Credit Suisse First Boston has received prospectus and registration relief from the Ontario Securities Commission. The relief will allow it to continue business as usual as it switches from Schedule II to Schedule III bank status.

CSFB currently carries on a banking business in Canada through its direct wholly owned Schedule II bank subsidiary, Credit Suisse First Boston Canada. In June 1999 amendments to the Bank Act were proclaimed that permit foreign commercial banks to establish direct branches in Canada. These amendments have created a new Schedule III category for foreign banks carrying on banking activities through branches in Canada.

CSFB has applied for an order under the Bank Act permitting it to establish a lending branch listed in Schedule III. When it receives that order, CSFB will take over the current Canadian banking business currently being operated in CSFB Canada.

The current legislation provides exemptions for Schedule I and II banks, but makes no mention of the new category.

In order to ensure that it is able to provide banking services through a branch in Canada, CSFB requires similar exemptions. It has received relief under both the Securities Act and the Commodity Futures Act.