PRESS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2003

J.P. MORGAN CHASE & CO. TABLE OF CONTENTS

	Page
JPMorgan Chase Consolidated
Statement of Income — Reported Basis		3
Lines of Business Financial Highlights Summary		4
Statement of Income — Operating Basis		5
Reconciliation from Reported to Operating Basis		6
Segment Detail
Investment Bank		7
Business-Related Metrics		8
Treasury & Securities Services		9
Investment Management & Private Banking		10
JPMorgan Partners		11
Investment Portfolio — Private and Public Securities		12
Chase Financial Services		13
Business Financial Highlights		14
Business-Related Metrics		15
Supplemental Detail
Noninterest Revenue and Noninterest Expense Detail		16
Consolidated Balance Sheet		17
Condensed Average Balance Sheet and Annualized Yields		18
Credit-Related Information		19-25
Capital		26
Market Risk — Average VAR		27
Glossary of Terms		28

Note: Prior periods have been adjusted to conform with current methodologies.

Page 2

J.P. MORGAN CHASE & CO. STATEMENT OF INCOME — REPORTED BASIS (in millions, except per share, ratio and employee data)

																3QTR 2003												YTD 2003
	3QTR			2QTR			1QTR			4QTR			3QTR			Over (Under)						YEAR TO DATE						Over (Under)
	2003			2003			2003			2002			2002			2Q 2003			3Q 2002			2003			2002			2002
REVENUE
Investment Banking Fees	$	649		$	779		$	616		$	678		$	545			(17	)%		19	%	$	2,044		$	2,085			(2	)%
Trading Revenue		829			1,546			1,298			586			26			(46	)		NM			3,673			2,089			76
Fees and Commissions		2,742			2,551			2,488			2,595			2,665			7			3			7,781			7,792			—
Private Equity Gains (Losses)		120			(29	)		(221	)		(68	)		(315	)		NM			NM			(130	)		(678	)		81
Securities Gains		164			768			485			747			578			(79	)		(72	)		1,417			816			74
Mortgage Fees and Related Income(a)		(17	)		292			417			(132	)		512			NM			NM			692			1,080			(36	)
Other Revenue		213			64			108			108			200			233			7			385			390			(1	)
Total Noninterest Revenue		4,700			5,971			5,191			4,514			4,211			(21	)		12			15,862			13,574			17
Interest Income		5,696			5,871			6,263			6,184			6,316			(3	)		(10	)		17,830			19,100			(7	)
Interest Expense		2,648			2,808			3,048			3,203			3,580			(6	)		(26	)		8,504			10,555			(19	)
Net Interest Income		3,048			3,063			3,215			2,981			2,736			—			11			9,326			8,545			9
Revenue before Provision for Credit Losses		7,748			9,034			8,406			7,495			6,947			(14	)		12			25,188			22,119			14
Provision for Credit Losses		223			435			743			921			1,836			(49	)		(88	)		1,401			3,410			(59	)
TOTAL NET REVENUE		7,525			8,599			7,663			6,574			5,111			(12	)		47			23,787			18,709			27
EXPENSE
Compensation Expense		2,713			3,231			3,174			3,032			2,367			(16	)		15			9,118			7,951			15
Occupancy Expense		391			543			496			425			478			(28	)		(18	)		1,430			1,181			21
Technology and Communications Expense		719			732			637			635			625			(2	)		15			2,088			1,919			9
Other Expense		1,272			1,226			1,234			1,376			1,248			4			2			3,732			3,735			—
Surety Settlement and Litigation Reserve (b)		—			100			—			1,300			—			NM			NM			100			—			NM
Merger and Restructuring Costs		—			—			—			393			333			NM			NM			—			817			NM
TOTAL NONINTEREST EXPENSE		5,095			5,832			5,541			7,161			5,051			(13	)		1			16,468			15,603			6
Income (Loss) before Income Tax Expense		2,430			2,767			2,122			(587	)		60			(12	)		NM			7,319			3,106			136
Income Tax Expense (Benefit)		802			940			722			(200	)		20			(15	)		NM			2,464			1,056			133
NET INCOME (LOSS)	$	1,628		$	1,827		$	1,400		$	(387	)	$	40			(11	)		NM		$	4,855		$	2,050			137
NET INCOME (LOSS) APPLICABLE TO COMMON STOCK	$	1,615		$	1,815		$	1,387		$	(399	)	$	27			(11	)		NM		$	4,817		$	2,011			140
NET INCOME (LOSS) PER COMMON SHARE
Basic	$	0.80		$	0.90		$	0.69		$	(0.20	)	$	0.01			(11	)		NM		$	2.40		$	1.01			138
Diluted		0.78			0.89			0.69			(0.20	)		0.01			(12	)		NM			2.35			1.00			135
PERFORMANCE RATIOS (c)
Return on Average Assets		0.83	%		0.96	%		0.73	%		NM			0.02	%		(13	)bp		81	bp		0.84	%		0.38	%		46	bp
Return on Average Common Equity		15			17			13			NM			—			(200	)		1,500			15			7			800
FULL-TIME EQUIVALENT EMPLOYEES		92,940			92,256			93,878			94,335			95,637			1	%		(3	)%

(a)	Includes all mortgage-related noninterest revenues except Securities Gains. Third quarter 2003 amounts reflect $209 million of Mortgage Servicing Fees, Net of Amortization, Writedowns and Derivatives Hedging (previously recorded in Fees and Commissions), $(86) million of Residential Mortgage Origination/Sales Activities (Other Revenue), $(161) million of hedging of pipeline activities (Trading Revenue), and $21 million of all other revenues (Fees and Commissions and Other Revenue).
(b)	Included in the second quarter of 2003 was a $100 million addition to the Enron-related litigation reserve. In the fourth quarter of 2002, a $1,300 million (pre-tax) charge was recorded for the settlement of the Enron surety litigation and the establishment of a reserve for certain material litigation, proceedings and investigations.
(c)	Ratios are based on annualized amounts.

Page 3

J.P. MORGAN CHASE & CO. LINES OF BUSINESS FINANCIAL HIGHLIGHTS SUMMARY (in millions, except per share and ratio data)

																3QTR 2003												YTD 2003
	3QTR			2QTR			1QTR			4QTR			3QTR			Over (Under)						YEAR TO DATE						Over (Under)
	2003			2003			2003			2002			2002			2Q 2003			3Q 2002			2003			2002			2002
OPERATING REVENUE
Investment Bank	$	3,203		$	4,254		$	4,061		$	3,353		$	2,481			(25	)%		29	%	$	11,518		$	9,291			24	%
Treasury & Securities Services		1,013			985			936			943			1,029			3			(2	)		2,934			2,961			(1	)
Investment Management & Private Banking		737			679			642			653			695			9			6			2,058			2,189			(6	)
JPMorgan Partners		78			(70	)		(278	)		(83	)		(359	)		NM			NM			(270	)		(860	)		69
Chase Financial Services		3,350			3,976			3,695			3,334			3,667			(16	)		(9	)		11,021			10,121			9
Support Units and Corporate		(162	)		(310	)		(193	)		(275	)		(212	)		48			24			(665	)		(574	)		(16	)
OPERATING REVENUE	$	8,219		$	9,514		$	8,863		$	7,925		$	7,301			(14	)		13		$	26,596		$	23,128			15
EARNINGS
Investment Bank	$	922		$	1,086		$	942		$	362		$	(255	)		(15	)		NM		$	2,950		$	1,024			188
Treasury & Securities Services		157			126			131			131			201			25			(22	)		414			503			(18	)
Investment Management & Private Banking		85			67			35			12			68			27			25			187			250			(25	)
JPMorgan Partners		10			(91	)		(217	)		(95	)		(278	)		NM			NM			(298	)		(692	)		57
Chase Financial Services		460			881			674			468			761			(48	)		(40	)		2,015			1,899			6
Support Units and Corporate		(6	)		(242	)		(165	)		(148	)		(172	)		98			97			(413	)		(330	)		(25	)
OPERATING EARNINGS		1,628			1,827			1,400			730			325			(11	)		401			4,855			2,654			83
Special Items (Net of Taxes):
Real Estate Charge		—			—			—			—			(65	)		NM			NM			—			(65	)		NM
Surety Settlement and Litigation Reserve		—			—			—			(858	)		—			NM			NM			—			—			NM
Merger and Restructuring Costs		—			—			—			(259	)		(220	)		NM			NM			—			(539	)		NM
NET INCOME (LOSS)	$	1,628		$	1,827		$	1,400		$	(387	)	$	40			(11	)		NM		$	4,855		$	2,050			137
AVERAGE ALLOCATED CAPITAL
Investment Bank	$	18,910		$	20,061		$	20,783		$	20,320		$	19,448			(6	)		(3	)	$	19,911		$	19,779			1
Treasury & Securities Services		2,604			2,765			2,757			2,720			2,601			(6	)		—			2,708			2,678			1
Investment Management & Private Banking		5,490			5,481			5,438			5,540			5,607			—			(2	)		5,470			5,678			(4	)
JPMorgan Partners		5,721			5,916			5,985			6,102			6,183			(3	)		(7	)		5,873			6,358			(8	)
Chase Financial Services		8,991			8,650			8,469			8,513			8,634			4			4			8,705			8,650			1
Support Units and Corporate		1,415			(114	)		(1,574	)		(1,225	)		(305	)		NM			NM			(80	)		(1,979	)		96
TOTAL ALLOCATED CAPITAL	$	43,131		$	42,759		$	41,858		$	41,970		$	42,168			1			2		$	42,587		$	41,164			3
EARNINGS PER SHARE — DILUTED
OPERATING EARNINGS	$	0.78		$	0.89		$	0.69		$	0.36		$	0.16			(12	)		388		$	2.35		$	1.30			81
Special Items (Net of Taxes):
Real Estate Charge		—			—			—			—			(0.03	)		NM			NM			—			(0.03	)		NM
Surety Settlement and Litigation Reserve		—			—			—			(0.43	)		—			NM			NM			—			—			NM
Merger and Restructuring Costs		—			—			—			(0.13	)		(0.12	)		NM			NM			—			(0.27	)		NM
NET INCOME (LOSS)	$	0.78		$	0.89		$	0.69		$	(0.20	)	$	0.01			(12	)		NM		$	2.35		$	1.00			135
OPERATING RETURN ON ALLOCATED CAPITAL
Investment Bank		19	%		22	%		18	%		7	%		NM			(300	)bp		NM			20	%		7	%		1,300	bp
Treasury & Securities Services		24			18			19			19			31	%		600			(700	)bp		20			25			(500	)
Investment Management & Private Banking		6			5			2			1			5			100			100			4			6			(200	)
Chase Financial Services		20			41			32			22			35			(2,100	)		(1,500	)		31			29			200
OPERATING RETURN ON ALLOCATED CAPITAL		15			17			13			7			3			(200	)		1,200			15			8			700

Page 4

J.P. MORGAN CHASE & CO. STATEMENT OF INCOME — OPERATING BASIS (in millions, except per share and ratio data)

