-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N+OW6ljtFbSxm/MSde7OdzvzBvi3o4STrQTv/CVZR35h9N2SZmduNtNEMRM7QIWL 8jis5sGmgzZ8g1wCUgkMLg== 0000950123-04-011674.txt : 20041001 0000950123-04-011674.hdr.sgml : 20041001 20041001171208 ACCESSION NUMBER: 0000950123-04-011674 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20041001 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041001 DATE AS OF CHANGE: 20041001 FILER: COMPANY DATA: COMPANY CONFORMED NAME: J P MORGAN CHASE & CO CENTRAL INDEX KEY: 0000019617 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 132624428 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05805 FILM NUMBER: 041059437 BUSINESS ADDRESS: STREET 1: 270 PARK AVE STREET 2: 39TH FL CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2122706000 MAIL ADDRESS: STREET 1: 270 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: CHASE MANHATTAN CORP /DE/ DATE OF NAME CHANGE: 19960402 FORMER COMPANY: FORMER CONFORMED NAME: CHEMICAL BANKING CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CHEMICAL NEW YORK CORP DATE OF NAME CHANGE: 19880508 8-K 1 y02831e8vk.htm JPMORGAN CHASE & CO. JPMORGAN CHASE & CO.
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): October 1, 2004

JPMORGAN CHASE & CO.
(Exact name of registrant as specified in its charter)

         
Delaware   1-5805   13-2624428
(State or Other Jurisdiction of
Incorporation) 		  (Commission File Number)   (IRS Employer
Identification No.)
     
270 Park Avenue, New York, NY   10017
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (212) 270-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Item 7.01 Regulation FD Disclosure
Item 9.01 Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
EX-99.1 PRO FORMA COMBINED HISTORICAL FINANCIAL STATEMENT SUPPLEMENT

Table of Contents

Item 7.01 Regulation FD Disclosure

Effective July 1, 2004, Bank One Corporation (“Bank One”), merged with and into JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) pursuant to the Agreement and Plan of Merger, dated January 14, 2004. Bank One’s results of operations will be included in the Firm’s results beginning July 1, 2004.

The unaudited pro forma combined historical financial information contained in Exhibit 99.1 is being furnished pursuant to Regulation FD in order to assist investors in understanding (i) how the financial information of JPMorgan Chase and 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 new combined company may have appeared had the two companies actually been merged as of the earliest date indicated.

The unaudited pro forma combined historical financial information included in Exhibit 99.1 does not necessarily indicate the combined results of operations or the combined financial position of the Firm that would have resulted had the merger actually been completed at the beginning of the applicable periods presented nor is it indicative of the results of operations in future periods or the future financial position of the Firm. 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.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

     
Exhibit Number   Description of Exhibit
   
 
99.1   
JPMorgan Chase & Co. Pro Forma Combined Historical Financial Statement Supplement

2

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

     
  JPMORGAN CHASE & CO.
  (Registrant)
 
    
  By: /s/ Joseph L. Sclafani
  Joseph L. Sclafani
 
    
  Executive Vice President and Controller
  [Principal Accounting Officer]

Dated: October 1, 2004

3

Table of Contents

EXHIBIT INDEX

     
Exhibit Number   Description of Exhibit
   
 
99.1   
JPMorgan Chase & Co. Pro Forma Combined Historical Financial Statement Supplement

4 EX-99.1 2 y02831exv99w1.htm EX-99.1 PRO FORMA COMBINED HISTORICAL FINANCIAL STATEMENT SUPPLEMENT EX-99.1

 

Exhibit 99.1

(JPMORGANCHASE LOGO)

PRO FORMA COMBINED HISTORICAL

FINANCIAL SUPPLEMENT

 

 

JPMORGAN CHASE & CO.
TABLE OF CONTENTS 		  (JPMORGANCHASE LOGO)
         
    Page  
 
        
Explanatory Note
     1  
 
        
Overview of Pro Forma Combined Historical Financial Supplement
     2  
 
        
Pro Forma Combined Historical Statement of Income — Reported Basis
     8  
 
        
Pro Forma Combined Historical Statement of Income — Operating Basis
     9  
 
        
Reconciliation from Reported to Operating Basis
     10  
 
        
Pro Forma Combined Line of Business Financial Highlights — Operating Basis
     11  
 
        
Pro Forma Combined Historical Line of Business Summary Information:
        
 
        
Investment Bank
     12  
 
        
Retail Financial Services
     14  
 
        
Card Services
     19  
 
        
Card Reconciliation of Reported and Managed Data
     21  
 
        
Commercial Banking
     22  
 
        
Treasury & Securities Services
     23  
 
        
Asset & Wealth Management
     25  
 
        
Corporate
     27  
 
        
Credit-Related Information
     28  
 
        
Appendix — Pro Forma Combined Historical Detail Information:
        
 
        
Pro Forma Combined Historical Statement of Income — Operating Basis
     33  
 
        
Investment Bank
     39  
 
        
Retail Financial Services
     45  
 
        
Card Services
     51  
 
        
Commercial Banking
     57  
 
        
Treasury & Securities Services
     63  
 
        
Asset & Wealth Management
     69  
 
        
Corporate
     75  

 

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. and Bank One Corporation 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 new combined company may have appeared had the two companies actually been merged 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 & Co. (“JPMorgan Chase” or the “Firm”) and Bank One Corporation (“Bank One”), as filed with the Securities and Exchange Commission.

     The pro forma historical lines of business information present the seven new business segments of the combined company as if these segments had existed for the combined company as of the earliest date indicated. See the Executive Summary on pages 2-7 for more information on the composition of the new business segments.

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

     The unaudited pro forma combined historical financial information include (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. For more information about these purchase price and fair value adjustments reference is made to the Current Report on Form 8-K/A1 filed by JPMorgan Chase on July 30, 2004 (as amended by Form 8-K/A2 filed by JPMorgan Chase on August 13, 2004 which includes Bank One’s financial statements as of and for the period ended June 30, 2004), which Current Report contained pro forma financial information reflecting the consummation on July 1, 2004, of the merger of the two companies.

     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 future cost savings anticipated from the merger (including without limitation the previously announced $3.0 billion (pre-tax) of cost savings);

   (iii) merger-related costs anticipated to be incurred to combine the operations of JPMorgan Chase and Bank One, post June 30, 2004;

   (iv) the impact of possible future revenue enhancements or share repurchases.

   Reclassifications of prior periods included in these pro forma combined historical financial statements reflect the conformity of certain management accounting policies as disclosed in the Executive Summary on pages 2-7; additional conformity of accounting policies and further reclassifications may be made in the future.

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 results of operations in future periods or the future financial position of the company.

Page 1

 

Overview Page Executive summary 3 Mapping of old business segments into new lines of business 4 Proforma combined compared to historical press release 5 Management accounting policy changes 6 Purchase accounting adjustments 7 Page 2

 

Executive Summary - Proforma Combined Historical Financial Statements We are presenting for 6 quarters proforma combined financial information for periods beginning January 1st, 2003 for JPMorgan Chase (JPMC) and Bank One (ONE) Consolidated results are presented both on a proforma reported basis and on an proforma operating basis Operating results exclude merger costs and litigation reserve charge Operating results also include income statement reclassifications that have no bottom line impact Trading net interest income Credit card securitizations ("managed basis") Proforma combined operating numbers are based on historical results and restated for: Organizational changes (i.e. new business alignments) Elimination of ONE's gain on sale of its corporate trust business to JPMC (Q4'2003) Purchase accounting adjustments Intangible amortization Fair value adjustments Reporting reclassifications Minor shifts between revenues, provision, and expenses Impacts firm and segments; no bottom line impact Management accounting policy changes Include the following: Funds transfer pricing Expense allocations Capital allocations Revenue share Impact segments only; no bottom line impact Page 3

 

JPMC - Mapping of old business segments into new lines of business Page 4 Heritage J.P. Morgan Chase Heritage Bank One New JPMorgan Chase Investment Bank Commercial Banking JPMorgan Partners Support Units & Corporate Investment Management & Private Banking Chase Financial Services Treasury & Securities Services Corporate (Private Equity/ Treasury) Investment Management Group Retail Card Services Investment Bank Commercial Banking Retail Financial Services Asset & Wealth Management Corporate Card Services Treasury & Securities Services Global Treasury IB excluding: Chase Regional Banking Chase Auto Finance Chase Home Finance Chase Middle Market Chase Cardmember Services Middle Market Global Treasury Services Commercial Banking excluding: Insurance Investment Mgmt excluding: Portion of Large Corporate Portion of Large Corporate

 

Proforma Combined compared to Historical Press Release Differences are due to line item reclassifications and purchase accounting adjustments Expenses have increased by $125m in Q2, which is offset by a revenue increase of $105m and a decrease in provision of $20m due to remapping to conform policies in Card Services and Retail Financial Services In addition, Noninterest Revenue of $341m in Q2 has been remapped to Net Interest Income in Card Services to conform policies Purchase accounting adjustments to revenue, expenses, and taxes reflect minor changes from the July 8K due to changes in line item reclassifications; the impact on operating earnings is unchanged JPMC Press Release ONE Press Release = = Purchase Accounting Combined Line item reclassifi- cations (Net Income Neutral) Proforma Combined Operating/managed basis Will not tie to ONE press release due to rounding Page 5 Q2'2004 Example Second Quarter 2004 - Proforma Combined

 

Management Accounting Policy Changes Main drivers of the new policy: core deposit rate applied and duration of deposits Impacts primarily deposit based businesses (Retail Financial Services, Treasury & Securities Services, Asset & Wealth Management and Commercial Banking) In general terms, the new policy results in higher net interest income in the lines of business and the offset is in the Corporate sector (corporate treasury) Funds Transfer Pricing Policy changes do not have any impact at the consolidated level but they impact business segment results Policy changes will be refined in the future New "retained expense" policy Certain expenses related to corporate functions and technology & operations are not being allocated to the lines of business and are being reflected in Corporate; As of 2Q04 retained expenses are approximately $350mm (excluding Private Equity and Treasury); adjustments will still be made in 2005 Expenses not charged to the lines of business include Holding company costs reflected now in Corporate functions Executive management Vacant space (real estate amnesty for unused space) Certain technology and operations costs: Start up costs and market price adjustments Corporate initiatives Services priced to be "best in market" to the businesses Expense Allocations New capital allocated to the lines of business ( Disclosed in next earnings release) Allocated capital to each of the lines of business considers several factors: standalone peer comparables, economic risk measures, and regulatory capital requirements Capital Allocations Reflects new agreement to share economics where clients and products cross the business segments T&SS clients shared with IB report T&SS revenues in T&SS T&SS clients shared with Commercial Bank report T&SS revenues in Commercial Bank Other small agreements between the lines of business Revenue Share Page 6

 

Purchase accounting adjustments Purchase accounting adjustments are composed of fair value adjustments and amortization of intangibles Purchase accounting adjustments provided in the 8K filed on July 30, 2004 reflected 6-month impact (3Q04 and 4Q04) In this filing, purchase accounting adjustments reflect 3Q04 applied to each of the prior six quarters, to come up with proforma combined numbers Adjustments to revenue, expenses, and taxes reflect minor changes from the July 8K due to changes in line item reclassifications; the impact on operating earnings is unchanged Purchase accounting adjustments are also being provided on a line of business basis Page 7

 

     
JPMORGAN CHASE & CO.
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME — REPORTED BASIS
(in millions) 		  (JPMORGANCHASE LOGO)
                                                         
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR   Memo: Pro Forma
    2004   2004   2003   2003   2003   2003   Adjustments (a)
REVENUE
                                                        
Investment Banking Fees
   $ 939     $ 744     $ 925     $ 742     $ 899     $ 696     $ —  
Trading Revenue
     968       1,777       777       852       1,469       1,303       —  
Lending & Deposit Related Fees
     957       941       953       959       894       861       —  
Asset Management, Administration and Commissions
     2,258       2,295       2,092       1,986       1,880       1,850       2  
Securities / Private Equity Gains (Losses)
     403       587       33       375       893       336       —  
Mortgage Fees and Related Income
     360       258       171       63       321       450       (1 )
Credit Card Income
     1,686       1,556       1,762       1,658       1,529       1,475       17  
Other Income
     434       338       344       84       170       164       4  
 
                            
Subtotal
     8,005       8,496       7,057       6,719       8,055       7,135       22  
 
                                                        
Interest Income
     8,736       8,854       8,906       8,970       9,124       9,552       (45 )
Interest Expense
     3,462       3,543       3,468       3,540       3,772       4,057       (190 )
 
                            
Net Interest Income
     5,274       5,311       5,438       5,430       5,352       5,495       145  
 
                            
 
                                                        
 
                            
TOTAL NET REVENUE
     13,279       13,807       12,495       12,149       13,407       12,630       167  
 
                            
 
                                                        
Provision for Credit Losses
     248       153       808       635       892       1,235       —  
 
                                                        
NONINTEREST EXPENSE
                                                       
Compensation Expense
     4,227       4,567       3,691       3,810       4,351       4,270       35  
Occupancy Expense
     596       594       641       552       695       646       (14 )
Technology and Communications Expense
     960       989       933       895       903       794       (2 )
Professional & Outside Services
     1,106       1,197       1,153       1,053       1,061       1,001       —  
Marketing
     521       489       464       432       382       390       —  
Other Expense
     1,037       885       1,031       818       774       749       (9 )
Amortization of Intangibles
     392       391       391       387       384       385       279  
 
                            
Total Noninterest Expense before Merger Costs and Litigation Reserve Charge
     8,839       9,112       8,304       7,947       8,550       8,235       289  
Merger Costs
     90       —       —       —       —       —       —  
Litigation Reserve Charge
     3,700       —       —       —       100       —       —  
 
                            
TOTAL NONINTEREST EXPENSE
     12,629       9,112       8,304       7,947       8,650       8,235       289  
 
                            
 
                                                        
Income before Income Tax Expense
     402       4,542       3,383       3,567       3,865       3,160       (122 )
Income Tax Expense (Benefit)
     (31 )     1,515       1,055       1,193       1,319       1,078       14  
 
                            
NET INCOME (b)
   $ 433     $ 3,027     $ 2,328     $ 2,374     $ 2,546     $ 2,082     $ (136 )
 
                            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.
(b)  
Excludes the net gain on the sale of the Bank One corporate trust business to JPMorgan Chase of $597 million (pre-tax) or $380 million (after-tax) in the fourth quarter of 2003.

Page 8

 

     
JPMORGAN CHASE & CO.
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME — OPERATING BASIS
(in millions) 		  (JPMORGANCHASE LOGO)
                                                         
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR   Memo: Pro Forma
    2004   2004   2003   2003   2003   2003   Adjustments (a)
REVENUE
                                                        
Investment Banking Fees
   $ 939     $ 744     $ 925     $ 742     $ 899     $ 696     $ —  
Trading-Related Revenue (Including Trading NII)
     1,407       2,353       1,295       1,301       1,948       1,986       —  
Lending & Deposit Related Fees
     957       941       953       959       894       861       —  
Asset Management, Administration and Commissions
     2,258       2,295       2,092       1,986       1,880       1,850       2  
Securities / Private Equity Gains (Losses)
     403       587       33       375       893       336       —  
Mortgage Fees and Related Income
     360       258       171       63       321       450       (1 )
Credit Card Income
     975       807       964       863       829       745       17  
Other Income
     389       299       313       70       146       161       4  
 
                            
Subtotal
     7,688       8,284       6,746       6,359       7,810       7,085       22  
 
                                                        
Interest Income
     10,561       10,544       10,692       10,717       10,766       11,017       (45 )
Interest Expense
     3,612       3,697       3,636       3,698       3,938       4,223       (190 )
 
                            
Net Interest Income
     6,949       6,847       7,056       7,019       6,828       6,794       145  
 
                            
 
                                                        
 
                            
TOTAL NET REVENUE
     14,637       15,131       13,802       13,378       14,638       13,879       167  
 
                            
 
                                                        
Managed Provision for Credit Losses
     1,606       1,477       2,115       1,864       2,123       2,484       —  
 
                                                        
NONINTEREST EXPENSE
                                                        
Compensation Expense
     4,227       4,567       3,691       3,810       4,351       4,270       35  
Occupancy Expense
     596       594       641       552       695       646       (14 )
Technology and Communications Expense
     960       989       933       895       903       794       (2 )
Professional & Outside Services
     1,106       1,197       1,153       1,053       1,061       1,001       —  
Marketing
     521       489       464       432       382       390       —  
Other Expense
     1,037       885       1,031       818       874       749       (9 )
Amortization of Intangibles
     392       391       391       387       384       385       279  
 
                            
TOTAL NONINTEREST EXPENSE
     8,839       9,112       8,304       7,947       8,650       8,235       289  
 
                            
 
                                                        
Operating Earnings before Income Tax Expense
     4,192       4,542       3,383       3,567       3,865       3,160       (122 )
Income Tax Expense (Benefit)
     1,405       1,515       1,055       1,193       1,319       1,078       14  
 
                            
OPERATING EARNINGS (b)
   $ 2,787     $ 3,027     $ 2,328     $ 2,374     $ 2,546     $ 2,082     $ (136 )
 
                            

Note: For additional information, see pages 33-38.

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.
(b)  
Excludes the net gain on the sale of the Bank One corporate trust business to JPMorgan Chase of $597 million (pre-tax) or $380 million (after-tax) in the fourth quarter of 2003.

