JPMORGAN GLOBECLEAR WINS DEUTSCHE POSTBANK MANDATE FOR 18 BILLION FIXED INCOME PORTFOLIO

- Largest Securities Clearing Contract in Germany in 2003

Frankfurt and London - 22 October, 2003 - JPMorgan announced today it has been appointed exclusive securities clearance provider by Deutsche Postbank AG for its international fixed income securities portfolio valued at more than 18 billion. The mandate represents the largest German combined international securities, clearing and custody contract of the year to date.

JPMorgan GlobeClear will provide clearance and custody services for Deutsche Postbank debt securities which are traded across 18 international markets. The deal is unique as it is the first time a clearing and custody mandate has been awarded for the entire international, non-German proprietary trading activity of a business in Germany.

The transition of Deutsche Postbank AG clearance activities to JPMorgan is expected to proceed in two phases and will be completed in October 2003. Terms of the contract were not disclosed.

Working with Deutsche Postbank AG solidifies our leading position in the German public banking sector. It builds upon our successes in Europe, and provides even greater recognition and validation of the strength of our platform, people and expertise in managing and supporting global same-day trading activity, said Frank Reiss, JPMorgans GlobeClear Product Head. We are an industry leader in global clearance because we have the unique combination of real-time settlement and access to the global market.

This is a landmark deal for us at Deutsche Postbank AG as it is the first time we have utilised an outside global securities clearing provider on this scale for our proprietary activity. It means we can now significantly grow our proprietary operation with international counterparties in a standardised and consistent way, said Richard Schmidt, Head of Financial Markets Services Department at Deutsche Postbank AG. We now have the ability to effectively settle our securities transactions internationally through JPMorgan.

JPMorgan, through its GlobeClear platform, is a market leader in delivering international securities clearance, providing access to over 60 international markets, to broker-dealers, proprietary trading desks and hedge funds with a single point of access for their global clearance account servicing and relationship management. Deutsche Postbank AG with over 10 million retail and corporate customers, is one of the largest banks in Germany.

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

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