10:16     JP-HSBC @EC0603<03840> & JP-HUA P@EC0512<03841> - 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 announcement is for information purposes only and does not           
    constitute an invitation or offer to acquire, purchase or subscribe for   
    the Warrants (as defined below).                                          
                                                                              
    145,000,000 European Style Cash-Settled Call Warrants 2005 in Global      
    Registered Form in relation to existing issued ordinary H shares of       
    RMB1.00 each of Huaneng Power International, Inc.                         
    ("HPI Call Warrants")                                                     
                                                                              
    165,000,000 European Style Cash-Settled Call Warrants 2005-2006 in        
    Global Registered Form in relation to existing issued ordinary shares     
    of US$0.50 each of HSBC Holdings plc                                      
    ("HSBC 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                                 
                                                                              
    HPI Call Warrants      2,000  1 Warrant                                   
                                  for 1 Share                                 
                                                                              
    HSBC Call Warrants     4,000  10 Warrants                                 
                                  for 1 Share                                 
                                                                              
                                              Exercise                        
    Shares                     Expiry Date       Price                        
                                                                              
    existing issued ordinary   28 December     HK$5.38                        
    H shares of RMB1.00               2005                                    
    each of Huaneng Power                                                     
    International, Inc.                                                       
                                                                              
    existing issued ordinary       8 March   HK$128.88                        
    shares of US$0.50 each            2006                                    
    of HSBC Holdings plc                                                      
                                                                              
    Each series of Warrants will be issued at the following issue prices:     
                                                                              
    Warrants           Issue Price per Warrant                                
                                                                              
    HPI Call Warrants                  HK$0.68                                
    HSBC Call Warrants                 HK$0.60                                
                                                                              
    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)                                    
                                                                              
    In respect of the Warrants, on the Expiry Date, if the Exercise Price