Summary of J P MORGAN CHASE & CO

Item 8.01 Other Events
JPMorgan Chase & Co. ("JPMorgan Chase" or the "Firm") is filing this Current Report on Form 8-K ("Form 8-K") to revise the presentation of earnings per share ("EPS") in the selected financial data tables included under Part II, Item 6 on pages 26 and 217 of the Firm's Annual Report on Form 10-K for the year ended December 31, 2008 (the "2008 10-K"), to reflect the adoption of FASB Staff Position EITF 03-6-1, "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities" (the "FSP"). The FSP clarifies that unvested stock-based compensation awards containing nonforfeitable rights to dividends or dividend equivalents (collectively, "dividends"), are considered participating securities and therefore are included in the two-class method calculation of EPS. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. The FSP is effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those years. The Firm adopted the FSP retrospectively effective January 1, 2009. Early adoption was not permitted. Adoption of the FSP did not affect JPMorgan Chase's net income, financial position, or regulatory capital for any of the reported periods. The following table contains EPS data previously reported in the selected financial data tables on pages 26 and 217 of the Firm's 2008 10-K ("as reported") and the revised amounts showing the effects of adopting the FSP ("as revised"). These revised amounts will be reported in future filings.

      For the year ended December 31,       2008       2007       2006       2005       2004

      Per common share
      Basic earnings per share
      Income from continuing operations
      As reported                         $ 0.86     $ 4.51     $ 3.93     $ 2.36     $ 1.51
      As revised                            0.81       4.38       3.83       2.30       1.47

      Net income
      As reported                           1.41       4.51       4.16       2.43       1.59
      As revised                            1.35       4.38       4.05       2.37       1.54

      Diluted earnings per share
      Income from continuing operations
      As reported                           0.84       4.38       3.82       2.32       1.48
      As revised                            0.81       4.33       3.78       2.29       1.45

      Net income
      As reported                           1.37       4.38       4.04       2.38       1.55
      As revised                            1.35       4.33       4.00       2.35       1.52

Except for the above revisions, the Firm has not updated its disclosures in the 2008 10-K to reflect events or developments that occurred subsequent to the date of the original filing of the 2008 10-K.

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