JPMorgan Worldwide Securities Services Wins Custody Mandate for Pension Insurance Corporation

London – April 23, 2007 - Following a search of custodians by Pension Insurance Corporation (PIC), JPMorgan Worldwide Securities Services today announced that it has been appointed to provide custody, fund accounting and associated services for PIC.

Tracy Blackwell, Investment Partner at PIC said, "After an extensive search of custodians, we decided that JPMorgan's leading product and service offering, coupled with their fully integrated approach to supporting our developing needs made them a perfect partner for us."

Benjie Fraser, head of sales and relationship management for UK pensions and charities at JPMorgan Worldwide Securities Services, said, "We are delighted to have the opportunity to work with such an exciting and innovative company as PIC. This appointment demonstrates our high quality of services and strong commitment to working in partnership with PIC as their business grows. A key reason for PIC selecting JPMorgan was the resources we can contribute to the transaction."

About JPMorgan Worldwide Securities Services
JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is the global industry leader with $14.7 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 debt 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 $1.4 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 and wealth 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.

About Pension Insurance Corporation
Pension Insurance Corporation ("PIC") is a new financial institution that intends to provide up to £20bn of new capacity to the rapidly growing UK pensions insurance market. PIC is fully authorised by the FSA as an insurance company and intends to become the industry leader in the provision of pension insurance to UK Defined Benefit pension schemes utilising the largest capital base of any dedicated pension insurer in the UK. Working with its powerful shareholders who can augment PIC's circa £1bn of equity commitments to insure even the very largest of pension risks, it will shorten decision making lines that will enable PIC to move quickly when agreeing pension solutions, providing security and increased certainty to pension trustees, beneficiaries and sponsors of defined benefit pension schemes.