09:23     <03980>,<03981>, <03984> & <03986> - Announcement (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).                                          
                                                                              
    120,000,000 European Style Cash-Settled Call Warrants 2005 in Global      
    Registered Form in relation to existing issued ordinary H shares of       
    RMB1.00 each of Aluminium Corporation of China Ltd.                       
    ("Chalco Call Warrants")                                                  
                                                                              
    55,000,000 European Style Cash-Settled Call Warrants 2005 in Global       
    Registered Form in relation toexisting issued ordinary H shares of        
    RMB1.00 each ofYanzhou Coal Mining Co. Ltd.                               
    ("Yanzhou Coal Call Warrants")                                            
                                                                              
    280,000,000 European Style Cash-Settled Call Warrants 2005 in Global      
    Registered Form in relation toexisting issued ordinary H shares of        
    RMB1.00 each ofChina Telecom Corporation Ltd.                             
    ("China Telecom Call Warrants")                                           
                                                                              
    260,000,000 European Style Cash-Settled Call Warrants 2005 in Global      
    Registered Form in relation toexisting issued ordinary H shares of        
    RMB1.00 each ofJiangxi Copper Co. Ltd.                                    
    ("Jiangxi Copper 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                     
                                                                              
    Chalco Call Warrants              2,000   1 Warrant                       
                                              for 1 Share                     
                                                                              
    Yanzhou Coal Call Warrants        2,000   1 Warrant                       
                                              for 1 Share                     
                                                                              
    China Telecom Call Warrants       2,000   1 Warrant                       
                                              for 1 Share                     
                                                                              
    Jiangxi Copper Call Warrants      1,000   1 Warrant                       
                                              for 1 Share                     
                                                                              
                                             Exercise                         
     Shares                     Expiry Date     Price                         
                                                                              
     existing issued ordinary  30 September   HK$4.68                         
     H shares of RMB1.00               2005                                   
     each of Aluminum                                                         
     Corporation of China Ltd.                                                
                                                                              
    existing issued ordinary    31 October   HK$12.00                         
    H shares of RMB1.00               2005                                    
     each of Yanzhou Coal                                                     
     Mining Co. Ltd.