JPMorgan Chase Introduces New Image Cash Letter Solution

Imaging Solution Helps Reduce Time and Risk, Improve Efficiencies and Lower Costs

NEW YORK – March 22, 2006 – JPMorgan Chase, a full-service provider of cash management, trade finance, and treasury solutions, today introduced a new image check processing system that enables financial institutions and corporations to image paper items and transmit them electronically for clearing.

JPMorgan Chase’s Image Cash Letter Solution reduces the time, costs and risks associated with transporting paper checks, speeding the availability of funds by sending electronic images for check processing. It also helps minimize check fraud by accelerating return item notifications, meeting a crucial need for businesses and financial institutions.

“Check volumes are declining and the costs associated with processing paper checks are increasing, so we are able to provide financial institutions the new lower cost, lower risk and higher efficiency check processing infrastructure made possible by Check 21,” said Craig T. Vaream, vice president and senior product manager of domestic check deposits, JPMorgan Chase. “Image Cash Letter helps financial institutions make the deposit process more streamlined and check clearing more cost effective.”

Vaream added, “As the number-one provider of U.S. dollar treasury clearing and the leading processor of pre-encoded checks for over 3000 correspondent banking partners worldwide, we help financial institutions leverage JPMorgan Chase’s vast clearing network. Because we process a significant number of transactions as on-us items, our financial institution clients reduce their cost to clear checks.”

Corporations are also seeing increases in the cost of processing paper checks, particularly if they have an internal lockbox or rely on a third party processor, or if they consolidate deposits electronically from multiple locations. Image Cash Letter helps our corporate clients reduce administrative expenses and trips to the bank, courier costs in transporting checks and fees associated with maintaining accounts at multiple banks.

“JPMorgan Chase’s clearing network and connectivity to major exchanges, financial institutions and corporations means we can process checks more efficiently with lower risk and greater efficiency, in addition to offering clients reduced clearing costs,” Vaream added.

JPMorgan Chase was one of the first banks to pilot image exchange. As a member of the major image exchanges, the firm is a leader in driving the industry toward a more efficient environment for processing checks and is on the forefront of payments technology solutions. This leadership will ultimately yield benefits for financial institutions and corporations.

For more information about Image Cash Letter Solution, please visit http://www.jpmorganchase.com/info/pr/imagecashletter

Image Deposit Solutions

JPMorgan Chase offers a suite of innovative imaging solutions, including Image Deposit Direct and International Image Deposit Capture. With Image Deposit Direct, an easy-to-adopt desktop scanner solution, checks are scanned from any geographic location and the images are transmitted to one central account or multiple accounts. Image capture technology streamlines the check deposit process, which makes check processing more cost-effective, speeds up unpaid item returns, and accelerates funds availability. JPMorgan Chase is one of the first financial institutions to provide image deposit capture capabilities in its overseas branches, eliminating the need for clients to make additional investment or changes to their existing internal check operations.

About JPMorgan Chase & Co.

The Treasury Services (www.jpmorganchase.com/ts) business of JPMorgan Chase is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and operations in 36 countries, JPMorgan Chase Treasury Services is one of the world’s largest providers of treasury management services. .

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.2 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.

JPMorgan Chase is licensed under U.S. Pat. Nos. 5,910,988 and 6,032,137

Contact Information

Tom Kelly

Retail Financial Services and the U.S. Region

JPMorgan Chase & Co.

Contact via E-mail