Nov. 30, 2004 -- JPMorgan Chase & Co. today announced that it will redeem on December 31, 2004, all outstanding shares of the following series of its Adjustable Rate Cumulative Preferred Stock: Adjustable Rate Cumulative Preferred Stock, Series A, Adjustable Rate Cumulative Preferred Stock, Series L and Adjustable Rate Cumulative Preferred Stock, Series N. The Adjustable Rate Cumulative Preferred Stock, Series L (Series L Preferred), is currently traded on the New York Stock Exchange under the symbol JPMPrL (CUSIP 46625H886). The redemption price per share will be $100.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  JPMorgan Chase & Co., formerly Chemical Banking Corp., Adjustable Rate Cumulative Preferred Stock, Series L, stated value $100 per share, redeemable anytime at the issuer's option at $100 per share plus accrued and unpaid dividends, with no stated maturity and with adjustable rate distributions paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the date fixed by the board, not more than 45 days prior to the payment date. The adjustable rate will be 84% of the highest of the Treasury Bill Rate, the Ten Year Constant Maturity Rate and the Thirty Year Constatnt Maturity Rate with a minimum rate of 4.50% and maximum rate of 10.50% per annum. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NYSE Chart	Adj Rate n.a.	$100.00 $100.00	Called for 12/31/2004 None	A2 A- 7/08/2004	3/31, 6/30, 9/30 & 12/31 Click for MW ExDiv Date Click for Yahoo ExDiv Date	YES

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Address:   270 Park Avenue, New York, NY 10017
Main Phone Number	212-270-6000
Fax Number	212-752-4823
Investor Contact   Julie Bates	212-270-7318
Toll Free Phone Number	866-576-3228

CEO - William B. Harrison, Jr.

COO - James Dimon

CFO - Michael J. Cavanagh