																3QTR 2003												YTD 2003
	3QTR			2QTR			1QTR			4QTR			3QTR			Over (Under)						YEAR TO DATE						Over (Under)
	2003			2003			2003			2002			2002			2Q 2003			3Q 2002			2003			2002			2002
OPERATING REVENUE
Investment Banking Fees	$	649		$	779		$	616		$	678		$	545			(17	)%		19	%	$	2,044		$	2,085			(2	)%
Trading-Related Revenue (Includes Trading NII)		1,278			2,025			1,981			1,254			412			(37	)		210			5,284			3,301			60
Fees and Commissions		2,569			2,429			2,319			2,365			2,428			6			6			7,317			7,324			—
Private Equity Gains (Losses)		120			(29	)		(221	)		(68	)		(315	)		NM			NM			(130	)		(678	)		81
Securities Gains		164			768			485			747			578			(79	)		(72	)		1,417			816			74
Mortgage Fees and Related Income		(17	)		292			417			(132	)		512			NM			NM			692			1,080			(36	)
Other Revenue		199			40			104			121			190			398			5			343			341			1
Net Interest Income (Excludes Trading NII)		3,257			3,210			3,162			2,960			2,951			1			10			9,629			8,859			9
TOTAL OPERATING REVENUE		8,219			9,514			8,863			7,925			7,301			(14	)		13			26,596			23,128			15
OPERATING EXPENSE
Compensation Expense (a)		2,713			3,231			3,174			3,032			2,367			(16	)		15			9,118			7,951			15
Noncompensation Expense (a) (b)		2,382			2,601			2,367			2,436			2,253			(8	)		6			7,350			6,737			9
TOTAL OPERATING EXPENSE		5,095			5,832			5,541			5,468			4,620			(13	)		10			16,468			14,688			12
Credit Costs		694			915			1,200			1,351			2,190			(24	)		(68	)		2,809			4,419			(36	)
Corporate Credit Allocation		—			—			—			—			—			NM			NM			—			—			NM
Operating Income before Income Tax Expense		2,430			2,767			2,122			1,106			491			(12	)		395			7,319			4,021			82
Income Tax Expense		802			940			722			376			166			(15	)		383			2,464			1,367			80
OPERATING EARNINGS	$	1,628		$	1,827		$	1,400		$	730		$	325			(11	)		401		$	4,855		$	2,654			83
OPERATING BASIS
Diluted Earnings per Share	$	0.78		$	0.89		$	0.69		$	0.36		$	0.16			(12	)		388		$	2.35		$	1.30			81
Shareholder Value Added (c)		311			536			148			(551	)		(964	)		(42	)		NM			995			(1,080	)		NM
Return on Average Managed Assets (d)		0.79	%		0.92	%		0.70	%		0.37	%		0.17	%		(13	)bp		62	bp		0.80	%		0.47	%		33	bp
Return on Common Equity (d)		15			17			13			7			3			(200	)		1,200			15			8			700
Common Dividend Payout Ratio		44			40			50			96			222			400			NM			44			79			(3,500	)
Effective Income Tax Rate		33			34			34			34			34			(100	)		(100	)		34			34			—
Compensation Expense as a % of Operating Revenue		33			34			36			38			32			(100	)		100			34			34			—
Noncompensation Expense as a % of Operating Revenue		29			27			27			31			31			200			(200	)		28			29			(100	)
Overhead Ratio		62			61			63			69			63			100			(100	)		62			64			(200	)
Shareholder Value Added: (c)
Net Income (Loss)	$	1,628		$	1,827		$	1,400		$	(387	)	$	40			(11	)%		NM		$	4,855		$	2,050			137	%
Special Items (Net of Taxes):
Real Estate Charge		—			—			—			—			65			NM			NM			—			65			NM
Surety Settlement and Litigation Reserve		—			—			—			858			—			NM			NM			—			—			NM
Merger and Restructuring Costs		—			—			—			259			220			NM			NM			—			539			NM
Operating Earnings		1,628			1,827			1,400			730			325			(11	)		401	%		4,855			2,654			83
Less: Preferred Dividends		13			12			13			12			13			8			—			38			39			(3	)
Adjusted Operating Earnings		1,615			1,815			1,387			718			312			(11	)		418			4,817			2,615			84
Less: Cost of Capital (e)		1,304			1,279			1,239			1,269			1,276			2			2			3,822			3,695			3
Total Shareholder Value Added	$	311		$	536		$	148		$	(551	)	$	(964	)		(42	)		NM		$	995		$	(1,080	)		NM
Return on Average Managed Assets:
Operating Earnings	$	1,628		$	1,827		$	1,400		$	730		$	325			(11	)		401		$	4,855		$	2,654			83
Average Managed Assets
Average Assets	$	782,426		$	764,655		$	778,238		$	755,166		$	724,366			2			8		$	775,122		$	726,007			7
Average Credit Card Securitizations		32,497			31,665			31,834			30,556			28,348			3			15			32,001			25,158			27
Average Managed Assets	$	814,923		$	796,320		$	810,072		$	785,722		$	752,714			2			8		$	807,123		$	751,165			7

(a)	Includes severance and other related costs associated with expense containment programs implemented in 2002.
(b)	Includes Occupancy Expense, Technology and Communications Expense, Other Expense and Surety Settlement and Litigation Reserve.
(c)	The Firm uses the shareholder value added (“SVA”) framework to measure performance of its business segments. To derive SVA, a non-GAAP financial measure, the Firm applies a cost of capital to each business segment. The capital elements and resultant capital charges provide the businesses with the financial framework to evaluate the trade-off between the use of capital by each business unit versus its return to shareholders. The table above provides a reconciliation of net income on a consolidated basis to the Firm’s SVA.
(d)	Ratios are based on annualized amounts.
(e)	A 12% (after-tax) cost of capital, based on average economic capital, is used for the Firm. To derive shareholder value added for the business segments, a 12% (after-tax) cost of capital is applied for each business segment, except for JPMorgan Partners, which is charged a 15% (after-tax) cost of capital.

Page 5

J.P. MORGAN CHASE & CO. RECONCILIATION FROM REPORTED TO OPERATING BASIS (in millions)

																3QTR 2003												YTD 2003
	3QTR			2QTR			1QTR			4QTR			3QTR			Over (Under)						YEAR TO DATE						Over (Under)
	2003			2003			2003			2002			2002			2Q 2003			3Q 2002			2003			2002			2002
REVENUE
TRADING REVENUE
Reported	$	829		$	1,546		$	1,298		$	586		$	26			(46	)%		NM		$	3,673		$	2,089			76	%
Trading-Related NII		449			479			683			668			386			(6	)		16	%		1,611			1,212			33
Operating	$	1,278		$	2,025		$	1,981		$	1,254		$	412			(37	)		210		$	5,284		$	3,301			60
CREDIT CARD REVENUE (a)
Reported	$	756		$	698		$	692		$	807		$	806			8			(6	)	$	2,146		$	2,062			4
Credit Card Securitizations		(173	)		(122	)		(169	)		(230	)		(237	)		(42	)		27			(464	)		(468	)		1
Operating	$	583		$	576		$	523		$	577		$	569			1			2		$	1,682		$	1,594			6
OTHER REVENUE
Reported	$	213		$	64		$	108		$	108		$	200			233			7		$	385		$	390			(1	)
Credit Card Securitizations		(14	)		(24	)		(4	)		13			(10	)		42			(40	)		(42	)		(49	)		14
Operating	$	199		$	40		$	104		$	121		$	190			398			5		$	343		$	341			1
NET INTEREST INCOME
Reported	$	3,048		$	3,063		$	3,215		$	2,981		$	2,736			—			11		$	9,326		$	8,545			9
Credit Card Securitizations		658			626			630			647			601			5			9			1,914			1,526			25
Trading-Related NII		(449	)		(479	)		(683	)		(668	)		(386	)		6			(16	)		(1,611	)		(1,212	)		(33	)
Operating	$	3,257		$	3,210		$	3,162		$	2,960		$	2,951			1			10		$	9,629		$	8,859			9
TOTAL REVENUE
Reported	$	7,748		$	9,034		$	8,406		$	7,495		$	6,947			(14	)		12		$	25,188		$	22,119			14
Credit Card Securitizations		471			480			457			430			354			(2	)		33			1,408			1,009			40
Total Operating Revenue	$	8,219		$	9,514		$	8,863		$	7,925		$	7,301			(14	)		13		$	26,596		$	23,128			15
NONINTEREST EXPENSE
Reported	$	5,095		$	5,832		$	5,541		$	7,161		$	5,051			(13	)		1		$	16,468		$	15,603			6
Real Estate Reserves		—			—			—			—			(98	)		NM			NM			—			(98	)		NM
Surety Settlement and Litigation Reserve		—			—			—			(1,300	)		—			NM			NM			—			—			NM
Merger and Restructuring Costs		—			—			—			(393	)		(333	)		NM			NM			—			(817	)		NM
Total Operating Expense	$	5,095		$	5,832		$	5,541		$	5,468		$	4,620			(13	)		10		$	16,468		$	14,688			12
CREDIT COSTS
Provision for Credit Losses — Reported	$	223		$	435		$	743		$	921		$	1,836			(49	)		(88	)	$	1,401		$	3,410			(59	)
Credit Card Securitizations		471			480			457			430			354			(2	)		33			1,408			1,009			40
Credit Costs — Operating	$	694		$	915		$	1,200		$	1,351		$	2,190			(24	)		(68	)	$	2,809		$	4,419			(36	)

(a) Included in Fees and Commissions.

Page 6

SEGMENT DETAIL

J.P. MORGAN CHASE & CO. INVESTMENT BANK FINANCIAL HIGHLIGHTS (in millions, except ratios and employees)

																3QTR 2003												YTD 2003
	3QTR			2QTR			1QTR			4QTR			3QTR			Over (Under)						YEAR TO DATE						Over (Under)
	2003			2003			2003			2002			2002			2Q 2003			3Q 2002			2003			2002			2002
OPERATING INCOME STATEMENT
REVENUE:
Trading Revenue (Includes Trading NII):
Fixed Income and Other	$	1,158		$	1,865		$	1,730		$	1,299		$	632			(38	)%		83	%	$	4,753		$	3,169			50	%
Equities		95			160			199			(31	)		(254	)		(41	)		NM			454			42			NM
		1,253			2,025			1,929			1,268			378			(38	)		231			5,207			3,211			62
Investment Banking Fees		636			765			619			650			529			(17	)		20			2,020			2,046			(1	)
Net Interest Income		578			634			731			672			679			(9	)		(15	)		1,943			2,117			(8	)
Fees and Commissions		426			403			380			370			432			6			(1	)		1,209			1,249			(3	)
Securities Gains		225			445			382			376			465			(49	)		(52	)		1,052			700			50
All Other Revenue		85			(18	)		20			17			(2	)		NM			NM			87			(32	)		NM
TOTAL OPERATING REVENUE		3,203			4,254			4,061			3,353			2,481			(25	)		29			11,518			9,291			24
EXPENSE:
Compensation Expense		977			1,392			1,321			1,064			722			(30	)		35			3,690			2,910			27
Noncompensation Expense		823			913			835			882			846			(10	)		(3	)		2,571			2,569			—
Operating Expense (Excl. Severance and Related Costs)		1,800			2,305			2,156			1,946			1,568			(22	)		15			6,261			5,479			14
Severance and Related Costs		26			150			104			337			79			(83	)		(67	)		280			250			12
TOTAL OPERATING EXPENSE		1,826			2,455			2,260			2,283			1,647			(26	)		11			6,541			5,729			14
Operating Margin		1,377			1,799			1,801			1,070			834			(23	)		65			4,977			3,562			40
Credit Costs		(181	)		(4	)		245			489			1,316			NM			NM			60			1,904			(97	)
Corporate Credit Allocation		(11	)		(11	)		(14	)		(19	)		(25	)		—			56			(36	)		(68	)		47
Operating Income (Loss) Before Income Tax Expense		1,547			1,792			1,542			562			(507	)		(14	)		NM			4,881			1,590			207
Income Tax Expense (Benefit)		625			706			600			200			(252	)		(11	)		NM			1,931			566			241
OPERATING EARNINGS (LOSS)	$	922		$	1,086		$	942		$	362		$	(255	)		(15	)		NM		$	2,950		$	1,024			188
Average Allocated Capital	$	18,910		$	20,061		$	20,783		$	20,320		$	19,448			(6	)		(3	)	$	19,911		$	19,779			1
Average Assets		512,127			495,114			525,653			515,620			494,705			3			4			510,915			488,657			5
Shareholder Value Added		344			481			322			(258	)		(849	)		(28	)		NM			1,147			(768	)		NM
Return on Allocated Capital		19	%		22	%		18	%		7	%		NM			(300	)bp		NM			20	%		7	%		1,300	bp
Overhead Ratio		57			58			56			68			66	%		(100	)		(900	)bp		57			62			(500	)
Overhead Ratio Excl. Severance and Related Costs		56			54			53			58			63			200			(700	)		54			59			(500	)
Compensation Expense as a % of Operating Revenue Excl. Severance and Related Costs		31			33			33			32			29			(200	)		200			32			31			100
FULL-TIME EQUIVALENT EMPLOYEES		14,491			14,464			14,619			15,145			16,370			—	%		(11	)%
Shareholder Value Added:
Operating Earnings	$	922		$	1,086		$	942		$	362		$	(255	)		(15	)		NM		$	2,950		$	1,024			188	%
Less: Preferred Dividends		5			5			6			5			5			—			—			16			16			—
Adjusted Operating Earnings		917			1,081			936			357			(260	)		(15	)		NM			2,934			1,008			191
Less: Cost of Capital		573			600			614			615			589			(5	)		(3	)		1,787			1,776			1
Total Shareholder Value Added	$	344		$	481		$	322		$	(258	)	$	(849	)		(28	)		NM		$	1,147		$	(768	)		NM

