J.P.Morgan Acquires Bear Sterns

INVESTOR PRESENTATION Strategic rationale Good economic transaction for JPMorgan Chase (JPM) shareholders Price creates significant flexibility and margin for error ■ Ultimately accretive to JPM's earnings = $1B +/- earnings when fully integrated ■Acquisition of Bear Stearns (BSC) enhances specific areas of JPM's Investment Bank with manageable overlap Strong Prime Brokerage and Global Clearing Services business Enhances Equities platform overall ■ Energy platform is extended Most other areas are incrementally additive ■ JPM maintains significant liquidity and expects to maintain target capital levels ■ JPM has clear ability to execute JPMorgan Chase

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