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JPMORGAN ANNOUNCES COMMERCIAL CARD ISSUANCE IN FRANCE AND EASTERN EUROPE

London, 15 July 2004 - JPMorgan, one of the world's leading providers of integrated global commercial card and cash management solutions, announced today a multi-country agreement with Societe Generale for the issuance of commercial cards in France, Romania, Poland, Russia and the Czech Republic.

Under this agreement, JPMorgan will facilitate Visa and MasterCard commercial payment solutions for its multinational clients operating in these countries to allow them to better manage travel and entertainment expenses, utilise cards for the payment of supplies, and through its leading PaymentNet reporting and card management product, to monitor their global card usage and activity.

Societe Generale is a leading issuing bank in France, supporting a portfolio of over 200,000 commercial cards. By partnering with Societe Generale, JPMorgan leverages local presence and product expertise to participate in the controlled card-issuing environment in France.

Tom Palloway, vice president and head of international expansion at JPMorgan, said, "Combining Societe Generale's leadership position in the French purchasing card market and JPMorgan's expertise in cash management gives us both a major competitive advantage over other foreign banks operating in France, we are also able to bring our customers a solution positioned for even further growth."

Louis Caillon, head of eCommerce at Societe Generale, said, "Societe Generale is pleased to participate in an issuing partnership with JPMorgan that opens up a valuable channel to not only support global organisations' card programmes, but increasingly promote the commercial card product in France and Eastern Europe."

This alliance builds upon JPMorgan's successful global strategy of partnering with leading banks to provide global cash management solutions, adding functionality to its existing European solution of local Sterling and Euro issuance. This agreement increases JPMorgan's countries of issuance to 20 countries.