JPMorgan Chase & Co. (JPM) 8-K Jpmorgan Chase Reports 2002 First Quarter Results

Exhibit 99.2

PRESS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2002

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 Excluding JPMorgan Partners	5
Statement of Income — Operating Basis	6
Reconciliation from Reported to Operating Basis	7
Segment Detail Investment Bank	8
Treasury & Securities Services	9
Investment Management & Private Banking	10
JPMorgan Partners	11
Investment Portfolio — Private and Public Securities	12
Retail & Middle Market Financial Services	13
Supplemental Detail Noninterest Revenue and Noninterest Expense Detail	14
Consolidated Balance Sheet	15
Condensed Average Balance Sheet and Annualized Yields	16
Credit-Related Information	17-18
Capital	19
Glossary of Terms	20

2

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

		1QTR			4QTR			3QTR			2QTR			1QTR
		2002			2001			2001			2001			2001
REVENUE
Investment Banking Fees		$	755		$	931		$	811		$	929		$	941
Trading Revenue			1,299			355			1,301			1,261			2,001
Fees and Commissions			2,584			2,493			2,397			2,460			2,131
Private Equity — Realized Gains (Losses)			(10	)		81			204			(46	)		412
Private Equity — Unrealized Gains (Losses)			(228	)		(505	)		(311	)		(783	)		(285	)
Securities Gains			114			202			142			67			455
Other Revenue			157			151			218			280			252
Total Noninterest Revenue			4,671			3,708			4,762			4,168			5,907
Interest Income			6,286			6,823			7,709			8,469			9,180
Interest Expense			3,359			3,879			5,050			5,688			6,762
Net Interest Income			2,927			2,944			2,659			2,781			2,418
Revenue before Provision for Loan Losses			7,598			6,652			7,421			6,949			8,325
Provision for Loan Losses			753			1,468			745			525			447
	TOTAL NET REVENUE		6,845			5,184			6,676			6,424			7,878
EXPENSE
Compensation Expense			2,823			2,622			2,860			3,026			3,336
Occupancy Expense			338			334			339			327			348
Technology and Communications Expense			665			640			663			674			654
Merger and Restructuring Costs			255			841			876			478			328
Amortization of Intangibles			69			187			182			183			177
Other Expense			1,208			1,128			1,087			1,151			1,155
	TOTAL NONINTEREST EXPENSE		5,358			5,752			6,007			5,839			5,998
Income (Loss) before Income Tax Expense and Effect of Accounting Change			1,487			(568	)		669			585			1,880
Income Tax Expense (Benefit)			505			(236	)		220			207			656
INCOME BEFORE EFFECT OF ACCOUNTING CHANGE			982			(332	)		449			378			1,224
Net Effect of Change in Accounting Principle			—			—			—			—			(25	)
NET INCOME (LOSS)		$	982		$	(332	)	$	449		$	378		$	1,199
NET INCOME (LOSS) PER SHARE (a)
Basic		$	0.49		$	(0.18	)	$	0.22		$	0.18		$	0.60
Diluted			0.48			(0.18	)		0.22			0.18			0.58
PERFORMANCE RATIOS
Return on Average Assets			0.55	%	NM				0.24	%		0.21	%		0.67	%
Return on Average Common Equity			9.7		NM				4.2			3.5			11.6
FULL-TIME EQUIVALENT EMPLOYEES (b)			96,938			95,812			96,633			97,224			98,518

[Additional columns below]

[Continued from above table, first column(s) repeated]

			1QTR 2002
			Over (Under)
			4Q 2001			1Q 2001
REVENUE
Investment Banking Fees				(19	)%			(20	)%
Trading Revenue				266				(35	)
Fees and Commissions				4				21
Private Equity — Realized Gains (Losses)			NM				NM
Private Equity — Unrealized Gains (Losses)				55				20
Securities Gains				(44	)			(75	)
Other Revenue				4				(38	)
Total Noninterest Revenue				26				(21	)
Interest Income				(8	)			(32	)
Interest Expense				(13	)			(50	)
Net Interest Income				(1	)			21
Revenue before Provision for Loan Losses				14				(9	)
Provision for Loan Losses				(49	)			68
	TOTAL NET REVENUE			32				(13	)
EXPENSE
Compensation Expense				8				(15	)
Occupancy Expense				1				(3	)
Technology and Communications Expense		��		4				2
Merger and Restructuring Costs				(70	)			(22	)
Amortization of Intangibles				(63	)			(61	)
Other Expense				7				5
	TOTAL NONINTEREST EXPENSE			(7	)			(11	)
Income (Loss) before Income Tax Expense and Effect of Accounting Change			NM					(21	)
Income Tax Expense (Benefit)			NM					(23	)

INCOME BEFORE EFFECT OF ACCOUNTING CHANGE	NM				(20	)
Net Effect of Change in Accounting Principle	NM			NM
NET INCOME (LOSS)	NM				(18	)
NET INCOME (LOSS) PER SHARE (a)
Basic	NM				(18	)
Diluted	NM				(17	)
PERFORMANCE RATIOS
Return on Average Assets	NM				(12	)bp
Return on Average Common Equity	NM				(190	)
FULL-TIME EQUIVALENT EMPLOYEES (b)		1	%		(2	)%

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

(a)	Basic and diluted earnings per share have been reduced by $0.01 in the first quarter of 2001 due to the impact of the adoption of SFAS 133 relating to the accounting for derivative instruments and hedging activities.
(b)	Represents actual period end amount for each respective quarter.

Page 3

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

			1QTR			4QTR			3QTR			2QTR			1QTR
			2002			2001			2001			2001			2001
OPERATING REVENUE
Investment Bank			$	3,620		$	3,088		$	3,544		$	3,716		$	4,327
Treasury & Securities Services				935			941			974			964			953
Investment Management & Private Banking				741			731			741			806			822
Retail & Middle Market Financial Services				3,131			2,936			2,855			2,746			2,654
Corporate (a)				(205	)		(328	)		(246	)		(123	)		(277	)
	OPERATING REVENUE EXCLUDING JPMP			8,222			7,368			7,868			8,109			8,479
JPMorgan Partners				(303	)		(452	)		(177	)		(887	)		87
	OPERATING REVENUE (b)		$	7,919		$	6,916		$	7,691		$	7,222		$	8,566
EARNINGS
Investment Bank			$	755		$	367		$	706		$	791		$	1,033
Treasury & Securities Services				141			164			178			158			168
Investment Management & Private Banking				126			97			121			120			106
Retail & Middle Market Financial Services				526			330			425			425			421
Corporate (a)				(150	)		(257	)		(143	)		(98	)		(197	)
	OPERATING EARNINGS EXCLUDING JPMP			1,398			701			1,287			1,396			1,531
JPMorgan Partners				(248	)		(345	)		(154	)		(610	)		(4	)
	OPERATING EARNINGS (b)			1,150			356			1,133			786			1,527
Special Items & Net Effect of Change in Acctng Principle				(168	)		(579	)		(587	)		(312	)		(237	)
Amortization of Goodwill, Net of Taxes				—			(109	)		(97	)		(96	)		(91	)
		NET INCOME (LOSS) (b)	$	982		$	(332	)	$	449		$	378		$	1,199
EARNINGS PER SHARE — DILUTED
OPERATING EARNINGS EXCLUDING JPMP			$	0.69		$	0.34		$	0.63		$	0.68		$	0.74
Impact of JPMP				(0.12	)		(0.17	)		(0.08	)		(0.30	)		—
OPERATING EARNINGS (b)				0.57			0.17			0.55			0.38			0.74
Special Items & Net Effect of Change in Acctng Principle				(0.09	)		(0.29	)		(0.29	)		(0.15	)		(0.12	)
Amortization of Goodwill, Net of Taxes				—			(0.05	)		(0.04	)		(0.05	)		(0.04	)
NET INCOME (LOSS) (b)			$	0.48		$	(0.18	)(c)		$0.22		$	0.18		$	0.58
OPERATING RETURN ON COMMON EQUITY
Investment Bank				15.9	%		7.6	%		15.2	%		16.8	%		20.8	%
Treasury & Securities Services				19.1			22.6			24.3			20.7			23.5
Investment Management & Private Banking				8.4			6.2			7.7			7.5			6.4
Retail & Middle Market Financial Services				21.5			14.2			18.6			19.3			19.9
OPERATING RETURN ON COMMON EQUITY (b)				11.4			3.3			10.7			7.4			14.8

[Additional columns below]

[Continued from above table, first column(s) repeated]

