09:39     <02150>, <02205> & <02160>- Announcement (2)                        

    The Warrants are European Style and exercisable only on the Expiry Date.  
    The Warrants are in global registered form.  No registrar has been        
    appointed and no register of Warrantholders is maintained in respect      
    of the Warrants.                                                          
                                                                              
    For stock codes 2150 and 2205, every Board Lot will entitle the holder    
    on exercise thereof to receive from the Issuer a cash settlement amount   
    (if positive) (the "Cash Settlement Amount") payable in Hong Kong         
    dollars calculated in accordance with the formula set out below:          
                                                                              
    (Strike Level - Closing Level) x HK$1.00 x Board Lot                      
    ----------------------------------------------------                      
                    Entitlement Ratio                                         
                                                                              
    The Closing Level is the final settlement price for settling the Hang     
    Seng Index January 2005 Futures Contracts determined pursuant to          
    Regulation 012 of the Regulations for trading Stock Index Futures and     
    the Contract Specifications for Hang Seng Index Futures Contracts (as     
    amended from time to time) of the Hong Kong Futures Exchange Limited.     
                                                                              
    For Stock code 2160, every Board Lot will entitle the holder on           
    exercise thereof to receive from the Issuer a cash settlement amount      
    payable in Hong Kong dollars calculated in accordance with the formula    
    set out below:                                                            
                                                                              
    (Closing Level - Strike Level) x HK$1.00 x Board Lot                      
    ----------------------------------------------------                      
                    Entitlement Ratio                                         
                                                                              
    The Closing Level is the final settlement price for settling the          
    H-Shares Index January 2005 Futures Contracts determined pursuant to      
    Regulation 012 of the Regulations for trading Stock Index Futures and     
    the Contract Specifications for H-Shares Index Futures Contracts (as      
    amended from time to time) of the Hong Kong Futures Exchange Limited.     
                                                                              
    Regulation 012 is as follows:                                             
                                                                              
    "012. The Final Settlement Price of a Stock Index Futures Contract        
    shall be a number determined by the Clearing House in accordance with     
    the Contract Specifcations."                                              
                                                                              
    The aggregate Cash Settlement Amount (less any Exercise Expenses) for     
    each warrant issue, shall be despatched no later than three Business      
    Days following the Expiry Date by way of cheque drawn in favour of the    
    Warrantholder.                                                            
                                                                              
    If, on the Expiry Date, the Cash Settlement Amount is positive, the       
    Warrants will be automatically exercised (without any exercise notice     
    being required to be delivered by the holders of the Warrants).           
                                                                              
    If the Cash Settlement Amount is a sum less than or equal to zero,        
    all Warrants shall be deemed to have expired at 10:00 a.m. (Hong Kong     
    time) on the Expiry Date and the Warrantholders shall not be entitled     
    to receive any payment from the Issuer in respect of such Warrants.       
                                                                              
    The Issuer has made the following arrangements regarding dealings in      
    and transfers and exercise of the Warrants:-                              
                                                                              
    1.      Warrantholders should not be required to lodge any exercise       
    notice if the Cash Settlement Amount is positive as the Warrants shall    
    be automatically exercised.                                               
                                                                              
    2.    Application will be made for the listing of the Warrants on the     
    Stock Exchange to be withdrawn with effect from the close of business     
    on the  Expiry Date.                                                      
                                                                              
    17 January 2005         SGA Societe Generale Acceptance N.V.