BANK OF CHINA, U.S. BRANCHES SELECTS JPMORGAN HORIZON(SM) FOR OPERATIONAL RISK MANAGEMENT

- JPMorgan To Serve as Implementation Advisor

SIBOS-SINGAPORE - October 20, 2003 - JPMorgan Treasury Services (TS) a unit of JPMorgan Chase and a leader in global payment, trade finance and treasury management, today announced that Bank of China, U.S. Branches has selected its Web-based, enterprise-wide operational risk management solution - JPMorgan Horizon(SM) - to better manage its operational risk.

"We are pleased that the Bank of China, U.S. Branches has selected JPMorgan and the Horizon solution to measure and manage its operational risk", said Craig Spielmann, Horizon Business Executive for JPMorgan Treasury Services. "Horizon is being used by leading organizations worldwide to manage their risk processes and to set plans for meeting reporting requirements. The Bank of China is a world-class financial institution and we see their selection of JPMorgan as a tremendous win and an important endorsement for the Horizon tool."

Bank of China, U.S. Branches will also be engaging JPMorgan Treasury Services as their implementation services advisors. "We concluded that JPMorgan Horizon was the best risk management solution for the Bank of China because of its ease-of-use and its proven success in the market," explained Kenneth Ge, deputy general manager for the Bank of China, U.S. Branches. "And we felt JPMorgan's expertise with Horizon, along with their global reputation made them the logical choice to act as our implementation advisors. In addition, we saw tremendous benefit from the ongoing opportunities we will have to share best-practices with other Horizon clients, many of whom are industry leaders in operational risk."

JPMorgan Horizon risk management solution provides companies and enterprises with a clearer picture of the operational risks they face, while saving time and money by streamlining, updating, reporting and monitoring risks and controls. Horizon is relied on by some of the world's leading institutions, such as central banks, investment and retail banks, insurance companies, mortgage companies and energy companies to effectively manage risk and assist with regulatory reporting for Sarbanes-Oxley and Basel II.

Press Contacts:
Stefanie Davidson
+44 (0)7786 563 537
Philippe Jeanjean
Tom Coombes, Cognito
+44 (0)20 7936 9058

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