			1QTR 2002
			Over (Under)
			4Q 2001			1Q 2001
OPERATING REVENUE
Investment Bank				17	%		(16	)%
Treasury & Securities Services				(1	)		(2	)
Investment Management & Private Banking				1			(10	)
Retail & Middle Market Financial Services				7			18
Corporate (a)				38			26
	OPERATING REVENUE EXCLUDING JPMP			12			(3	)
JPMorgan Partners				33		NM
OPERATING REVENUE (b)				15			(8	)
EARNINGS
Investment Bank				106			(27	)
Treasury & Securities Services				(14	)		(16	)
Investment Management & Private Banking				30			19
Retail & Middle Market Financial Services				59			25
Corporate (a)				42			24
	OPERATING EARNINGS EXCLUDING JPMP			99			(9	)
JPMorgan Partners				28		NM
	OPERATING EARNINGS (b)			223			(25	)
Special Items & Net Effect of Change in Acctng Principle				71			29
Amortization of Goodwill, Net of Taxes			NM			NM
		NET INCOME (LOSS) (b)	NM				(18	)
EARNINGS PER SHARE — DILUTED
OPERATING EARNINGS EXCLUDING JPMP				103			(7	)
Impact of JPMP				29		NM
OPERATING EARNINGS (b)				235			(23	)
Special Items & Net Effect of Change in Acctng Principle				69			25
Amortization of Goodwill, Net of Taxes			NM			NM
NET INCOME (LOSS) (b)			NM				(17	)
OPERATING RETURN ON COMMON EQUITY
Investment Bank				830	bp		(490	)bp
Treasury & Securities Services				(350	)		(440	)
Investment Management & Private Banking				220			200
Retail & Middle Market Financial Services				730			160
OPERATING RETURN ON COMMON EQUITY (b)				810			(340	)

(a)	Includes Support Units and the effects remaining at the corporate level after the implementation of management accounting policies.
(b)	Represents consolidated JPMorgan Chase.
(c)	Diluted EPS is reported as $(0.18) which is the same as basic EPS, instead of $(0.17), since using diluted average shares outstanding would cause antidilution. As a result, the net loss earnings per share does not foot by $(0.01).

Page 4

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

		1QTR			4QTR			3QTR			2QTR			1QTR
		2002			2001			2001			2001			2001
OPERATING REVENUE
Investment Banking Fees		$	755		$	932		$	812		$	928		$	942
Trading-Related Revenue (Including Trading NII)			1,710			896			1,608			1,587			2,148
Fees and Commissions			2,466			2,297			2,289			2,403			2,069
Private Equity — Realized Gains (Losses)			3			(26	)		—			10			(8	)
Private Equity — Unrealized Gains (Losses)			14			—			(5	)		(16	)		(4	)
Securities Gains			114			202			142			67			455
Other Revenue			133			157			206			285			249
Net Interest Income (Excluding Trading NII)			3,027			2,910			2,816			2,845			2,628
	TOTAL OPERATING REVENUE		8,222			7,368			7,868			8,109			8,479
																	��
OPERATING EXPENSE
Compensation Expense			2,783			2,583			2,826			2,993			3,292
Noncompensation Expense			2,231			2,085			2,092			2,150			2,139
	TOTAL OPERATING EXPENSE		5,014			4,668			4,918			5,143			5,431
Credit Costs			1,074			1,732			1,015			798			688
Operating Income before Taxes			2,134			968			1,935			2,168			2,360
Income Taxes			736			267			648			772			829
OPERATING EARNINGS		$	1,398		$	701		$	1,287		$	1,396		$	1,531
OPERATING BASIS
Diluted Earnings per Share		$	0.69		$	0.34		$	0.63		$	0.68		$	0.74
Return on Common Equity			16.2	%		7.7	%		14.3	%		15.8	%		18.0	%
Overhead Ratio			61			63			63			63			64
Compensation Expense as a % of Operating Revenue			34			35			36			37			39
Noncompensation Expense as a % of Operating Revenue			27			28			27			27			25

[Additional columns below]

[Continued from above table, first column(s) repeated]

		1QTR 2002
		Over (Under)
		4Q 2001			1Q 2001
OPERATING REVENUE
Investment Banking Fees			(19	)%		(20	)%
Trading-Related Revenue (Including Trading NII)			91			(20	)
Fees and Commissions			7			19
Private Equity — Realized Gains (Losses)			NM			NM
Private Equity — Unrealized Gains (Losses)			NM			NM
Securities Gains			(44	)		(75	)
Other Revenue			(15	)		(47	)
Net Interest Income (Excluding Trading NII)			4			15
	TOTAL OPERATING REVENUE		12			(3	)
OPERATING EXPENSE
Compensation Expense			8			(15	)
Noncompensation Expense			7			4
	TOTAL OPERATING EXPENSE		7			(8	)
Credit Costs			(38	)		56
Operating Income before Taxes			120			(10	)
Income Taxes			176			(11	)
OPERATING EARNINGS			99			(9	)
OPERATING BASIS
Diluted Earnings per Share			103			(7	)
Return on Common Equity			850	bp		(180	)bp
Overhead Ratio			(200	)		(300	)
Compensation Expense as a % of Operating Revenue			(100	)		(500	)
Noncompensation Expense as a % of Operating Revenue			(100	)		200

Page 5

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

			1QTR			4QTR			3QTR			2QTR			1QTR
			2002			2001			2001			2001			2001
OPERATING REVENUE
Investment Banking Fees			$	755		$	931		$	811		$	929		$	941
Trading-Related Revenue (Including Trading NII)				1,720			904			1,614			1,594			2,167
Fees and Commissions				2,493			2,340			2,297			2,422			2,082
Private Equity — Realized Gains (Losses)				(10	)		81			204			(46	)		412
Private Equity — Unrealized Gains (Losses)				(228	)		(505	)		(311	)		(783	)		(285	)
Securities Gains				114			202			142			67			455
Other Revenue				137			138			209			280			257
Net Interest Income (Excluding Trading NII)				2,938			2,825			2,725			2,759			2,537
		TOTAL OPERATING REVENUE		7,919			6,916			7,691			7,222			8,566
OPERATING EXPENSE
Compensation Expense				2,823			2,622			2,860			3,026			3,336
Noncompensation Expense				2,280			2,138			2,125			2,188			2,193
	TOTAL OPERATING EXPENSE			5,103			4,760			4,985			5,214			5,529
Credit Costs				1,074			1,732			1,015			798			688
Operating Income before Taxes				1,742			424			1,691			1,210			2,349
Income Taxes				592			68			558			424			822
OPERATING EARNINGS			$	1,150		$	356		$	1,133		$	786		$	1,527
OPERATING BASIS
Diluted Earnings per Share			$	0.57		$	0.17		$	0.55		$	0.38		$	0.74
SVA				(59	)		(915	)		(136	)		(481	)		285
Return on Managed Assets				0.63	%		0.19	%		0.59	%		0.42	%		0.83	%
Return on Common Equity				11.4			3.3			10.7			7.4			14.8
Overhead Ratio				64			69			65			72			65
Common Dividend Payout Ratio				60			199			61			89			45
Effective Tax Rate				34			16			33			35			35
Compensation Expense as a % of Operating Revenue				36			38			37			42			39
Noncompensation Expense as a % of Operating Revenue				29			31			28			30			26

[Additional columns below]

[Continued from above table, first column(s) repeated]

			1QTR 2002
			Over (Under)
			4Q 2001			1Q 2001
OPERATING REVENUE
Investment Banking Fees				(19	)%		(20	)%
Trading-Related Revenue (Including Trading NII)				90			(21	)
Fees and Commissions				7			20
Private Equity — Realized Gains (Losses)			NM			NM
Private Equity — Unrealized Gains (Losses)				55			20
Securities Gains				(44	)		(75	)
Other Revenue				(1	)		(47	)
Net Interest Income (Excluding Trading NII)				4			16
		TOTAL OPERATING REVENUE		15			(8	)
OPERATING EXPENSE
Compensation Expense				8			(15	)
Noncompensation Expense				7			4
	TOTAL OPERATING EXPENSE			7			(8	)
Credit Costs				(38	)		56
Operating Income before Taxes				311			(26	)
Income Taxes			NM				(28	)
OPERATING EARNINGS				223			(25	)
OPERATING BASIS
Diluted Earnings per Share				235			(23	)
SVA				94		NM
Return on Managed Assets				44	bp		(20	)bp
Return on Common Equity				810			(340	)
Overhead Ratio				(500	)		(100	)
Common Dividend Payout Ratio				(13,900	)		1,500
Effective Tax Rate				1,800			(100	)
Compensation Expense as a % of Operating Revenue				(200	)		(300	)
Noncompensation Expense as a % of Operating Revenue				(200	)		300

