JPMorgan Chase & Co. (JPM) 8-K Results of Operations and Financial Condition

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2005

JPMORGAN CHASE & CO.
TABLE OF CONTENTS

	Page
Consolidated Results
Consolidated Financial Highlights		3
Statements of Income — Reported Basis		4
Consolidated Balance Sheets		5
Condensed Average Balance Sheets and Annualized Yields		6
Reconciliation from Reported to Operating Basis Summary		7
Statements of Income — Operating Basis		8
Business Detail
Line of Business Financial Highlights — Operating Basis		9
Investment Bank		10
Retail Financial Services		13
Card Services — Managed Basis		17
Commercial Banking		20
Treasury & Securities Services		21
Asset & Wealth Management		23
Corporate		26
Credit-Related Information		28
Supplemental Detail
Capital		33
Glossary of Terms		34
Appendix : Reconciliation from Reported to Operating Basis		36

Page 1

EXPLANATORY NOTE

     The unaudited pro forma combined historical financial information contained in this document is being furnished pursuant to Regulation FD in order to assist investors in understanding (i) how the financial information of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) and Bank One Corporation (“Bank One”) may have appeared on a combined basis had the two companies actually been merged as of the earliest date indicated and (ii) how the financial information of the lines of business of the company may have appeared had the two companies actually been merged as of the earliest date indicated and had such business segments existed in the combined company as of the earliest date indicated. The information presented is intended to be supplementary financial information only and is not intended to be incorporated by reference into registration statements or reports filed by JPMorgan Chase & Co. under the Securities Act of 1933 or the Securities Exchange Act of 1934, as the case may be.

     The unaudited pro forma combined historical financial information has been derived from and should be read in conjunction with the historical financial statements and related notes of JPMorgan Chase and Bank One, as filed with the Securities and Exchange Commission.

     The unaudited pro forma combined historical financial information includes (i) purchase price adjustments as of July 1, 2004, to reflect the merger as of such date of Bank One with JPMorgan Chase, (ii) estimated adjustments to record the assets and liabilities of Bank One at their respective fair values as of July 1, 2004, and (iii) adjustments for changes in management accounting policies as of July 1, 2004.

     The unaudited pro forma combined historical financial information is presented for illustrative purposes only. This information does not include:

(i)	the impact of the sale of the Bank One corporate trust business to JPMorgan Chase;
(ii)	any cost savings obtained since July 1, 2004 or anticipated to be obtained in the future from the merger;
(iii)	any merger-related costs incurred since July 1, 2004 or anticipated to be incurred in the future in connection with the merger;
(iv)	the impact of any share repurchases since July 1, 2004;
(v)	any change in the allocation of the purchase price adjustments or of the fair value adjustments since July 1, 2004;
(vi)	any adjustments for changes in management accounting policies or the impact of any conformance of management accounting policies since July 1, 2004.

     For the reasons stated above, the unaudited pro forma combined historical financial information included in this document does not necessarily indicate the combined results of operations or the combined financial position of the company that would have resulted had the merger actually been completed at the beginning of the applicable periods presented nor is it indicative of the actual results of operations or the financial position of the Firm since July 1, 2004 nor is it indicative of the results of operations or the financial position of the Firm in future periods.

Page 2

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																												Pro Forma Combined (h)
																3Q05 Change															2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04			2005			2004(g)			2004			2004
SELECTED INCOME STATEMENT DATA
Total Net Revenue	$	14,465		$	12,743		$	13,647		$	12,950		$	12,505			14	%		16	%	$	40,855		$	30,147		$	39,591			3	%
Provision for Credit Losses (a)		1,245			587			427			1,157			1,169			112			7			2,259			1,387			1,570			44
Noninterest Expense		9,464			10,899			9,937			9,386			9,377			(13	)		1			30,300			24,973			31,118			(3	)
Net Income		2,527			994			2,264			1,666			1,418			154			78			5,785			2,800			4,878			19
Per Common Share:
Net Income Per Share — Diluted	$	0.71		$	0.28		$	0.63		$	0.46		$	0.39			154			82		$	1.62		$	1.06		$	1.35			20
Cash Dividends Declared Per Share		0.34			0.34			0.34			0.34			0.34			—			—			1.02			1.02			1.02			—
Book Value Per Share		30.26			29.95			29.78			29.61			29.42			1			3			30.26			29.42			29.42			3
Closing Share Price		33.93			35.32			34.60			39.01			39.73			(4	)		(15	)		33.93			39.73			39.73			(15	)
Common Shares Outstanding:
Weighted-Average Diluted Shares Outstanding		3,547.7			3,548.3			3,569.8			3,602.0			3,592.0			—			(1	)		3,555.1			2,598.5			3,590.0			(1	)
Common Shares Outstanding at Period-end		3,503.4			3,514.0			3,525.3			3,556.2			3,564.1			—			(2	)		3,503.4			3,564.1			3,564.1			(2	)
SELECTED RATIOS:
Return on Common Equity (“ROE”) (b)		9	%		4	%		9	%		6	%		5	%								7	%		6	%		6	%
Return on Equity-Goodwill (“ROE-GW”) (b) (c)		16			6			15			11			9									12			8			10
Return on Assets (“ROA”) (b) (d)		0.84			0.34			0.79			0.57			0.50									0.66			0.42			0.58
Tier 1 Capital Ratio		8.2	(f)		8.2			8.6			8.7			8.6
Total Capital Ratio		11.3	(f)		11.3			11.9			12.2			12.0
SELECTED BALANCE SHEET DATA (Period-end)
Total Assets	$	1,203,033		$	1,171,283		$	1,178,305		$	1,157,248		$	1,138,469			3			6		$	1,203,033		$	1,138,469		$	1,138,469			6
Wholesale Loans		151,591			149,588			137,401			135,067			132,344			1			15			151,591			132,344			132,344			15
Consumer Loans		268,913			266,437			265,268			267,047			261,357			1			3			268,913			261,357			261,357			3
Deposits		535,123			534,640			531,379			521,456			496,454			—			8			535,123			496,454			496,454			8
Common Stockholders’ Equity		105,996			105,246			105,001			105,314			104,844			1			1			105,996			104,844			104,844			1
Headcount		168,955			168,708			164,381			160,968			162,275			—			4			168,955			162,275			162,275			4
LINE OF BUSINESS EARNINGS
Investment Bank	$	1,063		$	606		$	1,325		$	660		$	627			75			70		$	2,994		$	2,288		$	2,994			—
Retail Financial Services		656			980			988			775			822			(33	)		(20	)		2,624			1,424			2,504			5
Card Services		541			542			522			515			421			—			29			1,605			759			1,166			38
Commercial Banking		301			174			243			254			215			73			40			718			354			738			(3	)
Treasury & Securities Services		263			229			245			145			96			15			174			737			295			292			152
Asset & Wealth Management		315			283			276			263			197			11			60			874			418			616			42
Corporate (e)		(475	)		(486	)		(687	)		(296	)		(219	)		2			(117	)		(1,648	)		357			(337	)		(389	)
Total Operating Earnings		2,664			2,328			2,912			2,316			2,159			14			23			7,904			5,895			7,973			(1	)
Reconciling Items (After-Tax):
Merger Costs		(137	)		(173	)		(90	)		(324	)		(462	)		(21	)		(70	)		(400	)		(522	)		(522	)		(23	)
Litigation Reserve Charge		—			(1,161	)		(558	)		—			—		NM			NM				(1,719	)		(2,294	)		(2,294	)		(25	)
Accounting Policy Conformity		—			—			—			(326	)		(279	)	NM			NM				—			(279	)		(279	)		NM
Net Income	$	2,527		$	994		$	2,264		$	1,666		$	1,418			154			78		$	5,785		$	2,800		$	4,878			19

Note: Effective July 1, 2004, Bank One Corporation (“Bank One”) merged with and into JPMorgan Chase & Co. (“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 third, second and first quarters of 2005, and fourth and third quarters of 2004, each reflect three months of results of operations for the combined Firm. The results of operations for year-to-date 2005 reflect nine months of results of operations for the combined Firm, while year-to-date 2004 reflects six months of results of operations for heritage JPMorgan Chase and three months of results of operations for the combined Firm.

(a)	Third quarter 2005 includes a special provision related to Hurricane Katrina: Retail Financial Services $250 million, Card Services $100 million, Commercial Banking $35 million, Asset & Wealth Management $3 million and Corporate $12 million.
(b)	Based on annualized amounts.
(c)	Net income applicable to common stock divided by 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.
(d)	Represents Net income divided by Total average assets.
(e)	Includes Private Equity, Treasury, and corporate staff and other centrally managed expenses.
(f)	Estimated.
(g)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(h)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 3

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																												Pro Forma Combined (d)
																3Q05 Change															2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04			2005			2004(c)			2004			2004
REVENUE
Investment Banking Fees	$	989		$	961		$	993		$	1,073		$	879			3	%		13	%	$	2,943		$	2,464		$	2,562			15	%
Trading Revenue (a)		2,499			387			1,859			611			408		NM			NM				4,745			3,001			3,153			50
Lending & Deposit Related Fees		865			851			820			903			943			2			(8	)		2,536			1,769			2,841			(11	)
Asset Management, Administration and Commissions		2,628			2,541			2,498			2,330			2,185			3			20			7,667			5,835			6,847			12
Securities / Private Equity Gains (Losses)		343			407			(45	)		569			413			(16	)		(17	)		705			1,305			1,403			(50	)
Mortgage Fees and Related Income		201			336			362			85			233			(40	)		(14	)		899			721			742			21
Credit Card Income		1,855			1,763			1,734			1,822			1,782			5			4			5,352			3,018			5,024			7
Other Income		233			496			201			228			210			(53	)		11			930			602			982			(5	)
Noninterest Revenue		9,613			7,742			8,422			7,621			7,053			24			36			25,777			18,715			23,554			9
Interest Income		11,435			10,949			10,632			9,862			9,493			4			20			33,016			20,733			27,083			22
Interest Expense		6,583			5,948			5,407			4,533			4,041			11			63			17,938			9,301			11,046			62
Net Interest Income		4,852			5,001			5,225			5,329			5,452			(3	)		(11	)		15,078			11,432			16,037			(6	)
TOTAL NET REVENUE		14,465			12,743			13,647			12,950			12,505			14			16			40,855			30,147			39,591			3
Provision for Credit Losses (b)		1,245			587			427			1,157			1,169			112			7			2,259			1,387			1,570			44
NONINTEREST EXPENSE
Compensation Expense		5,001			4,266			4,702			4,211			4,050			17			23			13,969			10,295			12,844			9
Occupancy Expense		549			580			525			609			604			(5	)		(9	)		1,654			1,475			1,794			(8	)
Technology and Communications Expense		899			896			920			1,051			1,046			—			(14	)		2,715			2,651			2,995			(9	)
Professional & Outside Services		1,018			1,130			1,074			1,191			1,103			(10	)		(8	)		3,222			2,671			3,406			(5	)
Marketing		512			537			483			428			506			(5	)		1			1,532			907			1,516			1
Other Expense		882			954			805			981			920			(8	)		(4	)		2,641			1,878			2,842			(7	)
Amortization of Intangibles		382			385			383			392			396			(1	)		(4	)		1,150			554			1,179			(2	)
Total Noninterest Expense before Merger Costs and Litigation Reserve Charge		9,243			8,748			8,892			8,863			8,625			6			7			26,883			20,431			26,576			1
Merger Costs		221			279			145			523			752			(21	)		(71	)		645			842			842			(23	)
Litigation Reserve Charge		—			1,872			900			—			—		NM			NM				2,772			3,700			3,700			(25	)
TOTAL NONINTEREST EXPENSE		9,464			10,899			9,937			9,386			9,377			(13	)		1			30,300			24,973			31,118			(3	)
Income before Income Tax Expense		3,756			1,257			3,283			2,407			1,959			199			92			8,296			3,787			6,903			20
Income Tax Expense		1,229			263			1,019			741			541			367			127			2,511			987			2,025			24
NET INCOME	$	2,527		$	994		$	2,264		$	1,666		$	1,418			154			78		$	5,785		$	2,800		$	4,878			19
NET INCOME APPLICABLE TO COMMON STOCK	$	2,524		$	991		$	2,259		$	1,653		$	1,405			155			80		$	5,774		$	2,761		$	4,839			19
NET INCOME PER COMMON SHARE
Basic Earnings per Share	$	0.72		$	0.28		$	0.64		$	0.47		$	0.40			157			80		$	1.65		$	1.09		$	1.38			20
Diluted Earnings per Share		0.71			0.28			0.63			0.46			0.39			154			82			1.62			1.06			1.35			20
Weighted-Average Basic Shares Outstanding		3,485.0			3,493.0			3,517.5			3,514.7			3,513.5			—			(1	)		3,498.4			2,533.1			3,508.9			—
Weighted-Average Diluted Shares Outstanding		3,547.7			3,548.3			3,569.8			3,602.0			3,592.0			—			(1	)		3,555.1			2,598.5			3,590.0			(1	)
FINANCIAL RATIOS
ROE		9	%		4	%		9	%		6	%		5	%								7	%		6	%		6	%
ROE-GW		16			6			15			11			9									12			8			10
ROA		0.84			0.34			0.79			0.57			0.50									0.66			0.42			0.58
Effective Income Tax Rate		33			21			31			31			28									30			26			29
Overhead Ratio		65			86			73			72			75									74			83			79
Headcount		168,955			168,708			164,381			160,968			162,275			—			4			168,955			162,275			162,275			4

(a)	Trading NII is not included in Trading revenue. See page 10 for additional details.
(b)	Third quarter 2005 includes a special provision related to Hurricane Katrina: Retail Financial Services $250 million, Card Services $100 million, Commercial Banking $35 million, Asset & Wealth Management $3 million and Corporate $12 million.
(c)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(d)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 4

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

																Sep 30, 2005
																Change
	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30			Jun 30			Sep 30
	2005			2005			2005			2004			2004			2005			2004
ASSETS
Cash and Due from Banks	$	33,036		$	35,092		$	37,593		$	35,168		$	30,815			(6	)%		7	%
Deposits with Banks		14,337			9,080			14,331			21,680			33,082			58			(57	)
Federal Funds Sold and Securities Purchased under Resale Agreements		122,876			130,785			132,751			101,354			96,031			(6	)		28
Securities Borrowed		64,381			58,457			53,174			47,428			50,546			10			27
Trading Assets:
Debt and Equity Instruments		250,171			235,803			230,725			222,832			214,852			6			16
Derivative Receivables		54,389			55,015			60,388			65,982			57,795			(1	)		(6	)
Securities		68,697			58,573			75,251			94,512			92,816			17			(26	)
Interests in Purchased Receivables		28,766			27,887			28,484			31,722			30,479			3			(6	)
Loans (Net of Allowance for Loan Losses)		413,284			409,231			395,734			394,794			386,208			1			7
Private Equity Investments		6,081			6,488			7,333			7,735			8,547			(6	)		(29	)
Accrued Interest and Accounts Receivable		28,872			24,245			21,098			21,409			19,876			19			45
Premises and Equipment		9,297			9,354			9,344			9,145			8,880			(1	)		5
Goodwill		43,555			43,537			43,440			43,203			42,947			—			1
Other Intangible Assets:
Mortgage Servicing Rights		6,057			5,026			5,663			5,080			5,168			21			17
Purchased Credit Card Relationships		3,352			3,528			3,703			3,878			4,055			(5	)		(17	)
All Other Intangibles		5,139			5,319			5,514			5,726			5,945			(3	)		(14	)
Other Assets		50,743			53,863			53,779			45,600			50,427			(6	)		1
TOTAL ASSETS	$	1,203,033		$	1,171,283		$	1,178,305		$	1,157,248		$	1,138,469			3			6
LIABILITIES
Deposits:
U.S. Offices:
Noninterest-Bearing	$	134,129		$	138,025		$	130,533		$	129,257		$	122,054			(3	)		10
Interest-Bearing		267,288			263,952			271,592			261,673			254,611			1			5
Non-U.S. Offices:
Noninterest-Bearing		6,723			7,289			6,669			6,931			7,259			(8	)		(7	)
Interest-Bearing		126,983			125,374			122,585			123,595			112,530			1			13
Total Deposits		535,123			534,640			531,379			521,456			496,454			—			8
Federal Funds Purchased and Securities Sold under Repurchase Agreements		143,404			137,350			137,062			127,787			167,313			4			(14	)
Commercial Paper		16,166			12,842			13,063			12,605			10,307			26			57
Other Borrowed Funds		15,400			12,716			10,124			9,039			9,454			21			63
Trading Liabilities:
Debt and Equity Instruments		99,163			83,011			96,090			87,942			78,767			19			26
Derivative Payables		53,329			51,269			57,626			63,265			52,307			4			2
Accounts Payable, Accrued Expenses and Other Liabilities (including the Allowance for Lending-Related Commitments)		74,698			77,064			72,183			75,722			68,675			(3	)		9
Beneficial Interests Issued by Consolidated VIEs		46,140			43,826			44,827			48,061			45,840			5			1
Long-Term Debt		101,853			101,182			99,329			95,422			91,754			1			11
Junior Subordinated Deferrable Interest Debentures Held by Trusts that Issued Guaranteed Capital Debt Securities		11,622			11,998			11,282			10,296			11,745			(3	)		(1	)
TOTAL LIABILITIES		1,096,898			1,065,898			1,072,965			1,051,595			1,032,616			3			6
STOCKHOLDERS’ EQUITY
Preferred Stock		139			139			339			339			1,009			—			(86	)
Common Stock		3,608			3,604			3,598			3,585			3,576			—			1
Capital Surplus		74,396			73,911			73,394			72,801			72,183			1			3
Retained Earnings		32,350			31,032			31,253			30,209			29,779			4			9
Accumulated Other Comprehensive Income (Loss)		(602	)		(61	)		(623	)		(208	)		(242	)	NM				(149	)
Treasury Stock, at Cost		(3,756	)		(3,240	)		(2,621	)		(1,073	)		(452	)		(16	)	NM
TOTAL STOCKHOLDERS’ EQUITY		106,135			105,385			105,340			105,653			105,853			1			—
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,203,033		$	1,171,283		$	1,178,305		$	1,157,248		$	1,138,469			3			6

Page 5

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

	QUARTERLY TRENDS																						YEAR-TO-DATE
																													Pro Forma Combined (c)
																3Q05 Change																2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04				2005			2004(b)			2004			2004
AVERAGE BALANCES
ASSETS
Deposits with Banks	$	11,388		$	18,646		$	15,232		$	31,799		$	34,166			(39	)%		(67	)%		$	15,075		$	27,560		$	29,915			(50	)%
Federal Funds Sold and Securities Purchased under Resale Agreements		146,048			139,864			121,189			104,038			102,042			4			43				135,792			90,601			95,299			42
Securities Borrowed		66,817			60,207			52,449			47,663			47,087			11			42				59,877			49,966			51,548			16
Trading Assets — Debt Instruments		189,198			193,660			187,669			186,013			170,663			(2	)		11				190,181			163,559			169,013			13
Securities		65,192			67,705			93,438			92,294			94,720			(4	)		(31	)			75,341			74,362			128,015			(41	)
Interests in Purchased Receivables		27,905			28,082			29,277			30,491			28,917			(1	)		(3	)			28,416			10,552			30,521			(7	)
Loans		415,676			404,318			398,494			400,841			390,753			3			6				406,226			277,428			367,357			11
Total Interest-Earning Assets		922,224			912,482			897,748			893,139			868,348			1			6				910,908			694,028			871,668			5
Trading Assets — Equity Instruments		53,025			43,935			43,717			35,803			30,275			21			75				46,926			29,739			29,739			58
All Other Noninterest-Earning Assets		220,796			219,616			221,353			225,946			218,712			1			1				220,586			174,211			227,462			(3	)
TOTAL ASSETS	$	1,196,045		$	1,176,033		$	1,162,818		$	1,154,888		$	1,117,335			2			7			$	1,178,420		$	897,978		$	1,128,869			4
LIABILITIES																						��
Interest-Bearing Deposits	$	398,059		$	394,455		$	388,355		$	377,368		$	365,104			1			9			$	393,659		$	286,071		$	366,235			7
Federal Funds Purchased and Securities Sold under Repurchase Agreements		160,967			158,268			151,335			158,633			163,206			2			(1	)			156,892			154,669			164,008			(4	)
Commercial Paper		15,188			12,496			12,665			10,885			12,497			22			22				13,459			13,308			13,629			(1	)
Other Borrowings (a)		111,010			98,936			98,259			89,674			84,387			12			32				102,782			81,722			85,931			20
Beneficial Interests Issued by Consolidated VIEs		44,381			43,743			45,294			46,366			43,308			1			2				44,469			20,253			45,276			(2	)
Long-Term Debt		111,921			111,858			108,004			104,599			101,061			—			11				110,608			70,663			99,757			11
Total Interest-Bearing Liabilities		841,526			819,756			803,912			787,525			769,563			3			9				821,869			626,686			774,836			6
Noninterest-Bearing Liabilities		248,899			250,792			253,222			261,487			242,394			(1	)		3				250,955			204,458			248,381			1
TOTAL LIABILITIES		1,090,425			1,070,548			1,057,134			1,049,012			1,011,957			2			8				1,072,824			831,144			1,023,217			5
Preferred Stock		139			216			339			1,002			1,009			(36	)		(86	)			230			1,009			1,009			(77	)
Common Stockholders’ Equity		105,481			105,269			105,345			104,874			104,369			—			1				105,366			65,825			104,643			1
TOTAL STOCKHOLDERS’ EQUITY		105,620			105,485			105,684			105,876			105,378			—			—				105,596			66,834			105,652			—
TOTAL LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS’ EQUITY	$	1,196,045		$	1,176,033		$	1,162,818		$	1,154,888		$	1,117,335			2			7			$	1,178,420		$	897,978		$	1,128,869			4
AVERAGE RATES
INTEREST-EARNING ASSETS
Deposits with Banks		4.48	%		4.08	%		4.11	%		2.60	%		1.53	%									4.19	%		1.60	%		1.65	%
Federal Funds Sold and Securities Purchased under Resale Agreements		2.97			2.70			2.43			2.03			1.85										2.72			1.61			1.58
Securities Borrowed		1.78			2.08			1.71			1.34			1.01										1.86			0.81			0.82
Trading Assets — Debt Instruments		4.79			5.06			4.89			4.44			4.64										4.92			4.46			4.44
Securities		4.56			3.77			4.93			4.43			4.42										4.47			4.40			4.52
Interests in Purchased Receivables		3.52			3.08			2.58			2.11			1.63										3.06			1.64			1.37
Loans		6.39			6.24			6.11			5.66			5.67										6.25			5.28			5.42
Total Interest-Earning Assets		4.95			4.85			4.83			4.40			4.33										4.88			3.99			4.13
INTEREST-BEARING LIABILITIES
Interest-Bearing Deposits		2.71			2.39			2.09			1.76			1.44										2.40			1.38			1.37
Federal Funds Purchased and Securities Sold under Repurchase Agreements		2.80			2.69			2.48			1.96			1.53										2.66			1.32			1.32
Commercial Paper		3.13			2.42			2.00			1.65			1.08										2.56			0.86			0.85
Other Borrowings (a)		4.33			4.56			5.06			4.13			5.16										4.64			4.72			4.70
Beneficial Interests Issued by Consolidated VIEs		3.25			2.92			2.44			1.97			1.58										2.87			1.64			1.42
Long-Term Debt		3.65			3.64			3.47			3.31			3.10										3.59			3.02			2.79
Total Interest-Bearing Liabilities		3.10			2.91			2.73			2.29			2.09										2.92			1.98			1.90
INTEREST RATE SPREAD		1.85	%		1.94	%		2.10	%		2.11	%		2.24	%									1.96	%		2.01	%		2.23	%
NET YIELD ON INTEREST-EARNING ASSETS		2.12	%		2.24	%		2.39	%		2.38	%		2.48	%									2.24	%		2.20	%		2.44	%
NET YIELD ON INTEREST-EARNING ASSETS ADJUSTED FOR SECURITIZATIONS		2.61	%		2.76	%		2.95	%		2.95	%		3.05	%									2.77	%		2.69	%		3.10	%

(a)	Includes securities sold but not yet purchased.
(b)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(c)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 6

OPERATING BASIS

In addition to analyzing the Firm’s results on a reported basis, management reviews the Firm’s and the lines 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 the IB, noninterest revenue on an operating basis includes, in Trading revenue, 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 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 total net revenue, the Provision for credit losses, net charge-offs and loan receivables. JPMorgan Chase uses the concept of “managed receivables” to evaluate the credit performance and overall financial performance of its 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 affect both the loan receivables sold under SFAS 140 and those not sold. Thus, in its disclosures regarding managed loan 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 basis also excludes Merger costs, litigation reserve charges deemed nonoperating and accounting policy conformity adjustments, as management believes these items are not part of the Firm’s normal daily business operations (and, therefore, are not indicative of trends) and do not provide meaningful comparisons with other periods.

