2007 Benefits Enrollment Guide

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2007 Benefits Enrollment Guide Your Guide to Enrolling in the JPMorgan Chase Health & Income Protection Plans and the Employee Stock Purchase Plan for 2007

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Important Benefits Reminders Newborns’ and Mothers’ Health Protection Act. In accordance with the Newborns’ and Mothers’ Health Protection Act, group medical plans and health insurance issuers may not, under federal law, restrict benefits for any hospital length of stay in connection with childbirth for the mother or newborn child to less than 48 hours following a normal delivery, or to less than 96 hours following a Cesarean section. Further, the plan cannot require that any medical provider obtain authorization from the plan or any insurance issuer for prescribing a length of stay not in excess of these periods. Medical Plan Post-Mastectomy Benefits. All options under the JPMorgan Chase Medical Plan cover certain breast reconstructive benefits in conjunction with a mastectomy for eligible participants. Coverage under the Medical Plan is available for: • Reconstruction of the breast on which the mastectomy was performed; • Surgery and reconstruction for the other breast to produce a symmetrical appearance; and • Prosthesis and treatment of physical complications for all stages of mastectomy, including lymphedema. This coverage is subject to all the terms of the Medical Plan option in which you participate, including relevant deductibles, copayments, and coinsurance provisions. For more information, please contact your Medical Plan option administrator. HIPAA Privacy Rights and Protected Health Information. Federal legislation under the Health Insurance Portability and Accountability Act (HIPAA) legally requires employers to specifically communicate how certain protected health information under employee and retiree health care plans may be used and disclosed, as well as how plan participants can get access to their protected health information. Accordingly, JPMorgan Chase will distribute once every three years a “Privacy Notice of Protected Health Information Under the JPMorgan Chase Health Care Plans” to you that describes in detail how your personal health information may be used and your rights with regard to this information. You can also access a copy of this notice on Company Home > HR & Personal > Pay & Benefits > Library > Privacy Notice of Protected Health Information. (This notice was last distributed in April 2006.)

The JPMorgan Chase Benefits Program is available to most full-time and part-time U.S. dollar-paid, salaried employees who are regularly scheduled to work 20 hours or more a week and who are employed by JPMorgan Chase & Co. or one of its subsidiaries to the extent that such subsidiary has adopted the JPMorgan Chase Benefits Program. This information does not include all of the details contained in the applicable insurance contracts, plan documents, and trust agreements. If there is any discrepancy between this information and the governing documents, the governing documents will control. JPMorgan Chase & Co. expressly reserves the right to amend, modify, reduce, change, or terminate its benefits and plans at any time. The JPMorgan Chase Benefits Program does not create a contract or guarantee of employment between JPMorgan Chase and any individual. JPMorgan Chase or you may terminate the employment relationship without notice at any time.

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2007 Benefits Enrollment Guide What’s Inside

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2007 Benefits Enrollment Enrollment Resources How to Enroll How to Reach a Benefits Call Center Service Representative PINs and Passwords—Accessing the Benefits Web Center and Benefits Call Center Non-Smoker and Smoker Designations for 2007 Eligibility for the Health and Income Protection Plans and the Employee Stock Purchase Plan Enrolling for Medical Benefits Enrolling for Dental Benefits Enrolling for Vision Benefits Enrolling in the Health Care Spending Account, Child/Elder Care Spending Account, and Transportation Spending Accounts Enrolling for Long-Term Disability (LTD) Insurance Enrolling for Supplemental Term Life Insurance Enrolling for Accidental Death and Dismemberment (AD&D) Insurance Enrolling for Long-Term Care Insurance Enrolling for Group Legal Services Enrolling in the Employee Stock Purchase Plan

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ABOUT THIS GUIDE This Benefits Enrollment Guide provides details about the Health and Income Protection Plans and the Employee Stock Purchase Plan, their features, what you need to do to make sure you have the coverage that’s right for you, and how to make your benefit elections. It also contains plan highlights, along with information you’ll need to enroll for coverage. Here, you can quickly find: • Your options under each plan; • Coverage categories; • Information on your coverage costs; • Things to consider when making your enrollment decisions; and • Instructions for making your enrollment elections.

JPMorgan Chase 2007 BENEFITS ENROLLMENT GUIDE

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2007 Benefits Enrollment

Important Note for Expatriate Employees

YO U R 2 0 07 B E N E F I T S COV E R A G E There are several changes to certain benefits plans, dependent eligibility, and coverage provisions for 2007, as outlined in the 2007 Benefits Enrollment Bulletin. Please carefully review the coverage listed on the “Enroll in Your Benefits” screen on the Benefits Web Center. If you wish to make changes, enroll in new plans or options, want to participate in the Health Care Spending Account and/or Child/Elder Care Spending Account for 2007, or need to update the smoker status for yourself or a covered dependent, you must make your elections during your designated enrollment period (to learn which enrollment period applies to your work state, please see below). Please Note: If you have a qualified status change and/or a work status change between the start of your enrollment period and December 31, 2006, that change may affect your eligibility and costs for 2007 coverage.

A B O U T T H E 2 0 07 B E N E F I T S E N R O L L M E N T P E R I O D JPMorgan Chase will host two separate enrollment periods for 2007 based on the state where you work.

to you because of your international assignment. Certain information outlined in the Medical and Dental sections of this Guide may not apply to you. Please refer to Your Guide to the JPMorgan Chase Expatriate Benefit Plan Options for information on your options. All other sections of this Guide apply to

• If you are a non-U.S.

For the Following Work States: Hawaii Idaho Illinois Kansas Maine

Medical and Dental options are available

U.S. home-based expatriate employees.

Enrollment Period 1: October 2–13, 2006 Alabama California Colorado Connecticut Delaware

• If you are an expatriate employee, special

home-based expatriate

Massachusetts Mississippi Nebraska Nevada New Jersey

New Mexico New York Ohio Oregon Pennsylvania

Rhode Island South Carolina South Dakota Washington State Wisconsin

employee assigned to the United States, the following sections of this Guide apply to you: Enrolling for Vision

Enrollment Period 2: October 16–27, 2006 For the Following Work States: (also includes all U.S. benefits-eligible expatriate employees, all U.S. benefits-eligible employees who do not have corporate e-mail accounts, employees transitioning from the Bank of New York, former employees receiving severance benefits under the Severance Pay Plan, and all employees on a leave of absence) Arizona Arkansas Florida Georgia Indiana

Iowa Kentucky Louisiana Maryland Michigan

Minnesota Missouri Montana New Hampshire North Carolina

Oklahoma Tennessee Texas Utah Virginia

Washington, D.C. West Virginia

Benefits; Enrolling in the Health Care Spending Account, Child/Elder Care Spending Account, and Transportation Spending Accounts; and Enrolling for Group Legal Services. With the exception of health benefits described in Your Guide to the JPMorgan Chase Expatriate Benefit Plan Options, non-U.S. homebased expatriate employees retain their home-base benefits programs while on assignment. Please contact your home country Human Resources Business Partner or home country accessHR for questions regarding your other benefits plans.

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Enrollment Resources My Rewards @ Work is your single web source to access enrollment information and/or make changes to your coverage for 2007 via the Benefits Web Center. (See page 4 for information on how to access My Rewards @ Work.) The following summary highlights the additional enrollment information available.

ENROLLMENT WEB TOOLS Go to: My Rewards @ Work > Benefits Web Center > Enrollment Decision Toolkit • Compare Your Medical and Dental Plan Options. Select up to three options at a time for an at-a-glance comparison of 2007 provisions. • Find a Doctor in Your Plan. See if your doctor, dentist, local hospital, or other health care provider participates in one of the JPMorgan Chase Medical Plan options, Dental Plan options, or the Vision Plan. • Find Quality Health Care. Learn more about the quality of health care you may receive, and review hospital ratings and/or patient safety data for certain medical procedures. • Estimate and Compare Medical Expenses by Option. Estimate your total annual medical expenses (payroll deductions and out-of-pocket costs) under each JPMorgan Chase Medical Plan option available to you.

Consumer Driven Health Option/Health Savings Account Decision Tool In addition to the Enrollment Web Tools listed at right, you can visit Aetna’s Consumer Driven Health Option web site at www.consumerdrivenoption.com via the Internet to access the HSA Calculation Tool and the Plan Selection & Cost Estimator. You can also call Aetna at 1-888-238-6275.

• Estimate Health Care Spending Account and/or Child/Elder Care Spending Account Needs. Model your expenses for next year, so you can better estimate the amount of before-tax dollars to contribute to these accounts in 2007. Please Note: If you enroll in the Consumer Driven Health Option Plus Health Savings Account and the Health Care Spending Account for 2007, your Health Care Spending Account will be limited to dental and vision expenses only (see page 19 for more information). You will not be able to use your Health Care Spending Account to pay for medical expenses, so please plan your contributions accordingly. • Estimate Your Life Insurance and Long-Term Disability Needs. Find out how much coverage you need to ensure that you and your dependents have an appropriate level of protection.

ENROLLMENT GUIDES Go to: My Rewards @ Work > Enrollment Guides • Domestic Partner Coverage Guide describes the eligibility requirements and enrollment process for domestic partner coverage under the Medical, Dental, Vision, Health Care Spending Account (if a qualified tax dependent), Supplemental Term Life Insurance, Accidental Death and Dismemberment (AD&D) Insurance, Long-Term Care Insurance, and Group Legal Services Plans. • Beneficiary Designation Form that you may complete in the event you would like to make changes to your current designations under certain benefits plans. Important Note: This form is provided for your convenience—you are not required to change your beneficiary designations. You may also request a paper copy of any of these materials (as well as a Personalized Fact Sheet detailing the options available to you for 2007 and their costs) by calling the Benefits Call Center and speaking with a Service Representative. (Please see page 6 for contact information.) JPMorgan Chase 2007 BENEFITS ENROLLMENT GUIDE

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How to Enroll

Authorization By using the Benefits Web Center or the Benefits

Once your designated enrollment period begins, you can make changes to your coverage for 2007 by following these simple steps:

1

Call Center, you are authorizing the company to withhold from your pay any contributions that may be required under the plans for 2007 and future

Review This Year’s Changes

There are changes to certain benefits plans, dependent eligibility, and coverage provisions for 2007. For information on changes to the JPMorgan Chase Benefits Program for 2007, review the 2007 Benefits Enrollment Bulletin available on Company Home > My Rewards@Work > Enrollment Guides.

years. In the event the plans should be further changed or amended, and subject to the terms and conditions of such plans, you agree to continue

2

under the changed or amended plans.

Determine Whether You Need to Enroll or Make Changes

✔ Review the coverage and related per-pay-period costs listed on the “Enroll in Your Benefits” screen on the Benefits Web Center.

✔ If you want to make new choices; verify, add, or delete dependents; participate in the Health Care Spending Account and/or the Child/Elder Care Spending Account for 2007; update the smoker status for yourself or a covered dependent; or indicate the eligibility status of any newly added dependent children, go to Step 3.

3

Benefits Web Center Availability During each benefits enrollment period, the Benefits Web Center will be available 24 hours a day, seven days a week. But don’t wait until the last minute to make your elections. By enrolling as

Make Your Elections

You can make changes to your coverage for 2007 by visiting the Benefits Web Center from My Rewards @ Work during your designated enrollment period: • From Work: Go to Company Home>My Rewards @ Work >Benefits Web Center

early as possible during your designated enrollment period, you’ll generally avoid delays associated with the last-minute rush to make

• From Home: Go to www.MyRewardsAtWork.com via the Internet

elections. You’ll also ensure that you have

The Benefits Web Center will show your benefits coverage and dependent information, and will guide you

adequate time to review your confirmed elections

through the steps required to make elections and/or coverage changes for 2007. If you don’t have web access from work or home to make your elections, please call the Benefits Call Center and speak with a Service Representative. Please Note: You will need to use your Single Sign-On password or PIN to enroll.

in case you need to make further changes.

