USE OF PROCEEDS The net proceeds from each issue of Notes will be used by the Issuer for its general corporate purposes. Pending such use, the Issuer may temporarily invest the net proceeds or may use them to reduce short-term indebtedness. If in respect of any particular issue, there is a specifically identified use of proceeds, this will be stated in the Final Terms or Prospectus. 68
History, Development and Organisational Structure <strong>JPMORGAN</strong> <strong>CHASE</strong> & <strong>CO</strong>. JPMorgan Chase is a leading global financial services firm and one of the largest banking institutions in the United States, with $2.3 trillion in assets, $145.8 billion in total stockholders’ equity and operations in more than 60 countries as of 30 September 2008. JPMorgan Chase is a leader in investment banking, financial services for consumers and businesses, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, JPMorgan Chase serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients. JPMorgan Chase is a financial holding company and was incorporated under Delaware law on 28 October 1968 with file number 0691011. JPMorgan Chase’s principal bank subsidiaries are JPMorgan Chase Bank, National Association, a national banking association with branches in 24 states, and Chase Bank USA, National Association, a national bank that is JPMorgan Chase’s credit card issuing bank. JPMorgan Chase’s principal non-bank subsidiary is J.P. Morgan Securities Inc., its U.S. investment banking firm. The principal executive office of JPMorgan Chase is located at 270 Park Avenue, New York, New York 10017-2070, U.S.A. and its telephone number is +1 212 270-6000. Principal Activities JPMorgan Chase’s activities are organised, for management reporting purposes, into six business segments, as well as a Corporate/Private Equity segment. The wholesale businesses are the Investment Bank, Commercial Banking, Treasury & Securities Services and Asset Management segments, and the consumer businesses are the Retail Financial Services and Card Services segments. A description of these business segments, and the products and services they provide to their respective client bases, follows. These business segment descriptions do not give effect to the acquisition of the banking operations of Washington Mutual Bank (“Washington Mutual”), which was consummated on 25 September 2008. Investment Bank J.P. Morgan is one of the world’s leading investment banks, with deep client relationships and broad product capabilities. The Investment Bank’s clients are corporations, financial institutions, governments and institutional investors. JPMorgan Chase offers a full range of investment banking products and services in all major capital markets, including advising on corporate strategy and structure, capital raising in equity and debt markets, sophisticated risk management, market-making in cash securities and derivative instruments, prime brokerage and research. The Investment Bank also commits JPMorgan Chase’s own capital to proprietary investing and trading activities. Retail Financial Services Retail Financial Services, which includes the Regional Banking, Mortgage Banking and Auto Finance reporting segments, serves consumers and businesses through bank branches, ATMs, online banking and telephone banking. Customers can use more than 3,100 bank branches, 9,300 ATMs and 300 mortgage offices in the United States. More than 14,100 branch salespeople assist customers with checking and savings accounts, mortgages, home equity and business loans and investments across a 17-state footprint from New York to Arizona. Consumers also can obtain loans through more than 14,200 auto dealerships and 3,500 schools and universities throughout the United States. Card Services With more than 156 million cards in circulation and more than $159 billion in managed loans, Card Services is one of the largest credit card issuers in the United States. Customers used Chase cards to meet more than $272 billion worth of their spending needs in the nine months ended 30 September 2008. With hundreds of partnerships, Chase has a market leading position in building loyalty programmes with many of the world’s most respected brands. 69
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