JPMorgan Chase & Co. (JPM) 8-K Jpmorgan Chase Reports 2004 Third Quarter Net Income of $1.4 Billion after Merger and Conforming Accounting Charges of $741 Million

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2004

JPMORGAN CHASE & CO.
TABLE OF CONTENTS

	Page
Consolidated Results
Financial Highlights		3
Statement of Income — Reported Basis		4
Consolidated Balance Sheet		5
Condensed Average Balance Sheet and Annualized Yields		6
Business Detail
Reconciliation from Reported to Operating Basis		7
Statement of Income — Operating Basis		8
Line of Business Financial Highlights — Operating Basis		9
Investment Bank		10
Retail Financial Services		12
Card Services		16
Commercial Banking		19
Treasury & Securities Services		20
Asset & Wealth Management		21
Corporate		23
Consolidated Credit-Related Information		25
Supplemental Detail
Capital		30
Glossary of Terms		31

Page 2

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share, ratio and headcount data)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
SELECTED INCOME STATEMENT
Revenue	$	12,505		$	8,631		$	9,011		$	8,106		$	7,780			45	%		61	%	$	30,147		$	25,278			19	%
Provision for Credit Losses		1,169			203			15			139			223			476			424			1,387			1,401			(1	)
Noninterest Expense		9,377			9,503			6,093			5,258			5,127			(1	)		83			24,973			16,558			51
Net Income (Loss)		1,418			(548	)		1,930			1,864			1,628		NM				(13	)		2,800			4,855			(42	)
Per Common Share:
Net Income Per Share — Diluted		0.39			(0.27	)		0.92			0.89			0.78		NM				(50	)		1.06			2.35			(55	)
Cash Dividends Declared Per Share		0.34			0.34			0.34			0.34			0.34			—			—			1.02			1.02			—
Book Value Per Share		29.42			21.52			22.62			22.10			21.55			37			37
Closing Share Price		39.73			38.77			41.95			36.73			34.33			2			16
Common Shares Outstanding:
Average — Diluted		3,592.0			2,042.8			2,092.7			2,079.3			2,068.2			76			74			2,598.5			2,047.0			27
Common Shares at Period-end		3,564.1			2,087.5			2,081.7			2,042.6			2,039.2			71			75
SELECTED RATIOS:
Return on Common Equity (“ROE”) (a)		5	%	NM				17	%		17	%		15	%	NM				(1,000	)bp		6	%		15	%		(900	)bp
Return on Equity-Goodwill (“ROE-GW”) (a) (b)		9		NM				21			20			18		NM				(900	)		8			19			(1,100	)
Return on Assets (“ROA”) (a) (c)		0.50		NM				1.01			0.95			0.83		NM				(33	)		0.42			0.84			(42	)
Tier 1 Capital Ratio		8.5			8.2	%		8.4			8.5			8.7			30	bp		(20	)
Total Capital Ratio		11.8			11.2			11.4			11.8			12.1			60			(30	)
SELECTED BALANCE SHEET (Period-end)
Total Assets	$	1,138,469		$	817,763		$	801,078		$	770,912		$	792,700			39	%		44	%
Wholesale Loans		132,344			77,044			77,068			75,419			74,847			72			77
Consumer Loans		261,357			148,894			140,562			139,347			150,440			76			74
Deposits		496,454			346,539			336,886			326,492			313,626			43			58
Common Stockholders’ Equity		104,844			44,932			47,092			45,145			43,948			133			139
Headcount		162,275			94,615			96,010			96,367			95,931			72			69
LINE OF BUSINESS EARNINGS
Investment Bank	$	627		$	644		$	1,017		$	809		$	693			(3	)		(10	)	$	2,288		$	1,996			15	%
Retail Financial Services		822			396			206			305			181			108			354			1,424			1,242			15
Card Services		421			176			162			173			199			139			112			759			510			49
Commercial Banking		215			65			74			89			63			231			241			354			218			62
Treasury & Securities Services		96			101			98			123			115			(5	)		(17	)		295			299			(1	)
Asset & Wealth Management		197			99			122			106			85			99			132			418			181			131
Corporate (d)		(219	)		325			251			259			292		NM			NM				357			409			(13	)
Total Operating Earnings		2,159			1,806			1,930			1,864			1,628			20			33			5,895			4,855			21
Reconciling Items (Net of Taxes):
Merger Costs		(462	)		(60	)		—			—			—		NM			NM				(522	)		—		NM
Litigation Reserve Charge		—			(2,294	)		—			—			—		NM			NM				(2,294	)		—		NM
Accounting Policy Conformity		(279	)		—			—			—			—		NM			NM				(279	)		—		NM
Net Income (Loss)	$	1,418		$	(548	)	$	1,930		$	1,864		$	1,628		NM				(13	)	$	2,800		$	4,855			(42	)

Note: Effective July 1, 2004, Bank One Corporation (“Bank One”), merged with and into JPMorgan Chase. Bank One’s results of operations are included in JPMorgan Chase’s results beginning July 1, 2004. In accordance with U.S. GAAP, the results of operations for the quarter and year-to-date periods ended September 30, 2004, reflect three months of results of operations for the combined Firm. The results of operations for all other quarterly periods presented herein, and for the nine months ended September 30, 2003, reflect only the results of operations for heritage JPMorgan Chase.

(a)		Based on annualized amounts.
(b)		Net income applicable to common stock / Total average common equity (net of goodwill). The Firm uses return on equity less goodwill, a non-GAAP financial measure, to evaluate the operating performance of the Firm. The Firm utilizes this measure to facilitate operating comparisons to other competitors.
(c)		U.S. GAAP earnings / Total average assets
(d)		Includes Global Treasury, Private Equity, Support Units and the net effects remaining at the corporate level after the implementation of management accounting policies.
NM	-	Not meaningful due to net loss.

Page 3

JPMORGAN CHASE & CO.
STATEMENT OF INCOME — REPORTED BASIS
(in millions, except per share, ratio and headcount data)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
REVENUE
Investment Banking Fees	$	879		$	893		$	692		$	846		$	649			(2	)%		35	%	$	2,464		$	2,044			21	%
Trading Revenue (a)		408			873			1,720			754			829			(53	)		(51	)		3,001			3,673			(18	)
Lending & Deposit Related Fees		943			412			414			451			456			129			107			1,769			1,276			39
Asset Management, Administration and Commissions		2,141			1,770			1,771			1,586			1,518			21			41			5,682			4,320			32
Securities / Private Equity Gains (Losses)		413			460			432			192			284			(10	)		45			1,305			1,287			1
Mortgage Fees and Related Income		277			338			259			149			15			(18	)	NM				874			774			13
Credit Card Income		1,782			631			605			685			635			182			181			3,018			1,781			69
Other Income		210			260			132			261			196			(19	)		7			602			340			77
Subtotal		7,053			5,637			6,025			4,924			4,582			25			54			18,715			15,495			21
Interest Income		9,493			5,614			5,626			5,776			5,839			69			63			20,733			18,268			13
Interest Expense		4,041			2,620			2,640			2,594			2,641			54			53			9,301			8,485			10
Net Interest Income		5,452			2,994			2,986			3,182			3,198			82			70			11,432			9,783			17
TOTAL NET REVENUE		12,505			8,631			9,011			8,106			7,780			45			61			30,147			25,278			19
Provision for Credit Losses		1,169			203			15			139			223			476			424			1,387			1,401			(1	)
NONINTEREST EXPENSE
Compensation Expense		4,050			2,943			3,302			2,508			2,631			38			54			10,295			8,879			16
Occupancy Expense		604			440			431			482			391			37			54			1,475			1,430			3
Technology and Communications Expense		1,046			786			819			756			719			33			45			2,651			2,088			27
Professional & Outside Services		1,103			752			816			777			703			47			57			2,671			2,098			27
Marketing		506			202			199			200			179			150			183			907			510			78
Other Expense		920			511			447			461			431			80			113			1,878			1,233			52
Amortization of Intangibles		396			79			79			74			73			401			442			554			220			152
Total Noninterest Expense before Merger Costs and Litigation Reserve Charge		8,625			5,713			6,093			5,258			5,127			51			68			20,431			16,458			24
Merger Costs		752			90			—			—			—		NM			NM				842			—		NM
Litigation Reserve Charge		—			3,700			—			—			—		NM			NM				3,700			100		NM
TOTAL NONINTEREST EXPENSE		9,377			9,503			6,093			5,258			5,127			(1	)		83			24,973			16,558			51
Income (Loss) before Income Tax Expense		1,959			(1,075	)		2,903			2,709			2,430		NM				(19	)		3,787			7,319			(48	)
Income Tax Expense (Benefit)		541			(527	)		973			845			802		NM				(33	)		987			2,464			(60	)
NET INCOME (LOSS)	$	1,418		$	(548	)	$	1,930		$	1,864		$	1,628		NM				(13	)	$	2,800		$	4,855			(42	)
NET INCOME (LOSS) APPLICABLE TO COMMON STOCK	$	1,405		$	(561	)	$	1,917		$	1,851		$	1,615		NM				(13	)	$	2,761		$	4,817			(43	)
NET INCOME (LOSS) PER COMMON SHARE
Basic Earnings per Share	$	0.40		$	(0.27	)	$	0.94		$	0.92		$	0.80		NM				(50	)	$	1.09		$	2.40			(55	)
Diluted Earnings per Share		0.39			(0.27	)		0.92			0.89			0.78		NM				(50	)		1.06			2.35			(55	)
Average Basic Shares		3,513.5			2,042.8			2,032.3			2,016.2			2,012.2			72			75			2,533.1			2,006.0			26
Average Diluted Shares		3,592.0			2,042.8			2,092.7			2,079.3			2,068.2			76			74			2,598.5			2,047.0			27
FINANCIAL RATIOS
ROE		5	%	NM				17	%		17	%		15	%	NM				(1,000	)bp		6	%		15	%		(900	)bp
ROE-GW		9		NM				21			20			18		NM				(900	)		8			19			(1,100	)
ROA		0.50		NM				1.01			0.95			0.83		NM				(33	)		0.42			0.84			(42	)
Effective Income Tax Rate		28			49	%		34			31			33			(2,100	)bp		(500	)		26			34			(800	)
Overhead Ratio		75			110			68			65			66			(3,500	)		900			83			66			1,700
Headcount		162,275			94,615			96,010			96,367			95,931			72	%		69	%

(a) Trading NII is not included in trading revenue. See page 10 for additional details.

Page 4

JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEET
(in millions)

																Sep 30, 2004
				Heritage JPMC Only												Change
	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30			Jun 30			Sep 30
	2004			2004			2004			2003			2003			2004			2003
ASSETS
Cash and Due from Banks	$	30,815		$	23,525		$	19,419		$	20,268		$	18,585			31	%		66	%
Deposits with Banks		33,082			39,135			35,600			10,175			10,601			(15	)		212
Federal Funds Sold and Securities Purchased under Resale Agreements		96,031			100,851			79,414			76,868			88,752			(5	)		8
Securities Borrowed		50,546			44,947			49,881			41,834			37,096			12			36
Trading Assets:
Debt and Equity Instruments		214,852			187,640			189,549			169,120			146,731			15			46
Derivative Receivables (a)		57,795			49,980			58,434			83,751			83,787			16			(31	)
Securities		92,816			64,915			70,747			60,244			65,152			43			42
Interests in Purchased Receivables		30,479			—			—			4,752			10,914		NM				179
Loans (Net of Allowance for Loan Losses)		386,208			221,971			213,510			210,243			220,534			74			75
Private Equity Investments		8,547			6,663			7,097			7,250			7,797			28			10
Accrued Interest and Accounts Receivable		19,876			15,050			13,250			12,356			13,995			32			42
Premises and Equipment		8,880			6,268			6,418			6,487			6,558			42			35
Goodwill		42,947			8,731			8,730			8,511			8,134			392			428
Other Intangibles:
Mortgage Servicing Rights		5,168			5,707			4,189			4,781			4,007			(9	)		29
Credit Card Relationships		4,055			893			953			1,014			1,078			354			276
All Other Intangibles		5,945			799			813			685			311		NM			NM
Other Assets		50,427			40,688			43,074			52,573			68,668			24			(27	)
TOTAL ASSETS	$	1,138,469		$	817,763		$	801,078		$	770,912		$	792,700			39			44
LIABILITIES
Deposits:
U.S.:
Noninterest-Bearing	$	122,054		$	87,972		$	79,560		$	73,154		$	75,463			39			62
Interest-Bearing		254,611			141,118			142,755			125,855			120,236			80			112
Non-U.S. Offices:
Noninterest-Bearing		7,259			7,320			7,868			6,311			6,402			(1	)		13
Interest-Bearing		112,530			110,129			106,703			121,172			111,525			2			1
Total Deposits		496,454			346,539			336,886			326,492			313,626			43			58
Federal Funds Purchased and Securities Sold under Repurchase Agreements		167,313			152,619			148,526			113,466			131,959			10			27
Commercial Paper		10,307			15,300			14,972			14,284			14,790			(33	)		(30	)
Other Borrowed Funds		9,454			9,435			10,414			8,925			8,174			—			16
Trading Liabilities:
Debt and Equity Instruments		78,767			82,338			80,303			78,222			87,516			(4	)		(10	)
Derivative Payables (a)		52,307			42,838			53,883			71,226			68,285			22			(23	)
Accounts Payable, Accrued Expenses and Other Liabilities (including the Allowance for Lending-Related Commitments)		61,198			55,321			42,463			43,970			53,314			11			15
Beneficial Interests Issued by Consolidated VIEs		45,840			6,562			7,543			12,295			18,399		NM				149
Long-Term Debt		91,754			52,981			50,062			48,014			43,945			73			109
Junior Subordinated Deferrable Interest Debentures Held by Trusts that Issued Guaranteed Capital Debt Securities		11,745			6,634			6,732			6,768			6,716			77			75
Insurance Policy and Claims Reserves		7,477			1,255			1,193			1,096			1,019			496		NM
TOTAL LIABILITIES		1,032,616			771,822			752,977			724,758			747,743			34			38
STOCKHOLDERS’ EQUITY
Preferred Stock		1,009			1,009			1,009			1,009			1,009			—			—
Common Stock		3,576			2,095			2,088			2,044			2,041			71			75
Capital Surplus		72,183			14,426			14,193			13,512			13,238			400			445
Retained Earnings		29,779			29,596			30,878			29,681			28,540			1			4
Accumulated Other Comprehensive Income (Loss)		(242	)		(910	)		177			(30	)		187			73		NM
Treasury Stock, at Cost		(452	)		(275	)		(244	)		(62	)		(58	)		(64	)	NM
TOTAL STOCKHOLDERS’ EQUITY		105,853			45,941			48,101			46,154			44,957			130			135
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,138,469		$	817,763		$	801,078		$	770,912		$	792,700			39			44

(a) Effective January 1, 2004, the Firm elected to net cash paid and received under legally enforceable master netting agreements.