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

Page 6

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

			1QTR			4QTR			3QTR			2QTR			1QTR
			2002			2001			2001			2001			2001
REVENUE
TRADING REVENUE
		Reported	$	1,299		$	355		$	1,301		$	1,261		$	2,001
		Trading-Related NII		421			549			313			333			166
		Operating	$	1,720		$	904		$	1,614		$	1,594		$	2,167
CREDIT CARD REVENUE (a)
		Reported	$	587		$	662		$	548		$	465		$	433
		Credit Card Securitizations		(91	)		(153	)		(100	)		(38	)		(49	)
		Operating	$	496		$	509		$	448		$	427		$	384
OTHER REVENUE
		Reported	$	157		$	151		$	218		$	280		$	252
		Credit Card Securitizations		(20	)		(13	)		(9	)		—			5
		Operating	$	137		$	138		$	209		$	280		$	257
NET INTEREST INCOME
		Reported	$	2,927		$	2,944		$	2,659		$	2,781		$	2,418
		Credit Card Securitizations		432			430			379			311			285
		Trading-Related NII		(421	)		(549	)		(313	)		(333	)		(166	)
		Operating	$	2,938		$	2,825		$	2,725		$	2,759		$	2,537
TOTAL REVENUE
		Reported	$	7,598		$	6,652		$	7,421		$	6,949		$	8,325
		Credit Card Securitizations		321			264			270			273			241
		Total Operating Revenue	$	7,919		$	6,916		$	7,691		$	7,222		$	8,566
EXPENSE
	Reported		$	5,358		$	5,752		$	6,007		$	5,839		$	5,998
	Merger and Restructuring Costs			(255	)		(841	)		(876	)		(478	)		(328	)
	Amortization of Goodwill			—			(151	)		(146	)		(147	)		(141	)
	Operating Expense		$	5,103		$	4,760		$	4,985		$	5,214		$	5,529
CREDIT COSTS
	Provision for Loan Losses — Reported		$	753		$	1,468		$	745		$	525		$	447
	Credit Card Securitizations			321			264			270			273			241
	Credit Costs — Operating		$	1,074		$	1,732		$	1,015		$	798		$	688

[Additional columns below]

[Continued from above table, first column(s) repeated]

			1QTR 2002
			Over (Under)
			4Q 2001				1Q 2001
REVENUE
TRADING REVENUE
		Reported			266	%			(35	)	%
		Trading-Related NII			(23	)			154
		Operating			90				(21	)
CREDIT CARD REVENUE (a)
		Reported			(11	)			36
		Credit Card Securitizations			(41	)			86
		Operating			(3	)			29
OTHER REVENUE
		Reported			4				(38	)
		Credit Card Securitizations			54			NM
		Operating			(1	)			(47	)
NET INTEREST INCOME
		Reported			(1	)			21
		Credit Card Securitizations			—				52
		Trading-Related NII			(23	)			154
		Operating			4				16
TOTAL REVENUE
		Reported			14				(9	)
		Credit Card Securitizations			22				33
		Total Operating Revenue			15				(8	)
EXPENSE
	Reported				(7	)			(11	)
	Merger and Restructuring Costs				(70	)			(22	)
	Amortization of Goodwill			NM				NM
	Operating Expense				7				(8	)
CREDIT COSTS
	Provision for Loan Losses — Reported				(49	)			68
	Credit Card Securitizations				22				33
	Credit Costs — Operating				(38	)			56

(a) Included in Fees and Commissions.

Page 7

SEGMENT DETAIL

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

			1QTR			4QTR			3QTR			2QTR			1QTR
			2002			2001			2001			2001			2001
	OPERATING INCOME STATEMENT
	REVENUE:
	Trading Revenue (Including Trading NII)		$	1,696		$	1,021		$	1,498		$	1,548		$	2,093
	Investment Banking Fees			741			934			806			920			939
	Net Interest Income			727			793			764			714			684
	Fees and Commissions			380			363			349			357			420
	All Other Revenue			76			(23	)		127			177			191
		TOTAL OPERATING REVENUE		3,620			3,088			3,544			3,716			4,327
	EXPENSE:
	Compensation Expense			1,191			1,132			1,257			1,348			1,598
	Noncompensation Expense			925			732			882			918			950
		TOTAL OPERATING EXPENSE		2,116			1,864			2,139			2,266			2,548
	Operating Margin			1,504			1,224			1,405			1,450			1,779
	Credit Costs			282			617			268			167			95
	Operating Income Before Taxes			1,222			607			1,137			1,283			1,684
	Income Taxes			467			240			431			492			651
	OPERATING EARNINGS		$	755		$	367		$	706		$	791		$	1,033
Average Common Equity			$	19,109		$	18,790		$	18,307		$	18,699		$	19,984
Average Assets				467,582			510,638			513,206			506,282			510,817
SVA				184			(207	)		147			224			433
Return on Common Equity				15.9	%		7.6	%		15.2	%		16.8	%		20.8	%
Overhead Ratio				58			60			60			61			59
Compensation Expense as a % of Operating Revenue				33			37			35			36			37
TRADING-RELATED REVENUE
Equities			$	195		$	67		$	231		$	412		$	478
Fixed Income and Other				1,501			954			1,267			1,136			1,615
		Total	$	1,696		$	1,021		$	1,498		$	1,548		$	2,093
INVESTMENT BANKING FEES
Advisory			$	191		$	269		$	330		$	303		$	344
Underwriting and Other Fees				550			665			476			617			595
		Total	$	741		$	934		$	806		$	920		$	939

MARKET SHARE/ RANKINGS: (a)
	Global Syndicated Loans	23.8% / #1	24.4% / #1	21.8% / #1	31.0% / #1	27.3% / #1
	U.S. Investment Grade Bonds	15.9% / #2	13.2% / #2	14.7% / #2	13.6% / #2	15.4% / #2
	Euro-Denominated High Grade Bonds	5.8% / #4	6.1% / #6	9.5% / #1	8.2% / #2	5.5% / #5
	Global Equity and Equity-Related	4.8% / #6	5.0% / #8	5.0% / #7	1.7% / #9	2.7% / #11
	U.S. Equity and Equity-Related	4.3% / #7	7.8% / #5	5.5% / #7	1.8% / #8	1.1% / #9
	Global Announced M&A	11.0% / #8	26.5% / #4	31.1% / #5	12.1% / #8	18.7% / #4

[Additional columns below]

[Continued from above table, first column(s) repeated]

				1QTR 2002
				Over (Under)
				4Q 2001			1Q 2001
	OPERATING INCOME STATEMENT
	REVENUE:
	Trading Revenue (Including Trading NII)				66	%		(19	)%
	Investment Banking Fees				(21	)		(21	)
	Net Interest Income				(8	)		6
	Fees and Commissions				5			(10	)
	All Other Revenue			NM				(60	)
			TOTAL OPERATING REVENUE		17			(16	)
	EXPENSE:
	Compensation Expense				5			(25	)
	Noncompensation Expense				26			(3	)
			TOTAL OPERATING EXPENSE		14			(17	)
	Operating Margin				23			(15	)
	Credit Costs				(54	)		197
	Operating Income Before Taxes				101			(27	)
	Income Taxes				95			(28	)
	OPERATING EARNINGS				106			(27	)
Average Common Equity					2			(4	)
Average Assets					(8	)		(8	)
SVA					189			(58	)
Return on Common Equity					830	bp		(490	)bp
Overhead Ratio					(200	)		(100	)
Compensation Expense as a % of Operating Revenue					(400	)		(400	)
TRADING-RELATED REVENUE
Equities					191	%		(59	)%
Fixed Income and Other					57			(7	)
		Total			66			(19	)
INVESTMENT BANKING FEES
Advisory					(29	)		(44	)
Underwriting and Other Fees					(17	)		(8	)
		Total			(21	)		(21	)

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

(a)  Derived from Thomson Financial Securities Data. Global announced M&A based on rank value; all others 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)

			1QTR			4QTR			3QTR			2QTR			1QTR
			2002			2001			2001			2001			2001
OPERATING INCOME STATEMENT
REVENUE:
Fees and Commissions			$	586		$	576		$	562		$	576		$	555
Net Interest Income				314			331			355			339			357
All Other Revenue				35			34			57			49			41
		TOTAL OPERATING REVENUE		935			941			974			964			953
EXPENSE:
Compensation Expense				307			278			291			291			302
Noncompensation Expense				409			409			407			428			390
		TOTAL OPERATING EXPENSE		716			687			698			719			692
Operating Margin				219			254			276			245			261
Credit Costs				1			4			1			2			1
Operating Income Before Taxes				218			250			275			243			260
Income Taxes				77			86			97			85			92
OPERATING EARNINGS			$	141		$	164		$	178		$	158		$	168
Average Common Equity			$	2,982		$	2,862		$	2,892		$	3,037		$	2,864
Average Assets				16,433			17,855			18,420			18,566			17,131
SVA				52			76			90			66			81
Return on Common Equity				19.1	%		22.6	%		24.3	%		20.7	%		23.5	%
Overhead Ratio				77			73			72			75			73
OPERATING REVENUE BY BUSINESS:
	Treasury Services		$	334		$	352		$	345		$	333		$	321
	Investor Services			393			393			435			429			437
	Institutional Trust Services			202			191			189			197			191
	Other			6			5			5			5			4
	Total Treasury & Securities Services		$	935		$	941		$	974		$	964		$	953

[Additional columns below]

[Continued from above table, first column(s) repeated]

