JPMORGAN INVESTOR SERVICES LAUNCHES GLOBAL E-TAX SYSTEM FOR INSTITUTIONAL CLIENTS

-New Tax Intelligence Service Helps Increase Investment Returns

New York, February 23, 2005 - JPMorgan Investor Services, a leading global provider of custody and investor related services, today announced the launch of JPMorgan E-Tax, one of the most comprehensive collections of global tax news, intelligence and information available to institutional investors.

JPMorgan E-Tax is a web-based tax service that provides investment professionals with access to breaking international tax news, updates on tax industry developments, trends, policies and treaties; reports on tax rates, exemptions, capital gains, and the latest tax forms necessary worldwide.

"JPMorgan Investor Services is the first custodian to offer its clients a full range of global tax resources in a simple-to-use, web-based product that allows customization of information at their fingertips." said Neil Henderson, senior vice president and JPMorgan Investor Services Securities Processing and Fund Services executive. "JPMorgan E-Tax is the first of several new state-of-the-art technology advancements on our VIEWS platform, so our clients have the best-in-class system in the industry."

VIEWS is a browser-based suite of applications being developed by JPMorgan Investor Services that will allow users access to a variety of reporting, research and analytical applications. Clients will now have access to information and data with 'Any View, Any Time.'

"JPMorgan E-Tax will help investment professionals increase their investment returns through better tax management," said Lawrence Manning, JPMorgan Investor Services Head of Tax Services. "JPMorgan E-Tax is a valuable tool loaded with critical tax information that can help clients significantly increase total investment return. It also provides information and insights on dealing with complex cross-border tax issues and how they impact portfolio performance."

Designed for institutional investment professionals at investment banks, asset management firms, pension funds, banks and life insurance companies among others, JPMorgan E-Tax offers tax information from more than 85 markets around the world. News Flashes contain breaking news on developments in the tax industry and changes in regulations globally, which are searchable back to 1998. JPMorgan E-Tax also includes the Tax Monitor, a monthly publication with updates of global industry developments and trends, policies, treaties, and Market Profiles that describe tax rates in different countries, including exemptions and capital gains. In addition, JPMorgan E-Tax provides the full spectrum of tax forms needed by JPMorgan clients worldwide. The development of JPMorgan E-Tax has been completed and the service is available to clients of JPMorgan.

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