David A. Coulter named Executive Chairman of Investment Bank and expands responsibilities Steve Black and Bill Winters to become co-CEOs of J.P. Morgan Investment Bank New York, March 5, 2004 - William B. Harrison, Chairman and Chief Executive Officer of J.P. Morgan Chase & Co., today announced that David A. Coulter, currently Vice Chairman of JPMorgan Chase and Chief Executive Officer of J.P. Morgan, the company's investment banking arm, will become executive Chairman of the Investment Bank. In addition, the firm's private equity operations will now come under Mr. Coulter. He will retain his responsibility as executive Chairman of JPMorgan Fleming Asset Management and JPMorgan Private Bank. As part of that announcement Steve Black and Bill Winters, currently deputy co-heads of the Investment Bank, will become its co-CEOs, assuming day-to-day responsibility for the business. Mr. Black is currently global head of the firm's Equities business, and Mr. Winters is global head of the firm's Credit & Rate Markets business. They will continue report to Dave Coulter. The Investment Bank's management committee will report to them. They will focus their areas of responsibility regionally with Mr. Black having primary oversight for the Americas and Mr. Winters having primary oversight for Europe and Asia-Pacific. Jeff Walker will continue to be head of JPMorgan Partners and will report to Mr. Coulter. Upon successful completion of the merger with Bank One, Richard Cashin, head of One Equity Partners, the private equity arm of Bank One, will also report to Mr. Coulter. Jes Staley will remain head of JPMorgan Fleming Asset Management, JPMorgan Invest and JPMorgan Private Bank, continuing to report to Mr. Coulter. Global Treasury, headed by Ina Drew, will shift out of the Investment Bank in order to expand its role, upon completion of the Bank One merger, in managing the combined firm's more diverse balance sheet. In her broader role, Ina Drew will continue to report to Mr. Coulter. Jimmy Lee, Vice Chairman of JPMorgan Chase and Chairman of Investment Banking North America, will report to Mr. Coulter for investment banking matters and continue to report to Mr. Harrison for corporate-wide initiatives, such as LeadershipMorganChase. Walter Gubert, Vice Chairman of JPMorgan Chase and Chairman of Europe, Middle East and Africa for the firm, will also report to Mr. Coulter. It was also announced that Blythe Masters, currently head of Credit Policy, Strategy and Porfolio Management, will become CFO of the Investment Bank, and Susan LaMonica, currently head of Human Resources for Chase Financial Services, will become head of HR for the Investment Bank. "Dave Coulter has had outstanding results managing two of our largest businesses," said Mr. Harrison. "We want to leverage his leadership further across the firm. He will remain heavily involved in strategy and risk management issues for the IB. Steve and Bill have had deputy oversight for the Investment Bank for nearly two years and have been great leaders of our business. I'm confident they will continue our momentum toward being the leading and most influential investment bank in the world." J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $771 billion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, investment management, private banking and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase is headquartered in New York and serves more than 30 million consumers nationwide, and many of the world's most prominent corporate, institutional and government clients. Information about JPMorgan Chase is available on the Internet at www.jpmorganchase.com..