09:52     CS-CLIFE@XC0508<09882> & CS-CP&CC@XC0508<09884>-Announcement        

    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              
                                                (cumulative                   
                                                 to date)??                   
                                                                              
    9882       China      Call       One        HK$14.81   August             
               Life                  Warrant               17,                
               Insurance                                   2004?              
               Company                                     December           
               Limited                                     16,                
                                                           2004?              
                                                           April 15,          
                                                           2005?              
                                                           August             
                                                           17, 2005           
    9884       China      Call       One        HK$9.145   August             
               Petroleum             Warrant               17,                
               and                                         2004?              
               Chemical                                    December           
               Corporation                                  16,               
                                                           2004?              
                                                           April 15,          
                                                           2005?              
                                                           August             
                                                           17,                
                                                           2005               
                                                                              
    ? Investors should note that the Periodic Reference Price(s)              
    (cumulative to date) of the Warrants set out above reflect the sum of     
    the Periodic Reference Price(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. In respect of      
    each issue of Warrants, 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 Reference        
    Prices divided by the number of Periodic Fixing Dates less (2) the        
    Exercise Price and the Exercise Expenses.                                 
                                                                              
    Investors should note that the calculation of the Cash Settlement         
    Amount of the Warrants take into account the Periodic Reference Price     
    at each Periodic Fixing Date. The average of all the Periodic             
    Reference Prices is then compared with the Exercise Price before the      
    Cash Settlement Amount is determined. The Cash Settlement Amount of       
    the Warrants will not be the same as the relevant Periodic Reference      
    Price set out above.                                                      
                                                                              
    * Investors should note that the description `Average Return' refers      
    to the calculation of the return on the Warrants only; the return of      
    the Average Return Call Warrants is calculated by reference to the        
    average of the Periodic Reference Prices, that is, by reference to        
    the sum of the Periodic Reference Prices divided by the number of the     
    Periodic Fixing Dates; if on the Expiry Date, the average of the          
    Periodic Reference Prices is less than the Exercise Price, the            
    Warrantholders will not receive any payment from the Issuer and will      
    sustain a total loss of their investment. Please refer to the             
    Conditions of the Warrants set out in the relevant Supplemental           
    Listing Document.                                                         
                                                                              
    Hong Kong, April 18, 2005