JPMORGAN TO PROVIDE INTERNET BANKING SERVICES IN CHINA AND INDIA

- Regulatory approval allows JPMorgan Chase Bank to provide Internet-based trade and ecommerce services in China and India.

SIBOS-SINGAPORE - October 20, 2003 - JPMorgan Treasury Services (TS) a unit of JPMorgan Chase and a leader in global payment, trade and treasury services management, today announced it has received approval to offer Internet banking services in China and India. The China Banking Regulatory Commission (CBRC) and the Reserve Bank of India (RBI) have approved the firm's detailed applications to offer Internet banking services.

The approval covers five products: JPMorgan ACCESSSM; Trade Information
Exchange (TIE); Trade Origination Process (TOP); eServe; and EC Gateway. This license comes on the heels of JPMorgan's last RMB license announcement October 2002.

Alex Caviezel, Regional Business Executive for JPMorgan Treasury Services comments, "China is an important market for us and the clients who use our web-based services already. Now we're in a position to offer them the same enhanced capabilities in China and India as they enjoy from us elsewhere in the world."

JPMorgan's Internet banking provides customers with access to its global banking infrastructure anytime of the day from anywhere in the world.

The following services are available immediately:
1. JPMorgan ACCESSSM provides a secure conduit for internet access to a global suite of treasury information, transaction initiation, investment initiation and inquiry services. JPMorgan ACCESSSM integrates information delivery, investment & transaction services, and inquiry tools (image retrieval, case tracking, etc.) in a seamless environment.
2. Trade Information Exchange (TIE) delivers information on trade finance
transactions directly to exporters and importers and financial institutions.
It also provides tracking information, management reporting, images of documents and secured email feature.
3. Trade Origination Process (TOP) is an application for Letter of credit
initiation, standby Letter of credit initiation and Export documentary collection initiation.
4. eServe is an internet-based platform focused on facilitating Customer Service such as inquiry and reporting on payment details, amend or cancel an
instruction (previously submitted for execution) or provide debit authorization.
5. EC Gateway is an electronic gateway integrating communications using advanced security capabilities, and data management processes to facilitate
exchange of files around the globe

JPMorgan Chase has brought to China and India its extensive experience and
global network. With the firm's strategic focus on China, over a third of JPMorgan employees in Asia are based in the Greater China region.

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

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