JPMORGAN WORLDWIDE SECURITIES SERVICES AND BARCLAYS GLOBAL INVESTORS COMPLETE OUTSOURCING ARRANGEMENT

London - 11 December 2006

JPMorgan Worldwide Securities Services today announced that it has successfully completed its investment operations outsourcing arrangement with Barclays Global Investors (BGI) for the majority of BGI’s European business. The transition to JPMorgan’s servicing platform was one of the biggest investment services outsourcing transactions in the region.

JPMorgan Worldwide Securities Services now provides a fully integrated solution including: derivatives servicing and valuation, transfer agency, custody services, portfolio valuation and end client reporting, administration and fund accounting functions for the full range of BGI funds domiciled in the UK, Dublin, Jersey and Luxembourg. Worldwide Securities Services had already provided securities lending and custody for BGI’s UK funds.

Susan Ebenston, JPMorgan Worldwide Securities Services product executive for International Funds Services said, “BGI has been an outstanding partner throughout the implementation of this ground-breaking transaction. We are delighted to have extended our relationship with a valued client like BGI. We have been able to create a truly integrated operating model which delivers real value to both parties.”

Malcolm Smith, European Chief Operating Officer at BGI, said, “BGI historically has been extremely successful in launching new products and expanding the ways we can produce results for our clients. By leveraging JPMorgan’s scale and technology platforms, we will be able to continue to innovate and best serve our clients."

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