APRIL 16, 2009

FINANCIAL RESULTS

1Q09
 1Q09 Financial highlights

„ Net income of $2.1B; EPS of $0.40

„ Generated record firmwide revenue of $26.9B and pretax, pre-provision profit of

$13.5B (on a managed basis1):
„ Record revenue and net income in the Investment Bank
„ WaMu integration on track, driving Retail Banking growth in deposits by 62% and in
checking accounts by 126%

„ Fortress balance sheet strengthened further:

„ $87.2B of tangible common equity2, 7.2% of risk-weighted assets
„ Tier 1 Capital of $137.2B, 11.3% Tier 1 Capital ratio (9.2% excluding TARP capital)

„ Added $4.2B to credit reserves, bringing total to $28.0B; firmwide loan loss coverage
ratio of 4.53%3
R E S U L T S
F I N A N C I AL

1 See notes 2 and 3 on page 21

2 See note 1 on page 21
3 Excludes the impact of purchased credit-impaired loans acquired as part of the WaMu transaction

1
 1Q09 Managed results1

$
$ in
in millions
millions

$ O/(U)

1Q09 4Q08 1Q08

Results excl. Merger-related items2

Revenue (FTE)1 $27,062 $7,740 $9,164
Credit Costs1 10,060 1,477 4,955
Expense 13,136 2,129 4,205
Merger-related items2 (after-tax) (234) (1,298) (234)
Reported Net Income $2,141 $1,439 ($232)
Reported EPS $0.40 $0.34 ($0.27)
ROE3 5% 1% 8%
R E S U L T S

ROE Net of GW3 7% 1% 12%

ROTCE3,4 8% 1% 13%
1 Managed basis presents revenue and credit costs without the effect of credit card securitizations. Revenue is on a fully taxable-
F I N A N C I AL

equivalent (FTE) basis. All references to credit costs refer to managed provision for credit losses. See notes 2 and 3 on slide 21
2 Merger-related items relate to the Bear Stearns and WaMu transactions
3 Actual numbers for all periods, not over/under
4 See note 1 on slide 21

2
 Investment Bank

$
$ in
in millions
millions
„ Record net income of $1.6B on record revenue of $8.3B
$ O/(U)
„ IB fees of $1.4B up 14% YoY reflecting strong debt
1Q09 4Q08 1Q08 underwriting
Revenue $8,341 $8,643 $5,330 „ Record Fixed Income Markets revenue of $4.9B reflecting:
Investment Banking Fees 1,380 7 174
„ Record results in credit trading, emerging markets and
Fixed Income Markets 4,889 6,560 4,423 rates and very strong results in currencies
Equity Markets 1,773 1,867 797 „ Net markdowns of $711mm on legacy leveraged lending
Credit Portfolio 299 209 (64) commitments; includes substantial markdowns related
Credit Costs 1,210 445 592 to the auto industry
Expense 4,774 2,033 2,221 „ Net mortgage-related markdowns of $214mm
Net Income $1,606 $3,970 $1,693 „ Gain of $422mm due to widening of the firm’s credit
Key Statistics
1 spread on certain structured liabilities
Overhead Ratio 57% NM 85% „ Record Equity Markets revenue of $1.8B reflecting:
Comp/Revenue 40% NM 41%
„ Strong trading results and strong client revenue,
Avg Loans ($B) $82.4 $89.5 $93.7 particularly in Prime Services
Allowance for Loan Losses ($B) $4.7 $3.4 $1.9
„ Gain of $216mm due to widening of the firm’s credit
NPLs ($B) $1.8 $1.2 $0.3
spread on certain structured liabilities
2
Net Charge-off Rate 0.21% 0.47% 0.07%
„ Credit Portfolio revenue of $299mm down 18% YoY
R E S U L T S

