JPMorgan Chase & Co. (JPM) 8-K Jpmorgan Chase Reports Fourth-quarter 2012 Net Income of

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FOURTH QUARTER 2012

JPMORGAN CHASE & CO.
TABLE OF CONTENTS
		Page(s)
Consolidated Results
Consolidated Financial Highlights		2-3
Consolidated Statements of Income		4
Consolidated Balance Sheets		5
Condensed Average Balance Sheets and Annualized Yields		6
Core Net Interest Income		7
Reconciliation from Reported to Managed Summary		8
Business Detail
Line of Business Financial Highlights - Managed Basis		9
Consumer & Community Banking		10-11
Consumer & Business Banking		12
Mortgage Banking		13-16
Card, Merchant Services & Auto		17-18
Corporate & Investment Bank		19-22
Commercial Banking		23-24
Asset Management		25-29
Corporate/Private Equity		30-31
Credit-Related Information		32-37
Market Risk-Related Information		38
Supplemental Detail
Capital and Other Selected Balance Sheet Items		39
Mortgage Repurchase Liability		40
Per Share-Related Information		41
Non-GAAP Financial Measures		42
Glossary of Terms		43-47
Memo: Business Segment Reorganization Summary		48-49

Page 1

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																					FULL YEAR
																4Q12 Change												2012 Change
SELECTED INCOME STATEMENT DATA	4Q12			3Q12			2Q12			1Q12			4Q11			3Q12			4Q11			2012			2011			2011
Reported Basis
Total net revenue	$	23,653		$	25,146		$	22,180		$	26,052		$	21,471		(6	)	%	10		%	$	97,031		$	97,234		-		%
Total noninterest expense	16,047			15,371			14,966			18,345			14,540			4			10			64,729			62,911			3
Pre-provision profit	7,606			9,775			7,214			7,707			6,931			(22	)		10			32,302			34,323			(6	)
Provision for credit losses	656			1,789			214			726			2,184			(63	)		(70	)		3,385			7,574			(55	)
NET INCOME	5,692			5,708			4,960			4,924			3,728			-			53			21,284			18,976			12
Managed Basis (a)
Total net revenue	24,378			25,863			22,892			26,757			22,198			(6	)		10			99,890			99,767			-
Total noninterest expense	16,047			15,371			14,966			18,345			14,540			4			10			64,729			62,911			3
Pre-provision profit	8,331			10,492			7,926			8,412			7,658			(21	)		9			35,161			36,856			(5	)
Provision for credit losses	656			1,789			214			726			2,184			(63	)		(70	)		3,385			7,574			(55	)
NET INCOME	5,692			5,708			4,960			4,924			3,728			-			53			21,284			18,976			12
PER COMMON SHARE DATA
Basic earnings	1.40			1.41			1.22			1.20			0.90			(1	)		56			5.22			4.50			16
Diluted earnings	1.39			1.40			1.21			1.19			0.90			(1	)		54			5.20			4.48			16
Cash dividends declared	0.30			0.30			0.30			0.30			0.25			-			20			1.20			1.00			20
Book value	51.27			50.17			48.40			47.48			46.59			2			10			51.27			46.59			10
Tangible book value (b)	38.75			37.53			35.71			34.79			33.69			3			15			38.75			33.69			15
Closing share price (c)	43.97			40.48			35.73			45.98			33.25			9			32			43.97			33.25			32
Market capitalization	167,260			153,806			135,661			175,737			125,442			9			33			167,260			125,442			33
COMMON SHARES OUTSTANDING
Average: Basic	3,806.7			3,803.3			3,808.9			3,818.8			3,801.9			-			-			3,809.4			3,900.4			(2	)
Diluted	3,820.9			3,813.9			3,820.5			3,833.4			3,811.7			-			-			3,822.2			3,920.3			(3	)
Common shares at period-end	3,804.0			3,799.6			3,796.8			3,822.0			3,772.7			-			1			3,804.0			3,772.7			1
FINANCIAL RATIOS (d)
Return on common equity ("ROE")	11		%	12		%	11		%	11		%	8		%							11		%	11		%
Return on tangible common equity ("ROTCE") (b)	15			16			15			15			11									15			15
Return on assets ("ROA")	0.98			1.01			0.88			0.88			0.65									0.94			0.86
Return on risk-weighted assets (e)	1.76		(g)	1.74			1.52			1.57			1.21									1.65		(g)	1.58
CAPITAL RATIOS (based on Basel I)
Tier 1 capital ratio	12.6		(g)	11.9			11.3			11.9			12.3									12.6		(g)	12.3
Total capital ratio	15.3		(g)	14.7			14.0			14.9			15.4									15.3		(g)	15.4
Tier 1 common capital ratio (f)	11.0		(g)	10.4			9.9			9.8			10.1									11.0		(g)	10.1

(a) For further discussion of managed basis, see Reconciliation from Reported to Managed Summary on page 8.

(b) Tangible book value per share and ROTCE are non-GAAP financial measures. Tangible book value per share represents the Firm's tangible common equity divided by period-end common shares. ROTCE measures the Firm's annualized earnings as a percentage of tangible common equity. For further discussion, see page 42.

(c) Share prices shown for JPMorgan Chase's common stock are from the New York Stock Exchange. JPMorgan Chase's common stock is also listed and traded on the London Stock Exchange and the Tokyo Stock Exchange.

(d) Ratios are based upon annualized amounts.

(e) Return on Basel I risk-weighted assets is the annualized earnings of the Firm divided by its average risk-weighted assets.

(f) Basel I Tier 1 common capital ratio (“Tier 1 common ratio”) is Tier 1 common capital (“Tier 1 common”) divided by risk-weighted assets. The Firm uses Tier 1 common capital along with the other capital measures to assess and monitor its capital position. For further discussion of the Tier 1 common capital ratio, see page 42.

(g) Estimated.

Page 2

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																							FULL YEAR
																		4Q12 Change													2012 Change
	4Q12			3Q12			2Q12				1Q12				4Q11			3Q12			4Q11			2012				2011			2011
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	2,359,141		$	2,321,284		$	2,290,146			$	2,320,164			$	2,265,792		2		%	4		%	$	2,359,141			$	2,265,792		4		%
Consumer, excluding credit card loans	292,620			295,079			300,046				304,770				308,427			(1	)		(5	)		292,620				308,427			(5	)
Credit card loans	127,993			124,537			124,705				125,331				132,277			3			(3	)		127,993				132,277			(3	)
Wholesale loans	313,183			302,331			302,820				290,866				283,016			4			11			313,183				283,016			11
Total Loans	733,796			721,947			727,571				720,967				723,720			2			1			733,796				723,720			1
Deposits	1,193,593			1,139,611			1,115,886				1,128,512				1,127,806			5			6			1,193,593				1,127,806			6
Common stockholders' equity	195,011			190,635			183,772				181,469				175,773			2			11			195,011				175,773			11
Total stockholders' equity	204,069			199,693			191,572				189,269				183,573			2			11			204,069				183,573			11
Deposits-to-loans ratio	163		%	158		%	153			%	157			%	156		%							163			%	156		%
Headcount	258,965			259,547			262,882				261,453				260,157			-			-			258,965				260,157			-
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	2,014		$	2,366		$	3,295			$	2,936			$	1,574		(15	)		28			$	10,611			$	6,202		71
Corporate & Investment Bank	2,005			1,992			2,376				2,033				976			1			105			8,406				7,993			5
Commercial Banking	692			690			673				591				643			-			8			2,646				2,367			12
Asset Management	483			443			391				386				302			9			60			1,703				1,592			7
Corporate/Private Equity	498			217			(1,775		)		(1,022		)		233			129			114			(2,082		)		822			NM
NET INCOME	$	5,692		$	5,708		$	4,960			$	4,924			$	3,728		-			53			$	21,284			$	18,976		12

Page 3

JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																						FULL YEAR
																	4Q12 Change												2012 Change
REVENUE	4Q12			3Q12			2Q12				1Q12			4Q11			3Q12			4Q11			2012			2011			2011
Investment banking fees	$	1,727		$	1,443		$	1,257			$	1,381		$	1,133		20		%	52		%	$	5,808		$	5,911		(2	)	%
Principal transactions	1,194			2,047			(427		)		2,722			750			(42	)		59			5,536			10,005			(45	)
Lending- and deposit-related fees	1,571			1,562			1,546				1,517			1,620			1			(3	)		6,196			6,458			(4	)
Asset management, administration and commissions	3,679			3,336			3,461				3,392			3,337			10			10			13,868			14,094			(2	)
Securities gains	102			458			1,014				536			47			(78	)		117			2,110			1,593			32
Mortgage fees and related income	2,035			2,377			2,265				2,010			725			(14	)		181			8,687			2,721			219
Card income	1,502			1,428			1,412				1,316			1,359			5			11			5,658			6,158			(8	)
Other income	721			1,519			506				1,512			369			(53	)		95			4,258			2,605			63
Noninterest revenue	12,531			14,170			11,034				14,386			9,340			(12	)		34			52,121			49,545			5
Interest income	13,634			13,629			14,099				14,701			15,054			-			(9	)		56,063			61,293			(9	)
Interest expense	2,512			2,653			2,953				3,035			2,923			(5	)		(14	)		11,153			13,604			(18	)
Net interest income	11,122			10,976			11,146				11,666			12,131			1			(8	)		44,910			47,689			(6	)
TOTAL NET REVENUE	23,653			25,146			22,180				26,052			21,471			(6	)		10			97,031			97,234			-
Provision for credit losses	656			1,789			214				726			2,184			(63	)		(70	)		3,385			7,574			(55	)
NONINTEREST EXPENSE
Compensation expense	7,042			7,503			7,427				8,613			6,297			(6	)		12			30,585			29,037			5
Occupancy expense	911			973			1,080				961			1,047			(6	)		(13	)		3,925			3,895			1
Technology, communications and equipment expense	1,359			1,312			1,282				1,271			1,282			4			6			5,224			4,947			6
Professional and outside services	2,018			1,759			1,857				1,795			2,021			15			-			7,429			7,482			(1	)
Marketing	648			607			642				680			814			7			(20	)		2,577			3,143			(18	)
Other expense (a)	3,678			3,035			2,487				4,832			2,872			21			28			14,032			13,559			3
Amortization of intangibles	391			182			191				193			207			115			89			957			848			13
TOTAL NONINTEREST EXPENSE	16,047			15,371			14,966				18,345			14,540			4			10			64,729			62,911			3
Income before income tax expense	6,950			7,986			7,000				6,981			4,747			(13	)		46			28,917			26,749			8
Income tax expense	1,258			2,278			2,040				2,057			1,019			(45	)		23			7,633			7,773			(2	)
NET INCOME	$	5,692		$	5,708		$	4,960			$	4,924		$	3,728		-			53			$	21,284		$	18,976		12
PER COMMON SHARE DATA
Basic earnings	1.40			1.41			1.22				1.20			0.90			(1	)		56			5.22			4.50			16
Diluted earnings	1.39			1.40			1.21				1.19			0.90			(1	)		54			5.20			4.48			16
FINANCIAL RATIOS
Return on common equity (b)	11		%	12		%	11			%	11		%	8		%							11		%	11		%
Return on tangible common equity (b)(c)	15			16			15				15			11									15			15
Return on assets (b)	0.98			1.01			0.88				0.88			0.65									0.94			0.86
Return on risk-weighted assets (b)(c)	1.76		(d)	1.74			1.52				1.57			1.21									1.65		(d)	1.58
Effective income tax rate	18		(e)	29			29				29			21		(f)							26			29
Overhead ratio	68			61			67				70			68									67			65

(a) Included litigation expense of $1.2 billion, $0.8 billion, $0.3 billion, $2.7 billion and $0.6 billion for the three months ended December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively, and $5.0 billion and $4.9 billion for full year 2012 and 2011, respectively.

(b) Ratios are based upon annualized amounts.

(c) For further discussion of ROTCE and return on Basel I risk-weighted assets, see pages 2 and 42.

(d) Estimated.

(e) Reflects changes in the proportion of pretax income subject to U.S. federal and state and local taxes, higher tax benefits associated with tax audits, higher tax benefits from tax-advantaged investments, and other year-end tax adjustments.

(f) Reflects lower reported pretax income and changes in the proportion of income subject to U.S. federal and state and local taxes, as well as tax benefits associated with state and local income taxes.

Page 4

JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
																	December 31, 2012
																	Change
	Dec 31,			Sep 30,				Jun 30,			Mar 31,			Dec 31,			Sep 30,			Dec 31,
	2012			2012				2012			2012			2011			2012			2011
ASSETS
Cash and due from banks	$	53,723		$	53,343			$	44,866		$	55,383		$	59,602		1		%	(10	)	%
Deposits with banks	121,814			104,344				130,383			115,028			85,279			17			43
Federal funds sold and securities purchased under
resale agreements	296,296			281,991				255,188			240,484			235,314			5			26
Securities borrowed	119,017			133,526				138,209			135,650			142,462			(11	)		(16	)
Trading assets:
Debt and equity instruments	375,045			367,090				331,781			370,623			351,486			2			7
Derivative receivables	74,983			79,963				85,543			85,010			92,477			(6	)		(19	)
Securities	371,152			365,901				354,595			381,742			364,793			1			2
Loans	733,796			721,947				727,571			720,967			723,720			2			1
Less: Allowance for loan losses	21,936			22,824				23,791			25,871			27,609			(4	)		(21	)
Loans, net of allowance for loan losses	711,860			699,123				703,780			695,096			696,111			2			2
Accrued interest and accounts receivable	60,933			62,989				67,939			64,833			61,478			(3	)		(1	)
Premises and equipment	14,519			14,271				14,206			14,213			14,041			2			3
Goodwill	48,175			48,178				48,131			48,208			48,188			-			-
Mortgage servicing rights	7,614			7,080				7,118			8,039			7,223			8			5
Other intangible assets	2,235			2,641				2,813			3,029			3,207			(15	)		(30	)
Other assets	101,775			100,844				105,594			102,826			104,131			1			(2	)
TOTAL ASSETS	$	2,359,141		$	2,321,284			$	2,290,146		$	2,320,164		$	2,265,792		2			4
LIABILITIES
Deposits	$	1,193,593		$	1,139,611			$	1,115,886		$	1,128,512		$	1,127,806		5			6
Federal funds purchased and securities loaned or sold
under repurchase agreements	240,103			257,218				261,657			250,483			213,532			(7	)		12
Commercial paper	55,367			55,474				50,563			50,577			51,631			-			7
Other borrowed funds	26,636			22,255				21,689			27,298			21,908			20			22
Trading liabilities:
Debt and equity instruments	61,262			71,471				70,812			71,529			66,718			(14	)		(8	)
Derivative payables	70,656			73,462				76,249			74,767			74,977			(4	)		(6	)
Accounts payable and other liabilities	195,240			203,042				207,126			204,148			202,895			(4	)		(4	)
Beneficial interests issued by consolidated VIEs	63,191			57,918				55,053			67,750			65,977			9			(4	)
Long-term debt	249,024			241,140				239,539			255,831			256,775			3			(3	)
TOTAL LIABILITIES	2,155,072			2,121,591				2,098,574			2,130,895			2,082,219			2			3
STOCKHOLDERS' EQUITY
Preferred stock	9,058			9,058				7,800			7,800			7,800			-			16
Common stock	4,105			4,105				4,105			4,105			4,105			-			-
Capital surplus	94,604			94,431				94,201			94,070			95,602			-			(1	)
Retained earnings	104,223			99,888				95,518			91,888			88,315			4			18
Accumulated other comprehensive income	4,102			4,426				2,272			2,645			944			(7	)		335
Shares held in RSU Trust, at cost	(21		)	(38		)		(38		)	(38		)	(38		)	45			45
Treasury stock, at cost	(12,002		)	(12,177		)		(12,286		)	(11,201		)	(13,155		)	1			9
TOTAL STOCKHOLDERS' EQUITY	204,069			199,693				191,572			189,269			183,573			2			11
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,359,141		$	2,321,284			$	2,290,146		$	2,320,164		$	2,265,792		2			4

Page 5

JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																								FULL YEAR
																			4Q12 Change												2012 Change
AVERAGE BALANCES	4Q12				3Q12				2Q12				1Q12			4Q11			3Q12			4Q11			2012			2011			2011
ASSETS
Deposits with banks	$	124,832			$	126,605			$	111,441			$	110,817		$	89,145		(1	)	%	40		%	$	118,463		$	79,783		48		%
Federal funds sold and securities purchased under
resale agreements	252,529				233,576				242,184				230,444			230,494			8			10			239,703			211,800			13
Securities borrowed	128,329				134,980				129,390				133,080			143,745			(5	)		(11	)		131,446			128,777			2
Trading assets - debt instruments	244,346				228,120				235,990				228,397			241,645			7			1			234,224			264,941			(12	)
Securities	365,883				351,733				366,130				369,273			358,698			4			2			363,230			337,894			7
Loans	725,610				723,077				725,252				715,553			706,856			-			3			722,384			693,523			4
Other assets (a)	33,004				31,689				33,240				33,949			37,343			4			(12	)		32,967			44,637			(26	)
Total interest-earning assets	1,874,533				1,829,780				1,843,627				1,821,513			1,807,926			2			4			1,842,417			1,761,355			5
Trading assets - equity instruments	119,598				103,279				110,718				126,938			116,720			16			2			115,113			128,949			(11	)
Trading assets - derivative receivables	77,974				85,303				89,345				90,446			94,925			(9	)		(18	)		85,744			90,003			(5	)
All other noninterest-earning assets	238,684				233,395				222,606				219,979			243,578			2			(2	)		228,707			217,891			5
TOTAL ASSETS	$	2,310,789			$	2,251,757			$	2,266,296			$	2,258,876		$	2,263,149		3			2			$	2,271,981		$	2,198,198		3
LIABILITIES
Interest-bearing deposits	$	758,645			$	742,570			$	744,103			$	759,084		$	759,422		2			-			$	751,098		$	733,683		2
Federal funds purchased and securities loaned or
sold under repurchase agreements	260,415				251,071				249,186				233,415			230,355			4			13			248,561			256,283			(3	)
Commercial paper	53,401				52,523				48,791				48,359			44,930			2			19			50,780			42,653			19
Trading liabilities - debt, short-term and other liabilities (b)	181,089				189,981				203,348				199,588			204,161			(5	)		(11	)		193,459			206,531			(6	)
Beneficial interests issued by consolidated VIEs	58,973				56,609				60,046				65,360			65,322			4			(10	)		60,234			68,523			(12	)
Long-term debt	245,343				231,723				250,494				255,246			269,542			6			(9	)		245,662			272,985			(10	)
Total interest-bearing liabilities	1,557,866				1,524,477				1,555,968				1,561,052			1,573,732			2			(1	)		1,549,794			1,580,658			(2	)
Noninterest-bearing deposits	374,893				355,478				349,143				339,398			337,618			5			11			354,785			278,307			27
Trading liabilities - equity instruments	14,264				16,244				12,096				14,060			8,188			(12	)		74			14,172			5,316			167
Trading liabilities - derivative payables	72,049				77,851				78,704				76,069			72,965			(7	)		(1	)		76,162			71,539			6
All other noninterest-bearing liabilities	90,684				82,839				81,564				82,786			87,804			9			3			84,480			81,312			4
TOTAL LIABILITIES	2,109,756				2,056,889				2,077,475				2,073,365			2,080,307			3			1			2,079,393			2,017,132			3
Preferred stock	9,058				8,278				7,800				7,800			7,800			9			16			8,236			7,800			6
Common stockholders' equity	191,975				186,590				181,021				177,711			175,042			3			10			184,352			173,266			6
TOTAL STOCKHOLDERS' EQUITY	201,033				194,868				188,821				185,511			182,842			3			10			192,588			181,066			6
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,310,789			$	2,251,757			$	2,266,296			$	2,258,876		$	2,263,149		3			2			$	2,271,981		$	2,198,198		3
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks	0.43			%	0.41			%	0.49			%	0.55		%	0.75		%							0.47		%	0.75		%
Federal funds sold and securities purchased under
resale agreements	0.91				0.97				1.07				1.14			1.19									1.02			1.19
Securities borrowed (d)	(0.03		)		(0.05		)		(0.04		)		0.11			0.04									—			0.09
Trading assets - debt instruments	3.81				3.81				3.96				4.30			4.22									3.96			4.27
Securities	2.04				2.11				2.42				2.60			2.57									2.29			2.80
Loans	4.83				4.98				4.96				5.14			5.22									4.98			5.37
Other assets (a)	1.01				0.55				0.74				0.83			1.51									0.79			1.36
Total interest-earning assets	2.93				3.01				3.12				3.28			3.34									3.08			3.51
INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.30				0.34				0.40				0.38			0.43									0.35			0.53
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.22				0.22				0.26				0.15			0.18									0.22			0.21
Commercial paper	0.19				0.19				0.18				0.15			0.13									0.18			0.17
Trading liabilities - debt, short-term and other liabilities (b)(d)	0.63				0.50				0.66				0.61			0.67									0.60			1.10
Beneficial interests issued by consolidated VIEs	0.98				1.09				1.10				1.12			1.06									1.08			1.12
Long-term debt	2.17				2.51				2.47				2.71			2.15									2.47			2.24
Total interest-bearing liabilities	0.64				0.69				0.76				0.78			0.74									0.72			0.86
INTEREST RATE SPREAD	2.29			%	2.32			%	2.36			%	2.50		%	2.60		%							2.36		%	2.65		%
NET YIELD ON INTEREST-EARNING ASSETS	2.40			%	2.43			%	2.47			%	2.61		%	2.70		%							2.48		%	2.74		%

(a) Includes margin loans.

(b) Includes brokerage customer payables.

(c) Includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.

(d) Negative yield on securities borrowed was the result of increased client-driven demand for certain securities combined with the impact of low interest rates; the offset of this matched book activity is reflected as lower net interest expense reported within trading liabilities - debt, short-term and other liabilities.

Page 6

JPMORGAN CHASE & CO.
CORE NET INTEREST INCOME
(in millions, except rates)

In addition to reviewing JPMorgan Chase's net interest income on a managed basis, management also reviews core net interest income to assess the performance of its core lending, investing (including asset-liability management) and deposit-raising activities, excluding the impact of CIB's market-based activities. The core data presented below are non-GAAP financial measures due to the exclusion of CIB's market-based net interest income and the related assets. For a further discussion of these measures, see Explanation and Reconciliation of the Firm's Use of Non-GAAP Financial Measures on pages 76-78 of JPMorgan Chase's 2011 Annual Report.

