10:26     <03769>, <03771>, <03772> & <03773> - Announcement (3)              

    business hours on any weekday (Saturdays, Sundays and holidays            
    excepted) at the offices of J.P. Morgan Securities (Asia Pacific)         
    Limited which is presently at 25/F, Chater House, 8 Connaught Road        
    Central, Hong Kong.                                                       
                                                                              
    Prospective purchasers of Warrants should be aware that the price of      
    Warrants may fall in value as rapidly as they may rise and prospective    
    purchasers should be prepared to sustain a total loss of the purchase     
    price of their Warrants. In choosing to deal in the Warrants a            
    prospective purchaser should consider carefully whether the Warrants      
    are suitable for him/her in light of his/her experience, objectives,      
    financial position and other relevant circumstances.                      
                                                                              
    The Issuer has appointed J.P. Morgan Broking (Hong Kong) Limited          
    (Broker ID Number 9513) of 25/F, Chater House, 8 Connaught Road           
    Central, Hong Kong as liquidity provider (the "Liquidity Provider") by    
    providing buy and sell orders for the purpose of making market for the    
    Warrants. Prospective purchasers of the Warrants should be aware that     
    such appointment does not guarantee liquidity in the market in the        
    Warrants. Further, the Liquidity Provider may be the only market maker    
    for the Warrants and the secondary market in the Warrants may therefore   
    be limited.                                                               
                                                                              
    The Issuer and/or its affiliates may enter into discount, commission or   
    fee arrangements with brokers and/or any of their affiliates with         
    respect to the primary or secondary market in the Warrants. The Issuer    
    and/or its affiliates may also enter into arrangements where it/they      
    will agree to pay commission to brokers on transactions in the Warrants   
    on behalf of clients of the relevant brokers.                             
                                                                              
    The Board of Directors of                                                 
    J.P. Morgan International Derivatives Ltd.                                
                                                                              
    Date: 7 January 2005