and MORGAN GUARANTY TRUST COMPANY OF NEW YORK

Exhibit 99

X. X. XXXXXX XXXXX & CO.

and

XXXXXX GUARANTY TRUST COMPANY OF NEW YORK

As of December 31, 2000, Xxxxxx Guaranty Trust Company of New York ("Xxxxxx Guaranty") was a wholly owned bank subsidiary of X.X. Xxxxxx Xxxxx & Co., a Delaware corporation whose principal office is located in New York, New York. Xxxxxx Guaranty was a commercial bank offering a wide range of banking services to its customers both domestically and internationally. Its business was subject to examination and regulation by Federal and New York State banking authorities.

On November 10, 2001, X. X. Xxxxxx & Co. merged with The Chase Manhattan Bank. Upon consummation of the merger, The Chase Manhattan Bank changed its name to XX Xxxxxx Xxxxx & Co.

The following table sets forth certain summarized financial information of X.X. Xxxxxx Xxxxx & Co. and for Xxxxxx Guaranty as of the dates and for the periods indicated. The information presented for the years ended December 31, 2008, 2007, 2006, 2005, and 2004 in accordance with generally accepted accounting principles.

(in millions, except per share, headcount and ratio data)
As of or for the year ended December 31,		2008		(i)		2007				2006				2005				2004		(j)
Selected income statement data
Noninterest revenue (a)		$	28,473			$	44,966			$	40,757			$	34,693			$	26,209
Net interest income			38,779				26,406				21,242				19,555				16,527
Total net revenue			67,252				71,372				61,999				54,248				42,736
Provision for credit losses			19,445				6,864				3,270				3,483				1,686
Provision for credit losses – accounting conformity (b)			1,534				-				-				-				858
Total noninterest expense			43,500				41,703				38,843				38,926				34,336
Income from continuing operations before income tax expense (benefit)			2,773				22,805				19,886				11,839				5,856
Income tax expense (benefit)			(926	)			7,440				6,237				3,585				1,596
Income from continuing operations			3,699				15,365				13,649				8,254				4,260
Income from discontinued operations (c)			-				-				795				229				206
Income before extraordinary gain			3,699				15,365				14,444				8,483				4,466
Extraordinary gain (d)			1,906				-				-				-				-
Net income		$	5,605			$	15,365			$	14,444			$	8,483			$	4,466
Per common share
Basic earnings per share
Income from continuing operations		$	0.86			$	4.51			$	3.93			$	2.36			$	1.51
Net income			1.41				4.51				4.16				2.43				1.59
Diluted earnings per share
Income from continuing operations		$	0.84			$	4.38			$	3.82			$	2.32			$	1.48
Net income			1.37				4.38				4.04				2.38				1.55
Cash dividends declared per share			1.52				1.48				1.36				1.36				1.36
Book value per share			36.15				36.59				33.45				30.71				29.61

Common shares outstanding
Average: Basic			3,501				3,404				3,470				3,492				2,780
Diluted			3,605				3,508				3,574				3,557				2,851
Common shares at period end			3,733				3,367				3,462				3,487				3,556
Share price (e)
High		$	50.63			$	53.25			$	49.00			$	40.56			$	43.84
Low			19.69				40.15				37.88				32.92				34.62
Close			31.53				43.65				48.30				39.69				39.01
Market capitalization			117,695				146,986				167,199				138,387				138,727
Financial ratios
Return on common equity:
Income from continuing operations			2	%			13	%			12	%			8	%			6	%
Net income			4				13				13				8				6
Return on assets:
Income from continuing operations			0.21				1.06				1.04				0.70				0.44
Net income			0.31				1.06				1.10				0.72				0.46
Tier 1 capital ratio			10.9				8.4				8.7				8.5				8.7
Total capital ratio			14.8				12.6				12.3				12.0				12.2
Tier 1 leverage ratio			6.9				6.0				6.2				6.3				6.2
Overhead ratio			65				58				63				72				80
Selected balance sheet data (period-end)
Trading assets		$	509,983			$	491,409			$	365,738			$	298,377			$	288,814
Securities			205,943				85,450				91,975				47,600				94,512
Loans			744,898				519,374				483,127				419,148				402,114
Total assets			2,175,052				1,562,147				1,351,520				1,198,942				1,157,248
Deposits			1,009,277				740,728				638,788				554,991				521,456
Long-term debt			252,094				183,862				133,421				108,357				95,422
Common stockholders’ equity			134,945				123,221				115,790				107,072				105,314
Total stockholders’ equity			166,884				123,221				115,790				107,211				105,653
Headcount			224,961				180,667				174,360				168,847				160,968
Credit quality metrics
Allowance for credit losses		$	23,823			$	10,084			$	7,803			$	7,490			$	7,812
Nonperforming assets (f)(g)			12,714				3,933				2,341				2,590				3,231
Allowance for loan losses to total loans (h)			3.18	%			1.88	%			1.70	%			1.84	%			1.94	%
Net charge-offs		$	9,835			$	4,538			$	3,042			$	3,819			$	3,099
Net charge-off rate (h)			1.73	%			1.00	%			0.73	%			1.00	%			1.08	%
Wholesale net charge-off (recovery) rate (h)			0.18				0.04				(0.01	)			(0.06	)			0.18
Consumer net charge-off rate (h)			2.71				1.61				1.17				1.56				1.56
Managed card net charge-off rate			5.01				3.68				3.33				5.21				5.27

(a)		The Firm adopted SFAS 157 in the first quarter of 2007. See Note 4 on pages 129–143 of this Annual Report for additional information.
(b)		For a discussion of accounting conformity, see provision for credit losses on page 35 and consumer credit portfolio discussion on page 91.
(c)		On October 1, 2006, JPMorgan Chase & Co. completed the exchange of selected corporate trust businesses for the consumer, business banking and middle-market banking businesses of The Bank of New York Company Inc. The results of operations of these corporate trust businesses are reported as discontinued operations for each period prior to 2007.
(d)		For a discussion of the extraordinary gain, see Note 2 on pages 123–128.
(e)		JPMorgan Chase’s common stock is listed and traded on the New York Stock Exchange, the London Stock Exchange and the Tokyo Stock Exchange. The high, low and closing prices of JPMorgan Chase’s common stock are from The New York Stock Exchange Composite Transaction Tape.
(f)		Excludes purchased wholesale loans held-for-sale.
(g)		During the second quarter of 2008, the policy for classifying subprime mortgage and home equity loans as nonperforming was changed to conform to all other home lending products. Amounts for 2007 have been revised to reflect this change. Periods prior to 2007 have not been revised as the impact was not material.
(h)		End-of-period and average loans held-for-sale and loans at fair value were excluded when calculating the allowance coverage ratios and net charge-off rates, respectively.
(i)		On September 25, 2008, JPMorgan Chase acquired the banking operations of Washington Mutual Bank. On May 30, 2008, the Bear Xxxxxxx merger was consummated. Each of these transactions was accounted for as a purchase and their respective results of operations are included in the Firm’s results from each respective transaction date. For additional information on these transactions, see Note 2 on pages 123-128 of this Annual Report.
(j)		On July 1, 2004, Bank One Corporation merged with and into JPMorgan Chase. Accordingly, 2004 results include six months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
JPMorgan Chase & Co. / 2008 Annual Report