10:19     CREDIT SUISSE FIRST BOSTON - Announcement (1)                       

    This announcement appears for information purposes only and does not      
    constitute an invitation or offer to acquire, purchase or subscribe       
    for the Warrants described below.                                         
                                                                              
    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.                                                        
                                                                              
    Locked-In Return*/Average Return** Warrants                               
    issued by                                                                 
    CREDIT SUISSE FIRST BOSTON                                                
    (incorporated under the laws of Switzerland)                              
    Sponsor/Manager                                                           
    CREDIT SUISSE FIRST BOSTON (HONG KONG) LIMITED                            
                                                                              
    Announcement                                                              
                                                                              
    In respect of each issue of Locked-In Return* Warrants and Average        
    Return** Warrants listed below (the `Warrants'), the Issuer would         
    like to publish the Periodic Cash Settlement Amount(s) (in respect of     
    Locked in Return Warrants) and Periodic Reference Price(s) (in            
    respect of Average Return Warrants) in respect of the Periodic Fixing     
    Dates set out below.                                                      
                                                                              
    Capitalised terms not defined herein shall have the meanings given        
    to them in the terms and conditions (the `Conditions') of the             
    Warrants.                                                                 
                                                                              
    Stock Code Company    Type       Exercise   Periodic   Periodic           
                                     Amount     Cash       Fixing             
                                                Settlement Dates              
                                                                              
                                                Amount/Per                    
                                                iodic                         
                                                Reference                     
                                                Prices                        
                                                (cumulativ                    
                                                e to                          
                                                date)##                       
                                                                              
    9311       China      Call       One        HK$0       December           
               Telecom               Warrant               29,                
               Corporatio                                  2003#              
               n                                           June 28,           
               Limited                                     2004#              
                                                           December           
                                                           28,                
                                                           2004#              
                                                           June 27,           
                                                           2005               
    9312       Esprit     Call       Ten        HK$23.06   December           
               Holdings              Warrants              29,                
               Limited                                     2003#              
                                                           June 28,           
                                                           2004#              
                                                           December           
                                                           28,                
                                                           2004#              
                                                           June 27,           
                                                           2005               
                                                                              
    AVERAGE RETURN WARRANTS                                                   
    9453       China      Call       One        HK$5.49    June 28,           
               Telecom               Warrant               2004#              
               Corporatio                                  December           
               n                                           28,                
               Limited                                     2004#              
                                                           June 28,           
                                                           2005               
                                                           December           
                                                           28, 2005           
    9456       Huaneng    Call       Ten        HK$12.46   June 28,           
               Power                 Warrants              2004#              
               Internatio                                  December           
               nal,                                        28,                
               Inc.                                        2004#              
                                                           June 28,           
                                                           2005               
                                                           December           
                                                           28, 2005           
    9457       PetroChina Call       One        HK$7.64    June 28,           
                Company              Warrant               2004#              
               Limited                                     December           
                                                           28,                
                                                           2004#              
                                                           June 28,           
                                                           2005               
                                                           December           
                                                           28, 2005           
    9463       China      Call       One        HK$5.86    June 28,