JPMorgan Wins ADR Mandate for Enel

The 7th blue-chip company to appoint JPMorgan as successor depositary bank in the last 12 months

London, March 31, 2006 - JPMorgan today announced that the NYSE listed American Depositary Receipt (ADR) programme for Enel is now live with JPMorgan, which will act as successor ADR depositary bank to Enel, a leading European energy group.

JPMorgan maintains an extensive European client base, managing more than 70 blue-chip ADR programmes in the region.

Patrick Colle, ADR global client management executive at JPMorgan, said, "We are very pleased to have been chosen as ADR depositary for Enel. As U.S. demand for foreign equities is rising, we look forward to working in partnership with Enel and deploying our unique suite of ADR liquidity solutions to continue to raise their profile in the U.S."

For more information about ADRs, please visit adr.com or http://www.jpmorgan.com/visit/ADR.

About Enel
Enel S.p.A. is the principal electricity operator in Italy, with the leading position in the generation, distribution and sale of electricity. Enel is also active in the import, distribution and sale of natural gas. For more information on Enel, visit www.enel.com .

About JPMorgan Worldwide Securities Services
JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is the global industry leader with $11 trillion in assets under custody. JPMorgan provides innovative custody and securities products and services to the world's largest institutional investors and debt and equity issuers. JPMorgan Worldwide Securities Services leverages its scale and capabilities in more than 80 markets to help clients optimize efficiency, mitigate risk and enhance revenue through custody and investor services as well as securities clearance and trust services.

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.2 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. has its corporate headquarters in New York and its U.S. retail financial services and commercial banking headquarters in Chicago. Under the JPMorgan, Chase and Bank One brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients. Information about the firm is available at www.jpmorganchase.com.

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