-JPMorgan establishes new depositary bank capability to serve Swiss clients

London, 1 March 2005 - JPMorgan Investor Services (JPMIS) announced today that it has been selected by Baloise Anlagestiftung fuer Personalvorsorge (BAP), a Swiss foundation, to provide global custody and fund accounting services. JPMorgan Suisse SA, will act as the depositary bank in order to meet Swiss regulatory requirements, which dictate that custodian services in Switzerland must be provided by a local bank.

Markus Becker, head of external asset management at Baloise Asset Management, the asset manager of BAP, said, "We look forward to benefiting from the infrastructure and expertise of a leading global custodian such as JPMorgan Investor Services."

Oliver Berger, head of sales in continental Europe for JPMorgan Investor Services said, "The Swiss market is seeing more and more consolidation and is looking increasingly to use the services and technical infrastructure of a global custodian. By leveraging the local presence of JPMorgan Suisse SA, we have been able to create a new operating model to expand JPMorgan's custody services to the growing Swiss market."

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