JPMORGAN ANNOUNCES APPOINTMENT OF NEW REGIONAL HEAD OF NETWORK TRADE, ASIA PACIFIC

- Announcement highlights importance of trade services and JPMorgan's
regional importance

SINGAPORE - SIBOS - 20 October, 2003 - JPMorgan Treasury Services (TS), a unit of JPMorgan Chase and a leader in global payment, liquidity and treasury management, announced today the appointment of Astar Saleh as Regional Head of Network Trade, Asia Pacific.

Astar, who will be based in Singapore, will be responsible for capitalizing on opportunities that arise from JPMorgan's trade finance solutions for large corporates and financial institutions. Having worked in trade finance for over 15 years, most recently with Deutsche Bank as Asia Pacific Head for Structured Trade, Astar will bring an invaluable depth of knowledge to JPMorgan's key growth area of Trade Services.

Steve Groppi, EMEA Regional Executive comments, "We are delighted with this
appointment which reflects our commitment to advancing our market position,
and exploiting global opportunities. Astar will be integral to our continuous pursuit of the very highest level of Trade Services for our clients."

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

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