JPMORGAN EXPANDS TRADE TEAM WITH SEVERAL NEW HIRES

London, New York, Hong Kong, 4 March 2005 - JPMorgan Treasury Services (JPMTS) announced today that it has expanded its trade team.

Jason Barrass has joined as trade sales officer for Central and Eastern Europe and the Ukraine. Barrass joins from Standard Bank where he was a manager in the trade finance team with responsibility for originating and managing trade mitigation and finance for exporters, importers and financial institutions in emerging markets. Barrass will be based in London.

Romi Mathur also joins the team as trade sales officer for the Middle East. Mathur joins from ABN Amro where he was responsible for originating and trade outsourcing and for managing trade risk mitigation and finance for exporters, importers and financial institutions in the Middle East. Mathur will be responsible for structuring trade solutions and managing relationships with clients and will be based in Bahrain.

Sofarianty Agustin has joined the trade team in Asia as network and structured trade manager. Based in Singapore, Agustin will be responsible for structuring trade solutions and managing relationships with clients. Agustin joins from the Corporate Banking group at JPMorgan where she was regional corporate banker with responsibility for multinational clients.

Amy Lee has joined as trade sales officer in the global supply chain group at JPMTS, responsible for supporting U.S. retailers' sourcing activities in Asia. Lee joins from Deutsche Bank AG where she spent eight years, most recently in trade distribution. Lee will be based in Hong Kong.

Earlier this year, JPMorgan announced its intent to acquire Vastera, a provider of automated global trade management solutions. Upon closing, Vastera will be combined with the Logistics and Trade Services businesses of JPMorgan Chase's Treasury Services unit.

Bruce Proctor, global trade services head at JPMorgan Treasury Services, said: "We welcome these new additions to our group. 2004 was a strong year for our trade business and the skills and experience of our new team members will significantly add to the continued growth of our global activities in the future. The expansion of the team highlights JPMorgan's commitment to the trade business."

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