Please see pages 5–6 for information about accessing the Benefits Web Center and Benefits Call Center.

If You Don’t Make Changes During Your Designated Enrollment Period If you don’t make changes to your coverage during your designated benefits enrollment period, you’ll have the coverage and related costs listed on the “Enroll in Your Benefits” screen on the Benefits Web Center. Please Note: Coverage changes during the year are generally allowable only if you experience a qualified status change (such as marriage, divorce, the birth or adoption of a child) or work status change (such as an adjustment to your regularly scheduled work hours that results in a change to your eligibility status). Changes must be made within 31 days of the qualifying event and must be consistent with those allowable by the event. For more information on qualified status changes, please call the Benefits Call Center and speak with a Service Representative. For contact information, please see page 6. 4

JPMorgan Chase 2007 BENEFITS ENROLLMENT GUIDE

Benefits Call Center Availability Benefits Call Center Service Representatives are available Monday through Friday, from 8 a.m. to 7 p.m., Eastern Time, except certain U.S. holidays.

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To compare and review your benefits options and make any changes to your coverage for 2007, go to the Benefits Web Center on My Rewards @ Work during your designated enrollment period: • From Work: Go to Company Home > My Rewards @ Work > Benefits Web Center • From Home: Go to www.MyRewardsAtWork.com via the Internet Then, follow these steps: 1

Click the shaded “Enroll” box to begin the enrollment process or use the Enrollment Decision Toolkit to find information about your health plans and other helpful resources. (See page 3 for information on what’s included in the toolkit to help you make your elections for 2007.)

2

Verify, add, or delete dependents; update or confirm smoker status for yourself and your covered dependents; and indicate the eligibility status of any newly added dependent children. As a reminder, you are bound by the Code of Conduct when certifying your eligible dependents and their smoker status.

3

Review the coverage you’ll have in 2007 (and the related per-pay-period costs) if you don’t enroll or make changes.

4

Click the link for each plan to see a list of all of your available options and related costs for 2007, and to make a coverage change.

5

Once you’ve made your choices, you’ll need to “Confirm” to complete your enrollment. You’ll know that your elections have been saved when you see the “Completed Successfully” screen. Please print a copy of this screen and retain it for your records. You will not receive a paper confirmation statement in the mail.

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It’s important to always log off from the Benefits Web Center by clicking the “Log Off” button at the top of your screen.

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How to Reach a Benefits Call Center Service Representative If you have questions regarding your benefits coverage and the 2007 annual benefits enrollment process and/or you don’t have web access from work or home to make elections, please call the Benefits Call Center through accessHR at 1-877-JPMChase (1-877-576-2427) or 1-212-552-5100 (GDP# 352-5100) if calling from outside the United States (Quick Path: Enter your Standard ID or Social Security number; press 1; enter your PIN; press 1). Service Representatives are available Monday through Friday, from 8 a.m. to 7 p.m. Eastern Time, except certain U.S. holidays. (The TDD number for employees with a hearing impairment is 1-800-719-9980.)

PINs and Passwords—Accessing the Benefits Web Center and Benefits Call Center You’ll be prompted to enter your Benefits Web Center password or Benefits Call Center personal identification number (PIN) to help ensure the confidentiality of your enrollment elections.

• My Rewards @ Work and Your Single Sign-On Password. You will access My Rewards @ Work using the Single Sign-On intranet security process. If you haven’t set up your Single Sign-On password already, please refer to the Single Sign-On instructions available on Company Home > HR & Personal > Pay & Benefits > Library.

• 1-877-JPMChase and Your Personal Identification Number (PIN). If you have forgotten your PIN, you can reset it yourself by calling 1-877-JPMChase (1-877-576-2427). When prompted to enter your PIN, press 0 followed by the # sign to begin the reset process and follow the prompts. Once the reset process is complete, you can proceed through the telephone system.

Important Note Regarding Qualified Status Changes If you experience a qualified status change (such as marriage, divorce, the birth or adoption of a child) or a work status change (such as an adjustment to your regularly scheduled work hours that results in a change to your eligibility status) during your designated enrollment period, your eligibility for certain benefits plans may be affected, and you may be temporarily unable to use the Benefits Web Center. For more information, please call the Benefits Call Center through accessHR at 1-877-JPMChase (1-877-576-2427) (Quick Path: Enter your Standard ID or Social Security number; press 1; enter your PIN; press 1) and speak with a Service Representative.

Non-Smoker and Smoker Designations for 2007 You will pay lower, non-smoker rates for the Medical Plan (employee, adult, and child coverage), the Supplemental Term Life Insurance Plan (employee and adult coverage), and the Long-Term Disability Plan (employee coverage) for 2007 if you and/or your covered dependents are nonsmokers, or if you and/or your covered dependents complete an approved smoking cessation program by the November 29, 2006 deadline. (Please keep in mind that even if you completed an approved smoking cessation program last fall, you must be smoke free for all 12 months of 2006 to qualify for lower, non-smoker rates in 2007. If you have not been smoke free for all of 2006 according to the definition at right, you must complete an approved smoking cessation program by November 29, 2006 to qualify for lower, non-smoker rates in 2007.) Smoking cessation programs are available throughout the year. More information on smoking cessation programs and requirements is available on Company Home > HR & Personal > Life & Well-Being > Personal Health > Smoking Cessation Program. Important Reminder: Please review the non-smoker/smoker status for yourself and your eligible dependents on the Benefits Web Center to ensure the default designations are accurate for 2007. Please Note: If you were hired on or after October 1, 2006, you will be assigned non-smoker rates for your and your dependents’ coverage even if you declare yourself a smoker, because you may not have had an opportunity to complete a smoking cessation program in order to qualify for the lower non-smoker rates.

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How “Smoker” Is Defined Under the JPMorgan Chase Benefits Program, a person who has smoked any type of tobacco product (e.g., cigarettes, cigars, or a pipe) regardless of the frequency or location (this includes daily, occasionally, socially, at home only, etc.) in the 12 months preceding any January 1 is considered a “smoker.” This definition does not pertain to users of tobacco products that are not smoked, such as chewing tobacco or snuff. As explained at left, you can complete an approved smoking cessation program and qualify for lower, non-smoker rates.

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Eligibility for the Health and Income Protection Plans and the Employee Stock Purchase Plan Generally, you are eligible to participate in the Health and Income Protection Plans and the Employee Stock Purchase Plan if you are a full-time or part-time U.S. dollar-paid employee regularly scheduled to work 20 hours or more per week who is employed by JPMorgan Chase or one of its affiliates that has adopted the plans. You are considered a part-time employee if you are regularly scheduled to work at least 20 but less than 40 hours per week. Full-time employees are eligible to participate in the Health and Income Protection Plans on the first day of the month following their date of hire. Part-time employees are eligible to participate in the Health and Income Protection Plans on the first day of the month following a 90-day waiting period after their date of hire.

Important Terms: Full-Time Student Generally, a full-time student is defined as a dependent enrolled in an educational institution on a full-time basis at the time services are received. An educational institution is defined as a school maintaining a regular faculty, an established curriculum and having an organized student body in attendance. It includes high schools, colleges, technical schools and similar institutions, but not on-the-job training. JPMorgan Chase will use the educational institution’s definition of a full-time student. During the summer term, when few students are enrolled, coverage will be based on enrollment during the previous term, unless the student has completed his or her full course of studies.

Children “Children” include natural children, stepchildren, children under your legal guardianship, your domestic partner’s children, and legally adopted children whom you could claim as dependents on your income tax return or for whom you provide at least 50% of support. “Children” also includes a child under age 18 who lives with you and for whom adoption proceedings have already begun and whom you have the legal obligation (in whole or part) to support.

To participate in the Employee Stock Purchase Plan, both full-time and part-time employees must complete 90 days of service by December 31, 2006. For example, to participate in the Employee Stock Purchase Plan for 2007, you must have been hired on or before September 30, 2006. Please Note: Employees whose annual total cash compensation is $250,000 or more are not eligible to participate in the plan. (Please see page 33 for additional information.)

ELIGIBLE DEPENDENTS Under the Medical, Dental, and Vision Plans, Supplemental Term Life Insurance, Accidental Death and Dismemberment (AD&D) Insurance, Long-Term Care Insurance, and Group Legal Services Plans, your eligible dependents include: • Your spouse to whom you’re legally married or a domestic partner, as explained on the next page; • Your unmarried dependent children who are fully dependent on you for financial support up to the end of the month in which they reach: – Age 19; or – Age 21 if they are not eligible for benefits through their own employer; or – Age 23 if they are a full-time student (please see the definition of “full-time student” in the column at left). However, you may continue coverage for an unmarried child who is not capable of supporting himself or herself due to a mental or physical disability that began before the age limits listed above and who is fully dependent on you for financial support. Important Note: If you are currently covering a dependent child in 2006 affected by the dependent age limits listed above, your dependent child will continue to be eligible in 2007. These dependent age limits will not take effect until January 1, 2008 (or until the end of the month in which he or she reaches age 23, if earlier) for any dependent child covered as of December 31, 2006. Please Note: There are special issues regarding covering a domestic partner or the child of a domestic partner who is not your tax dependent. Please see the 2007 Domestic Partner Coverage Guide for details. (See page 3 for instructions on how to access the Guide.)

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If JPMorgan Chase also employs your spouse/domestic partner or dependent child, he or she can be covered as an employee or as your dependent, but not as both. If you want to cover your eligible dependent children, you or your spouse/domestic partner (but not both of you) may elect to provide this coverage.

Eligible Tax Dependents Under the Health Care and Child/Elder Care Spending Accounts

Under the Child/Elder Care Spending Account, an eligible dependent is a child under age 13, or any dependent who is physically or mentally incapable of self-care, whom you claim on your tax return, and who spends at least eight hours a day in your home. (To claim someone as a dependent, you need to provide at least 50% of that person’s support.)

Your eligible tax dependents can include your spouse, a domestic partner, and your dependent children, including the children of your domestic partner if they are your tax dependents.

Please Note: Dependent eligibility can vary under the different plans and options offered through the JPMorgan Chase Benefits Program. It’s always a good idea to check with the carrier directly to learn about any restrictions that may apply. Documentation of eligibility is not always required when you enroll, but may be requested at any time by JPMorgan Chase or the claims administrator.

D E P E N D E N T A G E E XC E PT I O N S The dependent eligibility guidelines described on page 7 may be superseded by state mandates that govern minimum eligibility requirements within a particular state for the Medical Plan’s HMO Option, the Dental Plan’s DHMO Option, and the Vision Plan. (Please see “State Mandates Governing Dependent Eligibility Rules” below for the complete listing.) State Mandates Governing Dependent Eligibility Rules If you are enrolled in an HMO Option (as defined by JPMorgan Chase) in one of the following states, the state mandates will govern the eligibility rules for dependents. Possible exceptions to the JPMorgan Chase eligibility rules are noted below. Please check with your HMO option administrator for more information. If you are living in:

The maximum age is:

Colorado

25 where coverage ends at the end of the month

Florida

25 where coverage ends at the end of the year

Louisiana

24 where coverage ends at the end of the month; grandchildren can be covered up to the end of the month in which he or she reaches age 21

Massachusetts

End of day in which a dependent turns age 21 or up to age 26 (if he or she is a tax dependent)

New Jersey

30 where coverage ends at the end of the month

New Mexico

26 where coverage ends at the end of the month

Texas

25 where coverage ends at the end of the month

Utah

26 where coverage ends at the end of the month

Wisconsin

Grandchildren under age 18 can be covered until the month

Please Note: The dependent age exceptions listed above do not apply if you are enrolled in an EPO option. In addition, certain state mandates may also apply to eligibility for the Dental Plan and the Vision Plan. Please check with your Dental and/or Vision option administrator for more information.

