09:38     <02150>, <02205> & <02160>- Announcement (1)                        

    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.                                                             
                                                                              
    Notice of Expiry relating to certain European Style (Cash Settlement)     
    Warrants 2004/2005 issued by SGA Societe Generale Acceptance N.V.         
    (incorporated in the Netherlands Antilles with limited liability)         
    and unconditionally and irrevocably guaranteed by Societe Generale        
    (incorporated in France)                                                  
                                                                              
    Notice of Expiry relating to the following warrants (together,            
    the "Warrants"):                                                          
                                                                              
    Stock Code      2150                                                      
    Index   Hang Seng Index                                                   
    Type    Put                                                               
    Issue Size      1,000,000,000                                             
    Expiry Date     28 January 2005                                           
    Closing Level   Final settlement price for settling the Hang Seng Index   
    January 2005 Futures Contracts                                            
    Strike Level    12,200                                                    
    Board Lot       10,000                                                    
    Entitlement Ratio       5,000 Warrants for one Index                      
    Last Trading Date       24 January 2005                                   
    Closing Price of the Warrants on 14 January 2005        HK$0.01           
    Closing Level of the Index on 14 January 2005   13,494.78                 
    In/Out of the Money on 14 January 2005 (based on the Strike Level)        
    10.61% out of the money                                                   
                                                                              
    Stock Code      2205                                                      
    Index   Hang Seng Index                                                   
    Type    Put                                                               
    Issue Size      400,000,000                                               
    Expiry Date     28 January 2005                                           
    Closing Level   Final settlement price for settling the Hang Seng         
    Index January 2005 Futures Contracts                                      
    Strike Level    11,600                                                    
    Board Lot       10,000                                                    
    Entitlement Ratio       3,500 Warrants for one Index                      
    Last Trading Date       24 January 2005                                   
    Closing Price of the Warrants on 14 January 2005        HK$0.01           
    Closing Level of the Index on 14 January 2005   13,494.78                 
    In/Out of the Money on 14 January 2005 (based on the Strike Level)        
    16.33% out of the money                                                   
                                                                              
    Stock Code      2160                                                      
    Index   Hang Seng China Enterprises Index                                 
    Type    Call                                                              
    Issue Size      400,000,000                                               
    Expiry Date     28 January 2005                                           
    Closing Level   Final settlement price for settling the H-Shares Index    
    January 2005 Futures Contracts                                            
    Strike Level    4,100                                                     
    Board Lot       10,000                                                    
    Entitlement Ratio       3,200 Warrants for one Index                      
    Last Trading Date       24 January 2005                                   
    Closing Price of the Warrants on 14 January 2005        HK$0.15           
    Closing Level of the Index on 14 January 2005   4,540.60                  
    In/Out of the Money on 14 January 2005 (based on the Strike Level)        
    10.75% in the money                                                       
                                                                              
    SGA Societe Generale Acceptance N.V. (the "Issuer") would like to remind  
    holders of the Warrants (the "Warrantholders") that under the terms and   
    conditions of the Warrants (the "Conditions"), the rights to exercise     
    the Warrants will expire at 10.00 a.m. (Hong Kong time) on the Expiry     
    Date. Any Warrants which have not been exercised on or before such time   
    will lapse and the permanent global certificate in respect of the         
    Warrants will expire immediately thereafter and all rights of the         
    Warrantholder with respect to such Warrants shall cease. The Warrants     
    must be exercised in a Board Lot or integral multiples thereof.