Page 5

JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEET AND ANNUALIZED YIELDS
(in millions, except rates)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
AVERAGE BALANCES
ASSETS
Deposits with Banks	$	34,166		$	26,905		$	21,535		$	11,724		$	10,163			27	%		236	%	$	27,560		$	9,075			204	%
Federal Funds Sold and Securities Purchased under Resale Agreements		102,042			87,080			82,555			94,773			89,865			17			14			90,601			84,745			7
Securities Borrowed		47,087			54,233			48,609			40,371			40,019			(13	)		18			49,966			40,283			24
Trading Assets — Debt and Equity Instruments		170,663			153,547			166,389			156,958			138,829			11			23			163,559			146,278			12
Securities		94,720			64,149			63,992			63,903			75,032			48			26			74,362			82,004			(9	)
Interest in Purchased Receivables		28,917			—			2,537			9,618			11,862		NM				144			10,552			3,997			164
Loans		390,753			225,344			214,941			221,177			225,646			73			73			277,428			220,529			26
Total Interest-Earning Assets		868,348			611,258			600,558			598,524			591,416			42			47			694,028			586,911			18
Noninterest-Earning Assets		248,987			191,612			170,760			179,995			191,010			30			30			203,950			188,211			8
TOTAL ASSETS	$	1,117,335		$	802,870		$	771,318		$	778,519		$	782,426			39			43		$	897,978		$	775,122			16
LIABILITIES
Interest-Bearing Deposits	$	365,104		$	254,034		$	238,206		$	237,636		$	221,539			44			65		$	286,071		$	224,279			28
Federal Funds Purchased and Securities Sold under Repurchase Agreements		163,206			155,335			145,370			141,089			148,132			5			10			154,669			167,735			(8	)
Commercial Paper		12,497			14,283			13,153			13,293			13,088			(13	)		(5	)		13,308			13,419			(1	)
Other Borrowings (a)		84,387			80,364			80,388			74,551			72,191			5			17			81,722			68,069			20
Beneficial Interests Issued by Consolidated VIEs		43,308			7,433			9,764			17,585			19,791			483			119			20,253			6,671			204
Long-Term Debt		101,060			57,019			53,574			52,408			48,685			77			108			70,663			47,978			47
Total Interest-Bearing Liabilities		769,562			568,468			540,455			536,562			523,426			35			47			626,686			528,151			19
Noninterest-Bearing Liabilities		242,395			186,529			184,036			196,771			214,860			30			13			204,458			203,375			1
TOTAL LIABILITIES		1,011,957			754,997			724,491			733,333			738,286			34			37			831,144			731,526			14
Preferred Stock		1,009			1,009			1,009			1,009			1,009			—			—			1,009			1,009			—
Common Stockholders’ Equity		104,369			46,864			45,818			44,177			43,131			123			142			65,825			42,587			55
TOTAL STOCKHOLDERS’ EQUITY		105,378			47,873			46,827			45,186			44,140			120			139			66,834			43,596			53
TOTAL LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS’ EQUITY	$	1,117,335		$	802,870		$	771,318		$	778,519		$	782,426			39			43		$	897,978		$	775,122			16
AVERAGE RATES
INTEREST-EARNING ASSETS
Deposits with Banks		1.53	%		1.68	%		1.62	%		2.88	%		0.93	%		(15)	bp		60	bp		1.60	%		1.91	%		(31)	bp
Federal Funds Sold and Securities Purchased under Resale Agreements		1.85			1.45			1.49			1.36			1.52			40			33			1.61			1.85			(24	)
Securities Borrowed		1.01			0.66			0.77			0.74			0.71			35			30			0.81			0.82			(1	)
Trading Assets — Debt and Equity Instruments		4.64			4.37			4.35			4.19			4.27			27			37			4.46			4.52			(6	)
Securities		4.40			4.58			4.21			4.49			4.69			(18	)		(29	)		4.40			4.65			(25	)
Interest in Purchased Receivables		1.63			—			1.79			1.35			1.04			163			59			1.64			1.04			60
Loans		5.77			4.85			5.00			5.18			5.27			92			50			5.32			5.42			(10	)
Total Interest-Earning Assets		4.37			3.71			3.78			3.84			3.92			66			45			4.01			4.17			(16	)
INTEREST-BEARING LIABILITIES
Interest-Bearing Deposits		1.64			1.28			1.37			1.33			1.41			36			23			1.46			1.67			(21	)
Federal Funds Purchased and Securities Sold under Repurchase Agreements		1.52			1.16			1.24			1.16			1.29			36			23			1.31			1.42			(11	)
Commercial Paper		1.49			0.98			0.96			0.98			1.00			51			49			1.13			1.17			(4	)
Other Borrowings		4.27			4.44			4.53			4.86			5.08			(17	)		(81	)		4.41			5.12			(71	)
Beneficial Interests Issued by Consolidated VIEs		1.58			2.04			1.60			1.36			0.92			(46	)		66			1.64			0.92			72
Long-Term Debt		3.10			2.85			3.02			2.86			3.01			25			9			3.02			3.12			(10	)
Total Interest-Bearing Liabilities		2.09			1.85			1.96			1.92			2.00			24			9			1.98			2.15			(17	)
INTEREST RATE SPREAD		2.28	%		1.86	%		1.82	%		1.92	%		1.92	%		42			36			2.03	%		2.02	%		1
NET INTEREST MARGIN		2.52	%		1.98	%		2.01	%		2.12	%		2.15	%		54			37			2.22	%		2.24	%		(2	)
NET INTEREST MARGIN ADJUSTED FOR SECURITIZATIONS		3.09	%		2.30	%		2.43	%		2.54	%		2.46	%		79			63			2.71	%		2.66	%		5

(a) Includes securities sold but not yet purchased.

Page 6

OPERATING BASIS

In addition to analyzing the Firm’s results on a reported basis, management reviews the line-of-business results on an “operating basis,” which is a non-GAAP financial measure. The definition of operating basis starts with the reported U.S. GAAP results. In the case of IB, operating basis includes in Trading Revenue the net interest income related to trading activities. Trading activities generate revenues which are recorded for U.S. GAAP purposes in two line items on the income statement: Trading Revenue, which includes the mark-to-market gains or losses on trading positions; and Net Interest Income, which includes the interest income or expense related to those positions. Combining, for operating basis purposes, both the trading revenue and related net interest income enables management to evaluate IB’s trading activities by considering all revenue related to these activities, and facilitates operating comparisons to other competitors. In the case of Card Services, operating or managed basis excludes the impact of credit card securitizations on revenue, the provision for credit losses, net charge-offs and receivables. JPMorgan Chase uses the concept of “managed receivables” to evaluate the credit performance of the underlying credit card loans, both sold and not sold: as the same borrower is continuing to use the credit card for ongoing charges, a borrower’s credit performance will impact both the receivables sold under SFAS 140 and those not sold. Thus, in its disclosures regarding managed receivables, JPMorgan Chase treats the sold receivables as if they were still on the balance sheet in order to disclose the credit performance (such as net charge-off rates) of the entire managed credit card portfolio. Finally, operating basis excludes the Merger Costs, the Litigation Reserve Charge and Accounting Policy Conformity Adjustments, as management believes these items are not part of the Firm’s normal daily business operations (and therefore not indicative of trends), and do not provide meaningful comparisons with other periods.

JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO OPERATING BASIS
(in millions)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
REPORTED
Revenue
Investment Banking Fees	$	879		$	893		$	692		$	846		$	649			(2	)%		35	%	$	2,464		$	2,044			21	%
Trading Revenue		408			873			1,720			754			829			(53	)		(51	)		3,001			3,673			(18	)
Lending & Deposit Related Fees		943			412			414			451			456			129			107			1,769			1,276			39
Asset Management, Administration and Commissions		2,141			1,770			1,771			1,586			1,518			21			41			5,682			4,320			32
Securities / Private Equity Gains (Losses)		413			460			432			192			284			(10	)		45			1,305			1,287			1
Mortgage Fees and Related Income		277			338			259			149			15			(18	)	NM				874			774			13
Credit Card Income		1,782			631			605			685			635			182			181			3,018			1,781			69
Other Income		210			260			132			261			196			(19	)		7			602			340			77
Subtotal		7,053			5,637			6,025			4,924			4,582			25			54			18,715			15,495			21
Interest Income		9,493			5,614			5,626			5,776			5,839			69			63			20,733			18,268			13
Interest Expense		4,041			2,620			2,640			2,594			2,641			54			53			9,301			8,485			10
Net Interest Income		5,452			2,994			2,986			3,182			3,198			82			70			11,432			9,783			17
Total Net Revenue		12,505			8,631			9,011			8,106			7,780			45			61			30,147			25,278			19
Provision for Credit Losses		1,169			203			15			139			223			476			424			1,387			1,401			(1	)
Noninterest Expense
Merger Costs		752			90			—			—			—		NM			NM				842			—		NM
Litigation Reserve Charge		—			3,700			—			—			—		NM			NM				3,700			100		NM
All Other Noninterest Expense		8,625			5,713			6,093			5,258			5,127			51			68			20,431			16,458			24
Total Noninterest Expense		9,377			9,503			6,093			5,258			5,127			(1	)		83			24,973			16,558			51
Income (Loss) before Income Tax Expense		1,959			(1,075	)		2,903			2,709			2,430		NM				(19	)		3,787			7,319			(48	)
Income Tax Expense (Benefit)		541			(527	)		973			845			802		NM				(33	)		987			2,464			(60	)
Net Income (Loss)	$	1,418		$	(548	)	$	1,930		$	1,864		$	1,628		NM				(13	)	$	2,800		$	4,855			(42	)
RECONCILING ITEMS (a)
Revenue
Trading-Related Revenue (b)	$	424		$	439		$	576		$	518		$	449			(3	)		(6	)	$	1,439		$	1,611			(11	)
Credit Card Income (c)		(848	)		(307	)		(326	)		(368	)		(363	)		(176	)		(134	)		(1,481	)		(1,011	)		(46	)
Other Income
Credit Card Securitizations (c)		(3	)		(45	)		(39	)		(29	)		(14	)		93			79			(87	)		(42	)		(107	)
Accounting Policy Conformity (d)		118			—			—			—			—		NM			NM				118			—		NM
Total Other Income		115			(45	)		(39	)		(29	)		(14	)	NM			NM				31			(42	)	NM
																			��
Net Interest Income:
Trading-Related (b)		(424	)		(439	)		(576	)		(518	)		(449	)		3			6			(1,439	)		(1,611	)		11
Credit Card Securitizations (c)		1,779			838			838			859			848			112			110			3,455			2,461			40
Total Net Interest Income		1,355			399			262			341			399			240			240			2,016			850			137
Total Net Revenue		1,046			486			473			462			471			115			122			2,005			1,408			42
Provision for Credit Losses
Credit Card Securitizations (c)		928			486			473			462			471			91			97			1,887			1,408			34
Accounting Policy Conformity (d)		(333	)		—			—			—			—		NM			NM				(333	)		—		NM
Total Provision for Credit Losses		595			486			473			462			471			22			26			1,554			1,408			10
Noninterest Expense
Merger Costs (d)		(752	)		(90	)		—			—			—		NM			NM				(842	)		—		NM
Litigation Reserve Charge (d)		—			(3,700	)		—			—			—		NM			NM				(3,700	)		—		NM
All Other Noninterest Expense		—			—			—			—			—		NM			NM				—			—		NM
Total Noninterest Expense		(752	)		(3,790	)		—			—			—			80		NM				(4,542	)		—		NM
Income before Income Tax Expense		1,203			3,790			—			—			—			(68	)	NM				4,993			—		NM
Income Tax Expense (Benefit)		462			1,436			—			—			—			(68	)	NM				1,898			—		NM
Net Income (Loss)	$	741		$	2,354		$	—		$	—		$	—			(69	)	NM			$	3,095		$	—		NM

(a)	Represents only those line items on the Consolidated Statement of Income impacted by the reclassification of trading-related net interest income and the impact of credit card securitizations, as well as for the third and second quarters of 2004, the Merger Costs and Litigation Reserve Charge line items on the Consolidated Statement of Income, and the Accounting Policy Conformity Adjustments.
(b)	The reclassification of trading-related net interest income from Net Interest Income to Trading Revenue primarily impacts the Investment Bank segment results. See page 10 for further information.
(c)	The impact of credit card securitizations impacts Card Services. See page 18 for further information.
(d)	The impact of the Merger Costs, Litigation Reserve Charge and Accounting Policy Conformity Adjustment are excluded from Operating Earnings, as management believes these items are not part of the Firm’s normal daily business operations (and therefore not indicative of trends), and do not provide meaningful comparisons with other periods.