Finally, commencing with the first quarter of 2005, Operating revenue (Noninterest Revenue and Net interest income) for each of the segments and the Firm is presented on a tax-equivalent basis. Accordingly, revenue from tax-exempt securities and investments that receive tax credits are presented in the operating results on a basis comparable to taxable securities and investments. This allows management to assess the comparability of revenues arising from both taxable and tax-exempt sources. The corresponding income tax impact related to these items is recorded within Income tax expense. The Corporate sector’s and the Firm’s operating revenue and income tax expense for the periods prior to the first quarter of 2005 have been restated to be similarly presented on a tax-equivalent basis. This restatement had no impact on the Corporate sector’s or the Firm’s operating results.

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

JPMorgan Chase prepares its Consolidated financial statements using accounting principles generally accepted in the United States of America (“U.S. GAAP”), which is referred to as “reported basis.” This presentation provides the reader with an understanding of the Firm’s results that can be consistently tracked from year to year and enables comparisons to the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews the Firm’s and the lines of business’ results on an “operating basis,” which is a non-GAAP financial measure. The financial information that is presented on the following pages is presented on an operating basis; for additional information, see the previous page for a more detailed definition of operating basis and the Appendix.

	QUARTERLY TRENDS																					YEAR-TO-DATE
																												Pro Forma Combined (b)
																3Q05 Change															2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04			2005			2004(a)			2004			2004
TOTAL NET REVENUE
Total Net Revenue — Reported	$	14,465		$	12,743		$	13,647		$	12,950		$	12,505			14	%		16	%	$	40,855		$	30,147		$	39,591			3	%
Impact of:
Credit Card Securitizations		867			930			917			1,011			928			(7	)		(7	)		2,714			1,887			3,610			(25	)
Accounting Policy Conformity Adjustments		—			—			—			—			118			NM			NM			—			118			118			NM
Tax Equivalent Adjustments		222			227			176			188			28			(2	)		NM			625			135			292			114
Total Net Revenue — Operating	$	15,554		$	13,900		$	14,740		$	14,149		$	13,579			12			15		$	44,194		$	32,287		$	43,611			1
PROVISION FOR CREDIT LOSSES
Provision for Credit Losses — Reported	$	1,245		$	587		$	427		$	1,157		$	1,169			112			7		$	2,259		$	1,387		$	1,570			44
Impact of:
Credit Card Securitizations		867			930			917			1,011			928			(7	)		(7	)		2,714			1,887			3,610			(25	)
Accounting Policy Conformity Adjustments		—			—			—			(525	)		(333	)		NM			NM			—			(333	)		(333	)		NM
Provision for Credit Losses — Operating	$	2,112		$	1,517		$	1,344		$	1,643		$	1,764			39			20		$	4,973		$	2,941		$	4,847			3
TOTAL NONINTEREST EXPENSE
Total Noninterest Expense — Reported	$	9,464		$	10,899		$	9,937		$	9,386		$	9,377			(13	)		1		$	30,300		$	24,973		$	31,118			(3	)
Impact of:
Merger Costs		(221	)		(279	)		(145	)		(523	)		(752	)		21			71			(645	)		(842	)		(842	)		23
Litigation Reserve Charges		—			(1,872	)		(900	)		—			—			NM			NM			(2,772	)		(3,700	)		(3,700	)		25
Total Noninterest Expense — Operating	$	9,243		$	8,748		$	8,892		$	8,863		$	8,625			6			7		$	26,883		$	20,431		$	26,576			1
INCOME TAX EXPENSE
Income Tax Expense — Reported	$	1,229		$	263		$	1,019		$	741		$	541			367			127		$	2,511		$	987		$	2,025			24
Impact of:
Merger Costs		84			106			55			199			290			(21	)		(71	)		245			320			320			(23	)
Litigation Reserve Charges		—			711			342			—			—			NM			NM			1,053			1,406			1,406			(25	)
Accounting Policy Conformity Adjustments		—			—			—			199			172			NM			NM			—			172			172			NM
Tax Equivalent Adjustments		222			227			176			188			28			(2	)		NM			625			135			292			114
Income Tax Expense — Operating	$	1,535		$	1,307		$	1,592		$	1,327		$	1,031			17			49		$	4,434		$	3,020		$	4,215			5
NET INCOME
Net Income — Reported	$	2,527		$	994		$	2,264		$	1,666		$	1,418			154			78		$	5,785		$	2,800		$	4,878			19
Impact of:
Merger Costs		137			173			90			324			462			(21	)		(70	)		400			522			522			(23	)
Litigation Reserve Charges		—			1,161			558			—			—			NM			NM			1,719			2,294			2,294			(25	)
Accounting Policy Conformity Adjustments		—			—			—			326			279			NM			NM			—			279			279			NM
Net Income — Operating	$	2,664		$	2,328		$	2,912		$	2,316		$	2,159			14			23		$	7,904		$	5,895		$	7,973			(1	)

(a)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(b)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 7

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																												Pro Forma Combined (c)
																3Q05 Change															2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04			2005			2004(b)			2004			2004
REVENUE
Investment Banking Fees	$	989		$	961		$	993		$	1,073		$	879			3	%		13	%	$	2,943		$	2,464		$	2,562			15	%
Trading-Related Revenue (Including Trading NII)		2,396			585			2,187			1,122			832			310			188			5,168			4,440			4,592			13
Lending & Deposit Related Fees		865			851			820			903			943			2			(8	)		2,536			1,769			2,841			(11	)
Asset Management, Administration and Commissions		2,628			2,541			2,498			2,330			2,185			3			20			7,667			5,835			6,847			12
Securities / Private Equity Gains (Losses)		343			407			(45	)		569			413			(16	)		(17	)		705			1,305			1,403			(50	)
Mortgage Fees and Related Income		201			336			362			85			233			(40	)		(14	)		899			721			742			21
Credit Card Income		1,122			1,035			919			1,036			934			8			20			3,076			1,537			2,716			13
Other Income		388			639			316			407			389			(39	)		—			1,343			772			1,407			(5	)
Noninterest Revenue		8,932			7,355			8,050			7,525			6,808			21			31			24,337			18,843			23,110			5
Interest Income		13,848			13,054			12,592			11,233			11,000			6			26			39,494			22,933			32,039			23
Interest Expense		7,226			6,509			5,902			4,609			4,229			11			71			19,637			9,489			11,538			70
Net Interest Income		6,622			6,545			6,690			6,624			6,771			1			(2	)		19,857			13,444			20,501			(3	)
TOTAL NET REVENUE		15,554			13,900			14,740			14,149			13,579			12			15			44,194			32,287			43,611			1
Managed Provision for Credit Losses (a)		2,112			1,517			1,344			1,643			1,764			39			20			4,973			2,941			4,847			3
NONINTEREST EXPENSE
Compensation Expense		5,001			4,266			4,702			4,211			4,050			17			23			13,969			10,295			12,844			9
Occupancy Expense		549			580			525			609			604			(5	)		(9	)		1,654			1,475			1,794			(8	)
Technology and Communications Expense		899			896			920			1,051			1,046			—			(14	)		2,715			2,651			2,995			(9	)
Professional & Outside Services		1,018			1,130			1,074			1,191			1,103			(10	)		(8	)		3,222			2,671			3,406			(5	)
Marketing		512			537			483			428			506			(5	)		1			1,532			907			1,516			1
Other Expense		882			954			805			981			920			(8	)		(4	)		2,641			1,878			2,842			(7	)
Amortization of Intangibles		382			385			383			392			396			(1	)		(4	)		1,150			554			1,179			(2	)
TOTAL NONINTEREST EXPENSE		9,243			8,748			8,892			8,863			8,625			6			7			26,883			20,431			26,576			1
Operating Earnings before Income Tax Expense		4,199			3,635			4,504			3,643			3,190			16			32			12,338			8,915			12,188			1
Income Tax Expense		1,535			1,307			1,592			1,327			1,031			17			49			4,434			3,020			4,215			5
OPERATING EARNINGS	$	2,664		$	2,328		$	2,912		$	2,316		$	2,159			14			23		$	7,904		$	5,895		$	7,973			(1	)
Operating Earnings Per Common Share
Diluted EPS	$	0.75		$	0.66		$	0.81		$	0.64		$	0.60			14			25		$	2.22		$	2.25		$	2.21			—
Operating Financial Ratios
ROE		10	%		9	%		11	%		9	%		8	%								10	%		12	%		10	%
ROE-GW		17			15			19			15			14									17			17			17
ROA		0.84			0.75			0.96			0.75			0.72									0.85			0.83			0.89
Effective Income Tax Rate		37			36			35			36			32									36			34			35
Overhead Ratio		59			63			60			63			64									61			63			61
RECONCILIATION OF OPERATING EARNINGS PER SHARE
TO NET INCOME PER SHARE — DILUTED
Operating Earnings	$	0.75		$	0.66		$	0.81		$	0.64		$	0.60			14			25		$	2.22		$	2.25		$	2.21			—
Reconciling Items (Net of Taxes):
Merger Costs		(0.04	)		(0.05	)		(0.03	)		(0.09	)		(0.13	)		20			69			(0.12	)		(0.20	)		(0.15	)		20
Litigation Reserve Charge		—			(0.33	)		(0.15	)		—			—			NM			NM			(0.48	)		(0.88	)		(0.63	)		24
Accounting Policy Conformity		—			—			—			(0.09	)		(0.08	)		NM			NM			—			(0.11	)		(0.08	)		NM
Net Income	$	0.71		$	0.28		$	0.63		$	0.46		$	0.39			154			82		$	1.62		$	1.06		$	1.35			20

(a)	Third quarter 2005 includes a special provision related to Hurricane Katrina: Retail Financial Services $250 million, Card Services $100 million, Commercial Banking $35 million, Asset & Wealth Management $3 million and Corporate $12 million.
(b)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(c)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 8

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																												Pro Forma Combined (d)
																3Q05 Change															2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04			2005			2004(c)			2004			2004
REVENUE
Investment Bank	$	4,461		$	2,750		$	4,180		$	3,201		$	2,701			62	%		65	%	$	11,391		$	9,404		$	10,305			11	%
Retail Financial Services		3,590			3,799			3,847			3,545			3,800			(6	)		(6	)		11,236			7,246			11,531			(3	)
Card Services		3,980			3,886			3,779			3,830			3,771			2			6			11,645			6,915			11,171			4
Commercial Banking		909			900			850			885			833			1			9			2,659			1,489			2,532			5
Treasury & Securities Services		1,556			1,588			1,482			1,413			1,339			(2	)		16			4,626			3,444			3,987			16
Asset & Wealth Management		1,449			1,343			1,361			1,310			1,193			8			21			4,153			2,869			3,591			16
Corporate		(391	)		(366	)		(759	)		(35	)		(58	)		(7	)		NM			(1,516	)		920			494			NM
TOTAL NET REVENUE	$	15,554		$	13,900		$	14,740		$	14,149		$	13,579			12			15		$	44,194		$	32,287		$	43,611			1
OPERATING EARNINGS
Investment Bank	$	1,063		$	606		$	1,325		$	660		$	627			75			70		$	2,994		$	2,288		$	2,994			—
Retail Financial Services		656			980			988			775			822			(33	)		(20	)		2,624			1,424			2,504			5
Card Services		541			542			522			515			421			—			29			1,605			759			1,166			38
Commercial Banking		301			174			243			254			215			73			40			718			354			738			(3	)
Treasury & Securities Services		263			229			245			145			96			15			174			737			295			292			152
Asset & Wealth Management		315			283			276			263			197			11			60			874			418			616			42
Corporate		(475	)		(486	)		(687	)		(296	)		(219	)		2			(117	)		(1,648	)		357			(337	)		(389	)
TOTAL OPERATING EARNINGS	$	2,664		$	2,328		$	2,912		$	2,316		$	2,159			14			23		$	7,904		$	5,895		$	7,973			(1	)
AVERAGE EQUITY (a)
Investment Bank	$	20,000		$	20,000		$	20,000		$	20,000		$	20,000			—			—		$	20,000		$	16,380		$	20,000			—
Retail Financial Services		13,475			13,250			13,100			13,050			13,050			2			3			13,276			7,764			13,050			2
Card Services		11,800			11,800			11,800			11,800			11,800			—			—			11,800			6,200			11,800			—
Commercial Banking		3,400			3,400			3,400			3,400			3,400			—			—			3,400			1,654			3,400			—
Treasury & Securities Services		1,900			1,900			1,900			1,900			1,900			—			—			1,900			2,761			1,900			—
Asset & Wealth Management		2,400			2,400			2,400			2,400			2,400			—			—			2,400			4,406			2,400			—
Corporate (b)		52,506			52,519			52,745			52,324			51,819			—			1			52,590			26,660			52,093			1
TOTAL AVERAGE EQUITY	$	105,481		$	105,269		$	105,345		$	104,874		$	104,369			—			1		$	105,366		$	65,825		$	104,643			1
RETURN ON EQUITY (a)
Investment Bank		21	%		12	%		27	%		13	%		12	%								20	%		19	%		20	%
Retail Financial Services		19			30			31			24			25									26			24			26
Card Services		18			18			18			17			14									18			16			13
Commercial Banking		35			21			29			30			25									28			29			29
Treasury & Securities Services		55			48			52			30			20									52			14			21
Asset & Wealth Management		52			47			47			44			33									49			13			34
JPMC ROE		10			9			11			9			8									10			12			10
JPMC ROE-GW		17			15			19			15			14									17			17			17

(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)	Effective with the third quarter of 2004, all goodwill is allocated to the Corporate line of business. Prior to the third quarter of 2004, goodwill was allocated to the various lines of business.
(c)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(d)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 9

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																												Pro Forma Combined (f)
																3Q05 Change															2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04			2005			2004(e)			2004			2004
INCOME STATEMENT
REVENUE
Investment Banking Fees:
Advisory	$	300		$	359		$	263		$	250		$	273			(16	)%		10	%	$	922		$	688		$	689			34	%
Equity Underwriting		210			104			239			213			170			102			24			553			568			572			(3	)
Debt Underwriting		475			502			483			617			468			(5	)		1			1,460			1,236			1,330			10
Total Investment Banking Fees		985			965			985			1,080			911			2			8			2,935			2,492			2,591			13
Trading-Related Revenue:
Fixed Income and Other		2,083			940			1,915			1,173			657			122			217			4,938			3,835			3,958			25
Equities		329			(280	)		225			(42	)		220			NM			50			274			469			465			(41	)
Credit Portfolio		23			(46	)		59			(44	)		(35	)		NM			NM			36			50			74			(51	)
Total Trading-Related Revenue (a)		2,435			614			2,199			1,087			842			297			189			5,248			4,354			4,497			17
Lending & Deposit Related Fees		148			146			157			176			155			1			(5	)		451			363			482			(6	)
Asset Management, Administration and Commissions		445			413			408			346			313			8			42			1,266			1,054			1,075			18
Other Income		94			270			127			178			91			(65	)		3			491			150			324			52
Noninterest Revenue		4,107			2,408			3,876			2,867			2,312			71			78			10,391			8,413			8,969			16
Net Interest Income (a)		354			342			304			334			389			4			(9	)		1,000			991			1,336			(25	)
TOTAL NET REVENUE (b)		4,461			2,750			4,180			3,201			2,701			62			65			11,391			9,404			10,305			11
Provision for Credit Losses		(46	)		(343	)		(366	)		(173	)		(151	)		87			70			(755	)		(467	)		(769	)		2
Credit Reimbursement from TSS (c)		38			38			38			43			43			—			(12	)		114			47			129			(12	)
NONINTEREST EXPENSE
Compensation Expense		1,883			1,192			1,616			1,389			992			58			90			4,691			3,504			3,724			26
Noncompensation Expense		992			986			909			1,001			932			1			6			2,887			2,802			2,803			3
TOTAL NONINTEREST EXPENSE		2,875			2,178			2,525			2,390			1,924			32			49			7,578			6,306			6,527			16
Operating Earnings Before Income Tax Expense		1,670			953			2,059			1,027			971			75			72			4,682			3,612			4,676			—
Income Tax Expense		607			347			734			367			344			75			76			1,688			1,324			1,682			—
OPERATING EARNINGS	$	1,063		$	606		$	1,325		$	660		$	627			75			70		$	2,994		$	2,288		$	2,994			—
FINANCIAL RATIOS
ROE		21	%		12	%		27	%		13	%		12	%								20	%		19	%		20	%
ROA		0.68			0.41			0.95			0.49			0.50									0.68			0.68			0.80
Overhead Ratio		64			79			60			75			71									67			67			63
Compensation Expense as a % of Total Net Revenue		42			43			39			43			37									41			37			36
REVENUE BY BUSINESS (d)
Investment Banking Fees	$	985		$	965		$	985		$	1,080		$	911			2			8		$	2,935		$	2,492		$	2,591			13
Fixed Income Markets		2,431			1,418			2,289			1,530			1,115			71			118			6,138			4,784			5,260			17
Equities Markets		713			72			556			243			455			NM			57			1,341			1,248			1,323			1
Credit Portfolio		332			295			350			348			220			13			51			977			880			1,131			(14	)
Total Net Revenue	$	4,461		$	2,750		$	4,180		$	3,201		$	2,701			62			65		$	11,391		$	9,404		$	10,305			11
REVENUE BY REGION
Americas	$	2,690		$	1,833		$	2,224		$	1,829		$	1,591			47			69		$	6,747		$	5,041		$	5,903			14
Europe/Middle East/Africa		1,272			554			1,535			1,013			741			130			72			3,361			3,069			3,090			9
Asia/Pacific		499			363			421			359			369			37			35			1,283			1,294			1,312			(2	)
Total Net Revenue	$	4,461		$	2,750		$	4,180		$	3,201		$	2,701			62			65		$	11,391		$	9,404		$	10,305			11

(a)	Trading revenue, on a reported basis, excludes the impact of Net interest income related to the IB’s trading activities; this income is recorded in Net interest income. However, in this presentation, to assess the profitability of the IB’s trading business, the Firm combines these revenues for segment reporting. The amount reclassified from Net interest income to Trading revenue was $(101) million, $207 million, $324 million, $511 million and $430 million, during the quarters ended September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004, and September 30, 2004, and $430 million for year-to-date 2005 and $1.4 billion for both year-to-date 2004 and Pro forma year-to-date 2004, respectively.
(b)	Total net revenue includes tax-equivalent adjustments, primarily due to tax-exempt income from municipal bonds and income tax credits related to affordable housing investments, of $200 million, $206 million, $155 million, $167 million and $9 million for the quarters ended September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004, and September 30, 2004, respectively. The year-to-date tax-equivalent adjustments were $561 million and $107 million for 2005 and 2004, respectively. The Pro forma year-to-date 2004 tax-equivalent adjustment was $224 million.
(c)	TSS is charged a credit reimbursement related to certain exposures managed within the IB credit portfolio on behalf of clients shared with TSS.
(d)	See account details of Fixed Income Markets, Equities Markets and Credit Portfolio in the Composition of Revenues tables on page 12.
(e)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(f)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 10

