10:02     <09018>, <09885>,<09889>, <09892> & <09893> - Ann. (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                                                 
                                                                              
    9018       Hong Kong  Call       Ten        HK$21.27   March 8,           
               Exchanges             Warrants              2004#              
               and                                         October            
               Clearing                                    8,                 
               Limited                                     2004#              
                                                           May 9,             
                                                           2005#              
                                                           December           
                                                           8,                 
                                                           2005               
                                                                              
    AVERAGE RETURN WARRANTS                                                   
                                                                              
    9885       Cheung     Call       Ten        HK$217.95  September          
               Kong                  Warrants              8,                 
               (Holdings)                                  2004#              
                Limited                                    January            
                                                           7,                 
                                                           2005#              
                                                           May 9,             
                                                           2005#              
                                                           September          
                                                           8, 2005            
    9889       China      Call       One        HK$8.05    September          
               Telecom               Warrant               8,                 
               Corporatio                                  2004#              
               n Limited                                   January            
                                                           7,                 
                                                           2005#              
                                                           May 9,             
                                                           2005#              
                                                           September          
                                                           8, 2005            
    9892       Henderson  Call       Ten        HK$113.76  September          
               Land                  Warrants              8,                 
               Developmen                                  2004#              
               t Company                                   January            
               Limited                                     7,                 
                                                           2005#              
                                                           May 9,             
                                                           2005#              
                                                           September          
                                                           8, 2005            
    9893       Hutchison  Call       Ten        HK$204.75  September          
               Whampoa               Warrants              8,                 
               Limited                                     2004#              
                                                           January            
                                                           7,                 
                                                           2005#              
                                                           May 9,             
                                                           2005#