Page 7

JPMORGAN CHASE & CO.
STATEMENT OF INCOME — OPERATING BASIS
(in millions, except per share and ratio data)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
REVENUE
Investment Banking Fees	$	879		$	893		$	692		$	846		$	649			(2	)%		35	%	$	2,464		$	2,044			21	%
Trading-Related Revenue (Including Trading NII)		832			1,312			2,296			1,272			1,278			(37	)		(35	)		4,440			5,284			(16	)
Lending & Deposit Related Fees		943			412			414			451			456			129			107			1,769			1,276			39
Asset Management, Administration and Commissions		2,141			1,770			1,771			1,586			1,518			21			41			5,682			4,320			32
Securities / Private Equity Gains (Losses)		413			460			432			192			284			(10	)		45			1,305			1,287			1
Mortgage Fees and Related Income		277			338			259			149			15			(18	)		NM			874			774			13
Credit Card Income		934			324			279			317			272			188			243			1,537			770			100
Other Income		325			215			93			232			182			51			79			633			298			112
Subtotal		6,744			5,724			6,236			5,045			4,654			18			45			18,704			16,053			17
Interest Income		11,036			6,013			5,888			6,117			6,238			84			77			22,937			19,118			20
Interest Expense		4,229			2,620			2,640			2,594			2,641			61			60			9,489			8,485			12
Net Interest Income		6,807			3,393			3,248			3,523			3,597			101			89			13,448			10,633			26
TOTAL NET REVENUE		13,551			9,117			9,484			8,568			8,251			49			64			32,152			26,686			20
Managed Provision for Credit Losses		1,764			689			488			601			694			156			154			2,941			2,809			5
NONINTEREST EXPENSE
Compensation Expense		4,050			2,943			3,302			2,508			2,631			38			54			10,295			8,879			16
Occupancy Expense		604			440			431			482			391			37			54			1,475			1,430			3
Technology and Communications Expense		1,046			786			819			756			719			33			45			2,651			2,088			27
Professional & Outside Services		1,103			752			816			777			703			47			57			2,671			2,098			27
Marketing		506			202			199			200			179			150			183			907			510			78
Other Expense		920			511			447			461			431			80			113			1,878			1,333			41
Amortization of Intangibles		396			79			79			74			73			401			442			554			220			152
TOTAL NONINTEREST EXPENSE		8,625			5,713			6,093			5,258			5,127			51			68			20,431			16,558			23
Operating Earnings before Income Tax Expense		3,162			2,715			2,903			2,709			2,430			16			30			8,780			7,319			20
Income Tax Expense (Benefit)		1,003			909			973			845			802			10			25			2,885			2,464			17
OPERATING EARNINGS	$	2,159		$	1,806		$	1,930		$	1,864		$	1,628			20			33		$	5,895		$	4,855			21
Operating Earnings Per Common Share
Diluted EPS	$	0.60		$	0.85		$	0.92		$	0.89		$	0.78			(30	)		(23	)	$	2.25		$	2.35			(4	)
Operating Financial Ratios
ROE		8	%		15	%		17	%		17	%		15	%		(700	)bp		(700	)bp		12	%		15	%		(300	)bp
ROE-GW		14			19			21			20			18			(500	)		(400	)		17			19			(200	)
ROA		0.72			0.87			0.96			0.91			0.79			(15	)		(7	)		0.83			0.80			3
Overhead Ratio		64			63			64			61			62			100			200			64			62			200
RECONCILIATION OF OPERATING EARNINGS PER SHARE TO NET INCOME (LOSS) PER SHARE — DILUTED
Operating Earnings	$	0.60		$	0.85		$	0.92		$	0.89		$	0.78			(30	)%		(23	)%	$	2.25		$	2.35			(4)	%
Reconciling Items (Net of Taxes):
Merger Costs		(0.13	)		(0.03	)		—			—			—			(333	)		NM			(0.20	)		—			NM
Litigation Reserve Charge		—			(1.09	)		—			—			—			NM			NM			(0.88	)		—			NM
Accounting Policy Conformity		(0.08	)		—			—			—			—			NM			NM			(0.11	)		—			NM
Net Income (Loss)	$	0.39		$	(0.27	)	$	0.92		$	0.89		$	0.78			NM			(50	)	$	1.06		$	2.35			(55	)

Page 8

JPMORGAN CHASE & CO.
LINE OF BUSINESS FINANCIAL HIGHLIGHTS — OPERATING BASIS
(in millions, except ratio data)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
REVENUE
Investment Bank	$	2,701		$	2,939		$	3,764		$	2,898		$	2,792			(8	)%		(3	)%	$	9,404		$	9,786			(4	)%
Retail Financial Services		3,800			1,835			1,611			1,722			1,529			107			149			7,246			5,706			27
Card Services		3,771			1,587			1,557			1,615			1,565			138			141			6,915			4,529			53
Commercial Banking		833			334			322			340			341			149			144			1,489			1,012			47
Treasury & Securities Services		1,339			1,093			1,012			980			906			23			48			3,444			2,628			31
Asset & Wealth Management		1,193			828			848			845			760			44			57			2,869			2,125			35
Corporate		(86	)		501			370			168			358			NM			NM			785			900			(13	)
TOTAL NET REVENUE	$	13,551		$	9,117		$	9,484		$	8,568		$	8,251			49			64		$	32,152		$	26,686			20
OPERATING EARNINGS
Investment Bank	$	627		$	644		$	1,017		$	809		$	693			(3	)		(10	)	$	2,288		$	1,996			15
Retail Financial Services		822			396			206			305			181			108			354			1,424			1,242			15
Card Services		421			176			162			173			199			139			112			759			510			49
Commercial Banking		215			65			74			89			63			231			241			354			218			62
Treasury & Securities Services		96			101			98			123			115			(5	)		(17	)		295			299			(1	)
Asset & Wealth Management		197			99			122			106			85			99			132			418			181			131
Corporate		(219	)		325			251			259			292			NM			NM			357			409			(13	)
TOTAL OPERATING EARNINGS	$	2,159		$	1,806		$	1,930		$	1,864		$	1,628			20			33		$	5,895		$	4,855			21
AVERAGE EQUITY (a)
Investment Bank	$	20,000		$	14,015		$	15,085		$	16,202		$	17,949			43			11		$	16,380		$	19,074			(14	)
Retail Financial Services		13,050			5,005			5,177			4,592			4,422			161			195			7,764			4,095			90
Card Services		11,800			3,346			3,392			3,403			3,422			253			245			6,200			3,453			80
Commercial Banking		3,400			747			795			928			1,050			355			224			1,654			1,103			50
Treasury & Securities Services		1,900			3,203			3,189			2,741			2,627			(41	)		(28	)		2,761			2,737			1
Asset & Wealth Management		2,400			5,370			5,471			5,467			5,539			(55	)		(57	)		4,406			5,521			(20	)
Corporate (b)		51,819			15,178			12,709			10,844			8,122			241			NM			26,660			6,604			304
TOTAL AVERAGE EQUITY	$	104,369		$	46,864		$	45,818		$	44,177		$	43,131			123			142		$	65,825		$	42,587			55
RETURN ON EQUITY (a)
Investment Bank		12	%		18	%		27	%		20	%		15	%		(600	)bp		(300	)bp		19	%		14	%		500	bp
Retail Financial Services		25			32			16			26			16			(700	)		900			24			41			(1,700	)
Card Services		14			21			19			20			23			(700	)		(900	)		16			20			(400	)
Commercial Banking		25			35			37			38			24			(1,000	)		100			29			26			300
Treasury & Securities Services		20			13			12			18			17			700			300			14			15			(100	)
Asset & Wealth Management		33			7			9			8			6			2,600			2,700			13			4			900
JPMC ROE		8			15			17			17			15			(700	)		(700	)		12			15			(300	)
JPMC ROE-GW		14			19			21			20			18			(500	)		(400	)		17			19			(200	)

(a)

As a result of the Merger, new capital allocation methodologies were implemented during the third quarter of 2004. The capital allocated to each line of business considers several factors: stand-alone peer comparables, economic risk measures and regulatory capital requirements. In addition, effective with the third quarter of 2004, goodwill, as well as the associated capital, is only allocated to the Corporate line of business. Prior periods have not been revised to reflect these new methodologies and also may not be comparable to the presentation beginning in the third quarter of 2004.

(b)

Includes goodwill.

Page 9

JPMORGAN CHASE & CO.
INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio and rankings data)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
INCOME STATEMENT
REVENUE
Investment Banking Fees:
Advisory	$	273		$	268		$	147		$	157		$	161			2	%		70	%	$	688		$	483			42	%
Equity Underwriting		170			221			177			255			173			(23	)		(2	)		568			444			28
Debt Underwriting		468			402			366			428			305			16			53			1,236			1,104			12
Total Investment Banking Fees		911			891			690			840			639			2			43			2,492			2,031			23
Trading-Related Revenue: (a)
Fixed Income and Other		657			1,293			1,885			1,159			1,163			(49	)		(44	)		3,835			4,857			(21	)
Equities		220			(86	)		335			96			97			NM			127			469			460			2
Credit Portfolio		(35	)		29			56			(50	)		(17	)		NM			(106	)		50			(136	)		NM
Total Trading-Related Revenue		842			1,236			2,276			1,205			1,243			(32	)		(32	)		4,354			5,181			(16	)
Lending & Deposit Related Fees		155			112			96			131			115			38			35			363			309			17
Asset Management, Administration and Commissions		313			348			393			309			314			(10	)		—			1,054			908			16
Other Income		91			45			14			65			50			102			82			150			38			295
Subtotal		2,312			2,632			3,469			2,550			2,361			(12	)		(2	)		8,413			8,467			(1	)
Net Interest Income (a)		389			307			295			348			431			27			(10	)		991			1,319			(25	)
TOTAL NET REVENUE		2,701			2,939			3,764			2,898			2,792			(8	)		(3	)		9,404			9,786			(4	)
Provision for Credit Losses		(151	)		(128	)		(188	)		(241	)		(181	)		(18	)		17			(467	)		60			NM
Credit Reimbursement from T&SS (b)		43			2			2			(5	)		(10	)		NM			NM			47			(31	)		NM
NONINTEREST EXPENSE
Compensation Expense		992			1,126			1,386			821			956			(12	)		4			3,504			3,641			(4	)
Noncompensation Expense		932			930			940			980			865			—			8			2,802			2,860			(2	)
Amortization of Intangibles		—			—			—			—			—			NM			NM			—			—			NM
TOTAL NONINTEREST EXPENSE		1,924			2,056			2,326			1,801			1,821			(6	)		6			6,306			6,501			(3	)
Operating Earnings Before Income Tax Expense		971			1,013			1,628			1,333			1,142			(4	)		(15	)		3,612			3,194			13
Income Tax Expense (Benefit)		344			369			611			524			449			(7	)		(23	)		1,324			1,198			11
OPERATING EARNINGS	$	627		$	644		$	1,017		$	809		$	693			(3	)		(10	)	$	2,288		$	1,996			15
FINANCIAL RATIOS
ROE		12	%		18	%		27	%		20	%		15	%		(600	)bp		(300	)bp		19	%		14	%		500	bp
ROA		0.50			0.59			0.97			0.73			0.63			(9	)		(13	)		0.68			0.61			7
Overhead Ratio		71			70			62			62			65			100			600			67			66			100
Compensation Expense as a % of Total Net Revenue		37			38			37			28			34			(100	)		300			37			37			—

		Full Year
	YTD 2004	2003
MARKET SHARE / RANKINGS (c)
Global Debt, Equity and Equity-Related	7% / #3	8% / #3
Global Syndicated Loans	20% / #1	20% / #1
Global Long-Term Debt	7% / #2	8% / #2
Global Equity and Equity-Related	6% / #6	8% / #4
Global Announced M&A	24% / #2	16% / #4
U.S. Debt, Equity and Equity-Related	8% / #5	9% / #3
U.S. Syndicated Loans	33% / #1	35% / #1
U.S. Long-Term Debt	8% / #3	10% / #3
U.S. Equity and Equity-Related	8% / #5	11% / #4
U.S. Announced M&A	27% / #1	13% / #8

(a)	Trading revenue, on a reported basis, excludes the impact of net interest income related to IB’s trading activities; this income is recorded within Net interest income. However in this presentation, to assess the profitability of IB’s trading business, the Firm combines these revenues for segment reporting. The amount reclassified from Net interest income to Trading revenue was $430 million, $427 million, $581 million, $512 million and $447 million during the quarters ended September 30, 2004, June 30, 2004, March 31, 2004, December 31, 2003, and September 30, 2003, and $1.4 billion and $1.6 billion year-to-date September 30, 2004 and 2003, respectively.
(b)	Management has charged T&SS a credit reimbursement, which is the pre-tax amount of earnings, less cost of capital, related to certain exposures managed within the IB credit portfolio on behalf of clients shared with T&SS.
(c)	Derived from Thomson Financial Securities Data. Global announced M&A is based on rank value; all other rankings are based on proceeds, with full credit to each book manager/equal if joint. Because of joint assignments, market share of all participants will add up to more than 100%. The market share and rankings are presented on a combined basis reflecting the merger of JPMorgan Chase and Bank One, as disclosed by Thomson Financial Securities Data.

Page 10

JPMORGAN CHASE & CO.
INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
REVENUE BY BUSINESS
Investment Banking	$	911		$	891		$	690		$	840		$	639			2	%		43	%	$	2,492		$	2,031			23	%
Fixed Income Markets		1,115			1,572			2,097			1,379			1,451			(29	)		(23	)		4,784			5,608			(15	)
Equities Markets		455			161			632			318			312			183			46			1,248			1,088			15
Credit Portfolio		220			315			345			361			390			(30	)		(44	)		880			1,059			(17	)
Total Net Revenue	$	2,701		$	2,939		$	3,764		$	2,898		$	2,792			(8	)		(3	)	$	9,404		$	9,786			(4	)
REVENUE BY REGION
Americas	$	1,591		$	1,497		$	1,953		$	1,718		$	1,651			6			(4	)	$	5,041		$	5,532			(9	)
Europe/Middle East/Africa		741			1,032			1,296			897			904			(28	)		(18	)		3,069			3,434			(11	)
Asia/Pacific		369			410			515			283			237			(10	)		56			1,294			820			58
Total Net Revenue	$	2,701		$	2,939		$	3,764		$	2,898		$	2,792			(8	)		(3	)	$	9,404		$	9,786			(4	)
SELECTED BALANCE SHEET (Average)
Total Assets	$	496,347		$	439,166		$	422,151		$	441,745		$	434,911			13			14		$	452,714		$	434,717			4
Trading Assets — Debt and Equity Instruments		166,795			159,965			183,495			168,897			144,130			4			16			170,073			152,199			12
Trading Assets — Derivative Receivables		60,465			51,925			57,042			78,584			80,850			16			(25	)		56,492			84,970			(34	)
Loans (a)		45,779			38,729			38,199			39,764			42,932			18			7			40,920			46,815			(13	)
Adjusted Assets (b)		431,772			403,005			391,494			395,259			387,804			7			11			408,841			391,835			4
Equity		20,000			14,015			15,085			16,202			17,949			43			11			16,380			19,074			(14	)
Headcount		17,420			15,829			14,930			14,691			14,470			10			20
CREDIT DATA AND QUALITY STATISTICS
Net Charge-offs	$	(16	)	$	15		$	34		$	(15	)	$	217			NM			NM		$	33		$	695			(95	)
Nonperforming Assets
- Nonperforming Loans (c)		1,075			1,202			1,498			1,708			2,400			(11	)		(55	)		1,075			2,400			(55	)
- Other Nonperforming Assets		246			340			357			370			378			(28	)		(35	)		246			378			(35	)
Allowance for Loan Losses		1,841			742			855			1,055			1,270			148			45			1,841			1,270			45
Allowance for Lending Related Commitments		358			183			215			242			247			96			45			358			247			45
Net Charge-off Rate		(0.17	)%		0.18	%		0.41	%		(0.17	)%		2.17	%		(35	)bp		(234	)bp		0.13	%		2.16	%		(203	)bp
Allowance for Loan Losses to Average Loans		4.78			2.21			2.59			2.93			3.21			257			157			5.26			2.95			231
Allowance for Loan Losses to Nonperforming Loans		172			62			58			63			56			NM			NM			172			56			NM
Nonperforming Loans to Average Loans		2.35			3.10			3.92			4.30			5.59			(75	)		(324	)		2.63			5.13			(250	)
MARKET RISK — AVERAGE TRADING AND CREDIT PORTFOLIO VAR (d) (e)
Trading Activities:
Fixed Income (d)	$	80		$	77		$	73		$	67		$	62			4	%		29	%	$	77		$	60			28	%
Foreign Exchange		13			16			22			20			15			(19	)		(13	)		17			16			6
Equities		25			29			40			41			12			(14	)		108			31			11			182
Commodities and Other		10			8			8			8			9			25			11			9			8			13
Diversification		(43	)		(42	)		(49	)		(48	)		(32	)		(2	)		(34	)		(45	)		(38	)		(18	)
Total Trading VaR		85			88			94			88			66			(3	)		29			89			57			56
Credit Portfolio VaR (e)		13			15			15			17			19			(13	)		(32	)		14			18			(22	)
Diversification		(9	)		(9	)		(7	)		(10	)		(17	)		—			47			(8	)		(14	)		43
Total Trading and Credit Portfolio VaR	$	89		$	94		$	102		$	95		$	68			(5	)		31		$	95		$	61			56