Page 9

 

     
JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO OPERATING BASIS
(in millions) 		  (JPMORGANCHASE LOGO)
                                                 
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR
    2004   2004   2003   2003   2003   2003
REPORTED
                                                
Revenue
                                                
Investment Banking Fees
   $ 939     $ 744     $ 925     $ 742     $ 899     $ 696  
Trading Revenue
     968       1,777       777       852       1,469       1,303  
Lending & Deposit Related Fees
     957       941       953       959       894       861  
Asset Management, Administration and Commissions
     2,258       2,295       2,092       1,986       1,880       1,850  
Securities / Private Equity Gains (Losses)
     403       587       33       375       893       336  
Mortgage Fees and Related Income
     360       258       171       63       321       450  
Credit Card Income
     1,686       1,556       1,762       1,658       1,529       1,475  
Other Income
     434       338       344       84       170       164  
 
                        
Subtotal
     8,005       8,496       7,057       6,719       8,055       7,135  
 
                                                
Interest Income
     8,736       8,854       8,906       8,970       9,124       9,552  
Interest Expense
     3,462       3,543       3,468       3,540       3,772       4,057  
 
                        
Net Interest Income
     5,274       5,311       5,438       5,430       5,352       5,495  
 
                        
 
                                                
Total Net Revenue
     13,279       13,807       12,495       12,149       13,407       12,630  
 
                        
 
                                                
Provision for Credit Losses
     248       153       808       635       892       1,235  
 
                                                
Noninterest Expense
                                                
Merger Costs
     90       —       —       —       —       —  
Litigation Reserve Charge
     3,700       —       —       —       100       —  
All Other Noninterest Expense
     8,839       9,112       8,304       7,947       8,550       8,235  
 
                        
Total Noninterest Expense
     12,629       9,112       8,304       7,947       8,650       8,235  
 
                        
 
                                                
Income (Loss) before Income Tax Expense
     402       4,542       3,383       3,567       3,865       3,160  
Income Tax Expense (Benefit)
     (31 )     1,515       1,055       1,193       1,319       1,078  
 
                        
Net Income (Loss)
   $ 433     $ 3,027     $ 2,328     $ 2,374     $ 2,546     $ 2,082  
 
                        
 
                                                
RECONCILING ITEMS (a)
                                                
Revenue
                                                
Trading-Related Revenue (b)
   $ 439     $ 576     $ 518     $ 449     $ 479     $ 683  
Credit Card Income (c)
     (711 )     (749 )     (798 )     (795 )     (700 )     (730 )
Other Income (c)
     (45 )     (39 )     (31 )     (14 )     (24 )     (3 )
Net Interest Income:
                                                
Trading-Related (b)
     (439 )     (576 )     (518 )     (449 )     (479 )     (683 )
Credit Card Securitizations (c)
     2,114       2,112       2,136       2,038       1,955       1,982  
 
                        
Total Net Interest Income
     1,675       1,536       1,618       1,589       1,476       1,299  
 
                        
 
                                                
Total Net Revenue
     1,358       1,324       1,307       1,229       1,231       1,249  
 
                        
 
                                                
Securitized Credit Losses (c)
     1,358       1,324       1,307       1,229       1,231       1,249  
 
                                                
Noninterest Expense
                                                
Merger Costs (d)
     (90 )     —       —       —       —       —  
Litigation Reserve Charge (d)
     (3,700 )     —       —       —       —       —  
All Other Noninterest Expense
     —       —       —       —       —       —  
 
                        
Total Noninterest Expense
     (3,790 )     —       —       —       —       —  
 
                        
 
                                                
Income before Income Tax Expense
     3,790       —       —       —       —       —  
Income Tax Expense (Benefit)
     1,436       —       —       —       —       —  
 
                        
Net Income
   $ 2,354     $ —     $ —     $ —     $ —     $ —  
 
                        
 
                                                
OPERATING
                                                
Revenue
                                                
Investment Banking Fees
   $ 939     $ 744     $ 925     $ 742     $ 899     $ 696  
Trading-Related Revenue (Including Trading NII)
     1,407       2,353       1,295       1,301       1,948       1,986  
Lending & Deposit Related Fees
     957       941       953       959       894       861  
Asset Management, Administration and Commissions
     2,258       2,295       2,092       1,986       1,880       1,850  
Securities / Private Equity Gains (Losses)
     403       587       33       375       893       336  
Mortgage Fees and Related Income
     360       258       171       63       321       450  
Credit Card Income
     975       807       964       863       829       745  
Other Income
     389       299       313       70       146       161  
 
                        
Subtotal
     7,688       8,284       6,746       6,359       7,810       7,085  
 
                                                
Interest Income
     10,561       10,544       10,692       10,717       10,766       11,017  
Interest Expense
     3,612       3,697       3,636       3,698       3,938       4,223  
 
                        
Net Interest Income
     6,949       6,847       7,056       7,019       6,828       6,794  
 
                        
 
                                                
Total Net Revenue
     14,637       15,131       13,802       13,378       14,638       13,879  
 
                        
 
                                                
Managed Provision for Credit Losses
     1,606       1,477       2,115       1,864       2,123       2,484  
 
                                                
Noninterest Expense
                                                
Merger Costs
     —       —       —       —       —       —  
Litigation Reserve Charge
     —       —       —       —       100       —  
All Other Noninterest Expense
     8,839       9,112       8,304       7,947       8,550       8,235  
 
                        
Total Noninterest Expense
     8,839       9,112       8,304       7,947       8,650       8,235  
 
                        
 
                                                
Operating Earnings before Income Tax Expense
     4,192       4,542       3,383       3,567       3,865       3,160  
Income Tax Expense (Benefit)
     1,405       1,515       1,055       1,193       1,319       1,078  
 
                        
Operating Earnings
   $ 2,787     $ 3,027     $ 2,328     $ 2,374     $ 2,546     $ 2,082  
 
                        

(a)  
Represents only those line items on the Consolidated Statement of Income impacted by the reclassification of trading-related net interest income and the impact of credit card securitizations, as well as for the second quarter of 2004, the Merger Costs and Litigation Reserve Charge line items on the Consolidated Statement of Income.
(b)  
The reclassification of trading-related net interest income from Net Interest Income to Trading Revenue primarily impacts the Investment Bank segment results. See page 12 for further information.
(c)  
The impact of credit card securitizations impacts Card Services. See page 21 for further information.
(d)  
The impact of the Merger Costs and Litigation Reserve Charge are excluded from Operating Earnings, as management believes these items are not part of the Firm’s normal daily business operations (and therefore not indicative of trends), and also do not provide meaningful comparisons with other periods.

Page 10

 

     
JPMORGAN CHASE & CO.
PRO FORMA COMBINED LINE OF BUSINESS FINANCIAL HIGHLIGHTS — OPERATING BASIS
(in millions) 		  (JPMORGANCHASE LOGO)
                                                 
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR
    2004   2004   2003   2003   2003   2003
REVENUE
                                                
Investment Bank
   $ 3,397     $ 4,207     $ 3,316     $ 3,202     $ 3,931     $ 3,805  
Retail Financial Services
     3,947       3,784       3,666       3,390       3,938       3,776  
Card Services
     3,776       3,624       3,737       3,552       3,401       3,278  
Commercial Banking
     866       833       851       855       855       836  
Treasury & Securities Services
     1,368       1,280       1,270       1,199       1,173       1,130  
Asset & Wealth Management
     1,185       1,213       1,189       1,096       1,019       971  
Corporate
     98       190       (227 )     84       321       83  
 
                        
TOTAL NET REVENUE
   $ 14,637     $ 15,131     $ 13,802     $ 13,378     $ 14,638     $ 13,879  
 
                        
 
                                                
OPERATING EARNINGS
                                                
Investment Bank
   $ 1,016     $ 1,351     $ 1,157     $ 1,030     $ 952     $ 790  
Retail Financial Services
     938       744       429       542       880       782  
Card Services
     409       336       396       359       330       283  
Commercial Banking
     234       289       225       191       216       200  
Treasury & Securities Services
     103       93       129       125       94       106  
Asset & Wealth Management
     190       229       199       178       144       108  
Corporate
     (103 )     (15 )     (207 )     (51 )     (70 )     (187 )
 
                        
TOTAL OPERATING EARNINGS
   $ 2,787     $ 3,027     $ 2,328     $ 2,374     $ 2,546     $ 2,082  
 
                        

Page 11

 

     
JPMORGAN CHASE & CO.
INVESTMENT BANK
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JPMORGANCHASE LOGO)
                                                         
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR   Memo: Pro Forma
    2004   2004   2003   2003   2003   2003   Adjustments (a)
REVENUE
                                                        
Investment Banking Fees:
                                                        
Advisory
   $ 269     $ 147     $ 161     $ 161     $ 164     $ 160     $ —  
Equity Underwriting
     223       179       255       176       168       108       —  
Debt Underwriting
     445       417       509       402       564       443       —  
 
                            
Total Investment Banking Fees
     937       743       925       739       896       711       —  
 
                                                        
Trading-Related Revenue: (b)
                                                        
Fixed Income and Other
     1,416       1,994       1,137       1,164       1,766       1,731       —  
Equities
     (88 )     333       93       98       161       206       —  
 
                            
Total Trading-Related Revenue
     1,328       2,327       1,230       1,262       1,927       1,937       —  
 
                                                        
Lending & Deposit Related Fees
     172       155       154       139       126       116       —  
Asset Management, Administration and Commissions
     357       405       333       335       334       315       —  
Other Income
     128       105       166       128       68       58       —  
 
                            
Subtotal
     2,922       3,735       2,808       2,603       3,351       3,137       —  
Net Interest Income (b)
     475       472       508       599       580       668       1  
 
                            
TOTAL NET REVENUE
     3,397       4,207       3,316       3,202       3,931       3,805       1  
 
                            
 
                                                        
Provision for Credit Losses
     (315 )     (303 )     (396 )     (298 )     (45 )     317       —  
Credit Reimbursement from T&SS (c)
     43       43       54       54       54       54       —  
 
                                                        
NONINTEREST EXPENSE
                                                        
Compensation Expense
     1,240       1,492       949       1,061       1,482       1,401       —  
Noncompensation Expense
     935       936       980       859       1,068       915       (5 )
Amortization of Intangibles
     —       —       —       —       —       —       —  
 
                            
TOTAL NONINTEREST EXPENSE
     2,175       2,428       1,929       1,920       2,550       2,316       (5 )
 
                            
 
                                                        
Operating Earnings before Income Tax Expense
     1,580       2,125       1,837       1,634       1,480       1,226       6  
Income Tax Expense (Benefit)
     564       774       680       604       528       436       2  
 
                            
OPERATING EARNINGS
   $ 1,016     $ 1,351     $ 1,157     $ 1,030     $ 952     $ 790     $ 4  
 
                            

Note: For additional information, see pages 39-44.

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.
(b)  
Trading revenue, on a reported basis, excludes the impact of net interest income related to IB’s trading activities; this income is recorded within Net interest income. However, in assessing the profitability of IB’s trading business, the Firm combines these revenues for segment reporting. The amount reclassified from Net interest income to Trading revenue was $427 million, $581 million, $512 million, $447 million, $482 million and $682 million during the quarters ended June 30, 2004, March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003, respectively.
(c)  
Management has charged T&SS a credit reimbursement, which is the pre-tax amount of earnings, less cost of capital, related to certain exposures managed within the IB credit portfolio on behalf of clients shared with T&SS.

Page 12

 

     
JPMORGAN CHASE & CO.
INVESTMENT BANK BUSINESS-RELATED METRICS
PRO FORMA COMBINED HISTORICAL LINE OF BUSINESS INFORMATION
(in millions, except ratios) 		  (JPMORGANCHASE LOGO)
                                                 
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR
    2004   2004   2003   2003   2003   2003
REVENUE BY BUSINESS
                                                
Investment Banking
   $ 937     $ 743     $ 925     $ 739     $ 896     $ 711  
Fixed Income Markets
     1,815       2,330       1,557       1,632       2,389       2,193  
Equities Markets
     194       674       346       347       394       439  
Credit Portfolio
     451       460       488       484       252       462  
 
                        
Total Net Revenue
   $ 3,397     $ 4,207     $ 3,316     $ 3,202     $ 3,931     $ 3,805  
 
                        
 
                                                
REVENUE BY REGION
                                                
Americas
   $ 1,936     $ 2,376     $ 2,109     $ 2,037     $ 2,246     $ 2,316  
Europe/Middle East/Africa
     1,042       1,307       914       921       1,347       1,223  
Asia/Pacific
     419       524       293       244       338       266  
 
                        
Total Net Revenue
   $ 3,397     $ 4,207     $ 3,316     $ 3,202     $ 3,931     $ 3,805  
 
                        
 
                                                
SELECTED BALANCE SHEET (Average)
                                                
Total Assets
   $ 503,396     $ 496,529     $ 482,958     $ 478,720     $ 461,902     $ 482,734  
Loans (a)
     48,968       51,855       60,533       66,830       58,919       66,278  
 
CREDIT DATA AND QUALITY STATISTICS
                                                
 
                                                
Net Charge-offs
   $ 3     $ 24     $ 5     $ 263     $ 277     $ 332  
Nonperforming Assets
                                                
- Nonperforming Loans
     1,345       1,703       1,991       2,846       3,250       3,667  
- Other Nonperforming Assets
     340       357       370       383       395       395  
Net Charge-off Rate (a)
     0.03 %     0.21 %     0.04 %     1.65 %     2.05 %     2.16 %

(a)  
Loans include loans held for sale of $5,259 million, $5,742 million, $4,279 million, $3,778 million, $4,811 million and $3,935 million as of June 30, 2004, March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003, respectively. These amounts are not included in the net charge-off rates.

Page 13

 

     
JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JPMORGANCHASE LOGO)
                                                         
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR   Memo: Pro Forma
    2004   2004   2003   2003   2003   2003   Adjustments (a)
REVENUE
                                                        
Lending & Deposit Related Fees
   $ 375     $ 358     $ 371     $ 373     $ 351     $ 324     $ —  
Asset Management, Administration and Commissions
     338       357       318       295       288       301       2  
Securities / Private Equity Gains (Losses)
     —       —       18       (61 )     324       102       —  
Mortgage Fees and Related Income
     398       261       172       56       317       453       (1 )
Credit Card Income
     89       75       75       79       90       79       —  
Other Income
     65       4       16       (4 )     (12 )     (19 )     —  
 
                            
Subtotal
     1,265       1,055       970       738       1,358       1,240       1  
Net Interest Income
     2,608       2,625       2,696       2,652       2,580       2,536       24  
 
                            
TOTAL NET REVENUE
     3,873       3,680       3,666       3,390       3,938       3,776       25  
 
                            
 
                                                        
Provision for Credit Losses
     175       197       270       375       289       389       —  
 
                                                        
NONINTEREST EXPENSE
                                                        
Compensation Expense
     840       897       802       739       817       789       —  
Noncompensation Expense
     1,297       1,349       1,352       1,276       1,212       1,219       (3 )
Amortization of Intangibles
     133       133       133       133       133       133       132  
 
                            
TOTAL NONINTEREST EXPENSE
     2,270       2,379       2,287       2,148       2,162       2,141       129  
 
                            
 
                                                        
Operating Earnings before Income Tax Expense and Non-Core Portfolio Actions
     1,428       1,104       1,109       867       1,487       1,246       (104 )
Income Tax Expense (Benefit)
     536       413       423       325       554       464       (41 )
 
                            
Operating Earnings before Non-Core Portfolio Actions
     892       691       686       542       933       782       (63 )
 
                            
 
                                                        
Non-Core Portfolio Actions: (b)
                                                        
Impacts to:
                                                        
Other Income
     74       104       —       —       —       —       —  
Provision for Credit Losses
     —       18       415       —       85       —       —  
 
                            
Total Non-Core Portfolio Actions
     74       86       (415 )     —       (85 )     —       —  
Income Tax Expense (Benefit)
     28       33       (158 )     —       (32 )     —       —  
 
                            
Operating Earnings from Non-Core Portfolio Actions
     46       53       (257 )     —       (53 )     —       —  
 
                            
OPERATING EARNINGS
   $ 938     $ 744     $ 429     $ 542     $ 880     $ 782     $ (63 )
 
                            

Note: For additional information, see pages 45-50.

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.
(b)  
Includes gains on loan sales, valuation adjustments and loan loss reserve increases on the Bank One brokered home equity portfolio.

Page 14

 

     
JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions, except ratios) 		  (JPMORGANCHASE LOGO)
                                                 
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR
    2004   2004   2003   2003   2003   2003
SELECTED BALANCE SHEET (Average)
                                                
Total Assets
   $ 226,193     $ 220,424     $ 231,045     $ 231,797     $ 224,044     $ 210,219  
Loans (a)
     195,912       190,350       196,446       196,621       187,315       178,939  
Core Deposits (b)
     161,237       153,275       150,888       155,982       150,274       143,359  
Total Deposits
     186,994       180,019       178,558       184,747       180,474       175,119  
 
                                                
CREDIT DATA AND QUALITY STATISTICS
                                                
Net Charge-offs (c)
   $ 176     $ 236     $ 969     $ 318     $ 285     $ 303  
Nonperforming Loans (d)
     1,282       1,483       1,692       1,851       1,838       1,910  
Nonperforming Assets
     1,551       1,796       2,053       2,215       2,273       2,357  
Allowance for Loan Losses
     1,907       1,909       1,937       2,223       2,166       2,076  
 
                                                
Net Charge-off Rate (a)
     0.40 %     0.56 %     2.26 %     0.77 %     0.72 %     0.80 %
Allowance for Loan Losses to Average Loans (a)
     1.08       1.13       1.14       1.35       1.37       1.35  
Allowance for Loan Losses to Nonperforming Loans (d)
     168       153       138       123       120       110  
Nonperforming Loans to Total Loans
     0.65       0.78       0.86       0.94       0.98       1.07  

(a)  
Loans include loans held for sale of $19,818 million, $21,165 million, $25,998 million, $32,376 million, $28,777 million and $25,438 million at June 30, 2004, March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003, respectively. These amounts are not included in the net charge-off rate or the allowance coverage ratios.
(b)  
Includes demand and savings deposits.
(c)  
Fourth quarter 2003 includes $652 million of net charge-offs related to the non-core Bank One brokered home equity portfolio.
(d)  
Nonperforming loans include loans held for sale of $144 million, $233 million, $286 million, $40 million, $32 million and $30 million at June 30, 2004, March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003, respectively. These amounts are not included in the allowance coverage ratios.

