1. Fourth Quarter and Full Year 2001 Financial Results
January 16, 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2001 and in the 2000 Annual Report on Form 10-K, each filed with the Securities and Exchange Commission and available at the Securities and Exchange Commission's internet site ( to which reference is hereby made.

3. Fourth Quarter 2001 Negative impact on financial results:
Losses in Enron and Argentina
Increase in loan loss reserves
Continued weakness at JPMorgan Partners
Expense discipline
Stronger market positions – gaining momentum

4. 4Q and Full Year EPS 4Q01 FY01 Operating Earnings* $0.12 $1.65
($ per share)
4Q01
FY01
Operating Earnings* $0.12 $1.65
Non Operating Charges (0.29) (0.85)
Reported Net Income** (0.18) 0.80
* Includes goodwill amortization of $0.09 and $0.36 for 4Q01 and FY01, respectively
** Reported net income is ($0.18) instead of ($0.17) since using diluted average shares outstanding would cause anti-dilution. As a result, the net loss per share does not foot by ($0.01).

5. 4Q Cash Operating Results
($ in billions, except o/(u) in millions)
O/(U)
Excluding JPMP
4Q01
3Q01
4Q00
Trading Revenues $0.9 $(710) $(510)
All Other Revenues
Expenses 4.6 (252) (916)
Credit Costs ,065
Earnings 0.8 (595) (308)
JPMP Earnings (0.3) (189) (207)
Total Earnings 0.4 (784) (515)
ROE excl. JPMP % 15% 13%
ROE % 12% 9%
Note: Some numbers do not add due to rounding

6. Impact of Enron & Argentina
($ in millions)
Enron
Argentina
Total
Total ($456) ($351) ($807)
Breakdown of Total Impact
Revenue decrease $446
Credit costs increase $361

7. Net Charge-Offs and Provision
($ in millions)
4Q01 %*
FY01 %*
Commercial Loans $ $
Credit Card (Managed) ,
Other Consumer
Total Charge-offs $1, $3,
Incremental Reserves
Loan Loss Provision 1,732 4,233
* % is annualized for quarterly data and based on average outstandings

8. Credit Nonperforming Assets Reserves as % of Loans $3.9 $2.8 $2.6 $1.9
($ in billions)
Nonperforming Assets
Reserves as % of Loans
$3.9
$2.8
$2.6
$1.9
Reserves
$3.7 $3.9 $4.5

9. Investment Bank Results
($ in millions, cash operating basis)
O(U) 4Q00
O(U) FY00*
4Q01
FY01
Revenue $3,106 (16%) $14,899 (11%)
Expense 1,877 (33%) 8,978 (16%)
Credit Costs % 1, %
Earnings 379 (24%) 2,945 (18%)
Overhead Ratio 60% 76% 60% 64%
ROE 8% 9% 15% 18%
* Pro-forma Flemings

10. Investment Bank League Table Summary
FY01
FY00
Rank
%Share
Rank
%Share
Global Syndicated Loans 1 26% 1 23%
U.S. Investment Grade Bonds 2 15% 2 16%
Global High Yield Corp Debt 4 10% 5 10%
Global Announced M&A 5 22% 6 17%
U.S. Equity and Equity Related 8 4% 6 5%
Source: Thomson Financial

11. U.S. Equity and Equity Related Market Share
2001 Momentum
U.S. Equity and Equity Related Market Share
Global High Yield
Market Share
Chart title
Units
Source: Thomson Financial

12. Investment Management & Private Banking
($ in millions, cash operating basis)
O(U) 4Q00
O(U) FY00*
4Q01
FY01
Revenue $729 (20%) $3,085 (20%)
Earnings 115 (17%) 467 (30%)
Pre-tax Margin 20% 20% 19% 25%
ROE 8% 8% 8% 10%
AUM ($ in BN) $605 (5%)
Tangible ROE was 26% for 4Q01 and FY01
* Pro-forma Flemings

13. Treasury and Securities Services
($ in millions, cash operating basis)
Expense initiatives fully incorporated  increased operating leverage
Integration of four firms behind us
Private bank cross-sell success
Full Year Revenue $3.6 BN ( 2%)
4Q01
FY01
Revenue $890 $3,632
Earnings
4% decline
3% growth
Overhead Ratio 71% 71%
ROE 23% 24%
Institutional Trust Services
15% growth

14. Retail & Middle Market Results
($ in millions, cash operating basis)
O(U) 4Q00
O(U) FY00
4Q01
FY01
Revenue $2,868 11% $10,915 7%
Expense 1,426 5% 5,468 4%
Credit Costs % 2,803 35%
Earnings 343 (25%) 1, (5%)
Overhead Ratio 50% 52% 50% 52%
ROE 15% 22% 20% 21%

15. Retail & Middle Market Business Units
(growth from FY00)
Production Statistics
Full Year Revenue $10.9 BN (7%)
Card Outstandings 12%
Mortgage Originations 142%
Auto Originations 63%
Regional Bkg Deposits 5%
Middle Mkt Deposits 7%
63% growth
17% growth
3% decline
22% growth
5% decline

16. JPMP Private Equity Gains
($ in millions)
4Q01
FY01
FY00
Realized $119 $675 $2,041
Unrealized (504) (1,857) (1,053)
Total (385) (1,182) 988
Contribution to EPS of ($0.17) in Q4, ($0.58) in FY01

17. JPMP: Improved Diversification
As of 12/31/01
Real Estate 5%
Fin. Services 7%
Fund
21%
O/(U) FY00
Life Science 7%
TMT $
TMT
27%
12/31/00 $4.2
6/30/01 3.2
12/31/ (40%)
TMT
17%
Consumer Retail
and Services
11%
Industrial Growth
22%
Total Book Value = $9.2 BN

18. Cash Operating Expenses
($ in billions)
Total Firm Expenses
4Q Run Rate Comparison
($2.9)
($1.9)
4Q run rates reflect full year incentives
* Pro-forma Flemings

19. 2001 Operating Results Pro-forma new GAAP FY01 O(U)00*
($ in billions except EPS)
Pro-forma new GAAP
FY01
O(U)00*
Revenue excl. JPMP $31.6 ($1.7)
JPMP (1.5) (2.2)
Expenses (1.8)
Credit
Operating Income (2.6)
EPS excl. JPMP $ (0.58)
JPMP $(0.58) (0.70)
* Pro-forma Flemings

20. Balance Sheet and Capital
($ in billions)
Tier 1 Capital Ratio
Total Assets $715 $799 $694

21. FY2001 Difficult operating environment Merger integration success
Building value for long term while executing through short term challenges

22. Enron Exposure Unsec. Sec./JV Surety/LC DIP Total
($ millions)
Unsec.
Sec./JV
Surety/LC
DIP
Total
12/19 $620 $604 $1,130 $250 $2,604
Payments (85) (85)
Charge-offs (216) (5) (221)
Write-downs (235) (235)
12/ $169(a) $514(b) $1,130 $250 $2,063
(a) Includes $58 million in undrawn letters of credit.
(b) Includes $400 million secured by pipelines, $74mm in creditworthy joint ventures, and $40mm secured by other Enron assets.

23. Argentina Exposure Additional Reserves Taken Net at 12/31
($ millions)
Additional
Reserves
Taken
Net at
12/31
Loans $380 $305 $140 $165
Derivatives
Other
Total $1,750 $834 $351 $483
3/31
12/31 *
*Includes impact of 50% devaluation