Oklahoma Municipal Retirement Fund

1. S T R A T E G I C   D I S C U S S I O N   M A T E R I A L S Oklahoma Municipal Retirement Fund August 28, 2009 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 L

2. Table of Contents

3. Executive Summary Accomplishments Watch List • Corporate Actions Reporting • New Client Service Officer – Greg Define • Established regular bi-monthly conference calls Opportunities Partnership Initiatives • Securities Lending on new accounts • Joint visit at May OMRF board meeting with JPM Asset Management (Stephan Murphy, Brenda Lopiccolo, Mike Edwards), Securities Lending (John Pietrunti) and Government Banking (Marcia Matthews)

4. 3 Current Credit Ratings, Financial Information & Capital Ratios Current Credit Ratings for JPMorgan Chase & Co. & JPMorgan Chase Bank, N.A. * Outlook downgrade only. Financial Information & Capital Ratios (As of June 30, 2009) * Value for the quarter ending June 30, 2009, not YTD

5. 4 J.P. Morgan’s Approach to Financial Management Important Facts: Recent Market Events are absolutely unprecedented, and pose tremendous challenges In a turbulent economic environment, the health of your banking institution can directly impact the health of your business. We want to offer you reassurance that J.P. Morgan’s approach to financial management has allowed us to achieve our objective of maintaining liquidity, preserving capital and providing current income throughout both historical cycles and past market events. Although current market conditions clearly pose very significant challenges, we believe we are coming intothis period well prepared to weather a substantial financial storm. • J.P. Morgan confirmed on May 7th, that it has completed the U.S. government's Supervisory Capital Assessment Program (SCAP); the assessment concluded that J.P. Morgan’s capital position would remain strong under more highly stressed conditions than exist today, and that there is no need for the company to raise additional capital at this time • J.P. Morgan repaid $25 Billion in TARP funds in full on June 17th; in addition to this principal amount, J.P. Morgan has paid the U.S. Treasury an aggregate of $795,138,889 in dividends on the preferred stock, including dividends that had accrued through the redemption date • Six excellent franchises with great long-term prospects (Each major franchise is in top 3 in its business, and reputational strength is as good as it has ever been) • J.P. Morgan continues to make significant investments in all six lines of business, despite the challenging environment • Our deposit base represents a stable source of funding for the Firm. Total deposits of over $866.5 billion represent balances both in our retail and wholesale businesses • We have total assets of $2 trillion, with exposures to a diverse group of wholesale and consumer markets • Our credit ratings remain strong, with holding company level ratings at Aa3/A+/AA- Fortress balance sheet strengthened further: • $89.9 billion of tangible common equity (average for the quarter ending June 30, 2009) • Tier 1 Capital of $122.2 billion • 9.7% Tier 1 Capital Ratio • Added $2B to credit reserves last quarter, ensuring we are well-positioned to handle continued market challenges • Credit reserves now total $30B • Loan loss coverage ratio of 5%

6. What is J.P. Morgan’s Commitment to Public Funds? Partial List of Public Fund Clients Commitment to Public Fund Business • J.P. Morgan has been committed to the public funds market for more than 50 years • We currently serve 153 public fund and government clients in the U.S. • Our relationship management staff has an average of 15 years tenure; many have achieved Certified Retirement Services Professional (CRSP) designation • J.P. Morgan has relationship management teams located in many markets throughout the country (CA, AZ, LA, TX, LA, MI, IL, IN, NY, OH) which will help us continue to expand this key business segment • We currently enjoy a 14% market share with the top 100 public pension funds and have a set strategic goal of doubling our entire public fund book of business by 2011 5

7. General Pension Industry Trends Regulation — Impact of new Accounting Rules Funded Status Risk Management • FASB for Corporate Pensions defines fair value and establishes a framework for measuring fair value in generally accepted accounting principals (FASB 157) • Public Funds envision some level of adoption by GASB • GASB 53 requires governments to measure most derivative instruments at fair value in their financial statements that are prepared using the economic resources measurement focus and the accrual basis of accounting • Pension shortfalls impacting the credit ratings for some State’s looking at bond issuance • Actuarial hurdle rates are being set at challenging levels for many Systems • A slowdown in Alternatives being funded has occurred as Public Pensions monitor their asset allocations • Large Public Pension funds continue to implement third-party warehouse systems to achieve data independence and leverage best-in-class architecture across vendors • Examination of risk beyond security holdings with a focus on look-through analytics on commingled portfolios, counterparty risk associated with derivatives and administration of complex alternatives like Hedge Funds and Private Equity • Daily….daily….daily! Public Pensions are looking to develop strategic partnerships with key banks and asset managersto benefit from intellectual capital and middle and back-office outsourcing.

