JPMorgan Chase & Co. (JPM) 8-K Restatement of Business Segment Financial Results and Capital

J.P. MORGAN CHASE & CO.	EXHIBIT 99.2
RECONCILIATION OF CERTAIN NON-GAAP MEASURES (in millions)

															1QTR 2003
															Over (Under)
	1QTR		4QTR			3QTR			2QTR			1QTR
	2003		2002			2002			2002			2002			4Q 2002			1Q 2002
Shareholder Value Added
Net Income	$	1,400	$	(387	)	$	40		$	1,028		$	982		NM				43	%
Impact of Merger and Restructuring Costs and Special Items		—		1,117			285			151			168			NM			NM
Impact of Pre-SFAS 142 Goodwill Amortization		NA		NA			NA			NA			NA			NA			NA
Operating Earnings		1,400		730			325			1,179			1,150			92	%		22
Less: Preferred Dividends		13		12			13			13			13			8			—
Adjusted Operating Earnings		1,387		718			312			1,166			1,137			93			22
Less: Cost of Capital (a)		1,239		1,269			1,276			1,223			1,196			(2	)		4
Total Shareholder Value Added	$	148	$	(551	)	$	(964	)	$	(57	)	$	(59	)	NM			NM
Average Managed Assets
Average Assets	$	778,238	$	755,166		$	724,366		$	734,946		$	718,646			3	%		8	%
Average Credit Card Securitizations		31,834		30,556			28,348			25,289			21,765			4			46
Average Managed Assets	$	810,072	$	785,722		$	752,714		$	760,235		$	740,411			3			9

[Additional columns below]

[Continued from above table, first column(s) repeated]

									2002
	FULL YEAR								Over (Under)
	2002			2001			2000		2001
Shareholder Value Added
Net Income	$	1,663		$	1,694		$	5,727		(2)	%
Impact of Merger and Restructuring Costs and Special Items		1,721			1,715			200		—
Impact of Pre-SFAS 142 Goodwill Amortization	NA				393			249	NA
Operating Earnings		3,384			3,802			6,176		(11	)
Less: Preferred Dividends		51			66			96		(23	)
Adjusted Operating Earnings		3,333			3,736			6,080		(11	)
Less: Cost of Capital (a)		4,964			4,983			4,341		—
Total Shareholder Value Added	$	(1,631	)	$	(1,247	)	$	1,739		(31	)
Average Managed Assets
Average Assets	$	733,357		$	735,973		$	676,805		—	%
Average Credit Card Securitizations		26,519			17,975			18,775		48
Average Managed Assets	$	759,876		$	753,948		$	695,580		1

(a) A 12% (after-tax) cost of capital, based on average economic capital, is used for the Firm. To derive shareholder value added for the business segments, a 12% (after-tax) cost of capital is applied for each business segment, except for JPMorgan Partners, which is charged a 15% (after-tax) cost of capital.