JPMorgan Announces ADR Ratio Change for Honda

NEW YORK--Jan. 9, 2002--JPMorgan is pleased to announce a ratio change for Honda Motor Co., Ltd.'s American Depositary Receipts (ADRs).



ADR effective date:             January 10, 2002
ADR record date:                December 31, 2001
ADR mailing/payment date:       January 9, 2002
Symbol:                         HMC
New ratio:                      2 ADRs: 1 share of common stock
Old ratio:                      1 ADR: 2 shares of common stock
CUSIP:                          438128 30 8
Share class:                    Common stock
Country of incorporation:       Japan
Industry:                       Automobiles
Depositary:                     JPMorgan Chase Bank
Custodian:                      The Bank of Tokyo - Mitsubishi Limited

    To effect this ratio change, shareholders will receive (3) three additional ADRs for every (1) one ADR held as of December 31, 2001, the ADR record date. Existing ADRs will continue to be valid and will not have to be exchanged for new ADRs.
    Additional information on the company is available at honda.co.jp.
    J.P. Morgan Chase & Co. is a leading global financial services firm with assets of more than $700 billion and operations in more than 50 countries. With relationships with over 99% of the Fortune 1000 companies, the firm is a leader in investment banking, asset management, private banking, private equity, custody and transaction services, retail and middle market financial services, and e-finance. A component of the Dow Jones Industrial Average, JPMorgan Chase is headquartered in New York and serves more than 30 million consumer customers and the world's most prominent corporate, institutional and government clients. For more information, visit jpmorganchase.com and JPMorgan's adr.com, the central source for information on ADRs and international equities.
    Neither this announcement nor the information contained herein constitutes an offer or solicitation by JPMorgan for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful. An offering is made by means of a prospectus only. Information herein is believed to be reliable, but JPMorgan does not warrant its completeness or accuracy.