This document includes particulars given in compliance with the Rules Governing the Listing of Securities on
Investors are warned that the price of the Warrants may fall in value as rapidly as it may rise and holders may sustain a total loss of their investment.
Prospective purchasers should therefore ensure that they understand the nature of the Warrants and carefully study the risk factors set out in this
document and, where necessary, seek professional advice, before they invest in the Warrants.
The Warrants constitute general unsecured contractual obligations of the Issuer 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 Warrants against the company which has issued the
underlying securities.
Supplemental Listing Document for Warrants
issued by
Calyon Financial Products (Guernsey) Limited (“Issuer”)
(incorporated in Guernsey, Channel Islands with limited liability)
unconditionally and irrevocably guaranteed by
Calyon (“Guarantor”)
(incorporated in France with limited liability)
Manager and Sponsor
Key terms
Warrants Series 1 Series 2 Series 3
Stock Code 3387 3811 3812
Issue Size 300,000,000 300,000,000 300,000,000
Style European style cash settled European style cash settled European style cash settled
Type Call Call Call
Company China Coal Energy Company
Limited
CNOOC Limited China Construction Bank
Corporation
Shares Existing issued ordinary H shares
of RMB1.00 each in the
Company
Existing issued ordinary shares of
HKD0.02 each in the Company
Existing issued ordinary H shares
of RMB1.00 each in the
Company
Board Lot 10,000 10,000 10,000
Issue Price per Warrant (HK$) 0.484 0.258 0.25
Exercise Price (HK$) 23.80 15.28 7.48
Entitlement One Share, subject to adjustment in accordance with Condition 6.
Exercise Amount per
Entitlement
Ten Warrants Ten Warrants Ten Warrants
Cash Settlement Amount per
Exercise Amount (if any)
payable at expiry
Entitlement x (Closing Price – Exercise Price) – Exercise Expenses
Closing Price The arithmetic mean of the closing prices of one Share for each of the 5 Valuation Dates subject to our right to
determine the closing price in good faith in certain circumstances on the Last Valuation Date (being the business
day immediately preceding the Expiry Date) upon the occurrence of a Market Disruption Event as described
further in Condition 4(B)(d).
Launch Date 9 November 2007 9 November 2007 9 November 2007
Issue Date 15 November 2007 15 November 2007 15 November 2007
Listing Date
(“Dealing Commencement
Date”)
Expected to be
16 November 2007
Expected to be
16 November 2007
Expected to be
16 November 2007
Valuation Date Each of the five business days immediately preceding the Expiry Date subject to any potential postponement no
later than the Last Valuation Date upon the occurrence of a Market Disruption Event, as described further in
Condition 4(B)(d).
Expiry Date 3 July 2008 2 July 2008 31 December 2008
If such day is not a business day in Hong Kong, the immediately succeeding business day.
If such day is not a business day in Hong Kong, the immediately preceding business day.
You must read the above together with our base listing document dated 11 June 2007, in particular, the section headed “Terms and Conditions of the
Call Warrants (Cash Settled)” (“Conditions”).
15 November 2007

