JPMorgan To Acquire Fund Services Business

JPMORGAN TO ACQUIRE FUND SERVICES BUSINESS OF INTEGRATED INVESTMENT SERVICES

New York, February 26, 2007 – JPMorgan announced today it has agreed to acquire from Western & Southern Financial Group®, the fund services business of one of its affiliates – Integrated Investment Services (IIS). IIS is a fund accounting, fund administration and transfer agency services business. The acquisition is expected to close in the second quarter of 2007. Terms were not disclosed.

The acquisition of IIS’s U.S. transfer agency services extends JPMorgan’s comprehensive offering of fund services products, including fund accounting, fund administration, compliance reporting and investment analytics products. IIS has more than 100 employees based in Cincinnati.

“This transaction underscores our commitment to growing our fund services business and delivering best-in-class products, services and technology to clients,” said Mark Kelley, head of JPMorgan’s U.S. Fund Services business. “We welcome IIS into our firm, and look forward to delivering a full suite of services, including U.S. transfer agency services, directly to clients of various sizes.”

Jill McGruder, senior vice president at Western & Southern, said the IIS sale is a win-win for both parties as it permits IIS to expand its suite of services to include domestic and global custody. “We are proud to have built our fund servicing business into the quality operation that has attracted an industry leader like JPMorgan. This sale is a manifestation of Western & Southern’s sharpened focus on building our core businesses. The fund servicing business was outside our major areas of concentration.”

JPMorgan’s U.S. Fund Services is part of the firm’s global integrated fund services platform with locations in the U.S., Europe, Middle East and Africa and Asia Pacific. The business provides a full range of services for investment managers and processes more than 30 million securities transactions a year. For more information, please visit www.jpmorgan.com/visit/wssfundservices

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, including $3.5 trillion in assets under administration. 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.

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.

About Integrated Investment Services

Integrated Investment Services (IIS) is Cincinnati-based and provides fund administration, fund accounting, transfer agency and distribution services to a growing list of mutual fund families throughout the country. IIS seeks to forge lasting relationships with clients by providing superior service and continually strengthening its management depth, technology base and capital structure. IIS is a member of Western & Southern Financial Group®. For more information, please visit www.integratedinvestmentservices.com.

About Western & Southern Financial Group®

Western & Southern Financial Group (Western & Southern) is a Cincinnati-based diversified family of financial services companies with assets owned, under management and under our care in excess of $47 billion. A Fortune 500 company, Western & Southern has received A.M. Best’s highest rating of A++ Superior for financial strength, Standard & Poor’s AA+ rating (one of the 10 highest rated life insurance groups in the world) and is consistently recognized by Moody’s and Fitch for financial strength and sound management. With a heritage dating to 1888, the group’s affiliates include The Western and Southern Life Insurance Company, Western-Southern Life Assurance Company, Capital Analysts Incorporated,1, 2 Columbus Life Insurance Company, Eagle Realty Group LLC, Fort Washington Investment Advisors, Inc.,1 Fort Washington Savings Company,3 IFS Financial Services, Inc., Integrated Investment Services, Inc., Integrity Life Insurance Company, The Lafayette Life Insurance Company, National Integrity Life Insurance Company, Todd Investment Advisors, Inc.,1 Touchstone Advisors, Inc.,1 and Touchstone Securities, Inc.2 For more information, visit www.westernsouthern.com. Western & Southern is the title sponsor of the Western & Southern Financial Group Masters and Women’s Open tennis tournaments.

1 A registered investment advisor.
2 A registered broker-dealer and member NASD/SIPC.
3 Member FDIC.
Ratings refer to the financial strength of the insurance company and not to the safety, stability or performance of any investment product.

Contact Information

Judith B. Miller

JPMorgan Chase & Co.

Contact via E-mail