JPMorgan Launches Grupo Clarin Depositary Shares Program

New York, November 5, 2007 -- JPMorgan today announced the launch of a global depositary shares (GDS) program for Grupo Clarín, Argentina's largest media company, making it the first Argentine company to have a depositary receipt (DR) listing on the London Stock Exchange. The GDS program was launched in conjunction with the company's IPO which raised $462 million and was made through a private placement offering under Rule 144A and Regulation S.

Grupo Clarín is a market leader in cable television, Internet access, printing and publishing, and broadcasting and programming in Argentina. Its flagship newspaper, Diario Clarín, has the highest circulation in Latin America and the second highest circulation in the Spanish-language world. This is the largest IPO by an Argentine company since 1997.

"By bringing to market the first-ever Argentine GDS in London, JPMorgan again demonstrates its expertise in delivering effective capital markets solutions to clients," said Claudine Gallagher, global head of JPMorgan's Depositary Receipts Group. "This transaction further reinforces JPMorgan's presence in Argentina and our leadership in depositary receipts in Latin America."

JPMorgan created and established the first-ever depositary receipt (DR) program in 1927 and has introduced the first DR programs from all major regions of the world: the first DR in Latin America in 1960, the first DR in Asia in 1962, and the first DR in Eastern Europe in 1992.

Today, more than 1,800 companies from over 75 countries sponsor over 2,200 DR programs in the form of ADRs (American Depositary Receipts) that list on U.S. exchanges or GDRs (Global Depositary Receipts), which typically list in London or Luxembourg. DRs are securities that represent ownership in foreign corporations. These dollar-denominated securities typically trade on the U.S. and/or European markets and settle in accordance with those market standards.

For more information on JPMorgan's ADR business go to http://www.jpmorgan.com/visit/adr or for trading information on DRs visit JPMorgan's award-winning Web site www.adr.com.

JPMorgan's DR business is part of JPMorgan Worldwide Securities Services.

About JPMorgan Worldwide Securities Services
JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is a global industry leader with $15.6 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 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 $1.5 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 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.

This press release has been prepared by JPMorgan and has not been reviewed or approved by Grupo Clarín. Grupo Clarín does not not warrant completeness or accuracy of the information contained herein.

The Offering does not constitute an offer to sell, or the solicitation of an offer to buy, securities in any jurisdiction in which such offer or solicitation would be unlawful. The Offering, if and when effected, will consist of (a) an offering in the United States to qualified institutional buyers (each a "QIB") as defined in Rule 144A ("Rule 144A") under the United States Securities Act of 1933, as amended (the "Securities Act"), of GDSs (the "Rule 144A GDSs") in reliance on Rule 144A, (b) an offering outside the United States and Argentina of GDSs (the "Regulation S GDSs") in reliance on Regulation S under the Securities Act ("Regulation S") and (c) an offering to investors in Argentina of Class B Shares in reliance on Regulation S. The Class B Shares and the GDSs have not been, and will not be, registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The Class B Shares and the GDSs will be subject to selling and transfer restrictions in certain jurisdictions, including the United States.