09:58     JP-CPAIR@EC0510<04817> & JP-J ELE@EC0511<04819> - 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).                                          
                                                                              
    235,000,000 European Style Cash-Settled Call Warrants 2005 in Global      
    Registered Form in relation to existing issued ordinary shares of         
    HK$0.0125 each of Johnson Electric Holdings Ltd.                          
    ("Johnson Electric Call Warrants")                                        
                                                                              
    235,000,000 European Style Cash-Settled Call Warrants 2005 in Global      
    Registered Form in relation toexisting issued ordinary shares of          
    HK$0.200 each ofCathay Pacific Airways Ltd.                               
    ("Cathay Pacific 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                    
                                                                              
    Johnson Electric Call Warrants        500  1 Warrant                      
                                               for 1 Share                    
                                                                              
    Cathay Pacific Call Warrants        1,000  1 Warrant                      
                                               for 1 Share                    
                                                                              
                                                                              
                                                 Exercise                     
      Shares                       Expiry Date      Price                     
                                                                              
      existing issued ordinary     11 November   HK$7.180                     
      shares of HK$0.0125                 2005                                
      each of Johnson Electric                                                
      Holdings Ltd.                                                           
                                                                              
      existing issued ordinary      31 October  HK$14.800                     
      shares of HK$0.200                  2005                                
      each of Cathay Pacific                                                  
      Airways Ltd.                                                            
                                                                              
    Each series of Warrants will be issued at the following issue prices:     
                                                                              
    Warrants                          Issue Price per Warrant                 
                                                                              
    Johnson Electric Call Warrants                   HK$0.380                 
    Cathay Pacific Call Warrants                     HK$0.520                 
                                                                              
    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:                          
                                                                              
                                    (Average Price - Exercise Price)          
      Cash Settlement Amount                x one Board Lot                   
          per Board Lot:     = ------------------------------------------     
                                     number of Warrants per Share             
                                    (as defined in, and subject to            
                               adjustment as provided in, the Conditions)