THE STATE OF GEORGIA OFFICE OF TREASURY AND FISCAL SERVICES SELECTS JPMORGAN WORLDWIDE SECURITIES SERVICES AS SECURITIES LENDING AGENT

- JPMorgan Worldwide Securities Services to provide non-custody lending services

New York, June 28, 2005 - JPMorgan Worldwide Securities Services announced today that it has been selected by the State of Georgia Office of Treasury and Fiscal Services (OTFS) as lending agent for two portfolios of US fixed income assets managed by OTFS. This is the first securities lending arrangement for OTFS, since the Georgia State Legislature approved the practice last year.

JPMorgan Worldwide Securities Services will provide non-custody securities lending services to OTFS, the cash and investment manager for
the State of Georgia.

"We chose JPMorgan Worldwide Securities Services because of the firm's long and successful experience in securities lending and their innovative approach to lending and market products," said Stephen J.
Caffarelli, Assistant Director of OTFS. "OTFS is confident that JPMorgan Worldwide Securities Services is capable of providing the safety, liquidity and investment income the state needs."

"OTFS conducted a thorough and rigorous examination before making its decision," said John Gaudioso, vice president and head of JPMorgan's non custody securities lending sales team. "We were delighted that they selected us and recognized our superior credit expertise, tight operational controls, conservative investment practices and strong track record for delivering superior returns in a competitive marketplace."

OTFS is responsible for receipt and disbursement of state funds and lottery funds, management of the state's cash resources, Georgia Fund 1 and the Georgia Extended Asset Pool. OTFS also administers the Georgia Higher Education Savings Plan, a Section 529 college savings plan.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development