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You may continue to submit eligible health care expenses under the 2007 Health Care Spending Account (if you elect to participate for 2007) for a dependent child who does not meet the eligibility requirements as long as he or she remains your tax dependent for income tax purposes.

Important Note on Dependent Eligibility You are responsible for understanding the dependent eligibility rules and abiding by them. Each year during annual benefits enrollment, you must review your covered dependents and confirm they continue to meet the eligibility requirements. JPMorgan Chase reserves the right to conduct dependent eligibility audits at any time. These audits help ensure that dependents who have been certified for coverage during the enrollment process continue to meet plan rules for eligibility. As a result, you may be asked to provide documentation of eligibility for your covered dependents at any time. It is important that you review both the dependent eligibility rules and the status of your dependents on file and make any necessary adjustments during your designated enrollment period or within 31 days of a qualified change in status (e.g., birth of a child, gain or loss of other coverage, etc.). The results of any audit could affect any prior claims that have been paid, as well as your dependent’s eligibility for coverage under the JPMorgan Chase Benefits Program, including continuation coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA). Employees are advised that providing false or inaccurate information regarding dependents or dependent eligibility is a violation of the firm’s policy as set out in the Code of Conduct. To access the Code of Conduct, please go to Company Home > About Us > Code of Conduct.

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Special Note for Non-U.S. Home-Based Expatriate Employees

D O M E S T I C PA RT N E R S You may cover a domestic partner under the Medical, Dental, Vision, Group Legal Services, Supplemental Term Life Insurance, AD&D Insurance, and Long-Term Care Insurance Plans.

If you are not a U.S. citizen or resident (“non-U.S. expatriate”), U.S. tax laws may not apply. However, you should consult your legal/tax advisor regarding the implications of covering a domestic partner under the laws of the foreign jurisdiction in which you reside.

At JPMorgan Chase, the definition of a domestic partner is as follows. You and your domestic partner must: • Be age 18 or older; • Have lived together for at least six months and have a serious, committed relationship; • Be financially interdependent; • Not be related to each other in a way that would prohibit legal marriage; and • Not be legally married to, or the domestic partner of, anyone else; or • Have registered as domestic partners pursuant to a domestic partnership ordinance or law of a state or local government, or under the laws of a foreign jurisdiction.

For more information on covering a domestic partner, please review the Domestic Partner Coverage Guide. (See page 3 for instructions on how to access the Guide.)

Important Note: You must certify your request to cover a domestic partner before coverage can begin. When enrolling a domestic partner for coverage under a particular Medical Plan option, please be sure that the option you select allows coverage for a domestic partner. At this time, the following Medical Plan options have limitations on domestic partner coverage: – Dean Health Plan — So. WI (HMO) Option does not permit domestic partner coverage. – Kaiser Permanente HMO CO only permits same-sex domestic partner coverage. – The Health Savings Account component of the new Consumer Driven Health Option does not apply to domestic partners unless you can claim your domestic partner and/or their children as a dependent on your tax return in your state. Because domestic partners are not automatically considered tax dependents in most states under the current tax code, expenses incurred by a covered domestic partner and their children generally cannot be paid for with the employee’s Health Savings Account. The above list is subject to change; for additional information on covering a domestic partner, please contact each Medical Plan option directly, call the Benefits Call Center and speak with a Service Representative, or review the Domestic Partner Coverage Guide. (See page 3 for instructions on how to access this Guide.)

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Enrolling for Medical Benefits

Important Note for Expatriate Employees

The JPMorgan Chase Medical Plan offers eligible employees several different types of coverage so you can choose the most appropriate medical protection for yourself and your eligible dependents.

If you are an expatriate employee, a special Medical Plan option is available to you because of your international assignment. Certain information outlined in this section does not apply to you. Please refer to Your Guide to the JPMorgan Chase Expatriate Benefit Plan Options for information on your medical option.

TY P E O F COV E R A G E You can choose your medical coverage from among the following options, depending on your home zip code: • Preferred Provider Organization (PPO)/Point-of-Service (POS) High Option; • Preferred Provider Organization (PPO)/Point-of-Service (POS) Low Option; • Health Maintenance Organization (HMO) Option; • Exclusive Provider Organization (EPO) Option; • Consumer Driven Health Option;* • Traditional Indemnity Option; or • No Coverage. The Benefits Web Center will show what options are available in your area, and will show in parentheses after each option name whether the option is considered an HMO or EPO.

COV E R A G E C AT EG O R I E S JPMorgan Chase provides a flexible range of coverage levels. Your coverage level is based on the dependents you enroll, as shown below: • Employee Only; • Employee Plus One Adult; • Employee Plus Child(ren); or • Employee Plus One Adult Plus Child(ren). 2 0 07 CO S T O F COV E R A G E You pay for your cost of medical coverage with before-tax dollars. Your cost per pay period depends on the level of your annual total cash compensation (excluding overtime), the medical option you choose, the number and type of eligible dependents you cover, and your and/or your covered dependents’ smoker status. Costs for 2007 are shown on the “Enroll in Your Benefits” screen on the Benefits Web Center. (Please see page 12 for the definition of “Annual Total Cash Compensation.”) * If you enroll in the Consumer Driven Health Option, you have the option to open a new Health Savings Account during the year through the Benefits Web Center to help pay for your out-of-pocket medical expenses. There are restrictions on when and how you can make Health Savings Account contributions. Please see the 2007 Benefits Enrollment Bulletin for more information.

Things to Consider • Do I want medical coverage through JPMorgan Chase, or do I have adequate coverage elsewhere? • Do I want an option with higher deductibles or copayments to reduce my per-pay-period costs for coverage (knowing I may have higher out-of-pocket costs when I use the plan during the year)? • Would I rather have higher payperiod costs and spend less out of pocket during the year? • Do I want the flexibility of a PPO/POS option to receive services either in or out of network? • Do I want the opportunity to contribute before-tax money to a Health Savings Account to help pay for future health care expenses? • What prescription drugs are covered under the option that I’m considering? • Are my current health care providers associated with the option that I’m considering? • If I want to cover a domestic partner, does the option I’ve chosen permit coverage?

At-a-Glance Comparisons! Through the Benefits Web Center, you can easily compare specific features (e.g., costs, deductibles, coinsurance, etc.) of up to three

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Medical Plan options at one time.

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M E D I C A L O PT I O N S AT A G L A N C E PPO/POS High Option Provision Annual deductible

In-Network None

HMO Option* and Out-of-Network EPO Option*

Consumer Driven Health Option

$600 None employee, $1,200 employee + one, $1,200 employee + children, $1,800 employee + one + child(ren)

$700 None employee, $1,400 employee + one, $1,400 employee + children, $2,100 employee + one + child(ren)

$2,700 for employee only coverage, $5,400 if you cover any dependents

Please Note: Preventive medical care is covered at 100% with no deductible

$600 employee, $1,200 employee + one, $1,200 employee + children, $1,800 employee + one + child(ren)

70%

60%

100%

80%

60%

80%

Out-of-Network

PPO/POS Low Option In-Network

In-Network

Out-of-Network

(combined deductible for both medical and prescription drug benefits)

Traditional Indemnity Option

Coinsurance percentage

90%

Office visit coverage/ copayments

$20 70% copayment coverage after for physician deductible office visit, $30 copayment for specialist office visit

$40 60% copayment coverage after for physician deductible office visit, $50 copayment for specialist office visit

$20 copayment for physician office visit, $30 copayment for specialist office visit (varies by provider)

80% coverage after deductible

60% coverage after deductible

80% coverage after deductible

Hospital coverage/ copayments

90% coverage 70% after $250 coverage after copayment per deductible admission; waived if readmitted for same condition within 14 days

80% coverage 60% after $500 coverage after copayment per deductible admission; waived if readmitted for same condition within 14 days

100% coverage after $250 copayment

80% coverage after deductible

60% coverage after deductible

80% coverage after deductible

Annual out-of-pocket maximum (excluding annual deductible and copayments)

$1,200 employee, $2,400 employee + one, $2,400 employee + children, $3,600 employee + one + child(ren)

$2,400 employee, $4,800 employee + one, $4,800 employee + children, $7,200 employee + one + child(ren)

$3,000 employee, $6,000 employee + one, $6,000 employee + children, $9,000 employee + one + child(ren)

$6,000 None employee, $12,000 employee + one, $12,000 employee + children, $18,000 employee + one + child(ren)

$5,250 for employee only coverage**, $10,500 if you cover any dependents**

$10,500 for employee only coverage**, $21,000 if you cover any dependents**

$2,400 employee, $4,800 employee + one, $4,800 employee + children, $7,200 employee + one + child(ren)

Lifetime maximum

Unlimited

$2,000,000 per individual

Unlimited

$2,000,000 per individual

Unlimited

$2,000,000 per individual

$2,000,000 per individual

80%

Unlimited

All out-of-network percentages above generally apply to reasonable and customary charges. Since in-network charges for covered services have been negotiated with the health care providers, reasonable and customary limitations generally do not apply. *Plan provisions may vary by health maintenance organization (HMO) and exclusive provider organization (EPO); these are typical provisions. Please Note: In some areas, an EPO may be offered in addition to or in lieu of an HMO. EPOs work much like HMOs in that most in-network services are fully paid after a copayment, out-of-network services are generally not covered, and there are generally no claim forms to file. However, EPOs are not subject to state-mandated benefits or dependent age exceptions and prescription drug coverage is provided by Caremark through the Prescription Drug Plan. **The annual out-of-pocket maximum for the Consumer Driven Health Option includes the annual deductible.

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Important Details About Your Coverage • Defining Annual Total Cash Compensation. Your Medical Plan contributions are determined in part by your annual total cash compensation, which is defined as generally your base salary plus any applicable job differential pay (e.g., shift pay) as of each August 1, plus any cash earnings from any incentive plans (e.g., annual bonus, commissions, draws, overrides, and special recognition payments or incentives) that are paid to or deferred by you for the previous 12-month period ending each July 31. Overtime is not included. For purposes of Medical Plan contributions, your annual total cash compensation is recalculated as of each August 1 to take effect the following January 1 and will remain unchanged throughout the year. For most employees hired on or after August 1, annual total cash compensation will be equal to base salary plus applicable job differentials. Please Note: Separate definitions may apply to employees in certain sales positions who are paid on a draw-and-commission basis. If this situation applies to you, you will be notified. • Plan Changes. Please keep in mind that even if you continue in the same Medical Plan option you’re in today, that option may have significant changes in its provisions. Please Note: Some options may be discontinued for 2007. Please see the 2007 Benefits Enrollment Bulletin for more information. Be sure to click on the “Compare Your Medical Options” link in the “Enrollment Decision Toolkit” on the Benefits Web Center, as there may be changes in benefit provisions—such as copayments, coinsurance, and out-of-pocket maximums—and costs that will apply for 2007. • Non-Smoker and Smoker Contributions for Coverage. Your and your dependents’ smoker status will affect your contributions under the Medical Plan. For more information on non-smoker and smoker premiums under the Medical Plan, please see page 6. • Choosing an HMO or EPO Primary Care Physician. If you elect coverage under an HMO or EPO Option, you may be required to select a primary care physician (PCP). Remember: You can choose a different PCP for yourself and each covered dependent. Use the “Enrollment Decision Toolkit” on the Benefits Web Center to see if your doctor participates in one of the JPMorgan Chase Medical Plan options. See pages 5–6 for instructions on how to access the Benefits Web Center. • Providers Leaving Networks. When considering your options under the Medical Plan for 2007, please remember that if your health care provider leaves a managed care network, it does not qualify as an event that allows you to change coverage during the year. Please check with your provider to ensure that he or she plans to continue participation in the option of your choice for 2007. • Prescription Drug Coverage. All JPMorgan Chase medical coverage includes prescription drug coverage. If you elect coverage under a Preferred Provider Organization (PPO)/Point-of-Service (POS) Option, the Traditional Indemnity Option, or an Exclusive Provider Organization (EPO) Option, prescription drug benefits will be administered by Caremark, and you will receive two separate ID cards (one for medical services and the other for prescription drug benefits). If you elect coverage under an HMO Option, prescription drug benefits will be administered by the HMO, and you will only receive one ID card from your HMO. If you elect coverage under the Consumer Driven Health Option, prescription drug benefits will be administered by Aetna, and you will only receive one ID card for medical services and prescription drug benefits. Please Note: If you enroll in the Consumer Driven Health Option, you must meet the annual deductible before either medical or prescription drug benefits take effect (except for preventive medical care). • Consumer Driven Health Option Coverage Categories. Unlike other Medical Plan options, there are only employee and family levels for annual deductibles and annual out-of-pocket maximums. If you are covering any dependents, you will have to meet the entire family annual deductible before the plan begins sharing a portion of your eligible expenses through coinsurance. This means that if you are covering dependents and only one individual in your family is incurring medical expenses, they will have to meet the entire $5,400 annual deductible before coinsurance begins. Please Note: Preventive medical care is covered at 100% with no deductible. • Consumer Driven Health Option Plus Health Savings Account. Because of the tax advantages offered by Health Savings Accounts and the Health Care Spending Account (continued on next page) 12

