09:58     JP-CPAIR@EC0510<04817> & JP-J ELE@EC0511<04819> - Ann. (3)          

    respect to the primary or secondary market in the Warrants. The Issuer    
    and/or its affiliates may also enter into arrangements where it/they      
    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: 13 April 2005