09:40     SG-HSI @EC0505A<03505> - Announcement (3)                           

    be directly or indirectly sustained by any broker or holder of the        
    Product or any other person dealing with the Product as a result thereof  
    and no claims, actions or legal proceedings may be brought against HSI    
    Services Limited and/or Hang Seng Data Services Limited in connection     
    with the Product in any manner whatsoever by any broker, holder or other  
    person dealing with the Product. Any broker, holder or other person       
    dealing with the Product does so therefore in full knowledge of this      
    disclaimer and can place no reliance whatsoever on HSI Services Limited   
    and/or Hang Seng Data Services Limited. For the avoidance of doubt, this  
    disclaimer does not create any contractual or quasi-contractual           
    relationship between any broker, holder or other person and HSI Services  
    Limited and/or Hang Seng Data Services Limited and must not be construed  
    to have created such relationship.                                        
                                                                              
    4 February, 2005                                                          
    SGA Societe Generale Acceptance N.V.