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Important Details About Your Coverage (continued) when used for medical expenses, the government places certain restrictions on these types of benefit plans when offered together. As a result, if you currently are participating in the 2006 JPMorgan Chase Health Care Spending Account and you enroll in the Consumer Driven Health Option for 2007, you cannot begin contributing to the Health Savings Account prior to April 1, 2007. Your total contributions for the year will be limited to 9/12ths of the annual deductible ($2,025 for employee only coverage/$4,050 if you cover any dependents). In addition, if you enroll in the Consumer Driven Health Option and contribute to the Health Savings Account and the Health Care Spending Account for 2007, your Health Care Spending Account will be limited to dental and vision expenses only. You will not be able to use your Health Care Spending Account to pay for medical expenses, so please plan your contributions accordingly. • Enrolling in the Health Savings Account. If you enroll in the Consumer Driven Health Option, you have the option to open a new Health Savings Account to help pay for your out-of-pocket medical expenses. After electing the Consumer Driven Health Option, go into the Health Savings Account election page. From this page, you can: – Review the Health Savings Account Custodial Agreement and fee schedule. – Enter your annual contribution amount for the Health Savings Account. This is the amount you would like to contribute to the Health Savings Account for the year, which will be deducted from your pay in equal installments throughout the year. (Remember, you cannot contribute more than the annual deductible under the Consumer Driven Health Option— $2,700 for employee only coverage/$5,400 if you cover any dependents, unless you are able to make catch-up contributions. If you are participating in the 2006 Health Care Spending Account, you can only contribute 9/12ths of the annual deductible and your contributions cannot start until April 2007.) (If you are on the Health Savings Account election page but do not wish to open a Health Savings Account, enter “$0” for the annual contribution.) – Acknowledge that you have read the Custodial Agreement and fee schedule. (You will be authorizing the Health Savings Account to be opened by this acknowledgement.) If you open a Health Savings Account, a Welcome Kit will be mailed to your home address in December. For more information on the Consumer Driven Health Option and Health Savings Account, please see the 2007 Benefits Enrollment Bulletin. You can visit Aetna’s Consumer Driven Health Option web site at www.consumerdrivenoption.com via the Internet or contact Aetna at 1-888-238-6275. • Enrolling a Domestic Partner. If you elect to enroll a domestic partner who was not covered in 2006, you will be prompted to certify that your domestic partner meets the eligibility rules as defined under the plan when you enroll. For more information on covering a domestic partner, including instructions for certifying the tax dependent status of certain covered dependents, please review the Domestic Partner Coverage Guide. (See page 3 for instructions on how to access the Guide.) • When Coverage Begins. Medical coverage you elect during your designated enrollment period takes effect January 1, 2007. If you do not make any changes during your designated enrollment period, the coverage listed on the “Enroll in Your Benefits” screen on the Benefits Web Center will take effect January 1, 2007. Please Note: These coverages and related costs may differ from your current coverage on file due to plan and dependent eligibility changes effective January 1, 2007. See the 2007 Benefits Enrollment Bulletin for additional information. • For Additional Information. If you have questions about eligibility or enrolling in the Medical Plan, please call the Benefits Call Center through accessHR at 1-877-JPMChase (1-877-576-2427) and speak with a Service Representative (Quick Path: Enter your Standard ID or Social Security number; press 1; enter your PIN; press 1). If you have questions about specific coverage provisions available under any of the Medical Plan options, please call your Medical Plan option administrator directly (contact information is provided on the Medical Plan Comparison Charts in the “Enrollment Decision Toolkit” on the Benefits Web Center). Ready to Make Your Medical Elections? Please see pages 4–6 of this Guide for instructions on how to enroll in the Medical Plan for 2007. Remember, if you don’t make any changes to the coverage listed on the “Enroll in Your Benefits” screen on the Benefits Web Center, the coverages and costs shown will generally take effect January 1, 2007.

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Enrolling for Dental Benefits

Important Note for Expatriate Employees

The JPMorgan Chase Dental Plan offers eligible employees different types of coverage so you can choose the most appropriate dental protection for yourself and your eligible dependents.

If you are an expatriate employee, a special Dental Plan option is available to you because of your international assignment. The information outlined in this section does not apply to you. Please refer to Your Guide to the JPMorgan Chase Expatriate Benefit Plan Options for information on your dental option.

TY P E O F COV E R A G E You can choose your dental coverage from among the following options, depending on your home zip code: • Preferred Dentist Program (PDP) Option; • Dental Maintenance Organization (DMO)/Dental Health Maintenance Organization (DHMO) Option; • Traditional Indemnity Option; or • No Coverage. COV E R A G E C AT EG O R I E S JPMorgan Chase provides a flexible range of coverage levels. Your coverage level is based on the dependents you enroll, as shown below: • Employee Only; • Employee Plus One Adult; • Employee Plus Child(ren); or • Employee Plus One Adult Plus Child(ren). 2007 CO S T O F COV E R A G E You pay for your cost of dental coverage with before-tax dollars. Your cost per pay period depends on the dental option you choose, as well as on the number and type of eligible dependents you cover. Costs for 2007 are shown on the “Enroll in Your Benefits” screen on the Benefits Web Center.

Things to Consider • Do I want dental coverage through • JPMorgan Chase, or do I have adequate coverage elsewhere? • Do I want the flexibility of choosing network providers for some services and going outside the network for others? • Do I want to be able to receive care from any dentist that I choose? Am I willing to pay more for this option? • Do I want to receive all my care only from providers participating in the PDP or DMO/DHMO? • Do I want to reduce the amount of paperwork associated with submitting claims and obtaining reimbursements? • Is my current dentist associated with the PDP or DMO/DHMO that I’m considering?

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D E N TA L O PT I O N S AT A G L A N C E Preferred Dentist Program (PDP) Option In-Network

Provision

Out-of-Network

Dental Maintenance Organization (DMO) Option—Aetna

Dental Health Maintenance Organization (DHMO) Option—CIGNA

Traditional Indemnity Option

Annual deductible - Preventive

None

None

None

None

None

- Restorative (basic and major)

$25 individual, $75 family

$75 individual, $225 family

None

None

$75 individual, $225 family

- Orthodontia

$50 individual (lifetime)

$150 individual (lifetime)

None

None

$150 individual (lifetime)

Preventive (exams, cleanings, x-rays, sealants) (no deductible)

100% coverage

70% coverage

100% coverage

100% coverage* with $0 copayment

90% coverage

Basic restorative (fillings, extractions, root canal, periodontal, oral surgery, anesthesia)

80% coverage after deductible

60% coverage after deductible

80% coverage

Approximately 80% coverage* with copayments ranging from $0 to $250

75% coverage after deductible

Major restorative 60% coverage after (dentures, bridges, deductible inlays, onlays, crowns)

50% coverage after deductible

60% coverage

Approximately 60% coverage* with copayments ranging from $15 to $325

50% coverage after deductible

Orthodontia - Child (up to age 19)

50% coverage after deductible

50% coverage after deductible

50% coverage

$2,400 copayment

50% coverage after deductible

- Adult

None

None

50% coverage

$2,900 copayment

None

- Combined annual for preventive and restorative

Maximum $1,500**

Maximum $1,500**

No maximum

No maximum

Maximum $1,500

- Lifetime for orthodontia

Maximum $2,500**

Maximum $2,000**

Limited to one course of treatment per lifetime

24 months of interceptive and/or comprehensive treatment (cases beyond 24 months or atypical cases require additional payment by the patient)

Maximum $2,000

Maximum benefits

All in-network percentages above apply to dentists’ negotiated fees. All other percentages generally apply to reasonable and customary charges. Frequency limits may apply to certain services. *The CIGNA DHMO Option is based on a copayment structure per procedure. This coinsurance percentage reflects an approximation of copayments; the actual copayment will vary. Please see the Health Plan Comparison Chart on the Benefits Web Center for more information. Go to: My Rewards @ Work > Benefits Web Center > Enrollment Decision Toolkit. **Combined in-and out-of-network.

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Important Details About Your Coverage

• Choosing a Dental Maintenance Organization (DMO)/Dental Health Maintenance Organization (DHMO) Dentist. If you elect DMO/DHMO coverage, you will be required to select a primary care dentist. If you do not select a primary care dentist when you enroll, you will be assigned one. You can change your primary care dentist during the year. Remember: You can choose a different DMO/DHMO dentist for yourself and each covered dependent. Use the “Enrollment Decision Toolkit” on the Benefits Web Center to see if your dentist participates in one of the JPMorgan Chase Dental Plan options. See pages 5–6 for instructions on how to access the Benefits Web Center.

• Providers Leaving Networks. When considering your options under the Dental Plan for 2007, please remember that if your dentist leaves a managed care network, it does not qualify as an event that allows you to change coverage during the year. Please check with your provider to ensure that he or she plans to continue participation in the option of your choice for 2007.

• Enrolling a Domestic Partner. If you elect to enroll a domestic partner who was not covered in 2006, you will be prompted to certify that your domestic partner meets the eligibility rules as defined under the plan when you enroll. For more information on covering a domestic partner, including instructions for certifying the tax dependent status of certain covered dependents, please review the Domestic Partner Coverage Guide. (See page 3 for instructions on how to access the Guide.)

• When Coverage Begins. Dental coverage you elect during your designated enrollment period takes effect on January 1, 2007. If you do not make any changes during your designated enrollment period, the coverage listed on the “Enroll in Your Benefits” screen on the Benefits Web Center will take effect January 1, 2007. Please Note: These coverages and related costs may differ from your current coverage on file due to plan and dependent eligibility changes effective January 1, 2007. See the 2007 Benefits Enrollment Bulletin for additional information.

• For Additional Information. If you have questions about eligibility or enrolling in the Dental Plan, please call the Benefits Call Center through accessHR at 1-877-JPMChase (1-877-576-2427) and speak with a Service Representative (Quick Path: Enter your Standard ID or Social Security number; press 1; enter your PIN; press 1). If you have questions about specific coverage provisions available under any of the Dental Plan options, please call your Dental Plan option administrator directly (contact information is provided on the Dental Plan Comparison Chart in the “Enrollment Decision Toolkit” on the Benefits Web Center).