2
ALL / Avg Loans 6.68% 4.71% 2.55%
3
ROE 20% (28)% (2)% „ Credit costs of $1.2B include NCOs of $36mm and reflect a
VAR
4
$336 $327 $122 weakening credit environment
EOP Equity ($B) $33.0 $33.0 $22.0 „ Loan loss coverage ratio of 6.68% in 1Q09 up from 4.71%
F I N A N C I AL

in 4Q08 and 2.55% in 1Q08

1 Actual numbers for all periods, not over/under
2 Loans held-for-sale and loans at fair value were excluded when calculating the loan

loss coverage ratio and net charge-off rate

„ Expense up 87% YoY, primarily reflecting higher
3 Calculated based on average equity. 1Q09 average equity was $33.0B performance-based compensation expense on record
4 Average Trading and Credit Portfolio VAR
revenue and the impact of the Bear Stearns merger
3
 IB league tables

League
League table
table results
results
Thomson Reuters
„ Continue to rank #1 in two capital raising
1Q09 2008 1
league tables for 1Q09 YTD per Thomson
Rank Share Rank Share Reuters
„ Global Debt, Equity & Equity-related
Global M&A Announced2 #2 42.9% #2 26.5%
„ Global Equity & Equity-related
US M&A Announced3 #3 66.1% #2 33.6%

Global Debt, Equity & Equity-related #1 10.5% #1 9.5% „ Ranked #1 in Global Fees for 1Q09 with 8.3%
US Debt, Equity & Equity-related #1 15.2% #2 15.0% market share per Dealogic
Global Equity & Equity-related4 #1 12.8% #1 9.5%

US Equity & Equity-related #1 21.2% #1 11.0%

Global Debt5 #1 10.4% #1 9.4%

Global Long-term Debt5 #2 8.9% #3 8.8%

US Long-term Debt5 #1 14.1% #2 15.0%

Global Loan Syndications #6 6.3% #1 11.0%

R E S U L T S

US Loan Syndications #3 16.5% #1 26.9%

1 Source: 2008 data is pro forma for Bear Stearns

2 Global M&A for 2008 for Thomson Reuters includes transactions withdrawn since 12/31/08
3 US M&A for Thomson Reuters represents any US involvement; 2008 includes transactions withdrawn since 12/31/08

4 Global Equity & Equity-related includes rights offerings

F I N A N C I AL

5 Debt & Long-term Debt includes ABS, MBS and taxable municipal securities

Note: Rankings as of 04/06/09; 2008 represents Full Year

4
 IB key risk exposures
Leveraged lending

„ Markdowns of $711mm, net of hedges, on the remaining legacy commitments

„ $11.5B of legacy commitments with gross markdowns of $6.0B, or 52%; market value
at 3/31/09 of $5.5B
„ $12.6B of legacy commitments at 12/31/08
„ ($1.1B) reduction, or 9% of exposure
„ $11.5B of legacy commitments at 3/31/09 classified as held-for-sale

„ Valuations are deal specific and result in a wide range of pricing levels; markdowns
represent best indication of prices at 3/31/09
R E S U L T S
F I N A N C I AL

5
 IB key risk exposures
Mortgage-related

$
$ in
in billions
billions

Exposure as of Exposure Exposure as of

12/31/2008 reduction 03/31/2009

Prime $1.8 ($0.3) $1.5

Alt-A 4.3 ($0.3) 4.0
Subprime 0.9 (0.2) 0.7
Subtotal Residential $7.0 ($0.8) $6.2
Commercial 7.7 (1.2) 6.5
Mortgage Exposure $14.7 ($2.0) $12.7

„ 1Q09 reductions of 14% on mortgage-related exposures

„ $214mm of net markdowns, largely driven by commercial

„ Prime / Alt-A exposure of $5.5B, difficult to hedge effectively

„ Prime - securities of $1.4B and $0.1B of loans
R E S U L T S

„ Alt-A - securities of $1.3B and $2.7B of first lien mortgages

„ Subprime exposure of $0.7B, actively hedged

F I N A N C I AL

„ Commercial exposure of $6.5B, actively hedged

„ Securities of $2.4B, of which 46% are AAA-rated; 20% / 80% fixed vs. floating-rate securities
„ $4.1B of loans, primarily senior
6
 Retail Financial Services—Drivers

