Doral, Fla., to See Mixed-Use Development

Residential community would cover 120 acres, mix in retail


"Since one of the area's major challenges is traffic," he adds, "we want to convey that in order to achieve the proper residential, retail and office mix, we are eliminating one million square feet of existing office space, and replacing it with this new community, a community that ensures a traffic balance not currently achievable in Doral. The city is the largest work center in the county, and historically, most people come to work at the same time, and leave at the same time, causing serious traffic congestion. What Downtown Doral will do is balance traffic flows, since different components will be busy at different times of the day."

For additional information about Downtown Doral visit us at www.downtowndoral.com.

Florida East Coast Industries (FECI) acquired the Codina Group in April 2006. Flagler Development Company, an FECI subsidiary, and Codina Group were combined and renamed Flagler Development Group. Flagler Development Group will be the managing member of the joint venture and developer of the project. Codina Realty Services is currently the leasing agent and property manager of the office park.

Flagler Development Group (Flagler) owns, develops, leases and holds in joint ventures approximately 8.8 million square feet of Class-A office and industrial space, as well as an additional 753,000 square feet under construction. Flagler space consists of Class-A office and industrial properties, primarily in Jacksonville, Orlando, Ft. Lauderdale and Miami. In addition, Flagler provides construction, consulting, third party management (approximately 12 million square feet) and brokerage services and owns 846 acres of entitled land in Florida, which is available for development of up to an additional 16 million square feet. Flagler also owns approximately 3,158 acres of other Florida properties. For more information, visit the Company's website at http://www.flaglerdev.com.

Florida East Coast Industries, Inc., (FECI) headquartered in St. Augustine, FL, conducts operations through Flagler|Codina Development (Flagler) and Florida East Coast Railway, L.L.C (FECR). FECI conducts its real estate operations through Flagler. Flagler owns, develops, leases and holds in joint ventures approximately 8.8 million square feet of Class-A office and industrial space, as well as an additional 753,000 square feet under construction. Flagler space consists of Class-A office and industrial properties, primarily in Jacksonville, Orlando, Ft. Lauderdale and Miami. In addition, Flagler provides construction, consulting, third party brokerage and property management (approximately 12 million square feet) services and owns 846 acres of entitled land in Florida, which is available for development of up to an additional 16 million square feet. Flagler also owns approximately 3,158 acres of other Florida properties. Florida East Coast Railway, L.L.C. (FECR), a subsidiary of FECI, is a regional freight railroad that operates 351 miles of mainline track from Jacksonville to Miami and provides intermodal drayage services at terminals located in Atlanta, Jacksonville, Ft. Pierce and Miami. For more information, visit the Company's website at http://www.feci.com .

About JPMorgan Asset Management:

JPMorgan Asset Management is a global asset management leader providing world-class investment solutions to institutions, individuals and financial intermediaries. The firm is responsible for more than $898 billion in assets under management, including $41.1 billion in real estate managed by JPMorgan Asset Management - Real Estate, as of June 30, 2006*. With a 36-year history of successful investing and a staff of more than 200 real estate professionals, JPMorgan Asset Management - Real Estate identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells commercial properties, on behalf of its clients. JPMorgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate markets provide critical insights for its institutional clients in both the public and private markets.

*Based on AUM for the Asset & Wealth Management (JPMAM, PB, PCS)

division of JPMorgan Chase & Co. as of June 30 2006.