Ready to Make Your Dental Elections? Please see pages 4–6 of this Guide for instructions on how to enroll in the Dental Plan for 2007. Remember, if you don’t make any changes to the coverage listed on the “Enroll in Your Benefits” screen on the Benefits Web Center, the coverages and costs shown will generally take effect January 1, 2007.

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At-a-Glance Comparisons! Through the Benefits Web Center, you can easily compare specific features (e.g., costs, deductibles, coinsurance, etc.) of up to three Dental Plan options at one time.

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Things to Consider • When was the last time you or • your family members had an eye exam? • If routine eye exams are not covered under your Medical Plan option, you may want to consider enrolling in the Vision Plan for 2007 (even if they are covered, you may want to supplement that coverage through the Vision Plan). • Is the cost of coverage under the Vision Plan less expensive or more expensive than the cost of exams, eyeglasses, or contact lenses you can purchase on your own? • Could you use the Health Care Spending Account to pay any vision expenses not covered under the plan?

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Enrolling for Vision Benefits The JPMorgan Chase Vision Plan helps eligible employees pay for covered vision expenses like eye examinations, lenses (including contact lenses), and eyeglass frames. Coverage is offered through EyeMed Vision Care (EyeMed). When you seek care from a vision care professional within the EyeMed network, you receive a higher level of benefits and your out-of-pocket expenses are lower than if you choose to seek care outside the network. EyeMed offers vision care coverage through 43,000 vision care providers nationwide at 18,000 locations, including retail chains such as LensCrafters®, Pearle Vision®, Target Optical®, JCPenney Optical®, and Sears Optical®.

TY P E O F COV E R A G E You can choose your vision coverage from the following options: • Coverage; or • No Coverage. COV E R A G E C AT EG O R I E S JPMorgan Chase provides a flexible range of coverage levels. Your coverage level is based on the dependents you enroll, as shown below: • Employee Only; • Employee Plus One Adult; • Employee Plus Child(ren); or • Employee Plus One Adult Plus Child(ren). 2 0 07 CO S T O F COV E R A G E You pay for your cost of vision coverage with before-tax dollars. Your cost per pay period depends on the number and type of eligible dependents you cover. Costs for 2007 are shown on the “Enroll in Your Benefits” screen on the Benefits Web Center. V I S I O N P L A N AT A G L A N C E Provision

In-Network

Out-of-Network

Deductible

None

None

Exams

100% after $10 copayment

Generally reimbursed up to $35

Single vision lenses

100% after $10 copayment

Generally reimbursed up to $25

Bifocal

100% after $10 copayment

Generally reimbursed up to $40

Trifocal

100% after $10 copayment

Generally reimbursed up to $55

Frames

$130 allowance plus 20% off amount over the allowance

Generally reimbursed up to $45

- Medically necessary

100%

Reimbursed up to $210

- Conventional

$120 allowance plus 15% off amount over the allowance

Reimbursed up to $120

- Disposable

$120 allowance

Reimbursed up to $120

15% off retail price or 5% off promotional price; whichever is lower

Not Covered

Contact lenses

Laser vision correction - LASIK or PRK

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Important Details About Your Coverage • Using an EyeMed Provider. Each time you need services, you can see an EyeMed in-network provider in the United States and receive higher benefits and services at reduced rates, or see an out-of-network provider and be reimbursed up to specified dollar amounts. When you use network providers, you generally will not need to submit a claim form to be entitled to benefits. Your EyeMed provider will submit claims on your behalf. You’ll generally need to pay the copayment and any non-covered expenses at the time you receive services. For out-of-network services, you must pay the provider at the time you receive services and then file a claim for reimbursement from EyeMed (subject to plan limits). A provider search tool is available on the Benefits Web Center. Once you reach the Health Insurance guide page under “Manage Your Health Care,” look for the link to “Find a Doctor in Your Vision Plan.” See pages 5–6 for instructions on how to access the Benefits Web Center. • Non-Covered Eyeglasses. EyeMed offers a 40% discount on additional pairs of prescription glasses (this includes lenses and a frame). In addition, if you should choose a frame valued at more than the plan’s allowance, you will receive 20% off the balance over the plan’s allowance. For conventional contact lenses, you will receive 15% off the balance over the plan’s allowance. • Enrolling a Domestic Partner. If you elect to enroll a domestic partner who was not covered in 2006, you will be prompted to certify that your domestic partner meets the eligibility rules as defined under the plan when you enroll. For more information on covering a domestic partner, including instructions for certifying the tax dependent status of certain covered dependents, please review the Domestic Partner Coverage Guide. (See page 3 for instructions on how to access the Guide.) • When Coverage Begins. Vision coverage you elect during your designated enrollment period takes effect January 1, 2007. If you do not make any changes during your designated enrollment period, the coverage listed on the “Enroll in Your Benefits” screen on the Benefits Web Center will take effect January 1, 2007. All new Vision Plan participants for 2007 will receive an ID card from EyeMed. Please Note: These coverages and related costs may differ from your current coverage on file due to plan and dependent eligibility changes effective January 1, 2007. See the 2007 Benefits Enrollment Bulletin for additional information. • For Additional Information. If you have questions about eligibility or enrolling in the Vision Plan, please call the Benefits Call Center through accessHR at 1-877-JPMChase (1-877-576-2427) and speak with a Service Representative (Quick Path: Enter your Standard ID or Social Security number; press 1; enter your PIN; press 1). If you have questions about specific coverage provisions under the Vision Plan, please call EyeMed directly at 1-866-723-0596.

Ready to Make Your Vision Elections? Please see pages 4–6 of this Guide for instructions on how to enroll in the Vision Plan for 2007. Remember, if you don’t make any changes to the coverage listed on the “Enroll in Your Benefits” screen on the Benefits Web Center, the coverages and costs shown will generally take effect January 1, 2007.

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Things to Consider Health Care Spending Account: • What’s the total amount I’m likely to spend on coinsurance, copayments, and deductibles with the medical, dental, and vision options I’ve chosen? • Do I plan to enroll in the Consumer Driven Health Option plus Health Savings Account, which would limit reimbursement of my Health Care Spending Account expenses to dental and vision only? • Will my children need orthodontia care this year? How much is it likely to cost? • How many over-the-counter medications will my family need? • Does anyone in my family use a prescription drug not covered under my medical option? • What other health care expenses did I pay out of pocket last year that I will probably pay again next year? Child/Elder Care Spending Account: • What’s the total annual amount I pay for day care? • Should I use the Child/Elder Care Spending Account or the federal dependent care tax credit, or some combination? • Should I consider using my spouse’s Child/Elder Care Spending Account if my contributions will be limited due to IRS requirements? • Will my child reach age 13 or otherwise become ineligible for the Child/Elder Care Spending Account midyear?

Transportation Spending Accounts You can choose from a wide selection of transit passes, vouchers, and parking facilities nationwide. More information on the Transportation Spending Accounts is available on Company Home > HR & Personal > Benefits.

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Enrolling in the Health Care Spending Account, Child/Elder Care Spending Account, and Transportation Spending Accounts The JPMorgan Chase Health Care Spending Account, Child/Elder Care Spending Account, and Transportation Spending Accounts can help you reduce costs by allowing you to pay for eligible health care, child/elder care, transit, or parking expenses with before-tax dollars. If you want to participate in the Health Care and/or Child/Elder Care Spending Accounts for 2007, you must make an election during your designated enrollment period. Your 2006 elections will not automatically carry over for 2007. You can start, stop, or change your Transportation Spending Account participation at any time on a monthly basis. The Health Care and Child/Elder Care Spending Accounts are administered by ADP. The Transportation Spending Accounts are administered by WageWorks. Please Note: The Transportation Spending Accounts allow you the convenience of pre-electing your eligible monthly commuter pass/ticket and/or parking expenses for the coming month. Your payroll deductions for a given month will be used to fund eligible commuting expenses for the next month. As a result, you should be aware of certain short-term effects on your personal financial situation when you first enroll in the program.

S P E N D I N G A CCO U N T O PT I O N S • Health Care Spending Account: You can set aside from $240 to $8,000 a year on a before-tax basis to pay for eligible out-of-pocket health care expenses. • IRS guidelines permit employees who have an outstanding account balance at year-end to apply reimbursable expenses incurred through March 15 of the following year against that balance. Because of the tax advantages offered by Health Savings Accounts and the Health Care Spending Account when used for medical expenses, the government places certain restrictions on these types of benefit plans when offered together. As a result, if you currently are participating in the 2006 JPMorgan Chase Health Care Spending Account and you enroll in the Consumer Driven Health Option for 2007, you cannot begin contributing to the Health Savings Account prior to April 1, 2007. Your total contributions for the year will be limited to 9/12ths of the annual deductible ($2,025 for employee only coverage/$4,050 if you cover any dependents). In addition, if you enroll in the Consumer Driven Health Option and contribute to the Health Savings Account and the Health Care Spending Account for 2007, your Health Care Spending Account will be limited to dental and vision expenses only. You will not be able to use your Health Care Spending Account to pay for medical expenses, so please plan your contributions accordingly. • Child/Elder Care Spending Account: You can set aside from $240 to $5,000 ($2,500 if married and filing separately) a year on a before-tax basis to pay for eligible out-of-pocket dependent care expenses. (Certain IRS limits may apply for certain highly compensated employees. Please see “Child/Elder Care Limit for Highly Compensated Employees” on page 20.) • Transportation Spending Accounts: You may contribute up to $105 per month in the Transit Account and up to $200 per month in the Parking Account on a before-tax basis. If your commuting expenses exceed these amounts, the balance of the cost will be deducted from your pay on an after-tax basis.

Important Note for U.S. Home-Based Expatriate Employees You will not be eligible to participate in the Transportation Spending Accounts while you are working outside the United States.

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COOR D I N AT I N G W I T H YO U R S P O U S E If your spouse has a Health Care Spending Account at JPMorgan Chase or at another employer, by law you cannot claim reimbursement for any expenses your spouse has claimed.

Important Details About Your Coverage • Don’t Lose Out. Estimate your expenses carefully. Based on Internal Revenue Service (IRS) rules, you will forfeit any money left in your Child/Elder Care Spending Account on December 31 of the plan year and in your Health Care Spending Account on March 15 following the plan year after all eligible expenses have been reimbursed. You have until April 30 following the plan year to submit claims for eligible expenses under both accounts. • Limited Reimbursement for Health Care Spending Account Expenses With a Health Savings Account. Because of the tax advantages offered by Health Savings Accounts and the Health Care Spending Account when used for medical expenses, the government places certain restrictions on these types of benefit plans when offered together. If you enroll in the Consumer Driven Health Option and contribute to the Health Savings Account and the Health Care Spending Account for 2007, your Health Care Spending Account will be limited to dental and vision expenses only. You will not be able to use your Health Care Spending Account to pay for medical expenses, so please plan your contributions accordingly. • Eligible Expenses. Under current tax law, not all out-of-pocket expenses are eligible for reimbursement. For example, cosmetic surgery and health care premiums are not considered eligible expenses under the Health Care Spending Account. Similarly, expenses under the Child/Elder Care Spending Account are not reimbursable unless you include the provider’s Social Security or tax identification number (unless the provider is a non-profit organization). • Separate Accounts. You cannot mix money between the two accounts. Whatever you contribute to the Health Care Spending Account must be used for health care expenses; whatever you contribute to the Child/Elder Care Spending Account must be used for dependent care expenses. • Federal Income Tax Credit. The Internal Revenue Code prevents you from taking the federal dependent care tax credit on your personal income tax form for expenses reimbursed through your Child/Elder Care Spending Account. You may wish to consult with your personal financial advisor to determine which is better given your personal financial situation. • When Participation Begins. The Health Care Spending Account and/or Child/Elder Care Spending Account elections you make during your designated enrollment period begin January 1, 2007. For the Transportation Spending Accounts, you must make your elections, changes, or cancellations by the first of the month prior to the month in which you wish to participate. • For Additional Information. If you have questions about eligibility or enrolling in the Health Care Spending Account and/or Child/Elder Care Spending Account, please call the Benefits Call Center through accessHR at 1-877-JPMChase (1-877-576-2427) and speak with a Service Representative (Quick Path: Enter your Standard ID or Social Security number; press 1; enter your PIN; press 1). If you have questions about specific plan provisions under the Health Care and/or Child/Elder Care Spending Accounts, please call ADP directly at 1-866-872-2427. If you have questions about the Transportation Spending Accounts, contact the Transportation Spending Accounts Call Center at 1-877-924-3967. Ready to Make Your Spending Accounts Elections? Please see pages 4–6 of this Guide for instructions on how to enroll in the Health Care Spending Account and/or the Child/Elder Care Spending Account for 2007. Remember, if you want to participate in the Health Care Spending Account and/or the Child/Elder Care Spending Account, you must make your elections via the Benefits Web Center during your designated enrollment period. To enroll in the Transit and/or Parking Account, visit the Transportation Spending Accounts Web Center on My Rewards @ Work. Transactions are handled directly with WageWorks.

