09:40     JP-HSI  @EC0504<02177> - 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                                                                        
    400,000,000 European cash-settled index call warrants in Global           
    Registered Form 2004-2005 (the "Warrants")relating to the Hang Seng       
    Index (the "Index") (Stock Code: 2177)                                    
                                                                              
    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 28 April 2005      
    (the "Expiry Date"). The warrants (the "Warrants") are European style     
    and exercisable in Board Lots of 10,000 warrants or integral multiples    
    thereof only on the Expiry Date. Every 10,000 Warrants give the           
    Warrantholder the right to payment (if any) of the Cash Settlement        
    Amount being an amount in Hong Kong dollars calculated by the Issuer as   
    equal to (i) the final settlement price for settling Hang Seng Index      
    April 2005 Futures Contracts determined pursuant to Regulation 012 of     
    the Regulations for trading Stock Index Futures and the Contract          
    Specifications for Hang Seng Index Futures Contracts (subject to any      
    adjustments) of the Hong Kong Futures Exchange Limited, less (ii) the     
    relevant Strike Level, multiplied by (1) HK$1.00 (the Index Currency      
    Amount), and further multiplied by (2) one board lot and divided by (3)   
    5,000, and less (4) the relevant Exercise Expenses (as defined in the     
    Conditions). If on the Expiry Date the Cash Settlement Amount is          
    greater than zero then the Warrants will be deemed automatically          
    exercised by each Warrantholder. If the Cash 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 22 April 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.                                                              
                                                                              
    On 13 April 2005, the closing price of the Warrants was HK$0.345 per      
    Warrant as quoted on the Stock Exchange and the closing level of the      
    Index was 13,799.62 as published by the Index sponsor. The Strike Level   
    of the Warrants is 12,000. Based on the Strike Level, the Warrants are    
    15.00% in the money.                                                      
                                                                              
    14 April 2005