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																												Pro Forma Combined (j)
																3Q05 Change															2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04			2005			2004(i)			2004			2004
SELECTED BALANCE SHEETS DATA (Average)
Total Assets	$	615,888		$	592,383		$	566,778		$	533,898		$	496,347			4	%		24	%	$	591,863		$	452,714		$	498,749			19	%
Trading Assets — Debt and Equity Instruments		234,722			232,980			225,367			219,466			197,150			1			19			231,057			187,008			192,274			20
Trading Assets — Derivative Receivables		52,399			56,436			63,574			65,417			60,465			(7	)		(13	)		57,429			56,492			59,430			(3	)
Loans:
Credit Portfolio		33,819			30,435			29,236			31,289			31,129			11			9			31,180			28,357			33,788			(8	)
Other Loans (a)		24,517			20,967			18,232			16,385			14,650			17			67			21,262			12,563			14,226			49
Total Loans (b)		58,336			51,402			47,468			47,674			45,779			13			27			52,442			40,920			48,014			9
Adjusted Assets (c)		462,056			453,895			445,840			432,085			401,010			2			15			453,990			380,740			399,049			14
Equity (d)		20,000			20,000			20,000			20,000			20,000			—			—			20,000			16,380			20,000			—
Headcount		19,526			19,269			17,993			17,478			17,420			1			12			19,526			17,420			17,420			12
CREDIT DATA AND QUALITY STATISTICS
Net Charge-offs (Recoveries)	$	(69	)	$	(47	)	$	(5	)	$	14		$	(16	)		(47	)		(331	)	$	(121	)	$	33		$	11			NM
Nonperforming Assets — Nonperforming Loans (e)		702			711			814			954			1,075			(1	)		(35	)		702			1,075			1,075			(35	)
— Other Nonperforming Assets		232			235			242			242			246			(1	)		(6	)		232			246			246			(6	)
Allowance for Loan Losses		1,002			971			1,191			1,547			1,841			3			(46	)		1,002			1,841			1,841			(46	)
Allowance for Lending-Related Commitments		211			225			296			305			358			(6	)		(41	)		211			358			358			(41	)
Net Charge-off (Recovery) Rate (b)		(0.67	)%		(0.56	)%		(0.05	)%		0.14	%		(0.17	)%								(0.43	)%		0.13	%		0.04	%
Allowance for Loan Losses to Average Loans (b)		2.45			2.90			3.03			3.87			4.78									2.65			5.26			4.39
Allowance for Loan Losses to Nonperforming Loans (e)		143			137			147			163			172									143			172			172
Nonperforming Loans to Average Loans		1.20			1.38			1.71			2.00			2.35									1.34			2.63			2.24
MARKET RISK — AVERAGE TRADING AND CREDIT PORTFOLIO VAR (f) (g)
Trading Activities:
Fixed Income (f)	$	57		$	82		$	57		$	68		$	80			(30	)		(29	)	$	66		$	77			NA			NM
Foreign Exchange		24			21			23			18			13			14			85			23			17			NA			NM
Equities		41			45			18			20			25			(9	)		64			35			31			NA			NM
Commodities and Other		24			15			10			9			10			60			140			16			9			NA			NM
Diversification		(62	)		(61	)		(43	)		(42	)		(43	)		(2	)		(44	)		(56	)		(45	)		NA			NM
Total Trading VAR		84			102			65			73			85			(18	)		(1	)		84			89			NA			NM
Credit Portfolio VAR (g)		15			13			13			13			13			15			15			14			14			NA			NM
Diversification		(13	)		(13	)		(8	)		(7	)		(9	)		—			(44	)		(12	)		(8	)		NA			NM
Total Trading and Credit Portfolio VAR	$	86		$	102		$	70		$	79		$	89			(16	)		(3	)	$	86		$	95			NA			NM
	YTD			Full Year
		2005			2004
MARKET SHARES AND RANKINGS (h)
Global Debt, Equity and Equity-Related	6% / #4			7% / #3
Global Syndicated Loans	16% / #1			19% / #1
Global Long-Term Debt	6% / #4			7% / #2
Global Equity and Equity-Related	7% / #6			6% / #6
Global Announced M&A	22% / #3			25% / #2
U.S. Debt, Equity and Equity-Related	7% / #4			8% / #5
U.S. Syndicated Loans	29% / #1			32% / #1
U.S. Long-Term Debt	11% / #2			12% / #2
U.S. Equity and Equity-Related	8% / #6			8% / #6
U.S. Announced M&A	16% / #8			33% / #1

(a)	Other Loans include warehouse loans held as part of the IB’s mortgage-backed, asset-backed and other securitization businesses, loans held for proprietary investing purposes, and certain other loans.
(b)	Total Loans include loans held-for-sale, which are excluded from Total Loans for the allowance coverage ratio and net charge-off rate. Average third quarter 2005 loans held-for-sale were $17,357 million. Prior end-of-period loans held-for-sale were $17,871 million, $8,154 million, $7,684 million and $7,281 million for the quarters ended June 30, 2005, March 31, 2005, December 31, 2004 and September 30, 2004, respectively.
(c)	Adjusted assets, a non-GAAP financial measure, equals total assets minus (i) securities purchased under resale agreements and securities borrowed less securities sold, not yet purchased; (ii) assets of variable interest entities (VIEs) consolidated under FIN 46R; (iii) cash and securities segregated and on deposit for regulatory and other purposes; and (iv) goodwill and intangibles. The amount of adjusted assets is presented to assist the reader in comparing the IB’s asset and capital levels to other investment banks in the securities industry. Asset-to-equity leverage ratios are commonly used as one measure to assess a company’s capital adequacy. The IB believes an adjusted asset amount, which excludes certain assets considered to have a low-risk profile, provides a more meaningful measure of balance sheet leverage in the securities industry.
(d)	Equity includes $15.2 billion, $15.1 billion, $13.8 billion, $15.0 billion and $15.7 billion of economic risk capital assigned to the IB for the quarters ended September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004 and September 30, 2004, respectively.
(e)	Nonperforming loans include loans held-for-sale of $1 million, $2 million, $2 million, $2 million and $4 million at September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004 and September 30, 2004, respectively. These amounts are not included in the allowance coverage ratios.
(f)	Includes all mark-to-market trading activities, plus available-for-sale securities held for proprietary purposes.
(g)	Includes VAR on derivative credit valuation adjustments, credit valuation adjustment hedges and mark-to-market loan hedges, which are reported in Trading Revenue. This VAR does not include the accrual loan portfolio, which is not marked to market.
(h)	Source: 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 for the year ended December 31, 2004 are presented on a combined basis, as if the merger of JPMorgan Chase and Bank One had been in effect during the period.
(i)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(j)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 11

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

	THIRD QUARTER 2005
COMPOSITION OF REVENUES
							Asset Management,
	Investment		Trading-Related		Lending & Deposit		Administration and		Other			Net Interest		Total Net
	Banking Fees		Revenue		Related Fees		Commissions		Income			Income		Revenue
Investment Banking Fees	$	985	$	—	$	—	$	—	$	—		$	—	$	985
Fixed Income Markets		—		2,083		64		52		40			192		2,431
Equities Markets		—		329		—		384		(18	)		18		713
Credit Portfolio		—		23		84		9		72			144		332
Total Net Revenue	$	985	$	2,435	$	148	$	445	$	94		$	354	$	4,461

	THIRD QUARTER 2004
								Asset Management,
	Investment		Trading-Related			Lending & Deposit		Administration and		Other			Net Interest		Total Net
	Banking Fees		Revenue			Related Fees		Commissions		Income			Income		Revenue
Investment Banking Fees	$	911	$	—		$	—	$	—	$	—		$	—	$	911
Fixed Income Markets		—		657			69		54		154			181		1,115
Equities Markets		—		220			—		252		(29	)		12		455
Credit Portfolio		—		(35	)		86		7		(34	)		196		220
Total Net Revenue	$	911	$	842		$	155	$	313	$	91		$	389	$	2,701

	YEAR-TO-DATE 2005
							Asset Management,
	Investment		Trading-Related		Lending & Deposit		Administration and		Other			Net Interest		Total Net
	Banking Fees		Revenue		Related Fees		Commissions		Income			Income		Revenue
Investment Banking Fees	$	2,935	$	—	$	—	$	—	$	—		$	—	$	2,935
Fixed Income Markets		—		4,938		189		166		336			509		6,138
Equities Markets		—		274		—		1,067		(55	)		55		1,341
Credit Portfolio		—		36		262		33		210			436		977
Total Net Revenue	$	2,935	$	5,248	$	451	$	1,266	$	491		$	1,000	$	11,391

	YEAR-TO-DATE 2004 (a)
							Asset Management,
	Investment		Trading-Related		Lending & Deposit		Administration and		Other			Net Interest		Total Net
	Banking Fees		Revenue		Related Fees		Commissions		Income			Income		Revenue
Investment Banking Fees	$	2,492	$	—	$	—	$	—	$	—		$	—	$	2,492
Fixed Income Markets		—		3,835		123		222		215			389		4,784
Equities Markets		—		469		—		809		(80	)		50		1,248
Credit Portfolio		—		50		240		23		15			552		880
Total Net Revenue	$	2,492	$	4,354	$	363	$	1,054	$	150		$	991	$	9,404

	PRO FORMA YEAR-TO-DATE 2004 (b)
							Asset Management,
	Investment		Trading-Related		Lending & Deposit		Administration and		Other			Net Interest		Total Net
	Banking Fees		Revenue		Related Fees		Commissions		Income			Income		Revenue
Investment Banking Fees	$	2,591	$	—	$	—	$	—	$	—		$	—	$	2,591
Fixed Income Markets		—		3,958		198		195		330			579		5,260
Equities Markets		—		465		—		856		(64	)		66		1,323
Credit Portfolio		—		74		284		24		58			691		1,131
Total Net Revenue	$	2,591	$	4,497	$	482	$	1,075	$	324		$	1,336	$	10,305

(a) Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.

(b) Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 12

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																												Pro Forma Combined (h)
																3Q05 Change															2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04			2005			2004(g)			2004			2004
INCOME STATEMENT
REVENUE
Lending & Deposit Related Fees	$	380		$	358		$	340		$	373		$	395			6	%		(4	)%	$	1,078		$	640		$	1,128			(4	)%
Asset Management, Administration and Commissions		370			369			394			368			375			—			(1	)		1,133			652			1,152			(2	)
Securities / Private Equity Gains (Losses)		—			—			10			(89	)		6			NM			NM			10			6			6			67
Mortgage Fees and Related Income		212			341			368			117			211			(38	)		—			921			749			788			17
Credit Card Income		109			105			94			97			89			4			22			308			133			253			22
Other Income		7			68			(12	)		27			18			(90	)		(61	)		63			4			87			(28	)
Noninterest Revenue		1,078			1,241			1,194			893			1,094			(13	)		(1	)		3,513			2,184			3,414			3
Net Interest Income		2,512			2,558			2,653			2,652			2,706			(2	)		(7	)		7,723			5,062			7,939			(3	)
TOTAL NET REVENUE		3,590			3,799			3,847			3,545			3,800			(6	)		(6	)		11,236			7,246			11,353			(1	)
Provision for Credit Losses (a)		378			94			94			78			239			302			58			566			371			611			(7	)
NONINTEREST EXPENSE
Compensation Expense		842			820			822			807			855			3			(2	)		2,484			1,814			2,592			(4	)
Noncompensation Expense		1,189			1,181			1,215			1,276			1,250			1			(5	)		3,585			2,661			3,896			(8	)
Amortization of Intangibles		125			125			125			132			133			—			(6	)		375			135			399			(6	)
TOTAL NONINTEREST EXPENSE		2,156			2,126			2,162			2,215			2,238			1			(4	)		6,444			4,610			6,887			(6	)
Operating Earnings Before Income Tax Expense and Non-Core Portfolio Actions		1,056			1,579			1,591			1,252			1,323			(33	)		(20	)		4,226			2,265			3,855			10
Income Tax Expense		400			599			603			477			501			(33	)		(20	)		1,602			841			1,450			10
Operating Earnings before Non-Core Portfolio Actions		656			980			988			775			822			(33	)		(20	)		2,624			1,424			2,405			9
Non-Core Portfolio Actions: (b)
Impacts to:
Other Income		—			—			—			—			—			NM			NM			—			—			178			NM
Provision for Credit Losses		—			—			—			—			—			NM			NM			—			—			18			NM
Total Non-Core Portfolio Actions		—			—			—			—			—			NM			NM			—			—			160			NM
Income Tax Expense		—			—			—			—			—			NM			NM			—			—			61			NM
Operating Earnings from Non-Core Portfolio Actions		—			—			—			—			—			NM			NM			—			—			99			NM
OPERATING EARNINGS	$	656		$	980		$	988		$	775		$	822			(33	)		(20	)	$	2,624		$	1,424		$	2,504			5
FINANCIAL RATIOS
ROE		19	%		30	%		31	%		24	%		25	%								26	%		24	%		26	%
ROA		1.14			1.74			1.78			1.35			1.44									1.55			1.11			1.49
Overhead Ratio		60			56			56			62			59									57			64			60
SELECTED BALANCE SHEETS (Ending)
Total Assets	$	230,698		$	223,391		$	224,562		$	226,560		$	227,952			3			1		$	230,698		$	227,952		$	227,952			1
Loans (c)		200,434			197,927			199,215			202,473			201,116			1			—			200,434			201,116			201,116			—
Core Deposits (d)		160,592			159,702			162,241			156,885			154,589			1			4			160,592			154,589			154,589			4
Total Deposits		187,621			185,558			187,225			182,372			180,307			1			4			187,621			180,307			180,307			4
SELECTED BALANCE SHEETS (Average)
Total Assets	$	227,875		$	225,574		$	225,120		$	228,647		$	227,716			1			—		$	226,200		$	171,585		$	224,788			1
Loans (e)		199,057			197,707			198,494			202,419			198,244			1			—			198,421			149,454			194,848			2
Core Deposits (d)		160,914			161,044			159,682			159,015			158,800			—			1			160,552			107,912			157,546			2
Total Deposits		187,216			186,523			184,336			183,105			183,501			—			2			186,035			122,059			183,254			2
Equity		13,475			13,250			13,100			13,050			13,050			2			3			13,276			7,764			13,050			2
Headcount		60,375			59,631			59,322			59,632			60,691			1			(1	)		60,375			60,691			60,691			(1	)
CREDIT DATA AND QUALITY STATISTICS
Net Charge-offs	$	144		$	114		$	152		$	606		$	219			26			(34	)	$	410		$	384		$	631			(35	)
Nonperforming Loans (f)		1,203			1,132			1,150			1,161			1,308			6			(8	)		1,203			1,308			1,308			(8	)
Nonperforming Assets		1,387			1,319			1,351			1,385			1,557			5			(11	)		1,387			1,557			1,557			(11	)
Allowance for Loan Losses		1,375			1,135			1,168			1,228			1,764			21			(22	)		1,375			1,764			1,764			(22	)
Net Charge-off Rate (e)		0.31	%		0.25	%		0.34	%		1.28	%		0.47	%								0.30	%		0.38	%		0.48	%
Allowance for Loan Losses to Ending Loans (c)		0.75			0.61			0.64			0.67			0.94									0.75			0.94			0.94
Allowance for Loan Losses to Nonperforming Loans (f)		115			103			104			107			143									115			143			143
Nonperforming Loans to Total Loans		0.60			0.57			0.58			0.57			0.65									0.60			0.65			0.65

(a)	Third quarter 2005 includes a $250 million special provision related to Hurricane Katrina allocated as follows: $140 million in Consumer Real Estate Lending, $90 million in Consumer & Small Business and $20 million in Auto Finance.
(b)	Includes gains on loan sales, valuation adjustments and loan loss reserve increases on the Bank One brokered home equity portfolio.
(c)	Includes loans held-for-sale of $17,695 million, $13,112 million, $16,532 million, $18,022 million and $12,816 million at September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004, and September 30, 2004, respectively. These amounts are not included in the allowance coverage ratios.
(d)	Includes demand and savings deposits.
(e)	Average loans include loans held-for-sale of $15,707 million, $14,620 million, $15,861 million, $13,534 million and $14,479 million for the quarters ended September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004, and September 30, 2004, respectively. The year-to-date average loans held-for-sale were $15,395 million and $15,140 million for 2005 and 2004, respectively. Pro forma year-to-date 2004 average loans held-for-sale was $18,473 million. These amounts are not included in the net charge-off rate.
(f)	Nonperforming loans include loans held-for-sale of $10 million, $26 million, $31 million, $13 million and $74 million at September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004, and September 30, 2004, respectively. These amounts are not included in the allowance coverage ratios.
(g)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(h)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 13

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																												Pro Forma Combined (f)
																3Q05 Change															2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04			2005			2004(e)			2004			2004
RETAIL BUSINESSES
HOME FINANCE PRIME PRODUCTION AND SERVICING
Production	$	214		$	135		$	228		$	196		$	168			59	%		27	%	$	577		$	532		$	599			(4	)%
Servicing:
Mortgage Servicing Revenue, Net of Amortization		161			142			146			169			134			13			20			449			482			463			(3	)
MSR Risk Management Results		(38	)		166			106			(187	)		153			NM			NM			234			300			301			(22	)
Total Net Revenue		337			443			480			178			455			(24	)		(26	)		1,260			1,314			1,363			(8	)
Noninterest Expense		231			229			229			266			296			1			(22	)		689			849			875			(21	)
Operating Earnings (Loss)		67			136			158			(56	)		103			(51	)		(35	)		361			296			309			17
CONSUMER REAL ESTATE LENDING
Total Net Revenue	$	684		$	707		$	713		$	725		$	704			(3	)		(3	)	$	2,104		$	1,651		$	2,181			(4	)
Provision for Credit Losses		177			38			30			(20	)		65			366			172			245			94			188			30
Noninterest Expense		244			234			238			283			264			4			(8	)		716			639			831			(14	)
Operating Earnings		168			277			284			295			237			(39	)		(29	)		729			586			743			(2	)
TOTAL HOME FINANCE
Total Net Revenue	$	1,021		$	1,150		$	1,193		$	903		$	1,159			(11	)		(12	)	$	3,364		$	2,965		$	3,544			(5	)
Provision for Credit Losses		177			38			30			(20	)		65			366			172			245			94			188			30
Noninterest Expense		475			463			467			549			560			3			(15	)		1,405			1,488			1,706			(18	)
Operating Earnings		235			413			442			239			340			(43	)		(31	)		1,090			882			1,052			4
Origination Volume by Channel (in billions)
Retail	$	23.7		$	22.8		$	18.3		$	18.5		$	19.7			4			20		$	64.8		$	55.7		$	66.9			(3	)
Wholesale		14.6			13.2			10.7			11.7			11.6			11			26			38.5			36.8			36.8			5
Correspondent		5.1			3.6			2.3			4.2			5.4			42			(6	)		11.0			18.6			18.6			(41	)
Correspondent Negotiated Transactions		10.2			7.1			7.2			10.0			11.3			44			(10	)		24.5			31.5			31.4			(22	)
Total		53.6			46.7			38.5			44.4			48.0			15			12			138.8			142.6			153.7			(10	)
Origination Volume by Business (in billions)
Mortgage	$	39.3		$	30.9		$	26.6		$	32.4		$	34.1			27			15		$	96.8		$	112.2		$	113.5			(15	)
Home Equity		14.3			15.8			11.9			12.0			13.9			(9	)		3			42.0			30.4			40.2			4
Total		53.6			46.7			38.5			44.4			48.0			15			12			138.8			142.6			153.7			(10	)
Business Metrics (in billions)
Third Party Mortgage Loans Serviced (Ending) (a)	$	450.3		$	438.1		$	435.5		$	430.9		$	427.3			3			5		$	450.3		$	427.3		$	427.3			5
MSR Net Carrying Value (Ending)		6.1			5.0			5.7			5.1			5.2			22			17			6.1			5.2			5.2			17
End of Period Loans Owned
Mortgage Loans Held-for-Sale		13.4			11.2			9.6			14.2			9.5			20			41			13.4			9.5			9.5			41
Mortgage Loans Retained		46.7			47.4			46.0			42.6			46.5			(1	)		—			46.7			46.5			46.5			—
Home Equity and Other Loans		74.3			72.3			68.8			67.9			67.3			3			10			74.3			67.3			67.3			10
Total End of Period Loans Owned		134.4			130.9			124.4			124.7			123.3			3			9			134.4			123.3			123.3			9
Average Loans Owned
Mortgage Loans Held-for-Sale		13.5			10.5			11.4			10.1			10.9			29			24			11.8			12.8			13.1			(10	)
Mortgage Loans Retained		47.6			47.0			44.3			44.6			44.0			1			8			46.3			39.4			40.4			15
Home Equity and Other Loans		71.8			69.1			66.5			70.1			66.2			4			8			69.2			39.2			62.7			10
Total Average Loans Owned		132.9			126.6			122.2			124.8			121.1			5			10			127.3			91.4			116.2			10
Overhead Ratio		47	%		40	%		39	%		61	%		48	%								42	%		50	%		48	%
Credit Quality Statistics
30+ Day Delinquency Rate (b)		1.31	%		1.17	%		1.15	%		1.27	%		1.50	%								1.31	%		1.50	%		1.50	%
Net Charge-offs
Mortgage	$	6		$	8		$	6		$	5		$	6			(25	)		—		$	20		$	14		$	15			33
Home Equity and Other Loans		32			30			35			449			57			7			(44	)		97			105			220			(56	)
Total NetCharge-offs		38			38			41			454			63			—			(40	)		117			119			235			(50	)
Net Charge-off Rate
Mortgage		0.05	%		0.07	%		0.05	%		0.04	%		0.05	%								0.06	%		0.05	%		0.05	%
Home Equity and Other Loans		0.18			0.17			0.21			2.55			0.34									0.19			0.36			0.47
Total NetCharge-off Rate (c)		0.13			0.13			0.15			1.57			0.23									0.14			0.20			0.30
Nonperforming Assets (d)	$	846		$	799		$	841		$	844		$	997			6			(15	)	$	846		$	997		$	997			(15	)

(a)	Includes prime first mortgage loans and subprime loans.
(b)	Excludes delinquencies related to loans eligible for repurchase as well as loans repurchased from GNMA pools that are insured by government agencies of $0.8 billion, $0.7 billion, $0.7 billion, $0.9 billion and $0.9 billion, for September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004 and September 30, 2004, respectively. These amounts are excluded as reimbursement is proceeding normally.
(c)	Excludes mortgage loans held for sale.
(d)	Excludes nonperforming assets related to loans eligible for repurchase as well as loans repurchased from GNMA pools that are insured by government agencies of $1.0 billion, $1.0 billion, $1.1 billion, $1.5 billion, and $1.3 billion for September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004 and September 30, 2004, respectively. These amounts are excluded as reimbursement is proceeding normally.
(e)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(f)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 14