Page 7

J.P. MORGAN CHASE & CO. INVESTMENT BANK BUSINESS-RELATED METRICS (in millions)

												3QTR 2003										YTD 2003
	3QTR		2QTR		1QTR		4QTR		3QTR			Over (Under)						YEAR TO DATE				Over (Under)
	2003		2003		2003		2002		2002			2Q 2003			3Q 2002			2003		2002		2002
BUSINESS REVENUE:
INVESTMENT BANKING FEES
Advisory	$	161	$	162	$	159	$	216	$	139			(1	)%		16	%	$	482	$	527		(9	)%
Equity Underwriting		173		163		108		88		56			6			209			444		382		16
Debt Underwriting		302		440		352		346		334			(31	)		(10	)		1,094		1,137		(4	)
TOTAL		636		765		619		650		529			(17	)		20			2,020		2,046		(1	)
CAPITAL MARKETS & LENDING
Fixed Income		1,449		2,175		1,992		1,581		908			(33	)		60			5,616		3,962		42
Treasury		371		626		605		577		607			(41	)		(39	)		1,602		1,260		27
Credit Portfolio		406		298		412		354		441			36			(8	)		1,116		1,213		(8	)
Equities		341		390		433		191		(4	)		(13	)		NM			1,164		810		44
TOTAL		2,567		3,489		3,442		2,703		1,952			(26	)		32			9,498		7,245		31
TOTAL OPERATING REVENUE	$	3,203	$	4,254	$	4,061	$	3,353	$	2,481			(25	)		29		$	11,518	$	9,291		24
MEMO:
CAPITAL MARKETS & LENDING TOTAL RETURN REVENUE (a)
Fixed Income	$	1,525	$	2,111	$	1,952	$	1,498	$	942			(28	)		62		$	5,588	$	4,024		39
Treasury		492		437		536		467		363			13			36			1,465		1,047		40
Credit Portfolio		406		298		412		354		441			36			(8	)		1,116		1,213		(8	)
Equities		341		390		433		191		(4	)		(13	)		NM			1,164		810		44
TOTAL	$	2,764	$	3,236	$	3,333	$	2,510	$	1,742			(15	)		59		$	9,333	$	7,094		32
MARKET SHARE / RANKINGS: (b)
Global Syndicated Loans		15%/#1		23%/#1		14%/#1		19%/#1		21%/#1									18%/#1		24%/#1
U.S. Investment-Grade Bonds		15%/#2		16%/#2		14%/#2		14%/#2		15%/#2									15%/#2		17%/#2
Euro-Denominated Corporate International Bonds		7%/#2		5%/#7		4%/#10		7%/#4		5%/#9									5%/#6		6%/#4
Global Equity and Equity-Related		9%/#4		9%/#4		10%/#3		3%/#9		2%/#15									10%/#4		5%/#8
U.S. Equity and Equity-Related		7%/#6		12%/#4		16%/#1		5%/#7		3%/#8									11%/#4		6%/#6
Global Announced M&A		14%/#6		14%/#5		22%/#2		15%/#5		12%/#7									16%/#3		14%/#7

(a)	Total return revenue represents financial revenues plus the unrealized gains or losses on investment securities and hedges (included in comprehensive income) and internally transfer-priced assets and liabilities.
(b)	Derived from Thomson Financial Securities Data, which reflects subsequent updates to prior-period information. Global announced M&A is based on rank value; all other rankings are based on proceeds, with full credit to each book manager/equal if joint.

Page 8

J.P. MORGAN CHASE & CO. TREASURY & SECURITIES SERVICES FINANCIAL HIGHLIGHTS (in millions, except ratios and employees)

																3QTR 2003												YTD 2003
	3QTR			2QTR			1QTR			4QTR			3QTR			Over (Under)						YEAR TO DATE						Over (Under)
	2003			2003			2003			2002			2002			2Q 2003			3Q 2002			2003			2002			2002
OPERATING INCOME STATEMENT
REVENUE:
Fees and Commissions	$	655		$	632		$	599		$	581		$	605			4	%		8	%	$	1,886		$	1,831			3	%
Net Interest Income		316			312			299			315			312			1			1			927			922			1
All Other Revenue		42			41			38			47			112			2			(63	)		121			208			(42	)
TOTAL OPERATING REVENUE		1,013			985			936			943			1,029			3			(2	)		2,934			2,961			(1	)
EXPENSE:
Compensation Expense		312			312			315			279			286			—			9			939			884			6
Noncompensation Expense		456			465			427			467			450			(2	)		1			1,348			1,343			—
Operating Expense (Excl. Severance and Related Costs)		768			777			742			746			736			(1	)		4			2,287			2,227			3
Severance and Related Costs		10			24			4			5			4			(58	)		150			38			12			217
TOTAL OPERATING EXPENSE		778			801			746			751			740			(3	)		5			2,325			2,239			4
Operating Margin		235			184			190			192			289			28			(19	)		609			722			(16	)
Credit Costs		(1	)		1			1			2			(1	)		NM			—			1			(1	)		NM
Corporate Credit Allocation		11			11			14			19			25			—			(56	)		36			68			(47	)
Operating Income Before Income Tax Expense		247			194			203			209			315			27			(22	)		644			791			(19	)
Income Tax Expense		90			68			72			78			114			32			(21	)		230			288			(20	)
OPERATING EARNINGS	$	157		$	126		$	131		$	131		$	201			25			(22	)	$	414		$	503			(18	)
Average Allocated Capital	$	2,604		$	2,765		$	2,757		$	2,720		$	2,601			(6	)		—		$	2,708		$	2,678			1
Average Assets		18,351			19,381			17,562			19,279			15,943			(5	)		15			18,434			17,276			7
Shareholder Value Added		78			43			49			48			122			81			(36	)		170			261			(35	)
Return on Allocated Capital		24	%		18	%		19	%		19	%		31	%		600	bp		(700	)bp		20	%		25	%		(500	)bp
Overhead Ratio		77			81			80			80			72			(400	)		500			79			76			300
Assets under Custody (in billions)	$	6,926		$	6,777		$	6,269		$	6,336		$	6,251			2	%		11	%
FULL-TIME EQUIVALENT EMPLOYEES		14,294			14,393			14,349			14,440			14,739			(1	)		(3	)
Shareholder Value Added:
Operating Earnings	$	157		$	126		$	131		$	131		$	201			25			(22	)	$	414		$	503			(18	)%
Less: Preferred Dividends		1			—			1			—			1			NM			—			2			2			—
Adjusted Operating Earnings		156			126			130			131			200			24			(22	)		412			501			(18	)
Less: Cost of Capital		78			83			81			83			78			(6	)		—			242			240			1
Total Shareholder Value Added	$	78		$	43		$	49		$	48		$	122			81			(36	)	$	170		$	261			(35	)
OPERATING REVENUE BY BUSINESS:
Treasury Services	$	501		$	472		$	478		$	472		$	467			6			7		$	1,451		$	1,354			7
Investor Services		371			360			340			334			384			3			(3	)		1,071			1,181			(9	)
Institutional Trust Services		237			240			205			225			220			(1	)		8			682			644			6
Other		(96	)		(87	)		(87	)		(88	)		(42	)		(10	)		(129	)		(270	)		(218	)		(24	)
Total Treasury & Securities Services	$	1,013		$	985		$	936		$	943		$	1,029			3			(2	)	$	2,934		$	2,961			(1	)

Page 9

J.P. MORGAN CHASE & CO. INVESTMENT MANAGEMENT & PRIVATE BANKING FINANCIAL HIGHLIGHTS (in millions, except ratios and employees)

																3QTR 2003												YTD 2003
	3QTR			2QTR			1QTR			4QTR			3QTR			Over (Under)						YEAR TO DATE						Over (Under)
	2003			2003			2003			2002			2002			2Q 2003			3Q 2002			2003			2002			2002
OPERATING INCOME STATEMENT
REVENUE:
Fees and Commissions	$	573		$	508		$	510		$	507		$	519			13	%		10	%	$	1,591		$	1,670			(5	)%
Net Interest Income		116			117			116			107			117			(1	)		(1	)		349			342			2
All Other Revenue		48			54			16			39			59			(11	)		(19	)		118			177			(33	)
TOTAL OPERATING REVENUE		737			679			642			653			695			9			6			2,058			2,189			(6	)
EXPENSE:
Compensation Expense		314			290			284			311			267			8			18			888			813			9
Noncompensation Expense		299			286			290			315			296			5			1			875			908			(4	)
TOTAL OPERATING EXPENSE		613			576			574			626			563			6			9			1,763			1,721			2
Operating Margin		124			103			68			27			132			20			(6	)		295			468			(37	)
Credit Costs		(7	)		—			6			13			26			NM			NM			(1	)		71			NM
Operating Income Before Income Tax Expense		131			103			62			14			106			27			24			296			397			(25	)
Income Tax Expense		46			36			27			2			38			28			21			109			147			(26	)
OPERATING EARNINGS	$	85		$	67		$	35		$	12		$	68			27			25		$	187		$	250			(25	)
Average Allocated Capital	$	5,490		$	5,481		$	5,438		$	5,540		$	5,607			—			(2	)	$	5,470		$	5,678			(4	)
Average Goodwill Capital		4,097			4,096			4,101			4,115			4,117			—			—			4,098			4,116			—
Average Assets		33,199			33,929			33,582			33,522			34,968			(2	)		(5	)		33,569			36,473			(8	)
Shareholder Value Added		(82	)		(99	)		(128	)		(157	)		(104	)		17			21			(309	)		(265	)		(17	)
Tangible Shareholder Value Added		47			28			(3	)		(28	)		26			68			81			72			122			(41	)
Return on Allocated Capital		6	%		5	%		2	%		1	%		5	%		100	bp		100	bp		4	%		6	%		(200	)bp
Return on Tangible Allocated Capital		25			20			11			5			19			500			600			19			23			(400	)
Overhead Ratio		83			85			89			96			81			(200	)		200			86			79			700
Pre-Tax Margin Ratio		18			15			10			2			15			300			300			14			18			(400	)
FULL-TIME EQUIVALENT EMPLOYEES		7,716			7,884			7,510			7,827			8,080			(2	)%		(5	)%
Shareholder Value Added:
Operating Earnings	$	85		$	67		$	35		$	12		$	68			27			25		$	187		$	250			(25	)%
Less: Preferred Dividends		2			1			2			1			2			100			—			5			5			—
Adjusted Operating Earnings		83			66			33			11			66			26			26			182			245			(26	)
Less: Cost of Capital		165			165			161			168			170			—			(3	)		491			510			(4	)
Total Shareholder Value Added		(82	)		(99	)		(128	)		(157	)		(104	)		17			21			(309	)		(265	)		(17	)
Add: Goodwill Exclusion Impact		129			127			125			129			130			2			(1	)		381			387			(2	)
Tangible SVA (a)	$	47		$	28		$	(3	)	$	(28	)	$	26			68			81		$	72		$	122			(41	)
ASSETS UNDER SUPERVISION (in billions)
Client Segment:
Retail	$	88	(b)	$	84		$	72		$	80		$	77			5			14
Private Banking		132	(b)		130			125			130			126			2			5
Institutional		307	(b)		298			298			305			298			3			3
Assets under Management		527	(b)		512			495			515			501			3			5
Custody / Brokerage / Administration / Deposits		193	(b)		182			127			129			131			6			47
Assets under Supervision	$	720	(b)	$	694		$	622		$	644		$	632			4			14
Geographic Region:
Americas	$	348	(b)	$	348		$	350		$	362		$	352			—			(1	)
Europe and Asia		179	(b)		164			145			153			149			9			20
Assets under Management		527	(b)		512			495			515			501			3			5
Custody / Brokerage / Administration / Deposits		193	(b)		182			127			129			131			6			47
Assets under Supervision	$	720	(b)	$	694		$	622		$	644		$	632			4			14
Product Class:
Liquidity	$	149	(b)	$	140		$	144		$	144		$	130			6			15
Fixed Income		146	(b)		150			144			149			150			(3	)		(3	)
Equities and Other		232	(b)		222			207			222			221			5			5
Assets under Management		527	(b)		512			495			515			501			3			5
Custody / Brokerage / Administration / Deposits		193	(b)		182			127			129			131			6			47
Assets under Supervision	$	720	(b)	$	694		$	622		$	644		$	632			4			14

