10:15     <03869><03870><03871> - 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.                                                        
                                                                              
                                                                              
                                                                              
    100,000,000 European Style (Cash Settled) Call Warrants 2005-2006         
    relating to the existing issued ordinary shares of HK$0.50 each of        
    Cheung Kong (Holdings) Limited                                            
    (`Series A')                                                              
                                                                              
    300,000,000 European Style (Cash Settled) Call Warrants 2005-2006         
    relating to the existing issued ordinary shares of HK$0.10 each of        
    China Mobile (Hong Kong) Limited                                          
    (`Series B')                                                              
                                                                              
    100,000,000 European Style (Cash Settled) Call Warrants 2005-2006         
    relating to the existing issued ordinary shares of US$0.50 each of        
    HSBC Holdings plc                                                         
    (`Series C')                                                              
    issued by                                                                 
    CREDIT SUISSE FIRST BOSTON                                                
    (incorporated under the laws of Switzerland)                              
    Sponsor/Manager                                                           
    CREDIT SUISSE FIRST BOSTON (HONG KONG) LIMITED                            
                                                                              
    Credit Suisse First Boston (the `Issuer') announces its intention to      
    issue the series of Warrants detailed below (the `Warrants'). Every       
    ten Warrants relate to one ordinary share of the relevant par value       
    specified below (the `Shares') of the relevant company specified          
    below (each a `Company').                                                 
                                                                              
    Company   Warrants  Share     Issue     Expiry    Board     Exercise      
                                  Price     Date      Lots      Price         
    Cheung    Series A  HK$0.50   HK$0.536  March     10,000    HK$73.88      
    Kong                                    28, 2006                          
    (Holdings                                                                 
    )                                                                         
    Limited                                                                   
    China     Series B  HK$0.10   HK$0.251  March     5,000     HK$24.28      
    Mobile                                  28, 2006                          
    (Hong                                                                     
    Kong)                                                                     
    Limited                                                                   
    HSBC      Series C  US$0.50   HK$0.433  March     4,000     HK$130.00     
    Holdings                                28, 2006                          
    plc                                                                       
                                                                              
                                                                              
                                                                              
    The Warrants are European style and may only be exercised on the          
    relevant Expiry Date. The Warrants are in registered form and             
    exercisable only in the board lots specified above. Every ten             
    Warrants 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 Entitlement        
    (as defined in the terms and conditions of the Warrants) (subject to      
    adjustment) multiplied by (i) the arithmetic mean of the closing          
    price of one 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 (as defined in the terms and        
    conditions of the Warrants) immediately preceding the Expiry Date as      
    more fully described in the terms and conditions of the Warrants)         
    less (ii) the relevant Exercise Price (subject to adjustment); less       
    (2) the Exercise Expenses (as defined in the terms and conditions of      
    the Warrants). For the avoidance of doubt, if the Cash Settlement         
    Amount is a negative figure, it shall be deemed to be zero.               
                                                                              
    If, on any Expiry Date, the Cash Settlement Amount is more than           
    zero, the Warrants will be automatically exercised (without any           
    notice being given to the holders of the Warrants) and the Issuer         
    will pay to the holders the Cash Settlement Amount calculated as          
    described above.                                                          
                                                                              
    The implied volatility, gearing, effective gearing and premium of         
    the Warrants are detailed below. These values may not be comparable       
    to similar information provided by other issuers of derivative            
    warrants as each issuer may use different pricing models.                 
                                                                              
    Warrants     Implied      Gearing      Effective    Premium               
                 Volatility                Gearing                            
    Series A     22 per cent. 13.43X       6.49X        10.06 per             
                                                        cent.                 
    Series B     23 per cent. 9.78X        5.67X        9.12 per              
                                                        cent.                 
    Series C     13 per cent. 29.79X       11.84X       4.13 per              
                                                        cent.