Page 15

 

JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES FINANCIAL HIGHLIGHTS AND BUSINESS-RELATED METRICS
PRO FORMA COMBINED HISTORICAL LINE OF BUSINESS INFORMATION
(in millions, except ratios and where otherwise noted) 		  (JPMORGANCHASE LOGO)
                                                 
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR
    2004   2004   2003   2003   2003   2003
RETAIL BUSINESSES
                                                
HOME FINANCE (a)
                                                
Net Revenue
   $ 1,276     $ 1,109     $ 1,173     $ 1,002     $ 1,611     $ 1,442  
Provision for Credit Losses
     78       45       114       187       163       226  
Noninterest Expense
     541       605       603       565       532       508  
Operating Earnings
     418       294       286       163       582       451  
 
                                                
Origination Volume by Channel (in billions)
                                                
Retail
   $ 27.2     $ 20.0     $ 21.2     $ 35.8     $ 32.1     $ 23.4  
Wholesale
     15.7       9.5       11.2       23.1       18.7       14.4  
Correspondent
     7.9       5.3       9.3       15.5       11.7       8.0  
Correspondent Negotiated Transactions
     12.4       7.7       14.0       25.7       22.5       21.1  
 
                        
Total
     63.2       42.5       55.7       100.1       85.0       66.9  
 
                                                
Origination Volume by Business (in billions)
                                                
Mortgage
   $ 47.9     $ 31.5     $ 44.1     $ 87.9     $ 74.1     $ 59.3  
Home Equity
     15.3       11.0       11.6       12.2       10.9       7.6  
 
                        
Total
     63.2       42.5       55.7       100.1       85.0       66.9  
 
                                                
Business Metrics (in billions)
                                                
Loans Serviced (Ending)
   $ 538.9     $ 521.2     $ 516.2     $ 501.7     $ 486.5     $ 477.8  
MSR Net Carrying Value (Ending)
     5.8       4.3       4.9       4.1       3.0       3.3  
Average Loans Owned
                                                
Mortgage Loans (Average)
     54.9       50.8       61.0       64.8       57.4       50.7  
Home Equity and Other Loans (Average)
     62.4       59.2       57.0       54.9       53.0       52.0  
 
                        
Total Average Loans Owned (b)
     117.3       110.0       118.0       119.7       110.4       102.7  
 
                                                
Credit Quality Statistics
                                                
30+ Day Delinquency Rate
     1.39 %     1.59 %     2.07 %     2.89 %     3.11 %     3.41 %
Net Charge-offs
                                                
Mortgage
   $ 5     $ 4     $ 28     $ 7     $ 13     $ 7  
Home Equity and Other Loans
     62       101       110       147       128       147  
 
                        
Total Net Charge-offs
     67       105       138       154       141       154  
Net Charge-off Rate
                                                
Mortgage
     0.05 %     0.04 %     0.27 %     0.08 %     0.16 %     0.10 %
Home Equity and Other Loans
     0.41       0.72       0.79       1.06       0.97       1.15  
Total Net Charge-off Rate (b)
     0.27       0.45       0.57       0.68       0.67       0.78  
Nonperforming Assets
   $ 987     $ 1,220     $ 1,419     $ 1,517     $ 1,599     $ 1,674  

(a)  
Excludes impacts of noncore portfolio actions disclosed on page 14.
(b)  
Loans include loans held for sale of $17.2 billion, $16.5 billion, $22.5 billion, $29.5 billion, $25.5 billion and $22.1 billion at June 30, 2004, March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003, respectively. These amounts are not included in the net charge-off rates.

Page 16

 

JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES FINANCIAL HIGHLIGHTS AND BUSINESS-RELATED METRICS, CONTINUED
PRO FORMA COMBINED HISTORICAL LINE OF BUSINESS INFORMATION
(in millions, except ratios and where otherwise noted) 		  (JPMORGANCHASE LOGO)
                                                 
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR
    2004   2004   2003   2003   2003   2003
RETAIL BUSINESSES, CONTINUED
                                                
CONSUMER & SMALL BUSINESS BANKING
                                                
Net Revenue
   $ 1,969     $ 2,007     $ 1,896     $ 1,877     $ 1,852     $ 1,865  
Provision for Credit Losses
     37       57       38       58       31       32  
Noninterest Expense
     1,432       1,479       1,380       1,358       1,430       1,437  
Operating Earnings
     308       290       292       283       241       244  
 
                                                
Business Metrics (in billions)
                                                
Small Business Loans (Average)
   $ 12.4     $ 12.2     $ 11.9     $ 11.9     $ 11.7     $ 11.6  
Consumer and Other Loans (Average)
     2.2       2.6       2.3       2.3       2.4       2.8  
 
                        
Total Loans
     14.6       14.8       14.2       14.2       14.1       14.4  
Core Deposits (Average)
     148.2       143.5       139.0       136.2       133.5       129.3  
Total Deposits (Average)
     173.8       170.1       166.4       164.7       163.4       160.7  
 
                                                
Number of Branches
     2,435       2,409       2,402       2,370       2,363       2,358  
Number of ATMs
     6,549       6,496       6,325       6,304       6,029       5,874  
Number of Personal Bankers
     5,417       5,421       5,420       4,899       4,579       4,585  
Debit Cards Issued (in thousands)
     8,057       7,815       7,597       7,485       7,329       7,181  
Number of Personal Checking Accounts (in thousands)
     7,045       6,892       6,757       6,691       6,554       6,463  
Number of Business Checking Accounts (in thousands)
     881       870       860       856       848       842  
 
                                                
Retail Brokerage Business Metrics
                                                
Investment Sales Volume
   $ 2,893     $ 2,717     $ 2,596     $ 2,655     $ 2,738     $ 2,193  
Number of Dedicated Investment Sale Representatives
     1,404       1,440       1,322       1,248       1,207       1,181  
Market Value Customer Assets - End of Period (in billions)
     59.9       58.8       56.6       54.0       52.5       49.5  
 
                                                
Credit Quality Statistics
                                                
Net Charge-offs
                                                
Small Business
   $ 29     $ 20     $ 31     $ 30     $ 33     $ 25  
Consumer and Other Loans
     11       7       18       16       3       1  
 
                        
Total Net Charge-offs
     40       27       49       46       36       26  
Net Charge-off Rate
                                                
Small Business
     0.94 %     0.66 %     1.03 %     1.00 %     1.13 %     0.87 %
Consumer and Other Loans
     2.01       1.08       3.10       2.76       0.50       0.14  
Total Net Charge-off Rate
     1.10       0.73       1.37       1.29       1.02       0.73  
Nonperforming Assets
   $ 317     $ 327     $ 336     $ 373     $ 366     $ 351  

Page 17

 

JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES FINANCIAL HIGHLIGHTS AND BUSINESS-RELATED METRICS, CONTINUED
PRO FORMA COMBINED HISTORICAL LINE OF BUSINESS INFORMATION
(in millions, except ratios and where otherwise noted) 		  (JPMORGANCHASE LOGO)
                                                 
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR
    2004   2004   2003   2003   2003   2003
RETAIL BUSINESSES, CONTINUED
                                                
AUTO FINANCE
                                                
Net Revenue
   $ 454     $ 382     $ 421     $ 432     $ 436     $ 435  
Provision for Credit Losses
     60       95       118       130       95       131  
Noninterest Expense
     159       160       160       157       162       159  
Operating Earnings
     144       77       88       89       110       89  
 
                                                
Business Metrics (in billions)
                                                
Average Loans and Lease Receivables
                                                
Loan Outstanding (Average)
   $ 53.9     $ 54.5     $ 52.4     $ 50.3     $ 50.0     $ 49.0  
Lease Receivables (Average)
     10.1       10.7       11.4       12.1       12.5       12.8  
 
                        
Total Average Loans and Lease Receivables (a)
     64.0       65.2       63.8       62.4       62.5       61.8  
 
                                                
Credit Quality Statistics
                                                
30+ Day Delinquency Rate
     1.30 %     1.26 %     1.71 %     1.68 %     1.64 %     1.56 %
Net Charge-offs
                                                
Loans
   $ 57     $ 85     $ 110     $ 95     $ 87     $ 96  
Lease Receivables
     12       19       20       23       21       27  
 
                        
Total Net Charge-offs
     69       104       130       118       108       123  
Net Charge-off Rate
                                                
Loans (a)
     0.45 %     0.69 %     0.89 %     0.80 %     0.75 %     0.85 %
Lease Receivables
     0.48       0.71       0.70       0.75       0.67       0.86  
Total Net Charge-off Rate (a)
     0.45       0.69       0.86       0.79       0.73       0.85  
Nonperforming Assets
   $ 247     $ 249     $ 298     $ 325     $ 308     $ 332  
 
                                                
INSURANCE
                                                
Net Revenue
   $ 174     $ 182     $ 176     $ 79     $ 39     $ 34  
Noninterest Expense
     138       135       144       68       38       37  
Operating Earnings
     22       30       20       7       —       (2 )
Memo:
                                                
Consolidated Gross Insurance-Related Revenue (b)
     424       413       412       306       270       271  
 
                                                
Business Metrics (Ending Balances)
                                                
Invested Assets
   $ 7,343     $ 7,957     $ 7,638     $ 7,500     $ 1,850     $ 1,567  
Insurance Policy and Claims Reserves
     7,731       7,976       7,808       7,515       1,116       971  
Proprietary Annuity Sales
     74       76       80       127       143       198  
A.M Best Rating
     A       A       A       A       A       A  

(a)  
Loans include loans held for sale of $2.6 billion, $4.7 billion, $3.5 billion, $2.9 billion, $3.3 billion and $3.3 billion at June 30, 2004, March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003, respectively. These amounts are not included in the net charge-off rates.
(b)  
Consolidated gross insurance-related revenue includes revenue reported in the results of other lines of business.

Page 18

 

JPMORGAN CHASE & CO.
CARD SERVICES — MANAGED BASIS
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JPMORGANCHASE LOGO)
                                                         
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR   Memo: Pro Forma
    2004   2004   2003   2003   2003   2003   Adjustments (a)
REVENUE
                                                        
Asset Management, Administration and Commissions
   $ 26     $ 25     $ 27     $ 26     $ 26     $ 33     $ —  
Credit Card Income
     823       678       839       746       702       635       17  
Other Income
     32       66       35       31       72       33       4  
 
                            
Subtotal
     881       769       901       803       800       701       21  
Net Interest Income
     2,895       2,855       2,836       2,749       2,601       2,577       (140 )
 
                            
TOTAL NET REVENUE
     3,776       3,624       3,737       3,552       3,401       3,278       (119 )
 
                            
 
                                                        
Managed Provision for Credit Losses
     1,757       1,725       1,801       1,705       1,641       1,644       —  
 
                                                        
NONINTEREST EXPENSE
                                                        
Compensation Expense
     315       323       302       306       298       297       —  
Noncompensation Expense
     864       853       805       774       744       697       (6 )
Amortization of Intangibles
     187       187       195       192       189       189       93  
 
                            
TOTAL NONINTEREST EXPENSE
     1,366       1,363       1,302       1,272       1,231       1,183       87  
 
                                                        
Operating Earnings Before Income Tax Expense
     653       536       634       575       529       451       (206 )
Income Tax Expense
     244       200       238       216       199       168       (75 )
 
                            
OPERATING EARNINGS
   $ 409     $ 336     $ 396     $ 359     $ 330     $ 283     $ (131 )
 
                            
 
                                                        
Memo: Net Securitization Gains (Amortization)
   $ (2 )   $ 2     $ (19 )   $ (9 )   $ 22     $ —          
 
                                

Note: For additional information, see pages 51-56.

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 19

 

JPMORGAN CHASE & CO.
CARD SERVICES — MANAGED BASIS
FINANCIAL HIGHLIGHTS
(in millions, except ratios and where otherwise noted) 		  (JPMORGANCHASE LOGO)
                                                 
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR
    2004   2004   2003   2003   2003   2003
FINANCIAL METRICS
                                                
% of Average Managed Outstandings:
                                                
Net Interest Income
     9.17 %     9.10 %     8.96 %     8.71 %     8.43 %     8.41 %
Managed Provision for Credit Losses
     5.57       5.50       5.69       5.40       5.32       5.37  
Noninterest Income
     2.79       2.45       2.85       2.55       2.59       2.29  
Risk Adjusted Margin
     6.40       6.05       6.11       5.85       5.70       5.33  
Noninterest Expense
     4.33       4.34       4.11       4.03       3.99       3.86  
Pre-tax Income
     2.07       1.71       2.00       1.82       1.71       1.47  
Operating Earnings
     1.30       1.07       1.25       1.14       1.07       0.92  
 
                                                
BUSINESS METRICS
                                                
Charge Volume (in billions)
   $ 70.6     $ 63.5     $ 68.9     $ 65.4     $ 62.3     $ 58.7  
Net Accounts Opened (in thousands) (a)
     10,269       2,011       1,908       1,976       2,835       2,036  
Credit Cards Issued (in thousands)
     96,343       87,014       85,942       86,150       86,161       84,593  
 
                                                
Merchant Acquiring Business
                                                
Bank Card Volume (in billions)
   $ 119.3     $ 110.1     $ 119.2     $ 107.9     $ 104.4     $ 91.6  
Total Transactions (in millions)
     3,926       3,714       3,934       3,615       3,490       3,135  
 
                                                
SELECTED ENDING BALANCES
                                                
Loans:
                                                
Loans on Balance Sheet
   $ 28,981     $ 29,187     $ 29,543     $ 30,873     $ 31,437     $ 30,669  
Securitized Loans
     69,752       68,747       71,956       71,078       69,621       67,682  
Seller’s Interest and Accrued Interest Receivable (b)
     30,177       27,485       27,193       23,285       24,414       25,156  
 
                        
Managed Loans
   $ 128,910     $ 125,419     $ 128,692     $ 125,236     $ 125,472     $ 123,507  
 
                        
 
                                                
SELECTED AVERAGE BALANCES
                                                
Managed Assets
   $ 134,141     $ 133,797     $ 133,077     $ 132,479     $ 131,686     $ 132,113  
Loans:
                                                
Loans on Balance Sheet
   $ 29,748     $ 29,473     $ 30,042     $ 33,773     $ 32,145     $ 31,229  
Securitized Loans
     68,008       70,054       71,814       69,556       68,313       66,528  
Seller’s Interest and Accrued Interest Receivable (b)
     29,181       26,652       23,763       21,829       23,281       26,458  
 
                        
Managed Loans
   $ 126,937     $ 126,179     $ 125,619     $ 125,158     $ 123,739     $ 124,215  
 
                        
 
                                                
CREDIT QUALITY STATISTICS
                                                
Net Charge-offs
   $ 1,754     $ 1,722     $ 1,736     $ 1,713     $ 1,690     $ 1,695  
Net Charge-off Rate
     5.56 %     5.49 %     5.48 %     5.43 %     5.48 %     5.53 %
12 Month Lagged
     5.70       5.58       5.67       5.74       5.91       6.11  
 
                                                
Delinquency ratios
                                                
30+ days
     3.72 %     4.02 %     4.21 %     4.24 %     4.13 %     4.29 %
90+ days
     1.73       1.95       1.99       1.95       1.92       2.00  
 
                                                
Allowance for Loan Losses
     1,677       1,674       1,671       1,606       1,616       1,667  
Allowance for Loan Losses to Period-end Loans
     5.79 %     5.74 %     5.66 %     5.20 %     5.14 %     5.44 %

(a)  
Net accounts opened includes originations, purchases and sales.
(b)  
Due to the decertification of seller’s interest effective July 1, 2004, seller’s interest will be reported in Loans on the Consolidated balance sheet in future reporting periods.

Page 20

 

JPMORGAN CHASE & CO.
CARD RECONCILIATION OF REPORTED AND MANAGED DATA
(in millions) 		  (JPMORGANCHASE LOGO)
                                                 
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR
    2004   2004   2003   2003   2003   2003
INCOME STATEMENT DATA (a)
                                                
Credit Card Income
                                                
Reported Data for the period
   $ 1,534     $ 1,427     $ 1,637     $ 1,541     $ 1,402     $ 1,365  
Securitization Adjustments
     (711 )     (749 )     (798 )     (795 )     (700 )     (730 )
 
                        
Managed Credit Card Income
   $ 823     $ 678     $ 839     $ 746     $ 702     $ 635  
 
                        
 
                                                
Other Income
                                                
Reported Data for the Period
   $ 77     $ 105     $ 66     $ 45     $ 96     $ 36  
Securitization Adjustments
     (45 )     (39 )     (31 )     (14 )     (24 )     (3 )
 
                        
Managed Other Income
   $ 32     $ 66     $ 35     $ 31     $ 72     $ 33  
 
                        
 
                                                
Net Interest Income
                                                
Reported Data for the Period
   $ 781     $ 743     $ 700     $ 711     $ 646     $ 595  
Securitization Adjustments
     2,114       2,112       2,136       2,038       1,955       1,982  
 
                        
Managed Net Interest Income
   $ 2,895     $ 2,855     $ 2,836     $ 2,749     $ 2,601     $ 2,577  
 
                        
 
                                                
Total Net Revenue (b)
                                                
Reported Data for the Period
   $ 2,418     $ 2,300     $ 2,430     $ 2,323     $ 2,170     $ 2,029  
Securitization Adjustments
     1,358       1,324       1,307       1,229       1,231       1,249  
 
                        
Managed Total Net Revenue
   $ 3,776     $ 3,624     $ 3,737     $ 3,552     $ 3,401     $ 3,278  
 
                        
 
                                                
Provision for Credit Losses
                                                
Reported Data for the Period
   $ 399     $ 401     $ 494     $ 476     $ 410     $ 395  
Securitization Adjustments
     1,358       1,324       1,307       1,229       1,231       1,249  
 
                        
Managed Provision for Credit Losses
   $ 1,757     $ 1,725     $ 1,801     $ 1,705     $ 1,641     $ 1,644  
 
                        
 
                                                
BALANCE SHEET — AVERAGE BALANCES
                                                
Total Average Assets
                                                
Reported Data for the Period
   $ 66,133     $ 63,743     $ 61,263     $ 62,923     $ 63,373     $ 65,585  
Securitization Adjustments
     68,008       70,054       71,814       69,556       68,313       66,528  
 
                        
Managed Average Assets
   $ 134,141     $ 133,797     $ 133,077     $ 132,479     $ 131,686     $ 132,113  
 
                        
 
                                                
CREDIT QUALITY STATISTICS
                                                
Net Charge-offs
                                                
Reported Net Charge-offs Data for the Period
   $ 396     $ 398     $ 429     $ 484     $ 459     $ 446  
Securitization Adjustments
     1,358       1,324       1,307       1,229       1,231       1,249  
 
                        
Managed Net Charge-offs
   $ 1,754     $ 1,722     $ 1,736     $ 1,713     $ 1,690     $ 1,695  
 
                        

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

Page 21

 

     
JPMORGAN CHASE & CO.
COMMERCIAL BANKING
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions, except ratios) 		  (JPMORGANCHASE LOGO)
                                                         
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR   Memo: Pro Forma
    2004   2004   2003   2003   2003   2003   Adjustments (a)
REVENUE
                                                        
Lending & Deposit Related Fees
   $ 168     $ 162     $ 169     $ 188     $ 188     $ 180     $ —  
Asset Management, Administration and Commissions
     10       11       11       12       12       13       —  
Other Income (b)
     95       77       75       66       62       55       —  
 
                            
Subtotal
     273       250       255       266       262       248       —  
Net Interest Income
     593       583       596       589       593       588       (12 )
 
                            
TOTAL NET REVENUE
     866       833       851       855       855       836       (12 )
 
                            
 
                                                        
Provision for Credit Losses
     18       (86 )     33       84       42       52       —  
 
                                                        
NONINTEREST EXPENSE
                                                        
Compensation Expense
     167       158       152       162       147       150       —  
Noncompensation Expense
     286       274       281       280       297       291       (1 )
Amortization of Intangibles
     18       18       18       19       19       19       18  
 
                            
TOTAL NONINTEREST EXPENSE
     471       450       451       461       463       460       17  
 
                            
 
                                                        
Operating Earnings before Income Tax Expense
     377       469       367       310       350       324       (29 )
Income Tax Expense (Benefit)
     143       180       142       119       134       124       (11 )
 
                            
OPERATING EARNINGS
   $ 234     $ 289     $ 225     $ 191     $ 216     $ 200     $ (18 )
 
                            
 
                                                        
SELECTED BALANCE SHEET (Average)
                                                        
Total Assets
   $ 55,268     $ 54,279     $ 54,359     $ 56,206     $ 57,699     $ 59,426          
Loans
     49,727       48,858       48,874       50,461       52,097       53,598          
Deposits
     67,695       64,324       59,875       58,259       55,034       54,646          
 
                                                        
CREDIT DATA AND QUALITY STATISTICS
                                                        
Net Charge-offs
   $ 30     $ —     $ 51     $ 83     $ 60     $ 79          
Nonperforming Loans
     614       780       875       1,084       1,240       1,192          
Net Charge-off Rate
     0.24 %     — %     0.41 %     0.65 %     0.46 %     0.60 %        

Note: For additional information, see pages 57-62.

