8-K

Executive Summary of Revisions to Financial Disclosure

Effective January 1, 2006, JPMorgan Chase & Co. (JPM) has enhanced certain of its financial disclosures to reflect more closely the manner in which JPM’s business segments are being managed and to provide improved comparability with competitors. These financial disclosure revisions will be reflected in JPM’s first quarter 2006 financial results and are described below. In order to assist the reader in understanding the effects of these disclosure changes, the accompanying financial information presents, on a supplemental basis, 2005 financial information on both a quarterly and full year basis as if the described financial disclosure changes had been in effect throughout 2005.

Reported versus Operating Basis Changes


n		Presentation of “operating earnings” that excluded merger costs and material litigation reserve charges and recoveries has been eliminated. These items had been previously excluded from operating results because they were deemed non-recurring; and they are now included in the Corporate business segment’s results.

Managed Basis Disclosures


n		JPM will continue to provide managed basis disclosure, which excludes the impact of credit card securitizations and reflects tax-equivalent adjustments. This presentation results in reclassifications of certain line items in the consolidated statements of income, but it does not change reported net income.


n		Trading-related net interest income will no longer be reclassified from net interest income to trading revenue.

GAAP Disclosure—Principal Transactions


n		Principal transactions is a new caption in the consolidated financial statements which combines Trading revenue, primarily in the Investment Bank, and Private equity gains (losses), primarily in the Private Equity business of Corporate.

Business Segment Disclosures¹


n		Retail Financial Services has been reorganized into the following business segments: Regional Banking, Mortgage Banking and Auto Finance. The chart on the following page provides an overview of the new Retail businesses.


n		Treasury & Securities Services (TSS), as previously announced, has been reorganized by combining the Investor Services and Institutional Trust Services businesses into a single business called, Worldwide Securities Services. Also, TSS firmwide disclosures have been adjusted to reflect a refined set of TSS products and a revised split of liability balances and lending-related revenue related to the client transfers described below.


n		Various wholesale banking clients, together with the related revenue and expense, have been transferred between Commercial Banking (CB), the Investment Bank (IB) and TSS. The primary client transfer was corporate mortgage finance from CB to IB.


n		Commercial Banking’s business metrics will now include gross investment banking revenue, which reflects revenue recorded in both Commercial Banking and the Investment Bank.


n		Corporate’s disclosure has been expanded to include net revenue and net income for Treasury and Other Corporate segments.


n		Certain expenses that are managed by the business segments, but that had been previously recorded in Corporate and allocated to the businesses, are now recorded as direct expenses within the businesses.


^1.		No changes have been made to the business segment disclosures to reflect JPM’s April 8, 2006 announcement of an agreement to sell its corporate trust business to The Bank of New York Company.

Page 1


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
SELECTED INCOME STATEMENT DATA
Total Net Revenue	$	13,678		$	14,465		$	12,743		$	13,647		$	54,533
Provision for Credit Losses (a)		1,224			1,245			587			427			3,483
Noninterest Expense		8,535			9,464			10,899			9,937			38,835
Net Income		2,698			2,527			994			2,264			8,483

Per Common Share:
Net Income Per Share — Basic	$	0.78		$	0.72		$	0.28		$	0.64		$	2.43
Net Income Per Share — Diluted		0.76			0.71			0.28			0.63			2.38
Cash Dividends Declared Per Share		0.34			0.34			0.34			0.34			1.36
Book Value Per Share		30.71			30.26			29.95			29.78			30.71
Closing Share Price		39.69			33.93			35.32			34.60			39.69

Common Shares Outstanding:
Weighted-Average Diluted Shares Outstanding		3,563.9			3,547.7			3,548.3			3,569.8			3,557.3
Common Shares Outstanding at Period-end		3,486.7			3,503.4			3,514.0			3,525.3			3,486.7

SELECTED RATIOS:
Return on Common Equity (“ROE”) (b)		10	%		9	%		4	%		9	%		8	%
Return on Equity-Goodwill (“ROE-GW”) (b) (c)		17			16			6			15			14
Return on Assets (“ROA”) (b) (d)		0.89			0.84			0.34			0.79			0.72
Tier 1 Capital Ratio		8.5			8.2			8.2			8.6
Total Capital Ratio		12.0			11.3			11.3			11.9

SELECTED BALANCE SHEET DATA (Period-end)
Total Assets	$	1,198,942		$	1,203,033		$	1,171,283		$	1,178,305		$	1,198,942
Wholesale Loans		150,111			151,591			149,588			137,401			150,111
Consumer Loans		269,037			268,913			266,437			265,268			269,037
Deposits		554,991			535,123			534,640			531,379			554,991
Common Stockholders’ Equity		107,072			105,996			105,246			105,001			107,072

Headcount		168,847			168,955			168,708			164,381			168,847

LINE OF BUSINESS EARNINGS
Investment Bank	$	667		$	1,068		$	611		$	1,328		$	3,674
Retail Financial Services		803			656			980			988			3,427
Card Services		302			541			542			522			1,907
Commercial Banking		279			284			157			231			951
Treasury & Securities Services		307			277			242			254			1,080
Asset & Wealth Management		342			315			283			276			1,216
Corporate (e)		(2	)		(614	)		(1,821	)		(1,335	)		(3,772	)

Net Income	$	2,698		$	2,527		$	994		$	2,264		$	8,483


EXCLUDING IMPACT OF MERGER COSTS (f)
Net Income	$	2,698		$	2,527		$	994		$	2,264		$	8,483
Less Merger Costs (after-tax) (g)		48			137			173			90			448

Earnings Excluding Merger Costs	$	2,746		$	2,664		$	1,167		$	2,354		$	8,931


(a)		Third quarter 2005 includes a $400 million special provision related to Hurricane Katrina.

(b)		Based on annualized amounts.

(c)		Net income applicable to common stock divided by Total average common equity (net of goodwill). The Firm uses return on equity less goodwill, a non-GAAP financial measure, to evaluate the operating performance of the Firm. The Firm utilizes this measure to facilitate comparisons to competitors.

(d)		Represents Net income divided by Total average assets.

(e)		Includes the after-tax impact of litigation reserve and merger costs. See Corporate for additional details.

(f)		Net income excluding the impact of merger costs is a non-GAAP financial measure. JPMorgan Chase believes merger costs are not part of its normal business operations, and therefore not indicative of trends as they do not provide meaningful comparisons with other periods.

(g)		Merger Costs are included within Corporate.

Page 3


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
REVENUE
Investment Banking Fees	$	1,145		$	989		$	961		$	993		$	4,088
Principal Transactions		1,423			2,886			724			2,636			7,669
Lending & Deposit Related Fees		853			865			851			820			3,389
Asset Management, Administration and Commissions		2,723			2,628			2,541			2,498			10,390
Securities Gains (Losses)		(540	)		(44	)		70			(822	)		(1,336	)
Mortgage Fees and Related Income		155			201			336			362			1,054
Credit Card Income		1,402			1,855			1,763			1,734			6,754
Other Income		1,764			233			496			201			2,694

Noninterest Revenue		8,925			9,613			7,742			8,422			34,702

Interest Income		12,184			11,435			10,949			10,632			45,200
Interest Expense		7,431			6,583			5,948			5,407			25,369

Net Interest Income		4,753			4,852			5,001			5,225			19,831

TOTAL NET REVENUE		13,678			14,465			12,743			13,647			54,533


Provision for Credit Losses (a)		1,224			1,245			587			427			3,483

NONINTEREST EXPENSE
Compensation Expense		4,286			5,001			4,266			4,702			18,255
Occupancy Expense		645			549			580			525			2,299
Technology and Communications Expense		909			899			896			920			3,624
Professional & Outside Services		1,002			1,018			1,130			1,074			4,224
Marketing		385			512			537			483			1,917
Other Expense (b)		856			882			2,826			1,705			6,269
Amortization of Intangibles		375			382			385			383			1,525
Merger Costs		77			221			279			145			722

TOTAL NONINTEREST EXPENSE		8,535			9,464			10,899			9,937			38,835


Income before Income Tax Expense		3,919			3,756			1,257			3,283			12,215
Income Tax Expense		1,221			1,229			263			1,019			3,732

NET INCOME	$	2,698		$	2,527		$	994		$	2,264		$	8,483

DILUTED EARNINGS PER SHARE	$	0.76		$	0.71		$	0.28		$	0.63		$	2.38


EXCLUDING IMPACT OF MERGER COSTS
Net Income	$	2,698		$	2,527		$	994		$	2,264		$	8,483
Less Merger Costs (after-tax)		48			137			173			90			448

Earnings Excluding Merger Costs	$	2,746		$	2,664		$	1,167		$	2,354		$	8,931


Diluted Per Share:
Net Income	$	0.76		$	0.71		$	0.28		$	0.63		$	2.38
Less Merger Costs (after-tax)		0.01			0.04			0.05			0.03			0.13

Earnings Excluding Merger Costs	$	0.77		$	0.75		$	0.33		$	0.66		$	2.51


FINANCIAL RATIOS
ROE		10	%		9	%		4	%		9	%		8	%
ROE-GW		17			16			6			15			14
ROA		0.89			0.84			0.34			0.79			0.72
Effective Income Tax Rate		31			33			21			31			31
Overhead Ratio		62			65			86			73			71


(a)		Third quarter 2005 includes a $400 million special provision related to Hurricane Katrina allocated as follows: Retail Financial Services $250 million, Card Services $100 million, Commercial Banking $35 million, Asset & Wealth Management $3 million and Corporate $12 million.

(b)		Includes a litigation reserve recovery of ($208) million in the fourth quarter of 2005, litigation reserve charges of $1,872 million in the second quarter of 2005, $900 million in the first quarter of 2005, and $2,564 million in the full year 2005.

Page 4


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


	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
	2005			2005			2005			2005			2004
ASSETS
Cash and Due from Banks	$	36,670		$	33,036		$	35,092		$	37,593		$	35,168
Deposits with Banks		21,661			14,337			9,080			14,331			21,680
Federal Funds Sold and Securities Purchased under Resale Agreements		133,981			122,876			130,785			132,751			101,354
Securities Borrowed		74,604			64,381			58,457			53,174			47,428
Trading Assets:
Debt and Equity Instruments		248,590			250,171			235,803			230,725			222,832
Derivative Receivables		49,787			54,389			55,015			60,388			65,982
Securities		47,600			68,697			58,573			75,251			94,512
Interests in Purchased Receivables		29,740			28,766			27,887			28,484			31,722
Loans (Net of Allowance for Loan Losses)		412,058			413,284			409,231			395,734			394,794
Private Equity Investments		6,374			6,081			6,488			7,333			7,735
Accrued Interest and Accounts Receivable		22,421			28,872			24,245			21,098			21,409
Premises and Equipment		9,081			9,297			9,354			9,344			9,145
Goodwill		43,621			43,555			43,537			43,440			43,203
Other Intangible Assets:
Mortgage Servicing Rights		6,452			6,057			5,026			5,663			5,080
Purchased Credit Card Relationships		3,275			3,352			3,528			3,703			3,878
All Other Intangibles		4,832			5,139			5,319			5,514			5,726
Other Assets		48,195			50,743			53,863			53,779			45,600

TOTAL ASSETS	$	1,198,942		$	1,203,033		$	1,171,283		$	1,178,305		$	1,157,248


LIABILITIES
Deposits:
U.S. Offices:
Noninterest-Bearing	$	135,599		$	134,129		$	138,025		$	130,533		$	129,257
Interest-Bearing		287,774			267,288			263,952			271,592			261,673
Non-U.S. Offices:
Noninterest-Bearing		7,476			6,723			7,289			6,669			6,931
Interest-Bearing		124,142			126,983			125,374			122,585			123,595

Total Deposits		554,991			535,123			534,640			531,379			521,456
Federal Funds Purchased and Securities Sold under Repurchase Agreements		125,925			143,404			137,350			137,062			127,787
Commercial Paper		13,863			16,166			12,842			13,063			12,605
Other Borrowed Funds		10,479			15,400			12,716			10,124			9,039
Trading Liabilities:
Debt and Equity Instruments		94,157			99,163			83,011			96,090			87,942
Derivative Payables		51,773			53,329			51,269			57,626			63,265
Accounts Payable, Accrued Expenses and Other Liabilities (including the Allowance for Lending-Related Commitments)		78,460			74,698			77,064			72,183			75,722
Beneficial Interests Issued by Consolidated VIEs		42,197			46,140			43,826			44,827			48,061
Long-Term Debt		108,357			101,853			101,182			99,329			95,422
Junior Subordinated Deferrable Interest Debentures Held by Trusts that Issued Guaranteed Capital Debt Securities		11,529			11,622			11,998			11,282			10,296

TOTAL LIABILITIES		1,091,731			1,096,898			1,065,898			1,072,965			1,051,595

STOCKHOLDERS’ EQUITY
Preferred Stock		139			139			139			339			339
Common Stock		3,618			3,608			3,604			3,598			3,585
Capital Surplus		74,994			74,396			73,911			73,394			72,801
Retained Earnings		33,848			32,350			31,032			31,253			30,209
Accumulated Other Comprehensive Income (Loss)		(626	)		(602	)		(61	)		(623	)		(208	)
Treasury Stock, at Cost		(4,762	)		(3,756	)		(3,240	)		(2,621	)		(1,073	)

TOTAL STOCKHOLDERS’ EQUITY		107,211			106,135			105,385			105,340			105,653

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,198,942		$	1,203,033		$	1,171,283		$	1,178,305		$	1,157,248

Page 5


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
AVERAGE BALANCES
ASSETS
Deposits with Banks	$	15,584		$	11,388		$	18,646		$	15,232		$	15,203
Federal Funds Sold and Securities Purchased under Resale Agreements		152,324			146,048			139,864			121,189			139,957
Securities Borrowed		72,359			66,817			60,207			52,449			63,023
Trading Assets — Debt Instruments		181,178			189,198			193,660			187,669			187,912
Securities		60,670			65,192			67,705			93,438			71,644
Interests in Purchased Receivables		28,338			27,905			28,082			29,277			28,397
Loans		421,651			415,676			404,318			398,494			410,114

Total Interest-Earning Assets		932,104			922,224			912,482			897,748			916,250
Trading Assets — Equity Instruments		56,970			53,025			43,935			43,717			49,458
All Other Noninterest-Earning Assets		215,710			220,796			219,616			221,353			219,358

TOTAL ASSETS	$	1,204,784		$	1,196,045		$	1,176,033		$	1,162,818		$	1,185,066


LIABILITIES
Interest-Bearing Deposits	$	401,531		$	398,059		$	394,455		$	388,355		$	395,643
Federal Funds Purchased and Securities Sold under Repurchase Agreements		149,428			160,967			158,268			151,335			155,010
Commercial Paper		17,393			15,188			12,496			12,665			14,450
Other Borrowings (a)		116,284			111,010			98,936			98,259			106,186
Beneficial Interests Issued by Consolidated VIEs		45,284			44,381			43,743			45,294			44,675
Long-Term Debt		117,597			111,921			111,858			108,004			112,370

Total Interest-Bearing Liabilities		847,517			841,526			819,756			803,912			828,334
Noninterest-Bearing Liabilities		251,203			248,899			250,792			253,222			251,018

TOTAL LIABILITIES		1,098,720			1,090,425			1,070,548			1,057,134			1,079,352

Preferred Stock		139			139			216			339			207
Common Stockholders’ Equity		105,925			105,481			105,269			105,345			105,507

TOTAL STOCKHOLDERS’ EQUITY		106,064			105,620			105,485			105,684			105,714

TOTAL LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS’ EQUITY	$	1,204,784		$	1,196,045		$	1,176,033		$	1,162,818		$	1,185,066


AVERAGE RATES
INTEREST-EARNING ASSETS
Deposits with Banks		5.29	%		4.48	%		4.08	%		4.11	%		4.48	%
Federal Funds Sold and Securities Purchased under Resale Agreements		3.55			2.97			2.70			2.43			2.95
Securities Borrowed		1.75			1.78			2.08			1.71			1.83
Trading Assets — Debt Instruments		5.07			4.79			5.06			4.89			4.96
Securities		5.00			4.56			3.77			4.93			4.59
Interests in Purchased Receivables		3.97			3.52			3.08			2.58			3.29
Loans		6.57			6.39			6.24			6.11			6.33
Total Interest-Earning Assets		5.21			4.95			4.85			4.83			4.96

INTEREST-BEARING LIABILITIES
Interest-Bearing Deposits		3.19			2.71			2.39			2.09			2.60
Federal Funds Purchased and Securities Sold under Repurchase Agreements		3.04			2.80			2.69			2.48			2.75
Commercial Paper		3.40			3.13			2.42			2.00			2.81
Other Borrowings (a)		4.44			4.33			4.56			5.06			4.58
Beneficial Interests Issued by Consolidated VIEs		3.66			3.25			2.92			2.44			3.07
Long-Term Debt		4.01			3.65			3.64			3.47			3.70
Total Interest-Bearing Liabilities		3.48			3.10			2.91			2.73			3.06

INTEREST RATE SPREAD		1.73	%		1.85	%		1.94	%		2.10	%		1.90	%

NET YIELD ON INTEREST-EARNING ASSETS		2.05	%		2.12	%		2.24	%		2.39	%		2.19	%

NET YIELD ON INTEREST-EARNING ASSETS ADJUSTED FOR SECURITIZATIONS		2.50	%		2.61	%		2.76	%		2.95	%		2.70	%


(a)		Includes securities sold but not yet purchased.

Page 6


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

The Firm prepares its Consolidated financial statements using accounting principles generally accepted in the United States of America (“U.S. GAAP”), which is referred to as “reported basis.” That presentation provides the reader with an understanding of the Firm’s results that can be tracked consistently from year to year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews the Firm’s and the lines’ of business results on a “managed” basis, which is a non-GAAP financial measure. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications that do not have any impact on Net income as reported by the lines of business or by the Firm as a whole. The impact of those reclassifications are summarized below. For additional information about managed basis, please refer to the Glossary of Terms on page 33.


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
CREDIT CARD INCOME
Credit Card Income — Reported	$	1,402		$	1,855		$	1,763		$	1,734		$	6,754
Impact of:
Credit Card Securitizations		(442	)		(733	)		(728	)		(815	)		(2,718	)

Credit Card Income — Managed	$	960		$	1,122		$	1,035		$	919		$	4,036


OTHER INCOME
Other Income — Reported	$	1,764		$	233		$	496		$	201		$	2,694
Impact of:
Tax Equivalent Adjustments		158			155			143			115			571

Other Income — Managed	$	1,922		$	388		$	639		$	316		$	3,265


TOTAL NONINTEREST REVENUE
Total Noninterest Revenue — Reported	$	8,925		$	9,613		$	7,742		$	8,422		$	34,702
Impact of:
Credit Card Securitizations		(442	)		(733	)		(728	)		(815	)		(2,718	)
Tax Equivalent Adjustments		158			155			143			115			571

Total Noninterest Revenue — Managed	$	8,641		$	9,035		$	7,157		$	7,722		$	32,555


NET INTEREST INCOME
Net Interest Income — Reported	$	4,753		$	4,852		$	5,001		$	5,225		$	19,831
Impact of:
Credit Card Securitizations		1,504			1,600			1,658			1,732			6,494
Tax Equivalent Adjustments		57			67			84			61			269

Net Interest Income — Managed	$	6,314		$	6,519		$	6,743		$	7,018		$	26,594


TOTAL NET REVENUE
Total Net Revenue — Reported	$	13,678		$	14,465		$	12,743		$	13,647		$	54,533
Impact of:
Credit Card Securitizations		1,062			867			930			917			3,776
Tax Equivalent Adjustments		215			222			227			176			840

Total Net Revenue — Managed	$	14,955		$	15,554		$	13,900		$	14,740		$	59,149


PROVISION FOR CREDIT LOSSES
Provision for Credit Losses — Reported	$	1,224		$	1,245		$	587		$	427		$	3,483
Impact of:
Credit Card Securitizations		1,062			867			930			917			3,776

Provision for Credit Losses — Managed	$	2,286		$	2,112		$	1,517		$	1,344		$	7,259


INCOME TAX EXPENSE
Income Tax Expense — Reported	$	1,221		$	1,229		$	263		$	1,019		$	3,732
Impact of:
Tax Equivalent Adjustments		215			222			227			176			840

Income Tax Expense — Managed	$	1,436		$	1,451		$	490		$	1,195		$	4,572

Page 7


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
NET REVENUE
Investment Bank	$	3,195		$	4,471		$	2,760		$	4,187		$	14,613
Retail Financial Services		3,594			3,590			3,799			3,847			14,830
Card Services		3,721			3,980			3,886			3,779			15,366
Commercial Banking		916			877			868			827			3,488
Treasury & Securities Services		1,628			1,578			1,610			1,498			6,314
Asset & Wealth Management		1,511			1,449			1,343			1,361			5,664
Corporate		390			(391	)		(366	)		(759	)		(1,126	)

TOTAL NET REVENUE	$	14,955		$	15,554		$	13,900		$	14,740		$	59,149


NET INCOME
Investment Bank	$	667		$	1,068		$	611		$	1,328		$	3,674
Retail Financial Services		803			656			980			988			3,427
Card Services		302			541			542			522			1,907
Commercial Banking		279			284			157			231			951
Treasury & Securities Services		307			277			242			254			1,080
Asset & Wealth Management		342			315			283			276			1,216
Corporate (a)		(2	)		(614	)		(1,821	)		(1,335	)		(3,772	)

TOTAL NET INCOME	$	2,698		$	2,527		$	994		$	2,264		$	8,483


AVERAGE EQUITY (b)
Investment Bank	$	20,000		$	20,000		$	20,000		$	20,000		$	20,000
Retail Financial Services		13,700			13,475			13,250			13,100			13,383
Card Services		11,800			11,800			11,800			11,800			11,800
Commercial Banking		3,400			3,400			3,400			3,400			3,400
Treasury & Securities Services		1,900			1,900			1,900			1,900			1,900
Asset & Wealth Management		2,400			2,400			2,400			2,400			2,400
Corporate (c)		52,725			52,506			52,519			52,745			52,624

TOTAL AVERAGE EQUITY	$	105,925		$	105,481		$	105,269		$	105,345		$	105,507


RETURN ON EQUITY (b)
Investment Bank		13	%		21	%		12	%		27	%		18	%
Retail Financial Services		23			19			30			31			26
Card Services		10			18			18			18			16
Commercial Banking		33			33			19			28			28
Treasury & Securities Services		64			58			51			54			57
Asset & Wealth Management		57			52			47			47			51


(a)		Includes the after-tax impact of litigation reserve and merger costs. See Corporate for additional details.

