JPMorgan Enhances US Agent Bank Clearing Functionality

Boston, October 2, 2007 -- JPMorgan Worldwide Securities Services today announced it has successfully integrated and upgraded its US and international GlobeClear clearance capabilities to improve processing efficiency.

As part of the initiative, JPMorgan has made a multi-million dollar investment in its US Agent Bank Clearing product, to expand its core clearance and custody systems to improve settlement of securities processes through the Depository Trust & Clearing Corporation (DTCC).

This investment allows JPMorgan clients around the world who invest in US securities to benefit from:

• Segregated participant accounts, eliminating traditional limitations of omnibus account structures.
• Minimizing delivery fails and their associated financing.
• Rehypothecation, permitting straight-through processing of all repurchases and loans.
• Securities Payment Orders, processed automatically to better support the US stock loan business.
• SWIFT Messaging, which is expanded to improve access to comprehensive information about settlement status and corporate action / income information on rehypothecated positions.

Ed Corral, Clearance and Settlement Business Executive at JPMorgan Worldwide Securities Services, said, "JPMorgan has long been a participant in US domestic off-exchange clearance, and this investment and upgrade enables us to offer what we believe is a new standard for integrated global clearance. As markets continue to become global, the convergence between US and international clearance becomes increasingly important."

The market leader in US Government clearance and settlement, JPMorgan handled 52% of total clearing bank volumes in 2006. In addition to its premier Agent Bank Clearing product, JPMorgan’s GlobeClear product facilitates clearance for 20 exchanges and more than 60 OTC markets (including the Federal Reserve and DTCC) through a single access point.

For more information, please visit www.jpmorgan.com/visit/clearance.

About JPMorgan Worldwide Securities Services
JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is a global industry leader with $15.2 trillion in assets under custody. JPMorgan provides innovative custody, fund accounting and administration and securities services to the world's largest institutional investors, alternative asset managers and equity issuers. JPMorgan Worldwide Securities Services leverages its scale and capabilities in more than 90 markets to help clients optimize efficiency, mitigate risk and enhance revenue through a broad range of investor services as well as securities clearance, collateral management and alternative investment services. For more information, please visit www.jpmorgan.com/wss.

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.5 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.