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Following the now-fashionable business strategy of sticking to what you know best, Credit Suisse First Boston Corporation is selling its securities clearing business, Pershing, to The Bank of New York Company, Inc., for $2 billion. BNY will also assume a $480 million loan made to Pershing and agreed to pay CSFB another $50 million if Pershing meets 2003 performance targets. Securities clearing involves the recording of stock transfers from one broker to another. The deal, announced in January, concluded a two-month auction in which BNY bested Boston-based FMR Corp., the parent of mutual fund company Fidelity Investments and The Bear Stearns Companies Inc. Bank of New York expects to pay for the purchase by issuing $1.1 billion in stock and $900 million in debt. For Acquiror The Bank of New York Company, Inc. (New York) In-house: Executive vice president and general counsel J. Michael Shepherd, managing counsel Marcia Wallace, and senior counsel Marc Frimet, Paul Immerman, Bennett Josselsohn, and Lee Schneider. Sullivan & Cromwell (New York): Corporate: H. Rodgin Cohen, Donald Walkovik, Michael Wiseman, and associates Myrna Barakat, Kieran Hennigan, and Andrew Stone. Tax: Andrew Mason and associates Megen Davenport, Edouard Markson, and Kristen McHale. Employment: special counsel Richard Alpern and associate Sandra Cohen. Antitrust: Yvonne Quinn. Intellectual property: associate Anna Kuzmik. Sullivan & Cromwell is BNY’s longtime outside counsel. Allen & Overy (London): Employee benefits: Henry Morganbesser. Banking regulation: Paul Phillips. Pensions: Mervyn Parry. E.U. competition: associate Simon Taylor. (Morganbesser is in the firm’s New York office). Sullivan & Cromwell contacted Allen & Overy partner Daniel Cunningham with the assignment. For Seller Credit Suisse First Boston Corporation (New York) In-house: Managing director/general counsel-securities division Neil Radey, managing director/general counsel � financial services division Agnes Reicke, and director Lori Russo. Tax: managing director Thomas Prevost and director Susan Grbic. Personnel: managing director Peter Calamari. Intellectual property: director Thomas Swift. Shearman & Sterling (New York): Corporate: Clare O’Brien and associates Lauren Kleinberg, Marco Palmese, Timo Rehbock, Olivier Saba, and Stephen Sawyer. Executive compensation and employee benefits: Linda Rappaport and associates John A. Morrison and Coleen O’Mara. Antitrust: Steven Sunshine and associate Nicola Williams. Tax: Peter Blessing and associate Angelina Fisher. Environmental: associate Bernard Weintraub. Intellectual property: associate Alexander Kim. Real estate: associate Andrea Burgess. Securitization and derivatives: associate Amy Berg. (Sunshine and Williams are in the firm’s Washington, D.C., office.) Shearman has represented CSFB in deals for a number of years. O’Brien represented the company when it bought investment bank Donaldson Lufkin & Jenrette Inc. from AXA Financial Inc. in 2000, as well as in the sale of CSFBdirect, an online trading unit, to Bank of Montreal last year. Outlook The parties expect to close the deal in the first half of 2003.

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