	QUARTERLY TRENDS																				FULL YEAR
																4Q12 Change											2012 Change
	4Q12			3Q12			2Q12			1Q12			4Q11			3Q12		4Q11			2012			2011			2011
CORE NET INTEREST INCOME DATA (a)
Net interest income - managed basis (b)(c)	$	11,299		$	11,176		$	11,341		$	11,837		$	12,288		1	%	(8	)	%	$	45,653		$	48,219		(5	)	%
Impact of market-based net interest income	1,487			1,386			1,345			1,569			1,800			7		(17	)		5,787			7,329			(21	)
Core net interest income (b)	$	9,812		$	9,790		$	9,996		$	10,268		$	10,488		-		(6	)		$	39,866		$	40,890		(3	)
Average interest-earning assets	$	1,874,533		$	1,829,780		$	1,843,627		$	1,821,513		$	1,807,926		2		4			$	1,842,417		$	1,761,355		5
Impact of market-based earning assets	503,825			497,469			505,282			490,750			502,312			1		-			499,339			519,655			(4	)
Core average interest-earning assets	$	1,370,708		$	1,332,311		$	1,338,345		$	1,330,763		$	1,305,614		3		5			$	1,343,078		$	1,241,700		8
Net interest yield on interest-earning assets -
managed basis	2.40		%	2.43		%	2.47		%	2.61		%	2.70		%						2.48		%	2.74		%
Net interest yield on market-based activity	1.17			1.11			1.07			1.29			1.42								1.16			1.41
Core net interest yield on average interest-earning assets	2.85			2.92			3.00			3.10			3.19								2.97			3.29

(a) Includes core lending, investing and deposit-raising activities on a managed basis across Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, Asset Management, Corporate/Private Equity; and excludes the market-based activities within the Corporate & Investment Bank.

(b) Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.

(c) For a reconciliation of net interest income on a reported and managed basis, see Reconciliation from Reported to Managed Summary on page 8.

Page 7

JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO MANAGED SUMMARY
(in millions, except ratios)

The Firm prepares its consolidated financial statements using accounting principles generally accepted in the U.S. ("U.S. GAAP"). That presentation, which is referred to as "reported” basis, provides the reader with an understanding of the Firm's results that can be tracked consistently from year to year and enables a comparison of the Firm's performance with other companies' U.S. GAAP financial statements. In addition to analyzing the Firm's results on a reported basis, management reviews the Firm's results and the results of the lines of business on a “managed” basis, which is a non-GAAP financial measure. For additional information on managed basis, refer to the notes on Non-GAAP Financial Measures on page 42.

The following summary table provides a reconciliation from the Firm's reported U.S. GAAP results to managed basis.

	QUARTERLY TRENDS																					FULL YEAR
																4Q12 Change												2012 Change
	4Q12			3Q12			2Q12			1Q12			4Q11			3Q12			4Q11			2012			2011			2011
OTHER INCOME
Other income - reported	$	721		$	1,519		$	506		$	1,512		$	369		(53	)	%	95		%	$	4,258		$	2,605		63		%
Fully taxable-equivalent ("FTE") adjustments (a)	548			517			517			534			570			6			(4	)		2,116			2,003			6
Other income - managed	$	1,269		$	2,036		$	1,023		$	2,046		$	939		(38	)		35			$	6,374		$	4,608		38
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	12,531		$	14,170		$	11,034		$	14,386		$	9,340		(12	)		34			$	52,121		$	49,545		5
Fully taxable-equivalent adjustments (a)	548			517			517			534			570			6			(4	)		2,116			2,003			6
Total noninterest revenue - managed	$	13,079		$	14,687		$	11,551		$	14,920		$	9,910		(11	)		32			$	54,237		$	51,548		5
NET INTEREST INCOME
Net interest income - reported	$	11,122		$	10,976		$	11,146		$	11,666		$	12,131		1			(8	)		$	44,910		$	47,689		(6	)
Fully taxable-equivalent adjustments (a)	177			200			195			171			157			(12	)		13			743			530			40
Net interest income - managed	$	11,299		$	11,176		$	11,341		$	11,837		$	12,288		1			(8	)		$	45,653		$	48,219		(5	)
TOTAL NET REVENUE
Total net revenue - reported	$	23,653		$	25,146		$	22,180		$	26,052		$	21,471		(6	)		10			$	97,031		$	97,234		-
Fully taxable-equivalent adjustments (a)	725			717			712			705			727			1			-			2,859			2,533			13
Total net revenue - managed	$	24,378		$	25,863		$	22,892		$	26,757		$	22,198		(6	)		10			$	99,890		$	99,767		-
PRE-PROVISION PROFIT
Pre-provision profit - reported	$	7,606		$	9,775		$	7,214		$	7,707		$	6,931		(22	)		10			$	32,302		$	34,323		(6	)
Fully taxable-equivalent adjustments (a)	725			717			712			705			727			1			-			2,859			2,533			13
Pre-provision profit - managed	$	8,331		$	10,492		$	7,926		$	8,412		$	7,658		(21	)		9			$	35,161		$	36,856		(5	)
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	6,950		$	7,986		$	7,000		$	6,981		$	4,747		(13	)		46			$	28,917		$	26,749		8
Fully taxable-equivalent adjustments (a)	725			717			712			705			727			1			-			2,859			2,533			13
Income before income tax expense - managed	$	7,675		$	8,703		$	7,712		$	7,686		$	5,474		(12	)		40			$	31,776		$	29,282		9
INCOME TAX EXPENSE
Income tax expense - reported	$	1,258		$	2,278		$	2,040		$	2,057		$	1,019		(45	)		23			$	7,633		$	7,773		(2	)
Fully taxable-equivalent adjustments (a)	725			717			712			705			727			1			-			2,859			2,533			13
Income tax expense - managed	$	1,983		$	2,995		$	2,752		$	2,762		$	1,746		(34	)		14			$	10,492		$	10,306		2
OVERHEAD RATIO
Overhead ratio - reported	68		%	61		%	67		%	70		%	68		%							67		%	65		%
Overhead ratio - managed	66			59			65			69			66									65			63
																														��

(a) Predominantly recognized in the Corporate & Investment Bank and Commercial Banking business segments and Corporate/Private Equity.

Page 8

JPMORGAN CHASE & CO.
LINE OF BUSINESS FINANCIAL HIGHLIGHTS - MANAGED BASIS
(in millions)
	QUARTERLY TRENDS																					FULL YEAR
																4Q12 Change													2012 Change
	4Q12			3Q12			2Q12			1Q12			4Q11			3Q12			4Q11			2012			2011				2011
TOTAL NET REVENUE (fully taxable-equivalent ("FTE"))
Consumer & Community Banking	$	12,378		$	12,738		$	12,466		$	12,363		$	11,209		(3	)	%	10		%	$	49,945		$	45,687			9		%
Corporate & Investment Bank	7,642			8,360			8,986			9,338			6,320			(9	)		21			34,326			33,984				1
Commercial Banking	1,745			1,732			1,691			1,657			1,687			1			3			6,825			6,418				6
Asset Management	2,753			2,459			2,364			2,370			2,284			12			21			9,946			9,543				4
Corporate/Private Equity	(140		)	574			(2,615		)	1,029			698			NM			NM			(1,152		)	4,135				NM
TOTAL NET REVENUE	$	24,378		$	25,863		$	22,892		$	26,757		$	22,198		(6	)		10			$	99,890		$	99,767			-
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	7,966		$	6,954		$	6,832		$	7,038		$	6,763		15			18			$	28,790		$	27,544			5
Corporate & Investment Bank	4,996			5,350			5,293			6,211			4,532			(7	)		10			21,850			21,979				(1	)
Commercial Banking	599			601			591			598			579			-			3			2,389			2,278				5
Asset Management	1,943			1,731			1,701			1,729			1,752			12			11			7,104			7,002			��	1
Corporate/Private Equity	543			735			549			2,769			914			(26	)		(41	)		4,596			4,108				12
TOTAL NONINTEREST EXPENSE	$	16,047		$	15,371		$	14,966		$	18,345		$	14,540		4			10			$	64,729		$	62,911			3
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	4,412		$	5,784		$	5,634		$	5,325		$	4,446		(24	)		(1	)		$	21,155		$	18,143			17
Corporate & Investment Bank	2,646			3,010			3,693			3,127			1,788			(12	)		48			12,476			12,005				4
Commercial Banking	1,146			1,131			1,100			1,059			1,108			1			3			4,436			4,140				7
Asset Management	810			728			663			641			532			11			52			2,842			2,541				12
Corporate/Private Equity	(683		)	(161		)	(3,164		)	(1,740		)	(216		)	(324	)		(216	)		(5,748		)	27				NM
PRE-PROVISION PROFIT	$	8,331		$	10,492		$	7,926		$	8,412		$	7,658		(21	)		9			$	35,161		$	36,856			(5	)
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	1,091		$	1,862		$	179		$	642		$	1,839		(41	)		(41	)		$	3,774		$	7,620			(50	)
Corporate & Investment Bank	(445		)	(60		)	29			(3		)	291			NM			NM			(479		)	(285		)		(68	)
Commercial Banking	(3		)	(16		)	(17		)	77			40			81			NM			41			208				(80	)
Asset Management	19			14			34			19			24			36			(21	)		86			67				28
Corporate/Private Equity	(6		)	(11		)	(11		)	(9		)	(10		)	45			40			(37		)	(36		)		(3	)
PROVISION FOR CREDIT LOSSES	$	656		$	1,789		$	214		$	726		$	2,184		(63	)		(70	)		$	3,385		$	7,574			(55	)
NET INCOME/(LOSS)
Consumer & Community Banking	$	2,014		$	2,366		$	3,295		$	2,936		$	1,574		(15	)		28			$	10,611		$	6,202			71
Corporate & Investment Bank	2,005			1,992			2,376			2,033			976			1			105			8,406			7,993				5
Commercial Banking	692			690			673			591			643			-			8			2,646			2,367				12
Asset Management	483			443			391			386			302			9			60			1,703			1,592				7
Corporate/Private Equity	498			217			(1,775		)	(1,022		)	233			129			114			(2,082		)	822				NM
TOTAL NET INCOME	$	5,692		$	5,708		$	4,960		$	4,924		$	3,728		-			53			$	21,284		$	18,976			12

Page 9

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																						FULL YEAR
																4Q12 Change													2012 Change
	4Q12			3Q12			2Q12			1Q12			4Q11			3Q12			4Q11				2012			2011			2011
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	789		$	797		$	782		$	753		$	812		(1	)	%	(3	)	%		$	3,121		$	3,219		(3	)	%
Asset management, administration and commissions	495			522			540			535			508			(5	)		(3	)			2,092			2,044			2
Mortgage fees and related income	2,031			2,376			2,265			2,008			723			(15	)		181				8,680			2,714			220
Card income	1,448			1,376			1,359			1,263			1,358			5			7				5,446			6,152			(11	)
All other income	348			352			340			416			321			(1	)		8				1,456			1,177			24
Noninterest revenue	5,111			5,423			5,286			4,975			3,722			(6	)		37				20,795			15,306			36
Net interest income	7,267			7,315			7,180			7,388			7,487			(1	)		(3	)			29,150			30,381			(4	)
TOTAL NET REVENUE	12,378			12,738			12,466			12,363			11,209			(3	)		10				49,945			45,687			9
Provision for credit losses	1,091			1,862			179			642			1,839			(41	)		(41	)			3,774			7,620			(50	)
NONINTEREST EXPENSE
Compensation expense	2,748			2,847			2,817			2,819			2,619			(3	)		5				11,231			9,971			13
Noncompensation expense	4,871			3,970			3,871			4,072			3,991			23			22				16,784			16,934			(1	)
Amortization of intangibles	347			137			144			147			153			153			127				775			639			21
TOTAL NONINTEREST EXPENSE	7,966			6,954			6,832			7,038			6,763			15			18				28,790			27,544			5
Income before income tax expense	3,321			3,922			5,455			4,683			2,607			(15	)		27				17,381			10,523			65
Income tax expense	1,307			1,556			2,160			1,747			1,033			(16	)		27				6,770			4,321			57
NET INCOME	$	2,014		$	2,366		$	3,295		$	2,936		$	1,574		(15	)		28				$	10,611		$	6,202		71
FINANCIAL RATIOS																						��
ROE	19		%	22		%	31		%	27		%	15		%								25		%	15		%
Overhead ratio	64			55			55			57			60										58			60
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	463,608		$	460,124		$	463,198		$	469,084		$	483,307		1			(4	)			$	463,608		$	483,307		(4	)
Loans:
Loans retained	402,963			402,431			408,066			413,373			425,581			-			(5	)			402,963			425,581			(5	)
Loans held-for-sale and loans at fair value (a)	18,801			15,356			14,366			13,352			12,796			22			47				18,801			12,796			47
Total loans	421,764			417,787			422,432			426,725			438,377			1			(4	)			421,764			438,377			(4	)
Deposits	438,484			422,068			415,531			415,942			397,825			4			10				438,484			397,825			10
Equity	43,000			43,000			43,000			43,000			41,000			-			5				43,000			41,000			5
SELECTED BALANCE SHEET DATA (average)
Total assets	$	459,152		$	460,386		$	465,873		$	471,476		$	480,766		-			(4	)			$	464,197		$	487,923		(5	)
Loans:
Loans retained	400,798			404,772			410,774			418,017			422,970			(1	)		(5	)			408,559			429,975			(5	)
Loans held-for-sale and loans at fair value (a)	19,104			17,988			18,476			16,442			16,777			6			14				18,006			17,187			5
Total loans	419,902			422,760			429,250			434,459			439,747			(1	)		(5	)			426,565			447,162			(5	)
Deposits	425,995			416,653			411,255			401,580			391,521			2			9				413,911			382,678			8
Equity	43,000			43,000			43,000			43,000			41,000			-			5				43,000			41,000			5
Headcount	159,467			160,342			162,807			162,991			161,443			(1	)		(1	)			159,467			161,443			(1	)

(a) Predominantly consists of prime mortgages originated with the intent to sell that are accounted for at fair value and classified as trading assets on the Consolidated Balance Sheets and Condensed Average Balance Sheets.

Page 10

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																					FULL YEAR
																4Q12 Change												2012 Change
	4Q12			3Q12			2Q12			1Q12			4Q11			3Q12			4Q11			2012			2011			2011
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs (a)	$	1,791		$	2,817		$	2,280		$	2,392		$	2,569		(36	)	%	(30	)	%	$	9,280		$	11,815		(21	)	%
Nonaccrual loans:
Nonaccrual loans retained	9,114			9,398			8,016			8,395			7,354			(3	)		24			9,114			7,354			24
Nonaccrual loans held-for-sale and loans
at fair value	39			89			98			101			103			(56	)		(62	)		39			103			(62	)
Total nonaccrual loans (b)(c)(d)(e)(f)	9,153			9,487			8,114			8,496			7,457			(4	)		23			9,153			7,457			23
Nonperforming assets (b)(c)(d)(e)(f)	9,830			10,185			8,864			9,351			8,292			(3	)		19			9,830			8,292			19
Allowance for loan losses	17,752			18,454			19,405			21,508			23,256			(4	)		(24	)		17,752			23,256			(24	)
Net charge-off rate (a)(g)	1.78		%	2.77		%	2.23		%	2.30		%	2.41		%							2.27		%	2.75		%
Net charge-off rate, excluding purchased credit-impaired
("PCI") loans (a)(g)	2.09			3.27			2.64			2.72			2.86									2.68			3.27
Allowance for loan losses to period-end loans retained	4.41			4.59			4.76			5.20			5.46									4.41			5.46
Allowance for loan losses to period-end loans retained,
excluding PCI loans (h)	3.51			3.73			3.96			4.52			4.87									3.51			4.87
Allowance for loan losses to nonaccrual loans
retained, excluding credit card (b)(e)(f)(h)	72			77			102			114			143									72			143
Nonaccrual loans to total period-end loans, excluding
credit card (e)(f)	3.12			3.23			2.72			2.82			2.44									3.12			2.44
Nonaccrual loans to total period-end loans, excluding
credit card and PCI loans (b)(e)(f)	3.91			4.09			3.45			3.58			3.10									3.91			3.10
BUSINESS METRICS
Number of:
Branches	5,614			5,596			5,563			5,541			5,508			-			2			5,614			5,508			2
ATMs	18,699			18,485			18,132			17,654			17,235			1			8			18,699			17,235			8
Active online customers (in thousands)	31,114			30,765			30,361			30,680			29,749			1			5			31,114			29,749			5
Active mobile customers (in thousands)	12,359			11,573			10,646			10,016			8,203			7			51			12,359			8,203			51

(a) Net charge-offs and net charge-off rates for the three months ended September 30, 2012 and full year 2012 included $880 million and $800 million, respectively, of charge-offs, recorded in accordance with regulatory guidance requiring loans discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) to be charged off to the net realizable value of the collateral and to be considered nonaccrual, regardless of their delinquency status. Excluding these charges-offs, net charge-offs for the three months ended September 30, 2012 and full year 2012 would have been $1.9 billion and $8.5 billion, respectively, and excluding these charge-offs and PCI loans for the same periods, the net charge-off rates would have been 2.25% and 2.45%, respectively. For further information, see Consumer Credit Portfolio on pages 84-86 of JPMorgan Chase's third quarter 2012 Form 10-Q.

(b) Excludes PCI loans. Because the Firm is recognizing interest income on each pool of PCI loans, they are all considered to be performing.

(c) Certain mortgages originated with the intent to sell are classified as trading assets on the Consolidated Balance Sheets.

(d) At December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $10.6 billion, $11.0 billion, $11.9 billion, $11.8 billion and $11.5 billion, respectively, that are 90 or more days past due; (2) real estate owned insured by U.S. government agencies of $1.6 billion $1.5 billion, $1.3 billion, $1.2 billion and $954 million, respectively; and (3) student loans insured by U.S government agencies under the Federal Family Education Loan Program (“FFELP”) of $525 million, $536 million, $547 million, $586 million and $551 million, respectively, that are 90 or more days past due. These amounts were excluded from nonaccrual loans as reimbursement of insured amounts is proceeding normally.

(e) Nonaccrual loans included $1.8 billion and $1.7 billion of Chapter 7 loans, based upon regulatory guidance, at December 31, 2012 and September 30, 2012, respectively.

(f) Nonaccrual loans included $1.2 billion, $1.3 billion, $1.5 billion and $1.6 billion of performing junior liens that are subordinate to senior liens that were 90 days or more past due at December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively. Of these totals, $1.1 billion, $1.2 billion, $1.3 billion and $1.4 billion were current at the respective period ends. Beginning March 31, 2012, such junior liens were reported as nonaccrual loans based upon regulatory guidance issued in the first quarter of 2012.

(g) Loans held-for-sale and loans accounted for at fair value were excluded when calculating the net charge-off rate.

(h) An allowance for loan losses of $5.7 billion at December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011 was recorded for PCI loans; these amounts were also excluded from the applicable ratios.

Page 11

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																						FULL YEAR
																	4Q12 Change												2012 Change
	4Q12			3Q12			2Q12				1Q12			4Q11			3Q12			4Q11			2012			2011			2011
CONSUMER & BUSINESS BANKING
Lending- and deposit-related fees	$	771		$	785		$	770			$	742		$	800		(2	)	%	(4	)	%	$	3,068		$	3,160		(3	)	%
Asset management, administration and commissions	404			406			415				412			385			-			5			1,637			1,559			5
Card income	351			343			344				315			305			2			15			1,353			2,024			(33	)
All other income	121			121			123				116			113			-			7			481			467			3
Noninterest revenue	1,647			1,655			1,652				1,585			1,603			-			3			6,539			7,210			(9	)
Net interest income	2,633			2,685			2,680				2,675			2,714			(2	)		(3	)		10,673			10,808			(1	)
Total net revenue	4,280			4,340			4,332				4,260			4,317			(1	)		(1	)		17,212			18,018			(4	)
Provision for credit losses	110			107			(2		)		96			132			3			(17	)		311			419			(26	)
Noninterest expense	2,924			2,911			2,752				2,866			2,864			-			2			11,453			11,243			2
Income before income tax expense	1,246			1,322			1,582				1,298			1,321			(6	)		(6	)		5,448			6,356			(14	)
Net income	$	756		$	789		$	944			$	774		$	792		(4	)		(5	)		$	3,263		$	3,796		(14	)
Overhead ratio	68		%	67		%	64			%	67		%	66		%							67		%	62		%
Overhead ratio excluding core deposit intangibles (a)	67			66			62				66			65									65			61
BUSINESS METRICS
Business banking origination volume	$	1,530		$	1,685		$	1,787			$	1,540		$	1,389		(9	)		10			$	6,542		$	5,827		12
Period-end loans	18,883			18,568			18,218				17,822			17,652			2			7			18,883			17,652			7
Period-end deposits:
Checking	170,322			159,527			156,449				159,075			147,779			7			15			170,322			147,779			15
Savings	216,422			208,272			203,910				200,662			191,891			4			13			216,422			191,891			13
Time and other	31,752			32,783			34,406				35,643			36,745			(3	)		(14	)		31,752			36,745			(14	)
Total period-end deposits	418,496			400,582			394,765				395,380			376,415			4			11			418,496			376,415			11
Average loans	18,525			18,279			17,934				17,667			17,363			1			7			18,104			17,121			6
Average deposits:
Checking	160,289			153,982			151,733				147,455			140,672			4			14			153,385			136,579			12
Savings	211,515			206,298			202,685				197,199			189,553			3			12			204,449			182,587			12
Time and other	32,232			33,472			35,099				36,123			37,709			(4	)		(15	)		34,224			41,576			(18	)
Total average deposits	404,036			393,752			389,517				380,777			367,934			3			10			392,058			360,742			9
Deposit margin	2.44		%	2.56		%	2.62			%	2.68		%	2.76		%							2.57		%	2.82		%
Average assets	$	31,992		$	30,702		$	30,340			$	30,911		$	30,416		4			5			$	30,987		$	29,774		4
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	110		$	107		$	98			$	96		$	132		3			(17	)		$	411		$	494		(17	)
Net charge-off rate	2.36		%	2.33		%	2.20			%	2.19		%	3.02		%							2.27		%	2.89		%
Allowance for loan losses	$	698		$	698		$	698			$	798		$	798		-			(13	)		$	698		$	798		(13	)
Nonperforming assets	488			532			597				663			710			(8	)		(31	)		488			710			(31	)
RETAIL BRANCH BUSINESS METRICS
Investment sales volume	$	6,987		$	6,280		$	6,171			$	6,598		$	4,696		11			49			$	26,036		$	22,716		15
Client investment assets	158,502			154,637			147,641				147,083			137,853			2			15			158,502			137,853			15
% managed accounts	29		%	28		%	26			%	26		%	24		%							29		%	24		%
Number of:
Chase Private Client branch locations	1,218			960			738				366			262			27			365			1,218			262			365
Personal bankers	23,674			23,622			24,052				24,198			24,308			-			(3	)		23,674			24,308			(3	)
Sales specialists	6,076			6,205			6,179				6,110			6,017			(2	)		1			6,076			6,017			1
Client advisors	2,963			3,034			3,075				3,131			3,201			(2	)		(7	)		2,963			3,201			(7	)
Chase Private Clients	105,700			75,766			50,649				32,857			21,723			40			387			105,700			21,723			387
Accounts (in thousands) (b)	28,073			27,840			27,406				27,034			26,626			1			5			28,073			26,626			5

(a) Consumer & Business Banking (“CBB”) uses the overhead ratio (excluding the amortization of core deposit intangibles ("CDI")), a non-GAAP financial measure, to evaluate the underlying expense trends of the business. Including CDI amortization expense in the overhead ratio calculation would result in a higher overhead ratio in the earlier years and a lower overhead ratio in later years; this method would therefore result in an improving overhead ratio over time, all things remaining equal. This non-GAAP ratio excluded CBB's CDI amortization expense related to prior business combination transactions of $48 million, $51 million, $50 million, $51 million and $58 million for the three months ended December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively, and $200 million and $238 million for full year 2012 and 2011, respectively.

