09:14     CS-PCCWL@EP0212<09136> - Announcement                               

    The Stock Exchange of Hong Kong Limited (the `Stock Exchange') takes      
    no responsibility for the contents of this announcement, makes no         
    representation as to its accuracy or completeness and expressly           
    disclaims any liability whatsoever for any loss howsoever arising         
    from or in reliance upon the whole or any part of the contents of         
    this announcement.                                                        
                                                                              
    CREDIT SUISSE FIRST BOSTON                                                
                                                                              
    Notice of Expiry                                                          
    of                                                                        
    280,000,000 European Style (Cash Settled) Put Warrants 2002               
    relating to existing issued ordinary shares of                            
    HK$0.05 each of PCCW Limited                                              
    (the `Warrants') (Stock Code: 9136)                                       
    issued by                                                                 
    CREDIT SUISSE FIRST BOSTON                                                
    (incorporated under the laws of Switzerland)                              
    Manager and Sponsor                                                       
    CREDIT SUISSE FIRST BOSTON (HONG KONG) LIMITED                            
                                                                              
    Credit Suisse First Boston (the `Issuer') would like to remind            
    holders of Warrants that under the terms and conditions of the            
    Warrants (the `Conditions'), the rights to exercise the Warrants will     
    expire at 10:00 a.m. (Hong Kong time) on December 9, 2002 (subject to     
    adjustment) (the `Expiry Date'). The warrants are European Style and      
    exercisable only on the Expiry Date. Each Warrant gives the               
    Warrantholder the right to payment (if any) of the Cash Settlement        
    Amount being an amount in Hong Kong dollars calculated by the Issuer      
    as equal to (1) the Exercise Price (as defined below) less (2) the        
    arithmetic mean of the closing price of one ordinary share of PCCW        
    Limited (a `Share') (as derived from the Daily Quotation Sheet of the     
    Stock Exchange (subject to any adjustments)) for each Valuation Date      
    (being each of the five Business Days immediately preceding the           
    Expiry Date) and less (3) the Exercise Expenses (as defined in the        
    Conditions). If on the Expiry Date the Cash Settlement Amount is          
    greater than zero then the Warrants will be deemed automatically          
    exercised by each Warrantholder. If the Cash Settlement Amount is         
    less than zero on the Expiry Date, the Warrantholder will lose the        
    value of his investment.                                                  
                                                                              
    The Cash Settlement Amount shall be despatched no later than three        
    Business Days following the Expiry Date, by way of cheque, drawn in       
    favour of the Warrantholder (or in the case of joint Warrantholders,      
    the first-named Warrantholder) appearing in the register kept by the      
    Registrar (as defined below).                                             
                                                                              
    The Issuer has made the following arrangements regarding dealings in      
    and transfers and exercise of the Warrants:-                              
                                                                              
    1.                                                                        
    The last trading day of the Warrants on the Stock Exchange is             
    expected to be December 3, 2002.                                          
                                                                              
    2.                                                                        
    In order to facilitate the transfer and exercise of Warrants by           
    holders of Warrants who have not registered such Warrants in their        
    own names, the following arrangements have been made with                 
    Computershare Hong Kong Investor Services Limited (the `Registrar').      
    Holders of Warrants who have not registered such Warrants in their        
    names and wish to exercise the Warrants should lodge with the             
    Registrar at Shops 1712-1716, 17th Floor, Hopewell Centre, 183            
    Queen's Road East, Hong Kong at or before 10:00 a.m. (Hong Kong time)     
    on the Expiry Date the following:-                                        
                                                                              
    (i)                                                                       
    the relevant duly executed instruments of transfer in respect of the      
    Warrants; and                                                             
                                                                              
    (ii)                                                                      
    the relevant certificates for the Warrants.                               
    Such holders of Warrants may need to bear the cost of any expedited       
    registration service.                                                     
                                                                              
    3.                                                                        
    Application will be made for the listing of the Warrants on the           
    Stock Exchange to be withdrawn with effect from the close of business     
    on the Expiry Date.                                                       
                                                                              
    The closing prices of the Warrants and of the Shares as quoted on         
    the Stock Exchange on November 27, 2002 were HK$0.91 per Warrant and      
    HK$1.50 per Share, respectively. The Exercise Price of the Warrants       
    is HK$2.050 for each Warrant.                                             
                                                                              
    Hong Kong, November 28, 2002.