IMPORTANT INFORMATION
What is this document about?
This document is for information purposes only and does
not constitute an invitation or offer to acquire, purchase
or subscribe for the Warrants.
All the Warrants have been placed with the Manager, as
the placing agent.
What documents should you read before investing in
the Warrants?
You must read this document together with our base
listing document dated 11 June 2007 (as supplemented by
the addendum dated 21 June 2007, the addendum dated
17 October 2007 and any other addenda to be issued from
time to time) (together, the “Listing Documents”). The
Listing Documents are accurate as at the date of this
document. You should carefully study the risk factors set
out in the Listing Documents.
Terms used in this document apply to the Warrants
described on the cover page.
What are the Guarantor’s credit ratings?
Our obligations in relation to the Warrants will be
unconditionally and irrevocably guaranteed by the
Guarantor. The Guarantor’s long term debt ratings are:
Rating agency
Rating as of the
Launch Date
Moody’s Investors Service,
Inc., New York
Aa1
Standard and Poor’s Ratings
Services, a division of the
McGraw-Hill Companies Inc
AA-
Fitch Ratings Ltd., London AA
Are we regulated by any bodies referred to in Rule
15A.13(2) or (3)?
The Hong Kong Branch of the Guarantor is a licensed
bank in Hong Kong regulated by the Hong Kong
Monetary Authority. We are not regulated by any of the
bodies referred to in Rule 15A.13(2) or (3) of the Rules.
The Guarantor is also regulated by the French
Commission Bancaire.
Unsecured nature of the Warrants
The issue of the Warrants was authorised by our board of
directors on 17 May 2007. The Warrants constitute our
general unsecured contractual obligations and of no other
person and will rank equally among themselves and with
all our other unsecured obligations (save for those
obligations preferred by law) upon liquidation. The
guarantee in respect of the Warrants (as described in our
base listing document) constitutes the Guarantor’s
general unsecured contractual obligations and of no other
person. If you purchase the Warrants, you are relying
upon the creditworthiness of us and of the Guarantor and
have no rights under the Warrants against any Company.
Are we subject to any litigation?
Save as disclosed in the Listing Documents, we, the
Guarantor and our subsidiaries are not aware of any
litigation or claims of material importance pending or
threatened against any of us.
Has our financial position changed since last
financial year-end?
Save as disclosed in the addendum dated 17 October
2007, there has been no material adverse change in the
financial or trading position of us or the Guarantor since
31 December 2006.
Do you need to pay any transaction cost?
005 per
cent. and the Securities and Futures Commission charges
a transaction levy of 0.004 per cent. in respect of each
transaction effected on the Stock Exchange payable by
each of the seller and the buyer and calculated on the
value of the consideration for the Warrants. The levy for
the investor compensation fund is currently suspended.
You do not need to pay any stamp duty in respect of the
Warrants.
Where can you inspect the relevant documents?
The following documents are available for inspection
during usual business hours on any weekday (Saturdays,
Sundays and holidays excepted) until the Expiry Date at
the offices of Calyon, Hong Kong Branch:
(a) the latest audited financial statements of us and the
Guarantor;
(b) consent letter of the Auditors; and
(c) each of the Listing Documents (in separate English
and Chinese versions, if printed separately).
The Listing Documents are also available on the website
of the Stock Exchange at www.hkex.com.hk.
(www.hkex.com.hk)
Have the auditors consented to the inclusion of their
reports to the Listing Documents?
Our auditors, and the Guarantor’s auditors (collectively
“Auditors”), have given and have not withdrawn their
written consents to the inclusion of their reports in the
base listing document and the addendum respectively in
the form and context in which they are included. Their
reports were not prepared exclusively for incorporation
into the base listing document nor the addendum. The
Auditors do not hold the Guarantor’s shares or shares in
its subsidiaries, nor do they have the right to subscribe for
or to nominate persons to subscribe for the Guarantor’s
securities or securities of any of its subsidiaries.
Selling restriction
The Warrants have not been and will not be registered
under the United States Securities Act of 1933, as
amended (the “Securities Act”), and will not be offered,
sold, delivered or traded, at any time, indirectly or
directly, in the United States or to, or for the account or
benefit of, any U.S. person (as defined in the Securities
Act).
The offer or transfer of the Warrants is also subject to the
selling restrictions specified in our base listing document.
−2−

OVERVIEW OF WARRANTS
What is a derivative warrant?
A derivative warrant is an instrument which gives the
holder a right to “buy” or “sell” an underlying asset at a
pre-set price called the exercise price on the expiry date.
Investing in derivative warrants does not give you a right
in the underlying asset.
Derivative warrants usually cost a fraction of the price of
the underlying asset and may provide leveraged return to
you (but conversely, it could also magnify your losses).
How and when can you get back your investment?
The Warrants are European style cash settled derivative
warrants linked to the Shares. European style warrants
can only be exercised on the expiry date. The Warrants
will be automatically exercised on the Expiry Date,
entitling the holder to a cash amount called the “Cash
Settlement Amount” (if positive) according to the terms
and conditions in the Listing Documents.
You will receive the Cash Settlement Amount at expiry. If
the Cash Settlement Amount is zero or a negative
amount, the Warrants will expire worthless on the
Expiry Date.
How do the Warrants work?
The potential payoff at expiry for the Warrants is
calculated by us by reference to the difference between
the Exercise Price and the Closing Price of the underlying
Share.
For a call warrant
A call warrant is suitable for an investor holding a bullish
view of the price of the underlying share during the term
of the warrant.
A call Warrant will be exercised if the Closing Price of
the underlying Share is greater than its Exercise Price.
The more the Closing Price is above the Exercise Price,
the higher the payoff at expiry. If the Closing Price is at
or below the Exercise Price, the investor in the call
Warrant will lose all of his investment.
What are the factors determining the price of a
derivative warrant?
The price of a warrant generally depends on the price of
the underlying share. However, throughout the term of
the warrants, their price will be influenced by a number
of factors, including:
the price of the underlying share and the exercise
price of the warrants;
the volatility of the price of the underlying share
(being a measure of the fluctuation in the price of
the underlying share);
the time remaining to expiry: a warrant is more
valuable the longer the remaining life of the
warrants;
interest rates;
expected dividend payments on the underlying
share; and
the supply and demand for the warrants.
What is your maximum loss and return?
The maximum loss in warrants will be limited to your
investment amount plus any transaction cost.
Your potential return depends largely on the performance
on the underlying share.
Can you sell the Warrants before maturity?
Yes. We have made an application for listing of, and
permission to deal in, the Warrants on the Stock
Exchange. All necessary arrangements have been made to
enable the Warrants to be admitted into the Central
Clearing and Settlement System (“CCASS”). Issue of the
Warrants is conditional upon listing being granted. From
the Dealing Commencement Date, you may sell or buy
the Warrants on the Stock Exchange.
The Liquidity Provider will make a market in the
Warrants by providing bid and/or sell prices. See
“Liquidity” on page 4 for further information.
How can you get information about the Shares?
You may obtain information on the Shares (including the
Company’s financial reports) by visiting the Stock
Exchange website at www.hkex.com.hk or the relevant
Company’s website at:
Company website
China Coal Energy
Company Limited
www.chinacoal.com
CNOOC Limited www.cnoocltd.com
China Construction
Bank Corporation
www.ccb.com
How can you get information about the Warrants
after issue?
You may visit the Stock Exchange website at
www.hkex.com.hk to obtain information on the Warrants
or any notice given by us or the Stock Exchange in
relation to the Warrants.
We have included references to websites in this document
to indicate how further information may be obtained.
Information appearing on those websites does not form
part of the Listing Documents. You should conduct your
own web searches to ensure that you are viewing the most
up-to-date information.
−3−

