09:51 <02145>,<02269>,<02255>,<02259> - 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 code 2145, 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 code 2269, 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. For Stock code 2255, 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 3,100 For Stock code 2259, 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: (Strike Level - Closing Level) x HK$1.00 x Board Lot 2,800 For stock codes 2255 and 2259, the Closing Level is the final settlement price for settling the H-Shares Index February 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. 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. 8 February 2005 SGA Societe Generale Acceptance N.V.