(b)		The capital allocated to each line of business considers several factors: stand-alone peer comparables, economic risk measures and regulatory capital requirements. In addition, goodwill, as well as the associated capital, is only allocated to the Corporate line of business.

(c)		All goodwill is allocated to the Corporate line of business.

Page 8


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
INCOME STATEMENT
REVENUE
Investment Banking Fees	$	1,161		$	985		$	965		$	985		$	4,096
Principal Transactions		1,163			2,594			427			1,875			6,059
Lending & Deposit Related Fees		143			148			146			157			594
Asset Management, Administration and Commissions		460			445			413			409			1,727
All Other Income		115			40			252			127			534

Noninterest Revenue		3,042			4,212			2,203			3,553			13,010
Net Interest Income		153			259			557			634			1,603

TOTAL NET REVENUE (a)		3,195			4,471			2,760			4,187			14,613


Provision for Credit Losses		(83	)		(46	)		(343	)		(366	)		(838	)
Credit Reimbursement from TSS (b)		40			38			38			38			154

NONINTEREST EXPENSE
Compensation Expense		1,096			1,885			1,193			1,618			5,792
Noncompensation Expense		1,067			992			988			909			3,956

TOTAL NONINTEREST EXPENSE		2,163			2,877			2,181			2,527			9,748


Income Before Income Tax Expense		1,155			1,678			960			2,064			5,857
Income Tax Expense		488			610			349			736			2,183

NET INCOME	$	667		$	1,068		$	611		$	1,328		$	3,674


FINANCIAL RATIOS
ROE		13	%		21	%		12	%		27	%		18	%
ROA		0.43			0.69			0.41			0.95			0.61
Overhead Ratio		68			64			79			60			67
Compensation Expense as a % of Total Net Revenue		34			42			43			39			40

REVENUE BY BUSINESS
Investment Banking Fees:
Advisory	$	341		$	300		$	359		$	263		$	1,263
Equity Underwriting		311			210			104			239			864
Debt Underwriting		509			475			502			483			1,969

Total Investment Banking Fees		1,161			985			965			985			4,096
Fixed Income Markets		1,112			2,441			1,428			2,296			7,277
Equities Markets		458			713			72			556			1,799
Credit Portfolio		464			332			295			350			1,441

Total Net Revenue	$	3,195		$	4,471		$	2,760		$	4,187		$	14,613


REVENUE BY REGION
Americas	$	1,484		$	2,700		$	1,843		$	2,231		$	8,258
Europe/Middle East/Africa		1,266			1,272			554			1,535			4,627
Asia/Pacific		445			499			363			421			1,728

Total Net Revenue	$	3,195		$	4,471		$	2,760		$	4,187		$	14,613


(a)		Total net revenue includes tax-equivalent adjustments, primarily due to tax-exempt income from municipal bond investments and income tax credits related to affordable housing investments, of $191 million, $200 million, $206 million, and $155 million for the quarters ended December 31, 2005, September 30, 2005, June 30, 2005, and March 31, 2005, respectively. The full year tax-equivalent adjustment for 2005 was $752 million.

(b)		TSS is charged a credit reimbursement related to certain exposures managed within the IB credit portfolio on behalf of clients shared with TSS.

Page 9


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
SELECTED BALANCE SHEETS DATA (Average)
Total Assets	$	618,171		$	617,717		$	594,186		$	568,222		$	599,761
Trading Assets — Debt and Equity Instruments		232,032			234,722			232,980			225,367			231,303
Trading Assets — Derivative Receivables		48,741			52,399			56,436			63,574			55,239
Loans:
Loans Retained (a)		48,225			47,113			41,597			41,233			44,554
Loans Held-for-Sale (b)		15,581			13,045			11,601			7,674			12,014

Total Loans		63,806			60,158			53,198			48,907			56,568
Adjusted Assets (c)		459,532			462,056			453,895			445,840			455,277
Equity		20,000			20,000			20,000			20,000			20,000

Headcount		19,802			19,558			19,297			18,021			19,802

CREDIT DATA AND QUALITY STATISTICS
Net Charge-offs (Recoveries)	$	(5	)	$	(69	)	$	(47	)	$	(5	)	$	(126	)
Nonperforming Assets:
- Nonperforming Loans (d)		594			702			711			814			594
- Other Nonperforming Assets		51			232			235			242			51
Allowance for Loan Losses		907			1,002			971			1,191			907
Allowance for Lending-Related Commitments		226			211			225			296			226

Net Charge-off (Recovery) Rate (b)		(0.04	)%		(0.58	)%		(0.45	)%		(0.05	)%		(0.28	)%
Allowance for Loan Losses to Average Loans (b)		1.88			2.13			2.33			2.89			2.04
Allowance for Loan Losses to Nonperforming Loans (d)		187			168			137			147			187
Nonperforming Loans to Average Loans		0.93			1.17			1.34			1.66			1.05

MARKET RISK — AVERAGE TRADING AND CREDIT PORTFOLIO VAR (e) (f)
Trading Activities:
Fixed Income (e)	$	69		$	57		$	82		$	57		$	67
Foreign Exchange		23			24			21			23			23
Equities		30			41			45			18			34
Commodities and Other		35			24			15			10			21
Diversification		(64	)		(62	)		(61	)		(43	)		(59	)

Total Trading VAR		93			84			102			65			86

Credit Portfolio VAR (f)		15			15			13			13			14
Diversification		(13	)		(13	)		(13	)		(8	)		(12	)

Total Trading and Credit Portfolio VAR	$	95		$	86		$	102		$	70		$	88


	Full Year			Full Year
	2005			2004
MARKET SHARES AND RANKINGS (g)
Global Debt, Equity and Equity-Related		6% / #4			7% / #3
Global Syndicated Loans		16% / #1			19% / #1
Global Long-Term Debt		6% / #4			7% / #2
Global Equity and Equity-Related		7% / #6			6% / #6
Global Announced M&A		24% / #3			24% / #3
U.S. Debt, Equity and Equity-Related		8% / #4			8% / #5
U.S. Syndicated Loans		28% / #1			32% / #1
U.S. Long-Term Debt		11% / #2			12% / #2
U.S. Equity and Equity-Related		9% / #5			8% / #6
U.S. Announced M&A		24% / #3			31% / #2


(a)		Loans retained include Credit Portfolio, Conduit loans, leverage leases, bridge loans for underwriting and other accrual loans.

(b)		Loans held-for-sale, which include warehouse loans held as part of the IB’s mortgage-backed, asset-backed and other securitization businesses, are excluded from total loans for the allowance coverage ratio and net charge-off rate.

(c)		Adjusted assets, a non-GAAP financial measure, equals total assets minus (i) securities purchased under resale agreements and securities borrowed less securities sold, not yet purchased; (ii) assets of variable interest entities (VIEs) consolidated under FIN 46R; (iii) cash and securities segregated and on deposit for regulatory and other purposes; and (iv) goodwill and intangibles. The amount of adjusted assets is presented to assist the reader in comparing the IB’s asset and capital levels to other investment banks in the securities industry. Asset-to-equity leverage ratios are commonly used as one measure to assess a company’s capital adequacy. The IB believes an adjusted asset amount, which excludes certain assets considered to have a low-risk profile, provides a more meaningful measure of balance sheet leverage in the securities industry.

(d)		Nonperforming loans include loans held-for-sale of $109 million, $106 million, $2 million, and $2 million at December 31, 2005, September 30, 2005, June 30, 2005, and March 31, 2005, respectively. These amounts are not included in the allowance coverage ratios.

(e)		Includes all fixed income mark-to-market trading activities, plus available-for-sale securities held for proprietary purposes.

(f)		Includes VAR on derivative credit valuation adjustments, credit valuation adjustment hedges and mark-to-market hedges of the accrual loan portfolio, which are all reported in Trading Revenue. This VAR does not include the accrual loan portfolio, which is not marked to market.

(g)		Source: Thomson Financial Securities data. Global announced M&A is based on rank value; all other rankings are based upon proceeds, with full credit to each book manager/equal if joint. Because of joint assignments, market share of all participants will add up to more than 100%.

Page 10


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
INCOME STATEMENT
REVENUE
Lending & Deposit Related Fees	$	374		$	380		$	358		$	340		$	1,452
Asset Management, Administration and Commissions		365			370			369			394			1,498
Securities Gains (Losses)		(1	)		—			—			10			9
Mortgage Fees and Related Income		183			212			341			368			1,104
Credit Card Income		118			109			105			94			426
All Other Income		73			7			68			(12	)		136

Noninterest Revenue		1,112			1,078			1,241			1,194			4,625
Net Interest Income		2,482			2,512			2,558			2,653			10,205

TOTAL NET REVENUE		3,594			3,590			3,799			3,847			14,830


Provision for Credit Losses (a)		158			378			94			94			724
NONINTEREST EXPENSE
Compensation Expense		853			842			820			822			3,337
Noncompensation Expense		1,163			1,189			1,181			1,215			4,748
Amortization of Intangibles		125			125			125			125			500

TOTAL NONINTEREST EXPENSE		2,141			2,156			2,126			2,162			8,585


Income Before Income Tax Expense		1,295			1,056			1,579			1,591			5,521
Income Tax Expense		492			400			599			603			2,094

NET INCOME	$	803		$	656		$	980		$	988		$	3,427


FINANCIAL RATIOS
ROE		23	%		19	%		30	%		31	%		26	%
ROA		1.40			1.14			1.74			1.78			1.51
Overhead Ratio		60			60			56			56			58
Overhead Ratio excluding core deposit intangibles (b)		56			57			53			53			55

SELECTED BALANCE SHEETS (Ending)
Assets	$	224,801		$	230,698		$	223,391		$	224,562		$	224,801
Loans (c)		197,299			200,434			197,927			199,215			197,299
Deposits		191,415			187,621			185,558			187,225			191,415

SELECTED BALANCE SHEETS (Average)
Assets	$	226,866		$	227,875		$	225,574		$	225,120		$	226,368
Loans (d)		197,359			199,057			197,707			198,494			198,153
Deposits		189,113			187,216			186,523			184,336			186,811
Equity		13,700			13,475			13,250			13,100			13,383

Headcount		60,998			60,375			59,631			59,322			60,998

CREDIT DATA AND QUALITY STATISTICS
Net Charge-offs	$	162		$	144		$	114		$	152		$	572
Nonperforming Loans (e)		1,338			1,203			1,132			1,150			1,338
Nonperforming Assets		1,518			1,387			1,319			1,351			1,518
Allowance for Loan Losses		1,363			1,375			1,135			1,168			1,363

Net Charge-off Rate (d)		0.36	%		0.31	%		0.25	%		0.34	%		0.31	%
Allowance for Loan Losses to Ending Loans (c)		0.75			0.75			0.61			0.64			0.75
Allowance for Loan Losses to Nonperforming Loans (e)		104			115			103			104			104
Nonperforming Loans to Total Loans		0.68			0.60			0.57			0.58			0.68


(a)		Third quarter 2005 includes a $250 million special provision related to Hurricane Katrina allocated as follows: $230 million in Regional Banking and $20 million in Auto Finance; within Regional Banking, $140 million was for real estate and $90 million was for small business.

(b)		Retail Financial Services uses the overhead ratio (excluding the amortization of core deposit intangibles (“CDI”)), a non-GAAP financial measure, to evaluate the underlying expense trends of the business which are operating in nature. Including CDI amortization expense in the overhead ratio calculation results in a higher overhead ratio in the earlier years, and a lower overhead ratio in later years; this would result in an improving overhead ratio over time, all things remaining equal. This non-GAAP ratio excludes Regional Banking’s core deposit intangible amortization expense related to the Bank One merger of $124 million in each quarter of 2005. The full year 2005 amortization expense was $496 million.

(c)		Includes loans held-for-sale of $16,598 million, $17,695 million, $13,112 million, and $16,532 million at December 31, 2005, September 30, 2005, June 30, 2005, and March 31, 2005, respectively. These amounts are not included in the allowance coverage ratios.

(d)		Average loans include loans held-for-sale of $16,505 million, $15,707 million, $14,620 million, and $15,861 million for the quarters ended December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively. The full year average loans held-for-sale were $15,675 million for 2005. These amounts are not included in the net charge-off rate.

(e)		Nonperforming loans include loans held-for-sale of $27 million, $10 million, $26 million and $31 million at December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively. These amounts are not included in the allowance coverage ratios.

Page 11


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
REGIONAL BANKING
Noninterest Revenue	$	701		$	789		$	821		$	827		$	3,138
Net Interest Income		2,101			2,089			2,131			2,210			8,531

Total Net Revenue		2,802			2,878			2,952			3,037			11,669
Provision for Credit Losses		87			297			63			65			512
Noninterest Expense		1,636			1,673			1,661			1,705			6,675
Income Before Income Tax Expense		1,079			908			1,228			1,267			4,482
Net Income		669			563			762			786			2,780

ROE		28	%		24	%		34	%		36	%		31	%
ROA		1.73			1.46			2.04			2.17			1.84
Overhead Ratio		58			58			56			56			57
Overhead Ratio excluding core deposit intangibles (a)		54			54			52			52			53

BUSINESS METRICS (in billions)
Home Equity Origination Volume	$	12.1		$	14.3		$	15.8		$	11.9		$	54.1
End of Period Loans Owned
Home Equity	$	73.9		$	72.5		$	71.2		$	67.7		$	73.9
Mortgage		44.6			47.0			47.7			46.6			44.6
Business Banking		12.8			12.7			12.6			12.7			12.8
Education		3.0			2.9			2.0			4.3			3.0
Other Loans (b)		2.6			2.9			2.8			2.9			2.6

Total End of Period Loans		136.9			138.0			136.3			134.2			136.9
End of Period Deposits
Checking	$	64.9		$	62.3		$	61.6		$	62.6		$	64.9
Savings		87.7			86.9			86.5			88.3			87.7
Time and Other		29.7			27.0			25.8			25.0			29.7

Total End of Period Deposits		182.3			176.2			173.9			175.9			182.3
Average Loans Owned
Home Equity	$	72.7		$	71.7		$	69.0		$	66.2		$	69.9
Mortgage Loans		45.6			46.6			46.0			43.4			45.4
Business Banking		12.6			12.5			12.5			12.5			12.6
Education		2.6			2.2			2.8			4.6			3.1
Other Loans (b)		2.7			2.6			2.7			3.4			2.8

Total Average Loans (c)		136.2			135.6			133.0			130.1			133.8
Average Deposits
Checking	$	61.7		$	61.0		$	62.3		$	61.7		$	61.7
Savings		87.8			87.1			87.3			87.8			87.5
Time and Other		28.1			26.3			25.4			24.6			26.1

Total Average Deposits		177.6			174.4			175.0			174.1			175.3
Average Assets		153.4			152.9			150.0			146.9			150.8
Average Equity		9.4			9.2			9.0			8.8			9.1

Page 12


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
REGIONAL BANKING (continued)
CREDIT DATA AND QUALITY STATISTICS
30+ Day Delinquency Rate (d)		1.68	%		1.45	%		1.32	%		1.34	%		1.68	%
Net Charge-offs
Home Equity	$	42		$	32		$	32		$	35		$	141
Mortgage		5			6			8			6			25
Business Banking		32			25			25			19			101
Other Loans (e)		6			11			2			9			28

Total Net Charge-offs		85			74			67			69			295
Net Charge-off Rate
Home Equity		0.23	%		0.18	%		0.19	%		0.21	%		0.20	%
Mortgage		0.04			0.05			0.07			0.06			0.06
Business Banking		1.01			0.79			0.80			0.62			0.80
Other Loans (c) (e)		0.88			1.68			0.23			1.04			0.93
Total Net Charge-off Rate (c)		0.25			0.22			0.21			0.22			0.23

Nonperforming Assets (f)	$	1,282		$	1,141		$	1,084		$	1,136		$	1,282

RETAIL BRANCH BUSINESS METRICS
Investment Sales Volume	$	2,622		$	2,745		$	2,907		$	2,870		$	11,144
Number of:
Branches		2,641			2,549			2,539			2,517			2,641
ATMs		7,312			7,136			6,961			6,687			7,312
Personal Bankers		7,067			6,719			6,258			5,798			7,067
Sales Specialists		3,214			3,117			2,987			2,846			3,219
Active Online Customers (in thousands)		4,231			4,099			4,053			3,671			4,231
Checking Accounts (in thousands)		8,793			8,702			8,504			8,287			8,793

MORTGAGE BANKING

Production Income	$	134		$	229		$	144		$	237		$	744
Mortgage Servicing Income:
Servicing Revenue		546			533			517			519			2,115
Change in MSR Asset Fair Value
Due to Inputs or Assumptions in Model (g)		157			767			(702	)		548			770
Other Changes in Fair Value (h)		(309	)		(323	)		(324	)		(339	)		(1,295	)
Derivative Valuation Adjustments and Other		(104	)		(814	)		869			(445	)		(494	)

Total Mortgage Servicing Income		290			163			360			283			1,096

Total Net Revenue		424			392			504			520			1,840
Noninterest Expense		325			309			306			299			1,239
Income Before Income Tax Expense		99			83			198			221			601
Net Income		63			53			124			139			379

ROE		16	%		13	%		31	%		35	%		24	%
ROA		1.03			0.89			2.40			2.71			1.69

Business Metrics (in billions)
Third Party Mortgage Loans Serviced (Ending)	$	467.5		$	450.3		$	438.1		$	435.5		$	467.5
MSR Net Carrying Value (Ending)		6.5			6.1			5.0			5.7			6.5
Average Mortgage Loans Held-for-Sale		13.1			13.5			10.5			11.4			12.1
Average Assets		24.2			23.7			20.7			20.8			22.4
Average Equity		1.6			1.6			1.6			1.6			1.6

Mortgage Origination Volume by Channel (in billions)
Retail	$	10.7		$	13.9		$	11.7		$	10.0		$	46.3
Wholesale		8.2			10.1			8.7			7.2			34.2
Correspondent (including negotiated transactions)		13.0			15.3			10.7			9.5			48.5

Total		31.9			39.3			31.1			26.7			129.0

Page 13


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
AUTO FINANCE
Noninterest Revenue	$	75		$	14		$	32		$	(35	)	$	86
Net Interest Income		293			306			311			325			1,235

Total Net Revenue		368			320			343			290			1,321
Provision for Credit Losses		71			81			31			29			212
Noninterest Expense		180			174			159			158			671
Income Before Income Tax Expense		117			65			153			103			438
Net Income		71			40			94			63			268

ROE		10	%		6	%		14	%		9	%		10	%
ROA		0.57			0.31			0.69			0.45			0.50

Business Metrics (in billions)
Auto Origination Volume	$	4.1		$	5.1		$	4.1		$	4.8		$	18.1
End-of-Period Loans and Lease Related Assets
Loans Outstanding	$	41.7		$	43.3		$	44.3		$	48.4		$	41.7
Lease Financing Receivables		4.3			5.1			6.1			7.0			4.3
Operating Lease Assets		0.9			0.7			0.4			0.2			0.9

Total End-of-Period Loans and Lease Related Assets		46.9			49.1			50.8			55.6			46.9
Average Loans and Lease Related Assets
Loans Outstanding (i)	$	42.6		$	43.7		$	47.0		$	48.8		$	45.5
Lease Financing Receivables		4.7			5.6			6.6			7.6			6.2
Operating Lease Assets		0.8			0.6			0.3			0.1			0.4

Total Average Loans and Lease Related Assets		48.1			49.9			53.9			56.5			52.1
Average Assets		49.3			51.3			54.9			57.4			53.2
Average Equity		2.7			2.7			2.7			2.7			2.7

Credit Quality Statistics
30+ Day Delinquency Rate		1.66	%		1.60	%		1.45	%		1.37	%		1.66	%
Net Charge-offs
Loans	$	72		$	66		$	45		$	74		$	257
Lease Receivables		5			4			2			9			20

Total Net Charge-offs		77			70			47			83			277
Net Charge-off Rate
Loans (i)		0.68	%		0.60	%		0.40	%		0.61	%		0.57	%
Lease Receivables		0.42			0.28			0.12			0.48			0.32
Total Net Charge-off Rate (i)		0.66			0.56			0.37			0.60			0.54
Nonperforming Assets	$	236		$	246		$	235		$	215		$	236


(a)		Regional Banking uses the overhead ratio (excluding the amortization of core deposit intangibles (“CDI”)), a non-GAAP financial measure, to evaluate the underlying expense trends of the business which are operating in nature. Including CDI amortization expense in the overhead ratio calculation results in a higher overhead ratio in the earlier years, and a lower overhead ratio in later years; this would result in an improving overhead ratio over time, all things remaining equal. This non-GAAP ratio excludes core deposit intangible amortization expense related to the Bank One merger of $124 million in each quarter of 2005. The full year amortization expense was $496 million in 2005.

(b)		Includes commercial loans derived from community development activities and insurance policy loans.

(c)		Average loans include loans held-for-sale of $2.6 billion, $2.2 billion, $2.0 billion, and $4.5 billion, for the quarters ended December 31, 2005, September 30, 2005, June 30, 2005, and March 31, 2005, respectively. The full year average loans held-for-sale were $2.9 billion for 2005. These amounts are not included in the net charge-off rate.

(d)		Excludes delinquencies related to loans eligible for repurchase as well as loans repurchased from GNMA pools that are insured by government agencies of $0.9 billion, $0.8 billion, $0.7 billion, and $0.7 billion, at December 31, 2005, September 30, 2005, June 30, 2005, and March 31, 2005, respectively. These amounts are excluded as reimbursement is proceeding normally.

(e)		Includes Education net charge-offs.

(f)		Excludes nonperforming assets related to loans eligible for repurchase as well as loans repurchased from GNMA pools that are insured by government agencies of $1.1 billion, $1.0 billion, $1.0 billion and $1.1 billion for December 31, 2005, September 30, 2005, June 30, 2005, and March 31, 2005, respectively. These amounts are excluded as reimbursement is proceeding normally.

(g)		Represents MSR asset fair value adjustments due to changes in inputs, such as rates and volatility, to the valuation model. Also includes updates to assumptions used in the MSR valuation process.

(h)		Represents MSR asset amortization expense.

(i)		Average loans include loans held-for-sale of $0.8 billion and $2.1 billion for the quarters ended December 31, 2005 and June 30, 2005, respectively. Average loans held for sale for the quarters ended September 30, 2005 and March 31, 2005 were insignificant. The full year 2005 average loans held-for-sale were $0.7 billion. These amounts are not included in the net charge-off rate.

