09:24     SGA SOCIETE GENERALE ACCEPTANCE N.V. - Announcement                 

    This announcement appears for information purposes only and does not      
    constitute an invitation or offer to acquire, purchase or subscribe       
    for the Derivative Warrants described below.                              
                                                                              
    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.                                                        
                                                                              
    Derivative Warrants Issued by                                             
    SGA Societe Generale Acceptance N.V.                                      
    (incorporated in the Netherlands Antilles with limited liability)         
                                                                              
    unconditionally and irrevocably guaranteed by                             
    Societe Generale (incorporated in France)                                 
                                                                              
    Sponsor/Manager                                                           
    SG Securities (HK) Limited                                                
                                                                              
    ANNOUNCEMENT                                                              
                                                                              
    SGA Societe Generale Acceptance N.V. (the "Issuer") announces that        
    in respect of the Derivative Warrants listed below, the temporary         
    arrangement for the change of the Liquidity Provider for the              
    respective Derivative Warrants, as set out in the Issuer's                
    announcement dated 17 February, 2005, ceased on the close of              
    business on 25 February, 2005.  The Liquidity Provider in respect of      
    the below listed Derivative Warrants will revert back to SG               
    Securities (HK) Limited (Broker ID: 9509; Quote Request Telephone         
    No. 2166 4270) with effect from 10:00 a.m. on 28 February, 2005.          
                                                                              
    Stock Code:     Stock Code:     Stock Code:     Stock Code:    Stock Code:
    4679            3856            3704            3681            3530      
    4677            3855            3703            3679            3529      
    4658            3854            3702            3675            3506      
    4657            3827            3701            3674            3505      
    4654            3826            3700            3673            3504      
    4653            3825            3690            3672                      
    4478            3824            3688            3546                      
    4476            3778            3687            3544                      
    4433            3775            3686            3531                      
                                                                              
    For the avoidance of doubt, all other information contained in the        
    respective supplemental listing document for these Derivative             
    Warrants shall remain unchanged.                                          
                                                                              
    25 February, 2005                                                         
    SGA Societe Generale Acceptance N.V.