BNP joins JPMorgan and to market TRAC-X products

April 30, 2003 - JP Morgan and Morgan Stanley announce today that BNP Paribas will become a Joint Lead Manager and Joint Bookrunner of the TRAC-X Europe Notes and a Market Maker of the TRAC-X Europe Swaps, making it the first European Market Associate to join this venture. Each house will provide independent, live pricing, which will also be available on Bloomberg and . TRAC-X Europe forms part of the TRAC-X credit default indices launched by JPMorgan and Morgan Stanley on April 1, 2003. TRAC-X Europe will replace and build on the success of the Morgan Stanley Synthetic TRACERS program, and JECI, the JPMorgan European Credit Index, which is also traded by BNP Paribas. TRAC-X Europe comprises the 100 most actively traded names in the European credit default swap market. TRAC-X Europe will be available in funded and unfunded format, with fixed as well as floating coupons and sub sectors (TMT, Consumers, Industrials, Subordinated Financials and Senior Financials). JPMorgan, Morgan Stanley and BNP Paribas worked together on the structure and portfolio selection methodology for the first TRAC-X Europe issue. "We are delighted to welcome BNP Paribas to the TRAC-X index family, and expect this will be the first house of many to become a part of this venture," said Guy America, managing director and head of corporate credit trading at JPMorgan in London. "The decision by BNP Paribas to trade and help promote TRAC-X in Europe is a positive development that will further enhance liquidity and increase the index's profile in the European marketplace," said Annabel Littlewood, managing director and head of credit derivatives trading in London at Morgan Stanley. "TRAC-X is a significant development of the credit markets" said Farid Amellal, global head of credit trading at BNP Paribas. "We expect the index will become the future benchmark for credit." Trading of TRAC-X Europe is scheduled to begin once the new 2003 ISDA Credit Definitions are finalised. # # # BNP Paribas is one of the world's largest banking groups. The company has an extensive international network, reaching across 87 countries and employing 80,000 people. Ranked number one in in terms of earnings, BNP Paribas is also the most profitable in the zone. Thanks to the excellent strategic partnership between our commercial and financial businesses, BNP Paribas is a major player in the , , international and fields. Eighty of the world's top 100 companies have chosen BNP Paribas as their bank. J.P. Morgan Chase & Co. is a leading global firm with assets of $755 billion and operations in more than 50 countries. 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 and serves more than 30 million consumer customers and the world's most prominent corporate, institutional and government clients. Information about JPMorgan Chase is available on the internet at www.jpmorganchase.com. Morgan Stanley is a global financial services firm and a market leader in securities, investment management and credit services. With more than 700 offices in 28 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.