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																												Pro Forma Combined (d)
																3Q05 Change															2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04			2005			2004(c)			2004			2004
RETAIL BUSINESSES, CONTINUED
CONSUMER & SMALL BUSINESS BANKING
Noninterest Revenue	$	733		$	741		$	729		$	710		$	734			(1	)%		—	%	$	2,203		$	1,154		$	2,148			3	%
Net Interest Income		1,336			1,364			1,428			1,395			1,342			(2	)		—			4,128			2,126			3,904			6
Total Net Revenue		2,069			2,105			2,157			2,105			2,076			(2	)		—			6,331			3,280			6,052			5
Provision for Credit Losses		119			25			36			39			79			376			51			180			126			173			4
Noninterest Expense		1,369			1,362			1,339			1,362			1,379			1			(1	)		4,070			2,619			4,290			(5	)
Operating Earnings		356			437			477			430			377			(19	)		(6	)		1,270			330			975			30
Business Metrics (in billions)
End-of-Period Balances
Small Business Loans	$	12.6		$	12.5		$	12.4		$	12.5		$	12.4			1			2		$	12.6		$	12.4		$	12.4			2
Consumer and Other Loans (a)		1.7			1.8			2.2			2.2			2.3			(6	)		(26	)		1.7			2.3			2.3			(26	)
Total Loans		14.3			14.3			14.6			14.7			14.7			—			(3	)		14.3			14.7			14.7			(3	)
Core Deposits (b)		149.0			147.9			150.8			146.3			144.5			1			3			149.0			144.5			144.5			3
Total Deposits		176.0			173.7			175.7			171.8			170.2			1			3			176.0			170.2			170.2			3
Average Balances
Small Business Loans		12.5			12.4			12.4			12.4			12.4			1			1			12.4			5.6			12.3			1
Consumer and Other Loans (a)		1.8			1.9			2.6			2.2			2.3			(5	)		(22	)		2.1			2.1			2.4			(13	)
Total Loans		14.3			14.3			15.0			14.6			14.7			—			(3	)		14.5			7.7			14.7			(1	)
Core Deposits (b)		148.0			149.3			149.3			147.8			147.8			(1	)		—			148.9			96.8			146.3			2
Total Deposits		174.2			174.8			173.9			171.8			172.5			—			1			174.3			110.9			171.8			1
Number of:
Branches		2,549			2,539			2,517			2,508			2,467			10	#		82	#		2,549			2,467			2,467			82	#
ATMs		7,136			6,961			6,687			6,650			6,587			175			549			7,136			6,587			6,587			549
Personal Bankers		6,719			6,258			5,798			5,750			5,744			461			975			6,719			5,744			5,744			975
Personal Checking Accounts (in thousands)		7,866			7,662			7,445			7,286			7,222			204			644			7,866			7,222			7,222			644
Business Checking Accounts (in thousands)		930			918			905			894			891			12			39			930			891			891			39
Active Online Customers (in thousands)		4,099			4,053			3,671			3,359			3,152			46			947			4,099			3,152			3,152			947
Debit Cards Issued (in thousands)		9,102			8,834			8,596			8,392			8,282			268			820			9,102			8,282			8,282			820
Overhead Ratio		66	%		65	%		62	%		65	%		66	%								64	%		80	%		71	%
Retail Brokerage Business Metrics
Investment Sales Volume	$	2,745		$	2,907		$	2,870		$	2,770		$	2,563			(6	)%		7	%	$	8,522		$	4,554		$	8,041			6	%
Number of Dedicated Investment Sales Representatives		1,478			1,422			1,352			1,364			1,393			4			6			1,478			1,393			1,393			6
Credit Quality Statistics
Net Charge-offs
Small Business	$	25		$	25		$	19		$	32		$	24			—			4		$	69		$	45		$	73			(5	)
Consumer and Other Loans		11			4			9			24			36			175			(69	)		24			53			54			(56	)
Total Net Charge-Offs		36			29			28			56			60			24			(40	)		93			98			127			(27	)
Net Charge-off Rate
Small Business		0.79	%		0.81	%		0.62	%		1.03	%		0.77	%								0.74	%		1.07	%		0.79	%
Consumer and Other Loans		2.42			0.84			1.40			4.34			6.23									1.53			3.37			3.01
Total Net Charge-Off Rate		1.00			0.81			0.76			1.53			1.62									0.86			1.70			1.15
Nonperforming Assets	$	293		$	284		$	293		$	299		$	313			3			(6	)	$	293		$	313		$	313			(6	)

(a)	Primarily community development loans.
(b)	Includes demand and savings deposits.
(c)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(d)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 15

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																													Pro Forma Combined (f)
																3Q05 Change																2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04				2005			2004(e)			2004			2004
RETAIL BUSINESSES
AUTO & EDUCATION FINANCE
Total Net Revenue	$	342		$	395		$	324		$	364		$	397			(13	)%		(14	)%		$	1,061		$	781		$	1,233			(14	)%
Provision for Credit Losses		82			31			28			59			95			165			(14	)			141			151			250			(44	)
Noninterest Expense		184			170			205			166			163			8			13				559			324			482			16
Operating Earnings		47			118			55			84			85			(60	)		(45	)			220			186			306			(28	)
Business Metrics (in billions)
End-of-Period Loans and Lease Related Assets
Loans Outstanding	$	46.2		$	46.2		$	52.8		$	54.6		$	53.7			—			(14	)		$	46.2		$	53.7		$	53.7			(14	)
Lease Related Assets (a)		5.8			6.5			7.2			8.0			8.9			(11	)		(35	)			5.8			8.9			8.9			(35	)
Total End-of-Period Loans and Lease Related Assets (a)		52.0			52.7			60.0			62.6			62.6			(1	)		(17	)			52.0			62.6			62.6			(17	)
Average Loans and Lease Related Assets
Loans Outstanding (Average) (b)	$	45.9		$	49.8		$	53.3		$	54.2		$	52.9			(8	)		(13	)		$	49.6		$	41.1		$	53.8			(8	)
Lease Related Assets (Average) (c)		6.2			6.9			7.7			8.4			9.2			(10	)		(33	)			6.9			9.1			10.0			(31	)
Total Average Loans and Lease Related Assets (b)(c)		52.1			56.7			61.0			62.6			62.1			(8	)		(16	)			56.5			50.2			63.8			(11	)
Overhead Ratio		54	%		43	%		63	%		46	%		41	%									53	%		41	%		39	%
Credit Quality Statistics
30+ Day Delinquency Rate		1.59	%		1.46	%		1.33	%		1.55	%		1.38	%									1.59	%		1.38	%		1.38	%
Net Charge-offs
Loans	$	66		$	45		$	74		$	85		$	83			47			(20	)		$	185		$	134		$	225			(18	)
Lease Receivables		4			2			9			11			13			100			(69	)			15			33			44			(66	)
Total Net Charge-offs		70			47			83			96			96			49			(27	)			200			167			269			(26	)
Net Charge-off Rate
Loans (b)		0.60	%		0.39	%		0.61	%		0.67	%		0.65	%									0.54	%		0.46	%		0.59	%
Lease Receivables (c)		0.28			0.12			0.48			0.52			0.56										0.30			0.48			0.59
Total Net Charge-off Rate (b)(c)		0.56			0.36			0.60			0.65			0.64										0.51			0.46			0.59
Nonperforming Assets	$	248		$	236		$	217		$	242		$	247			5			—			$	248		$	247		$	247			—
INSURANCE
Total Net Revenue	$	158		$	149		$	173		$	173		$	168			6			(6	)		$	480		$	220		$	524			(8	)
Noninterest Expense		128			131			151			138			136			(2	)		(6	)			410			179			409			—
Operating Earnings		18			12			14			22			20			50			(10	)			44			26			72			(39	)
Memo:
Consolidated Gross Insurance-Related Revenue (d)		409			404			416			421			429			1			(5	)			1,229			770			1,266			(3	)
Business Metrics — Ending Balances
Invested Assets	$	7,754		$	7,641		$	7,349		$	7,368		$	7,489			1			4			$	7,754		$	7,489		$	7,489			4
Policy Loans		391			394			394			397			398			(1	)		(2	)			391			398			398			(2	)
Insurance Policy and Claims Reserves		7,672			7,562			7,337			7,279			7,477			1			3				7,672			7,477			7,477			3
Term Life Sales - 1st. Year Annualized Premiums		15			16			14			13			15			(6	)		—				45			15			43			5
Term Life Premium Revenues		119			122			110			119			115			(2	)		3				351			115			336			4
Proprietary Annuity Sales		151			282			119			35			39			(46	)		287				552			173			189			192
Number of Policies in Force — Direct / Assumed (in thousands)		2,195			2,454			2,540			2,611			2,633			(11	)		(17	)			2,195			2,633			2,633			(17	)
Insurance in Force — Direct / Assumed		283,766			280,176			280,082			277,827			274,390			1			3				283,766			274,390			274,390			3
Insurance in Force — Retained		87,764			83,324			83,799			80,691			76,727			5			14				87,764			76,727			76,727			14
A.M. Best Rating		A			A			A			A			A										A			A			A

(a)	Includes operating lease related assets of $0.7 billion, $0.4 billion and $0.2 billion for the quarters ended September 30, 2005, June 30, 2005 and March 31, 2005, respectively. Balances prior to March 31, 2005 were insignificant.
(b)	Average loans include loans held-for-sale of $2.2 billion, $4.1 billion, $4.5 billion, $3.4 billion and $2.2 billion for the quarters ended September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004 and September 30, 2004, respectively. The year-to-date average loans held-for-sale were $3.6 billion and $1.9 billion for 2005 and 2004, respectively. Pro forma year-to-date 2004 average loans held-for-sale was $3.2 billion. These are not included in the net charge-off rate.
(c)	Includes operating lease related assets of $0.6 billion, $0.3 billion and $0.1 billion for the quarters ended September 30, 2005, June 30, 2005 and March 31, 2005, respectively. The year-to-date average operating lease related assets were $0.3 billion for 2005. Balances prior to March 31, 2005 were insignificant. These are not included in the net charge-off rate.
(d)	Includes revenue reported in the results of other businesses.
(e)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(f)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 16

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																													Pro Forma Combined (d)
																3Q05 Change																2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04				2005			2004(c)			2004			2004
INCOME STATEMENT
REVENUE
Asset Management, Administration and Commissions	$	—		$	—		$	—		$	—		$	26		NM			NM				$	—		$	75		$	77		NM
Credit Card Income		950			868			761			886			784			9	%		21	%			2,579			1,293			2,285			13	%
Other Income		60			42			11			31			44			43			36				113			86			142			(20	)
Noninterest Revenue		1,010			910			772			917			854			11			18				2,692			1,454			2,504			8
Net Interest Income		2,970			2,976			3,007			2,913			2,917			—			2				8,953			5,461			8,667			3
TOTAL NET REVENUE		3,980			3,886			3,779			3,830			3,771			2			6				11,645			6,915			11,171			4
Provision for Credit Losses (a)		1,833			1,641			1,636			1,735			1,662			12			10				5,110			3,116			5,144			(1	)
NONINTEREST EXPENSE
Compensation Expense		284			291			285			270			317			(2	)		(10	)			860			623			955			(10	)
Noncompensation Expense		813			904			839			825			926			(10	)		(12	)			2,556			1,660			2,643			(3	)
Amortization of Intangibles		189			188			189			187			194			1			(3	)			566			318			568			—
TOTAL NONINTEREST EXPENSE		1,286			1,383			1,313			1,282			1,437			(7	)		(11	)			3,982			2,601			4,166			(4	)
Operating Earnings Before Income Tax Expense		861			862			830			813			672			—			28				2,553			1,198			1,861			37
Income Tax Expense		320			320			308			298			251			—			27				948			439			695			36
OPERATING EARNINGS	$	541		$	542		$	522		$	515		$	421			—			29			$	1,605		$	759		$	1,166			38
Memo: Net Securitization Gains (Amortization)	$	25		$	15		$	(12	)	$	—		$	(2	)		67		NM				$	28		$	(8	)	$	(2	)	NM
FINANCIAL METRICS
ROE		18	%		18	%		18	%		17	%		14	%									18	%		16	%		13	%
Overhead Ratio		32			36			35			33			38										34			38			37
% of Average Managed Outstandings:
Net Interest Income		8.55			8.83			9.13			8.79			8.90										8.83			9.37			9.06
Provision for Credit Losses		5.28			4.87			4.97			5.24			5.07										5.04			5.35			5.37
Noninterest Revenue		2.91			2.70			2.34			2.77			2.61										2.66			2.49			2.62
Risk Adjusted Margin (b)		6.18			6.66			6.51			6.32			6.44										6.45			6.52			6.30
Noninterest Expense		3.70			4.10			3.99			3.87			4.39										3.93			4.46			4.35
Pre-tax Income		2.48			2.56			2.52			2.45			2.05										2.52			2.05			1.94
Operating Earnings		1.56			1.61			1.58			1.55			1.28										1.58			1.30			1.22
BUSINESS METRICS
Charge Volume (in billions)	$	76.4		$	75.6		$	70.3		$	75.3		$	73.3			1			4			$	222.3		$	118.3		$	207.4			7
Net Accounts Opened (in thousands)		3,022			2,789			2,744			2,729			2,755			8			10				8,555			4,794			15,035			(43	)
Credit Cards Issued (in thousands)		98,236			95,465			94,367			94,285			95,946			3			2				98,236			95,946			95,946			2
Number of Registered Internet Customers (in millions)		14.6			12.0			10.9			13.6			12.4			22			18				14.6			12.4			12.4			18
Merchant Acquiring Business
Bank Card Volume (in billions)	$	143.4		$	141.2		$	125.1		$	135.9		$	123.5			2			16			$	409.7		$	260.3		$	352.9			16
Total Transactions (in millions)		4,872			4,735			4,285			4,462			3,972			3			23				13,892			7,604			11,612			20

(a)	Third quarter 2005 includes a $100 million special provision related to Hurricane Katrina.
(b)	Represents Total net revenue less Provision for credit losses.
(c)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(d)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 17

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																													Pro Forma Combined (d)
																3Q05 Change																2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04				2005			2004(c)			2004			2004
SELECTED ENDING BALANCES
Loans:
Loans on Balance Sheets	$	68,479		$	68,510		$	66,053		$	64,575		$	60,241			—	%		14	%		$	68,479		$	60,241		$	60,241			14	%
Securitized Loans		69,095			68,808			67,328			70,795			71,256			—			(3	)			69,095			71,256			71,256			(3	)
Managed Loans	$	137,574		$	137,318		$	133,381		$	135,370		$	131,497			—			5			$	137,574		$	131,497		$	131,497			5
SELECTED AVERAGE BALANCES
Managed Assets	$	144,225		$	140,741		$	138,512		$	138,013		$	136,753			2			5			$	141,180		$	80,211		$	134,904			5
Loans:
Loans on Balance Sheets	$	68,877		$	67,131		$	64,218		$	61,317		$	59,386			3			16			$	66,759		$	31,296		$	39,608			69
Securitized Loans		68,933			68,075			69,370			70,505			70,980			1			(3	)			68,791			46,575			69,686			(1	)
Seller’s Interest and Accrued Interest Receivable (a)		—			—			—			—			—		NM			NM					—			—			18,543		NM
Managed Loans	$	137,810		$	135,206		$	133,588		$	131,822		$	130,366			2			6			$	135,550		$	77,871		$	127,837			6
Equity		11,800			11,800			11,800			11,800			11,800			—			—				11,800			6,200			11,800			—
Headcount		19,463			20,647			20,137			19,598			20,473			(6	)		(5	)			19,463			20,473			20,473			(5	)
CREDIT QUALITY STATISTICS
Net Charge-offs	$	1,633		$	1,641		$	1,590		$	1,735		$	1,598			—			2			$	4,864		$	3,086		$	5,074			(4	)
Net Charge-off Rate		4.70	%		4.87	%		4.83	%		5.24	%		4.88	%									4.80	%		5.29	%		5.30	%
12 Month Lagged Loss Ratio (b)		4.97			5.19			5.11			5.49			5.08										5.09		NA				5.45
Delinquency ratios
30+ days		3.39	%		3.34	%		3.54	%		3.70	%		3.81	%									3.39	%		3.81	%		3.81	%
90+ days		1.55			1.54			1.71			1.72			1.75										1.55			1.75			1.75
Allowance for Loan Losses	$	3,255		$	3,055		$	3,040		$	2,994		$	2,273			7			43			$	3,255		$	2,273		$	2,273			43
Allowance for Loan Losses to Period-end Loans		4.75	%		4.46	%		4.60	%		4.64	%		3.77	%									4.75	%		3.77	%		3.77	%

(a)	Due to the decertification of seller’s interest effective July 1, 2004, seller’s interest is reported in Loans on the Consolidated balance sheet for all periods subsequent to June 30, 2004.
(b)	For further information on this business metric, see the Form 8-K/A filed by JPMorgan Chase with the Securities and Exchange Commission on July 20, 2005.
(c)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(d)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 18

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																													Pro Forma Combined (e)
																3Q05 Change																2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04				2005			2004(d)			2004			2004
INCOME STATEMENT DATA (a)
Credit Card Income
Reported Data for the period	$	1,683		$	1,596		$	1,576		$	1,672		$	1,632			5	%		3	%		$	4,855		$	2,774		$	4,593			6	%
Securitization Adjustments		(733	)		(728	)		(815	)		(786	)		(848	)		(1	)		14				(2,276	)		(1,481	)		(2,308	)		1
Managed Credit Card Income	$	950		$	868		$	761		$	886		$	784			9			21			$	2,579		$	1,293		$	2,285			13
Other Income
Reported Data for the Period	$	60		$	42		$	11		$	30		$	47			43			28			$	113		$	173		$	229			(51	)
Securitization Adjustments		—			—			—			1			(3	)	NM			NM					—			(87	)		(87	)	NM
Managed Other Income	$	60		$	42		$	11		$	31		$	44			43			36			$	113		$	86		$	142			(20	)
Net Interest Income
Reported Data for the Period	$	1,370		$	1,318		$	1,275		$	1,117		$	1,138			4			20			$	3,963		$	2,006		$	2,662			49
Securitization Adjustments		1,600			1,658			1,732			1,796			1,779			(3	)		(10	)			4,990			3,455			6,005			(17	)
Managed Net Interest Income	$	2,970		$	2,976		$	3,007		$	2,913		$	2,917			—			2			$	8,953		$	5,461		$	8,667			3
Total Net Revenue (b)
Reported Data for the Period	$	3,113		$	2,956		$	2,862		$	2,819		$	2,843			5			9			$	8,931		$	5,028		$	7,561			18
Securitization Adjustments		867			930			917			1,011			928			(7	)		(7	)			2,714			1,887			3,610			(25	)
Managed Total Net Revenue	$	3,980		$	3,886		$	3,779		$	3,830		$	3,771			2			6			$	11,645		$	6,915		$	11,171			4
Provision for Credit Losses (c)
Reported Data for the Period	$	966		$	711		$	719		$	724		$	734			36			32			$	2,396		$	1,229		$	1,534			56
Securitization Adjustments		867			930			917			1,011			928			(7	)		(7	)			2,714			1,887			3,610			(25	)
Managed Provision for Credit Losses	$	1,833		$	1,641		$	1,636		$	1,735		$	1,662			12			10			$	5,110		$	3,116		$	5,144			(1	)
BALANCE SHEETS — AVERAGE BALANCES
Total Average Assets
Reported Data for the Period	$	77,204		$	74,515		$	71,003		$	69,485		$	67,718			4			14			$	74,263		$	34,984		$	65,871			13
Securitization Adjustments		67,021			66,226			67,509			68,528			69,035			1			(3	)			66,917			45,227			69,033			(3	)
Managed Average Assets	$	144,225		$	140,741		$	138,512		$	138,013		$	136,753			2			5			$	141,180		$	80,211		$	134,904			5
CREDIT DATA AND QUALITY STATISTICS
Net Charge-offs (Recoveries)
Reported Net Charge-offs Data for the period	$	766		$	711		$	673		$	724		$	670			8			14			$	2,150		$	1,199		$	1,464			47
Securitization Adjustments		867			930			917			1,011			928			(7	)		(7	)			2,714			1,887			3,610			(25	)
Managed Net Charge-offs	$	1,633		$	1,641		$	1,590		$	1,735		$	1,598			—			2			$	4,864		$	3,086		$	5,074			(4	)

(a)	JPMorgan Chase uses the concept of “managed receivables” to evaluate the credit performance and overall financial 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 affect both the loan receivables sold under SFAS 140 and those not sold. Thus, in its disclosures regarding managed loan 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 Total net revenue, the Provision for credit losses, net charge-offs and loan receivables. Securitization does not change reported net income versus operating earnings; however, it does affect the classification of items on the Consolidated statements of income.
(b)	Includes Credit Card Income, Other Income and Net Interest Income.
(c)	Third quarter 2005 includes a $100 million special provision related to Hurricane Katrina.
(d)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(e)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 19