Page 14


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
INCOME STATEMENT
REVENUE
Credit Card Income	$	772		$	950		$	868		$	761		$	3,351
All Other Income		99			60			42			11			212

Noninterest Revenue		871			1,010			910			772			3,563
Net Interest Income		2,850			2,970			2,976			3,007			11,803

TOTAL NET REVENUE		3,721			3,980			3,886			3,779			15,366


Provision for Credit Losses (a)		2,236			1,833			1,641			1,636			7,346

NONINTEREST EXPENSE
Compensation Expense		221			284			291			285			1,081
Noncompensation Expense		614			813			904			839			3,170
Amortization of Intangibles		182			189			188			189			748

TOTAL NONINTEREST EXPENSE		1,017			1,286			1,383			1,313			4,999


Income Before Income Tax Expense		468			861			862			830			3,021
Income Tax Expense		166			320			320			308			1,114

NET INCOME	$	302		$	541		$	542		$	522		$	1,907

Memo: Net Securitization Gains (Amortization)	$	28		$	25		$	15		$	(12	)	$	56


FINANCIAL METRICS
ROE		10	%		18	%		18	%		18	%		16	%
Overhead Ratio		27			32			36			35			33
% of Average Managed Outstandings:
Net Interest Income		8.14			8.55			8.83			9.13			8.65
Provision for Credit Losses		6.39			5.28			4.87			4.97			5.39
Noninterest Revenue		2.49			2.91			2.70			2.34			2.61
Risk Adjusted Margin (b)		4.24			6.18			6.66			6.51			5.88
Noninterest Expense		2.91			3.70			4.10			3.99			3.67
Pre-tax Income		1.34			2.48			2.56			2.52			2.21
Net Income		0.86			1.56			1.61			1.58			1.40

BUSINESS METRICS
Charge Volume (in billions)	$	79.6		$	76.4		$	75.6		$	70.3		$	301.9
Net Accounts Opened (in thousands)		12,501			3,022			2,789			2,744			21,056
Credit Cards Issued (in thousands)		110,439			98,236			95,465			94,367			110,439
Number of Registered Internet Customers (in millions)		14.6			14.6			12.0			10.9			14.6

Merchant Acquiring Business (c)
Bank Card Volume (in billions)	$	153.4		$	143.4		$	141.2		$	125.1		$	563.1
Total Transactions (in millions) (d)		4,315			3,921			3,804			3,459			15,499


(a)		Third quarter 2005 includes a $100 million special provision related to Hurricane Katrina.

(b)		Represents Total net revenue less Provision for credit losses.

(c)		Represents 100% of the merchant acquiring business.

(d)		Prior periods have been restated to conform methodologies following the integration of Chase Merchant Services and Paymentech merchant processing businesses.

Page 15


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
INCOME STATEMENT DATA (a)
Credit Card Income
Reported Data for the period	$	1,214		$	1,683		$	1,596		$	1,576		$	6,069
Securitization Adjustments		(442	)		(733	)		(728	)		(815	)		(2,718	)

Managed Credit Card Income	$	772		$	950		$	868		$	761		$	3,351


Net Interest Income
Reported Data for the Period	$	1,346		$	1,370		$	1,318		$	1,275		$	5,309
Securitization Adjustments		1,504			1,600			1,658			1,732			6,494

Managed Net Interest Income	$	2,850		$	2,970		$	2,976		$	3,007		$	11,803


Total Net Revenue
Reported Data for the Period	$	2,659		$	3,113		$	2,956		$	2,862		$	11,590
Securitization Adjustments		1,062			867			930			917			3,776

Managed Total Net Revenue	$	3,721		$	3,980		$	3,886		$	3,779		$	15,366


Provision for Credit Losses
Reported Data for the Period (b)	$	1,174		$	966		$	711		$	719		$	3,570
Securitization Adjustments		1,062			867			930			917			3,776

Managed Provision for Credit Losses (b)	$	2,236		$	1,833		$	1,641		$	1,636		$	7,346


BALANCE SHEETS — AVERAGE BALANCES (a)
Total Average Assets
Reported Data for the Period	$	76,207		$	77,204		$	74,515		$	71,003		$	74,753
Securitization Adjustments		67,959			67,021			66,226			67,509			67,180

Managed Average Assets	$	144,166		$	144,225		$	140,741		$	138,512		$	141,933


CREDIT QUALITY STATISTICS (a)
Net Charge-offs
Reported Net Charge-offs Data for the period	$	1,174		$	766		$	711		$	673		$	3,324
Securitization Adjustments		1,062			867			930			917			3,776

Managed Net Charge-offs	$	2,236		$	1,633		$	1,641		$	1,590		$	7,100


(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 affect 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. Managed results exclude the impact of credit card securitizations on Total net revenue, the Provision for credit losses, net charge-offs and receivables. Securitization does not change reported net income versus managed earnings; however, it does affect the classification of items on the Consolidated statements of income.

(b)		Third quarter 2005 includes a $100 million special provision related to Hurricane Katrina.

Page 17


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
INCOME STATEMENT
REVENUE
Lending & Deposit Related Fees	$	143		$	145		$	142		$	142		$	572
Asset Management, Administration and Commissions		14			15			14			14			57
All Other Income (a)		97			94			96			71			358

Noninterest Revenue		254			254			252			227			987
Net Interest Income		662			623			616			600			2,501

TOTAL NET REVENUE		916			877			868			827			3,488

Provision for Credit Losses (b)		(17	)		(46	)		142			(6	)		73

NONINTEREST EXPENSE
Compensation Expense		171			164			159			161			655
Noncompensation Expense		289			279			293			276			1,137
Amortization of Intangibles		16			15			17			17			65

TOTAL NONINTEREST EXPENSE		476			458			469			454			1,857


Income Before Income Tax Expense		457			465			257			379			1,558
Income Tax Expense		178			181			100			148			607

NET INCOME	$	279		$	284		$	157		$	231		$	951


MEMO:
Revenue by Product:
Lending	$	310		$	302		$	311		$	292		$	1,215
Treasury Services		546			517			502			497			2,062
Investment Banking		56			50			61			39			206
Other		4			8			(6	)		(1	)		5

Total Commercial Banking Revenue	$	916		$	877		$	868		$	827		$	3,488

IB Revenues, Gross	$	150		$	145		$	150		$	107		$	552


Revenue by Business:
Middle Market Banking	$	608		$	589		$	591		$	570		$	2,358
Mid-Corporate Banking		148			141			139			123			551
Real Estate		122			114			100			98			434
Other		38			33			38			36			145

Total Commercial Banking Revenue	$	916		$	877		$	868		$	827		$	3,488


FINANCIAL RATIOS
ROE		33	%		33	%		19	%		28	%		28	%
ROA		2.04			2.17			1.21			1.83			1.82
Overhead Ratio		52			52			54			55			53


(a)		IB-related and commercial card revenues are included in All Other Income.

(b)		Third quarter 2005 includes a $35 million special provision related to Hurricane Katrina.

Page 18


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
SELECTED BALANCE SHEETS DATA (Average)
Total Assets	$	54,205		$	51,988		$	52,073		$	51,135		$	52,358
Loans and Leases		50,042			47,999			47,792			46,599			48,117
Liability Balances (a)		68,895			64,772			65,150			65,380			66,055
Equity		3,400			3,400			3,400			3,400			3,400

MEMO:
Loans by Business:
Middle Market Banking	$	32,014		$	31,402		$	31,092		$	30,243		$	31,193
Mid-Corporate Banking		7,055			6,434			6,250			5,799			6,388
Real Estate		7,350			6,623			6,724			6,937			6,909
Other		3,623			3,540			3,726			3,620			3,627

Total Commercial Banking Loans	$	50,042		$	47,999		$	47,792		$	46,599		$	48,117


Headcount		4,418			4,441			4,442			4,464			4,418

CREDIT DATA AND QUALITY STATISTICS
Net Charge-offs (Recoveries)	$	21		$	6		$	(3	)	$	2		$	26
Nonperforming Loans		272			369			434			433			272
Allowance for Loan Losses		1,392			1,423			1,431			1,312			1,392
Allowance for Lending-Related Commitments		154			161			196			170			154

Net Charge-off (Recovery) Rate		0.17	%		0.05	%		(0.03	)%		0.02	%		0.05	%
Allowance for Loan Losses to Average Loans		2.78			2.96			2.99			2.82			2.89
Allowance for Loan Losses to Nonperforming Loans		512			386			330			303			512
Nonperforming Loans to Average Loans		0.54			0.77			0.91			0.93			0.57


(a)		Liability balances include deposits and deposits that are swept to on-balance sheet liabilities.

Page 19


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
INCOME STATEMENT
REVENUE
Lending & Deposit Related Fees	$	184		$	179		$	198		$	170		$	731
Asset Management, Administration and Commissions		747			733			736			692			2,908
All Other Income		136			130			142			121			529

Noninterest Revenue		1,067			1,042			1,076			983			4,168
Net Interest Income		561			536			534			515			2,146

TOTAL NET REVENUE		1,628			1,578			1,610			1,498			6,314


Provision for Credit Losses		2			(1	)		2			(3	)		—
Credit Reimbursement to IB (a)		(40	)		(38	)		(38	)		(38	)		(154	)

NONINTEREST EXPENSE
Compensation Expense		502			533			522			504			2,061
Noncompensation Expense		574			547			644			534			2,299
Amortization of Intangibles		29			28			30			29			116

TOTAL NONINTEREST EXPENSE		1,105			1,108			1,196			1,067			4,476


Income before Income Tax Expense		481			433			374			396			1,684
Income Tax Expense		174			156			132			142			604

NET INCOME	$	307		$	277		$	242		$	254		$	1,080


REVENUE BY BUSINESS
Treasury Services	$	687		$	670		$	704		$	634		$	2,695
Worldwide Securities Services		941			908			906			864			3,619

TOTAL NET REVENUE	$	1,628		$	1,578		$	1,610		$	1,498		$	6,314


FINANCIAL RATIOS
ROE		64	%		58	%		51	%		54	%		57	%
Overhead Ratio		68			70			74			71			71
Pre-tax Margin Ratio (b)		30			27			23			26			27

FIRMWIDE BUSINESS METRICS
Assets under Custody (in billions) (c)	$	11,249		$	10,991		$	10,190		$	10,154		$	11,249
Corporate Trust Securities under Administration (in billions) (d)		6,818			6,706			6,704			6,745			6,818

Number of:
US$ ACH transactions originated (in millions)		787			753			727			699			2,966
Total US$ Clearing Volume (in thousands)		24,902			24,906			24,200			21,705			95,713
International Electronic Funds Transfer Volume (in thousands) (e)		29,641			22,723			20,014			17,159			89,537
Wholesale Check Volume (in millions)		876			928			991			940			3,735
Wholesale Cards Issued (in thousands) (f)		13,206			12,810			12,075			11,834			13,206

Page 20


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
SELECTED BALANCE SHEETS(Average)
Total Assets	$	30,716		$	29,246		$	28,524		$	29,534		$	29,507
Loans		14,043			12,263			11,551			12,021			12,474
Liability Balances (g)		179,304			174,765			171,384			160,906			171,649
Equity		1,900			1,900			1,900			1,900			1,900

Headcount (h)		24,489			24,181			24,122			23,076			24,489

TSS FIRMWIDE METRICS
Treasury Services Firmwide Revenue (i)	$	1,280		$	1,232		$	1,250		$	1,174		$	4,936
Treasury & Securities Services Firmwide Revenue (i)		2,221			2,140			2,156			2,038			8,555
Treasury Services Firmwide Overhead Ratio (j)		57	%		59	%		57	%		59	%		58	%
Treasury & Securities Services Firmwide Overhead Ratio (j)		61			64			67			64			64
Treasury Services Firmwide Liability Balances (Average) (k)	$	146,266		$	140,079		$	138,058		$	133,770		$	139,579
Treasury & Securities Services Firmwide Liability Balances (Average) (k)		248,182			239,535			236,534			226,286			237,699

FOOTNOTES


(a)		Treasury & Securities Services (“TSS”) is charged a credit reimbursement related to certain exposures managed within the IB credit portfolio on behalf of clients shared with TSS.

(b)		Pre-tax margin represents Income Before Income Taxes divided by Total Net Revenue, which is a comprehensive measure of pre-tax performance and is another basis by which TSS management evaluates its performance and that of its competitors. Pre-tax margin is an effective measure of TSS’ earnings, after all operating costs are taken into consideration.

(c)		Beginning March 31, 2005, assets under custody (“AUC”) include an estimated $400 billion of Worldwide Securities Services (“WSS”) AUC that have not been included previously. At September 30, 2005, an additional estimate of $130 billion of WSS-related AUC were included in the amount. Approximately 5% of total assets under custody were trust related.

(d)		Corporate Trust Securities under Administration include debt held in trust on behalf of third parties and debt serviced as agent.

(e)		International Electronic Funds Transfer includes non-US$ ACH and clearing volume.

(f)		Wholesale cards issued include domestic commercial card, stored value card, prepaid card, and government electronic benefit card products.

(g)		Liability balances include deposits and deposits swept to on-balance sheet liabilities.

(h)		Second quarter 2005 headcount has been restated to reflect the inclusion of international staff of Vastera.

TSS FIRMWIDE METRICS

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


(i)		Firmwide revenue includes TS revenue recorded in the Commercial Banking, Regional Banking and Asset & Wealth Management businesses (see below) and exclude FX revenues recorded in the IB for TSS-related FX activity. TSS firmwide FX revenue, which include FX revenue recorded in TSS and FX revenue associated with TSS customers who are FX customers of the IB, was $100 million for the quarter ended December 31, 2005 and $382 million for the full year ended 2005.

(j)		Overhead ratios have been calculated based on firmwide revenues and TSS and TS expenses, respectively, including those allocated to certain other lines of business. FX revenues and expenses recorded in the IB for TSS-related FX activity are not included in this ratio.

(k)		Firmwide liability balances include TS’ liability balances recorded in certain lines of business. Liability balances associated with TS customers who are also customers of the Commercial Banking line of business are not included in TS’ liability balances.


	QUARTERLY TRENDS								FULL YEAR
	4Q05		3Q05		2Q05		1Q05		2005
Treasury Services Revenue Reported in Commercial Banking	$	546	$	517	$	502	$	497	$	2,062
Treasury Services Revenue Reported in Other Lines of Business		47		45		44		43		179

Page 21


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
INCOME STATEMENT
REVENUE
Asset Management, Administration and Commissions	$	1,155		$	1,065		$	994		$	975		$	4,189
All Other Income		98			117			75			104			394

Noninterest Revenue		1,253			1,182			1,069			1,079			4,583
Net Interest Income		258			267			274			282			1,081

TOTAL NET REVENUE		1,511			1,449			1,343			1,361			5,664


Provision for Credit Losses (a)		(10	)		(19	)		(20	)		(7	)		(56	)

NONINTEREST EXPENSE
Compensation Expense		578			554			509			538			2,179
Noncompensation Expense		431			397			383			371			1,582
Amortization of Intangibles		24			25			25			25			99

TOTAL NONINTEREST EXPENSE		1,033			976			917			934			3,860

Income Before Income Tax Expense		488			492			446			434			1,860
Income Tax Expense		146			177			163			158			644

NET INCOME	$	342		$	315		$	283		$	276		$	1,216


REVENUE BY CLIENT SEGMENT
Private Bank	$	437		$	421		$	409		$	422		$	1,689
Retail		420			415			363			346			1,544
Institutional		402			358			313			322			1,395
Private Client Services		252			255			258			271			1,036

Total Net Revenue	$	1,511		$	1,449		$	1,343		$	1,361		$	5,664


FINANCIAL RATIOS
ROE		57	%		52	%		47	%		47	%		51	%
Overhead Ratio		68			67			68			69			68
Pre-tax Margin Ratio (b)		32			34			33			32			33

BUSINESS METRICS
Number of:
Client Advisors		1,430			1,417			1,409			1,390			1,430
Retirement Planning Services Participants		1,299,000			1,293,000			1,210,000			1,181,000			1,299,000

% of Customer Assets in 4 & 5 Star Funds (c)		46	%		44	%		50	%		48	%		46	%

% of AUM in 1st and 2nd Quartiles: (d)
1 Year		69	%		62	%		75	%		71	%		69	%
3 Years		68	%		72	%		72	%		73	%		68	%
5 Years		74	%		72	%		73	%		71	%		74	%

SELECTED BALANCE SHEETS DATA (Average)
Total Assets	$	42,213		$	42,427		$	42,001		$	39,716		$	41,599
Loans		26,657			26,850			26,572			26,357			26,610
Deposits (e)		44,205			41,453			40,774			42,043			42,123
Equity		2,400			2,400			2,400			2,400			2,400

Headcount		12,127			12,531			12,455			12,378			12,127


(a)		Third quarter 2005 includes a $3 million special provision related to Hurricane Katrina.

(b)		Pre-tax margin represents Income before Income Tax Expense divided by Total Net Revenue, which is a comprehensive measure of pre-tax performance and is another basis by which AWM management evaluates its performance and that of its competitors. Pre-tax margin is an effective measure of AWM’s earnings, after all costs are taken into consideration.

(c)		Star rankings derived from Morningstar and Standard & Poor’s.

(d)		Quartile ranking sourced from Lipper and Standard & Poor’s.

(e)		Reflects the transfer in 2005 of certain consumer deposits from Retail Financial Services to Asset & Wealth Management.

Page 22


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
CREDIT DATA AND QUALITY STATISTICS
Net Charge-offs (Recoveries)	$	8		$	23		$	(2	)	$	(6	)	$	23
Nonperforming Loans		104			118			100			78			104
Allowance for Loan Losses		132			148			195			214			132
Allowance for Lending Related Commitments		4			6			3			5			4

Net Charge-off (Recovery) Rate		0.12	%		0.34	%		(0.03	)%		(0.09	)%		0.09	%
Allowance for Loan Losses to Average Loans		0.50			0.55			0.73			0.81			0.50
Allowance for Loan Losses to Nonperforming Loans		127			125			195			274			127
Nonperforming Loans to Average Loans		0.39			0.44			0.38			0.30			0.39

ASSETS UNDER SUPERVISION (in billions)
Assets by Asset Class
Liquidity	$	238		$	239		$	223		$	228
Fixed Income		165			166			171			171
Equities & Balanced		370			351			323			326
Alternatives		74			72			66			65

TOTAL ASSETS UNDER MANAGEMENT		847			828			783			790
Custody / Brokerage / Administration / Deposits		302			325			310			302

TOTAL ASSETS UNDER SUPERVISION	$	1,149		$	1,153		$	1,093		$	1,092


Assets by Client Segment
Institutional	$	481		$	479		$	455		$	462
Private Bank		145			142			135			138
Retail		169			155			141			138
Private Client Services		52			52			52			52

TOTAL ASSETS UNDER MANAGEMENT	$	847		$	828		$	783		$	790


Institutional	$	484		$	483		$	458		$	467
Private Bank		318			309			300			299
Retail		245			261			238			232
Private Client Services		102			100			97			94

TOTAL ASSETS UNDER SUPERVISION	$	1,149		$	1,153		$	1,093		$	1,092


Assets by Geographic Region
U.S. / Canada	$	562		$	548		$	527		$	550
International		285			280			256			240

TOTAL ASSETS UNDER MANAGEMENT	$	847		$	828		$	783		$	790


U.S. / Canada	$	805		$	815		$	776		$	792
International		344			338			317			300

TOTAL ASSETS UNDER SUPERVISION	$	1,149		$	1,153		$	1,093		$	1,092


Mutual Funds Assets by Asset Class
Liquidity	$	182		$	188		$	174		$	175
Fixed Income		45			39			41			45
Equity		150			137			114			106

TOTAL MUTUAL FUND ASSETS	$	377		$	364		$	329		$	326

Page 23


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
INCOME STATEMENT
Revenue
Principal Transactions	$	229		$	262		$	289		$	743		$	1,523
Securities Gains (Losses)		(547	)		(43	)		6			(902	)		(1,486	)
All Other Income (a)		1,360			38			111			73			1,582

Noninterest Revenue		1,042			257			406			(86	)		1,619
Net Interest Income		(652	)		(648	)		(772	)		(673	)		(2,745	)

TOTAL NET REVENUE		390			(391	)		(366	)		(759	)		(1,126	)


Provision for Credit Losses (b)		—			13			1			(4	)		10

Noninterest Expense
Compensation Expense		865			739			772			774			3,150
Noncompensation Expense (c)		766			776			2,718			1,703			5,963
Merger Costs		77			221			279			145			722

Subtotal		1,708			1,736			3,769			2,622			9,835
Net Expenses Allocated to Other Businesses		(1,108	)		(1,133	)		(1,142	)		(1,142	)		(4,525	)

TOTAL NONINTEREST EXPENSE		600			603			2,627			1,480			5,310


Income before Income Tax Expense		(210	)		(1,007	)		(2,994	)		(2,235	)		(6,446	)
Income Tax Expense (Benefit)		(208	)		(393	)		(1,173	)		(900	)		(2,674	)

NET INCOME (LOSS)	$	(2	)	$	(614	)	$	(1,821	)	$	(1,335	)	$	(3,772	)


MEMO:
Net Revenue
Private Equity	$	251		$	272		$	255		$	744		$	1,522
Treasury		(984	)		(486	)		(457	)		(1,344	)		(3,271	)
Corporate Other (a)		1,123			(177	)		(164	)		(159	)		623

Total Net Revenue	$	390		$	(391	)	$	(366	)	$	(759	)	$	(1,126	)


Net Income (Loss)
Private Equity	$	121		$	141		$	122		$	437		$	821
Treasury		(574	)		(300	)		(323	)		(828	)		(2,025	)
Corporate Other (c)		499			(318	)		(1,447	)		(854	)		(2,120	)
Merger Costs		(48	)		(137	)		(173	)		(90	)		(448	)

Total Net Income (Loss)	$	(2	)	$	(614	)	$	(1,821	)	$	(1,335	)	$	(3,772	)


(a)		Includes the gain of $1,254 million on the sale of BrownCo in the fourth quarter and full year 2005.

(b)		Third quarter 2005 includes a $12 million special provision related to Hurricane Katrina.

(c)		Includes litigation reserve recovery of ($208) million in the fourth quarter of 2005, and litigation reserve charges of $1,872 million in the second quarter of 2005, $900 million in the first quarter of 2005, and $2,564 million in the full year 2005.

