8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): November 5, 2009

JPMORGAN CHASE & CO.

(Exact name of registrant as specified in its charter)

Delaware	1-5805	13-2624428
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

270 Park Avenue, New York, NY	10017
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 270-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure

On November 5, 2009, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) participated in an investor conference, including making a presentation at the conference. Exhibit 99.1 is a copy of the slides furnished at, and posted on the Firm’s website in connection with, the presentation. The slides are being furnished pursuant to Item 7.01, and the information contained therein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities under that Section. Furthermore, the information contained in Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of the Firm under the Securities Act of 1933.

This current report on Form 8-K (including the Exhibit hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on 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 the Firm’s Annual Report on Form 10-K for the year ended December 31, 2008 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2009 and June 30, 2009, each 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 the impact of circumstances or events that may arise after the date of the forward-looking statements.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description of Exhibit
99.1	JPMorgan Chase & Co. Presentation Slides, dated November 5, 2009

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

JPMORGAN CHASE & CO. (Registrant)
By:	/s/ ANTHONY J. HORAN
	Anthony J. Horan
	Corporate Secretary

Dated: November 6, 2009

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
99.1	JPMorgan Chase & Co. Presentation Slides, dated November 5, 2009

EX-99.1

November 5, 2009

2

0

0

9

B

A

N

C

A

N

A

L

Y

S

T

S

A

S

S

O

C

I

A

T

I

O

N

O

F

B

O

S

T

O

N

C

O

N

F

E

R

E

N

C

E

Charlie Scharf, Chief Executive Officer, Retail Financial Services

Exhibit 99.1

Agenda

Page

1

Financial Performance

1

Credit Update

3

Foreclosure/REO

10

WaMu / Branch Banking Update

21

Strong and consistent performance in Retail Banking 

Some initial signs of stability in consumer delinquency trends, but we are not certain if this

trend will continue

Prime and subprime mortgage late stage delinquencies impacted by foreclosure moratorium,

extended REO timelines and trial modifications 

Additions to loan loss reserve of $730mm, $1,197mm, and $1,438mm for 3Q08, 2Q09 and

3Q09, respectively

3Q08

2Q09

3Q09

Retail Banking

$723

$970

$1,043

Mortgage Banking

(32)

213

280

Auto & Student Loans

93

22

132

Home Lending Portfolio

(720)

(1,190)

(1,448)

Consumer Lending

($659)

($955)

($1,036)

Retail Financial Services

$64

$15

$7

Retail Financial Services —

results

2

Net income/(loss) ($ in millions)

Agenda

Page

3

Credit Update

3

Financial Performance

1

Foreclosure/REO

10

WaMu / Branch Banking Update

21

Portfolio

Total Loans

Non Credit-

Impaired

Credit-

Impaired 

Home Equity

        $139.2

        $104.8

         $34.4

Option ARM 

         47.4

           8.9

          38.5

Prime Mortgage 

         82.6

          22.7

Subprime Mortgage 

         22.6

          13.3

            9.3

Total Home Lending Portfolio  

$291.8

$186.9

$104.9

    Fair Value Mark 

$21.7

NA

$21.7

    Fair Value Mark % of Loans

NA

NA

21%

Home Lending Carrying Value

$270.1

$186.9

$83.2

Auto

44.3

44.3

NA

Student and Other

14.9

14.9

NA

Total Consumer Lending Portfolio

$329.3

$246.1

$83.2

    Loan Loss Reserve 

$12.3

$11.2

$1.1

    LLR as % of Loans

NA

4.6%

NA

36% of total loans or $105B credit-impaired portfolio is marked

4.6% reserve ratio on non-credit impaired portfolio

1

Credit-impaired represents UPB not book value; excludes prime mortgage loans and student loans classified as held-for-sale

2

Non credit-impaired excludes prime mortgage loans classified as held-for-sale

Consumer Lending portfolio

4

Outstandings as of 9/30/09 ($ in billions)

1

59.9

2

    Total non credit-impaired loans include Retail Banking and Consumer Lending loan balances