(b) Includes checking accounts and Chase Liquid^® cards beginning in the second quarter of 2012.

Page 12

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																										FULL YEAR
																					4Q12 Change														2012 Change
	4Q12				3Q12				2Q12				1Q12				4Q11				3Q12			4Q11			2012				2011				2011
MORTGAGE BANKING
Mortgage fees and related income	$	2,031			$	2,376			$	2,265			$	2,008			$	723			(15	)	%	181		%	$	8,680			$	2,714			220		%
All other income	109				112				123				131				111				(3	)		(2	)		475				490				(3	)
Noninterest revenue	2,140				2,488				2,388				2,139				834				(14	)		157			9,155				3,204				186
Net interest income	1,150				1,187				1,221				1,250				1,244				(3	)		(8	)		4,808				5,324				(10	)
Total net revenue	3,290				3,675				3,609				3,389				2,078				(10	)		58			13,963				8,528				64
Provision for credit losses	(269		)		524				(553		)		(192		)		647				NM			NM			(490		)		3,580				NM
Noninterest expense	2,871				2,123				1,984				2,143				1,874				35			53			9,121				8,256				10
Income/(loss) before income tax expense/(benefit)	688				1,028				2,178				1,438				(443		)		(33	)		NM			5,332				(3,308		)		NM
Net income/(loss)	$	418			$	623			$	1,321			$	979			$	(269	)		(33	)		NM			$	3,341			$	(2,138	)		NM
Overhead ratio	87			%	58			%	55			%	63			%	90			%							65			%	97			%
FUNCTIONAL RESULTS
Production
Production revenue	$	1,407			$	1,582			$	1,362			$	1,432			$	859			(11	)		64			$	5,783			$	3,395			70
Production-related net interest & other income	205				196				199				187				210				5			(2	)		787				840				(6	)
Production-related revenue, excl. repurchase losses	1,612				1,778				1,561				1,619				1,069				(9	)		51			6,570				4,235				55
Production expense (a)	876				678				620				573				518				29			69			2,747				1,895				45
Income, excluding repurchase losses	736				1,100				941				1,046				551				(33	)		34			3,823				2,340				63
Repurchase losses	53				(13		)		(10		)		(302		)		(390		)		NM			NM			(272		)		(1,347		)		80
Income before income tax expense	789				1,087				931				744				161				(27	)		390			3,551				993				258
Servicing
Loan servicing revenue	783				946				1,004				1,039				1,032				(17	)		(24	)		3,772				4,134				(9	)
Servicing-related net interest & other income	89				98				108				112				90				(9	)		(1	)		407				390				4
Servicing-related revenue	872				1,044				1,112				1,151				1,122				(16	)		(22	)		4,179				4,524				(8	)
MSR asset modeled amortization	(254		)		(290		)		(327		)		(351		)		(406		)		12			37			(1,222		)		(1,904		)		36
Default servicing expense	1,293				819				705				890				702				58			84			3,707				3,814				(3	)
Core servicing expense	280				244				248				261				223				15			26			1,033				1,031				-
Income/(loss), excluding MSR risk management	(955		)		(309		)		(168		)		(351		)		(209		)		(209	)		(357	)		(1,783		)		(2,225		)		20
MSR risk management, including related net interest
income/(expense)	42				150				233				191				(377		)		(72	)		NM			616				(1,572		)		NM
Income/(loss) before income tax expense/(benefit)	(913		)		(159		)		65				(160		)		(586		)		(474	)		(56	)		(1,167		)		(3,797		)		69
Real Estate Portfolios
Noninterest revenue	13				9				13				8				(13		)		44			NM			43				38				13
Net interest income	952				997				1,027				1,073				1,073				(5	)		(11	)		4,049				4,554				(11	)
Total net revenue	965				1,006				1,040				1,081				1,060				(4	)		(9	)		4,092				4,592				(11	)
Provision for credit losses	(283		)		520				(554		)		(192		)		646				NM			NM			(509		)		3,575				NM
Noninterest expense	436				386				412				419				432				13			1			1,653				1,521				9
Income/(loss) before income tax expense/(benefit)	812				100				1,182				854				(18		)		NM			NM			2,948				(504		)		NM
Mortgage Banking income/(loss) before income tax
expense/(benefit)	$	688			$	1,028			$	2,178			$	1,438			$	(443	)		(33	)		NM			$	5,332			$	(3,308	)		NM
Mortgage Banking net income/(loss)	$	418			$	623			$	1,321			$	979			$	(269	)		(33	)		NM			$	3,341			$	(2,138	)		NM
Overhead ratios
Production	52			%	38			%	40			%	44			%	76			%							43			%	65			%
Servicing	238				118				94				116				273										133				462
Real Estate Portfolios	45				38				40				39				41										40				33

(a) Includes credit costs associated with Production.

Page 13

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																										FULL YEAR
																					4Q12 Change														2012 Change
	4Q12				3Q12				2Q12				1Q12				4Q11				3Q12			4Q11			2012				2011				2011
MORTGAGE BANKING (continued)
SUPPLEMENTAL MORTGAGE FEES AND RELATED
INCOME DETAILS
Net production revenue:
Production revenue	$	1,407			$	1,582			$	1,362			$	1,432			$	859			(11	)	%	64		%	$	5,783			$	3,395			70		%
Repurchase losses	53				(13		)		(10		)		(302		)		(390		)		NM			NM			(272		)		(1,347		)		80
Net production revenue	1,460				1,569				1,352				1,130				469				(7	)		211			5,511				2,048				169
Net mortgage servicing revenue:													��
Operating revenue:
Loan servicing revenue	783				946				1,004				1,039				1,032				(17	)		(24	)		3,772				4,134				(9	)
Changes in MSR asset fair value due to modeled
amortization	(254		)		(290		)		(327		)		(351		)		(406		)		12			37			(1,222		)		(1,904		)		36
Total operating revenue	529				656				677				688				626				(19	)		(15	)		2,550				2,230				14
Risk management:
Changes in MSR asset fair value due to market
interest rates	285				(323		)		(1,193		)		644				(263		)		NM			NM			(587		)		(5,390		)		89
Other changes in MSR asset fair value due to inputs or
assumptions in model (a)	(69		)		(5		)		76				(48		)		(569		)		NM			88			(46		)		(1,727		)		97
Derivative valuation adjustments and other	(174		)		479				1,353				(406		)		460				NM			NM			1,252				5,553				(77	)
Total risk management	42				151				236				190				(372		)		(72	)		NM			619				(1,564		)		NM
Total net mortgage servicing revenue	571				807				913				878				254				(29	)		125			3,169				666				376
Mortgage fees and related income	$	2,031			$	2,376			$	2,265			$	2,008			$	723			(15	)		181			$	8,680			$	2,714			220
MORTGAGE PRODUCTION AND SERVICING
SELECTED BALANCE SHEET DATA
Period-end loans:
Prime mortgage, including option ARMs (b)	$	17,290			$	17,153			$	17,454			$	17,268			$	16,891			1			2			$	17,290			$	16,891			2
Loans held-for-sale and loans at fair value (c)	18,801				15,250				14,254				12,496				12,694				23			48			18,801				12,694				48
Average loans:
Prime mortgage, including option ARMs (b)	17,243				17,381				17,478				17,238				15,733				(1	)		10			17,335				14,580				19
Loans held-for-sale and loans at fair value (c)	19,076				17,879				17,694				15,621				16,680				7			14			17,573				16,354				7
Average assets	60,179				59,769				60,534				58,862				60,473				1			-			59,837				59,891				-
Repurchase liability (period-end)	2,530				2,779				2,997				3,213				3,213				(9	)		(21	)		2,530				3,213				(21	)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs:
Prime mortgage, including option ARMs	14				4				1				—				1				250			NM			19				5				280
Net charge-off rate:
Prime mortgage, including option ARMs	0.32			%	0.09			%	0.02			%	—			%	0.03			%							0.11			%	0.03			%
30+ day delinquency rate (d)	3.05				3.10				3.00				3.01				3.15										3.05				3.15
Nonperforming assets (e)	$	638			$	700			$	708			$	708			$	716			(9	)		(11	)		$	638			$	716			(11	)
BUSINESS METRICS (in billions)
Origination volume by channel
Retail	$	26.4			$	25.5			$	26.1			$	23.4			$	23.1			4			14			$	101.4			$	87.2			16
Wholesale (f)	0.1				—				0.2				—				0.1				NM			-			0.3				0.5				(40	)
Correspondent (f)	22.3				20.1				16.5				14.2				14.9				11			50			73.1				52.1				40
CNT (negotiated transactions)	2.4				1.7				1.1				0.8				0.5				41			380			6.0				5.8				3
Total origination volume	51.2				47.3				43.9				38.4				38.6				8			33			180.8				145.6				24
Application volume by channel
Retail	36.7				44.7				43.1				40.0				34.6				(18	)		6			164.5				137.2				20
Wholesale (f)	0.2				0.2				0.1				0.2				0.2				-			-			0.7				1.0				(30	)
Correspondent (f)	28.8				28.3				23.7				19.7				17.8				2			62			100.5				66.5				51
Total application volume	65.7				73.2				66.9				59.9				52.6				(10	)		25			265.7				204.7				30

(a) Represents the aggregate impact of changes in model inputs and assumptions such as costs to service, home prices, mortgage spreads, ancillary income, and assumptions used to derive prepayment speeds, as well as changes to the valuation models themselves.

(b) Predominantly represents prime loans repurchased from Government National Mortgage Association (“Ginnie Mae”) pools, which are insured by U.S. government agencies.

(c) Predominantly consists of prime mortgages originated with the intent to sell that are accounted for at fair value and classified as trading assets on the Consolidated Balance Sheets and Condensed Average Balance Sheets.

(d) At December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, excluded mortgage loans insured by U.S. government agencies of $11.8 billion, $12.1 billion, $13.0 billion, $12.7 billion and $12.6 billion, respectively, that are 30 or more days past due. These amounts were excluded as reimbursement of insured amounts is proceeding normally.

(e) At December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $10.6 billion, $11.0 billion, $11.9 billion, $11.8 billion and $11.5 billion, respectively, that are 90 or more days past due; and (2) real estate owned insured by U.S. government agencies of $1.6 billion, $1.5 billion, $1.3 billion, $1.2 billion and $954 million, respectively. These amounts were excluded from nonaccrual loans as reimbursement of insured amounts is proceeding normally.

(f) Includes rural housing loans sourced through brokers and correspondents, which are underwritten and closed with pre-funding loan approval from the U.S. Department of Agriculture Rural Development, which acts as the guarantor in the transaction.

Page 14

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																										FULL YEAR
																					4Q12 Change														2012 Change
	4Q12				3Q12				2Q12				1Q12				4Q11				3Q12			4Q11			2012				2011				2011
MORTGAGE BANKING (continued)
MORTGAGE PRODUCTION AND SERVICING
(continued)
BUSINESS METRICS (in billions)(continued)
Third-party mortgage loans serviced (period-end)	$	859.4			$	811.4			$	860.0			$	884.2			$	902.2			6		%	(5	)	%	$	859.4			$	902.2			(5	)	%
Third-party mortgage loans serviced (average)	803.8				825.7				866.7				892.6				913.2				(3	)		(12	)		847.0				937.6				(10	)
MSR net carrying value (period-end)	7.6				7.1				7.1				8.0				7.2				7			6			7.6				7.2				6
Ratio of MSR net carrying value (period-end) to third-party
mortgage loans serviced (period-end)	0.88			%	0.88			%	0.83			%	0.90			%	0.80			%							0.88			%	0.80			%
Ratio of annualized loan servicing-related revenue to third-party
mortgage loans serviced (average)	0.45				0.46				0.47				0.47				0.45										0.46				0.44
MSR revenue multiple (a)	1.96		x		1.91		x		1.77		x		1.91		x		1.78		x								1.91		x		1.82		x
REAL ESTATE PORTFOLIOS
BUSINESS METRICS
Loans, excluding PCI loans
Period-end loans owned:
Home equity	$	67,385			$	69,686			$	72,833			$	75,207			$	77,800			(3	)		(13	)		$	67,385			$	77,800			(13	)
Prime mortgage, including option ARMs	41,316				41,404				42,037				43,152				44,284				-			(7	)		41,316				44,284				(7	)
Subprime mortgage	8,255				8,552				8,945				9,289				9,664				(3	)		(15	)		8,255				9,664				(15	)
Other	633				653				675				692				718				(3	)		(12	)		633				718				(12	)
Total period-end loans owned	$	117,589			$	120,295			$	124,490			$	128,340			$	132,466			(2	)		(11	)		$	117,589			$	132,466			(11	)
Average loans owned:
Home equity	$	68,466			$	71,620			$	74,069			$	76,600			$	79,106			(4	)		(13	)		$	72,674			$	82,886			(12	)
Prime mortgage, including option ARMs	41,393				41,628				42,543				43,701				44,886				(1	)		(8	)		42,311				46,971				(10	)
Subprime mortgage	8,413				8,774				9,123				9,485				9,880				(4	)		(15	)		8,947				10,471				(15	)
Other	643				665				684				707				729				(3	)		(12	)		675				773				(13	)
Total average loans owned	$	118,915			$	122,687			$	126,419			$	130,493			$	134,601			(3	)		(12	)		$	124,607			$	141,101			(12	)
PCI loans
Period-end loans owned:
Home equity	$	20,971			$	21,432			$	21,867			$	22,305			$	22,697			(2	)		(8	)		$	20,971			$	22,697			(8	)
Prime mortgage	13,674				14,038				14,395				14,781				15,180				(3	)		(10	)		13,674				15,180				(10	)
Subprime mortgage	4,626				4,702				4,784				4,870				4,976				(2	)		(7	)		4,626				4,976				(7	)
Option ARMs	20,466				21,024				21,565				22,105				22,693				(3	)		(10	)		20,466				22,693				(10	)
Total period-end loans owned	$	59,737			$	61,196			$	62,611			$	64,061			$	65,546			(2	)		(9	)		$	59,737			$	65,546			(9	)
Average loans owned:
Home equity	$	21,184			$	21,620			$	22,076			$	22,488			$	22,872			(2	)		(7	)		$	21,840			$	23,514			(7	)
Prime mortgage	13,860				14,185				14,590				14,975				15,405				(2	)		(10	)		14,400				16,181				(11	)
Subprime mortgage	4,654				4,717				4,824				4,914				5,024				(1	)		(7	)		4,777				5,170				(8	)
Option ARMs	20,738				21,237				21,823				22,395				23,009				(2	)		(10	)		21,545				24,045				(10	)
Total average loans owned	$	60,436			$	61,759			$	63,313			$	64,772			$	66,310			(2	)		(9	)		$	62,562			$	68,910			(9	)
Total Real Estate Portfolios
Period-end loans owned:
Home equity	$	88,356			$	91,118			$	94,700			$	97,512			$	100,497			(3	)		(12	)		$	88,356			$	100,497			(12	)
Prime mortgage, including option ARMs	75,456				76,466				77,997				80,038				82,157				(1	)		(8	)		75,456				82,157				(8	)
Subprime mortgage	12,881				13,254				13,729				14,159				14,640				(3	)		(12	)		12,881				14,640				(12	)
Other	633				653				675				692				718				(3	)		(12	)		633				718				(12	)
Total period-end loans owned	$	177,326			$	181,491			$	187,101			$	192,401			$	198,012			(2	)		(10	)		$	177,326			$	198,012			(10	)
Average loans owned:
Home equity	$	89,650			$	93,240			$	96,145			$	99,088			$	101,978			(4	)		(12	)		$	94,514			$	106,400			(11	)
Prime mortgage, including option ARMs	75,991				77,050				78,956				81,071				83,300				(1	)		(9	)		78,256				87,197				(10	)
Subprime mortgage	13,067				13,491				13,947				14,399				14,904				(3	)		(12	)		13,724				15,641				(12	)
Other	643				665				684				707				729				(3	)		(12	)		675				773				(13	)
Total average loans owned	$	179,351			$	184,446			$	189,732			$	195,265			$	200,911			(3	)		(11	)		$	187,169			$	210,011			(11	)
Average assets	169,375				173,613				177,698				182,254				187,651				(2	)		(10	)		175,712				197,096				(11	)
Home equity origination volume	373				375				360				312				277				(1	)		35			1,420				1,127				26

(a) Represents the ratio of MSR net carrying value (period-end) to third-party mortgage loans serviced (period-end) divided by the ratio of annualized loan servicing-related revenue to third-party mortgage loans serviced (average).

Page 15

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																					FULL YEAR
																4Q12 Change												2012 Change
	4Q12			3Q12			2Q12			1Q12			4Q11			3Q12			4Q11			2012			2011			2011
MORTGAGE BANKING (continued)
REAL ESTATE PORTFOLIOS (continued)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs, excluding PCI loans (a)
Home equity	$	257		$	1,120		$	466		$	542		$	579		(77	)	%	(56	)	%	$	2,385		$	2,472		(4	)	%
Prime mortgage, including option ARMs	66			143			114			131			151			(54	)		(56	)		454			682			(33	)
Subprime mortgage	92			152			112			130			143			(39	)		(36	)		486			626			(22	)
Other	2			5			4			5			3			(60	)		(33	)		16			25			(36	)
Total net charge-offs	$	417		$	1,420		$	696		$	808		$	876		(71	)		(52	)		$	3,341		$	3,805		(12	)
Net charge-off rate, excluding PCI loans (a)
Home equity	1.49		%	6.22		%	2.53		%	2.85		%	2.90		%							3.28		%	2.98		%
Prime mortgage, including option ARMs	0.63			1.37			1.08			1.21			1.33									1.07			1.45
Subprime mortgage	4.35			6.89			4.94			5.51			5.74									5.43			5.98
Other	1.24			2.99			2.35			2.84			1.63									2.37			3.23
Total net charge-off rate, excluding PCI loans	1.40			4.60			2.21			2.49			2.58									2.68			2.70
Net charge-off rate - reported (a)
Home equity	1.14		%	4.78		%	1.95		%	2.20		%	2.25		%							2.52		%	2.32		%
Prime mortgage, including option ARMs	0.35			0.74			0.58			0.65			0.72									0.58			0.78
Subprime mortgage	2.80			4.48			3.23			3.63			3.81									3.54			4.00
Other	1.24			2.99			2.35			2.84			1.63									2.37			3.23
Total net charge-off rate - reported	0.92			3.06			1.48			1.66			1.73									1.79			1.81
30+ day delinquency rate, excluding PCI loans (b)	5.03		%	5.12		%	5.16		%	5.32		%	5.69		%							5.03		%	5.69		%
Allowance for loan losses, excluding PCI loans	$	4,868		$	5,568		$	6,468		$	7,718		$	8,718		(13	)		(44	)		$	4,868		$	8,718		(44	)
Allowance for PCI loans	5,711			5,711			5,711			5,711			5,711			-			-			5,711			5,711			-
Allowance for loan losses	$	10,579		$	11,279		$	12,179		$	13,429		$	14,429		(6	)		(27	)		$	10,579		$	14,429		(27	)
Nonperforming assets (c)(d)(e)	8,439			8,669			7,340			7,738			6,638			(3	)		27			8,439			6,638			27
Allowance for loan losses to period-end loans retained	5.97		%	6.21		%	6.51		%	6.98		%	7.29		%							5.97		%	7.29		%
Allowance for loan losses to period-end loans retained,
excluding PCI loans	4.14			4.63			5.20			6.01			6.58									4.14			6.58

(a) Net charge-offs and net charge-off rates for the three months ended September 30, 2012 and full year 2012 included $825 million and $744 million, respectively, of charge-offs of Chapter 7 loans. Excluding these charges-offs, net charge-offs for the three months ended September 30, 2012 and full year 2012 would have been $402 million and $1.8 billion, $97 million and $410 million, and $91 million and $416 million for the home equity, prime mortgage, including option ARMs, and subprime mortgage portfolios, respectively. Net charge-off rates for the same periods, excluding these charge-offs and PCI loans, would have been 2.23% and 2.41%, 0.93% and 0.97%, and 4.13% and 4.65% for the home equity, prime mortgage, including option ARMs, and subprime mortgage portfolios, respectively. For further information, see Consumer and Credit Portfolio on pages 84-86 of JPMorgan Chase's third quarter 2012 Form 10-Q.

(b) The delinquency rate for PCI loans was 20.14%, 20.65%, 21.38%, 21.72% and 23.30% at December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively.

(c) Excludes PCI loans. Because the Firm is recognizing interest income on each pool of PCI loans, they are all considered to be performing.

(d) Nonperforming assets at December 31, 2012 and September 30, 2012 included Chapter 7 loans, based upon regulatory guidance.

(e) Beginning March 31, 2012, and for all periods thereafter, nonperforming assets included performing junior liens that are subordinate to senior liens that are 90 days or more past due based on regulatory guidance issued in the first quarter of 2012. For further information, see footnote (f) on page 11.

