09:20     CS-HSBC@EC0603B<03871> & CS-HSBC @EC0606<03971> - 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.                                                        
                                                                              
    Further Issue                                                             
    of                                                                        
    300,000,000 European Style (Cash Settled) Call Warrants 2005-2006         
    relating to the existing issued ordinary shares of US$0.50 each of        
    HSBC Holdings plc                                                         
    (`Series A')                                                              
                                                                              
    Further Issue                                                             
    of                                                                        
    300,000,000 European Style (Cash Settled) Call Warrants 2005-2006         
    relating to the existing issued ordinary shares of US$0.50 each of        
    HSBC Holdings plc                                                         
    (`Series B')                                                              
    issued by                                                                 
    CREDIT SUISSE                                                             
    (formerly known as Credit Suisse First Boston)                            
    (incorporated under the laws of Switzerland)                              
    Sponsor/Manager                                                           
    CREDIT SUISSE FIRST BOSTON (HONG KONG) LIMITED                            
                                                                              
    Credit Suisse (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, in respect of Series A, an existing issue of        
    100,000,000 European Style (Cash Settled) Call Warrants 2005-2006         
    (Stock Code: 3871) relating to the existing issued ordinary shares of     
    US$0.50 each of HSBC Holdings plc, and in respect of Series B, an         
    existing issue of 100,000,000 European Style (Cash Settled) Call          
    Warrants 2005-2006 (stock Code: 3971) relating to the existing issued     
    ordinary shares of US$0.50 each of HSBC Holdings plc (each the            
    `Original Warrants', together with the New Warrants, the `Warrants').     
    The closing prices of the Original Warrants on May 26, 2005 were          
    HK$0.204 for Series A and HK$0.305 for Series B respectively.             
                                                                              
    The terms and conditions of the New Warrants are identical in all         
    material respects to the terms and conditions of their respective         
    Original Warrants. Every ten Warrants relate to the ordinary shares       
    of the par value specified below (the `Shares') of the company            
    specified below (the `Company').                                          
                                                                              
    Company   Warrants  Share     Issue     Expiry    Board     Exercise      
                                  Price     Date      Lots      Price         
    HSBC      Series A  US$0.50   HK$0.204  March     4,000     HK$130.00     
    Holdings                                28, 2006                          
    plc                                                                       
                                                                              
    HSBC      Series B  US$0.50   HK$0.305  June 28,  4,000     HK$128.88     
    Holdings                                2006                              
    plc                                                                       
                                                                              
                                                                              
                                                                              
    The Warrants are European style and may only be exercised on the          
    relevant Expiry Date. The Warrants are in registered form and             
    exercisable only in the board lots specified above. Every ten             
    Warrants 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 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 Warrant) less     
    (ii) the relevant Exercise Price (subject to adjustments); 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 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.