Page 25


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
SUPPLEMENTAL

TREASURY
Securities Gains (Losses) (a)	$	(547	)	$	(43	)	$	6		$	(902	)	$	(1,486	)
Investment Portfolio (Average)		37,814			39,351			43,652			65,646			46,520
Investment Portfolio (Ending)		32,253			42,754			34,319			46,943			32,253

PRIVATE EQUITY
Private Equity Gains (Losses)
Direct Investments
Realized Gains	$	351		$	430		$	555		$	633		$	1,969
Write-ups / (Write-downs)		(74	)		(71	)		(133	)		206			(72	)
Mark-to-Market Gains (Losses)		(32	)		(64	)		(153	)		(89	)		(338	)

Total Direct Investments		245			295			269			750			1,559
Third-Party Fund Investments		44			18			31			39			132

Total Private Equity Gains (b)	$	289		$	313		$	300		$	789		$	1,691


Private Equity Portfolio Information
Direct Investments
Publicly-Held Securities
Carrying Value	$	479		$	563		$	761		$	1,149
Cost		403			451			580			808
Quoted Public Value		683			795			1,082			1,713
Privately-Held Direct Securities
Carrying Value		5,028			4,793			5,037			5,490
Cost		6,463			6,187			6,362			6,689
Third-Party Fund Investments
Carrying Value		669			561			552			550
Cost		1,003			920			921			934


Total Private Equity Portfolio — Carrying Value	$	6,176		$	5,917		$	6,350		$	7,189


Total Private Equity Portfolio — Cost	$	7,869		$	7,558		$	7,863		$	8,431


(a)		Losses in the fourth quarter of 2005 reflect repositioning of the Treasury investment securities portfolio. Losses in the first quarter of 2005 were primarily due to the sale of $20 billion of investment securities during the month of March 2005. Excludes gains/losses on securities used to manage risk associated with MSRs.

(b)		Included in Principal Transactions.

Page 26


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


	Dec 31		Sep 30		Jun 30		Mar 31
	2005		2005		2005		2005
CREDIT EXPOSURE
WHOLESALE (a)
Loans — U.S.	$	112,065	$	113,048	$	110,096	$	101,261
Loans — Non-U.S.		38,046		38,543		39,492		36,140

TOTAL WHOLESALE LOANS — REPORTED		150,111		151,591		149,588		137,401

CONSUMER
Home Equity		73,866		72,504		71,239		67,703
Mortgage		58,959		60,995		59,020		56,114
Auto Loans and Leases		46,081		48,444		50,356		55,492
All Other Loans		18,393		18,491		17,312		19,906

Total Retail Financial Services		197,299		200,434		197,927		199,215
Credit Card Receivables — Reported		71,738		68,479		68,510		66,053

TOTAL CONSUMER LOANS — REPORTED		269,037		268,913		266,437		265,268

TOTAL LOANS — REPORTED		419,148		420,504		416,025		402,669
Credit Card Securitizations		70,527		69,095		68,808		67,328

TOTAL LOANS — MANAGED		489,675		489,599		484,833		469,997
Derivative Receivables		49,787		54,389		55,015		60,388
Interests in Purchased Receivables (b)		29,740		28,766		27,887		28,484

TOTAL CREDIT-RELATED ASSETS		569,202		572,754		567,735		558,869
Wholesale Lending-Related Commitments		323,764		316,984		314,034		316,282

TOTAL	$	892,966	$	889,738	$	881,769	$	875,151


Memo: Total by Category
Total Wholesale Exposure (c)	$	553,402	$	551,730	$	546,524	$	542,555
Total Consumer Managed Loans (d)		339,564		338,008		335,245		332,596

Total	$	892,966	$	889,738	$	881,769	$	875,151


Risk Profile of Wholesale Credit Exposure:
Investment-Grade (e)	$	435,303	$	432,459	$	423,813	$	430,967

Noninvestment-Grade: (e)
Noncriticized		95,375		98,380		100,377		99,906
Criticized Performing (f)		4,222		4,857		4,492		4,798
Criticized Nonperforming (f)		950		1,337		1,502		1,588

Total Noninvestment-Grade	$	100,547	$	104,574	$	106,371	$	106,292


Held-for-Sale:
Originated Held-for-Sale Wholesale Loans	$	17,211	$	14,339	$	15,962	$	4,977
Purchased Held-for-Sale Wholesale Loans (g)		341		358		378		319

Total Held-for-Sale	$	17,552	$	14,697	$	16,340	$	5,296

Total Wholesale Exposure	$	553,402	$	551,730	$	546,524	$	542,555


(a)		Includes Investment Bank, Commercial Banking, Treasury & Securities Services and Asset & Wealth Management.

(b)		These represent undivided interests in pools of receivables and similar types of assets.

(c)		Represents Total Wholesale Loans, Derivative Receivables, Interests in Purchased Receivables and Wholesale Lending-Related Commitments.

(d)		Represents Total Consumer Loans plus Credit Card Securitizations, excluding consumer lending-related commitments.

(e)		Excludes held-for-sale.

(f)		For the quarter ended March 31, 2005, the Firm conformed its methodology for reporting Criticized exposure. Excluding this change in methodology, Criticized exposure would have been $7,632 million in the first quarter of 2005.

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


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

Page 27


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


	Dec 31			Sep 30			Jun 30			Mar 31
	2005			2005			2005			2005
NONPERFORMING ASSETS AND RATIOS
WHOLESALE LOANS
Loans — U.S.	$	819		$	914		$	959		$	1,005
Loans — Non-U.S.		173			278			292			324

TOTAL WHOLESALE LOANS-REPORTED (a)		992			1,192			1,251			1,329

CONSUMER LOANS
Home Equity		422			394			368			389
Mortgage		442			316			294			300
Auto Loans and Leases		193			202			189			169
All Other Loans		281			291			281			292

Total Retail Financial Services		1,338			1,203			1,132			1,150
Credit Card Receivables — Reported		13			9			9			8

TOTAL CONSUMER LOANS-REPORTED		1,351			1,212			1,141			1,158

TOTAL LOANS REPORTED (a)		2,343			2,404			2,392			2,487
Derivative Receivables		50			231			234			241
Assets Acquired in Loan Satisfactions		197			204			206			221

TOTAL NONPERFORMING ASSETS (a)	$	2,590		$	2,839		$	2,832		$	2,949


PURCHASED HELD-FOR-SALE WHOLESALE LOANS (b)	$	341		$	358		$	378		$	319


TOTAL NONPERFORMING LOANS TO TOTAL LOANS		0.56	%		0.57	%		0.57	%		0.62	%

NONPERFORMING ASSETS BY LOB
Investment Bank	$	645		$	934		$	946		$	1,056
Retail Financial Services		1,518			1,387			1,319			1,351
Card Services		13			9			9			8
Commercial Banking		288			388			452			452
Treasury & Securities Services		22			3			6			4
Asset and Wealth Management		104			118			100			78

TOTAL	$	2,590		$	2,839		$	2,832		$	2,949


(a)		Excludes purchased held-for-sale (“HFS”) wholesale loans.

(b)		Represents distressed wholesale loans purchased as part of IB’s proprietary activities and are excluded from nonperforming assets.

Page 28


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
GROSS CHARGE-OFFS

Wholesale Loans	$	123		$	40		$	31		$	61		$	255
Consumer (Excluding Card)		216			193			167			219			795
Credit Card Receivables — Reported		1,374			881			811			753			3,819

Total Loans — Reported		1,713			1,114			1,009			1,033			4,869
Credit Card Securitizations		1,243			999			1,060			1,034			4,336

Total Loans — Managed		2,956			2,113			2,069			2,067			9,205


RECOVERIES

Wholesale Loans		99			80			83			70			332
Consumer (Excluding Card)		54			49			53			67			223
Credit Card Receivables — Reported		200			115			100			80			495

Total Loans — Reported		353			244			236			217			1,050
Credit Card Securitizations		181			132			130			117			560

Total Loans — Managed		534			376			366			334			1,610


NET CHARGE-OFFS

Wholesale Loans		24			(40	)		(52	)		(9	)		(77	)
Consumer (Excluding Card)		162			144			114			152			572
Credit Card Receivables — Reported		1,174			766			711			673			3,324

Total Loans — Reported		1,360			870			773			816			3,819
Credit Card Securitizations		1,062			867			930			917			3,776

Total Loans — Managed	$	2,422		$	1,737		$	1,703		$	1,733		$	7,595


NET CHARGE-OFF RATES — ANNUALIZED

Wholesale Loans (a)		0.07	%		(0.12	)%		(0.16	)%		(0.03	)%		(0.06	)%
Consumer (Excluding Card) (b)		0.36			0.31			0.25			0.34			0.31
Credit Card Receivables — Reported		6.75			4.41			4.25			4.25			4.94
Total Loans — Reported (a) (b)		1.39			0.89			0.82			0.88			1.00
Credit Card Securitizations		6.03			4.99			5.48			5.36			5.47
Total Loans — Managed (a) (b)		2.09			1.51			1.53			1.58			1.68

Memo: Credit Card — Managed		6.39			4.70			4.87			4.83			5.21


(a)		Average wholesale loans held-for-sale were $15,581 million, $13,045 million, $11,601 million and $7,674 million for the quarters ended December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively. The full year average loans held-for-sale was $12,014 million for 2005. These amounts are not included in the net charge-off rates.

(b)		Average consumer loans (excluding Card) held-for-sale were $16,505 million, $15,707 million, $14,620 million and $15,861 million for the quarters ended December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively. The full year average loans held-for-sale were $15,675 million for 2005. These amounts are not included in the net charge-off rates.

Page 29


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
SUMMARY OF CHANGES IN THE ALLOWANCE FOR LOAN LOSSES
Beginning Balance	$	7,220		$	6,794		$	6,935		$	7,320		$	7,320
Net Charge-Offs		(1,360	)		(870	)		(773	)		(816	)		(3,819	)
Provision for Loan Losses		1,219			1,289			636			431			3,575
Other		11			7			(4	)		—			14

Ending Balance	$	7,090		$	7,220		$	6,794		$	6,935		$	7,090


SUMMARY OF CHANGES IN THE ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning Balance	$	395		$	439		$	488		$	492		$	492
Provision for Lending-Related Commitments		5			(44	)		(49	)		(4	)		(92	)

Ending Balance	$	400		$	395		$	439		$	488		$	400


ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Wholesale
Asset Specific	$	203		$	341		$	314		$	385
Formula — Based (a)
Statistical Calculation		1,629			1,590			1,604			1,448
Adjustments to the Statistical Calculation		621			659			686			894

Total Wholesale		2,453			2,590			2,604			2,727


Consumer
Formula — Based
Statistical Calculation		3,422			3,432			3,064			3,113
Adjustments to the Statistical Calculation		1,215			1,198			1,126			1,095

Total Consumer		4,637			4,630			4,190			4,208


Total Allowance for Loan Losses		7,090			7,220			6,794			6,935
Allowance for Lending-Related Commitments		400			395			439			488

Total Allowance for Credit Losses	$	7,490		$	7,615		$	7,233		$	7,423


Wholesale Allowance for Loan Losses to Total Wholesale Loans (b)		1.85	%		1.89	%		1.95	%		2.06	%
Consumer Allowance for Loan Losses to Total Consumer Loans (c)		1.84			1.84			1.65			1.69
Allowance for Loan Losses to Total Loans (b) (c)		1.84			1.86			1.76			1.82
Allowance for Loan Losses to Total Nonperforming Loans (d)		321			316			287			283

ALLOWANCE FOR LOAN LOSSES BY LOB
Investment Bank	$	907		$	1,002		$	971		$	1,191
Retail Financial Services		1,363			1,375			1,135			1,168
Card Services		3,274			3,255			3,055			3,040
Commercial Banking		1,392			1,423			1,431			1,312
Treasury & Securities Services		11			6			7			5
Asset and Wealth Management		132			148			195			214
Corporate		11			11			—			5

Total	$	7,090		$	7,220		$	6,794		$	6,935


(a)		During the second quarter 2005, the Firm refined its historical and market based inputs used for estimating the Formula Based component of the allowance. These refinements resulted in an increase to the Statistical Calculation and a decrease to the Adjustments to the Statistical Calculation, the component of the allowance that covers estimate imprecision.

(b)		Loans held-for-sale were $17,552 million, $14,697 million, $16,340 million and $5,296 million at December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively. These amounts are not included in the allowance coverage ratios.

(c)		Loans held-for-sale were $16,598 million, $17,695 million, $13,112 million and $16,532 million at December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively. These amounts are not included in the allowance coverage ratios.

(d)		Nonperforming loans held-for-sale were $136 million, $116 million, $28 million and $33 million at December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively. These amounts are not included in the allowance coverage ratios.

Page 30


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
PROVISION FOR CREDIT LOSSES
LOANS
Investment Bank	$	(98	)	$	(32	)	$	(271	)	$	(356	)	$	(757	)
Commercial Banking		(10	)		(11	)		116			(8	)		87
Treasury & Securities Services		3			(1	)		2			(5	)		(1	)
Asset & Wealth Management		(8	)		(22	)		(18	)		(7	)		(55	)
Corporate		—			13			1			(4	)		10

Total Wholesale		(113	)		(53	)		(170	)		(380	)		(716	)

Retail Financial Services		158			376			95			92			721
Card Services		1,174			966			711			719			3,570

Total Consumer		1,332			1,342			806			811			4,291

Total Provision for Loan Losses		1,219			1,289			636			431			3,575


LENDING-RELATED COMMITMENTS
Investment Bank	$	15		$	(14	)	$	(72	)	$	(10	)	$	(81	)
Commercial Banking		(7	)		(35	)		26			2			(14	)
Treasury & Securities Services		(1	)		—			—			2			1
Asset & Wealth Management		(2	)		3			(2	)		—			(1	)
Corporate		—			—			—			—			—

Total Wholesale		5			(46	)		(48	)		(6	)		(95	)

Retail Financial Services		—			2			(1	)		2			3
Card Services		—			—			—			—			—

Total Consumer		—			2			(1	)		2			3

Total Provision for Lending-Related Commitments		5			(44	)		(49	)		(4	)		(92	)


TOTAL PROVISION FOR CREDIT LOSSES
Investment Bank	$	(83	)	$	(46	)	$	(343	)	$	(366	)	$	(838	)
Commercial Banking (a)		(17	)		(46	)		142			(6	)		73
Treasury & Securities Services		2			(1	)		2			(3	)		—
Asset & Wealth Management (a)		(10	)		(19	)		(20	)		(7	)		(56	)
Corporate (a)		—			13			1			(4	)		10

Total Wholesale		(108	)		(99	)		(218	)		(386	)		(811	)

Retail Financial Services (a)		158			378			94			94			724
Card Services (a)		1,174			966			711			719			3,570

Total Consumer		1,332			1,344			805			813			4,294

Total Provision for Credit Losses		1,224			1,245			587			427			3,483
Securitized Credit Losses		1,062			867			930			917			3,776

Managed Provision for Credit Losses	$	2,286		$	2,112		$	1,517		$	1,344		$	7,259


(a)		Third quarter 2005 includes a $400 million special provision related to Hurricane Katrina allocated as follows: Retail Financial Services $250 million, Card Services $100 million, Commercial Banking $35 million, Asset & Wealth Management $3 million and Corporate $12 million.

Page 31


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


	QUARTERLY TRENDS												FULL YEAR
	4Q05			3Q05			2Q05			1Q05			2005
COMMON SHARES OUTSTANDING
Weighted-Average Basic Shares Outstanding		3,472.1			3,485.0			3,493.0			3,517.5			3,491.7
Weighted-Average Diluted Shares Outstanding		3,563.9			3,547.7			3,548.3			3,569.8			3,557.3
Common Shares Outstanding — at Period End		3,486.7			3,503.4			3,514.0			3,525.3			3,486.7

Cash Dividends Declared per Share	$	0.34		$	0.34		$	0.34		$	0.34		$	1.36
Book Value per Share		30.71			30.26			29.95			29.78			30.71
Dividend Payout		44	%		48	%		122	%		54	%		57	%

NET INCOME	$	2,698		$	2,527		$	994		$	2,264		$	8,483
Preferred Dividends		2			3			3			5			13

Net Income Applicable to Common Stock	$	2,696		$	2,524		$	991		$	2,259		$	8,470


NET INCOME PER SHARE
Basic	$	0.78		$	0.72		$	0.28		$	0.64		$	2.43
Diluted		0.76			0.71			0.28			0.63			2.38

SHARE PRICE
High	$	40.56		$	35.95		$	36.50		$	39.69		$	40.56
Low		32.92			33.31			33.35			34.32			32.92
Close		39.69			33.93			35.32			34.60			39.69

STOCK REPURCHASE PROGRAM (a)
Aggregate Repurchases	$	1,000.0		$	500.0		$	593.7		$	1,315.6		$	3,409.3
Common Shares Repurchased		26.3			14.4			16.8			36.0			93.5
Average Purchase Price	$	38.05		$	34.61		$	35.32		$	36.57		$	36.46

CAPITAL RATIOS
Tier 1 Capital	$	72,474		$	70,745		$	69,782		$	69,435
Total Capital		102,437			98,254			96,089			96,378
Risk-Weighted Assets		850,643			866,289			850,241			811,822
Adjusted Average Assets		1,152,546			1,143,449			1,123,609			1,110,058
Tier 1 Capital Ratio		8.5	%		8.2	%		8.2	%		8.6	%
Total Capital Ratio		12.0			11.3			11.3			11.9
Tier 1 Leverage Ratio		6.3			6.2			6.2			6.3

INTANGIBLE ASSETS
Goodwill	$	43,621		$	43,555		$	43,537		$	43,440
Mortgage Servicing Rights		6,452			6,057			5,026			5,663
Purchased Credit Card Relationships		3,275			3,352			3,528			3,703
All Other Intangibles		4,832			5,139			5,319			5,514

Total Intangibles	$	58,180		$	58,103		$	57,410		$	58,320


(a)		Excludes commission costs.

Page 32


JPMORGAN CHASE & CO. Glossary of Terms

ACH: Automated Clearing House

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

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

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

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

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

Managed Basis: Includes reclassifications related to credit card securitizations and taxable equivalents as described below. Management uses certain non-GAAP financial measures at the business segment level because it believes these non-GAAP financial measures provide information to investors in understanding the underlying operational performance and trends of the particular business segment and facilitate a comparison of the business segment with the performance of competitors.

Credit Card Securitizations: In the case of Card Services, managed basis excludes the impact of credit card securitizations on total net revenue, the provision for credit losses, net charge-offs and loan receivables. Through securitization, the Firm transforms a portion of its credit card receivables into securities, which are sold to investors. The credit card receivables are removed from the Consolidated balance sheets through the transfer of the receivables to a trust, and the sale of undivided interests to investors that entitle the investors to specific cash flows generated from the credit card receivables. The Firm retains the remaining undivided interests as seller’s interests, which are recorded in Loans on the Consolidated balance sheets. A gain or loss on the sale of credit card receivables to investors is recorded in Other Income. Securitization also affects the Firm’s Consolidated statements of income as interest income, certain fee revenue, recoveries in excess of interest paid to the investors, gross credit losses and other trust expenses related to the securitized receivables are all reclassified into credit card income.

Tax-Equivalent Basis: Noninterest revenue and net interest income for each of the segments and the Firm is presented on a tax-equivalent basis. Accordingly, revenue from tax exempt securities and investments that receive tax credits are presented in the managed results on a basis comparable to taxable securities and investments. This non-GAAP financial measure allows management to assess the comparability of revenues arising from both taxable and tax-exempt sources. The corresponding income tax impact related to these items is recorded within income tax expense.

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

NA: Data is not applicable for the period presented.

NM: Not meaningful

Overhead Ratio: Noninterest expense as a percentage of total net revenue.

Principal Transactions: Represents Trading revenue, primarily in the Investment Bank, plus private equity gains (losses), primarily in the Private Equity business in Corporate.

Reported Basis: Financial statements prepared under accounting principles generally accepted in the United States of America (“U.S. GAAP”). The reported basis includes the impact of credit card securitizations, but excludes the impact of taxable equivalent adjustments.

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

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

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

Page 33


JPMORGAN CHASE & CO.
Line of Business Metrics

Investment Banking

IB REVENUES ARE COMPRISED OF THE FOLLOWING:

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

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

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

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

Retail Financial Services

DESCRIPTION OF SELECTED BUSINESS METRICS WITHIN REGIONAL BANKING:

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

2. Sales specialists — Retail branch office personnel who specialize in the marketing of a single product, including mortgages, investments and business banking, by partnering with the personal bankers.

MORTGAGE BANKING REVENUES ARE COMPRISED OF THE FOLLOWING:

1. Production income includes Mortgage Servicing Rights created from the sales of loans, net gains or losses on the sales of loans, and other production-related fees. Also includes revenue associated with originations of subprime mortgage loans.

2. Mortgage servicing income

a) Servicing revenue represents all gross income earned from servicing third party mortgage loans including stated service fee, excess service fees, late fees, and other ancillary fees. Also includes income associated with the servicing of subprime mortgages.

b) Changes in MSR asset fair value due to:

—inputs or assumptions in the model includes rates and other market based factors. Also includes updates to assumptions used in the MSR valuation process and changes in the value of servicing assets associated with subprime loans.

—other changes in fair value includes any factors other than those noted in the definition above. The single largest component of this line item is the change in MSR value due to servicing portfolio runoff (or time decay). For periods prior to January 1, 2006, this amount represents MSR asset amortization expense under SFAS 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities—a replacement of FASB Statement No. 125. Includes the results of both prime and subprime servicing assets.

—derivative valuation adjustments and other represents fair value adjustments to the derivatives and other instruments used to hedge the MSR asset.

Retail Financial Services (continued)

MORTGAGE BANKING’S ORIGINATION CHANNELS ARE COMPRISED OF THE FOLLOWING:

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

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

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

Card Services

DESCRIPTION OF SELECTED BUSINESS METRICS WITHIN CARD SERVICES:

1. Charge volume — Represents the dollar amount of cardmember purchases, balance transfers and cash advance activity.

2. Net accounts opened — Includes originations, portfolio purchases and sales.

3. Merchant acquiring business — Represents an entity that processes payments for merchants. JPMorgan Chase is a partner in Chase Paymentech Solutions, LLC.

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

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

Commercial Banking

COMMERCIAL BANKING REVENUES ARE COMPRISED OF THE FOLLOWING:

1. Lending includes a variety of financing alternatives, which are often provided on a basis secured by receivables, inventory, equipment, real estate or other assets. Products include Term loans, Revolving lines of credit, Bridge financing, Asset-backed structures, and Leases.

2. Treasury services includes a broad range of products and services enabling clients to transfer, invest and manage the receipt and disbursement of funds, while providing the related information reporting. These products and services include U.S. dollar and multi-currency clearing, ACH, Lockbox, Disbursement and reconciliation services, Check deposits, Other check and currency-related services, Trade finance and logistics solutions, Commercial card, and Deposit products, sweeps and money market mutual funds.