				1QTR 2002
				Over (Under)
				4Q 2001			1Q 2001
	OPERATING INCOME STATEMENT
	REVENUE:
	Fees and Commissions				2	%		6	%
	Net Interest Income				(5	)		(12	)
	All Other Revenue				3			(15	)
			TOTAL OPERATING REVENUE		(1	)		(2	)
	EXPENSE:
	Compensation Expense				10			2
	Noncompensation Expense				—			5
			TOTAL OPERATING EXPENSE		4			3
	Operating Margin				(14	)		(16	)
	Credit Costs				(75	)		—
	Operating Income Before Taxes				(13	)		(16	)
	Income Taxes				(10	)		(16	)
	OPERATING EARNINGS				(14	)		(16	)
Average Common Equity					4			4
Average Assets					(8	)		(4	)
SVA					(32	)		(36	)
Return on Common Equity					(350	)bp		(440	)bp
Overhead Ratio					400			400
OPERATING REVENUE BY BUSINESS:
		Treasury Services			(5	)%		4	%
		Investor Services			—			(10	)
		Institutional Trust Services			6			6
		Other			20			50
		Total Treasury & Securities Services			(1	)		(2	)

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

Page 9

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

			1QTR					4QTR			3QTR			2QTR			1QTR
			2002					2001			2001			2001			2001
	OPERATING INCOME STATEMENT
	REVENUE:
	Fees and Commissions		$	568				$	559		$	562		$	595		$	599
	Net Interest Income			111					134			128			139			146
	All Other Revenue			62					38			51			72			77
TOTAL OPERATING REVENUE				741					731			741			806			822
	EXPENSE:
	Compensation Expense			277					283			297			334			374
	Noncompensation Expense			280					301			284			314			316
TOTAL OPERATING EXPENSE				557					584			581			648			690
	Operating Margin			184					147			160			158			132
	Credit Costs			23					31			3			3			(1	)
	Operating Income Before Taxes			161					116			157			155			133
	Income Taxes			35					19			36			35			27
	OPERATING EARNINGS		$	126				$	97		$	121		$	120		$	106
Average Common Equity			$	6,027				$	6,072		$	6,136		$	6,297		$	6,520
Average Assets				35,180					34,110			34,570			34,021			35,774
SVA				(54	)				(89	)		(67	)		(71	)		(90	)
Return on Common Equity				8.4	%				6.2	%		7.7	%		7.5	%		6.4	%
Overhead Ratio				75					80			78			80			84
(in billions)
ASSETS UNDER MANAGEMENT (a)			$	583		(b	)	$	605		$	584		$	611		$	608
		Private Banking		141		(b	)		141			137			144			146
		Institutional		373		(b	)		404			390			406			404
		Retail		69		(b	)		60			57			61			58
ASSETS UNDER MANAGEMENT			$	583		(b	)	$	605		$	584		$	611		$	608
		Americas		419		(b	)		441			423			433			429
		Europe and Asia		164		(b	)		164			161			178			179
ASSETS UNDER MANAGEMENT			$	583		(b	)	$	605		$	584		$	611		$	608
		Fixed Income and Cash		313		(b	)		329			314			308			310
		Equities and Other		270		(b	)		276			270			303			298
CLIENT POSITIONS (c)
		Private Banking	$	278		(b	)	$	302		$	302		$	316		$	320

[Additional columns below]

[Continued from above table, first column(s) repeated]

			1QTR 2002
			Over (Under)
			4Q 2001			1Q 2001
	OPERATING INCOME STATEMENT
	REVENUE:
	Fees and Commissions			2	%		(5	)%
	Net Interest Income			(17	)		(24	)
	All Other Revenue			63			(19	)
TOTAL OPERATING REVENUE				1			(10	)
	EXPENSE:
	Compensation Expense			(2	)		(26	)
	Noncompensation Expense			(7	)		(11	)
TOTAL OPERATING EXPENSE				(5	)		(19	)
	Operating Margin			25			39
	Credit Costs			(26	)	NM
	Operating Income Before Taxes			39			21
	Income Taxes			84			30
	OPERATING EARNINGS			30			19
Average Common Equity				(1	)		(8	)
Average Assets				3			(2	)
SVA				39			40
Return on Common Equity				220	bp		200	bp
Overhead Ratio				(500	)		(900	)
(in billions)
ASSETS UNDER MANAGEMENT (a)				(4	)%		(4	)%
		Private Banking		—			(3	)
		Institutional		(8	)		(8	)
		Retail		15			19
ASSETS UNDER MANAGEMENT				(4	)		(4	)
		Americas		(5	)		(2	)
		Europe and Asia		—			(8	)
ASSETS UNDER MANAGEMENT				(4	)		(4	)
		Fixed Income and Cash		(5	)		1
		Equities and Other		(2	)		(9	)
CLIENT POSITIONS (c)
		Private Banking		(8	)		(13	)

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

(a)	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.
(b)	Estimated
(c)	Client Positions represent assets under management as well as custody, restricted stock, deposit, brokerage and loan accounts.

Page 10

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

			1QTR			4QTR			3QTR			2QTR			1QTR
			2002			2001			2001			2001			2001
	OPERATING INCOME STATEMENT
	REVENUE:
	Private Equity:
		Realized Gains (Losses)	$	(13	)	$	107		$	204		$	(56	)	$	420
		Unrealized Gains (Losses)		(242	)		(505	)		(306	)		(767	)		(281	)
	Total Private Equity Gains (Losses)			(255	)		(398	)		(102	)		(823	)		139
	Net Interest Income (Loss)			(89	)		(85	)		(91	)		(86	)		(91	)
	Fees and Other Revenue			41			31			16			22			39
		TOTAL OPERATING REVENUE		(303	)		(452	)		(177	)		(887	)		87
	EXPENSE:
	Compensation Expense			40			39			34			33			44
	Noncompensation Expense			49			53			33			38			54
		TOTAL OPERATING EXPENSE		89			92			67			71			98
	Operating Margin			(392	)		(544	)		(244	)		(958	)		(11	)
	Credit Costs			—			—			—			—			—
	Operating Income (Loss) Before Taxes			(392	)		(544	)		(244	)		(958	)		(11	)
	Income Taxes (Benefit)			(144	)		(199	)		(90	)		(348	)		(7	)
	OPERATING EARNINGS (LOSS)		$	(248	)	$	(345	)	$	(154	)	$	(610	)	$	(4	)
Average Common Equity			$	5,708		$	6,131		$	6,120		$	6,601		$	7,138
Average Assets				10,599			11,717			11,357			12,235			13,653
SVA				(461	)		(579	)		(387	)		(860	)		(271	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

			1QTR 2002
			Over (Under)
			4Q 2001			1Q 2001
	OPERATING INCOME STATEMENT
	REVENUE:
	Private Equity:
		Realized Gains (Losses)	NM				NM
		Unrealized Gains (Losses)		52	%			14		%
	Total Private Equity Gains (Losses)			36			NM
	Net Interest Income (Loss)			(5	)			2
	Fees and Other Revenue			32				5
		TOTAL OPERATING REVENUE		33			NM
	EXPENSE:
	Compensation Expense			3				(9	)
	Noncompensation Expense			(8	)			(9	)
		TOTAL OPERATING EXPENSE		(3	)			(9	)
	Operating Margin			28			NM
	Credit Costs		NM				NM
	Operating Income (Loss) Before Taxes			28			NM
	Income Taxes (Benefit)			28			NM
	OPERATING EARNINGS (LOSS)			28			NM
Average Common Equity				(7	)			(20	)
Average Assets				(10	)			(22	)
SVA				20				(70	)

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

Page 11

J.P. MORGAN CHASE & CO.
JPMORGAN PARTNERS
INVESTMENT PORTFOLIO – PRIVATE AND PUBLIC SECURITIES
(in millions, except ratios)

		Mar 31st		Dec 31st		Sep 30th		Jun 30th		Mar 31st
		2002		2001		2001		2001		2001
PORTFOLIO INFORMATION
Public Securities (144 companies) (a) (b)
	Carrying Value	$	705	$	998	$	1,149	$	1,680	$	1,611
	Cost		809		802		829		974		1,018
Private Direct Securities (934 companies) (b)
	Carrying Value		6,054		6,289		6,371		6,089		7,144
	Cost		7,317		7,544		7,322		6,998		7,318
Private Fund Investments (325 funds) (b)
	Carrying Value		1,794		1,910		2,108		2,086		2,122
	Cost		2,119		2,182		2,217		2,201		2,141
Total Investment Portfolio — Carrying Value		$	8,553	$	9,197	$	9,628	$	9,855	$	10,877
Total Investment Portfolio — Cost		$	10,245	$	10,528	$	10,368	$	10,173	$	10,477

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Mar 31, 2002
		Over (Under)
		Dec 31, 01			Mar 31, 01
PORTFOLIO INFORMATION
Public Securities (144 companies) (a) (b)
	Carrying Value		(29	)%		(56	)%
	Cost		1			(21	)
Private Direct Securities (934 companies) (b)
	Carrying Value		(4	)		(15	)
	Cost		(3	)		—
Private Fund Investments (325 funds) (b)
	Carrying Value		(6	)		(15	)
	Cost		(3	)		(1	)
Total Investment Portfolio — Carrying Value			(7	)		(21	)
Total Investment Portfolio — Cost			(3	)		(2	)

Public Securities Investments at March 31, 2002

(dollars and shares in millions)

					Quoted
					Public
		Symbol	Shares		Value		Cost
Triton PCS Holdings, Inc.		TPC		16.0	$	163	$	70
Encore Acquisition Company		EAC		4.9		72		34
Guitar Center, Inc.		GTRC		4.0		69		42
Fisher Scientific International Inc.		FSH		2.4		66		21
AT&T Wireless Services, Inc. (c)		AWE		7.0		62		5
1-800-FLOWERS.COM, Inc.		FLWS		3.9		53		14
dj Orthopedics, Inc.		DJO		5.9		47		54
Crown Media Holdings, Inc.		CRWN		2.7		34		40
United Auto Group, Inc.		UAG		1.5		33		18
American Tower Corporation		AMT		5.9		32		19
	Top Ten Public Securities				$	631	$	317
Other Public Securities (134 companies)						350		492
	Total Public Securities (144 companies)				$	981	$	809

(a)	Publicly traded positions only.
(b)	Represents the number of companies and funds at March 31, 2002.
(c)	Does not include 3.3 million shares held directly by the holding company, received upon a distribution from JPMP.

