Santa Barbara, CA - January 08, 2002

Pershing, a Credit Suisse First Boston company, and Partnervest Securities, Inc., announced an agreement today for transaction clearing services for Partnervest Securities and its clients. Under this agreement, Pershing will deliver its high quality clearing platform, including brokerage execution, custody, and clearing services, to Partnervest Securities. Partnervest Securities provides securities brokerage services to investors and independent representatives. The agreement places Partnervest Securities among a select group of independent broker-dealer providers that Pershing offers access to its comprehensive clearing, execution, and custody capabilities.


"Partnervest Securities is a well-respected broker-dealer and asset management firm," says James T. Crowley, managing director, Pershing's Global Customers Group. “ This agreement underscores our commitment to providing leading financial institutions like Partnervest and their clients with access to the best of breed products and services the financial services industry offers."


Richard Randolph, Senior Vice President of Service Operations for Partnervest Securities added, "Pershing's solid reputation for delivering cutting-edge and high-quality transactional and custody services is unsurpassed in the industry and we are excited to be able to offer clients the reliability and cost-effectiveness that Pershing provides. It is a great relationship that will provide significant value to our brokerage customers."



About Pershing
The Pershing Division of Donaldson, Lufkin & Jenrette Securities Corporation, a Credit Suisse First Boston company, is a leading provider of global correspondent financial and prime brokerage services to 850 institutional and retail financial organizations, registered investment advisors, and managed account programs. Located in ten offices worldwide, Pershing provides a full range of investment-related products and services to the financial services community. Its businesses include execution, settlement, financing, and information management services. For more information, visit Pershing's website at www.pershing.com.


About Partnervest
Partnervest Financial Group LLC, headquartered in Santa Barbara, California, is a privately owned full-service financial company dedicated to providing investors and the financial services industry with customized solutions. Partnervest and its wholly owned subsidiaries, Partnervest Securities, Inc. (Member NASD/SIPC) and Partnervest Advisory Services LLC, a registered investment advisor, provide investors with the full spectrum of financial services and products. Partnervest also provides transaction services as well as back-office operations and compliance support to other industry financial service providers through its "In-House Out-Sourced Solution (tm) ". Partnervest specializes in creating solutions that work and which are tailored to the client's specific needs. For more information, visit Partnervest's website at www.partnervest.com.