JPMorgan Chase & Co. 8K Jpmorgan Chase Reports Record First-quarter 2013 Net Income of | JPM 12 Apr 13

JPMorgan Chase & Co. (JPM) 8-KJpmorgan Chase Reports Record First-quarter 2013 Net Income of

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2013



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

Page 1



JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)

	QUARTERLY TRENDS
																1Q13 Change
SELECTED INCOME STATEMENT DATA	1Q13			4Q12			3Q12			2Q12			1Q12			4Q12			1Q12
Reported Basis
Total net revenue	$	25,122		$	23,653		$	25,146		$	22,180		$	26,052		6		%	(4	)	%
Total noninterest expense	15,423			16,047			15,371			14,966			18,345			(4	)		(16	)
Pre-provision profit	9,699			7,606			9,775			7,214			7,707			28			26
Provision for credit losses	617			656			1,789			214			726			(6	)		(15	)
NET INCOME	6,529			5,692			5,708			4,960			4,924			15			33

Managed Basis (a)
Total net revenue	25,848			24,378			25,863			22,892			26,757			6			(3	)
Total noninterest expense	15,423			16,047			15,371			14,966			18,345			(4	)		(16	)
Pre-provision profit	10,425			8,331			10,492			7,926			8,412			25			24
Provision for credit losses	617			656			1,789			214			726			(6	)		(15	)
NET INCOME	6,529			5,692			5,708			4,960			4,924			15			33

PER COMMON SHARE DATA
Basic earnings	1.61			1.40			1.41			1.22			1.20			15			34
Diluted earnings	1.59			1.39			1.40			1.21			1.19			14			34

Cash dividends declared	0.30			0.30			0.30			0.30			0.30			-			-
Book value	52.02			51.27			50.17			48.40			47.48			1			10
Tangible book value (b)	39.54			38.75			37.53			35.71			34.79			2			14

Closing share price (c)	47.46			43.97			40.48			35.73			45.98			8			3
Market capitalization	179,863			167,260			153,806			135,661			175,737			8			2

COMMON SHARES OUTSTANDING
Average: Basic	3,818.2			3,806.7			3,803.3			3,808.9			3,818.8			-			-
Diluted	3,847.0			3,820.9			3,813.9			3,820.5			3,833.4			1			-
Common shares at period-end	3,789.8			3,804.0			3,799.6			3,796.8			3,822.0			-			(1	)

FINANCIAL RATIOS (d)
Return on common equity ("ROE")	13		%	11		%	12		%	11		%	11		%
Return on tangible common equity ("ROTCE") (b)	17			15			16			15			15
Return on assets	1.14			0.98			1.01			0.88			0.88
Return on risk-weighted assets (e)(f)	1.88		(h)	1.76			1.74			1.52			1.57

CAPITAL RATIOS (f)
Tier 1 capital ratio	11.6		(h)	12.6			11.9			11.3			11.9
Total capital ratio	14.1		(h)	15.3			14.7			14.0			14.9
Tier 1 common capital ratio (g)	10.2		(h)	11.0			10.4			9.9			9.8


(a)	For a 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 of these measures, 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)

In the first quarter of 2013, the Firm implemented rules that provide for additional capital requirements for trading positions and securitizations (“Basel 2.5”). This implementation resulted in an increase to risk-weighted assets of approximately $150 billion and decreases to the Firm’s Tier 1 capital, Total capital and Tier 1 common capital ratios of 140 bps, 160 bps and 120 bps, respectively.


(g)	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.


(h)	Estimated.

Page 2



JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)

	QUARTERLY TRENDS
																		1Q13 Change
	1Q13			4Q12			3Q12			2Q12				1Q12				4Q12			1Q12
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	2,389,349		$	2,359,141		$	2,321,284		$	2,290,146			$	2,320,164			1		%	3		%
Loans:
Consumer, excluding credit card loans	290,082			292,620			295,079			300,046				304,770				(1	)		(5	)
Credit card loans	121,865			127,993			124,537			124,705				125,331				(5	)		(3	)
Wholesale loans	316,939			313,183			302,331			302,820				290,866				1			9
Total Loans	728,886			733,796			721,947			727,571				720,967				(1	)		1
Deposits	1,202,507			1,193,593			1,139,611			1,115,886				1,128,512				1			7
Common stockholders' equity	197,128			195,011			190,635			183,772				181,469				1			9
Total stockholders' equity	207,086			204,069			199,693			191,572				189,269				1			9

Deposits-to-loans ratio	165		%	163		%	158		%	153			%	157			%

Headcount (a)	255,898			258,753			259,144			260,398				261,169				(1	)		(2	)

LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	2,586		$	2,014		$	2,366		$	3,295			$	2,936			28			(12	)
Corporate & Investment Bank	2,610			2,005			1,992			2,376				2,033				30			28
Commercial Banking	596			692			690			673				591				(14	)		1
Asset Management	487			483			443			391				386				1			26
Corporate/Private Equity	250			498			217			(1,775		)		(1,022		)		(50	)		NM
NET INCOME	$	6,529		$	5,692		$	5,708		$	4,960			$	4,924			15			33


(a)	Effective January 1, 2013, interns are excluded from the Firmwide and business segment headcount metrics reported on this page and throughout this Financial Supplement. Prior periods were revised to conform with this presentation.

Page 3



JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
	QUARTERLY TRENDS
																	1Q13 Change
REVENUE	1Q13			4Q12			3Q12			2Q12				1Q12			4Q12			1Q12
Investment banking fees	$	1,445		$	1,727		$	1,443		$	1,257			$	1,381		(16	)	%	5		%
Principal transactions	3,761			1,194			2,047			(427		)		2,722			215			38
Lending- and deposit-related fees	1,468			1,571			1,562			1,546				1,517			(7	)		(3	)
Asset management, administration and commissions	3,599			3,679			3,336			3,461				3,392			(2	)		6
Securities gains	509			102			458			1,014				536			399			(5	)
Mortgage fees and related income	1,452			2,035			2,377			2,265				2,010			(29	)		(28	)
Card income	1,419			1,502			1,428			1,412				1,316			(6	)		8
Other income	536			721			1,519			506				1,512			(26	)		(65	)
Noninterest revenue	14,189			12,531			14,170			11,034				14,386			13			(1	)
Interest income	13,427			13,634			13,629			14,099				14,701			(2	)		(9	)
Interest expense	2,494			2,512			2,653			2,953				3,035			(1	)		(18	)
Net interest income	10,933			11,122			10,976			11,146				11,666			(2	)		(6	)
TOTAL NET REVENUE	25,122			23,653			25,146			22,180				26,052			6			(4	)

Provision for credit losses	617			656			1,789			214				726			(6	)		(15	)

NONINTEREST EXPENSE
Compensation expense	8,414			7,042			7,503			7,427				8,613			19			(2	)
Occupancy expense	901			911			973			1,080				961			(1	)		(6	)
Technology, communications and equipment expense	1,332			1,359			1,312			1,282				1,271			(2	)		5
Professional and outside services	1,734			2,018			1,759			1,857				1,795			(14	)		(3	)
Marketing	589			648			607			642				680			(9	)		(13	)
Other expense (a)	2,301			3,678			3,035			2,487				4,832			(37	)		(52	)
Amortization of intangibles	152			391			182			191				193			(61	)		(21	)
TOTAL NONINTEREST EXPENSE	15,423			16,047			15,371			14,966				18,345			(4	)		(16	)
Income before income tax expense	9,082			6,950			7,986			7,000				6,981			31			30
Income tax expense	2,553			1,258			2,278			2,040				2,057			103			24
NET INCOME	$	6,529		$	5,692		$	5,708		$	4,960			$	4,924		15			33

PER COMMON SHARE DATA
Basic earnings	1.61			1.40			1.41			1.22				1.20			15			34
Diluted earnings	1.59			1.39			1.40			1.21				1.19			14			34

FINANCIAL RATIOS
Return on common equity (b)	13		%	11		%	12		%	11			%	11		%
Return on tangible common equity (b)(c)	17			15			16			15				15
Return on assets (b)	1.14			0.98			1.01			0.88				0.88
Return on risk-weighted assets (b)(c)(d)	1.88		(e)	1.76			1.74			1.52				1.57
Effective income tax rate	28			18		(f)	29			29				29
Overhead ratio	61			68			61			67				70


(a)	For the three months ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, included litigation expense of $0.3 billion, $1.2 billion, $0.8 billion, $0.3 billion and $2.7 billion.


