09:43 CS-CSCL @EC0604<04834> - Announcement (2) of commencement of dealings is expected to be April 26, 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 the 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 to be dated on or about April 25, 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 and the 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 CITIC Capital Services Ltd (Broker ID Number 9611, Tel: (852) 2237 6376, Address: 26/F CITIC Tower, 1 Tim Mei Avenue, 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 their 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, April 20, 2005 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. 300,000,000 European Style (Cash Settled) Call Warrants 2005-2006 relating to the existing issued ordinary H shares of RMB1.00 each of China Shipping Container Lines Company Limited (`Warrants') 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 issue the Warrants. Each Warrant relates to one ordinary share of the par value specified below (the `Share') of the company specified below (the `Company'). Company Share Issue Expiry Board Exercise Price Date Lots Price China RMB1.00 HK$0.467 April 18, 1,000 HK$3.88 Shipping 2006 Container Lines Company Limited The Warrants are European style and may only be exercised on the Expiry Date. The Warrants are in registered form and exercisable only in the board lots specified above. Each Warrant entitles 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 Entitlement (as defined in the terms and conditions of the Warrants) (subject to adjustment) multiplied by (i) 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 the Expiry Date as more fully described in the terms and conditions of the Warrants) less (ii) the Exercise Price (subject to adjustment); less (2) the Exercise Expenses (as defined in the terms and conditions of the Warrants). For the avoidance of doubt, if the Cash Settlement Amount is a negative figure, it shall be deemed to be zero. 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 implied volatility, gearing, effective gearing and premium of the 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. Implied Gearing Effective Premium Volatility Gearing 35 per cent. 8.30X 4.40X 12.18 per cent. The Warrants will constitute general unsecured contractual obligations of the Issuer and no other person. Investors are relying upon the creditworthiness of the Issuer and have no rights under the Warrants against the Company. The obligations of the Manager are subject to termination on the occurrence of certain events, including force majeure, on or before the issue date of the Warrants, which is expected to be on or about April 25, 2005. The issue of the Warrants is conditional upon the Stock Exchange granting listing of, and permission to deal in, the Warrants. Application will be made to the Stock Exchange for the listing of, and permission to deal in, the 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 SGA Societe Generale Acceptance N.V. (the "Issuer") would like to remind holders of the Warrants (the "Warrantholders") that under the terms and conditions of the Warrants (the "Conditions"), the rights to exercise the Warrants will expire at 10.00 a.m. (Hong Kong time) on the Expiry Date. Any Warrants which have not been exercised on or before such time will lapse and the permanent global certificate in respect of the Warrants will expire immediately thereafter and all rights of the Warrantholder with respect to such Warrants shall cease. The Warrants must be exercised in a Board Lot or integral multiples thereof. The Warrants are European Style and exercisable only on the Expiry Date. The Warrants are in global registered form. No registrar has been appointed and no register of Warrantholders is maintained in respect of the Warrants. Every Exercise Amount will entitle the holder on exercise thereof to receive from the Issuer a cash amount (if positive) (the "Cash Settlement Amount") payable in Hong Kong dollars equal to the Entitlement multiplied by (i) the average of the closing prices of, subject to adjustment, the underlying Share (as derived from the Daily Quotation Sheet of the Stock Exchange subject to any adjustments as may be necessary) for the five business days immediately preceding the Expiry Date less (ii) the Exercise Price. The aggregate Cash Settlement Amount (less any Exercise Expenses) for each warrant issue, shall be despatched no later than three Business Days following the Expiry Date by way of cheque drawn in favour of the Warrantholder. If, on the Expiry Date, the Cash Settlement Amount is positive, the Warrants will be automatically exercised (without any exercise notice being required to be delivered by the holders of the Warrants).If the Cash Settlement Amount is a sum less than or equal to zero, all Warrants shall be deemed to have expired at 10:00 a.m. (Hong Kong time) on the Expiry Date and the Warrantholders shall not be entitled to receive any payment from the Issuer in respect of such Warrants. The Issuer has made the following arrangements regarding dealings in and transfers and exercise of the Warrants:- 1. Warrantholders should not be required to lodge any exercise notice if the Cash Settlement Amount is positive as the Warrants shall be automatically exercised. 2. Application will be made for the listing of the Warrants on the Stock Exchange to be withdrawn with effect from the close of business on the Expiry Date. 20 April 2005 SGA Societe Generale Acceptance N.V.