NYSTRS Selects JPMorgan as First Non-Custody Securities Lending Agent for Fixed Income

New York, February 14, 2007 – The New York State Teachers’ Retirement System (NYSTRS) has selected JPMorgan Worldwide Securities Services as its first non-custody lending agent for fixed income securities totaling $12 billion.

JPMorgan’s Securities Lending business will lend fixed income securities to qualified borrowers, seeking to create extra income for NYSTRS, one of the largest public retirement systems in the nation.

"We chose JPMorgan as our U.S. fixed income securities lending agent after an exhaustive search process and we are confident the program they laid out will allow us to maximize our investment returns on this asset class," said John Cardillo, manager of public information for NYSTRS.

JPMorgan’s securities lending program has one of the most extensive lendable portfolios of domestic and international securities, is considered a "first call" priority agent with many of the world’s top quality, high volume borrowers and has an investment philosophy of obtaining attractive returns while minimizing risk.

"We are delighted that NYSTRS chose us as their non-custody lending agent," said Sandie O'Connor, global head of JPMorgan's Securities Lending and Execution Products business. "It is a testament to the strength of JPMorgan’s securities lending program, and we're sure our distribution capability, operational strength and innovative technology will help NYSTRS optimize its portfolio."

For more information on JPMorgan’s Securities Lending and Execution Products go to http://www.jpmorgan.com/visit/slep.

About The New York State Teachers' Retirement System

NYSTRS provides retirement, disability and death benefits to eligible New York State public school teachers and administrators. NYSTRS is the second-largest public retirement system in the state and one of the 10-largest systems in the nation. NYSTRS serves over 264,000 active members and nearly 130,000 retirees and beneficiaries.

About JPMorgan Worldwide Securities Services
JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is a global industry leader with $13.9 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
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.