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																													Pro Forma Combined (e)
																3Q05 Change																2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04				2005			2004(d)			2004			2004
INCOME STATEMENT
REVENUE
Lending & Deposit Related Fees	$	146		$	143		$	142		$	147		$	162			2	%		(10	)%		$	431		$	294		$	492			(12	)%
Asset Management, Administration and Commissions		16			15			15			12			12			7			33				46			20			33			39
Other Income (a)		93			94			68			103			51			(1	)		82				255			106			223			14
Noninterest Revenue		255			252			225			262			225			1			13				732			420			748			(2	)
Net Interest Income		654			648			625			623			608			1			8				1,927			1,069			1,784			8
TOTAL NET REVENUE		909			900			850			885			833			1			9				2,659			1,489			2,532			5
Provision for Credit Losses (b)		(46	)		142			(6	)		21			14		NM			NM					90			20			(54	)	NM
NONINTEREST EXPENSE
Compensation Expense		165			160			163			153			176			3			(6	)			488			312			501			(3	)
Noncompensation Expense		281			296			278			281			286			(5	)		(2	)			855			562			846			1
Amortization of Intangibles		15			17			17			17			18			(12	)		(17	)			49			18			54			(9	)
TOTAL NONINTEREST EXPENSE		461			473			458			451			480			(3	)		(4	)			1,392			892			1,401			(1	)
Operating Earnings Before Income Tax Expense		494			285			398			413			339			73			46				1,177			577			1,185			(1	)
Income Tax Expense		193			111			155			159			124			74			56				459			223			447			3
OPERATING EARNINGS	$	301		$	174		$	243		$	254		$	215			73			40			$	718		$	354		$	738			(3	)
MEMO:
Revenue by Product:
Lending	$	265		$	285		$	269		$	280		$	314			(7	)		(16	)		$	819		$	484		$	940			(13	)
Treasury Services		582			558			542			528			499			4			17				1,682			939			1,460			15
Investment Banking		53			62			40			61			24			(15	)		121				155			59			118			31
Other		9			(5	)		(1	)		16			(4	)	NM			NM					3			7			14			(79	)
Total Commercial Banking Revenue	$	909		$	900		$	850		$	885		$	833			1			9			$	2,659		$	1,489		$	2,532			5
Revenue by Business:
Middle Market	$	592		$	594		$	572		$	571		$	551			—			7			$	1,758		$	928		$	1,656			6
Corporate Banking		140			138			123			142			109			1			28				401			225			371			8
Real Estate		143			131			119			133			123			9			16				393			235			377			4
Other		34			37			36			39			50			(8	)		(32	)			107			101			128			(16	)
Total Commercial Banking Revenue	$	909		$	900		$	850		$	885		$	833			1			9			$	2,659		$	1,489		$	2,532			5
FINANCIAL RATIOS
ROE		35	%		21	%		29	%		30	%		25	%									28	%		29	%		29	%
ROA		2.12			1.25			1.79			1.81			1.53										1.72			1.58			1.79
Overhead Ratio		51			53			54			51			58										52			60			55
SELECTED BALANCE SHEETS DATA (Average)
Total Assets	$	56,265		$	55,963		$	55,080		$	55,837		$	55,957			1			1			$	55,774		$	29,921		$	55,171			1
Loans and Leases		51,756			51,184			49,969			50,469			50,324			1			3				50,976			26,356			49,639			3
Liability Balances (c)		72,699			72,498			71,613			69,360			66,944			—			9				72,274			47,271			67,793			7
Equity		3,400			3,400			3,400			3,400			3,400			—			—				3,400			1,654			3,400			—
MEMO:
Loans by Business:
Middle Market	$	31,362		$	31,051		$	30,216		$	29,997		$	29,307			1			7			$	30,880		$	13,265		$	28,818			7
Corporate Banking		6,421			6,239			5,788			6,109			6,087			3			5				6,152			3,757			5,962			3
Real Estate		10,433			10,169			10,345			10,679			11,646			3			(10	)			10,316			6,547			11,257			(8	)
Other		3,540			3,725			3,620			3,684			3,284			(5	)		8				3,628			2,787			3,602			1
Total Commercial Banking Loans	$	51,756		$	51,184		$	49,969		$	50,469		$	50,324			1			3			$	50,976		$	26,356		$	49,639			3
Headcount		4,478			4,474			4,495			4,555			4,595			—			(3	)			4,478			4,595			4,595			(3	)
CREDIT DATA AND QUALITY STATISTICS
Net Charge-offs (Recoveries)	$	6		$	(3	)	$	2		$	45		$	(13	)	NM			NM				$	5		$	16		$	17			(71	)
Nonperforming Loans		369			434			433			527			579			(15	)		(36	)			369			579			579			(36	)
Allowance for Loan Losses		1,423			1,431			1,312			1,322			1,350			(1	)		5				1,423			1,350			1,350			5
Allowance for Lending-Related Commitments		161			196			170			169			164			(18	)		(2	)			161			164			164			(2	)
Net Charge-off (Recovery) Rate		0.05	%		(0.02	)%		0.02	%		0.35	%		(0.10	)%									0.01	%		0.08	%		0.05	%
Allowance for Loan Losses to Average Loans		2.75			2.80			2.63			2.62			2.68										2.79			5.12			2.72
Allowance for Loan Losses to Nonperforming Loans		386			330			303			251			233										386			233			233
Nonperforming Loans to Average Loans		0.71			0.85			0.87			1.04			1.15										0.72			2.20			1.17

(a)	IB-related and commercial card revenues are included in Other Income.
(b)	Third quarter 2005 includes a $35 million special provision related to Hurricane Katrina.
(c)	Liability balances include deposits and deposits that are swept to on-balance sheet liabilities.
(d)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(e)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 20

JPMORGAN CHASE & CO.
TREASURY & SECURITIES SERVICES
FINANCIAL HIGHLIGHTS
(in millions, except ratios, headcount data and where otherwise noted)

	QUARTERLY TRENDS																					YEAR-TO-DATE
																													Pro Forma Combined (n)
																3Q05 Change																2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04				2005			2004(m)			2004			2004
INCOME STATEMENT
REVENUE
Lending & Deposit Related Fees	$	178		$	197		$	170		$	200		$	218			(10	)%		(18	)%		$	545		$	447		$	706			(23	)%
Asset Management, Administration and Commissions		733			736			692			630			600			—			22				2,161			1,815			1,846			17
Other Income		135			145			124			112			103			(7	)		31				404			270			297			36
Noninterest Revenue		1,046			1,078			986			942			921			(3	)		14				3,110			2,532			2,849			9
Net Interest Income		510			510			496			471			418			—			22				1,516			912			1,138			33
TOTAL NET REVENUE		1,556			1,588			1,482			1,413			1,339			(2	)		16				4,626			3,444			3,987			16
Provision for Credit Losses		(1	)		2			(3	)		3			—		NM			NM					(2	)		4			4		NM
Credit Reimbursement to IB (a)		(38	)		(38	)		(38	)		(43	)		(43	)		—			12				(114	)		(47	)		(129	)		12
NONINTEREST EXPENSE
Compensation Expense		533			522			504			471			472			2			13				1,559			1,158			1,408			11
Noncompensation Expense		546			642			532			643			654			(15	)		(17	)			1,720			1,748			1,931			(11	)
Amortization of Intangibles		28			30			29			32			30			(7	)		(7	)			87			61			93			(6	)
TOTAL NONINTEREST EXPENSE		1,107			1,194			1,065			1,146			1,156			(7	)		(4	)			3,366			2,967			3,432			(2	)
Operating Earnings before Income Tax Expense		412			354			382			221			140			16			194				1,148			426			422			172
Income Tax Expense		149			125			137			76			44			19			239				411			131			130			216
OPERATING EARNINGS	$	263		$	229		$	245		$	145		$	96			15			174			$	737		$	295		$	292			152
REVENUE BY BUSINESS
Treasury Services	$	648		$	682		$	618		$	642		$	629			(5	)		3			$	1,948		$	1,352		$	1,779			9
Investor Services		536			544			508			454			404			(1	)		33				1,588			1,255			1,287			23
Institutional Trust Services		372			362			356			317			306			3			22				1,090			837			921			18
TOTAL NET REVENUE	$	1,556		$	1,588		$	1,482		$	1,413		$	1,339			(2	)		16			$	4,626		$	3,444		$	3,987			16
FINANCIAL RATIOS
ROE		55	%		48	%		52	%		30	%		20	%									52	%		14	%		21	%
Overhead Ratio		71			75			72			81			86										73			86			86
Pre-tax Margin Ratio (b)		26			22			26			16			10										25			12			11
BUSINESS METRICS
Assets under Custody (in billions) (c)	$	10,991		$	10,190		$	10,154		$	9,300		$	8,427			8			30			$	10,991		$	8,427		$	8,427			30
Corporate Trust Securities under Administration (in billions) (d)		6,706			6,704			6,745			6,676			6,569			—			2				6,706			6,569			6,569			2
Number of:
US$ ACH transactions originated (in millions)		753			727			699			693			651			4			16				2,179			1,301			1,816			20
Total US$ Clearing Volume (in thousands)		24,906			24,200			21,705			22,590			21,781			3			14				70,811			58,572			64,771			9
International Electronic Funds Transfer Volume (in thousands) (e)(f)		22,723			20,014			17,159			15,743			11,794			14			93				59,896			29,911			30,897			94
Wholesale Check Volume (in millions) (f)		952			1,023			978		NA			NA				(7	)	NM					2,953		NA			NA			NM
Wholesale Cards Issued (in thousands) (g)		12,810			12,075			11,834			11,787			11,260			6			14				12,810			11,260			11,260			14
SELECTED BALANCE SHEETS (Average)
Total Assets	$	26,798		$	26,437		$	27,033		$	28,538		$	24,831			1			8			$	26,755		$	21,715		$	25,570			5
Loans		10,328			9,956			10,091			9,988			8,457			4			22				10,126			7,131			8,086			25
Liability Balances (h)		166,836			164,036			154,673			147,789			136,606			2			22				161,893			118,299			130,681			24
Equity		1,900			1,900			1,900			1,900			1,900			—			—				1,900			2,761			1,900			—
Headcount (i)		24,176			24,118			23,073			22,612			22,246			—			9				24,176			22,246			22,246			9
FIRMWIDE DISCLOSURES
Treasury Services Firmwide Revenue (j)	$	1,306		$	1,314		$	1,237		$	1,238		$	1,205			(1	)		8			$	3,857		$	2,427		$	3,500			10
Treasury & Securities Services Firmwide Revenue (j)		2,214			2,220			2,101			2,009			1,915			—			16				6,535			4,519			5,708			14
Treasury Services Firmwide Overhead Ratio (k)		56	%		54	%		56	%		61	%		59	%									55	%		63	%		63	%
Treasury & Securities Services Firmwide Overhead Ratio (k)		62			66			63			69			72										63			76			72
Treasury Services Firmwide Liability Balances (l)	$	140,079		$	138,058		$	133,770		$	130,505		$	125,813			1			11			$	137,325		$	93,478		$	126,187			9
Treasury & Securities Services Firmwide Liability Balances (l)		239,535			236,534			226,286			217,149			203,550			1			18				234,167			165,571			198,474			18

Page 21

JPMORGAN CHASE & CO.
TREASURY & SECURITIES SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions)

FOOTNOTES

(a)	Treasury & Securities Services (“TSS”) is charged a credit reimbursement related to certain exposures managed within the IB credit portfolio on behalf of clients shared with TSS.
(b)	Pre-tax margin represents Operating Earnings before Income Taxes divided by Total Net Revenue, which is a comprehensive measure of pre-tax performance and is another basis by which TSS management evaluates its performance and that of its competitors. Pre-tax margin is an effective measure of TSS’ earnings after all operating costs are taken into consideration.
(c)	Beginning March 31, 2005, assets under custody (AUC) include an estimated $400 billion of Institutional Trust Services (“ITS”) AUC that have not been included previously. At September 30, 2005, an additional estimate of $130 billion of ITS related AUC were included in the amount. Approximately 6% of total assets under custody were trust related.
(d)	Corporate Trust Securities under Administration include debt held in trust on behalf of third parties and debt serviced as agent.
(e)	International Electronic Funds Transfer includes Non US$ ACH and Clearing volume.
(f)	Prior periods have been restated to conform to current period presentation.
(g)	Wholesale cards issued include domestic commercial card, stored value card, prepaid card, and government electronic benefit card products.
(h)	Liability balances include deposits and deposits swept to on-balance sheet liabilities.
(i)	Second quarter 2005 headcount has been restated to reflect the inclusion of international staff of Vastera.

FIRMWIDE DISCLOSURES

Treasury & Securities Services firmwide metrics include certain TSS product revenues and liability balances reported in other lines of business for customers who are also customers of those lines of business. In order to capture the firmwide impact of Treasury Services (“TS”) and TSS products and revenues, management reviews firmwide metrics such as liability balances, revenues and overhead ratios in assessing financial performance for TSS. Firmwide metrics are necessary in order to understand the aggregate TSS business.

(j)	Firmwide revenues includes TS revenue recorded in the Commercial Banking, Consumer & Small Business Banking and Asset & Wealth Management lines of business (see below) and exclude FX revenues recorded in the IB for TSS-related FX activity. TSS firmwide FX revenue, which include FX revenue recorded in TSS and FX revenue associated with TSS customers who are FX customers of the IB, was $96 million for the quarter ended September 30, 2005 and $282 million for the nine months ended September 30, 2005.
(k)	Overhead ratios have been calculated based on firmwide revenues and TSS and TS expenses, respectively, including those allocated to certain other lines of business. FX revenues and expenses recorded in the IB for TSS-related FX activity are not included in this ratio.
(l)	Firmwide liability balances include TS’ liability balances recorded in certain lines of business. Liability balances associated with TS customers who are also customers of the Commercial Banking line of business are not included in TS liability balances.

	QUARTERLY TRENDS																YEAR-TO-DATE
																					Pro Forma Combined (n)
											3Q05 Change												2005 Change
	3Q05		2Q05		1Q05		4Q04		3Q04		2Q05			3Q04			2005		2004(m)		2004		2004
Treasury Services Revenue Reported in Commercial Banking	$	582	$	558	$	542	$	528	$	499		4	%		17	%	$	1,682	$	939	$	1,460		15	%
Treasury Services Revenue Reported in Other Lines of Business		76		74		77		68		77		3			(1	)		227		136		261		(13	)

(m)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(n)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 22

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																													Pro Forma Combined (g)
																3Q05 Change																2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04				2005			2004(f)			2004			2004
INCOME STATEMENT
REVENUE
Lending & Deposit Related Fees	$	7		$	6		$	9		$	10		$	10			17	%		(30	)%		$	22		$	18		$	29			(24	)%
Asset Management, Administration and Commissions		1,065			994			975			952			859			7			24				3,034			2,188			2,656			14
Other Income		110			69			95			60			55			59			100				274			155			156			76
Noninterest Revenue		1,182			1,069			1,079			1,022			924			11			28				3,330			2,361			2,841			17
Net Interest Income		267			274			282			288			269			(3	)		(1	)			823			508			750			10
TOTAL NET REVENUE		1,449			1,343			1,361			1,310			1,193			8			21				4,153			2,869			3,591			16
Provision for Credit Losses (a)		(19	)		(20	)		(7	)		(21	)		1			5		NM					(46	)		7			5		NM
NONINTEREST EXPENSE
Compensation Expense		554			509			538			459			452			9			23				1,601			1,120			1,328			21
Noncompensation Expense		397			383			371			436			409			4			(3	)			1,151			1,066			1,226			(6	)
Amortization of Intangibles		25			25			25			24			23			—			9				75			28			69			9
TOTAL NONINTEREST EXPENSE		976			917			934			919			884			6			10				2,827			2,214			2,623			8
Operating Earnings before Income Tax Expense		492			446			434			412			308			10			60				1,372			648			963			42
Income Tax Expense		177			163			158			149			111			9			59				498			230			347			44
OPERATING EARNINGS	$	315		$	283		$	276		$	263		$	197			11			60			$	874		$	418		$	616			42
FINANCIAL RATIOS
ROE		52	%		47	%		47	%		44	%		33	%									49	%		13	%		34	%
Overhead Ratio		67			68			69			70			74										68			77			73
Pre-tax Margin Ratio (b)		34			33			32			31			26										33			23			27
BUSINESS METRICS
Number of:
Client Advisors		1,417			1,409			1,390			1,333			1,334			1			6				1,417			1,334			1,334			6
Brown Co Average Daily Trades		28,357			26,267			29,753			30,521			23,969			8			18				28,126			29,714			29,714			(5	)
Retirement Planning Services Participants		1,293,000			1,210,000			1,181,000			918,000			874,000			7			48				1,293,000			874,000			874,000			48
Star Rankings: (c)
% of Customer Assets in Funds Ranked 4 or Better		44	%		50	%		48	%		48	%		56	%		(12	)		(21	)			44	%		56	%		56	%		(21	)
% of Customer Assets in Funds Ranked 3 or Better		77	%		80	%		79	%		81	%		80	%		(4	)		(4	)			77	%		80	%		80	%		(4	)
Funds Quartile Ranking (1YR) : (d)
% of AUM in 1stand 2nd Quartiles		62	%		75	%		71	%		66	%		63	%		(17	)		(2	)			62	%		63	%		63	%		(2	)
REVENUE BY CLIENT SEGMENT
Private Bank	$	421		$	409		$	422		$	427		$	383			3			10			$	1,252		$	1,127		$	1,165			7
Retail		415			363			346			358			292			14			42				1,124			826			915			23
Institutional		358			313			322			265			267			14			34				993			626			765			30
Private Client Services		255			258			271			260			251			(1	)		2				784			290			746			5
Total Net Revenue	$	1,449		$	1,343		$	1,361		$	1,310		$	1,193			8			21			$	4,153		$	2,869		$	3,591			16
SELECTED BALANCE SHEETS DATA (Average)
Total Assets	$	42,427		$	42,001		$	39,716		$	40,689		$	39,882			1			6			$	41,391		$	36,765		$	40,091			3
Loans		26,850			26,572			26,357			25,966			25,408			1			6				26,595			20,061			24,829			7
Deposits (e)		41,453			40,774			42,043			43,415			38,940			2			6				41,421			28,743			37,020			12
Equity		2,400			2,400			2,400			2,400			2,400			—			—				2,400			4,406			2,400			—
Headcount		12,531			12,455			12,378			12,287			12,368			1			1				12,531			12,368			12,368			1
CREDIT DATA AND QUALITY STATISTICS
Net Charge-offs (Recoveries)	$	23		$	(2	)	$	(6	)	$	5		$	6		NM				283			$	15		$	67		$	65			(77	)
Nonperforming Loans		118			100			78			79			125			18			(6	)			118			125			125			(6	)
Allowance for Loan Losses		148			195			214			216			241			(24	)		(39	)			148			241			241			(39	)
Allowance for Lending Related Commitments		6			3			5			5			5			100			20				6			5			5			20
Net Charge-off (Recovery) Rate		0.34	%		(0.03	)%		(0.09	)%		0.08	%		0.09	%									0.08	%		0.45	%		0.35	%
Allowance for Loan Losses to Average Loans		0.55			0.73			0.81			0.83			0.95										0.56			1.20			0.97
Allowance for Loan Losses to Nonperforming Loans		125			195			274			273			193										125			193			193
Nonperforming Loans to Average Loans		0.44			0.38			0.30			0.30			0.49										0.44			0.62			0.50

(a)	Third quarter 2005 includes a $3 million special provision related to Hurricane Katrina.
(b)	Pre-tax margin represents Operating Earnings before Income Tax Expense divided by Total Net Revenue, which is a comprehensive measure of pre-tax performance and is another basis by which AWM management evaluates its performance and that of its competitors. Pre-tax margin is an effective measure of AWM’s earnings, after all costs are taken into consideration.
(c)	Derived from Morningstar for the United States; Micropal for the United Kingdom, Luxembourg, Hong Kong and Taiwan; and Nomura for Japan.
(d)	Quartile ranking sourced from Lipper for the United States and Taiwan; Micropal for the United Kingdom, Luxembourg and Hong Kong; and Nomura for Japan.
(e)	Reflects the transfer of certain consumer deposits from Retail Financial Services to Asset & Wealth Management.
(f)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(g)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 23

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

											Sep 30, 2005
											Change
	Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30			Sep 30
	2005		2005		2005		2004		2004		2005			2004
Asset Class
Liquidity	$	239	$	223	$	228	$	232	$	210		7	%		14	%
Fixed Income		166		171		171		171		174		(3	)		(5	)
Equities & Balanced		351		323		326		326		298		9			18
Alternatives		72		66		65		62		53		9			36
Assets under Management		828		783		790		791		735		6			13
Custody / Brokerage / Administration / Deposits		325		310		302		315		268		5			21
Total Assets under Supervision	$	1,153	$	1,093	$	1,092	$	1,106	$	1,003		5			15
Client Segment
Institutional
Assets under Management	$	479	$	455	$	462	$	466	$	426		5			12
Custody / Brokerage / Administration / Deposits		4		3		5		21		4		33			—
Assets under Supervision		483		458		467		487		430		5			12
Private Bank
Assets under Management		142		135		138		139		136		5			4
Custody / Brokerage / Administration / Deposits		167		165		161		165		143		1			17
Assets under Supervision		309		300		299		304		279		3			11
Retail
Assets under Management		155		141		138		133		122		10			27
Custody / Brokerage / Administration / Deposits		106		97		94		88		81		9			31
Assets under Supervision		261		238		232		221		203		10			29
Private Client Services
Assets under Management		52		52		52		53		51		—			2
Custody / Brokerage / Administration / Deposits		48		45		42		41		40		7			20
Assets under Supervision		100		97		94		94		91		3			10
Total Assets under Supervision	$	1,153	$	1,093	$	1,092	$	1,106	$	1,003		5			15
Geographic Region
Americas
Assets under Management	$	557	$	535	$	558	$	562	$	531		4			5
Custody / Brokerage / Administration / Deposits		287		270		263		281		238		6			21
Assets under Supervision		844		805		821		843		769		5			10
International
Assets under Management		271		248		232		229		204		9			33
Custody / Brokerage / Administration / Deposits		38		40		39		34		30		(5	)		27
Assets under Supervision		309		288		271		263		234		7			32
Total Assets under Supervision	$	1,153	$	1,093	$	1,092	$	1,106	$	1,003		5			15
Memo:
Mutual Funds Assets:
Liquidity	$	188	$	174	$	175	$	183	$	163		8			15
Fixed Income		39		41		45		41		48		(5	)		(19	)
Equities, Balanced & Alternatives		137		114		106		104		97		20			41
Total Mutual Funds Assets	$	364	$	329	$	326	$	328	$	308		11			18

Page 24

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

	Quarterly Trends															Year-to-date
																						Pro Forma
																						Combined (d)
	3Q05			2Q05			1Q05			4Q04			3Q04			2005			2004(c)			2004
Assets Under Management Rollforward
Beginning Balance	$	783		$	790		$	791		$	735		$	575		$	791		$	561		$	744
Liquidity Net Asset Flows		19			(5	)		(6	)		16			(9	)		8			(13	)		(20	)
Fixed Income Net Asset Flows		(4	)		(2	)		4			(2	)		(5	)		(2	)		(6	)		(4	)
Equities, Balanced & Alternatives Net Asset Flows		4			8			1			6			(2	)		13			8			8
Acquisitions (a)		—			—			—			7			176			—			176			—
Market / Performance / Other Impacts (b)		26			(8	)		—			29			—			18			9			7
Ending Balance	$	828		$	783		$	790		$	791		$	735		$	828		$	735		$	735
Custody / Brokerage / Administration / Deposits Rollforward
Beginning Balance	$	310		$	302		$	315		$	268		$	221		$	315		$	203		$	237
Custody / Brokerage / Administration / Deposits Net Asset Flows		9			(1	)		7			12			12			15			21			22
Acquisitions (a)		—			—			—			—			38			—			38			—
Market / Performance / Other Impacts (b)		6			9			(20	)		35			(3	)		(5	)		6			9
Ending Balance	$	325		$	310		$	302		$	315		$	268		$	325		$	268		$	268
Assets Under Supervision Rollforward
Beginning Balance	$	1,093		$	1,092		$	1,106		$	1,003		$	796		$	1,106		$	764		$	981
Net Asset Flows		28			—			6			32			(4	)		34			10			6
Acquisitions (a)		—			—			—			7			214			—			214			—
Market / Performance / Other Impacts (b)		32			1			(20	)		64			(3	)		13			15			16
Ending Balance	$	1,153		$	1,093		$	1,092		$	1,106		$	1,003		$	1,153		$	1,003		$	1,003

(a)	Reflects the Merger with Bank One ($214 billion) in the third quarter of 2004 and the acquisition of a majority interest in Highbridge Capital Management in the fourth quarter of 2004 ($7 billion).
(b)	Includes AWM’s strategic decision to exit the Institutional Fiduciary business in the second quarter of 2005 ($12 billion).
(c)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(d)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 25