Page 12

J.P. MORGAN CHASE & CO.
RETAIL & MIDDLE MARKET FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS
(in millions, except ratios)

			1QTR				4QTR			3QTR			2QTR			1QTR
			2002				2001			2001			2001			2001
	OPERATING INCOME STATEMENT
	REVENUE:
	Net Interest Income		$	2,033			$	1,851		$	1,810		$	1,747		$	1,662
	Fees and Commissions			919				792			802			860			487
	Securities Gains			(13	)			61			1			—			316
	All Other Revenue			192				232			242			139			189
		TOTAL OPERATING REVENUE		3,131				2,936			2,855			2,746			2,654
	EXPENSE:
	Compensation Expense			655				605			620			600			568
	Noncompensation Expense			900				892			833			827			808
		TOTAL OPERATING EXPENSE		1,555				1,497			1,453			1,427			1,376
	Operating Margin			1,576				1,439			1,402			1,319			1,278
	Credit Costs			726				925			722			628			597
	Operating Income Before Taxes			850				514			680			691			681
	Income Taxes			324				184			255			266			260
	OPERATING EARNINGS		$	526			$	330		$	425		$	425		$	421
Average Common Equity			$	9,833			$	9,171		$	9,005		$	8,766		$	8,520
Average Managed Assets (a)				179,275				169,335			167,349			167,356			159,992
SVA				231				50			150			159			165
Return on Common Equity				21.5		%		14.2	%		18.6	%		19.3	%		19.9	%
Overhead Ratio				50				51			51			52			52
RETAIL & MIDDLE MARKET FINANCIAL SERVICES’ BUSINESSES
CARDMEMBER SERVICES:
Operating Revenues			$	1,353			$	1,261		$	1,148		$	1,072		$	1,000
Operating Earnings				147				179			132			116			98
HOME FINANCE:
Operating Revenues			$	522			$	436		$	460		$	406		$	357
Operating Earnings				132				85			118			95			88
REGIONAL BANKING GROUP:
Operating Revenues			$	731			$	745		$	775		$	793		$	803
Operating Earnings				125				112			127			132			142
MIDDLE MARKETS:
Operating Revenues			$	334			$	312		$	320		$	319		$	328
Operating Earnings				84				66			75			61			68
AUTO FINANCE:
Operating Revenues			$	171			$	164		$	140		$	136		$	112
Operating Earnings				32				37			34			37			23

[Additional columns below]

[Continued from above table, first column(s) repeated]

			1QTR 2002
			Over (Under)
			4Q 2001			1Q 2001
	OPERATING INCOME STATEMENT
	REVENUE:
	Net Interest Income			10	%			22	%
	Fees and Commissions			16				89
	Securities Gains		NM				NM
	All Other Revenue			(17	)			2
		TOTAL OPERATING REVENUE		7				18
	EXPENSE:
	Compensation Expense			8				15
	Noncompensation Expense			1				11
		TOTAL OPERATING EXPENSE		4				13
	Operating Margin			10				23
	Credit Costs			(22	)			22
	Operating Income Before Taxes			65				25
	Income Taxes			76				25
	OPERATING EARNINGS			59				25
Average Common Equity				7				15
Average Managed Assets (a)				6				12
SVA				362				40
Return on Common Equity				730	bp			160	bp
Overhead Ratio				(100	)			(200	)
RETAIL & MIDDLE MARKET FINANCIAL SERVICES’ BUSINESSES
CARDMEMBER SERVICES:
Operating Revenues				7	%			35	%
Operating Earnings				(18	)			50
HOME FINANCE:
Operating Revenues				20				46
Operating Earnings				55				50
REGIONAL BANKING GROUP:
Operating Revenues				(2	)			(9	)
Operating Earnings				12				(12	)
MIDDLE MARKETS:
Operating Revenues				7				2
Operating Earnings				27				24
AUTO FINANCE:
Operating Revenues				4				53
Operating Earnings				(14	)			39

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

(a)  Excludes the impact of credit card securitizations.

Page 13

SUPPLEMENTAL DETAIL

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

		1QTR		4QTR			3QTR		2QTR		1QTR
		2002		2001			2001		2001		2001
NONINTEREST REVENUE
Investment Banking Fees:
	Advisory	$	191	$	271		$	329	$	308	$	340
	Underwriting and Other Fees		564		660			482		621		601
	Total	$	755	$	931		$	811	$	929	$	941
Trading-Related Revenue: (a)
	Equities	$	223	$	101		$	251	$	450	$	505
	Fixed Income and Other		1,497		803			1,363		1,144		1,662
	Total	$	1,720	$	904		$	1,614	$	1,594	$	2,167
Fees and Commissions:
	Investment Management, Custody and Processing Services	$	992	$	987		$	960	$	988	$	1,016
	Credit Card Revenue		587		662			548		465		433
	Brokerage and Investment Services		304		305			268		308		363
	Mortgage Servicing Fees, Net of Amortization and Writedowns		48		(81	)		9		75		(233	)
	Other Lending-Related Service Fees		130		118			125		122		130
	Deposit Service Charges		290		277			262		258		226
	Other Fees		233		225			225		244		196
	Total	$	2,584	$	2,493		$	2,397	$	2,460	$	2,131
Other Revenue:
	Residential Mortgage Origination/Sales Activities	$	100	$	162		$	157	$	152	$	105
	All Other Revenue		57		(11	)		61		128		147
	Total	$	157	$	151		$	218	$	280	$	252
NONINTEREST EXPENSE
Other Expense:
Professional Services		$	307	$	289		$	267	$	288	$	295
Outside Services			249		213			232		220		223
Marketing			146		179			137		144		141
Travel and Entertainment			101		78			116		137		122
All Other			405		369			335		362		374
Total		$	1,208	$	1,128		$	1,087	$	1,151	$	1,155

[Additional columns below]

[Continued from above table, first column(s) repeated]

		1QTR 2002
		Over (Under)
		4Q 2001				1Q 2001
NONINTEREST REVENUE
Investment Banking Fees:
	Advisory		(30	)	%		(44	)	%
	Underwriting and Other Fees		(15	)			(6	)
	Total		(19	)			(20	)
Trading-Related Revenue: (a)
	Equities		121				(56	)
	Fixed Income and Other		86				(10	)
	Total		90				(21	)
Fees and Commissions:
	Investment Management, Custody and Processing Services		1				(2	)
	Credit Card Revenue		(11	)			36
	Brokerage and Investment Services		—				(16	)
	Mortgage Servicing Fees, Net of Amortization and Writedowns	NM				NM
	Other Lending-Related Service Fees		10				—
	Deposit Service Charges		5				28
	Other Fees		4				19
	Total		4				21
Other Revenue:
	Residential Mortgage Origination/Sales Activities		(38	)			(5	)
	All Other Revenue	NM					(61	)
	Total		4				(38	)
NONINTEREST EXPENSE
Other Expense:
Professional Services			6				4
Outside Services			17				12
Marketing			(18	)			4
Travel and Entertainment			29				(17	)
All Other			10				8
Total			7				5

(a) Includes trading-related net interest income.