(a)	In addition to shareholder value added (“SVA”), the Firm uses tangible SVA, a non-GAAP financial measure, as an additional measure of the economics of the IMPB business segment. To derive tangible SVA, the impact of goodwill is excluded.
(b)	Estimated

Page 10

J.P. MORGAN CHASE & CO. JPMORGAN PARTNERS FINANCIAL HIGHLIGHTS (in millions, except employees)

																3QTR 2003												YTD 2003
	3QTR			2QTR			1QTR			4QTR			3QTR			Over (Under)						YEAR TO DATE						Over (Under)
	2003			2003			2003			2002			2002			2Q 2003			3Q 2002			2003			2002			2002
OPERATING INCOME STATEMENT
REVENUE:
Direct Investments:
Realized Cash Gains (Net)	$	134		$	153		$	46		$	144		$	91			(12	)%		47	%	$	333		$	308			8	%
Write-downs / Write-offs		1			(177	)		(176	)		(225	)		(210	)		NM			NM			(352	)		(600	)		41
Mark-to-Market Gains (Losses) (a)		26			147			(6	)		108			(120	)		(82	)		NM			167			(318	)		NM
Total Direct Investments		161			123			(136	)		27			(239	)		31			NM			148			(610	)		NM
Private Third-Party Fund Investments (Net)		(41	)		(145	)		(94	)		(80	)		(60	)		72			32			(280	)		(70	)		(300	)
Total Private Equity Gains (Losses) (b)		120			(22	)		(230	)		(53	)		(299	)		NM			NM			(132	)		(680	)		81
Net Interest Income (Loss)		(54	)		(58	)		(62	)		(57	)		(63	)		7			14			(174	)		(211	)		18
Fees and Other Revenue		12			10			14			27			3			20			300			36			31			16
TOTAL OPERATING REVENUE		78			(70	)		(278	)		(83	)		(359	)		NM			NM			(270	)		(860	)		69
EXPENSE:
Compensation Expense		32			35			34			23			33			(9	)		(3	)		101			104			(3	)
Noncompensation Expense		32			39			29			46			46			(18	)		(30	)		100			126			(21	)
TOTAL OPERATING EXPENSE		64			74			63			69			79			(14	)		(19	)		201			230			(13	)
Operating Income (Loss) Before Income Tax Expense		14			(144	)		(341	)		(152	)		(438	)		NM			NM			(471	)		(1,090	)		57
Income Tax Expense (Benefit)		4			(53	)		(124	)		(57	)		(160	)		NM			NM			(173	)		(398	)		57
OPERATING EARNINGS (LOSS)	$	10		$	(91	)	$	(217	)	$	(95	)	$	(278	)		NM			NM		$	(298	)	$	(692	)		57
Average Allocated Capital	$	5,721		$	5,916		$	5,985		$	6,102		$	6,183			(3	)		(7	)	$	5,873		$	6,358			(8	)
Average Assets		8,649			9,008			9,428			9,629			9,404			(4	)		(8	)		9,025			9,694			(7	)
Shareholder Value Added		(207	)		(314	)		(441	)		(327	)		(514	)		34			60			(962	)		(1,411	)		32
FULL-TIME EQUIVALENT EMPLOYEES		325			329			342			357			364			(1	)		(11	)
Shareholder Value Added:
Operating Earnings	$	10		$	(91	)	$	(217	)	$	(95	)	$	(278	)		NM			NM		$	(298	)	$	(692	)		57
Less: Preferred Dividends		2			1			2			2			2			100			—			5			6			(17	)
Adjusted Operating Earnings		8			(92	)		(219	)		(97	)		(280	)		NM			NM			(303	)		(698	)		57
Less: Cost of Capital		215			222			222			230			234			(3	)		(8	)		659			713			(8	)
Total Shareholder Value Added	$	(207	)	$	(314	)	$	(441	)	$	(327	)	$	(514	)		34			60		$	(962	)	$	(1,411	)		32

(a)	Includes mark-to-market gains (losses) and reversals of mark-to-market gains (losses) due to public securities sales.
(b)	Includes the impact of portfolio hedging activities.

Page 11

J.P. MORGAN CHASE & CO. JPMORGAN PARTNERS INVESTMENT PORTFOLIO — PRIVATE AND PUBLIC SECURITIES (in millions)

																Sep 30, 2003
																Over (Under)
	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30			Jun 30			Sep 30
	2003			2003			2003			2002			2002			2003			2002
PORTFOLIO INFORMATION
Public Securities (66 companies) (a) (b)
Carrying Value	$	705		$	591		$	478		$	520		$	488			19	%		44	%
Cost		560			531			624			663			764			5			(27	)
Private Direct Securities (861 companies) (b)
Carrying Value		5,686			5,766			5,912			5,865			5,694			(1	)		—
Cost		7,188			7,351			7,439			7,316			7,186			(2	)		—
Private Third-Party Fund Investments (288 funds) (b) (c)
Carrying Value		1,406			1,544			1,780			1,843			1,831			(9	)		(23	)
Cost		2,020			2,121			2,360			2,333			2,216			(5	)		(9	)
Total Investment Portfolio — Carrying Value	$	7,797		$	7,901		$	8,170		$	8,228		$	8,013			(1	)		(3	)
Total Investment Portfolio — Cost	$	9,768		$	10,003		$	10,423		$	10,312		$	10,166			(2	)		(4	)
% of Portfolio to the Firm’s Common Equity (d)		17	%		18	%		20	%		20	%		19	%		(100	)bp		(200	)bp

(a)	The quoted public value was $1.1 billion at September 30, 2003.
(b)	Represents the number of companies and funds at September 30, 2003.
(c)	Unfunded commitments to private third-party equity funds were $1.7 billion at September 30, 2003.
(d)	For purposes of calculating this ratio, the JPMP carrying value excludes the post-December 31, 2002 impact of public mark-to-market valuation adjustments, and the Firm’s common equity excludes SFAS 115 equity balances.

Page 12

J.P. MORGAN CHASE & CO. CHASE FINANCIAL SERVICES FINANCIAL HIGHLIGHTS (in millions, except ratios and employees)

																3QTR 2003												YTD 2003
	3QTR			2QTR			1QTR			4QTR			3QTR			Over (Under)						YEAR TO DATE						Over (Under)
	2003			2003			2003			2002			2002			2Q 2003			3Q 2002			2003			2002			2002
OPERATING INCOME STATEMENT
REVENUE:
Net Interest Income	$	2,491		$	2,422		$	2,318		$	2,128		$	2,108			3	%		18	%	$	7,231		$	6,166			17	%
Fees and Commissions		932			915			845			933			910			2			2			2,692			2,633			2
Securities Gains		(61	)		323			102			375			112			NM			NM			364			118			208
Mortgage Fees and Related Income (a)		(17	)		292			417			(132	)		512			NM			NM			692			1,080			(36	)
All Other Revenue		5			24			13			30			25			(79	)		(80	)		42			124			(66	)
TOTAL OPERATING REVENUE		3,350			3,976			3,695			3,334			3,667			(16	)		(9	)		11,021			10,121			9
EXPENSE:
Compensation Expense		692			757			721			610			662			(9	)		5			2,170			1,927			13
Noncompensation Expense		1,023			1,008			1,023			1,076			978			1			5			3,054			2,819			8
Operating Expense (Excl. Severance and Related Costs)		1,715			1,765			1,744			1,686			1,640			(3	)		5			5,224			4,746			10
Severance and Related Costs		26			2			14			25			15			NM			73			42			74			(43	)
TOTAL OPERATING EXPENSE		1,741			1,767			1,758			1,711			1,655			(1	)		5			5,266			4,820			9
Operating Margin		1,609			2,209			1,937			1,623			2,012			(27	)		(20	)		5,755			5,301			9
Credit Costs		883			817			877			874			823			8			7			2,577			2,285			13
Operating Income Before Income Tax Expense		726			1,392			1,060			749			1,189			(48	)		(39	)		3,178			3,016			5
Income Tax Expense		266			511			386			281			428			(48	)		(38	)		1,163			1,117			4
OPERATING EARNINGS	$	460		$	881		$	674		$	468		$	761			(48	)		(40	)	$	2,015		$	1,899			6
Average Allocated Capital	$	8,991		$	8,650		$	8,469		$	8,513		$	8,634			4			4		$	8,705		$	8,650			1
Average Managed Assets (b)		223,373			217,278			202,332			188,469			178,817			3			25			214,404			176,661			21
Shareholder Value Added		185			620			421			208			498			(70	)		(63	)		1,226			1,115			10
Return on Allocated Capital		20	%		41	%		32	%		22	%		35	%		(2,100	)bp		(1,500	)bp		31	%		29	%		200	bp
Overhead Ratio		52			44			48			51			45			800			700			48			48			—
FULL-TIME EQUIVALENT EMPLOYEES		46,231			45,268			44,312			43,543			42,839			2	%		8	%
Shareholder Value Added:
Operating Earnings	$	460		$	881		$	674		$	468		$	761			(48	)		(40	)	$	2,015		$	1,899			6	%
Less: Preferred Dividends		3			2			3			2			3			50			—			8			8			—
Adjusted Operating Earnings		457			879			671			466			758			(48	)		(40	)		2,007			1,891			6
Less: Cost of Capital		272			259			250			258			260			5			5			781			776			1
Total Shareholder Value Added	$	185		$	620		$	421		$	208		$	498			(70	)		(63	)	$	1,226		$	1,115			10

(a)

Includes all mortgage-related noninterest revenues except Securities Gains. Third quarter 2003 amounts reflect $209 million of Mortgage Servicing Fees, Net of Amortization, Writedowns and Derivatives Hedging (previously recorded in Fees and Commissions), $(86) million of Residential Mortgage Origination/Sales Activities (Other Revenue), $(161) million of hedging of pipeline activities (Trading Revenue), and $21 million of all other revenues (Fees and Commissions and Other Revenue).

(b)

Includes credit card receivables that have been securitized.

Page 13

J.P. MORGAN CHASE & CO. CHASE FINANCIAL SERVICES BUSINESS FINANCIAL HIGHLIGHTS (in millions)

													3QTR 2003										YTD 2003
	3QTR			2QTR		1QTR		4QTR			3QTR		Over (Under)						YEAR TO DATE				Over (Under)
	2003			2003		2003		2002			2002		2Q 2003			3Q 2002			2003		2002		2002
CHASE FINANCIAL SERVICES’ BUSINESSES
CHASE HOME FINANCE:
Operating Revenue:
Operating Revenue (Excl. MSR Hedging Revenue) (a)	$	668		$	1,086	$	1,051	$	721		$	708		(38	)%		(6	)%	$	2,805	$	2,007		40	%
MSR Hedging Revenue (a)		(6	)		233		86		(84	)		263		NM			NM			313		261		20
Total	$	662		$	1,319	$	1,137	$	637		$	971		(50	)		(32	)	$	3,118	$	2,268		37
Operating Expense		416			377		363		379			311		10			34			1,156		919		26
Operating Earnings		124			567		429		146			385		(78	)		(68	)		1,120		774		45
CHASE CARDMEMBER SERVICES:
Operating Revenue	$	1,578		$	1,520	$	1,468	$	1,571		$	1,556		4			1		$	4,566	$	4,395		4
Operating Expense		552			539		534		608			546		2			1			1,625		1,548		5
Operating Earnings		206			173		154		141			232		19			(11	)		533		538		(1	)
CHASE AUTO FINANCE:
Operating Revenue	$	218		$	222	$	199	$	187		$	165		(2	)		32		$	639	$	501		28
Operating Expense		72			72		67		65			61		—			18			211		183		15
Operating Earnings		50			68		39		35			24		(26	)		108			157		134		17
CHASE REGIONAL BANKING:
Operating Revenue	$	637		$	658	$	632	$	694		$	699		(3	)		(9	)	$	1,927	$	2,140		(10	)
Operating Expense		569			573		566		566			550		(1	)		3			1,708		1,660		3
Operating Earnings		18			42		35		78			76		(57	)		(76	)		95		281		(66	)
CHASE MIDDLE MARKET:
Operating Revenue	$	367		$	356	$	364	$	358		$	376		3			(2	)	$	1,087	$	1,107		(2	)
Operating Expense		225			219		211		224			200		3			13			655		616		6
Operating Earnings		70			82		91		56			94		(15	)		(26	)		243		267		(9	)

(a) MSR represents Mortgage Servicing Rights.

