09:57     <09242>, <09047> & <09050> - 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.                                                        
                                                                              
    Locked-In Return*/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 issue of Locked-In Return* Warrants and Average        
    Return** Warrants listed below (the `Warrants'), the Issuer would         
    like to publish the Periodic Cash Settlement Amount(s) (in respect of     
    Locked in Return Warrants) and Periodic Reference Price(s) (in            
    respect of Average Return Warrants) 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     Cash       Fixing             
                                                Settlement Dates              
                                                                              
                                                Amount/Per                    
                                                iodic                         
                                                Reference                     
                                                Prices                        
                                                (cumulativ                    
                                                e to                          
                                                date)**                       
                                                                              
    LOCKED-IN RETURN WARRANTS                                                 
    9242       BOC Hong   Call       Ten        HK$0.57    January            
               Kong                  Warrants              28,                
               (Holdings)                                  2004*              
                                                           August             
               Limited                                     27,                
                                                           2004*              
                                                           March 28,          
                                                           2005*              
                                                           October            
                                                           28,                
                                                           2005               
                                                                              
    AVERAGE RETURN WARRANTS                                                   
    9047       PICC       Call       One        HK$0       September          
               Property              Warrant               16,                
               and                                         2004*              
               Casualty                                    December           
               Company                                     21,                
               Limited                                     2004*              
                                                           March 29,          
                                                           2005*              
                                                           June 29,           
                                                           2005               
    9050       PICC       Call       One        HK$0       September          
               Property              Warrant               16,                
               and                                         2004*              
               Casualty                                    December           
               Company                                     21,                
               Limited                                     2004*              
                                                           March 29,          
                                                           2005*              
                                                           June 29,           
                                                           2005               
                                                                              
    Locked-In Return Warrants                                                 
    * Investors should note that the Perodic Cash Settlement Amount           
    (cumulative to date) of the Warrants set out above reflect the sum of     
    the Periodic Cash Settlement Amount(s) in respect of these dates          
    only.                                                                     
                                                                              
    ** Investors should note that the Warrants are European style             
    and may only be exercised on the relevant Expiry Date. Each               
    respective Exercise Amount will 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 Amount(s)            
    divided by the number of Periodic Fixing Dates less (2) the Exercise      
    Expenses.