Page 14

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

			Mar 31st			Dec 31st			Sep 30th			Jun 30th			Mar 31st
			2002			2001			2001			2001			2001
ASSETS
Cash and Due from Banks			$	22,637		$	22,600		$	22,299		$	24,219		$	22,371
Deposits with Banks				9,691			12,743			9,341			11,903			7,979
Federal Funds Sold and Securities Purchased under Resale Agreements				76,719			63,727			78,997			61,308			71,147
Securities Borrowed				40,880			36,580			37,499			38,296			37,264
Trading Assets:
	Debt and Equity Instruments			144,992			118,248			165,143			139,135			138,270
	Derivative Receivables			63,224			71,157			85,407			68,910			78,907
Securities				61,225			59,760			66,468			68,488			69,731
Loans (Net of Allowance for Loan Losses)				209,541			212,920			219,411			216,245			213,116
Goodwill				7,924			8,205			8,346			8,509			8,667
Other Intangibles:
	Mortgage Servicing Rights			6,918			6,579			5,731			7,073			6,062
	Purchased Credit Card Relationships			1,508			519			542			568			574
	All Other Intangibles			327			44			64			74			48
Private Equity Investments				8,553			9,197			9,628			9,855			10,877
Other Assets				58,369			71,296			90,424			58,119			48,611
TOTAL ASSETS			$	712,508		$	693,575		$	799,300		$	712,702		$	713,624
LIABILITIES
Deposits:
	Noninterest-Bearing		$	72,659		$	76,974		$	72,734		$	64,231		$	59,686
	Interest-Bearing			209,378			216,676			208,870			212,573			212,886
		Total Deposits		282,037			293,650			281,604			276,804			272,572
Federal Funds Purchased and Securities Sold under Repurchase Agreements				152,837			128,445			181,775			155,062			145,703
Commercial Paper				23,726			18,510			19,299			19,985			16,281
Other Borrowed Funds				16,968			10,835			21,941			18,418			28,716
Trading Liabilities:
	Debt and Equity Instruments			71,141			52,988			58,594			53,571			52,501
	Derivative Payables			44,997			56,063			70,817			62,373			73,312
Accounts Payable, Accrued Expenses and Other Liabilities (Including the Allowance for Credit Losses)				36,910			47,813			75,231			38,157			33,575
Long-Term Debt				37,322			39,183			42,315			40,917			42,609
Guaranteed Preferred Beneficial Interests in the Firm’s Junior Subordinated Deferrable Interest Debentures				5,439			4,439			4,439			4,439			4,439
TOTAL LIABILITIES				671,377			651,926			756,015			669,726			669,708
PREFERRED STOCK OF SUBSIDIARY				—			550			550			550			550
STOCKHOLDERS’ EQUITY
Preferred Stock				1,009			1,009			1,009			1,025			1,362
Common Stock				2,016			1,997			1,993			1,990			1,984
Capital Surplus				12,783			12,495			12,244			12,000			11,663
Retained Earnings				27,278			26,993			28,021			28,265			28,592
Accumulated Other Comprehensive Income (Loss)				(909	)		(442	)		267			(834	)		(214	)
Treasury Stock, at Cost				(1,046	)		(953	)		(799	)		(20	)		(21	)
TOTAL STOCKHOLDERS’ EQUITY				41,131			41,099			42,735			42,426			43,366
TOTAL LIABILITIES, PREFERRED STOCK OF SUBSIDIARY AND STOCKHOLDERS’ EQUITY			$	712,508		$	693,575		$	799,300		$	712,702		$	713,624

			Mar 31, 2002
			Over (Under)
			Dec 31, 01			Mar 31, 01
ASSETS
Cash and Due from Banks				—	%		1	%
Deposits with Banks				(24	)		21
Federal Funds Sold and Securities Purchased under Resale Agreements				20			8
Securities Borrowed				12			10
Trading Assets:
	Debt and Equity Instruments			23			5
	Derivative Receivables			(11	)		(20	)
Securities				2			(12	)
Loans (Net of Allowance for Loan Losses)				(2	)		(2	)
Goodwill				(3	)		(9	)
Other Intangibles:
	Mortgage Servicing Rights			5			14
	Purchased Credit Card Relationships			191			163
	All Other Intangibles		NM			NM
Private Equity Investments				(7	)		(21	)
Other Assets				(18	)		20
TOTAL ASSETS				3			—
LIABILITIES
Deposits:
	Noninterest-Bearing			(6	)		22
	Interest-Bearing			(3	)		(2	)
		Total Deposits		(4	)		3
Federal Funds Purchased and Securities Sold under Repurchase Agreements				19			5
Commercial Paper				28			46
Other Borrowed Funds				57			(41	)
Trading Liabilities:
	Debt and Equity Instruments			34			36
	Derivative Payables			(20	)		(39	)
Accounts Payable, Accrued Expenses and Other Liabilities (Including the Allowance for Credit Losses)				(23	)		10
Long-Term Debt				(5	)		(12	)
Guaranteed Preferred Beneficial Interests in the Firm’s Junior Subordinated Deferrable Interest Debentures				23			23
TOTAL LIABILITIES				3			—
PREFERRED STOCK OF SUBSIDIARY			NM			NM
STOCKHOLDERS’ EQUITY
Preferred Stock				—			(26	)
Common Stock				1			2
Capital Surplus				2			10
Retained Earnings				1			(5	)
Accumulated Other Comprehensive Income (Loss)				(106	)		(325	)
Treasury Stock, at Cost				10		NM
TOTAL STOCKHOLDERS’ EQUITY				—			(5	)
TOTAL LIABILITIES, PREFERRED STOCK OF SUBSIDIARY AND STOCKHOLDERS’ EQUITY				3			—

Page 15

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

		1QTR			4QTR			3QTR			2QTR			1QTR
		2002			2001			2001			2001			2001
AVERAGE BALANCES
ASSETS
Deposits with Banks		$	12,326		$	10,810		$	8,583		$	9,535		$	7,517
Federal Funds Sold and Securities Purchased under Resale Agreements			81,004			85,582			80,396			86,556			82,836
Securities and Trading Assets			180,951			188,988			200,161			194,736			200,872
Securities Borrowed			41,739			39,213			38,122			38,006			37,261
Loans			217,847			218,625			224,125			217,447			219,133
	Total Interest-Earning Assets		533,867			543,218			551,387			546,280			547,619
Noninterest-Earning Assets			184,779			196,557			185,891			189,488			183,339
TOTAL ASSETS		$	718,646		$	739,775		$	737,278		$	735,768		$	730,958
LIABILITIES
Interest-Bearing Deposits		$	218,049		$	223,314		$	207,430		$	215,987		$	216,749
Federal Funds Purchased and Securities Sold under Repurchase Agreements			153,662			164,714			170,708			167,126			152,675
Commercial Paper			18,901			17,134			21,307			17,818			17,963
Other Borrowings (a)			67,408			55,388			67,218			63,038			70,606
Long-Term Debt			43,046			44,964			44,788			45,173			47,445
	Total Interest-Bearing Liabilities		501,066			505,514			511,451			509,142			505,438
Noninterest-Bearing Liabilities			175,800			191,098			182,757			183,118			182,218
TOTAL LIABILITIES			676,866			696,612			694,208			692,260			687,656
PREFERRED STOCK OF SUBSIDIARY			354			550			550			550			550
Preferred Stock			1,009			1,009			1,017			1,239			1,487
Common Stockholders’ Equity			40,417			41,604			41,503			41,719			41,265
TOTAL STOCKHOLDERS’ EQUITY			41,426			42,613			42,520			42,958			42,752
TOTAL LIABILITIES, PREFERRED STOCK OF SUBSIDIARY AND STOCKHOLDERS’ EQUITY		$	718,646		$	739,775		$	737,278		$	735,768		$	730,958
AVERAGE RATES
INTEREST-EARNING ASSETS
Deposits with Banks			2.96	%		3.76	%		4.64	%		4.65	%		7.51	%
Federal Funds Sold and Securities Purchased under Resale Agreements			2.45			3.18			4.19			4.98			5.86
Securities and Trading Assets			5.35			5.40			5.51			5.90			5.86
Securities Borrowed			1.77			2.00			3.17			3.66			5.37
Loans			5.87			5.97			6.54			7.55			8.27
	Total Interest-Earning Assets		4.79			5.00			5.56			6.23			6.81
INTEREST-BEARING LIABILITIES
Interest-Bearing Deposits			2.49			2.52			3.48			3.94			4.93
Federal Funds Purchased and Securities Sold under Repurchase Agreements			2.07			2.63			3.81			4.29			5.67
Commercial Paper			1.76			2.30			3.53			4.39			5.98
Other Borrowings			4.81			6.17			5.31			6.04			5.64
Long-Term Debt			3.35			3.58			4.43			5.63			6.36
	Total Interest-Bearing Liabilities		2.72			3.04			3.92			4.48			5.43
TOTAL INVESTABLE FUNDS			2.55			2.83			3.63			4.17			5.01
INTEREST RATE SPREAD			2.07	%		1.96	%		1.64	%		1.75	%		1.38	%
NET INTEREST MARGIN			2.24	%		2.17	%		1.93	%		2.06	%		1.80	%
NET INTEREST MARGIN ADJUSTED FOR SECURITIZATIONS			2.47	%		2.39	%		2.13	%		2.22	%		1.96	%