Page 14

J.P. MORGAN CHASE & CO. CHASE FINANCIAL SERVICES BUSINESS-RELATED METRICS (in billions, except ratios and where otherwise noted)

																3QTR 2003												YTD 2003
	3QTR			2QTR			1QTR			4QTR			3QTR			Over (Under)						YEAR TO DATE						Over (Under)
	2003			2003			2003			2002			2002			2Q 2003			3Q 2002			2003			2002			2002
Chase Home Finance
Originations:
Retail, Wholesale and Correspondent	$	68		$	55		$	41		$	40		$	29			24	%		134	%	$	164		$	73			125	%
Correspondent Negotiated Transactions		25			23			21			21			7			9			257			69			22			214
Loans Serviced (EOP)		455			437			432			426			435			4			5			455			435			5
End-of-Period Outstandings		85.8			74.5			67.3			63.6			55.6			15			54			85.8			55.6			54
Total Average Loans Owned		80.6			71.2			64.4			59.7			54.2			13			49			72.4			55.1			31
MSR Carrying Value		4.0			3.0			3.2			3.2			3.6			33			11			4.0			3.6			11
Number of Customers (in millions)		4.0			3.9			4.0			4.0			4.0			3			—			4.0			4.0			—
Net Charge-Off Ratio		0.15	%		0.18	%		0.20	%		0.27	%		0.21	%		(3	)bp		(6	)bp		0.18	%		0.24	%		(6	)bp
Overhead Ratio		63			29			32			59			32			3,400			3,100			37			41			(400	)
Chase Cardmember Services — Managed Basis
End-of-Period Outstandings	$	50.9		$	51.0		$	50.6		$	51.1		$	51.1			—	%		—	%	$	50.9		$	51.1			—	%
Average Outstandings		50.9			50.7			50.9			50.7			50.4			—			1			50.8			48.5			5
Total Purchases & Cash Advances (a)		22.9			22.2			20.7			21.2			23.0			3			—			65.8			62.8			5
Total Accounts (in millions)		30.6			30.3			29.8			29.2			28.6			1			7			30.6			28.6			7
Active Accounts (in millions)		16.3			16.4			16.5			16.5			16.5			(1	)		(1	)		16.3			16.5			(1	)
New Accounts (in millions)		1.1			1.0			1.1			1.0			0.9			10			22			3.2			2.7			19
Net Charge-Off Ratio (b)		5.83	%		6.02	%		5.95	%		5.71	%		5.54	%		(19	)bp		29	bp		5.93	%		5.95	%		(2	)bp
30+ Day Delinquency Rate		4.62			4.40			4.59			4.67			4.47			22			15			4.62			4.47			15
Overhead Ratio		35			35			36			39			35			—			—			36			35			100
Chase Auto Finance
Loan and Lease Receivables (EOP)	$	42.8		$	41.7		$	41.1		$	37.4		$	33.8			3	%		27	%	$	42.8		$	33.8			27	%
Average Loan and Lease Receivables		42.1			41.7			39.6			35.8			31.5			1			34			41.2			30.3			36
Auto Origination Volume		7.0			7.9			7.4			6.8			7.6			(11	)		(8	)		22.3			18.4			21
Auto Market Share		6.6	%(d)		6.8	%		6.7	%		5.7	%		5.8	%		(20	)bp		80	bp		6.6	%		5.8	%		80	bp
Net Charge-Off Ratio		0.41			0.37			0.48			0.53			0.59			4			(18	)		0.42			0.50			(8	)
Overhead Ratio		33			32			34			35			37			100			(400	)		33			37			(400	)
Chase Regional Banking
Total Average Deposits	$	76.0		$	74.5		$	72.6		$	70.1		$	70.1			2	%		8	%	$	74.4		$	69.7			7	%
Total Average Assets Under Management (c)		109.5	(d)		108.1			105.3			102.6			102.6			1			7			107.8			103.9			4
Number of Branches		528			527			527			528			533			—			(1	)		528			533			(1	)
Number of ATMs		1,740			1,735			1,870			1,876			1,884			—			(8	)		1,740			1,884			(8	)
Overhead Ratio		89	%		87	%		89	%		82	%		79	%		200	bp		1,000	bp		89	%		78	%		1,100	bp
Chase Middle Market
Total Average Loans	$	14.3		$	14.3		$	14.3		$	14.1		$	13.7			—	%		4	%	$	14.3		$	13.6			5	%
Total Average Deposits		28.9			26.9			28.0			25.8			24.0			7			20			28.0			23.6			19
Nonperforming Average Loans as a % of Total Average Loans		1.12	%		1.24	%		1.42	%		1.59	%		1.95	%		(12	)bp		(83	)bp		1.26	%		2.03	%		(77	)bp
Overhead Ratio		61			61			58			63			53			—			800			60			56			400

(a)	Sum of total customer purchases, cash advances and balance transfers.
(b)	Prior periods have been restated to conform to current presentation.
(c)	Assets under management includes deposits.
(d)	Estimated

Page 15

SUPPLEMENTAL DETAIL

J.P. MORGAN CHASE & CO. NONINTEREST REVENUE AND NONINTEREST EXPENSE DETAIL ON A REPORTED BASIS (in millions)

													3QTR 2003										YTD 2003
	3QTR		2QTR		1QTR		4QTR			3QTR			Over (Under)						YEAR TO DATE				Over (Under)
	2003		2003		2003		2002			2002			2Q 2003			3Q 2002			2003		2002		2002
NONINTEREST REVENUE
Investment Banking Fees:
Underwriting and other:
Equity	$	173	$	163	$	108	$	84		$	57			6	%		204	%	$	444	$	380		17	%
Debt		317		460		342		361			345			(31	)		(8	)		1,119		1,182		(5	)
Total Underwriting and other		490		623		450		445			402			(21	)		22			1,563		1,562		—
Advisory		159		156		166		233			143			2			11			481		523		(8	)
Total	$	649	$	779	$	616	$	678		$	545			(17	)		19		$	2,044	$	2,085		(2	)
Trading-Related Revenue: (a)
Equities	$	108	$	151	$	194	$	(20	)	$	(211	)		(28	)		NM		$	453	$	132		243
Fixed Income and Other		1,170		1,874		1,787		1,274			623			(38	)		88			4,831		3,169		52
Total	$	1,278	$	2,025	$	1,981	$	1,254		$	412			(37	)		210		$	5,284	$	3,301		60
Fees and Commissions:
Investment Management, Custody and Processing Services	$	944	$	891	$	885	$	863		$	923			6			2		$	2,720	$	2,896		(6	)
Credit Card Revenue		756		698		692		807			806			8			(6	)		2,146		2,062		4
Brokerage and Investment Services		343		321		277		273			321			7			7			941		958		(2	)
Other Lending-Related Service Fees		157		127		124		160			128			24			23			408		386		6
Deposit Service Fees		298		284		285		277			288			5			3			867		851		2
Other Fees		244		230		225		215			199			6			23			699		639		9
Total	$	2,742	$	2,551	$	2,488	$	2,595		$	2,665			7			3		$	7,781	$	7,792		—
NONINTEREST EXPENSE
Other Expense:
Professional Services	$	325	$	324	$	325	$	378		$	307			—			6		$	974	$	925		5
Outside Services		294		310		272		249			256			(5	)		15			876		745		18
Marketing		179		167		164		220			179			7			—			510		469		9
Travel and Entertainment		103		102		89		96			102			1			1			294		315		(7	)
Amortization of Intangibles		73		73		74		82			80			—			(9	)		220		241		(9	)
All Other		298		250		310		351			324			19			(8	)		858		1,040		(18	)
Total	$	1,272	$	1,226	$	1,234	$	1,376		$	1,248			4			2		$	3,732	$	3,735		—

(a) Includes trading-related net interest income. See reconciliation from reported to operating basis on page 6.

Page 16

J.P. MORGAN CHASE & CO. CONSOLIDATED BALANCE SHEET (in millions)

																Sep 30, 2003
																Over (Under)
	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30			Jun 30			Sep 30
	2003			2003			2003			2002			2002			2003			2002
ASSETS
Cash and Due from Banks	$	18,585		$	23,398		$	22,229		$	19,218		$	18,159			(21	)%		2	%
Deposits with Banks		10,601			10,393			6,896			8,942			13,447			2			(21	)
Federal Funds Sold and Securities Purchased under Resale Agreements		88,752			69,748			69,764			65,809			63,748			27			39
Securities Borrowed		37,096			41,067			39,188			34,143			35,283			(10	)		5
Trading Assets:
Debt and Equity Instruments		146,731			139,275			146,783			165,199			151,264			5			(3	)
Derivative Receivables		83,787			93,602			86,649			83,102			87,518			(10	)		(4	)
Securities		65,152			82,549			85,178			84,463			79,768			(21	)		(18	)
Loans (Net of Allowance for Loan Losses)		231,448			222,307			212,256			211,014			206,215			4			12
Private Equity Investments		7,797			7,901			8,170			8,228			8,013			(1	)		(3	)
Goodwill		8,134			8,132			8,122			8,096			8,108			—			—
Mortgage Servicing Rights		4,007			2,967			3,235			3,230			3,606			35			11
Other Intangibles:
Purchased Credit Card Relationships		1,078			1,141			1,205			1,269			1,337			(6	)		(19	)
All Other Intangibles		311			320			294			307			311			(3	)		—
Other Assets		89,221			99,803			65,187			65,780			64,982			(11	)		37
TOTAL ASSETS (a)	$	792,700		$	802,603		$	755,156		$	758,800		$	741,759			(1	)		7
LIABILITIES
Deposits:
Noninterest-Bearing	$	81,865		$	88,096		$	77,822		$	82,029		$	74,724			(7	)		10
Interest-Bearing		231,761			230,152			222,845			222,724			217,447			1			7
Total Deposits		313,626			318,248			300,667			304,753			292,171			(1	)		7
Federal Funds Purchased and Securities Sold under Repurchase Agreements		131,959			155,330			160,221			169,483			154,745			(15	)		(15	)
Commercial Paper		14,790			12,382			14,039			16,591			13,775			19			7
Other Borrowed Funds		8,174			12,176			12,848			8,946			12,646			(33	)		(35	)
Trading Liabilities:
Debt and Equity Instruments		87,516			72,825			64,427			66,864			71,607			20			22
Derivative Payables		68,285			72,831			64,804			66,227			70,593			(6	)		(3	)
Accounts Payable, Accrued Expenses and Other Liabilities (including the Allowance for Lending-Related Commitments)		54,333			64,072			46,776			38,440			38,233			(15	)		42
Beneficial Interests of Consolidated Variable Interest Entities		18,399			—			—			—			—			NM			NM
Long-Term Debt		43,945			43,371			42,851			39,751			39,113			1			12
Junior Subordinated Deferrable Interest Debentures Held by Trusts that Issued Guaranteed Capital Debt Securities		6,716			1,108			—			—			—			NM			NM
Guaranteed Preferred Beneficial Interests in Capital Debt Securities Issued by Consolidated Trusts		—			5,439			5,439			5,439			5,439			NM			NM
TOTAL LIABILITIES		747,743			757,782			712,072			716,494			698,322			(1	)		7
STOCKHOLDERS’ EQUITY
Preferred Stock		1,009			1,009			1,009			1,009			1,009			—			—
Common Stock		2,041			2,036			2,032			2,024			2,023			—			1
Capital Surplus		13,238			12,898			12,477			13,222			13,113			3			1
Retained Earnings		28,540			27,633			26,538			25,851			26,940			3			6
Accumulated Other Comprehensive Income		187			1,293			1,113			1,227			1,465			(86	)		(87	)
Treasury Stock, at Cost		(58	)		(48	)		(85	)		(1,027	)		(1,113	)		(21	)		95
TOTAL STOCKHOLDERS’ EQUITY		44,957			44,821			43,084			42,306			43,437			—			3
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	792,700		$	802,603		$	755,156		$	758,800		$	741,759			(1	)		7

(a) At September 30, 2003, includes an incremental $15 billion related to variable interest entities that were consolidated during the third quarter of 2003 in accordance with FIN 46. Also includes approximately $3 billion of variable interest entities consolidated prior to the third quarter of 2003 that continue to be consolidated in accordance with FIN 46.

