09:26     <04432>,<04478> & <04520> - Announcement (1)                        

                                                                              
    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 (together, the        
    "Warrants"):                                                              
                                                                              
    Stock Code      4432                                                      
    Index   Hang Seng China Enterprises Index                                 
    Type    Call                                                              
    Issue Size      400,000,000                                               
    Expiry Date     30 March 2005                                             
    Strike Level    4,200                                                     
    Board Lot       10,000                                                    
    Entitlement Ratio       3,200 Warrants for one Index                      
    Last Trading Date       22 March 2005                                     
    Closing Price of the Warrants on 17 March 2005  HK$0.229                  
    Closing Price of the Index on 17 March 2005     4,959.81                  
    In the Money on 17 March 2005 (based on the Strike Level )      18.09%    
                                                                              
    Stock Code      4478                                                      
    Index   Hang Seng Index                                                   
    Type    Call                                                              
    Issue Size      1,000,000,000                                             
    Expiry Date     30 March 2005                                             
    Strike Level    13,400                                                    
    Board Lot       10,000                                                    
    Entitlement Ratio       4,300 Warrants for one Index                      
    Last Trading Date       22 March 2005                                     
    Closing Price of the Warrants on 17 March 2005  HK$0.097                  
    Closing Price of the Index on 17 March 2005     13,817.99                 
    In the Money on 17 March 2005 (based on the Strike Level )      3.12%     
                                                                              
    Stock Code      4520                                                      
    Index   Hang Seng China Enterprises Index                                 
    Type    Call                                                              
    Issue Size      400,000,000                                               
    Expiry Date     30 March 2005                                             
    Strike Level    4,500                                                     
    Board Lot       10,000                                                    
    Entitlement Ratio       3,350 Warrants for one Index                      
    Last Trading Date       22 March 2005                                     
    Closing Price of the Warrants on 17 March 2005  HK$0.131                  
    Closing Price of the Index on 17 March 2005     4,959.81                  
    In the Money on 17 March 2005 (based on the Strike Level )      10.22%    
                                                                              
    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 4432, 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                     
                                                            3,200             
                                                                              
    For Stock code 4478, 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                     
                                                            4,300