London, 9 June 2004 - JPMorgan today announced that it has been appointed depositary bank by Cable and Wireless plc ("Cable & Wireless") for its American Depositary Receipt (ADR) programme. One of the largest ADR mandates in Europe this year, the programme went live with JPMorgan on 4 June.

London-based Cable & Wireless is a leading international communications company and recently reported pre-tax profits of GBP 317 million for the year to 31 March 2004. A FTSE 100 company, Cable & Wireless has had an ADR programme since 1989.

JPMorgan's clients benefit from continual investment in the ADR product as well as the bank's capital markets expertise in the U.S. JPMorgan is a market leader with over 40% of the ADR market's capitalisation and currently has 20 ADR clients in the UK.

"An increasing number of FTSE 100 companies are looking to us to take on their ADR programmes," said, Patrick Colle, global head of ADRs at JPMorgan Institutional Trust Services. "This is an exciting deal for us and testament to the overall quality of our ADR offering."

For further information please contact:
Stefanie Davidson/Tom Coombes
+44 (0)20 7832 0800

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