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.
(b)  
IB-related revenues are included in Other Income.

Page 22

 

     
JPMORGAN CHASE & CO.
TREASURY & SECURITIES SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JPMORGANCHASE LOGO)
                                                         
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR   Memo: Pro Forma
    2004   2004   2003   2003   2003   2003   Adjustments (a)
REVENUE
                                                        
Lending & Deposit Related Fees
   $ 243     $ 245     $ 243     $ 238     $ 229     $ 227     $ —  
Asset Management, Administration and Commissions
     645       601       551       522       509       473       —  
Other Income
     109       85       123       75       73       70       —  
 
                            
Subtotal
     997       931       917       835       811       770       —  
Net Interest Income
     371       349       353       364       362       360       —  
 
                            
TOTAL NET REVENUE
     1,368       1,280       1,270       1,199       1,173       1,130       —  
 
                            
 
                                                        
Provision for Credit Losses
     3       1       3       2       4       2       —  
Credit Reimbursement to IB (b)
     (43 )     (43 )     (54 )     (54 )     (54 )     (54 )     —  
 
                                                        
NONINTEREST EXPENSE
                                                        
Compensation Expense
     466       470       452       437       431       428       —  
Noncompensation Expense
     678       599       540       499       526       469       —  
Amortization of Intangibles
     31       32       25       22       22       22       16  
 
                            
TOTAL NONINTEREST EXPENSE
     1,175       1,101       1,017       958       979       919       16  
 
                            
 
                                                        
Operating Earnings before Income Tax Expense
     147       135       196       185       136       155       (16 )
Income Tax Expense (Benefit)
     44       42       67       60       42       49       (6 )
 
                            
OPERATING EARNINGS
   $ 103     $ 93     $ 129     $ 125     $ 94     $ 106     $ (10 )
 
                            
 
                                                        
REVENUE BY BUSINESS
                                                        
Treasury Services (c)
   $ 584     $ 566     $ 526     $ 517     $ 500     $ 522          
Investor Services
     470       413       396       383       372       351          
Institutional Trust Services
     314       301       348       299       301       257          
 
                                
TOTAL NET REVENUE
   $ 1,368     $ 1,280     $ 1,270     $ 1,199     $ 1,173     $ 1,130          
 
                                
 
                                                        
MEMO
                                                        
Treasury Services Firmwide Revenue (c)
   $ 1,164     $ 1,131     $ 1,095     $ 1,112     $ 1,097     $ 1,084          
 
                                

Note: For additional information, see pages 63-68.

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.
(b)  
Management has charged T&SS a credit reimbursement, which is the pre-tax amount of earnings, less cost of capital, related to certain exposures managed within the IB credit portfolio on behalf of clients shared with T&SS.
(c)  
T&SS firmwide revenues include T&SS revenues recorded in the other lines of business. Revenues associated with Treasury Services customers who are also customers of the Commercial Bank, Consumer & Small Business and Asset and Wealth Management lines of business are reported in these other lines of business and are excluded from Treasury Services as follows:

                                                         
($’s in millions)   2QTR   1QTR   4QTR   3QTR   2QTR   1QTR   Memo: Pro Forma
    2004   2004   2003   2003   2003   2003        
Treasury Services Revenue Reported in Commercial Banking
   $ 485     $ 476     $ 474     $ 483     $ 468     $ 453          
Treasury Services Revenue Reported in Other Lines of Business
     95       89       95       112       129       109          

Page 23

 

     
JPMORGAN CHASE & CO.
TREASURY & SECURITIES SERVICES
PRO FORMA COMBINED HISTORICAL LINE OF BUSINESS INFORMATION
(in millions, except ratios and where otherwise noted) 		  (JPMORGANCHASE LOGO)
                                                 
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR
    2004   2004   2003   2003   2003   2003
BUSINESS METRICS
                                                
Assets under Custody (in billions)
   $ 7,980     $ 8,001     $ 7,597     $ 6,926     $ 6,777     $ 6,269  
Corporate Trust Securities under Administration (in billions)
     2,198       1,924       1,909       1,888       1,982       1,965  
 
                                                
SELECTED BALANCE SHEET (Average)
                                                
Total Assets
   $ 26,745     $ 25,141     $ 26,610     $ 24,853     $ 25,719     $ 22,578  
Loans
     8,272       7,524       7,775       7,865       7,874       5,733  
Deposits (a)
     134,822       124,824       115,578       115,701       108,257       104,440  

(a)  
Includes DDA, money markets and foreign deposits.

Page 24

 

     
JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions, except ratios) 		  (JPMORGANCHASE LOGO)
                                                         
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR   Memo: Pro Forma
    2004   2004   2003   2003   2003   2003   Adjustments (a)
REVENUE
                                                        
Lending & Deposit Related Fees
   $ 9     $ 10     $ 11     $ 11     $ 10     $ 12     $ —  
Asset Management, Administration and Commissions
     886       911       844       790       723       715       —  
Other Income
     49       52       89       53       54       17       —  
 
                            
Subtotal
     944       973       944       854       787       744       —  
Net Interest Income
     241       240       245       242       232       227       (5 )
 
                            
TOTAL NET REVENUE
     1,185       1,213       1,189       1,096       1,019       971       (5 )
 
                            
 
                                                        
Provision for Credit Losses
     (5 )     9       37       (3 )     6       8       —  
 
                                                        
NONINTEREST EXPENSE
                                                        
Compensation Expense
     448       428       409       424       400       393       —  
Noncompensation Expense
     423       394       413       374       365       368       —  
Amortization of Intangibles
     23       23       22       22       22       22       20  
 
                            
TOTAL NONINTEREST EXPENSE
     894       845       844       820       787       783       20  
 
                            
 
                                                        
Operating Earnings before Income Tax Expense
     296       359       308       279       226       180       (25 )
Income Tax Expense (Benefit)
     106       130       109       101       82       72       (9 )
 
                            
OPERATING EARNINGS
   $ 190     $ 229     $ 199     $ 178     $ 144     $ 108     $ (16 )
 
                            
 
                                                        
REVENUE BY CLIENT SEGMENT
                                                        
Institutional
   $ 269     $ 281     $ 264     $ 246     $ 222     $ 236          
Private Bank
     388       394       406       386       369       354          
Private Client Services
     241       254       237       231       228       224          
Retail
     287       284       282       233       200       157          
 
                                
Total Net Revenue
   $ 1,185     $ 1,213     $ 1,189     $ 1,096     $ 1,019     $ 971          
 
                                
 
                                                        
SELECTED BALANCE SHEET (Average)
                                                        
Total Assets
   $ 40,223     $ 40,171     $ 38,765     $ 37,834     $ 38,471     $ 38,279          
Loans
     24,943       24,130       23,618       22,751       23,353       23,617          
Deposits
     36,552       34,792       32,722       31,372       30,151       29,246          
 
                                                        
CREDIT DATA AND QUALITY STATISTICS
                                                        
Net Charge-offs
   $ 6     $ 53     $ 1     $ 2     $ 17     $ 1          
Nonperforming Loans
     144       159       215       196       221       254          
Net Charge-off Rate
     0.10 %     0.88 %     0.02 %     0.03 %     0.29 %     0.02 %        

Note: For additional information, see pages 69-74.

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 25

 

     
JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
PRO FORMA COMBINED HISTORICAL LINE OF BUSINESS INFORMATION
(in billions) 		  (JPMORGANCHASE LOGO)
                                                 
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR
    2004   2004   2003   2003   2003   2003
Asset Class
                                                
Liquidity
   $ 216     $ 228     $ 228     $ 215     $ 215     $ 215  
Fixed Income
     180       185       181       183       173       165  
Equities, Balanced and Other
     355       359       335       304       293       277  
 
                        
Assets under Management
     751       772       744       702       681       657  
Custody / Brokerage / Administration / Deposits
     428       415       397       385       366       301  
 
                        
Total Assets under Supervision
   $ 1,179     $ 1,187     $ 1,141     $ 1,087     $ 1,047     $ 958  
 
                        
 
                                                
Client Segment
                                                
Institutional
                                                
Assets under Management
   $ 436     $ 449     $ 436     $ 417     $ 383     $ 370  
Custody / Brokerage / Administration / Deposits
     170       164       160       156       148       141  
 
                        
Assets under Supervision
     606       613       596       573       531       511  
Private Bank
                                                
Assets under Management
     139       141       138       132       130       125  
Custody / Brokerage / Administration / Deposits
     138       135       128       127       121       109  
 
                        
Assets under Supervision
     277       276       266       259       251       234  
Private Client Services
                                                
Assets under Management
     51       52       52       50       50       48  
Custody / Brokerage / Administration / Deposits
     40       39       38       36       36       34  
 
                        
Assets under Supervision
     91       91       90       86       86       82  
Retail
                                                
Assets under Management
     125       129       117       103       118       114  
Custody / Brokerage / Administration / Deposits
     80       78       72       66       61       17  
 
                        
Assets under Supervision
     205       207       189       169       179       131  
 
                        
Total Assets under Supervision
   $ 1,179     $ 1,187     $ 1,141     $ 1,087     $ 1,047     $ 958  
 
                        
 
                                                
Geographic Region
                                                
Americas
                                                
Assets under Management
   $ 546     $ 560     $ 548     $ 526     $ 521     $ 512  
Custody / Brokerage / Administration / Deposits
     396       385       362       352       335       273  
 
                        
Assets under Supervision
     942       945       910       878       856       785  
International
                                                
Assets under Management
     205       212       196       176       161       146  
Custody / Brokerage / Administration / Deposits
     32       30       35       33       30       27  
 
                        
Assets under Supervision
     237       242       231       209       191       173  
 
                        
Total Assets under Supervision
   $ 1,179     $ 1,187     $ 1,141     $ 1,087     $ 1,047     $ 958  
 
                        
 
                                                
Assets Under Supervision Rollforward
                                                
Beginning Balance
   $ 1,187     $ 1,141     $ 1,087     $ 1,047     $ 958     $ 974  
Net Assets Flows
     —       14       (1 )     11       (8 )     (11 )
Market / Other Impact
     (8 )     32       55       29       97       (5 )
 
                        
Ending Balance
   $ 1,179     $ 1,187     $ 1,141     $ 1,087     $ 1,047     $ 958  
 
                        

Page 26

 

JPMORGAN CHASE & CO.
CORPORATE
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JPMORGANCHASE LOGO)
                                                         
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR   Memo: Pro Forma
    2004   2004   2003   2003   2003   2003   Adjustments (a)
REVENUE
                                                        
Trading Revenue
   $ 70     $ 17     $ 21     $ 34     $ 30     $ 50     $ —  
Securities / Private Equity Gains (Losses)
     343       561       (9 )     405       528       207       —  
Other Income
     (81 )     (111 )     (61 )     (179 )     (117 )     (12 )     —  
 
                            
Subtotal
     332       467       (49 )     260       441       245       —  
Net Interest Income
     (234 )     (277 )     (178 )     (176 )     (120 )     (162 )     277  
 
                            
TOTAL NET REVENUE
     98       190       (227 )     84       321       83       277  
 
                            
 
                                                        
Provision for Credit Losses
     (27 )     (84 )     (48 )     (1 )     101       72       —  
 
                                                        
NONINTEREST EXPENSE
                                                        
Compensation Expense
     751       799       625       681       776       812       35  
Noncompensation Expense
     1,200       1,201       1,230       1,084       1,127       1,069       (10 )
Net Expenses Allocated to Other Businesses
     (1,463 )     (1,452 )     (1,379 )     (1,396 )     (1,424 )     (1,448 )     —  
Amortization of Intangibles
     —       (2 )     (2 )     (1 )     (1 )     —       —  
 
                            
TOTAL NONINTEREST EXPENSE
     488       546       474       368       478       433       25  
 
                            
 
                                                        
Operating Earnings before Income Tax Expense
     (363 )     (272 )     (653 )     (283 )     (258 )     (422 )     252  
Income Tax Expense (Benefit)
     (260 )     (257 )     (446 )     (232 )     (188 )     (235 )     154  
 
                            
OPERATING EARNINGS
   $ (103 )   $ (15 )   $ (207 )   $ (51 )   $ (70 )   $ (187 )   $ 98  
 
                            
 
                                                        
Treasury Securities Gains (Losses) (b)
   $ (54 )   $ 226     $ (267 )   $ 107     $ 477     $ 423          
 
                                
Treasury Investment Portfolio
     89,248       85,460       97,926       99,029       94,014       86,097          
 
                                
 
                                                        
Private Equity Gains (Losses)
                                                        
Direct Investments
   $ 370     $ 310     $ 150     $ 287     $ 155     $ (118 )        
Third-Party Fund Investments
     22       23       72       28       (113 )     (101 )        
 
                                
Total Private Equity Gains (Losses)
   $ 392     $ 333     $ 222     $ 315     $ 42     $ (219 )        
 
                                
 
                                                        
Private Equity Portfolio information
                                                        
Direct Investments
                                                        
Public Securities
                                                        
Carrying Value
   $ 936     $ 809     $ 741     $ 774     $ 660     $ 538          
Cost
     623       578       509       633       604       697          
Quoted Public Value
     1,431       1,239       1,109       1,182       967       770          
Private Direct Securities
                                                        
Carrying Value
     6,140       6,424       6,980       6,945       6,704       6,480          
Cost
     7,757       7,924       8,429       8,488       8,305       8,045          
Third-Party Fund Investments
                                                        
Carrying Value
     1,559       1,803       1,896       2,142       2,256       2,436          
Cost
     2,161       2,447       2,614       2,912       3,016       3,289          
 
                                
 
                                                        
Total Private Equity Portfolio — Carrying Value
   $ 8,635     $ 9,036     $ 9,617     $ 9,861     $ 9,620     $ 9,454          
 
                                
 
                                                        
Total Private Equity Portfolio — Cost
   $ 10,541     $ 10,949     $ 11,552     $ 12,033     $ 11,925     $ 12,031          
 
                                

Note: For additional information, see pages 75-80.

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.
(b)  
Excludes gains/losses on securities used to manage the risk associated with mortgage servicing rights.

Page 27

 

JPMORGAN CHASE & CO.
PRO FORMA COMBINED HISTORICAL CREDIT-RELATED INFORMATION
(in millions) 		  (JPMORGANCHASE LOGO)
                                                 
    Jun 30   Mar 31   Dec 31   Sep 30   Jun 30   Mar 31
    2004   2004   2003   2003   2003   2003
CREDIT EXPOSURE
                                                
WHOLESALE (a)
                                                
Loans — U.S.
   $ 102,234     $ 101,829     $ 106,477     $ 113,512     $ 112,917     $ 113,753  
Loans — Non-U.S.
     33,151       34,376       33,832       33,290       38,871       37,204  
 
                        
TOTAL WHOLESALE LOANS — REPORTED
     135,385       136,205       140,309       146,802       151,788       150,957  
 
                                                
CONSUMER (b)
                                                
Home Finance
     120,100       111,318       110,716       123,385       112,422       104,267  
Auto Finance
     62,671       64,784       63,754       63,375       62,007       62,664  
Small Business and Other Consumer
     13,835       13,665       13,343       13,476       14,323       13,661  
Credit Card Receivables — Reported
     28,981       29,187       29,543       30,873       31,437       30,669  
 
                        
TOTAL CONSUMER LOANS — REPORTED
     225,587       218,954       217,356       231,109       220,189       211,261  
 
                                                
TOTAL LOANS — REPORTED
     360,972       355,159       357,665       377,911       371,977       362,218  
Credit Card Securitizations
     99,929       96,232       99,149       94,363       94,035       92,838  
 
                        
TOTAL LOANS- MANAGED
     460,901       451,391       456,814       472,274       466,012       455,056  
Derivative Receivables
     55,085       63,898       88,959       89,390       98,945       91,206  
Other Receivables
     108       108       108       108       108       108  
 
                        
TOTAL CREDIT-RELATED ASSETS
     516,094       515,397       545,881       561,772       565,065       546,370  
Wholesale Lending-Related Commitments
     321,615       333,655       324,030       348,631       364,091       365,080  
 
                        
TOTAL
   $ 837,709     $ 849,052     $ 869,911     $ 910,403     $ 929,156     $ 911,450  
 
                        
 
                                                
Memo: Total by Category
                                                
Total Wholesale Exposure (c)
   $ 512,193     $ 533,866     $ 553,406     $ 584,931     $ 614,932     $ 607,351  
Total Consumer Managed Loans (d) (e)
     325,516       315,186       316,505       325,472       314,224       304,099  
 
                        
Total
   $ 837,709     $ 849,052     $ 869,911     $ 910,403     $ 929,156     $ 911,450  
 
                        

(a)  
Includes Investment Bank, Treasury & Securities Services, Asset & Wealth Management and Commercial Banking.
(b)  
Includes Retail Financial Services and Card Services.
(c)  
Represents Total Wholesale Loans, Derivative Receivables, Other Receivables and Wholesale Lending-Related Commitments.
(d)  
Excludes consumer lending-related commitments.
(e)  
Represents Total Consumer Loans plus Credit Card Securitizations.

