JPMorgan Launches the First Global Depositary Receipt Listing on the Singapore Exchange

HONG KONG, April 2, 2007 – JPMorgan Chase Bank, N.A. (“JPMorgan“), is pleased to announce that it is acting as depositary bank for the Uttam Galva Steels Limited (“Uttam Galva”) Global Depositary Receipt (“GDR“) program. This is the first ever GDR listing on the Singapore Exchange Securities Trading Limited (“SGX”), established in conjunction with the company’s US$20 million Regulation S offering.

Each Uttam Galva GDR represents one common share of Uttam Galva.

“We are delighted to have partnered with JPMorgan on this successful and ground-breaking transaction that allows us to offer a GDR listing facility to international companies,” said Rajinder Miglani, Chairman and Managing Director of Uttam Galva.

Kenneth Tse, JPMorgan’s Senior Vice President and Head of Asia Pacific Regional Depositary Receipt (“DR“) Group, commented, “This is the first GDR listing on the SGX and we are proud to act as the depositary bank for Uttam Galva. JPMorgan has a tradition of being the innovator in the DR business.”

JPMorgan provides a full complement of ADR and GDR services to issuers seeking to have their equity traded on exchanges beyond their home markets. JPMorgan’s primary services include DR Issuances and Cancellations, Stock Transfer, Tender and Exchange Offer and Subscription Rights Agency services, and Tax Reclamation services for investors.

For market information on DRs and international equities go to JPMorgan’s award-winning Web site www.adr.com. For more information on JPMorgan’s DR services go to http://www.jpmorgan.com/visit/adr.

About Uttam Galva Steels Limited
Uttam Galva Steels Limited (UGSL) is a manufacturer and exporter of value added steel products (Pre-painted, Galvanised & Cold Rolled) based in India. On the domestic front, UGSL supplies steel products to the automobile, white goods, general engineering and construction industries.

About JPMorgan Worldwide Securities Services
JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is a global industry leader with $13.9 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 debt 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. For more information, please visit www.jpmorgan.com/wss.

About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.4 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.