(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)	In the first quarter of 2013, the Firm implemented Basel 2.5. For further information, see footnote (f) on page 2.


(e)	Estimated.


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

Page 4



JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
																Mar 31, 2013
																Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Mar 31,
	2013			2012			2012			2012			2012			2012			2012
ASSETS
Cash and due from banks	$	45,524		$	53,723		$	53,343		$	44,866		$	55,383		(15	)	%	(18	)	%
Deposits with banks	257,635			121,814			104,344			130,383			115,028			111			124
Federal funds sold and securities purchased under
resale agreements	218,343			296,296			281,991			255,188			240,484			(26	)		(9	)
Securities borrowed	114,058			119,017			133,526			138,209			135,650			(4	)		(16	)
Trading assets:
Debt and equity instruments	360,382			375,045			367,090			331,781			370,623			(4	)		(3	)
Derivative receivables	70,609			74,983			79,963			85,543			85,010			(6	)		(17	)
Securities	365,744			371,152			365,901			354,595			381,742			(1	)		(4	)
Loans	728,886			733,796			721,947			727,571			720,967			(1	)		1
Less: Allowance for loan losses	20,780			21,936			22,824			23,791			25,871			(5	)		(20	)
Loans, net of allowance for loan losses	708,106			711,860			699,123			703,780			695,096			(1	)		2
Accrued interest and accounts receivable	74,208			60,933			62,989			67,939			64,833			22			14
Premises and equipment	14,541			14,519			14,271			14,206			14,213			-			2
Goodwill	48,067			48,175			48,178			48,131			48,208			-			-
Mortgage servicing rights	7,949			7,614			7,080			7,118			8,039			4			(1	)
Other intangible assets	2,082			2,235			2,641			2,813			3,029			(7	)		(31	)
Other assets	102,101			101,775			100,844			105,594			102,826			-			(1	)
TOTAL ASSETS	$	2,389,349		$	2,359,141		$	2,321,284		$	2,290,146		$	2,320,164		1			3

LIABILITIES
Deposits	$	1,202,507		$	1,193,593		$	1,139,611		$	1,115,886		$	1,128,512		1			7
Federal funds purchased and securities loaned or sold
under repurchase agreements	248,245			240,103			257,218			261,657			250,483			3			(1	)
Commercial paper	58,835			55,367			55,474			50,563			50,577			6			16
Other borrowed funds	27,200			26,636			22,255			21,689			27,298			2			-
Trading liabilities:
Debt and equity instruments	63,737			61,262			71,471			70,812			71,529			4			(11	)
Derivative payables	61,989			70,656			73,462			76,249			74,767			(12	)		(17	)
Accounts payable and other liabilities	193,089			195,240			203,042			207,126			204,148			(1	)		(5	)
Beneficial interests issued by consolidated VIEs	58,300			63,191			57,918			55,053			67,750			(8	)		(14	)
Long-term debt	268,361			249,024			241,140			239,539			255,831			8			5
TOTAL LIABILITIES	2,182,263			2,155,072			2,121,591			2,098,574			2,130,895			1			2

STOCKHOLDERS' EQUITY
Preferred stock	9,958			9,058			9,058			7,800			7,800			10			28
Common stock	4,105			4,105			4,105			4,105			4,105			-			-
Capital surplus	93,161			94,604			94,431			94,201			94,070			(2	)		(1	)
Retained earnings	109,402			104,223			99,888			95,518			91,888			5			19
Accumulated other comprehensive income	3,491			4,102			4,426			2,272			2,645			(15	)		32
Shares held in RSU Trust, at cost	(21		)	(21		)	(38		)	(38		)	(38		)	-			45
Treasury stock, at cost	(13,010		)	(12,002		)	(12,177		)	(12,286		)	(11,201		)	(8	)		(16	)
TOTAL STOCKHOLDERS' EQUITY	207,086			204,069			199,693			191,572			189,269			1			9
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,389,349		$	2,359,141		$	2,321,284		$	2,290,146		$	2,320,164		1			3

Page 5



JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS
																				1Q13 Change
AVERAGE BALANCES	1Q13				4Q12				3Q12				2Q12				1Q12			4Q12			1Q12
ASSETS
Deposits with banks	$	156,988			$	124,832			$	126,605			$	111,441			$	110,817		26		%	42		%
Federal funds sold and securities purchased under
resale agreements	231,421				252,529				233,576				242,184				230,444			(8	)		-
Securities borrowed	120,337				128,329				134,980				129,390				133,080			(6	)		(10	)
Trading assets - debt instruments	250,502				244,346				228,120				235,990				228,397			3			10
Securities	368,673				365,883				351,733				366,130				369,273			1			-
Loans	725,124				725,610				723,077				725,252				715,553			-			1
Other assets (a)	43,039				33,004				31,689				33,240				33,949			30			27
Total interest-earning assets	1,896,084				1,874,533				1,829,780				1,843,627				1,821,513			1			4
Trading assets - equity instruments	120,192				119,598				103,279				110,718				126,938			-			(5	)
Trading assets - derivative receivables	74,918				77,974				85,303				89,345				90,446			(4	)		(17	)
All other noninterest-earning assets	230,836				238,684				233,395				222,606				219,979			(3	)		5
TOTAL ASSETS	$	2,322,030			$	2,310,789			$	2,251,757			$	2,266,296			$	2,258,876		-			3
LIABILITIES
Interest-bearing deposits	$	787,870			$	758,645			$	742,570			$	744,103			$	759,084		4			4
Federal funds purchased and securities loaned or
sold under repurchase agreements	250,827				260,415				251,071				249,186				233,415			(4	)		7
Commercial paper	53,084				53,401				52,523				48,791				48,359			(1	)		10
Trading liabilities - debt, short-term and other liabilities (b)	184,824				181,089				189,981				203,348				199,588			2			(7	)
Beneficial interests issued by consolidated VIEs	60,341				58,973				56,609				60,046				65,360			2			(8	)
Long-term debt	254,326				245,343				231,723				250,494				255,246			4			-
Total interest-bearing liabilities	1,591,272				1,557,866				1,524,477				1,555,968				1,561,052			2			2
Noninterest-bearing deposits	355,913				374,893				355,478				349,143				339,398			(5	)		5
Trading liabilities - equity instruments	13,203				14,264				16,244				12,096				14,060			(7	)		(6	)
Trading liabilities - derivative payables	68,683				72,049				77,851				78,704				76,069			(5	)		(10	)
All other noninterest-bearing liabilities	88,618				90,684				82,839				81,564				82,786			(2	)		7
TOTAL LIABILITIES	2,117,689				2,109,756				2,056,889				2,077,475				2,073,365			-			2
Preferred stock	9,608				9,058				8,278				7,800				7,800			6			23
Common stockholders' equity	194,733				191,975				186,590				181,021				177,711			1			10
TOTAL STOCKHOLDERS' EQUITY	204,341				201,033				194,868				188,821				185,511			2			10
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,322,030			$	2,310,789			$	2,251,757			$	2,266,296			$	2,258,876		-			3

AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks	0.42			%	0.43			%	0.41			%	0.49			%	0.55		%
Federal funds sold and securities purchased under
resale agreements	0.90				0.91				0.97				1.07				1.14
Securities borrowed (d)	(0.02		)		(0.03		)		(0.05		)		(0.04		)		0.11
Trading assets - debt instruments	3.72				3.81				3.81				3.96				4.30
Securities	2.19				2.04				2.11				2.42				2.60
Loans	4.78				4.83				4.98				4.96				5.14
Other assets (a)	0.75				1.01				0.55				0.74				0.83
Total interest-earning assets	2.91				2.93				3.01				3.12				3.28

INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.28				0.30				0.34				0.40				0.38
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.27				0.22				0.22				0.26				0.15
Commercial paper	0.20				0.19				0.19				0.18				0.15
Trading liabilities - debt, short-term and other liabilities (b)(d)	0.72				0.63				0.50				0.66				0.61
Beneficial interests issued by consolidated VIEs	0.90				0.98				1.09				1.10				1.12
Long-term debt	2.06				2.17				2.51				2.47				2.71
Total interest-bearing liabilities	0.64				0.64				0.69				0.76				0.78

INTEREST RATE SPREAD	2.27			%	2.29			%	2.32			%	2.36			%	2.50		%
NET YIELD ON INTEREST-EARNING ASSETS	2.37			%	2.40			%	2.43			%	2.47			%	2.61		%


(a)	Includes margin loans.


