09:31 <04661>,<03505>,<03530>,<04662>&<04665>-Announcement (2) Stock Code 4665 Index Hang Seng China Enterprises Index Type Put Issue Size 400,000,000 Expiry Date 30 May 2005 Closing Level Final settlement price for settling the H-Shares Index May 2005 Futures Contracts Strike Level 4,700 Board Lot 10,000 Entitlement Ratio 3,600 Warrants for one Index Last Trading Date 24 May 2005 Closing Price of the Warrants on 19 May 2005 HK$0.043 Closing Level of the Index on 19 May 2005 4,614.36 In/Out of the Money on 19 May 2005 (based on the Strike Level) 1.82% In the Money 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. 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: For Stock code 4661: (Closing Level - Strike Level) x HK$1.00 x Board Lot 3,100 For Stock codes 3505 & 3530: (Closing Level - Strike Level) x HK$1.00 x Board Lot 4,300 For stock code 4662 (Strike Level - Closing Level) x HK$1.00 x Board Lot 4,500 For stock code 4665 (Strike Level - Closing Level) x HK$1.00 x Board Lot 3,600 For Stock Codes 3505, 3530 & 4662, the Closing Level is the final settlement price for settling the Hang Seng Index May 2005 Futures Contracts determined pursuant to Regulation 012 of the Regulations for trading Stock Index Futures and the Contract Specifications for Hang Seng Index Futures Contracts (as amended from time to time) of the Hong Kong Futures Exchange Limited. For Stock Codes 4661 & 4665, the Closing Level is the final settlement price for settling the H-Shares Index May 2005 Futures Contracts determined pursuant to Regulation 012 of the Regulations for trading Stock Index Futures and the Contract Specifications for H-Shares Index Futures Contracts (as amended from time to time) of the Hong Kong Futures Exchange Limited. Regulation 012 is as follows: "012. The Final Settlement Price of a Stock Index Futures Contract shall be a number determined by the Clearing House in accordance with the Contract Specifcations." The aggregate Cash Settlement Amount (less any Exercise Expenses) for each warrant issue, shall be despatched no later than three Business Days following the Expiry Date by way of cheque drawn in favour of the Warrantholder.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).If the Cash Settlement Amount is a sum less than or equal to zero, all Warrants shall be deemed to have expired at 10:00 a.m. (Hong Kong time) on the Expiry Date and the Warrantholders shall not be entitled to receive any payment from the Issuer in respect of such Warrants.The Issuer has made the following arrangements regarding dealings in and transfers and exercise of the Warrants:- 1. Warrantholders should not be required to lodge any exercise notice if the Cash Settlement Amount is positive as the Warrants shall be automatically exercised. 2. Application will be made for the listing of the Warrants on the Stock Exchange to be withdrawn with effect from the close of business on the Expiry Date. 20 May 2005 SGA Societe Generale Acceptance N.V.