- Integrated business will meet clients' changing needs and complex requirements

New York, April 18, 2005 - JPMorgan Chase & Co. (NYSE: JPM) today announced that it has combined its investor and issuer services capabilities under the name JPMorgan Worldwide Securities Services. The integrated franchise brings together the former JPMorgan Investor Services and Institutional Trust Services businesses, and will provide custody and investor services as well as securities clearance and trust services to clients globally.

The two businesses being combined generate over $3 billion in annual revenue, hold $9.1 trillion in assets under custody, and service $6.7 trillion in debt and $250 billion in equities worldwide. In 2004, JPMorgan Investor Services generated 16% revenue growth, achieving record revenue and a 20% increase in assets under custody for institutional investors worldwide. JPMorgan Institutional Trust Services also grew its business by adding new products and distribution channels and extending its client base.

JPMorgan Treasury & Securities Services (TSS), the firm's global transaction processing and information services franchise, now comprises two core businesses - JPMorgan Worldwide Securities Services and JPMorgan Treasury Services.

"Our commitment to growing our securities services business through a relentless focus on clients is a top priority," said Heidi Miller, Chief Executive Officer for JPMorgan Treasury & Securities Services. "We will continue to invest in technology and product development to drive business growth and increasingly provide innovative solutions to clients."

"We are exceptionally well positioned to offer clients the most complete and innovative arsenal of products and services," said Michael Clark, head of JPMorgan Worldwide Securities Services. "As clients respond to changes in the industry and regulatory environment, we will be able to anticipate their needs and help them react even more quickly to the ever-changing demands. This array of services will be the winning hand going forward."

Worldwide Securities Services operates through four business units:
· Securities, including global custody, fund services and outsourcing, headed by Neil Henderson.
· Clearance, including American Depository Receipts (ADRs), clearance & collateral management (CCM), securities collateral management (SCM), government and equity services, headed by Liz Nolan.
· Securities Lending and Market Products, headed by Avi Stein, and · Trust, including global debt and asset servicing, headed by Diane Eshleman.

In addition, Laurence Bailey will head the Asia Pacific region, with responsibility for client management, customer service, sales, and product management in the region. Ramy Bourgi will head client management, customer service, sales strategy and product management in Europe, the Middle East and Africa. Mr. Bourgi will share the role of EMEA regional head with Ms. Nolan, who, in addition to leading the global clearance business, will also manage all infrastructure for the combined business. Other key positions include Fred Bromberg as Global Sales Executive, Thomas Christofferson as Global and North American Client Executive and PJ Hilbert as Global Customer Service Executive.

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