Page 16

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																					FULL YEAR
																4Q12 Change												2012 Change
	4Q12			3Q12			2Q12			1Q12			4Q11			3Q12			4Q11			2012			2011			2011
CARD, MERCHANT SERVICES & AUTO
Card income	$	1,097		$	1,032		$	1,015		$	948		$	1,053		6		%	4		%	$	4,092		$	4,127		(1	)	%
All other income	227			248			231			303			232			(8	)		(2	)		1,009			765			32
Noninterest revenue	1,324			1,280			1,246			1,251			1,285			3			3			5,101			4,892			4
Net interest income	3,484			3,443			3,279			3,463			3,529			1			(1	)		13,669			14,249			(4	)
Total net revenue	4,808			4,723			4,525			4,714			4,814			2			-			18,770			19,141			(2	)
Provision for credit losses	1,250			1,231			734			738			1,060			2			18			3,953			3,621			9
Noninterest expense	2,171			1,920			2,096			2,029			2,025			13			7			8,216			8,045			2
Income before income tax expense	1,387			1,572			1,695			1,947			1,729			(12	)		(20	)		6,601			7,475			(12	)
Net income	$	840		$	954		$	1,030		$	1,183		$	1,051		(12	)		(20	)		$	4,007		$	4,544		(12	)
Overhead ratio	45		%	41		%	46		%	43		%	42		%							44		%	42		%
SELECTED BALANCE SHEET DATA (period-end)
Loans:
Credit Card	$	127,993		$	124,537		$	124,705		$	125,331		$	132,277		3			(3	)		$	127,993		$	132,277		(3	)
Auto	49,913			48,920			48,468			48,245			47,426			2			5			49,913			47,426			5
Student	11,558			11,868			12,232			13,162			13,425			(3	)		(14	)		11,558			13,425			(14	)
Total loans	$	189,464		$	185,325		$	185,405		$	186,738		$	193,128		2			(2	)		$	189,464		$	193,128		(2	)
SELECTED BALANCE SHEET DATA (average)
Total assets	$	197,606		$	196,302		$	197,301		$	199,449		$	202,226		1			(2	)		$	197,661		$	201,162		(2	)
Loans:
Credit Card	124,729			124,339			125,195			127,616			128,619			-			(3	)		125,464			128,167			(2	)
Auto	49,268			48,399			48,273			47,704			46,947			2			5			48,413			47,034			3
Student	11,710			12,037			12,944			13,348			13,543			(3	)		(14	)		12,507			13,986			(11	)
Total loans	$	185,707		$	184,775		$	186,412		$	188,668		$	189,109		1			(2	)		$	186,384		$	189,187		(1	)
BUSINESS METRICS
Credit Card, excluding Commercial Card
Sales volume (in billions)	$	101.6		$	96.6		$	96.0		$	86.9		$	93.4		5			9			$	381.1		$	343.7		11
New accounts opened	1.8			1.6			1.6			1.7			2.2			13			(18	)		6.7			8.8			(24	)
Open accounts	64.5			63.9			63.7			64.2			65.2			1			(1	)		64.5			65.2			(1	)
Accounts with sales activity	30.6			29.1			29.3			29.0			30.7			5			-			30.6			30.7			-
% of accounts acquired online	58		%	52		%	49		%	46		%	44		%							51		%	32		%
Merchant Services
Merchant processing volume (in billions)	$	178.6		$	163.6		$	160.2		$	152.8		$	152.6		9			17			$	655.2		$	553.7		18
Total transactions (in billions)	8.2			7.4			7.1			6.8			6.8			11			21			29.5			24.4			21
Auto & Student
Origination volume (in billions)
Auto	$	5.5		$	6.3		$	5.8		$	5.8		$	4.9		(13	)		12			$	23.4		$	21.0		11
Student	—			0.1			—			0.1			0.1			NM			NM			0.2			0.3			(33	)

Page 17

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																					FULL YEAR
																4Q12 Change												2012 Change
	4Q12			3Q12			2Q12			1Q12			4Q11			3Q12			4Q11			2012			2011			2011
CARD, MERCHANT SERVICES & AUTO (continued)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs:
Credit Card	$	1,097		$	1,116		$	1,345		$	1,386		$	1,390		(2	)	%	(21	)	%	$	4,944		$	6,925		(29	)	%
Auto (a)	44			90			21			33			44			(51	)		-			188			152			24
Student	109			80			119			69			126			36			(13	)		377			434			(13	)
Total net charge-offs	1,250			1,286			1,485			1,488			1,560			(3	)		(20	)		5,509			7,511			(27	)
Net charge-off rate:
Credit Card (b)	3.50		%	3.57		%	4.35		%	4.40		%	4.29		%							3.95		%	5.44		%
Auto (a)	0.36			0.74			0.17			0.28			0.37									0.39			0.32
Student	3.70			2.64			3.70			2.08			3.69									3.01			3.10
Total net charge-off rate	2.68			2.77			3.22			3.19			3.27									2.96			3.99
Delinquency rates
30+ day delinquency rate:
Credit Card (c)	2.10			2.15			2.14			2.56			2.81									2.10			2.81
Auto	1.25			1.11			0.90			0.79			1.13									1.25			1.13
Student (d)	2.13			2.38			1.95			2.06			1.78									2.13			1.78
Total 30+ day delinquency rate	1.87			1.89			1.80			2.07			2.32									1.87			2.32
90+ day delinquency rate - Credit Card (c)	1.02			0.99			1.04			1.37			1.44									1.02			1.44
Nonperforming assets (a)(e)	$	265		$	284		$	219		$	242		$	228		(7	)		16			$	265		$	228		16
Allowance for loan losses:
Credit Card	5,501			5,503			5,499			6,251			6,999			-			(21	)		5,501			6,999			(21	)
Auto & Student	954			954			1,009			1,010			1,010			-			(6	)		954			1,010			(6	)
Total allowance for loan losses	6,455			6,457			6,508			7,261			8,009			-			(19	)		6,455			8,009			(19	)
Allowance for loan losses to period-end loans:
Credit Card (c)	4.30		%	4.42		%	4.41		%	5.02		%	5.30		%							4.30		%	5.30		%
Auto & Student	1.55			1.57			1.66			1.64			1.66									1.55			1.66
Total allowance for loan losses to period-end loans	3.41			3.49			3.51			3.91			4.15									3.41			4.15
CARD SERVICES SUPPLEMENTAL INFORMATION
Noninterest revenue	$	1,014		$	971		$	953		$	949		$	985		4			3			$	3,887		$	3,740		4
Net interest income	3,005			2,923			2,755			2,928			2,989			3			1			11,611			12,084			(4	)
Total net revenue	4,019			3,894			3,708			3,877			3,974			3			1			15,498			15,824			(2	)
Provision for credit losses	1,097			1,116			595			636			890			(2	)		23			3,444			2,925			18
Noninterest expense	1,710			1,517			1,703			1,636			1,633			13			5			6,566			6,544			-
Income before income tax expense	1,212			1,261			1,410			1,605			1,451			(4	)		(16	)		5,488			6,355			(14	)
Net income	$	736		$	769		$	860		$	979		$	885		(4	)		(17	)		$	3,344		$	3,876		(14	)
Percentage of average loans:
Noninterest revenue	3.23		%	3.11		%	3.06		%	2.99		%	3.04		%							3.10		%	2.92		%
Net interest income	9.58			9.35			8.85			9.23			9.22									9.25			9.43
Total net revenue	12.82			12.46			11.91			12.22			12.26									12.35			12.35

(a) Net charge-offs and net charge-off rates for the three months ended September 30, 2012 and full year 2012 included $55 million and $53 million, respectively, of charge-offs of Chapter 7 loans. Excluding these charge-offs, net charge-offs for the three months ended September 30, 2012 and full year 2012 would have been $35 million and $135 million, respectively, and the net charge-off rates would have been 0.29% and 0.28%, respectively. Nonperforming assets at December 31, 2012 and September 30, 2012 included $51 million and $65 million, respectively, of Chapter 7 loans, based upon regulatory guidance.

(b) Average credit card loans included loans held-for-sale of $28 million, $109 million, $782 million, $821 million and $97 million for the three months ended December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively, and $433 million and $833 million for full year 2012 and 2011, respectively. These amounts are excluded when calculating the net charge-off rate.

(c) Period-end credit card loans included loans held-for-sale of $106 million, $112 million, $856 million and $102 million at September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively. These amounts are excluded when calculating delinquency rates and the allowance for loan losses to period-end loans. There were no loans held-for-sale at December 31, 2012. No allowance for loan losses was recorded for these loans.

(d) Excluded student loans insured by U.S. government agencies under the FFELP of $894 million, $910 million, $931 million, $1.0 billion and $989 million at December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively, that are 30 or more days past due. These amounts are excluded as reimbursement of insured amounts is proceeding normally.

(e) Nonperforming assets excluded student loans insured by U.S. government agencies under the FFELP of $525 million, $536 million, $547 million, $586 million and $551 million at December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively, that are 90 or more days past due. These amounts are excluded as reimbursement of insured amounts is proceeding normally.

Page 18

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																									FULL YEAR
																				4Q12 Change														2012 Change
	4Q12				3Q12				2Q12			1Q12				4Q11				3Q12			4Q11			2012				2011				2011
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,720			$	1,429			$	1,245		$	1,375			$	1,119			20		%	54		%	$	5,769			$	5,859			(2	)	%
Principal transactions (a)	966				2,263				3,070			3,211				371				(57	)		160			9,510				8,347				14
Lending- and deposit-related fees	499				486				488			475				529				3			(6	)		1,948				2,098				(7	)
Asset management, administration and commissions	1,163				1,104				1,207			1,219				1,148				5			1			4,693				4,955				(5	)
All other income	435				290				251			208				159				50			174			1,184				1,264				(6	)
Noninterest revenue	4,783				5,572				6,261			6,488				3,326				(14	)		44			23,104				22,523				3
Net interest income	2,859				2,788				2,725			2,850				2,994				3			(5	)		11,222				11,461				(2	)
TOTAL NET REVENUE (b)	7,642				8,360				8,986			9,338				6,320				(9	)		21			34,326				33,984				1
Provision for credit losses	(445		)		(60		)		29			(3		)		291				NM			NM			(479		)		(285		)		(68	)
NONINTEREST EXPENSE
Compensation expense	2,217				2,755				2,718			3,623				1,832				(20	)		21			11,313				11,654				(3	)
Noncompensation expense	2,779				2,595				2,575			2,588				2,700				7			3			10,537				10,325				2
TOTAL NONINTEREST EXPENSE	4,996				5,350				5,293			6,211				4,532				(7	)		10			21,850				21,979				(1	)
Income before income tax expense	3,091				3,070				3,664			3,130				1,497				1			106			12,955				12,290				5
Income tax expense	1,086				1,078				1,288			1,097				521				1			108			4,549				4,297				6
NET INCOME	$	2,005			$	1,992			$	2,376		$	2,033			$	976			1			105			$	8,406			$	7,993			5
FINANCIAL RATIOS
ROE (c)	17			%	17			%	20		%	17			%	8			%							18			%	17			%
Overhead ratio	65				64				59			67				72										64				65
Compensation expense as a percent of total net revenue (d)	29				33				30			39				29										33				34
REVENUE BY BUSINESS
Advisory	$	465			$	389			$	356		$	281			$	397			20			17			$	1,491			$	1,792			(17	)
Equity underwriting	265				235				250			276				169				13			57			1,026				1,181				(13	)
Debt underwriting	990				805				639			818				553				23			79			3,252				2,886				13
Total investment banking fees	1,720				1,429				1,245			1,375				1,119				20			54			5,769				5,859				(2	)
Treasury Services	1,059				1,064				1,074			1,052				1,051				-			1			4,249				3,841				11
Lending	382				357				370			222				279				7			37			1,331				1,054				26
Total Banking	3,161				2,850				2,689			2,649				2,449				11			29			11,349				10,754				6
Fixed Income Markets	3,177				3,726				3,493			5,016				2,626				(15	)		21			15,412				14,784				4
Equity Markets	895				1,044				1,043			1,424				806				(14	)		11			4,406				4,476				(2	)
Securities Services	995				965				1,078			962				971				3			2			4,000				3,861				4
Credit Adjustments & Other (a)(e)	(586		)		(225		)		683			(713		)		(532		)		(160	)		(10	)		(841		)		109				NM
Total Markets & Investor Services	4,481				5,510				6,297			6,689				3,871				(19	)		16			22,977				23,230				(1	)
TOTAL NET REVENUE	$	7,642			$	8,360			$	8,986		$	9,338			$	6,320			(9	)		21			$	34,326			$	33,984			1

(a) Included debit valuation adjustments (“DVA”) on certain structured notes and derivative liabilities measured at fair value. DVA gains/(losses) were ($567) million, ($211) million, $755 million, ($907) million and ($567) million for the three months ended December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012,and December 31, 2011, respectively, and ($930) million and $1.4 billion for full year 2012 and 2011, respectively.

(b) Included tax-equivalent adjustments, predominantly due to income tax credits related to affordable housing and alternative energy investments, as well as tax-exempt income from municipal bond investments of $533 million, $492 million, $494 million, $509 million and $510 million for the three months ended December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively, and $2.0 billion and $1.9 billion for full year 2012 and 2011, respectively.

(c) Return on equity excluding DVA, a non-GAAP financial measure, was 20%, 18%, 16%, 22% and 11% for the three months ended December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively, and 19% and 15% for full year 2012 and 2011, respectively. For additional information on this measure, see non-GAAP financial measures on page 42.

(d) Compensation expense as a percentage of total net revenue excluding DVA, a non-GAAP financial measure, was 27%, 32%, 33%, 35% and 27% for the three months ended December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively, and 32% and 36% for full year 2012 and 2011, respectively. For additional information on this measure, see non-GAAP financial measures on page 42.

(e) Primarily includes net credit portfolio credit valuation adjustments (“CVA”) and its associated hedging activities; DVA on certain structured and derivative liabilities; and nonperforming derivative receivable results effective in the first quarter of 2012 and thereafter. The results of the synthetic credit portfolio that was transferred from the Chief Investment Office effective July 2, 2012, which are reported in Fixed Income Markets, are not included.

Page 19

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																									FULL YEAR
																				4Q12 Change													2012 Change
	4Q12				3Q12				2Q12				1Q12				4Q11			3Q12			4Q11			2012				2011			2011
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	876,107			$	904,090			$	897,413			$	879,691			$	845,095		(3	)	%	4		%	$	876,107			$	845,095		4		%
Loans:
Loans retained (a)	109,501				107,903				114,620				108,287				111,099			1			(1	)		109,501				111,099			(1	)
Loans held-for-sale and loans at fair value	5,749				3,899				2,375				5,550				3,016			47			91			5,749				3,016			91
Total loans	115,250				111,802				116,995				113,837				114,115			3			1			115,250				114,115			1
Equity	47,500				47,500				47,500				47,500				47,000			-			1			47,500				47,000			1
SELECTED BALANCE SHEET DATA (average)
Assets	$	863,890			$	841,678			$	859,026			$	854,128			$	854,330		3			1			$	854,670			$	868,930		(2	)
Trading assets - debt and equity instruments	333,764				296,811				305,972				315,176				314,776			12			6			312,944				348,234			(10	)
Trading assets - derivative receivables	73,519				74,812				74,960				76,220				76,782			(2	)		(4	)		74,874				73,200			2
Loans:
Loans retained (a)	109,037				111,263				112,952				107,148				101,885			(2	)		7			110,100				91,173			21
Loans held-for-sale and loans at fair value	5,065				2,809				3,256				2,867				2,184			80			132			3,502				3,221			9
Total loans	114,102				114,072				116,208				110,015				104,069			-			10			113,602				94,394			20
Equity	47,500				47,500				47,500				47,500				47,000			-			1			47,500				47,000			1
Headcount	52,151				52,479				53,725				53,214				53,557			(1	)		(3	)		52,151				53,557			(3	)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	(217	)		$	(22	)		$	(10	)		$	(35	)		$	199		NM			NM			$	(284	)		$	161		NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)(b)	535				588				661				700				1,039			(9	)		(49	)		535				1,039			(49	)
Nonaccrual loans held-for-sale and loans at fair value	82				213				158				182				166			(62	)		(51	)		82				166			(51	)
Total nonaccrual loans	617				801				819				882				1,205			(23	)		(49	)		617				1,205			(49	)
Derivative receivables (c)	239				282				451				317				293			(15	)		(18	)		239				293			(18	)
Assets acquired in loan satisfactions	64				77				68				79				79			(17	)		(19	)		64				79			(19	)
Total nonperforming assets	920				1,160				1,338				1,278				1,577			(21	)		(42	)		920				1,577			(42	)
Allowance for credit losses:
Allowance for loan losses	1,300				1,459				1,498				1,455				1,501			(11	)		(13	)		1,300				1,501			(13	)
Allowance for lending-related commitments	473				544				542				544				467			(13	)		1			473				467			1
Total allowance for credit losses	1,773				2,003				2,040				1,999				1,968			(11	)		(10	)		1,773				1,968			(10	)
Net charge-off/(recovery) rate (a)	(0.79		)	%	(0.08		)	%	(0.04		)	%	(0.13		)	%	0.77		%							(0.26		)	%	0.18		%
Allowance for loan losses to period-end loans retained (a)	1.19				1.35				1.31				1.34				1.35									1.19				1.35
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (d)	2.52				2.92				2.75				2.93				3.06									2.52				3.06
Allowance for loan losses to nonaccrual loans retained (a)(b)	243				248				227				208				144									243				144
Nonaccrual loans to total period-end loans	0.54				0.72				0.70				0.77				1.06									0.54				1.06

(a) Loans retained includes credit portfolio loans, trade finance loans, other held-for-investment loans and overdrafts.

(b) Allowance for loan losses of $153 million, $178 million, $202 million, $226 million and $263 million were held against these nonaccrual loans at December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively.

(c) Prior to the first quarter of 2012, reported amounts had only included defaulted derivatives; effective in the first quarter of 2012, reported amounts in all periods included both defaulted derivatives as well as derivatives that have been risk rated as nonperforming.

(d) Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, as a more relevant metric to reflect the allowance coverage of the retained lending portfolio.

Page 20

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except rankings data and where otherwise noted)
	QUARTERLY TRENDS																	FULL YEAR
													4Q12 Change									2012 Change
	4Q12			3Q12		2Q12		1Q12			4Q11		3Q12		4Q11			2012		2011		2011
BUSINESS METRICS
Assets under custody ("AUC") by asset class (period-end)
(in billions):
Fixed Income	$	11,745		$	11,545	$	11,302	$	11,332		$	10,926	2	%	7		%	$	11,745	$	10,926	7		%
Equity	5,637			5,328		5,025		5,365			4,878		6		16			5,637		4,878		16
Other (a)	1,453			1,346		1,338		1,171			1,066		8		36			1,453		1,066		36
Total AUC	$	18,835		$	18,219	$	17,665	$	17,868		$	16,870	3		12			$	18,835	$	16,870	12
Client deposits and other third-party
liabilities (average) (b)	366,544			351,383		348,102		356,964			364,196		4		1			355,766		318,802		12
Trade finance loans (period-end)	35,783			35,142		35,291		35,692			36,696		2		(2	)		35,783		36,696		(2	)
	FULL YEAR 2012							FULL YEAR 2011
MARKET SHARES AND RANKINGS (c)	Market Share			Rankings				Market Share			Rankings
Global investment banking fees (d)	7.6		%	#1				8.1		%	#1
Debt, equity and equity-related
Global	7.2			1				6.7			1
U.S.	11.5			1				11.1			1
Syndicated loans
Global	9.6			1				10.8			1
U.S.	17.6			1				21.2			1
Long-term debt (e)
Global	7.1			1				6.7			1
U.S.	11.6			1				11.2			1
Equity and equity-related
Global (f)	7.8			4				6.8			3
U.S.	10.4			5				12.5			1
Announced M&A (g)
Global	18.5			2				18.3			2
U.S.	21.5			2				26.7			2

(a) Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and nonsecurities contracts.

(b) Client deposits and other third-party liabilities pertain to the Treasury Services and Securities Services businesses, and include deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of client cash management programs.

(c) Source: Dealogic. Global investment banking fees reflects the ranking of fees and market share. The remaining rankings reflects transaction volume and market share. Global announced M&A is based on transaction value at announcement; because of joint M&A assignments, M&A market share of all participants will add up to more than 100%. All other transaction volume-based rankings are based on proceeds, with full credit to each book manager/equal if joint.

(d) Global investment banking fees rankings exclude money market, short-term debt and shelf deals.

(e) Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities and mortgage-backed securities; and exclude money market, short-term debt, and U.S. municipal securities.

(f) Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.

(g) Announced M&A reflects the removal of any withdrawn transactions. U.S. announced M&A represents any U.S. involvement ranking.

Page 21

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS																FULL YEAR
											4Q12 Change										2012 Change
INTERNATIONAL METRICS	4Q12		3Q12		2Q12		1Q12		4Q11		3Q12			4Q11			2012		2011		2011
Total net revenue (a)
Europe/Middle East/Africa	$	2,261	$	2,443	$	2,885	$	3,050	$	2,037	(7	)	%	11		%	$	10,639	$	11,102	(4	)	%
Asia/Pacific	939		1,031		1,020		1,110		842		(9	)		12			4,100		4,589		(11	)
Latin America/Caribbean	337		392		375		420		351		(14	)		(4	)		1,524		1,409		8
Total international net revenue	3,537		3,866		4,280		4,580		3,230		(9	)		10			16,263		17,100		(5	)
North America	4,105		4,494		4,706		4,758		3,090		(9	)		33			18,063		16,884		7
Total net revenue	$	7,642	$	8,360	$	8,986	$	9,338	$	6,320	(9	)		21			$	34,326	$	33,984	1
Loans (period-end) (a)
Europe/Middle East/Africa	$	30,266	$	27,866	$	33,041	$	29,337	$	29,484	9			3			$	30,266	$	29,484	3
Asia/Pacific	27,193		27,215		27,058		26,637		27,803		-			(2	)		27,193		27,803		(2	)
Latin America/Caribbean	10,220		9,730		9,982		9,936		9,692		5			5			10,220		9,692		5
Total international loans	67,679		64,811		70,081		65,910		66,979		4			1			67,679		66,979		1
North America	41,822		43,092		44,539		42,377		44,120		(3	)		(5	)		41,822		44,120		(5	)
Total loans	$	109,501	$	107,903	$	114,620	$	108,287	$	111,099	1			(1	)		$	109,501	$	111,099	(1	)
Client deposits and other third-party liabilities
(average) (a)(b)
Europe/Middle East/Africa	$	128,620	$	125,720	$	127,173	$	127,794	$	130,862	2			(2	)		$	127,326	$	123,920	3
Asia/Pacific	53,309		50,862		50,331		50,197		49,407		5			8			51,180		43,524		18
Latin America/Caribbean	11,766		10,141		10,453		11,852		11,563		16			2			11,052		12,625		(12	)
Total international	193,695		186,723		187,957		189,843		191,832		4			1			189,558		180,069		5
North America	172,849		164,660		160,145		167,121		172,364		5			-			166,208		138,733		20
Total client deposits and other third-party liabilities	$	366,544	$	351,383	$	348,102	$	356,964	$	364,196	4			1			$	355,766	$	318,802	12
AUC (period-end) (in billions) (a)
North America	$	10,504	$	10,206	$	10,048	$	9,998	$	9,735	3			8			$	10,504	$	9,735	8
All other regions	8,331		8,013		7,617		7,870		7,135		4			17			8,331		7,135		17
Total AUC	$	18,835	$	18,219	$	17,665	$	17,868	$	16,870	3			12			$	18,835	$	16,870	12

(a) Total net revenue is based primarily on the domicile of the client or location of the trading desk, as applicable. Loans outstanding (excluding loans-held-for-sale and loans carried at fair value), client deposits and AUC are based predominantly on the domicile of the client.

