1. First Quarter 2002 Financial Results
April 17, 2002

2. This presentation contains statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of Such statements are based upon the current beliefs and expectations of JPMorgan Chase's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. These uncertainties could cause our results to differ materially from such forward looking statements. Such risks and uncertainties are described in our 2001 Annual Report on Form 10-K filed with the Securities and Exchange Commission and available at the Securities and Exchange Commission's internet site ( to which reference is hereby made.
Restatement: Operating earnings for 2001 have been adjusted by adding back amortization of goodwill to present 2001 results on a basis comparable to this year’s first quarter, which included the impact of the implementation of SFAS 142.

3. First Quarter 2002 Results much better than 4Q, below 1Q
Focus on expense management
Credit costs decline from high 4Q level
Business highlights
Record Retail, improving Investment Management
Investment Bank ROE of 16%
Loss at JPMP – Triton PCS
Strong liquidity and capital position

4. Earnings Per Share
($ per share)
1Q02
4Q01
1Q01
Operating Earnings ex. JPMP $0.69 $0.34 $0.74
JPMP (0.12) (0.17)
Operating Earnings
Non-operating Charges (0.09) (0.29) (0.12)
Amortization of Goodwill (0.05) (0.04)
Reported Net Income $0.48 $(0.18) $0.58

5. Operating Results Earnings Drivers Revenue 15% (8%) Expenses 7% (8%)
($ in millions)
Earnings
Drivers
Expense initiatives fully incorporated  increased operating leverage
Integration of four firms behind us
Private bank cross-sell success
O/(U)
4Q01
1Q01
Revenue 15% (8%)
Expenses 7% (8%)
Credit Costs (38%) 56%
ROE 15% 3% 11%

6. JPMP Private Equity Gains/Losses
($ in millions)
1Q02
Direct cash gains $172
Direct write-offs ($173)
Realized $ (13)
Unrealized (242)
Total ($255)
Triton PCS ($197)
4Q01 ($398)
1Q01 $139

7. Operating Results excl. JPMP
($ in millions)
Earnings
Drivers
Expense initiatives fully incorporated  increased operating leverage
Integration of four firms behind us
Private bank cross-sell success
O/(U)
4Q01
1Q01
Revenue 12% (3%)
Expenses 7% (8%)
Credit Costs (38%) 56%
ROE 18% 8% 16%

8. Operating Expenses
($ in billions)
Severance
Sumitomo $230mm
Providian

9. Credit Costs 1Q02 %* 4Q01 Commercial Loans $320 1.27 $433 1.58
($ in millions)
1Q02
Commercial Loans $ $
Credit Card (Managed)
Other Consumer
Total Charge-offs $1, $1,
Incremental Reserves
Loan Loss Provision $1,074 $1,732 %*
4Q01
* % is annualized

10. Reserves 1Q02 4Q01 1Q01 Loan Loss Reserves $5.0 $4.5 $3.7
($ in billions)
1Q02
Loan Loss Reserves $5.0 $4.5 $3.7
Commercial Reserves/ 1.8% 1.6% 1.4%
Commercial Loans
Total Reserves/ Total Loans 2.3% 2.1% 1.7%
4Q01
1Q01

11. Nonperforming Assets and Commercial Loans
($ in billions)
Nonperforming Assets
Commercial Loans
$4.3
$3.9
$3.2
$2.8
$2.2

12. Retail and Middle Market Results
($ in millions, operating basis)
% O/(U)
Earnings
1Q02 4Q01 1Q01
Revenue $3,131 7% 18%
Expense 1,555 4% 13%
Credit Costs 726 (22%) 22%
Overhead 50% 51% 52%
Closed Providian acquisition
Higher business volumes, lower cost of funds but narrower deposit spreads
ROE 20% 14% 22%

13. Investment Management & Private Banking
($ in millions, operating basis)
% O/(U)
Earnings
1Q02 4Q01 1Q01
Revenue $741 1% (10%)
Expense 557 (5%) (19%)
Credit Costs (26%) NM
Pre-tax Margin 22% 16% 16%
Expense management
Strong mutual fund performance and retail flows
ROE 6% 6% 8%
ROE 19% 21% 27%
Tangible

14. Investment Bank Results
($ in millions, operating basis)
% O/(U)
Earnings
1Q02 4Q01 1Q01
Expense initiatives fully incorporated  increased operating leverage
Integration of four firms behind us
Private bank cross-sell success
Revenue $3,620 17% (16%)
Expense 2,116 14% (17%)
Credit Costs 282 (54%) 197%
Overhead 58% 60% 59%
Low market activity -- focus on productivity
High credit costs
ROE 21% 8% 16%

15. Investment Bank Revenue
($ in millions, operating basis)
% O/(U)
1Q02 4Q01 1Q01
Trading $1,696 66% (19%)
Equities % (59%)
Fixed Income , % (7%)
Investment Banking Fees $741 (21%) (21%)
Advisory 191 (29%) (44%)
Underwriting 550 (17%) (8%)

16. Treasury and Securities Services
($ in millions, operating basis)
% O/(U)
Earnings
1Q02 4Q01 1Q01
Revenue $935 (1%) (2%)
Overhead 77% 73% 73%
Revenue decline driven by Investor Services
Overhead ratio reflects re-classification to gross revenues and expenses
ROE 24% 23% 19%

17. Liquidity and Capital Management
Raised additional liquidity
$4.5 billion of LT debt and capital issuance
$3.5 billion of consumer asset securitizations
Extended average maturity of liabilities
Managing to higher Tier 1 ratio
Providian Master Trust acquisition
Resume repurchases when free capital generation accelerates

18. 1Q02 Summary Better results in continued weak environment
Focus on expense management
Well positioned for market recovery