JPMorgan Re-opens Turkcell ADR Program

London, June 5, 2007 - JPMorgan today announced that it has successfully re-opened American Depositary Receipt ("ADR") issuances and cancellations for Turkcell Iletisim Hizmetleri A.S. ("Turkcell"), effective 17 May 2007. Turkcell is the leading mobile communications provider in Turkey.

Since January 2006, depositary receipt ("DR") issuance and cancellation activity for all Turkish DR programs had been halted following the introduction of a new Turkish tax regime. With the Turkcell program books now re-opened, JPMorgan is currently the only depositary bank with a DR program open for issuances and cancellations in Turkey.

Turkcell trades under the symbol "TKC" and is the only DR program from Turkey listed on the New York Stock Exchange (NYSE).

Due to uncertainties arising after 1 January 2006 surrounding the application of the Turkish capital gains tax upon cancellations of DRs and the delivery of the underlying shares in connection with the DRs, incumbent depositary banks halted cross-border issuance and cancellation activity of their respective Turkish issuer DR programs. After months of negotiations and consultation with various market intermediaries, JPMorgan was able to establish a procedure to enable the re-opening of the DR issuance and cancellation books for its client Turkcell.

"We believe that JPMorgan's commitment to client service and leadership in innovation were the keys to resolving the status-quo that had prevailed since early 2006," said Claudine Cardillo-Rivot, global head of JPMorgan's Depositary Receipts Group. "JPMorgan structured an innovative process that was instrumental in successfully re-opening Turkcell's program in the market."

For market information on Depositary Receipts and international equities go to JPMorgan's award-winning web site adr.com. For more information on JPMorgan's Depositary Receipt services go to http://www.jpmorgan.com/visit/adr.

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.

JPMorgan recently celebrated the 80th anniversary of the ADR, having created and launched the first-ever ADR in April 1927 for British retailer Selfridges. Today, more than 1,800 companies from over 75 countries sponsor over 2,200 DR programs in the form of ADRs that list on U.S. exchanges or GDRs, which typically list in London or Luxembourg.

The JPMorgan Depositary Receipts 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 $14.7 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.