J.P. Morgan Selected by the Petroleum Fund of East Timor to Provide Custodial Services and Training Opportunities

Sydney, June 13, 2008 – JPMorgan announced today that it has been selected by East Timor’s government entity, The Banking & Payments Authority of Timor-Leste (BPA), not only to act as the global custodian and administrator for the Petroleum Fund’s assets, but also to support the development of their staff.

In the first agreement of its type in East Timor, as well as providing traditional custodial services, JPMorgan will enable BPA officials to undertake capacity building in financial markets. JPMorgan will also provide mandate compliance monitoring and fund performance services to enable BPA to monitor their investment portfolio and evaluate their external fund managers.

“The BPA – JPMorgan agreement represents the first relationship of its type in East Timor, and we are proud to be involved in assisting the people of Timor Leste further develop their international profile,” said Jane Perry, JPMorgan Worldwide Securities Services Australia & New Zealand Chief Executive Officer.

The Banking and Payments Authority of Timor-Leste (BPA) is the future central bank of Timor-Leste and has responsibility for the operational management of the Petroleum Fund of Timor-Leste. With sizable funds of $USD 2.9 billion and strong growth prospects including a current monthly inflow of $USD 200 million, BPA are seeking international expansion.

“We are delighted to have selected JPMorgan, which is one of the leading global banks with extensive experience in custody and related matters. We are completely confident in JPMorgan’s ability to provide a world-class standard of service to the Petroleum Fund” said General Manager of BPA, Mr Abraao de Vasconselos.

JPMorgan will receive and arrange the settlement of trading instructions from external managers, and will monitor their performance. The agreement also involves JPMorgan providing the BPA with investment performance and compliance services, as well as the Fund’s financial accounting and reporting.

About JPMorgan Worldwide Securities Services
JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is a global industry leader with $15.7 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.au

About JPMorgan Chase
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 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.