09:33     CS-HWL  @EC0502<09663> - 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.                                                        
                                                                              
    Notice of Expiry                                                          
    of                                                                        
    1,300,000,000 European Style (Cash Settled) Call Warrants                 
    2004-2005                                                                 
    relating to the existing issued ordinary shares of                        
    HK$0.25 each of Hutchison Whampoa Limited                                 
    (Stock Code: 9663)                                                        
    (the `Warrants')                                                          
                                                                              
    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 the 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 February 18, 2005 (subject       
    to adjustment) (the `Expiry Date'). The warrants are European Style       
    and exercisable only on the Expiry Date. Every ten Warrants give 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 arithmetic mean of the closing price of one          
    ordinary share of Hutchison Whampoa Limited (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) less (2) the         
    Exercise Price (as defined below) 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 Warrant will not be exercised and 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.                                  
                                                                              
    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 February 14, 2005.                                         
                                                                              
    2.                                                                        
    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 price of the Warrants on January 24, 2005 and the             
    closing price of the shares to which the Warrants relate on January       
    24, 2005 are set out below. The Exercise Price of the Warrants is         
    also set out below.                                                       
                                                                              
    Closing price of     Closing Price of     Exercise Price                  
    Warrant              the related share                                    
                                                                              
    HK$0.025             HK$69.00             HK$72.88 per ten                
                                              Warrants                        
                                                                              
    Hong Kong, January 25, 2005.