(a)	Loans include loans held for sale of $7,281 million, $5,199 million, $5,245 million, $3,735 million, and $3,307 million as of September 30, 2004, June 30, 2004, March 31, 2004, December 31, 2003 and September 30, 2003, respectively. The year-to-date average loans held for sale are $5,908 million and $3,833 million for 2004 and 2003, respectively. These amounts are not included in the allowance coverage ratios and net charge-off rates.
(b)	Adjusted assets equals total assets minus (1) securities purchased under resale agreements and securities borrowed less securities sold, not yet purchased, (2) assets of VIEs consolidated under FIN 46R, (3) cash and securities segregated and on deposit for regulatory and other purposes and (4) goodwill and intangibles.
(c)	Nonperforming loans include loans held for sale of $4 million, $2 million, $30 million, $30 million, and $138 million as of September 30, 2004, June 30, 2004, March 31, 2004, December 31, 2003 and September 30, 2003, respectively. These amounts are not included in the allowance coverage ratios and net charge-off rates.
(d)	Includes VaR associated with all mark-to-market trading activities, plus certain available for sale securities held for IB proprietary purposes.
(e)	Includes VaR associated with derivative counterparty receivables and hedges of both derivative counterparty receivables and loans which are all reported in trading revenues. This VaR does not include the accrual loan portfolio, which is not marked to market.

Page 11

JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
INCOME STATEMENT
REVENUE
Lending & Deposit Related Fees	$	395		$	124		$	121		$	126		$	125			219	%		216	%	$	640		$	360			78	%
Asset Management, Administration and Commissions		331			100			95			95			86			231			285			526			262			101
Securities / Private Equity Gains (Losses)		6			—			—			18			(62	)		NM			NM			6			363			(98	)
Mortgage Fees and Related Income		255			365			255			140			12			(30	)		NM			875			765			14
Credit Card Income		89			25			19			24			27			256			230			133			83			60
Other Income		18			10			(24	)		(15	)		(4	)		80			NM			4			(13	)		NM
Subtotal		1,094			624			466			388			184			75			495			2,184			1,820			20
Net Interest Income		2,706			1,211			1,145			1,334			1,345			123			101			5,062			3,886			30
TOTAL NET REVENUE		3,800			1,835			1,611			1,722			1,529			107			149			7,246			5,706			27
Provision for Credit Losses		239			78			54			72			158			206			51			371			449			(17	)
NONINTEREST EXPENSE
Compensation Expense		855			450			509			443			381			90			124			1,814			1,252			45
Noncompensation Expense		1,250			680			731			726			704			84			78			2,661			2,046			30
Amortization of Intangibles		133			1			1			1			1			NM			NM			135			3			NM
TOTAL NONINTEREST EXPENSE		2,238			1,131			1,241			1,170			1,086			98			106			4,610			3,301			40
Operating Earnings Before Income Tax Expense		1,323			626			316			480			285			111			364			2,265			1,956			16
Income Tax Expense (Benefit)		501			230			110			175			104			118			382			841			714			18
OPERATING EARNINGS	$	822		$	396		$	206		$	305		$	181			108			354		$	1,424		$	1,242			15
FINANCIAL RATIOS
ROE		25	%		32	%		16	%		26	%		16	%		(700	)bp		900	bp		24	%		41	%		(1,700	)bp
ROA		1.44			1.09			0.59			0.80			0.46			35			98			1.11			1.13			(2	)
Overhead Ratio		59			62			77			68			71			(300	)		(1,200	)		64			58			600
SELECTED BALANCE SHEET (Ending)
Total Assets	$	227,952		$	148,682		$	138,747		$	139,316		NA				53	%		NM		$	227,952		NA				NM
Loans (a)		201,116			131,712			123,923			121,921		$	133,828			53			50	%		201,116		$	133,828			50	%
Core Deposits (b)		154,986			80,466			81,392			75,850		NA				93			NM			154,986		NA				NM
Total Deposits		180,727			80,339			91,478			86,162		NA				125			NM			180,727		NA				NM
SELECTED BALANCE SHEET (Average)
Total Assets	$	227,716		$	146,693		$	139,727		$	150,431		$	155,247			55			47		$	171,585		$	146,425			17
Loans (c)		198,244			128,225			121,357			127,830			127,601			55			55			149,454			118,364			26
Core Deposits (b)		159,197			85,263			79,801			79,041			85,059			87			87			108,274			80,478			35
Total Deposits		183,921			93,967			88,788			88,187			94,563			96			94			122,451			90,334			36
Equity		13,050			5,005			5,177			4,592			4,422			161			195			7,764			4,095			90
Headcount		60,691			30,480			31,377			32,278			32,271			99			88
CREDIT DATA AND QUALITY STATISTICS
Net Charge-offs	$	219		$	80		$	85		$	104		$	92			174			138		$	384		$	277			39
Nonperforming Loans		1,308			519			546			569			592			152			121			1,308			592			121
Nonperforming Assets		1,557			693			736			775			783			125			99			1,557			783			99
Allowance for Loan Losses		1,764			1,061			1,063			1,094			1,126			66			57			1,764			1,126			57
Net Charge-off Rate (c)		0.47	%		0.29	%		0.32	%		0.39	%		0.37	%		18	bp		10	bp		0.38	%		0.40	%		(2	)bp
Allowance for Loan Losses to Ending Loans (a)		0.94			0.90			0.97			1.04			1.12			4			(18	)		0.94			1.12			(18	)
Allowance for Loan Losses to Nonperforming Loans (d)		143			223			214			209			201			(8,000	)		(5,800	)		143			201			(5,800	)
Nonperforming Loans to Total Loans		0.65			0.39			0.44			0.47			0.44			26			21			0.65			0.44			21

(a)	End of period loans include loans held for sale of $12,816 million, $14,217 million, $14,334 million, $17,105 million and $32,857 million at September 30, 2004, June 30, 2004, March 31, 2004, December 31, 2003 and September 30, 2003, respectively. These amounts are not included in the allowance coverage ratios.
(b)	Includes demand and savings deposits.
(c)	Average loans include loans held for sale of $14,479 million, $15,638 million, $15,311 million, $21,633 million and $30,178 million at September 30, 2004, June 30, 2004, March 31, 2004, December 31, 2003 and September 30, 2003, respectively. The year-to-date average loans held for sale are $15,140 million and $26,683 million for 2004 and 2003, respectively. These amounts are not included in the net charge-off rate.
(d)	Nonperforming loans include loans held for sale of $74 million, $44 million, $50 million, $45 million and $33 million at September 30, 2004, June 30, 2004, March 31, 2004, December 31, 2003 and September 30, 2003, respectively. These amounts are not included in the allowance coverage ratios.

Page 12

JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
RETAIL BUSINESSES
HOME FINANCE
PRIME PRODUCTION & SERVICING
Production	$	168		$	186		$	178		$	318		$	25			(10)	%		NM		$	532		$	1,021			(48	)%
Servicing:
Mortgage Servicing Revenue, net of amortization		134			193			155			141			168			(31	)		(20)	%		482			312			54
MSR, net of hedging		153			86			61			(6	)		89			78			72			300			790			(62	)
Total Revenue		455			465			394			453			282			(2	)		61			1,314			2,123			(38	)
Noninterest Expense		296			264			289			311			293			12			1			849			813			4
Operating Earnings		103			128			65			90			(9	)		(20	)		NM			296			828			(64	)
CONSUMER REAL ESTATE LENDING
Net Revenue	$	704		$	512		$	435		$	418		$	404			38			74		$	1,651		$	1,055			56
Provision for Credit Losses		65			38			(9	)		13			61			71			7			94			227			(59	)
Noninterest Expense		264			172			203			176			156			53			69			639			430			49
Operating Earnings		237			193			156			148			124			23			91			586			266			120
TOTAL HOME FINANCE
Total Revenue		1,159			977			829			871			686			19			69			2,965			3,178			(7	)
Provision for Credit Losses		65			38			(9	)		13			61			71			7			94			227			(59	)
Noninterest Expense		560			436			492			487			449			28			25			1,488			1,243			20
Operating Earnings		340			321			221			238			115			6			196			882			1,094			(19	)
Origination Volume by Channel (in billions)
Retail	$	19.7		$	20.8		$	15.2		$	16.6		$	29.7			(5	)		(34	)	$	55.7		$	74.2			(25	)
Wholesale		11.6			15.7			9.5			11.1			22.8			(26	)		(49	)		36.8			54.5			(32	)
Correspondent		5.4			7.9			5.3			9.3			15.5			(32	)		(65	)		18.6			35.2			(47	)
Correspondent Negotiated Transactions		11.3			12.5			7.7			14.0			25.7			(10	)		(56	)		31.5			69.3			(55	)
Total		48.0			56.9			37.7			51.0			93.7			(16	)		(49	)		142.6			233.2			(39	)
Origination Volume by Business (in billions)
Mortgage	$	34.1		$	47.1		$	31.0		$	43.7		$	86.3			(28	)		(60	)	$	112.2		$	215.8			(48	)
Home Equity		13.9			9.8			6.7			7.3			7.4			42			88			30.4			17.4			75
Total		48.0			56.9			37.7			51.0			93.7			(16	)		(49	)		142.6			233.2			(39	)
Business Metrics (in billions)
Loans Serviced (Ending)	$	553.5		$	492.5		$	475.0		$	470.0		$	454.9			12			22		$	553.5		$	454.9			22
MSR Net Carrying Value (Ending)		5.2			5.7			4.2			4.8			4.0			(9	)		30			5.2			4.0			30
End of Period Loans Owned
Mortgage Loans Held for Sale		9.5			13.6			12.8			15.9			31.4			(30	)		(70	)		9.5			31.4			(70	)
Mortgage Loans Retained		46.5			40.5			36.5			34.5			33.6			15			38			46.5			33.6			38
Home Equity and Other Loans		67.3			29.8			26.3			24.1			21.6			126			212			67.3			21.6			212
Total End of Period Loans Owned		123.3			83.9			75.6			74.5			86.6			47			42			123.3			86.6			42
Average Loans Owned
Mortgage Loans Held for Sale		10.9			14.6			12.9			20.0			28.5			(25	)		(62	)		12.9			24.9			(48	)
Mortgage Loans Retained		44.0			38.2			35.8			38.2			32.8			15			34			40.2			29.2			38
Home Equity and Other Loans		66.2			27.0			24.1			21.9			20.1			145			229			38.8			18.9			105
Total Average Loans Owned (a)		121.1			79.8			72.8			80.1			81.4			52			49			91.9			73.0			26
Overhead Ratio		48	%		45	%		59	%		56	%		65	%		300	bp		(1,700	)bp		50	%		39	%		1,100	bp
Credit Quality Statistics
30+ Day Delinquency Rate		1.50	%		1.18	%		1.32	%		1.81	%		2.05	%		32			(55	)		1.50	%		2.05	%		(55	)
Net Charge-offs
Mortgage	$	6		$	5		$	3		$	8		$	4			20	%		50	%	$	14		$	18			(22	)%
Home Equity and Other Loans		57			23			25			29			26			148			119			105			80			31
Total Net Charge-offs		63			28			28			37			30			125			110			119			98			21
Net Charge-off Rate
Mortgage		0.05	%		0.05	%		0.03	%		0.08	%		0.05	%		–	bp		–	bp		0.05	%		0.08	%		(3	)bp
Home Equity and Other Loans		0.34			0.34			0.42			0.53			0.51			—			(17	)		0.36			0.57			(21	)
Total Net Charge-off Rate (a)		0.23			0.17			0.19			0.24			0.22			6			1			0.20			0.27			(7	)
Nonperforming Assets	$	997		$	468		$	516		$	546		$	542			113	%		84	%	$	997		$	542			84	%

(a) Excludes mortgage loans held for sale.