(b)	Includes brokerage customer payables.


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


(d)	Negative yield 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 (which excludes the impact of Corporate & Investment Bank's ("CIB") 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. Management believes this exclusion provides investors and analysts a more meaningful measure by which to analyze the non-market-related business trends of the Firm and provides a comparable measure to other financial institutions that are primarily focused on core lending, investing and deposit-raising activities. For a further discussion of these measures, see Explanation and Reconciliation of the Firm's Use of Non-GAAP Financial Measures on pages 76-77 of JPMorgan Chase's Annual Report on Form 10-K for the year ended December 31, 2012 (the "2012 Annual Report").



	QUARTERLY TRENDS
																1Q13 Change
	1Q13			4Q12			3Q12			2Q12			1Q12			4Q12			1Q12
CORE NET INTEREST INCOME DATA (a)
Net interest income - managed basis (b)(c)	$	11,095		$	11,299		$	11,176		$	11,341		$	11,837		(2	)	%	(6	)	%
Less: Market-based net interest income	1,432			1,487			1,386			1,345			1,569			(4	)		(9	)
Core net interest income (b)	$	9,663		$	9,812		$	9,790		$	9,996		$	10,268		(2	)		(6	)

Average interest-earning assets	$	1,896,084		$	1,874,533		$	1,829,780		$	1,843,627		$	1,821,513		1			4
Less: Average market-based earning assets	508,941			503,825			497,469			505,282			490,750			1			4
Core average interest-earning assets	$	1,387,143		$	1,370,708		$	1,332,311		$	1,338,345		$	1,330,763		1			4

Net interest yield on interest-earning assets -
managed basis	2.37		%	2.40		%	2.43		%	2.47		%	2.61		%
Net interest yield on market-based activity	1.14			1.17			1.11			1.07			1.29
Core net interest yield on core average interest-earning assets	2.83			2.85			2.92			3.00			3.10


(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; 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
																1Q13 Change
	1Q13			4Q12			3Q12			2Q12			1Q12			4Q12			1Q12
OTHER INCOME
Other income - reported	$	536		$	721		$	1,519		$	506		$	1,512		(26	)	%	(65	)	%
Fully taxable-equivalent adjustments (a)	564			548			517			517			534			3			6
Other income - managed	$	1,100		$	1,269		$	2,036		$	1,023		$	2,046		(13	)		(46	)

TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	14,189		$	12,531		$	14,170		$	11,034		$	14,386		13			(1	)
Fully taxable-equivalent adjustments (a)	564			548			517			517			534			3			6
Total noninterest revenue - managed	$	14,753		$	13,079		$	14,687		$	11,551		$	14,920		13			(1	)

NET INTEREST INCOME
Net interest income - reported	$	10,933		$	11,122		$	10,976		$	11,146		$	11,666		(2	)		(6	)
Fully taxable-equivalent adjustments (a)	162			177			200			195			171			(8	)		(5	)
Net interest income - managed	$	11,095		$	11,299		$	11,176		$	11,341		$	11,837		(2	)		(6	)

TOTAL NET REVENUE
Total net revenue - reported	$	25,122		$	23,653		$	25,146		$	22,180		$	26,052		6			(4	)
Fully taxable-equivalent adjustments (a)	726			725			717			712			705			-			3
Total net revenue - managed	$	25,848		$	24,378		$	25,863		$	22,892		$	26,757		6			(3	)

PRE-PROVISION PROFIT
Pre-provision profit - reported	$	9,699		$	7,606		$	9,775		$	7,214		$	7,707		28			26
Fully taxable-equivalent adjustments (a)	726			725			717			712			705			-			3
Pre-provision profit - managed	$	10,425		$	8,331		$	10,492		$	7,926		$	8,412		25			24

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	9,082		$	6,950		$	7,986		$	7,000		$	6,981		31			30
Fully taxable-equivalent adjustments (a)	726			725			717			712			705			-			3
Income before income tax expense - managed	$	9,808		$	7,675		$	8,703		$	7,712		$	7,686		28			28

INCOME TAX EXPENSE
Income tax expense - reported	$	2,553		$	1,258		$	2,278		$	2,040		$	2,057		103			24
Fully taxable-equivalent adjustments (a)	726			725			717			712			705			-			3
Income tax expense - managed	$	3,279		$	1,983		$	2,995		$	2,752		$	2,762		65			19

OVERHEAD RATIO
Overhead ratio - reported	61		%	68		%	61		%	67		%	70		%
Overhead ratio - managed	60			66			59			65			69


(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
																1Q13 Change
	1Q13			4Q12			3Q12			2Q12			1Q12			4Q12			1Q12
TOTAL NET REVENUE (fully taxable-equivalent ("FTE"))
Consumer & Community Banking	$	11,615		$	12,378		$	12,738		$	12,466		$	12,363		(6	)	%	(6	)	%
Corporate & Investment Bank	10,140			7,642			8,360			8,986			9,338			33			9
Commercial Banking	1,673			1,745			1,732			1,691			1,657			(4	)		1
Asset Management	2,653			2,753			2,459			2,364			2,370			(4	)		12
Corporate/Private Equity	(233		)	(140		)	574			(2,615		)	1,029			(66	)		NM
TOTAL NET REVENUE	$	25,848		$	24,378		$	25,863		$	22,892		$	26,757		6			(3	)

TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	6,790		$	7,966		$	6,954		$	6,832		$	7,038		(15	)		(4	)
Corporate & Investment Bank	6,111			4,996			5,350			5,293			6,211			22			(2	)
Commercial Banking	644			599			601			591			598			8			8
Asset Management	1,876			1,943			1,731			1,701			1,729			(3	)		9
Corporate/Private Equity	2			543			735			549			2,769			(100	)		(100	)
TOTAL NONINTEREST EXPENSE	$	15,423		$	16,047		$	15,371		$	14,966		$	18,345		(4	)		(16	)

PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	4,825		$	4,412		$	5,784		$	5,634		$	5,325		9			(9	)
Corporate & Investment Bank	4,029			2,646			3,010			3,693			3,127			52			29
Commercial Banking	1,029			1,146			1,131			1,100			1,059			(10	)		(3	)
Asset Management	777			810			728			663			641			(4	)		21
Corporate/Private Equity	(235		)	(683		)	(161		)	(3,164		)	(1,740		)	66			86
PRE-PROVISION PROFIT	$	10,425		$	8,331		$	10,492		$	7,926		$	8,412		25			24

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	549		$	1,091		$	1,862		$	179		$	642		(50	)		(14	)
Corporate & Investment Bank	11			(445		)	(60		)	29			(3		)	NM			NM
Commercial Banking	39			(3		)	(16		)	(17		)	77			NM			(49	)
Asset Management	21			19			14			34			19			11			11
Corporate/Private Equity	(3		)	(6		)	(11		)	(11		)	(9		)	50			67
PROVISION FOR CREDIT LOSSES	$	617		$	656		$	1,789		$	214		$	726		(6	)		(15	)

