09:43     <09885>, <09889>, <09892> & <09893> - 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.                                                        
                                                                              
    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 of the Average Return* Warrants listed below           
    (the `Warrants'), Credit Suisse First Boston would like to announce       
    the Periodic Reference Price 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     Reference  Fixing             
                                                Prices     Dates              
                                                (cumulativ                    
                                                e to                          
                                                date)**                       
                                                                              
    9885       Cheung     Call       Ten        HK$144.35  September          
               Kong                  Warrants              8,                 
               (Holdings)                                  2004*              
                                                           January            
               Limited                                     7,                 
                                                           2005*              
                                                           May 9,             
                                                           2005               
                                                           September          
                                                           8, 2005            
    9889       China      Call       One        HK$5.375   September          
               Telecom               Warrant               8,                 
               Corporatio                                  2004*              
               n                                           January            
               Limited                                     7,                 
                                                           2005*              
                                                           May 9,             
                                                           2005               
                                                           September          
                                                           8, 2005            
    9892       Henderson  Call       Ten        HK$77.42   September          
               Land                  Warrants              8,                 
               Developmen                                  2004*              
               t Company                                   January            
               Limited                                     7,                 
                                                           2005*              
                                                           May 9,             
                                                           2005               
                                                           September          
                                                           8, 2005            
    9893       Hutchison  Call       Ten        HK$134.75  September          
               Whampoa               Warrants              8,                 
               Limited                                     2004*              
                                                           January            
                                                           7,                 
                                                           2005*              
                                                           May 9,             
                                                           2005               
                                                           September          
                                                           8,                 
                                                           2005               
                                                                              
    * Investors should note that the Periodic Reference Price(s)              
    (cumulative to date) of the Warrants set out above reflect the sum of     
    the Periodic Reference Price(s) in respect of these dates only.           
                                                                              
    ** Investors should note that the Warrants are European style             
    and may only be exercised on the relevant Expiry Date. In respect of      
    each issue of Warrants, each respective Exercise Amount will entitle      
    the holder on exercise thereof to receive from the Issuer a payment       
    of an amount in Hong Kong dollars calculated by the Issuer (the `Cash     
    Settlement Amount') equal to (1) the sum of the Periodic Reference        
    Prices divided by the number of Periodic Fixing Dates less (2) the