(b) Client deposits and other third-party liabilities pertain to the Treasury Services and Securities Services businesses, and include deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of client cash management programs.

Page 22

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																								FULL YEAR
																			4Q12 Change												2012 Change
	4Q12				3Q12				2Q12				1Q12			4Q11			3Q12			4Q11			2012			2011			2011
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	269			$	263			$	264			$	276		$	267		2		%	1		%	$	1,072		$	1,081		(1	)	%
Asset management, administration and commissions	30				30				34				36			32			-			(6	)		130			136			(4	)
All other income (a)	279				293				264				245			272			(5	)		3			1,081			978			11
Noninterest revenue	578				586				562				557			571			(1	)		1			2,283			2,195			4
Net interest income	1,167				1,146				1,129				1,100			1,116			2			5			4,542			4,223			8
TOTAL NET REVENUE (b)	1,745				1,732				1,691				1,657			1,687			1			3			6,825			6,418			6
Provision for credit losses	(3		)		(16		)		(17		)		77			40			81			NM			41			208			(80	)
NONINTEREST EXPENSE
Compensation expense (c)	250				263				245				256			227			(5	)		10			1,014			936			8
Noncompensation expense (c)	342				332				339				335			344			3			(1	)		1,348			1,311			3
Amortization of intangibles	7				6				7				7			8			17			(13	)		27			31			(13	)
TOTAL NONINTEREST EXPENSE	599				601				591				598			579			-			3			2,389			2,278			5
Income before income tax expense	1,149				1,147				1,117				982			1,068			-			8			4,395			3,932			12
Income tax expense	457				457				444				391			425			-			8			1,749			1,565			12
NET INCOME	$	692			$	690			$	673			$	591		$	643		-			8			$	2,646		$	2,367		12
Revenue by product:
Lending	$	947			$	916			$	920			$	892		$	881		3			7			$	3,675		$	3,455		6
Treasury services	614				609				603				602			600			1			2			2,428			2,270			7
Investment banking	157				139				129				120			120			13			31			545			498			9
Other (d)	27				68				39				43			86			(60	)		(69	)		177			195			(9	)
Total Commercial Banking revenue	$	1,745			$	1,732			$	1,691			$	1,657		$	1,687		1			3			$	6,825		$	6,418		6
Investment banking revenue, gross (e)	$	443			$	431			$	384			$	339		$	350		3			27			$	1,597		$	1,421		12
Revenue by client segment:
Middle Market Banking	$	838			$	838			$	833			$	825		$	810		-			3			$	3,334		$	3,145		6
Commercial Term Lending	312				298				291				293			299			5			4			1,194			1,168			2
Corporate Client Banking	406				370				343				337			326			10			25			1,456			1,261			15
Real Estate Banking	113				106				114				105			115			7			(2	)		438			416			5
Other (d)	76				120				110				97			137			(37	)		(45	)		403			428			(6	)
Total Commercial Banking revenue	$	1,745			$	1,732			$	1,691			$	1,657		$	1,687		1			3			$	6,825		$	6,418		6
FINANCIAL RATIOS
ROE	29			%	29			%	28			%	25		%	32		%							28		%	30		%
Overhead ratio	34				35				35				36			34									35			35

(a) Commercial Banking (“CB”) client revenue from investment banking products and commercial card transactions is included in all other income.

(b) Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities that provide loans to qualified businesses in low-income communities, as well as tax-exempt income from municipal bond activity of $73 million, $115 million, $99 million, $94 million and $123 million for the three months ended December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively, and $381 million and $345 million for full year 2012 and 2011, respectively.

(c) Effective July 1, 2012, certain Treasury Services product sales staff supporting CB were transferred from CIB to CB. As a result, compensation expense for these sales staff is now reflected in CB's compensation expense rather than as an allocation from CIB in noncompensation expense. CB's and CIB's previously reported headcount, compensation expense and noncompensation expense have been revised to reflect this transfer.

(d) Other revenue in the fourth quarter of 2012 includes a $49 million year-to-date reclassification of tax-equivalent revenue to corporate sector.

(e) Represents the total revenue related to investment banking products sold to CB clients.

Page 23

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)
	QUARTERLY TRENDS																							FULL YEAR
																		4Q12 Change												2012 Change
	4Q12			3Q12				2Q12				1Q12			4Q11			3Q12			4Q11			2012			2011			2011
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	181,502		$	168,124			$	163,698			$	161,741		$	158,040		8		%	15		%	$	181,502		$	158,040		15		%
Loans:
Loans retained	126,996			123,173				119,946				114,969			111,162			3			14			126,996			111,162			14
Loans held-for-sale and loans at fair value	1,212			549				547				878			840			121			44			1,212			840			44
Total loans	128,208			123,722				120,493				115,847			112,002			4			14			128,208			112,002			14
Equity	9,500			9,500				9,500				9,500			8,000			-			19			9,500			8,000			19
Period-end loans by client segment:
Middle Market Banking	$	50,701		$	48,852			$	47,638			$	46,040		$	44,437		4			14			$	50,701		$	44,437		14
Commercial Term Lending	43,512			42,304				40,972				39,314			38,583			3			13			43,512			38,583			13
Corporate Client Banking	21,558			19,727				18,839				17,670			16,747			9			29			21,558			16,747			29
Real Estate Banking	8,552			8,563				8,819				8,763			8,211			-			4			8,552			8,211			4
Other	3,885			4,276				4,225				4,060			4,024			(9	)		(3	)		3,885			4,024			(3	)
Total Commercial Banking loans	$	128,208		$	123,722			$	120,493			$	115,847		$	112,002		4			14			$	128,208		$	112,002		14
SELECTED BALANCE SHEET DATA (average)
Total assets	$	171,184		$	164,702			$	163,423			$	161,074		$	155,611		4			10			$	165,111		$	146,230		13
Loans:
Loans retained	124,507			121,566				117,835				112,879			109,328			2			14			119,218			103,462			15
Loans held-for-sale and loans at fair value	1,491			552				599				881			580			170			157			882			745			18
Total loans	125,998			122,118				118,434				113,760			109,908			3			15			120,100			104,207			15
Client deposits and other third-party liabilities (a)	199,297			190,910				193,280				200,178			199,138			4			-			195,912			174,729			12
Equity	9,500			9,500				9,500				9,500			8,000			-			19			9,500			8,000			19
Average loans by client segment:
Middle Market Banking	$	49,096		$	47,741			$	46,880			$	45,047		$	43,215		3			14			$	47,198		$	40,759		16
Commercial Term Lending	42,890			41,658				40,060				38,848			38,679			3			11			40,872			38,107			7
Corporate Client Banking	21,612			19,791				18,588				17,514			16,116			9			34			19,383			13,993			39
Real Estate Banking	8,450			8,651				8,808				8,341			7,936			(2	)		6			8,562			7,619			12
Other	3,950			4,277				4,098				4,010			3,962			(8	)		-			4,085			3,729			10
Total Commercial Banking loans	$	125,998		$	122,118			$	118,434			$	113,760		$	109,908		3			15			$	120,100		$	104,207		15
Headcount (b)	6,120			6,100				6,152				5,870			5,787			-			6			6,120			5,787			6
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	50		$	(18	)		$	(9	)		$	12		$	99		NM			(49	)		$	35		$	187		(81	)
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)	644			843				881				972			1,036			(24	)		(38	)		644			1,036			(38	)
Nonaccrual loans held-for-sale and loans
at fair value	29			33				36				32			17			(12	)		71			29			17			71
Total nonaccrual loans	673			876				917				1,004			1,053			(23	)		(36	)		673			1,053			(36	)
Assets acquired in loan satisfactions	14			32				36				60			85			(56	)		(84	)		14			85			(84	)
Total nonperforming assets	687			908				953				1,064			1,138			(24	)		(40	)		687			1,138			(40	)
Allowance for credit losses:
Allowance for loan losses	2,610			2,653				2,638				2,662			2,603			(2	)		-			2,610			2,603			-
Allowance for lending-related commitments	183			196				209				194			189			(7	)		(3	)		183			189			(3	)
Total allowance for credit losses	2,793			2,849				2,847				2,856			2,792			(2	)		-			2,793			2,792			-
Net charge-off/(recovery) rate (d)	0.16		%	(0.06		)	%	(0.03		)	%	0.04		%	0.36		%							0.03		%	0.18		%
Allowance for loan losses to period-end loans retained	2.06			2.15				2.20				2.32			2.34									2.06			2.34
Allowance for loan losses to nonaccrual loans retained (c)	405			315				299				274			251									405			251
Nonaccrual loans to total period-end loans	0.52			0.71				0.76				0.87			0.94									0.52			0.94

(a) Client deposits and other third-party liabilities include deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of client cash management programs.

(b) Effective July 1, 2012, certain Treasury Services product sales staff supporting CB were transferred from CIB to CB. As a result, compensation expense for these sales staff is now reflected in CB's compensation expense rather than as an allocation from CIB in noncompensation expense. CB's and CIB's previously reported headcount, compensation expense and noncompensation expense have been revised to reflect this transfer.

(c) Allowance for loan losses of $107 million, $148 million, $143 million, $163 million and $176 million was held against nonaccrual loans retained at December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively.

(d) Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

Page 24

JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																					FULL YEAR
																4Q12 Change												2012 Change
	4Q12			3Q12			2Q12			1Q12			4Q11			3Q12			4Q11			2012			2011			2011
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,011		$	1,708		$	1,701		$	1,621		$	1,606		18		%	25		%	$	7,041		$	6,748		4		%
All other income	190			199			151			266			232			(5	)		(18	)		806			1,147			(30	)
Noninterest revenue	2,201			1,907			1,852			1,887			1,838			15			20			7,847			7,895			(1	)
Net interest income	552			552			512			483			446			-			24			2,099			1,648			27
TOTAL NET REVENUE	2,753			2,459			2,364			2,370			2,284			12			21			9,946			9,543			4
Provision for credit losses	19			14			34			19			24			36			(21	)		86			67			28
NONINTEREST EXPENSE
Compensation expense	1,178			1,083			1,024			1,120			1,046			9			13			4,405			4,152			6
Noncompensation expense	742			625			655			586			674			19			10			2,608			2,752			(5	)
Amortization of intangibles	23			23			22			23			32			-			(28	)		91			98			(7	)
TOTAL NONINTEREST EXPENSE	1,943			1,731			1,701			1,729			1,752			12			11			7,104			7,002			1
Income before income tax expense	791			714			629			622			508			11			56			2,756			2,474			11
Income tax expense	308			271			238			236			206			14			50			1,053			882			19
NET INCOME	$	483		$	443		$	391		$	386		$	302		9			60			$	1,703		$	1,592		7
REVENUE BY CLIENT SEGMENT
Private Banking	$	1,441		$	1,365		$	1,341		$	1,279		$	1,212		6			19			$	5,426		$	5,116		6
Institutional	729			563			537			557			558			29			31			2,386			2,273			5
Retail	583			531			486			534			514			10			13			2,134			2,154			(1	)
TOTAL NET REVENUE	$	2,753		$	2,459		$	2,364		$	2,370		$	2,284		12			21			$	9,946		$	9,543		4
FINANCIAL RATIOS
ROE	27		%	25		%	22		%	22		%	18		%							24		%	25		%
Overhead ratio	71			70			72			73			77									71			73
Pretax margin ratio	29			29			27			26			22									28			26
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	108,999		$	103,608		$	98,704		$	96,385		$	86,242		5			26			$	108,999		$	86,242		26
Loans (a)	80,216			74,924			70,470			64,335			57,573			7			39			80,216			57,573			39
Equity	7,000			7,000			7,000			7,000			6,500			-			8			7,000			6,500			8
SELECTED BALANCE SHEET DATA (average)
Total assets	$	104,232		$	99,209		$	96,670		$	89,582		$	82,594		5			26			$	97,447		$	76,141		28
Loans	76,528			71,824			67,093			59,311			54,691			7			40			68,719			50,315			37
Deposits	133,693			127,487			128,087			127,534			121,493			5			10			129,208			106,421			21
Equity	7,000			7,000			7,000			7,000			6,500			-			8			7,000			6,500			8
Headcount	18,480			18,109			18,042			17,849			18,036			2			2			18,480			18,036			2

(a) Included $10.9 billion, $8.9 billion, $6.7 billion and $4.5 billion of prime mortgage loans reported in the Consumer, excluding credit card loan portfolio at December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively.

Page 25

JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																					FULL YEAR
																4Q12 Change												2012 Change
	4Q12			3Q12			2Q12			1Q12			4Q11			3Q12			4Q11			2012			2011			2011
BUSINESS METRICS
Number of:
Client advisors (a)	2,821			2,826			2,739			2,832			2,883			-		%	(2	)	%	2,821			2,883			(2	)	%
Retirement Planning Services participants (in thousands)	1,961			1,951			1,960			1,926			1,798			1			9			1,961			1,798			9
% of customer assets in 4 & 5 Star Funds (b)	47		%	45		%	43		%	42		%	43		%							47		%	43		%
% of AUM in 1st and 2nd quartiles: (c)
1 year	67			69			65			64			48									67			48
3 years	74			78			72			74			72									74			72
5 years	76			77			74			76			78									76			78
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	3		$	6		$	28		$	27		$	48		(50	)		(94	)		$	64		$	92		(30	)
Nonaccrual loans	250			227			256			263			317			10			(21	)		250			317			(21	)
Allowance for credit losses:
Allowance for loan losses	248			229			220			209			209			8			19			248			209			19
Allowance for lending-related commitments	5			5			6			5			10			-			(50	)		5			10			(50	)
Total allowance for credit losses	253			234			226			214			219			8			16			253			219			16
Net charge-off rate	0.02		%	0.03		%	0.17		%	0.18		%	0.35		%							0.09		%	0.18		%
Allowance for loan losses to period-end loans	0.31			0.31			0.31			0.32			0.36									0.31			0.36
Allowance for loan losses to nonaccrual loans	99			101			86			79			66									99			66
Nonaccrual loans to period-end loans	0.31			0.30			0.36			0.41			0.55									0.31			0.55

(a) Effective January 1, 2012, the previously disclosed separate metric for client advisors and JPMorgan Securities brokers were combined into one metric that reflects the number of Private Banking client-facing representatives.

(b) Derived from Morningstar for the U.S., the U.K., Luxembourg, France, Hong Kong and Taiwan; and Nomura for Japan.

(c) Quartile ranking sourced from: Lipper for the U.S. and Taiwan; Morningstar for the U.K., Luxembourg, France and Hong Kong; and Nomura for Japan.

Page 26

JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
											December 31, 2012
											Change
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,			Dec 31,
ASSETS UNDER SUPERVISION	2012		2012		2012		2012		2011		2012			2011
Assets by asset class
Liquidity	$	475	$	451	$	466	$	492	$	515	5		%	(8	)	%
Fixed income	386		380		359		355		336		2			15
Equity and multi-asset	447		432		401		417		372		3			20
Alternatives	118		118		121		118		113		-			4
TOTAL ASSETS UNDER MANAGEMENT	1,426		1,381		1,347		1,382		1,336		3			7
Custody/brokerage/administration/deposits	669		650		621		631		585		3			14
TOTAL ASSETS UNDER SUPERVISION	$	2,095	$	2,031	$	1,968	$	2,013	$	1,921	3			9
Assets by client segment
Private Banking	$	318	$	311	$	297	$	303	$	291	2			9
Institutional	741		710		702		732		722		4			3
Retail	367		360		348		347		323		2			14
TOTAL ASSETS UNDER MANAGEMENT	$	1,426	$	1,381	$	1,347	$	1,382	$	1,336	3			7
Private Banking	$	877	$	852	$	816	$	830	$	781	3			12
Institutional	741		710		702		732		723		4			2
Retail	477		469		450		451		417		2			14
TOTAL ASSETS UNDER SUPERVISION	$	2,095	$	2,031	$	1,968	$	2,013	$	1,921	3			9
Mutual fund assets by asset class
Liquidity	$	410	$	390	$	408	$	434	$	458	5			(10	)
Fixed income	136		128		119		116		107		6			27
Equity and multi-asset	180		174		160		167		147		3			22
Alternatives	5		6		7		8		8		(17	)		(38	)
TOTAL MUTUAL FUND ASSETS	$	731	$	698	$	694	$	725	$	720	5			2

Page 27

JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
	QUARTERLY TRENDS														FULL YEAR
	4Q12		3Q12			2Q12			1Q12			4Q11			2012			2011
ASSETS UNDER SUPERVISION (continued)
Assets under management rollforward
Beginning balance	$	1,381	$	1,347		$	1,382		$	1,336		$	1,254		$	1,336		$	1,298
Net asset flows:
Liquidity	24		(17		)	(25		)	(25		)	53			(43		)	18
Fixed income	1		13			5			11			9			30			40
Equity, multi-asset and alternatives	7		8			9			6			(4		)	30			13
Market/performance/other impacts	13		30			(24		)	54			24			73			(33		)
Ending balance	$	1,426	$	1,381		$	1,347		$	1,382		$	1,336		$	1,426		$	1,336
Assets under supervision rollforward
Beginning balance	$	2,031	$	1,968		$	2,013		$	1,921		$	1,806		$	1,921		$	1,840
Net asset flows	48		10			(6		)	8			69			60			123
Market/performance/other impacts	16		53			(39		)	84			46			114			(42		)
Ending balance	$	2,095	$	2,031		$	1,968		$	2,013		$	1,921		$	2,095		$	1,921

Page 28

JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions, except where otherwise noted)
	QUARTERLY TRENDS																FULL YEAR
											4Q12 Change										2012 Change
INTERNATIONAL METRICS	4Q12		3Q12		2Q12		1Q12		4Q11		3Q12			4Q11			2012		2011		2011
Total net revenue: (in millions) (a)
Europe/Middle East/Africa	$	471	$	386	$	379	$	405	$	392	22		%	20		%	$	1,641	$	1,704	(4	)	%
Asia/Pacific	256		245		230		236		220		4			16			967		971		-
Latin America/Caribbean	240		191		166		175		224		26			7			772		808		(4	)
North America	1,786		1,637		1,589		1,554		1,448		9			23			6,566		6,060		8
Total net revenue	$	2,753	$	2,459	$	2,364	$	2,370	$	2,284	12			21			$	9,946	$	9,543	4
Assets under management:
Europe/Middle East/Africa	$	258	$	267	$	261	$	282	$	278	(3	)		(7	)		$	258	$	278	(7	)
Asia/Pacific	114		112		103		112		105		2			9			114		105		9
Latin America/Caribbean	45		42		41		41		34		7			32			45		34		32
North America	1,009		960		942		947		919		5			10			1,009		919		10
Total assets under management	$	1,426	$	1,381	$	1,347	$	1,382	$	1,336	3			7			$	1,426	$	1,336	7
Assets under supervision:
Europe/Middle East/Africa	$	317	$	325	$	315	$	339	$	329	(2	)		(4	)		$	317	$	329	(4	)
Asia/Pacific	160		155		144		152		139		3			15			160		139		15
Latin America/Caribbean	110		106		101		101		89		4			24			110		89		24
North America	1,508		1,445		1,408		1,421		1,364		4			11			1,508		1,364		11
Total assets under supervision	$	2,095	$	2,031	$	1,968	$	2,013	$	1,921	3			9			$	2,095	$	1,921	9

(a) Regional revenue is based on the domicile of the client.

Page 29

JPMORGAN CHASE & CO.
CORPORATE/PRIVATE EQUITY
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
	QUARTERLY TRENDS																								FULL YEAR
																			4Q12 Change												2012 Change
	4Q12			3Q12				2Q12				1Q12				4Q11			3Q12			4Q11			2012			2011			2011
INCOME STATEMENT
REVENUE
Principal transactions (a)	$	159		$	(304	)		$	(3,576	)	(e)	$	(547	)		$	324		NM		%	(51	)	%	$	(4,268	)	$	1,434		NM		%
Securities gains	103			459				1,013				449				54			(78	)		91			2,024			1,600			27
All other income	144			1,044			(d)	153				1,111			(f)	75			(86	)		92			2,452			595			312
Noninterest revenue	406			1,199				(2,410		)		1,013				453			(66	)		(10	)		208			3,629			(94	)
Net interest income	(546		)	(625		)		(205		)		16				245			13			NM			(1,360		)	506			NM
TOTAL NET REVENUE (b)	(140		)	574				(2,615		)		1,029				698			NM			NM			(1,152		)	4,135			NM
Provision for credit losses	(6		)	(11		)		(11		)		(9		)		(10		)	45			40			(37		)	(36		)	(3	)
NONINTEREST EXPENSE
Compensation expense	649			555				623				795				573			17			13			2,622			2,324			13
Noncompensation expense (c)	1,255			1,550				1,264				3,284				1,601			(19	)		(22	)		7,353			6,693			10
Subtotal	1,904			2,105				1,887				4,079				2,174			(10	)		(12	)		9,975			9,017			11
Net expense allocated to other businesses	(1,361		)	(1,370		)		(1,338		)		(1,310		)		(1,260		)	1			(8	)		(5,379		)	(4,909		)	(10	)
TOTAL NONINTEREST EXPENSE	543			735				549				2,769				914			(26	)		(41	)		4,596			4,108			12
Income/(loss) before income tax expense/(benefit)	(677		)	(150		)		(3,153		)		(1,731		)		(206		)	(351	)		(229	)		(5,711		)	63			NM
Income tax expense/(benefit)	(1,175		)	(367		)		(1,378		)		(709		)		(439		)	(220	)		(168	)		(3,629		)	(759		)	(378	)
NET INCOME/(LOSS)	$	498		$	217			$	(1,775	)		$	(1,022	)		$	233		129			114			$	(2,082	)	$	822		NM
MEMO:
TOTAL NET REVENUE
Private equity	$	72		$	(135	)		$	410			$	254			$	(113	)	NM			NM			$	601		$	836		(28	)
Treasury and Chief Investment Office ("CIO")	(110		)	713				(3,434		)		(233		)		845			NM			NM			(3,064		)	3,196			NM
Other Corporate	(102		)	(4		)		409				1,008				(34		)	NM			(200	)		1,311			103			NM
TOTAL NET REVENUE	$	(140	)	$	574			$	(2,615	)		$	1,029			$	698		NM			NM			$	(1,152	)	$	4,135		NM
NET INCOME/(LOSS)
Private equity	$	50		$	(89	)		$	197			$	134			$	(89	)	NM			NM			$	292		$	391		(25	)
Treasury and CIO	(157		)	369				(2,078		)		(227		)		417			NM			NM			(2,093		)	1,349			NM
Other Corporate	605			(63		)		106				(929		)		(95		)	NM			NM			(281		)	(918		)	69
TOTAL NET INCOME/(LOSS)	$	498		$	217			$	(1,775	)		$	(1,022	)		$	233		129			114			$	(2,082	)	$	822		NM
TOTAL ASSETS (period-end)	$	728,925		$	685,338			$	667,133			$	713,263			$	693,108		6			5			$	728,925		$	693,108		5
Headcount	22,747			22,517				22,156				21,529				21,334			1			7			22,747			21,334			7

(a) During the third quarter of 2012, CIO effectively closed out the index credit derivative positions that were retained following the transfer of the synthetic credit portfolio to the CIB on July 2, 2012. Principal transactions revenue included losses in CIO on this portfolio of $449 million for the three months ended September 30, 2012. Also included losses in CIO of $4.4 billion and $1.4 billion on the synthetic credit portfolio for the three months ended June 30, 2012 and March 31, 2012, respectively, and $6.2 billion for full year 2012. Results of the portfolio that was transferred to CIB are not included herein.

