4-Year MXN 100% Principal Protected Autocall On Altria Grou by lqh68203

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									4-Year MXN 100% Principal Protected Autocall
On Altria Group, General Electric, Petrobras and
               Southern Copper
ISSUER              :   CALYON (Rating : AA-/Aa1)
INSTRUMENT          :   Euro Medium Term Note
TRADE DATE          :   Monday, March 10, 2008
PAYMENT DATE        :   Friday, March 14, 2008
STRIKE DATE             Friday, March 7, 2008
VALUATION DATE      :   Wednesday, March 07, 2012
REDEMPTION DATE     :   Wednesday, March 14, 2012
CURRENCY            :   MXN
UNDERLYING SHARES   :   Altria Group Inc (Bloomberg: MO UN)
                        General Electric Co (Bloomberg: GE UN)
                        ADR of Petroleo Brasileiro SA (Bloomberg: PBR UN)
                        Southern Copper Corp (Bloomberg: PCU UN)
NOMINAL             :   MXN 12,720,000 (1,272 Notes)
DENOMINATION        :   MXN 10,000
STRIKE PRICE        :   For each share (i), the official closing level on Strike Date:
BARRIER PRICE           For each share (i), 85% of Strike Price
EARLY REDEMPTION        Early settlement will be automatically triggered as follows:
                        ►At 113% of the Denomination on Early Redemption Date 1, if the
                        closing price of each underlying share on Observation Date 1 is equal
                        or greater to the Barrier Price
                        ►At 121% of the Denomination on Early Redemption Date 2, if the
                        closing price of each underlying share on Observation Date 2 is equal
                        or greater to the Barrier Price
                        ►At 129% of the Denomination on Early Redemption Date 3, if the
                        closing price of each underlying share on Observation Date 3 is equal
                        or greater to the Barrier Price
                        ►At 137% of the Denomination on Early Redemption Date 4, if the
                        closing price of each underlying share on Observation Date 4 is equal
                        or greater to the Barrier Price
                        ►At 145% of the Denomination on Early Redemption Date 5, if the
                        closing price of each underlying share on Observation Date 5 is equal
                        or greater to the Barrier Price
                        ►At 153% of the Denomination on Early Redemption Date 6, if the
                        closing price of each underlying share on Observation Date 6 is equal
                        or greater to the Barrier Price
                        ►At 161% of the Denomination on Early Redemption Date 7, if the
                        closing price of each underlying share on Observation Date 7 is equal
                        or greater to the Barrier Price



FINAL REDEMPTION    :   ► At 169% of the Denomination, if the closing price of each
                        underlying share on Valuation Date is equal or greater to the Barrier
                        Price, or…
                        ► Otherwise, Redemption at 100%




                                1
SECONDARY MARKET                       :   Under normal market conditions, CALYON will quote a 1% Bid/Offer
                                           price on Reuters and Bloomberg
QUOTITY                                :   1 unit
LISTING                                :   Luxembourg Stock Exchange
SELLING RESTRICTIONS                   :   This issue does not constitute a public offer of securities and has not been
                                           subject to the clearance procedures of the competent authorities. Selling
                                           restrictions: USA and other countries (see Pricing Supplement)
APPLICABLE LAW                         :   English law
ISIN / COMMON / VALOREN                :   XS0352760259




      Underlying Shares                    Ticker                 Strike Price                   Barrier Price
    Altria Group Inc (NYSE)                MO UN                  USD 74.52                       USD 63.34
   General Electric Co (NYSE)              GE UN                  USD 32.23                       USD 27.40
     Petroleo Brasileiro SA
             (NYSE)                        PBR UN                 USD 111.67                      USD 94.92
     Southern Copper Corp
             (NYSE)                        PCU UN                 USD 112.67                      USD 95.77




    Period (i)                Observation Date (i)                            Early Redemption Date (i)

        1                Monday, September 08, 2008                         Monday, September 15, 2008
        2                   Monday, March 09, 2009                             Monday, March 16, 2009
        3                Tuesday, September 08, 2009                        Tuesday, September 15, 2009
        4                   Monday, March 08, 2010                             Monday, March 15, 2010
        5                Tuesday, September 07, 2010                        Tuesday, September 14, 2010
        6                   Monday, March 07, 2011                             Tuesday, March 15, 2011
        7              Wednesday, September 07, 2011                      Wednesday, September 14, 2011




“These “Auto Call Income Notes” (hereafter “the Securities”) are instruments which may involve an optional
component. They are intended for sale to investors who have the sufficient knowledge and experience required to
make such an investment and assess risks. Any potential investor is informed that, although payment of the
principal of these Securities is either totally or partially guaranteed, bid and ask prices may be the subject of strong
fluctuations. Consequently, at any time between the issue date and the maturity date, the bid or ask price of the
Security may be inferior to the nominal amount. Before making an investment decision, you may refer to the
information set out in the sales prospectuses. Consequently, any investor who purchases or sells Protected Notes is
deemed to understand and assess the terms, conditions and risks attached to these Securities. Each of Calyon
Financial Products (Guernsey) Limited, Calyon and any of their officers represents that it is not acting as adviser
for such investors. Each of them recommends to each investor to consult with its own legal, regulatory, tax,
business, investment, financial and accounting advisors to the extent it has deemed necessary. This issue does not
constitute a public offer.



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