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																													Pro Forma Combined (g)
																3Q05 Change																2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04				2005			2004(f)			2004			2004
INCOME STATEMENT
Revenue
Securities / Private Equity Gains (Losses)	$	274		$	310		$	(130	)	$	584		$	347			(12	)%		(21	)%		$	454		$	1,202		$	1,251			(64	)%
Other Income		(20	)		87			48			38			131		NM			NM					115			277			356			(68	)
Noninterest Revenue		254			397			(82	)		622			478			(36	)		(47	)			569			1,479			1,607			(65	)
Net Interest Income		(645	)		(763	)		(677	)		(657	)		(536	)		15			(20	)			(2,085	)		(559	)		(1,113	)		(87	)
TOTAL NET REVENUE		(391	)		(366	)		(759	)		(35	)		(58	)		(7	)	NM					(1,516	)		920			494		NM
Provision for Credit Losses (a)		13			1			(4	)		—			(1	)	NM			NM					10			(110	)		(112	)	NM
Noninterest Expense
Compensation Expense		740			772			774			662			786			(4	)		(6	)			2,286			1,764			2,336			(2	)
Noncompensation Expense		987			1,042			996			1,215			1,146			(5	)		(14	)			3,025			2,873			3,545			(15	)
Subtotal		1,727			1,814			1,770			1,877			1,932			(5	)		(11	)			5,311			4,637			5,881			(10	)
Net Expenses Allocated to Other Businesses		(1,345	)		(1,337	)		(1,335	)		(1,417	)		(1,426	)		(1	)		6				(4,017	)		(3,796	)		(4,341	)		7
TOTAL NONINTEREST EXPENSE		382			477			435			460			506			(20	)		(25	)			1,294			841			1,540			(16	)
Operating Earnings before Income Tax Expense		(786	)		(844	)		(1,190	)		(495	)		(563	)		7			(40	)			(2,820	)		189			(934	)		(202	)
Income Tax Expense (Benefit)		(311	)		(358	)		(503	)		(199	)		(344	)		13			10				(1,172	)		(168	)		(597	)		(96	)
OPERATING EARNINGS	$	(475	)	$	(486	)	$	(687	)	$	(296	)	$	(219	)		2			(117	)		$	(1,648	)	$	357		$	(337	)		(389	)
SELECTED AVERAGE BALANCE SHEETS
Short-term Investments (b)	$	15,538		$	16,779		$	13,164		$	19,252		$	26,432			(7	)		(41	)		$	15,169		$	13,025		$	15,699			(3	)
Investment Portfolio (c)		47,311			50,751			74,795			72,583			74,708			(7	)		(37	)			57,518			63,769			89,908			(36	)
Goodwill (d)		43,535			43,524			43,306			42,980			42,958			—			1				43,456			14,652			42,977			1
Total Assets		149,589			159,160			178,089			197,794			204,884			(6	)		(27	)			162,175			150,293			217,934			(26	)
Headcount		28,406			28,114			26,983			24,806			24,482			1			16				28,406			24,482			24,482			16
TREASURY
Securities Gains (Losses) (e)	$	(43	)	$	6		$	(918	)	$	77		$	109		NM			NM				$	(955	)	$	270		$	281		NM
Investment Portfolio (Average)	$	39,351		$	43,652		$	65,646		$	63,362		$	65,508			(10	)		(40	)		$	49,453		$	55,901		$	80,019			(38	)
Investment Portfolio (Ending)	$	42,754		$	34,319		$	46,943		$	64,949		$	61,331			25			(30	)		$	42,754		$	61,331		$	61,331			(30	)

(a)	Third quarter 2005 includes a $12 million special provision related to Hurricane Katrina.
(b)	Represents Federal funds sold, Securities borrowed, Trading assets — debt and equity instruments and Trading assets — derivative receivables.
(c)	Represents investment securities and private equity investments.
(d)	Effective with the third quarter of 2004, all goodwill is allocated to the Corporate line of business. Prior to the third quarter of 2004, goodwill was allocated to the various lines of business.
(e)	Losses in the first quarter of 2005 were primarily due to the sale of $20 billion of investment securities during the month of March 2005. Excludes gains/losses on securities used to manage risk associated with MSRs.
(f)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(g)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 26

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																													Pro Forma Combined (b)
																3Q05 Change																2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04				2005			2004(a)			2004			2004
PRIVATE EQUITY
Private Equity Gains (Losses)
Direct Investments
Realized Gains	$	430		$	555		$	633		$	442		$	277			(23	)%		55	%		$	1,618		$	981		$	1,028			57	%
Write-ups / (Write-downs)		(71	)		(133	)		206			(111	)		(31	)		47			(129	)			2			(81	)		(154	)	NM
Mark-to-Market Gains (Losses)		(64	)		(153	)		(89	)		167			(27	)		58			(137	)			(306	)		(3	)		25		NM
Total Direct Investments		295			269			750			498			219			10			35				1,314			897			899			46
Third-Party Fund Investments		18			31			39			8			16			(42	)		13				88			26			61			44
Total Private Equity Gains		313			300			789			506			235			4			33				1,402			923			960			46
Other Income		10			11			5			16			14			(9	)		(29	)			26			37			33			(21	)
Net Interest Income		(51	)		(56	)		(50	)		(70	)		(89	)		9			43				(157	)		(201	)		(300	)		48
Total Net Revenue		272			255			744			452			160			7			70				1,271			759			693			83
Total Noninterest Expense		53			66			62			79			73			(20	)		(27	)			181			209			230			(21	)
Operating Earnings before Income Tax Expense		219			189			682			373			87			16			152				1,090			550			463			135
Income Tax Expense		78			67			245			134			27			16			189				390			187			156			150
OPERATING EARNINGS	$	141		$	122		$	437		$	239		$	60			16			135			$	700		$	363		$	307			128
Private Equity Portfolio Information
Direct Investments
Publicly-Held Securities
Carrying Value	$	563		$	761		$	1,149		$	1,170		$	958			(26	)		(41	)
Cost		451			580			808			744			675			(22	)		(33	)
Quoted Public Value		795			1,082			1,713			1,758			1,415			(27	)		(44	)
Privately-Held Direct Securities
Carrying Value		4,793			5,037			5,490			5,686			6,011			(5	)		(20	)
Cost		6,187			6,362			6,689			7,178			7,551			(3	)		(18	)
Third-Party Fund Investments
Carrying Value		561			552			550			641			1,138			2			(51	)
Cost		920			921			934			1,042			1,761			—			(48	)
Total Private Equity Portfolio — Carrying Value	$	5,917		$	6,350		$	7,189		$	7,497		$	8,107			(7	)		(27	)
Total Private Equity Portfolio — Cost	$	7,558		$	7,863		$	8,431		$	8,964		$	9,987			(4	)		(24	)

(a)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(b)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 27

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

											Sep 30, 2005
											Change
	Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30			Sep 30
	2005		2005		2005		2004		2004		2005			2004
CREDIT EXPOSURE
WHOLESALE (a)
Loans — U.S.	$	113,048	$	110,096	$	101,261	$	99,868	$	99,451		3	%		14	%
Loans — Non-U.S.		38,543		39,492		36,140		35,199		32,893		(2	)		17
TOTAL WHOLESALE LOANS — REPORTED		151,591		149,588		137,401		135,067		132,344		1			15
CONSUMER (b)
Home Finance
Home Equity and Other		74,309		72,346		68,779		67,837		67,368		3			10
Mortgage		60,076		58,594		55,588		56,816		56,035		3			7
Total Home Finance		134,385		130,940		124,367		124,653		123,403		3			9
Auto & Education Finance		51,309		52,309		59,837		62,712		62,587		(2	)		(18	)
Consumer & Small Business and Other		14,740		14,678		15,011		15,107		15,126		—			(3	)
Credit Card Receivables — Reported		68,479		68,510		66,053		64,575		60,241		—			14
TOTAL CONSUMER LOANS — REPORTED		268,913		266,437		265,268		267,047		261,357		1			3
TOTAL LOANS — REPORTED		420,504		416,025		402,669		402,114		393,701		1			7
Credit Card Securitizations		69,095		68,808		67,328		70,795		71,256		—			(3	)
TOTAL LOANS — MANAGED		489,599		484,833		469,997		472,909		464,957		1			5
Derivative Receivables		54,389		55,015		60,388		65,982		57,795		(1	)		(6	)
Interests in Purchased Receivables (c)		28,766		27,887		28,484		31,722		30,479		3			(6	)
TOTAL CREDIT-RELATED ASSETS		572,754		567,735		558,869		570,613		553,231		1			4
Wholesale Lending-Related Commitments		316,984		314,034		316,282		309,399		315,946		1			—
TOTAL	$	889,738	$	881,769	$	875,151	$	880,012	$	869,177		1			2
Memo: Total by Category
Total Wholesale Exposure (d)	$	551,730	$	546,524	$	542,555	$	542,170	$	536,564		1			3
Total Consumer Managed Loans (e)		338,008		335,245		332,596		337,842		332,613		1			2
Total	$	889,738	$	881,769	$	875,151	$	880,012	$	869,177		1			2
Risk Profile of Wholesale Credit Exposure:
Investment-Grade	$	433,986	$	427,966	$	433,928	$	441,930	$	429,198		1			1
Noninvestment-Grade:
Noncriticized		110,477		112,140		101,859		91,605		97,126		(1	)		14
Criticized Performing (f)		5,466		4,536		4,859		6,263		8,113		21			(33	)
Criticized Nonperforming (f)		1,443		1,504		1,590		2,021		1,772		(4	)		(19	)
Total Noninvestment-Grade	$	117,386	$	118,180	$	108,308	$	99,889	$	107,011		(1	)		10
Purchased Held-for-Sale Wholesale Loans (g)	$	358	$	378	$	319	$	351	$	355		(5	)		1

(a)	Includes Investment Bank, Commercial Banking, Treasury & Securities Services and Asset & Wealth Management.
(b)	Includes Retail Financial Services and Card Services.
(c)	These represent undivided interests in pools of receivables and similar types of assets.
(d)	Represents Total Wholesale Loans, Derivative Receivables, Interests in Purchased Receivables and Wholesale Lending-Related Commitments.
(e)	Represents Total Consumer Loans plus Credit Card Securitizations, excluding consumer lending-related commitments.
(f)	For the quarter ended March 31, 2005, the Firm conformed its methodology for reporting Criticized exposure. Excluding this change in methodology, Criticized exposure would have been $7,632 million in the first quarter of 2005.
(g)	Represents distressed wholesale loans purchased as part of 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 28

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

																Sep 30, 2005
																Change
	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30			Jun 30			Sep 30
	2005			2005			2005			2004			2004			2005			2004
NONPERFORMING ASSETS AND RATIOS
WHOLESALE LOANS
Loans — U.S.	$	914		$	959		$	1,005		$	1,228		$	1,405			(5	)%		(35	)%
Loans — Non-U.S.		278			292			324			346			378			(5	)		(26	)
TOTAL WHOLESALE LOANS-REPORTED (a)		1,192			1,251			1,329			1,574			1,783			(5	)		(33	)
CONSUMER LOANS
Home Finance		710			662			691			673			789			7			(10	)
Auto & Education Finance		204			190			171			193			211			7			(3	)
Consumer & Small Business and Other		289			280			288			295			308			3			(6	)
Credit Card Receivables — Reported		9			9			8			8			9			—			—
TOTAL CONSUMER LOANS-REPORTED		1,212			1,141			1,158			1,169			1,317			6			(8	)
TOTAL LOANS REPORTED (a)		2,404			2,392			2,487			2,743			3,100			1			(22	)
Derivative Receivables		231			234			241			241			238			(1	)		(3	)
Assets Acquired in Loan Satisfactions		204			206			221			247			299			(1	)		(32	)
TOTAL NONPERFORMING ASSETS (a)	$	2,839		$	2,832		$	2,949		$	3,231		$	3,637			—			(22	)
PURCHASED HELD-FOR-SALE WHOLESALE LOANS (b)	$	358		$	378		$	319		$	351		$	355			(5	)		1
TOTAL NONPERFORMING LOANS TO TOTAL LOANS		0.57	%		0.57	%		0.62	%		0.68	%		0.79	%
NONPERFORMING ASSETS BY LOB
Investment Bank	$	934		$	946		$	1,056		$	1,196		$	1,321			(1	)		(29	)
Retail Financial Services		1,387			1,319			1,351			1,385			1,557			5			(11	)
Card Services		9			9			8			8			9			—			—
Commercial Banking		388			452			452			547			606			(14	)		(36	)
Treasury & Securities Services		3			6			4			14			4			(50	)		(25	)
Asset and Wealth Management		118			100			78			81			140			18			(16	)
TOTAL	$	2,839		$	2,832		$	2,949		$	3,231		$	3,637			—			(22	)

(a)	Excludes purchased held-for-sale (“HFS”) wholesale loans.
(b)	Represents distressed wholesale loans purchased as part of IB’s proprietary investing activities.

Page 29

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																													Pro Forma Combined (d)
																3Q05 Change																2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04				2005			2004(c)			2004			2004
GROSS CHARGE-OFFS
Wholesale Loans	$	40		$	31		$	61		$	123		$	80			29	%		(50	)%		$	132		$	420		$	496			(73	)%
Consumer (Excluding Card)		193			167			219			658			269			16			(28	)			579			485			827			(30	)
Credit Card Receivables — Reported		881			811			753			784			760			9			16				2,445			1,335			1,631			50
Total Loans — Reported		1,114			1,009			1,033			1,565			1,109			10			—				3,156			2,240			2,954			7
Credit Card Securitizations		999			1,060			1,034			1,126			1,039			(6	)		(4	)			3,093			2,106			4,025			(23	)
Total Loans — Managed		2,113			2,069			2,067			2,691			2,148			2			(2	)			6,249			4,346			6,979			(10	)
RECOVERIES
Wholesale Loans		80			83			70			55			104			(4	)		(23	)			233			302			401			(42	)
Consumer (Excluding Card)		49			53			67			52			50			(8	)		(2	)			169			101			196			(14	)
Credit Card Receivables — Reported		115			100			80			60			90			15			28				295			136			167			77
Total Loans — Reported		244			236			217			167			244			3			—				697			539			764			(9	)
Credit Card Securitizations		132			130			117			115			111			2			19				379			219			415			(9	)
Total Loans — Managed		376			366			334			282			355			3			6				1,076			758			1,179			(9	)
NET CHARGE-OFFS
Wholesale Loans		(40	)		(52	)		(9	)		68			(24	)		23			(67	)			(101	)		118			95		NM
Consumer (Excluding Card)		144			114			152			606			219			26			(34	)			410			384			631			(35	)
Credit Card Receivables — Reported		766			711			673			724			670			8			14				2,150			1,199			1,464			47
Total Loans — Reported		870			773			816			1,398			865			13			1				2,459			1,701			2,190			12
Credit Card Securitizations		867			930			917			1,011			928			(7	)		(7	)			2,714			1,887			3,610			(25	)
Total Loans — Managed	$	1,737		$	1,703		$	1,733		$	2,409		$	1,793			2			(3	)		$	5,173		$	3,588		$	5,800			(11	)
NET CHARGE-OFF RATES — ANNUALIZED
Wholesale Loans (a)		(0.12	)%		(0.17	)%		(0.03	)%		0.21	%		(0.08	)%									(0.11	)%		0.17	%		0.10	%
Consumer (Excluding Card) (b)		0.31			0.25			0.34			1.28			0.47										0.30			0.38			0.48
Credit Card Receivables — Reported		4.41			4.25			4.25			4.70			4.49										4.31			5.12			4.94
Total Loans — Reported (a) (b)		0.90			0.83			0.88			1.47			0.93										0.87			0.89			0.85
Credit Card Securitizations		4.99			5.48			5.36			5.70			5.20										5.27			5.41			5.47
Total Loans — Managed (a) (b)		1.53			1.55			1.58			2.13			1.62										1.55			1.58			1.80
Memo: Credit Card — Managed		4.70			4.87			4.83			5.24			4.88										4.80			5.29			5.30

(a)	Total Loans include loans held-for-sale, which are excluded from Total Loans for the allowance coverage ratio and net charge-off rate. Average third quarter 2005 loans held-for-sale were $17,357 million. Prior end-of-period loans held-for-sale were $17,871 million, $8,154 million, $7,684 million and $7,281 million for the quarters ended June 30, 2005, March 31, 2005, December 31, 2004 and September 30, 2004, respectively.
(b)	Average consumer loans (excluding Card) held-for-sale were $15,707 million, $14,620 million, $15,861 million, $13,534 million and $14,479 million for the quarters ended September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004, and September 30, 2004, respectively. The year-to-date average loans held-for-sale were $15,395 million and $15,140 million for 2005 and 2004, respectively. Pro forma year-to-date 2004 average loans held-for-sale was $18,473 million. These amounts are not included in the net charge-off rates.
(c)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(d)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 30

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																													Pro Forma Combined (g)
																3Q05 Change																2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04				2005			2004(f)			2004			2004
SUMMARY OF CHANGES IN THE ALLOWANCE FOR LOAN LOSSES
Beginning Balance	$	6,794		$	6,935		$	7,320		$	7,493		$	3,967			(2	)%		71	%		$	7,320		$	4,523		$	7,995			(8	)%
Addition Resulting from the Bank One Merger, July 1, 2004		—			—			—			—			3,123		NM			NM					—			3,123			—		NM
Net Charge-Offs		(870	)		(773	)		(816	)		(1,398	)		(865	)		(13	)		(1	)			(2,459	)		(1,701	)		(2,190	)		(12	)
Provision for Loan Losses:
Provision Excluding Accounting Policy Conformity		1,289			636			431			681			835			103			54				2,356			1,117			1,282			84
Accounting Policy Conformity		—			—			—			525			560		NM			NM					—			560			560		NM
Total Provision for Loan Losses		1,289			636			431			1,206			1,395			103			(8	)			2,356			1,677			1,842			28
Other		7			(4	)		—			19			(127	)(a)	NM			NM					3			(129	)		(154	)	NM
Ending Balance	$	7,220		$	6,794		$	6,935		$	7,320		$	7,493			6			(4	)		$	7,220		$	7,493		$	7,493			(4	)
SUMMARY OF CHANGES IN THE ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning Balance	$	439		$	488		$	492		$	541		$	260			(10	)		69			$	492		$	324		$	814			(40	)
Addition Resulting from the Bank One Merger, July 1, 2004		—			—			—			—			508		NM			NM					—			508			—		NM
Provision for Lending-Related Commitments:
Provision Excluding Accounting Policy Conformity		(44	)		(49	)		(4	)		(49	)		1			10		NM					(97	)		(63	)		(45	)		(116	)
Accounting Policy Conformity		—			—			—			—			(227	)	NM			NM					—			(227	)		(227	)	NM
Total Provision for Lending-Related Commitments		(44	)		(49	)		(4	)		(49	)		(226	)		10			81				(97	)		(290	)		(272	)		64
Other		—			—			—			—			(1	)	NM			NM					—			(1	)		(1	)	NM
Ending Balance	$	395		$	439		$	488		$	492		$	541			(10	)		(27	)		$	395		$	541		$	541			(27	)
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Wholesale
Asset Specific	$	341		$	314		$	385		$	469		$	498			9			(32	)
Formula — Based (b)
Statistical Calculation		1,590			1,604			1,448			1,639			1,832			(1	)		(13	)
Adjustments to the Statistical Calculation		659			686			894			990			1,126			(4	)		(41	)
Total Wholesale		2,590			2,604			2,727			3,098			3,456			(1	)		(25	)
Consumer
Formula — Based
Statistical Calculation		3,432			3,064			3,113			3,169			3,159			12			9
Adjustments to the Statistical Calculation		1,198			1,126			1,095			1,053			878			6			36
Total Consumer		4,630			4,190			4,208			4,222			4,037			11			15
Total Allowance for Loan Losses		7,220			6,794			6,935			7,320			7,493			6			(4	)
Allowance for Lending-Related Commitments		395			439			488			492			541			(10	)		(27	)
Total Allowance for Credit Losses	$	7,615		$	7,233		$	7,423		$	7,812		$	8,034			5			(5	)
Wholesale Allowance for Loan Losses to Total Wholesale Loans (c)		1.94	%		1.98	%		2.11	%		2.43	%		2.76	%
Consumer Allowance for Loan Losses to Total Consumer Loans (d)		1.84			1.65			1.69			1.70			1.62
Allowance for Loan Losses to Total Loans (c) (d)		1.88			1.76			1.83			1.94			2.01
Allowance for Loan Losses to Total Nonperforming Loans (e)		302			287			283			268			248
ALLOWANCE FOR LOAN LOSSES BY LOB
Investment Bank	$	1,002		$	971		$	1,191		$	1,547		$	1,841			3			(46	)
Retail Financial Services		1,375			1,135			1,168			1,228			1,764			21			(22	)
Card Services		3,255			3,055			3,040			2,994			2,273			7			43
Commercial Banking		1,423			1,431			1,312			1,322			1,350			(1	)		5
Treasury & Securities Services		6			7			5			9			9			(14	)		(33	)
Asset and Wealth Management		148			195			214			216			241			(24	)		(39	)
Corporate		11			—			5			4			15		NM				(27	)
Total	$	7,220		$	6,794		$	6,935		$	7,320		$	7,493			6			(4	)

(a)	Related to the transfer of the allowance for accrued interest and fees on reported and securitized credit card loans.
(b)	During the second quarter 2005, the Firm refined its historical and market based inputs used for estimating the Formula Based component of the allowance. These refinements resulted in an increase to the Statistical Calculation and a decrease to the Adjustments to the Statistical Calculation, the component of the allowance that covers estimate imprecision.
(c)	Loans held-for-sale were $17,945 million, $17,871 million, $8,154 million, $7,684 million and $7,281 million at September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004 and September 30, 2004, respectively. These amounts are not included in the allowance coverage ratios.
(d)	Loans held-for-sale were $17,695 million, $13,112 million, $16,532 million, $18,022 million and $12,816 million at September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004 and September 30, 2004, respectively. These amounts are not included in the allowance coverage ratios.
(e)	Nonperforming loans held-for-sale were $11 million, $28 million, $33 million, $15 million and $78 million at September 30, 2005, June 30, 2005, March 31, 2005, December 31, 2004 and September 30, 2004, respectively. These amounts are not included in the allowance coverage ratios.
(f)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(g)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 31

