J.P. Morgan Global E-Tax System Expanded

Latest version offers daily updates of tax relief worldwide

New York, March 19, 2007 – JPMorgan Worldwide Securities Services today announced an expansion of JPMorgan E-Tax, an Internet-based, patent-pending, tax service providing institutional investors with global tax intelligence, rates and breaking news.

The latest version of JPMorgan E-Tax offers detailed tax profiles that are updated daily in more than 90 markets providing in-depth tax information including statutory exemptions, tax procedures and reclaim forms worldwide. The service is designed for global investors looking for breaking international tax news, updates on tax industry developments, trends, policies and treaties; reports on tax rates, exemptions, capital gains, and the latest tax forms necessary.

“This new version of JPMorgan E-Tax is a tax portal giving institutional investors access to portfolio services for maximum tax relief worldwide,” said Larry Manning, head of JPMorgan Worldwide Securities Services’ Tax Services. ”JPMorgan is the only custodian to offer an integrated Web-based global tax service and has the largest worldwide network of agents, who can turn around real-time and detailed intelligence.”

JPMorgan E-Tax is designed for institutional investment professionals at investment banks, asset management firms, pension funds, banks and life insurance companies.

“We found JPMorgan E-Tax to be informative, flexible and incredibly user friendly. The Tax Profile is most comprehensive, covering all taxation scenarios on all types of income payments to just about every permutation of client. We also found that the market news releases go back a long time, allowing you to follow any proposed changes country by country,” said Lawrence Matthews, Baring Asset Management’s Assistant Manager of Income/Taxation & Corporate Actions.

The new version of JPMorgan E-Tax offers:

• Detailed tax profiles for client specified tax structures that are updated daily for more than 90 markets worldwide, which can be downloaded to a spread sheet
• In-depth tax information including statutory exemptions, tax procedures, transaction taxes and reclaim forms
• A powerful search engine providing extensive search capabilities
• Customizable settings for fast and easy navigation
• Tax consequences of real estate investment trusts (REITS) globally
• A full range of links to relevant industry sources of reference listed by country

JPMorgan E-Tax offers News Flashes containing breaking news on developments in the tax industry and changes in regulations globally, which are searchable back to 1998. It also includes the Tax Monitor, a monthly publication with updates of global industry developments and trends, policies, treaties, and Market Profiles that describe intricate taxes in different countries, including exemptions and capital gains. JPMorgan E-Tax is a patented-pending portal that integrates market intelligence with client portfolios, and provides online tax relief services, electronic forms, security attributes, split claims, and rate planning.

JPMorgan E-Tax is available to clients of JPMorgan. For more information go to www.jpmorgan.com/visit/etax.

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. 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. For more information, please visit www.jpmorgan.com/wss.