3. Investment banking products provide clients with sophisticated capital-raising alternatives, as well as balance sheet and risk management tools through Loan syndications, Investment-grade debt, Asset-backed securities, Private placements, High-yield bonds, Equity underwriting, Advisory, Interest rate derivatives, and Foreign exchange hedges.

DESCRIPTION OF SELECTED BUSINESS METRICS WITHIN COMMERCIAL BANKING:

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

2. IB revenues, gross — Represents 100% of investment banking product revenue related to Commercial Bank customers that is shared between the Commercial and Investment Banks.

Page 34

Page 35 GRAPHIC 4 y18948y1894801.gif GRAPHIC begin 644 y18948y1894801.gif M1TE&.#EA^0`:`.8``-[>WA\?'W]_?W=W=^[N[@<'!P\/#U]?7_;V]L[.SB\O M+Z2DI&!@8#GM;6UD]/3^;FYD='1\;&QA<7%XZ.CJZNKB+BXH^/C_KZ^E=75[JZNNWM[8:&AB,C(P,#`Y:6EMK:VAL;&X>' MAV=G9]?7UUM;6_+R\G%Q<::FINKJZFQL;&-C8\+"PD-#0PL+"SL[.Y.3DTM+ M2_/S\[2TM!,3$^3DY)^?G]SGQ\?(.# M@S\_/[Z^ODI*2@```/[^_@`````````````````````````````````````` M```````````````````````````````````````````````````````````` M`````````````````````````````````````````````````"'Y!``````` M+`````#Y`!H```?_@%J"@X2%AH>(B8J+C(V.CY"1DI.4E!M&$%B:FYHP.)6@ MH:*CI*6FIXHY22"""T<,K*Z<2R&XPL/$Q;!%CI'J;\.5+R<^0PW\"M0#H6+%@`12#7A:48`A%S9(F:V6@63.+`A8B209] MI,1>REXK-\5P5DAGS)D`#5C9JJ!B3)U9Y55K\',IK1(4#4H8,$""E2SR_T;^ M`VHV$4I.##8LV,NWK]\%(%P6O$J3+H$#!2&XTVD`8`=""1IGD3RW$``!$+IF M"6"E`H!"#@2(AG9@*X28#P2XM0*APH/0HZM=$5%ZJQ4)`AX0NBS:@18+M:T, MF%#H"F6C,1')M4B@0FT(`C[O#FU[JP8+X@8AL""@.G0+T@6E7FU%@-A#`UPQ MB)6(K?L!5`0#)*R4T`,*)#_K/""Y078)`"%6GR`:%/7/!^X(\M:!:?V3``(5 M-`A0`0W25U,!&G23U#\4X/=0`24,0@"``"F0G7(`!7`<0#PT9*`!8DUP05$& M^*8%`1!("!""B*37RGJ*^"(?3`,-*$AD^6FAD_\%)-:H3HK+632(@/]PQE%! M5HBS8$6//2&A`D01*1-!"MA&5`6"1%E4`6AJX/5ELUT&"= M6B!`XF0'"'"`GFT2H-ED6U$F@8:%^(@7>X@(6=5@158VR`LQ)+;88"(`Q),6 M)0!T`P)8"I)!@U9,L$T"'TS(D!9;9M&`!5=T0,`#-``T@@,/)"``43$14$(& M#VP#0`)_*I!F011H$`U_`$$@R``%*I(=(ZN)\E6XFF@`:#.'M/P5\-1B2 M611`#5G_^%:JH23IIMW_C/_LNK2L'1<-F)\H:;Q1FE M(!`4E/8BR]&E!94ZJ\-==59XF(7.".3-K`(#R+"Q%FD5T$#K[H].%0'VU MU$!7=)!"YUGE)DDOI5WJ!!4.&Q%!0Z`!#IF00,4U.!N::/[!NF*(8J+V;D"V7`S9,DG_S.[ M_P6">`WV/RZHSGK.9P.4@F4T"31`@Q0!0,!O`L]CWC@F\#&%HDIZ4EE:]1&CN"D211^?\U@^I90\@%TA0J607(*)M MJ0'=@!TAJ!1"0L@+8%L:0'8ZMS^[^4\05#(*T21"0/9%*70,)`0!@$.9BT@& M1I!@VCTP1PA?9&`:&CE.\`+&P4.(;G0/V5NIM%`@]S&*!P5Y3-E<)PBD>2HF M'3!`P7IOL]MX[#8X<-$^ M-581V[B&#$P`@.P@8+)"Y*PZ`7`-`+B#L=O(#G"C4:Q"[O8;H&4$!EJP4+]J M0@!,K,LL$J!`UJKCH_\@P=ZDR]U(A*`%/EB)[B8B0%&$$-MD*4&2C2 MO/!=1`AL$-YE^-4&3HBO+>94$&WJ][_R9:Y]-^`)`-,"`*-\B%90T%D#&S@$ - -*)@F!UN$@`',!0(`.S\_ ` end GRAPHIC 5 y18948y1894802.gif GRAPHIC begin 644 y18948y1894802.gif M1TE&.#EA,@(_`.8``%I:6LS,S%U=79F9F>SL[.KJZDA(2$Q,3(*"@G]_?V9F M9G5U=BTM+;BXN+R\O*BHJ(Z.CAT='9J:FF1D M9&YN;J*BHA45%9"0D"4E)9Z>GJJJJG%Q<;2TM+*RL@4%!0T-#8B(B+"PL#(R M,I:6EJ"@H&IJ:F!@8$!`0%145).3DY24E&AH:-?7UST]/86%A5%141H:&A$1 M$7-SGIZ<+"POGY^>7EY=S[N[L3$Q,C(R*2DI.3DY//S\_#P\.?GYXV-C4Y.3@```/___R'Y!``````` M+``````R`C\```?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI^; M`SRCI*6FI4ARH*NLK:ZOL+&RL[2UMK1=;G\!-'Z^O\#!P3L%M\;'R,G*R\S- MSK%=)1U_5L+6UU%$9\_!D++[I MU>S]OCWO[`D<2+"@P8.)P)C0I\Y?ORA*N""<2+&BQ8NUR(`!ML^A0P`$,(H< M2;*D24,3%O[JZ-&?@"XG8\J<27-;/H#$?29```0X[>,0V@@`BM&L8D4BX=OTFL=(]1=\T*+*0Q20;: M<6<(@`K^\H`/>"B2WD[^.;*&2A[%-^!$`8!P8(426/'?-0*."$H`%+`S787" MK-"<)-E=LUUW-%I3!`G)#;)A2P(\XD)2(KHXT/\7%L#0HR\SO%`(A;^TJ"0G M5\0H8X)/!I/!=8_D:,V.$W8I#!^$%3*D1U$\`F*(5PYD0PMFHJ#'E"S&N8D> M6FY)I9F^1)%$)&(*0R:>@`+#`AF&K.E1!8U@<%62>L;SQ0#Y/4E#2(@*8V6E ME9RQA$/I,"#!J:BFJNJJK+9Z@QV0%/J;A)TFZL<*#C1ZHD<'J)8('Y..0P:C MH'(Q0$LK@$!"7U:,0`((0OB6`H_6?`JJ)%P(X%$Z<%SA[;?@AOOM&&.(:RZX M=,0:(;5C8H&(&1/4\$`_2^B:E`EK,,)!L)-HX:^_G%[KRA<@..1$"6,PLL8( M9K`;H,"3<`%`2^D\(RO_,(>NJ*.[B<0!P0Z^C1FP((X"$X408Y*PB!PA`Q-" M=-=0JD@>$<@`@P$\W*"SSA_PT,,0%4#@:R)I:+#%T4AOH<4@9KQ!0@T]''#` M#CY4D.\A>4P@`Q]22'U`"EA M&((+(P`"`85A!`"H("T+\%__>H"(-*C@"0(8WSH^D((-,*('$NR?(-IP`B*T M+!@/8,'(*LB#?A3!@YF`7(OF@(`0&,4:*]"!"-*DB`X\`053<,@,*``#*SC( M$79(0/OZL0(B@.`%&4K$%S"P`)2M8P4]<$'>*J$%Z&'B8NO@0/9T1"N-M:L1 M=V#'$,1W#0E<85[66!HBX+!$\FV@CL&062&^4`$!S&\G-TC`%10Q!@WZ`0%_ MN$"?K-&$0D1``&]:AQ%V$`$46*,!B#B#$2`C`1TPH/]YAL#C+]I``@-D:AU1 M^,`T.I9&=IC@#;^;A`P)@(0;W-"5.I"C(A)W%0DL@0$^`>4@R!`$$+3@EAY9 M@;4(`8$,!-$A1N!!!5X7B2Y2[(LMF<$8QU3&04#.#S/@V"(FL,!@)("-UG!C MP:QQ@D1XH)R^$,(<1/D+/0ZB#1(*AD3`!N!)OG0-8@.+=`@% M;G!)1%B3.BW`'B+HZ0<([60%*D+$&"CJBR*$;Q.0"\$.DD*$+2*B0BM`@R"$ M*0@PP/$J-"B!1C]P%2/`():,>"BIL-F2;1JJFX+X9C@;,0_[A#-K_>E()?@=0:V20'30HHP^022-,'D(-/8H`2__` M49AZ`1&M7$<[.?%-R!!A$322@`@088$*+2%(U""H1R+2+R]>`HSK\.FL'/8; M<2HB`+P\*CJ%X48N$'0%B4BH+U;0A8VNPZHZ.*&"BA"`0W2U1OW009H<(-H* MF=40.J7.$E8HB+;N$Q$36X<)(-")ND(F88GHT12")`8$*(@*##B$]V@TUVH: MUA*(O89B,094+OUBJ(PXQSIJ,-E@N/$/)[C&*@O15&LHX`^>=5\AN!`#L#Z@ M!@$``QABH`,*D#48%OBG(841!0GPL@B$Z$(+)3D%'N#L!OILZ"&L.40G&``* M%9"O_WPKT`0GM-87'2J$;:%D`@D(%A@P)(0;&+H.V/36(S20@`DN;*$C'N(7 M+7!"'VH@`PF#@0$LX,TZ,B#,#;1V!B'(P=4$<88-/.$!"XD>(;YP@&L8H3\2 M'H`!6KN""4@BMOU0,B6B:XWI7K>Z0LT`([K0!W:$F&3[_6X$-BD,`SC.HL%8 M@ M:FK6#SQ@SR$J$$E?Q/P1XUZ'EK%C;D=$-V/>5+Y!_@'(R/ M3ON^?@"!(/IM#9G1X9G":$%M%K$`K/N!@@C_]0$8;H@.F'T)GBM$&8PJC(I3 M0@\S!P:N0ME&,(3[#Z,:DR%DP([_'9!\'2"(>ZQ?#HPG9"(.=`?&H@?AZF`, M@!(;P+I5!?&%!%ACC9`(.H+*W5.C:Z]6O^$`:5:_>AA$2W%JL%:QV.]P3D>'#L/WP!)]:X@2:^+PPMYUWO"A@#3A&1>V#H0/&% MX$4!G7M-TGODW."4;K9R*SG`4DKE"Q(`7']0><"07X)0!C0E#!2P!UM7587P M!-?0`AK@"$+H%W"0`.:\'N.00CYL&P'D`$CP`9Y\#[T)`.,,&+\Q7_; MPE/_9WIDQ%AF<@+X=X!^D("#X`/7T%QKYE7XPW7"(#/[I0"ZT`@,8'8J,PC) M]PO.D`9SP`"TDP&L1QKO]PLP6%LRR`@7=H.$D(/"\'1T MQ8.*T%?2U0A=8`%H8`-8@`4($(B#R!"$,`)F%PPWH`,_P`8X!08A8`UO\"^L MR(IJH`;-YPO2E@BB-X30572-<'0"""@F,'FR1UE2]P=!=U>"0'7`P%L56&>$ ML`Z(Y`AJ\'"_,"UPN%^%>`@JH"..L!$L>$`0(`,`D&`M48T4-?^#A_`]UJ"( M@W"-ZZ`#AU<0*Y`%&#""@G`!LP89$N4(M=A^ M5.@0`(AT094H/-`!_@AU\D8(-X=9@F!(``:'%L@TZ[!NBE`%)"8,*`""AG)] MBH!80-@(:+6-A)`&)1"+5R&.A[@("F"#J!<,:&=KGO*.DW@(+N!N"C)T$/!K MZ\`#&38(6!"*U,%R0/=1 M@I"2UN"+B^"1"R*2B[4(QKA4CL`%UV!W?/21-`*3<<0(*R@,Z"@(`8Y@EML8AP'("(A%D8QP!F]I M"`/`9D]"E\)`CH9PE\&0EU=U<[_P5CCY,(P`CX2``4*9%(?Y!WA0?5?Q5X/@ MF(D2F;`UF417>HS`!?E(75AX72#0BO[RBEK@F549=83`!>@79PYP<[VBFOXF M".L`>HU``*EH#2$YC=S$"#^`C8U0ARJI!4A)`SV@`T^P>ID(!-?@F\$`G(4P MD^=H".^9?K4&4I"H",SY:6!G#5%P``I*&@B0B51AB\KE`SOPF!@#:T>9G:'' MG3A2F8J@@J=G_T:&PI&8`)J$0`8^&`SJ*`QSB)&K:9_7``)^.0ALP'B_X%BR MJ9"&X(+6X("+D(?!4'%@6'PXP&EEX(_>]H)\5Y*$5R8`5)\)R_8)LJP)O`,`0#$*B".JB$6JA4V@@%>13^ MAY!L^&%>F)F-Y0D\6@@!:3)C1Z3U^0?$=TFAJ0AN&@PU]Z35)6CK``1/*)S` M<&EKX)(S<`#P9@AH\*!A^IN,0*%X:0CQR0XW$&R:`)AK*IB"(`:*2009.I[H M``EX<`<+P*3!\`X1<'-HZ@J)RA$'Z0^?XWD;A']A)JGL60A9Y1!3H/\*]-E[ MA-"!_&5UBO`%3;`@O(I\A@2EA=`%]4@%"H@(T)&;0H)U(3!DB!"K8(I]8JH( MMCJ,6FSV@-)M"NQAJ=BM`%`8`#]78-8U<&+KD`^.<) M>R"CA$*CB,`&/0<,AF>LX*2CES"IA!"D_@!KF$JN@S"&7O6JAQ``A>D'#S!P M[OJ?M;H.YY4(;9!;VP@Y8K0(_BH,$`H,$DH(`PL,Q"D(9B"7E\2OTK.AP<6F MLGD#Q3JQE5``9H>KH2U=H/Y<<%$["?ZU!:*HM=G."R@_`\ M'J&P@@:6#TA1-``"#TD(9:`$9H<$@O:NHUK_"!5P83/P`X!5!7S`8I$F MO=P:D88`BOZ`G^-Z_X83W'0LT@%G<$1Y@`$Y()10H%]`RP@1\)@W4`,X8"(. M<6E:P("_P`,00!<$,`'4N0[XZPOZ*PC\Z[^"P`4GP**^0`4+H`+,4@$J,`0` ML$#-F'0,RZ%L2F_K$`&J`3H1``(L=JPK$@4I(`,.0`!!8@81$'B&XK,_*H$D M,`%CH`=>L0=K8`02.4[Z.\*U=FXI*$K`S-T`!*P8,EG`!K3+/]$S/+O`'FKP$#=/)=B6N MB!#*=]NM%LI$B&"&P7`'B+";76(`_HR6XND(;F"J<[FY3MNYM[H(9$`'+%"/ M5^'1OMJPSRP()``H6N9;_L`"@UO*"G()70#`@!+3_3`%`5'3R30`.`NI&"-F MG8`&:5:OA2#1*T"5VKL.")T(5;`#V>P1$G`'.$7_RX\0#7<,#"W0`4%G=UR0 M`1U\#47@`O1TT5)-L(Z`!SZ@F#NAU5I[4B+MU23M"T90`U*@S0HB`14P?R=P MNU5H"00S@$V*SZ[$&8,`U[SH92'0``E,!O:5Y7%@]4S0`5`P`(9EP@= M'AJ;40E[X`(@```-0`$TT``]<`10$#!+&PQ'(-A,<`13<%\SP`$I\`)BL>.@ ML7R"0.:@T="(H`*N4>2/0``DH!NVI!U%8``ID``G``8,MQR@$7$"ZQH4GF@\ M(%HT\`$P(`(.`@=L#AH2_`=W$!LWX!5L``$)`F M9)#O9N%I:A,$#,`7$@_P(S#P:K#PB[T';&,%(9\%'5#K#G`&^_X(=!!:MH+J MP!!3]PXQ/Z$%9499:*OS0,\)4U'SN"T,61'T38$/U\`!O8[T3A\)-&\F-N\+ M6*">3R\06G#*C6`']>C35__UE2`&'@X94T]^8(\0L;H$.NR79Y"5UT`#$W[V M^O.`^M01L;:_^_<(^Y`A9EBP`OS-^_)PY5=1!#O03\1/ M_$U<(9=W`B[PL3O!6U>@_=O/#&)@`]8\!1)` >`S.`3#,0!53P`0=@`SX[_KPO8*=P_Z<`0)(0"``[ ` end GRAPHIC 6 y18948y1894804.gif GRAPHIC begin 644 y18948y1894804.gif M1TE&.#EA?``/`.8``)B8F&AH:)*2DEE964]/3V9F9KFYN:ZNKAX>'E5552$A M(9J:FD!`0`4%!<_/SS,S,PX.#FYN;H6%A6MK:Q(2$DA(2*RLK*FIJ:>GIUY> M7C@X.)V=G2PL+#8V-I:6EBDI*8^/CV-C8T5%18*"@GU]?4I*2E-34RXN+A86 M%B4E)1D9&0D)";^_OS\_/W]_?\7%Q>'AX:&AH8:&AO7U]?O[^_+R\F%A8\?'QY65E;*RLN;FYO3T]/W]_7EY>8N+B_S\ M_+"PL(>'A\+"PMSGO;V]M_?W^OKZ^KJZO[^_LG)R<;&QOGY M^5Q<7)24E-'1T75U=>SL[,C(R'IZ>N[N[L/#P^GIZ>#@X//S\_KZ^M+2TL3$ MQ)^?GXJ*BGY^?M[>WK&QL;R\O&5E93$Q,3X^/HV-C;6UM;JZNN3DY'!P<,#` MP+Z^ON?GY];6UK.SL^WM[(B8J+C(V.B49>#),,7(^7F)F:FXP9+GZ@ MH$27.S:PH!I#M"_!A2^@ MJZQ^"X.P,K-^"BX]'WX04+J@%$-_4*S`@CXLN(55.S2"8W&&6B]!ADXO,X-+ MH!QG+B0&K+T0_T'Z M$?G'!R@OWZ[XD?,G@1\/+I7`$L#"BA\-?U8%<".D8@0#,14(+6)RC9\$?VPT M13(!E)YOR@K14E"$@!\$[B8P85'$3]``?K*P4$/ECP@_(%AH\$-F$%NWH>): MH]!BMY\3N4"!\9/"R(H53UQ^&B#("-$\TP6E.2YHRS5!74PN\-,BLQ\+@MCX M80$$E!%#M'I+4>#'QQ\Q;E'TY(Q8,+ M%4F6TP\'F(:FFC+^<41%"/CC`B_)X,B":40PT1F#<`#`P@6PU-`'EC$L, GRAPHIC 7 y18948y1894848.gif GRAPHIC begin 644 y18948y1894848.gif M1TE&.#EAG`)T`?<```$!`?S\_/W]_0,#`^OKZ^/CXYZ>GLO+RXN+BS(R,A(2 M$A\?'_'Q\KJZJBHJ/CX^+V]O0L+"QD9&8>'AP4%!0P,#/?W]P("`O;V]NSL M[/3T]/7U]?+R\K>WMR`@(/#P\._O[^WM[>GIZCHZ.[N[N?GY]34 MU,S,S-_?WT]/3^+BXK"PL'!P<.;FYN3DY%-34][>WF=G9\_/S\#`P#DY.7Q\ M?-'1T61D9#T]/=75U;6UM>'AX5)24D!`0)V=G45%1=+2TIJ:FG9V=F9F9FIJ M:MK:VJ.CHU%14;FYN;:VMLG)R9>7ERTM+:^OKT-#0S\_/]W=W8*"@E145&-C M8T9&1GAX>&EI:4%!03@X."XN+MC8V'=W=WM[>WU]?=O;VW1T=-/3T[JZNI^? MGZ>GIQ@8&%=75Z*BHH2$A$E)255556AH:&QL;%I:6GEY>6]O;TA(2`8&!N7E MY:&AH2DI*:ZNKJ:FIK.SLT='1YR M7J6EI6%A88"`@-#0T+2TM`<'!\+"PJVMK1T='5A86,K*R@T-#;^_OY"0D$I* M2N#@X#4U-<'!P:JJJLC(R,;&QI&1D4)"0G%Q<3L[.ZFIJ41$1)65E0H*"HJ* MBEU=7;Z^OE]?7Y.3DS0T-(R,C%E96;*RLBHJ*EQ<7')RC'A86%FYN;@\/#S8V-G-S'M!GNK7K MU[!CRYY-N[;MV[@Y^^,"V9_OW\"#"Q].O+CQX\B3*U_.O+GSY]"C+T?]%(<^ MZ=BS:]_.O;OW[^##B_\?GYQWP7T#TJM?S[Z]^_?PX\N?3[^^_?OX\^O?S]\^ MJ]0?]7,`/_T5:."!"":HX((,-NC@@Q#.9X)Y`_7#P0X%9*CAAAQVZ.&'((8H MXH@DEFCBB2BFJ.**+)KHP5,>_-#BC#36:..-..:HXXX\]NCCB#LX55`__=!D MY)%()JD0D4HVZ>234$8IY9145FGEE5AFJ>667';IY9=@ABGFF&26:>:9:*:I MYIILMNGFFW#&*>><=-9IYYUXYJGGGGSVZ>>?@`8JZ*!V,DGHH8@FJBB;`O0C M0*.+1EJH0(+`0"21*?S0*)$"_)#"I9*&ZA"1,`BB09$L"9"#)I"@"B6H"!'_ M>4(!'ES:3PPUV#K!#[;V\\(/*K@J*J!$WB#*,;EP0Z0QKQQ#!@W]^(`$.Z]H MT<\6P60;3!3#=CO0"=L4`0\0,K34#PN!I#'1`<$8H%(_'D3RRP$'>:!.!838 M<0"\;"3@R#>-7@(((4(0($``=#S"CBI,>$ML/Z$LX(@\T;SA`PF3V-+)&`&` M,@(O+=2AR"S^Z(!+#VLX+&H_`9QA`@E%3)*(H?_T6C.J-M=<(:PYVRJ0``18 MLX7/1`L[4"$`"#$DK`+UZG/33T/=],T3O&("`*@X$4`_2X"3!Q'- M'%+0VU3\`\PS"8PA2S]1X(Y$$8KT-=B#"?^D00D3S*,"IA@!$W3ACR-VPA3M2`<`(!$!'00B M$=HXA@?<80*)F6`:$<#$".;!"&=\0AX.4($]TO&%.OAC`VMH@0(200)_&&%Z M_JA>)-@0"FE0(P44`(`TDN"/$)0`%_Z80@G\4007'*$)'?C"`*Z@"'^0PQ2J M,\$!HA"(?12)2`&00S``>)!+P2`<98B!"4``@RCX8Q)-\(UP1]W$$`/`/")/0``$TP8@1,F,`83>(*)6.C',=)Q`C$`8!LW`(`V M4"#_AA%\P!T#<(,@`-`+`JB!!+R+P"=,4005F&,<%L"&">[0`5.H0@"-L",> MJ\<`&W@""`/X`07\@0L.F,($'$#D%#S`2!>4@``-V$8G]C`$?[PC"AYX`#<' M`8!"&"VC`41(!)X!@#FXP!^]:*4_QE%,0_SC'/XP0"I,,(86\*,5V/`''K0```6`X1WF,`07L4$#I/Y``>S8U$(;:HYX MY*`:`+@#+P`0C'XD]HY00YH0/,`%-3PB'B$=:39J<%("_ZATD8VLAR.6,0P3 MT'2%I"(!(_A@CLH5!*@W(T@_,J".3N0!!BL80%)="8^PSO(<`WC``A3@`6$` MP`]MO9,`7E")`;2J'WT300:N`8`#M&`9_=@&`(21`2+=802/H%EX[68-`(`@ M!P7D0!7\\8!^8`(`%#`G7P?@A+^^<;"%Y8<'$HL'3P`@%A-8`0,TX`Y_B*"R MO;"!'TM`I,TZU+/5`&=%*=&/,VCT9P$PP`"JL`I]-*$?Z#"!2/TQV]KB`@!L M.`$`'!"#>9[`&*;X+1F:YH1)L"._/R5E$#S1L*;I0I`Q(!(EHK$#(@``&1", MA``@8`\;W*(._9@#`*JW7SKU@_\/_DW`-0HAB&A<(Q0#&(,`,#``"L2#'#AP M!SK\H(\1>$._;=X3RT`!`'DL8P&)J,4(``` M'E20@$YTHQ;?.$&'*8M4%S0!`&1H@"?.V%![0``6H+U#&"#0"VS8X\7_6(,C MHF&")=1B'E_0`@1B"X#9RF,`'(#&`+H`B%X4P08MF$*`UL@H*$<$<_(*$& M5NR"%.C_K0`J"-"$-I0``9R00#UT0(Q_\`$9&NA`$V;1#P+TH`[V0,0*/H"% M!]1`!T"8`!-ZP`I62&$(8UAI,800`U1P`AC7TD,Y+.$/20RD``X(QQ\\H`%; MS",-1L`""K:`!4BP$PLN\$$?]*&),TPA!1M8!SDD,09UA`$+W?@D`110YJ6Y MH@*UZ,[!"B"X0``G:(,^E#&'_7$< M3H@FT@10$(%+10`%GR(2`V"/Z-/KB4@KH+VL"%!?)N'LD[['&=2(5`,8]!Y4 MEPH`"@PF+-__(PA+6($@'!$.:Q`D!`$!B!#!$!07`%D$!`)[%5%\A6I=1+$OB!(!B"(CB")%B" M)GB"*)B"*KB"+-B"+OB",!B#,J@R_9`%!G"#.)B#.KB#/-B#/OB#0!B$0CB$ M1%B$1GB$2)B$2DB$@^`#3Q$!6K"$4CB%5%B%5GB%6)B%6KB%7-B%09@(%M`; MN3&&9%B&9GB&I`$"6!4@*X`&:/B&>KB'?-B'?@@= MU!$@$X`&?UB(AGB(B)B(BKB(T4$A`__!;8P8B9(XB888B!\QB)28B9JXB9S8 MB8?HB#4S"A4PBJ18BJ9XBJB8BJJXBJS8BJ[XBK`8B[(XB[18B[8(BV-P!$\Q M`7:P`+[XB\`8C,(XC,18C,9XC,B8C,JXC,S8C,[XC-`8C=(XC=18C=98C>-P M!TOC@3-X)YP2`.`8CN(XCN18CN9XCNB8CNJXCNS8CN[XCO`8C_(XC_18C_9X MC_B(CQO7C?S8C_[XCP`9D`(YD`19D`9YD%$#$3E#$0NYD">8D`DY)A%YD"%H M*_L8$8[".!+1D!-)@AEYD1S$C5YR*1=)D1PGDE`S!7W0>!O9#W`0#"D3*_FW M,_F@"G$P$![_8`>8<`(H&29,@Y(.J1'K-Y,50@._X'4"H0&CH`K0$A/!YX$= MJ1":8`?;8Y+[U0-=D)5?$`H]222/0`X%4!%=P`H-,!`^T`Y9V054\`8TT)8' M$03R\`@#40+[,`\Y4)@BL5Q&T`6O4%^E1`"A8"T+(0:(B0^"(`KVT`&6:96A M$DO!