09:21     JP-CP&CC@EC0508<03813> & JP-PETCH@EC0508<03814> - Ann. (1)          

    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.                                                             
                                                                              
    This advertisement is for information purposes only and does not          
    constitute an invitation or offer to acquire, purchase or subscribe for   
    the Warrants (as defined below).                                          
                                                                              
    400,000,000 European Style Cash-Settled Call Warrants 2005 in Global      
    Registered Form in relation to existing issued ordinary H shares of       
    RMB1.00 each of PetroChina Company Limited                                
    ("PetroChina Call Warrants")                                              
                                                                              
    400,000,000 European Style Cash-Settled Call Warrants 2005 in Global      
    Registered Form in relation to existing issued ordinary H shares of       
    RMB1.00 each of China Petroleum & Chemical Corporation                    
    ("China Petroleum Call Warrants")                                         
                                                                              
    (together, the "Warrants" which reference shall be,                       
    as the context requires,                                                  
    to each series of Warrants comprising the Warrants)                       
                                                                              
    all to be issued by                                                       
    J.P. Morgan International Derivatives Ltd. (the "Issuer")                 
    (incorporated in Jersey with limited liability)                           
                                                                              
    and unconditionally and irrevocably guaranteed by                         
    JPMorgan Chase Bank, National Association (the "Guarantor")               
    (incorporated in New York, United States of America)                      
    (formerly known as JPMorgan Chase Bank)                                   
                                                                              
    Managers                                                                  
                                                                              
    J.P. Morgan Securities (Asia Pacific) Limited                             
                                                                              
    The Issuer announced its intention to issue the series of Warrants        
    detailed below. In respect of each series, the Warrants relate to the     
    existing issued ordinary shares of the relevant company (the "Shares")    
    specified below. Each series of Warrants will only be exercisable on      
    the relevant expiry date (the "Expiry Date"), at the relevant exercise    
    price (the "Exercise Price") and in the relevant board lot (the "Board    
    Lot") or integral multiples thereof, all of which are specified below:    
                                                                              
    Warrants                   Board Lot  Entitlement                         
                                                                              
    PetroChina Call Warrants       2,000  1 Warrant                           
                                          for 1 Share                         
                                                                              
    China Petroleum Call Warrants  2,000  1 Warrant                           
                                          for 1 Share                         
                                                                              
                                 Exercise                                     
    Shares                    Expiry Date  Price                              
                                                                              
    existing issued ordinary    30 August  HK$4.25                            
    H shares of RMB1.00            2005                                       
    each of PetroChina                                                        
    Company Limited                                                           
                                                                              
    existing issued ordinary    30 August  HK$3.128                           
    H shares of RMB1.00              2005                                     
    each of China Petroleum &                                                 
    Chemical Corporation                                                      
                                                                              
    Each series of Warrants will be issued at the following issue prices:     
                                                                              
    Warrants                                  Issue Price per Warrant         
                                                                              
    Petro China Shipping Call Warrants                        HK$0.25         
    China Petroleum Call Warrants                             HK$0.25         
                                                                              
    Every board lot of Warrants will initially entitle the holder upon        
    exercise thereof to receive from the Issuer a payment in cash (the        
    "Cash Settlement Amount") calculated as follows:                          
                                                                              
    Cash Settlement Amount   (Average Price - Exercise Price) x one Board Lot 
       per Board Lot:      = ------------------------------------------------ 
                               number of Warrants per Share (as defined in,   
                                and subject to adjustment as provided in,     
                                           the Conditions)