JPMORGAN WINS SUB-CUSTODY MANDATE FROM DENMARK'S FIONIA BANK

London, 22 February 2005 - JPMorgan Investor Services (JPMIS) today announced that it has been selected by Denmark's Fionia Bank to provide international sub-custody services for its non-Nordic custody portfolio.

Søren Kirch, head of operations at Fionia Bank, said, "Our decision to appoint JPMorgan reflects our confidence in its product offering and its strong local knowledge of our market".

Stuart Thompson, head of Nordic sales and client management for JPMIS said, "We are extremely pleased to extend our franchise in Denmark to include a name of such high quality as Fionia Bank. This appointment consolidates JPMorgan's continued growth in the Nordic market, and Denmark specifically".

The mandate follows a recent JPMIS announcement regarding the creation of a dedicated client management and business development team to focus specifically upon the Nordic region. JPMIS has operated in the region for a number of years and the dedicated team reflects the increasing importance of the area. The team of professionals experienced in the Nordic market will concentrate exclusively upon the specific needs of clients in the region.

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