(b) Total net revenue included tax-equivalent adjustments, predominantly due to tax-exempt income from municipal bond investments of $117 million, $109 million, $118 million, $99 million and $92 million for the three months ended December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively, and $443 million and $298 million for full year 2012 and 2011, respectively.

(c) Included litigation expense of $0.2 billion, $0.7 billion, $0.3 billion, $2.5 billion and $0.5 billion for the three months ended December 31, 2012, September 30. 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively, and $3.7 billion and $3.2 billion for full year 2012 and 2011, respectively.

(d) Included an extinguishment gain of $888 million related to the redemption of trust preferred capital debt securities for the three months ended September 30, 2012; the gain related to adjustments applied to the cost basis of these securities during the period they were in a qualifying hedge accounting relationship.

(e) Included a gain of $545 million, reflecting the expected recovery on a Bear Stearns-related subordinated loan.

(f) Included a $1.1 billion benefit from the Washington Mutual bankruptcy settlement.

Page 30

JPMORGAN CHASE & CO.
CORPORATE/PRIVATE EQUITY
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions)
	QUARTERLY TRENDS																				FULL YEAR
															4Q12 Change											2012 Change
	4Q12			3Q12			2Q12			1Q12		4Q11			3Q12			4Q11			2012		2011			2011
SUPPLEMENTAL INFORMATION
TREASURY and CHIEF INVESTMENT OFFICE ("CIO")
Securities gains (a)	$	103		$	459		$	1,013		$	453	$	(13	)	(78	)	%	NM		%	$	2,028	$	1,385		46		%
Investment securities portfolio (average)	362,867			348,571			359,130			361,601		349,750			4			4			358,029		330,885			8
Investment securities portfolio (period-end)	365,421			360,268			348,610			374,588		355,605			1			3			365,421		355,605			3
Mortgage loans (average)	7,882			9,469			11,012			12,636		14,089			(17	)		(44	)		10,241		13,006			(21	)
Mortgage loans (period-end)	7,037			8,574			10,332			11,819		13,375			(18	)		(47	)		7,037		13,375			(47	)
PRIVATE EQUITY
Private equity gains/(losses)
Direct investments
Realized gains/(losses)	$	(8	)	$	75		$	(116	)	$	66	$	58		NM			NM			$	17	$	1,842		(99	)
Unrealized gains/(losses) (b)	11			(140		)	589			179		(122		)	NM			NM			639		(1,305		)	NM
Total direct investments	3			(65		)	473			245		(64		)	NM			NM			656		537			22
Third-party fund investments	87			(27		)	(9		)	83		(85		)	NM			NM			134		417			(68	)
Total private equity gains/(losses) (c)	$	90		$	(92	)	$	464		$	328	$	(149	)	NM			NM			$	790	$	954		(17	)
Private equity portfolio information
Direct investments
Publicly-held securities
Carrying value	$	578		$	637		$	863		$	889	$	805		(9	)		(28	)		$	578	$	805		(28	)
Cost	350			384			436			549		573			(9	)		(39	)		350		573			(39	)
Quoted public value	578			673			909			931		896			(14	)		(35	)		578		896			(35	)
Privately-held direct securities
Carrying value	5,379			5,313			4,931			4,944		4,597			1			17			5,379		4,597			17
Cost	6,584			6,662			6,362			6,819		6,793			(1	)		(3	)		6,584		6,793			(3	)
Third-party fund investments (d)
Carrying value	2,117			2,119			2,113			2,131		2,283			-			(7	)		2,117		2,283			(7	)
Cost	1,963			2,018			1,952			2,162		2,452			(3	)		(20	)		1,963		2,452			(20	)
Total private equity portfolio
Carrying value	$	8,074		$	8,069		$	7,907		$	7,964	$	7,685		-			5			$	8,074	$	7,685		5
Cost	8,897			9,064			8,750			9,530		9,818			(2	)		(9	)		8,897		9,818			(9	)

(a) Reflects repositioning of the investment securities portfolio.

(b) Unrealized gains/(losses) contain reversals of unrealized gains and losses that were recognized in prior periods and have now been realized.

(c) Included in principal transactions revenue in the Consolidated Statements of Income.

(d) Unfunded commitments to third-party private equity funds were $370 million, $398 million, $524 million, $571 million and $789 million at December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively.

Page 31

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
											December 31, 2012
											Change
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,			Dec 31,
	2012		2012		2012		2012		2011		2012			2011
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained, excluding PCI loans
Home equity	$	67,385	$	69,686	$	72,833	$	75,207	$	77,800	(3	)	%	(13	)	%
Prime mortgage, including option ARMs	76,256		75,636		76,064		76,292		76,196		1			-
Subprime mortgage	8,255		8,552		8,945		9,289		9,664		(3	)		(15	)
Auto	49,913		48,920		48,468		48,245		47,426		2			5
Business banking	18,883		18,568		18,218		17,822		17,652		2			7
Student and other	12,191		12,521		12,907		13,854		14,143		(3	)		(14	)
Total loans retained, excluding PCI loans	232,883		233,883		237,435		240,709		242,881		-			(4	)
Loans - PCI
Home equity	20,971		21,432		21,867		22,305		22,697		(2	)		(8	)
Prime mortgage	13,674		14,038		14,395		14,781		15,180		(3	)		(10	)
Subprime mortgage	4,626		4,702		4,784		4,870		4,976		(2	)		(7	)
Option ARMs	20,466		21,024		21,565		22,105		22,693		(3	)		(10	)
Total loans - PCI	59,737		61,196		62,611		64,061		65,546		(2	)		(9	)
Total consumer, excluding credit card loans	292,620		295,079		300,046		304,770		308,427		(1	)		(5	)
Credit card loans
Loans retained (b)	127,993		124,431		124,593		124,475		132,175		3			(3	)
Loans held-for-sale	—		106		112		856		102		NM			NM
Total credit card loans	127,993		124,537		124,705		125,331		132,277		3			(3	)
Total consumer loans	420,613		419,616		424,751		430,101		440,704		-			(5	)
Wholesale loans (c)
Loans retained	306,222		297,576		298,888		283,653		278,395		3			10
Loans held-for-sale and loans at fair value	6,961		4,755		3,932		7,213		4,621		46			51
Total wholesale loans	313,183		302,331		302,820		290,866		283,016		4			11
Total loans	733,796		721,947		727,571		720,967		723,720		2			1
Derivative receivables	74,983		79,963		85,543		85,010		92,477		(6	)		(19	)
Receivables from customers and other (d)	23,761		18,946		20,131		21,235		17,561		25			35
Total credit-related assets	98,744		98,909		105,674		106,245		110,038		-			(10	)
Lending-related commitments
Consumer, excluding credit card	60,156		62,183		62,438		63,121		62,307		(3	)		(3	)
Credit card	533,018		534,333		534,267		533,318		530,616		-			-
Wholesale	434,814		422,557		419,641		401,064		382,739		3			14
Total lending-related commitments	1,027,988		1,019,073		1,016,346		997,503		975,662		1			5
Total credit exposure	$	1,860,528	$	1,839,929	$	1,849,591	$	1,824,715	$	1,809,420	1			3
Memo: Total by category
Consumer exposure (e)	$	1,013,900	$	1,016,241	$	1,021,563	$	1,026,644	$	1,033,727	-			(2	)
Wholesale exposures (f)	846,628		823,688		828,028		798,071		775,693		3			9
Total credit exposure	$	1,860,528	$	1,839,929	$	1,849,591	$	1,824,715	$	1,809,420	1			3

(a) Includes loans reported in CCB, and residential real estate loans reported in the AM business segment and in Corporate/Private Equity.

(b) Includes accrued interest and fees net of an allowance for the uncollectible portion of accrued interest and fee income.

(c) CIB, CB and AM business segments and Corporate/Private Equity.

(d) Predominantly includes receivables from customers, which represent margin loans to prime and retail brokerage customers; these are classified in accrued interest and accounts receivable on the Consolidated Balance Sheets.

(e) Represents total consumer loans and consumer lending-related commitments.

(f) Predominantly represents total wholesale loans, wholesale lending-related commitments, derivative receivables and receivables from customers.

Page 32

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																December 31, 2012
																Change
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Dec 31,
	2012			2012			2012			2012			2011			2012			2011
NONPERFORMING ASSETS AND RATIOS
Consumer, excluding credit card loans
Home equity (a)(b)	$	3,208		$	3,254		$	2,615		$	2,766		$	1,287		(1	)	%	149		%
Prime mortgage, including option ARMs (a)	3,445			3,570			3,139			3,258			3,462			(4	)		-
Subprime mortgage (a)	1,807			1,868			1,544			1,569			1,781			(3	)		1
Auto (a)	163			172			101			102			118			(5	)		38
Business banking	481			521			587			649			694			(8	)		(31	)
Student and other	70			75			83			105			69			(7	)		1
Total consumer, excluding credit card loans	9,174			9,460			8,069			8,449			7,411			(3	)		24
Total credit card loans	1			1			1			1			1			-			-
Total consumer nonaccrual loans (c)	9,175			9,461			8,070			8,450			7,412			(3	)		24
Wholesale loans
Loans retained	1,434			1,663			1,804			1,941			2,398			(14	)		(40	)
Loans held-for-sale and loans at fair value	111			246			194			214			183			(55	)		(39	)
Total wholesale loans	1,545			1,909			1,998			2,155			2,581			(19	)		(40	)
Total nonaccrual loans	10,720			11,370			10,068			10,605			9,993			(6	)		7
Derivative receivables (d)	239			282			451			317			297			(15	)		(20	)
Assets acquired in loan satisfactions	775			829			878			1,031			1,025			(7	)		(24	)
Total nonperforming assets (e)	11,734			12,481			11,397			11,953			11,315			(6	)		4
Wholesale lending-related commitments (f)	355			586			565			756			865			(39	)		(59	)
Total nonperforming exposure (e)	$	12,089		$	13,067		$	11,962		$	12,709		$	12,180		(7	)		(1	)
Total nonaccrual loans to total loans	1.46		%	1.57		%	1.38		%	1.47		%	1.38		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	3.14			3.21			2.69			2.77			2.40
Total wholesale nonaccrual loans to total
wholesale loans	0.49			0.63			0.66			0.74			0.91
NONPERFORMING ASSETS BY LOB
Consumer & Community Banking (a)(b)(c)	$	9,791		$	10,096		$	8,766		$	9,250		$	8,189		(3	)		20
Corporate & Investment Bank (d)	920			1,160			1,338			1,278			1,577			(21	)		(42	)
Commercial Banking	687			908			953			1,064			1,138			(24	)		(40	)
Asset Management (d)	263			242			271			286			336			9			(22	)
Corporate/Private Equity (g)	73			75			69			75			75			(3	)		(3	)
TOTAL	$	11,734		$	12,481		$	11,397		$	11,953		$	11,315		(6	)		4

(a) Nonperforming assets at December 31, 2012 and September 30, 2012 included $1.8 billion and $1.7 billion of Chapter 7 loans, based upon regulatory guidance, consisting of $890 million and $820 million of home equity loans, $500 million and $481 million of prime mortgage, including option ARM loans, $357 million and $356 million of subprime mortgage loans, and $51 million and $65 million of auto loans, respectively.

(b) Included $1.2 billion, $1.3 billion, $1.5 billion and $1.6 billion of performing junior liens that are subordinate to senior liens that are 90 days or more past due at December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively. Beginning March 31, 2012, such junior liens are reported as nonaccrual loans based upon regulatory guidance issued in the first quarter of 2012. Of these totals, $1.1 billion, $1.2 billion, $1.3 billion and $1.4 billion were current at December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively.

(c) Excludes PCI loans. Because the Firm is recognizing interest income on each pool of PCI loans, they are all considered to be performing.

(d) Prior to the first quarter of 2012, reported amounts had only included defaulted derivatives; effective in the first quarter of 2012, reported amounts in all periods presented include both defaulted derivatives as well as derivatives that have been risk rated as nonperforming.

(e) At December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $10.6 billion, $11.0 billion, $11.9 billion, $11.8 billion and $11.5 billion, respectively, that are 90 or more days past due; (2) real estate owned insured by U.S. government agencies of $1.6 billion, $1.5 billion, $1.3 billion, $1.2 billion and $954 million, respectively; and (3) student loans insured by U.S. government agencies under the FFELP of $525 million, $536 million, $547 million, $586 million and $551 million, respectively, that are 90 or more days past due. These amounts were excluded from nonaccrual loans as reimbursement of insured amounts is proceeding normally. In addition, the Firm's policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council (“FFIEC”). Credit card loans are charged off by the end of the month in which the account becomes 180 days past due or within 60 days from receiving notification about a specified event (e.g., bankruptcy of the borrower), whichever is earlier.

(f) Represent commitments that are risk rated as nonaccrual.

(g) Predominantly relates to retained prime mortgage loans.

Page 33

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																							FULL YEAR
																		4Q12 Change													2012 Change
	4Q12				3Q12				2Q12			1Q12			4Q11			3Q12			4Q11			2012				2011			2011
GROSS CHARGE-OFFS
Consumer, excluding credit card loans (a)	$	804			$	1,813			$	1,054		$	1,134		$	1,310		(56	)	%	(39	)	%	$	4,805			$	5,419		(11	)	%
Credit card loans	1,261				1,284				1,583			1,627			1,641			(2	)		(23	)		5,755				8,168			(30	)
Total consumer loans	2,065				3,097				2,637			2,761			2,951			(33	)		(30	)		10,560				13,587			(22	)
Wholesale loans	133				48				73			92			431			177			(69	)		346				916			(62	)
Total loans	$	2,198			$	3,145			$	2,710		$	2,853		$	3,382		(30	)		(35	)		$	10,906			$	14,503		(25	)
GROSS RECOVERIES
Consumer, excluding credit card loans	$	115			$	125			$	130		$	138		$	139		(8	)		(17	)		$	508			$	547		(7	)
Credit card loans	164				168				238			241			251			(2	)		(35	)		811				1,243			(35	)
Total consumer loans	279				293				368			379			390			(5	)		(28	)		1,319				1,790			(26	)
Wholesale loans	291				82				64			87			85			255			242			524				476			10
Total loans	$	570			$	375			$	432		$	466		$	475		52			20			$	1,843			$	2,266		(19	)
NET CHARGE-OFFS/(RECOVERIES)
Consumer, excluding credit card loans (a)	$	689			$	1,688			$	924		$	996		$	1,171		(59	)		(41	)		$	4,297			$	4,872		(12	)
Credit card loans	1,097				1,116				1,345			1,386			1,390			(2	)		(21	)		4,944				6,925			(29	)
Total consumer loans	1,786				2,804				2,269			2,382			2,561			(36	)		(30	)		9,241				11,797			(22	)
Wholesale loans	(158		)		(34		)		9			5			346			(365	)		NM			(178		)		440			NM
Total loans	$	1,628			$	2,770			$	2,278		$	2,387		$	2,907		(41	)		(44	)		$	9,063			$	12,237		(26	)
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans (a)	0.93			%	2.26			%	1.23		%	1.31		%	1.50		%							1.43			%	1.54		%
Credit card retained loans	3.50				3.57				4.35			4.40			4.29									3.95				5.44
Wholesale retained loans	(0.21		)		(0.05		)		0.01			0.01			0.52									(0.06		)		0.18
Total retained loans	0.90				1.53				1.27			1.35			1.64									1.26				1.78
Consumer retained loans, excluding credit card and
PCI loans (a)	1.18				2.85				1.55			1.66			1.91									1.81				1.97
Consumer retained loans, excluding PCI loans (a)	1.99				3.10				2.51			2.60			2.74									2.55				3.15
Total retained, excluding PCI loans	0.98				1.68				1.40			1.49			1.81									1.38				1.98
Memo: Average retained loans
Consumer retained, excluding credit card loans	$	293,544			$	297,472			$	302,523		$	306,657		$	308,980		(1	)		(5	)		$	300,024			$	315,736		(5	)
Credit card retained loans	124,701				124,230				124,413			126,795			128,522			-			(3	)		125,031				127,334			(2	)
Total average retained consumer loans	418,245				421,702				426,936			433,452			437,502			(1	)		(4	)		425,055				443,070			(4	)
Wholesale retained loans	300,690				297,369				292,942			276,764			265,758			1			13			291,980				245,111			19
Total average retained loans	$	718,935			$	719,071			$	719,878		$	710,216		$	703,260		-			2			$	717,035			$	688,181		4
Consumer retained, excluding credit card and
PCI loans	$	233,108			$	235,713			$	239,210		$	241,885		$	242,670		(1	)		(4	)		$	237,462			$	246,826		(4	)
Consumer retained, excluding PCI loans	357,809				359,943				363,623			368,679			371,192			(1	)		(4	)		362,494				374,159			(3	)
Total retained, excluding PCI loans	658,479				657,293				656,547			645,423			636,923			-			3			654,454				619,227			6

(a) Net charge-offs and net charge-off rates for the three months ended September 30, 2012 and full year 2012 included $825 million and $747 million of charge-offs, respectively, for residential real estate loans and $55 million and $53 million of charge-offs, respectively, for auto loans, recorded in accordance with regulatory guidance requiring loans discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) to be charged off to the net realizable value of the collateral and to be considered nonaccrual, regardless of their delinquency status. Excluding these charge-offs, consumer retained loans, excluding credit card, consumer retained loans, excluding credit card and PCI loans, and consumer retained loans, excluding PCI loans net charge-off rates would have been 1.08%, 1.36% and 2.13%, respectively, for the three months ended September 30, 2012 and 1.17%, 1.47% and 2.33%, respectively for the full year 2012. For further information, see Consumer Credit Portfolio on pages 84-86 of JPMorgan Chase's third quarter 2012 Form 10-Q.

Page 34

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions)
	QUARTERLY TRENDS																					FULL YEAR
																4Q12 Change												2012 Change
	4Q12			3Q12			2Q12			1Q12			4Q11			3Q12			4Q11			2012			2011			2011
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	22,824		$	23,791		$	25,871		$	27,609		$	28,350		(4	)	%	(19	)	%	$	27,609		$	32,266		(14	)	%
Net charge-offs	1,628			2,770			2,278			2,387			2,907			(41	)		(44	)		9,063			12,237			(26	)
Provision for loan losses	740			1,801			200			646			2,193			(59	)		(66	)		3,387			7,612			(56	)
Other	—			2			(2		)	3			(27		)	NM			NM			3			(32		)	NM
Ending balance	$	21,936		$	22,824		$	23,791		$	25,871		$	27,609		(4	)		(21	)		$	21,936		$	27,609		(21	)
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	752		$	764		$	750		$	673		$	686		(2	)		10			$	673		$	717		(6	)
Provision for lending-related commitments	(84		)	(12		)	14			80			(9		)	NM			NM			(2		)	(38		)	95
Other	—			—			—			(3		)	(4		)	-			NM			(3		)	(6		)	50
Ending balance	$	668		$	752		$	764		$	750		$	673		(11	)		(1	)		$	668		$	673		(1	)
ALLOWANCE FOR LOAN LOSSES BY LOB
Consumer & Community Banking	$	17,752		$	18,454		$	19,405		$	21,508		$	23,256		(4	)		(24	)		$	17,752		$	23,256		(24	)
Corporate & Investment Bank	1,300			1,459			1,498			1,455			1,501			(11	)		(13	)		1,300			1,501			(13	)
Commercial Banking	2,610			2,653			2,638			2,662			2,603			(2	)		-			2,610			2,603			-
Asset Management	248			229			220			209			209			8			19			248			209			19
Corporate/Private Equity	26			29			30			37			40			(10	)		(35	)		26			40			(35	)
Total	$	21,936		$	22,824		$	23,791		$	25,871		$	27,609		(4	)		(21	)		$	21,936		$	27,609		(21	)

Page 35

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																December 31, 2012
																Change
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Dec 31,
	2012			2012			2012			2012			2011			2012			2011
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	729		$	918		$	1,004		$	760		$	828		(21	)	%	(12	)	%
Formula-based	5,852			6,359			7,228			8,826			9,755			(8	)		(40	)
PCI	5,711			5,711			5,711			5,711			5,711			-			-
Total consumer, excluding credit card	12,292			12,988			13,943			15,297			16,294			(5	)		(25	)
Credit card
Asset-specific (a)	1,681			1,909			1,977			2,402			2,727			(12	)		(38	)
Formula-based	3,820			3,594			3,522			3,849			4,272			6			(11	)
Total credit card	5,501			5,503			5,499			6,251			6,999			-			(21	)
Total consumer	17,793			18,491			19,442			21,548			23,293			(4	)		(24	)
Wholesale
Asset-specific (a)	319			388			407			448			516			(18	)		(38	)
Formula-based	3,824			3,945			3,942			3,875			3,800			(3	)		1
Total wholesale	4,143			4,333			4,349			4,323			4,316			(4	)		(4	)
Total allowance for loan losses	21,936			22,824			23,791			25,871			27,609			(4	)		(21	)
Allowance for lending-related commitments	668			752			764			750			673			(11	)		(1	)
Total allowance for credit losses	$	22,604		$	23,576		$	24,555		$	26,621		$	28,282		(4	)		(20	)
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	4.20		%	4.40		%	4.65		%	5.02		%	5.28		%
Credit card allowance to total credit card retained loans	4.30			4.42			4.41			5.02			5.30
Wholesale allowance to total wholesale retained loans	1.35			1.46			1.46			1.52			1.55
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (b)	1.66			1.80			1.81			1.90			1.97
Total allowance to total retained loans	3.02			3.18			3.29			3.63			3.84
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (c)(d)(e)	134			137			173			181			220
Allowance, excluding credit card allowance, to retained non-
accrual loans, excluding credit card nonaccrual loans (c)(d)(e)	155			156			185			189			210
Wholesale allowance to wholesale retained nonaccrual loans	289			261			241			223			180
Total allowance to total retained nonaccrual loans (d)(e)	207			205			241			249			281
CREDIT RATIOS, excluding PCI loans
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	2.83			3.11			3.47			3.98			4.36
Total allowance to total retained loans	2.43			2.61			2.74			3.11			3.35
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (c)(d)(e)	72			77			102			113			143
Allowance, excluding credit card allowance, to retained non-
accrual loans, excluding credit card nonaccrual loans (c)(d)(e)	101			104			127			134			152
Total allowance to total retained nonaccrual loans (d)(e)	153			154			183			194			223

(a) Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a troubled debt restructuring (“TDR”).

