In this paper, we study the relation between exchange rings R and their J-semisimple indecomposable factor rings. In particular, we prove that for any exchange ring R and any finitely generated projective R-modules P and Q,P is isomorphic to a direct summand of Q if and only if for every ideal I of R such that R/I is indecomposable and J-semisimple, the right R/I-module P/PI is isomorphic to a direct summand of Q/QI.