NET INCOME/(LOSS)
Consumer & Community Banking	$	2,586		$	2,014		$	2,366		$	3,295		$	2,936		28			(12	)
Corporate & Investment Bank	2,610			2,005			1,992			2,376			2,033			30			28
Commercial Banking	596			692			690			673			591			(14	)		1
Asset Management	487			483			443			391			386			1			26
Corporate/Private Equity	250			498			217			(1,775		)	(1,022		)	(50	)		NM
TOTAL NET INCOME	$	6,529		$	5,692		$	5,708		$	4,960		$	4,924		15			33

Page 9



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)


	QUARTERLY TRENDS
																1Q13 Change
	1Q13			4Q12			3Q12			2Q12			1Q12			4Q12			1Q12
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	723		$	789		$	797		$	782		$	753		(8	)	%	(4	)	%
Asset management, administration and commissions	533			495			522			540			535			8			-
Mortgage fees and related income	1,450			2,031			2,376			2,265			2,008			(29	)		(28	)
Card income	1,362			1,448			1,376			1,359			1,263			(6	)		8
All other income	338			348			352			340			416			(3	)		(19	)
Noninterest revenue	4,406			5,111			5,423			5,286			4,975			(14	)		(11	)
Net interest income	7,209			7,267			7,315			7,180			7,388			(1	)		(2	)
TOTAL NET REVENUE	11,615			12,378			12,738			12,466			12,363			(6	)		(6	)

Provision for credit losses	549			1,091			1,862			179			642			(50	)		(14	)

NONINTEREST EXPENSE
Compensation expense	3,006			2,748			2,847			2,817			2,819			9			7
Noncompensation expense	3,676			4,871			3,970			3,871			4,072			(25	)		(10	)
Amortization of intangibles	108			347			137			144			147			(69	)		(27	)
TOTAL NONINTEREST EXPENSE	6,790			7,966			6,954			6,832			7,038			(15	)		(4	)

Income before income tax expense	4,276			3,321			3,922			5,455			4,683			29			(9	)
Income tax expense	1,690			1,307			1,556			2,160			1,747			29			(3	)
NET INCOME	$	2,586		$	2,014		$	2,366		$	3,295		$	2,936		28			(12	)

FINANCIAL RATIOS
ROE	23		%	19		%	22		%	31		%	27		%
Overhead ratio	58			64			55			55			57

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	458,902		$	463,608		$	460,124		$	463,198		$	469,084		(1	)		(2	)
Loans:
Loans retained	393,575			402,963			402,431			408,066			413,373			(2	)		(5	)
Loans held-for-sale and loans at fair value (a)	16,277			18,801			15,356			14,366			13,352			(13	)		22
Total loans	409,852			421,764			417,787			422,432			426,725			(3	)		(4	)
Deposits	457,176			438,484			422,068			415,531			415,942			4			10
Equity	46,000			43,000			43,000			43,000			43,000			7			7

SELECTED BALANCE SHEET DATA (average)
Total assets	$	463,527		$	459,152		$	460,386		$	465,873		$	471,476		1			(2	)
Loans:
Loans retained	397,118			400,798			404,772			410,774			418,017			(1	)		(5	)
Loans held-for-sale and loans at fair value (a)	21,181			19,104			17,988			18,476			16,442			11			29
Total loans	418,299			419,902			422,760			429,250			434,459			-			(4	)
Deposits	441,335			425,995			416,653			411,255			401,580			4			10
Equity	46,000			43,000			43,000			43,000			43,000			7			7

Headcount	161,123			159,438			160,304			162,653			162,970			1			(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
																1Q13 Change
	1Q13			4Q12			3Q12			2Q12			1Q12			4Q12			1Q12
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs (a)	$	1,699		$	1,791		$	2,817		$	2,280		$	2,392		(5	)	%	(29	)	%
Nonaccrual loans:
Nonaccrual loans retained	8,996			9,114			9,398			8,016			8,395			(1	)		7
Nonaccrual loans held-for-sale and loans
at fair value	42			39			89			98			101			8			(58	)
Total nonaccrual loans (b)(c)(d)(e)	9,038			9,153			9,487			8,114			8,496			(1	)		6
Nonperforming assets (b)(c)(d)(e)	9,708			9,830			10,185			8,864			9,351			(1	)		4
Allowance for loan losses	16,599			17,752			18,454			19,405			21,508			(6	)		(23	)

Net charge-off rate (a)(f)	1.74		%	1.78		%	2.77		%	2.23		%	2.30		%
Net charge-off rate, excluding purchased credit-impaired
("PCI") loans (a)(f)	2.04			2.09			3.27			2.64			2.72
Allowance for loan losses to period-end loans retained	4.22			4.41			4.59			4.76			5.20
Allowance for loan losses to period-end loans retained,
excluding PCI loans (g)	3.25			3.51			3.73			3.96			4.52
Allowance for loan losses to nonaccrual loans
retained, excluding credit card (b)(e)(g)	65			72			77			102			114
Nonaccrual loans to total period-end loans, excluding
credit card (e)	3.14			3.12			3.23			2.72			2.82
Nonaccrual loans to total period-end loans, excluding
credit card and PCI loans (b)(e)	3.94			3.91			4.09			3.45			3.58

BUSINESS METRICS
Number of:
Branches	5,632			5,614			5,596			5,563			5,541			-			2
ATMs	18,830			18,699			18,485			18,132			17,654			1			7
Active online customers (in thousands)	32,281			31,114			30,765			30,361			30,680			4			5
Active mobile customers (in thousands)	13,263			12,359			11,573			10,646			10,016			7			32

(a)

Net charge-offs and the net charge-off rate for the three months ended September 30, 2012 included $880 million 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 charge-offs, net charge-offs for the three months ended September 30, 2012 would have been $1.9 billion, and excluding these charge-offs and PCI loans for the same periods, the net charge-off rate would have been 2.25%. For further information, see Consumer Credit Portfolio on pages 140-142 of JPMorgan Chase's 2012 Annual Report.


(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)


(e)	Nonaccrual loans included $1.9 billion, $1.8 billion and $1.7 billion of Chapter 7 loans at March 31, 2013, December 31, 2012 and September 30, 2012, respectively.


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


(g)	The allowance for loan losses for PCI loans was $5.7 billion at March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012; this amount was 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
																	1Q13 Change
	1Q13			4Q12			3Q12			2Q12				1Q12			4Q12			1Q12
CONSUMER & BUSINESS BANKING
Lending- and deposit-related fees	$	711		$	771		$	785		$	770			$	742		(8	)	%	(4	)	%
Asset management, administration and commissions	426			404			406			415				412			5			3
Card income	349			351			343			344				315			(1	)		11
All other income	119			121			121			123				116			(2	)		3
Noninterest revenue	1,605			1,647			1,655			1,652				1,585			(3	)		1
Net interest income	2,572			2,633			2,685			2,680				2,675			(2	)		(4	)
Total net revenue	4,177			4,280			4,340			4,332				4,260			(2	)		(2	)
Provision for credit losses	61			110			107			(2		)		96			(45	)		(36	)
Noninterest expense	3,041			2,924			2,911			2,752				2,866			4			6
Income before income tax expense	1,075			1,246			1,322			1,582				1,298			(14	)		(17	)
Net income	$	641		$	756		$	789		$	944			$	774		(15	)		(17	)

ROE	24		%	33		%	35		%	42			%	35		%
Overhead ratio	73			68			67			64				67
Overhead ratio, excluding core deposit intangibles (a)	72			67			66			62				66
Equity (period-end and average)	$	11,000		$	9,000		$	9,000		$	9,000			$	9,000		22			22