Retail
Retail Banking
Banking -- $
$ in
in billions
billions „ Average deposits up 62% YoY and 2% QoQ, while
deposit NII is up 69% YoY and down 3% QoQ
1Q09 4Q08 1Q08
Key Statistics „ Branch production statistics:
Average Deposits $345.8 $339.8 $214.1
„ Checking accounts up 126% YoY and 2% or ~485K
Deposit Margin 2.85% 2.94% 2.64%
Checking Accts (mm) 25.0 24.5 11.1 QoQ
# of Branches 5,186 5,474 3,146 „ Credit card sales up 50% YoY and down 12% QoQ
# of ATMs 14,159 14,568 9,237
Investment Sales ($mm) $4,398 $3,956 $4,084
„ Mortgage originations up 32% YoY and 87% QoQ
„ Investment sales up 8% YoY and 11% or ~$442mm
QoQ

Consumer
Consumer Lending
Lending -- $
$ in
in billions
billions „ Total originations of $45.9B

1Q09 4Q08 1Q08

„ Mortgage loan originations down 20% YoY and up
Credit Metrics: 34% QoQ
Net Charge-off Rate (excl. credit-impaired) 3.12% 2.32% 1.57% — Increase QoQ reflects strong refinancing
Allowance to EOP Loans (excl. credit- 3.79% 3.16% 2.10%
impaired)
demand
Key Statistics — For 1Q09, greater than 90% of mortgage
Home Equity Originations $0.9 $1.7 $6.7 originations fall under agency and government
R E S U L T S

1
Avg Home Equity Loans Owned $141.8 $142.8 $95.0 programs
Mortgage Loan Originations $37.7 $28.1 $47.1
Avg Mortgage Loans Owned
1,2
$148.3 $149.8 $51.3 „ Auto originations down 22% YoY and up 100% QoQ
3rd Party Mortgage Loans Svc'd $1,149 $1,173 $627
„ 3rd party mortgage loans serviced up 83% YoY and
Auto Originations $5.6 $2.8 $7.2
F I N A N C I AL

Avg Auto Loans $42.5 $42.9 $43.2 down 2% QoQ

1 Includes purchased credit-impaired loans acquired as part of the WaMu transaction
2 Does not include held-for-sale loans

7
 Retail Financial Services

$
$ in
in millions
millions
$ O/(U)
„ Total Retail Financial Services net income of $474mm
compared to net loss of $311mm in the prior year
1Q09 4Q08 1Q08
„ Retail Banking net income of $863mm, up 58% YoY:
Retail Financial Services
„ Total revenue of $4.3B increased 73% YoY
Net income $474 ($150) $785 reflecting the impact of the WaMu transaction,
1,2
ROE 8% 10% (7)% wider deposit spreads and higher deposit-related
1
EOP Equity ($B) $25 $25 $17 fees
Retail Banking „ Increased credit costs due to an increase in the
Net Interest Income $2,614 ($73) $1,069 allowance for loan losses for business banking loans
Noninterest Revenue $1,718 ($116) $752 reflecting a weakening credit environment
Total Revenue $4,332 ($189) $1,821 „ Expense growth of 65% YoY reflecting the impact
Credit Costs $325 $57 $276 of the WaMu transaction and higher FDIC insurance
Expense $2,580 $47 $1,018 premiums
Net Income $863 ($177) $318
„ Consumer Lending net loss of $389mm compared to a
Consumer Lending
net loss of $856mm in the prior year:
Net Interest Income $2,624 $601 $1,095
„ Total revenue of $4.5B, up 100% YoY, driven by the
Noninterest Revenue $1,879 ($261) $1,156
impact of the WaMu transaction, a $1.0B gain in
Total Revenue $4,503 $340 $2,251
R E S U L T S

MSR risk management results and wider loan

Credit Costs $3,552 $244 $913 spreads
Expense $1,591 $78 $581
„ Credit costs in 1Q09 reflect higher losses and a
Net Income ($389) $27 $467 $1.6B addition to the allowance for loan losses
F I N A N C I AL

