09:52     <09539>,<09540>,<09541>,<09542>,<09566>&<09567> - Ann. (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)##                       
                                                                              
                                                                              
    9539       PetroChina Call       One        HK$12.515  May 18,            
                Company              Warrant               2004#              
               Limited                                     October            
                                                           18,                
                                                           2004#              
                                                           March 18,          
                                                           2005#              
                                                           August             
                                                           18, 2005           
    9540       China      Call       Ten        HK$69.45   May 18,            
               Mobile                Warrants              2004#              
               (Hong                                       October            
               Kong)                                       18,                
               Limited                                     2004#              
                                                           March 18,          
                                                           2005#              
                                                           August             
                                                           18, 2005           
    9541       CNOOC      Call       Ten        HK$57.325  May 18,            
               Limited               Warrants              2004#              
                                                           October            
                                                           18,                
                                                           2004#              
                                                           March 18,          
                                                           2005#              
                                                           August             
                                                           18, 2005           
    9542       PetroChina Call       One        HK$12.515  May 18,            
                Company              Warrant               2004#              
               Limited                                     October            
                                                           18,                
                                                           2004#              
                                                           March 18,          
                                                           2005#              
                                                           August             
                                                           18, 2005           
    9566       CITIC      Call       Ten        HK$60.13   May 18,            
               Pacific               Warrants              2004#              
               Limited                                     October            
                                                           18,                
                                                           2004#              
                                                           March 18,          
                                                           2005#              
                                                           August             
                                                           18, 2005           
    9567       Henderson  Call       Ten        HK$103.49  May 18,            
               Land                  Warrants              2004#              
               Developmen                                  October            
               t Company                                   18,                
               Limited                                     2004#              
                                                           March 18,          
                                                           2005#              
                                                           August             
                                                           18,                
                                                           2005