(Provisional Translation)
September 22, 2006
Financial Services Agency
Government of Japan

Administrative Action on Credit Suisse Asset Management Limited

Following a voluntary reporting from Credit Suisse Asset Management (hereinafter referred to as the ''Company'') on June 9, 2006 that the Company discovered a number of incomplete and missing order tickets, the Financial Services Agency (hereinafter referred to as the ''FSA''), issued an order on July 25, 2006 as per the Article 39 (1) of the Investment Trusts and Investment Corporations Law (hereinafter referred to as the ''Law''), to the Company to submit a written report. In the report submitted by the Company on August 24, 2006, the following inappropriate operations are recognized.

As a result of the Company's internal audit on its Trading Department in February 2004 and subsequent investigation performed by the Trading Department, a number of incomplete and missing order tickets were found.
Whilst it is a violation of the Article 36 of the Law and the Article 69 of Enforcement Rule thereof regarding the production and retention requirement of books and records, the Company spent long time investigating the matter further and conducting restoration of the tickets and, as a result, the Company failed to report the matter to the FSA for over two years after the initial discovery of the matter. Also, when the Company submitted a side business(1) approval application in October 2005, the Company stated in the application form that the status of its compliance with laws was sound(2) when in fact it was aware of the violation of law. Approval was granted in November 2005.

The above situation falls under the case "where an action is deemed necessary to ensure sound and appropriate operation of an investment trust management company with a view to protection of investors" and it constitutes a condition under the Article 40 (1) of the Law for the FSA to issue a business improvement order.

Consequently, the FSA issued the following administrative measures to the Company today:

Business improvement order:

1. To improve its internal control system including compliance system.
2. To identify and analyze the cause of the issues and implement measures to prevent recurrence.
3. To establish an effective internal audit system.
4. To clarify locus of responsibility.
5. Submit a business improvement plan on the above four items by October 23, 2006 and immediately implement the plan.