09:10     <03959>,<03960>,<03961> & <03962> - 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.                                                        
                                                                              
                                                                              
                                                                              
    300,000,000 European Style (Cash Settled) Call Warrants 2005-2006         
    relating to the existing issued ordinary H shares of RMB1.00 each         
    of                                                                        
                                                                              
    China Telecom Corporation Limited                                         
    (`Series A')                                                              
                                                                              
    300,000,000 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 B')                                                              
                                                                              
    300,000,000 European Style (Cash Settled) Call Warrants 2005-2006         
    relating to the existing issued ordinary H shares of RMB1.00 each         
    of                                                                        
                                                                              
    PetroChina Company Limited                                                
    (`Series C')                                                              
                                                                              
    300,000,000 European Style (Cash Settled) Call Warrants 2005-2006         
    relating to the existing issued ordinary H shares of RMB1.00 each         
    of                                                                        
                                                                              
    Weiqiao Textile Company Limited                                           
    (`Series D')                                                              
    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 in respect of Series B and Series D and each Warrant in      
    respect of Series A and Series C relate(s) to one ordinary share of       
    the relevant par value specified below (the `Share') of the relevant      
    company specified below (each a `Company').                               
                                                                              
    Company   Warrants  Share     Issue     Expiry    Board     Exercise      
                                  Price     Date      Lots      Price         
    China     Series A  RMB1.00   HK$0.283  August    2,000     HK$3.28       
    Telecom                                 28, 2006                          
    Corporati                                                                 
    on                                                                        
    Limited                                                                   
    HSBC      Series B  US$0.50   HK$0.307  August    4,000     HK$136.88     
    Holdings                                28, 2006                          
    plc                                                                       
    PetroChin Series C  RMB1.00   HK$0.424  August    2,000     HK$4.88       
    a                                       28, 2006                          
    Company                                                                   
    Limited                                                                   
    Weiqiao   Series D  RMB1.00   HK$0.251  December  5,000     HK$12.00      
    Textile                                 28, 2006                          
    Company                                                                   
    Limited                                                                   
                                                                              
                                                                              
                                                                              
    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 in respect of Series B and Series D, and each Warrant in         
    respect of Series A and Series C, entitle(s) 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