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Operations are reveals bb king when love comes to town funded and bbking youtube fells in decisions are made aboutallocating resources, such as employees and capital, based upon managedfinancial information. In addition, the same underwriting standards and ongoingrisk monitoring are used for both loans on the balance sheet and securitizedloans. Although securitizations result in the sale of credit card receivables toa trust, JPMorgan Chase retains the ongoing customer relationships, as thecustomers may continue to use their credit cards; accordingly, the customer`scredit performance will affect both the securitized loans and the loans retainedon the balance sheet. JPMorgan Chase believes managed-basis information isuseful to investors, enabling them to understand both the credit risksassociated with the loans reported on the balance sheet and the firm`s retainedinterests in securitized loans. Second, managed revenue (noninterest revenue andnet interest income) for each of the segments and the firm is presented on atax-equivalent basis. Accordingly, revenue from tax-exempt securities andinvestments that receive tax credits is presented in the managed results on abasis comparable to taxable securities and investments.

This methodology allowsmanagement to assess the comparability of revenue arising from both taxable andtax-exempt sources bb king lucille . The corresponding income tax impact related to these itemsis recorded within income tax expense for bbking . See page 8 of JPMorgan Chase`s EarningsRelease Financial Supplement (fourth quarter of 2008) for a reconciliation ofJPMorgan Chase`s income statement from a reported basis to a managed basis 2 bbking pictures . Pretax margin represents income before income tax expense divided by totalnet revenue, which is, in management`s view, a comprehensive measure of pretaxperformance derived by measuring earnings after all costs are taken intoconsideration the thrill is gone mp3 . It is, therefore, another basis that management uses to evaluatethe performance of TSS and AM against the performance of competitors JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firmwith assets of $2.2 trillion and operations in more than 60 countries.

The firmis a leader in investment banking, financial services for consumers, smallbusiness and commercial banking, financial transaction processing, assetmanagement, and private equity bb king cd . A component of the Dow Jones Industrial Average,JPMorgan Chase & Co bbking tour . serves millions of consumers in the United States and manyof the world`s most prominent corporate, institutional and government clientsunder its J.P Morgan, Chase, and WaMu brands Information about JPMorgan Chase& Co bbking video . is available at JPMorgan Chase will host a conference call today at 7:45 a.m (Eastern Time) toreview fourth-quarter financial results bbking music . The general public can access the callby dialing (866) 541-2724 or (877) 368-8360 in the U.S and Canada; (706)902-3714 for International participants. The live audio webcast and presentationslides will be available at the firm’s website: underInvestor Relations, Investor Presentations. A replay of the conference call will be available beginning at approximately11:00 a.m.

on Thursday, January 15, through midnight, Friday, January 30, bytelephone at (800) 642-1687 (U.S lucille bb king . and Canada) or (706) 634-7246 (International).The replay will also be available via webcast on underInvestor Relations, Investor Presentations bbking wiki B.B. King tickets – bbking . Additional detailed financial,statistical and business-related information is included in a financialsupplement bbking bio . The earnings release and the financial supplement are available at: clapton king . This earnings release contains forward-looking statements within the meaning ofthe Private Securities Litigation Reform Act of 1995 B.B. King concert tickets – wikipedia . Such statements are basedupon the current beliefs and expectations of JPMorgan Chase`s management and aresubject to significant risks and uncertainties.