BUSINESS METRICS
Business banking origination volume	$	1,234		$	1,530		$	1,685		$	1,787			$	1,540		(19	)		(20	)
Period-end loans	18,739			18,883			18,568			18,218				17,822			(1	)		5
Period-end deposits:
Checking	180,326			170,322			159,527			156,449				159,075			6			13
Savings	227,162			216,422			208,272			203,910				200,662			5			13
Time and other	30,431			31,752			32,783			34,406				35,643			(4	)		(15	)
Total period-end deposits	437,919			418,496			400,582			394,765				395,380			5			11
Average loans	18,711			18,525			18,279			17,934				17,667			1			6
Average deposits:
Checking	168,697			160,289			153,982			151,733				147,455			5			14
Savings	221,394			211,515			206,298			202,685				197,199			5			12
Time and other	31,029			32,232			33,472			35,099				36,123			(4	)		(14	)
Total average deposits	421,120			404,036			393,752			389,517				380,777			4			11
Deposit margin	2.36		%	2.44		%	2.56		%	2.62			%	2.68		%
Average assets	$	36,302		$	31,992		$	30,702		$	30,340			$	30,911		13			17

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	61		$	110		$	107		$	98			$	96		(45	)		(36	)
Net charge-off rate	1.32		%	2.36		%	2.33		%	2.20			%	2.19		%
Allowance for loan losses	$	698		$	698		$	698		$	698			$	798		-			(13	)
Nonperforming assets	465			488			532			597				663			(5	)		(30	)

RETAIL BRANCH BUSINESS METRICS
Investment sales volume	$	9,220		$	6,987		$	6,280		$	6,171			$	6,598		32			40
Client investment assets	168,527			158,502			154,637			147,641				147,083			6			15
% managed accounts	31		%	29		%	28		%	26			%	26		%

Number of:
Chase Private Client branch locations	1,392			1,218			960			738				366			14			280
Personal bankers	23,130			23,674			23,622			24,052				24,198			(2	)		(4	)
Sales specialists	6,102			6,076			6,205			6,179				6,110			-			-
Client advisors	2,998			2,963			3,034			3,075				3,131			1			(4	)
Chase Private Clients	134,206			105,700			75,766			50,649				32,857			27			308
Accounts (in thousands) (b)	28,530			28,073			27,840			27,406				27,034			2			6

(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 $41 million, $48 million, $51 million, $50 million and $51 million for the three months ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively.


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

Page 12



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS
																					1Q13 Change
	1Q13				4Q12				3Q12				2Q12				1Q12				4Q12			1Q12
MORTGAGE BANKING
Mortgage fees and related income	$	1,450			$	2,031			$	2,376			$	2,265			$	2,008			(29	)	%	(28	)	%
All other income	93				109				112				123				131				(15	)		(29	)
Noninterest revenue	1,543				2,140				2,488				2,388				2,139				(28	)		(28	)
Net interest income	1,175				1,150				1,187				1,221				1,250				2			(6	)
Total net revenue	2,718				3,290				3,675				3,609				3,389				(17	)		(20	)
Provision for credit losses	(198		)		(269		)		524				(553		)		(192		)		26			(3	)
Noninterest expense	1,806				2,871				2,123				1,984				2,143				(37	)		(16	)
Income before income tax expense	1,110				688				1,028				2,178				1,438				61			(23	)
Net income	$	673			$	418			$	623			$	1,321			$	979			61			(31	)

ROE	14			%	10			%	14			%	30			%	23			%
Overhead ratio	66				87				58				55				63
Equity (period-end and average)	$	19,500			$	17,500			$	17,500			$	17,500			$	17,500			11			11

FUNCTIONAL RESULTS
Mortgage Production
Production revenue	$	995			$	1,407			$	1,582			$	1,362			$	1,432			(29	)		(31	)
Production-related net interest & other income	223				205				196				199				187				9			19
Production-related revenue, excluding repurchase losses	1,218				1,612				1,778				1,561				1,619				(24	)		(25	)
Production expense (a)	710				876				678				620				573				(19	)		24
Income, excluding repurchase losses	508				736				1,100				941				1,046				(31	)		(51	)
Repurchase losses	(81		)		53				(13		)		(10		)		(302		)		NM			73
Income before income tax expense	427				789				1,087				931				744				(46	)		(43	)
Mortgage Servicing
Loan servicing revenue	936				783				946				1,004				1,039				20			(10	)
Servicing-related net interest & other income	100				89				98				108				112				12			(11	)
Servicing-related revenue	1,036				872				1,044				1,112				1,151				19			(10	)
MSR asset modeled amortization	(258		)		(254		)		(290		)		(327		)		(351		)		(2	)		26
Default servicing expense	497				1,293				819				705				890				(62	)		(44	)
Core servicing expense	240				280				244				248				261				(14	)		(8	)
Income/(loss), excluding MSR risk management	41				(955		)		(309		)		(168		)		(351		)		NM			NM
MSR risk management, including related net interest
income/(expense)	(142		)		42				150				233				191				NM			NM
Income/(loss) before income tax expense/(benefit)	(101		)		(913		)		(159		)		65				(160		)		89			37
Real Estate Portfolios
Noninterest revenue	(17		)		13				9				13				8				NM			NM
Net interest income	962				952				997				1,027				1,073				1			(10	)
Total net revenue	945				965				1,006				1,040				1,081				(2	)		(13	)
Provision for credit losses	(202		)		(283		)		520				(554		)		(192		)		29			(5	)
Noninterest expense	363				436				386				412				419				(17	)		(13	)
Income before income tax expense	784				812				100				1,182				854				(3	)		(8	)
Mortgage Banking income before income tax
expense	$	1,110			$	688			$	1,028			$	2,178			$	1,438			61			(23	)
Mortgage Banking net income	$	673			$	418			$	623			$	1,321			$	979			61			(31	)

Overhead ratios
Mortgage Production	62			%	52			%	38			%	40			%	44			%
Mortgage Servicing	116				238				118				94				116
Real Estate Portfolios	38				45				38				40				39


(a)	Includes provision for credit losses associated with Mortgage Production.

Page 13



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS
																					1Q13 Change
	1Q13				4Q12				3Q12				2Q12				1Q12				4Q12			1Q12
MORTGAGE BANKING (continued)

SUPPLEMENTAL MORTGAGE FEES AND RELATED
INCOME DETAILS
Net production revenue:
Production revenue	$	995			$	1,407			$	1,582			$	1,362			$	1,432			(29	)	%	(31	)	%
Repurchase losses	(81		)		53				(13		)		(10		)		(302		)		NM			73
Net production revenue	914				1,460				1,569				1,352				1,130				(37	)		(19	)
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue	936				783				946				1,004				1,039				20			(10	)
Changes in MSR asset fair value due to modeled amortization	(258		)		(254		)		(290		)		(327		)		(351		)		(2	)		26
Total operating revenue	678				529				656				677				688				28			(1	)
Risk management:
Changes in MSR asset fair value due to market
interest rates	546				285				(323		)		(1,193		)		644				92			(15	)
Other changes in MSR asset fair value due to inputs or
assumptions in model (a)	(237		)		(69		)		(5		)		76				(48		)		(243	)		(394	)
Changes in derivative fair value and other	(451		)		(174		)		479				1,353				(406		)		(159	)		(11	)
Total risk management	(142		)		42				151				236				190				NM			NM
Total net mortgage servicing revenue	536				571				807				913				878				(6	)		(39	)
Mortgage fees and related income	$	1,450			$	2,031			$	2,376			$	2,265			$	2,008			(29	)		(28	)

