09:49     <09174>, <09175>, <09176> & <09178> - Announcement (1)              

    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                                                                        
    210,000,000 European Style (Cash Settled) Locked-In Return Call           
    Warrants in                                                               
                                                                              
    Global Registered Form due March 10, 2005                                 
    relating to the existing issued ordinary shares of                        
    HK$2.00 each of Henderson Land Development Company Limited                
    (Stock Code: 9174)                                                        
    (`Series A')                                                              
    820,000,000 European Style (Cash Settled) Locked-In Return Call           
    Warrants in                                                               
                                                                              
    Global Registered Form due March 10, 2005                                 
    relating to the existing issued ordinary shares of                        
    HK$0.25 each of PCCW Limited                                              
    (Stock Code: 9175)                                                        
    (`Series B')                                                              
    145,000,000 European Style (Cash Settled) Locked-In Return Call           
    Warrants in                                                               
                                                                              
    Global Registered Form due March 10, 2005                                 
    relating to the existing issued ordinary A shares of                      
    HK$0.60 each of Swire Pacific Limited                                     
    (Stock Code: 9176)                                                        
    (`Series C')                                                              
    350,000,000 European Style (Cash Settled) Locked-In Return Call           
    Warrants in                                                               
                                                                              
    Global Registered Form due March 10, 2005                                 
    relating to the existing issued ordinary shares of                        
    HK$1.00 each of The Wharf (Holdings) Limited                              
    (Stock Code: 9178)                                                        
    (`Series D')                                                              
    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 Series A, Series B, Series C and Series D Warrants         
    (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 March 10, 2005 (subject to              
    adjustment) (the `Expiry Date'). The warrants are European Style and      
    exercisable only on the Expiry Date.                                      
                                                                              
    Every ten Warrants in respect of Series A, Series C and Series D,         
    and each Warrant in respect of Series B give(s) 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 sum of the Periodic Cash Settlement Amounts (as defined below)        
    divided by the relevant number of Periodic Fixing Dates (provided         
    that if any such Periodic Fixing Date is not a Business Day, it shall     
    be the immediately preceding Business Day) less (2) the Exercise          
    Expenses (as defined in the terms and conditions of the Warrants).        
                                                                              
    `Periodic Cash Settlement Amount' means, in respect of every              
    Exercise Amount and in respect of each Periodic Fixing Date, an           
    amount in Hong Kong dollars calculated by the Issuer as equal to the      
    greater of (1) zero and (2) (i) the Entitlement (as defined below)        
    (subject to adjustment) in respect of such Periodic Fixing Date           
    multiplied by the arithmetic mean of the closing price of the shares      
    (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 such Periodic Fixing Date) less (ii)      
    the Exercise Price.                                                       
                                                                              
    `Entitlement' means, in respect of Series A, Series C and Series D,       
    one share for every ten warrants, and in respect of Series B, one         
    share for each warrant.                                                   
                                                                              
    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:-