J.P. Morgan Property Exchange Inc. Offers Online Seminars on Like-Kind Exchange Tax Deferments

New York, September 1, 2006 – J.P. Morgan Property Exchange Inc. (JPEX) announced today that it will offer a series of online seminars on the statutory and regulatory requirements for Like–Kind Exchanges (LKEs) under Internal Revenue Code (IRC) Section 1031. JPEX is one of the country’s leading providers of Qualified Intermediary (QI) and Exchange Accommodation Titleholder (EAT) services – assisting individuals, partnerships, and private and public corporations in deferring millions in capital gains taxes annually.

The Webinars or online seminars titled “Innovative Ideas in IRC Section 1031 Like–Kind Exchange” will be hosted by Martin Karol, a Senior Client Manager and Corporate Counsel with JPEX and a leading expert on Like–Kind Exchange transactions.

“Like–Kind Exchanges can significantly improve a client’s cash flow, but the tax and regulatory requirements of these transactions can be quite complex,” said Karol. “J.P. Morgan Property Exchange Inc. helps clients and their tax advisors implement programs for real estate and personal property. The program allows taxpayers to sell obsolete assets and acquire replacement assets, and still be able to defer capital gains taxes or depreciation recapture.”

The hour–long Webinars, which will be followed by a question and answer session, will cover topics including: the Basics of IRC Section 1031, How to identify potential exchange beneficiaries, Qualified Intermediaries and when to use them, Tax and investment benefits of Like–Kind Exchange and LKE structures, plus many more. The JPEX Webinars will be held on:

• September 27 at 11:00 am ET, hosted by Robert Garcia, Dallas, TX
• October 4 at 2:00 pm ET, hosted by Scott Bundgaard, Phoenix, AZ
• October 11 at 2:00 pm ET, hosted by Brian McNulty, Boston, MA

To register for this Webinar, or obtain more information about JPEX, visit www.jpmorgan.com/info/1031events or call JPEX at 1 800 397–8529.

JPEX services encompass capital gains tax–saving programs for real estate and personal property disposals and acquisitions, and include forward LKEs, Master Exchange Programs, and ?1031 Parking 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 IRC 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 $11.5 trillion in assets under custody. JPMorgan provides innovative custody and securities products and services to the world’s largest institutional investors and debt and equity issuers. JPMorgan Worldwide Securities Services leverages its scale and capabilities in more than 80 markets to help clients optimize efficiency, mitigate risk and enhance revenue through custody and investor services as well as securities clearance and trust services.

About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.3 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.