JPMORGAN WORLDWIDE SECURITIES SERVICES HIRES BENJIE FRASER

London, 27 February 2006 - JPMorgan Worldwide Securities Services (WSS) announced today the appointment of Benjie Fraser as Senior Vice President and head of business development for European pension funds, a new position, as part of WSS's focus on pension funds and the administration of pension funds.

Fraser previously worked for Bank of New York, where he was head of European pensions. He has over 16 years of experience in the pensions industry and has spent more than 20 years in financial services.

"We are very pleased to be joined by someone with Benjie's broad experience, particularly at this important time for the pensions industry," said Dick Feehan, WSS Securities Company sales executive in Europe, Middle East and Africa.

Fraser said, "I am very excited about coming to work for a firm so comprehensively committed to pension funds. JPMorgan's focus on servicing clients is a key part of this commitment to the pensions industry."

JPMorgan Worldwide Securities Services is the leading 3rd party fund accountant in Europe, and provides custody services to nearly 40% of UK pension funds.

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