8. Differentiators of Treasury & Securities Services • World class market leading franchise • Record 2008 net income of $1,767 million has more than doubled since 2005 • Worldwide Securities Services has increased its technology investments in to a record $547 million • Stable, annuity-like revenue stream -consistent growth in liability balances strongly linked to core cash and custody operating services • Significant client and platform leverage across the entire firm (IB, RFS, Card, CB AM, Corporate) • High return, low capital intensity, scale advantages • Approximately 50% of revenue is related to international businesses • Scale, stability, breadth of services, global reach, and continued investment of a global leader in finance and the top custodian in the world • Access to a higher level of service, including accounting, securities lending and available value added services that will not only serve you better today, but provide a sound platform for your future growth • A service team comprised of management, administrative and product specialists focused on your needs, utilizing a proven model and experienced in working with large pension clients • J.P. Morgan technology that provides quick access to investment, accounting, and market information with easy export of data and reports • A disciplined custody transition process developed over hundreds of client conversions into J.P. Morgan which achieves excellent results — a seamless movement of assets between custodians and efficient operational integration • J.P. Morgan’s ongoing commitment to serve you as an important client and business partner beginning with the immediate allocation of resources required to bring you aboard

9. JPMorgan Chase & Co.’s Presence in the State of Oklahoma JPMorgan Chase & Co. Presence Business • Employees working 490 • Employee’s residing 504 • ATMs 50 • Banking Centers 32 • Locations 39 • Serve more than 932,000 consumer customers • Serve more than 13,000 small business customers • Serve more that 415 middle market companies • Senior managed (negotiated) $248 million in public debt issued in 2008 Commitment Economic Contribution • Contributed over $580,000 to Oklahoma charities in 2008 • 9,100 mortgage loans totaling $1.2 billion, of which 28% were made to low- or moderate-income borrowers or for low- or moderate-income communities in 2008 • Originated more than 19,600 small business loans totaling $181 million, of which 17% were made in low- or moderate-income communities, in 2008 • Provided more than $18 million in community development loans and investments in 2008 • Paid more than $32 million in wages and benefits to Oklahoma employees in 2008 • Paid more than $1.1 million in state and local employee withholding tax in 2008 • Paid more than $2.3 million in state and local taxes in 2008 • Purchased more than $10.4 million in goods and services from Oklahoma companies in 2008

10. Your J.P. Morgan Worldwide Securities Services Client Service Team Margaret Sparks Service Team Leadermargaret.sparks@jpmchase.com(248) 816-0349 Mike Gallaugher Relationship Management mike.p.gallaugher@jpmorgan.com(225) 332-4377 John Pietruni Securities Lending john.j.pietrunti@jpmorgan.com (212) 552-8160 Presentation2 Greg Define Client Service Professional greg.a.define@jpmorgan.com (614) 244-1931 Marcia MatthewsCommercial Banker, Oklahoma Citymarcia.d.matthews@chase.com (405) 231-6718 [ C L I E N T N A M E ]

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12. We’re helping by adjusting the mortgages they have with Chase, WaMu, and EMC. By sending specific offers to help families lower their monthly payments. And by working, face-to-face, to create customized solutions. This is not a quick fix. We need long-term solutions to help struggling families. The kind of families that have continued to make payments but now risk losing their homes. That’s why we announced significant changes to our mortgage program last week. After all, home ownership is not just an investment. It’s the fabric of our lives, of our nation. Americans have worked hard to buy their homes. At Chase, we’re working hard to keep them there. Over the past two years, we’ve helped a quarter of a million families to keep their homes. Over the next two, we’re planning to help 400,000 more. To learn more about how Chase is helping customers, visit Chase.com. jpmorganchase.com/thewayforward

13. We pride ourselves on continuing to be there for our clients, making loans to creditworthy borrowers. Of course in tough economic times businesses get more cautious, and their demand for loans decreases. At the same time, banks must adhere to safe and sound lending standards. As we have learned time and again, sound lending is vital to a sound economy. At JPMorgan Chase, we are open for business: lending to businesses of all sizes—as we have for decades—in a responsible way. Are banks lending to businesses? At JPMorgan Chase, the answer is yes. We are extending credit at a healthy rate: $43 billion worth in the last quarter alone. And our loan balances to large corporations, small and mid-size businesses, municipalities, and non-profit organizations are up14 percent from a year ago. To learn more about how JPMorgan Chase is helping businesses,visit jpmorganchase.com/thewayforward.

14. Big businesses matter.Small businesses matter.And communities matter, too. They’re all crucial to the growth of our economy. • For years, Chase has been supporting municipalities and nonprofit organizations like hospitals and universities. We make loans to help build bridges and parks. To improve social services and job training. And to fund medical research. And our commitment continues to grow. • We currently extend more than $60 billion in credit to our clients in these sectors, a 33 percent increase over the previous year. And we’ve recently decided to dedicate an incremental $5 billion in credit to keep our communities moving forward. • As always, this is a commitment based on safe and sound lending practices that will benefit our local communities and the American economy. For more specifics about how JPMorgan Chase is helping communities, visit jpmorganchase.com/thewayforward.

