JPMorgan Chase to Continue Visa and MasterCard Relationships

NEW YORK – JPMorgan Chase & Co. announced today that it would continue to issue credit, debit and commercial cards through both Visa U.S.A. Inc. and MasterCard International Inc. JPMorgan Chase will also retain its positions on Visa U.S.A.’s board consistent with association rules that prohibit dual board representation.

“Visa and MasterCard have been great partners for many years, and both will continue to play key roles in helping our company grow and serve more customers,” said William Campbell, chairman of Chase Card Services, the company’s credit card division. “While realizing the company’s economies of scale, this decision gives our customers and partners the flexibility to choose the products they prefer from the two most popular payment brands.”

“We are obviously delighted with JPMorgan Chase’s decision, and appreciative of the thoughtful deliberation required to make it, particularly in today’s intensely competitive market place,” said Carl Pascarella, president and CEO of Visa USA. “We look forward to building upon the strong foundation we’ve established to date to deliver increased value to Chase, its cardmembers, shareholders and merchant partners.”

“JPMorgan Chase is a valued MasterCard customer, and we look forward to the opportunity to build our business with them across all product lines by continuing to demonstrate that working together, we can develop creative, value-added programs and services that achieve their goals,” said Alan J. Heuer, MasterCard chief operating officer.

JPMorgan Chase and Bank One merged July 1, 2004. Chase will be the brand name for both credit and debit cards. Commercial cards will be issued under both the Chase and JPMorgan brands. Bank One cards and branches will begin converting to the Chase brand beginning in first half of 2005.