Chase Redeems 7-1/2% Cumulative Preferred Stock and Depositary Shares

Business Wire, May 27, 1998

NEW YORK--(BUSINESS WIRE)--May 27, 1998--The Chase Manhattan Corp. announced today that it will redeem its 7-1/2% Cumulative Preferred Stock (New York Stock Exchange Series K), and all outstanding Depositary Shares, each representing one-quarter of one share of the 7-1/2% Preferred Stock, on June 30, 1998.

The redemption price to be paid will be $25 per Depositary Share (or $100 per share of 7-1/2% Preferred Stock).

Dividends will cease to accrue on the 7-1/2% Preferred Stock and the Depositary Shares from and after the June 30, 1998 redemption date.

CONTACT: The Chase Manhattan Corp., New York

Investors: John Borden, 212/270-7318

Press: Kathleen Baum, 212/270-5089