09:05 <09711>,<09712>,<09713> & <09715> - Announcement (2) The Issuer and the Guarantor have appointed its affiliate, SG Securities (HK) Limited (Broker ID Number 9509), currently at 41/F, Edinburgh Tower, 15 Queen's Road Central, Hong Kong, as the liquidity provider (the "Liquidity Provider") for the Warrants. Liquidity in the Warrants will be provided by the Liquidity Provider, as agent of the Issuer and the Guarantor, by responding to requests for bid and offer quotes. A request for a quote may be obtained by calling the following telephone number - (852) 2166 4270. The Liquidity Provider is a Stock Exchange participant and its conduct is therefore regulated by the Stock Exchange and the Securities and Futures Commission. In certain circumstances, the Issuer and the Guarantor may be the only party quoting bid and offers prices of the Warrants on the Stock Exchange. The Warrants constitute general unsecured contractual obligations of the Issuer and of no other person, and the guarantee dated 2 August, 2002 constitutes general unsecured contractual obligations of the Guarantor and of no other person, and if you purchase the Warrants you are relying upon the creditworthiness of the Issuer and the Guarantor and have no rights under the Warrants against the companies which has issued the underlying securities. Application will be made to the Listing Committee of 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 the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules") and no guarantee that such approval will be granted can be given. If such permission is granted, it is anticipated that dealings in the Warrants will commence on the Stock Exchange on or about the Listing Date. If approval is, for whatever reason, not given for any one application for the listing of the Warrants, but approval is given for the other, the Issuer will proceed with the listing of those Warrants for which approval has been granted by the Stock Exchange. Copies of the English and Chinese base listing document dated 10 December, 2002 (which contains financial and other information relating to the Issuer and the Guarantor) and any addenda thereto and the English and Chinese supplemental listing documents each to be dated on or about the Issue Date (which contain details of the Warrants) required by the Listing Rules will be available during normal office hours from the Issue Date to the Expiry Date from the office of SG Securities (HK) Limited, currently at 41/F, Edinburgh Tower, 15 Queen's Road Central, Hong Kong. The Guarantor is rated Aa3 by Moody's Investors Service Inc. and AA- by Standard and Poor's. Neither the Issuer nor the Guarantor are regulated by any of the bodies referred to in Rule 15A.13(2) or (3) of the Listing Rules. The Issuer is regulated by the Central Bank of the Netherlands Antilles and the Guarantor is regulated by, amongst others, the Commission Bancaire in France. The Issuer announces that it intends to issue the following warrants (together, the "Warrants"): Warrant 1: Index Hang Seng Index Type Put Launch Date 23 January, 2003 Issue Size 400,000,000 Issue Price HK$0.25 Issue Date 28 January, 2003 Expiry Date 30 July, 2003 Closing Level Final settlement price for settling the Hang Seng Index July 2003 Futures Contracts Strike Level 10,000 Board Lot 10,000 Entitlement Ratio 4,000 Warrants for one Index Premium 5.99% Gearing 9.57x Effective Gearing 5.65x Implied Volatility 25.00% Listing Date 30 January, 2003