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Annual Report 2005 J P M O R G a N C H a S E

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Annual Report 2005 J P M O R G a N C H a S E JPMORGAN CHASE & CO. Annual Report 2005 JPMorgan Chase & Co. 2005 Annual Report JPMorgan Chase & Co. www.jpmorganchase.com JPMorgan Chase & Co. JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.2 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services Corporate headquarters Directors Direct deposit of dividends for consumers, small business and commercial banking, financial transaction processing, asset and wealth 270 Park Avenue To contact any of the Board members please For information about direct deposit of management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase New York, New York 10017-2070 mail correspondence to: dividends, please contact Mellon Investor serves millions of consumers in the United States and many of the world’s most prominent corporate, Telephone: 212-270-6000 JPMorgan Chase & Co. Services LLC. http://www.jpmorganchase.com Attention (Board member) institutional and government clients under its JPMorgan and Chase brands. Stockholder inquiries Office of the Secretary Principal subsidiaries 270 Park Avenue Contact Mellon Investor Services LLC: JPMorgan Chase Bank, New York, New York 10017-2070 National Association By telephone: Chase Bank USA, The corporate governance principles of Within the United States, Canada and National Association the board, the charters of the principal Puerto Rico: 1-800-758-4651 J.P. Morgan Securities Inc. board committees and other governance (toll free) information can be accessed by visiting From all other locations: JPMorgan has one of the largest client franchises in the world. Our clients include corporations, Annual report on Form 10-K www.jpmorganchase.com and clicking on 1-201-680-6578 (collect) institutional investors, hedge funds, governments and affluent individuals in more than 100 countries. The Annual Report on Form 10-K of “Governance.”Stockholders may request JPMorgan Chase & Co. as filed with the a copy of such materials by writing to the TDD service for the hearing impaired The following businesses use the JPMorgan brand: Securities and Exchange Commission Office of the Secretary at the above address. within the United States, Canada and Investment Bank Asset Management will be made available upon request to: Puerto Rico: 1-800-231-5469 (toll free) Transfer agent and registrar Treasury Services Private Bank Office of the Secretary All other locations: Mellon Investor Services LLC JPMorgan Chase & Co. 1-201-680-6578 (collect) Worldwide Securities Services Private Client Services 480 Washington Blvd. 270 Park Avenue Jersey City, New Jersey 07310-1900 By mail: Information about JPMorgan capabilities can be found on jpmorgan.com. New York, New York 10017-2070 Telephone: 1-800-758-4651 Mellon Investor Services LLC Stock listing https://vault.melloninvestor.com/isd 480 Washington Blvd. Jersey City, New Jersey 07310-1900 New York Stock Exchange, Inc. Investor Services Program London Stock Exchange Limited JPMorgan Chase & Co.’s Investor Services Duplicate mailings Tokyo Stock Exchange Program offers a variety of convenient, low- If you receive duplicate mailings The New York Stock Exchange (NYSE) cost services to make it easier to reinvest because you have more than one ticker symbols for stock of JPMorgan Chase Chase is a leading U.S. financial services brand serving consumers, small businesses, corporations and dividends and buy and sell shares of account listing and you wish to & Co. are as follows: JPMorgan Chase & Co. common stock. A governments with a full range of banking and asset management products in local markets and through consolidate your accounts, please JPM (Common Stock) brochure and enrollment materials may be write to Mellon Investor Services LLC national distribution. JPMPRH (Depositary Shares Each obtained by contacting the Program at the address above. Representing a One-Tenth Interest in Administrator, Mellon Investor Services LLC, The consumer businesses include: 6 5/8% Cumulative Preferred Stock) by calling 1-800-758-4651, by writing them Independent registered public Consumer Banking Home Finance at the address indicated above or by visiting accounting firm Credit Card Auto Finance Certifications by the Chairman, Chief their Web site at www.melloninvestor.com. PricewaterhouseCoopers LLP Executive Officer and Chief Financial Officer Small Business Education Finance 300 Madison Avenue of JPMorgan Chase & Co. pursuant to Section New York, New York 10017 The commercial banking businesses include: 302 of the Sarbanes-Oxley Act of 2002, have been filed as exhibits to the Firm's 2005 Middle Market Business Credit Annual Report on Form 10-K. Mid-Corporate Equipment Leasing Real Estate The NYSE requires that the Chief Executive Officer of a listed company certify annually Information about Chase capabilities can be found