Page 13

JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
RETAIL BUSINESSES, CONTINUED
CONSUMER & SMALL BUSINESS BANKING
Net Revenue	$	2,076		$	615		$	589		$	615		$	599			238	%		247	%	$	3,280		$	1,807			82	%
Provision for Credit Losses		79			20			27			18			36			295			119			126			58			117
Noninterest Expense		1,379			593			647			581			541			133			155			2,619			1,778			47
Operating Earnings		377			2			(49	)		12			14			NM			NM			330			(16	)		NM
Business Metrics (in billions)
End of Period Balances
Small Business Loans	$	12.4		$	2.2		$	2.2		$	2.2		$	2.1			464			490		$	12.4		$	2.1			490
Consumer and Other Loans		2.3			1.9			2.0			2.0			2.3			21			—			2.3			2.3			—
Total Loans		14.7			4.1			4.2			4.2			4.4			259			234			14.7			4.4			234
Core Deposits		144.9			70.1			69.5			66.4			66.8			107			117			144.9			66.8			117
Total Deposits		176.6			79.9			79.6			76.7			75.9			121			133			176.6			75.9			133
Average Balances
Small Business Loans		12.4			2.2			2.2			2.1			2.1			464			490			5.1			2.1			143
Consumer and Other Loans		2.3			1.9			2.0			2.0			2.0			21			15			2.6			2.0			30
Total Loans		14.7			4.1			4.2			4.1			4.1			259			259			7.7			4.1			88
Core Deposits		148.2			72.5			70.3			67.4			65.8			104			125			97.2			64.0			52
Total Deposits		172.9			81.1			79.2			76.5			75.2			113			130			111.3			73.7			51
Number of
Branches		2,467			569			564			561			560			1,898			1,907			2,467			560			1,907
ATMs		6,587			1,921			1,927			1,931			1,954			4,666			4,633			6,587			1,954			4,633
Personal Bankers		5,341			1,744			1,807			1,820			1,760			3,597			3,581			5,341			1,760			3,581
Personal Checking Accounts (in thousands)		7,222			1,982			1,984			1,984			2,007			5,240			5,215			7,222			2,007			5,215
Business Checking Accounts (in thousands)		891			352			350			347			348			539			543			891			348			543
Online Customers (in thousands)		6,084			NA			NA			NA			NA			NM			NM			6,084			NA			NM
Debit Cards Issued (in thousands)		8,282			2,430			2,368			2,380			2,381			5,852			5,901			8,282			2,381			5,901
Overhead Ratio		66	%		96	%		110	%		94	%		90	%		(3,000	)bp		(2,400	)bp		80	%		98	%		(1,800	bp)
Retail Brokerage Business Metrics
Investment Sales Volume	$	2,563		$	1,047		$	944		$	924		$	857			145	%		199	%	$	4,554		$	2,655			72	%
Number of Dedicated Investment Sales Representatives		1,393			390			377			349			346			257			303			1,393			346			303
Credit Quality Statistics
Net Charge-offs
Small Business	$	24		$	12		$	9		$	8		$	9			100			167		$	45		$	27			67
Consumer and Other Loans		36			9			8			16			10			300			260			53			24			121
Total Net Charge-Offs		60			21			17			24			19			186			216			98			51			92
Net Charge-off Rate
Small Business		0.77	%		2.19	%		1.65	%		1.51	%		1.70	%		(142	)bp		(93	)bp		1.18	%		1.72	%		(54	)bp
Consumer and Other Loans		6.23			1.91			1.61			3.17			1.98			432			425			2.72			1.60			112
Total Net Charge-Off Rate		1.62			2.06			1.63			2.32			1.84			(44	)		(22	)		1.70			1.66			4
Nonperforming Assets	$	313		$	85		$	80		$	72		$	91			268	%		244	%	$	313		$	91			244	%

Page 14

JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
RETAIL BUSINESSES
AUTO FINANCE
Net Revenue	$	397		$	218		$	166		$	207		$	216			82	%		84	%	$	781		$	635			23	%
Provision for Credit Losses		95			20			36			41			61			375			56			151			164			(8	)
Noninterest Expense		163			80			81			77			74			104			120			324			214			51
Operating Earnings		85			71			30			53			49			20			73			186			153			22
Business Metrics (in billions)
End of Period Loans and Lease Receivables
Loans Outstanding	$	53.7		$	34.9		$	34.9		$	33.7		$	33.0			54			63		$	53.7		$	33.0			63
Lease Receivables		8.9			8.6			9.1			9.5			9.8			3			(9	)		8.9			9.8			(9	)
Total End of Period Loans and Lease Receivables		62.6			43.5			44.0			43.2			42.8			44			46			62.6			42.8			46
Average Loans and Lease Receivables
Loans Outstanding (Average)(a)		52.9			35.2			35.0			33.9			32.2			50			64		$	41.1		$	31.4			31
Lease Receivables (Average)		9.2			8.9			9.3			9.6			9.9			3			(7	)		9.1			9.8			(7	)
Total Average Loans and Lease Receivables(a)		62.1			44.1			44.3			43.5			42.1			41			48			50.2			41.2			22
Overhead Ratio		41	%		37	%		49	%		37	%		34	%		400	bp		700	bp		41	%		34	%		700	bp
Credit Quality Statistics
30+ Day Delinquency Rate		1.38	%		1.04	%		1.05	%		1.42	%		1.12	%		34			26			1.38	%		1.12	%		26
Net Charge-offs
Loans	$	83		$	23		$	28		$	33		$	32			261	%		159	%	$	134		$	97			38	%
Lease Receivables		13			8			12			10			11			63			18			33			31			6
Total Net Charge-offs		96			31			40			43			43			210			123			167			128			30
Net Charge-off Rate
Loans (a)		0.65	%		0.27	%		0.35	%		0.41	%		0.42	%		38	bp		23	bp		0.46	%		0.44	%		2	bp
Lease Receivables		0.56			0.36			0.52			0.41			0.44			20			12			0.48			0.42			6
Total Net Charge-off Rate (a)		0.64			0.29			0.38			0.41			0.42			35			22			0.46			0.43			3
Nonperforming assets	$	247		$	140		$	140		$	157		$	150			76	%		65	%	$	247		$	150			65	%
INSURANCE
Net Revenue	$	168		$	25		$	27		$	29		$	28			NM			500		$	220		$	86			156
Noninterest Expense		136			22			21			25			22			NM			NM			179			67			167
Operating Earnings		20			2			4			2			3			NM			NM			26			11			136
Memo:
Consolidated Gross Insurance-Related Revenue(b)		429			165			176			159			146			160			194			770			452			70
Business Metrics — Ending Balances
Invested Assets	$	7,489		$	1,729		$	1,710		$	1,559		$	1,458			333			414		$	7,489		$	1,458			414
Policy Loans		398			—			—			—			—			NM			NM			398			—			NM
Insurance Policy and Claims Reserves		7,477			1,255			1,193			1,096			1,019			496			NM			7,477			1,019			NM
Term Life Premiums — First Year Annualized		15			—			—			—			—			NM			NM			15			—			NM
Policies in Force — Direct / Assumed		2,633			608			622			631			655			333			302			2,633			655			302
Insurance in Force — Direct / Assumed		274,390			33,772			33,161			31,992			32,434			NM			NM			274,390			32,434			NM
Insurance in Force — Retained		76,727			33,772			33,161			31,992			32,434			127			137			76,727			32,434			137
Proprietary Annuity Sales		39			58			76			80			127			(33	)		(69	)		173			468			(63	)
A.M. Best Rating		A			A			A			A			A									A			A

(a)	Average loans include loans held for sale of $2.2 billion, $1.1 billion, $2.4 billion, $1.6 billion and $1.7 billion at September 30, 2004, June 30, 2004, March 31, 2004, December 31, 2003 and September 30, 2003, respectively. The year-to-date average loans held for sale are $1.9 billion and $1.8 billion for 2004 and 2003, respectively. These amounts are not included in the net charge-off rate.
(b)	Includes revenue reported in the results of other businesses.

Page 15

JPMORGAN CHASE & CO.
CARD SERVICES — MANAGED BASIS
FINANCIAL HIGHLIGHTS
(in millions, except ratio data and where otherwise noted)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
INCOME STATEMENT
REVENUE
Asset Management, Administration and Commissions	$	26		$	25		$	24		$	26		$	25			4	%		4	%		75		$	82			(9	)%
Credit Card Income		784			271			238			271			236			189			232			1,293			659			96
Other Income		44			20			22			23			13			120			238			86			31			177
Subtotal		854			316			284			320			274			170			212			1,454			772			88
Net Interest Income		2,917			1,271			1,273			1,295			1,291			130			126			5,461			3,757			45
TOTAL NET REVENUE		3,771			1,587			1,557			1,615			1,565			138			141			6,915			4,529			53
Managed Provision for Credit Losses		1,662			748			706			792			705			122			136			3,116			2,112			48
NONINTEREST EXPENSE
Compensation Expense		317			150			156			144			149			111			113			623			438			42
Noncompensation Expense		926			353			381			345			337			162			175			1,660			991			68
Amortization of Intangibles		194			62			62			65			65			213			198			318			195			63
TOTAL NONINTEREST EXPENSE		1,437			565			599			554			551			154			161			2,601			1,624			60
Operating Earnings Before Income Tax Expense		672			274			252			269			309			145			117			1,198			793			51
Income Tax Expense		251			98			90			96			110			156			128			439			283			55
OPERATING EARNINGS	$	421		$	176		$	162		$	173		$	199			139			112		$	759		$	510			49
Memo: Net Securitization Gains (Amortization)	$	(2	)	$	(4	)	$	(2	)	$	4		$	1			50			NM		$	(8	)	$	(3	)		(167	)
FINANCIAL METRICS
ROE		14	%		21	%		19	%		20	%		23	%		(700	)bp		(900	)bp		16	%		20	%		(400	)bp
Overhead Ratio		38			36			38			34			35			200			300			38			36			200
% of Average Managed Outstandings:
Net Interest Income		8.90			9.98			9.95			10.08			10.09			(108	)		(119	)		9.37			9.90			(53	)
Managed Provision for Credit Losses		5.07			5.88			5.52			6.17			5.51			(81	)		(44	)		5.35			5.57			(22	)
Noninterest Income		2.61			2.48			2.22			2.49			2.14			13			47			2.49			2.04			45
Risk Adjusted Margin		6.44			6.59			6.65			6.41			6.72			(15	)		(28	)		6.52			6.37			15
Noninterest Expense		4.39			4.44			4.68			4.31			4.31			(5	)		8			4.46			4.28			18
Pre-tax Income		2.05			2.15			1.97			2.09			2.41			(10	)		(36	)		2.05			2.09			(4	)
Operating Earnings		1.28			1.38			1.27			1.35			1.55			(10	)		(27	)		1.30			1.34			(4	)
BUSINESS METRICS
Charge Volume (in billions)	$	73.3		$	23.5		$	21.5		$	23.5		$	22.5			212	%		226	%	$	118.3		$	64.7			83	%
Net Accounts Opened (in thousands) (a)		2,755			1,013			1,026			1,024			1,080			172			155			4,794			3,153			52
Credit Cards Issued (in thousands)		95,946			35,529			35,239			35,103			34,649			170			177			95,946			34,649			177
Number of Registered Internet Customers (in millions)		12.4			4.5			4.1			3.7			3.3			176			276			12.4			3.3			276
Merchant Acquiring Business
Bank Card Volume (in billions)	$	123.5		$	71.8		$	65.0		$	73.1		$	66.8			72			85		$	260.3		$	188.1			38
Total Transactions (in millions)		3,972			1,875			1,757			1,967			1,845			112			115			7,604			5,187			47

(a) Net accounts opened includes originations, purchases and sales.

Page 16

JPMORGAN CHASE & CO.
CARD SERVICES — MANAGED BASIS
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
SELECTED ENDING BALANCES
Loans:
Loans on Balance Sheet	$	60,241		$	17,182		$	16,639		$	17,426		$	16,612			251	%		263	%	$	60,241		$	16,612			263	%
Securitized Loans		71,256			34,138			34,478			34,856			34,315			109			108			71,256			34,315			108
Managed Loans	$	131,497		$	51,320		$	51,117		$	52,282		$	50,927			156			158		$	131,497		$	50,927			158
SELECTED AVERAGE BALANCES
Managed Assets	$	136,753		$	51,510		$	51,749		$	51,482		$	51,442			165			166		$	80,211		$	51,380			56
Loans:
Loans on Balance Sheet	$	59,386		$	17,155		$	17,037		$	16,442		$	17,249			246			244		$	31,296		$	17,995			74
Securitized Loans		70,980			34,052			34,425			34,504			33,527			108			112			46,575			32,720			42
Managed Loans	$	130,366		$	51,207		$	51,462		$	50,946		$	50,776			155			157		$	77,871		$	50,715			54
Equity		11,800			3,346			3,392			3,403			3,422			253			245			6,200			3,453			80
Headcount		20,473			9,975			10,838			10,612			10,575			105	%		94	%
CREDIT QUALITY STATISTICS
Net Charge-offs	$	1,598		$	745		$	743		$	741		$	748			114			114		$	3,086		$	2,255			37
Net Charge-off Rate		4.88	%		5.85	%		5.81	%		5.77	%		5.84	%		(97	)bp		(96	)bp		5.29	%		5.94	%		(65	)bp
Delinquency ratios
30+ days		3.81	%		4.26	%		4.41	%		4.68	%		4.62	%		(45	)		(81	)		3.81	%		4.62	%		(81	)
90+ days		1.75			1.94			2.15			2.19			2.08			(19	)		(33	)		1.75			2.08			(33	)
Allowance for Loan Losses	$	2,273		$	1,191		$	1,188		$	1,225		$	1,175			91	%		93	%	$	2,273		$	1,175			93	%
Allowance for Loan Losses to Period-end Loans (a)		3.77	%		6.93	%		7.14	%		7.03	%		7.07	%		(316	)bp		(330	)bp		3.77	%		7.07	%		(330	)bp

(a) The heritage Bank One seller’s interest was decertificated effective July 1, 2004, and is reported in Loans on the Balance Sheet. As a result, the Allowance for Loan Losses to Period-end Loans ratio for the third quarter 2004 declined as the remaining portion of the decertificated seller’s interest is recorded at fair value without a corresponding allowance for loan loss at September 30, 2004.

Page 17

JPMORGAN CHASE & CO.
CARD RECONCILIATION OF REPORTED AND MANAGED DATA
(in millions)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
INCOME STATEMENT DATA (a)
Credit Card Income
Reported Data for the period	$	1,632		$	578		$	564		$	639		$	599			182	%		172	%	$	2,774		$	1,670			66	%
Securitization Adjustments		(848	)		(307	)		(326	)		(368	)		(363	)		(176	)		(134	)		(1,481	)		(1,011	)		(46	)
Managed Credit Card Income	$	784		$	271		$	238		$	271		$	236			189			232		$	1,293		$	659			96
Other Income
Reported Data for the Period	$	47		$	65		$	61		$	52		$	27			(28	)		74		$	173		$	73			137
Securitization Adjustments		(3	)		(45	)		(39	)		(29	)		(14	)		93			79			(87	)		(42	)		(107	)
Managed Other Income	$	44		$	20		$	22		$	23		$	13			120			238		$	86		$	31			177
Net Interest Income
Reported Data for the Period	$	1,138		$	433		$	435		$	436		$	443			163			157		$	2,006		$	1,296			55
Securitization Adjustments		1,779			838			838			859			848			112			110			3,455			2,461			40
Managed Net Interest Income	$	2,917		$	1,271		$	1,273		$	1,295		$	1,291			130			126		$	5,461		$	3,757			45
Total Net Revenue (b)
Reported Data for the Period	$	2,843		$	1,101		$	1,084		$	1,153		$	1,094			158			160		$	5,028		$	3,121			61
Securitization Adjustments		928			486			473			462			471			91			97			1,887			1,408			34
Managed Total Net Revenue	$	3,771		$	1,587		$	1,557		$	1,615		$	1,565			138			141		$	6,915		$	4,529			53
Provision for Credit Losses
Reported Data for the Period	$	734		$	262		$	233		$	330		$	234			180			214		$	1,229		$	704			75
Securitization Adjustments		928			486			473			462			471			91			97			1,887			1,408			34
Managed Provision for Credit Losses	$	1,662		$	748		$	706		$	792		$	705			122			136		$	3,116		$	2,112			48
BALANCE SHEET — AVERAGE BALANCES
Total Average Assets
Reported Data for the Period	$	67,718		$	18,484		$	18,392		$	18,037		$	18,945			266			257		$	34,984		$	19,379			81
Securitization Adjustments		69,035			33,026			33,357			33,445			32,497			109			112			45,227			32,001			41
Managed Average Assets	$	136,753		$	51,510		$	51,749		$	51,482		$	51,442			165			166		$	80,211		$	51,380			56
CREDIT QUALITY STATISTICS
Net Charge-offs
Reported Net Charge-offs Data for the period	$	670		$	259		$	270		$	279		$	277			159			142		$	1,199		$	847			42
Securitization Adjustments		928			486			473			462			471			91			97			1,887			1,408			34
Managed Net Charge-offs	$	1,598		$	745		$	743		$	741		$	748			114			114		$	3,086		$	2,255			37

(a)

JPMorgan Chase uses the concept of “managed receivables” to evaluate the credit performance of the underlying credit card loans, both sold and not sold: as the same borrower is continuing to use the credit card for ongoing charges, a borrower’s credit performance will impact both the receivables sold under SFAS 140 and those not sold. Thus, in its disclosures regarding managed receivables, JPMorgan Chase treats the sold receivables as if they were still on the balance sheet in order to disclose the credit performance (such as net charge-off rates) of the entire managed credit card portfolio. Operating results exclude the impact of credit card securitizations on revenue, the provision for credit losses, net charge-offs and receivables. Securitization does not change reported net income versus operating earnings; however, it does affect the classification of items on the Consolidated statement of income.

