Message from George Gatch

The Investment Management Americas business stands in a covetable position in 2010. We have a depth and breadth of product that is unparalleled and one of the strongest brands in financial services. Our investment performance is outstanding and we have solidified our reputation as one of the best asset managers in the U.S. with both institutional and retail clients.

It's with this in mind that I am pleased to announce the following senior leadership appointments for our businesses in the United States and Canada.

John Garibaldi will become Head of Institutional Advisory & Sales and will assume responsibility for all client sales and service for Institutional. John will report to me regionally and to the new Global Head of our Institutional business, who we expect to announce in September.

Jed Laskowitz will become Head of Retail Sales responsible for all client sales and service for our retail business reporting to me.

Pam Popp will continue as CEO of Retirement Plan Services, reporting to me.

Bob Young will become Chief Operating Officer for the Investment Management Americas business and will continue to report to me.

Patricia Maleski will become the President of J.P. Morgan Funds, as well as Chief Administrative Officer of J.P. Morgan Funds and institutional pooled investment vehicles. Trish will continue to report to Bob Young.

Verlin Horn will continue as Chief Operating Officer for the Institutional business with an expanded executive role for the day to day business management of the Institutional Sales group. He will report to John Garibaldi and will in addition report to Bob Young.

Susan Oh will continue in her role as head of consultant relations and the Strategic Investment Advisory Group (SIAG), reporting to me regionally and to the new Global Head of our Institutional business.

David Musto will continue to lead the defined contribution investment only business across institutional and retail, reporting to me. David will work closely with Jed and John Garibaldi and the specialist teams dedicated to this effort to continue to build momentum in this important area for our business.

Richard Chambers will become Head of Marketing for IMA. Reporting to Richard will be Daniel Darst, as head of Institutional Marketing for the Americas. Daniel will also have a reporting line to John Garibaldi and be part of his management team. Shawn Alexander will also report to Richard in an expanded role as head of Retail Marketing for the Americas.

Andrea Lisher will become Head of Business and Product Learning and Development for IMA. Andrea will be responsible for providing our sales and service teams with the tools and training to be the best in the industry.

Please join me in congratulating the above leaders on their new roles. This is a time of great opportunity for all of us, and I look forward to working with all of you to help deliver J.P. Morgan's vast insights and capabilities to our clients.

The best is yet to come.

George Gatch