Actual results may differ fromthose set forth in the forward-looking statements . Factors that could causeJPMorgan Chase`s actual results to differ materially from those described in theforward-looking statements can be found in JPMorgan Chase`s Quarterly Reports onForm 10-Q for the quarters ended September 30, 2008, June 30, 2008 and March 31,2008, and its Annual Report on Form 10-K for the year ended December 31, 2007,each of which has been filed with the Securities and Exchange Commission and isavailable on JPMorgan Chase`s website ), and on theSecurities and Exchange Commission`s website bbking museum . JPMorgan Chase does not undertaketo update the forward-looking statements to reflect the impact of circumstancesor events that may arise after the date of the forward-looking statements.1 Excluding purchased credit impaired loans 2 Excluding impact of Washington Mutual 3 Source: Dealogic for fees and Thomson Reuters for volumes 4 Excluding purchased credit impaired loans 5 From early 2007 through the 4th quarter of 2008 bbking blues . JPMORGAN CHASE & CO.CONSOLIDATED FINANCIAL HIGHLIGHTS (in millions, except per share, ratio and headcount data) QUARTERLY TRENDS FULL YEAR4Q08 Change 2008Change4Q083Q084Q073Q08 4Q07200820072007 SELECTED INCOME STATEMENT DATA Total net revenue$17,226 $14,737 $17,38417 %(1 )%$67,252 $71,372(6 )% Provision for credit losses (a) 7,313 5,787 2,542 26188 20,9796,864 206 Total noninterest expense 11,25511,13710,7201 5 43,50041,7034Income (loss) before extraordinary gain (623 )(54)2,971 NMNM3,699 15,365(76)Extraordinary gain (b)1,325 581 – 128 NM1,906 – NMNet income702 527 2,971 33(76)5,605 15,365(64) PER COMMON SHARE:Basic Earnings Income (loss) before extraordinary gain (0.28)(0.06)0.88(367) NM0.864.51(81)Net income0.070.110.88(36 ) (92)1.414.51(69) Diluted Earnings Income (loss) before extraordinary gain (0.28)(0.06)0.86(367) NM0.844.38(81)Net income0.070.110.86(36 ) (92)1.374.38(69) Cash dividends declared 0.380.380.38- – 1.521.483 Book value36.15 36.95 36.59 (2) (1 )36.15 36.59 (1 )Closing share price 31.53 46.70 43.65 (32 ) (28)31.53 43.65 (28)Market capitalization 117,695 174,048 146,986 (32 ) (20)117,695 146,986 (20) COMMON SHARES OUTSTANDING: Weighted-average diluted shares outstanding 3,737.5 (h) 3,444.6 (h) 3,471.8 9 8 3,604.9 3,507.6 3 Common shares outstanding at period-end (c) 3,732.8 3,726 B.B. King – bbking .9 3,367.4 – 113,732.8 3,367.4 11 FINANCIAL RATIOS: (d)Income (loss) before extraordinary gain: Return on common equity (“ROE”) (3 )% (1 )% 10 %2 % 13 % Return on equity-goodwill (“ROE-GW”) (e)(5 )(1 )154 21 Return on assets (“ROA”)(0.11)(0.01)0.770.211.06 Net income:ROE 1 1 104 13 ROE-GW (e)1 2 156 21 ROA 0.130.120.770.311.06CAPITAL RATIOS:Tier 1 capital ratio10.8(i) 8 B.B. King .9 8.4 Total capital ratio 14.7(i) 12.612.6 SELECTED BALANCE SHEET DATA (Period-end) Total assets $2,175,052$2,251,469$1,562,147 (3) 39 $2,175,052$1,562,147 39Wholesale loans 262,044 288,445 213,076 (9) 23262,044 213,076 23Consumer loans482,854 472,936 306,298 2 58482,854 306,298 58Deposits1,009,277 969,783 740,728 4 361,009,277 740,728 36Common stockholders’ equity 134,945 137,691 123,221 (2) 10134,945 123,221 10 Headcount (f) 224,961 228,452 180,667 (2) 25224,961 180,667 25 LINE OF BUSINESS NET INCOME (LOSS) Investment Bank$(2,364 ) $882$124 NMNM $(1,175 ) $3,139 NMRetail Financial Services 624 64731 NM(15)880 2,925 (70)Card Services (371 )292 609 NMNM780 2,919 (73)Commercial Banking480 312 288 54671,439 1,134 27Treasury & Securities Services533 406 422 31261,767 1,397 26Asset Management255 351 527 (27 ) (52)1,357 1,966 (31)Corporate/Private Equity (g)1,545 (1,780 )270 NM472 557 1,885 (70)Net income $702$527$2,971 33(76) $5,605$15,365(64) (a) Includes accounting conformity loan loss reserve provision related to the acquisition of Washington Mutual Bank’s banking operations . (b) JPMorgan Chase acquired the banking operations of Washington Mutual Bank for $1.9 billion.

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