Page 17

J.P. MORGAN CHASE & CO. CONDENSED AVERAGE BALANCE SHEET AND ANNUALIZED YIELDS (in millions, except rates)

																3QTR 2003												YTD 2003
	3QTR			2QTR			1QTR			4QTR			3QTR			Over (Under)						YEAR TO DATE						Over (Under)
	2003			2003			2003			2002			2002			2Q 2003			3Q 2002			2003			2002			2002
AVERAGE BALANCES
ASSETS
Deposits with Banks	$	10,163		$	7,061		$	9,998		$	13,074		$	13,071			44	%		(22	)%	$	9,075		$	11,564			(22	)%
Federal Funds Sold and Securities Purchased under Resale Agreements		89,865			76,690			87,657			88,974			83,402			17			8			84,745			82,583			3
Securities and Trading Assets		213,861			225,333			246,007			229,120			205,232			(5	)		4			228,282			195,986			16
Securities Borrowed		40,019			42,160			38,654			40,673			41,881			(5	)		(4	)		40,283			43,387			(7	)
Loans		237,508			219,950			215,882			211,489			205,037			8			16			224,526			211,413			6
Total Interest-Earning Assets		591,416			571,194			598,198			583,330			548,623			4			8			586,911			544,933			8
Noninterest-Earning Assets		191,010			193,461			180,040			171,836			175,743			(1	)		9			188,211			181,074			4
TOTAL ASSETS	$	782,426		$	764,655		$	778,238		$	755,166		$	724,366			2			8		$	775,122		$	726,007			7
LIABILITIES
Interest-Bearing Deposits	$	221,539		$	225,950		$	225,389		$	215,061		$	214,932			(2	)		3		$	224,279		$	218,211			3
Federal Funds Purchased and Securities Sold under Repurchase Agreements		148,132			164,386			191,163			182,526			170,266			(10	)		(13	)		167,735			163,677			2
Commercial Paper		13,088			12,929			14,254			13,469			13,740			1			(5	)		13,419			17,033			(21	)
Other Borrowings (a)		72,191			63,524			68,453			65,591			66,014			14			9			68,069			70,673			(4	)
Beneficial Interests of Consolidated Variable Interest Entities		19,791			—			—			—			—			NM			NM			6,671			—			NM
Long-Term Debt		48,685			49,219			46,001			44,621			45,525			(1	)		7			47,978			43,693			10
Total Interest-Bearing Liabilities		523,426			516,008			545,260			521,268			510,477			1			3			528,151			513,287			3
Noninterest-Bearing Liabilities		214,860			204,879			190,111			190,919			170,712			5			26			203,375			170,430			19
TOTAL LIABILITIES		738,286			720,887			735,371			712,187			681,189			2			8			731,526			683,717			7
PREFERRED STOCK OF SUBSIDIARY (b)		—			—			—			—			—			NM			NM			—			117			NM
Preferred Stock		1,009			1,009			1,009			1,009			1,009			—			—			1,009			1,009			—
Common Stockholders’ Equity		43,131			42,759			41,858			41,970			42,168			1			2			42,587			41,164			3
TOTAL STOCKHOLDERS’ EQUITY		44,140			43,768			42,867			42,979			43,177			1			2			43,596			42,173			3
TOTAL LIABILITIES, PREFERRED STOCK OF SUBSIDIARY AND STOCKHOLDERS’ EQUITY	$	782,426		$	764,655		$	778,238		$	755,166		$	724,366			2			8		$	775,122		$	726,007			7
AVERAGE RATES
INTEREST-EARNING ASSETS
Deposits with Banks		0.93	%		2.39	%		2.58	%		1.48	%		2.65	%		(146	)bp		(172	)bp		1.91	%		2.94	%		(103	)bp
Federal Funds Sold and Securities Purchased under Resale Agreements		1.52			1.85			2.19			2.33			2.52			(33	)		(100	)		1.85			2.52			(67	)
Securities and Trading Assets		4.41			4.64			4.64			4.62			4.98			(23	)		(57	)		4.57			5.16			(59	)
Securities Borrowed		0.71			0.75			1.02			1.42			1.70			(4	)		(99	)		0.82			1.65			(83	)
Loans		4.83			5.12			5.32			5.29			5.73			(29	)		(90	)		5.08			5.85			(77	)
Total Interest-Earning Assets		3.83			4.13			4.26			4.22			4.58			(30	)		(75	)		4.07			4.70			(63	)
INTEREST-BEARING LIABILITIES
Interest-Bearing Deposits		1.41			1.69			1.92			2.17			2.62			(28	)		(121	)		1.67			2.50			(83	)
Federal Funds Purchased and Securities Sold under Repurchase Agreements		1.29			1.41			1.54			1.71			2.06			(12	)		(77	)		1.42			2.06			(64	)
Commercial Paper		1.00			1.22			1.30			1.53			1.81			(22	)		(81	)		1.17			1.80			(63	)
Other Borrowings		5.12			5.39			4.99			4.69			5.06			(27	)		6			5.16			5.05			11
Beneficial Interests of Consolidated Variable Interest Entities		0.92			—			—			—			—			NM			NM			0.92			—			NM
Long-Term Debt		3.01			3.14			3.23			3.68			3.22			(13	)		(21	)		3.12			3.22			(10	)
Total Interest-Bearing Liabilities		2.01			2.18			2.27			2.44			2.78			(17	)		(77	)		2.15			2.75			(60	)
INTEREST RATE SPREAD		1.82	%		1.95	%		1.99	%		1.78	%		1.80	%		(13	)		2			1.92	%		1.95	%		(3	)
NET INTEREST MARGIN		2.05	%		2.16	%		2.19	%		2.04	%		1.99	%		(11	)		6			2.14	%		2.11	%		3
NET INTEREST MARGIN ADJUSTED FOR SECURITIZATIONS		2.36	%		2.47	%		2.49	%		2.36	%		2.31	%		(11	)		5			2.44	%		2.38	%		6

(a)	Includes securities sold but not yet purchased.
(b)	On February 28, 2002, all outstanding shares were redeemed.

Page 18

J.P. MORGAN CHASE & CO. CREDIT-RELATED INFORMATION (in millions, except ratios)

											September 30, 2003
											Over (Under)
	Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30			Sep 30
	2003		2003		2003		2002		2002		2003			2002
CREDIT EXPOSURE
COMMERCIAL
Loans — U.S. (a)	$	58,082	$	55,693	$	54,156	$	56,667	$	62,901		4	%		(8	)%
Loans — Non-U.S.		30,326		35,363		34,290		34,881		34,585		(14	)		(12	)
Total Commercial Loans		88,408		91,056		88,446		91,548		97,486		(3	)		(9	)
Derivative Receivables (b)		83,787		93,602		86,649		83,102		87,518		(10	)		(4	)
Other Receivables (c)		108		108		108		108		1,130		—			(90	)
TOTAL COMMERCIAL CREDIT-RELATED ASSETS		172,303		184,766		175,203		174,758		186,134		(7	)		(7	)
Lending-Related Commitments (d)		209,042		229,119		230,698		238,120		238,150		(9	)		(12	)
TOTAL COMMERCIAL CREDIT EXPOSURE (e)		381,345		413,885		405,901		412,878		424,284		(8	)		(10	)
CONSUMER
1-4 Family Residential Mortgages — First Liens		68,873		57,593		51,711		49,357		41,934		20			64
Home Equity		16,981		17,327		15,363		14,643		13,741		(2	)		24
1-4 Family Residential Mortgages		85,854		74,920		67,074		64,000		55,675		15			54
Credit Card — Reported (f)		16,015		16,578		17,509		19,677		20,508		(3	)		(22	)
Credit Card Securitizations (f)		34,315		33,789		32,377		30,722		29,843		2			15
Credit Card — Managed		50,330		50,367		49,886		50,399		50,351		—			—
Automobile Financings		38,867		38,151		36,865		33,615		30,612		2			27
Other Consumer (g)		7,057		6,689		7,577		7,524		7,197		6			(2	)
TOTAL MANAGED CONSUMER LOANS		182,108		170,127		161,402		155,538		143,835		7			27
TOTAL CREDIT PORTFOLIO	$	563,453	$	584,012	$	567,303	$	568,416	$	568,119		(4	)		(1	)

(a)	At September 30, 2003, includes $10.9 billion of exposure related to consolidated variable interest entities in accordance with FIN 46, of which $10.4 billion is associated with multi-seller asset-backed commercial paper conduits.
(b)	At September 30, 2003, Derivative Receivables decreased $360 million in accordance with FIN 46.
(c)	Represents at September 30, 2003 the Enron-related letter of credit, which continues to be the subject of litigation with a credit-worthy entity and which was classified in Other Assets.
(d)	At September 30, 2003, total commitments related to asset-backed commercial paper conduits consolidated in accordance with FIN 46 are $18.7 billion, of which $6.8 billion is included in Lending-Related Commitments. The remaining $11.9 billion of commitments related to these variable interest entities were excluded as their underlying assets are reported as follows: $10.4 billion in Loans-U.S. and $1.5 billion in Available-for-Sale Securities.
(e)	Includes all Enron-related credit exposures. Credit exposure excludes risk participations and does not reflect the benefit of credit derivative hedges or liquid collateral held against derivatives contracts.
(f)	At September 30, 2003, credit card securitizations includes $1.1 billion of accrued interest and fees on securitized credit card loans that were classified in Other Assets, consistent with the FASB Staff Position, Accounting for Accrued Interest Receivable Related to Securitized and Sold Receivables under SFAS 140. Prior to March 31, 2003, these balances were classified in Credit Card Loans.
(g)	Consists of manufactured housing loans, installment loans (direct and indirect types of consumer finance), student loans, unsecured revolving lines of credit and non-U.S. consumer loans.

Page 19

J.P. MORGAN CHASE & CO.
CREDIT-RELATED INFORMATION (CONT.)

Page 20

J.P. MORGAN CHASE & CO. CREDIT-RELATED INFORMATION (CONT.) (in millions, except ratios)

																Sep 30, 2003
																Over (Under)
	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30			Jun 30			Sep 30
	2003			2003			2003			2002			2002			2003			2002
NONPERFORMING ASSETS AND RATIOS
COMMERCIAL
Loans — U.S.	$	1,360		$	1,810		$	2,029		$	2,059		$	1,865			(25	)%		(27	)%
Loans — Non-U.S.		1,238			1,153			1,257			1,613			1,731			7			(28	)
Total Commercial Loans		2,598			2,963			3,286			3,672			3,596			(12	)		(28	)
Derivative Receivables		260			276			277			289			169			(6	)		54
Other Receivables (a)		108			108			108			108			1,130			—			(90	)
TOTAL COMMERCIAL CREDIT EXPOSURE		2,966			3,347			3,671			4,069			4,895			(11	)		(39	)
CONSUMER
1-4 Family Residential Mortgages — First Liens		263			251			249			259			265			5			(1	)
Home Equity		54			52			54			53			49			4			10
1-4 Family Residential Mortgages		317			303			303			312			314			5			1
Credit Card — Reported		13			13			14			15			17			—			(24	)
Credit Card Securitizations		—			—			—			—			—			NM			NM
Credit Card — Managed		13			13			14			15			17			—			(24	)
Automobile Financings		113			111			112			118			108			2			5
Other Consumer (b)		70			66			66			76			68			6			3
TOTAL MANAGED CONSUMER LOANS		513			493			495			521			507			4			1
Assets Acquired in Loan Satisfactions		203			227			225			190			140			(11	)		45
TOTAL CREDIT PORTFOLIO (c)	$	3,682		$	4,067		$	4,391		$	4,780		$	5,542			(9	)		(34	)
TOTAL NONPERFORMING ASSETS TO TOTAL ASSETS		0.46	%		0.51	%		0.58	%		0.63	%		0.75	%		(5	)bp		(29	)bp
PAST DUE 90 DAYS AND OVER AND ACCRUING
COMMERCIAL
Loans — U.S.	$	35		$	35		$	37		$	57		$	32			—	%		9	%
Loans — Non-U.S.		2			—			2			—			1			NM			100
Derivative Receivables		—			—			—			—			—			NM			NM
TOTAL COMMERCIAL CREDIT EXPOSURE		37			35			39			57			33			6			12
CONSUMER
1-4 Family Residential Mortgages — First Liens		—			—			—			—			1			NM			NM
Home Equity		—			—			—			—			—			NM			NM
1-4 Family Residential Mortgages		—			—			—			—			1			NM			NM
Credit Card — Reported (d)		229			229			269			451			447			—			(49	)
Credit Card Securitizations (d)		814			792			808			630			526			3			55
Credit Card — Managed		1,043			1,021			1,077			1,081			973			2			7
Automobile Financings		—			—			—			—			—			NM			NM
Other Consumer (b)		21			21			22			22			26			—			(19	)
TOTAL MANAGED CONSUMER LOANS		1,064			1,042			1,099			1,103			1,000			2			6
TOTAL CREDIT PORTFOLIO	$	1,101		$	1,077		$	1,138		$	1,160		$	1,033			2			7

(a)	Represents at September 30, 2003 the Enron-related letter of credit, which continues to be the subject of litigation with a credit-worthy entity and which was classified in Other Assets.
(b)	Consists of manufactured housing loans, installment loans (direct and indirect types of consumer finance), student loans, unsecured revolving lines of credit and non-U.S. consumer loans.
(c)	Nonperforming assets exclude nonaccrual loans held for sale (“HFS”) of $192 million at September 30, 2003. HFS loans are carried at the lower of cost or market, and declines in value are recorded in Other Revenue.
(d)	At September 30, 2003, credit card securitizations includes $151 million of accrued interest and fees on securitized credit card loans past due 90 days and over and accruing that were classified in Other Assets, consistent with the FASB Staff Position, Accounting for Accrued Interest Receivable Related to Securitized and Sold Receivables under SFAS 140. Prior to March 31, 2003, these balances were classified in Credit Card Loans.