Page 28

 

JPMORGAN CHASE & CO.
PRO FORMA COMBINED HISTORICAL CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratios) 		  (JPMORGANCHASE LOGO)
                                                 
    Jun 30   Mar 31   Dec 31   Sep 30   Jun 30   Mar 31
    2004   2004   2003   2003   2003   2003
NONPERFORMING ASSETS AND RATIOS
                                                
WHOLESALE
                                                
Loans — U.S.
   $ 1,382     $ 1,786     $ 2,108     $ 2,804     $ 3,488     $ 3,755  
Loans — Non-U.S.
     726       856       973       1,322       1,223       1,358  
 
                        
TOTAL WHOLESALE LOANS REPORTED (Excluding Purchased HFS Wholesale Loans)
     2,108       2,642       3,081       4,126       4,711       5,113  
 
                                                
CONSUMER
                                                
Home Finance
     750       944       1,103       1,197       1,207       1,271  
Auto Finance
     221       220       264       292       280       304  
Small Business and Other Consumer
     311       319       325       362       351       335  
Credit Card Receivables — Reported
     9       10       11       12       13       14  
 
                        
TOTAL CONSUMER LOANS REPORTED
     1,291       1,493       1,703       1,863       1,851       1,924  
 
                                                
TOTAL LOANS REPORTED (Excluding Purchased HFS Wholesale Loans)
     3,399       4,135       4,784       5,989       6,562       7,037  
Derivative Receivables
     223       240       253       260       276       277  
Other Receivables
     108       108       108       108       108       108  
Assets Acquired in Loan Satisfactions
     320       369       422       430       474       480  
 
                        
TOTAL NONPERFORMING ASSETS (Excluding Purchased HFS Wholesale Loans)
   $ 4,050     $ 4,852     $ 5,567     $ 6,787     $ 7,420     $ 7,902  
 
                        
 
                                                
PURCHASED HELD FOR SALE WHOLESALE LOANS (a)
   $ 374     $ 331     $ 22     $ 21     $ 1     $ —  
 
                                                
TOTAL NONPERFORMING LOANS TO TOTAL LOANS
     0.94 %     1.16 %     1.34 %     1.58 %     1.76 %     1.94 %

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

Page 29

 

JPMORGAN CHASE & CO.
PRO FORMA COMBINED HISTORICAL CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratios) 		  (JPMORGANCHASE LOGO)
                                                 
    Jun 30   Mar 31   Dec 31   Sep 30   Jun 30   Mar 31
    2004   2004   2003   2003   2003   2003
NET CHARGE-OFFS
                                                
Wholesale Loans
   $ 41     $ 78     $ 57     $ 348     $ 354     $ 412  
Consumer (Excluding Card)
     176       236       969       318       285       303  
Credit Card Receivables — Reported
     396       398       429       484       459       446  
 
                        
Total Loans — Reported
     613       712       1,455       1,150       1,098       1,161  
Credit Card Securitizations
     1,358       1,324       1,307       1,229       1,231       1,249  
 
                        
Total Loans — Managed
   $ 1,971     $ 2,036     $ 2,762     $ 2,379     $ 2,329     $ 2,410  
 
                        
 
                                                
NET CHARGE-OFF RATES — ANNUALIZED
                                                
Wholesale Loans (a)
     0.13 %     0.25 %     0.17 %     0.96 %     1.03 %     1.15 %
Consumer (Excluding Card) (b)
     0.40       0.56       2.26       0.77       0.72       0.80  
Credit Card Receivables — Reported
     5.35       5.43       5.67       5.69       5.73       5.79  
Total Loans — Reported (a) (b)
     0.74       0.88       1.71       1.33       1.34       1.43  
Credit Card Securitizations
     5.62       5.51       5.43       5.34       5.39       5.45  
Total Loans — Managed (a) (b)
     1.85       1.94       2.53       2.18       2.23       2.31  
 
                                                
Memo: Credit Card — Managed
     5.56       5.49       5.48       5.43       5.48       5.53  

(a)  
Loans include loans held for sale of $5,259 million, $5,742 million, $4,279 million, $3,778 million, $4,811 million and $3,935 million as of June 30, 2004, March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003, respectively. These amounts are not included in the net charge-off rates.
(b)  
Loans include loans held for sale of $19,818 million, $21,165 million, $25,998 million, $32,376 million, $28,777 million and $25,438 million as of June 30, 2004, March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003, respectively. These amounts are not included in the net charge-off rates.

Page 30

 

JPMORGAN CHASE & CO.
PRO FORMA COMBINED HISTORICAL CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratios) 		  (JPMORGANCHASE LOGO)
                                                 
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR
    2004   2004   2003   2003   2003   2003
CHANGE IN THE ALLOWANCE FOR LOAN LOSSES
                                                
Beginning Balance
   $ 7,443     $ 7,995     $ 8,660     $ 9,049     $ 9,141     $ 9,273  
Net Charge-Offs
     (613 )     (712 )     (1,455 )     (1,150 )     (1,098 )     (1,161 )
Provision for Loan Losses
     285       162       790       758       1,008       1,165  
Other (a)
     (25 )     (2 )     —       3       (2 )     (136 )
 
                        
Ending Balance (b)
   $ 7,090     $ 7,443     $ 7,995     $ 8,660     $ 9,049     $ 9,141  
 
                        
CHANGE IN THE ALLOWANCE FOR LENDING-RELATED COMMITMENTS
                                                
Beginning Balance
   $ 805     $ 814     $ 796     $ 920     $ 1,036     $ 965  
Provision for Lending-Related Commitments
     (37 )     (9 )     18       (123 )     (116 )     70  
Other
     —       —       —       (1 )     —       1  
 
                        
Ending Balance (b)
   $ 768     $ 805     $ 814     $ 796     $ 920     $ 1,036  
 
                        
ALLOWANCE COMPONENTS AND RATIOS
                                                
ALLOWANCE FOR LOAN LOSSES
                                                
Total Wholesale
   $ 3,506     $ 3,860     $ 4,387     $ 4,831     $ 5,267     $ 5,398  
Total Consumer
     3,584       3,583       3,608       3,829       3,782       3,743  
 
                        
Total Allowance for Loan Losses
     7,090       7,443       7,995       8,660       9,049       9,141  
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
     768       805       814       796       920       1,036  
 
                        
Total Allowance for Credit Losses
   $ 7,858     $ 8,248     $ 8,809     $ 9,456     $ 9,969     $ 10,177  
 
                        
Wholesale Allowance for Loan Losses to Total Wholesale Loans (c)
     2.69 %     2.96 %     3.23 %     3.38 %     3.58 %     3.67 %
Consumer Allowance for Loan Losses to Total Consumer Loans (d)
     1.74       1.81       1.89       1.93       1.98       2.01  
Allowance for Loan Losses to Total Loans (c) (d)
     2.11       2.27       2.44       2.53       2.67       2.75  
Allowance for Loan Losses to Total Nonperforming Loans (e)
     219       192       179       149       139       131  

(a)  
First quarter 2003 includes $138 million related to the transfer of the allowance for accrued interest and fees on securitized credit card loans.
(b)  
Not restated for the adoption of the combined Firm methodology for estimating the allowance for credit losses.
(c)  
Loans include loans held for sale of $5,259 million, $5,742 million, $4,279 million, $3,778 million, $4,811 million and $3,935 million as of June 30, 2004, March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003, respectively. These amounts are not included in the allowance coverage ratios.
(d)  
Loans include loans held for sale of $19,818 million, $21,165 million, $25,998 million, $32,376 million, $28,777 million and $25,438 million as of June 30, 2004, March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003, respectively. These amounts are not included in the allowance coverage ratios.
(e)  
Nonperforming loans include loans held for sale of $155 million, $263 million, $319 million, $181 million, $55 million and $79 million as of June 30, 2004, March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003, respectively. These amounts are not included in the allowance coverage ratios.

Page 31

 

JPMORGAN CHASE & CO.
PRO FORMA COMBINED HISTORICAL CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratios) 		  (JPMORGANCHASE LOGO)
                                                 
    2QTR   1QTR   4QTR   3QTR   2QTR   1QTR
    2004   2004   2003   2003   2003   2003
PROVISION FOR CREDIT LOSSES
                                                
LOANS
                                                
Investment Bank
   $ (283 )   $ (297 )   $ (389 )   $ (175 )   $ 12     $ 277  
Commercial Banking
     22       (78 )     10       83       101       30  
Treasury & Securities Services
     3       1       3       2       3       2  
Asset & Wealth Management
     (4 )     8       37       (3 )     7       8  
Corporate
     (27 )     (83 )     (48 )     (1 )     101       64  
 
                        
Total Wholesale
     (289 )     (449 )     (387 )     (94 )     224       381  
 
                                                
Retail Financial Services
     175       210       683       376       374       389  
Card Services
     399       401       494       476       410       395  
 
                        
Total Consumer
     574       611       1,177       852       784       784  
 
                        
Total Provision for Loan Losses
     285       162       790       758       1,008       1,165  
 
                        
 
                                                
LENDING-RELATED COMMITMENTS
                                                
Investment Bank
     (32 )     (6 )     (7 )     (123 )     (57 )     40  
Commercial Banking
     (4 )     (8 )     23       1       (59 )     22  
Treasury & Securities Services
     —       —       —       —       1       —  
Asset & Wealth Management
     (1 )     1       —       —       (1 )     —  
Corporate
     —       (1 )     —       —       —       8  
 
                        
Total Wholesale
     (37 )     (14 )     16       (122 )     (116 )     70  
Retail Financial Services
     —       5       2       (1 )     —       —  
Card Services
     —       —       —       —       —       —  
 
                        
Total Consumer
     —       5       2       (1 )     —       —  
 
                        
Total Provision for Lending-Related Commitments
     (37 )     (9 )     18       (123 )     (116 )     70  
 
                        
 
                                                
PROVISION FOR CREDIT LOSSES
                                                
Investment Bank
     (315 )     (303 )     (396 )     (298 )     (45 )     317  
Commercial Banking
     18       (86 )     33       84       42       52  
Treasury & Securities Services
     3       1       3       2       4       2  
Asset & Wealth Management
     (5 )     9       37       (3 )     6       8  
Corporate
     (27 )     (84 )     (48 )     (1 )     101       72  
 
                        
Total Wholesale
     (326 )     (463 )     (371 )     (216 )     108       451  
Retail Financial Services
     175       215       685       375       374       389  
Card Services
     399       401       494       476       410       395  
 
                        
Total Consumer
     574       616       1,179       851       784       784  
 
                        
Total Provision for Credit Losses
     248       153       808       635       892       1,235  
 
                        
 
                                                
Securitized Credit Losses
     1,358       1,324       1,307       1,229       1,231       1,249  
 
                        
Managed Provision for Credit Losses
   $ 1,606     $ 1,477     $ 2,115     $ 1,864     $ 2,123     $ 2,484  
 
                        

Page 32

 

(JPMORGANCHASE LOGO)

APPENDIX

 

 

JPMORGAN CHASE & CO.
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME — OPERATING BASIS
(in millions) 		  (JPMORGANCHASE LOGO)
                                         
    Second Quarter 2004
    Historical   Historical   Total Historical   Pro Forma   Pro Forma
    JPMC   Bank One   Combined   Adjustments(a)   Combined
REVENUE
                                        
Investment Banking Fees
   $ 893     $ 46     $ 939     $ —     $ 939  
Trading Revenue
     1,312       95       1,407       —       1,407  
Lending & Deposit Related Fees
     412       545       957       —       957  
Asset Management, Administration and Commissions
     1,770       486       2,256       2       2,258  
Securities / Private Equity Gains (Losses)
     460       (57 )     403       —       403  
Mortgage Fees and Related Income
     338       23       361       (1 )     360  
Credit Card Income
     324       634       958       17       975  
Other Income
     215       170       385       4       389  
 
                    
Subtotal
     5,724       1,942       7,666       22       7,688  
 
                                        
Interest Income
     6,013       4,593       10,606       (45 )     10,561  
Interest Expense
     2,620       1,182       3,802       (190 )     3,612  
 
                    
Net Interest Income
     3,393       3,411       6,804       145       6,949  
 
                    
 
                                        
 
                    
TOTAL NET REVENUE
     9,117       5,353       14,470       167       14,637  
 
                    
 
                                        
Managed Provision for Credit Losses
     689       917       1,606       —       1,606  
 
                                        
NONINTEREST EXPENSE
                                        
Compensation Expense
     2,943       1,249       4,192       35       4,227  
Occupancy Expense
     440       170       610       (14 )     596  
Technology and Communications Expense
     786       176       962       (2 )     960  
Professional & Outside Services
     752       354       1,106       —       1,106  
Marketing
     202       319       521       —       521  
Other Expense
     511       535       1,046       (9 )     1,037  
Amortization of Intangibles
     79       34       113       279       392  
 
                    
TOTAL NONINTEREST EXPENSE
     5,713       2,837       8,550       289       8,839  
 
                    
 
                                        
Operating Earnings before Income Tax Expense
     2,715       1,599       4,314       (122 )     4,192  
Income Tax Expense (Benefit)
     909       482       1,391       14       1,405  
 
                    
OPERATING EARNINGS
   $ 1,806     $ 1,117     $ 2,923     $ (136 )   $ 2,787  
 
                    

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 33

 

JPMORGAN CHASE & CO.
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME — OPERATING BASIS
(in millions) 		  (JPMORGANCHASE LOGO)
                                         
    First Quarter 2004
    Historical   Historical   Total Historical   Pro Forma   Pro Forma
    JPMC   Bank One   Combined   Adjustments (a)   Combined
REVENUE
                                        
Investment Banking Fees
   $ 692     $ 52     $ 744     $ —     $ 744  
Trading Revenue
     2,296       57       2,353       —       2,353  
Lending & Deposit Related Fees
     414       527       941       —       941  
Asset Management, Administration and Commissions
     1,771       522       2,293       2       2,295  
Securities / Private Equity Gains (Losses)
     432       155       587       —       587  
Mortgage Fees and Related Income
     259       —       259       (1 )     258  
Credit Card Income
     279       511       790       17       807  
Other Income
     93       202       295       4       299  
 
                    
Subtotal
     6,236       2,026       8,262       22       8,284  
 
                                        
Interest Income
     5,888       4,701       10,589       (45 )     10,544  
Interest Expense
     2,640       1,247       3,887       (190 )     3,697  
 
                    
Net Interest Income
     3,248       3,454       6,702       145       6,847  
 
                    
 
                                        
 
                    
TOTAL NET REVENUE
     9,484       5,480       14,964       167       15,131  
 
                    
 
                                        
Managed Provision for Credit Losses
     488       989       1,477       —       1,477  
 
                                        
NONINTEREST EXPENSE
                                        
Compensation Expense
     3,302       1,230       4,532       35       4,567  
Occupancy Expense
     431       177       608       (14 )     594  
Technology and Communications Expense
     819       172       991       (2 )     989  
Professional & Outside Services
     816       381       1,197       —       1,197  
Marketing
     199       290       489       —       489  
Other Expense
     447       447       894       (9 )     885  
Amortization of Intangibles
     79       33       112       279       391  
 
                    
TOTAL NONINTEREST EXPENSE
     6,093       2,730       8,823       289       9,112  
 
                    
 
                                        
Operating Earnings before Income Tax Expense
     2,903       1,761       4,664       (122 )     4,542  
Income Tax Expense (Benefit)
     973       528       1,501       14       1,515  
 
                    
OPERATING EARNINGS
   $ 1,930     $ 1,233     $ 3,163     $ (136 )   $ 3,027  
 
                    

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 34

 

JPMORGAN CHASE & CO.
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME — OPERATING BASIS
(in millions) 		  (JPMORGANCHASE LOGO)
                                         
    Fourth Quarter 2003
    Historical   Historical   Total Historical   Pro Forma   Pro Forma
    JPMC   Bank One   Combined   Adjustments (a)   Combined
REVENUE
                                        
Investment Banking Fees
   $ 846     $ 79     $ 925     $ —     $ 925  
Trading Revenue
     1,272       23       1,295       —       1,295  
Lending & Deposit Related Fees
     451       502       953       —       953  
Asset Management, Administration and Commissions
     1,586       504       2,090       2       2,092  
Securities / Private Equity Gains (Losses)
     192       (159 )     33       —       33  
Mortgage Fees and Related Income
     149       23       172       (1 )     171  
Credit Card Income
     317       630       947       17       964  
Other Income
     232       77       309       4       313  
 
                    
Subtotal
     5,045       1,679       6,724       22       6,746  
 
                                        
Interest Income
     6,117       4,620       10,737       (45 )     10,692  
Interest Expense
     2,594       1,232       3,826       (190 )     3,636  
 
                    
Net Interest Income
     3,523       3,388       6,911       145       7,056  
 
                    
 
                                        
 
                    
TOTAL NET REVENUE
     8,568       5,067       13,635       167       13,802  
 
                    
 
                                        
Managed Provision for Credit Losses
     601       1,514       2,115       —       2,115  
 
                                        
NONINTEREST EXPENSE
                                        
Compensation Expense
     2,508       1,148       3,656       35       3,691  
Occupancy Expense
     482       173       655       (14 )     641  
Technology and Communications Expense
     756       179       935       (2 )     933  
Professional & Outside Services
     777       376       1,153       —       1,153  
Marketing
     200       264       464       —       464  
Other Expense
     461       579       1,040       (9 )     1,031  
Amortization of Intangibles
     74       38       112       279       391  
 
                    
TOTAL NONINTEREST EXPENSE
     5,258       2,757       8,015       289       8,304  
 
                    
 
                                        
Operating Earnings before Income Tax Expense
     2,709       796       3,505       (122 )     3,383  
Income Tax Expense (Benefit)
     845       196       1,041       14       1,055  
 
                    
OPERATING EARNINGS (b)
   $ 1,864     $ 600     $ 2,464     $ (136 )   $ 2,328  
 
                      

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.
(b)  
Excludes the net gain on the sale of the Bank One corporate trust business to JPMorgan Chase of $597 million (pre-tax) or $380 million (after-tax).

