based in Montgomery, Alabama, was established in 1978, and has funded tax credit eligible projects nationally, with a primary focus on projects located in the Southeast. It currently manages a portfolio of nearly US$ 400 million in tax credit funds.

The investment banking division of Credit Suisse includes a leading real estate lending and securities business. The Bank led or co-lead managed commercial mortgage backed securitizations totaling over US$ 22 billion in 2005, and US$13 billion in 2004. Globally, it ranked #2 in total issuance in 2003, 2004 and 2005. In the Americas, Credit Suisse originates commercial loans through its Column Financial subsidiary which has 17 offices in the US and Canada. Column has closed in excess of 8,300 commercial mortgage loans, with an aggregate principal balance of over US$ 86.7 billion.

Congress created the Low Income Housing Tax Credit (LIHTC) program in 1986 to encourage the construction and rehabilitation of apartments affordable to low and moderate-income families. The LIHTC program generates about US$ 7 billion of tax credit investments annually to produce nearly 125,000 affordable apartment units.