(`:!0`*;TP\14`.;T@\JP`#+0R11L`JU\@\E\`*Y>2D9P`#BMP*0T@7A M4)8"L0.3$`Z\4`3GI'HOH`')99L\V0^```"M\$D!L`46$)PI<)W]_W`"=1F5 M4J($`P``)L!+DA!NE7`I+A`LP8=_4#``I7`IT]DK*@"`'PND"`DHSYE0$/8`+,/`&M$``GQ0!#7HI#/`"M;E<.0I* M+T!BN!=[J:F::A)+!A``^V`"JW`M7V`/C<"6.;`,E>`'0M`(&:"2-KH)L:`` M[?`!`G`*=F`(@+`.H2``)0`*Y"`-C=!XR*F<_\"*)4KP M1?*0#?U0!(3@0OU@!S@"R5)2%[`!/YS`FN@!_-`#\D``W_E M"^A0!V>0`1+Z"!GP!]'D#,\0`Z>@!W.`".N`"@*``D"@`&>0#<7`HY?9`2-0 M#@`P,P(P"ZI`!$?0!W^@!5[S#CET`&-`#H0@`I?J8J,P$)J@![+``<6P"8U0 M!]4`>IA0"0J@"C-0`L_`"SU`#\W0>HH`!/H0"Q:P`B*0"J3'F4:*)TC*!$T' M`TH@#PE@`>1P8T[_``":P`@`D`X:<`V!L`.?8`)%<`@DT`M,@&?ST`:FL`P^ M,`%]<`.C8`+!\`]O.A#,R0\'L`N]0`?]T`<;(`>I,`X>,$X0T`S^``0>D)VM MT`7I$`,J``!@,`'(,``)4#;JYPB!H`F1$0\GL"69^@I@<`V"0`)F6PD!X`2= MH`E88`)R90ZFH`^YH`N5X`]D(`OU8`*Y\`3FX`]$T`^6\`FM,`+L\`+H40HW MZPB&`P"1L`TF`"`"04BV``T`,`66TP-A@`[^8`M'U0N@T`4`X`E!$`U@T$+E M<`)N*&\FH`]P8`+CP`"^8`)DL`T#8`HV4*02@0$D8`714`;U=3B#\`F!_W`/ M!T"(7T!%U,`*3]`.4>4J+N8(R0`'-6`'_G`%.=`)YO`+("`/-L``;3`$QC`` MC<``_M,'QV`"6W`"[#`"36`$6Y`,`^`.F%!7UKNR9A)+IF`*]B`#_3!:5Q`` MJL`/*&`.(!`#0["S/?NS0@``7&D&)H`*D#``ZA?`-G;`-Z4`'_E`).V`/X!``,<`*N2``X9!N1*(& M_G"?D6`"H:`!?0``G1L`$L`#XQ`(M;``J="K@?^`NN\0#1P0!/Y`6`.1!";0 M"0.@#W)P,!'``G@`I-`O1/\$#50!TD0`._0";KH#/[PO>'KDOY@!OWP!B.`!`$0!B;P M"@$P$"[6PTHDO_0[`F.0`6```!9P,*3@!?H`"#4``/RP`GIC#`"%"*`$#A`` M-*;0!A3,LOXP"E-@`L70#W]@`LN0!V#P!01@"B#``04P`#SKLSN`"%AC6B;` M#2^,!?_0`B&@!%L``6`P!B2P"SD,I\R9#C#5"YS@`E\P#;]P#T8\3KR@Q+G0 MQ":0#O/`#+99Q7*+8%K_G`;]T`D)@`*"X`]A[+(,M0@`@. M8`D$04BA``O2T`LT``G*L`M]8`*?C%2C#`!TD`.]$`ZF``81P,I!,`C^(`ZQ M/,L58`)*T`_:$`C5^Q3]8`@`@`]GH`PF@`T"$+7&?`_(K,P-8`)\$"T`0`C4 M*1`NY@T//%`"QP`` MB@`%RC`!,]`)=9U4`T8'0=`+CX`!G0`,@"W8A"W+@L`')D`!.R`-C+W+#.$H M34`"31`,OR`/B)`"F#``@U`*(Z#9<)#,_5``@5`,&A`%)F`'TTS:]3P0J;W: MK6T!%S`"M%`"Y$#;MDW5QB!C?4`D$=`%]$`#*3`!E_]JW'*"I"4`#OX@"P4P M#N'`!8DP!0(P!0#@"$Y@T">\`ZL@#\<:"/3@`P\MX.!-!0/`"\4P`#BL!CJ\ MG,H0#7Q`#IU@!JV0-")`#O.=TDO,`'F@G:H``-SPMG&+##2=+OWP"R:0!`X` M`'Q+Y3*1J8#0#U```(?PX)4@`$U@`E50!".0#_T0#@,0AOW0#@#0`PTP`Z;0 M"V,P#X!L`-!+#`/0"3%`!0#P"J66!&DV`(!`!Z,@!Q7B"/[P"KE@`EW@`920 M#J%`"0`@";M[UZ;<"V`@`9TP#C9PO$I>V#[P``"0"NT0#5,>$BJ@#XR'H2W0 M`C,P""9P#4E@#YKM"B8`!87_H`'+$`A3``XM["IZ-0I,DMH;P]K>;`D#(`93 M,`"(4`.U?=O^8`PH$`^](`;N,`/0T`E.\`"X<)^*3B>&(`GE0@N8\%4Q8`1J MX`12G`'<@`T?,`*I$`&\,`J5(PMVT`4E)0"D@`EW8'"^@"O%@`\&0`R/T0WY ML`,#X0*N@`F&3PH9D`'?``]&``EBH`%:X`9;,`%NL`DE<`=N$`1*,`J1H`%N M\`0YY082H`3.<&@9\`30L`K^@`^);B4<@`F#T`]R@`2L`158,`"@`EJ@`FV,`HJ,`%2@`>*``)00"3, M``1J_Z`*I%`A4F#XR=]Z-S`&Y_`)HV`-H;<-*G`(;A`%->`,,Z,.7&\`;E`# MI&`$/-`/8@`0HU8(D.,&AS80'/K]8]C0X4.($1WV"R*)V<)^W"0=*,'G'#-> MFOI%,**F63\;V1(@`B9@(4-CDEHNU&5DR`M)=`1LDA0#1C(UO'RY.^%&A(=2 M;B3TLR).C0-8&:P!44,%QTN)6;5NY=K5ZU>P8<6.)5O6[%FT9_NMQ;C6F148 M?@!D8[OV7UN[=N^^U,NV85^_>_WV99@W<-VUWF;$.`-`BMZTD8@@2[8W/ESZ-&E3_>J0UHJ?D!04'?>#XLT:0H:P=C-W?S7 MM1O&+=#7Q9@`B!Z"A9#&KXJ/Y><9=I/6PMZ7!ES2;T`""S3P0`035!`B&SSY M@)85\EN0JWY\J.7!$@*;L,!^2ICA`V"8T+`P&DZQ!H<3RAO0A2$^D(6`$3>4 M<48::[3Q1AQSU'%''GOT\4<@@Q1R2"*+-/)())-4,L$8EW3R22AG;#)**JML MKA\!K=1R2RZO5+%+,,/,:J16'C#S3#335'---MMT\TTXXY1S3CKKM/-.///4 M>_7U5V"# M%7988HLU]EADD=6!5*T0"X="NSE]EN\]5W7WYY[*<.5N8=)AHY[GJV."PU MC+$?-4RH(P1$4&!#C`S6>E9`EP2`KS?#$C88VGY#%GEDDKG[-^!^!I:CGQK4 M::8;\@AX(`I=ROGPCTW$#8`(/C11Z"\U[$E!XQ0>H""`+;R(H0U-5.@GADWX MR">.:2^)_X*9"Z)8:P=H+G@`2UG^L&4'D$LV^VRTTVX6X#C64(-@%,8!X)E> MXF&`"`!260>`$-Y1`("+L.FED76.V:XP-5B)0H(U8Y=]=K7_!<`44P8@^`X` MS(A@"G\>P'L8!J8!@(A$`#@C@GO4$.`2?T(!VH1`3"DB"'_6R4`5?S#9```@ M^N%@A:4!,,#Q89A(`X!5>@#@@A1^0"&6>#2X`@!>:-=_?_ZY_=>4U(@ MA3^PT(\C-"(-IWN"XZ!0`C``8`M?&,$0%E*/<,P#`U#P!QOZ]T,@!M%*)Q,8 MP=P`@#OT0QW^$,$"&_C`"$Z0"?(XAB=D0018`,T<$UA+"+?G#Q*:4`6$F$8. MNF&"%OKCA3'<`B)&L(:U>,(<"[AB*$@1#SF48]"(F+*"/:!`<0B#(\8P0:< MZ$`(2E`(_4`#"*RA`F;80(L38(@71UA"+-!`'DE@0!_0Z$(8RA`37?E*6,K(@0NH&!JD081^N"$<`&`%+_KA"7N$KPCF&,(E%("+ M?EB@#*8```F($&!>`15``!2ZE@S,X"8!^`M#$>H!#P@@`@)-Z+P$H(0W9("C&IC71ET2@!L, M@0,GE8`B4$#1?<94IC.=#'*$PS&;*NPPO\DIO7I:-IH&5:A#)6I1C7I4I"95 MJ!06=P`07O/I5KQX"J%DE:UFQBH(!6,"L M:V5K6R."5K6Z5:YSS2I_^@@VD1EK0SR0@:Z$ACD. M'6Q8&AM8M`$6_[(ZVEH8@I"AOVSA#8XMP2+"\`.8*&PDR649'E[H[40`@V.F(0-\M*#*\3F+KUI MS5UHL0XL+"`9XO+I2UYQB8=(JQ]9*($`R$"*R^Q%-NA*CF&60(D(%,8+U*@& M'`+EFYR.0@P"6HL$KD%=XNSVMU#R[7YM5`1%_*,/7&BH"A@PT'Y4C`DKB$`0 M7O`L%.0`P7?9@A[Z`8-YP&*@@A`7##2,)0'L8`77%0!B^X%@`=#`!P*8`#EH MT-",_2`&6!JH"V"A,:P(H``KA3$!1+06!NS@O.EE2#-<,1P?%(#&`O^P00FH M.]``B$L`*PB"TS(`8Q\((F$O?)/47S#,"\#>QP8QI-*(6/;B#"N!! MA0L<0Q4]:($%!*")/H@B&/2M\%I:L(9DQ,(2)\C$*_;`20W\P0Y4@``J5H$( MAM@!&!%H0B/.@`H]F.(5M6`$*0*PCV#H(!G]$,$CSM"$7_3E%A?8ASCZ(89' M]"`)".@'$:XQA5>@MS!BL`-H^LD&*E2`&/W`QC"2(811)'02;QB%,Y38CAYP M80W+"(`HVL$&>)2B'X-PA"6^8(0QBTG,X9Z0-@ZQA000P1@0`(THI)`">LR@ M'YP01C]Z8(`CY"$"`CA'/3"RA7:$00JQ<`'_&7`A``:`P0K]L`0W9I@!#2@# M%9[0!D/*P()/Y*%B_5"!BP4`!!RTHA$"(``X"."&7Y1`$""8YC\$L(%^"`(" M)9@"%9(YC0`@(0O]0$`[B-R/&Z0A#PL_A`X2>HP?M*$8_1A"&6K`!&E$`!V6 MB$$(9MP/)4@C`%C(1#\*T0X7O.(-_6C$'\@-IG&?/4%JL,,9I!``8T!A+>Y. M01VT_(PDFF$3D$B#%PIQCD3\>QI\^,,-_D&&3?0C"F-82RDP8`!DK.45J-A` MQ?]1!F:TP1!V.0$Y9@P$&21C\_TX`Q'<((D+1X,!;9&`)K*1CA1,H1HH204* M'B&B(5MF#4!(`!-<_[$/+WCA&*=HP^P%D`1::$$4_8"#)6J1!`%E/0!`N$0_ M6H$&*SAA7IHP^T26P`,*A%_\XR=_^(8K,,!-(`).8*Y^Z+/"0+Q^H`$LF"U#$(-/8+Q^R`7*TX:U MV`5F,``X8(L1[`>0@P0N.#$[R`$W<(/4@\&[X`$^8)E4N$':*P$[4()^H`-= M:XUN<`9(8(2Z*+ZUX`8[J!\GG('/6`OIH[Y^`(9;H(%7<(%^,((M+(P9D`!D M3$9E7$9F;$9G?$9HC$9IG$9JK$9KO$9LS$9MW$9NO,8#2*LTG)"U8$.,>,.[ MD,,4"`%!$``[N$.]TP`D&`4;:(,P^#<+^T,I:"A.P(0X@(`XL(%<^`1F`(%+ MF`%]&((Y,`=F0(%*(((M\(3.VP`F`#D"6``BV`3_?(B`TQ,`%)"'U;N+12`$ M":@&5KA!)DN%?T``4+`!,/"YPKB"!ZF$#8"!5S"``N"#%)!%:GJ'=L`2.("# M#/B";R@`6=C%!Q"`5KB%#*`"9V""22C&<.0O<(Q*)ND':TBMF".M?UB%,,@` M8TB1!LBB(ZA'%+"%-DB$&L`(&*@%OCB`L7L:*9`$6G`)*\"$.R`")?,$/]`" M(L"/-4``$1@[8S"#'*@%\A@"/,@$+8N#&^@'#T"%>=F+FI"#4LB`Q>F'$U@" MS$P$9U@%3ZBJ`\B';+"&BA$$$6B#.]"`R_P'#7B0M2"%(^B'"7B"-O@`%]"V M#2";&&B%?D"!;_"%48!*_ZIAT$NC,3KS*F(SY,NZ\D>T,S[FZ*?(T$M]"CK]8KHF8DE0)K_.,3_F$ M"-_R@%D0@@LX@&M)@3U0@>R*`TO`E[V0`6\`S_D\T+,#K+60@E=HA4MP`AFH MB]A+$<20`&?[J6U;BBA((@Q%4`]-0P7E`$<`KURJ@G[(@0(X!`*X`7%Y`\60 M@!)8`0D0@!G(@5F8A7VS`2\8A"#HAT6H``.@@2`;"5G@`BL8J"B`A4V0!7'Y M4"`(U0`9@6`)8Q`8,.(5S.`0-Z`4^8`%XN(&J>E)!Y2T%/80]9`@+ M`(,K=066X5($0`?'I`<+^``U^(2(65"0;>)-4;2(6U^`!$6%4N,@-L@%59W=:D4M`A``0-@`]F MP(!^4(4'^(=>90`X@(:[$%9*-5-CS842*`,Z*($D*!AG_0=250)I_8%5S15J' M;E^U:LTK/%-B"(ZB8?V``#W`Y%'")&J"%&E`&)=``&$!7#6#-%T#7+8"% M%YC;%=@"%_"`".F''6@`%[B+GTD!__1:Q)U5-#R75!D"+U"$;H`"[)2(\&*+ MB_&8Q,W@!<6"#'"B;XEA/]M16F&;OYFF?81XDVP32B" M*%`&+-`!'8"\0/F'`%@'>*:!1R@!-6#+>_8`!=CG1<*`?8"$=0!H@?Z'2YB" M08#%EU#H#&B"*R`$#HAH`4"`6!B$,KCH.M#H%G@"S)R&?>!I'R)IDT9IJEGI M4]B'?:N"F)YIOI``2L`(`>B!;D`H)ZB!?_"!"LB`H_X'7="^%L#. M*Q`""Z@`+GH'J4;?+P""#W`(A8X`5P`#-.B'B+8!$IB7BPI@!T^\B\\> M@E3@!M)N@Q>(ARBX@2Y0[7]HWR7X@BB`A#%@@B/8X21`!0*(YFF@FD3H`0'( M@U+`Q=[^;0=?$,F*@CVX@%_0&D&H@G)@!!S(@$VX@#^P@!4P@S.`@Z5PACLZ M@&';`BI@`V^`A'[0A$:`!C_8@7J8`X80`&?@!-B8`%S@7UX@@']X`!X855`P M`FB0`P(`RG_`-P'XAE(H@6RH`BJ8A7YX@&``!ASPI3;X@5_2A7Z(6C\`@@9_ M<#(WD+2##/^%X9CV+(S37:ZV8`0\&*RVH%Q3(0S3Y<.]>!8=,(0R[_,#Z=WF M$(!,T(;8Y)`(*`,VT(,D.%P_;_3S`'3F`+JTU%:UJ($CL`+@=71-CPY(WW1/ MCYU.3UU*__0?JNEH*=@"7@$,'O6RR'2)8(;&E(XOVP#>7('6(G6MBET!D`%* MR`5O`%_*704+@PTL,#P/]8!J&`8D``08$2]U,5W%6L]368Y:B(5A``=(&).7 M$`(ZP`HJ&(9A2`!S>0B$7@V$C@@5*`,@/UUH\04V<*`&D_HV"T%1*`O M%!`&=*```8@"5'"&)3C*?CB%5?@!*A<`.F"#3!#[&(B#4D"`/YA+#H<#%EC> MX?1@L;KQ'5AG25"(68`$8#N%?O#BP!C7HAT0HAE)`!0%0AE40A@5`A4@`B#($@#F1(V[9OX0* M%S)LZ/`AQ(@2)U*L:/$BQHP:'?8+D^M%OX09A&@*4,Y//R1Z(KAJ=Z)2#@T> MENCXYP+-A&\Z/'!3-@$5H'YD0D5()FQ)M`("%&9YU.]()10HE+U`@2B,!&," M\HGK1X7.PEV9),P(D`U3AA(!:#F:L2);AB5)^ODH\HD!(0DU7@51."&5CW_] MXL`KL882#7;?!/^S;LT0Q0`+"_MIJ4,I!8=7*?JYRN=JC``->FIE4+;H@YI^\#:$K+Q*6).0 M22R8`2:`2!'7VK=S[ZZ]GX1<*T+VRY$K0[\"KR8@L>IB`;KP"``"[N4HH,`2R64A3GX5'*``)^\DB`2B?0CP`Y$$D\YX26AA1JJ43\[ M.(!")*&!^:@`843XI0"1',+ M.C4%(_NE`T49N11BQ21^B%+&/U^%98B8&C!"#AL"+'*+"Q,X0,4HTB04XQ&] M0`%%+KS@&-@_PJRS"Q2.M!+D/T3.,$E"OE#&Y#$A`7&)&)+TP\`M5QXZ+[WU MVKL=F`[!L`X.8!#P[P2N4)'0`>!,04>=:MSI0W-["F/'BM-]84$_4:!Q+\89 M9[FB$PBO^`,8)_1CA0XJ3%II$2M.`(HJ2W#2_T\-8'BJ'W^BIA$!-4*NN&JK M_S25Z#@QR-+?BD(=TH\NO/KJH2$A]9B!-774<*P+A2`C`!/K/'M$&),$4/2U M"5WQ2]$E@$OD#O&@APD;E5V6[C_KJI-,/S#D(J_&>>N]M[WY*N0"#)<.P\`S MK?2S`@P"AS3!,LK,D/`_>@7K<@-%$=XX`,, M57A3@AG9_-/>/UX4$<$B&D#SBS5=3&#,.#/WX\4N-O:S#"#!VNX\`,A+X3AB""S`%'"(,[^DT0# M-7#F@00O^"5-`U84,/_#,064,,0+SA8,#81``CZXA1F6M($FJ>L!,KC&!(!! M#[R%KH(6O&!I_):0>O2A#4EP1YV<((D^R&$.*!&,,Y;QM5KDX5)`\,,4!/"% M(PSB#RNRPR+>D`LC,$(;&/RA!8NF"T3DH0(,",(8=H$,#OR#"Z-911M.`(17 MZ.`(`@`%&(Q@AA(80PO]V((S^K&&*7D``[M`PR5D0(R>D<(-*QK$'2KF`$`` M(0@[6$83VH"'?W"C'@MQAAWL\(P(C`!XI0!BK$`!?VHT`W^L&,6Q3##:'X!Q_6``M*Z4*^[&8S!?--AC"3(MSDYD2FB4YPKK,A[50(V!["3!J<0P+C MU"8^\UFO87:G'ZN0Q0Z>@0Y]$M10YRPG1YK9HWO",YX2.:A#([(B=DZTHE"`N68$%8Z`9P!.`0H_Z(PBMI`!0VKABJ\R%G0];2QDM]2/;SB!%#((@R_/ M6I%0S``C_3B$`V91@?Y0I*X1$8`/7)%(-PB"KQBY1!(6PH4T+.(4CZO()H[` MD`-((;*^Q=AC?RM>`!'F!1MP\PPQE1Z`<'#A`* M&9""`"Z@!3/PH(1+X$&Y=-%$)J)*GD-$YPW:2($LAC"'%S"`"V*P0(^L@(TE M8$`+#%C%/P30"@_T8P;J@(8@OI&$3T1H!0*X`1ZX`!(KO*$;FMC!1!,I"SS< M(:I*"((M;+'7"'"C&Y&(K?]"SD"!"_4H!]#@A9"&<`0#6",*_]"`)R9P@*C& M8!!B>$,!5M$/.2B!&`9003]0\(TY?,^UPWVR1H(+Y2F7IA^:>`0I0F(%+%SH M'@TP0`LR80LH,*`>"JB&-W2P`CE4XAMK$`(P9/`.6V2#'9+`@Q-2H()V:`(3 M34!/0MC[#UAH8P7#R$,'.(`$-KBB`D.80"PB(8)[:"$.3?A'!/!!`P*\8AM< MB((XWN&+`$#@!DK(A3KV<`$5Y`,-WA!%,#+,`3#,`0EF$``;$,$-50BA']YH MQ"::@.*$>.,1>Q4`!V[AC7*$M!%)N,,4?O&/*"2!`6.@P`3X,(4YU,(0K%H` M%<[_>EQ5P*$;N<"#DZFL[HA(>=WN-J<&.+$`9A18!RM21BT,D+)^I*$>IPC! MU\@`##D\(@(IB3.7"1""$DP@%V\X`)%X$H>O2/L?3;,'S-,*Q"/:2#!OS@!I@@XZ5@Y)7`"K#@#'P!DA'8>EV:0MC@/RP"-)$(FI$(N)$,VI$,^)$1& MI$0Z4[M%8MSU`S2(`1XLPQO4P"VP`3:$`"U<`3M40S7=RBLD$9(!@",`&T`&!!<<#6($* M1(``Y$`HP(*#]0..&0-ZK`(PO`MZE$`'F%<)$%@&C$$(K,)PUGH`NW$'@"$`&\$`'4*<*C*)@N(`'"$8*C&(&*$$H7.AN,,!2 M[*8[XH`MB,%K1J)KEBB*)D3AI>A#1,@$+`(['$"ZL6ADG2B-6J0%),.-,H0` M/$$C),,'%-6.3IF-#JF1'BF2#E>1)O_I<,WH:6280U747!V5Z+P=W!WI0'K' MBJA``&C4:,Z&R)C31EBID,[&E7;'DC)I5EEG)HI4/P3!=;I&->B6F`0`$TB` MBKQ=":!#4-Y5";R!@K"5"I1`=9X`H3JI1:Z`!*S!#WQ-J\S"<+;&BL2"V8F3 M"RS!(-@30Q!`'C!`.OU`%GA6`,@2>1@+#6Q4CR1(EZ2IFC95/UQ!)8##`G!# M.!7!Z'63F;J38#34KN[JS#�IR`$!2!$/2!FT[`-.2I-9('%QZ`,GP-%_HJ MKRI$/`!"?_;#";0`JU!I0C#`,1W4:$*I1?5J8Q5"`I#!,9"!,SD"$S030MV3 MN&K4A:B!#)#_QPFH@1D0`1\T!`?L0IX:53=YPNJ19H:%JYB<0"#$`Y()``V8 MP`48K#/%0=)%*SR)D\7.AJ_.Z&,A:JO*5*T-!C\,9VP*0`V,8B+M1@0(:*KF M9D#V@P?L1M$(`,M>B(,A0J@FQ`*C.E@#(DB\$A%WJL2`!X0`1\:PID M`.7(U8IH@(#V3"7`@QRLB!300TWTR`H8G#@16#G<08($*#,Y+3.I`"RNR,L6 MC0>,ATR=J4-X00)9@`+T`]G60C\\IP:4P`P0P8-E09=222G\P-ME`"E8`Y(% M0,\9`VVN0"DP0!<@5H`-@0[(E6`@)Z:50+^B0"DL4P"L0`W(@0L(_X#A%L`: M9`"2J<`)L(`-1(`.(,'G`$.U$(?B,$M-,,?8("[%$`56$([!$I""$`HD$$5Z,$+S$#Z MED,3H(`'],`>C((:`&M"X,`RM.N*8$+248`FI$`\&($?($,`'_"H`E.`,Z.$$V_,$M/,X#[`$5P$&7*D0E"`'=],,^@$(%]$,,(,,9 M_,(IE&,50(,A,(18`$;B($?1)T0G/\!%0`N!=A!&YR!)O3#()R!.+1! M`-R!'>#"$!@5:W;Q0KX!$HC!*1"`HUZI%RA)#(!`/T`!$%@+(01!(GR!"$!! M'DR!*#1#/[0",HA`+CBN8+A!.;3!,KP`$^"#'QA!%\0`$]C!*!@!/3AN/]#` M,I1"T8P!,/Q#*;`!!^0"+H@`)9`"$Z0")OA!!:"`%5!#OGY`!0C`[3I#/.P! M)J`!+71A#R0#)0#:/R#L!8R"`&0:,=A0/>Q"/F"!6A:!*B0"'9S#/GB!+C1! M-8C"F^!!-IA!$_R``%0!'V#"+91$%:##'W""`/P!$FP##E@$;(B#&:2S.J=S M(@3J]FI5K0F`+%#_PPJ,@0^FP2<8PS6H@`P<@Q78@`*\@"_`P=D9@8+01A!H M`!9H`0ZL@R)DP#7(P1&`@P?D`#VP0+!2P37L<#\`03E[PQFD0"H,0C^P03:@ M0"!80P3TP";`@"DT0#_(``0(0!F$0@"@@3-D@!BL41D<@0HD@`0L1"686P"H MP#G80@W#`0)$``\D@0`4@1$$:"-P@0N(@0@(@!FT0P!D`0=HP#.HY3(,`K:&HN!X(GE,$++((:N,,?7)$Q?-88],,[;%P_6`(D M]`,&M*,[&"LM?,TSS((*I,(*E$`Q8$,,#$,*G,`C"((TL&ZZU0`A3()]W_=] M-X([O[-3S4$=Y((C7-S`#E`"#U`"$D@3>10! M-;2`G,\YG=>YG=\YGN>YGN\YG\MY'0``H)L``/A#*B1#&#@$#TQ"!63#;CC" MT?Q#87?#'O2#(K2<#="#!H`!,13")GB.8*R`%)0#/K``++S"*'8!,+B!RM%K M-V6`+NC#8*?V:O?K<$("!N1`.F#@'D@`(/3(;@M`$LQR$:P8,33#%N2"%WC! M/J!"!1`+EAW+V7W=@\##E"ZL;Z`-_`!(6S"$,## MBC@#-KQCLG_!!^A!&$C_;#^4`B7` M0#2\>!G(>(76.!24X*](`?G`,!4#L] MN%0!I,P[Q(%@:'<_>/L_R$`\I@$7_,`S),*YA\0H8(,\#`QP`9U(,W-<=/2X``M`'$2SPJZ$)7],,CB'C11``Y M^(!']P,WA#0$Q$`_`,2E7S!,H>CW1!R,:1[^R8`@``J.?UCF'#2R2(>*?AO_ M=?Q7:4>#8Y,B/*D08%B@7YU6,$![Z_2'V@EJ)?KZJ M"!(58&,_`0*N=.'(T6-4J5.I5K5Z%6O6J!R<#"@CA?]4"0%)J?)@$]71H7[_ M0KSAM>??$#W];-#3\(O'V+4=5ZQ[T4\4"UCM-/SK`HP;F7X9ZLA8F[3?CW`E M`'TZR(>#`U+]H&'*T:N&`$MW)"#:F,6)@$=;^J4Q]H]8,Q==(OQ3NO=$(`;` MX`WK-^A/`!TV#U3H=TQE/TN0^C5AUH]'GS"I-NK9]"*5APSBL,%R4OAVOU`. MM)8W?QY]>O7KV;=W_Q[^^SEDHCZ[TU';)V.O_M6XY4$%5F+@P0D+<`!F+PUN M"04'99[``1P!_LGCDC"Z..*0=)CQZ`TZ%B'F&0&:L>0-**I((95L@L`@$Q0" M4>>&8@Y!8:%_<(A'@%T.F,C_@'X2,:(?9*!9Y`$:H@)I!4*R.:B"?[H)Y@8\ M5!&@")C^@4,,)C1I9!%0VEFAB$]P.(:8?O(P!`97RZ!HAP.BNBA%$2(R,$48N[8!18) M`#GM%@&<8"V7U[[AHY\J<#ED"A@>4\$4!AC(@QZ<.%1PS@9I)$`GA%DT3`P::?7^`PI@<-$#B$BFWZQ!/@@`4>F."" M#38/_P=)/0I%D8Z$><.")_XY89,,(I!D@@PVZ>$,8_;J)XL]1@EEE1^$6)F!0W0LV6.&?G)`(IM!>-#`%SK,R(<`%*)1!Y=,(E`!F@S^^:&: M@W[X9Q`<^CD@BW[>F`*.'HST2`P7^BEDAWY6&>0?#["YH(T?^N'"@H[B(.,2 M&_R8(I1V`JB'##&DD*6?-<8(9]`@+JS)%#T)FAQM! M@3Q,Z$.K:!