09:34     <03948>,<03949>,<03952> & <03953> - 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.                                                             
                                                                              
    Placing of certain European Style (Cash Settlement) Warrants 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)       
                                                                              
    The 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           
    SGA Societe Generale Acceptance N.V. (the "Issuer") and                   
    Societe Generale (the "Guarantor") appointed SG Securities (HK)           
    Limited as placing agent (the "Placing Agent") for the Warrants.  The     
    Placing Agent may appoint brokers (the "Brokers") from time to time to    
    distribute the 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 settlement amount (if positive) (the "Cash         
    Settlement Amount") payable in Hong Kong dollars calculated in            
    accordance with the formula set out below:                                
                                                                              
    Warrant 1:      (Closing Level - Strike Level) x HK$1.00 x Board Lot      
            1,900                                                             
                                                                              
    Warrant 2:      (Closing Level - Strike Level) x HK$1.00 x Board Lot      
            1,900                                                             
                                                                              
    Warrant 3:      (Strike Level - Closing Level) x HK$1.00 x Board Lot      
            1,900                                                             
                                                                              
    Warrant 4:      (Strike Level - Closing Level) x HK$1.00 x Board Lot      
            1,950                                                             
                                                                              
    For Warrants 1 and 4, the Closing Level for determining the Cash          
    Settlement Amount shall be the final settlement price for settling the    
    H-Shares Index September 2005 Futures Contracts.                          
                                                                              
    For Warrants 2and 3, the Closing Level for determining the Cash           
    Settlement Amount shall be the final settlement price for settling the    
    H-Shares Index November 2005 Futures Contracts.                           
                                                                              
    The Premium, Gearing, Effective Gearing and Implied Volatility values     
    for the Warrants are based on the Issuer's own calculations and           
    information and it should be noted that these values may not be           
    comparable to similar information provided by other derivative warrant    
    issuers due to the use of different pricing models.                       
                                                                              
    The price of the Warrants may change with market fluctuations.  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) and the          
    Issuer will pay to the holders of the Warrants an amount calculated       
    as described above less any exercise expenses.  If, however, on the       
    Expiry Date, the Cash Settlement Amount is zero or negative, the          
    holder of the Warrants will lose the value of his investment.