Taiwanese Chunghwa Telecom Switches ADR Program to JPMorgan

Hong Kong, November 30, 2007 - JPMorgan today announced that Chunghwa Telecom Co., Ltd. (“Chunghwa Telecom”) has switched the management of its American Depositary Receipts (“ADR”) program to JPMorgan effective 21 November 2007. Chunghwa Telecom’s ADRs are listed for trading on the New York Stock Exchange (“NYSE”), whilst its ordinary shares are listed for trading on the Taiwan Stock Exchange.

Chunghwa Telecom, the leading telecom service provider in Taiwan, provides fixed line, mobile and Internet and data services to residential and business customers in Taiwan.

“We are delighted to have partnered with the leading player in Taiwan’s telecommunications sector,” said Kenneth Tse, JPMorgan’s Senior Vice President and Head of Asia Pacific Depositary Receipts Group. “By switching its ADR program to JPMorgan, Chunghwa Telecom is presenting us with a great opportunity to demonstrate JPMorgan’s leadership in the DR sector. We look forward to making this a successful and long-term partnership.”

“The DR environment is highly competitive and we needed to partner with a DR bank that can deliver prompt responses and offer us a high level of services and value-added benefits. JPMorgan has an excellent DR team in Asia and has proven to us their product knowledge across all segments. We are excited to have partnered with such a strong player in the market,” commented Joseph Shieh, Chief Financial Officer from Chunghwa Telecom.

For market information on Depositary Receipts (DRs) and international equities go to JPMorgan’s award-winning web site www.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 on April 29, 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 global industry leader with US$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 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 US$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 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.