MORTGAGE PRODUCTION AND MORTGAGE SERVICING
SELECTED BALANCE SHEET DATA
Period-end loans:
Prime mortgage, including option ARMs (b)	$	17,257			$	17,290			$	17,153			$	17,454			$	17,268			-			-
Loans held-for-sale and loans at fair value (c)	16,277				18,801				15,250				14,254				12,496				(13	)		30
Average loans:
Prime mortgage, including option ARMs (b)	17,554				17,243				17,381				17,478				17,238				2			2
Loans held-for-sale and loans at fair value (c)	21,181				19,076				17,879				17,694				15,621				11			36
Average assets	64,218				60,179				59,769				60,534				58,862				7			9
Repurchase liability (period-end)	2,430				2,530				2,779				2,997				3,213				(4	)		(24	)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs:
Prime mortgage, including option ARMs	4			��	14				4				1				—				(71	)		NM
Net charge-off rate:
Prime mortgage, including option ARMs	0.09			%	0.32			%	0.09			%	0.02			%	—			%
30+ day delinquency rate (d)	3.04				3.05				3.10				3.00				3.01
Nonperforming assets (e)	$	643			$	638			$	700			$	708			$	708			1			(9	)
BUSINESS METRICS (in billions)
Mortgage origination volume by channel
Retail	$	26.2			$	26.4			$	25.5			$	26.1			$	23.4			(1	)		12
Wholesale (f)	0.1				0.1				—				0.2				—				-			NM
Correspondent (f)	24.0				22.3				20.1				16.5				14.2				8			69
CNT (negotiated transactions)	2.4				2.4				1.7				1.1				0.8				-			200
Total mortgage origination volume (g)	$	52.7			$	51.2			$	47.3			$	43.9			$	38.4			3			37
Mortgage application volume by channel
Retail	$	34.7			$	36.7			$	44.7			$	43.1			$	40.0			(5	)		(13	)
Wholesale (f)	0.2				0.2				0.2				0.1				0.2				-			-
Correspondent (f)	25.6				28.8				28.3				23.7				19.7				(11	)		30
Total mortgage application volume	$	60.5			$	65.7			$	73.2			$	66.9			$	59.9			(8	)		1


(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 March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, excluded mortgage loans insured by U.S. government agencies of $11.9 billion, $11.8 billion, $12.1 billion, $13.0 billion and $12.7 billion, respectively, that are 30 or more days past due. These amounts were excluded as reimbursement of insured amounts is proceeding normally.

(e)


(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.


(g)	Firmwide mortgage origination volume was $55.1 billion, $53.7 billion, $49.6 billion, $46.0 billion and $40.5 billion for the three months ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively.

Page 14



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS
																					1Q13 Change
	1Q13				4Q12				3Q12				2Q12				1Q12				4Q12			1Q12
MORTGAGE BANKING (continued)

MORTGAGE PRODUCTION AND MORTGAGE SERVICING
(continued)
BUSINESS METRICS (in billions)(continued)
Third-party mortgage loans serviced (period-end)	$	849.2			$	859.4			$	811.4			$	860.0			$	884.2			(1	)	%	(4	)	%
Third-party mortgage loans serviced (average)	854.3				803.8				825.7				866.7				892.6				6			(4	)
MSR net carrying value (period-end)	7.9				7.6				7.1				7.1				8.0				4			(1	)
Ratio of MSR net carrying value (period-end) to third-party
mortgage loans serviced (period-end)	0.93			%	0.88			%	0.88			%	0.83			%	0.90			%
Ratio of annualized loan servicing-related revenue to third-party
mortgage loans serviced (average)	0.42				0.45				0.46				0.47				0.47
MSR revenue multiple (a)	2.21		x		1.96		x		1.91		x		1.77		x		1.91		x

REAL ESTATE PORTFOLIOS
BUSINESS METRICS
Loans, excluding PCI loans
Period-end loans owned:
Home equity	$	64,798			$	67,385			$	69,686			$	72,833			$	75,207			(4	)		(14	)
Prime mortgage, including option ARMs	41,997				41,316				41,404				42,037				43,152				2			(3	)
Subprime mortgage	8,003				8,255				8,552				8,945				9,289				(3	)		(14	)
Other	604				633				653				675				692				(5	)		(13	)
Total period-end loans owned	$	115,402			$	117,589			$	120,295			$	124,490			$	128,340			(2	)		(10	)
Average loans owned:
Home equity	$	66,133			$	68,466			$	71,620			$	74,069			$	76,600			(3	)		(14	)
Prime mortgage, including option ARMs	41,808				41,393				41,628				42,543				43,701				1			(4	)
Subprime mortgage	8,140				8,413				8,774				9,123				9,485				(3	)		(14	)
Other	619				643				665				684				707				(4	)		(12	)
Total average loans owned	$	116,700			$	118,915			$	122,687			$	126,419			$	130,493			(2	)		(11	)

PCI loans
Period-end loans owned:
Home equity	$	20,525			$	20,971			$	21,432			$	21,867			$	22,305			(2	)		(8	)
Prime mortgage	13,366				13,674				14,038				14,395				14,781				(2	)		(10	)
Subprime mortgage	4,561				4,626				4,702				4,784				4,870				(1	)		(6	)
Option ARMs	19,985				20,466				21,024				21,565				22,105				(2	)		(10	)
Total period-end loans owned	$	58,437			$	59,737			$	61,196			$	62,611			$	64,061			(2	)		(9	)
Average loans owned:
Home equity	$	20,745			$	21,184			$	21,620			$	22,076			$	22,488			(2	)		(8	)
Prime mortgage	13,524				13,860				14,185				14,590				14,975				(2	)		(10	)
Subprime mortgage	4,589				4,654				4,717				4,824				4,914				(1	)		(7	)
Option ARMs	20,227				20,738				21,237				21,823				22,395				(2	)		(10	)
Total average loans owned	$	59,085			$	60,436			$	61,759			$	63,313			$	64,772			(2	)		(9	)

Total Real Estate Portfolios
Period-end loans owned:
Home equity	$	85,323			$	88,356			$	91,118			$	94,700			$	97,512			(3	)		(13	)
Prime mortgage, including option ARMs	75,348				75,456				76,466				77,997				80,038				-			(6	)
Subprime mortgage	12,564				12,881				13,254				13,729				14,159				(2	)		(11	)
Other	604				633				653				675				692				(5	)		(13	)
Total period-end loans owned	$	173,839			$	177,326			$	181,491			$	187,101			$	192,401			(2	)		(10	)
Average loans owned:
Home equity	$	86,878			$	89,650			$	93,240			$	96,145			$	99,088			(3	)		(12	)
Prime mortgage, including option ARMs	75,559				75,991				77,050				78,956				81,071				(1	)		(7	)
Subprime mortgage	12,729				13,067				13,491				13,947				14,399				(3	)		(12	)
Other	619				643				665				684				707				(4	)		(12	)
Total average loans owned	$	175,785			$	179,351			$	184,446			$	189,732			$	195,265			(2	)		(10	)
Average assets	166,373				169,375				173,613				177,698				182,254				(2	)		(9	)
Home equity origination volume	402				373				375				360				312				8			29


(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
																1Q13 Change
	1Q13			4Q12			3Q12			2Q12			1Q12			4Q12			1Q12
MORTGAGE BANKING (continued)

REAL ESTATE PORTFOLIOS (continued)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs, excluding PCI loans (a)
Home equity	$	333		$	257		$	1,120		$	466		$	542		30		%	(39	)	%
Prime mortgage, including option ARMs	44			66			143			114			131			(33	)		(66	)
Subprime mortgage	67			92			152			112			130			(27	)		(48	)
Other	4			2			5			4			5			100			(20	)
Total net charge-offs, excluding PCI loans	$	448		$	417		$	1,420		$	696		$	808		7			(45	)
Net charge-off rate, excluding PCI loans (a)
Home equity	2.04		%	1.49		%	6.22		%	2.53		%	2.85		%
Prime mortgage, including option ARMs	0.43			0.63			1.37			1.08			1.21
Subprime mortgage	3.34			4.35			6.89			4.94			5.51
Other	2.62			1.24			2.99			2.35			2.84
Total net charge-off rate, excluding PCI loans	1.56			1.40			4.60			2.21			2.49
Net charge-off rate - reported (a)
Home equity	1.55		%	1.14		%	4.78		%	1.95		%	2.20		%
Prime mortgage, including option ARMs	0.24			0.35			0.74			0.58			0.65
Subprime mortgage	2.13			2.80			4.48			3.23			3.63
Other	2.62			1.24			2.99			2.35			2.84
Total net charge-off rate - reported	1.03			0.92			3.06			1.48			1.66


