JPMORGAN WINS ADR MANDATE FOR KPN

- The 6th blue-chip company to appoint JPMorgan as successor depositary bank in the last 12 months

London, 12 January 2006 -- JPMorgan today announced that the NYSE listed American Depositary Receipt (ADR) programme for KPN is now live with JPMorgan, which will act as successor ADR depositary bank to the leading European telecommunications group.

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

Patrick Colle, global head of ADRs at JPMorgan, said, "We are very pleased to have been chosen as ADR depositary for KPN, and we look forward to assisting the company to further raise its profile and liquidity in the U.S. market. The level of U.S. investment in equity abroad is at an all time high of $2.5 trillion. The appetite from U.S. investors for foreign equity continues to be strong, with U.S. investment in non-US equities almost doubling since the second quarter of 2003 to now represent 15 percent of holdings."

This is the second Depositary Receipt programme announced by JPMorgan this week.

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