JPMorgan Appointed Successor Depositary for Johnson Electric ADR Program

    NEW YORK--May 19, 2003--JPMorgan announced that it has been appointed successor depositary for the Johnson Electric Holdings Limited (OTC: JELCY) sponsored American Depositary Receipt (ADR) program. Hong Kong-based Johnson Electric is a leading provider of micro motors and integrated motor systems to global customers in the automotive, power tool, home appliance, business equipment, audio-visual and personal care sectors.
    Johnson Electric employs over 30,000 people in 14 countries, with the majority of the workforce centered in China, Thailand and Mexico. Design engineering centers are located in Hong Kong, Italy, Germany, China, Japan, and the U.S.
    For the year ended March 31, 2002, the company's consolidated revenues were US$774 million and consolidated net income was US$111 million.
    Each Johnson Electric ADR (CUSIP 479087207) represents ten ordinary shares traded on the Hong Kong Stock Exchange. Additional information on the company is available at www.johnsonmotor.com.
    J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $755 billion and operations in more than 50 countries. The firm is a leader in investment banking, asset management, private banking, private equity, custody and transaction services and retail and middle market financial services. 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.
    JPMorgan's Global ADRenalin equity research is available through the Bloomberg Professional(R) service under "ADRJ." The pricing and constituent list for the S&P ADR Index, an investable ADR index developed with JPMorgan, is available at adr.com and spglobal.com. Information on JPMorgan's ADR MAX, the ADR market's first online, automated marketplace for ADR traders, brokers and investors to execute ADR/ordinary share cross transactions, can be accessed at jpmorgan.com/MAX. For comprehensive search tools on the entire ADR universe, see adr.com/universe.
    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. Services offered through JPMorgan Chase Bank and J.P. Morgan Securities Inc., member NYSE/NASD/SIPC.