30+ day delinquency rate, excluding PCI loans (b)	4.61		%	5.03		%	5.12		%	5.16		%	5.32		%
Allowance for loan losses, excluding PCI loans	$	4,218		$	4,868		$	5,568		$	6,468		$	7,718		(13	)		(45	)
Allowance for PCI loans	5,711			5,711			5,711			5,711			5,711			-			-
Allowance for loan losses	$	9,929		$	10,579		$	11,279		$	12,179		$	13,429		(6	)		(26	)
Nonperforming assets (c)(d)	8,349			8,439			8,669			7,340			7,738			(1	)		8
Allowance for loan losses to period-end loans retained	5.71		%	5.97		%	6.21		%	6.51		%	6.98		%
Allowance for loan losses to period-end loans retained,
excluding PCI loans	3.66			4.14			4.63			5.20			6.01

(a)

Net charge-offs and net charge-off rates for the three months ended September 30, 2012 included $825 million of charge-offs of Chapter 7 loans. Excluding these charges-offs, net charge-offs for the three months ended September 30, 2012 would have been $402 million, $97 million and $91 million for the home equity, prime mortgage, including option ARMs, and subprime mortgage portfolios, respectively. Net charge-off rates for the same period, excluding these charge-offs and PCI loans, would have been 2.23%, 0.93% and 4.13% for the home equity, prime mortgage, including option ARMs, and subprime mortgage portfolios, respectively. For further information, see Consumer Credit Portfolio on pages 140-142 of JPMorgan Chase's 2012 Annual Report.


(b)	The delinquency rate for PCI loans was 19.26%, 20.14%, 20.65%, 21.38% and 21.72% at March 31, 2013, 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)	Beginning September 30, 2012, nonperforming assets included Chapter 7 loans.

Page 16



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS
																1Q13 Change
	1Q13			4Q12			3Q12			2Q12			1Q12			4Q12			1Q12
CARD, MERCHANT SERVICES & AUTO
Card income	$	1,013		$	1,097		$	1,032		$	1,015		$	948		(8	)	%	7		%
All other income	245			227			248			231			303			8			(19	)
Noninterest revenue	1,258			1,324			1,280			1,246			1,251			(5	)		1
Net interest income	3,462			3,484			3,443			3,279			3,463			(1	)		-
Total net revenue	4,720			4,808			4,723			4,525			4,714			(2	)		-
Provision for credit losses	686			1,250			1,231			734			738			(45	)		(7	)
Noninterest expense	1,943			2,171			1,920			2,096			2,029			(11	)		(4	)
Income before income tax expense	2,091			1,387			1,572			1,695			1,947			51			7
Net income	$	1,272		$	840		$	954		$	1,030		$	1,183		51			8

ROE	33		%	20		%	23		%	25		%	29		%
Overhead ratio	41			45			41			46			43
Equity (period-end and average)	$	15,500		$	16,500		$	16,500		$	16,500		$	16,500		(6	)		(6	)

SELECTED BALANCE SHEET DATA (period-end)
Loans:
Credit Card	$	121,865		$	127,993		$	124,537		$	124,705		$	125,331		(5	)		(3	)
Auto	50,552			49,913			48,920			48,468			48,245			1			5
Student	11,323			11,558			11,868			12,232			13,162			(2	)		(14	)
Total loans	$	183,740		$	189,464		$	185,325		$	185,405		$	186,738		(3	)		(2	)

SELECTED BALANCE SHEET DATA (average)
Total assets	$	196,634		$	197,606		$	196,302		$	197,301		$	199,449		-			(1	)
Loans:
Credit Card	123,564			124,729			124,339			125,195			127,616			(1	)		(3	)
Auto	50,045			49,268			48,399			48,273			47,704			2			5
Student	11,459			11,710			12,037			12,944			13,348			(2	)		(14	)
Total loans	$	185,068		$	185,707		$	184,775		$	186,412		$	188,668		-			(2	)

BUSINESS METRICS
Credit Card, excluding Commercial Card
Sales volume (in billions)	$	94.7		$	101.6		$	96.6		$	96.0		$	86.9		(7	)		9
New accounts opened	1.7			1.8			1.6			1.6			1.7			(6	)		-
Open accounts	64.7			64.5			63.9			63.7			64.2			-			1
Accounts with sales activity	29.4			30.6			29.1			29.3			29.0			(4	)		1
% of accounts acquired online	52		%	58		%	52		%	49		%	46		%

Merchant Services (Chase Paymentech Solutions)
Merchant processing volume (in billions)	$	175.8		$	178.6		$	163.6		$	160.2		$	152.8		(2	)		15
Total transactions (in billions)	8.3			8.2			7.4			7.1			6.8			1			22

Auto & Student
Origination volume (in billions)
Auto	$	6.5		$	5.5		$	6.3		$	5.8		$	5.8		18			12
Student	0.1			—			0.1			—			0.1			NM			-

Page 17



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)


	QUARTERLY TRENDS
																1Q13 Change
	1Q13			4Q12			3Q12			2Q12			1Q12			4Q12			1Q12
CARD, MERCHANT SERVICES & AUTO (continued)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs:
Credit Card	$	1,082		$	1,097		$	1,116		$	1,345		$	1,386		(1	)	%	(22	)	%
Auto (a)	40			44			90			21			33			(9	)		21
Student	64			109			80			119			69			(41	)		(7	)
Total net charge-offs	1,186			1,250			1,286			1,485			1,488			(5	)		(20	)
Net charge-off rate:
Credit Card (b)	3.55		%	3.50		%	3.57		%	4.35		%	4.40		%
Auto (a)	0.32			0.36			0.74			0.17			0.28
Student	2.27			3.70			2.64			3.70			2.08
Total net charge-off rate	2.60			2.68			2.77			3.22			3.19

Delinquency rates
30+ day delinquency rate:
Credit Card (c)	1.94			2.10			2.15			2.14			2.56
Auto	0.92			1.25			1.11			0.90			0.79
Student (d)	2.06			2.13			2.38			1.95			2.06
Total 30+ day delinquency rate	1.67			1.87			1.89			1.80			2.07
90+ day delinquency rate - Credit Card (c)	0.97			1.02			0.99			1.04			1.37

Nonperforming assets (a)(e)	$	251		$	265		$	284		$	219		$	242		(5	)		4
Allowance for loan losses:
Credit Card	4,998			5,501			5,503			5,499			6,251			(9	)		(20	)
Auto & Student	954			954			954			1,009			1,010			-			(6	)
Total allowance for loan losses	5,952			6,455			6,457			6,508			7,261			(8	)		(18	)
Allowance for loan losses to period-end loans:
Credit Card (c)	4.10		%	4.30		%	4.42		%	4.41		%	5.02		%
Auto & Student	1.54			1.55			1.57			1.66			1.64
Total allowance for loan losses to period-end loans	3.24			3.41			3.49			3.51			3.91

CARD SERVICES SUPPLEMENTAL INFORMATION
Noninterest revenue	$	938		$	1,014		$	971		$	953		$	949		(7	)		(1	)
Net interest income	2,970			3,005			2,923			2,755			2,928			(1	)		1
Total net revenue	3,908			4,019			3,894			3,708			3,877			(3	)		1
Provision for credit losses	582			1,097			1,116			595			636			(47	)		(8	)
Noninterest expense	1,500			1,710			1,517			1,703			1,636			(12	)		(8	)
Income before income tax expense	1,826			1,212			1,261			1,410			1,605			51			14
Net income	$	1,114		$	736		$	769		$	860		$	979		51			14

Percentage of average loans:
Noninterest revenue	3.08		%	3.23		%	3.11		%	3.06		%	2.99		%
Net interest income	9.75			9.58			9.35			8.85			9.23
Total net revenue	12.83			12.82			12.46			11.91			12.22

(a)

Net charge-offs and the net charge-off rate for the three months ended September 30, 2012 included $55 million of charge-offs of Chapter 7 loans. Excluding these charge-offs, net charge-offs for the three months ended September 30, 2012 would have been $35 million and the net charge-off rate would have been 0.29%. Nonperforming assets at March, 31, 2013, December 31, 2012 and September 30, 2012 included $45 million, $51 million and $65 million, respectively, of Chapter 7 loans.