ISSUE DETAILS, LIQUIDITY AND SETTLEMENT
You must read this summary together with our base listing document, in particular, the Conditions.
Issue details
Series 1 Series 2 Series 3
Maximum number of Shares to
which the Warrants relate
30,000,000 Shares 30,000,000 Shares 30,000,000 Shares
Form of the Warrants The Warrants will be represented by a global certificate in the name of
HKSCC Nominees Limited. We will not issue definitive certificates for the
Warrants. You may arrange for your broker to hold the Warrants in a
securities account on your behalf, or if you have a CCASS Investor
Participant securities account, you may arrange for the Warrants to be held
in such account. You will have to rely on the records of CCASS and/or the
statements you receive from your brokers as evidence of your beneficial
interest in the Warrants.
Stock Exchange The Stock Exchange has agreed in principle to the listing of the Warrants.
No application has been made to list the Warrants on any other exchange.
Liquidity
Liquidity Provider CLSA Limited (broker ID number 9505). The Liquidity Provider is our
affiliate. It is regulated by the Stock Exchange and the Securities and
Futures Commission. It will act as our agent in providing quotes.
Quotes You can request a quote by calling the Liquidity Provider at:
Telephone number: (852) 2826 5719.
The Liquidity Provider will respond within 15 minutes and the quote will
be displayed on the Stock Exchange’s designated stock page for the
Warrants.
Maximum spread between bid and
offer prices
25.
Factors for determining the bid and
offer prices
The Liquidity Provider will consider factors, including, without limitation,
the spot price of the underlying Shares, the prevailing interest rate
environment, the dividend record of the Shares, the volatility of the
Shares, the time left to the expiry of the Warrants and the Exercise Price
of the Warrants.
Minimum quantity for which
liquidity will be provided
10 Board Lots.
Circumstances under which liquidity
may not be provided
(i) during the first five minutes after trading commences for the first
time;
(ii) when the Warrants are suspended from trading for any reason;
(iii) when there are no Warrants available for market making, in which
event, only a bid price will be available. Warrants held by us or any
of our affiliates in a fiduciary or agency capacity are not Warrants
available for market making;
(iv) during the 5 business days immediately preceding the Expiry Date;
(v) when operational and technical problems affecting the market
making activities arise;
−4−

(vi) if the stock market experiences exceptional price movement and
volatility;
(vii) if a market disruption event occurs;
(viii) when the ability of the Liquidity Provider acting on our behalf to
source a hedge or unwind an existing hedge is materially affected by
the prevailing market condition; and
(ix) if the theoretical value of the Warrant price is less than HK$0.01.
Settlement
Settlement date upon a transfer The Warrants may only be transferred in a Board Lot (or integral multiples
thereof). Where a transfer of Warrants takes place on the Stock Exchange,
settlement must currently be made not later than two trading days.
Exercise The Warrants will be automatically exercised on the Expiry Date in
integral multiples of the Board Lot if the Cash Settlement Amount is
positive; otherwise, you will lose all of your investment. We will deliver
the Cash Settlement Amount (if any) to HKSCC Nominees Limited, which
will then distribute the received Cash Settlement Amount to the securities
account of your broker or to your CCASS Investor Participant securities
account (as the case may be).
Exercise Expenses You are responsible for any Exercise Expenses. Exercise Expenses mean
any charges or expenses including any taxes or duties which are incurred
in respect of the exercise of the Warrants. The Cash Settlement Amount is
net of any Exercise Expenses.
Settlement Date upon automatic
exercise at expiry
Within 3 business days after the Expiry Date.
−5−