Page 35

 

JPMORGAN CHASE & CO.
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME — OPERATING BASIS
(in millions) 		  (JPMORGANCHASE LOGO)
                                         
    Third Quarter 2003
    Historical   Historical   Total Historical   Pro Forma   Pro Forma
    JPMC   Bank One   Combined   Adjustments (a)   Combined
REVENUE
                                        
Investment Banking Fees
   $ 649     $ 93     $ 742     $ —     $ 742  
Trading Revenue
     1,278       23       1,301       —       1,301  
Lending & Deposit Related Fees
     456       503       959       —       959  
Asset Management, Administration and Commissions
     1,518       466       1,984       2       1,986  
Securities / Private Equity Gains (Losses)
     284       91       375       —       375  
Mortgage Fees and Related Income
     15       49       64       (1 )     63  
Credit Card Income
     272       574       846       17       863  
Other Income
     182       (116 )     66       4       70  
 
                    
Subtotal
     4,654       1,683       6,337       22       6,359  
 
                                        
Interest Income
     6,238       4,524       10,762       (45 )     10,717  
Interest Expense
     2,641       1,247       3,888       (190 )     3,698  
 
                    
Net Interest Income
     3,597       3,277       6,874       145       7,019  
 
                    
 
                                        
 
                    
TOTAL NET REVENUE
     8,251       4,960       13,211       167       13,378  
 
                    
 
                                        
Managed Provision for Credit Losses
     694       1,170       1,864       —       1,864  
 
                                        
NONINTEREST EXPENSE
                                        
Compensation Expense
     2,631       1,144       3,775       35       3,810  
Occupancy Expense
     391       175       566       (14 )     552  
Technology and Communications Expense
     719       178       897       (2 )     895  
Professional & Outside Services
     703       350       1,053       —       1,053  
Marketing
     179       253       432       —       432  
Other Expense
     431       396       827       (9 )     818  
Amortization of Intangibles
     73       35       108       279       387  
 
                    
TOTAL NONINTEREST EXPENSE
     5,127       2,531       7,658       289       7,947  
 
                    
 
                                        
Operating Earnings before Income Tax Expense
     2,430       1,259       3,689       (122 )     3,567  
Income Tax Expense (Benefit)
     802       377       1,179       14       1,193  
 
                    
OPERATING EARNINGS
   $ 1,628     $ 882     $ 2,510     $ (136 )   $ 2,374  
 
                    

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 36

 

JPMORGAN CHASE & CO.
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME- OPERATING BASIS
(in millions) 		  (JPMORGANCHASE LOGO)
                                         
    Second Quarter 2003
    Historical   Historical   Total Historical   Pro Forma   Pro Forma
    JPMC   Bank One   Combined   Adjustments (a)   Combined
REVENUE
                                        
Investment Banking Fees
   $ 779     $ 120     $ 899     $ —     $ 899  
Trading Revenue
     2,025       (77 )     1,948       —       1,948  
Lending & Deposit Related Fees
     411       483       894       —       894  
Asset Management, Administration and Commissions
     1,427       451       1,878       2       1,880  
Securities / Private Equity Gains (Losses)
     739       154       893       —       893  
Mortgage Fees and Related Income
     317       5       322       (1 )     321  
Credit Card Income
     273       539       812       17       829  
Other Income
     29       113       142       4       146  
 
                    
Subtotal
     6,000       1,788       7,788       22       7,810  
 
                                        
Interest Income
     6,349       4,462       10,811       (45 )     10,766  
Interest Expense
     2,801       1,327       4,128       (190 )     3,938  
 
                    
Net Interest Income
     3,548       3,135       6,683       145       6,828  
 
                    
 
                                        
 
                    
TOTAL NET REVENUE
     9,548       4,923       14,471       167       14,638  
 
                    
 
                                        
Managed Provision for Credit Losses
     915       1,208       2,123       —       2,123  
 
                                        
NONINTEREST EXPENSE
                                        
Compensation Expense
     3,151       1,165       4,316       35       4,351  
Occupancy Expense
     543       166       709       (14 )     695  
Technology and Communications Expense
     732       173       905       (2 )     903  
Professional & Outside Services
     718       343       1,061       —       1,061  
Marketing
     167       215       382       —       382  
Other Expense
     482       401       883       (9 )     874  
Amortization of Intangibles
     73       32       105       279       384  
 
                    
TOTAL NONINTEREST EXPENSE
     5,866       2,495       8,361       289       8,650  
 
                    
 
                                        
Operating Earnings before Income Tax Expense
     2,767       1,220       3,987       (122 )     3,865  
Income Tax Expense (Benefit)
     940       365       1,305       14       1,319  
 
                    
OPERATING EARNINGS
   $ 1,827     $ 855     $ 2,682     $ (136 )   $ 2,546  
 
                    

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 37

 

JPMORGAN CHASE & CO.
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME — OPERATING BASIS
(in millions) 		  (JPMORGANCHASE LOGO)
                                         
    First Quarter 2003
    Historical   Historical   Total Historical   Pro Forma   Pro Forma
    JPMC   Bank One   Combined   Adjustments (a)   Combined
REVENUE
                                        
Investment Banking Fees
   $ 616     $ 80     $ 696     $ —     $ 696  
Trading Revenue
     1,981       5       1,986       —       1,986  
Lending & Deposit Related Fees
     409       452       861       —       861  
Asset Management, Administration and Commissions
     1,375       473       1,848       2       1,850  
Securities / Private Equity Gains (Losses)
     264       72       336       —       336  
Mortgage Fees and Related Income
     442       9       451       (1 )     450  
Credit Card Income
     225       503       728       17       745  
Other Income
     87       70       157       4       161  
 
                    
Subtotal
     5,399       1,664       7,063       22       7,085  
 
                                        
Interest Income
     6,531       4,531       11,062       (45 )     11,017  
Interest Expense
     3,043       1,370       4,413       (190 )     4,223  
 
                    
Net Interest Income
     3,488       3,161       6,649       145       6,794  
 
                    
 
                                        
 
                    
TOTAL NET REVENUE
     8,887       4,825       13,712       167       13,879  
 
                    
 
                                        
Managed Provision for Credit Losses
     1,200       1,284       2,484       —       2,484  
 
NONINTEREST EXPENSE
                                        
Compensation Expense
     3,097       1,138       4,235       35       4,270  
Occupancy Expense
     496       164       660       (14 )     646  
Technology and Communications Expense
     637       159       796       (2 )     794  
Professional & Outside Services
     677       324       1,001       —       1,001  
Marketing
     164       226       390       —       390  
Other Expense
     420       338       758       (9 )     749  
Amortization of Intangibles
     74       32       106       279       385  
 
                    
TOTAL NONINTEREST EXPENSE
     5,565       2,381       7,946       289       8,235  
 
                    
 
                                        
Operating Earnings before Income Tax Expense
     2,122       1,160       3,282       (122 )     3,160  
Income Tax Expense (Benefit)
     722       342       1,064       14       1,078  
 
                    
OPERATING EARNINGS
   $ 1,400     $ 818     $ 2,218     $ (136 )   $ 2,082  
 
                    

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 38

 

(JPMORGANCHASE LOGO)

INVESTMENT BANK

 

 

     
JPMORGAN CHASE & CO.
INVESTMENT BANK
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions)
  (JPMORGANCHASE LOGO)
                         
    Second Quarter 2004
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Investment Banking Fees:
                        
Advisory
   $ 269     $ —     $ 269  
Equity Underwriting
     223       —       223  
Debt Underwriting
     445       —       445  
 
            
Total Investment Banking Fees
     937       —       937  

Trading-Related Revenue:

                        
Fixed Income and Other
     1,416       —       1,416  
Equities
     (88 )     —       (88 )
 
            
Total Trading-Related Revenue
     1,328       —       1,328  

Lending & Deposit Related Fees

     172       —       172  
Asset Management, Administration and Commissions
     357       —       357  
Other Income
     128       —       128  
 
            
Subtotal
     2,922       —       2,922  
Net Interest Income
     474       1       475  
 
            
TOTAL NET REVENUE
     3,396       1       3,397  
 
            

Provision for Credit Losses

     (315 )     —       (315 )
Credit Reimbursement from T&SS
     43       —       43  

NONINTEREST EXPENSE

                        
Compensation Expense
     1,240       —       1,240  
Noncompensation Expense
     940       (5 )     935  
Amortization of Intangibles
     —       —       —  
 
            
TOTAL NONINTEREST EXPENSE
     2,180       (5 )     2,175  
 
            

Operating Earnings before Income Tax Expense

     1,574       6       1,580  
Income Tax Expense (Benefit)
     562       2       564  
 
            
OPERATING EARNINGS
   $ 1,012     $ 4     $ 1,016  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 39

 

     
JPMORGAN CHASE & CO.
INVESTMENT BANK
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions)
  (JPMORGANCHASE LOGO)
                         
    First Quarter 2004
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Investment Banking Fees:
                        
Advisory
   $ 147     $ —     $ 147  
Equity Underwriting
     179       —       179  
Debt Underwriting
     417       —       417  
 
            
Total Investment Banking Fees
     743       —       743  

Trading-Related Revenue:

                        
Fixed Income and Other
     1,994       —       1,994  
Equities
     333       —       333  
 
            
Total Trading-Related Revenue
     2,327       —       2,327  

Lending & Deposit Related Fees

     155       —       155  
Asset Management, Administration and Commissions
     405       —       405  
Other Income
     105       —       105  
 
            
Subtotal
     3,735       —       3,735  
Net Interest Income
     471       1       472  
 
            
TOTAL NET REVENUE
     4,206       1       4,207  
 
            

Provision for Credit Losses

     (303 )     —       (303 )
Credit Reimbursement from T&SS
     43       —       43  

NONINTEREST EXPENSE

                        
Compensation Expense
     1,492       —       1,492  
Noncompensation Expense
     941       (5 )     936  
Amortization of Intangibles
     —       —       —  
 
            
TOTAL NONINTEREST EXPENSE
     2,433       (5 )     2,428  
 
            

Operating Earnings before Income Tax Expense

     2,119       6       2,125  
Income Tax Expense (Benefit)
     772       2       774  
 
            
OPERATING EARNINGS
   $ 1,347     $ 4     $ 1,351  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 40

 

     
JPMORGAN CHASE & CO.
INVESTMENT BANK
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions)
  (JPMORGANCHASE LOGO)
                         
    Fourth Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Investment Banking Fees:
                        
Advisory
   $ 161     $ —     $ 161  
Equity Underwriting
     255       —       255  
Debt Underwriting
     509       —       509  
 
            
Total Investment Banking Fees
     925       —       925  

Trading-Related Revenue:

                        
Fixed Income and Other
     1,137       —       1,137  
Equities
     93       —       93  
 
            
Total Trading-Related Revenue
     1,230       —       1,230  

Lending & Deposit Related Fees

     154       —       154  
Asset Management, Administration and Commissions
     333       —       333  
Other Income
     166       —       166  
 
            
Subtotal
     2,808       —       2,808  
Net Interest Income
     507       1       508  
 
            
TOTAL NET REVENUE
     3,315       1       3,316  
 
            

Provision for Credit Losses

     (396 )     —       (396 )
Credit Reimbursement from T&SS
     54       —       54  

NONINTEREST EXPENSE

                        
Compensation Expense
     949       —       949  
Noncompensation Expense
     985       (5 )     980  
Amortization of Intangibles
     —       —       —  
 
            
TOTAL NONINTEREST EXPENSE
     1,934       (5 )     1,929  
 
            

Operating Earnings before Income Tax Expense

     1,831       6       1,837  
Income Tax Expense (Benefit)
     678       2       680  
 
            
OPERATING EARNINGS
   $ 1,153     $ 4     $ 1,157  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 41

 

     
JPMORGAN CHASE & CO.
INVESTMENT BANK
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions)
  (JPMORGANCHASE LOGO)
                         
    Third Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Investment Banking Fees:
                        
Advisory
   $ 161     $ —     $ 161  
Equity Underwriting
     176       —       176  
Debt Underwriting
     402       —       402  
 
            
Total Investment Banking Fees
     739       —       739  

Trading-Related Revenue:

                        
Fixed Income and Other
     1,164       —       1,164  
Equities
     98       —       98  
 
            
Total Trading-Related Revenue
     1,262       —       1,262  

Lending & Deposit Related Fees

     139       —       139  
Asset Management, Administration and Commissions
     335       —       335  
Other Income
     128       —       128  
 
            
Subtotal
     2,603       —       2,603  
Net Interest Income
     598       1       599  
 
            
TOTAL NET REVENUE
     3,201       1       3,202  
 
            

Provision for Credit Losses

     (298 )     —       (298 )
Credit Reimbursement from T&SS
     54       —       54  

NONINTEREST EXPENSE

                        
Compensation Expense
     1,061       —       1,061  
Noncompensation Expense
     864       (5 )     859  
Amortization of Intangibles
     —       —       —  
 
            
TOTAL NONINTEREST EXPENSE
     1,925       (5 )     1,920  
 
            

Operating Earnings before Income Tax Expense

     1,628       6       1,634  
Income Tax Expense (Benefit)
     602       2       604  
 
            
OPERATING EARNINGS
   $ 1,026     $ 4     $ 1,030  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 42

 

     
JPMORGAN CHASE & CO.
INVESTMENT BANK
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions)
  (JPMORGANCHASE LOGO)
                         
    Second Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Investment Banking Fees:
                        
Advisory
   $ 164     $ —     $ 164  
Equity Underwriting
     168       —       168  
Debt Underwriting
     564       —       564  
 
            
Total Investment Banking Fees
     896       —       896  

Trading-Related Revenue:

                        
Fixed Income and Other
     1,766       —       1,766  
Equities
     161       —       161  
 
            
Total Trading-Related Revenue
     1,927       —       1,927  

Lending & Deposit Related Fees

     126       —       126  
Asset Management, Administration and Commissions
     334       —       334  
Other Income
     68       —       68  
 
            
Subtotal
     3,351       —       3,351  
Net Interest Income
     579       1       580  
 
            
TOTAL NET REVENUE
     3,930       1       3,931  
 
            

Provision for Credit Losses

     (45 )     —       (45 )
Credit Reimbursement from T&SS
     54       —       54  

NONINTEREST EXPENSE

                        
Compensation Expense
     1,482       —       1,482  
Noncompensation Expense
     1,073       (5 )     1,068  
Amortization of Intangibles
     —       —       —  
 
            
TOTAL NONINTEREST EXPENSE
     2,555       (5 )     2,550  
 
            

Operating Earnings before Income Tax Expense

     1,474       6       1,480  
Income Tax Expense (Benefit)
     526       2       528  
 
            
OPERATING EARNINGS
   $ 948     $ 4     $ 952  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 43

 

     
JPMORGAN CHASE & CO.
INVESTMENT BANK
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions)
  (JPMORGANCHASE LOGO)
                         
    First Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Investment Banking Fees:
                        
Advisory
   $ 160     $ —     $ 160  
Equity Underwriting
     108       —       108  
Debt Underwriting
     443       —       443  
 
            
Total Investment Banking Fees
     711       —       711  

Trading-Related Revenue:

                        
Fixed Income and Other
     1,731       —       1,731  
Equities
     206       —       206  
 
            
Total Trading-Related Revenue
     1,937       —       1,937  

Lending & Deposit Related Fees

     116       —       116  
Asset Management, Administration and Commissions
     315       —       315  
Other Income
     58       —       58  
 
            
Subtotal
     3,137       —       3,137  
Net Interest Income
     667       1       668  
 
            
TOTAL NET REVENUE
     3,804       1       3,805  
 
            

Provision for Credit Losses

     317       —       317  
Credit Reimbursement from T&SS
     54       —       54  

NONINTEREST EXPENSE

                        
Compensation Expense
     1,401       —       1,401  
Noncompensation Expense
     920       (5 )     915  
Amortization of Intangibles
     —       —       —  
 
            
TOTAL NONINTEREST EXPENSE
     2,321       (5 )     2,316  
 
            

Operating Earnings before Income Tax Expense

     1,220       6       1,226  
Income Tax Expense (Benefit)
     434       2       436  
 
            
OPERATING EARNINGS
   $ 786     $ 4     $ 790  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 44

 

(JP MORGAN CHASE LOGO)

RETAIL FINANCIAL SERVICES

 

 

     
JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    Second Quarter 2004
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 375     $ —     $ 375  
Asset Management, Administration and Commissions
     336       2       338  
Securities / Private Equity Gains (Losses)
     —       —       —  
Mortgage Fees and Related Income
     399       (1 )     398  
Credit Card Income
     89       —       89  
Other Income
     65       —       65  
 
            
Subtotal
     1,264       1       1,265  
Net Interest Income
     2,584       24       2,608  
 
            
TOTAL NET REVENUE
     3,848       25       3,873  
 
            
 
                        
Provision for Credit Losses
     175       —       175  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     840       —       840  
Noncompensation Expense
     1,300       (3 )     1,297  
Amortization of Intangibles
     1       132       133  
 
            
TOTAL NONINTEREST EXPENSE
     2,141       129       2,270  
 
            
 
                        
Operating Earnings before Income Tax Expense and Non-Core Portfolio Actions
     1,532       (104 )     1,428  
Income Tax Expense (Benefit)
     577       (41 )     536  
 
            
Operating Earnings before Non-Core Portfolio Actions
     955       (63 )     892  
 
            
 
                        
Non-Core Portfolio Actions: (b)
                        
Impacts to:
                        
Other Income
     74       —       74  
Provision for Credit Losses
     —       —       —  
 
            
Total Non-Core Portfolio Actions
     74       —       74  
Income Tax Expense (Benefit)
     28       —       28  
 
            
Operating Earnings from Non-Core Portfolio Actions
     46       —       46  
 
            
OPERATING EARNINGS
   $ 1,001     $ (63 )   $ 938  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 45

 

     
JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    First Quarter 2004
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 358     $ —     $ 358  
Asset Management, Administration and Commissions
     355       2       357  
Securities / Private Equity Gains (Losses)
     —       —       —  
Mortgage Fees and Related Income
     262       (1 )     261  
Credit Card Income
     75       —       75  
Other Income
     4       —       4  
 
            
Subtotal
     1,054       1       1,055  
Net Interest Income
     2,601       24       2,625  
 