    Excludes the impact of purchased credit-impaired loans that were acquired as part of the Washington Mutual transaction.  These loans were accounted for at fair value on the acquisition

date, which incorporated management’s estimate, as of that date, of credit losses over the remaining life of the portfolio.  An allowance for loan losses of $1.1 billion has been recorded for 

these loans as of September 30, 2009.  No allowance for loan losses was recorded as of June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively 

Retail Financial Services credit summary

5

($ in millions)

1

2

4Q08

1Q09

2Q09

3Q09

Net charge-offs

$1,701

$2,176

$2,649

$2,550

Change in allowance

1,875

1,701

1,197

1,438

Provision for credit losses

$3,576

$3,877

$3,846

$3,988

Non

credit-

impaired

loan

balances

1

$282,001

$280,313

$270,468

$265,109

Credit-impaired loan balances

88,813

87,572

85,406

83,202

Total loan balances   

$370,814

$367,885

$355,874

$348,311

Allowance for loan losses

$8,918

$10,619

$11,832

$13,286

Allowance for loan

losses to ending

loans

retained

2

3.19%

3.84%

4.41%

4.63%

Net

charge-off

rate

2

2.41%

3.16%

3.89%

3.81%

3Q08

4Q08

1Q09

2Q09

3Q09

Home Equity

Net charge-off ($mm)

$663 

$770 

$1,098 

$1,265 

$1,142 

Net charge-off rate

2.78%

2.67%

3.93%

4.61%

4.25%

Prime Mortgage

Net charge-off ($mm)

$177 

$195 

$312 

$481 

$525 

Net charge-off rate

1.79%

1.20%

1.95%

3.07%

3.45%

Subprime Mortgage

Net charge-off ($mm)

$273 

$319 

$364 

$410 

$422 

Net charge-off rate

7.65%

8.08%

9.91%

11.50%

12.31%

Auto Loans

Net charge-off ($mm)

$124

$207

$174

$146

$159

Net charge-off rate

1.12%

1.92%

1.66%

1.36%

1.46%

1 

Average loans held-for-sale were excluded when calculating the net charge-off rate

Portfolio performance

Excluding credit-impaired loans

6

Key credit statistics

1

Some initial signs of stability in consumer

delinquency trends, but we are not certain if

this trend will continue

Prime and subprime mortgage later stage

delinquencies impacted by foreclosure

moratorium, extended REO timelines and

trial modifications

Note:

30+

day

delinquencies

prior

to

September

2008

are

heritage

Chase

Consumer credit—delinquency trends

Excluding credit-impaired loans

1.25%

2.00%

2.75%

3.50%

4.25%

5.00%

5.75%

6.50%

Mar-08

May-08

Aug-08

Nov-08

Mar-09

Jun-09

Sep-09

30+ day delinquencies

30-89 day delinquencies

1-29 day delinquencies

1%

3%

5%

7%

9%

11%

13%

Mar-08

May-08

Aug-08

Nov-08

Mar-09

Jun-09

Sep-09

30+ day delinquencies

30-89 day delinquencies

1-29 day delinquencies

5%

10%

15%

20%

25%

30%

35%

Mar-08

May-08

Aug-08

Nov-08

Mar-09

Jun-09

Sep-09

30+ day delinquencies

30-89 day delinquencies

1-29 day delinquencies

7

Subprime Mortgage delinquency trend

Commentary

Prime Mortgage delinquency trend

Home Equity delinquency trend

Mortgage write-down policy

Loans are written down to net realizable value no later than 180

days past due

except for trial modifications where payments are being received

Subsequent write-downs are taken throughout the foreclosure process when

updated values show additional depreciation in the collateral

Although foreclosure timelines have extended due to moratoriums and other

factors

Initial write-down date is not delayed and takes into account timeline

extensions and market factors

Additional write-downs have been taken as needed

The majority of nonaccrual Residential Mortgage and Home Equity loans are

180+ days past due and have been written down by more than 30%

8

Auto credit —

prime and near prime policy actions

Ever 30 Days Past Due

@ 3 Months on Book²

Origination Balances ($ in billions)¹

Net Credit Loss

@ 12 Months on Book

Lowered

Exception

Limits

Reduced

Risk

Layering

Raised Score

Cut-off

Initiated HPA High Risk Market Policy

Reduced LTV and Extended Terms

Raised Score Cut-off

Lowered LTV

1

Prime/Near Prime Originations

2

Ever 30 Days Past Due @ 3 months on book represents the percentage of loans in a given vintage that ever went 30 days past due within 3 months of being originated

