09:53     CS-HWL  @XC0506<09199> - 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.                                                        
                                                                              
                                                                              
                                                                              
    Third Further Issue                                                       
    of                                                                        
    600,000,000 European Style (Cash Settled) Locked-In Return* Call          
    Warrants 2003-2005                                                        
                                                                              
    relating to the existing issued ordinary shares of HK$0.25 each of        
    Hutchison Whampoa Limited                                                 
    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      
    further issue the series of Warrants detailed below (the `New             
    Warrants'). The New Warrants will, from their date of issue, be           
    consolidated and form a single series with an existing issue of           
    1,000,000,000 European Style (Cash Settled) Locked-In Return* Call        
    Warrants 2003-2005 (Stock Code: 9199) relating to the existing issued     
    ordinary shares of HK$0.25 each of Hutchison Whampoa Limited (the         
    `Original Warrants', together with the New Warrants, the `Warrants').     
    The closing price of the Original Warrants on March 18, 2005 was          
    HK$0.017.                                                                 
                                                                              
    The terms and conditions of the New Warrants are identical in all         
    material respects to the terms and conditions of the Original             
    Warrants. Every ten Warrants relate to one ordinary share of the          
    relevant par value specified below (the `Shares') of the relevant         
    company specified below (the `Company').                                  
                                                                              
    Company   Share     Issue     Periodic  Expiry    Board     Exercise      
                        Price     Fixing    Date      Lots      Price         
                                  Dates                                       
    Hutchison HK$0.25   HK$0.017  March     June 28,  10,000    HK$72.88      
     Whampoa                      29, 2004  2005                              
    Limited                       August                                      
                                  30, 2004                                    
                                  January                                     
                                  28, 2005                                    
                                  June 28,                                    
                                  2005                                        
                                                                              
                                                                              
                                                                              
    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 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 (as defined in the terms and conditions of the            
    Warrants) and in respect of each Periodic Fixing Date, an amount in       
    Hong Kong dollars calculated by the Issuer as equal to the greater of     
    zero and (1) 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 such Periodic Fixing Date) less (2)       
    the Exercise Price.                                                       
                                                                              
    Investors should note that the sum of the Periodic Cash Settlement        
    Amount(s) to date is HK$0 in respect of every Exercise Amount.            
                                                                              
    If, on the 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 volatility, gearing, effective gearing and premium of the New         
    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.