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JPMORGAN ASSET MANAGEMENT LAUNCHES JPM EMERGING MARKETS INFRASTRUCTURE EQUITY FUND

May 12, 2008

London, 12 May 2008: JPMorgan Asset Management (‘JPMAM’) today announced the launch of the JPM Emerging Markets Infrastructure Equity Fund (‘the Fund’) within its Luxembourg-domiciled SICAV range. The Fund, managed by Leon Eidelman, is designed to benefit from those companies at the forefront of the infrastructure boom; it allows investors to access one of the most compelling themes in emerging markets investing, employing a disciplined process to harness the return potential of infrastructure spending.

Tap into infrastructure spending: Infrastructure spending in emerging markets is projected to reach USD 21.7 trillion* over the next decade as urbanisation and globalisation create demand for improved services and support networks. Investing in the companies that are positioned to benefit as governments and businesses build the roads, railways, ports and power plants to fuel the next phase of emerging markets growth, the JPM Emerging Markets Infrastructure Equity Fund offers investors the opportunity to participate in this exciting investment theme.

* Source: Morgan Stanley

Access a diverse range of infrastructure opportunities: The fund’s purpose-built benchmark allows it to gain varied exposure to the infrastructure theme, from raw materials to construction, real estate to air freight.  Investing across seven sectors: energy, materials, capital goods, transportation, real estate, telecommunication services and utilities, the fund offers access to a diversified opportunity set that is growing faster than the broader market.

 A process designed to unlock emerging markets potential: Maximising returns in emerging markets requires an investment process that can efficiently transform opportunities into profit. Our Emerging Markets Infrastructure Equity Fund employs a bottom-up structured quantitative process to make meaningful comparisons across markets and identify the companies with truly market-leading characteristics. The fund benefits from the insight of JPMAM’s 52-strong team of emerging markets experts, based in local markets across the globe, who provide fundamental validation to ensure the 80 -120 stocks in the portfolio represent the best value for investors.

Claire Simmonds, Client Portfolio Manager for Emerging Markets at JPMAM said, “Today, bolstered by the commodities boom and by improved fiscal policies, emerging economies boast large current account surpluses and dramatically improved international reserves, giving them the spending power to invest in the infrastructure needed to support future economic growth. The JPM Emerging Markets Infrastructure Equity Fund represents an ideal way to increase the diversification of clients’ portfolios by providing exposure to a range of emerging markets around the globe. It aims for long term growth by investing in the stocks of infrastructure related companies.” 

“JPMAM has a highly commendable proven track record in managing a diverse range of emerging markets products, and I am delighted that we able to offer investors access to this pioneering fund.”

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For further information please contact:

Ben Larter: Media Relations
Telephone: 020-7742-2112
Email benjamin.g.larter@jpmorgan.com

Notes to Editors

Leon Eidelman, vice president, is a portfolio manager for structured strategies within the Emerging Markets Equity Team based in New York.  An employee since 2002, Leon is responsible for portfolio management and implementation on all structured strategies.  Prior to this, Leon was a quantitative strategist tasked with developing quantitative models supporting asset allocation, stock selection and portfolio construction within the Emerging Markets Equity Team.  Leon is fluent in Spanish, English, and French, holds a B.A. in economics with a concentration in finance from Cornell University and is a CFA charterholder.

Fund facts (A share class, acc USD)

   ¹ Calculated by MSCI based on JPMorgan's definition of infrastructure

JPMorgan Asset Management is part of J.P. Morgan Chase & Co. and is a global asset management leader providing world-class investment solutions to clients. With US$1.2 trillion in assets under management (the Asset Management client funds of JPMorgan Chase & Co. as at March 31st 2008) and offices in 40 locations around the world, JPMorgan Asset Management offers global coverage with a strong local market presence, and leadership positions in most asset classes.

JPMorgan Asset Management is a trading name of JPMorgan Asset Management Marketing Limited which has issued this material in the United Kingdom and which is authorised and regulated by the Financial Services Authority.  Registered in England No. 288553.  Registered office: 125 London Wall, London EC2Y 5AJ.

Any past performance referred to in this material is not a guide to future performance and the value of investments, and any income from them, can fall as well as rise.  Any tax concessions referred to are not guaranteed and their value will depend on the individual circumstances of investors.  Stock market linked investments carry a number of inherent risks.  These risks will increase where fluctuations in exchange rates impact on the value of any underlying investments or where the investment is exposed to smaller companies or emerging markets.  Investments in fixed income securities that are not rated as investment grade represent a greater risk to an investor’s capital.