09:47 <04781>, <04782>, <04783> & <04784> - 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. For Warrants 1 and 3, every Exercise Amount 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 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. For Warrants 2 and 4, every Exercise Amount will entitle the holder on exercise thereof to receive from the Issuer the Cash Settlement Amount payable in Hong Kong dollars equal to the Entitlement multiplied by (i) 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 less (ii) the Exercise Price. 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. The Issuer and the Guarantor have appointed its affiliate, SG Securities (HK) Limited, currently at 41/F, Edinburgh Tower, 15 Queen's Road Central, Hong Kong, as the liquidity provider (the "Liquidity Provider") for the Warrants - please refer to the table(s) below for the Liquidity Provider's Broker ID Number(s). Liquidity in the Warrants will be provided by the Liquidity Provider, as agent of the Issuer and the Guarantor, by responding to requests for bid and offer quotes. A request for a quote may be obtained by calling the following telephone number - (852) 2166 4270. The Liquidity Provider is a Stock Exchange participant and its conduct is therefore regulated by the Stock Exchange and the Securities and Futures Commission. In certain circumstances, the Issuer and the Guarantor may be the only party quoting bid and offers prices of the Warrants on the Stock Exchange. The Warrants constitute general unsecured contractual obligations of the Issuer and of no other person, and the guarantee dated 7 May, 2004 constitutes general unsecured contractual obligations of the Guarantor and of no other person, and if you purchase the Warrants you are relying upon the creditworthiness of the Issuer and the Guarantor and have no rights under the Warrants against the companies which has issued the underlying securities.