10:31     <02232><02233><02245><02246> - Announcement (2)                     

    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.           
                                                                              
    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 2232 and 2233, every Exercise Amount will entitle the     
    holder on exercise thereof to receive from the Issuer a cash amount (if   
    positive) (the "Cash Settlement Amount") payable in Hong Kong dollars     
    equal to the Entitlement multiplied by (i) the average of the closing     
    prices of, subject to adjustment, the underlying Share (as derived from   
    the Daily Quotation Sheet of the Stock Exchange subject to any            
    adjustments as may be necessary) for the five business days immediately   
    preceding the Expiry Date less (ii) the Exercise Price.                   
                                                                              
    For Stock codes 2245 and 2246, every Exercise Amount will entitle the     
    holder on exercise thereof to receive from the Issuer a cash amount       
    payable in Hong Kong dollars equal to the Entitlement multiplied by (i)   
    the Exercise Price less (ii) the average of the closing prices of,        
    subject to adjustment, the underlying Share (as derived from the Daily    
    Quotation Sheet of the Stock Exchange subject to any adjustments as may   
    be necessary) for the five business days immediately preceding the        
    Expiry Date.                                                              
                                                                              
    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.                                                      
                                                                              
    31 January 2005         SGA Societe Generale Acceptance N.V.