JPMORGAN PRESENTS U.S. EQUITY TRI-PARTY REPO SERVICE AT CLIENT EVENT

New York, June 23, 2005 - JPMorgan's Clearance group today presented its U.S. Equity Tri-Party Repo service as part of its collateral management product suite to over 60 potential and existing clients in attendance.

JPMorgan's Clearance group is part of JPMorgan's Worldwide Securities Services division -- a newly formed division with over $3 billion in revenue, over $10 trillion in assets under custody, $6.7 trillion in debt services and $250 billion in equities serviced globally -- which is creating new services and products that enhance participation in the markets for institutional investors and debt and equity issuers.
JPMorgan's U.S Equity Tri-Party Repo service will be enhanced to incorporate the best elements of the European and U.S. platform's functionalities.

Investors seeking more attractive returns and reduced risk from counterparty insolvencies on short-term cash investments increasingly use sale and repurchase transactions, known as "repos". In a repo agreement, a dealer sells securities to a customer while simultaneously agreeing to repurchase them at a future date and pre-determined price.
JPMorgan serves as the intermediary agent to both the cash provider (the
buyer) and the cash borrower (the seller).

"We are excited to offer JPMorgan's Equity Tri-Party Repo service to provide an integrated, market-leading collateral management service to buyers and sellers, and our group is specifically dedicated to servicing these confidential lender/borrower relationships," said Ed Corral, Senior Vice President of JPMorgan's U.S. Clearance group. JPMorgan's Clearance group provides expertise on eligibility and concentration limit testing, daily mark-to-market, substitution management, reporting and custodial services.

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