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Child/Elder Care Limit for Highly Compensated Employees Certain IRS limits may apply to the Child/Elder Care Spending Account for certain highly compensated employees. In 2006, you were considered a highly compensated employee if your W-2 compensation was $100,000 or more in 2006. The earnings for what constitutes a highly compensated employee may change, and the contribution limit in 2007 for affected employees could be lower than their elected amounts. If you are affected, you will be notified of the applicable 2007 contribution limit early in 2007 after the required IRS comparisons are complete. This IRS rule does not affect the Health Care Spending Account contribution maximum of $8,000.

Convenient Online Calculator! Estimate the contributions you need to pay for eligible Health Care Spending Account and/or Child/Elder Care Spending Account expenses by accessing the “Enrollment Decision Toolkit” on the Benefits Web Center.

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Things to Consider • Do I have other financial • resources if I become disabled and cannot work? • How much income will I need if I become disabled and cannot work? • Is my spouse’s/domestic partner’s income adequate to pay normal expenses if I become disabled? • Will I have access to medical, dental, vision, life insurance, and retirement benefits if I do not elect long-term disability coverage through JPMorgan Chase and become disabled?

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Enrolling for Long-Term Disability (LTD) Insurance The JPMorgan Chase Long-Term Disability (LTD) Plan offers you different levels of income protection if you are disabled for more than 26 weeks. The LTD Plan can provide eligible employees with a monthly benefit equal to a percentage of your benefits pay up to a maximum benefits pay of $700,000. Your long-term disability benefit will be offset by benefits you receive from other disability programs, such as Social Security or workers’ compensation. The Hartford Life and Accident Insurance Company is the plan’s insurance carrier. Important Note: If you elect “No Coverage” under the LTD Plan, you will not receive income protection benefits beyond those provided under the JPMorgan Chase Short-Term Disability Leave Policy and your participation in certain JPMorgan Chase benefits plans (such as Medical, Dental, and Retirement) will end unless you return to work. (Please see “The Additional Advantages of Electing LTD Coverage” below for more information on how elected LTD coverage can affect certain other benefits.)

LT D O PT I O N S You can choose your long-term disability coverage from among the following options: • Replacement of 50% of benefits pay; • Replacement of 60% of benefits pay; • Replacement of 60% of benefits pay plus two-year average annual discretionary cash pay (including annual bonus) paid or deferred (if eligible)* (also known as the 60% of Benefits Pay Plus Bonus Option); or • No Coverage. * Employees paid on a draw-and-commission basis are not eligible for this option.

2007 CO S T O F COV E R A G E You pay for LTD coverage with before-tax dollars, and as a result will generally be required to pay applicable income taxes on any benefits you may eventually receive. Your cost per pay period depends on your benefits pay, the level of coverage you choose, and your status as a non-smoker or smoker. Please see the next page for the definition of benefits pay for the LTD Plan.

The Additional Advantages of Electing LTD Coverage If you qualify to receive benefits under the JPMorgan Chase Long-Term Disability (LTD) Plan, you will also continue to be eligible to receive company-sponsored benefits, such as medical and dental (if enrolled), basic life insurance, and pay credits under the Retirement Plan. Please carefully consider these additional advantages when deciding whether to elect LTD coverage.

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Important Details About Your Coverage • Defining Benefits Pay for the LTD Plan. Long-term disability coverage for 2007 is based on the option you choose and your LTD benefits pay, which is generally your annual base salary plus applicable job differential pay (e.g., shift pay). It does not include any annual bonuses, overtime, special recognition, or other incentive awards you might receive. In certain situations, your benefits pay may include other cash earnings (e.g., commission, draws, and overrides) paid under certain non-annual incentive plans that provide compensation in lieu of base salary. For the 50% and 60% options, your benefits pay is updated as changes occur throughout the year, subject to plan provisions. Under the 60% of Benefits Pay Plus Bonus Option, your two-year average annual discretionary cash pay (including annual bonus) paid or deferred, if eligible, remains fixed throughout the year for purposes of the LTD Plan. However, any adjustments in your benefits pay will be made throughout the year, as noted above. Under all options, the plan considers benefits pay up to $700,000. Please Note: Separate definitions may apply to employees in certain sales positions who are paid on a draw-and-commission basis. If this situation applies to you, you will be notified. • Separate EOI Form. If you are electing coverage that will provide you with a higher benefit than the coverage on the “Enroll in Your Benefits” screen on the Benefits Web Center, or if you are electing coverage for the first time, you must complete an evidence of insurability (EOI) form that you will receive from the insurance carrier after you enroll. If you do not return this form within the specified time frame, or if it is returned but not approved, the coverage you choose will not take effect. If you decrease or cancel coverage and choose to increase coverage or enroll at a later date, all new coverage will be subject to EOI requirements at the time you make the new election. • Insurance Carrier Approval. The insurance carrier must approve your elections for increased coverage. If your elected coverage is not approved, then the level of coverage shown on the “Enroll in Your Benefits” screen on the Benefits Web Center will be effective for 2007. • Non-Smoker and Smoker Rates for Coverage. Your status as a non-smoker or smoker will affect your contributions under the LTD Plan. For more information on non-smoker and smoker premiums, please see page 6. • Ongoing Certification. If you become disabled, long-term disability benefits are subject to ongoing certification by the insurance carrier. • Mental/Nervous Disorder. There is a two-year limit on benefits paid for a disability resulting from a mental or nervous disorder. For other limitations and specific plan provisions, please contact the insurance carrier directly at the number provided on page 23. (continued on next page)

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Convenient Online Coverage Estimator! Through the Benefits Web Center, you can easily determine the level of long-term disability coverage you need. Look for the “Estimate Your Long-Term Disability Needs” link on the Insurance page.

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Important Details About Your Coverage (continued) • Pre-Existing Condition Exclusion. If you were not covered under the LTD Plan previously and you are electing long-term disability coverage for the first time or if you have been participating in the plan for less than one year, long-term disability benefits will not be paid if, during the first 12 months of your coverage, you become disabled as a result of a condition for which you were diagnosed or received treatment during the six months before coverage began. A similar rule applies if you are increasing coverage, except that long-term disability benefits will be paid at the original (lower) coverage level you had before making your 2007 elected increase. • When Coverage Begins. If you make no changes to your LTD coverage, the coverage listed on the “Enroll in Your Benefits” screen on the Benefits Web Center will take effect January 1, 2007. If you elect to reduce or discontinue your LTD coverage during your designated enrollment period, your election also will take effect January 1, 2007. However, if you increase your coverage, the increased coverage amount will become effective on or after January 1, 2007 or the later of the date that the EOI form is approved by the insurance carrier or the date you are actively at work. Payroll deductions will begin as soon as administratively possible following approval. If you are not actively at work due to illness or injury, you can still make elections for new coverage or changes in coverage during your designated enrollment period. However, your new or increased coverage will not become effective until the day after you return to active employment on or after January 1, 2007 (or later if your coverage is subject to an approval of EOI). If you do not return from an approved leave that began before January 1, 2007, your LTD benefit (if any) will be at the previous level. • For Additional Information. If you have questions about eligibility or enrolling in the LTD Plan, please call the Benefits Call Center through accessHR at 1-877-JPMChase (1-877-576-2427) and speak with a Service Representative (Quick Path: Enter your Standard ID or Social Security number; press 1; enter your PIN; press 1). If you have questions about specific coverage provisions under the LTD Plan, please call The Hartford Life and Accident Insurance Company directly at 1-888-485-7353.

Ready to Make Your LTD Elections? Please see pages 4–6 of this Guide for instructions on how to enroll in the LTD Plan for 2007. Remember, if you don’t make any changes to the coverage listed on the “Enroll in Your Benefits” screen on the Benefits Web Center, the coverages and costs shown will generally take effect January 1, 2007.

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Enrolling for Supplemental Term Life Insurance In addition to your company-paid basic life insurance equal to one times your benefits pay (rounded up to the next $1,000) up to a maximum of $1 million (reduced benefits apply to employees age 65 or older), the JPMorgan Chase Supplemental Term Life Insurance Plan, an insurance policy issued by The Prudential Insurance Company of America, offers eligible employees the option to purchase different types of additional coverage, so you can choose the most appropriate insurance and survivor protection for your individual needs.

S U P P L E M E N TA L T E R M L I F E I N S U R A N C E O PT I O N S You can choose your supplemental term life insurance from among the following options: • Employee Supplemental Term Life Insurance – Coverage in $10,000 increments up to 10 times your benefits pay (rounded up to the next $10,000) to a maximum of $3 million (please see page 25 for the definition of benefits pay for life insurance); • Dependent Supplemental Term Life Insurance – Spouse/domestic partner coverage in $10,000 increments up to a maximum of $300,000; – Dependent child coverage of $5,000 or $10,000 per child; or • No Coverage. Please Note: You may choose supplemental term life insurance coverage for your spouse/ domestic partner even if you do not elect coverage for yourself. However, you must elect either employee and/or spouse/domestic partner supplemental term life insurance coverage to elect coverage for eligible children. To choose dependent supplemental term life insurance coverage for your domestic partner’s children, your domestic partner must be enrolled in supplemental coverage term life insurance.

2 0 07 CO S T O F COV E R A G E You pay for your cost of supplemental term life insurance with after-tax dollars. Your cost per pay period for employee and dependent supplemental term life insurance coverage generally depends on the level of coverage you choose, your and your covered dependents’ age as of January 1, 2007, and your and your covered dependents’ smoker status.

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Things to Consider • Is the companypaid basic life • insurance benefit of one times benefits pay sufficient to meet my needs? • How many others depend on my income? • What additional expenses would I have if my spouse/ domestic partner were to die? • Will my survivors have other adequate financial resources after my death?