(b)

Includes Credit Card Income, Other Income and Net Interest Income.

Page 18

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
INCOME STATEMENT
REVENUE
Lending & Deposit Related Fees	$	162		$	67		$	65		$	69		$	82			142	%		98	%	$	294		$	232			27	%
Asset Management, Administration and Commissions		12			4			4			4			5			200			140			20			15			33
Other Income (a)		51			29			26			27			14			76			264			106			46			130
Subtotal		225			100			95			100			101			125			123			420			293			43
Net Interest Income		608			234			227			240			240			160			153			1,069			719			49
TOTAL NET REVENUE		833			334			322			340			341			149			144			1,489			1,012			47
Provision for Credit Losses		14			19			(13	)		(10	)		21			(26	)		(33	)		20			16			25
NONINTEREST EXPENSE
Compensation Expense		176			65			71			66			82			171			115			312			219			42
Noncompensation Expense		286			138			138			131			130			107			120			562			403			39
Amortization of Intangibles		18			—			—			—			1			NM			NM			18			3			500
TOTAL NONINTEREST EXPENSE		480			203			209			197			213			136			125			892			625			43
Operating Earnings Before Income Tax Expense		339			112			126			153			107			203			217			577			371			56
Income Tax Expense (Benefit)		124			47			52			64			44			164			182			223			153			46
OPERATING EARNINGS	$	215		$	65		$	74		$	89		$	63			231			241		$	354		$	218			62
MEMO:
Revenue Lending	$	310		$	86		$	84		$	95		$	97			260			220		$	480		$	301			59
Treasury & Securities Services		499			221			219			220			235			126			112			939			676			39
Investment Banking		24			20			15			28			12			20			100			59			38			55
Other		—			7			4			(3	)		(3	)		NM			NM			11			(3	)		NM
Total Commercial Banking Revenue	$	833		$	334		$	322		$	340		$	341			149			144		$	1,489		$	1,012			47
FINANCIAL RATIOS
ROE		25	%		35	%		37	%		38	%		24	%		(1,000)	bp		100	bp		29	%		26	%		300	bp
ROA		1.53			1.51			1.83			2.22			1.49			2			4			1.58			1.75			(17	)
Overhead Ratio		58			61			65			58			62			(300	)		(400	)		60			62			(200	)
SELECTED BALANCE SHEET (Average)
Total Assets	$	55,957		$	17,281		$	16,239		$	15,875		$	16,775			224	%		234	%	$	29,921		$	16,658			80	%
Loans and Leases		50,324			14,717			13,764			13,400			14,256			242			253			26,356			14,269			85
Deposits		64,796			38,058			36,596			34,005			33,728			70			92			46,550			32,501			43
Equity		3,400			747			795			928			1,050			355			224			1,654			1,103			50
Headcount		4,595			1,690			1,701			1,730			1,784			172			158
CREDIT DATA AND QUALITY STATISTICS
Net Charge-offs	$	(13	)	$	30		$	(1	)	$	5		$	30			NM			NM		$	16		$	71			(77	)
Nonperforming Loans		579			132			165			123			156			339			271			579			156			271
Allowance for Loan Losses		1,350			107			111			122			142			NM			NM			1,350			142			NM
Allowance for Lending Related Commitments		164			24			28			26			28			NM			486			164			28			486
Net Charge-off Rate		(0.10	)%		0.82	%		(0.03	)%		0.15	%		0.83	%		(92)	bp		(93)	bp		0.08	%		0.67	%		(59)	bp
Allowance for Loan Losses to Average Loans		2.68			0.73			0.81			0.91			1.00			195			168			5.12			1.00			412
Allowance for Loan Losses to Nonperforming Loans		233			81			67			99			91			NM			NM			233			91			NM
Nonperforming Loans to Average Loans		1.15			0.90			1.20			0.92			1.09			25			6			2.20			1.09			111

(a) Investment Bank-related revenues are included in Other Income.

Page 19

JPMORGAN CHASE & CO.
TREASURY & SECURITIES SERVICES
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
INCOME STATEMENT
REVENUE
Lending & Deposit Related Fees	$	218		$	111		$	118		$	115		$	120			96	%		82	%	$	447		$	355			26	%
Asset Management, Administration and Commissions		600			633			582			518			484			(5	)		24			1,815			1,385			31
Other Income		103			98			69			111			61			5			69			270			177			53
Subtotal		921			842			769			744			665			9			38			2,532			1,917			32
Net Interest Income		418			251			243			236			241			67			73			912			711			28
TOTAL NET REVENUE		1,339			1,093			1,012			980			906			23			48			3,444			2,628			31
Provision for Credit Losses		—			3			1			—			(1	)		NM			NM			4			1			300
Credit Reimbursement to IB (a)		(43	)		(2	)		(2	)		5			10			NM			NM			(47	)		31			NM
NONINTEREST EXPENSE
Compensation Expense		472			347			339			330			310			36			52			1,158			927			25
Noncompensation Expense		654			582			512			463			433			12			51			1,748			1,282			36
Amortization of Intangibles		30			15			16			8			6			100			400			61			18			239
TOTAL NONINTEREST EXPENSE		1,156			944			867			801			749			22			54			2,967			2,227			33
Operating Earnings before Income Tax Expense		140			144			142			184			168			(3	)		(17	)		426			431			(1	)
Income Tax Expense (Benefit)		44			43			44			61			53			2			(17	)		131			132			(1	)
OPERATING EARNINGS	$	96		$	101		$	98		$	123		$	115			(5	)		(17	)	$	295		$	299			(1	)
REVENUE BY BUSINESS
Treasury Services (b)	$	629		$	366		$	357		$	311		$	303			72			108		$	1,352		$	889			52
Investor Services		404			453			398			380			370			(11	)		9			1,255			1,068			18
Institutional Trust Services		306			274			257			289			233			12			31			837			671			25
TOTAL NET REVENUE	$	1,339		$	1,093		$	1,012		$	980		$	906			23			48		$	3,444		$	2,628			31
MEMO
Treasury Services Firmwide Revenue (b)	$	1,205		$	617		$	605		$	561		$	570			95			111		$	2,427		$	1,653			47
Treasury & Securities Services Firmwide Revenue (b)		1,915			1,344			1,260			1,230			1,173			42			63			4,519			3,392			33
FINANCIAL RATIOS
ROE		20	%		13	%		12	%		18	%		17	%		700	bp		300	bp		14	%		15	%		(100	)bp
Overhead Ratio		86			86			86			82			83			—			300			86			85			100
BUSINESS METRICS
Assets under Custody (in billions)	$	8,261		$	7,980		$	8,001		$	7,597		$	6,926			4	%		19	%
SELECTED BALANCE SHEET (Average)
Total Assets	$	24,831		$	21,040		$	19,241		$	20,015		$	17,564			18			41		$	21,715		$	17,828			22	%
Loans		8,457			6,783			6,137			6,246			6,412			25			32			7,131			5,929			20
Deposits U.S. Deposits		90,466			73,795			65,813			60,249			58,061			23			56			76,742			52,049			47
Non-U.S. Deposits		48,234			43,118			39,932			35,575			34,714			12			39			43,778			34,162			28
Total Deposits		138,700			116,913			105,745			95,824			92,775			19			50			120,520			86,211			40
Equity		1,900			3,203			3,189			2,741			2,627			(41	)		(28	)		2,761			2,737			1
Headcount		22,246			15,023			15,341			15,145			14,784			48			50

(a)	Management has charged T&SS a credit reimbursement, which is the pre-tax amount of earnings, less cost of capital, related to certain exposures managed within the IB credit portfolio on behalf of clients shared with T&SS.
(b)	T&SS and TS firmwide revenues include TS revenues recorded in certain other lines of business. Revenues associated with Treasury Services customers who are also customers of Commercial Banking, Consumer & Small Business Banking and Asset & Wealth Management lines of business are reported in these other lines of business and are excluded from Treasury Services as follows:

											3QTR 2004										YTD 2004
	3QTR		2QTR		1QTR		4QTR		3QTR		Change						Year-to-date				Change
	2004		2004		2004		2003		2003		2Q 2004			3Q 2003			2004		2003		2003
Treasury Services Revenue Reported in Commercial Banking	$	499	$	221	$	219	$	220	$	235		126	%		112	%	$	939	$	676		39	%
Treasury Services Revenue Reported in Other Lines of Business		77		30		29		30		32		157			141			136		88		55

Note: Foreign exchange revenues are apportioned between T&SS and the Investment Bank, and only T&SS’s share is included in T&SS Firmwide Revenue.

Page 20

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
INCOME STATEMENT
REVENUE
Lending & Deposit Related Fees	$	10		$	4		$	4		$	5		$	5			150	%		100	%	$	18		$	14			29	%
Asset Management, Administration and Commissions		859			657			672			629			585			31			47			2,188			1,629			34
Other Income		55			50			50			87			49			10			12			155			118			31
Subtotal		924			711			726			721			639			30			45			2,361			1,761			34
Net Interest Income		269			117			122			124			121			130			122			508			364			40
TOTAL NET REVENUE		1,193			828			848			845			760			44			57			2,869			2,125			35
Provision for Credit Losses		1			(4	)		10			36			(7	)		NM			NM			7			(1	)		NM
NONINTEREST EXPENSE
Compensation Expense		452			343			325			309			320			32			41			1,120			904			24
Noncompensation Expense		409			335			322			337			313			22			31			1,066			928			15
Amortization of Intangibles		23			3			2			2			2			NM			NM			28			6			367
TOTAL NONINTEREST EXPENSE		884			681			649			648			635			30			39			2,214			1,838			20
Operating Earnings before Income Tax Expense		308			151			189			161			132			104			133			648			288			125
Income Tax Expense (Benefit)		111			52			67			55			47			113			136			230			107			115
OPERATING EARNINGS	$	197		$	99		$	122		$	106		$	85			99			132		$	418		$	181			131
FINANCIAL RATIOS
ROE		33	%		7	%		9	%		8	%		6	%		2,600	bp		2,700	bp		13	%		4	%		900	bp
Overhead Ratio		74			82			77			77			84			(800	)		(1,000	)		77			86			(900	)
REVENUE BY CLIENT SEGMENT
Institutional	$	287		$	200		$	211		$	200		$	181			44	%		59	%	$	698		$	523			33	%
Private Bank		383			368			376			384			364			4			5			1,127			1,053			7
Private Client Services		251			19			20			19			20			NM			NM			290			59			392
Retail		272			241			241			242			195			13			39			754			490			54
Total Net Revenue	$	1,193		$	828		$	848		$	845		$	760			44			57		$	2,869		$	2,125			35
SELECTED BALANCE SHEET (Average)
Total Assets	$	39,882		$	35,083		$	35,295		$	34,141		$	33,290			14			20		$	36,765		$	33,657			9
Loans		25,408			17,620			17,097			16,816			16,237			44			56			20,061			16,632			21
Deposits		38,520			23,667			22,756			21,310			20,514			63			88			28,351			19,891			43
Equity		2,400			5,370			5,471			5,467			5,539			(55	)		(57	)		4,406			5,521			(20	)
Headcount		12,368			8,690			8,554			8,520			8,476			42			46
CREDIT DATA AND QUALITY STATISTICS
Net Charge-offs	$	6		$	6		$	55		$	1		$	(2	)		—			NM		$	67		$	8			NM
Nonperforming Loans		125			102			115			173	��		122			23			2			125			122			2
Allowance for Loan Losses		241			76			86			130			92			217			162			241			92			162
Allowance for Lending Related Commitments		5			2			3			4			4			150			25			5			4			25
Net Charge-off Rate		0.09	%		0.14	%		1.29	%		0.02	%		(0.05	)%		(5)	bp		14	bp		0.45	%		0.06	%		39	bp
Allowance for Loan Losses to Average Loans		0.95			0.43			0.50			0.77			0.57			52			38			1.20			0.55			65
Allowance for Loan Losses to Nonperforming Loans		193			75			75			75			75			11,800			11,800			193			75			11,800
Nonperforming Loans to Average Loans		0.49			0.58			0.67			1.03			0.75			(9	)		(26	)		0.62			0.73			(11	)

Page 21

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions, except ranking data)

