Thursday, August 9, 2007


NCFE-related Litigation
Form:10-K Filing Date:3/30/2004

Since February 2003, lawsuits have been filed against CSFB LLC with
respect to services that it rendered to National Century Financial
Enterprises, Inc. and its affiliates, or NCFE. From January 1996 to May 2002,
CSFB LLC acted as a placement agent for bonds issued by NCFE that were to be
collateralized by health-care receivables, and in July 2002, as a placement
agent for a sale of NCFE preferred stock. NCFE filed for bankruptcy protection
in November 2002.

In these lawsuits, which have been filed in Arizona, Ohio, New Jersey
and New York federal courts, investors in NCFE's bonds and preferred stock have
sued numerous defendants, including the founders and directors of NCFE, the
trustees for the bond issuances, NCFE's auditors and law firm, the rating
agencies that rated NCFE's bonds, and NCFE's placement agents, including CSFB

LLC. The allegations include claims for breach of contract, negligence, fraud,
and violation of federal and state securities laws. A motion to consolidate all
the lawsuits was filed with the Judicial Panel on

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