		1QTR 2002
		Over (Under)
		4Q 2001			1Q 2001
AVERAGE BALANCES
ASSETS
Deposits with Banks			14	%		64	%
Federal Funds Sold and Securities Purchased under Resale Agreements			(5	)		(2	)
Securities and Trading Assets			(4	)		(10	)
Securities Borrowed			6			12
Loans			—			(1	)
	Total Interest-Earning Assets		(2	)		(3	)
Noninterest-Earning Assets			(6	)		1
TOTAL ASSETS			(3	)		(2	)
LIABILITIES
Interest-Bearing Deposits			(2	)		1
Federal Funds Purchased and Securities Sold under Repurchase Agreements			(7	)		1
Commercial Paper			10			5
Other Borrowings (a)			22			(5	)
Long-Term Debt			(4	)		(9	)
	Total Interest-Bearing Liabilities		(1	)		(1	)
Noninterest-Bearing Liabilities			(8	)		(4	)
TOTAL LIABILITIES			(3	)		(2	)
PREFERRED STOCK OF SUBSIDIARY			(36	)		(36	)
Preferred Stock			—			(32	)
Common Stockholders’ Equity			(3	)		(2	)
TOTAL STOCKHOLDERS’ EQUITY			(3	)		(3	)
TOTAL LIABILITIES, PREFERRED STOCK OF SUBSIDIARY AND STOCKHOLDERS’ EQUITY			(3	)		(2	)
AVERAGE RATES
INTEREST-EARNING ASSETS
Deposits with Banks		(80) bp			(455) bp
Federal Funds Sold and Securities Purchased under Resale Agreements			(73	)		(341	)
Securities and Trading Assets			(5	)		(51	)
Securities Borrowed			(23	)		(360	)
Loans			(10	)		(240	)
	Total Interest-Earning Assets		(21	)		(202	)
INTEREST-BEARING LIABILITIES
Interest-Bearing Deposits			(3	)		(244	)
Federal Funds Purchased and Securities Sold under Repurchase Agreements			(56	)		(360	)
Commercial Paper			(54	)		(422	)
Other Borrowings			(136	)		(83	)
Long-Term Debt			(23	)		(301	)
	Total Interest-Bearing Liabilities		(32	)		(271	)
TOTAL INVESTABLE FUNDS			(28	)		(246	)
INTEREST RATE SPREAD			11			69
NET INTEREST MARGIN			7			44
NET INTEREST MARGIN ADJUSTED FOR SECURITIZATIONS			8			51

(a) Includes securities sold but not yet purchased, structured notes and trust preferred notes.

Page 16

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

		Mar 31st			Dec 31st			Sep 30th			Jun 30th			Mar 31st
		2002			2001			2001			2001			2001
CREDIT-RELATED ASSETS
COMMERCIAL LOANS
Domestic Commercial		$	64,068		$	66,436		$	77,712		$	74,563		$	73,046
Foreign Commercial			37,684			38,428			38,866			38,227			40,171
Total Commercial Loans			101,752			104,864			116,578			112,790			113,217
Derivative and FX Contracts			63,224			71,157			85,407			68,910			78,907
TOTAL COMMERCIAL CREDIT-RELATED			164,976			176,021			201,985			181,700			192,124
CONSUMER LOANS
Credit Card — Reported			24,746			19,387			19,255			19,531			19,835
Credit Card — Securitizations			23,225			21,424			18,724			17,753			16,625
Credit Card — Managed			47,971			40,811			37,979			37,284			36,460
1-4 Family Residential Mortgages			54,460			59,430			55,160			56,743			54,143
Auto Financings			26,002			25,667			24,448			23,322			21,457
Other Consumer (a)			7,586			8,096			7,844			7,532			8,136
TOTAL MANAGED CONSUMER LOANS			136,019			134,004			125,431			124,881			120,196
TOTAL MANAGED CREDIT-RELATED ASSETS		$	300,995		$	310,025		$	327,416		$	306,581		$	312,320
NONPERFORMING ASSETS AND RATIOS
COMMERCIAL LOANS
Domestic Commercial		$	1,399		$	1,275		$	1,438		$	1,528		$	1,209
Foreign Commercial			960			722			580			362			428
Total Commercial Loans			2,359			1,997			2,018			1,890			1,637
Derivative and FX Contracts			155			170			46			88			109
TOTAL			2,514			2,167			2,064			1,978			1,746
CONSUMER LOANS
Credit Card — Reported			19			22			23			25			24
Credit Card — Securitizations			—			—			—			—			—
Credit Card — Managed			19			22			23			25			24
1-4 Family Residential Mortgages			351			280			273			263			254
Auto Financings			98			118			110			97			84
Other Consumer (a)			66			79			53			16			15
Total Consumer Loans			534			499			459			401			377
TOTAL			3,048			2,666			2,523			2,379			2,123
Assets Acquired in Loan Satisfactions			130			124			123			119			111
TOTAL			3,178			2,790			2,646			2,498			2,234
Other Receivables (b)			1,130			1,130			—			—			—
TOTAL NONPERFORMING ASSETS		$	4,308	(c)	$	3,920		$	2,646		$	2,498		$	2,234
TOTAL NONPERFORMING ASSETS TO TOTAL ASSETS			0.60	%		0.57	%		0.33	%		0.35	%		0.31	%
PAST DUE 90 DAYS AND OVER AND ACCRUING
COMMERCIAL LOANS
Domestic Commercial		$	42		$	30		$	19		$	48		$	114
Foreign Commercial			10			5			44			34			—
TOTAL COMMERCIAL CREDIT-RELATED			52			35			63			82			114
CONSUMER LOANS
Credit Card — Reported			619			449			394			326			352
Credit Card — Securitizations			478			457			348			374			374
Credit Card — Managed			1,097			906			742			700			726
1-4 Family Residential Mortgages			—			—			—			—			3
Auto Financings			—			1			1			1			1
Other Consumer			45			36			28			66			69
TOTAL CONSUMER LOANS			1,142			943			771			767			799
TOTAL CR.-REL. ACCRUING ASSETS
	PAST DUE 90 DAYS	$	1,194		$	978		$	834		$	849		$	913

	Mar 31, 2002
	Over (Under)
	Dec 31, 01			Mar 31, 01
CREDIT-RELATED ASSETS
COMMERCIAL LOANS
Domestic Commercial		(4	)%		(12)	%
Foreign Commercial		(2	)		(6	)
Total Commercial Loans		(3	)		(10	)
Derivative and FX Contracts		(11	)		(20	)
TOTAL COMMERCIAL CREDIT-RELATED		(6	)		(14	)
CONSUMER LOANS
Credit Card — Reported		28			25
Credit Card — Securitizations		8			40
Credit Card — Managed		18			32
1-4 Family Residential Mortgages		(8	)		1
Auto Financings		1			21
Other Consumer (a)		(6	)		(7	)
TOTAL MANAGED CONSUMER LOANS		2			13
TOTAL MANAGED CREDIT-RELATED ASSETS		(3	)		(4	)
NONPERFORMING ASSETS AND RATIOS
COMMERCIAL LOANS
Domestic Commercial		10			16
Foreign Commercial		33			124
Total Commercial Loans		18			44
Derivative and FX Contracts		(9	)		42
TOTAL		16			44
CONSUMER LOANS
Credit Card — Reported		(14	)		(21	)
Credit Card — Securitizations	NM			NM
Credit Card — Managed		(14	)		(21	)
1-4 Family Residential Mortgages		25			38
Auto Financings		(17	)		17
Other Consumer (a)		(16	)		340
Total Consumer Loans		7			42
TOTAL		14			44
Assets Acquired in Loan Satisfactions		5			17
TOTAL		14			42
Other Receivables (b)		—		NM
TOTAL NONPERFORMING ASSETS		10			93
TOTAL NONPERFORMING ASSETS TO TOTAL ASSETS	3 bp			29 bp
PAST DUE 90 DAYS AND OVER AND ACCRUING
COMMERCIAL LOANS
Domestic Commercial		40	%		(63)	%
Foreign Commercial		100		NM
TOTAL COMMERCIAL CREDIT-RELATED		49			(54	)
CONSUMER LOANS
Credit Card — Reported		38			76
Credit Card — Securitizations		5			28
Credit Card — Managed		21			51
1-4 Family Residential Mortgages	NM			NM
Auto Financings	NM			NM
Other Consumer		25			(35	)
TOTAL CONSUMER LOANS		21			43
TOTAL CR.-REL. ACCRUING ASSETS
PAST DUE 90 DAYS		22			31

(a)	Consists of installment loans (direct and indirect types of consumer finance), student loans, unsecured revolving lines of credit and foreign consumer loans.
(b)	This amount relates to the Enron-related surety receivables and letter of credit, which are the subject of litigation with credit-worthy entities.
(c)	Nonperforming assets have not been reduced for credit protection (single name credit default swaps and collateralized loan obligations) aggregating $42 million related to nonperforming counterparties.

