JPMorgan Wins ADR Mandate for KPN

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

London, January 12, 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."

For more information about ADRs, please visit: http://www.jpmorgan.com/visit/ADR.

About KPN
KPN offers telecommunication services to both consumers and businesses. The company's core activities are telephony and data services through KPN's Fixed network in the Netherlands, mobile telecom services in Germany, the Netherlands and Belgium and data services in Western Europe. KPN is the market leader in the major segments of the Dutch telecom market. Through E-Plus in Germany and BASE in Belgium, KPN has number-three positions in the mobile markets of these countries.

As at December 31, 2004, KPN served 7.4 million fixed-line subscribers and 1.6 million Internet users in the Netherlands as well as 17.2 million mobile customers in Germany, the Netherlands and Belgium. KPN employed 31,116 individuals as of the same date.

KPN was incorporated in 1989. Its shares are listed on Euronext Amsterdam and the stock exchanges of New York, London and Frankfurt. The credit ratings at February, 25, 2005 were A- with stable outlook (Standard & Poor's) and Baa1 with stable outlook (Moody's).

For more information on KPN, visit www.kpn.com .

About JPMorgan Worldwide Securities Services
JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is the global industry leader with $11 trillion in assets under custody. JPMorgan provides innovative custody and securities products and services to the world's largest institutional investors and debt and equity issuers. JPMorgan Worldwide Securities Services leverages its scale and capabilities in more than 80 markets to help clients optimize efficiency, mitigate risk and enhance revenue through custody and investor services as well as securities clearance and trust services.

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 and businesses, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. has its corporate headquarters in New York and its U.S. retail financial services and commercial banking headquarters in Chicago. Under the JPMorgan, Chase and Bank One brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients. Information about the firm is available at www.jpmorganchase.com.

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