Page 21

J.P. MORGAN CHASE & CO. CREDIT-RELATED INFORMATION (CONT.) (in millions, except ratios)

																3QTR 2003												YTD 2003
	3QTR			2QTR			1QTR			4QTR			3QTR			Over (Under)						YEAR TO DATE						Over (Under)
	2003			2003			2003			2002			2002			2Q 2003			3Q 2002			2003			2002			2002
NET CHARGE-OFFS
COMMERCIAL
Loans — U.S.	$	194		$	185		$	118		$	226		$	307			5	%		(37	)%	$	497		$	695			(28	)%
Loans — Non-U.S.		65			72			174			208			527			(10	)		(88	)		311			752			(59	)
Total Commercial Loans		259			257			292			434			834			1			(69	)		808			1,447			(44	)
Lending-Related Commitments		—			—			—			212			—			NM			NM			—			—			NM
TOTAL COMMERCIAL CREDIT EXPOSURE		259			257			292			646			834			1			(69	)		808			1,447			(44	)
CONSUMER
1-4 Family Residential Mortgages — First Liens		4			5			5			11			6			(20	)		(33	)		14			38			(63	)
Home Equity		1			6			2			4			1			(83	)		—			9			3			200
1-4 Family Residential Mortgages		5			11			7			15			7			(55	)		(29	)		23			41			(44	)
Credit Card — Reported		263			268			275			286			333			(2	)		(21	)		806			1,103			(27	)
Credit Card Securitizations		471			480			457			430			354			(2	)		33			1,408			1,009			40
Credit Card — Managed		734			748			732			716			687			(2	)		7			2,214			2,112			5
Automobile Financings		43			39			46			47			47			10			(9	)		128			114			12
Other Consumer (a)		44			39			50			54			45			13			(2	)		133			135			(1	)
TOTAL MANAGED CONSUMER LOANS		826			837			835			832			786			(1	)		5			2,498			2,402			4
TOTAL CREDIT PORTFOLIO	$	1,085		$	1,094		$	1,127		$	1,478		$	1,620			(1	)		(33	)	$	3,306		$	3,849			(14	)
NET CHARGE-OFF RATES — ANNUALIZED
COMMERCIAL
Loans — U.S.		1.21	%(b)		1.40	%		0.86	%		1.61	%		1.95	%		(19	)bp		(74	)bp		1.16	%		1.43	%		(27	)bp
Loans — Non-U.S.		0.84			0.88			2.07			2.30			6.66			(4	)		(582	)		1.28			2.97			(169	)
Total Commercial Loans		1.09	(b)		1.20			1.32			1.88			3.53			(11	)		(244	)		1.20			1.96			(76	)
Lending-Related Commitments		—			—			—			0.35			—			—			—			—			—			—
TOTAL COMMERCIAL CREDIT EXPOSURE		0.33			0.33			0.37			0.78			1.00			—			(67	)		0.34			0.57			(23	)
CONSUMER
1-4 Family Residential Mortgages — First Liens		0.02			0.04			0.04			0.09			0.06			(2	)		(4	)		0.03			0.12			(9	)
Home Equity		0.02			0.15			0.05			0.11			0.03			(13	)		(1	)		0.08			0.03			5
1-4 Family Residential Mortgages		0.02			0.06			0.04			0.10			0.05			(4	)		(3	)		0.04			0.10			(6	)
Credit Card — Reported		6.26			6.22			6.17			5.90			6.27			4			(1	)		6.22			6.57			(35	)
Credit Card Securitizations		5.57			5.90			5.82			5.58			4.95			(33	)		62			5.76			5.36			40
Credit Card — Managed		5.80			6.01			5.95			5.70			5.51			(21	)		29			5.92			5.93			(1	)
Automobile Financings		0.45			0.41			0.53			0.58			0.64			4			(19	)		0.46			0.55			(9	)
Other Consumer (a)		2.53			2.15			2.54			2.77			2.53			38			—			2.41			2.34			7
TOTAL MANAGED CONSUMER LOANS		1.86			2.01			2.14			2.20			2.23			(15	)		(37	)		2.00			2.33			(33	)
TOTAL MANAGED LOANS		1.59			1.74			1.85			2.08			2.75			(15	)		(116	)		1.72			2.18			(46	)
TOTAL CREDIT PORTFOLIO		0.88			0.91			0.95			1.22			1.36			(3	)		(48	)		0.91			1.08			(17	)

(a)	Consists of manufactured housing loans, installment loans (direct and indirect types of consumer finance), student loans, unsecured revolving lines of credit and non-U.S. consumer loans.
(b)	Reflects the impact of consolidated variable interest entities in accordance with FIN 46. Excluding the exposures related to the FIN 46 adoption, the net charge-off rate would have been 1.49% for Loans-U.S. and 1.24% for Total Commercial Loans.

Page 22

J.P. MORGAN CHASE & CO. CREDIT-RELATED INFORMATION (CONT.) (in millions, except ratios)

																3QTR 2003
	3QTR			2QTR			1QTR			4QTR			3QTR			Over (Under)
	2003			2003			2003			2002			2002			2Q 2003			3Q 2002
SUMMARY OF CHANGES IN THE ALLOWANCE
LOANS:
Beginning Balance	$	5,087		$	5,215		$	5,350		$	5,263		$	5,006			(2	)%		2	%
Net Charge-Offs		(614	)		(614	)		(670	)		(836	)		(1,266	)		—			52
Provision for Loan Losses		278			487			670			921			1,544			(43	)		(82	)
Other		2			(1	)		(135	)		2			(21	)		NM			NM
Ending Balance	$	4,753		$	5,087		$	5,215		$	5,350		$	5,263			(7	)		(10	)
LENDING-RELATED COMMITMENTS:
Beginning Balance	$	384		$	436		$	363		$	573		$	281			(12	)		37
Net Charge-Offs		—			—			—			(212	)		—			NM			NM
Provision for Lending-Related Commitments		(55	)		(52	)		73			—			292			(6	)		NM
Other		—			—			—			2			—			NM			NM
Ending Balance	$	329		$	384		$	436		$	363		$	573			(14	)		(43	)
ALLOWANCE COMPONENTS AND RATIOS
LOANS:
Commercial — Specific	$	1,096		$	1,371		$	1,528		$	1,603		$	1,525			(20	)%		(28	)%
Commercial — Expected		481			548			590			613			554			(12	)		(13	)
Total Commercial		1,577			1,919			2,118			2,216			2,079			(18	)		(24	)
Consumer Expected		2,234			2,226			2,255			2,360			2,365			—			(6	)
Total Specific and Expected		3,811			4,145			4,373			4,576			4,444			(8	)		(14	)
Residual Component		942			942			842			774			819			—			15
Total Allowance for Loan Losses	$	4,753		$	5,087		$	5,215		$	5,350		$	5,263			(7	)		(10	)
LENDING-RELATED COMMITMENTS:
Commercial — Specific	$	187		$	252		$	305		$	237		$	426			(26	)		(56	)
Commercial — Expected		95			85			84			87			83			12			14
Total Specific and Expected		282			337			389			324			509			(16	)		(45	)
Residual Component		47			47			47			39			64			—			(27	)
Total Allowance for Lending-Related Commitments	$	329		$	384		$	436		$	363		$	573			(14	)		(43	)
Allowance for Loan Losses to Total Loans		2.01	%(a)		2.24	%		2.40	%		2.47	%		2.49	%		(23	)bp		(48	)bp
Allowance for Loan Losses to Total Nonperforming Loans		153			147			138			128			128			600			2,500
Allowance for Loan Losses to Total Nonperforming Assets		129			125			119			112			95			400			3,400
CREDIT COSTS
Loans:
Commercial	$	(85	)	$	58		$	194		$	526		$	1,107			NM			NM
Consumer		363			329			411			395			438			10	%		(17	)%
Total Specific and Expected		278			387			605			921			1,545			(28	)		(82	)
Residual Component		—			100			65			—			(1	)		NM			NM
Total Provision for Loan Losses		278			487			670			921			1,544			(43	)		(82	)
Lending-Related Commitments:
Commercial		(55	)		(52	)		65			25			266			(6	)		NM
Residual Component		—			—			8			(25	)		26			NM			NM
Total Provision for Lending-Related Commitments		(55	)		(52	)		73			—			292			(6	)		NM
Provision for Credit Losses		223			435			743			921			1,836			(49	)		(88	)
Securitized Credit Losses		471			480			457			430			354			(2	)		33
Total Managed Credit Costs	$	694		$	915		$	1,200		$	1,351		$	2,190			(24	)		(68	)

(a) Reflects the impact of consolidated variable interest entities in accordance with FIN 46. Excluding the exposures related to the FIN 46 adoption, the ratio would have been 2.11%.

Page 23

J.P. MORGAN CHASE & CO.
CREDIT-RELATED INFORMATION (CONT.)

Page 24

J.P. MORGAN CHASE & CO. CREDIT-RELATED INFORMATION (CONT.) (in millions, except ratios)

																											Sep 30, 2003
																											Over (Under)
	Sep 30						Jun 30					Mar 31					Dec 31					Sep 30					Jun 30			Sep 30
	2003						2003					2003					2002					2002					2003			2002
	$			%			$		%			$		%			$		%			$		%
TELECOM AND RELATED INDUSTRIES (a)
Credit Exposure (b)	$	12,547			100	%	$	16,059		100	%	$	16,739		100	%	$	16,770		100	%	$	18,208		100	%		(22	)%		(31	)%
Risk Profile of Credit Exposure:
Investment-Grade		7,797			62	%		10,715		67	%		11,061		66	%		9,376		56	%		10,107		56	%		(27	)		(23	)
Noninvestment-Grade:
Noncriticized		2,978			24	%		3,201		20	%		3,381		20	%		5,076		30	%		4,928		27	%		(7	)		(40	)
Criticized Performing		1,423			11	%		1,738		11	%		1,756		11	%		1,487		9	%		2,421		13	%		(18	)		(41	)
Criticized Nonperforming (c)		349			3	%		405		2	%		541		3	%		831		5	%		752		4	%		(14	)		(54	)
CABLE INDUSTRY (d)
Credit Exposure (b)	$	4,942			100	%	$	5,143		100	%	$	5,312		100	%	$	5,982		100	%	$	5,427		100	%		(4	)		(9	)
Risk Profile of Credit Exposure:
Investment-Grade		1,882			38	%		1,909		37	%		2,112		40	%		2,681		45	%		1,913		35	%		(1	)		(2	)
Noninvestment-Grade:
Noncriticized		829			17	%		908		18	%		977		18	%		1,096		18	%		1,385		26	%		(9	)		(40	)
Criticized Performing		1,751			35	%		1,833		36	%		1,717		32	%		1,673		28	%		1,735		32	%		(4	)		1
Criticized Nonperforming (c)		480			10	%		493		9	%		506		10	%		532		9	%		394		7	%		(3	)		22
MERCHANT ENERGY AND RELATED INDUSTRIES (e)
Credit Exposure (b)	$	4,962			100	%	$	5,915		100	%	$	6,170		100	%	$	6,230		100	%	$	6,241		100	%		(16	)		(20	)
Risk Profile of Credit Exposure:
Investment-Grade		3,541			71	%		3,996		68	%		3,744		61	%		3,580		57	%		3,470		56	%		(11	)		2
Noninvestment-Grade:
Noncriticized		764			15	%		1,214		20	%		1,066		17	%		423		7	%		1,196		19	%		(37	)		(36	)
Criticized Performing		372			8	%		463		8	%		1,156		19	%		1,849		30	%		1,405		22	%		(20	)		(74	)
Criticized Nonperforming (c)		285			6	%		242		4	%		204		3	%		378		6	%		170		3	%		18			68
TOTAL COMMERCIAL CREDIT EXPOSURE
Credit Exposure (b)	$	381,345			100	%	$	413,885		100	%	$	405,901		100	%	$	412,878		100	%	$	424,284		100	%		(8	)		(10	)
Risk Profile of Credit Exposure:
Investment-Grade		316,544	(f)		83	%		345,331		83	%		332,602		82	%		331,319		80	%		339,442		80	%		(8	)		(7	)
Noninvestment-Grade:
Noncriticized		53,457			14	%		55,711		14	%		58,731		14	%		64,981		16	%		67,055		16	%		(4	)		(20	)
Criticized Performing		8,378			2	%		9,496		2	%		10,897		3	%		12,509		3	%		12,892		3	%		(12	)		(35	)
Criticized Nonperforming (c)		2,966			1	%		3,347		1	%		3,671		1	%		4,069		1	%		4,895		1	%		(11	)		(39	)