Page 17

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

(in millions, except ratios)

	1QTR				4QTR			3QTR			2QTR			1QTR
	2002				2001			2001			2001			2001
NET CHARGE-OFFS
COMMERCIAL LOANS
Domestic Commercial	$	207			$	388		$	126		$	177		$	126
Foreign Commercial		113				45			63			35			22
				��
TOTAL COMMERCIAL LOANS		320				433			189			212			148
CONSUMER LOANS
Credit Card — Reported		337				274			264			234			218
Credit Card — Securitizations		321				264			270			273			241
Credit Card — Managed		658				538			534			507			459
1-4 Family Residential Mortgages		13				18			15			7			10
Auto Financings		38				50			32			26			29
Other Consumer		45				43			45			46			42
TOTAL CONSUMER LOANS		754				649			626			586			540
TOTAL MANAGED NET CHARGE-OFFS	$	1,074			$	1,082		$	815		$	798		$	688
NET CHARGE-OFF RATES — ANNUALIZED
COMMERCIAL LOANS
Domestic Commercial		1.24	%			2.04	%		0.59	%		0.90	%		0.62	%
Foreign Commercial		1.34				0.53			0.79			0.46			0.24
TOTAL COMMERCIAL LOANS		1.27				1.58			0.65			0.77			0.50
CONSUMER LOANS
Credit Card — Reported		5.78				5.74			5.47			4.69			4.44
Credit Card — Securitizations		5.98				5.23			5.82			6.55			5.77
Credit Card — Managed		5.87				5.48			5.64			5.54			5.05
1-4 Family Residential Mortgages		0.09				0.12			0.10			0.05			0.08
Auto Financings		0.58				0.79			0.53			0.46			0.56
Other Consumer		2.16				2.12			2.33			2.30			1.91
TOTAL CONSUMER LOANS		2.22				1.98			1.96			1.89			1.83
TOTAL MANAGED NET CHARGE-OFF RATES		1.82				1.80			1.33			1.37			1.17
ALLOWANCE FOR LOAN LOSSES AND RATIOS
Allowance for Loan Losses (a)	$	5,005			$	4,524		$	3,874		$	3,673		$	3,672
To Total Loans		2.33	%			2.08	%		1.74	%		1.67	%		1.69	%
To Total Nonperforming Loans		173				181			156			160			182
To Total Nonperforming Assets		116				115			146			147			164

[Additional columns below]

[Continued from above table, first column(s) repeated]

	1QTR 2002
	Over (Under)
	4Q 2001			1Q 2001
NET CHARGE-OFFS
COMMERCIAL LOANS
Domestic Commercial		(47	)%		64	%
Foreign Commercial		151			414
TOTAL COMMERCIAL LOANS		(26	)		116
CONSUMER LOANS
Credit Card — Reported		23			55
Credit Card — Securitizations		22			33
Credit Card — Managed		22			43
1-4 Family Residential Mortgages		(28	)		30
Auto Financings		(24	)		31
Other Consumer		5			7
TOTAL CONSUMER LOANS		16			40
TOTAL MANAGED NET CHARGE-OFFS		(1	)		56
NET CHARGE-OFF RATES — ANNUALIZED
COMMERCIAL LOANS
Domestic Commercial		(80	)bp		62	bp
Foreign Commercial		81			110
TOTAL COMMERCIAL LOANS		(31	)		77
CONSUMER LOANS
Credit Card — Reported		4			134
Credit Card — Securitizations		75			21
Credit Card — Managed		39			82
1-4 Family Residential Mortgages		(3	)		1
Auto Financings		(21	)		2
Other Consumer		4			25
TOTAL CONSUMER LOANS		24			39
TOTAL MANAGED NET CHARGE-OFF RATES		2			65
ALLOWANCE FOR LOAN LOSSES AND RATIOS
Allowance for Loan Losses (a)		11	%		36	%
To Total Loans		25	bp		64	bp
To Total Nonperforming Loans		(800	)		(900	)
To Total Nonperforming Assets		100			(4,800	)

(a) Represents period end balances for each respective quarter.

Page 18

J.P. MORGAN CHASE & CO.
CAPITAL

				1QTR			4QTR			3QTR			2QTR			1QTR
				2002			2001			2001			2001			2001
SOURCES AND USES OF TIER 1 CAPITAL
(in billions)
	Sources of Free Cash Flow
			Operating Earnings Less Dividends	$	0.5	(a)	$	(0.3	)	$	0.4		$	0.1		$	0.8
			Plus: Preferred Stock and Equivalents/Other Items		0.2	(a)		(0.8	)		(0.6	)		(0.8	)		0.1
			Less: Capital for Internal Asset Growth		—	(a)		1.4			(1.3	)		(0.5	)		(0.5	)
	Total Sources of Free Cash Flow			$	0.7		$	0.3		$	(1.5	)	$	(1.2	)	$	0.4
	Uses of Free Cash Flow
			Increases (Decreases) in Capital Ratios	$	0.9	(a)	$	0.4		$	(2.0	)	$	(0.9	)	$	1.0
			Acquisitions		—	(a)		—			—			—			0.1
			Repurchases Net of Stock Issuances		(0.2	) (a)		(0.1	)		0.5			(0.3	)		(0.7	)
	Total Uses of Free Cash Flow			$	0.7		$	0.3		$	(1.5	)	$	(1.2	)	$	0.4
COMMON SHARES OUTSTANDING
(in millions)
	Basic Weighted-Average Shares Outstanding				1,978.2			1,969.6			1,975.3			1,978.4			1,966.6
	Diluted Weighted-Average Shares Outstanding				2,005.8			2,007.4			2,020.9			2,033.6			2,032.2
	Common Shares Outstanding — at Period End				1,990.2			1,973.4			1,972.9			1,989.2			1,984.2
	CASH DIVIDENDS DECLARED PER SHARE			$	0.34		$	0.34		$	0.34		$	0.34		$	0.34
	BOOK VALUE PER SHARE				20.16			20.32			21.15			20.81			21.17
SHARE PRICE
		High		$	39.68		$	40.95		$	46.01		$	50.60		$	59.19
		Low			26.70			31.30			29.04			39.21			37.58
		Close			35.65			36.35			34.15			44.60			44.90
CAPITAL RATIOS
Tier I Capital Ratio					8.5	% (a)		8.3	%		8.2	%		8.7	%		8.7	%
Total Capital Ratio					12.4	(a)		11.9			11.6			12.2			12.3
Tier I Leverage					5.4	(a)		5.2			5.3			5.4			5.4

[Additional columns below]

[Continued from above table, first column(s) repeated]

				1QTR 2002
				Over (Under)
				4Q 2001			1Q 2001
SOURCES AND USES OF TIER 1 CAPITAL
(in billions)
Sources of Free Cash Flow
	Operating Earnings Less Dividends			NM				(38)	%
	Plus: Preferred Stock and Equivalents/Other Items			NM				100
	Less: Capital for Internal Asset Growth			NM				NM
Total Sources of Free Cash Flow					133	%		75
Uses of Free Cash Flow
			Increases (Decreases) in Capital Ratios		125			(10	)
			Acquisitions	NM			NM
			Repurchases Net of Stock Issuances		100			(71	)
Total Uses of Free Cash Flow					133			75
COMMON SHARES OUTSTANDING
(in millions)
Basic Weighted-Average Shares Outstanding					—			1
Diluted Weighted-Average Shares Outstanding					—			(1	)
Common Shares Outstanding — at Period End					1			—
CASH DIVIDENDS DECLARED PER SHARE					—			—
BOOK VALUE PER SHARE					(1	)		(5	)
SHARE PRICE
		High			(3	)		(33	)
		Low			(15	)		(29	)
		Close			(2	)		(21	)
CAPITAL RATIOS
Tier I Capital Ratio					20	bp	(20	) bp
Total Capital Ratio					50			10
Tier I Leverage					20			—

(a) Estimated

Page 19

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

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

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

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

JPMorgan Partners (“JPMP”): JPMorgan Chase’s private equity business. Public securities held by JPMP are marked-to-market at the quoted public value less liquidity discounts, with the resulting unrealized gains/losses included in the income statement. JPMP’s valuation policy for public securities incorporates the use of liquidity discounts and price averaging methodologies in certain circumstances to take into account the fact that JPMP cannot immediately realize the quoted public values as a result of the regulatory, corporate, or other contractual sales restrictions generally imposed on these holdings. Private investments are initially carried at cost, which is viewed as an approximation of fair value. The carrying value of private investments is adjusted to reflect valuation changes resulting from unaffiliated party transactions and for evidence of a decline in value.

Managed Credit Card Receivables or Managed Basis: JPMorgan Chase uses this terminology to refer to its credit card receivables on the balance sheet plus securitized credit card receivables.

NM: Not meaningful

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

Other Consumer Loans: Consists of installment loans (direct and indirect types of consumer finance), student loans, unsecured lines of credit and foreign consumer.

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

Reported Basis: Financial statements prepared under generally accepted accounting principles. The reported basis includes the impact of credit card securitizations, merger and restructuring costs, special items, and the net effect of the change in accounting principle.

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.

SFAS 133: As a result of the adoption of Statement of Financial Accounting Standards (“SFAS”) No. 133 “Accounting for Derivative Instruments and Hedging Activities”, net income for the first quarter 2001 includes the cumulative effect of a transition adjustment of $(25) million, net of taxes. The impact on each of basic and diluted earnings per share was $(0.01).

SFAS 142: Statement of Financial Accounting Standards No. 142, “Goodwill and Other Intangible Assets.”

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

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

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

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

Page 20