09:42     CA-JS EW@XC0511<04666> - Announcement                               

    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.                                             
                                                                              
    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.                                                             
                                                                              
    Announcement                                                              
                                                                              
    Issuer: Calyon Financial Products (Guernsey) Limited                      
           (incorporated in Guernsey, Channel Islands, with                   
           limited liability)                                                 
                                                                              
    Guarantor: CALYON                                                         
               (incorporated in France with limited liability)                
                                                                              
    Lead Manager and Sponsor: CALYON CORPORATE AND INVESTMENT BANK            
                                                                              
                                                                              
    35,000,000 European Style (Cash Settled) Average Return* Call Warrants    
    2004-2005being warrants relating to existing issued ordinary H shares     
    of RMB1.00 each in                                                        
    Jiangsu Expressway Company Limited                                        
    (the "Warrants")                                                          
    (Stock Code: 4666)                                                        
                                                                              
    In respect of the Warrants listed below, Calyon Financial Products        
    (Guernsey) Limited would like to announce the Periodic Reference Price    
    in respect of the Periodic Fixing Dates set out below.                    
                                                                              
    Capitalised terms not defined herein shall have the meanings given to     
    them in the terms and conditions (the "Conditions") of the Warrants.      
                                                                              
                                                       Periodic               
                                                Reference Price               
    Stock                           Exercise        (cumulative               
    Code  Company             Type  Amount     to date)(1), (2)               
                                                                              
    4666  Jiangsu Expressway  Call  One Warrant       HK$13.955               
          Company Limited                                                     
                                                                              
    Periodic                                                                  
    Fixing Dates                                                              
                                                                              
    22nd November, 2004(1)                                                    
    24th January, 2005(1)                                                     
    22nd March, 2005(1)                                                       
    24th May, 2005(1)                                                         
    25th July, 2005                                                           
    23rd September, 2005                                                      
    22nd November, 2005                                                       
                                                                              
    (1) Investors should note that the Periodic Reference Price (cumulative   
    to date) of the Warrants set out above reflects the Periodic Reference    
    Price in respect of this date only.                                       
                                                                              
    (2) Investors should note that the Warrants are European style and may    
    only be exercised on the relevant Expiry Date. In respect of the          
    Warrants, the Exercise Amount will entitle the holder on exercise         
    thereof to receive from the Issuer a payment of an amount in Hong Kong    
    dollars calculated by the Issuer (the "Cash Settlement Amount") equal     
    to (1) the sum of the Periodic Reference Prices divided by the number     
    of Periodic Fixing Dates less (2) the Exercise Price and the Exercise     
    Expenses.                                                                 
                                                                              
    Investors should note that the calculation of the Cash Settlement         
    Amount of the Warrants take into account the Periodic Reference Price     
    at each Periodic Fixing Date. The average of all the Periodic Reference   
    Prices is then compared with the Exercise Price before the Cash           
    Settlement Amount is determined. The Cash Settlement Amount of the        
    Warrants will not be the same as the relevant Periodic Reference Price    
    set out above.                                                            
                                                                              
    * Investors should note that the description "Average Return" refers to   
    the calculation of the return on the Warrants only; the return of the     
    Average Return Call Warrants is calculated by reference to the average    
    of the Periodic Reference Prices, that is, by reference to the sum of     
    the Periodic Reference Prices divided by the number of the Periodic       
    Fixing Dates; if on the Expiry Date, the average of the Periodic          
    Reference Prices is less than the Exercise Price, the Warrantholders      
    will not receive any payment from the Issuer and will sustain a total     
    loss of their investment. Please refer to the Conditions of the           
    Warrants set out in the relevant Supplemental Listing Document.           
                                                                              
    25th May, 2005