This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or
subscribe for the Warrants described below.

Launch Announcement for Warrants
issued by
Calyon Financial Products (Guernsey) Limited
(incorporated in Guernsey, Channel Islands with limited liability)
unconditionally and irrevocably guaranteed by
Calyon (“Guarantor”)
(incorporated in France with limited liability)
Manager and Sponsor
Particulars of Warrants
We intend to issue the following Warrants:
Warrants Series 1
Stock Code 7654
Issue Size 400,000,000
Type European style cash settled call warrants
Company China Construction Bank Corporation
Shares Existing issued ordinary H shares of RMB1.00 each in the Company
Board Lot 10,000
Issue Price (HK$) 0.254
Exercise Price (HK$) 10.28
Issue Date 6 November, 2007
Expected Listing Date 7 November, 2007
Expiry Date 5 January, 2009
Entitlement One Share
Exercise Amount
per Entitlement
Ten Warrants
Implied Volatility 80.00%
Effective Gearing 2.12x
Gearing 3.46x
Premium 45.85%
This data may not be comparable to similar information provided by other issuers of derivative warrants. Each issuer may use different pricing
models.
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How much will you receive on expiry?
You are not required to deliver any exercise notice and the Warrants will be automatically exercised on the
relevant Expiry Date. You will receive a Cash Settlement Amount in Hong Kong dollars calculated as follows (if
positive):
Cash Settlement Amount
per Exercise Amount
= Entitlement x (Closing Price – Exercise Price) – Exercise Expenses
“Closing Price” means the arithmetic mean of the closing prices of one Share (as derived from the Daily
Quotation Sheet of the Stock Exchange) for each of the five business days immediately preceding the Expiry Date,
subject to adjustment in accordance with the terms and conditions of the Warrants.
“Exercise Expenses” mean any charges or expenses including any taxes or duties which are incurred in respect
of the exercise of the Warrants.
Listing of the Warrants
We will make an application to the Stock Exchange for listing of and permission to deal in the Warrants on the
Stock Exchange.
Where do you obtain quotes?
You may request to obtain a quote for the relevant Warrants by calling the following telephone number:
Liquidity Provider: CLSA Limited
Broker ID Number: 9515
Telephone number: (852) 2826 5719
Address: 18/F, One Pacific Place,
88 Queensway, Hong Kong
We do not have any special arrangements in place with any brokers with respect to our Warrants.
Where can you inspect the relevant documents?
The following documents (“Listing Documents”), each in separate English and Chinese versions, are available
for inspection until the Expiry Date at 26/F, 27/F, 29/F and 30/F, Two Pacific Place, 88 Queensway, Hong Kong:
1 our base listing document dated 11 June, 2007, as supplemented by the addendum to our base listing
document dated 21 June, 2007 and 17 October, 2007 together with other additional addenda to our base
listing document (if any); and
2 the relevant supplemental listing document for each series of the Warrants to be dated on or about
6 November, 2007.
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IMPORTANT INFORMATION
Unsecured nature of the Warrants
The Warrants constitute general unsecured contractual obligations of us and the Guarantor and of no other
person. You are relying upon the creditworthiness of us and of the Guarantor and have no rights under the Warrants
against any Company.
Guarantor
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
31 October, 2007
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
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
Governing the Listing of the Securities on The Guarantor is also
regulated by French Commission Bancaire.
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).
Investment risk
The price of the Warrants may fall in value as rapidly as it may rise and you may sustain a total loss of your
investment. If the Cash Settlement Amount is less than or equal to zero, all Warrants will expire worthless on the
Expiry Date.
We or the Liquidity Provider may be the only market participant for the Warrants. The secondary market for the
Warrants may be limited.
You must:
carefully study the risk factors set out in the relevant Listing Documents;
fully understand the potential risks and rewards and independently determine whether the Warrants are
appropriate for you given your objectives, experience, financial and operational resources, and other
relevant circumstances; and
consult with such advisers as you deem necessary to assist yourself in making these determinations.
Hong Kong, 1 November, 2007
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