11:17     CS-HSBC @EC0601<03843> - Announcement (2)                           

    The issue of the New Warrants is conditional upon the Stock Exchange      
    granting listing of, and permission to deal in, the New Warrants.         
    Application will be made to the Stock Exchange for the listing of,        
    and permission to deal in, the New Warrants. The Issuer has been          
    informed that consideration of such application will go through the       
    normal application procedure pursuant to Chapter 15A of the Rules         
    Governing The Listing of Securities on the Stock Exchange (the            
    `Rules') and no guarantee that such approval will be granted can be       
    given. The date of commencement of dealings of the New Warrants is        
    expected to be April 6, 2005.                                             
                                                                              
    The Issuer is not regulated by any of the bodies referred to in Rule      
    15A.13(2) or (3) of the Rules. The Issuer is regulated by the Swiss       
    Federal Banking Commission and the Swiss National Bank. The Issuer's      
    senior long term debt is rated Aa3 by Moody's Investors Service,          
    Inc., A+ by Standard and Poor's Ratings Group and AA- by Fitch IBCA       
    Ltd.                                                                      
                                                                              
    The Issuer has undertaken for each series of Warrants to make             
    documents containing details of the Warrants and financial and other      
    information on the Issuer available for inspection by holders of the      
    Warrants. The documents available for inspection during the period        
    that any structured products issued by the Issuer are listed on the       
    Stock Exchange are a copy of the Base Listing Document dated April        
    26, 2004, together with any addenda or successor to the Base Listing      
    Document (both the English version and the Chinese translation) and       
    the latest publicly available annual report and interim report (if        
    any) of the Issuer. The Supplemental Listing Document dated January       
    28, 2005 (both in English and Chinese translation) and the Second         
    Supplemental Listing Document to be dated on or about April 4, 2005       
    (both the English version and the Chinese translation) will be            
    available for inspection until the Expiry Date. These documents will      
    be available for inspection at the office of Credit Suisse First          
    Boston (Hong Kong) Limited, which is presently at 45th Floor, Two         
    Exchange Square, 8 Connaught Place, Central, Hong Kong. Information       
    on the Issuer can also be found on the website of the group of            
    companies to which the Issuer belongs, which is www.csfb.com.             
                                                                              
    Before purchasing the Warrants you should ensure that you fully           
    understand their potential risks and rewards and independently            
    determine that they are appropriate for you given your objectives,        
    experience, financial and operational resources and other relevant        
    circumstances. You should consult with such advisers as you deem          
    necessary to assist you in making these determinations.                   
                                                                              
    Investors are warned that the price of the Warrants may fall in           
    value as rapidly as it may rise and holders may sustain a total loss      
    of their investment. Prospective purchasers should therefore ensure       
    that they understand the nature of the Warrants and carefully study       
    the risk factors set out in the Base Listing Document, the                
    Supplemental Listing Document and the Second Supplemental Listing         
    Document and, where necessary, seek professional advice before they       
    invest in the Warrants.                                                   
                                                                              
    The Issuer and its appointed liquidity provider may be the only           
    market participants in the Warrants and the secondary market for the      
    Warrants may be limited. The Issuer has appointed Hui Kai Securities      
    Limited (Broker ID Number 9519, Tel: (852) 2579 9818, Address: Rm         
    4206, 42nd Floor, Gloucester Tower, The Landmark, 11 Pedder Street,       
    Central, Hong Kong) as its liquidity provider. The liquidity provider     
    will provide liquidity by responding to requests for bid and offer        
    quotes. A quote may be obtained by calling its telephone number.          
                                                                              
    The Issuer is not the ultimate holding company of the group to which      
    the Issuer belongs and with which the Issuer's name is identified.        
    The ultimate holding company of the group to which the Issuer belongs     
    is Credit Suisse Group.                                                   
                                                                              
    The Issuer does not have any special arrangements in place with any       
    brokers with respect to the Warrants.                                     
                                                                              
     Hong Kong, March 31, 2005