09:19 SG-SHK P@EP0503<04434> - Announcement 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. Notice of Expiry relating to certain European Style (Cash Settlement) Warrants 2004 / 2005 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) Notice of Expiry relating to the following warrants (the "Warrants"): Stock Code 4434 Company Sun Hung Kai Properties Limited Shares Existing issued ordinary shares of HK$0.50 each of the Company Type Put Issue Size 164,000,000 Expiry Date 08 March 2005 Exercise Price HK$70.00 per 10 warrants Board Lot 10,000 Exercise Amount 10 Warrants Entitlement 1 Share Last Trading Date 02 March 2005 Closing Price of the Warrants on 25 February 2005 HK$0.01 Closing Price of the Shares on 25 February 2005 HK$72.75 Out of the Money on 25 February 2005 (based on the Exercise Price ) 3.93% 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. 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. 28 February 2005 SGA Societe Generale Acceptance N.V.