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[JP MORGAN LOGO] [CHASE LOGO]
NEWS RELEASE
FOR IMMEDIATE RELEASE Investor Contacts: John Borden, 212-270-7318
Ann Patton, 212-648-9446
Media Contacts: Jon Diat, 212-270-5089
Kristin Lemkau, 212-648-9583
CHASE AND J.P. MORGAN SHAREHOLDERS APPROVE MERGER
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SET DECEMBER 31ST TO MERGE
NEW YORK, DECEMBER 22 - The Chase Manhattan Corporation and J.P. Morgan
& Co. Incorporated today announced that, at separate meetings, their respective
shareholders had approved the merger of the two companies.
The merger agreement provides that 3.7 shares of common stock of Chase
- which will be renamed J.P. Morgan Chase & Co. at the close of the merger -- be
exchanged for each share of J.P. Morgan common stock. Each series of preferred
stock of J.P. Morgan will be exchanged for a similar series of preferred stock
of J.P. Morgan Chase & Co.
Chase and J.P. Morgan also announced that they had received all
regulatory approvals necessary to consummate their merger. Accordingly, the
merger will close on December 31, 2000. Following the closing, Chase stock will
continue to trade on the New York Stock Exchange under the new name, J.P. Morgan
Chase & Co., and the ticker symbol will change from "CMB" to "JPM." J.P. Morgan
stock will no longer trade. Trading under the new stock symbol ("JPM") is
expected to commence on January 2, 2001.
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