EX-99.1

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 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

1Q09 Managed results1 $ $ 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% 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- 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

Investment Bank $ in 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 Statistics1 spread on certain structured liabilities Overhead Ratio 57% NM 85% $1.8B reflecting: Record Equity Markets revenue of Comp/Revenue 40% NM 41% Strong trading results and strong client revenue, Avg Loans ($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 Net Charge-off Rate2 0.21% 0.47% 0.07% 6.68% 4.71% 2.55% Credit Portfolio revenue of $299mm down 18% YoY ALL / Avg Loans2 ROE3 20% (28)% (2)% Credit costs of $1.2B include NCOs of $36mm and reflect a R E S U L T S VAR4 $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% 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 Expense up 87% YoY, primarily reflecting higher loss coverage ratio and net charge-off rate 3 Calculated based on average equity. 1Q09 average equity was $33.0B performance-based compensation expense on record F I N A N C I A L 4 Average Trading and Credit Portfolio VAR revenue and the impact of the Bear Stearns merger 3

IB league tables League table results Thomson Reuters Continue to rank #1 in two capital raising 1Q09 20081 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% S T US Loan Syndications #3 16.5% #1 26.9% L U 1 Source: 2008 data is pro forma for Bear Stearns S E 2 Global M&A for 2008 for Thomson Reuters includes transactions withdrawn since 12/31/08 R 3 US M&A for Thomson Reuters represents any US involvement; 2008 includes transactions withdrawn since 12/31/08 L 4 Global Equity & Equity-related includes rights offerings A 5 Debt & Long-term Debt includes ABS, MBS and taxable municipal securities I Note: Rankings as of 04/06/09; 2008 represents Full Year C N A N I F 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 A L

IB key risk exposures Mortgage-related $ in 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 Alt-A — securities of $1.3B and $2.7B of first lien mortgages R E S U L T S Subprime exposure of $0.7B, actively hedged Commercial exposure of $6.5B, actively hedged Securities of $2.4B, of which 46% are AAA-rated; 20% / 80% fixed vs. floating-rate securities F I N A N C I A L $4.1B of loans, primarily senior

Retail Financial Services—Drivers Retail Banking — $ in 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 $214.1 Checking accounts up 126% YoY and 2% or ~485K Deposit Margin 2.85% 2.94% 2.64% Checking Accts (mm) 25.0 24.5 11.1 QoQ # of Branches 5,186 5,474 3,146 Credit card sales up 50% YoY and down 12% QoQ # of ATMs 14,159 14,568 9,237 Mortgage originations up 32% YoY and 87% QoQ Investment Sales ($mm) $4,398 $3,956 $4,084 Investment sales up 8% YoY and 11% or ~$442mm QoQ Consumer Lending — $ in billions Total originations of $45.9B Mortgage loan originations down 20% YoY and up 1Q09 4Q08 1Q08 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% demand impaired) Key Statistics — For 1Q09, greater than 90% of mortgage Home Equity Originations $0.9 $1.7 $6.7 originations fall under agency and government S T Avg Home Equity Loans Owned1 $141.8 $142.8 $95.0 programs L Mortgage Loan Originations $37.7 $28.1 $47.1 U Auto originations down 22% YoY and up 100% QoQ S Avg Mortgage Loans Owned1,2 $148.3 $149.8 $51.3 E R 3rd Party Mortgage Loans Svc’d $1,149 $1,173 $627 3rd party mortgage loans serviced up 83% YoY and L Auto Originations $5.6 $2.8 $7.2 A down 2% QoQ I Avg Auto Loans $42.5 $42.9 $43.2 C N 1 Includes purchased credit-impaired loans acquired as part of the WaMu transaction A 2 Does not include held-for-sale loans N I F 7

Retail Financial Services $ in millions Total Retail Financial Services net income of $474mm $ O/(U) 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) $785 reflecting the impact of the WaMu transaction, ROE1,2 8% 10% (7)% wider deposit spreads and higher deposit-related EOP Equity ($B)1 $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 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 R E S U L T S Net Income ($389) $27 $467 $1.6B addition to the allowance for loan losses 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 F I N A N C I A L higher mortgage reinsurance losses

Home Equity Excluding credit-impaired loans 30-day Delinquency trend Key statistics 1Q09 4Q08 1Q08 3.25% Excluding credit-impaired1 EOP owned portfolio ($B) $111.7 $114.3 $95.0 2.75% Net charge-offs ($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 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Note: 30-day delinquencies prior to September ‘08 are heritage Chase Comments on Home Equity portfolio Losses continue to come predominantly from high CLTV loans For new originations, maximum CLTV remains at 50-70% based on geographic location R E S U L T S Quarterly losses could be as high as $1.4B F I N A N C I A L 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 trend Key statistics 1Q09 4Q08 1Q08 7% 6% Excluding credit-impaired1 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 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Note: 30-day delinquencies prior to September ‘08 are heritage Chase Comments on Prime Mortgage 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) New portfolio originations are subject to strict underwriting requirements, especially in areas with R E S U L T S the most severe expected home price deterioration and unemployment growth F I N A N C I A L Quarterly losses could be as high as $500mm over the next several quarters

Subprime Mortgage Excluding credit-impaired loans 30-day Delinquency trend Key statistics 28% 1Q09 4Q08 1Q08 Excluding credit-impaired1 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 on Subprime Mortgage 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 A L 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 A L