1 Actual numbers for all periods, not over/under „ Expense growth of 58% YoY reflecting the impact
2 Calculated based on average equity. 1Q09 average equity was $25B
of the WaMu transaction, higher servicing expense
due to increased delinquencies and defaults and
higher mortgage reinsurance losses
8
 Home Equity
Excluding credit-impaired loans

30-day
30-day Delinquency
Delinquency trend
trend Key
Key statistics
statistics
3.25%
1Q09 4Q08 1Q08
1
Excluding credit-impaired

2.75%
EOP owned portfolio ($B) $111.7 $114.3 $95.0

Net charge-offs ($mm) $1,098 $770 $447

2.25% Net charge-off rate 3.93% 2.67% 1.89%
Nonperforming loans ($mm) $1,591 $1,394 $924
1.75% 1 Excludes purchased credit-impaired loans acquired as part of the WaMu transaction
Dec-07 M ar-08 Jun-08 Sep-08 Dec-08 M ar-09

Note: 30-day delinquencies prior to September ’08 are heritage Chase

Comments
Comments on
on Home
Home Equity
Equity portfolio
portfolio

„ Losses continue to come predominantly from high CLTV loans

„ For new originations, maximum CLTV remains at 50-70% based on geographic location

„ Quarterly losses could be as high as $1.4B

R E S U L T S
F I N A N C I AL

Note: CLTV=Combined Loan to Value. This metric represents how much the borrower owes on the property against the value

9
 Prime Mortgage
Excluding credit-impaired loans

30-day Delinquency
30-day Delinquency trend
trend Key
Key statistics
statistics
7% 1Q09 4Q08 1Q08
1
6% Excluding credit-impaired
5% EOP balances ($B) $65.4 $65.2 $38.2
4% Net charge-offs ($mm) $312 $195 $50
3% Net charge-off rate 1.95% 1.20% 0.56%
2% Nonperforming loans ($mm) $2,691 $1,876 $860
1% 1 Excludes purchased credit-impaired loans acquired as part of the WaMu transaction
Dec-07 M ar-08 Jun-08 Sep-08 Dec-08 M ar-09

Note: 30-day delinquencies prior to September ’08 are heritage Chase

Comments
Comments on
on Prime
Prime Mortgage
Mortgage portfolio
portfolio

„ 30+ delinquencies continue to grow, driven in part by foreclosure moratoriums and loss mitigation
efforts

„ Losses coming predominantly from CA and FL (80% of losses) and 2006/2007 vintages (86% of losses)
R E S U L T S

„ New portfolio originations are subject to strict underwriting requirements, especially in areas with
the most severe expected home price deterioration and unemployment growth

„ Quarterly losses could be as high as $500mm over the next several quarters
F I N A N C I AL

10
 Subprime Mortgage
Excluding credit-impaired loans

30-day
30-day Delinquency
Delinquency trend
trend Key
Key statistics
statistics
28% 1Q09 4Q08 1Q08
1
Excluding credit-impaired
24% EOP owned portfolio ($B) $14.6 $15.3 $15.8

20% Net charge-offs ($mm) $364 $319 $149

Net charge-off rate 9.91% 8.08% 3.82%
16%
Nonperforming loans ($mm) $2,545 $2,690 $1,401
12% 1 Excludes purchased credit-impaired loans acquired as part of the WaMu transaction
Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09

Note: 30-day delinquencies prior to September ’08 are heritage Chase

Comments
Comments on
on Subprime
Subprime Mortgage
Mortgage portfolio
portfolio

„ Eliminated new production and portfolio is in run-off

„ 30+ delinquencies are flat for March vs. February

„ Quarterly losses could be as high as $375-$475mm over the next several quarters
R E S U L T S
F I N A N C I AL

11
 WaMu integration update — on track

„ Completed rebrand of 708 branches and 1,900 ATMs, and opened 9 regional counseling centers for troubled
homeowners in California

