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- Full Range Of Payment, Trade And Treasury Services To Enhance The Global Reach of Local Markets

NEW YORK, August 14, 2002 - JPMorgan today announced that it will offer its leading global treasury and trade product offerings to clients in Puerto Rico. With a history of serving the Island financial community with innovative banking tools and technology solutions, JPMorgan hopes to support the continued local and global growth of its clients and business partners in Puerto Rico.

Jose Mejia, Vice President, JPMorgan Treasury Services, is based in Puerto Rico, calling on clients and prospects to deliver personalized, integrated services. With over 14 years of experience with clients in Puerto Rico, the Caribbean and Latin America, Mejia can offer local know-how backed by the global capabilities of JPMorgan.

"JPMorgan offers in-depth industry and global resources, along with regional expertise, to meet the unique needs and requirements of our clients and prospects in Puerto Rico," said Craig Weeks, Senior Vice President and Head of Latin American Cash Management and Western Hemisphere Trade Sales for JPMorgan. "By providing a broad scope of products and services that complement solutions already available to the local market, JPMorgan can have a positive impact on the local economy."

JPMorgan Treasury Services provides global cash and treasury management services for multinational corporations, financial institutions, government agencies, broker-dealers and other public organizations. JPMorgan's solutions, developed globally and delivered locally, enable clients to manage risk, liquidity, payments, investments, global trade and funds flow seamlessly, 24 hours a day, wherever they are in the world. Key products that address the needs of businesses in Puerto Rico include:

- Global Clearing - provides robust solutions designed to meet treasury, settlement, risk management, commercial and trade business requirements
- Payment Services - offers a full range of paper, electronic and Internet payments solutions
- Card Services - includes purchasing, payroll and petty cash, as well as travel and entertainment card solutions
- Global Trade Finance Services - offers traditional trade services, as well as innovative e-solutions for cross-border and investment activities
- Liquidity Management - offers tools to maximize the use of excess cash.

"The economy of Puerto Rico is strong and solid within the Latin American region," said Jose Mejia. "We are committed to providing treasury solutions that will supplement Puerto Rico's already strong economic growth and assist in the further globalization of the business and financial community.

As part of JPMorgan's continued commitment to provide truly global solutions for the local marketplace, clients in Puerto Rico will be able to leverage the strength of the entire firm. In his role, Mejia will serve as a liaison to many of JPMorgan's service lines, including the investment bank, the private bank, custody and trust solutions, and JPMorgan Partners.

For more information about products and service offerings in Puerto Rico, contact Jose Mejia at 787-721-0740

Kelly Burke
T: +44 (0) 20 7376 9775
F: +44 (0) 20 7376 9764