$K:$S=1D0`!62TH'*1Z\C^I90,6*$`2Y'D M*+'(Q2""<2IZ).4J6=E*5VH%E4"$BBE#N,-7WI(]JNRB&2L82PSZ$I?!%.8P MB5E,8_81>@3@Y3&9V4QG/JX?GDB$;5"PQ$N6YP5L$`4CJL`0K!BC:E(1]I/ M/P)4`^Y(AA<`]K,,,(9O#"S!;1CQAL`Q>#*(%'?N`(;PH@`]Q`1P?F@((& M?"X&4LB`_P5:L05.G(,+4EA#/PC`"Z20])@<^,!?:#D5+TQA+4,@Q$IZP`=1 M;$8=PIC"&$30`T!43@87J$(;#.F"+QAD+()(1@^@4047>.$2_U`!-DX@S244 M(1:VP`43!+"%:F`5LI$=YAR"D8(4K&$2_[!&`F20"5"D@`UVP$$QBG"*?.Q! M`']`0!R<(`>>YN(%*1!+`X9!BDS$8PW$\,7@EJ&!!QA!"8UP`BKTX(U^'((3 M()2L,)G@!`?P(1%!*-]5>%",#WQ`"F/-1"-*T`%0:*`/(O!`,?HP@6K`(05V M`$8)'D&$O;C@'#SXP!'X"80,S,(4-!"#$?[Q`B0*<=$2`#+:[I8$M?NH)S^/%)`Q",#XP%$$O@\#\\#.)8!&$$\(#'."Z0 MXB24;R,]>((`(I"$&M\XQSON\8]+X`3_"]5@BP%0!@B(76QC'QO9R5;VLIG= M;&<_&]K1EO:THQT-`/@#`"8P`0"BH8T&E`6L<2'$";!P`]M"`$AT[THG_L:*7PXP@Z4!JF"5[P3-/'C\H(@"A:,99V MLI0YQ#A:0YPGLM",]U4!2T&$`H-K:Q@+(-8__X6/;Z*$:^!CS%E,P`9>_ M'.8QE_G,:5YSF]\&T,:E"#?G@A1)Z@Q@PT085^=*`E M))?"40+@"F6@'>Z27$0PX#`+'VR+"-#>9B`SOTH!BZ$$`W/M![/*"O$?V(`B#0\0LM>(0#Q6A& M,Y*A`1@``1=M2,`,K*`-=*#C&2+@`^3-$[0A$S2`%M9A`]K.^H)(`_`(C*X) M!W1A+9@`4&K`#\Z`#*:*"\*@'W0A+W!`'6R&$9JA$5C/-E2`#_C@`O\L00`( M(!N:H1KJ@`9LX!>:X0E$X`0VX`GZH1Y4`0%&"`+BK`&+T`@WZBDBAP"$0HXB M)P,XX'TP"(->4`.28*I4P/GD:`4T8A5R8;J.,)C(H@G'D`QM*81`R`,,K8?( MX63VD!`+,3Z4`A4, M#RN(`!(\2@\-4:0$8`,*8Z.LX`@L"1(S41,WD1,[T1,_$11#411'D11+T11/ M$1534157D15;T15?$19C419GD19KT19O$1=S41=WD1=[T1=_$1B#41B'D1B+ MT1B/$1F341F7D1F;T1F?$1JC41JGD1JKT1K_KQ$;LU$;MY$;N]$;OQ$8S$\]&*?>NB'>"@);V,>^Q&2H"(" MD.(1'6RJ$VS@,(_"$2 M<,`?WFEAX*$+NF`7&F#ZJ@(53,`X!O*,?F,HNT`'I$8KAL`$I.$IC,`?;($D MM_**^H$46L`$V.$+TB`(UJB%PL@VMB@MS=(,:VDCMP@23,`(/D`>6BTJ-*`1 M!F`.A@`5OG`?MP@J_W:R)W\2GKK!'Y*`&`(A'FHF=7YI(UY`$<)`N;XH+5G( M@P3`%?SA%GPA+&_H'R;3(_2"*JWR,7Q`$6@',$6(*;F2-=M#`,X``,3!`P0` M!DZ``R0A%YS`"#A``'I`$[HA%GH@!6"A#$P!IH MX`PTP0_20`PR0``0(`W&0`J$X-M:$TL#IA^N01ZFBH?\``#Z``@&H`<$P!SJ M`!#B`0!D`1H`X!6(P0`$@1U(8`+(P!]&P0LP1_$@0$<8`1\(`E`H`?: MP`)0P1\J0`/(@1P0(0'\X1($H!'"`1NZ(!5V0!S_`$`2IJ`5IL`$A&`;)-)% M`4`5/$$?'.$$?``+;$$'!D`.3F`=*@$-*L$?LF`T92$:@"`"VL`?7,$*!D`: M7H$>0$`)?D`>IL$2S`$`KB!+$_9.^J$.6"$G_X$!6H`5&"`'ID$:/,`>E`$6 M\L$$$B'HL""`!($0Z-1.\;03S"$"JL`?9.```*`",B`$1&P5`,`=4`$`]`$U M4^<3[&';[J`*.N']4N<'M&';&D$#3F$`&.$$T``$5@`33*`*R@8&;N`,1L`& M7C5`G<0?.L$4`&`3/`!7J8`!`"`.!L$?T$L!*J`$ MC,$?Z$`/3.`;:B``J&``_Z:``^S$%4R`:\/!'03`(*W@"@;`#$I@'19`1/SA M":BR$I1A$N@+*VWA#3JA#H+$!$)!4<6@'XKA8!76=-VC'\!!'FQB(V#!'^@A M`CC@&@+A!?&99F(!;_3.`8G"`)@H`/`,"L M!@`)S/1VG4%R2P$:GB`<[.$-RJ`3A"`-M+AXC]`H$&FB"1 M8=4V#+,+SB!ZM<`"3&`<^D`:>C4?#(`-3(`3B+6`.]D=%%@`QB`:T`$2A&`& MKL``JF$`?D$7>$$81B`78""$,O,:]D`?0B`.WB$76U@:HL`> M8B$%,G=?9YAT#8$&%&`=&($?G!F:P_HJUJ`1QB$5[(`)!$$F MP@.<)36A,2D"P)*@`VXP9`D*`8.@0*``8^RPA/$ MH4^\H52X_`40H`DJH#\I2``@C@U-.`';D`3VB;6^R$% M^D`2E*`)S&`"."H9*J`5^F$+-D`46JHCC&`;_B$&1D`%2N`)*$$2#$\.ML`. MDH$#V"(,5``2#@`&4$$`&N`#1`$(RE(#LL$.E@`5;IW:U[$&BN#9E8(;]B$4 MT`#!SJ`=KL`.^"`"\J`:W$$)6&`,__[!!X@ M#TZ!!/1T%,1`<.4]+LB;DD7#RW_ M95E0#IR9#!GB]`O@1$F42B!1$PZ);@[=R[>_\./KSXCA)6MIR1X*&-6RZ0M/K'HTB_7_B\ MG``JE&BDHU#^>4KC@3V:<%$.&J4`05L6CI1P@S1;](,#$G90,T3_%)/\TP\0 M,FP@C1,$//16%LL\5$8I;=#QSPN([`51/S9\`&.,,LY(8XTVWHACCCKNR&./ M/O*8C3]"!@)/&Z7$$$!%JGA1E0'%0,1+#PV``U$[2Q1PC#:G".`9:*(M4QH< MKOSCS`4'S*.*'S'0W__>3#/*DKBVVVVF[+;;?>?@MN_[CB@AL-`/X`8(()`/221!0544#& M0P[-8=P_ZN!2"Y7_M*,%IM_$LX8>GVGQ99ACEGG`-1%$H$$`;;ZY#8;L*-+& M'P&XH">??H;@1QXU,.?<*(8B:@,YC/+PJ*4JK\QRRRX#YE,5=W&6`B=6"*!% M(P&X!Y]\#GES607]6(&/?OSYEX8`#BCB4#^V2I1%0_V480`/E/13PC'!8JCA M!E3P,`P#;B5+8BFH\-$/*<=$^X\`"[\-=]QRSTUWW7;?C7?>>N_-M]X>F)'N M"%]T*EC"Q1A2Y#")+W[$DH(ZF\B$ MX!9Y]#,$&K9D-X`BC9<@E%-NT@_/*$*(:"#&P*8`RBJ M((041`$4$,'%!@R0##)@H@0;<(0?_G"!?_0A)J[HP#\208Q^M`(04WB&+!+! MC(EX`PCE4,4G^G&$,9@A&Q700#YD\0\6N.$?K_A!#((!C!QP(T9"("K9"VK6?U8TN6EM9EG;6M(5II52Y6TIVQU MJUWOJM.Y]K&I>.WKI'P"T;CZ=;"$[6#3=C`$EFP$:\FHP18DP1>4.M,B#A$$ MY$KBDP!T-".)N$1$!""!)!7VHC,@1104BQ$/'(*=)0D"*88@MJZ6H`*7[8<, M9"'8T>IVMY!R"#(>888OY#8B*@`##?`3$5O$(P'*D`.G5*J]]94D!_8`!SS^ M,-:,L.$;$4G!-&K`6_\^]@,?C!""-,"($0;T80(D<0@@?N&'<81"MH_X$(:Z MD0V^AG>__-U./]YP#AKT8YR[2>0ZF^9.AQ3WN$&)2":$(0!@0*`M+9%7!!CJ M2:I\1062;6C32G`"QJG`-1$)0B4$8(,OU(,S(W9F!AC:C^TZ\P67*V@S,Q!B M_?;7)#JF2#]"]P3(E*`M`0AQ!F30"L.%.`(>F($L`#K@5BP"(@RPQ@TXLP5/ M4*5%@%C<%;``D3```P4*3D$]+(`U,!!``!/P@`9*((`3!``'1V@:*>)`SQ[O M>,]\YHL/EM&`EI1C"A=(@!_VH.)^&`$)R&C$BXV+7(BLBCGO"$`HJD%00*#_ MX`-EJ,(A^O$-8_P@#VX`107@[`8A<&(6_?##,YH!`QN,`0F8R.X_3#S@/AQ` M`'W8`R?6IPL,6((3/0C`=C6`C`Y,H`DKX`8HT/$*$0A`!A4H1QN"@=,^FP0% M,?$CF#+@"S@(0!6&@%\7!'"&/7SC!RI:@2$2@(!?J`*TE+`%)QY`@W,0@QL1 MH`(Z,B'6B'2Y'[:HPC]6089J.*(6_6C!!30QC3B4``P<,``47%"-*O0C%\]P MQ2N^(0`C!(,8.A"'GK6-\OTZ)!B$D(-#$"&,#+E!`-XP^0-4X`)X"&+!D?Y' M)L@`B3[PHA_$$,(_-%"''?3A$E_1WA/"8`XKG*`+_T>P1C%.D(-W$``-:Q9( ML1-98@4\@`U(T$`&6-`/8*0G$K>(`1/"X0$V9,(/HIA`"B;Q`B-P8@(6"$$& M_("`?V@B%MF>J^$/C_C$*W[QC&^\XQE_A#0@@POU..ADH8D/)(C#$6L00!/N M8-M):$`;L^S'"YRP@CN@(25%\``2.M"/+#B!`LB@V3QB4%1`@((/N<#M#EAB M"SXB#/PB$0:B#2F`$)C``_D`/OW`%:T!)/H8/UK`&R/`'_=`$5_`/,G`/_1`, M8/`)`G!Z*W`%2/`/.^`$'@`!HY`(8D`-+J`/?@!*C0`('X!2`F<,-M`(2-`/ M&7`%/5`&N;,#&Q@))=`"[U`:_`"_:`+UZ=]D[AC37,* M(>`!X3=^Y7=^_0`(>T`!R]!^D/9^/K(CNFHCNO(CNWHCN\( MC_$HC^QH+N<"```0"`E`!#X6.F^@#`\$>ECX1YI@"KKPA6$XAF6H#+9``13@ M@`%, M4A4G8`>%X!!<``2VEI&T@P\10`U1T#DB*0R!"`:UD`K!F)**B`81,`TST`]B M$),S29R#U0\T<`=O``U0(`#AUP^BH!OGQP#W4`O&8`\SL&"E4`$200R-8`AG MH`<18`@.\`;"0`(%D`5A\`!?$`$]D`B+P`Y220-?P`-K0`P3L`1O@`R7H`4X ML`KW\`(E-@^&@`!?<`->4`Q6X/\&U-`/T>B!O7`"3<0`&&$`,!_`QE\<7Y^!O>6`YFK`/D/`,7:`!T$`'J@`) M+U`&*Q`*O;,#4.`!05`$7"`,>+`!4L`+KQ`&?A`*SW"1S50!C9`-E``)_8`. M?[`)7R`*_]"5_:`.O%`"NT``6G`,-"`"&I<+Q*,+SE$.%_`$MS"`"H5`.55!]63`$,*`./C$(/4$$Y=`,V*`"?M`,DE`"6@`'?$`'55$#C!H) MI)"4?P#_!W>P'UO`#)@B`A%@#0T@`%GP`"4@#"?0"N]Q`M`0`#8@!LE@".(X MIQI!`Q(05%U5"\R0!3K5;2AL7R!(2KE1S\%LI3U$<]$LBJ5`@Y! M`7E@C!A+6=CG8Q\;LB84'OU`32^@!TSELBRKLSM+*6X`!CH`,#G+LV8U'^^@ M!I8PK4.KM$M+*1D0`S^034++M%R5`2L[M5>+M5FKM5O+M5WK_[5?"[9A*[9C M2[9E:[9GB[9IJ[9KR[9MZ[9O"[=Q*[=S2[=U:[=WB[=YJ[=[R[=]Z[=_"[B! M*[B#2[B%:[B'B[B)J[B+R[B-Z[B/"[F1*[F32[F5:[F7B[F9J[F;R[F=Z[F? M"[JA*[JC2[JE:[JGB[JIJ[JK:YP"0`#!9$(J2ED1L`&7<#,:NP,YH+LY8&O_ M<`N5$`I("3^$`B/&!'OX`\R@!(9P`.<0!6O``&"\!%,4(\` M@`1*4`?%`+W2"\`[9@@`H``A`&<#1O])&:`!;G,+(X`#B>2Z,O`"174%`R`& M`A`/B,!:+;(`_G`%']`*;0$#,K`"QP``#VQV")Q9.Z`(FY$!0:`(D-,/,S`. M]@!1#,,9`O`#$LP9`=`P,'`$8`<1!>`/"@`C_*U`'Z5`'?$!B$&$AD^`'@8``\L+!_G`#'N`!`F`%$!`-CI`.`"`#7M`" M;9`!20`/+N`!H&`/(P`.`M`,+4`/]#`;X#`"`S`-%L`)[.`#$?`,_#`/(8`+ M`7`)"R`.J3#_`.7P3D.,A&\6`1:P`!4K!&H0#*:0"OUB!^.0#B$P0`;90"94P#9``QMG,5=9T#+?0`":0#(HT`/?@>@"0!?6P M#)U@"SD@!XE,"M0!MFFS5&=5W?0"9+@`230!3_P`^-<_\[9`P6! MH`@"4`X`D$12``!BT%/",`(DX`^```8X")7@`W#``(30`;^@``# MX1`/W9`+O9`"L;T-M!T/@J`-(+!/T&`"[P`%4)`'QT3<*8Y,,#`/]Z`+NB`) M`$`%.P``U!`#>6#.;A$(=:8.`&!R&&`"E]E,Q=`)S+`"\&`"K5-A'``_H!V;&`":4`',)`&T:`# MG7`+C-(BI9`*=:#_!^DP#]3P!BTA`.8[`H$0"!\@"^%`#91`#?Z``XL0#H$P M"$3O@#^0@+Z00TYX'`&N@#A$>!]$0"WE0!]&0X?X@!C8P`-2@`BPP#_:@ M!]FP`J`P`KN@`\XAZ0OO043`#;\T8$\P!Q.@"'ZP"0?`#3O@(L0`!W5F`:YP M&C3P7&TC"VTP!2R@!5)P`#\%"5+@\E+P`RU4J[7@#1P@`#P`!UD@!V/>#[3@ M!G``83@O!5D@!2%F!49@"03``P8`4$,@`N@@#&*S!MSP&:$P!S00$1/`_PWD M^P\H(`6?(0=2\`)*P`URV`%P<`4L\`01``Q2(`,J(`6A0$BM8`EPD-6 M8`2Z\+\,[_=_#_B!+_B#3_B%;_A*:[$MVU.)?_B-_Q[O_"]KQ']<`B/,&'CWS3( ML`$YG`+5CR$W``0:AF-- MQ)A1XT:.&P6($4$HBD)AL/J=2N0)S;T>&K@DP;*HHL5^260,#"-,`"XN7XJ9 MY(((D91^![XU2[+I7[\&.IPLF0#-29\5,SM>Q9I5ZU:N7;U^!1M6[%BR9 M19M6[5JV8B-@279#0\*!6?GP`A?GWQM0$?J-.B2B#CA(,7XUT>:I;K\;303V MV[`M@)XSC7(!Z]>F"91FC/N(0L-H8`\L>F98>0:J2)BZ;3<.A")'C)E^&L;< MG$,&!@(]<>[LL\&LR(J+_7+14:1DRQ@!"T2@X..G'QXF2HYQN-1%QHTZ+M:` M.0"#ABTA-;!]LVK1`P/_]NW=OX?7_]^_OW]_PNFEA3)LJ86##+":``TE7*GBGSC`T>`?4-Q)X1DY3H#FC`#>>&>" MBA@;AA=O:&%!E``F@:0?./[HYPX/"$!DABWN08&&<6"X)!@&(H@`'?0Z,`,A MUUZS`@T8AHA'`PWT4*2?W/K118A^FN&BGP"6(:6X6.RHPHTM]&A.)BZ0Z">" M'R0HXH9+D!`@@#ILD**8A)`)984@"$GOGT$<0#1111=EM%%''X4T4DDGI;12 M2R_%-%---^6T4T\_!35444?/C;HIY@.!AKFB!5O6`:!;^J),0!V=N@'`2\]L.:.-&39XIE^/+B' M@V(&22@/2"0X!1R!GM2H'S<>R02!:&BY,LO<_IE%B'^>N<.B-#XI+@E%EEI3 M@'%RZ.?-?LX``XYQ[/123QNV^>.B+XXI(HU'"OVA`8TWYKACCS\&.6211R:Y M9)-/1CEEE5=FN6677X8Y9IEGIKEFFTL^)01_=AZA"TRV**%0FOK!8!P'TA@A MBUP[_/"?7_^IX`&+P*&%IL8\L*C99_^1-@,TRFD`BE/6_,>#23AHYY*E!,BE MF&22@28#H=M*J(L'--X#EWC[<8<,>O?H1X@[""H"!_^,;`*8S8$+1F*&8P2R M\)*&]^0%%(+Z4869B&!%MW///P<]=-%')[UTTT/O)Q\`KG'&FA<:2BA=%>YA M8H(4R(MBF+D^]!789H@*H`N3EKHZ:QFWEO:(!>2V`UL]RCZ[!U\ MP1&YWO"&'E(``V.=SH`'1&`"%;A`!C;0-1FXPB+\,K=T64,/"0D"/NA4B%:T MH%=4B(0%9@&%`VCB&>?J1QRP@+5_:.%X.^`:%6RP`%G<01I$H,7SS!8#)2"" M&1LH`!TH08I6R$%T_6#!$Q+_$H$S^&`+@,A&/I02AEU\(P:^8$0P;H(1/.1@ M*8N(1#]ZP(%^?.`)`LB&*/+!A@*LP@`1N<`+,L"#,_R!&378QAG(4`@*.M"/ M?P1D(`4Y2$*^ABY]C!4M3I&0#"2B!ANH@B8N88%^D&(/1%#!+'`QBA\L!@6E MF-`_8&$-`4"".#+X0#\H4`YW7.('-M""F.Z@@GY\`A/9X$`).I",'E0-=-=; M44)@%\Q#PBIVPBSF,(M)%V4BLI#/A&8TI3E-:JYE(`(HCC(W=T@GT20B3CKD M4H!)%XMH!'UI1X*I4IK65)JR\@(/>-`AB\`@%<09*4$0 MXHDLV7,@M-`I!3PP2YLV]2HSJ$948SD3512B*Y?[API^80.NK$`$465!%*C0 M3:>6U:P*[$<"1F$``SRF'S!80%5BU9IC*@07#.A'(5)I%8P6=`Q[F(,[/.`, MXJ"4F.PL)F)+>E:TKM.>/+A``7:``KH4@X^)/>C0;D").+&`EO^$YT4$\8X= M[``&!)`#60,*4'86U+6,A6ULMU*$?ZV-%J-@0EQ_`(.R!?\!(188!04R$(-M M0`(%&<`!"(CP`AN@0``JF`,Q3B"`%X0!!WY@PC_'``F:O"$"@F``-[A`2PW, M000W&,@:Q`ML&%H]FE"./A0B M!XE`"!?>T(\C8"`/#5"!&\IP@1@LXA>IP(,+GH!75.R#$3L0``7HP`=$Q,$J M@E`#-@4@"$A$8`Z>*(,07G<*'=CA54>@0`_*L-=#C($3,(B`*\H`A_OBU\A' MMDCA`D`1'D!!"W]8QP30H10KZ*`?I?C"(5!1@WWP``'/>($83&$)">!!"AYH MAQL,,(P8H*(2WI@#!#@PM#%<8G#'-H)1J)@B.2T$>(4T=F$$8'``=AOQPA\XP`$/9.`6/%A% M.@HA"S0@Q`%R>,,P-F`%)EC`&3F`0S*NR(XLU``*!8A"$D@Q"WQXH`J/.$`' M("#2?XPV!AQ8`0YT<((R\"$'.A!&/_R@A"4DP04/@,`6C*$,#V2!$@>(0PJ$ M48Y%\&$.E;9TO#.J!F3@(A_]N(`P_A&%=:P@&4J9@0Y*X(0;+"4#,PB`!AYQ M@Q.P(@;_,',4@+`"`1SZ$FE0R#0,)TX@M`,7<$B!(_3,BW\L81C]D&``,"&& M?N!#"X9J_\0$OB"!I4B!-@P(00TRP@!LB,#G/P=ZT(4^=*(7W>A'1WK2E;YT MIB^=$ZD"``B6085-*$+G&O'",/[PAR'$0!4GZ,,$:BA"'!WB)`1!@P"_:NQ1$?"``0\"XO$5?5MJN"!!6K4$+)O#O?P3< M!^9(@3AKH0<=I$(^XF=6!BX%PP1>H``1!"!$_<6YW*0$0.1QX\`\YG*,? M*)A".P@QA7ZHH0'T$H4,*%&"I9!!!]C(ASF\B!%!A,#\YT=_^O_5OW[VM]_] M[X=__.4_?_K37Q]0-X$)Y,$.9"P!U-E8$0MHA(&P++(;B+-S`P3`IGZH`56( MA6L`A+A+@[F#@A]`!+41`$J(@BIPAGZ(`<`3K658D<-+O$Z*A":A@V%P!`6X M@0?@/0:(!P8``V98$7P``THH`W`8O1VT*=JZB#Q`/=5C/=_"SP46T`2!`03-`-2@``/ MJ)`6Q(5_@$$&N(586HIKB(+6LL-8K*A^\,&!2`9?^(<&B+)D"*-"J``-@`(3 M4Z5V4(@K5`&'FXY-"(-]F``!`((L`+Z!(`0<"*;MJ@@\Z\+EDX-8.`%R(``Q M,D/KHY=&T``P$$8>J`**P)[^DL6QV(!G&(0HZ!ZRPKILH`D-V(4?T`!I*`0B M@(<(*(%TD(-:P(<(^(<2Z`%PB80(;(4BH,`?8($^^`9?*B!>`1&2`9T M4`%/0`1LP(4N_YB`4K@&;.`#9.B'57"";<"#(WB$43"#$*3WB&9FB&*^B':OB%-F"$>EB!*?@%OCR` M"/"%,\"%++B!6S`#-V"##-@!;7`&'[`$#H@`/A`"4`B%?K"%0?B'%Z`$O[0( M`B"#!9P!2?``/R"C0I`"A-P#3"B&'"`"=>B'%,"`%$@!=.`#/O`!#F"$/1`' MHOC+Z.2G?K"`(1@"16!)&4@$&HB#)3L$`^``UF",1&B%#%`";K`"*_^@I3C@ M!@[P@6]T`2^X@A=XO`5C#%H2IS"H@169@0SX`1?XAQ58@WY0@2?(@@(0A'Z0 M@-A[`9/0`%KPABPA`%W8A"&`-^F\*G;,B`Q0@0X5B`B8@1\HM7Z8`$5X@1.@ MB`#(`7GLAS"(@@P(FGZ`!9DXB#BY`9?R@`XA4*L0`+!;&X&HT0B8BQ20`1%TSB5TSFETSJUTSO%TSS5TSWETS[UTS\%U$`5 MU$$EU$(UU$-%U$15U$5EU$9UU$>%U$B5U$G_I=1*M=1+Q=1,U=1-Y=1.]=1/ M!=50%=51)=52-=531=545=559=56==57%;UV@E720:E?ZH<2Z)ZJD-)9Q:^! M.`5@8#9>%9T)L(5@[9R!^(8UL*\FV55AA:V!J`-6,,AEJM6"(J:3HB?%HM9F MS=08B`>Y`2BZ6JUK-2S%@L6!\((PZ(9^>`#6<%::[(=H%5(;F`!2X(+I$H!5 M<(4GT(`2L`$8Z`<"H(&'L($2(`)@2($LL`5@$(@3L($4<*,,B`@/.`0$@`6$ MF`%-B`/!9%4:H(8,B`(MF`(AB`(!<`$^^`4MR(!ND!M/P`$5V`1#X(88:(-? MH`._N((-H`(_4)$`__B&7\BV-3B#*O"!%-"%?GB"?]@!&GS7F8Q7:<6!0`"$ M2@"`),@`20"!+KB'#S"&3OB"?U@&>R""!S`%3C"%9K`%=G`$$*B``.`!4[@% M?3`!(!"`'X""`6"%6R@!=RF">>C`3R'*F`#4I`#&'``8#``1RB! ML52B(Z`%;FW:LGK:",`!?W@'5%B`$2@`<.@$6H"%`C`&?W""?X`'$B""63`! M4W`#(CB%(%B!=B`!6/`"`'@$79`'$M@-$T`$3P"&13`%1W"!=E@'^M14&O^X MA3I0!4WX``*@QXPP7"GX!<9X!`&@!B)`"`^07'6I7'[X`0%@``%8`4EP/'RH M!P'0!<2#@$[ZAT^@/@^`AQ?`!@UHA;_`J]F5Q=J]73O(@&'PAR!@!``(@42( M@.$MWN--7@`0AX$0A$U@A&48@1GP`G^`@Q=@A4"(`2PP@5H8B%D``$2@@PKP MAT^8"0;H@"-&XB16XB5FXB9VXB>&XBB6XBFFXBJVXBO&XB6V!%3Q!Q-(!V2X M@BC@/HV(7RI@#"?HAUF8!S\H@,@-&C>HW'%(@7X0A$9``PB@OF6@QEG``@)H M@;J`!C"H@C.H`QJ(`H`-@`J670RV*0WV!P[VX##_H`%`Z(0!T`03-E[DU05_ MJ(9_B(%T6(!+4(41L((9MH07(`$]N5?!N9@%N9A)N9B-N9C1N9DWF5Z,`%5&0`3&(`0T`$+V(@R_@%]&CL5^ M"(%PB(`#>.0.]HBZ(8"!#&"$REV`%/"`?AM=ZL.' M/<8"`7@'"^V'-]@'PJ5G>*T$?#X`$U"%##@'$PB#/$B"!)"';V`"<(CF-$!> M'^YD08"`='"`%C`%&3:!&F8%4X@!')B&3D"#8C@!9R`!-?@"0I@+3;V!1A`! M6I@(9R*`6\@`73`"`7@#9`B`9C`"+/"&#$@&53`"2D@$%``#%1``3=`!,=B' MAJX`]-("M?.",6B#R?X#9&"#/O"+K'9:%C@$ZN*!`^B'5O""%&`!;#""61"( M(7`#9E"$0R"`'^`!*UB*.)"$)\`!'I@`'^"!.(B`0^`!@7@#,9"$0A"`"+"& M4?\0`QXH,DQ%DG"ZB@"P@>''\`B7\`FG\`JW\`O'\`S7\`WG\`[W\`\' M\1`7\1$G\1(W\1-'\117\15G\19W<3E=Y!./\1=OY%7P!03`\1S7\1WG\1[W M\1\'\B`7\B$G\B(W\B-'\B17\B4G\CLX`;KQ`#I@\BFG\BJW\BO'\BS7\BWG M\B[W'\SB7\SFG\SJW\SO']_5?!_9@'W4^=XU5%_9C1_9D5_9E9_9F)W5=+XXKN(8$ MH/9JM_9KQ_9LU_9MY_9N]_9O!_=P%_=Q)_=R-_=S!W<,>`&Z20%Q0/=WA_=X ME_=YI_=ZM_=[Q_=\UW=OOP9=T(@")X"`%_B!)_B"-_B#1_B$5_B%9_B&=_B' MA_B(E_B)I_B&?QVZ,=F*U_B-Y_B.]_B/!_F0%_F1)_F29_@GI_&45_F59_F6 *=_F7AWD-#P@`.S\_ ` end -----END PRIVACY-ENHANCED MESSAGE-----