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Important Details About Your Coverage • Defining Benefits Pay for Life Insurance. Benefits pay is generally your annual base salary plus applicable job differential pay (e.g., shift pay). It does not include any annual bonuses, overtime, special recognition, or other incentive awards you might receive. In certain situations, your benefits pay may include other cash earnings (e.g., commission, draws, and overrides) paid under certain non-annual incentive plans that provide compensation in lieu of base salary. Under the Supplemental Term Life Insurance Plan, there will be no changes in these factors during the year for purposes of this calculation. Please Note: Separate definitions may apply to employees in certain sales positions who are paid on a draw-and-commission basis. If this situation applies to you, you will be notified. • Defining Age for Life Insurance. Supplemental term life insurance for 2007 is based on your age or your spouse’s/domestic partner’s age as of January 1, 2007. • Separate EOI Form. If you are enrolling for coverage for the first time or increasing your employee coverage above the coverage shown on the “Enroll in Your Benefits” screen on the Benefits Web Center, you must complete an evidence of insurability (EOI) form. You must also complete an EOI form if you elect any increase in your spouse’s/domestic partner’s coverage above the amount shown on the “Enroll in Your Benefits” screen on the Benefits Web Center, or if you are electing coverage for your spouse/domestic partner for the first time. If you increase your or your spouse’s/domestic partner’s coverage, or if you are electing coverage for yourself and/or your spouse/domestic partner for the first time, you will receive a letter from Prudential advising you to access an online EOI form. Please use contact #0022454 when completing the form. • Insurance Carrier Approval. The insurance carrier must approve your EOI form for first-time coverage for you or your spouse/domestic partner, or for any increases in coverage. If you elect to increase your coverage and it is not approved, the level of coverage as shown on the “Enroll in Your Benefits” screen on the Benefits Web Center will be effective for 2007. • Non-Smoker and Smoker Rates for Coverage. Your and your covered dependents’ smoker status will affect your contributions under the Supplemental Term Life Insurance Plan. For more information on non-smoker and smoker premiums under the Supplemental Term Life Insurance Plan, please see page 6. • Decreasing Coverage. If you cancel or decrease coverage for yourself or your spouse/domestic partner and choose to increase coverage at a later date due to a qualified status change or during an annual benefits enrollment period, all new coverage will be subject to EOI requirements at the time you make the new election. (continued on next page)

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Important Details About Your Coverage (continued) • When Coverage Begins. If you make no changes to your supplemental term life insurance coverage, the coverage listed on the “Enroll in Your Benefits” screen on the Benefits Web Center will take effect January 1, 2007. If you elect to reduce or discontinue your supplemental term life coverage during your designated enrollment period, your election also will take effect January 1, 2007. However, if you increase your coverage, the increased coverage amount will become effective on or after January 1, 2007, or the later of the date that the EOI form is approved by the insurance carrier or the date you are actively at work. Payroll deductions will begin as soon as administratively possible following approval. If you are not actively at work due to illness or injury, you can still make elections for new coverage or changes in coverage during your designated enrollment period. However, your new or increased coverage will not become effective until the day after you return to active employment on or after January 1, 2007 (or later if your coverage is subject to an approval of EOI). • Enrolling a Domestic Partner. If you elect to enroll a domestic partner who was not covered in 2006, you will be prompted to certify that your domestic partner meets the eligibility rules as defined under the plan when you enroll. For more information on covering a domestic partner, including instructions for certifying the tax dependent status of certain covered dependents, please review the Domestic Partner Coverage Guide. (See page 3 for instructions on how to access the Guide.) • Taking Coverage With You. If you leave JPMorgan Chase, you can continue up to $1 million of your supplemental term life insurance on a direct-bill basis at higher group rates. For more information, contact a Prudential Customer Service Representative as instructed below. • For Additional Information. If you have any questions about eligibility or enrolling in supplemental term life insurance, please call the Benefits Call Center through accessHR at 1-877-JPMChase (1-877-576-2427) and speak with a Service Representative (Quick Path: Enter your Standard ID or Social Security number; press 1; enter your PIN; press 1). If you have questions about specific coverage provisions under the Supplemental Term Life Insurance Plan, please call Prudential directly at 1-800-778-3827.

Ready to Make Your Supplemental Term Life Insurance Elections? Please see pages 4–6 of this Guide for instructions on how to enroll in the Supplemental Term Life Insurance Plan for 2007. Remember, if you don’t make any changes to the coverage listed on the “Enroll in Your Benefits” screen on the Benefits Web Center, the coverages and costs shown will generally take effect January 1, 2007.

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Convenient Online Coverage Estimator! Through the Benefits Web Center, you can easily determine the level of supplemental term life insurance coverage you need. Look for the “Estimate Your Life Insurance Needs” link on the Insurance page.

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Things to Consider • Do you or your dependents • travel a lot or have high-risk hobbies, like mountain climbing or skydiving? • Does your spouse/ domestic partner have a high-risk occupation? • Have you purchased adequate levels of supplemental term life insurance for yourself and your dependents? Remember, AD&D insurance offers extra financial protection for you and your family only in the event of an accident.

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Enrolling for Accidental Death and Dismemberment (AD&D) Insurance The JPMorgan Chase Accidental Death and Dismemberment (AD&D) Insurance Plan offers eligible employees additional insurance protection in the case of accidental death or certain accidental injuries. The Prudential Insurance Company of America is the plan’s insurance carrier.

A D & D I N S U R A N C E O PT I O N S You can choose your AD&D coverage from among the following options: • Employee AD&D Insurance – Coverage in $10,000 increments up to 10 times your benefits pay for AD&D Insurance (rounded up to the next $10,000) to a maximum of $3 million (please see page 28 for the definition of benefits pay for AD&D Insurance); Dependent AD&D Insurance • – Spouse/domestic partner coverage in $10,000 increments up to a maximum of $600,000; – Dependent child coverage in $10,000 increments up to a maximum of $100,000 per child; or • No Coverage. Please Note: You may choose AD&D insurance for your spouse/domestic partner even if you do not elect coverage for yourself. However, you must elect either employee and/or spouse/domestic partner AD&D coverage to elect coverage for your children. To choose dependent AD&D insurance for your domestic partner’s children, your domestic partner must be enrolled in AD&D insurance.

2 0 07 CO S T O F COV E R A G E You pay for the cost of AD&D insurance with after-tax dollars. Your cost per pay period for employee and dependent AD&D insurance depends on the levels of coverage you choose.

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Important Details About Your Coverage • When Coverage Begins. If you make no changes to your current AD&D insurance, the coverage listed on the “Enroll in Your Benefits” screen on the Benefits Web Center will take effect January 1, 2007. AD&D insurance that you elect during your designated enrollment period takes effect January 1, 2007 as long as you are actively at work on that date. • Defining Benefits Pay for AD&D Insurance. Benefits pay is generally your annual base salary plus applicable job differential pay (e.g., shift pay). It does not include any annual bonuses, overtime, special recognition, or other incentive awards you might receive. In certain situations, your benefits pay may include other cash earnings (e.g., commission, draws, and overrides) paid under certain non-annual incentive plans that provide compensation in lieu of base salary. Under the AD&D Plan, there will be no changes in these factors during the year for purposes of this calculation. Please Note: Separate definitions may apply to employees in certain sales positions who are paid on a draw-and-commission basis. If this situation applies to you, you will be notified. • Enrolling a Domestic Partner. If you elect to enroll a domestic partner who was not covered in 2006, you will be prompted to certify that your domestic partner meets the eligibility rules as defined under the plan when you enroll. For more information on covering a domestic partner, including instructions for certifying the tax dependent status of certain covered dependents, please review the Domestic Partner Coverage Guide. (See page 3 for instructions on how to access the Guide.) • Taking Coverage With You. If you leave JPMorgan Chase, you can elect to port up to $1 million of your AD&D insurance on a direct-bill basis. For more information, contact a Prudential Customer Service Representative as instructed below. • For Additional Information. If you have any questions about eligibility or enrolling in the AD&D Insurance Plan, please call the Benefits Call Center through accessHR at 1-877-JPMChase (1-877-576-2427) and speak with a Service Representative (Quick Path: Enter your Standard ID or Social Security number; press 1; enter your PIN; press 1). If you have questions about specific coverage provisions under the AD&D Insurance Plan, please call Prudential directly at 1-800-524-0542.

Ready to Make Your AD&D Elections? Please see pages 4–6 of this Guide for instructions on how to enroll in the AD&D Insurance Plan for 2007. Remember, if you don’t make any changes to the coverage listed on the “Enroll in Your Benefits” screen on the Benefits Web Center, the coverages and costs shown will generally take effect January 1, 2007.

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Travel Assistance and Emergency Evacuation Services If you elect AD&D coverage, you will have access to the comprehensive, worldwide emergency assistance services of Travel Assistance and Emergency Evacuation Services. This service provides you and your covered family members with prompt assistance in the event of an unexpected medical emergency when you are traveling.

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Things to Consider • Do I have other financial resources to pay for long-term care over an extended period for myself, my spouse, or any other eligible dependent who may need such care? • Even if I have the resources, do I want to use them for this purpose instead of applying them to some other use? • What level of benefits would be most helpful and affordable?

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Enrolling for Long-Term Care Insurance The JPMorgan Chase Long-Term Care Insurance Plan can provide financial protection for eligible long-term care expenses for you, your spouse or domestic partner, your parents, your spouse’s parents, your grandparents, and your spouse’s grandparents. MetLife is the plan’s insurance carrier. The Long-Term Care Insurance Plan helps pay for eligible expenses related to care needed when a covered individual can’t perform at least two basic activities of daily living or when a covered individual is severely cognitively impaired. “Basic activities” of daily living include activities like bathing, dressing, and eating.

LO N G -T E R M C A R E I N S U R A N C E O PT I O N S You can choose long-term care coverage from among the following options: • $100 daily maximum benefit; • $150 daily maximum benefit; • $200 daily maximum benefit; • $250 daily maximum benefit; • $300 daily maximum benefit; or • No Coverage. N O N F O R F E I T U R E P R OT EC T I O N With the plan’s optional nonforfeiture protection, you will continue to be insured for a reduced level of benefits if you stop payments after three or more years. When you first enroll for long-term care coverage, you are allowed to choose (or waive) nonforfeiture protection. 2 0 07 CO S T O F COV E R A G E Your cost per pay period for new coverage under the Long-Term Care Insurance Plan generally depends on the daily benefit option you choose and your age on the coverage effective date. The chart on page 30 can help you calculate the cost of coverage if you are a first-time participant. For information regarding the cost of coverage for ages not listed in this chart or for the $150 or $250 daily benefit amounts, please contact MetLife at 1-888-673-9582. Please Note: If you are a U.S. expatriate employee or an employee paid on a draw-and-commission basis who pays for benefits on a monthly basis, please double the semimonthly costs in the chart to determine your monthly cost.

Important Details About Your Coverage • When Coverage Begins. You can elect to enroll in this plan at any time during the year. If you elect coverage for yourself and/or your spouse/domestic partner after December 31, 2006, deductions will take effect on the first day of the month following the date your EOI form is approved by the insurance carrier (if any). In addition, if you enroll when you are first eligible, you must be actively at work at the time you enroll and on the effective date of coverage. • Taking Coverage With You. If you leave JPMorgan Chase, you can continue your long-term care coverage by notifying the insurance carrier, MetLife, at 1-888-673-9582 within 31 days of your employment termination date. MetLife will continue your coverage and bill you directly. • For Additional Information. If you have any questions about your long-term care coverage or the EOI process, please call MetLife at 1-888-673-9582.

