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JPMORGAN ACTS AS TRANSITION MANAGER FOR €11.7 BILLION DOCTORS PENSION FUNDS

- Restructuring will be one of the year’s biggest in Europe

London, 12 December 2005 - JPMorgan today announced that it has been awarded the transition management mandate for Doctors Pension Funds in the Netherlands. Following a review, the €11.7 billion pension fund is shifting from internal to external fund management.

Doctors Pension Funds consists of Stichting Pensioenfonds voor Huisartsen, a scheme for general practitioners, and Stichting Pensioenfonds Medische Specialisten, a scheme for medical specialists. The assets in the two funds will be managed by 30 external fund managers. As part of the restructuring, €9 billion in government bonds has already been transitioned. When the full restructuring is complete, it will be the largest transition management transaction handled by JPMorgan to date and one of the largest transactions in Europe this year.

Bert Bos, chief executive officer of Doctors Pension Funds, said: "Our experience of working with JPMorgan, which has acted as our global custodian for many years, and our confidence in its operational efficiencies, sophisticated analytics and superior liquidity provision convinced us that they were the right firm to manage the complex restructuring of our pension fund investments."

John Minderides, Head of Transition Management at JPMorgan in Europe, said: "This is a significant mandate in which we can bring JPMorgan’s vast array of capabilities and experience to bear in order to deliver an efficient result for this complex exercise. As a leading provider of fixed income liquidity, we are able to execute substantial trades of this nature with speed and efficiency while incurring minimal market impact."

JPMorgan's transition management group has leveraged the natural strengths of the bank as a top tier global player in both capital markets and securities services to become a leading provider of transition management services. JPMorgan offers a fully integrated global transition management service that assists institutional investors in the restructuring and implementation of their investment portfolios. The service covers all phases of the transition from strategy development through to execution and performance review. It has successfully executed over 600 global transaction mandates with over $100 billion in traded assets. JPMorgan's transition management group consists of transition management professionals based in London, New York, Sydney and Tokyo.