9

Vintage performance

$4.3

$4.7

$5.9

$4.4

$2.7

$2.0

$4.4

$4.0

$4.3

$4.2

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

1.80%

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

Agenda

Page

10

Foreclosure/REO

10

Financial Performance

1

Credit Update

3

WaMu / Branch Banking Update

21

Total serviced portfolio —

REO inventory units

0

5

10

15

20

25

30

35

40

45

50

55

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-09

Aug-09

Sep-09

REO has declined

California declining more rapidly

September

2008:

20k

units

in

California

-

38%

of

inventory

September

2009:

7k

units

in

California

-

24%

of

inventory

California

Florida

Arizona

Remaining U.S.

11

Units in 000’s

60

80

100

120

140

160

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-09

Aug-09

Sep-09

0%

2%

4%

6%

8%

10%

12%

Total serviced portfolio —

Average days on market, contract discount to fair market value

Faster sales and lower discounts

Days on Market

% Discount FMV to Contract Price

Note: Fair market value (FMV) represents appraised value before original listing. Contract price represents negotiated sales price.

12

35%

40%

45%

50%

55%

60%

65%

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-09

Aug-09

Sep-09

Total serviced portfolio REO loss severity

Total U.S.

California

Florida

Arizona

Remaining U.S.

Severities appear to be stabilizing in California and Arizona

Severity

in

Florida

is

high

and

trajectory

is

unclear

–

unlikely

to

improve

in

near

term

13

Loss severity

130

135

140

145

150

155

160

165

170

175

180

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-09

Aug-09

Sep-09

REO trends –

U.S.

Note: Total Serviced Portfolio. Contract price represents negotiated sales price.

Can be impacted by factors such as:

Seasonality

Mix of home types

Pricing strategies

14

Average contract price ($ in 000’s)

(3)%

0%

3%

6%

9%

12%

Sep-

08

Oct-

08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar-

09

Apr-

09

May-

09

Jun-

09

Jul-

09

Aug-

09

Sep-

09

180

192

204

216

228

240

Sep-

08

Oct-

08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar-

09

Apr-

09

May-

09

Jun-

09

Jul-

09

Aug-

09

Sep-

09

REO trends –

California

0

1

2

3

4

5

Sep-

08

Oct-

08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar-

09

Apr-

09

May-

09

Jun-

09

Jul-

09

Aug-

09

Sep-

09

50

70

90

110

130

150

Sep-

08

Oct-

08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar-

09

Apr-

09

May-

09

Jun-

09

Jul-

09

Aug-

09

Sep-

09

Note: Total serviced portfolio. Fair market value (FMV) represents appraised value before original listing. Contract price represents negotiated sales price

15

Average contract price ($ in 000’s)

% discount FMV to contract price

Average days on market

REO sales volume (units in 000’s)

0%

3%

6%

9%

12%

15%

Sep-

08

Oct-

08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar-

09

Apr-

09

May-

09

Jun-

09

Jul-

09

Aug-

09

Sep-

09

80

94

108

122

136

150

Sep-

08

Oct-

08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar-

09

Apr-

09

May-

09

Jun-

09

Jul-

09

Aug-

09

Sep-

09

REO trends –

Florida

500

640

780

920

1,060

1,200

Sep-

08

Oct-

08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar-

09

Apr-

09

May-

09

Jun-

09

Jul-

09

Aug-

09

Sep-

09

50

70

90

110

130

150

Sep-

08

Oct-

08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar-

09

Apr-

09

May-

09

Jun-

09

Jul-

09

Aug-

09

Sep-

09

Continuing concerns

Continued growth in new foreclosures expected

More difficult to qualify for loss mitigation programs

16

Note: Total serviced portfolio. Fair market value (FMV) represents appraised value before original listing. Contract price represents negotiated sales price

