State of Michigan Retirement System Hires JPMorgan For Alternative Investment Portfolio Administration

JPMorgan Private Equity Fund Services selected for experience and technology

New York, November 14, 2007 - JPMorgan will provide portfolio administration and performance reporting for the State of Michigan Department of Treasury Bureau of Investments' Alternative Investments Division. The Bureau serves as the investment manager for various state retirement systems with a total of $61 billion in assets under management.

JPMorgan Private Equity Fund Services (PEFS) will provide the State with a set of comprehensive services to give greater insight on the performance, concentration and risk across the alternative investment portion of the assets. The services include investment accounting, cash flow tracking and forecasting, reporting and analytics, as well as the ability to easily generate board-quality reports.

"JPMorgan PEFS is delighted to welcome The State of Michigan Department of Treasury as a client," said Robert Caporale, CEO of JPMorgan PEFS. "We feel that the State, its employees and taxpayers will benefit from the processes we use, which provide the control, security and transparency so needed in today's marketplace."

James Hutter, Business Executive and COO of JPMorgan PEFS, added: "Our experienced team will serve as an independent source of finance and accounting information, so the State can spend more time on their mission - maximizing investment returns for employees and retirees."

JPMorgan PEFS provides middle and back office outsourcing of fund administration services for more than 200 funds at private equity firms, representing over $45 billion in committed capital. Services offered include: fund and partnership accounting, tax support and comprehensive reporting services to private equity firms.

JPMorgan PEFS also serves the world's largest institutional investors with over $100 billion in aggregate committed capital. For institutional limited partners, JPMorgan provides Alternative Investment Portfolio Administration services including cash flow tracking and forecasting and reporting. The firm overall can also provide a wide range of complementary services to the private equity community including transaction advisory, cash management, credit products, escrow, custody, foreign exchange and derivatives.

JPMorgan PEFS recently won a top rating in the first-ever survey^* of private equity firms and was lauded for its "robust, proven technology platform" and staff with a deep knowledge of private equity.

JPMorgan PEFS has more than 150 professionals with decades of experience in private equity accounting and operations. The team is highly skilled in providing services to private equity funds and institutional limited partners globally, since it has operations in New York, Chicago, Dallas, San Francisco, London and Sydney.

For more information on JPMorgan PEFS go to www.jpmorgan.com/visit/PEFS. JPMorgan PEFS is part of JPMorgan Worldwide Securities Services.

About JPMorgan Worldwide Securities Services
JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is a global industry leader with $15.6 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.

About JPMorgan Chase
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.

^*Global Custodian 2007 Private Equity Administration Survey.