JPMORGAN HIRES HEAD OF STRATEGY FOR U.S. EQUITIES CLEARANCE

- Former long-time Merrill Lynch executive to lead strategic business development

New York, September 7, 2005 - JPMorgan has announced it has hired Jude Colangelo to manage strategic business development for the company's U.S. Equity Clearance business, a group under JPMorgan's Worldwide Securities Services (WSS). Colangelo is Senior Vice President and reports to Liz Nolan, Global Clearance Executive and Co-Regional Head of WSS EMEA.

Colangelo was recently Director of U.S. Clearing at Merrill Lynch, where he managed all U.S. equity, fixed income and listed equity options operations. Colangelo held the position since 2004 and was employed with Merrill Lynch for 10 years in multiple roles, including building Merrill Lynch's Clearing business in Australia, managing its U.S. Broker Dealer International Operations (including ADRs) and managing strategic product development in the U.K.

"We are delighted that Jude has joined JPMorgan and we look forward to the valuable contributions he will make in moving the business forward," said Liz Nolan, Clearance Executive and Co-Regional Head of JPMorgan's WSS EMEA. "US Equities Clearance is a major area of focus for us, and Jude's skill set and breadth of experience in the industry will help pave the way for continued business momentum in this area."

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