J.P.Morgan Acquires Bear Sterns

INVESTOR PRESENTATION Strategic fit Capital Markets Equities Fixed Income Investment Banking Global Clearing Services Wealth Management International JPMorgan Chase Q Immediately gain a leading share in a Global Prime Brokerage business ■ Strengthens JPM's Equities execution capabilities and market share ■Accelerates JPM's momentum in building a scale platform ■Strong mortgage business including origination, securitization, and servicing enhances our capabilities in a long-term attractive market ■ Energy business significantly expands physical capabilities of our platform ■Fixed Income Prime Brokerage complements entire Fixed Income franchise Expands client franchise and wallet share Complements JPM's existing Worldwide Securities Services capabilities for broker/dealers and investment advisors ■Significant synergies with prime brokerage and equity finance businesses Broad asset management capabilities ■ More than 400 brokers in the U.S., additional presence internationally Strong revenue growth in international businesses 6

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