JPMORGAN ACTS AS TRANSITION MANAGER FOR £1 BILLION LINCOLNSHIRE COUNTY COUNCIL PENSION FUND

London - 23 October 2006

JPMorgan today announced that it has completed an asset restructuring for the £1billion Lincolnshire County Council Pension Fund. Following a review of its investments, the Lincolnshire County Council Pension Fund has made changes to its global equity portfolio. As part of the restructuring, the pension fund has hired Alliance Bernstein to manage £100million of equities and Threadneedle to manage £50 million of equities.

Ralph Gould, Investment Manager at the Lincolnshire County Council Pension Fund, said, "The transition was seamless and JPMorgan delivered a very cost effective result.”

John Minderides, global head of transition management at JPMorgan, said, "We are very pleased that Lincolnshire County Council Pension Fund selected us to manage their restructure of investments, allowing us to deliver a full and efficient service to a pension fund that also uses JPMorgan Worldwide Securities Services as global custodian.”

JPMorgan's transition management group is leveraging the strengths of the firm as one of the top global players in both capital markets and securities services to become a leading provider of transition management services. JPMorgan offers a fully integrated global transition management service that assists institutional investors in the restructuring and implementation of their investment portfolios. The service covers all phases of the transition from strategy development through to execution and performance review.

JPMorgan's transition management group includes transition management professionals based in London, New York, Sydney and Tokyo.

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