RISK FACTORS
You must read these risk factors together with the risk factors set out in our base listing document.
Warrants may expire worthless
Although the cost of a Warrant may cost a fraction of the
value of the underlying Share, the Warrant’s price may
change more rapidly than the underlying Share.
Unlike stocks, the Warrants have a limited life and will
expire at the Expiry Date. In the worst case, the Warrants
may expire with no value. The Warrants are only suitable
for experienced investors who have a positive (in respect
of a series of call Warrants) or negative (in respect of a
series of put Warrants) view on the performance of the
underlying Share during the term of the Warrants and are
willing to accept the risk that they may lose all their
investment.
The Warrants can be volatile
Prices of the Warrants may rise or fall rapidly. You should
carefully consider, among other things, the following
factors before dealing in the Warrants:
(i) the prevailing trading price of the Warrants;
(ii) the value and volatility of the underlying Share;
(iii) the time remaining to expiry;
(iv) the probable range of the Cash Settlement Amount;
(v) the interest rates and expected dividend payments
on the underlying Share;
(vi) the supply and demand of the Warrants;
(vii) the liquidity of the underlying Share;
(viii) any related transaction cost; and
(ix) our creditworthiness and the creditworthiness of
the Guarantor.
Time decay
The value of a Warrant is likely to decrease over time.
Therefore, the Warrants should not be viewed as products
for long term investments.
There is no assurance that the value of the
Warrants will correlate with movements of the
underlying Share
The value of the Warrants may not correspond with the
movements in the underlying Share price. If you buy the
Warrants with a view to hedge against your exposure to
the underlying Share, it is possible that you could suffer
loss in your investment in the underlying Share and the
Warrants.
The Listing Documents are not the sole basis for
making an investment decision
The Listing Documents do not take into account your
investment objectives, financial situation or particular
needs. Nothing in the Listing Documents should be
construed as a recommendation by us or our affiliates to
invest in the Warrants or the underlying Share.
Adjustment related risk
The occurrence of certain events (including a rights issue
or bonus issue by the Company, a share split or
consolidation and a merger or consolidation) may entitle
us to adjust the terms and conditions of the Warrants.
However, we are not obliged to adjust the terms and
conditions of the Warrants for every event that affects the
underlying Share. Any adjustment or decision not to
make any adjustment may adversely affect the value of
the Warrants. Please refer to Condition 6 for details about
adjustments.
Possible limited secondary market
The Liquidity Provider may be the only market
participant for the Warrants and therefore the secondary
market for the Warrants may be limited. The more limited
the secondary market, the more difficult it may be for you
to realise the value in the Warrants prior to expiry.
Possible early termination
The Warrants will be terminated early in the event of
liquidation of the Company.
Conflict of interest
We, the Guarantor and our subsidiaries and affiliates
engage in a wide range of commercial and investment
banking, brokerage, funds management, hedging,
investment and other activities and may possess material
information about the underlying Shares. Such activities
and/or information may involve or affect the Shares and
may cause consequences adverse to you or otherwise
create conflicts of interests in connection with the issue
of the Warrants. We and the Guarantor have no obligation
to disclose such information and may engage in any such
activities without regard to the issue of the Warrants.
In the ordinary course of our business, we, the Guarantor
and our subsidiaries and affiliates may effect transactions
for our own account or for the account of our customers
and may enter into one or more transactions with respect
to the underlying Shares or related derivatives. This may
indirectly affect your interests.
Additional information about us and/or the
Guarantor
You may visit www.calyon.com to obtain information
about us and/or the Guarantor.
−6−

PARTIES
OUR REGISTERED OFFICE

Suites 13 & 15, Sarnia House
Le Truchot
St. Peter Port
Guernsey
THE GUARANTOR’S REGISTERED OFFICE
9, quai du President Paul Doumer
92920 Paris La Defense Cedex
France
MANAGER AND SPONSOR
REGISTRAR AND TRANSFER OFFICE

Calyon, Hong Kong Branch
26/F, 27/F, 29/F and 30/F
Two Pacific Place
88 Queensway
Hong Kong
OUR AUDITORS

PricewaterhouseCoopers CI LLP
National Westminster House
Le Truchot
St. Peter Port
Guernsey
GY1 4ND

THE GUARANTOR’S AUDITORS
Ernst & Young et Autres
41, rue Ybry
92576 Neuilly sur Seine Cedex
France
PricewaterhouseCoopers Audit
63, rue de Villiers
92200 Neuilly sur Seine Cedex
France
LIQUIDITY PROVIDER

CLSA Limited
18/F, One Pacific Place
88 Queensway
Hong Kong