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																													Pro Forma Combined (e)
																3Q05 Change																2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04				2005			2004(d)			2004			2004
PROVISION FOR CREDIT LOSSES
LOANS
Investment Bank	$	(32	)	$	(271	)	$	(356	)	$	(120	)	$	(148	)		88	%		78	%		$	(659	)	$	(405	)	$	(728	)		9	%
Commercial Banking		(11	)		116			(8	)		17			10		NM			NM					97			18			(46	)	NM
Treasury & Securities Services		(1	)		2			(5	)		3			—		NM			NM					(4	)		4			4		NM
Asset & Wealth Management		(22	)		(18	)		(7	)		(21	)		1			(22	)	NM					(47	)		9			5		NM
Corporate		13			1			(4	)		—			(1	)	NM			NM					10			(110	)		(111	)	NM
Total Wholesale		(53	)		(170	)		(380	)		(121	)		(138	)		69			62				(603	)		(484	)		(876	)		31
Retail Financial Services		376			95			92			78			239			296			57				563			372			624			(10	)
Card Services		966			711			719			724			734			36			32				2,396			1,229			1,534			56
Total Consumer		1,342			806			811			802			973			67			38				2,959			1,601			2,158			37
Accounting Policy Conformity (a)		—			—			—			525			560		NM			NM					—			560			560		NM
Total Provision for Loan Losses		1,289			636			431			1,206			1,395			103			(8	)			2,356			1,677			1,842			28
LENDING-RELATED COMMITMENTS
Investment Bank	$	(14	)	$	(72	)	$	(10	)	$	(53	)	$	(3	)		81			(367	)		$	(96	)	$	(62	)	$	(41	)		(134	)
Commercial Banking		(35	)		26			2			4			4		NM			NM					(7	)		2			(8	)		13
Treasury & Securities Services		—			—			2			—			—		NM			NM					2			—			—		NM
Asset & Wealth Management		3			(2	)		—			—			—		NM			NM					1			(2	)		—		NM
Corporate		—			—			—			—			—		NM			NM					—			—			(1	)	NM
Total Wholesale		(46	)		(48	)		(6	)		(49	)		1			4		NM					(100	)		(62	)		(50	)		(100	)
Retail Financial Services		2			(1	)		2			—			—		NM			NM					3			(1	)		5			(40	)
Card Services		—			—			—			—			—		NM			NM					—			—			—		NM
Total Consumer		2			(1	)		2			—			—		NM			NM					3			(1	)		5			(40	)
Accounting Policy Conformity (b)		—			—			—			—			(227	)	NM			NM					—			(227	)		(227	)	NM
Total Provision for Lending-Related Commitments		(44	)		(49	)		(4	)		(49	)		(226	)		10			81				(97	)		(290	)		(272	)		64
TOTAL PROVISION FOR CREDIT LOSSES
Investment Bank	$	(46	)	$	(343	)	$	(366	)	$	(173	)	$	(151	)		87			70			$	(755	)	$	(467	)	$	(769	)		2
Commercial Banking (c)		(46	)		142			(6	)		21			14		NM			NM					90			20			(54	)	NM
Treasury & Securities Services		(1	)		2			(3	)		3			—		NM			NM					(2	)		4			4		NM
Asset & Wealth Management (c)		(19	)		(20	)		(7	)		(21	)		1			5		NM					(46	)		7			5		NM
Corporate (c)		13			1			(4	)		—			(1	)	NM			NM					10			(110	)		(112	)	NM
Total Wholesale		(99	)		(218	)		(386	)		(170	)		(137	)		55			28				(703	)		(546	)		(926	)		24
Retail Financial Services (c)		378			94			94			78			239			302			58				566			371			629			(10	)
Card Services (c)		966			711			719			724			734			36			32				2,396			1,229			1,534			56
Total Consumer		1,344			805			813			802			973			67			38				2,962			1,600			2,163			37
Accounting Policy Conformity		—			—			—			525			333		NM			NM					—			333			333		NM
Total Provision for Credit Losses		1,245			587			427			1,157			1,169			112			7				2,259			1,387			1,570			44
Securitized Credit Losses		867			930			917			1,011			928			(7	)		(7	)			2,714			1,887			3,610			(25	)
Accounting Policy Conformity		—			—			—			(525	)		(333	)	NM			NM					—			(333	)		(333	)	NM
Managed Provision for Credit Losses	$	2,112		$	1,517		$	1,344		$	1,643		$	1,764			39			20			$	4,973		$	2,941		$	4,847			3

(a)	Reflects an increase of $721 million for both the fourth quarter and third quarter of 2004, as a result of the decertification of heritage Bank One seller’s interest in credit card securitizations, partially offset by reductions of $196 million and $161 million to conform methodologies in the fourth and third quarters of 2004, respectively.
(b)	Reflects a reduction of $227 million for the third quarter of 2004 to conform methodologies in the wholesale portfolio.
(c)	Third quarter 2005 includes a special provision related to Hurricane Katrina: Retail Financial Services $250 million, Card Services $100 million, Commercial Banking $35 million, Asset & Wealth Management $3 million and Corporate $12 million.
(d)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(e)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 32

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

	QUARTERLY TRENDS																					YEAR-TO-DATE
																													Pro Forma Combined (d)
																3Q05 Change																2005 Change
	3Q05			2Q05			1Q05			4Q04			3Q04			2Q05			3Q04				2005			2004(c)			2004			2004
COMMON SHARES OUTSTANDING
Weighted-Average Basic Shares Outstanding		3,485.0			3,493.0			3,517.5			3,514.7			3,513.5			—	%		(1	)%			3,498.4			2,533.1			3,508.9			—	%
Weighted-Average Diluted Shares Outstanding		3,547.7			3,548.3			3,569.8			3,602.0			3,592.0			—			(1	)			3,555.1			2,598.5			3,590.0			(1	)
Common Shares Outstanding — at Period End		3,503.4			3,514.0			3,525.3			3,556.2			3,564.1			—			(2	)			3,503.4			3,564.1			3,564.1			(2	)
Cash Dividends Declared per Share	$	0.34		$	0.34		$	0.34		$	0.34		$	0.34			—			—			$	1.02		$	1.02			1.02			—
Book Value per Share		30.26			29.95			29.78			29.61			29.42			1			3				30.26			29.42			29.42			3
Dividend Payout		48	%		122	%		54	%		74	%		87	%									63	%		96	%		76	%
SHARE PRICE
High	$	35.95		$	36.50		$	39.69		$	40.45		$	40.25			(2	)		(11	)		$	39.69		$	43.84		$	43.84			(9	)%
Low		33.31			33.35			34.32			36.32			35.50			—			(6	)			33.31			34.62			34.62			(4	)
Close		33.93			35.32			34.60			39.01			39.73			(4	)		(15	)			33.93			39.73			39.73			(15	)
STOCK REPURCHASE PROGRAM (a)
Aggregate Repurchases	$	500.0		$	593.7		$	1,315.6		$	599.8		$	137.9									$	2,409.3		$	137.9		$	137.9
Common Shares Repurchased		14.4			16.8			36.0			15.8			3.5										67.2			3.5			3.5
Average Purchase Price	$	34.61		$	35.32		$	36.57		$	38.01		$	39.42									$	35.50		$	39.42		$	39.42
CAPITAL RATIOS
Tier 1 Capital	$	70,745	(b)	$	69,782		$	69,435		$	68,621		$	69,309			1			2
Total Capital		98,254	(b)		96,089			96,378			96,807			96,666			2			2
Risk-Weighted Assets		865,742	(b)		850,241			811,822			791,373			803,464			2			8
Adjusted Average Assets		1,143,449	(b)		1,123,609			1,110,058			1,102,456			1,065,244			2			7
Tier 1 Capital Ratio		8.2	%(b)		8.2	%		8.6	%		8.7	%		8.6	%
Total Capital Ratio		11.3	(b)		11.3			11.9			12.2			12.0
Tier 1 Leverage Ratio		6.2	(b)		6.2			6.3			6.2			6.5
INTANGIBLE ASSETS
Goodwill	$	43,555		$	43,537		$	43,440		$	43,203		$	42,947			—			1
Mortgage Servicing Rights		6,057			5,026			5,663			5,080			5,168			21			17
Purchased Credit Card Relationships		3,352			3,528			3,703			3,878			4,055			(5	)		(17	)
All Other Intangibles		5,139			5,319			5,514			5,726			5,945			(3	)		(14	)
Total Intangibles	$	58,103		$	57,410		$	58,320		$	57,887		$	58,115			1			—

(a)	Excludes commission costs.
(b)	Estimated
(c)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(d)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.

Page 33

JPMORGAN CHASE & CO.
Glossary of Terms

ACH:Automated Clearing House

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 by 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.

Contractual Credit Card Charge-off:In accordance with the Federal Financial Institutions Examination Council Policy, credit card loans are charged-off by the end of the month in which the account becomes 180 days past due or within 60 days from receiving notification of the filing of bankruptcy, whichever is earlier.

Core Deposits:U.S. deposits insured by the Federal Deposit Insurance Corporation, up to the legal limit of $100,000 per depositor.

Corporate:Includes Private Equity, Treasury, and corporate staff and other centrally managed expenses.

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 applicable for the period presented.

NM:Not meaningful

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

Overhead Ratio:Noninterest expense as a percentage of total net 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 merger costs, other special items and credit card securitizations.

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 charges deemed nonoperating and accounting policy conformity adjustments.

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 34

JPMORGAN CHASE & CO.
Line of Business Metrics

Investment Banking

IB’s revenues are comprised of the following:

1. Investment banking feesincludes advisory, equity underwriting, bond underwriting and loan syndication fees.

2. Fixed income marketsincludes client and portfolio management revenue related to both market-making and proprietary risk-taking across global fixed income markets, including government and corporate debt, foreign exchange, interest rate and commodities markets.

3. Equities marketsincludes client and portfolio management revenue related to market-making and proprietary risk-taking across global equity products, including cash instruments, derivatives and convertibles.

4. Credit portfolio revenueincludes Net interest income, fees and loan sale activity for IB’s credit portfolio. Credit portfolio revenue also includes gains or losses on securities received as part of a loan restructuring, and changes in the credit valuation adjustment (“CVA”), which is the component of the fair value of a derivative that reflects the credit quality of the counterparty. Credit portfolio revenue also includes the results of risk management related to the Firm’s lending and derivative activities.

Retail Financial Services

Description of selected business metrics within Home Finance:

1. Secondary marketinginvolves the sale of mortgage loans into the secondary market and risk management of this activity from the point of loan commitment to customers through loan closing and subsequent sale.

Home Finance’s origination channels are comprised of the following:

1. Retail– A mortgage banker employed by the Firm directly contacts borrowers who are buying or refinancing a home through a branch office, through the Internet or by phone. Borrowers are frequently referred to a mortgage banker by real estate brokers, home builders or other third parties.

2. Wholesale– A third-party mortgage broker refers loans to a mortgage banker at the Firm. Brokers are independent loan originators that specialize in finding and counseling borrowers but do not provide funding for loans.

3. Correspondent– Banks, thrifts, other mortgage banks and other financial institutions sell closed loans to the Firm.

4. Correspondent negotiated transactions (“CNT”)– Mid- to large-sized mortgage lenders, banks and bank-owned mortgage companies sell servicing to the Firm on an as-originated basis. These transactions supplement traditional production channels and provide growth opportunities in the servicing portfolio in stable and rising-rate periods.

Description of selected business metrics within Consumer & Small Business Banking:

1. Personal bankers– Retail branch office personnel who acquire, retain and expand new and existing customer relationships by assessing customer needs and recommending and selling appropriate banking products and services.

2. Investment sales representatives– Licensed retail branch sales personnel, assigned to support several branches, who assist with the sale of investment products including college planning accounts, mutual funds, annuities and retirement accounts.

Description of selected business metrics within Insurance:

1. Proprietary annuity salesrepresent annuity contracts marketed through and issued by subsidiaries of the Firm.

2. Insurance in force – direct/assumedincludes the aggregate face amount of insurance policies directly underwritten and assumed through reinsurance.

3. Insurance in force – retainedincludes the aggregate face amounts of insurance policies directly underwritten and assumed through reinsurance, after reduction for face amounts ceded to reinsurers.

Card Services

Description of selected business metrics within Card Services:

1. Charge volume– Represents the dollar amount of card member purchases, balance transfers and cash advance activity.

2. Net accounts opened– Includes originations, purchases and sales.

3. Merchant acquiring business– Represents an entity that processes payments for merchants. JPMorgan Chase is a majority owner of Paymentech, Inc. and a 50% owner of Chase Merchant Services.

4. Bank card volume– Represents the dollar amount of transactions processed for the merchants.

5. Total transactions– Represents the number of transactions and authorizations processed for the merchants.

6. 12 Month Lagged Loss Ratio –Represents the current period net charge-offs annualized divided by the average pro forma managed loans for the same period in the prior year.

Commercial Banking

Commercial Banking revenues are comprised of the following:

1. Lendingincorporates a variety of financing alternatives, such as term loans, revolving lines of credit and asset-based structures and leases, which are often secured by receivables, inventory, equipment or real estate.

2. Treasury servicesincorporates a broad range of products and services to help clients manage short-term liquidity through deposits and sweeps, and longer-term investment needs through money market accounts, certificates of deposit and mutual funds; manage working capital through lockbox, global trade, global clearing and commercial card products; and have ready access to information to manage their business through on-line reporting tools.

3. Investment bankingproducts provide clients with more sophisticated capital-raising alternatives, through loan syndications, investment-grade debt, asset-backed securities, private placements, high-yield bonds and equity underwriting, and balance sheet and risk management tools through foreign exchange, derivatives, M&A and advisory services.

Description of selected business metrics within Commercial Banking:

Liability balancesinclude deposits and deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, fed funds purchases, and repurchase agreements).

Treasury & Securities Services

Treasury & Securities Servicesfirmwide metricsinclude certain TSS product revenues and liability balances reported in other lines of business for customers who are also customers of those lines of business. In order to capture the firmwide impact of TS and TSS products and revenues, management reviews firmwide metrics such as firmwide liability balances, firmwide revenue and firmwide overhead ratios in assessing financial performance for TSS. Firmwide metrics are necessary in order to understand the aggregate TSS business.

Description of selected business metrics within Treasury & Securities Services:

Liability balancesinclude deposits and deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, fed funds purchases, and repurchase agreements).

Asset & Wealth Management

AWM’s client segments are comprised of the following:

1. ThePrivate bankaddresses every facet of wealth management for ultra-high-net-worth individuals and families worldwide, including investment management, capital markets and risk management, tax and estate planning, banking, capital raising and specialty wealth advisory services.

2. Retailprovides more than 2 million customers worldwide with investment management, retirement planning and administration, and brokerage services through third-party and direct distribution channels.

3. Institutionalserves more than 3,000 large and mid-size corporate and public institutions, endowments and foundations, and governments globally. AWM offers institutions comprehensive global investment services, including investment management across asset classes, pension analytics, asset-liability management, active risk budgeting and overlay strategies.

4. Private client servicesoffers high-net-worth individuals, families and business owners comprehensive wealth management solutions that include financial planning, personal trust, investment and banking products and services.

Page 35

APPENDIX

JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO OPERATING BASIS
(in millions, except per share and ratio data)

	THIRD QUARTER 2005
										Special Items (d)
	Reported			Trading			Credit			Merger			Litigation			Accounting			Tax Equivalent			Operating
	Results			Reclass (b)			Card (c)			Costs			Reserves			Policy Conformity			Adjustments (e)			Basis
REVENUE
Investment Banking Fees	$	989		$	—		$	—		$	—		$	—		$	—		$	—		$	989
Trading Revenue		2,499			(103	)		—			—			—			—			—			2,396
Lending & Deposit Related Fees		865			—			—			—			—			—			—			865
Asset Management, Administration and Commissions		2,628			—			—			—			—			—			—			2,628
Securities / Private Equity Gains (Losses)		343			—			—			—			—			—			—			343
Mortgage Fees and Related Income		201			—			—			—			—			—			—			201
Credit Card Income		1,855			—			(733	)		—			—			—			—			1,122
Other Income		233			—			—			—			—			—			155			388
Noninterest Revenue		9,613			(103	)		(733	)		—			—			—			155			8,932
Net Interest Income		4,852			103			1,600			—			—			—			67			6,622
TOTAL NET REVENUE		14,465			—			867			—			—			—			222			15,554
Provision for Credit Losses (a)		1,245			—			867			—			—			—			—			2,112
NONINTEREST EXPENSE
Compensation Expense		5,001			—			—			—			—			—			—			5,001
Occupancy Expense		549			—			—			—			—			—			—			549
Technology and Communications Expense		899			—			—			—			—			—			—			899
Professional & Outside Services		1,018			—			—			—			—			—			—			1,018
Marketing		512			—			—			—			—			—			—			512
Other Expense		882			—			—			—			—			—			—			882
Amortization of Intangibles		382			—			—			—			—			—			—			382
Total Noninterest Expense before Merger Costs and		9,243			—			—			—			—			—			—			9,243
Litigation Reserve Charge
Merger Costs		221			—			—			(221	)		—			—			—			—
Litigation Reserve Charge		—			—			—			—			—			—			—			—
TOTAL NONINTEREST EXPENSE		9,464			—			—			(221	)		—			—			—			9,243
Income (Loss) before Income Tax Expense		3,756			—			—			221			—			—			222			4,199
Income Tax Expense (Benefit)		1,229			—			—			84			—			—			222			1,535
NET INCOME (LOSS)	$	2,527		$	—		$	—		$	137		$	—		$	—		$	—		$	2,664
FINANCIAL RATIOS
Diluted Earnings per Share	$	0.71		$	—		$	—		$	0.04		$	—		$	—		$	—		$	0.75
ROE		9	%		—	%		—	%		1	%		—	%		—	%		—	%		10	%
ROE-GW		16			—			—			1			—			—			—			17
ROA		0.84		NM			NM			NM			NM			NM			NM				0.84
Overhead Ratio		65		NM			NM			NM			NM			NM			NM				59
Effective Income Tax Rate		33		NM			NM				38		NM			NM				100			37

(a)	Third quarter 2005 includes a special provision related to Hurricane Katrina: Retail Financial Services $250 million, Card Services $100 million, Commercial Banking $35 million, Asset & Wealth Management $3 million and Corporate $12 million.
(b)	The reclassification of trading-related net interest income from Net Interest Income to Trading Revenue primarily impacts the Investment Bank segment results.
(c)	The impact of credit card securitizations affects Card Services. See page 19 for further information.
(d)	Special items are excluded from Operating earnings, as management believes these items are not part of the Firm’s normal daily business operations (and, therefore, are not indicative of trends), and do not provide meaningful comparisons with other periods. These items include Merger costs, litigation charges deemed nonoperating, charges to conform accounting policies and other items. Merger costs of $221 million reflects costs associated with the merger.
(e)	For a description of the tax-equivalent adjustments, see the Operating Basis cover page.

Page 36

JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO OPERATING BASIS
(in millions, except per share and ratio data)

	SECOND QUARTER 2005
										Special Items (c)
	Reported			Trading			Credit			Merger			Litigation			Accounting			Tax Equivalent			Operating
	Results			Reclass (a)			Card (b)			Costs			Reserves			Policy Conformity			Adjustments (d)			Basis
REVENUE
Investment Banking Fees	$	961		$	—		$	—		$	—		$	—		$	—		$	—		$	961
Trading Revenue		387			198			—			—			—			—			—			585
Lending & Deposit Related Fees		851			—			—			—			—			—			—			851
Asset Management, Administration and Commissions		2,541			—			—			—			—			—			—			2,541
Securities / Private Equity Gains (Losses)		407			—			—			—			—			—			—			407
Mortgage Fees and Related Income		336			—			—			—			—			—			—			336
Credit Card Income		1,763			—			(728	)		—			—			—			—			1,035
Other Income		496			—			—			—			—			—			143			639
Noninterest Revenue		7,742			198			(728	)		—			—			—			143			7,355
Net Interest Income		5,001			(198	)		1,658			—			—			—			84			6,545
TOTAL NET REVENUE		12,743			—			930			—			—			—			227			13,900
Provision for Credit Losses		587			—			930			—			—			—			—			1,517
NONINTEREST EXPENSE
Compensation Expense		4,266			—			—			—			—			—			—			4,266
Occupancy Expense		580			—			—			—			—			—			—			580
Technology and Communications Expense		896			—			—			—			—			—			—			896
Professional & Outside Services		1,130			—			—			—			—			—			—			1,130
Marketing		537			—			—			—			—			—			—			537
Other Expense		954			—			—			—			—			—			—			954
Amortization of Intangibles		385			—			—			—			—			—			—			385
Total Noninterest Expense before Merger Costs and		8,748			—			—			—			—			—			—			8,748
Litigation Reserve Charge
Merger Costs		279			—			—			(279	)		—			—			—			—
Litigation Reserve Charge		1,872			—			—			—			(1,872	)		—			—			—
TOTAL NONINTEREST EXPENSE		10,899			—			—			(279	)		(1,872	)		—			—			8,748
Income (Loss) before Income Tax Expense		1,257			—			—			279			1,872			—			227			3,635
Income Tax Expense (Benefit)		263			—			—			106			711			—			227			1,307
NET INCOME (LOSS)	$	994		$	—		$	—		$	173		$	1,161		$	—		$	—		$	2,328
FINANCIAL RATIOS
Diluted Earnings per Share	$	0.28		$	—		$	—		$	0.05		$	0.33		$	—		$	—		$	0.66
ROE		4	%		—	%		—	%		1	%		4	%		—	%		—	%		9	%
ROE-GW		6			—			—			1			8			—			—			15
ROA		0.34		NM			NM			NM			NM			NM			NM				0.75
Overhead Ratio		86		NM			NM			NM			NM			NM			NM				63
Effective Income Tax Rate		21		NM			NM				38			38		NM				100			36

(a)	The reclassification of trading-related net interest income from Net Interest Income to Trading Revenue primarily impacts the Investment Bank segment results.
(b)	The impact of credit card securitizations affects Card Services. See page 19 for further information.
(c)	Special items are excluded from Operating earnings, as management believes these items are not part of the Firm’s normal daily business operations (and, therefore, are not indicative of trends), and do not provide meaningful comparisons with other periods. These items include Merger costs, litigation charges deemed nonoperating, charges to conform accounting policies and other items. Merger costs of $279 million reflects costs associated with the merger; nonoperating litigation charges of $1.9 billion were taken in the second quarter of 2005.
(d)	For a description of the tax-equivalent adjustments, see the Operating Basis cover page.

