JPMORGAN ACTS AS TRANSITION MANAGER FOR £880 MILLION NORTH YORKSHIRE PENSION FUND

London - 22 September, 2005 - JPMorgan today announced that it has completed an asset restructuring for the North Yorkshire Pension Fund. Following a review of investments, the £880 million North Yorkshire Pension Fund has moved from balanced to specialised equity and fixed income benchmarks and made a number of fund manager changes.

Neil Sellstrom, Technical Accountant at the North Yorkshire Pension Fund, said, "JPMorgan offers a compelling proposition that provided us with confidence that it could successfully manage the complex restructure of our investments. We selected JPMorgan because of its highly transparent approach to transition management, its expertise across all asset classes and the significant synergies to be gained from its Worldwide Securities Services business acting as our global custodian. The transition was successfully delivered within JPMorgan's pre-trade estimate and project timetable."

John Minderides, Head of JPMorgan Transition Management in Europe, said, "We are delighted that the trustees of the North Yorkshire Pension Fund selected JPMorgan to manage this transition. We have seen considerable growth in our European business over the past 12 months, particularly within the UK Pension sector, and JPMorgan is pleased to extend its relationship with the fund from global custodian to transition manager."

JPMorgan's transition management group has leveraged the natural strengths of the bank as a top tier global player in both capital markets and investor services to become a leading provider of transition management services. JPMorgan offers a fully integrated global transition management service that assists institutional investors in the restructuring and implementation of their investment portfolios. The service covers all phases of the transition from strategy development through to execution and performance review. It has successfully executed over 500 global transaction mandates with over $70 billion in traded assets.

JPMorgan's transition management group consists of transition management professionals based in London, New York, Sydney and Tokyo. The group in London recently expanded with the hire of David Thomas as a transition manager, who joins from Deutsche Asset Management.

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