				Heritage JPMC Only												3QTR 2004								H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date					Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004		2003			2003
Asset Class
Liquidity	$	210		$	152		$	159		$	156		$	145			38	%		45	%	$	210	$	145			45	%
Fixed Income		174			117			120			118			121			49			44			174		121			44
Equities, Balanced and Other		351			306			310			287			264			15			33			351		264			33
Assets under Management		735			575			589			561			530			28			39			735		530			39
Custody / Brokerage / Administration / Deposits		434			221			216			203			198			96			119			434		198			119
Total Assets under Supervision	$	1,169		$	796		$	805		$	764		$	728			47			61		$	1,169	$	728			61
Client Segment
Institutional
Assets under Management	$	426		$	328		$	335		$	322		$	309			30			38		$	426	$	309			38
Custody / Brokerage / Administration / Deposits		170			—			—			—			—			NM			NM			170		—			NM
Assets under Supervision		596			328			335			322			309			82			93			596		309			93
Private Bank
Assets under Management		136			139			141			138			132			(2	)		3			136		132			3
Custody / Brokerage / Administration / Deposits		143			138			135			128			127			4			13			143		127			13
Assets under Supervision		279			277			276			266			259			1			8			279		259			8
Private Client Services
Assets under Management		51			7			7			8			7			NM			NM			51		7			NM
Custody / Brokerage / Administration / Deposits		40			3			3			4			5			NM			NM			40		5			NM
Assets under Supervision		91			10			10			12			12			NM			NM			91		12			NM
Retail
Assets under Management		122			101			106			93			82			21			49			122		82			49
Custody / Brokerage / Administration / Deposits		81			80			78			71			66			1			23			81		66			23
Assets under Supervision		203			181			184			164			148			12			37			203		148			37
Total Assets under Supervision	$	1,169		$	796		$	805		$	764		$	728			47			61		$	1,169	$	728			61
Geographic Region
Americas
Assets under Management	$	531		$	370		$	377		$	365		$	355			44			50		$	531	$	355			50
Custody / Brokerage / Administration / Deposits		404			189			186			168			164			114			146			404		164			146
Assets under Supervision		935			559			563			533			519			67			80			935		519			80
International
Assets under Management		204			205			212			196			176			—			16			204		176			16
Custody / Brokerage / Administration / Deposits		30			32			30			35			33			(6	)		(9	)		30		33			(9	)
Assets under Supervision		234			237			242			231			209			(1	)		12			234		209			12
Total Assets under Supervision	$	1,169		$	796		$	805		$	764		$	728			47			61		$	1,169	$	728			61
Memo:
Mutual Funds Assets	$	308		$	221		$	237		$	213		$	203			39			52		$	308	$	203			52
Star Rankings: (a)
% of Customer Assets in Funds Ranked 4 or Better		56	%		48	%		49	%		48	%		51	%
% of Customer Assets in Funds Ranked 3 or Better		80	%		78	%		74	%		69	%		73	%
Assets Under Supervision Rollforward
Beginning Balance	$	796		$	805		$	764		$	728		$	702			(1	)%		13	%	$	764	$	642			19	%
Net Asset Flows		(7	)		(1	)		15			(2	)		4			NM			NM			7		(14	)		NM
Market / Other Impact (b)		380			(8	)		26			38			22			NM			NM			398		100			298
Ending Balance	$	1,169		$	796		$	805		$	764		$	728			47			61		$	1,169	$	728			61

(a)	Derived from Morningstar for the United States; Micropal for the United Kingdom, Luxembourg, Hong Kong and Taiwan; and Nomura for Japan.
(b)	Market/Other Impact includes the acquisition of Bank One in the third quarter of 2004.

Page 22

JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
INCOME STATEMENT
Revenue
Securities / Private Equity Gains (Losses)	$	347		$	436		$	419		$	168		$	349			(20	)%		(1	)%	$	1,202		$	863			39	%
Other Income		67			63			8			54			81			6			(17	)		138			160			(14	)
Subtotal		414			499			427			222			430			(17	)		(4	)		1,340			1,023			31
Net Interest Income		(500	)		2			(57	)		(54	)		(72	)		NM			NM			(555	)		(123	)		(351	)
TOTAL NET REVENUE		(86	)		501			370			168			358			NM			NM			785			900			(13	)
Provision for Credit Losses		(1	)		(27	)		(82	)		(48	)		(1	)		96			—			(110	)		172			NM
Noninterest Expense
Compensation Expense		786			462			516			395			433			70			82			1,764			1,498			18
Noncompensation Expense		1,146			857			870			811			771			34			49			2,873			2,405			19
Net Expenses Allocated to Other Businesses		(1,426	)		(1,186	)		(1,184	)		(1,119	)		(1,132	)		(20	)		(26	)		(3,796	)		(3,461	)		(10	)
TOTAL NONINTEREST EXPENSE		506			133			202			87			72			280			NM			841			442			90
Operating Earnings before Income Tax Expense		(591	)		395			250			129			287			NM			NM			54			286			(81	)
Income Tax Expense (Benefit)		(372	)		70			(1	)		(130	)		(5	)		NM			NM			(303	)		(123	)		(146	)
OPERATING EARNINGS	$	(219	)	$	325		$	251		$	259		$	292			NM			NM		$	357		$	409			(13	)
SELECTED AVERAGE BALANCE SHEET
Short-term Investments (a)	$	26,432		$	9,903		$	2,592		$	4,614		$	10,108			167			161		$	13,025		$	3,894			234
Investment Portfolio (b)		71,050			56,342			56,755			53,270			58,774			26			21			61,418			66,955			(8	)
Goodwill (d)		42,958			342			346			355			338			NM			NM			14,652			272			NM
Total Assets		204,883			125,122			120,272			98,274			105,693			64			94			150,293			106,457			41
Headcount		24,482			12,928			13,261			13,391			13,571			89			80
TREASURY
Securities Gains (Losses) (c)	$	109		$	41		$	120		$	6		$	229			166			(52	)	$	270		$	993			(73	)
Investment Portfolio (Average)	$	65,508		$	51,509		$	50,580		$	47,077		$	52,548			27			25

(a)	Represents federal funds sold, securities borrowed, trading assets — debt and equity instruments and trading assets — derivative receivables.
(b)	Represents investment securities and private equity investments.
(c)	Excludes gains/losses on securities used to manage risk associated with mortgage servicing rights.
(d)	Goodwill amounts prior to September 30, 2004 represents the historical goodwill allocated to the Corporate line of business.

Page 23

JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
PRIVATE EQUITY
Private Equity Gains (Losses)
Direct Investments
Realized Gains	$	277		$	402		$	302		$	202		$	134			(31	)%		107	%	$	981		$	333			195	%
Write-ups / Write-downs		(31	)		(27	)		(23	)		(52	)		1			(15	)	NM				(81	)		(352	)		77
Mark-to-Market Gains (Losses)		(27	)		(1	)		25			48			26		NM			NM				(3	)		167		NM
Total Direct Investments		219			374			304			198			161			(41	)		36			897			148		NM
Third-Party Fund Investments		16			18			(8	)		(39	)		(41	)		(11	)	NM				26			(280	)	NM
Total Private Equity Gains (Losses)		235			392			296			159			120			(40	)		96			923			(132	)	NM
Other Income		14			11			12			11			12			27			17			37			36			3
Net Interest Income		(89	)		(53	)		(59	)		(64	)		(61	)		(68	)		(46	)		(201	)		(200	)		—
Total Net Revenue		160			350			249			106			71			(54	)		125			759			(296	)	NM
Total Noninterest Expense		73			67			69			71			63			9			16			209			197			6
Operating Earnings before Income Tax Expense		87			283			180			35			8			(69	)	NM				550			(493	)	NM
Income Tax Expense (Benefit)		27			96			64			12			2			(72	)	NM				187			(180	)	NM
OPERATING EARNINGS	$	60		$	187		$	116		$	23		$	6			(68	)	NM			$	363		$	(313	)	NM
Private Equity Portfolio Information
Direct Investments
Public Securities
Carrying Value	$	958		$	811		$	697		$	643		$	705			18			36
Cost		675			566			520			451			560			19			21
Quoted Public Value		1,415			1,306			1,107			994			1,083			8			31
Private Direct Securities
Carrying Value		6,011			4,821			5,177			5,508			5,686			25			6
Cost		7,551			6,307			6,562			6,960			7,188			20			5
Third-Party Fund Investments
Carrying Value		1,138			751			961			1,099			1,406			52			(19	)
Cost		1,761			1,208			1,512			1,736			2,020			46			(13	)
Total Private Equity Portfolio — Carrying Value	$	8,107		$	6,383		$	6,835		$	7,250		$	7,797			27			4
Total Private Equity Portfolio — Cost	$	9,987		$	8,081		$	8,594		$	9,147		$	9,768			24			2

Page 24

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)

											Sep 30, 2004
			Heritage JPMC Only								Change
	Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30			Sep 30
	2004		2004		2004		2003		2003		2004			2003
CREDIT EXPOSURE
WHOLESALE (a)
Loans — U.S.	$	99,451	$	45,532	$	45,111	$	44,325	$	44,499		118	%		123	%
Loans — Non-U.S.		32,893		31,512		31,957		31,094		30,348		4			8
TOTAL WHOLESALE LOANS — REPORTED		132,344		77,044		77,068		75,419		74,847		72			77
CONSUMER (b)
Home Finance — Home Equity & Other		67,368		29,969		26,445		24,179		21,547		125			213
Home Finance — Mortgage		56,035		54,060		49,312		50,381		65,025		4			(14	)
Auto and Education Finance		62,587		43,543		44,004		43,157		42,828		44			46
Small Business and Other Consumer		15,126		4,140		4,162		4,204		4,428		265			242
Credit Card Receivables — Reported		60,241		17,182		16,639		17,426		16,612		251			263
TOTAL CONSUMER LOANS — REPORTED		261,357		148,894		140,562		139,347		150,440		76			74
TOTAL LOANS — REPORTED		393,701		225,938		217,630		214,766		225,287		74			75
Credit Card Securitizations		71,256		34,138		34,478		34,856		34,315		109			108
TOTAL LOANS — MANAGED		464,957		260,076		252,108		249,622		259,602		79			79
Derivative Receivables (c)		57,795		49,980		58,434		83,751		83,787		16			(31	)
Interests in Purchased Receivables		30,479		—		—		4,752		10,914	NM				179
Other Receivables		—		108		108		108		108	NM			NM
TOTAL CREDIT-RELATED ASSETS		553,231		310,164		310,650		338,233		354,411		78			56
Wholesale Lending-Related Commitments		315,946		213,671		216,242		211,483		207,017		48			53
TOTAL	$	869,177	$	523,835	$	526,892	$	549,716	$	561,428		66			55
Memo: Total by Category
Total Wholesale Exposure (d)	$	536,564	$	340,803	$	351,852	$	375,513	$	376,673		57			42
Total Consumer Managed Loans (e)		332,613		183,032		175,040		174,203		184,755		82			80
Total	$	869,177	$	523,835	$	526,892	$	549,716	$	561,428		66			55
WHOLESALE CREDIT EXPOSURE
Credit Exposure	$	536,564	$	340,803	$	351,852	$	375,513	$	376,673		57			42
Risk Profile of Credit Exposure:
Investment-Grade		429,198		282,127		290,150		309,783		312,803		52			37
Noninvestment-Grade:
Performing		104,990		56,530		59,245		63,343		60,803		86			73
Nonperforming		2,021		1,772		2,126		2,365		3,046		14			(34	)
Purchased Held for Sale Commercial Loans (f)		355		374		331		22		21		(5	)	NM

(a)	Includes Investment Bank, Commercial Banking, Treasury & Securities Services and Asset & Wealth Management.
(b)	Includes Retail Financial Services and Card Services.
(c)	Effective January 1, 2004, the Firm elected to net cash paid and received under legally enforceable master netting agreements.
(d)	Represents Total Wholesale Loans, Derivative Receivables, Interests in Purchased Receivables, Other Receivables and Wholesale Lending-Related Commitments.
(e)	Represents Total Consumer Loans plus Credit Card Securitizations, excluding consumer lending-related commitments.
(f)	Represents distressed wholesale loans purchased as part of the IB’s proprietary investing activities.

Note: The risk profile is based on JPMorgan Chase’s internal risk ratings, which generally correspond to the following ratings as defined by Standard & Poor’s / Moody’s: Investment-Grade: AAA / Aaa to BBB- / Baa3 Noninvestment-Grade: BB+ / Ba1 and below

Page 25

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

				Heritage JPMC Only												3QTR 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003
NONPERFORMING ASSETS AND RATIOS
WHOLESALE
Loans — U.S.	$	1,405		$	726		$	939		$	1,057		$	1,407			94	%		—	%
Loans — Non-U.S.		378			715			839			947			1,271			(47	)		(70	)
TOTAL WHOLESALE LOANS REPORTED (Excluding Purchased HFS Wholesale Loans)		1,783			1,441			1,778			2,004			2,678			24			(33	)
CONSUMER
Home Finance		789			320			355			374			384			147			105
Auto Finance		211			114			111			123			117			85			80
Small Business and Other Consumer		308			85			80			72			91			262			238
Credit Card Receivables — Reported		9			9			10			11			12			—			(25	)
TOTAL CONSUMER LOANS REPORTED		1,317			528			556			580			604			149			118
TOTAL LOANS REPORTED (Excluding Purchased HFS Wholesale Loans)		3,100			1,969			2,334			2,584			3,282			57			(6	)
Derivative Receivables		238			223			240			253			260			7			(8	)
Other Receivables		—			108			108			108			108		NM			NM
Assets Acquired in Loan Satisfactions		299			182			200			216			203			64			47
TOTAL NONPERFORMING ASSETS (Excluding Purchased HFS Wholesale Loans)	$	3,637		$	2,482		$	2,882		$	3,161		$	3,853			47			(6	)
PURCHASED HELD FOR SALE WHOLESALE LOANS (a)	$	355		$	374		$	331		$	22		$	21			(5	)	NM
TOTAL NONPERFORMING LOANS TO TOTAL LOANS		0.79	%		0.87	%		1.07	%		1.20	%		1.46	%		(8)	bp		(67)	bp

(a) Represents distressed wholesale loans purchased as part of the IB’s proprietary investing activities.

Page 26

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
GROSS CHARGE-OFFS
Wholesale Loans	$	80		$	172		$	168		$	142		$	305			(53	)%		(74	)%	$	420		$	971			(57	)%
Consumer (Excluding Card)		269			104			112			128			115			159			134			485			347			40
Credit Card Receivables — Reported		760			281			294			302			298			170			155			1,335			928			44
Total Loans — Reported		1,109			557			574			572			718			99			54			2,240			2,246			—
Credit Card Securitizations		1,039			540			527			515			532			92			95			2,106			1,572			34
Total Loans — Managed		2,148			1,097			1,101			1,087			1,250			96			72			4,346			3,818			14
RECOVERIES
Wholesale Loans		104			119			79			151			60			(13	)		73			302			197			53
Consumer (Excluding Card)		50			24			27			24			23			108			117			101			70			44
Credit Card Receivables — Reported		90			22			24			23			21			309			329			136			81			68
Total Loans — Reported		244			165			130			198			104			48			135			539			348			55
Credit Card Securitizations		111			54			54			53			61			106			82			219			164			34
Total Loans — Managed		355			219			184			251			165			62			115			758			512			48
NET CHARGE-OFFS
Wholesale Loans		(24	)		53			89			(9	)		245		NM			NM				118			774			(85	)
Consumer (Excluding Card)		219			80			85			104			92			174			138			384			277			39
Credit Card Receivables — Reported		670			259			270			279			277			159			142			1,199			847			42
Total Loans — Reported		865			392			444			374			614			121			41			1,701			1,898			(10	)
Credit Card Securitizations		928			486			473			462			471			91			97			1,887			1,408			34
Total Loans — Managed	$	1,793		$	878		$	917		$	836		$	1,085			104			65		$	3,588		$	3,306			9
NET CHARGE-OFF RATES — ANNUALIZED
Wholesale Loans (a)		(0.08	)%		0.29	%		0.50	%		(0.05	)%		1.25	%		(37)	bp		(133)	bp		0.17	%		1.29	%		(112)	bp
Consumer (Excluding Card) (b)		0.47			0.29			0.32			0.39			0.37			18			10			0.38			0.40			(2	)
Credit Card Receivables — Reported		4.49			6.07			6.37			6.73			6.37			(158	)		(188	)		5.12			6.29			(117	)
Total Loans — Reported (a) (b)		0.93			0.77			0.92			0.76			1.27			16			(34	)		0.89			1.34			(45	)
Credit Card Securitizations		5.20			5.74			5.53			5.31			5.57			(54	)		(37	)		5.41			5.75			(34	)
Total Loans — Managed (a) (b)		1.62			1.48			1.61			1.44			1.91			14			(29	)		1.58			1.98			(40	)
Memo: Credit Card — Managed		4.88			5.85			5.81			5.77			5.84			(97	)		(96	)		5.29			5.94			(65	)

(a)

Loans held for sale were $7,281 million, $5,199 million, $5,245 million, $3,735 million, and $3,307 million as of September 30, 2004, June 30, 2004, March 31, 2004, December 31, 2003 and September 30, 2003, respectively. The year-to-date average loans held for sale are $5,908 million and $3,833 million for 2004 and 2003, respectively. These amounts are not included in the net charge-off rates.

