This is a Put warrant with December 2005 expiry date. This warrant will appreciate in value (all other things remaining equal) when the spread between Royal Dutch and Shell narrows and vice versa. Please see the term sheet for full details on the SG website.

This is the first warrant issued on the spread between two securities and represents a further step forward in the unique offering available through the UK Covered Warrants market.

You can now trade in 765 warrants and 58 certificates covering UK and international equities, indices, oil, gold, silver, currency and property.

For more information and live prices for all SG warrants, please call Christophe de la Celle on 020 7762 5676 or visit: http://uk.warrants.com/