15. Our willingness to commit capital, calm the markets, and tap our broad investor base to distribute the state’s bonds are examples of our focus on the way forward. In these difficult times, we at J.P. Morgan are providing states and municipalities with the capital they need – as always, adhering to safe and sound lending practices. Last week, J.P. Morgan helped the State of Illinois raise the money it needed by purchasing $1.4 billion of bonds. J.P. Morgan was the firm that stepped up to purchase the entire offering, providing Illinois the money necessary to maintain vital programs and infrastructure, and to pay state employees. For more specifics on JPMorgan Chase and The Way Forward,visit jpmorganchase.com/thewayforward.

16. JPMorgan Chase has invested (or committed to invest) a total of $2.4B for its own portfolio in renewable energy transactions and raised $3.4B from other parties. JPMorgan Chase’s investments include interests in 54 wind farms, 14 hydro-electric facilities and 8 solar plants across 20 states. Together, the facilities we’ve invested in are expected to produce an estimated 20.9 million megawatt hours per annum - enough energy to power close to 1.5 million U.S. homes each year. J.P. Morgan is the leading institutional equity investor in U.S. wind power projects, leading transactions representing approximately 45% of the equity invested in that market from 2003 through 2008. At JPMorgan Chase, we believe being environmentally responsible can have a positive effect on our economy. Our goal? To help America achieve a cleaner, greener,and more prosperous future. For more specifics on JPMorgan Chase and The Way Forward,visit jpmorganchase.com/thewayforward.

17. Just last week, we extended our modification programs that have proven effective to the $1.1 trillion investor-owned loans we service, but don’t own. That includes our new regional centers, more attractive offers, and 2,500 loan counselors who can work face to face with struggling homeowners. We also delayed starting the process of foreclosure for 80,000 homeowners until we had proactive programs in place to give them every possible opportunity to stay in their homes. Over the past two years, Chase has helped 330,000 families avoid foreclosure. And now, by addressing investor-owned loans, we will help even more Americans keep the homes they’ve worked so hard to buy. When a family loses a home to foreclosure, everybody suffers. That’s why Chase announced extensive plans last fall to expand its efforts to modify mortgages. But there was still a concern that investor-owned mortgages weren’t eligible for modification. Until now. For more specifics on JPMorgan Chase and The Way Forward,visit jpmorganchase.com/thewayforward.

18. We know that lending plays a vital role in the strength and ultimate recovery of our economy. As we have seen in the past, it’s bad for the economy for banks to make loans customers cannot repay. Banks must adhere to safe and sound lending standards, and borrowers need to be mindful of their ability to repay. In tough economic times, demand for loans decreases as borrowers get more cautious. As a result, overall lending often does decline. But we continue to make loans everyday. Last quarter, we extended more than 5 million new consumer loans and lines of credit across cards, mortgages, home equity, auto, and education finance. We also lent billions to small and mid-size businesses, municipalities, and nonprofits. These funds will help them create jobs, fund medical research, and improve social services and job training. Lending is our business, but it comes with a duty to lend responsibly. We continue to meet the needs of creditworthy borrowers in a safe way, helping to strengthen our economy and move it forward. Are banks lending?At JPMorgan Chase, the answer is yes. We are extending credit at a healthy rate, over $100 billion in the last quarter alone. For more specifics on JPMorgan Chase and The Way Forward,visit jpmorganchase.com/thewayforward.

19. This presentation was prepared exclusively for the benefit and internal use of the J.P. Morgan 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, the feasibility of a possible transaction or transactions and does not carry any right of publication or disclosure, in whole or in part, to any other party.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 J.P. Morgan.Neither this presentation nor any of its contents may be disclosed or used for any other purpose without the prior written consent of J.P. Morgan . The information in this presentation is based upon any management forecasts supplied to us and reflects prevailing conditions and our views as of this date, all of which are accordingly subject to change.J.P. Morgan’s opinions and estimates constitute J.P. Morgan’s judgment and should be regarded as indicative, preliminary and for illustrative purposes only.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.In addition, our analyses are not and do not purport to be appraisals of the assets, stock, or business of the Company or any other entity.J.P. Morgan makes no representations as to the actual value which may be received in connection with a transaction nor the legal, tax or accounting effects of consummating a transaction.Unless expressly contemplated hereby, the information in this presentation does not take into account the effects of a possible transaction or transactions involving an actual or potential change of control, which may have significant valuation and other effects. J.P. Morgan is a marketing name for investment banking businesses of JPMorgan Chase & Co. and its subsidiaries worldwide. Securities, syndicated loan arranging, financial advisory and other investment banking activities are performed by a combination of J.P. Morgan Securities Inc., J.P. Morgan plc, J.P.Morgan Securities Ltd. and the appropriately licensed subsidiaries of JPMorgan Chase & Co. in Asia-Pacific, and lending, derivatives and other commercial banking activities are performed by JPMorgan Chase Bank, N.A.J.P. Morgan deal team members may be employees of any of the foregoing entities. This presentation does not constitute a commitment by any J.P. Morgan entity to underwrite, subscribe for or place any securities or to extend or arrange credit or to provide any other services.