10:17     JP-HSBC @EC0603<03840> & JP-HUA P@EC0512<03841> - Ann. (3)          

    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: 24 January 2005