Contract

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, 2010, 2009, 2008, 2007, and 2006 in accordance with generally accepted accounting principles.

Five-year summary of consolidated financial highlights

As of or for the year ended December 31,

(unaudited)

(in millions, except per share, headcount and ratio data)			2010			2009				2008 (d)			2007			2006
Selected income statement data
Total net revenue			$	102,694		$		100,434		$	67,252		$	71,372		$	61,999
Total noninterest expense				61,196				52,352			43,500			41,703			38,843
Pre-provision profit (a)				41,498				48,082			23,752			29,669			23,156
Provision for credit losses				16,639				32,015			19,445			6,864			3,270
Provision for credit losses – accounting conformity (b)				-				-			1,534			-			-
Income from continuing operations before income tax expense/(benefit) and extraordinary gain				24,859				16,067			2,773			22,805			19,886
Income tax expense/(benefit)				7,489				4,415			(926	)		7,440			6,237
Income from continuing operations				17,370				11,652			3,699			15,365			13,649
Income from discontinued operations (c)				-				-			-			-			795
Income before extraordinary gain				17,370				11,652			3,699			15,365			14,444
Extraordinary gain (d)				-				76			1,906			-			-
Net income			$	17,370		$		11,728		$	5,605		$	15,365		$	14,444
Per common share data
Basic earnings
Income from continuing operations			$	3.98		$		2.25		$	0.81		$	4.38		$	3.83
Net income				3.98				2.27			1.35			4.38			4.05
Diluted earnings (e)
Income from continuing operations			$	3.96		$		2.24		$	0.81		$	4.33		$	3.78
Net income				3.96				2.26			1.35			4.33			4.00
Cash dividends declared per share				0.20				0.20			1.52			1.48			1.36
Book value per share				43.04				39.88			36.15			36.59			33.45
Common shares outstanding
Average:        Basic				3,956.3				3,862.8			3,501.1			3,403.6			3,470.1
Diluted				3,976.9				3,879.7			3,521.8			3,445.3			3,516.1
Common shares at period-end				3,910.3				3,942.0			3,732.8			3,367.4			3,461.7
Share price (f)
High			$	48.20		$		47.47		$	50.63		$	53.25		$	49.00
Low				35.16				14.96			19.69			40.15			37.88
Close				42.42				41.67			31.53			43.65			48.30
Market capitalization				165,875				164,261			117,695			146,986			167,199
Selected ratios
Return on common equity (“XXX”) (e)
Income from continuing operations				10	%			6	%		2	%		13	%		12	%
Net income				10				6			4			13			13
Return on tangible common equity (“ROTCE”) (e)
Income from continuing operations				15				10			4			22			24
Net income				15				10			6			22			24
Return on assets (“ROA”):
Income from continuing operations				0.85				0.58			0.21			1.06			1.04
Net income				0.85				0.58			0.31			1.06			1.10
Overhead ratio				60				52			65			58			63
Deposits-to-loans ratio				134				148			135			143			132
Tier 1 capital ratio  (g)				12.1				11.1			10.9			8.4			8.7
Total capital ratio				15.5				14.8			14.8			12.6			12.3
Tier 1 leverage ratio				7.0				6.9			6.9			6.0			6.2
Tier 1 common capital ratio (h)				9.8				8.8			7.0			7.0			7.3
Selected balance sheet data (period-end) (g)
Trading assets			$	489,892		$		411,128		$	509,983		$	491,409		$	365,738
Securities				316,336				360,390			205,943			85,450			91,975
Loans				692,927				633,458			744,898			519,374			483,127
Total assets				2,117,605				2,031,989			2,175,052			1,562,147			1,351,520
Deposits				930,369				938,367			1,009,277			740,728			638,788
Long-term debt				247,669				266,318			270,683			199,010			145,630
Common stockholders’ equity				168,306				157,213			134,945			123,221			115,790
Total stockholders’ equity				176,106				165,365			166,884			123,221			115,790
Headcount				239,831				222,316			224,961			180,667			174,360
(a)		Pre-provision profit is total net revenue less noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
(b)		Results for 2008 included an accounting conformity loan loss reserve provision related to the acquisition of Washington Mutual Bank’s (“Washington Mutual “) banking operations.
(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 were reported as discontinued operations.
(d)		On September 25, 2008, JPMorgan Chase acquired the banking operations of Washington Mutual. On May 30, 2008, a wholly-owned subsidiary of JPMorgan Chase merged with and into The Bear Xxxxxxx Companies Inc. (“Bear Xxxxxxx”), and Bear Xxxxxxx became a wholly-owned subsidiary of JPMorgan Chase. The Washington Mutual acquisition resulted in negative goodwill, and accordingly, the Firm recorded an extraordinary gain. A preliminary gain of $1.9 billion was recognized at December 31, 2008. The final total extraordinary gain that resulted from the Washington Mutual transaction was $2.0 billion. For additional information on these transactions, see Note 2 on pages 166–170 of this Annual Report.
(e)		The calculation of 2009 earnings per share (“EPS”) and net income applicable to common equity includes a one-time, noncash reduction of $1.1 billion, or $0.27 per share, resulting from repayment of U.S. Troubled Asset Relief Program (“TARP”) preferred capital in the second quarter of 2009. Excluding this reduction, the adjusted XXX and ROTCE were 7% and 11%, respectively, for 2009. The Firm views the adjusted XXX and ROTCE, both non-GAAP financial measures, as meaningful because they enable the comparability to prior periods. For further discussion, see “Explanation and reconciliation of the Firm’s use of non-GAAP financial measures” on pages 64–66 of this Annual Report.
(f)		Share prices shown for JPMorgan Chase’s common stock are from the New York Stock Exchange. JPMorgan Chase’s common stock is also listed and traded on the London Stock Exchange and the Tokyo Stock Exchange.
(g)		Effective January 1, 2010, the Firm adopted accounting guidance that amended the accounting for the transfer of financial assets and the consolidation of variable interest entities (“VIEs”). Upon adoption of the guidance, the Firm consolidated its Firm-sponsored credit card securitization trusts, Firm-administered multi-seller conduits and certain other consumer loan securitization entities, primarily mortgage-related, adding $87.7 billion and $92.2 billion of assets and liabilities, respectively, and decreasing stockholders’ equity and the Tier 1 capital ratio by $4.5 billion and 34 basis points, respectively. The reduction to stockholders’ equity was driven by the establishment of an allowance for loan losses of $7.5 billion (pretax) primarily related to receivables held in credit card securitization trusts that were consolidated at the adoption date.
(h)		The Firm uses Tier 1 common capital (“Tier 1 common”) along with the other capital measures to assess and monitor its capital position. The Tier 1 common capital ratio (“Tier 1 common ratio”) is Tier 1 common divided by risk-weighted assets. For further discussion, see Regulatory capital on pages 102–104 of this Annual Report.
		JPMorgan Chase & Co. / 2010  Annual Report