EXHIBIT 99.1
JPMorgan [GRAPHIC OMITTED] [GRAPHIC OMITTED] CHASE
News Release
For Immediate Release Investor Contacts: John Borden, 212-270-7318
Ann Patton, 212-648-9445
Media Contacts: Joe Evangelisti, 212-648-9589
Jon Diat, 212-270-5089
J.P. Morgan and Chase Announce Quarterly Common Stock Dividend
New York, December 13, 2000 -J.P. Morgan & Co. Incorporated (NYSE: JPM) and The
Chase Manhattan Corporation (NYSE: CMB) today announced that they are
coordinating their dividend declarations and related record and payment dates
for the fourth quarter of 2000 so that their stockholders will not receive two
dividends, or fail to receive one dividend, for the fourth quarter of 2000 as a
result of their planned merger.
J.P. Morgan and Chase currently anticipate that their merger will close on
December 31, 2000. The closing is subject to shareholder approval at meetings
scheduled for December 22, 2000 and to receipt of regulatory approvals.
J.P. Morgan's Board of Directors today declared a quarterly dividend of $1.00
per share on J.P. Morgan common stock for the quarter ending December 31, 2000,
which dividend will be paid only if the proposed merger with Chase does not
occur on December 31. If the dividend becomes payable, payment will be made on
January 31, 2001, to stockholders of record at the close of business on January
5, 2001.
With today's actions, J.P. Morgan has aligned its dividend schedule with
Chase's. Chase expects to pay a fourth quarter 2000 dividend on January 31,
2001 to common stockholders of record at the close of business on January 5,
2001 in the amount of $0.32 per share.
If the merger with Chase closes on December 31, 2000, J.P. Morgan will be
merged into Chase and J.P. Morgan shareholders will automatically become
shareholders of the new J.P. Morgan Chase & Co. at the effective time of the
merger. This will entitle them to receive 3.7 shares of Chase common stock for
every J.P. Morgan share held, and to receive Chase's 2000 fourth quarter
dividend. Thus former J.P. Morgan shareholders would receive, for the fourth
quarter of 2000, a dividend which would equate to $1.18 for each share of J.P.
Morgan common stock.
If the merger with Chase is not effected on December 31, 2000, then J.P. Morgan
will pay its customary dividend of $1.00 per share on January 31, 2001 to its
shareholders of record as of the close of business on January 5, 2001.
J. P. Morgan shareholders who hold their shares in certificated form are
reminded that they must surrender their J. P. Morgan certificates for exchange
into J.P. Morgan Chase & Co. shares before they can receive dividends from J.P.
Morgan Chase & Co. Upon completion of the merger, cash will be paid instead of
fractional shares, and dividends will be paid on whole shares only. The
exchange agent will send transmittal instructions and letters of transmittal to
J.P. Morgan shareholders promptly after the merger is consummated.
In connection with the proposed transaction, Chase has filed a Registration
Statement on Form S-4 with the Securities and Exchange Commission containing a
joint proxy statement-prospectus with regard to the proposed merger and J.P.
Morgan has filed a Definitive Proxy Statement on Schedule 14A with the SEC that
also contains the joint proxy statement-prospectus. Stockholders are advised to
read the joint proxy statement-prospectus because it contains important
information. Stockholders may obtain a free copy of the joint proxy
statement-prospectus and other documents filed by Chase and J.P. Morgan with
the SEC, at the SEC's internet site (http://www.sec.gov). Copies of the joint
proxy statement-prospectus and the SEC filings incorporated by reference in the
joint proxy statement-prospectus can also be obtained, without charge, by
directing a request to The Chase Manhattan Corporation, 270 Park Avenue, New
York, NY 10017, Attention: Office of the Corporate Secretary (212-270-6000), or
to J.P. Morgan & Co. Incorporated, 60 Wall Street, New York, NY 10260,
Attention: Investor Relations (212-483-2323).
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