Average contract price ($ in 000’s)

% discount FMV to contract price

REO sales volume

Average days on market

0%

3%

6%

9%

12%

15%

Sep-

08

Oct-

08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar-

09

Apr-

09

May-

09

Jun-

09

Jul-

09

Aug-

09

Sep-

09

100

116

132

148

164

180

Sep-

08

Oct-

08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar-

09

Apr-

09

May-

09

Jun-

09

Jul-

09

Aug-

09

Sep-

09

REO trends –

Arizona

350

420

490

560

630

700

Sep-

08

Oct-

08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar-

09

Apr-

09

May-

09

Jun-

09

Jul-

09

Aug-

09

Sep-

09

50

66

82

98

114

130

Sep-

08

Oct-

08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar-

09

Apr-

09

May-

09

Jun-

09

Jul-

09

Aug-

09

Sep-

09

17

Note: Total serviced portfolio. Fair market value (FMV) represents appraised value before original listing. Contract price represents negotiated sales price

Average contract price ($ in 000’s)

% discount FMV to contract price

Average days on market

REO sales volume

100

107

114

121

128

135

Sep-

08

Oct-

08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar-

09

Apr-

09

May-

09

Jun-

09

Jul-

09

Aug-

09

Sep-

09

REO trends –

Remaining US

2

3

4

5

Sep-

08

Oct-

08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar-

09

Apr-

09

May-

09

Jun-

09

Jul-

09

Aug-

09

Sep-

09

50

70

90

110

130

150

Sep-

08

Oct-

08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar-

09

Apr-

09

May-

09

Jun-

09

Jul-

09

Aug-

09

Sep-

09

4%

8%

12%

16%

Sep-

08

Oct-

08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar-

09

Apr-

09

May-

09

Jun-

09

Jul-

09

Aug-

09

Sep-

09

18

Note: Total serviced portfolio. Fair market value (FMV) represents appraised value before original listing. Contract price represents negotiated sales price

Average contract price ($ in 000’s)

% discount FMV to contract price

Average days on market

REO sales volume (units in 000’s)

2,000

4,000

6,000

8,000

10,000

12,000

14,000

4Q08

1Q09

2Q09

3Q09

Loss mitigation efforts

12.5 million calls from customers seeking

foreclosure prevention assistance vs. 6.8

million -

up 84%

4 million outbound loss mitigation and

collection calls vs. 400K

1.5 million loan modification packages

downloaded online through 3Q09

3.4 million website hits on loan

modification website

280K trial modifications offered through

10/24/09

19

Staffing of default services (FTE)

3Q09 YTD results vs. 3Q08 YTD

Program

HAMP

Chase

Total

Yet to be decisioned 

98,344

Total offered

178,006

101,790

279,796

% with payment decrease

96%

83%

94%

% of total with 1+ payment received

78%

74%

77%

% of total with 3+ payments received

52%

50%

51%

Trial modification results to date (total serviced)

If payments are made on time and all documents are submitted, customers are

underwritten and either approved or declined for a permanent modification

To date, 26% of customers who have made 3+ payments have also submitted all of

the required documents

Collecting documents from customers continues to be a challenge

Note: All percentages based on units, not dollars

20

Program to date (as of 10/24/09)

Agenda

Page

21

WaMu / Branch Banking Update

21

Financial Performance

1

Credit Update

3

Foreclosure/REO

10

WaMu conversions

Rebranding and 3 successful conversions

April 1 –

California rebrand

May –

Washington, Oregon, Idaho & Utah

July –

Florida, Georgia, New York, New Jersey, Connecticut, Texas & Illinois

October –

California, Arizona, Nevada & Colorado

Branches

ATMs

Rebranding

Products

Deposit systems

Teller/Banker systems

Loan origination and servicing systems

Technology

Data centers

33,000 signs

Over 670 technology conversions

900 “occasio” style interior retrofit

12 million deposit accounts

1,000 other interior retrofit

5 million mortgages

Consolidated 402 branches

12 million debit cards

Size 

Added 155 ATMs

22

Conversion activities

California

2009 rebrand recap…

TV:

