<Page>
EXHIBIT 11
COMPUTATION OF BASIC AND DILUTED
EARNINGS PER SHARE
(UNAUDITED)
<Table>
<Caption>
For Three Months Ended
------------------------------------
June 30, 2003 June 30, 2002
---------------- ----------------
Number of shares on which basic earnings per share is calculated:
Average outstanding during period 1,729,821,815 1,705,008,710
Add - Incremental shares under stock compensation plans 29,145,210 23,277,047
Add - Incremental shares associated with convertible notes 4,764,543 -
Add- Incremental shares associated with contingently issuable
shares - 2,134,332
---------------- ----------------
Number of shares on which diluted earnings per share is
calculated 1,763,731,568 1,730,420,089
================ ================
Income from continuing operations applicable to common
shareholders (millions) $ 1,725 $ 445
Less - net income applicable to contingently issuable shares
(millions) - 8
---------------- ----------------
Income from continuing operations on which basic and diluted
earnings per share is calculated (millions) 1,725 437
Income from discontinued operations on which basic and diluted
earnings per share is calculated (millions) (20) (389)
---------------- ----------------
Net income from total operations on which basic and diluted
earnings per share is calculated (millions) $ 1,705 $ 48
================ ================
</Table>
<Page>
COMPUTATION OF BASIC AND DILUTED
EARNINGS PER SHARE - (CONTINUED)
(UNAUDITED)
<Table>
<Caption>
For Three Months Ended
----------------------------------
June 30, 2003 June 30, 2002
------------- -------------
Earnings per share of common stock:
From continuing operations
Assuming dilution $ 0.98 $ 0.25
Basic $ 1.00 $ 0.26
From discontinued operations
Assuming dilution $ (0.01) $ (0.22)
Basic $ (0.01) $ (0.23)
From total operations
Assuming dilution $ 0.97 $ 0.03
Basic $ 0.99 $ 0.03
</Table>
Stock options to purchase 127,083,620 shares and 128,528,851 shares were
outstanding as of June 30, 2003 and 2002, respectively, but were not included in
the computation of diluted earnings per share because the options' exercise
price during the respective periods was greater than the average market price of
the common shares and, therefore, the effect would have been antidilutive. In
addition, 765,581 restricted stock units as of June 30, 2003 relating to the
company's Long-Term Performance Plan were not included in the computation of
diluted earnings per share as their effect would have been antidilutive.
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<Page>
COMPUTATION OF BASIC AND DILUTED
EARNINGS PER SHARE - (CONTINUED)
(UNAUDITED)
<Table>
<Caption>
For Six Months Ended
-----------------------------------
June 30, 2003 June 30, 2002
--------------- --------------
Number of shares on which basic earnings per share is calculated:
Average outstanding during period 1,727,580,179 1,711,710,401
Add - Incremental shares under stock compensation plans 28,428,256 27,637,878
Add - Incremental shares associated with convertible notes 4,764,543 -
Add - Incremental shares associated with contingently issuable shares 339,588 2,342,016
--------------- --------------
Number of shares on which diluted earnings per share is calculated 1,761,112,566 1,741,690,295
=============== ==============
Income from continuing operations applicable to common shareholders (millions) $ 3,112 $ 1,729
Less/(add) - net income applicable to contingently issuable shares (millions) - 14
--------------- --------------
Income from continuing operations on which basic and diluted earnings per share is
calculated (millions) 3,112 1,715
Income from discontinued operations on which basic and diluted earnings per share
is calculated (millions) (23) (481)
--------------- --------------
Net income from total operations on which basic and diluted earnings per share is
calculated (millions) $ 3,089 $ 1,234
=============== ==============
</Table>
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<Page>
COMPUTATION OF BASIC AND DILUTED
EARNINGS PER SHARE - (CONTINUED)
(UNAUDITED)
<Table>
<Caption>
For Six Months Ended
--------------------------------
June 30, 2003 June 30, 2002
------------- -------------
Earnings per share of common stock:
From continuing operations
Assuming dilution $ 1.77 $ 0.98
Basic $ 1.80 $ 1.01
From discontinued operations
Assuming dilution $ (0.01) $ (0.28)
Basic $ (0.01) $ (0.28)
From total operations
Assuming dilution $ 1.75* $ 0.71*
Basic $ 1.79 $ 0.73
</Table>
* Does not total due to rounding.
Stock options to purchase 127,617,004 shares and 91,804,670 shares were
outstanding as of June 30, 2003 and 2002, respectively, but were not included in
the computation of diluted earnings per share because the options' exercise
price during the respective periods was greater than the average market price of
the common shares, and therefore, the effect would have been antidilutive.
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