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London, 29 April, 2004 ? Assisted by Thomas Murray, the specialist custody
consultancy, and following a rigorous review, London Pension Funds
Authority (LPFA) has today reappointed JPMorgan Investor Services (JPMIS)
as Global Custodian for its £2.8 billion portfolio for a further three
years. JPMIS will also continue to provide investment accounting services
and discretionary securities lending activities to the Fund.

Peter Scales, Chief Executive of LPFA, said, "We are delighted to be
extending our relationship with JPMorgan with this new contract. We
received excellent submissions from all the leading custodians, but
JPMorgan's proved the most persuasive in terms of quality of service and
value for money."

Sue Curtis, UK Client Management Executive, JPMorgan Investor Services,
said, "JPMorgan has had a long association with the LPFA, and we very much
enjoy working with them. This appointment reaffirms our unrivalled market
position in the UK Pensions sector."

LPFA is the largest Local Government Pension Scheme provider in London with
over 70,000 members and one of the largest in England.