JPMORGAN TREASURY SERVICES EXPANDS EUROPEAN FINANCIAL INSTITUTIONS SALES AND RELATIONSHIP MANAGEMENT TEAM

London, 6 April 2005 - JPMorgan Treasury Services announced today the addition of John Hopper, Mark Ridley and Roddy Thomson to its financial institutions sales and relationship management team in the Europe, Middle East and Africa (EMEA) region.

Hopper joins as vice president and financial institutions sales manager for the UK, Ireland and the Nordic and Baltic regions. Hopper was previously with The Bank of New York, where he spent seven years as a country manager for these regions. Based in London, Hopper replaces Alick Kay who retires after 10 years at JPMorgan.

Ridley joins as vice president and senior sales and relationship manager with responsibility for the Nordic and Baltic regions. Previously Ridley was with Wachovia, where he was a relationship manager for the Nordic region for five years. Prior to that, he spent four years with Nordea where he was responsible for relationships with Nordic corporates located within the UK.

Thomson joins as vice president and relationship manager for the UK, Ireland and the Channel Islands. Previously Thomson was with The Royal Bank of Scotland and Deutsche Bank where he was responsible for marketing cash management services in the UK and internationally.

Steve Groppi, Business Executive for JPMorgan Treasury Services in EMEA and Asia, said: "Alick greatly strengthened our relationships with clients during his tenure. The new additions to our team reinforce our focus on consolidating our leading position in U.S. dollar payments and achieving further growth in Euro and multicurrency payments, Continuous Linked Settlement (CLS) and liquidity services. Trade finance is an area of particular focus as we seek to broaden the close relations we enjoy with our client base."

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