J.P. Morgan Property Exchange Creates Strategic Alliance Program

JPEX puts new business development executive in New York

New York, March 20, 2007 – J.P. Morgan Property Exchange Inc. (JPEX) announced today the creation of a Strategic Alliance Program for real estate and accounting firms nationwide.

The new program means JPEX will establish formal alliances to provide services for Like-Kind Exchanges (LKEs), which are allowed under Section 1031 of the Internal Revenue Code, and allow taxpayers to defer capital gains on the exchange of business/investment property. JPEX is a wholly owned subsidiary of JPMorgan Chase, which can offer a full range of financial services products. JPEX is a long-established qualified intermediary (QI) that can provide dedicated transaction teams, a toll free number and speaking events.

“JPEX is the preferred provider of Like-Kind Exchanges because of its extensive experience in the 1031 Like-Kind Exchange arena and ability to provide outstanding client service,” said Christopher Yebuah, president of J.P. Morgan Property Exchange Inc. “JPEX has a strong team with Michelle Allan-Thissell leading up the new JPEX Strategic Alliance Program and Jordana Chutter coming on board to head JPEX business development for the New York area.”

Allan-Thissell will be approaching accountants, commercial real estate brokers, financial advisors and title agents about the JPEX Strategic Program. She had served as head of sales and marketing efforts for qualified intermediary services for JPEX in Manhattan and Southeastern U.S. including Georgia and Florida.

Chutter will be reaching out to corporations, law firms and high-net worth individuals about JPEX’s tax-deferral solutions. Chutter joined ’s New York group recently to lead business development in the greater New York Metropolitan area. Chutter will work with corporations and individual taxpayers and their advisors in the greater New York metropolitan area to successfully structure exchanges. She has 12-years of experience at JPMorgan including work in the firm’s Securities Lending and American Depositary Receipts (ADR) businesses.

To obtain more information about JPEX, visit www.jpmorgan.com/info/1031exchangemedia or call JPEX at 1 800 397-8529.

JPEX services encompass capital gains deferral programs for real estate and personal property disposals and acquisitions, and include forward LKEs, Master Exchange Programs, and §1031 Reverse Exchange services under Revenue Procedure 2000-37. Clients include high net worth individuals, corporations, Real Estate Investment Trusts (REITs), Real Estate Operating Companies (REOCs), and large financial institutions. JPEX’s product expertise includes real estate, tangible personal property (aircraft, trucks, equipment, artwork), and intangible personal property (licenses, patents, copyrights).

About JPEX
J.P. Morgan Property Exchange Inc. (JPEX) is one of the country’s leading providers of Internal Revenue Code Section 1031 Like-Kind Exchange (LKE) consulting and qualified intermediary (QI) services. JPEX has closed billions of dollars in tax-deferred transactions involving many property types such as real estate, aircraft and equipment.

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.

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.