Page 37

JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO OPERATING BASIS
(in millions, except per share and ratio data)

		FIRST QUARTER 2005
											Special Items (c)
		Reported			Trading			Credit			Merger			Litigation			Accounting			Tax Equivalent			Operating
		Results			Reclass (a)			Card (b)			Costs			Reserves			Policy Conformity			Adjustments (d)			Basis
REVENUE	��
Investment Banking Fees		$	993		$	—		$	—		$	—		$	—		$	—		$	—		$	993
Trading Revenue			1,859			328			—			—			—			—			—			2,187
Lending & Deposit Related Fees			820			—			—			—			—			—			—			820
Asset Management, Administration and Commissions			2,498			—			—			—			—			—			—			2,498
Securities / Private Equity Gains (Losses)			(45	)		—			—			—			—			—			—			(45	)
Mortgage Fees and Related Income			362			—			—			—			—			—			—			362
Credit Card Income			1,734			—			(815	)		—			—			—			—			919
Other Income			201			—			—			—			—			—			115			316
Noninterest Revenue			8,422			328			(815	)		—			—			—			115			8,050
Net Interest Income			5,225			(328	)		1,732			—			—			—			61			6,690
TOTAL NET REVENUE			13,647			—			917			—			—			—			176			14,740
Provision for Credit Losses			427			—			917			—			—			—			—			1,344
NONINTEREST EXPENSE
Compensation Expense			4,702			—			—			—			—			—			—			4,702
Occupancy Expense			525			—			—			—			—			—			—			525
Technology and Communications Expense			920			—			—			—			—			—			—			920
Professional & Outside Services			1,074			—			—			—			—			—			—			1,074
Marketing			483			—			—			—			—			—			—			483
Other Expense			805			—			—			—			—			—			—			805
Amortization of Intangibles			383			—			—			—			—			—			—			383
Total Noninterest Expense before Merger Costs and			8,892			—			—			—			—			—			—			8,892
Litigation Reserve Charge
Merger Costs			145			—			—			(145	)		—			—			—			—
Litigation Reserve Charge			900			—			—			—			(900	)		—			—			—
TOTAL NONINTEREST EXPENSE			9,937			—			—			(145	)		(900	)		—			—			8,892
Income (Loss) before Income Tax Expense			3,283			—			—			145			900			—			176			4,504
Income Tax Expense (Benefit)			1,019			—			—			55			342			—			176			1,592
NET INCOME (LOSS)		$	2,264		$	—		$	—		$	90		$	558		$	—		$	—		$	2,912
FINANCIAL RATIOS
Diluted Earnings per Share		$	0.63		$	—		$	—		$	0.03		$	0.15		$	—		$	—		$	0.81
ROE			9	%		—	%		—	%		—	%		2	%		—	%		—	%		11	%
ROE-GW			15			—			—			1			3			—			—			19
ROA			0.79		NM			NM			NM			NM			NM			NM				0.96
Overhead Ratio			73		NM			NM			NM			NM			NM			NM				60
Effective Income Tax Rate			31		NM			NM				38			38		NM				100			35

(a)	The reclassification of trading-related net interest income from Net Interest Income to Trading Revenue primarily impacts the Investment Bank segment results.
(b)	The impact of credit card securitizations affects Card Services. See page 19 for further information.
(c)	Special items are excluded from Operating earnings, as management believes these items are not part of the Firm’s normal daily business operations (and, therefore, are not indicative of trends), and do not provide meaningful comparisons with other periods. These items include merger costs, litigation charges deemed nonoperating, charges to conform accounting policies and other items. Merger costs of $145 million reflects costs associated with the merger; nonoperating litigation charges of $900 million were taken in the first quarter of 2005.
(d)	For a description of the tax-equivalent adjustments, see the Operating Basis cover page.

Page 38

JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO OPERATING BASIS
(in millions, except per share and ratio data)

	FOURTH QUARTER 2004
										Special Items (c)
	Reported			Trading			Credit			Merger			Litigation			Accounting			Tax Equivalent			Operating
	Results			Reclass(a)			Card(b)			Costs			Reserves			Policy Conformity			Adjustments(d)			Basis
REVENUE
Investment Banking Fees	$	1,073		$	—		$	—		$	—		$	—		$	—		$	—		$	1,073
Trading Revenue		611			511			—			—			—			—			—			1,122
Lending & Deposit Related Fees		903			—			—			—			—			—			—			903
Asset Management, Administration and Commissions		2,330			—			—			—			—			—			—			2,330
Securities / Private Equity Gains (Losses)		569			—			—			—			—			—			—			569
Mortgage Fees and Related Income		85			—			—			—			—			—			—			85
Credit Card Income		1,822			—			(786	)		—			—			—			—			1,036
Other Income		228			—			1			—			—			—			178			407
Noninterest Revenue		7,621			511			(785	)		—			—			—			178			7,525
Net Interest Income		5,329			(511	)		1,796			—			—			—			10			6,624
TOTAL NET REVENUE		12,950			—			1,011			—			—			—			188			14,149
Provision for Credit Losses		1,157			—			1,011			—			—			(525	)		—			1,643
NONINTEREST EXPENSE
Compensation Expense		4,211			—			—			—			—			—			—			4,211
Occupancy Expense		609			—			—			—			—			—			—			609
Technology and Communications Expense		1,051			—			—			—			—			—			—			1,051
Professional & Outside Services		1,191			—			—			—			—			—			—			1,191
Marketing		428			—			—			—			—			—			—			428
Other Expense		981			—			—			—			—			—			—			981
Amortization of Intangibles		392			—			—			—			—			—			—			392
Total Noninterest Expense before Merger Costs and		8,863			—			—			—			—			—			—			8,863
Litigation Reserve Charge
Merger Costs		523			—			—			(523	)		—			—			—			—
Litigation Reserve Charge		—			—			—			—			—			—			—			—
TOTAL NONINTEREST EXPENSE		9,386			—			—			(523	)		—			—			—			8,863
Income (Loss) before Income Tax Expense		2,407			—			—			523			—			525			188			3,643
Income Tax Expense (Benefit)		741			—			—			199			—			199			188			1,327
NET INCOME (LOSS)	$	1,666		$	—		$	—		$	324		$	—		$	326		$	—		$	2,316
FINANCIAL RATIOS
Diluted Earnings per Share	$	0.46		$	—		$	—		$	0.09		$	—		$	0.09		$	—		$	0.64
ROE		6	%		—	%		—	%		1	%		—	%		2	%		—	%		9	%
ROE-GW		11			—			—			2			—			2			—			15
ROA		0.57		NM			NM			NM			NM			NM			NM				0.75
Overhead Ratio		72		NM			NM			NM			NM			NM			NM				63
Effective Income Tax Rate		31		NM			NM				38		NM				38			100			36

(a)	The reclassification of trading-related net interest income from Net Interest Income to Trading Revenue primarily impacts the Investment Bank segment results.
(b)	The impact of credit card securitizations affects Card Services. See page 19 for further information.
(c)	Special items are excluded from Operating earnings, as management believes these items are not part of the Firm’s normal daily business operations (and, therefore, are not indicative of trends), and do not provide meaningful comparisons with other periods. These items include merger costs, litigation charges deemed nonoperating, charges to conform accounting policies and other items. Merger costs of $523 million reflects costs associated with the merger.
(d)	For a description of the tax-equivalent adjustments, see the Operating Basis cover page.

Page 39

JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO OPERATING BASIS
(in millions, except per share and ratio data)

	THIRD QUARTER 2004
										Special Items (c)
	Reported			Trading			Credit			Merger			Litigation			Accounting			Tax Equivalent			Operating
	Results			Reclass(a)			Card(b)			Costs			Reserves			Policy Conformity			Adjustments(d)			Basis
REVENUE
Investment Banking Fees	$	879		$	—		$	—		$	—		$	—		$	—		$	—		$	879
Trading Revenue		408			424			—			—			—			—			—			832
Lending & Deposit Related Fees		943			—			—			—			—			—			—			943
Asset Management, Administration and Commissions		2,185			—			—			—			—			—			—			2,185
Securities / Private Equity Gains (Losses)		413			—			—			—			—			—			—			413
Mortgage Fees and Related Income		233			—			—			—			—			—			—			233
Credit Card Income		1,782			—			(848	)		—			—			—			—			934
Other Income		210			—			(3	)		—			—			118			64			389
Noninterest Revenue		7,053			424			(851	)		—			—			118			64			6,808
Net Interest Income		5,452			(424	)		1,779			—			—			—			(36	)		6,771
TOTAL NET REVENUE		12,505			—			928			—			—			118			28			13,579
Provision for Credit Losses		1,169			—			928			—			—			(333	)		—			1,764
NONINTEREST EXPENSE
Compensation Expense		4,050			—			—			—			—			—			—			4,050
Occupancy Expense		604			—			—			—			—			—			—			604
Technology and Communications Expense		1,046			—			—			—			—			—			—			1,046
Professional & Outside Services		1,103			—			—			—			—			—			—			1,103
Marketing		506			—			—			—			—			—			—			506
Other Expense		920			—			—			—			—			—			—			920
Amortization of Intangibles		396			—			—			—			—			—			—			396
Total Noninterest Expense before Merger Costs and		8,625			—			—			—			—			—			—			8,625
Litigation Reserve Charge
Merger Costs		752			—			—			(752	)		—			—			—			—
Litigation Reserve Charge		—			—			—			—			—			—			—			—
TOTAL NONINTEREST EXPENSE		9,377			—			—			(752	)		—			—			—			8,625
Income (Loss) before Income Tax Expense		1,959			—			—			752			—			451			28			3,190
Income Tax Expense (Benefit)		541			—			—			290			—			172			28			1,031
NET INCOME (LOSS)	$	1,418		$	—		$	—		$	462		$	—		$	279		$	—		$	2,159
FINANCIAL RATIOS
Diluted Earnings per Share	$	0.39		$	—		$	—		$	0.13		$	—		$	0.08		$	—		$	0.60
ROE		5	%		—	%		—	%		2	%		—	%		1	%		—	%		8	%
ROE-GW		9			—			—			3			—			2			—			14
ROA		0.50		NM			NM			NM			NM			NM			NM				0.72
Overhead Ratio		75		NM			NM			NM			NM			NM			NM				64
Effective Income Tax Rate		28		NM			NM				39		NM				38			100			32

(a)	The reclassification of trading-related net interest income from Net Interest Income to Trading Revenue primarily impacts the Investment Bank segment results.
(b)	The impact of credit card securitizations affects Card Services. See page 19 for further information.
(c)	Special items are excluded from Operating earnings, as management believes these items are not part of the Firm’s normal daily business operations (and, therefore, are not indicative of trends), and do not provide meaningful comparisons with other periods. These items include merger costs, litigation charges deemed nonoperating, charges to conform accounting policies and other items. Merger costs of $752 million reflects costs associated with the merger.
(d)	For a description of the tax-equivalent adjustments, see the Operating Basis cover page.

Page 40

JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO OPERATING BASIS
(in millions, except per share and ratio data)

	YEAR-TO-DATE 2005
										Special Items (d)
	Reported			Trading			Credit			Merger			Litigation			Accounting			Tax Equivalent			Operating
	Results			Reclass (b)			Card (c)			Costs			Reserves			Policy Conformity			Adjustments (e)			Basis
REVENUE
Investment Banking Fees	$	2,943		$	—		$	—		$	—		$	—		$	—		$	—		$	2,943
Trading Revenue		4,745			423			—			—			—			—			—			5,168
Lending & Deposit Related Fees		2,536			—			—			—			—			—			—			2,536
Asset Management, Administration and Commissions		7,667			—			—			—			—			—			—			7,667
Securities / Private Equity Gains (Losses)		705			—			—			—			—			—			—			705
Mortgage Fees and Related Income		899			—			—			—			—			—			—			899
Credit Card Income		5,352			—			(2,276	)		—			—			—			—			3,076
Other Income		930			—			—			—			—			—			413			1,343
Noninterest Revenue		25,777			423			(2,276	)		—			—			—			413			24,337
Net Interest Income		15,078			(423	)		4,990			—			—			—			212			19,857
TOTAL NET REVENUE		40,855			—			2,714			—			—			—			625			44,194
Provision for Credit Losses (a)		2,259			—			2,714			—			—			—			—			4,973
NONINTEREST EXPENSE
Compensation Expense		13,969			—			—			—			—			—			—			13,969
Occupancy Expense		1,654			—			—			—			—			—			—			1,654
Technology and Communications Expense		2,715			—			—			—			—			—			—			2,715
Professional & Outside Services		3,222			—			—			—			—			—			—			3,222
Marketing		1,532			—			—			—			—			—			—			1,532
Other Expense		2,641			—			—			—			—			—			—			2,641
Amortization of Intangibles		1,150			—			—			—			—			—			—			1,150
Total Noninterest Expense before Merger Costs and		26,883			—			—			—			—			—			—			26,883
Litigation Reserve Charge
Merger Costs		645			—			—			(645	)		—			—			—			—
Litigation Reserve Charge		2,772			—			—			—			(2,772	)		—			—			—
TOTAL NONINTEREST EXPENSE		30,300			—			—			(645	)		(2,772	)		—			—			26,883
Income (Loss) before Income Tax Expense		8,296			—			—			645			2,772			—			625			12,338
Income Tax Expense (Benefit)		2,511			—			—			245			1,053			—			625			4,434
NET INCOME (LOSS)	$	5,785		$	—		$	—		$	400		$	1,719		$	—		$	—		$	7,904
FINANCIAL RATIOS
Diluted Earnings per Share	$	1.62		$	—		$	—		$	0.12		$	0.48		$	—		$	—		$	2.22
ROE		7	%		—	%		—	%		1	%		2	%		—	%		—	%		10	%
ROE-GW		12			—			—			1			4			—			—			17
ROA		0.66		NM			NM			NM			NM			NM			NM				0.85
Overhead Ratio		74		NM			NM			NM			NM			NM			NM				61
Effective Income Tax Rate		30		NM			NM				38			38		NM				100			36

(a)	Third quarter 2005 includes a special provision related to Hurricane Katrina: Retail Financial Services $250 million, Card Services $100 million, Commercial Banking $35 million, Asset & Wealth Management $3 million and Corporate $12 million.
(b)	The reclassification of trading-related net interest income from Net Interest Income to Trading Revenue primarily impacts the Investment Bank segment results.
(c)	The impact of credit card securitizations affects Card Services. See page 19 for further information.
(d)	Special items are excluded from Operating earnings, as management believes these items are not part of the Firm’s normal daily business operations (and, therefore, are not indicative of trends), and do not provide meaningful comparisons with other periods. These items include Merger costs, litigation charges deemed nonoperating, charges to conform accounting policies and other items. Merger costs of $645 million reflects costs associated with the merger; nonoperating litigation charges of $2.8 billion were taken in the first nine months of 2005.
(e)	For a description of the tax-equivalent adjustments, see the Operating Basis cover page.

Page 41

JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO OPERATING BASIS
(in millions, except per share and ratio data)

	YEAR-TO-DATE 2004 (a)
										Special Items (d)
	Reported			Trading			Credit			Merger			Litigation			Accounting			Tax Equivalent			Operating
	Results			Reclass (b)			Card (c)			Costs			Reserves			Policy Conformity			Adjustments (e)			Basis
REVENUE
Investment Banking Fees	$	2,464		$	—		$	—		$	—		$	—		$	—		$	—		$	2,464
Trading Revenue		3,001			1,439			—			—			—			—			—			4,440
Lending & Deposit Related Fees		1,769			—			—			—			—			—			—			1,769
Asset Management, Administration and Commissions		5,835			—			—			—			—			—			—			5,835
Securities / Private Equity Gains (Losses)		1,305			—			—			—			—			—			—			1,305
Mortgage Fees and Related Income		721			—			—			—			—			—			—			721
Credit Card Income		3,018			—			(1,481	)		—			—			—			—			1,537
Other Income		602			—			(87	)		—			—			118			139			772
Noninterest Revenue		18,715			1,439			(1,568	)		—			—			118			139			18,843
Net Interest Income		11,432			(1,439	)		3,455			—			—			—			(4	)		13,444
TOTAL NET REVENUE		30,147			—			1,887			—			—			118			135			32,287
Provision for Credit Losses		1,387			—			1,887			—			—			(333	)		—			2,941
NONINTEREST EXPENSE
Compensation Expense		10,295			—			—			—			—			—			—			10,295
Occupancy Expense		1,475			—			—			—			—			—			—			1,475
Technology and Communications Expense		2,651			—			—			—			—			—			—			2,651
Professional & Outside Services		2,671			—			—			—			—			—			—			2,671
Marketing		907			—			—			—			—			—			—			907
Other Expense		1,878			—			—			—			—			—			—			1,878
Amortization of Intangibles		554			—			—			—			—			—			—			554
Total Noninterest Expense before Merger Costs and		20,431			—			—			—			—			—			—			20,431
Litigation Reserve Charge
Merger Costs		842			—			—			(842	)		—			—			—			—
Litigation Reserve Charge		3,700			—			—			—			(3,700	)		—			—			—
TOTAL NONINTEREST EXPENSE		24,973			—			—			(842	)		(3,700	)		—			—			20,431
Income (Loss) before Income Tax Expense		3,787			—			—			842			3,700			451			135			8,915
Income Tax Expense (Benefit)		987			—			—			320			1,406			172			135			3,020
NET INCOME (LOSS)	$	2,800		$	—		$	—		$	522		$	2,294		$	279		$	—		$	5,895
FINANCIAL RATIOS
Diluted Earnings per Share	$	1.06		$	—		$	—		$	0.20		$	0.88		$	0.11		$	—		$	2.25
ROE		6	%		—	%		—	%		1	%		5	%		—	%		—	%		12	%
ROE-GW		8			—			—			2			6			1			—			17
ROA		0.42		NM			NM			NM			NM			NM			NM				0.83
Overhead Ratio		83		NM			NM			NM			NM			NM			NM				63
Effective Income Tax Rate		26		NM			NM				38			38			38			100			34

(a)	Includes three months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(b)	The reclassification of trading-related net interest income from Net Interest Income to Trading Revenue primarily impacts the Investment Bank segment results.
(c)	The impact of credit card securitizations affects Card Services. See page 19 for further information.
(d)	Special items are excluded from Operating earnings, as management believes these items are not part of the Firm’s normal daily business operations (and, therefore, are not indicative of trends), and do not provide meaningful comparisons with other periods. These items include Merger costs, litigation charges deemed nonoperating, charges to conform accounting policies and other items. Merger costs of $842 million reflects costs associated with the merger; nonoperating litigation charges of $3.7 billion were taken in the first nine months of 2004.
(e)	For a description of the tax-equivalent adjustments, see the Operating Basis cover page.

Page 42

JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO OPERATING BASIS
(in millions, except per share and ratio data)

	PRO FORMA COMBINED YEAR-TO-DATE 2004 (a)
										Special Items (d)
	Reported			Trading			Credit			Merger			Litigation			Accounting			Tax Equivalent			Operating
	Results			Reclass(b)			Card(c)			Costs			Reserves			Policy Conformity			Adjustments(e)			Basis
REVENUE
Investment Banking Fees	$	2,562		$	—		$	—		$	—		$	—		$	—		$	—		$	2,562
Trading Revenue		3,153			1,439			—			—			—			—			—			4,592
Lending & Deposit Related Fees		2,841			—			—			—			—			—			—			2,841
Asset Management, Administration and Commissions		6,847			—			—			—			—			—			—			6,847
Securities / Private Equity Gains (Losses)		1,403			—			—			—			—			—			—			1,403
Mortgage Fees and Related Income		742			—			—			—			—			—			—			742
Credit Card Income		5,024			—			(2,308	)		—			—			—			—			2,716
Other Income		982			—			(87	)		—			—			118			394			1,407
Noninterest Revenue		23,554			1,439			(2,395	)		—			—			118			394			23,110
Net Interest Income		16,037			(1,439	)		6,005			—			—			—			(102	)		20,501
TOTAL NET REVENUE		39,591			—			3,610			—			—			118			292			43,611
Provision for Credit Losses		1,570			—			3,610			—			—			(333	)		—			4,847
NONINTEREST EXPENSE
Compensation Expense		12,844			—			—			—			—			—			—			12,844
Occupancy Expense		1,794			—			—			—			—			—			—			1,794
Technology and Communications Expense		2,995			—			—			—			—			—			—			2,995
Professional & Outside Services		3,406			—			—			—			—			—			—			3,406
Marketing		1,516			—			—			—			—			—			—			1,516
Other Expense		2,842			—			—			—			—			—			—			2,842
Amortization of Intangibles		1,179			—			—			—			—			—			—			1,179
Total Noninterest Expense before Merger Costs and Litigation Reserve Charge		26,576			—			—			—			—			—			—			26,576
Merger Costs		842			—			—			(842	)		—			—			—			—
Litigation Reserve Charge		3,700			—			—			—			(3,700	)		—			—			—
TOTAL NONINTEREST EXPENSE		31,118			—			—			(842	)		(3,700	)		—			—			26,576
Income (Loss) before Income Tax Expense		6,903			—			—			842			3,700			451			292			12,188
Income Tax Expense (Benefit)		2,025			—			—			320			1,406			172			292			4,215
NET INCOME (LOSS)	$	4,878		$	—		$	—		$	522		$	2,294		$	279		$	—		$	7,973
FINANCIAL RATIOS
Diluted Earnings per Share	$	1.35		$	—		$	—		$	0.15		$	0.63		$	0.08		$	—		$	2.21
ROE		6	%		—	%		—	%		1	%		3	%		—	%		—	%		10	%
ROE-GW		10			—			—			1			5			1			—			17
ROA		0.58		NM			NM			NM			NM			NM			NM				0.89
Overhead Ratio		79		NM			NM			NM			NM			NM			NM				61
Effective Income Tax Rate		29		NM			NM				38			38			38			100			35

(a)	Represents the combined financial information of JPMorgan Chase and Bank One had the two companies actually been merged as of the earliest date indicated. For a further discussion on the pro forma combined financial information, see the Explanatory Note on page 2.
(b)	The reclassification of trading-related net interest income from Net Interest Income to Trading Revenue primarily impacts the Investment Bank segment results.
(c)	The impact of credit card securitizations affects Card Services. See page 19 for further information.
(d)	Special items are excluded from Operating earnings, as management believes these items are not part of the Firm’s normal daily business operations (and, therefore, are not indicative of trends), and do not provide meaningful comparisons with other periods. These items include Merger costs, litigation charges deemed nonoperating, charges to conform accounting policies and other items. Merger costs of $842 million reflects costs associated with the merger; nonoperating litigation charges of $3.7 billion were taken in the first nine months of 2004.
(e)	For a description of the tax-equivalent adjustments, see the Operating Basis cover page.

Page 43