„ Consolidated nearly 300 branches during the first quarter; an additional 92 consolidations expected for
remainder of 2009

„ Deposit systems conversions expected to be completed in three waves, with all conversions completed by the
end of 2009

„ Successfully completed the conversion of the WaMu credit card portfolio to the Chase TSYS processing system

„ Deposit balances have increased slightly since September 25, 2008, even with the significant reduction in
customer rate from Fed cuts and repositioning in the WaMu book

„ Expense reductions of approximately $2.8B (gross) expected, with majority of savings expected to be achieved
by the end of 2009

„ Investment spend of $750mm for sales people, facilities and marketing

R E S U L T S
F I N A N C I AL

12
 Card Services (Managed)

$
$ in
in millions
millions
$ O/(U) „ Net loss of $547mm down $1.2B YoY

1Q09 4Q08 1Q08 „ Credit costs of $4.7B are due to higher net
Revenue $5,129 $221 $1,225 charge-offs and a $1.2B addition to the allowance
Credit Costs 4,653 687 2,983 for loan losses, reflecting a weakening credit
Expense 1,346 (143) 74 environment
Net Income ($547) ($176) ($1,156)
„ Net charge-off rate (excluding the WaMu
1
Key Statistics Incl. WaMu ($B) portfolio) of 6.86% in 1Q09 vs. 4.37% in 1Q08
ROO (pretax) (1.92)% (1.16)% 2.52%
2
and 5.29% in 4Q08
ROE (15)% (10)% 17%
EOP Equity $15.0 $15.0 $14.1 „ End-of-period outstandings (excluding the WaMu
Key Statistics Excl. WaMu ($B)
1
portfolio) of $150.2B flat YoY and down 7% QoQ
Avg Outstandings $155.8 $159.6 $153.6
EOP Outstandings $150.2 $162.1 $150.9 „ Sales volume (excluding the WaMu portfolio)
Charge Volume $71.4 $88.2 $85.4 declined 9% YoY and 16% QoQ
Net Accts Opened (mm) 2.2 3.8 3.4
„ Revenue of $5.1B up 31% YoY due to the impact
Managed Margin 8.75% 8.18% 8.34%
of the WaMu transaction
Net Charge-Off Rate 6.86% 5.29% 4.37%
R E S U L T S

30+Day Delinquency Rate 5.34% 4.36% 3.66% „ Managed margin (excluding the WaMu portfolio)
1 Actual numbers for all periods, not over/under of 8.75% up from 8.34% in 1Q08 and 8.18% in 4Q08
2 Calculated based on average equity. 1Q09 average equity was $15B
„ Expense of $1.3B up 6% YoY due to the impact of
the WaMu transaction
F I N A N C I AL

13
 Commercial Banking

$
$ in
in millions
millions
$ O/(U)
„ Net income of $338mm up $46mm or 16% YoY

1Q09 4Q08 1Q08 „ Average loans and liability balances (excluding the
Revenue $1,402 ($77) $335 WaMu portfolio) up 2% YoY and 15% YoY,
Middle Market Banking 752 (44) 46 respectively
Commercial Term Lending 228 (15) 228
Mid-Corporate Banking 242 (1) 35 „ Revenue of $1.4B up 31% YoY due to the impact of
Real Estate Banking 120 (11) 23
Other 60 (6) 3
the WaMu transaction and higher noninterest
Credit Costs 293 103 192 revenue; revenue down 5% QoQ due to spread
Expense 553 54 68 compression in the liability portfolio predominantly
Net Income $338 ($142) $46
1 offset by wider loan spreads
Key Statistics ($B)
Avg Loans & Leases $113.9 $117.7 $68.0
Avg Liability Balances
2
$115.0 $114.1 $99.5
„ Increased credit costs in 1Q09 reflect a weakening
credit environment
Allowance for Loan Losses $2.9 $2.8 $1.8
NPLs $1.5 $1.0 $0.4 „ Loan loss coverage ratio of 2.59% in 1Q09 down
Net Charge-Off Rate
3 0.48% 0.40% 0.48% from 2.65% in 1Q08, reflecting the changed mix
ALL / Average Loans
3 2.59% 2.41% 2.65% of the loan portfolio due to the WaMu
ROE
4
17% 24% 17% transaction, and up from 2.41% in 4Q08
Overhead Ratio 39% 34% 45%
R E S U L T S

