JPMORGAN HIGHLY COMMENDED FOR OPERATIONS AND RISK MANAGEMENT EXCELLENCE

-Chris Winter, JPMorgan, highly commended Operations Director of the Year 2003

-Angus Grandfield, JPMorgan, highly commended Risk Manager of the Year 2003

LONDON - 6 January, 2004 - JPMorgan Treasury Services (TS) a unit of JPMorgan Chase Bank and a leader in global payment, trade and treasury services management, today announced that it has been commended for excellence in the areas of Operations and Risk Management. The honours were awarded to JPMorgan TS by an independent industry panel organised by Banking Technology magazine.

Chris Winter showed excellence in Operations Management through the development and implementation of JPMorgan's, first-of-its-kind, Global Operating Model. By spreading high-value clearing activity across hubs operating out of London, Tampa and Hong Kong, the model limits the concentration of activity, thereby minimising concentration risk and increasing business resilience.

Angus Grandfield was honoured for his extensive work with regulatory and law enforcement agencies to develop JPMorgan TS' EMEA anti-money laundering programme. As part of the programme - which encompasses cutting-edge technology, a specially trained team and continued enhancement through integration with regulators and law enforcement officials - JPMorgan also works closely with its customers in developing their own anti-money laundering campaigns.

Press Release Contact:
Stefanie Davidson, Tom Coombes
+44 (0)20 7936 9058

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