JPMORGAN'S LARGE CAP 130/30 STRATEGY CELEBRATES ITS THREE YEAR ANNIVERSARY

US Press Office

JPMORGAN'S LARGE CAP 130/30 STRATEGY CELEBRATES ITS THREE YEAR ANNIVERSARY

Jul 23, 2007

JPMorgan Asset Management is celebrating the three year anniversary of its Large Cap 130/30 strategy.

New York, July 23, 2007 - JPMorgan Asset Management (‘JPMAM’) is celebrating the three year anniversary of its Large Cap 130/30 strategy. The pioneering fundamental strategy, established in July 2004 and managed by JPMAM’s Core Equity Team, has provided strong out-performance, delivering a net annualized return since inception (07/01/04) of 15.73%, and an annualized excess return of 4.0% after fees, relative to the S&P 500 index, as of (06/30/07). The strategy ranks in the 1st percentile in both the Large Cap Core Equity and Extended U.S. 130/30 Equity Universes*. With over $2 billion in assets under management, JPMAM’s Large Cap 130/30 strategy is one of the largest and long-established of its kind.

Utilizing active stock selection with a systematic valuation process, the strategy invests in a diversified portfolio of U.S. large cap equities with a target average exposure of 130% long and 30% short.

“The cornerstone of our fundamental-based investment process is our dedicated and experienced team of industry specialist buy-side research analysts. We begin by capturing the full range of their research insights, then provide a complete ranking of the universe of stocks, and finally construct the portfolio based on the strong convictions of portfolio managers, Tom Luddy and Susan Bao. We believe our deeper insights, disciplined approach and the team’s tremendous experience in the industry means we can construct a very unique long-short portfolio which significantly expands alpha generation and improves portfolio efficiency,” said Paul Quinsee, CIO U.S. Large Cap Core Equity, JPMorgan Asset Management.

“We were one of the early pioneers of long-short strategies. Three years ago we developed a 130/30 offering, unlocking the ability to create more alpha in the large cap equity space. It has been a strong fit with our investment style and long-short experience,” Quinsee added.

For further information on JPMorgan Asset Management’s 130/30 Strategy, please contact: www.jpmorgan.com/130-30

* eVestment Alliance universes, as of March 31, 2007

About JPMorgan Asset Management:

With $1,053 billion as of March 31, 2007*, in global discretionary assets under management, JPMorgan Asset Management is one of the largest active asset managers in the world and one of the largest mutual fund companies in the United States, providing institutional, ultra high net worth and retail clients with outstanding investment products across all asset classes globally, including fixed income, equity, liquidity, real estate, private equity and hedge funds.

*Based on AUM for the Asset Management (JPMAM, PB, PCS) division of JPMorgan Chase & Co. as of March 31, 2007.

The manager seeks to achieve the stated objectives. There can be no guarantee the objectives will be met.

Past performance is not indicative of future results. Total return assumes the reinvestment of income. Indices do not include fees or operating expenses and are not available for actual investment. Performance of the strategy for 1-year was 29.2% and 3-year 15.7% net of fees. Performance of the benchmark for 1-year was 20.6% and 3-year inception 11.7%. The benchmark is the S&P 500 Index, which is an unmanaged broad-based index that is used as a representation of the U.S. stock market. It includes 500 widely held common stocks.

There is no guarantee that the use of long and short positions will succeed in limiting the fund's exposure to domestic stock market movements, capitalization, sector-swings or other risk factors. Investment in a portfolio involved in long and short selling may have higher portfolio turnover rates. This will likely result in additional tax consequences. Short selling involves certain risks, including additional costs associated with covering short positions and a possibility of unlimited loss on certain short sale positions.

JPMorgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include J.P. Morgan Investment Management Inc. and its affiliates, including, without limitation, JPMorgan Investment Advisors Inc., Security Capital Research & Management Incorporated, and J.P. Morgan Alternative Asset Management, Inc.

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