10:02     CA-YZ CM@EC0504<04581> - Announcement                               

    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.                                                             
                                                                              
    Notice of Expiry of Warrants                                              
                                                                              
    Issuer:         Calyon Financial Products (Guernsey) Limited              
                    (incorporated in Guernsey, Channel Islands, with limited  
    liability)                                                                
                                                                              
    Guarantor:      CALYON                                                    
                    (incorporated in France with limited liability)           
                                                                              
    Lead Manager    CALYON                                                    
      and Sponsor:  CORPORATION AND INVESTMENT BANK                           
                                                                              
                                                                              
    300,000,000 European Style (Cash Settled) Call Warrants 2004-2005         
    being warrants relating to existing issued ordinary H shares              
    of RMB1.00 each in                                                        
    Yanzhou Coal Mining Company Limited                                       
    (the "Warrants")                                                          
    (Stock Code: 4581)                                                        
                                                                              
    At 10:00 a.m. (Hong Kong time) on 15th April, 2005 (the "Expiry Date")    
    the above Warrants will, in the circumstances described below, be         
    exercised automatically. The Warrants are European style and              
    exercisable only on the Expiry Date.                                      
                                                                              
    Last trading day of the Warrants on                                       
      the Stock Exchange:                              11th April, 2005       
    Last date of the Warrants being listed on                                 
      the Stock Exchange expected to be:               15th April, 2005       
    Closing price of the Warrants on 4th April, 2005:  HK$0.069               
    Closing price of the shares on 4th April, 2005:    HK$10.95               
    Exercise price per ten Warrants:                   HK$10.00               
                                                                              
    Automatic Cash Payment                                                    
                                                                              
    If the Warrants are out-of-the-money on the Expiry Date, warrantholders   
    will have no further entitlements in respect of the Warrants. If the      
    Warrants are in-the-money on the Expiry Date, warrantholders will be      
    entitled to receive a cash payment. Every ten Warrants held will          
    entitle the warrantholder to receive from the Issuer an amount in Hong    
    Kong dollars equal to the sum of:                                         
                                                                              
    Closing Price - Exercise Price - Exercise Expenses,                       
                                                                              
    where: (i) "Closing Price" is the arithmetic mean of the closing price    
    of one share (taken from the Daily Quotation Sheet of the Stock           
    Exchange (subject to any adjustment)) for each Valuation Date (being      
    each of the five Business Days (as defined in the terms and conditions    
    of the Warrants) immediately preceding the Expiry Date), (ii) "Exercise   
    Price" means HK$10.00 for every ten Warrants, and (iii) Exercise          
    Expenses has the meaning given to that term in the terms and conditions   
    of the Warrants. The Issuer will despatch the cash payment not later      
    than three business days after the Expiry Date, having deducted the       
    exercise expenses payable by warrantholders in accordance with the        
    terms and conditions of the Warrants. Payments to warrantholders may be   
    delayed in some limited circumstances described in the terms and          
    conditions of the Warrants.                                               
                                                                              
    6th April, 2005