EOP Equity $8.0 $8.0 $7.0 „ Expense up $68mm or 14% YoY due to the impact of
1 Actual numbers for all periods, not over/under the WaMu transaction and higher FDIC insurance
2 Includes deposits and deposits swept to on-balance sheet liabilities
3 Loans held-for-sale and loans at fair value were excluded when calculating premiums; overhead ratio of 39%
the loan loss coverage ratio and net charge-off rate
4 Calculated based on average equity. 1Q09 average equity was $8B
F I N A N C I AL

14
 Treasury & Securities Services

$
$ in
in millions
millions
$ O/(U) „ Net income of $308mm down 24% YoY
„ Pretax margin of 26%
1Q09 4Q08 1Q08
„ Liability balances up 9% YoY and down 18% QoQ
Revenue $1,821 ($428) ($92)
„ Balances in 4Q08 reflected increased client
Treasury Services 931 (137) 71
deposit activity resulting from recent market
Worldwide Securities Svcs 890 (291) (163) conditions
Expense 1,319 (20) 91
„ Assets under custody down 14% YoY and up 2% QoQ
Net Income $308 ($225) ($95)
1 „ Revenue of $1.8B down 5% YoY and 19% QoQ,
Key Statistics
2
primarily driven by WSS:
Avg Liability Balances ($B) $276.5 $336.3 $254.4
„ WSS revenue of $0.9B down 25% QoQ due to:
Assets under Custody ($T) $13.5 $13.2 $15.7 — Declining balances and spreads in both
liability products and securities lending
Pretax Margin 26% 37% 34%
— Lower depositary receipt revenue (in part
3
ROE 25% 47% 46% due to seasonal revenue in the prior quarter)
„ Revenue in TS reflects changes in liability
TSS Firmwide Revenue $2,529 $3,090 $2,598
balances
R E S U L T S

TS Firmwide Revenue $1,639 $1,909 $1,545

2 „ Expense up 7% YoY driven by:
TSS Firmwide Avg Liab Bal ($B) $391.5 $450.4 $353.8
„ Higher FDIC insurance premiums
EOP Equity ($B) $5.0 $4.5 $3.5
„ Investment in new product platforms
F I N A N C I AL

1 Actual numbers for all periods, not over/under

2 Includes deposits and deposits swept to on-balance sheet liabilities
3 Calculated based on average equity. 1Q09 average equity was $5.0B

15
 Asset Management

$
$ in
in millions
millions
$ O/(U)
„ Net income of $224mm down 37% YoY

1Q09 4Q08 1Q08 „ Pretax margin of 22%

Revenue $1,703 $45 ($198) „ Assets under management of $1.1T, down 6% YoY
Private Bank 583 (47) (13) „ Market declines drove AUM down by $191B
Institutional 460 133 (30) „ Net AUM inflows of $15B for the quarter; $119B
Private Wealth Management 312 (18) (37) for the past 12 months
„ Growth of 33% in liquidity products
Retail 253 (12) (213)
Bear Stearns Brokerage 95 (11) 95 „ Revenue of $1.7B down 10% YoY primarily due to
Credit Costs 33 1 17 the effect of lower markets, offset partially by
Expense 1,298 85 (25)
revenue on net AUM inflows and higher deposit
revenue
Net Income $224 ($31) ($132)
1
Key Statistics ($B) „ Mixed global investment performance
2
Assets under Management $1,115 $1,133 $1,187 „ 66% of mutual fund AUM ranked in the first or
Assets under Supervision
2 second quartiles over past five years; 62% over
$1,464 $1,496 $1,569
past three years; 54% over one year
Average Loans $34.6 $36.9 $36.6
R E S U L T S

