JP Morgan Chase Prices $5 Billion Offering – Cravath Swaine & Moore

June 5, 2009 – JPMorgan Chase & Co. today announced that it priced an offering of 142.0 million shares of its common stock at a price to the public of $35.25 per share, or approximately $5 billion in the aggregate.

Cravath, Swaine & Moore LLP is representing J.P. Morgan Securities Inc. as sole bookrunning manager and underwriter for the transaction. This offering has been launched to satisfy a supervisory condition for TARP (Troubled Asset Relief Program) repayment that requires the largest bank holding companies to demonstrate access to the equity capital markets. The underwriter will have a 30-day option to purchase up to an additional 21.3 million shares of common stock from the company, solely to cover over-allotments. The closing is expected to occur on or about June 5, 2009, subject to customary closing conditions.

The Cravath team was led by partner William V. Fogg (corporate) and includes senior attorney G. Douglas Johnson (corporate) and associate K. Ramey Watkins (corporate).

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