JPMORGAN PRIVATE BANK EXPANDS UK BANKING TEAM

JPMORGAN PRIVATE BANK EXPANDS UK BANKING TEAM London, December 4, 2002 - JPMorgan Private Bank announced today that it had expanded its team serving clients in the United Kingdom with the appointment of senior banker Mark Evans, based in London. Mr. Evans joins JPMorgan Private Bank from Private Business Management, an independent consultancy he founded to manage the family financial and business affairs of wealthy private clients. Prior to this, he founded award-winning mobile data services company Distractions, a web-based topical content provider to major institutional clients in the UK, Scandinavia, and the Netherlands. Mr. Evans began his career at Citigroup in 1979 in the firm's Credit division before becoming a senior private banker in London and, later, moving to Geneva to manage the UK, Nordic, and Israeli markets. As a senior private banker, Mr. Evans will be responsible for managing relationships with clients in the UK and for growing the bank's client base in the region. "I am delighted that Mark has joined us in London," said Paolo Moscovici, managing director and head of JPMorgan Private Bank in the UK. "His experience in dealing with the complex legal and financial situations faced by wealthy families in business, combined with his entrepreneurial spirit and wide range of skills, make him an ideal choice to help grow our business among ultra-high-net-worth people with complex, multi-generational wealth issues." The bank also announced the appointment of Alison Burton as a junior private banker. Miss Burton comes to the UK banking team from her role in JPMorgan's investment bank as an adviser to clients involved in the sale of their family-owned businesses. "More than 60% of Britain's multimillionaires own or have owned their own business,"* said Moscovici. "With the addition of Mark and Alison, whose experience pertains to the decisions many people whose wealth is tied to businesses must make over time, our team is set to raise the industry standards for delivering customised private banking services in the very important UK market." JPMorgan Private Bank is a global wealth management leader, offering advice and customised solutions to the complex needs of wealthy individuals and their families. Using broad capabilities in investing, tax and estate planning, family office management, philanthropy, credit, and special advisory services, the bank helps its clients meet their own unique goals. For more than 160 years, a comprehensive, integrated approach, a commitment to innovation and integrity, and reputation for the highest quality client service have made JPMorgan Private Bank an adviser of choice to those of significant wealth around the world. J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $741 billion and operations in more than 50 countries. With relationships with more than 99% of the Fortune 1000 companies, the firm is a leader in investment banking, asset management, private banking, private equity, custody and transaction services, and retail and middle market financial services. A component of the Dow Jones Industrial Average, JPMorgan Chase is headquartered in New York and serves more than 30 million consumer customers and the world's most prominent corporate, institutional, and government clients. *Source: Tulip Financial Research Limited. Britain's Millionaires: The Powerhouse of Private Investment. September 2002. # # # JPMorgan Private Bank is the marketing name for the private banking activities of J.P. Morgan Chase & Co. and its subsidiaries worldwide. JPMorgan Chase Bank and J.P. Morgan Trust Company, N.A. are members of the FDIC. J.P. Morgan Securities Inc. (JPMSI) is a member of the New York Stock Exchange (NYSE) and other national and regional exchanges. JPMSI and J.P. Morgan Securities of Texas, Inc. are broker-dealers with the NASD and are members of SIPC. This material is approved for issue in the UK by J.P. Morgan International Bank Limited, authorised by the Financial Services Authority. This material is issued in Switzerland by J.P. Morgan (Suisse) SA., which is regulated by the Federal Banking Commission (FBC). This material is distributed in Hong Kong by JPMorgan Chase Bank Hong Kong branch, which is regulated by the Hong Kong Monetary Authority as an authorized institution. This material is distributed in Singapore by JPMorgan Chase Bank Singapore branch, which is regulated by the Monetary Authority of Singapore. In addition, J.P. Morgan Chase & Co. may operate various other broker-dealers together with JPMSI and J.P. Morgan Securities of Texas, Inc. or investment advisory entities. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/12/04/20021204BIT00880/wkr0001.doc http://www.waymaker.net/bitonline/2002/12/04/20021204BIT00880/wkr0002.pdf