„ Expense down 2% YoY, due to lower performance-

Average Deposits $81.7 $76.9 $68.2 based compensation and lower headcount-related
expense, offset by higher FDIC insurance premiums
Pretax Margin 22% 25% 30%
3
F I N A N C I AL

ROE 13% 14% 29%

EOP Equity $7.0 $7.0 $5.0
1 Actual numbers for all periods, not over/under
2 Reflects $15B for assets under management and $68B for assets under supervision from the Bear Stearns merger on May 30, 2008
3 Calculated based on average equity. 1Q09 average equity was $7.0B

16
 Corporate/Private Equity

$
$ in
in millions
millions
$ O/(U)
Private Equity
1Q09 4Q08 1Q08 „ Private Equity losses of $462mm in 1Q09

Private Equity ($280) $402 ($337) „ EOP Private Equity portfolio of $6.6B
„ Represents 5.4% of shareholders’
Corporate 252 (911) (802) equity less goodwill

Corporate
Merger-related items (234) (1,298) (234)
„ Net income of $252mm

Net Income ($262) ($1,807) ($1,373)

R E S U L T S
F I N A N C I AL

17
 Capital Management

$
$ in
in billions
billions
1Q09 4Q08 1Q08
1
Tier 1 Capital $137 $136 $90
1
Tier 1 Capital ex. TARP $112 $111 $90
2
Tangible Common Equity $87 $84 $76
1
Risk-Weighted Assets $1,214 $1,245 $1,076
Total Assets $2,079 $2,175 $1,643
1
Tier 1 Capital Ratio 11.3% 10.9% 8.3%
1
Tier 1 Capital Ratio ex. TARP 9.2% 8.9% 8.3%
1,2
TCE/RWA 7.2% 6.8% 7.1%
2
TCE/Tangible Assets 4.3% 4.0% 4.8%
1Estimated for 1Q09
2See Note 1 on page 21
R E S U L T S

Note: Firm-wide Level 3 assets are expected to be 7%+/- of total firm assets at 3/31/09
F I N A N C I AL

18
 Substantially increased loan loss reserves, maintaining
strong coverage ratios

$
$ in
in millions
millions
Loan Loss Reserve/Total Loans Loan Loss Reserve Loan Loss Reserve/NPLs
45000
5.0% Nonperforming Loans 5%
500%

36000
4.0% 4%
400%
27,381
27000
3.0% 3%
300%

18000
2.0% 200%
2%
23,164
13,246 19,052
9000
1.0% 11,746 1%
100%
8,113 9,234
7,300 7,633 8,953 11,401
4,401 5,273 6,933
0
0.0% 1,907 2,006 2,490 3,282 0%
0%
1Q07
1Q07 2Q07
2Q07 3Q07
3Q07 4Q07 1Q08 2Q08 3Q08
3Q08 4Q08
4Q08 1Q09
1Q09

Peer
Peer comparison
comparison Notes: Excludes the impact of purchased credit-impaired loans acquired as part of the WaMu transaction. If these
loans were included, the loan loss reserve ratio at 1Q09, 4Q08 and 3Q08 would have been 3.95%, 3.18% and 2.56%,
respectively
1Q09 4Q08 1 Peer average reflects equivalent metrics for key competitors. Consumer and Firmwide peers are defined as C,

JPM JPM Peer Avg.1 BAC and WFC. Wholesale peers are defined as C and BAC

Consumer
R E S U L T S

LLR/Total Loans 5.20% 4.24% 3.03%

LLR/NPLs 252% 253% 205%
Wholesale
LLR/Total Loans 3.43% 2.64% 2.64%
F I N A N C I AL

LLR/NPLs 219% 279% 84%

Firmwide
LLR/Total Loans 4.53% 3.62% 2.74%
LLR/NPLs 241% 260% 161%
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 Outlook

