1. SEPTEMBER 2 0 0 8 S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A LS T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L Panel Session: Challenges in the field of securities settlement systems Marshall Millsap Global Market Infrastructures Executive Treasury and Securities Services

2. Global Payments Week Vienna 11 September 2008 Collateral: Tri-party Dialogues 5 T R E A S U R Y & S E C U R I T Y S E R V I C E S CPSS focus on ‘BAU’ issues as the current problems subside Reducing ‘friction’ in the global system Interoperability and Standards are crucial Joint dialogue with private sector should continue to grow Central Banks focus on national market issues Multiplicity of special facilities Increased recognition of cross-market impact of unilateral actions Cross-region efforts to address issues (CCBM2 for example) Globally significant financial institutions can also do more More dialogue on the different approaches to resolve issues – OTC Derivatives discussion shows challenges and potential Focus on infrastructure governance, roles, and strategy More harmonization towards STP may be problematic; focus on long term cost reduction rather than short term profits from complexity

3. Global Payments Week Vienna 11 September 2008 Standards: Two Different Realms 5 T R E A S U R Y & S E C U R I T Y S E R V I C E S “Securities” and “Payments” Industry standards at different stages in life-cycle Payments standards convergence have more potential upside Securities standards have converged but not at highest potential Payments have more to gain from increased focus More flavors: ANSI, ETABAC, etc. More to gain from XML and STP gains Securities world needs to stretch further General STP gains in trading cycle realized with forced conversion to 15022 EU Initiative now defining the future Need to focus on asset servicing, corporate actions, issuers SWIFT Debate Next Week on ‘translation’

4. Global Payments Week Vienna 11 September 2008 Some Questions for Large Banks 6 T R E A S U R Y & S E C U R I T Y S E R V I C E S How should we think about capacity planning as an industry? How should we support cross-border infrastructures? How should they be governed? How do we reconcile the shareholder perspective with systemic impacts? As other large financial institutions must rely on fewer global provider banks, how do we handle the concentration risks?

5. Global Payments Week Vienna 11 September 2008 This presentation was prepared exclusively for the benefit and internal use of the JPMorgan Chase client to whom it is directly addressed and delivered (including such client’s subsidiaries, the “Company”) in order to assist the Company in evaluating, on a preliminary basis, certain products or services that may be provided by JPMorgan Chase. This presentation contains information which is confidential and proprietary to JPMorgan Chase, which may only be used in order to evaluate the products and services described herein and may not be disclosed to any other person. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Company or which was otherwise reviewed by us. This presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by JPMorgan Chase. Neither this presentation nor any of its contents may be used for any other purpose without the prior written consent of JPMorgan Chase. JPMorgan Chase makes no representations as to the legal, regulatory, tax or accounting implications of the matters referred to in this presentation. Notwithstanding anything in this presentation to the contrary, the statements in this presentation are not intended to be legally binding. Any products, services, terms or other matters described in this presentation (other than in respect of confidentiality) are subject to the terms of separate legally binding documentation and/or are subject to change without notice. Neither JPMorgan Chase nor any of its directors, officers, employees or agents shall incur any responsibility or liability whatsoever to the Company or any other party in respect of the contents of this presentation or any matters referred to in, or discussed as a result of, this document. JPMorgan Chase is a marketing name for treasury services businesses of JPMorgan Chase Bank, N.A. and its subsidiaries worldwide. JPMorgan Chase is licensed under U.S. Pat Nos. 5,910,988 and 6,032,137. © 2008 JPMorgan Chase & Co. All rights reserved. 7 T R E A S U R Y & S E C U R I T Y S E R V I C E S