(b) Management believes the allowance for loan losses to period-end loans retained, excluding CIB's trade finance and conduits, a non-GAAP financial measure, is a more relevant metric to reflect the allowance coverage of the retained lending portfolio.

(c) The Firm's policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance. Under guidance issued by the FFIEC, credit card loans are charged off by the end of the month in which the account becomes 180 days past due or within 60 days from receiving notification about a specified event (e.g., bankruptcy of the borrower), whichever is earlier.

(d) Nonaccrual loans at December 31, 2012 and September 30, 2012 included $1.8 billion and $1.7 billion, respectively, of Chapter 7 loans, based upon regulatory guidance. For further information, see Consumer Credit Portfolio on pages 84-86 of JPMorgan Chase's third quarter 2012 Form 10-Q.

(e) Nonaccrual loans included $1.2 billion, $1.3 billion, $1.5 billion and $1.6 billion of performing junior liens that are subordinate to senior liens that were 90 days or more past due at December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively. Of these totals, $1.1 billion, $1.2 billion, $1.3 billion and $1.4 billion were current at the respective period ends. Beginning March 31, 2012, such junior liens were reported as nonaccrual loans based upon regulatory guidance issued in the first quarter of 2012. Excluding the incremental nonaccrual loans resulting from the guidance noted, the total allowance to total retained nonaccrual loans ratio at December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, would have been 289%, 282%, 283% and 293%, respectively, and the total allowance to total retained nonaccrual loans excluding PCI loans would have been 214%, 211%, 215% and 228%, respectively.

Page 36

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions)
	QUARTERLY TRENDS																					FULL YEAR
																4Q12 Change												2012 Change
	4Q12			3Q12			2Q12			1Q12			4Q11			3Q12			4Q11			2012			2011			2011
PROVISION FOR CREDIT LOSSES BY LINE OF BUSINESS
Provision for loan losses
Consumer & Community Banking	$	1,091		$	1,862		$	179		$	642		$	1,838		(41	)	%	(41	)	%	$	3,774		$	7,619		(50	)	%
Corporate & Investment Bank	(373		)	(62		)	31			(81		)	314			NM			NM			(485		)	(257		)	(89	)
Commercial Banking	10			(4		)	(31		)	72			29			NM			(66	)		47			226			(79	)
Asset Management	19			15			33			21			23			27			(17	)		88			61			44
Corporate/Private Equity	(7		)	(10		)	(12		)	(8		)	(11		)	30			36			(37		)	(37		)	-
Total provision for loan losses	$	740		$	1,801		$	200		$	646		$	2,193		(59	)		(66	)		$	3,387		$	7,612		(56	)
Provision for lending-related commitments
Consumer & Community Banking	$	—		$	—		$	—		$	—		$	1		-			NM			$	—		$	1		NM
Corporate & Investment Bank	(72		)	2			(2		)	78			(23		)	NM			(213	)		6			(28		)	NM
Commercial Banking	(13		)	(12		)	14			5			11			(8	)		NM			(6		)	(18		)	67
Asset Management	—			(1		)	1			(2		)	1			NM			NM			(2		)	6			NM
Corporate/Private Equity	1			(1		)	1			(1		)	1			NM			-			—			1			NM
Total provision for lending-related commitments	$	(84	)	$	(12	)	$	14		$	80		$	(9	)	NM			NM			$	(2	)	$	(38	)	95
Provision for credit losses
Consumer & Community Banking	$	1,091		$	1,862		$	179		$	642		$	1,839		(41	)		(41	)		$	3,774		$	7,620		(50	)
Corporate & Investment Bank	(445		)	(60		)	29			(3		)	291			NM			NM			(479		)	(285		)	(68	)
Commercial Banking	(3		)	(16		)	(17		)	77			40			81			NM			41			208			(80	)
Asset Management	19			14			34			19			24			36			(21	)		86			67			28
Corporate/Private Equity	(6		)	(11		)	(11		)	(9		)	(10		)	45			40			(37		)	(36		)	(3	)
Total provision for credit losses	$	656		$	1,789		$	214		$	726		$	2,184		(63	)		(70	)		$	3,385		$	7,574		(55	)
PROVISION FOR CREDIT LOSSES BY PORTFOLIO SEGMENT
Provision for loan losses
Consumer, excluding credit card	$	(12	)	$	737		$	(425	)	$	2		$	939		NM			NM			$	302		$	4,670		(94	)
Credit card	1,097			1,116			595			636			890			(2	)		23			3,444			2,925			18
Total consumer	1,085			1,853			170			638			1,829			(41	)		(41	)		3,746			7,595			(51	)
Wholesale	(345		)	(52		)	30			8			364			NM			NM			(359		)	17			NM
Total provision for loan losses	$	740		$	1,801		$	200		$	646		$	2,193		(59	)		(66	)		$	3,387		$	7,612		(56	)
Provision for lending-related commitments
Consumer, excluding credit card	$	1		$	(1	)	$	1		$	(1	)	$	2		NM			(50	)		$	—		$	2		NM
Credit card	—			—			—			—			—			-			-			—			—			-
Total consumer	1			(1		)	1			(1		)	2			NM			(50	)		—			2			NM
Wholesale	(85		)	(11		)	13			81			(11		)	NM			NM			(2		)	(40		)	95
Total provision for lending-related commitments	$	(84	)	$	(12	)	$	14		$	80		$	(9	)	NM			NM			$	(2	)	$	(38	)	95
Provision for credit losses
Consumer, excluding credit card	$	(11	)	$	736		$	(424	)	$	1		$	941		NM			NM			$	302		$	4,672		(94	)
Credit card	1,097			1,116			595			636			890			(2	)		23			3,444			2,925			18
Total consumer	1,086			1,852			171			637			1,831			(41	)		(41	)		3,746			7,597			(51	)
Wholesale	(430		)	(63		)	43			89			353			NM			NM			(361		)	(23		)	NM
Total provision for credit losses	$	656		$	1,789		$	214		$	726		$	2,184		(63	)		(70	)		$	3,385		$	7,574		(55	)

Page 37

JPMORGAN CHASE & CO.
MARKET RISK-RELATED INFORMATION
(in millions)
	QUARTERLY TRENDS																						FULL YEAR
																	4Q12 Change													2012 Change
	4Q12			3Q12			2Q12			1Q12				4Q11			3Q12			4Q11			2012				2011			2011
95% Confidence Level - Average Total CIB trading and
credit portfolio VaR and other VAR
CIB trading VaR by risk type: (a)
Fixed income (b)(c)(d)	$	86		$	118		$	66		$	60			$	56		(27	)	%	54		%	$	83			$	50		66		%
Foreign exchange	8			10			10			11				12			(20	)		(33	)		10				11			(9	)
Equities	27			19			20			17				19			42			42			21				23			(9	)
Commodities and other	14			13			13			21				20			8			(30	)		15				16			(6	)
Diversification benefit to CIB trading VaR (e)	(38		)	(48		)	(44		)	(46		)		(50		)	21			24			(45		)		(42		)	(7	)
CIB trading VaR (a)(b)(c)(d)	97			112			65			63				57			(13	)		70			84				58			45
Credit portfolio VaR (f)	19			22			25			32				39			(14	)		(51	)		25				33			(24	)
Diversification benefit to CIB trading and credit
portfolio VaR (e)	(10		)	(12		)	(15		)	(14		)		(21		)	17			52			(13		)		(15		)	13
Total CIB trading and credit portfolio VaR (a)	106			122			75			81				75			(13	)		41			96				76			26
Other VaR:
Mortgage Production and Servicing VaR (g)	26			17			15			11				44			53			(41	)		17				30			(43	)
Chief Investment Office VaR	6			54			177			129			(i)	69			(89	)		(91	)		92			(i)	57			61
Diversification benefit to total VaR (e)	(6		)	(10		)	(10		)	(4		)		(30		)	40			80			(8		)		(17		)	53
Total other VaR	26			61			182			136				83			(57	)		(69	)		101				70			44
Diversification benefit to total CIB and other VaR (e)	(12		)	(68		)	(56		)	(47		)		(45		)	82			73			(45		)		(45		)	-
Total VaR (b)(c)(d)(h)	$	120		$	115		$	201		$	170			$	113		4			6			$	152			$	101		50

(a) CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including the credit spread sensitivities to credit valuation adjustments ("CVA") and syndicated lending facilities that the Firm intends to distribute; for further information, see VaR measurement on page 98 of JPMorgan Chase's Form 10-Q for the quarterly period ended September 30, 2012. CIB trading VaR does not include the DVA on certain structured notes and derivative liabilities to reflect the credit quality of the Firm. CIB's VaR includes the VaR of the former reportable business segments, Investment Bank and Treasury & Securities Services (“TSS”), which were combined to form the CIB business segment effective in the fourth quarter of 2012, as discussed on pages 48-49. TSS's VaR was previously classified within Other VaR. Prior period VaR results have not been revised to reflect the business segment reorganization.

(b) On July 2, 2012, CIO transferred its synthetic credit portfolio, other than a portion aggregating to approximately $12 billion notional, to the CIB; CIO’s retained portfolio was effectively closed out during the three months ended September 30, 2012. During the third quarter of 2012, the Firm applied a new VaR model to calculate VaR for the synthetic credit portfolio. The Firm believes this new model, which was applied to both the portion of the synthetic credit portfolio held by the CIB, as well as the portion that was retained by CIO, more appropriately captures the risks of the portfolio. This new VaR model resulted in a reduction to average fixed income VaR of $26 million, average total CIB trading and credit portfolio VaR of $28 million, average CIO VaR of $17 million, and average total VaR of $36 million for the three months ended September 30, 2012. Prior period VaR results have not been recalculated using the new model. The Firm continues to enhance its VaR models to, among other things, improve functionality and minimize differences in models for like products.

(c) For the three months ended December 31, 2012, the new VaR model for the synthetic credit portfolio resulted in a reduction to average fixed income VaR of $11 million, average CIB trading and credit portfolio VaR of $8 million, and average total VaR of $7 million.

(d) For the six months ended December 31, 2012, the new VaR model for the synthetic credit portfolio resulted in a reduction to average fixed income VaR of $19 million, average CIB trading and credit portfolio VaR of $18 million, average CIO VaR of $9 million, and average total VaR of $22 million.

(e) Average portfolio VaR was less than the sum of the VaR of the components described above, due to portfolio diversification. The diversification effect reflects the fact that the risks were not perfectly correlated.

(f) Credit portfolio VaR includes the derivative CVA, hedges of the CVA and the fair value of hedges of the retained loan portfolio, which are all reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.

(g) Mortgage Production and Servicing VaR includes the Firm's mortgage pipeline and warehouse loans, MSRs and all related hedges.

(h) Total VaR does not include the retained Credit portfolio, which is not reported at fair value; however, it does include hedges of those positions. It also does not include DVA on certain structured notes and derivative liabilities to reflect the credit quality of the Firm, principal investments (mezzanine financing, tax-oriented investments, etc.), certain securities and investments held by Corporate/Private Equity, capital management positions and longer-term investments managed by CIO.

(i) On August 9, 2012, the Firm restated its 2012 first quarter financial statements. See the Firm's Form 10-Q/A for the quarter ended March 31, 2012 for further information on the restatement. The CIO VaR amount for the first quarter of 2012 has not been recalculated to reflect the restatement.

Page 38

JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
																		December 31, 2012
																		Change						FULL YEAR
	Dec 31,				Sep 30,				Jun 30,			Mar 31,			Dec 31,			Sep 30,			Dec 31,										2012 Change
	2012				2012				2012			2012			2011			2012			2011			2012				2011			2011
CAPITAL (based on Basel I)
Tier 1 capital	$	160,007	(f)(g)		$	154,686			$	148,425	(i)	$	155,352		$	150,384		3		%	6		%	$	160,007	(f)(g)		$	150,384		6		%
Total capital	194,046		(f)		190,485		(h)		185,134			193,476			188,088			2			3			194,046		(f)		188,088			3
Tier 1 common capital (a)	140,347		(f)		135,065				130,095			127,642			122,916			4			14			140,347		(f)		122,916			14
Risk-weighted assets (b)	1,270,583		(f)		1,296,512		(h)		1,318,734			1,300,185			1,221,198			(2	)		4			1,270,583		(f)		1,221,198			4
Adjusted average assets (c)	2,243,242		(f)		2,186,292				2,202,487			2,195,625			2,202,087			3			2			2,243,242		(f)		2,202,087			2
Tier 1 capital ratio	12.6		(f)(g)	%	11.9			%	11.3		%	11.9		%	12.3		%							12.6		(f)(g)	%	12.3		%
Total capital ratio	15.3		(f)		14.7				14.0			14.9			15.4									15.3		(f)		15.4
Tier 1 leverage ratio	7.1		(f)		7.1				6.7			7.1			6.8									7.1		(f)		6.8
Tier 1 common capital ratio (a)	11.0		(f)		10.4				9.9			9.8			10.1									11.0		(f)		10.1
TANGIBLE COMMON EQUITY (period-end) (d)
Common stockholders' equity	$	195,011			$	190,635			$	183,772		$	181,469		$	175,773		2			11			$	195,011			$	175,773		11
Less: Goodwill	48,175				48,178				48,131			48,208			48,188			-			-			48,175				48,188			-
Less: Other intangible assets	2,235				2,641				2,813			3,029			3,207			(15	)		(30	)		2,235				3,207			(30	)
Add: Deferred tax liabilities (e)	2,803				2,780				2,749			2,719			2,729			1			3			2,803				2,729			3
Total tangible common equity	$	147,404			$	142,596			$	135,577		$	132,951		$	127,107		3			16			$	147,404			$	127,107		16
TANGIBLE COMMON EQUITY (average) (d)
Common stockholders' equity	$	191,975			$	186,590			$	181,021		$	177,711		$	175,042		3			10			$	184,352			$	173,266		6
Less: Goodwill	48,172				48,158				48,157			48,218			48,225			-			-			48,176				48,632			(1	)
Less: Other intangible assets	2,547				2,729				2,923			3,137			3,326			(7	)		(23	)		2,833				3,632			(22	)
Add: Deferred tax liabilities (e)	2,792				2,765				2,734			2,724			2,687			1			4			2,754				2,635			5
Total tangible common equity	$	144,048			$	138,468			$	132,675		$	129,080		$	126,178		4			14			$	136,097			$	123,637		10
INTANGIBLE ASSETS (period-end)
Goodwill	$	48,175			$	48,178			$	48,131		$	48,208		$	48,188		-			-			$	48,175			$	48,188		-
Mortgage servicing rights	7,614				7,080				7,118			8,039			7,223			8			5			7,614				7,223			5
Purchased credit card relationships	295				409				466			535			602			(28	)		(51	)		295				602			(51	)
All other intangibles	1,940				2,232				2,347			2,494			2,605			(13	)		(26	)		1,940				2,605			(26	)
Total intangibles	$	58,024			$	57,899			$	58,062		$	59,276		$	58,618		-			(1	)		$	58,024			$	58,618		(1	)
DEPOSITS (period-end)
U.S. offices:
Noninterest-bearing	$	380,320			$	363,388			$	348,510		$	343,299		$	346,670		5			10			$	380,320			$	346,670		10
Interest-bearing	552,106				509,407				506,656			521,323			504,864			8			9			552,106				504,864			9
Non-U.S. offices:
Noninterest-bearing	17,845				16,192				17,123			16,276			18,790			10			(5	)		17,845				18,790			(5	)
Interest-bearing	243,322				250,624				243,597			247,614			257,482			(3	)		(5	)		243,322				257,482			(5	)
Total deposits	$	1,193,593			$	1,139,611			$	1,115,886		$	1,128,512		$	1,127,806		5			6			$	1,193,593			$	1,127,806		6

(a) The Firm uses Tier 1 common capital along with the other capital measures to assess and monitor its capital position. The Tier 1 common capital ratio, a non-GAAP financial measure, is Tier 1 common capital divided by risk-weighted assets. For further discussion of the Tier 1 common capital ratio, see page 42.

(b) The Firm's risk-weighted assets for all periods in 2012 include an adjustment to reflect regulatory guidance regarding a limited number of market risk models used for certain positions held by the Firm, including the synthetic credit portfolio. For further discussion, see pages 59-62 of JPMorgan Chase's third quarter 2012 Form 10-Q.

(c) Adjusted average assets, for purposes of calculating the leverage ratio, includes total quarterly average assets adjusted for unrealized gains/(losses) on securities, less deductions for disallowed goodwill and other intangible assets, investments in certain subsidiaries, and the total adjusted carrying value of certain equity investments that are subject to deductions from Tier 1 capital.

(d) For further discussion of TCE, see page 42.

(e) Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in non-taxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

(f) Estimated.

(g) At December 31, 2012, TruPS included in Tier 1 capital were $10.2 billion. Had these securities been excluded from the calculation at December 31, 2012, Tier 1 capital would have been $149.8 billion and the Tier 1 capital ratio would have been 11.8%.

(h) These capital-related data were revised to agree with the final data as published in regulatory filings with the Federal Reserve. The previously reported capital ratios did not change.

(i) Approximately $9 billion of outstanding TruPS were excluded from Tier 1 capital as of June 30, 2012, since these securities were redeemed on July 12, 2012.

Page 39

JPMORGAN CHASE & CO.
MORTGAGE REPURCHASE LIABILITY
(in millions)
	QUARTERLY TRENDS																					FULL YEAR
																4Q12 Change												2012 Change
	4Q12			3Q12			2Q12			1Q12			4Q11			3Q12			4Q11			2012			2011			2011
MORTGAGE REPURCHASE LIABILITY (a)(b)
Summary of changes in mortgage repurchase liability:
Repurchase liability at beginning of period	$	3,099		$	3,293		$	3,516		$	3,557		$	3,616		(6	)	%	(14	)	%	$	3,557		$	3,285		8		%
Realized losses (c)	(267		)	(268		)	(259		)	(364		)	(462		)	-			42			(1,158		)	(1,263		)	8
Provision (d)	(21		)	74			36			323			403			NM			NM			412			1,535			(73	)
Repurchase liability at end of period	$	2,811		$	3,099		$	3,293		$	3,516		$	3,557		(9	)		(21	)		$	2,811		$	3,557		(21	)
Outstanding repurchase demands and unresolved mortgage
insurance rescission notices by counterparty type: (e)
GSEs	$	1,166		$	1,533		$	1,646		$	1,868		$	1,682		(24	)		(31	)		$	1,166		$	1,682		(31	)
Mortgage insurers	1,014			1,036			1,004			1,000			1,034			(2	)		(2	)		1,014			1,034			(2	)
Other (f)	887			1,697			981			756			663			(48	)		34			887			663			34
Overlapping population (g)	(86		)	(150		)	(125		)	(116		)	(113		)	43			24			(86		)	(113		)	24
Total	$	2,981		$	4,116		$	3,506		$	3,508		$	3,266		(28	)		(9	)		$	2,981		$	3,266		(9	)
Quarterly mortgage repurchase demands received by loan
origination vintage: (e)
Pre-2005	$	42		$	33		$	28		$	41		$	39		27			8			$	144		$	120		20
2005	42			103			65			95			55			(59	)		(24	)		305			357			(15	)
2006	292			963			506			375			315			(70	)		(7	)		2,136			1,068			100
2007	241			371			420			645			804			(35	)		(70	)		1,677			2,297			(27	)
2008	114			196			311			361			291			(42	)		(61	)		982			1,164			(16	)
Post-2008	87			124			191			124			81			(30	)		7			526			417			26
Total	$	818		$	1,790		$	1,521		$	1,641		$	1,585		(54	)		(48	)		$	5,770		$	5,423		6

(a) For further details regarding the Firm's mortgage repurchase liability, see Mortgage repurchase liability on pages 115-118 and Note 29 on pages 283-289 of JPMorgan Chase's 2011 Annual Report; and Mortgage repurchase liability on pages 55-58 and Note 21 on pages 192-196 of JPMorgan Chase's third quarter 2012 Form 10-Q.

(b) Mortgage repurchase demands associated with private-label securitizations are separately evaluated by the Firm in establishing its litigation reserves.

(c) Includes principal losses and accrued interest on repurchased loans, “make-whole” settlements, settlements with claimants, and certain related expense. Make-whole settlements were $137 million, $94 million, $107 million, $186 million and $237 million for the three months ended December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively, and $524 million and $640 million for full year 2012 and 2011, respectively.

(d) Included $27 million, $30 million, $28 million, $27 million and $17 million of provision related to new loan sales for the three months ended December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively, and $112 million and $52 million for full year 2012 and 2011, respectively.

(e) Excludes amounts related to Washington Mutual.

(f) Represents repurchase demands received from parties other than the GSEs that have been presented to the Firm by trustees who assert authority to present such claims under the terms of the underlying sale or securitization agreement, and excludes repurchase demands asserted in or in connection with pending repurchase litigation.

(g) Because the GSEs and others may make repurchase demands based on mortgage insurance rescission notices that remain unresolved, certain loans may be subject to both an unresolved mortgage insurance rescission notice and an outstanding repurchase demand.

