JPMORGAN APPOINTS JOHN MINDERIDES AS HEAD OF TRANSITION MANAGEMENT

London, 2 June, 2004 - JPMorgan announced today that it has hired John
Minderides as head of its transition management business in the EMEA region.

Based in London, Minderides will report to Bharat Patel, head of JPMorgan's structured portfolio trading, and will manage a team of specialists. Minderides will be responsible for building on the transition management product in line with an increasing demand from plan sponsors for support in restructuring their portfolios.

"We are very pleased to be joined by someone with John's breadth of experience," said Bharat Patel. "More and more pension funds are changing their investment style and making structural changes to the way they invest in equities and bonds, driving the need for transition management expertise. Combining the ability to offer analysis and execution across asset classes, JPMorgan also recognises the importance of providing leading custody and investor services to ensure efficient, cost-effective transitions."

Commenting on joining Minderides said, "The opportunity to work with so many leaders across the various financial disciplines and skills that constitute a successful transition puts JPMorgan in the perfect position to be a top transition provider."

Following seven years at Barclay's Global Investors responsible for transition management and derivatives, Minderides comes to JPMorgan from his role at ITG Europe as Managing Director.

Press Contacts:
Stefanie Davidson, Tom Coombes
+44 (0)20 7832 0800

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