09:19     JP-CLIFE@EC0502<09143> - Announcement                               

    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.                                                             
                                                                              
    J.P. Morgan International Derivatives Ltd.                                
    (incorporated in Jersey with limited liability)                           
                                                                              
    Notice of Expiry                                                          
    of                                                                        
    125,000,000 European cash-settled call warrants in Global Registered      
    Form 2004-2005 (the "Warrants")                                           
    in relation to existing issued ordinary H shares of                       
    RMB1.00 each of China Life Insurance Company Limited (the "Shares")       
    (Stock Code: 9143)                                                        
                                                                              
    issued by                                                                 
                                                                              
    J.P. Morgan International Derivatives Ltd.                                
    and unconditionally and irrevocably guaranteed by                         
    JPMorgan Chase Bank, National Association                                 
    (Formerly known as JPMorgan Chase Bank)                                   
                                                                              
    The board of directors of J.P. Morgan International Derivatives Ltd.      
    ("JPMIDL") would like to remind holders of warrants (the                  
    "Warrantholders") that under the terms and conditions of the warrants     
    (the "Conditions"), the rights to exercise the warrants (the              
    "Warrants") will expire at 10:00am (Hong Kong time) on 14 February 2005   
    (the "Expiry Date"). The warrants (the "Warrants") are European style     
    and exercisable in Board Lots of 1,000 warrants or integral multiples     
    thereof only on the Expiry Date. Every Warrant gives the Warrantholder    
    the right to payment (if any) of the Settlement Amount being an amount    
    in Hong Kong dollars calculated by the Issuer as equal to (1) the         
    arithmetic mean of the closing prices of one Share (as derived from the   
    Daily Quotation Sheet of the Stock Exchange (subject to any               
    adjustments)) for each Valuation Date (as defined in the Conditions)      
    less (2) the relevant Exercise Price and less (3) the relevant Exercise   
    Expenses (as defined in the Conditions). If on the Expiry Date the        
    Settlement Amount is greater than zero then the Warrants will be deemed   
    automatically exercised by each Warrantholder. If the Settlement Amount   
    is less than zero on the Expiry Date, the Warrantholder will lose the     
    value of the investment.                                                  
                                                                              
    The Settlement Amount shall be dispatched no later than three Business    
    Days following the Expiry Date.                                           
                                                                              
    The last trading day of the Warrants on the Stock Exchange is expected    
    to be 3 February 2005.                                                    
                                                                              
    Application will be made for the listing of the Warrants on the Stock     
    Exchange to be withdrawn with effect from the close of business on the    
    Expiry Date.                                                              
                                                                              
    The closing prices of the Warrants and of the Shares as quoted on the     
    Stock Exchange on 31 January 2005 was HK$0.53 per Warrant and HK$5.20     
    per Share respectively. The Exercise Price of the Warrants is HK$4.680    
    per Warrant. Based on the Exercise Price, the Warrants are 11.11% in      
    the money.                                                                
                                                                              
    1 February 2005