JPMORGAN WORLDWIDE SECURITIES SERVICES EXPANDS SECURITIES LENDING SALES

London - 30 September, 2005 - JPMorgan Worldwide Securities Services announced today the addition of Mark Tidy to its Securities Lending sales team for the Europe, Middle East and Africa (EMEA) region.

Tidy joins as vice president, based in London. Previously Tidy held senior positions in Securities Lending at Nomura and, most recently,Deutsche Bank.

Tidy is the third addition to JPMorgan's Securities Lending sales and client management team in the last three months. In July, Gavin Callan joined from Citibank and Michael Fox joined from Brown Brothers Harriman.

The expansion of the Securities Lending team reflects the increased complexity and growth in the use of securities lending and further strengthens JPMorgan's industry leading securities lending programme.

David Mitchell, head of client management and sales, Securities Lending and Market Products, EMEA, said: "There is an increasing appetite from our clients and prospects to utilise our wide range of securities lending products. Institutions are more willing than ever to embrace new lending ideas and we continue to position ourselves to create and respond to opportunities across the full range of custody-linked and non-custody driven securities lending solutions. Having the necessary expertise and structure is the cornerstone of this strategy."

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