Delaware	1-5805	13-2624428
(State or Other Jurisdiction of	(Commission File Number)	(IRS Employer
Incorporation)		Identification No.)

270 Park Avenue, New York, NY		10017
(Address of Principal Executive Offices)		(Zip Code)


Exhibit Number		Description of Exhibit

99.1		Memorandum to the Investor Community
99.2		Revised Supplemental 2005 Financial Information


				JPMORGAN CHASE & CO.
				(Registrant)

				By: /s/ Joseph L. Sclafani
				Joseph L. Sclafani

		Executive Vice President and Controller
				[Principal Accounting Officer]


Exhibit Number		Description of Exhibit

99.1		Memorandum to the Investor Community
99.2		Revised Supplemental 2005 Financial Information


Investor Relations		270 Park Avenue New York, NY 10017
To: The Investment Community
From: JPMorgan Chase Investor Relations
Date: April 11, 2006
Re: Disclosure Changes


	-		Trading-related net interest income will no longer be reported in trading revenue
	-		Managed basis will continue to exclude the impact of credit card securitizations and reflect tax-equivalent adjustments for the business segments

	-		Retail Financial Services has been reorganized into three businesses: Regional Banking, Mortgage Banking and Auto Finance

	-		Treasury & Securities Services, as previously announced, reorganized by combining Investor Services and Institutional Trust Services into Worldwide Securities Services

	-		Various wholesale banking clients, and the related revenue and expense, have been transferred between Commercial Banking, Investment Bank and Treasury & Securities Services

	-		Corporate segment disclosure has been expanded to include net revenue and net income for Treasury and Other Corporate

	-		Certain expenses previously recorded in Corporate and allocated to the business segments are now recorded as direct expenses in the businesses


JPMorgan Chase Investor Relations Team:
Julia Bates	212-270-7318	julia.b.bates@jpmorgan.com

Ana Capella	212-270-4160	ana.capella@jpmorgan.com

Melissa Feldsher	212-270-3517	melissa.x.feldsher@jpmchase.com

Charlie Peruski	212-270-4825	charles.peruski@jpmchase.com


	Page

Executive Summary of Revisions to Financial Disclosure		1

Consolidated Results
Consolidated Financial Highlights		3
Statements of Income		4
Consolidated Balance Sheets		5
Condensed Average Balance Sheets and Annualized Yields		6
Reconciliation from Reported to Managed Summary		7

Business Detail
Line of Business Financial Highlights — Managed Basis		8
Investment Bank		9
Retail Financial Services		11
Card Services — Managed Basis		15
Commercial Banking		18
Treasury & Securities Services		20
Asset & Wealth Management		22
Corporate		25

Credit-Related Information		27

Supplemental Detail
Capital		32

Glossary of Terms		33


(1)		On February 7, 2006, JPMorgan Chase announced an agreement to sell its life insurance and annuity underwriting businesses to Protective Life Corporation. The sale is expected to close in the third quarter of 2006.


(a)		Includes AWM’s strategic decision to exit the Institutional Fiduciary business in the second quarter of 2005 ($12 billion).

(b)		Reflects the sale of BrownCo in the fourth quarter of 2005 ($33 billion).