10:08     CS-CLIFE@XC0508<09882> - 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.                                                        
                                                                              
    Second Further Issue                                                      
    of                                                                        
    600,000,000 European Style (Cash Settled) Average Return* Call            
    Warrants 2004-2005                                                        
                                                                              
    relating to the existing issued ordinary H shares of RMB1.00 each         
    of                                                                        
                                                                              
    China Life Insurance Company Limited                                      
                                                                              
    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      
    further issue the series of Warrants detailed below (the `New             
    Warrants'). The New Warrants will, from their date of issue, be           
    consolidated and form a single series with an existing issue of           
    800,000,000 European Style (Cash Settled) Average Return* Call            
    Warrants 2004-2005 (Stock Code: 9882) relating to the existing issued     
    ordinary H shares of RMB1.00 each of China Life Insurance Company         
    Limited (the `Original Warrants', together with the New Warrants, the     
    `Warrants'). The closing price of the Original Warrants on April 22,      
    2005, was HK$0.017.                                                       
                                                                              
    The terms and conditions of the New Warrants are identical in all         
    material respects to the terms and conditions of the Original             
    Warrants. Each Warrant relates to one ordinary share of the relevant      
    par value specified below (the `Shares') of the company specified         
    below (the `Company').                                                    
                                                                              
    Company   Share     Issue     Periodic  Expiry    Board     Exercise      
                        Price     Fixing    Date      Lots      Price         
                                  Dates                                       
    China     RMB1.00   HK$0.017  August    August    1,000     HK$5.30       
    Life                          17, 2004  17, 2005                          
    Insurance                     December                                    
     Company                      16, 2004                                    
    Limited                       April                                       
                                  15, 2005                                    
                                  August                                      
                                  17, 2005                                    
                                                                              
                                                                              
                                                                              
    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 sum of the Periodic Reference        
    Prices (as defined below) divided by the relevant number of Periodic      
    Fixing Dates less (2) the Exercise Price and 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. The cumulative Periodic            
    Reference Price as at April 15, 2005 was HK$14.81.                        
                                                                              
    `Periodic Reference Price' means, in respect of each Periodic Fixing      
    Date (provided that if any such Periodic Fixing Date is not a             
    Business Day, it shall be the immediately preceding Business Day), an     
    amount in Hong Kong Dollars calculated by the Issuer as equal to 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 immediately preceding such Periodic Fixing Date).           
                                                                              
    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 New 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