PRINT:

OUT OF HOME:

ONLINE:

CA

heavily

supported

across

all

media

channels

during

2009

Rebrand

period

-

achieving

notable

awareness

growth

23

California 2009 rebrand recap

California rebranding has significantly improved awareness of Chase as a financial

institution and checking account provider

In heritage Chase branch footprint, unaided brand awareness is 41% as a financial

institution and 60% as a checking account provider

23%

42%

18%

53%

Feb-09

Jun-09

As a Financial Institution

As a Bank with Checking Accounts

24

Pre vs. Post rebrand –

Chase unaided awareness in California

$60

$80

$100

$120

$140

3Q08

4Q08

1Q09

2Q09

3Q09

WaMu balances since September 25, 2008

$5

$15

$25

$35

$45

$55

$65

$75

$85

3Q08

4Q08

1Q09

2Q09

3Q09

Retaining 46% of CD maturities in deposit or investment products

Mix shift is improving overall deposit margin

Savings

&

Checking

Time

High

Rate

Time

Low

Rate

25

CDs & Total Savings/Checking balance trend ($ in billions)

Total deposits trend ($ in billions)

WaMu update

Roll out branch P&L in 2010

Common compensation plans

Managers

Assistant Managers

Bankers

Common mystery shop

Common control reviews

Continue high marketing spend in key states

Complete Deposit Friendly ATM roll-out

Sales force additions

Personal Bankers –

1,000+ in 2009 and 750 in 2010

Small Business Bankers –

125 in 2010

Investment

Sales

Specialists

–

100

in

2010

Loan

Officers

–

200

in

2010

26

How is a WaMu customer different than Chase?

1

Reflects balances for only households that have investment balances

Notes:

Households

must

own

deposit

product

w/

heritage

bank

to

be

included.

Households

with

products

at

both

banks

are

split

by

heritage

products.

Data

as

of

September

30,

2009

Opportunity to increase penetration to existing WaMu customer base

and

Opportunity to attract a more affluent customer base

27

Household

comparison

–

heritage

Chase

vs.

heritage

WaMu

Chase

WaMu

Chase

WaMu

Households

9.8mm

9.7mm

Balances

($

in

000’s)

Product Ownership

Average Deposits

$15.7

$9.3

Credit Card

49%

16%

$73.4

$39.4

Mortgage

7%

5%

Home Equity

7%

5%

Investments

9%

3%

Activity

Direct

Deposit

62%

45%

Bill Pay

19%

9%

Average Investments

NSF/OD changes

Next year, Chase will...

Eliminate overdrafts on debit card transactions unless the customer “opts in”

Customers may decide whether to participate or not

Those that do not will have debit card transactions declined and

will not incur a fee

Post debit card, ATM and teller transactions in the order in which they occur

Debit activity will post more in line with how our customers transact

As a result, available balance and overdraft fees will be clearer

Eliminate overdraft fees when overdrawn by less than $5

Small balance mistakes made by customers will not incur a fee

Reduce the number of overdraft fees per day from 6 to 3

Max of 3 overdraft fees per day -

we may honor additional items as a convenience

Expected financial impact is ($500mm) +/-

after-tax

28

Strength of the combined franchise

Great coast to coast franchise

5,126 branches and 15,038 ATMs as of 3Q09

Top deposit shares in:

#1 New York

#1 Chicago

#1 Phoenix

#1 Dallas/Ft. Worth

Footprint covers:

Tri-state

Midwest

California

Complete JPMorgan Chase product set with continuous innovation

Great

brand

and

strength

of

the

Firm

—

a

competitive

advantage

Management team with proven ability to execute mergers, conversions, and growth

#2 Seattle

#3 Los Angeles

#3 Miami

Northwest

Florida

Southwest

29

Forward-looking statements

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 Quarterly Reports on Form 10-Q for the quarters ended March 31, 2009

and June 30, 2009, and its Annual Report on Form 10-K for the year ended December 31, 2008, each of

which

has

been

filed

with

the

Securities

and

Exchange

Commission

and

is

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

the impact of circumstances or events that may arise after the date of the forward-looking statements.

30