(b)

Loans held for sale were $14,479 million, $15,638 million, $15,311 million, $21,633 million, and $30,178 million as of September 30, 2004, June 30, 2004, March 31, 2004, December 31, 2003, and September 30, 2003, respectively. The year-to-date average loans held for sale are $15,140 million and $26,683 million for 2004 and 2003, respectively. These amounts are not included in the net charge-off rates.

Page 27

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
CHANGE IN THE ALLOWANCE FOR LOAN LOSSES
Beginning Balance	$	3,967		$	4,120		$	4,523		$	4,753		$	5,087			(4	)%		(22	)%	$	4,523		$	5,350			(15	)%
Addition Resulting from Merger, July 1, 2004		3,123			—			—			—			—		NM			NM				3,123			—		NM
Net Charge-Offs		(865	)		(392	)		(444	)		(374	)		(614	)		(121	)		(41	)		(1,701	)		(1,898	)		10
Provision for Loan Losses(a)		1,395			240			42			144			278			481			402			1,677			1,435			17
Other		(127	)(b)		(1	)		(1	)		—			2		NM			NM				(129	)		(134	)		4
Ending Balance	$	7,493		$	3,967		$	4,120		$	4,523		$	4,753			89			58		$	7,493		$	4,753			58
CHANGE IN THE ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning Balance	$	260		$	297		$	324		$	329		$	384			(12	)		(32	)	$	324		$	363			(11	)
Addition Resulting from Merger, July 1, 2004		508			—			—			—			—		NM			NM				508			—		NM
Provision for Lending-Related Commitments(c)		(226	)		(37	)		(27	)		(5	)		(55	)	NM				(311	)		(290	)		(34	)	NM
Other		(1	)		—			—			—			—		NM			NM				(1	)		—		NM
Ending Balance	$	541		$	260		$	297		$	324		$	329			108			64		$	541		$	329			64
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Wholesale
Asset Specific	$	498
Expected Loss		1,832
Stress		1,126
Total Wholesale		3,456			1,715			1,869			2,204			2,452			102		41
Consumer
Expected Loss		3,159
Stress		878
Total Consumer		4,037			2,252			2,251			2,319			2,301			79		75
Total Allowance for Loan Losses		7,493			3,967			4,120			4,523			4,753			89			58
ALLOWANCE FOR LENDING-RELATED COMMITMENTS		541			260			297			324			329			108			64
Total Allowance for Credit Losses	$	8,034		$	4,227		$	4,417		$	4,847		$	5,082			90			58
Wholesale Allowance for Loan Losses to Total Wholesale Loans (d)		2.76	%		2.39	%		2.60	%		3.07	%		3.43	%		37	bp		(67	)bp
Consumer Allowance for Loan Losses to Total Consumer Loans (e)		1.62			1.67			1.78			1.90			1.96			(5	)		(34	)
Allowance for Loan Losses to Total Loans (d) (e)		2.01			1.92			2.08			2.33			2.51			9			(50	)
Allowance for Loan Losses to Total Nonperforming Loans (f)		248			206			183			180			153			4,200			9,500
ALLOWANCE FOR LOAN LOSSES BY LOB
Investment Bank	$	1,841		$	742		$	855		$	1,055		$	1,270			148	%		45	%
Card Services		2,273			1,191			1,188			1,225			1,175			91			93
Retail Financial Services		1,764			1,061			1,063			1,094			1,126			66			57
Commercial Banking		1,350			107			111			122			142		NM			NM
Treasury & Securities Services		9			2			2			2			2			350			350
Asset and Wealth Management		241			76			86			130			92			217			162
Corporate		15			788			815			895			946			(98	)		(98	)
Total	$	7,493		$	3,967		$	4,120		$	4,523		$	4,753			89			58

(a)	Includes $560 million related to accounting policy conformity.
(b)	Related to the transfer of the allowance for accrued interest and fees on reported credit card loans.
(c)	Includes $(227) million related to accounting policy conformity.
(d)	Loans held for sale were $7,281 million, $5,199 million, $5,245 million, $3,735 million, and $3,307 million as of September 30, 2004, June 30, 2004, March 31, 2004, December 31, 2003 and September 30, 2003, respectively. These amounts are not included in the allowance coverage ratios.
(e)	Loans held for sale were $12,816 million, $14,217 million, $14,334 million, $17,105 million, and $32,857 million as of September 30, 2004, June 30, 2004, March 31, 2004, December 31, 2003, and September 30, 2003, respectively. These amounts are not included in the allowance coverage ratios.
(f)	Nonperforming loans held for sale were $78 million, $46 million, $80 million, $75 million, and $171 million as of September 30, 2004, June 30, 2004, March 31, 2004, December 31, 2003 and September 30, 2003, respectively. These amounts are not included in the allowance coverage ratios.

Page 28

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
PROVISION FOR CREDIT LOSSES
LOANS
Investment Bank	$	(148	)	$	(96	)	$	(161	)	$	(236	)	$	(127	)		(54	)%		(17	)%	$	(405	)	$	101			NM	%
Commercial Banking		10			23			(15	)		(8	)		21			(57	)		(52	)		18			16			13
Treasury & Securities Services		—			3			1			—			(1	)	NM			NM				4			—		NM
Asset & Wealth Management		1			(3	)		11			36			(7	)	NM			NM				9			—		NM
Corporate		(1	)		(27	)		(82	)		(48	)		(1	)		96			—			(110	)		164		NM
Total Wholesale		(138	)		(100	)		(246	)		(256	)		(115	)		(38	)		(20	)		(484	)		281		NM
Retail Financial Services		239			78			55			70			159			206			50			372			450			(17	)
Card Services		734			262			233			330			234			180			214			1,229			704			75
Total Consumer		973			340			288			400			393			186			148			1,601			1,154			39
Accounting Policy Conformity		560			—			—			—			—		NM			NM				560			—		NM
Total Provision for Loan Losses		1,395			240			42			144			278			481			402			1,677			1,435			17
LENDING-RELATED COMMITMENTS
Investment Bank	$	(3	)	$	(32	)	$	(27	)	$	(5	)	$	(54	)		91			94		$	(62	)	$	(41	)		(51	)
Commercial Banking		4			(4	)		2			(2	)		—		NM			NM				2			—		NM
Treasury & Securities Services		—			—			—			—			—		NM			NM				—			1		NM
Asset & Wealth Management		—			(1	)		(1	)		—			—		NM			NM				(2	)		(1	)		(100	)
Corporate		—			—			—			—			—		NM			NM				—			8		NM
Total Wholesale		1			(37	)		(26	)		(7	)		(54	)	NM			NM				(62	)		(33	)		(88	)
Retail Financial Services		—			—			(1	)		2			(1	)	NM			NM				(1	)		(1	)		—
Card Services		—			—			—			—			—		NM			NM				—			—		NM
Total Consumer		—			—			(1	)		2			(1	)	NM			NM				(1	)		(1	)		—
Accounting Policy Conformity		(227	)		—			—			—			—		NM			NM				(227	)		—		NM
Total Provision for Lending-Related Commitments		(226	)		(37	)		(27	)		(5	)		(55	)	NM				(311	)		(290	)		(34	)	NM
TOTAL PROVISION FOR CREDIT LOSSES
Investment Bank	$	(151	)	$	(128	)	$	(188	)	$	(241	)	$	(181	)		(18	)		17		$	(467	)	$	60		NM
Commercial Banking		14			19			(13	)		(10	)		21			(26	)		(33	)		20			16			25
Treasury & Securities Services		—			3			1			—			(1	)	NM			NM				4			1			300
Asset & Wealth Management		1			(4	)		10			36			(7	)	NM			NM				7			(1	)	NM
Corporate		(1	)		(27	)		(82	)		(48	)		(1	)		96			—			(110	)		172		NM
Total Wholesale		(137	)		(137	)		(272	)		(263	)		(169	)		—			19			(546	)		248		NM
Retail Financial Services		239			78			54			72			158			206			51			371			449			(17	)
Card Services		734			262			233			330			234			180			214			1,229			704			75
Total Consumer		973			340			287			402			392			186			148			1,600			1,153			39
Accounting Policy Conformity		333			—			—			—			—		NM			NM				333			—		NM
Total Provision for Credit Losses		1,169			203			15			139			223			476			424			1,387			1,401			(1	)
Securitized Credit Losses		928			486			473			462			471			91			97			1,887			1,408			34
Accounting Policy Conformity		(333	)		—			—			—			—		NM			NM				(333	)		—		NM
Managed Provision for Credit Losses	$	1,764		$	689		$	488		$	601		$	694			156			154		$	2,941		$	2,809			5

Page 29

JPMORGAN CHASE & CO.
CAPITAL
(in millions, except ratio and per share data)

				Heritage JPMC Only												3QTR 2004									H-JPMC Only			YTD 2004
	3QTR			2QTR			1QTR			4QTR			3QTR			Change						Year-to-date						Change
	2004			2004			2004			2003			2003			2Q 2004			3Q 2003			2004			2003			2003
COMMON SHARES OUTSTANDING
Basic Weighted-Average Shares Outstanding		3,513.5			2,042.8			2,032.3			2,016.2			2,012.2			72	%		75	%		2,533.1			2,006.0			26	%
Diluted Weighted-Average Shares Outstanding		3,592.0			2,042.8			2,092.7			2,079.3			2,068.2			76			74			2,598.5			2,047.0			27
Common Shares Outstanding — at Period End		3,564.1			2,087.5			2,081.7			2,042.6			2,039.2			71			75
Cash Dividends Declared per Share	$	0.34		$	0.34		$	0.34		$	0.34		$	0.34			—			—		$	1.02		$	1.02			—
Book Value per Share		29.42			21.52			22.62			22.10			21.55			37			37
Dividend Payout		87	%	NM				38	%		38	%		44	%	NM				4,300	bp		96	%		44	%		5,200	bp
SHARE PRICE
High	$	40.25		$	42.57		$	43.84		$	36.99		$	38.26			(5	)%		5	%	$	43.84		$	38.26			15	%
Low		35.50			34.62			36.30			34.45			32.40			3			10			34.62			20.13			72
Close		39.73			38.77			41.95			36.73			34.33			2			16
CAPITAL RATIOS
Tier 1 Capital	$	69,106	(a)	$	43,537		$	44,686		$	43,167		$	42,533			59			62
Total Capital		96,177	(a)		59,357			60,898			59,816			59,455			62			62
Risk-Weighted Assets		809,516	(a)		530,270			534,971			507,456			490,590			53			65
Adjusted Average Assets		1,064,701	(a)		790,390			758,260			765,910			770,707			35			38
Tier 1 Capital Ratio		8.5	%(a)		8.2	%		8.4	%		8.5	%		8.7	%		30	bp		(20)	bp
Total Capital Ratio		11.9	(a)		11.2			11.4			11.8			12.1			70			(20	)
Tier 1 Leverage Ratio		6.5	(a)		5.5			5.9			5.6			5.5			100			100
INTANGIBLE ASSETS
Goodwill	$	42,947		$	8,731		$	8,730		$	8,511		$	8,134			392	%		428	%
Mortgage Servicing Rights		5,168			5,707			4,189			4,781			4,007		(9)			29
Credit Card Relationships		4,055			893			953			1,014			1,078			354			276
All Other Intangibles		5,945			799			813			685			311			NM			NM
Total Intangibles	$	58,115		$	16,130		$	14,685		$	14,991		$	13,530			260			330

(a) Estimated

Page 30

JPMORGAN CHASE & CO.
Glossary of Terms

Assets Under Management:Represent assets actively managed by Asset & Wealth Management on behalf of institutional, private banking, private client services and retail clients. Excludes assets managed at American Century Companies, Inc., in which the Firm has a 43% ownership interest.

Assets Under Supervision:Represent assets under management as well as custody, brokerage, administration and deposit accounts.

Average Managed Assets:Refers to total assets on the Firm’s balance sheet plus credit card receivables that have been securitized.

bp :Denotes basis points; 100 bp equals 1%.

Corporate:Includes Global Treasury, Private Equity, Support Units and the net effects remaining at the Corporate level after the implementation of management accounting policies.

Managed Credit Card Receivables or Managed Basis:Refers to credit card receivables on the Firm’s balance sheet plus credit card receivables that have been securitized.

NA:Data is not available for the period presented.

NM:Not meaningful

Operating Basis or Operating Earnings:Reported results excluding the impact of merger costs, special items and credit card securitizations.

Overhead Ratio:Operating expense (excluding merger costs and special items) as a percentage of operating revenue.

Reported Basis:Financial statements prepared under accounting principles generally accepted in the United States of America (“U.S. GAAP”). The reported basis includes the impact of credit card securitizations, merger costs and special items.

Segment Results:All periods are on a comparable basis, although restatements may occur in future periods to reflect further alignment of management accounting policies or changes in organizational structures between businesses.

Special Items:Includes merger costs, litigation reserve charge, accounting policy conformity adjustments and other special items.

Unaudited:The financial statements and information included throughout this document are unaudited and have not been subjected to auditing procedures sufficient to permit an independent certified public accountant to express an opinion.

Value-at-Risk (“VaR”):A measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.

Page 31