10:08 CS-CLIFE@XC0508<09882> - Announcement (2) Volatility Gearing 31 per cent. 294.26X 11.77X 6.29 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 any 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 New Warrants, which is expected to be on or about April 28, 2005. 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 29, 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 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, 2005, 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 April 19, 2004 (both in English and Chinese translation), the Second Supplemental Listing Document dated February 14, 2005 (both the English version and the Chinese translation) and the Third Supplemental Listing Document to be dated on or about April 28, 2005 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, the Second Supplemental Listing Document and the Third Supplemental Listing Document and, where necessary, seek professional advice before they invest in the Warrants. * 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. 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 Hing Shing Securities Limited (Broker ID Number 9555, Tel (852) 2529 0160, Address: 701 Admiralty Center, Tower One, Admiralty, 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.