            
TOTAL NET REVENUE
     3,655       25       3,680  
 
            
 
                        
Provision for Credit Losses
     197       —       197  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     897       —       897  
Noncompensation Expense
     1,352       (3 )     1,349  
Amortization of Intangibles
     1       132       133  
 
            
TOTAL NONINTEREST EXPENSE
     2,250       129       2,379  
 
            
 
                        
Operating Earnings before Income Tax Expense and Non-Core Portfolio Actions
     1,208       (104 )     1,104  
Income Tax Expense (Benefit)
     454       (41 )     413  
 
            
Operating Earnings before Non-Core Portfolio Actions
     754       (63 )     691  
 
            
 
                        
Non-Core Portfolio Actions: (b)
                        
Impacts to:
                        
Other Income
     104       —       104  
Provision for Credit Losses
     18       —       18  
 
            
Total Non-Core Portfolio Actions
     86       —       86  
Income Tax Expense (Benefit)
     33       —       33  
 
            
Operating Earnings from Non-Core Portfolio Actions
     53       —       53  
 
            
OPERATING EARNINGS
   $ 807     $ (63 )   $ 744  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 46

 

     
JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    Fourth Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 371     $ —     $ 371  
Asset Management, Administration and Commissions
     316       2       318  
Securities / Private Equity Gains (Losses)
     18       —       18  
Mortgage Fees and Related Income
     173       (1 )     172  
Credit Card Income
     75       —       75  
Other Income
     16       —       16  
 
            
Subtotal
     969       1       970  
Net Interest Income
     2,672       24       2,696  
 
            
TOTAL NET REVENUE
     3,641       25       3,666  
 
            
 
                        
Provision for Credit Losses
     270       —       270  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     802       —       802  
Noncompensation Expense
     1,355       (3 )     1,352  
Amortization of Intangibles
     1       132       133  
 
            
TOTAL NONINTEREST EXPENSE
     2,158       129       2,287  
 
            
 
                        
Operating Earnings before Income Tax Expense and Non-Core Portfolio Actions
     1,213       (104 )     1,109  
Income Tax Expense (Benefit)
     464       (41 )     423  
 
            
Operating Earnings before Non-Core Portfolio Actions
     749       (63 )     686  
 
            
 
                        
Non-Core Portfolio Actions: (b)
                        
Impacts to:
                        
Other Income
     —       —       —  
Provision for Credit Losses
     415       —       415  
 
            
Total Non-Core Portfolio Actions
     (415 )     —       (415 )
Income Tax Expense (Benefit)
     (158 )     —       (158 )
 
            
Operating Earnings from Non-Core Portfolio Actions
     (257 )     —       (257 )
 
            
OPERATING EARNINGS
   $ 492     $ (63 )   $ 429  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 47

 

     
JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    Third Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 373     $ —     $ 373  
Asset Management, Administration and Commissions
     293       2       295  
Securities / Private Equity Gains (Losses)
     (61 )     —       (61 )
Mortgage Fees and Related Income
     57       (1 )     56  
Credit Card Income
     79       —       79  
Other Income
     (4 )     —       (4 )
 
            
Subtotal
     737       1       738  
Net Interest Income
     2,628       24       2,652  
 
            
TOTAL NET REVENUE
     3,365       25       3,390  
 
            
 
                        
Provision for Credit Losses
     375       —       375  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     739       —       739  
Noncompensation Expense
     1,279       (3 )     1,276  
Amortization of Intangibles
     1       132       133  
 
            
TOTAL NONINTEREST EXPENSE
     2,019       129       2,148  
 
            
 
                        
Operating Earnings before Income Tax Expense and Non-Core Portfolio Actions
     971       (104 )     867  
Income Tax Expense (Benefit)
     366       (41 )     325  
 
            
Operating Earnings before Non-Core Portfolio Actions
     605       (63 )     542  
 
            
 
                        
Non-Core Portfolio Actions: (b)
                        
Impacts to:
                        
Other Income
     —       —       —  
Provision for Credit Losses
     —       —       —  
 
            
Total Non-Core Portfolio Actions
     —       —       —  
Income Tax Expense (Benefit)
     —       —       —  
 
            
Operating Earnings from Non-Core Portfolio Actions
     —       —       —  
 
            
OPERATING EARNINGS
   $ 605     $ (63 )   $ 542  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 48

 

     
JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    Second Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 351     $ —     $ 351  
Asset Management, Administration and Commissions
     286       2       288  
Securities / Private Equity Gains (Losses)
     324       —       324  
Mortgage Fees and Related Income
     318       (1 )     317  
Credit Card Income
     90       —       90  
Other Income
     (12 )     —       (12 )
 
            
Subtotal
     1,357       1       1,358  
Net Interest Income
     2,556       24       2,580  
 
            
TOTAL NET REVENUE
     3,913       25       3,938  
 
            
 
                        
Provision for Credit Losses
     289       —       289  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     817       —       817  
Noncompensation Expense
     1,215       (3 )     1,212  
Amortization of Intangibles
     1       132       133  
 
            
TOTAL NONINTEREST EXPENSE
     2,033       129       2,162  
 
            
 
                        
Operating Earnings before Income Tax Expense and Non-Core Portfolio Actions
     1,591       (104 )     1,487  
Income Tax Expense (Benefit)
     595       (41 )     554  
 
            
Operating Earnings before Non-Core Portfolio Actions
     996       (63 )     933  
 
            
 
                        
Non-Core Portfolio Actions: (b)
                        
Impacts to:
                        
Other Income
     —       —       —  
Provision for Credit Losses
     85     —       85
 
            
Total Non-Core Portfolio Actions
     (85 )     —       (85 )
Income Tax Expense (Benefit)
     (32 )     —       (32 )
 
            
Operating Earnings from Non-Core Portfolio Actions
     (53 )     —       (53 )
 
            
OPERATING EARNINGS
   $ 943     $ (63 )   $ 880  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 49

 

     
JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    First Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 324     $ —     $ 324  
Asset Management, Administration and Commissions
     299       2       301  
Securities / Private Equity Gains (Losses)
     102       —       102  
Mortgage Fees and Related Income
     454       (1 )     453  
Credit Card Income
     79       —       79  
Other Income
     (19 )     —       (19 )
 
            
Subtotal
     1,239       1       1,240  
Net Interest Income
     2,512       24       2,536  
 
            
TOTAL NET REVENUE
     3,751       25       3,776  
 
            
 
                        
Provision for Credit Losses
     389       —       389  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     789       —       789  
Noncompensation Expense
     1,222       (3 )     1,219  
Amortization of Intangibles
     1       132       133  
 
            
TOTAL NONINTEREST EXPENSE
     2,012       129       2,141  
 
            
 
                        
Operating Earnings before Income Tax Expense and Non-Core Portfolio Actions
     1,350       (104 )     1,246  
Income Tax Expense (Benefit)
     505       (41 )     464  
 
            
Operating Earnings before Non-Core Portfolio Actions
     845       (63 )     782  
 
            
 
                        
Non-Core Portfolio Actions: (b)
                        
Impacts to:
                        
Other Income
     —       —       —  
Provision for Credit Losses
     —       —       —  
 
            
Total Non-Core Portfolio Actions
     —       —       —  
Income Tax Expense (Benefit)
     —       —       —  
 
            
Operating Earnings from Non-Core Portfolio Actions
     —       —       —  
 
            
OPERATING EARNINGS
   $ 845     $ (63 )   $ 782  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 50

 

(JP MORGAN CHASE LOGO)

CARD SERVICES

 

 

     
JPMORGAN CHASE & CO.
CARD SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    Second Quarter 2004
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Asset Management, Administration and Commissions
   $ 26     $ —     $ 26  
Credit Card Income
     806       17       823  
Other Income
     28       4       32  
 
            
Subtotal
     860       21       881  
Net Interest Income
     3,035       (140 )     2,895  
 
            
TOTAL NET REVENUE
     3,895       (119 )     3,776  
 
            
 
                        
Managed Provision for Credit Losses
     1,757       —       1,757  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     315       —       315  
Noncompensation Expense
     870       (6 )     864  
Amortization of Intangibles
     94       93       187  
 
            
TOTAL NONINTEREST EXPENSE
     1,279       87       1,366  
 
            
 
                        
Operating Earnings before Income Tax Expense
     859       (206 )     653  
Income Tax Expense (Benefit)
     319       (75 )     244  
 
            
OPERATING EARNINGS
   $ 540     $ (131 )   $ 409  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 51

 

     
JPMORGAN CHASE & CO.
CARD SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    First Quarter 2004
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Asset Management, Administration and Commissions
   $ 25     $ —     $ 25  
Credit Card Income
     661       17       678  
Other Income
     62       4       66  
 
            
Subtotal
     748       21       769  
Net Interest Income
     2,995       (140 )     2,855  
 
            
TOTAL NET REVENUE
     3,743       (119 )     3,624  
 
            
 
                        
Managed Provision for Credit Losses
     1,725       —       1,725  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     323       —       323  
Noncompensation Expense
     859       (6 )     853  
Amortization of Intangibles
     94       93       187  
 
            
TOTAL NONINTEREST EXPENSE
     1,276       87       1,363  
 
            
 
                        
Operating Earnings before Income Tax Expense
     742       (206 )     536  
Income Tax Expense (Benefit)
     275       (75 )     200  
 
            
OPERATING EARNINGS
   $ 467     $ (131 )   $ 336  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 52

 

     
JPMORGAN CHASE & CO.
CARD SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    Fourth Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Asset Management, Administration and Commissions
   $ 27     $ —     $ 27  
Credit Card Income
     822       17       839  
Other Income
     31       4       35  
 
            
Subtotal
     880       21       901  
Net Interest Income
     2,976       (140 )     2,836  
 
            
TOTAL NET REVENUE
     3,856       (119 )     3,737  
 
            
 
                        
Managed Provision for Credit Losses
     1,801       —       1,801  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     302       —       302  
Noncompensation Expense
     811       (6 )     805  
Amortization of Intangibles
     102       93       195  
 
            
TOTAL NONINTEREST EXPENSE
     1,215       87       1,302  
 
            
 
                        
Operating Earnings before Income Tax Expense
     840       (206 )     634  
Income Tax Expense (Benefit)
     313       (75 )     238  
 
            
OPERATING EARNINGS
   $ 527     $ (131 )   $ 396  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 53

 

     
JPMORGAN CHASE & CO.
CARD SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    Third Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Asset Management, Administration and Commissions
   $ 26     $ —     $ 26  
Credit Card Income
     729       17       746  
Other Income
     27       4       31  
 
            
Subtotal
     782       21       803  
Net Interest Income
     2,889       (140 )     2,749  
 
            
TOTAL NET REVENUE
     3,671       (119 )     3,552  
 
            
 
                        
Managed Provision for Credit Losses
     1,705       —       1,705  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     306       —       306  
Noncompensation Expense
     780       (6 )     774  
Amortization of Intangibles
     99       93       192  
 
            
TOTAL NONINTEREST EXPENSE
     1,185       87       1,272  
 
            
 
                        
Operating Earnings before Income Tax Expense
     781       (206 )     575  
Income Tax Expense (Benefit)
     291       (75 )     216  
 
            
OPERATING EARNINGS
   $ 490     $ (131 )   $ 359  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 54

 

     
JPMORGAN CHASE & CO.
CARD SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    Second Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Asset Management, Administration and Commissions
   $ 26     $ —     $ 26  
Credit Card Income
     685       17       702  
Other Income
     68       4       72  
 
            
Subtotal
     779       21       800  
Net Interest Income
     2,741       (140 )     2,601  
 
            
TOTAL NET REVENUE
     3,520       (119 )     3,401  
 
            
 
                        
Managed Provision for Credit Losses
     1,641       —       1,641  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     298       —       298  
Noncompensation Expense
     750       (6 )     744  
Amortization of Intangibles
     96       93       189  
 
            
TOTAL NONINTEREST EXPENSE
     1,144       87       1,231  
 
            
 
                        
Operating Earnings before Income Tax Expense
     735       (206 )     529  
Income Tax Expense (Benefit)
     274       (75 )     199  
 
            
OPERATING EARNINGS
   $ 461     $ (131 )   $ 330  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 55

 

     
JPMORGAN CHASE & CO.
CARD SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    First Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Asset Management, Administration and Commissions
   $ 33     $ —     $ 33  
Credit Card Income
     618       17       635  
Other Income
     29       4       33  
 
            
Subtotal
     680       21       701  
Net Interest Income
     2,717       (140 )     2,577  
 
            
TOTAL NET REVENUE
     3,397       (119 )     3,278  
 
            
 
                        
Managed Provision for Credit Losses
     1,644       —       1,644  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     297       —       297  
Noncompensation Expense
     703       (6 )     697  
Amortization of Intangibles
     96       93       189  
 
            
TOTAL NONINTEREST EXPENSE
     1,096       87       1,183  
 
            
 
                        
Operating Earnings before Income Tax Expense
     657       (206 )     451  
Income Tax Expense (Benefit)
     243       (75 )     168  
 
            
OPERATING EARNINGS
   $ 414     $ (131 )   $ 283  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 56

 

(JPMORGANCHASE LOGO)

COMMERCIAL BANKING

 

 

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JPMORGANCHASE LOGO)
                         
    Second Quarter 2004
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 168     $ —     $ 168  
Asset Management, Administration and Commissions
     10       —       10  
Other Income
     95       —       95  
 
            
Subtotal
     273       —       273  
Net Interest Income
     605       (12 )     593  
 
            
TOTAL NET REVENUE
     878       (12 )     866  
 
            
 
                        
Provision for Credit Losses
     18       —       18  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     167       —       167  
Noncompensation Expense
     287       (1 )     286  
Amortization of Intangibles
     —       18       18  
 
            
TOTAL NONINTEREST EXPENSE
     454       17       471  
 
            
 
                        
Operating Earnings before Income Tax Expense
     406       (29 )     377  
Income Tax Expense (Benefit)
     154       (11 )     143  
 
            
OPERATING EARNINGS
   $ 252     $ (18 )   $ 234  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 57

 

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JPMORGANCHASE LOGO)
                         
    First Quarter 2004
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 162     $ —     $ 162  
Asset Management, Administration and Commissions
     11       —       11  
Other Income
     77       —       77  
 
            
Subtotal
     250       —       250  
Net Interest Income
     595       (12 )     583  
 
            
TOTAL NET REVENUE
     845       (12 )     833  
 
            
 
                        
Provision for Credit Losses
     (86 )     —       (86 )
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     158       —       158  
Noncompensation Expense
     275       (1 )     274  
Amortization of Intangibles
     —       18       18  
 
            
TOTAL NONINTEREST EXPENSE
     433       17       450  
 
            
 
                        
Operating Earnings before Income Tax Expense
     498       (29 )     469  
Income Tax Expense (Benefit)
     191       (11 )     180  
 
            
OPERATING EARNINGS
   $ 307     $ (18 )   $ 289  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 58

 

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JPMORGANCHASE LOGO)
                         
    Fourth Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 169     $ —     $ 169  
Asset Management, Administration and Commissions
     11       —       11  
Other Income
     75       —       75  
 
            
Subtotal
     255       —       255  
Net Interest Income
     608       (12 )     596  
 
            
TOTAL NET REVENUE
     863       (12 )     851  
 
            
 
                        
Provision for Credit Losses
     33       —       33  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     152       —       152  
Noncompensation Expense
     282       (1 )     281  
Amortization of Intangibles
     —       18       18  
 
            
TOTAL NONINTEREST EXPENSE
     434       17       451  
 
            
 
                        
Operating Earnings before Income Tax Expense
     396       (29 )     367  
Income Tax Expense (Benefit)
     153       (11 )     142  
 
            
OPERATING EARNINGS
   $ 243     $ (18 )   $ 225  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 59

 

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JPMORGANCHASE LOGO)
                         
    Third Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 188     $ —     $ 188  
Asset Management, Administration and Commissions
     12       —       12  
Other Income
     66       —       66  
 
            
Subtotal
     266       —       266  
Net Interest Income
     601       (12 )     589  
 
            
TOTAL NET REVENUE
     867       (12 )     855  
 
            
 
                        
Provision for Credit Losses
     84       —       84  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     162       —       162  
Noncompensation Expense
     281       (1 )     280  
Amortization of Intangibles
     1       18       19  
 
            
TOTAL NONINTEREST EXPENSE
     444       17       461  
 
            
 
                        
Operating Earnings before Income Tax Expense
     339       (29 )     310  
Income Tax Expense (Benefit)
     130       (11 )     119  
 
            
OPERATING EARNINGS
   $ 209     $ (18 )   $ 191  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 60

 

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JPMORGANCHASE LOGO)
                         
    Second Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 188     $ —     $ 188  
Asset Management, Administration and Commissions
     12       —       12  
Other Income
     62       —       62  
 
            
Subtotal
     262       —       262  
Net Interest Income
     605       (12 )     593  
 
            
TOTAL NET REVENUE
     867       (12 )     855  
 
            
 
                        
Provision for Credit Losses
     42       —       42  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     147       —       147  
Noncompensation Expense
     298       (1 )     297  
Amortization of Intangibles
     1       18       19  
 
            
TOTAL NONINTEREST EXPENSE
     446       17       463  
 
            
 
                        
Operating Earnings before Income Tax Expense
     379       (29 )     350  
Income Tax Expense (Benefit)
     145       (11 )     134  
 
            
OPERATING EARNINGS
   $ 234     $ (18 )   $ 216  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 61

 

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JPMORGANCHASE LOGO)
                         
    First Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 180     $ —     $ 180  
Asset Management, Administration and Commissions
     13       —       13  
Other Income
     55       —       55  
 
            
Subtotal
     248       —       248  
Net Interest Income
     600       (12 )     588  
 
            
TOTAL NET REVENUE
     848       (12 )     836  
 
            
 
                        
Provision for Credit Losses
     52       —       52  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     150       —       150  
Noncompensation Expense
     292       (1 )     291  
Amortization of Intangibles
     1       18       19  
 
            
TOTAL NONINTEREST EXPENSE
     443       17       460  
 
            
 
                        
Operating Earnings before Income Tax Expense
     353       (29 )     324  
Income Tax Expense (Benefit)
     135       (11 )     124  
 
            
OPERATING EARNINGS
   $ 218     $ (18 )   $ 200  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 62

 

(JPMORGANCHASE LOGO)

TREASURY & SECURITIES SERVICES

 

 

