09:39 SG-HSI @EC0505A<03505> - Announcement (1) This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Warrants (as defined below). Each holder of the Warrants should make its own appraisal of the risks and should consult to the extent necessary its own legal, financial, tax accounting and other professional advisors in this respect prior to any subscription or acquisition of the Warrants. 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 by way of placing of an additional 600,000,000 European Style (Cash Settlement) Call Warrants 2004/2005 relating to the Hang Seng Index (Stock Code: 3505) 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) SGA Societe Generale Acceptance N.V. (the "Issuer") announces that it intends to issue the following further warrants (the "Further Warrants"): Further Warrants: Index Hang Seng Index Type Call Issue Size 600,000,000 Issue Price HK$0.083 Launch Date 3 February, 2005 Issue Date 7 February, 2005 Expiry Date 30 May, 2005, being the day on which the Closing Level of the Warrants shall be determined Closing Level Final settlement price for settling the Hang Seng Index May 2005 Futures Contract Strike Level 13,600.00 Board Lot 10,000 Warrants Entitlement Ratio 4,300 Warrants for one Index Premium 3.22% Gearing 37.89x Effective Gearing 15.91x Implied Volatility 16.55% Listing Date 14 February, 2005 The Further Warrants shall be consolidated and form a single series with an existing issue of 400,000,000 European Style (Cash Settlement) Call Warrants 2004/2005 relating to the Hang Seng Index (Stock Code: 3505) (the "Existing Warrants", together with the Further Warrants, the "Warrants") issued by the Issuer and unconditionally and irrevocably guaranteed by Societe Generale (the "Guarantor") and listed on the Stock Exchange in which dealings commenced on 17 November, 2004 and details of which are contained in a supplemental listing document dated 15 November, 2004 (the "Supplemental Listing Document"). The Further Warrants are issued pursuant to rights reserved to the Issuer in condition 11 of the Existing Warrants. The terms and conditions of the Further Warrants are identical in all material respects to the terms and conditions of the Existing Warrants. The closing price of the Existing Warrants on 2 February, 2005 was HK$0.088. The Further Warrants are to be placed through securities dealers by way of placing. The placement is made pursuant to a Master Placing Agreement dated 6 March, 2002 as supplemented by a Confirmation (as defined in the Master Placing Agreement) dated the Launch Date under which the Issuer and the Guarantor appointed SG Securities (HK) Limited as placing agent (the "Placing Agent") for the Further Warrants. The Placing Agent may appoint brokers (the "Brokers") from time to time to distribute the Further Warrants and certain commissions may be payable to the Brokers by the Placing Agent. The Brokers will be persons regulated by the Code of Conduct for Persons Registered with the Securities and Futures Commission. The Warrants are European Style and may only be exercised on, subject to adjustment, the Expiry Date in a Board Lot of Warrants or integral multiples thereof. Every Board Lot 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 calculated in accordance with the formula set out below: Cash Settlement Amount = (Closing Level - Strike Level) x HK$1.00 x Board Lot 4,300