Card Services (Managed) $ in 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) ($1,156) Net charge-off rate (excluding the WaMu Key Statistics Incl. WaMu ($B)1 portfolio) of 6.86% in 1Q09 vs. 4.37% in 1Q08 ROO (pretax) (1.92)% (1.16)% 2.52% and 5.29% in 4Q08 ROE2 (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 Sales volume (excluding the WaMu portfolio) EOP Outstandings $150.2 $162.1 $150.9 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% 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

Commercial Banking $ in millions Net income of $338mm up $46mm or 16% YoY $ O/(U) 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 the WaMu transaction and higher noninterest Other 60 (6) 3 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) $46 offset by wider loan spreads Key Statistics ($B)1 Avg Loans & Leases $113.9 $117.7 $68.0 Increased credit costs in 1Q09 reflect a weakening Avg Liability Balances2 $115.0 $114.1 $99.5 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 Rate3 0.48% 0.40% 0.48% from 2.65% in 1Q08, reflecting the changed mix ALL / Average Loans3 2.59% 2.41% 2.65% of the loan portfolio due to the WaMu ROE4 17% 24% 17% transaction, and up from 2.41% in 4Q08 Overhead Ratio 39% 34% 45% 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 premiums; overhead ratio of 39% R E S U L T S 3 Loans held-for-sale and loans at fair value were excluded when calculating the loan loss coverage ratio and net charge-off rate N C I A L 4 Calculated based on average equity. 1Q09 average equity was $8B

Treasury & Securities Services $ in 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) Revenue of $1.8B down 5% YoY and 19% QoQ, Key Statistics1 primarily driven by WSS: Avg Liability Balances ($B)2 $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 ROE3 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 TS Firmwide Revenue $1,639 $1,909 $1,545 Expense up 7% YoY driven by: TSS Firmwide Avg Liab Bal ($B)2 $391.5 $450.4 $353.8 Higher FDIC insurance premiums EOP Equity ($B) $5.0 $4.5 $3.5 Investment in new product platforms 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

Asset Management $ in 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 for the past 12 months Private Wealth Management 312 (18) (37) 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 revenue on net AUM inflows and higher deposit Expense 1,298 85 (25) revenue Net Income $224 ($31) ($132) Key Statistics ($B)1 Mixed global investment performance Assets under Management2 $1,115 $1,133 $1,187 66% of mutual fund AUM ranked in the first or second quartiles over past five years; 62% over Assets under Supervision2 $1,464 $1,496 $1,569 past three years; 54% over one year Average Loans $34.6 $36.9 $36.6 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% ROE3 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

Capital Management $ in billions 1Q09 4Q08 1Q08 Tier 1 Capital1 $137 $136 $90 Tier 1 Capital1 ex. TARP $112 $111 $90 Tangible Common Equity2 $87 $84 $76 Risk-Weighted Assets1 $1,214 $1,245 $1,076 Total Assets $2,079 $2,175 $1,643 Tier 1 Capital Ratio1 11.3% 10.9% 8.3% Tier 1 Capital Ratio1 ex. TARP 9.2% 8.9% 8.3% TCE/RWA1,2 7.2% 6.8% 7.1% TCE/Tangible Assets2 4.3% 4.0% 4.8% 1 Estimated for 1Q09 2 See 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

Substantially increased loan loss reserves, maintaining strong coverage ratios $ in millions Loan Loss Reserve/Total Loans Loan Loss Reserve Loan Loss Reserve/NPLs 45000 5.0% Nonperforming Loans 500% 5% 36000 4.0% 400% 4% 27,381 27000 3.0% 300% 3% 18000 2.0% 200% 2% 23,164 13,246 19,052 9000 11,746 1% 1.0% 9,234 100% 7,300 7,633 8,113 11,401 6,933 8,953 2,490 3,282 4,401 5,273 0.0% 1,907 2,006 0% 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 Peer 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%, 1Q09 4Q08 respectively 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 LLR/Total Loans 5.20% 4.24% 3.03% LLR/NPLs 252% 253% 205% R E S U L T S Wholesale LLR/Total Loans 3.43% 2.64% 2.64% LLR/NPLs 219% 279% 84% Firmwide LLR/Total Loans 4.53% 3.62% 2.74% F I N A N C I A L LLR/NPLs 241% 260% 161% 19

Outlook Investment Bank Treasury & Securities 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 Financial Services Asset 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 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 Services interest income, some trading volatility Chase losses could approach 9% +/- next quarter; could trend up further depending on unemployment in 2009 Overall Special FDIC assessment WaMu losses to approach 18-24% by end of 2009 If economy weakens further, additional reserving actions Lower charge volume R E S U L T S may be required Commercial Banking Current revenue level is a reasonable expectation F I N A N C I A L Higher credit costs expected

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 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 R E S U L T S 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 website (www.sec.gov). JPMorgan Chase does not undertake to update the forward-looking statements to reflect A N C I A L the impact of circumstances or events that may arise after the date of the forward-looking statements.

Reconciliation of GAAP to Non-GAAP Results $ in 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 Expense Reported Expense 13,373 11,255 8,931 Merger-related Items (237) (248) — Adjusted Expense $13,136 $11,007 $8,931