This announcement is for information purposes only and does not constitute an invitation or offer to acquire,
purchase or subscribe for the Warrants described below.
Launch Announcement for Warrants
to be issued by
J.P. Morgan Structured Products B.V.
(incorporated with limited liability in the Netherlands)
and unconditionally and irrevocably guaranteed by
JPMorgan Chase Bank, National Association
(incorporated in the State of New York, United States of America)
Managers
J.P. Morgan Securities Ltd.
J.P. Morgan Securities (Asia Pacific) Limited
Particulars of Warrants
We intend to issue the following warrants (the Warrants):
Company China Life Insurance Company Limited
Stock Code 1414
Issue size 100,000,000
Type European-style cash settled put warrants
Shares Ordinary H shares of RMB1.00 each of China Life
Insurance Company Limited
Board Lot 10,000
Issue Price per Warrant HK$0.750
Exercise Price HK$45.00 per ten Warrants
Launch Date 9 October 2007
Issue Date 15 October 2007
Expected Listing Date 16 October 2007
Expiry Date 16 June 2008
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Entitlement One Share
Number of Warrant(s)
per Entitlement
Ten Warrants
Implied Volatility 65.00%
Effective Gearing 2.08x
Gearing 6.43x
Premium 22.28%
These values should not be compared to similar information provided by other issuers of derivative
warrants listed on the Stock Exchange. Each issuer may use different valuation models.
How much will a holder of Warrants receive on expiry?
A holder of Warrants will receive a Cash Settlement Amount per Board Lot in Hong
Kong dollars calculated as follows:
Cash Settlement Amount
per Board Lot:
=
Entitlement x (Exercise Price – Average Price) x one Board Lot
Number of Warrant(s) per Entitlement
“Average Price” means the arithmetic mean of the closing prices of one share (which
is obtained from the daily quotation sheet of the Stock Exchange (subject to any adjustments
in accordance with the terms and conditions of the Warrants)) for each of the five
consecutive Stock Exchange business days immediately preceding the Expiry Date.
What happens at expiry?
On the Expiry Date, if the Cash Settlement Amount is greater than zero, the Warrants
will be automatically exercised and a holder of Warrants will not be required to deliver any
exercise notice. We will pay a holder of Warrants the Cash SettlementAmount in accordance
with the terms and conditions of the Warrants.
Listing of the Warrants
We will make an application to the Stock Exchange for the listing of, and permission
to deal in, the Warrants on the Stock Exchange and the issue of the Warrants is conditional
upon listing being granted.
We expect that dealings in the Warrants will commence on or about 16 October 2007.
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Where can you obtain further information?
We will issue the Warrants pursuant to the terms and conditions of our base listing
document dated 3 July 2007 and the relevant supplemental listing document to be dated on
or about 15 October 2007.
Copies of the above documents and our supplemental disclosure document dated 27
August 2007 (both the English version and the Chinese translation), our latest publicly
available annual report, our latest financial statements and the latest consolidated financial
statements of the Guarantor are available for inspection from the dealing commencement
date until the Expiry Date, during usual business hours on any weekday (Saturdays, Sundays
and holidays excepted) at the offices of J.P. Morgan Securities (Asia Pacific) Limited which
is presently at 25/F, Chater House, 8 Connaught Road Central, Hong Kong.
Where can you obtain quotes?
You may request to obtain a quote for your Warrants by calling the Liquidity Provider
at the telephone number set out below:
Liquidity Provider: J.P. Morgan Broking (Hong Kong) Limited
Broker ID Number: 9513
Address: 25/F, Chater House, 8 Connaught Road Central,
Hong Kong
Telephone number: 2800 7878
Additional Information
The price of Warrants may fall in value as rapidly as they may rise and you may sustain
a total loss of the purchase price of your Warrants. You should consider carefully the
suitability of the Warrants in light of your experience, objectives, financial position and
other relevant circumstances before deciding to invest in the Warrants.
Neither we nor the Guarantor are regulated by any of the bodies referred to in Rule
15A.13(2) or (3) of the Rules Governing the Listing of Securities on the Stock Exchange.
The Warrants will constitute our general unsecured contractual obligations and will be
unconditionally and irrevocably guaranteed by the Guarantor pursuant to a guarantee. You
are relying upon the creditworthiness of us and the Guarantor and have no rights under the
Warrants against the company which has issued the underlying securities.
The Guarantor’s long term credit ratings are AA by Standard and Poor’s, AA- by Fitch
IBCA, and Aaa by Moody’s Investors Service.
The Board of Directors
J.P. Morgan Structured Products B.V.
10 October 2007
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