JPMorgan Wins Landmark Multinational Asset Pooling Mandate

London, 2 July 2008 — JPMorgan today announced an agreement with Shell Asset Management Company (SAMCo), the asset management arm of Royal Dutch Shell, enabling a global provision to service Shell corporate pension and insurance plans with total assets in excess of $70 billion. With this relationship, JPMorgan launches a range of sophisticated services for SAMCo and participating Shell pension funds, including fund accounting, fund administration and certain securities lending services all from segregated and/or pooled accounts that will prove to be a new market milestone.

Francis Jackson, head of EMEA business development and relationship management for JPMorgan Investor Services, said: "Our strategy of global reach coupled with local delivery allows us to offer a differentiated pooling service that combines enhanced risk management and governance with greater efficiencies. We call this deal 'landmark' because we believe it to be one of the most sophisticated asset pooling structures in the market to date. It also underlines our strategic commitment to the pensions industry on a global scale."

John Gout, head of Netherlands business development and relationship management for JPMorgan Investor Services said: "This mandate by SAMCo propels us to become one of the top three global custody providers in the Dutch market and gives us further momentum in the region. Our Dutch business continues to be a focus for the firm and we anticipate continued strong growth in the coming years."

About Shell Asset Management Company
SAMCo is the in-house asset management company of Royal Dutch Shell (NYSE: RDS.A) a leading global energy and petrochemical company, active in more than 110 countries, employing 104.000 people. SAMCo's mission is to provide innovative investment solutions to pension funds associated with the Shell Group worldwide. SAMCo gives investment advice, selects external managers and performs in-house asset management with regard to some $60bln out of $70bln in Shell related defined benefit funds. Information about Shell is available at www.shell.com .

About JPMorgan Investor Services
JPMorgan Investor Services is a premier asset servicing provider that helps institutional investors and alternative asset managers optimize efficiency, mitigate risk and enhance revenue. Part of JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., Investor Services leverages the firm's unparalleled scale, leading technology and deep industry expertise to service investments around the world. It has $15.7 trillion in assets under custody and $4.6 trillion in assets under administration. For more information, go to www.jpmorgan.com/visit/is.

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.6 trillion and operations in more than 60 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.

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