JPMorgan Launches TAM Brazilian Airlines ADR Program

NEW YORK, March 16, 2006 – JPMorgan today announced the launch of the TAM S.A (NYSE: TAM) American Depositary Receipt (ADR) program established in conjunction with the Brazilian Airlines’ $463 million initial public offering of ADRs. TAM operates regular flights to destinations throughout Brazil and serves various cities in the domestic market through regional alliances. Each TAM ADR (CUSIP 87484D 10 3) represents one preferred share and the preferred shares trade on the Sao Paulo Stock Exchange, BOVESPA.

JPMorgan is a leading depositary bank in Latin America, holding 31% of the Brazilian ADR market as measured by ADRs held by institutional investors (13-F SEC filings, 4Q05).

Patrick Colle, global head of ADRs at JPMorgan, said: “The U.S. market offers tremendous depth and liquidity. We look forward to working with TAM to raise their profile in the U.S. and help them to benefit from the continued strong U.S. demand for foreign equities.”

JPMorgan provides a full complement of ADR services to non-U.S. issuers seeking to have their equity traded in the U.S. stock markets. JPMorgan’s primary services include ADR Issuances and Cancellations, Stock Transfer, Tender and Exchange Offer and Subscription Rights Agency services; and, Tax Reclamation services for investors. For market information on ADRs and international equities go to JPMorgan’s award-winning Web site www.adr.com For more information on JPMorgan’s ADR services go to http://www.jpmorgan.com/visit/adr

About TAM Brazilian Airlines

TAM provides scheduled air transportation in both the domestic market and the international market through its operating subsidiaries TAM Linhas Aéreas and TAM Mercosur. The Company also directly serves ten international destinations and provides connections to other destinations through commercial agreements with American Airlines, Air France and certain other airlines.

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, 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.

Contact Information

Kristin Lemkau

Investment Bank

JPMorgan Chase & Co.

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