     
JPMORGAN CHASE & CO.
TREASURY & SECURITIES SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions)
  (JPMORGANCHASE LOGO)
                         
    Second Quarter 2004
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 243     $ —     $ 243  
Asset Management, Administration and Commissions
     645       —       645  
Other Income
     109       —       109  
 
            
Subtotal
     997       —       997  
Net Interest Income
     371       —       371  
 
            
TOTAL NET REVENUE
     1,368       —       1,368  
 
            

Provision for Credit Losses

     3       —       3  
Credit Reimbursement to IB
     (43 )     —       (43 )

NONINTEREST EXPENSE

                        
Compensation Expense
     466       —       466  
Noncompensation Expense
     678       —       678  
Amortization of Intangibles
     15       16       31  
 
            
TOTAL NONINTEREST EXPENSE
     1,159       16       1,175  
 
            

Operating Earnings before Income Tax Expense

     163       (16 )     147  
Income Tax Expense (Benefit)
     50       (6 )     44  
 
            
OPERATING EARNINGS
   $ 113     $ (10 )   $ 103  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 63

 

     
JPMORGAN CHASE & CO.
TREASURY & SECURITIES SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions)
  (JPMORGANCHASE LOGO)
                         
    First Quarter 2004
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 245     $ —     $ 245  
Asset Management, Administration and Commissions
     601       —       601  
Other Income
     85       —       85  
 
            
Subtotal
     931       —       931  
Net Interest Income
     349       —       349  
 
            
TOTAL NET REVENUE
     1,280       —       1,280  
 
            

Provision for Credit Losses

     1       —       1  
Credit Reimbursement to IB
     (43 )     —       (43 )

NONINTEREST EXPENSE

                        
Compensation Expense
     470       —       470  
Noncompensation Expense
     599       —       599  
Amortization of Intangibles
     16       16       32  
 
            
TOTAL NONINTEREST EXPENSE
     1,085       16       1,101  
 
            

Operating Earnings before Income Tax Expense

     151       (16 )     135  
Income Tax Expense (Benefit)
     48       (6 )     42  
 
            
OPERATING EARNINGS
   $ 103     $ (10 )   $ 93  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 64

 

     
JPMORGAN CHASE & CO.
TREASURY & SECURITIES SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions)
  (JPMORGANCHASE LOGO)
                         
    Fourth Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 243     $ —     $ 243  
Asset Management, Administration and Commissions
     551       —       551  
Other Income
     123       —       123  
 
            
Subtotal
     917       —       917  
Net Interest Income
     353       —       353  
 
            
TOTAL NET REVENUE
     1,270       —       1,270  
 
            

Provision for Credit Losses

     3       —       3  
Credit Reimbursement to IB
     (54 )     —       (54 )

NONINTEREST EXPENSE

                        
Compensation Expense
     452       —       452  
Noncompensation Expense
     540       —       540  
Amortization of Intangibles
     9       16       25  
 
            
TOTAL NONINTEREST EXPENSE
     1,001       16       1,017  
 
            

Operating Earnings before Income Tax Expense

     212       (16 )     196  
Income Tax Expense (Benefit)
     73       (6 )     67  
 
            
OPERATING EARNINGS
   $ 139     $ (10 )   $ 129  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 65

 

     
JPMORGAN CHASE & CO.
TREASURY & SECURITIES SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions)
  (JPMORGANCHASE LOGO)
                         
    Third Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 238     $ —     $ 238  
Asset Management, Administration and Commissions
     522       —       522  
Other Income
     75       —       75  
 
            
Subtotal
     835       —       835  
Net Interest Income
     364       —       364  
 
            
TOTAL NET REVENUE
     1,199       —       1,199  
 
            

Provision for Credit Losses

     2       —       2  
Credit Reimbursement to IB
     (54 )     —       (54 )

NONINTEREST EXPENSE

                        
Compensation Expense
     437       —       437  
Noncompensation Expense
     499       —       499  
Amortization of Intangibles
     6       16       22  
 
            
TOTAL NONINTEREST EXPENSE
     942       16       958  
 
            

Operating Earnings before Income Tax Expense

     201       (16 )     185  
Income Tax Expense (Benefit)
     66       (6 )     60  
 
            
OPERATING EARNINGS
   $ 135     $ (10 )   $ 125  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 66

 

     
JPMORGAN CHASE & CO.
TREASURY & SECURITIES SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions)
  (JPMORGANCHASE LOGO)
                         
    Second Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 229     $ —     $ 229  
Asset Management, Administration and Commissions
     509       —       509  
Other Income
     73       —       73  
 
            
Subtotal
     811       —       811  
Net Interest Income
     362       —       362  
 
            
TOTAL NET REVENUE
     1,173       —       1,173  
 
            

Provision for Credit Losses

     4       —       4  
Credit Reimbursement to IB
     (54 )     —       (54 )

NONINTEREST EXPENSE

                        
Compensation Expense
     431       —       431  
Noncompensation Expense
     526       —       526  
Amortization of Intangibles
     6       16       22  
 
            
TOTAL NONINTEREST EXPENSE
     963       16       979  
 
            

Operating Earnings before Income Tax Expense

     152       (16 )     136  
Income Tax Expense (Benefit)
     48       (6 )     42  
 
            
OPERATING EARNINGS
   $ 104     $ (10 )   $ 94  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 67

 

     
JPMORGAN CHASE & CO.
TREASURY & SECURITIES SERVICES
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions)
  (JPMORGANCHASE LOGO)
                         
    First Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 227     $ —     $ 227  
Asset Management, Administration and Commissions
     473       —       473  
Other Income
     70       —       70  
 
            
Subtotal
     770       —       770  
Net Interest Income
     360       —       360  
 
            
TOTAL NET REVENUE
     1,130       —       1,130  
 
            

Provision for Credit Losses

     2       —       2  
Credit Reimbursement to IB
     (54 )     —       (54 )

NONINTEREST EXPENSE

                        
Compensation Expense
     428       —       428  
Noncompensation Expense
     469       —       469  
Amortization of Intangibles
     6       16       22  
 
            
TOTAL NONINTEREST EXPENSE
     903       16       919  
 
            

Operating Earnings before Income Tax Expense

     171       (16 )     155  
Income Tax Expense (Benefit)
     55       (6 )     49  
 
            
OPERATING EARNINGS
   $ 116     $ (10 )   $ 106  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 68

 

(JPMORGANCHASE LOGO)

ASSET & WEALTH MANAGEMENT

 

 

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JPMORGANCHASE LOGO)
                         
    Second Quarter 2004
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 9     $ —     $ 9  
Asset Management, Administration and Commissions
     886       —       886  
Other Income
     49       —       49  
 
            
Subtotal
     944       —       944  
Net Interest Income
     246       (5 )     241  
 
            
TOTAL NET REVENUE
     1,190       (5 )     1,185  
 
            
 
                        
Provision for Credit Losses
     (5 )     —       (5 )
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     448       —       448  
Noncompensation Expense
     423       —       423  
Amortization of Intangibles
     3       20       23  
 
            
TOTAL NONINTEREST EXPENSE
     874       20       894  
 
            
 
                        
Operating Earnings before Income Tax Expense
     321       (25 )     296  
Income Tax Expense (Benefit)
     115       (9 )     106  
 
            
OPERATING EARNINGS
   $ 206     $ (16 )   $ 190  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 69

 

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JPMORGANCHASE LOGO)
                         
    First Quarter 2004
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 10     $ —     $ 10  
Asset Management, Administration and Commissions
     911       —       911  
Other Income
     52       —       52  
 
            
Subtotal
     973       —       973  
Net Interest Income
     245       (5 )     240  
 
            
TOTAL NET REVENUE
     1,218       (5 )     1,213  
 
            
 
                        
Provision for Credit Losses
     9       —       9  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     428       —       428  
Noncompensation Expense
     394       —       394  
Amortization of Intangibles
     3       20       23  
 
            
TOTAL NONINTEREST EXPENSE
     825       20       845  
 
            
 
                        
Operating Earnings before Income Tax Expense
     384       (25 )     359  
Income Tax Expense (Benefit)
     139       (9 )     130  
 
            
OPERATING EARNINGS
   $ 245     $ (16 )   $ 229  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 70

 

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JPMORGANCHASE LOGO)
                         
    Fourth Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 11     $ —     $ 11  
Asset Management, Administration and Commissions
     844       —       844  
Other Income
     89       —       89  
 
            
Subtotal
     944       —       944  
Net Interest Income
     250       (5 )     245  
 
            
TOTAL NET REVENUE
     1,194       (5 )     1,189  
 
            
 
                        
Provision for Credit Losses
     37       —       37  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     409       —       409  
Noncompensation Expense
     413       —       413  
Amortization of Intangibles
     2       20       22  
 
            
TOTAL NONINTEREST EXPENSE
     824       20       844  
 
            
 
                        
Operating Earnings before Income Tax Expense
     333       (25 )     308  
Income Tax Expense (Benefit)
     118       (9 )     109  
 
            
OPERATING EARNINGS
   $ 215     $ (16 )   $ 199  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 71

 

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JPMORGANCHASE LOGO)
                         
    Third Quarter 2003
    Total Historical   Pro Forma   Pro Forma  
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 11     $ —     $ 11  
Asset Management, Administration and Commissions
     790       —       790  
Other Income
     53       —       53  
 
            
Subtotal
     854       —       854  
Net Interest Income
     247       (5 )     242  
 
            
TOTAL NET REVENUE
     1,101       (5 )     1,096  
 
            
 
                        
Provision for Credit Losses
     (3 )     —       (3 )
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     424       —       424  
Noncompensation Expense
     374       —       374  
Amortization of Intangibles
     2       20       22  
 
            
TOTAL NONINTEREST EXPENSE
     800       20       820  
 
            
 
                        
Operating Earnings before Income Tax Expense
     304       (25 )     279  
Income Tax Expense (Benefit)
     110       (9 )     101  
 
            
OPERATING EARNINGS
   $ 194     $ (16 )   $ 178  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 72

 

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JPMORGANCHASE LOGO)
                         
    Second Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 10     $ —     $ 10  
Asset Management, Administration and Commissions
     723       —       723  
Other Income
     54       —       54  
 
            
Subtotal
     787       —       787  
Net Interest Income
     237       (5 )     232  
 
            
TOTAL NET REVENUE
     1,024       (5 )     1,019  
 
            
 
                        
Provision for Credit Losses
     6       —       6  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     400       —       400  
Noncompensation Expense
     365       —       365  
Amortization of Intangibles
     2       20       22  
 
            
TOTAL NONINTEREST EXPENSE
     767       20       787  
 
            
 
                        
Operating Earnings before Income Tax Expense
     251       (25 )     226  
Income Tax Expense (Benefit)
     91       (9 )     82  
 
            
OPERATING EARNINGS
   $ 160     $ (16 )   $ 144  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 73

 

JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JPMORGANCHASE LOGO)
                         
    First Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Lending & Deposit Related Fees
   $ 12     $ —     $ 12  
Asset Management, Administration and Commissions
     715       —       715  
Other Income
     17       —       17  
 
            
Subtotal
     744       —       744  
Net Interest Income
     232       (5 )     227  
 
            
TOTAL NET REVENUE
     976       (5 )     971  
 
            
 
                        
Provision for Credit Losses
     8       —       8  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     393       —       393  
Noncompensation Expense
     368       —       368  
Amortization of Intangibles
     2       20       22  
 
            
TOTAL NONINTEREST EXPENSE
     763       20       783  
 
            
 
                        
Operating Earnings before Income Tax Expense
     205       (25 )     180  
Income Tax Expense (Benefit)
     81       (9 )     72  
 
            
OPERATING EARNINGS
   $ 124     $ (16 )   $ 108  
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 74

 

(JP MORGAN CHASE LOGO)

CORPORATE

 

 

     
JPMORGAN CHASE & CO.
CORPORATE
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    Second Quarter 2004
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Trading Revenue
   $ 70     $ —     $ 70  
Securities / Private Equity Gains (Losses)
     343       —       343  
Other Income
     (81 )     —       (81 )
 
            
Subtotal
     332       —       332  
Net Interest Income
     (511 )     277       (234 )
 
            
TOTAL NET REVENUE
     (179 )     277       98  
 
            
 
                        
Provision for Credit Losses
     (27 )     —       (27 )
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     716       35       751  
Noncompensation Expense
     1,210       (10 )     1,200  
Expenses Allocated to Other Businesses
     (1,463 )     —       (1,463 )
Amortization of Intangibles
     —       —       —  
 
            
TOTAL NONINTEREST EXPENSE
     463       25       488  
 
            
 
                        
Operating Earnings before Income Tax Expense
     (615 )     252       (363 )
Income Tax Expense (Benefit)
     (414 )     154       (260 )
 
            
OPERATING EARNINGS
   $ (201 )   $ 98     $ (103 )
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 75

 

     
JPMORGAN CHASE & CO.
CORPORATE
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    First Quarter 2004
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Trading Revenue
   $ 17     $ —     $ 17  
Securities / Private Equity Gains (Losses)
     561       —       561  
Other Income
     (111 )     —       (111 )
 
            
Subtotal
     467       —       467  
Net Interest Income
     (554 )     277       (277 )
 
            
TOTAL NET REVENUE
     (87 )     277       190  
 
            
 
                        
Provision for Credit Losses
     (84 )     —       (84 )
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     764       35       799  
Noncompensation Expense
     1,211       (10 )     1,201  
Expenses Allocated to Other Businesses
     (1,452 )     —       (1,452 )
Amortization of Intangibles
     (2 )     —       (2 )
 
            
TOTAL NONINTEREST EXPENSE
     521       25       546  
 
            
 
                        
Operating Earnings before Income Tax Expense
     (524 )     252       (272 )
Income Tax Expense (Benefit)
     (411 )     154       (257 )
 
            
OPERATING EARNINGS
   $ (113 )   $ 98     $ (15 )
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 76

 

     
JPMORGAN CHASE & CO.
CORPORATE
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    Fourth Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Trading Revenue
   $ 21     $ —     $ 21  
Securities / Private Equity Gains (Losses)
     (9 )     —       (9 )
Other Income
     (61 )     —       (61 )
 
            
Subtotal
     (49 )     —       (49 )
Net Interest Income
     (455 )     277       (178 )
 
            
TOTAL NET REVENUE
     (504 )     277       (227 )
 
            
 
                        
Provision for Credit Losses
     (48 )     —       (48 )
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     590       35       625  
Noncompensation Expense
     1,240       (10 )     1,230  
Expenses Allocated to Other Businesses
     (1,379 )     —       (1,379 )
Amortization of Intangibles
     (2 )     —       (2 )
 
            
TOTAL NONINTEREST EXPENSE
     449       25       474  
 
            
 
                        
Operating Earnings before Income Tax Expense
     (905 )     252       (653 )
Income Tax Expense (Benefit)
     (600 )     154       (446 )
 
            
OPERATING EARNINGS
   $ (305 )   $ 98     $ (207 )
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 77

 

     
JPMORGAN CHASE & CO.
CORPORATE
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    Third Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Trading Revenue
   $ 34     $ —     $ 34  
Securities / Private Equity Gains (Losses)
     405       —       405  
Other Income
     (179 )     —       (179 )
 
            
Subtotal
     260       —       260  
Net Interest Income
     (453 )     277       (176 )
 
            
TOTAL NET REVENUE
     (193 )     277       84  
 
            
 
                        
Provision for Credit Losses
     (1 )     —       (1 )
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     646       35       681  
Noncompensation Expense
     1,094       (10 )     1,084  
Expenses Allocated to Other Businesses
     (1,396 )     —       (1,396 )
Amortization of Intangibles
     (1 )     —       (1 )
 
            
TOTAL NONINTEREST EXPENSE
     343       25       368  
 
            
 
                        
Operating Earnings before Income Tax Expense
     (535 )     252       (283 )
Income Tax Expense (Benefit)
     (386 )     154       (232 )
 
            
OPERATING EARNINGS
   $ (149 )   $ 98     $ (51 )
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 78

 

     
JPMORGAN CHASE & CO.
CORPORATE
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    Second Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Trading Revenue
   $ 30     $ —     $ 30  
Securities / Private Equity Gains (Losses)
     528       —       528  
Other Income
     (117 )     —       (117 )
 
            
Subtotal
     441       —       441  
Net Interest Income
     (397 )     277       (120 )
 
            
TOTAL NET REVENUE
     44       277       321  
 
            
 
                        
Provision for Credit Losses
     101       —       101  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     741       35       776  
Noncompensation Expense
     1,137       (10 )     1,127  
Expenses Allocated to Other Businesses
     (1,424 )     —       (1,424 )
Amortization of Intangibles
     (1 )     —       (1 )
 
            
TOTAL NONINTEREST EXPENSE
     453       25       478  
 
            
 
                        
Operating Earnings before Income Tax Expense
     (510 )     252       (258 )
Income Tax Expense (Benefit)
     (342 )     154       (188 )
 
            
OPERATING EARNINGS
   $ (168 )   $ 98     $ (70 )
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 79

 

     
JPMORGAN CHASE & CO.
CORPORATE
PRO FORMA COMBINED HISTORICAL STATEMENT OF INCOME
(in millions) 		  (JP MORGAN CHASE LOGO)
                         
    First Quarter 2003
    Total Historical   Pro Forma   Pro Forma
    Combined   Adjustments (a)   Combined
REVENUE
                        
Trading Revenue
   $ 50     $ —     $ 50  
Securities / Private Equity Gains (Losses)
     207       —       207  
Other Income
     (12 )     —       (12 )
 
            
Subtotal
     245       —       245  
Net Interest Income
     (439 )     277       (162 )
 
            
TOTAL NET REVENUE
     (194 )     277       83  
 
            
 
                        
Provision for Credit Losses
     72       —       72  
 
                        
NONINTEREST EXPENSE
                        
Compensation Expense
     777       35       812  
Noncompensation Expense
     1,079       (10 )     1,069  
Expenses Allocated to Other Businesses
     (1,448 )     —       (1,448 )
Amortization of Intangibles
     —       —       —  
 
            
TOTAL NONINTEREST EXPENSE
     408       25       433  
 
            
 
                        
Operating Earnings before Income Tax Expense
     (674 )     252       (422 )
Income Tax Expense (Benefit)
     (389 )     154       (235 )
 
            
OPERATING EARNINGS
   $ (285 )   $ 98     $ (187 )
 
            

(a)  
Reflects purchase accounting adjustments estimated for 3Q04 applied to each of the prior six quarters.

Page 80

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