on chase.com. that he or she was not aware of any violation This annual report is printed on paper made from by the company of the NYSE's Corporate well-managed forests and other controlled sources with the financial section printed on paper containing 20% Governance listing standards. Such certification post-consumer waste (PCW) recycled fibers. The paper was made on June 14, 2005. is independently certified by SmartWood, a program of Financial information about JPMorgan Chase the Rainforest Alliance, to the Forest Stewardship Council (FSC) standards. & Co. can be accessed by visiting the Investor Relations site of www.jpmorganchase.com. FSC is an independent nonprofit organization devoted to Additional questions should be addressed to: encouraging the responsible management of the world’s JPMorgan Chase is the brand used to express JPMorgan Chase & Co., the holding company, and is forests. FSC sets high standards to ensure forestry is also used by our Treasury Services business and our Community Development Group. Investor Relations practiced in an environmentally responsible, socially JPMorgan Chase & Co. beneficial and economically viable way. Information about the firm is available at www.jpmorganchase.com. 270 Park Avenue New York, New York 10017-2070 Telephone: 212-270-6000 ©2006 JPMorgan Chase & Co. All rights reserved. Printed in the U.S.A. Financial highlights As of or for the year ended December 31, (in millions, except per share, ratio and headcount data) 2005 2004 Reported basis(a) Total net revenue $ 54,533 $ 43,097 Provision for credit losses 3,483 2,544 Total noninterest expense 38,835 34,359 Net income 8,483 4,466 Per common share: Net income per share: Basic 2.43 1.59 Diluted 2.38 1.55 Cash dividends declared per share 1.36 1.36 Book value per share 30.71 29.61 Return on common equity 8% 6% Tier 1 capital ratio 8.5 8.7 Total capital ratio 12.0 12.2 Total assets $1,198,942 $ 1,157,248 Loans 419,148 402,114 Deposits 554,991 521,456 Total stockholders’ equity 107,211 105,653 Headcount 168,847 160,968 Operating basis (pro forma)* Total net revenue $ 59,149 $ 57,760 Provision for credit losses 7,259 6,490 Total noninterest expense 35,549 35,439 Earnings 10,521 10,289 Diluted earnings per share 2.95 2.85 Return on common equity 10% 10% (a) Results are presented in accordance with accounting principles generally accepted in the United States of America. 2004 results include six months of the combined Firm’s results and six month of heritage JPMorgan Chase results. * The financial information provided on pages 2-20 is presented on a pro forma combined-operating basis. The unaudited pro forma combined historical results represent how the financial information of JPMorgan Chase & Co. and Bank One Corporation may have appeared on a combined basis had the two companies been merged as of the earliest date indicated. Additional information, including reconciliation of the pro forma numbers to GAAP, can be found on Form 8-K furnished to the Securities and Exchange Commission on January 18, 2006. For a description of operating basis, including management’s reasons for its use of such measures, see page 31 of this Annual Report. Letter from William B. Harrison, Jr, Chairman Dear fellow shareholder, As of year-end , I stepped down as CEO of • Relationships matter – with clients and with each other JPMorgan Chase – turning the leadership of the firm over internally – and without them, a firm will never reach to my partner, Jamie Dimon, who I believe will prove to be its potential and be its best. one of the outstanding CEOs the financial services industry has had in a long time. • Companies with the highest ethical values, which start at the top and cascade all the way down, will be the great As Chairman, I look forward to contributing to our growth companies – and we must keep raising the bar on how we by leveraging my global relationships and contacts and by achieve this in a large, complex corporation. helping to further develop strategy. • Surrounding yourself with people who are smarter and As I look back on my years in the industry, all with the better than you are is critical because your talent pool same organization, I realize how fortunate I have been and will be a key determinant of success. what an exciting journey I have been on. When I left a small town in North Carolina to join Chemical Bank in • I have been one of the most fortunate people in the , my goal was to spend two years in New York and world to have had the experience and the success I have then return to North Carolina. Little did I know I would had, and there is not one day that goes by that I don’t be part of an industry and a career that were as challenging think about this. and rewarding as these have been. So from a small town to a big city – from a small bank to a I step down as CEO believing that: big bank, I learned much along the way – that you, in fact, never stop learning.
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