Page 40

JPMORGAN CHASE & CO.
PER SHARE-RELATED INFORMATION
(in millions, except per share and ratio data)
	QUARTERLY TRENDS																				FULL YEAR
																4Q12 Change											2012 Change
	4Q12			3Q12			2Q12			1Q12			4Q11			3Q12			4Q11		2012			2011			2011
EARNINGS PER SHARE DATA
Basic earnings per share:
Net income	$	5,692		$	5,708		$	4,960		$	4,924		$	3,728		-		%	53	%	$	21,284		$	18,976		12		%
Less: Preferred stock dividends	175			163			158			157			157			7			11		653			629			4
Net income applicable to common equity	5,517			5,545			4,802			4,767			3,571			(1	)		54		20,631			18,347			12
Less: Dividends and undistributed earnings allocated to
participating securities	195			199			168			190			146			(2	)		34		754			779			(3	)
Net income applicable to common stockholders	$	5,322		$	5,346		$	4,634		$	4,577		$	3,425		-			55		$	19,877		$	17,568		13
Total weighted-average basic shares outstanding	3,806.7			3,803.3			3,808.9			3,818.8			3,801.9			-			-		3,809.4			3,900.4			(2	)
Net income per share	$	1.40		$	1.41		$	1.22		$	1.20		$	0.90		(1	)		56		$	5.22		$	4.50		16
Diluted earnings per share:
Net income applicable to common stockholders	$	5,322		$	5,346		$	4,634		$	4,577		$	3,425		-			55		$	19,877		$	17,568		13
Total weighted-average basic shares outstanding	3,806.7			3,803.3			3,808.9			3,818.8			3,801.9			-			-		3,809.4			3,900.4			(2	)
Add: Employee stock options, SARs and warrants (a)	14.2			10.6			11.6			14.6			9.8			34			45		12.8			19.9			(36	)
Total weighted-average diluted shares outstanding (b)	3,820.9			3,813.9			3,820.5			3,833.4			3,811.7			-			-		3,822.2			3,920.3			(3	)
Net income per share	$	1.39		$	1.40		$	1.21		$	1.19		$	0.90		(1	)		54		$	5.20		$	4.48		16
COMMON SHARES OUTSTANDING
Common shares - at period end	3,804.0			3,799.6			3,796.8			3,822.0			3,772.7			-			1		3,804.0			3,772.7			1
Cash dividends declared per share	$	0.30		$	0.30		$	0.30		$	0.30		$	0.25		-			20		$	1.20		$	1.00		20
Book value per share	51.27			50.17			48.40			47.48			46.59			2			10		51.27			46.59			10
Tangible book value per share (c)	38.75			37.53			35.71			34.79			33.69			3			15		38.75			33.69			15
Dividend payout ratio	21		%	21		%	24		%	25		%	27		%						23		%	22		%
SHARE PRICE (d)
High	$	44.54		$	42.09		$	46.35		$	46.49		$	37.54		6			19		$	46.49		$	48.36		(4	)
Low	38.83			33.10			30.83			34.01			27.85			17			39		30.83			27.85			11
Close	43.97			40.48			35.73			45.98			33.25			9			32		43.97			33.25			32
Market capitalization	167,260			153,806			135,661			175,737			125,442			9			33		167,260			125,442			33
COMMON EQUITY REPURCHASE PROGRAM (e)
Aggregate common equity repurchased	$	—		$	—		$	1,437.4	(f)	$	216.1		$	863.8		-			NM		$	1,653.5	(f)	$	8,863.5	(f)	(81	)
Common equity repurchased	—			—			46.5		(f)	5.5			27.2			-			NM		52.0		(f)	237.0		(f)	(78	)
Average purchase price	$	—		$	—		$	30.88	(f)	$	39.49		$	31.75		-			NM		$	31.79	(f)	$	37.39	(f)	(15	)

(a) Excluded from the computation of diluted EPS (due to the antidilutive effect) were options issued under employee benefit plans and the warrants originally issued in 2008 under the U.S. Treasury's Capital Purchase Program to purchase shares of the Firm's common stock. The aggregate number of shares issuable upon the exercise of such options and warrants was 117 million, 147 million, 159 million, 169 million and 197 million for the three months endedDecember 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively, and 148 million and 133 million for full year2012 and 2011, respectively.

(b) Participating securities were included in the calculation of diluted EPS using the two-class method, as this computation was more dilutive than the calculation using the treasury stock method.

(c) Tangible book value per share is a non-GAAP financial measure. Tangible book value per share represents the Firm's tangible common equity divided by period-end common shares. For further discussion of this measure, see page 42.

(d) For additional information on the listing and trading of JPMorgan Chase's common stock, see page 2.

(e) On March 13, 2012, the Board of Directors authorized a $15 billion common equity (i.e., common stock and warrants) repurchase program, of which up to $12 billion was approved for repurchase in 2012 and up to an additional $3 billion is approved through the end of the first quarter of 2013. This program superseded a $15 billion repurchase program approved on March 18, 2011.

(f) Included the impact of aggregate repurchases of 18.5 million and 10.2 million warrants during the full year2012 and 2011, respectively.

Page 41

JPMORGAN CHASE & CO.
NON-GAAP FINANCIAL MEASURES

The following are several of the non-GAAP measures that the Firm uses for various reasons, including: (i) to allow management to assess the comparability of revenue arising from both taxable and tax-exempt sources, (ii) to assess and compare the quality and composition of the Firm's capital with the capital of other financial services companies, and (iii) more generally, to provide a more meaningful measure of certain metrics that enables comparability with prior periods, as well as with competitors.

(a) In addition to analyzing the Firm's results on a reported basis, management reviews the Firm's results and the results of the lines of business on a “managed” basis. The Firm's definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the business segments) on a FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. This non-GAAP financial measure allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.

(b) The ratio of the allowance for loan losses to period-end loans excludes the following: loans accounted for at fair value and loans held-for-sale; purchased credit-impaired (“PCI”) loans; and the allowance for loan losses related to PCI loans. Additionally, Real Estate Portfolios net charge-off rates exclude the impact of PCI loans. The ratio of the wholesale allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB's trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the Firm's wholesale allowance coverage ratio.

(c) Tangible common equity (“TCE”), ROTCE, and Tier 1 common under Basel I and III rules. TCE represents the Firm's common stockholders' equity (i.e., total stockholders' equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm's earnings as a percentage of TCE. Tier 1 common under Basel I and III rules are used by management, along with other capital measures, to assess and monitor the Firm's capital position. TCE and ROTCE are meaningful to the Firm, as well as analysts and investors, in assessing the Firm's use of equity. For additional information on Tier 1 common under Basel I and III, see Regulatory capital on pages 119-123 of JPMorgan Chase's 2011 Annual Report and pages 59-62 of JPMorgan Chase's third quarter 2012 Form 10-Q. In addition, all of the aforementioned measures are useful to the Firm, as well as analysts and investors, in facilitating comparisons with competitors.

(d) Consumer & Business Banking (“CBB”) uses the overhead ratio (excluding the amortization of core deposit intangibles ("CDI")) to evaluate the underlying expense trends of the business. Including CDI amortization expense in the overhead ratio calculation would result in a higher overhead ratio in the earlier years and a lower overhead ratio in later years. This method would therefore result

in an improving overhead ratio over time, all things remaining equal. The non-GAAP ratio excludes CBB's CDI amortization expense related to prior business combination transactions.

(e) Corporate & Investment Bank provides several non-GAAP financial measures which exclude the impact of DVA on: net revenue, net income, compensation ratio, and return on equity. These measures are used by management to assess the underlying performance of the business and for comparability with peers. The ratio of the allowance for loan losses to period-end loans retained is calculated excluding the impact of trade finance loans and consolidated Firm-administered multi-seller conduits, to provide a more meaningful assessment of CIB's allowance coverage ratio.

Page 42

JPMORGAN CHASE & CO.
GLOSSARY OF TERMS

Allowance for loan losses to total loans: Represents period-end allowance for loan losses divided by retained loans.

Beneficial interests issued by consolidated VIEs: Represents the interests of third-party holders of debt/equity securities, or other obligations, issued by VIEs that JPMorgan Chase consolidates. The underlying obligations of the VIEs consist of short-term borrowings, commercial paper and long-term debt. The related assets consist of trading assets, available-for-sale securities, loans and other assets.

Corporate/Private Equity: Includes Private Equity, Treasury and Chief Investment Office, and Corporate Other, which includes other centrally managed expense and discontinued operations.

Fully taxable-equivalent (“FTE”) basis: Total net revenue for each of the business segments and the Firm is presented on a fully taxable-equivalent basis. Accordingly, revenue from tax-exempt securities and investments that receive tax credits is presented in the managed results on a basis comparable to fully taxable securities and investments. This non-GAAP financial measure allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to these items is recorded within income tax expense.

Managed basis: A non-GAAP presentation of financial results that includes reclassifications to present revenue on a fully taxable-equivalent basis. Management uses this non-GAAP financial measure at the segment level, because it believes this provides information to enable investors to understand the underlying operational performance and trends of the particular business segment and facilitates a comparison of the business segment with the performance of competitors.

MSR risk management revenue: Includes changes in the fair value of the MSR asset due to market-based inputs, such as interest rates and volatility, as well as updates to assumptions used in the MSR valuation model; and derivative valuation adjustments and other, which represents changes in the fair value of derivative instruments used to offset the impact of changes in the market-based inputs to the MSR valuation model.

Net charge-off rate: Represents net charge-offs (annualized) divided by average retained loans for the reporting period.

Net yield on interest-earning assets: The average rate for interest-earning assets less the average rate paid for all sources of funds.

NM: Not meaningful.

Overhead ratio: Noninterest expense as a percentage of total net revenue.

Participating securities: Represents unvested stock-based compensation awards containing nonforfeitable rights to dividends or dividend equivalents (collectively, "dividends"), which are included in the earnings per share calculation using the two-class method. JPMorgan Chase grants restricted stock and RSUs to certain employees under its stock-based compensation programs, which entitle the recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities. Under the two-class method, all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities, based on their respective rights to receive dividends.

Pre-provision profit: Pre-provision profit is total net revenue less noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.

Principal transactions revenue: Principal transactions revenue includes realized and unrealized gains and losses recorded on derivatives, other financial instruments, private equity investments, and physical commodities used in market-making and client-driven activities. In addition, principal transactions revenue also includes certain realized and unrealized gains and losses related to hedge accounting and specified risk management activities including: (a) certain derivatives designated in qualifying hedge accounting relationships (primarily fair value hedges of commodity and foreign exchange risk), (b) certain derivatives used for specified risk management purposes, primarily to mitigate credit risk, foreign exchange risk and commodity risk, and (c) other derivatives, including the synthetic credit portfolio.

Page 43

JPMORGAN CHASE & CO.
GLOSSARY OF TERMS

Purchased credit-impaired (“PCI”) loans: Represents loans that were acquired in the Washington Mutual transaction and deemed to be credit-impaired on the acquisition date in accordance with FASB guidance. The guidance allows purchasers to aggregate credit-impaired loans acquired in the same fiscal quarter into one or more pools, provided that the loans have common risk characteristics (e.g., product type, LTV ratios, FICO scores, past-due status, geographic location). A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows.

Since each pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, the past-due status of the pools, or that of the individual loans within the pools, is not meaningful. Because the Firm is recognizing interest income on each pool of loans, they are all considered to be performing.

Charge-offs are not recorded on PCI loans until actual losses exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. PCI loans as well as the related charge-offs and allowance for loan losses are excluded in the calculation of certain net charge-off rates and allowance coverage ratios. To date, no charge-offs have been recorded for these loans.

Receivables from customers: Predominantly represents margin loans to prime and retail brokerage customers which are included in accrued interest and accounts receivable on the Consolidated Balance Sheets.

Reported basis: Financial statements prepared under U.S. GAAP.

Retained loans: Loans that are held-for-investment, which excludes loans held-for-sale and loans at fair value.

Risk-weighted assets (“RWA”): Risk-weighted assets consist of on- and off-balance sheet assets that are assigned to one of several broad risk categories and weighted by factors representing their risk and potential for default. On-balance sheet assets are risk-weighted based on the perceived credit risk associated with the obligor or counterparty, the nature of any collateral, and the guarantor, if any. Off-balance sheet assets such as lending-related commitments, guarantees, derivatives and other applicable off-balance sheet positions are risk-weighted by multiplying the contractual amount by the appropriate credit conversion factor to determine the on-balance sheet credit equivalent amount, which is then risk-weighted based on the same factors used for on-balance sheet assets. Risk-weighted assets also incorporate a measure for market risk related to applicable trading assets-debt and equity instruments, and foreign exchange and commodity derivatives. The resulting risk-weighted values for each of the risk categories are then aggregated to determine total risk-weighted assets.

Troubled debt restructuring (“TDR”): Occurs when the Firm modifies the original terms of a loan agreement by granting a concession to a borrower that is experiencing financial difficulty.

U.S. GAAP: Accounting principles generally accepted in the United States of America.

Value-at-risk (“VaR”): A statistical risk measure used to estimate the potential loss from adverse market movements in a normal market environment based on recent historical market behavior. For additional information, see Value-at-risk on page 158 of JPMorgan Chase's 2011 Annual Report and page 96 of JPMorgan Chase's Form 10-Q for the quarterly period ended September 30, 2012.

Page 44

JPMORGAN CHASE & CO.
GLOSSARY OF TERMS

CONSUMER & COMMUNITY BANKING (“CCB”)

Active mobile customers - Users of all mobile platforms, which include: SMS, mobile smartphone and tablet, who have been active in the past 90 days.

Consumer & Business Banking (“CBB”)

Description of selected business metrics within CBB:

Client investment managed accounts - Assets actively managed by Chase

Wealth Management on behalf of clients. The percentage of managed accounts

is calculated by dividing managed account assets by total client investment

assets.

Client advisors - Investment product specialists, including private client advisors, financial advisors, financial advisor associates, senior financial advisors, independent financial advisors and financial advisor associate trainees, who advise clients on investment options, including annuities, mutual funds, stock trading services, etc., sold by the Firm or by third-party vendors through retail branches, Chase Private Client branches and other channels.

Personal bankers - Retail branch office personnel who acquire, retain and expand new and existing customer relationships by assessing customer needs and recommending and selling appropriate banking products and services.

Sales specialists - Retail branch office and field personnel, including business bankers, relationship managers and loan officers, who specialize in marketing and sales of various business banking products (i.e., business loans, letters of credit, deposit accounts, Chase Paymentech, etc.) and mortgage products to existing and new clients.

Deposit margin/deposit spread: Represents net interest income expressed as a percentage of average deposits.

Chase Liquid^® cards - Refers to a prepaid, reloadable card product.

Mortgage Banking

Mortgage Production and Servicing revenue comprises the following:

Net production revenue includes net gains or losses on originations and sales

of prime and subprime mortgage loans, other production-related fees and losses related to the repurchase of previously-sold loans.

Net mortgage servicing revenue includes the following components:

a) Operating revenue comprises:

• Gross income earned from servicing third-party mortgage loans including stated service fees, excess service fees and other ancillary fees; and

• Modeled MSR asset amortization (or time decay).

b) Risk management comprises:

• Changes in MSR asset fair value due to market-based inputs such as interest rates, as well as updates to assumptions used in the MSR valuation model; and

• Derivative valuation adjustments and other, which represents changes in the fair value of derivative instruments used to offset the impact of changes in interest rates to the MSR valuation model.

Mortgage origination channels comprise the following:

Retail - Borrowers who buy or refinance a home through direct contact with a mortgage banker employed by the Firm using a branch office, the Internet or by phone. Borrowers are frequently referred to a mortgage banker by a banker in a Chase branch, real estate brokers, home builders or other third parties.

Wholesale - Third-party mortgage brokers refer loan application packages to the Firm. The Firm then underwrites and funds the loan. Brokers are independent loan originators that specialize in counseling applicants on available home financing options, but do not provide funding for loans. Chase materially eliminated broker-originated loans in 2008, with the exception of a small number of loans guaranteed by the U.S. Department of Agriculture under its Section 502 Guaranteed Loan program that serves low-and-moderate income families in small rural communities.

Correspondent - Banks, thrifts, other mortgage banks and other financial institutions that sell closed loans to the Firm.

Correspondent negotiated transactions (“CNTs”) - Mid- to large-sized mortgage lenders, banks and bank-owned mortgage companies sell servicing to the Firm on an as-originated basis (excluding sales of bulk servicing transactions). These transactions supplement traditional production channels and provide growth opportunities in the servicing portfolio in periods of stable and rising interest rates.

Card, Merchant Services and Auto (“Card”)

Description of selected business metrics within Card:

Card Services includes the Credit Card and Merchant Services businesses.

Merchant Services is a business that processes transactions for merchants.

Total transactions - Number of transactions and authorizations processed for merchants.

Commercial Card provides a wide range of payment services to corporate and public sector clients worldwide through the commercial card products. Services include procurement, corporate travel and entertainment, expense management services, and business-to-business payment solutions.

Sales volume - Dollar amount of cardmember purchases, net of returns.

Open accounts - Cardmember accounts with charging privileges.

Auto origination volume - Dollar amount of auto loans and leases originated.

Page 45

JPMORGAN CHASE & CO.
GLOSSARY OF TERMS

CORPORATE & INVESTMENT BANK (“CIB”)

Definition of selected CIB revenue:

1. Investment banking fees include advisory, equity underwriting, bond underwriting and loan syndication fees.

2. Treasury Services includes both transaction services and trade finance.  Transaction services offers a broad range of products and services that enable clients to manage payments and receipts, as well as invest and manage funds. Products include U.S. dollar and multi-currency clearing, ACH, lockbox, disbursement and reconciliation services, check deposits, and currency related services. Trade finance enables the management of cross-border trade for bank and corporate clients. Products include loans tied directly to goods crossing borders, export/import loans, commercial letters of credit, standby letters of credit, and supply chain finance.

3. Lending includes net interest income, fees, gains or losses on loan sale activity, gains or losses on securities received as part of a loan restructuring, and the risk management results related to the credit portfolio (excluding trade finance).

4. Fixed Income Markets primarily include revenue related to market-making across global fixed income markets, including foreign exchange, interest rate, credit and commodities markets. The results of the synthetic credit portfolio that was transferred from the Chief Investment Office effective July 2, 2012 are reported in this caption.

5. Equity Markets primarily include revenue related to market-making across global equity products, including cash instruments, derivatives, convertibles and Prime Services.

6. Securities Services includes primarily custody, fund accounting and administration, and securities lending products sold principally to asset managers, insurance companies and public and private investment funds. Also includes clearance, collateral management & depositary receiptsbusiness which provides broker-dealer clearing and custody services, including tri-party repo transactions, collateral management products, and depositary bank services for American and global depositary receipt programs.

7. Credit Adjustments & Other primarily includes net credit portfolio credit valuation adjustments (“CVA”) and its associated hedging activities; debit valuation adjustments (“DVA”) related to both structured notes and derivatives; and nonperforming derivative receivable results effective in the first quarter of 2012 and thereafter.

Description of certain business metrics:

1. Client deposits & other third-party liability balances pertain to the Treasury Services and Securities Services businesses, and include deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of client cash management programs.

2. Assets under custody (“AUC”) represents activities associated with the safekeeping and servicing of assets on which Securities Services earns fees.

Page 46

JPMORGAN CHASE & CO.
GLOSSARY OF TERMS

COMMERCIAL BANKING (“CB”)

CB Client Segments:

1. Middle Market Banking covers corporate, municipal, financial institution and not-for-profit clients, with annual revenue generally ranging between $20 million and $500 million.

2. Corporate Client Banking covers clients with annual revenue generally ranging between $500 million and $2 billion and focuses on clients that have broader investment banking needs.

3. Commercial Term Lending primarily provides term financing to real estate investors/owners for multi-family properties as well as financing office, retail and industrial properties.

4. Real Estate Banking provides full-service banking to investors and developers of institutional-grade real estate properties.

5. Other primarily includes lending and investment activity within the Community Development Banking and Chase Capital businesses.

CB Revenue:

1. Lending includes a variety of financing alternatives, which are primarily provided on a basis secured by receivables, inventory, equipment, real estate or other assets. Products include term loans, revolving lines of credit, bridge financing, asset-based structures, leases, commercial card products and standby letters of credit.

2. Treasury services includes revenue from a broad range of products and services (as defined by Treasury Services revenue in the CIB description of revenue) that enable CB clients to manage payments and receipts, as well as invest and manage funds.

3. Investment banking includes revenue from a range of products providing CB clients with sophisticated capital-raising alternatives, as well as balance sheet and risk management tools through advisory, equity underwriting, and loan syndications. Revenue from Fixed income and Equity market products (as defined by Fixed Income Markets and Equity Markets revenue in the CIB description of revenue) available to CB clients is also included.

4. Other product revenue primarily includes tax-equivalent adjustments generated from Community Development Banking activity and certain income derived from principal transactions.

Description of selected business metrics within CB:

1. Client deposits and other third-party liability balances include deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of client cash management programs.

2. Investment banking revenue, gross represents total revenue related to investment banking products sold to CB clients.

ASSET MANAGEMENT (“AM”)

Assets under management - Represent assets actively managed by AM on behalf of Private Banking, Institutional and Retail clients. Includes “committed capital not called,” on which AM earns fees.

Assets under supervision - Represent assets under management, as well as custody, brokerage, administration and deposit accounts.

Multi-asset - Any fund or account that allocates assets under management to more than one asset class (e.g., long-term fixed income, equity, cash, real assets, private equity or hedge funds).

Alternative assets - The following types of assets constitute alternative investments - hedge funds, currency, real estate and private equity.

AM's client segments comprise the following:

Private Banking includes investment advice and wealth management services to high- and ultra-high-net-worth individuals, families, money managers, business owners and small corporations worldwide, including investment management, capital markets and risk management, tax and estate planning, banking, capital raising and specialty-wealth advisory services.

Institutional includes comprehensive global investment services - including asset management, pension analytics, asset/liability management and active risk budgeting strategies - to corporate and public institutions, endowments, foundations, not-for-profit organizations and governments worldwide.

Retail includes worldwide investment management services and retirement planning and administration through third-parties and direct distribution of a full range of investment vehicles.

Pretax margin: Represents income before income tax expense divided by total net revenue, which is, in management's view, a comprehensive measure of pretax performance derived by measuring earnings after all costs are taken into consideration. It is, therefore, another basis that management uses to evaluate the performance of AM against the performance of their respective competitors.

Page 47

JPMORGAN CHASE & CO.
REVISED FINANCIAL DISCLOSURE

On December 4, 2012, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) furnished the U.S. Securities and Exchange Commission with a Current Report on Form 8-K to provide supplemental financial disclosures related to the reorganization of its business segments. The reorganization became effective in the fourth quarter of 2012. As a result of the reorganization:

▪ Consumer business segment change. The Retail Financial Services (“RFS”) and Card Services & Auto (“Card”) business segments were combined to form one business segment called Consumer & Community Banking (“CCB”).

▪ Wholesale business segment change. The Investment Bank (“IB”) and Treasury & Securities Services (“TSS”) business segments were combined to form one business segment called Corporate & Investment Bank (“CIB”).

▪ The Firm’s other business segments, Commercial Banking (“CB”) and Asset Management (“AM”), were not affected by the aforementioned changes. A technology function supporting online and mobile banking was transferred from Corporate/Private Equity (“Corp/PE”) to the CCB business segment. This transfer did not materially affect the results of either the CCB business segment or Corp/PE.

The page that follows provides a summary mapping of the Firm’s prior and current business segments.

Page 48

JPMORGAN CHASE & CO.
REVISED FINANCIAL DISCLOSURE

* A technology function supporting online and mobile banking was transferred from Corp/PE to the CCB business segment.

Page 49