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Long-Term Care Insurance Plan Semimonthly Cost Daily Benefit:

$100

$100

$200

$200

$300

$300

Nonforfeiture:

Without

With

Without

With

Without

With

Age 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65

$2.10 $2.30 $2.50 $2.80 $3.10 $3.40 $3.80 $4.20 $4.40 $4.70 $5.00 $5.20 $5.50 $5.80 $6.20 $6.50 $7.00 $7.50 $8.00 $8.60 $9.20 $9.90 $10.60 $11.40 $12.20 $13.10 $14.10 $15.10 $16.20 $17.40 $18.60 $20.00 $21.40 $23.50 $25.70 $28.10 $30.80 $33.80 $37.00 $40.50 $44.30

$2.50 $2.70 $3.00 $3.40 $3.70 $4.10 $4.50 $5.00 $5.30 $5.60 $5.90 $6.20 $6.60 $7.00 $7.40 $7.80 $8.40 $9.00 $9.60 $10.30 $11.00 $11.80 $12.70 $13.60 $14.60 $15.60 $16.80 $18.00 $19.30 $20.70 $22.20 $23.80 $25.60 $28.00 $30.70 $33.60 $36.80 $40.30 $44.10 $48.30 $52.90

$4.20 $4.60 $5.00 $5.60 $6.20 $6.80 $7.60 $8.40 $8.80 $9.40 $10.00 $10.40 $11.00 $11.60 $12.40 $13.00 $14.00 $15.00 $16.00 $17.20 $18.40 $19.80 $21.20 $22.80 $24.40 $26.20 $28.20 $30.20 $32.40 $34.80 $37.20 $40.00 $42.80 $47.00 $51.40 $56.20 $61.60 $67.60 $74.00 $81.00 $88.60

$5.00 $5.40 $6.00 $6.80 $7.40 $8.20 $9.00 $10.00 $10.60 $11.20 $11.80 $12.40 $13.20 $14.00 $14.80 $15.60 $16.80 $18.00 $19.20 $20.60 $22.00 $23.60 $25.40 $27.20 $29.20 $31.20 $33.60 $36.00 $38.60 $41.40 $44.40 $47.60 $51.20 $56.00 $61.40 $67.20 $73.60 $80.60 $88.20 $96.60 $105.80

$6.30 $6.90 $7.50 $8.40 $9.30 $10.20 $11.40 $12.60 $13.20 $14.10 $15.00 $15.60 $16.50 $17.40 $18.60 $19.50 $21.00 $22.50 $24.00 $25.80 $27.60 $29.70 $31.80 $34.20 $36.60 $39.30 $42.30 $45.30 $48.60 $52.20 $55.80 $60.00 $64.20 $70.50 $77.10 $84.30 $92.40 $101.40 $111.00 $121.50 $132.90

$7.50 $8.10 $9.00 $10.20 $11.10 $12.30 $13.50 $15.00 $15.90 $16.80 $17.70 $18.60 $19.80 $21.00 $22.20 $23.40 $25.20 $27.00 $28.80 $30.90 $33.00 $35.40 $38.10 $40.80 $43.80 $46.80 $50.40 $54.00 $57.90 $62.10 $66.60 $71.40 $76.80 $84.00 $92.10 $100.80 $110.40 $120.90 $132.30 $144.90 $158.70

Ready to Make Your Long-Term Care Insurance Elections? To enroll or make changes to your heritage JPMorgan Chase coverage for yourself or any of your eligible dependents under the plan, you need to obtain an enrollment kit from MetLife by calling 1-888-673-9582. Please Note: You cannot make this election through the Benefits Web Center or the Benefits Call Center.

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Need More Information? For information regarding the cost of coverage for ages not listed in this chart or for the $150 or $250 daily benefit amounts, please contact MetLife at 1-888-673-9582.

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Things to Consider • What type of legal needs do you anticipate in the coming year? American Bar Association statistics show that the average middle-income person has two or three legal needs every year. • Will you be getting married, buying a home, having a child, or planning for retirement anytime soon? Your answer could affect the legal services you may need.

Network Attorneys The Group Legal Services Plan offers access to a

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Enrolling for Group Legal Services The JPMorgan Chase Group Legal Services Plan, administered by Hyatt Legal Plans, a MetLife Company, offers eligible employees and their families affordable access to a national network of attorneys. The plan provides coverage for attorney fees for routine legal services related to personal and family legal issues, such as wills and estate planning; real estate matters; family law; name changes; consumer protection; property protection; traffic matters; major trials; and issues of incompetence, insanity, and infirmity defense. Most services are covered at 100% when you use network attorneys.

TY P E O F COV E R A G E You can choose your legal coverage from the following options: • Coverage; or • No Coverage. COV E R A G E C AT EG O R I E S If you elect to enroll, the plan automatically covers you, your spouse/domestic partner, and all eligible dependent children. 2 0 07 CO S T O F COV E R A G E There is a flat rate for coverage under this plan, and you pay for coverage with after-tax dollars. Your cost per pay period is the same regardless of how many dependents you cover under the plan.

network of U.S. attorneys who provide a wide range of legal services. In-network services are available only in the continental United States, and attorneys will provide services only for U.S.-related issues. To check the Hyatt Legal Plans network of attorneys, access their web site at www.legalplans.com (please use the JPMorgan Chase password: 1570010) or call the Hyatt Legal Plans Call Center at 1-800-821-6400.

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Important Details About Your Coverage • Pre-Existing Legal Matters. Any legal matter or dispute that occurs or is initiated before the date your coverage becomes effective will be excluded, and no benefits will apply. “Initiated” is defined as the date the contested event occurs, the date a document is filed with the court, the date an attorney is hired, or the date that any dispute arises, regardless of whether a lawsuit is filed or an attorney has been contacted. • Conversion Privileges. If you terminate employment or in any other way become ineligible to participate in the Group Legal Services Plan, your coverage will end on the date of your termination or loss of eligibility. You have the option to continue coverage by contacting Hyatt Legal Plans within 31 days of the date your coverage ends for an additional 24 months of coverage. You will pay premiums on a direct-bill basis to Hyatt Legal Plans. However, any services in progress before your coverage end date will be provided, even if you don’t continue your coverage. • When Coverage Begins. Group legal coverage you elect during your designated enrollment period takes effect January 1, 2007. If you do not make any changes during your designated enrollment period, the coverage listed on the “Enroll in Your Benefits” screen on the Benefits Web Center will continue for 2007. • For Additional Information. If you have questions about eligibility or enrolling in the Group Legal Services Plan, please call the Benefits Call Center through accessHR at 1-877-JPMChase (1-877-576-2427) and speak with a Service Representative (Quick Path: Enter your Standard ID or Social Security number; press 1; enter your PIN; press 1). If you have questions about specific coverage provisions under the Group Legal Services Plan, please call Hyatt Legal Plans directly at 1-800-821-6400.

Ready to Make Your Group Legal Elections? Please see pages 4–6 of this Guide for instructions on how to enroll in the Group Legal Services Plan for 2007. Remember, if you don’t make any changes to the coverage listed on the “Enroll in Your Benefits” screen on the Benefits Web Center, the coverages and costs shown will generally take effect January 1, 2007.

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Share Limit The maximum number of shares you can purchase annually is equal to $25,000 divided by the fair market value of JPMorgan Chase common stock on the first trading day in January. The Employee Stock Purchase Plan may also be required to limit the total number of shares that may be purchased by all eligible employees. If these restrictions affect you, you will be notified.

Things to Consider • How would shares of • JPMorgan Chase stock fit into my investment portfolio? • How much can I afford to contribute?

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Enrolling in the Employee Stock Purchase Plan The JPMorgan Chase Employee Stock Purchase Plan allows you to add to your own investment portfolio while sharing in the growth of JPMorgan Chase. Through the Employee Stock Purchase Plan, you can purchase JPMorgan Chase common stock on a quarterly basis at a 5% discount, without a broker’s fee. Taxes on the 5% discount are deferred until you sell or transfer the shares. Any dividends paid on the shares in your account will be used to purchase additional shares of JPMorgan Chase common stock at a 5% discount. Mellon Investor Services (Mellon) is the plan’s administrator.

E M P LOY E E S T O C K P U R C H A S E P L A N O PT I O N S Eligible employees can choose to contribute to the Employee Stock Purchase Plan according to the following options: • You can contribute from $240 per year up to 20% of your benefits pay per pay period on an after-tax basis with a maximum annual contribution of $25,000; or • Elect not to participate.

Important Details About Your Coverage • Defining Benefits Pay for the Employee Stock Purchase Plan. Participation amounts for the Employee Stock Purchase Plan are based on your benefits pay. Benefits pay is generally your annual base salary plus applicable job differential pay (e.g., shift pay). It does not include any annual bonuses, overtime, special recognition, or other incentive awards you might receive. In certain situations, your benefits pay may include other cash earnings (e.g., commission, draws, and overrides) paid under certain non-annual incentive plans that provide compensation in lieu of base salary. Under the Employee Stock Purchase Plan, your benefits pay is updated as changes occur throughout the year. Please Note: Separate definitions may apply to employees in certain sales positions who are paid on a draw-and-commission basis. If this situation applies to you, you will be notified. • Defining Annual Total Cash Compensation. Annual total cash compensation is generally your base salary plus any applicable job differential pay (e.g., shift pay) as of each August 1, plus any cash earnings from any incentive plans (e.g., annual bonus, commissions, draws, overrides, and special recognition payments or incentives) that are paid to or deferred by you for the previous 12-month period ending each July 31. Overtime is not included. For purposes of determining eligibility to participate in the Employee Stock Purchase Plan, your annual total cash compensation is recalculated as of each August 1 to take effect the following January 1 and will remain unchanged throughout the year. For most employees hired on or after August 1, annual total cash compensation will be equal to base salary plus job differentials. Please Note: Separate definitions may apply to employees in certain sales positions who are paid on a draw-and-commission basis. If this situation applies to you, you will be notified. • Eligibility. You will be eligible to participate in the Employee Stock Purchase Plan for 2007 if you will have completed 90 days of service by December 31, 2006, and you enroll during your designated enrollment period. If you don’t enroll now, your next opportunity to participate will be in 2008. Please Note: Employees whose annual total cash compensation is $250,000 or more are not eligible to participate in the plan. (Please see above for the definition of “Annual Total Cash Compensation.”) If you are no longer eligible to participate in the Employee Stock Purchase Plan, any dividends on shares previously purchased and held in your account at Mellon by active employees will continue to be used to purchase shares at the 5% discount. If you are currently participating in the plan and are affected by this change, you will be notified following annual enrollment. (continued on next page) JPMorgan Chase 2007 BENEFITS ENROLLMENT GUIDE

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Important Details About Your Coverage (continued) • A Word About Taxes. Under current law, you do not pay any U.S. taxes on shares you hold. This is true whether the shares are held in the Employee Stock Purchase Plan or issued to you as a withdrawal. If you sell the shares, you will owe federal income taxes on the 5% discount you received at the time of purchase, as well as on any increase in the stock price. Taxes may also be affected by the amount of time you held the shares and other factors. In addition, you may owe separate state and local income taxes. Also, if you live outside the United States, different tax rules may apply. You should consult a personal tax advisor on these issues. The actual price paid for shares is documented on your statement. Please keep all statements for tax purposes. Dividends are reportable as taxable income for the year in which they are credited to your account. You owe taxes on these dividend payments. All participants in the Employee Stock Purchase Plan will receive a record of any dividend payments on IRS Form 1099, which will be provided on an annual basis. • When Participation Begins. If you make no changes to your current Employee Stock Purchase Plan election, then your current contribution amount listed on the “Enroll in Your Benefits” screen on the Benefits Web Center will continue for 2007. The contribution amount you elect during your designated enrollment period takes effect January 1, 2007. • For Additional Information. If you have any questions about eligibility or enrolling in the Employee Stock Purchase Plan, please call the Benefits Call Center through accessHR at 1-877-JPMChase (1-877-576-2427) and speak with a Service Representative (Quick Path: Enter your Standard ID or Social Security number; press 1; enter your PIN; press 1). If you have questions about specific plan provisions under the Employee Stock Purchase Plan, please call MIS directly at 1-800-758-4651.

Ready to Make Your Employee Stock Purchase Elections? Please see pages 4–6 of this Guide for instructions on how to enroll in the Employee Stock Purchase Plan for 2007. Remember, if you don’t make any changes to the coverage listed on the “Enroll in Your Benefits” screen on the Benefits Web Center, the contribution amount shown will generally take effect January 1, 2007.

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Notes:

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Notes:

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© 2006 JPMorgan Chase & Co. All rights reserved.

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IMS #43170