Investment
Investment Bank
Bank Treasury &
Treasury & Securities
Securities Services
Services
„ Trading can be volatile „ Revenue of $2.0B +/- for next couple of quarters driven
by lower assets under custody and lower liability
„ Uncertain environment, risks still remain
balances and spreads

Retail
Retail Financial
Financial Services
Services Asset
Asset Management
Management
„ Home lending quarterly losses (incl. WaMu) over the next „ At current market levels, quarterly revenue of $1.8B +/-
several quarters could be as high as: is a reasonable run rate for the near term
„ Home equity - $1.4B
„ Prime mortgage - $500mm Corporate/Private
Corporate/Private Equity
Equity
„ Subprime mortgage - $375mm-$475mm „ Private Equity

„ Solid underlying growth in Consumer Banking „ At current market levels, expect modest possible
write-downs over near term
„ Strong 1Q09 MSR risk management results – not likely to
be repeated „ Corporate
„ More sizable investment portfolio; higher net
Card
Card Services
Services interest income, some trading volatility

„ Chase losses could approach 9% +/- next quarter; could

trend up further depending on unemployment in 2009 Overall
Overall
R E S U L T S

„ Special FDIC assessment

„ WaMu losses to approach 18-24% by end of 2009
„ If economy weakens further, additional reserving actions
„ Lower charge volume
may be required

Commercial
Commercial Banking
F I N A N C I AL

Banking
„ Current revenue level is a reasonable expectation

„ Higher credit costs expected

20
 Notes on non-GAAP financial measures and forward-looking statements

This presentation includes non-GAAP financial measures.

1.Tangible Common Equity ("TCE") is calculated, for all purposes, as common stockholders equity (i.e., total
stockholders' equity less preferred stock) less identifiable intangible assets (other than MSRs) and goodwill, net of
related deferred tax liabilities. TCE is, in management's view, a meaningful measure of capital quality. The TCE
measures used in this presentation are not necessarily comparable to similarly titled measures provided by other
firms due to differences in calculation methodologies

2.Financial results are presented on a managed basis, as such basis is described in the firm’s Annual Report on Form
10-K for the year ended December 31, 2008

3.All non-GAAP financial measures included in this presentation are provided to assist readers in understanding
certain trend information. Additional information concerning such non-GAAP financial measures can be found in the
above-referenced filing, to which reference is hereby made

Forward looking statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements are based upon the current beliefs and expectations of JPMorgan Chase’s
management and are subject to significant risks and uncertainties. Actual results may differ from those set forth
R E S U L T S

in the forward-looking statements. Factors that could cause JPMorgan Chase’s actual results to differ materially
from those described in the forward-looking statements can be found in JPMorgan Chase’s Annual Report on Form
10-K for the year ended December 31, 2008, which has been filed with the Securities and Exchange Commission and
available on JPMorgan Chase’s website (www.jpmorganchase.com) and on the Securities and Exchange Commission’s
F I N A N C I AL

website (www.sec.gov). JPMorgan Chase does not undertake to update the forward-looking statements to reflect
the impact of circumstances or events that may arise after the date of the forward-looking statements.

21
 Reconciliation of GAAP to Non-GAAP Results

$
$ in
in millions
millions
1Q09 4Q08 1Q08
Revenue
Reported Revenue 25,025 17,226 16,890
Impact of Card Securitizations 1,464 1,228 681
Tax Equivalent Adjustments 433 654 327
Managed Revenue 26,922 19,108 17,898
Merger-related Items 140 214 -
Adjusted Revenue $ 27,062 $ 19,322 $ 17,898

Credit Costs
Provision for Credit Losses 8,596 7,313 4,424
Impact of Card Securitizations 1,464 1,228 681
Credit Costs 10,060 8,541 5,105
Merger-related Items - 42 -
Adjusted Credit Costs $ 10,060 $ 8,583 $ 5,105
R E S U L T S

Expense
Reported Expense 13,373 11,255 8,931
F I N A N C I AL

Merger-related Items (237) (248) -

Adjusted Expense $ 13,136 $ 11,007 $ 8,931

22