RABOBANK SELECTS JPMORGAN FOR GLOBAL U.S. DOLLAR CASH AND SECURITIES

London and New York - 12 October, 2005 - JPMorgan today announced that it has been selected by Rabobank as its global clearing services provider for U.S. dollar cash and securities transactions. Concentrating its U.S. dollar requirements with JPMorgan will provide Rabobank with a strategic operational platform for enhanced liquidity management and growth in transaction volume.

In addition to providing clearing and custody services for Rabobank's U.S. dollar securities portfolios, JPMorgan will process all U.S. dollar treasury and Continuous Linked Settlement (CLS) payments and a large proportion of commercial payments for the bank. JPMorgan will serve 14 Rabobank locations across Europe, Asia and North America.

William Padula, senior vice president and chief operating officer for Rabobank International in the Americas, said, "JPMorgan demonstrated a thorough understanding of our business needs and shows strong capabilities in global clearing and securities services. We are looking forward to working with JPMorgan as we expand our U.S. dollar business."

Lori Hricik, executive vice president and head of JPMorgan Treasury Services, said, "This deal reflects the strength of our combined cash management and custody services and we are honoured to be given this opportunity by Rabobank."

Michael Clark, executive vice president and head of JPMorgan Worldwide Securities Services, said, "The ability to improve efficiencies through centralisation allows financial institutions to reduce costs. An increasing number of organisations are consolidating their treasury cash and securities business with a single banking provider."

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