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Paul Hastings Represents Crystal River Capital, Inc. in Connection with IPO

August 15, 2006

Paul Hastings Represents Crystal River Capital, Inc. in Connection with IPO

Capital Raised from IPO and Related 144A Offering Totals Nearly $600 Million

New York, NY (August 15, 2006) - Paul, Hastings, Janofsky & Walker LLP (Paul Hastings), a leading international law firm, represented Crystal River Capital, Inc., a specialty finance company, in connection with its underwritten initial public offering of common stock. In the offering, a total of 7.5 million shares were sold at $23 per share. The IPO closed on August 2, 2006 and is valued at $162.4 million.

The Paul Hastings team was led by New York partners Michael Rosella and Michael Zuppone and included partner Joseph Opich, counsel Wendell Faria and associates Jon Tyras, Yariv Katz and Sirimal Mukerjee.

The Paul Hastings team previously represented Crystal River in connection with its 2005 $435.0 million Rule 144A private offering of common stock to private investors.

About Crystal River Capital, Inc.: Specialty finance company Crystal River invests primarily in residential mortgage-backed securities, commercial mortgage-backed securities, whole mortgage loans, bridge loans, junior interests in mortgage loans known as B Notes, mezzanine loans and other real estate-related assets.

About Paul Hastings' Corporate Department: Teams of Paul Hastings' corporate attorneys provide clients with the sophisticated, cross-border legal and business expertise they need to finance and operate companies. The firm's Securities and Capital Markets, M&A, Lending, Project Finance, Private Equity, Investment Management and Securitization practices are nationally and internationally ranked. Paul Hastings' attorneys are experienced in every aspect of modern transactional practice in virtually every industry and service sector. Clients include major financial institutions, domestic, international, public and private companies.

Paul Hastings Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,000 attorneys in 17 offices. The firm serves a diverse client base including many of the top financial institutions and Fortune 500 companies, supports clients in all of their legal needs and offers deep capabilities in Banking and Finance, Capital Markets, Corporate/M+A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at www.paulhastings.com.

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