09:15     SG-HSI  @EC0509<03963> & SG-HSBC @EP0509<03964> - Ann (3)           

                                                                              
    In relation to Warrant 1:                                                 
                                                                              
    The Hang Seng Index (the "HSIndex") is published and compiled by HSI      
    Services Limited pursuant to a licence from Hang Seng Data Services       
    Limited. The mark and name "Hang Seng Index" is proprietary to Hang       
    Seng Data Services Limited. HSI Services Limited and Hang Seng Data       
    Services Limited have agreed to the use of, and reference to, the         
    HSIndex by SGA Societe Generale Acceptance N.V. in connection with the    
    "Issue of Warrants on the Hang Seng Index" (the "Product") but neither    
    HSI Services Limited nor Hang Seng Data Services Limited warrants or      
    represents or guarantees to any broker or holder of the Product or any    
    other person the accuracy or completeness of the HSIndex and its          
    computation or any information related thereto and no warranty or         
    representation or guarantee of any kind whatsoever relating to the        
    HSIndex is given or may be implied. The process and basis of              
    computation and compilation of the HSIndex and any of the related         
    formula or formulae, constituent stocks and factors may at any time be    
    changed or altered by HSI Services Limited without notice. No             
    responsibility or liability is accepted by HSI Services Limited or Hang   
    Seng Data Services Limited in respect of the use of and/or reference to   
    the HSIndex by SGA Societe Generale Acceptance N.V. in connection with    
    the Product, or for any inaccuracies, omissions, mistakes or errors of    
    HSI Services Limited in the computation of the HSIndex or for any         
    economic or other loss which may 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.                                                        
                                                                              
    3 March, 2005             SGA Societe Generale Acceptance N.V.