STEVE GROPPI APPOINTED TO LEAD JPMORGAN TREASURY SERVICES IN EUROPEAN MARKET

LONDON - 24 June, 2003 - JPMorgan Treasury Services www.jpmorgan.com/ts, a leader in global payment, trade and treasury services management, automated cash and treasury management solutions, announced today that Steve Groppi, 49, has been appointed Europe, Middle East and Africa (EMEA) Regional Executive in a move to continue to strengthen top-line regional business and initiatives in the region.

In addition to his role as Regional Executive for EMEA, Groppi will maintain his position as Regional Executive for the Asia Pacific region. With more than 25 years experience in the payment and treasury management business, Groppi will effectively be responsible for sales, product management, marketing, technology and operations for both regions. During his tenure at JPMorgan, Groppi has led several industry groups including: President, MHACH, Inc., President, MHFMS, Inc., and Chairman, BankLink, Inc.

Steve Groppi comments, "As the number one non-indigenous provider of Euro clearing (Source: FIMetrix 2002), JPMorgan clearly places a great deal of importance on this region. We are exploring a number of new business lines, and we will continue to enhance our core solutions and services to meet our clients' needs. The combination of global capability and local delivery that we offer has been instrumental to our success in the region. It's a winning formula and one that will ensure we remain market leaders going forward."

Groppi will report to Lori Hricik, Treasury Services Global Executive.

Walter Gubert, Global Chairman of the Investment Bank at JPMorgan and the firm's senior executive in EMEA, said, "Payment and treasury management is an important component of the broad solutions we offer clients, especially in Europe where the universal banking model is vital to success. Steve Groppi's leadership and experience will bring our clients even better solutions in the future."

Earlier this year Groppi's predecessor as Regional Executive for EMEA, Steve Wilder, was named Head of Western Hemisphere and Latin American Sales for the Large Corporate and Financial Institution market, as well as head of a new group responsible for Global Client Care.

Press Release Contact:
Kelly O'Brien
Stefanie Davidson
Tom Coombes
Cognito
+44 (0)20 7936 9058

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