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J.P. Morgan Securities Inc. Announces Extension of its Auction Rate Securities Tender Offer


NEW YORK -- J.P. Morgan Securities Inc. announced today that it has extended its previously announced tender offer to buy certain auction rate securities from certain investors. The offer will now expire on December 12, 2008, at 5:00 p.m. (EST). The securities eligible for the tender offer are those purchased by certain individual investors and certain charities and small to medium sized businesses from J.P. Morgan Securities Inc., Chase Investment Services Corp. and Bear, Stearns & Co. Inc. prior to February 12, 2008 and had an auction fail at least once during the period from June 1, 2008 to August 31, 2008.

All eligible securities that were validly tendered, but not yet accepted for purchase, prior to 5:00 p.m. (EST), on November 7, 2008, have been accepted for payment, with purchases expected to settle on November 12, 2008. As of November 7, 2008, J.P. Morgan Securities Inc.had received valid tenders of approximately $2 billion principal amount and liquidation preference of eligible securities.

Additionally, eligible securities that are validly tendered on or after today and prior to 5:00 p.m., (EST), on December 12, 2008, and that have not been accepted for purchase prior to 5:00 p.m., (EST), on December 12, 2008, will be accepted for payment, with purchases expected to settled on December 16, 2008.

The offer is made pursuant to the terms of the Offer to Purchase dated October 2, 2008 of J.P. Morgan Securities Inc., as amended and supplemented to reflect this amendment. Except as contemplated by this press release, the terms of the offer for eligible securities held by eligible investors as set forth in the Offer to Purchase remain unchanged. Investors may obtain a copy of the Offer to Purchase and the supplement reflecting this amendment at website

This release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell the eligible securities to or from eligible investors. The offer to buy the eligible securities from eligible investors is only being made pursuant to the Offer to Purchase as amended and supplemented. The offer is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction where the securities, blue sky or other laws require the offer to be made by a licensed broker or dealer, the offer shall be deemed to be made on behalf of J.P. Morgan Securities Inc. by one or more registered brokers or dealers licensed under the laws of that jurisdiction.


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