Note: The risk profile is based on JPMorgan Chase’s internal risk ratings, which generally correspond to the following ratings as defined by Standard & Poor’s / Moody’s:
     Investment Grade: AAA / Aaa to BBB- / Baa3
     Noninvestment Grade: BB+ / Ba1 to B- / B3
     Criticized: CCC+ / Caa1 & below

(a)	Telecom and Related Industries includes other companies with an interdependence upon the telecommunications sector.
(b)	Credit exposure excludes risk participations and does not reflect the benefit of credit derivative hedges or liquid collateral held against derivatives contracts.
(c)	Nonperforming assets exclude nonaccrual HFS loans; HFS loans are carried at the lower of cost or market and declines in value are recorded in Other Revenue.
(d)	Cable Industry includes companies with material investments in cable systems.
(e)	Merchant Energy and Related Industries includes merchant generation or energy trading entities, unregulated subsidiaries of power companies and holding companies which derive a material percentage of earnings from unregulated power businesses. These amounts exclude Enron-related exposure.
(f)	Investment Grade includes $10.5 billion of loan and derivative exposure related to consolidated variable interest entities in accordance with FIN 46.

Page 25

J.P. MORGAN CHASE & CO. CAPITAL

																3QTR 2003												YTD 2003
	3QTR			2QTR			1QTR			4QTR			3QTR			Over (Under)						YEAR TO DATE						Over (Under)
	2003			2003			2003			2002			2002			2Q 2003			3Q 2002			2003			2002			2002
AVAILABLE VERSUS REQUIRED AVERAGE CAPITAL
(in billions)
Common Stockholders’ Equity	$	43.1	(a)	$	42.8		$	41.9		$	42.0		$	42.2			1	%		2	%	$	42.6	(a)	$	41.2			3	%
Economic Risk Capital
Credit Risk		12.7	(a)		14.4			15.1			14.7			13.5			(12	)		(6	)		14.0	(a)		13.8			1
Market Risk		5.0	(a)		4.3			4.2			4.1			4.8			16			4			4.5	(a)		5.0			(10	)
Operational Risk		3.4	(a)		3.5			3.5			3.5			3.5			(3	)		(3	)		3.5	(a)		3.5			—
Business Risk		1.7	(a)		1.7			1.7			1.8			1.8			—			(6	)		1.7	(a)		1.8			(6	)
Private Equity Risk		5.4	(a)		5.4			5.4			5.5			5.7			—			(5	)		5.4	(a)		5.8			(7	)
Economic Risk Capital		28.2	(a)		29.3			29.9			29.6			29.3			(4	)		(4	)		29.1	(a)		29.9			(3	)
Goodwill / Intangibles		8.8	(a)		8.9			8.9			8.9			8.9			(1	)		(1	)		8.9	(a)		8.8			1
Asset Capital Tax		4.1	(a)		3.9			4.0			3.9			3.8			5			8			4.0	(a)		3.9			3
Capital Against Nonrisk Factors		12.9	(a)		12.8			12.9			12.8			12.7			1			2			12.9	(a)		12.7			2
Total Capital Allocated to Business Activities		41.1			42.1			42.8			42.4			42.0			(2	)		(2	)		42.0			42.6			(1	)
Diversification Effect		(5.3	)(a)		(5.0	)		(5.0	)		(4.9	)		(5.3	)		(6	)		—			(5.1	)(a)		(5.5	)		7
Total Required Internal Capital		35.8	(a)		37.1			37.8			37.5			36.7			(4	)		(2	)		36.9	(a)		37.1			(1	)
Firm Capital in Excess of Required Capital	$	7.3	(a)	$	5.7		$	4.1		$	4.5		$	5.5			28			33		$	5.7	(a)	$	4.1			39
COMMON SHARES OUTSTANDING
(in millions)
Basic Weighted-Average Shares Outstanding		2,012.2			2,005.6			1,999.8			1,990.0			1,986.0			—			1			2,006.0			1,982.3			1
Diluted Weighted-Average Shares Outstanding		2,068.2			2,050.6			2,021.9			2,008.5			2,005.8			1			3			2,047.0			2,009.3			2
Common Shares Outstanding — at Period End		2,039.2			2,035.1			2,030.0			1,998.7			1,995.9			—			2			2,039.2			1,995.9			2
CASH DIVIDENDS DECLARED PER SHARE	$	0.34		$	0.34		$	0.34		$	0.34		$	0.34			—			—		$	1.02		$	1.02			—
BOOK VALUE PER SHARE		21.55			21.53			20.73			20.66			21.26			—			1
SHARE PRICE
High	$	38.26		$	36.52		$	28.29		$	26.14		$	33.68			5			14		$	38.26		$	39.68			(4	)
Low		32.40			23.75			20.13			15.26			17.86			36			81			20.13			17.86			13
Close		34.33			34.18			23.71			24.00			18.99			—			81
CAPITAL RATIOS
(in millions, except ratios)
Tier 1 Capital		42,733	(a)	$	41,115		$	38,442		$	37,570		$	38,459			4			11
Total Capital		59,649	(a)		58,848			55,702			54,495			55,024			1			8
Risk-Weighted Assets		493,108	(a)		491,500	(b)		455,549			455,948			442,586			—			11
Adjusted Average Assets		770,277	(a)		751,376			764,677			741,862			711,703			3			8
Tier 1 Capital Ratio		8.7	%(a)		8.4	%(b)		8.4	%		8.2	%		8.7	%		30	bp		—	bp
Total Capital Ratio		12.1	(a)		12.0	(b)		12.2			12.0			12.4			10			(30	)
Tier 1 Leverage Ratio		5.5	(a)		5.5			5.0			5.1			5.4			—			10

(a)	Estimated
(b)	The Firm changed the way it calculates risk-weighted assets during the third quarter of 2003. The June 30, 2003 Tier 1 and Total Capital ratios of 8.4% and 12.0%, respectively, are calculated on the same basis as for September 30, 2003. The June 30, 2003 Tier 1 and Total Capital ratios were previously reported as 8.7% and 12.4%, respectively. Prior quarters have not been restated.

Page 26

J.P. MORGAN CHASE & CO. MARKET RISK — AVERAGE VAR

																3QTR 2003												YTD 2003
	3QTR			2QTR			1QTR			4QTR			3QTR			Over (Under)						YEAR TO DATE						Over (Under)
(in millions)	2003			2003			2003			2002			2002			2Q 2003			3Q 2002			2003			2002			2002
Trading Portfolio:
Interest Rate	$	65.4		$	62.4		$	54.2		$	66.5		$	69.2			5	%		(5	)%	$	60.8		$	68.1			(11	)%
Foreign Exchange		14.8			15.1			17.3			14.0			11.6			(2	)		28			15.7			10.8			45
Equities		12.0			9.1			11.0			8.5			18.3			32			(34	)		10.7			16.4			(35	)
Commodities		3.5			3.0			2.2			2.1			2.8			17			25			2.9			4.1			(29	)
Hedge Fund Investment		5.9			4.5			3.5			3.4			3.4			31			74			4.6			3.1			48
Less: Portfolio Diversification		(33.5	)		(35.3	)		(34.5	)		(27.5	)		(32.7	)		(5	)		2			(34.4	)		(29.3	)		17
Total Trading VAR	$	68.1		$	58.8		$	53.7		$	67.0		$	72.6			16			(6	)	$	60.3		$	73.2			(18	)

Page 27

J.P. MORGAN CHASE & CO. Glossary of Terms

Assets Under Management: Represent assets actively managed by Investment Management & Private Banking on behalf of institutional and private banking clients. Excludes assets managed at American Century Companies Inc., in which the Firm has a 44% ownership interest.

Assets Under Supervision: Represent assets under management as well as custody, brokerage, administration and deposit accounts.

Average Allocated Capital: Represents the portion of average common stockholders’ equity allocated to the business segments. The total average allocated capital of all business segments equals the total average common stockholders’ equity of the Firm.

Average Goodwill Capital: The Firm allocates capital to businesses equal to 100% of the carrying value of goodwill. Average goodwill capital is equal to the average carrying value of goodwill.

Average Managed Assets: Excludes the impact of credit card securitizations.

bp: Denotes basis points; 100 bp equals 1%.

Corporate: Includes Support Units and the effect remaining at the corporate level after the implementation of management accounting policies.

FIN 46: FASB Interpretation No. 46, “Consolidation of Variable Interest Entities, an interpretation of Accounting Research Bulletin No. 51.”

JPMorgan Partners (“JPMP”): JPMorgan Chase’s private equity business. The fair value of public investments held by JPMP are marked-to-market at the quoted public value. To determine the carrying values of these investments, JPMP incorporates the use of liquidity discounts to take into account the fact that it cannot immediately realize or hedge the quoted public values as a result of regulatory, corporate and/or contractual sales restrictions imposed on these holdings. Private investments are initially valued based on cost. The carrying values of private investments are adjusted from cost to reflect both positive and negative changes evidenced by financing events with third-party capital providers. In addition, these investments are subject to ongoing impairment reviews by JPMP’s senior investment professionals. A variety of factors are reviewed and monitored to assess impairment including, but not limited to, operating performance and future expectations, comparable industry valuations of public companies, changes in market outlook and changes in the third-party financing environment.

Managed Credit Card Receivables or Managed Basis: Refers to credit card receivables on the Firm’s balance sheet plus credit card receivables that have been securitized.

NM: Not meaningful

Operating Basis or Operating Earnings: Reported results excluding the impact of merger and restructuring costs, special items and credit card securitizations.

Other Consumer Loans: Consists of manufactured housing loans, installment loans (direct and indirect types of consumer finance), student loans, unsecured revolving lines of credit and non-U.S. consumer loans.

Overhead Ratio: Operating expense (excluding merger and restructuring costs and special items) as a percentage of operating revenue.

Reported Basis: Financial statements prepared under accounting principles generally accepted in the United States of America (“U.S. GAAP”). The reported basis includes the impact of credit card securitizations, merger and restructuring costs and special items.

Return on Tangible Allocated Capital: Excludes the impact of goodwill on operating earnings and average allocated capital.

Segment Results - All periods are on a comparable basis, although restatements may occur in future periods to reflect further alignment of management accounting policies or changes in organizational structures between businesses.

Shareholder Value Added (“SVA”): Represents operating earnings minus preferred dividends and an explicit charge for capital.

Special Items: Includes merger and restructuring costs and other special items.

Tangible Shareholder Value Added: Excludes the impact of goodwill on operating earnings and capital charges.

Trading-Related Revenue: Includes net interest income (“NII”) attributable to trading activities.

Unaudited: The financial statements and information included throughout this document are unaudited.

Value-at-Risk (“VAR”): A measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.

Page 28