(b)	Average credit card loans included loans held-for-sale of $28 million, $109 million, $782 million and $821 million for the three months ended December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively. These amounts are excluded when calculating the net charge-off rate. There were no loans held-for-sale for the three months ended March 31, 2013.

(c)

Period-end credit card loans included loans held-for-sale of $106 million, $112 million, and $856 million at September 30, 2012, June 30, 2012 and March 31, 2012, respectively. There were no loans held-for-sale at March 31, 2013 and December 31, 2012. No allowance for loan losses was recorded for these loans. These amounts are excluded when calculating delinquency rates and the allowance for loan losses to period-end loans.


(d)	Excluded student loans insured by U.S. government agencies under the FFELP of $881 million, $894 million, $910 million, $931 million and $1.0 billion at March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, 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 $523 million, $525 million, $536 million, $547 million and $586 million at March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, 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
																			1Q13 Change
	1Q13			4Q12				3Q12				2Q12			1Q12				4Q12			1Q12
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,433		$	1,720			$	1,429			$	1,245		$	1,375			(17	)	%	4		%
Principal transactions (a)	3,961			966				2,263				3,070			3,211				310			23
Lending- and deposit-related fees	473			499				486				488			475				(5	)		-
Asset management, administration and commissions	1,167			1,163				1,104				1,207			1,219				-			(4	)
All other income	323			435				290				251			208				(26	)		55
Noninterest revenue	7,357			4,783				5,572				6,261			6,488				54			13
Net interest income	2,783			2,859				2,788				2,725			2,850				(3	)		(2	)
TOTAL NET REVENUE (b)	10,140			7,642				8,360				8,986			9,338				33			9

Provision for credit losses	11			(445		)		(60		)		29			(3		)		NM			NM

NONINTEREST EXPENSE
Compensation expense	3,376			2,217				2,755				2,718			3,623				52			(7	)
Noncompensation expense	2,735			2,779				2,595				2,575			2,588				(2	)		6
TOTAL NONINTEREST EXPENSE	6,111			4,996				5,350				5,293			6,211				22			(2	)

Income before income tax expense	4,018			3,091				3,070				3,664			3,130				30			28
Income tax expense	1,408			1,086				1,078				1,288			1,097				30			28
NET INCOME	$	2,610		$	2,005			$	1,992			$	2,376		$	2,033			30			28

FINANCIAL RATIOS
ROE (c)	19		%	17			%	17			%	20		%	17			%
Overhead ratio	60			65				64				59			67
Compensation expense as a percent of total net revenue (d)	33			29				33				30			39

REVENUE BY BUSINESS
Advisory	$	255		$	465			$	389			$	356		$	281			(45	)		(9	)
Equity underwriting	273			265				235				250			276				3			(1	)
Debt underwriting	905			990				805				639			818				(9	)		11
Total investment banking fees	1,433			1,720				1,429				1,245			1,375				(17	)		4
Treasury Services	1,044			1,059				1,064				1,074			1,052				(1	)		(1	)
Lending	498			382				357				370			222				30			124
Total Banking	2,975			3,161				2,850				2,689			2,649				(6	)		12
Fixed Income Markets (e)	4,752			3,177				3,726				3,493			5,016				50			(5	)
Equity Markets	1,340			895				1,044				1,043			1,424				50			(6	)
Securities Services	974			995				965				1,078			962				(2	)		1
Credit Adjustments & Other (a)(f)	99			(586		)		(225		)		683			(713		)		NM			NM
Total Markets & Investor Services	7,165			4,481				5,510				6,297			6,689				60			7
TOTAL NET REVENUE	$	10,140		$	7,642			$	8,360			$	8,986		$	9,338			33			9


(a)	Included debit valuation adjustments (“DVA”) on structured notes and derivative liabilities measured at fair value. DVA gains/(losses) were $126 million, ($567) million, ($211) million, $755 million and ($907) million for the three months ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, 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 $529 million, $533 million, $492 million, $494 million and $509 million for the three months ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively.


(c)	Return on equity excluding DVA, a non-GAAP financial measure, was 18%, 20%, 18%, 16% and 22% for the three months ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, 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 34%, 27%, 32%, 33% and 35% for the three months ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively. For additional information on this measure, see non-GAAP financial measures on page 42.


(e)	Includes results of the synthetic credit portfolio that was transferred from the Chief Investment Office effective July 2, 2012.


(f)	Primarily includes credit portfolio credit valuation adjustments (“CVA”) net of associated hedging activities; DVA on structured notes and derivative liabilities; and nonperforming derivative receivable results.

Page 19



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS
																				1Q13 Change
	1Q13			4Q12				3Q12				2Q12				1Q12				4Q12			1Q12
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	872,259		$	876,107			$	904,090			$	897,413			$	879,691			-		%	(1	)	%
Loans:
Loans retained (a)	112,005			109,501				107,903				114,620				108,287				2			3
Loans held-for-sale and loans at fair value	5,506			5,749				3,899				2,375				5,550				(4	)		(1	)
Total loans	117,511			115,250				111,802				116,995				113,837				2			3
Equity	56,500			47,500				47,500				47,500				47,500				19			19

SELECTED BALANCE SHEET DATA (average)
Assets	$	870,467		$	863,890			$	841,678			$	859,026			$	854,128			1			2
Trading assets - debt and equity instruments	342,323			333,764				296,811				305,972				315,176				3			9
Trading assets - derivative receivables	71,111			73,519				74,812				74,960				76,220				(3	)		(7	)
Loans:
Loans retained (a)	106,793			109,037				111,263				112,952				107,148				(2	)		-
Loans held-for-sale and loans at fair value	5,254			5,065				2,809				3,256				2,867				4			83
Total loans	112,047			114,102				114,072				116,208				110,015				(2	)		2

Equity	56,500			47,500				47,500				47,500				47,500				19			19

Headcount	51,634			52,022				52,226				52,336				53,039				(1	)		(3	)

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	19		$	(217	)		$	(22	)		$	(10	)		$	(35	)		NM			NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)(b)	340			535				588				661				700				(36	)		(51	)
Nonaccrual loans held-for-sale and loans at fair value	104			82				213				158				182				27			(43	)
Total nonaccrual loans	444			617				801				819				882				(28	)		(50	)

Derivative receivables	412			239				282				451				317				72			30
Assets acquired in loan satisfactions	55			64				77				68				79				(14	)		(30	)
Total nonperforming assets	911			920				1,160				1,338				1,278				(1	)		(29	)
Allowance for credit losses:
Allowance for loan losses	1,246			1,300				1,459				1,498				1,455				(4	)		(14	)
Allowance for lending-related commitments	521			473				544				542				544				10			(4	)
Total allowance for credit losses	1,767			1,773				2,003				2,040				1,999				-			(12	)


Net charge-off/(recovery) rate (a)	0.07		%	(0.79		)	%	(0.08		)	%	(0.04		)	%	(0.13		)	%
Allowance for loan losses to period-end loans retained (a)	1.11			1.19				1.35				1.31				1.34
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (c)	2.17			2.52				2.92				2.75				2.93
Allowance for loan losses to nonaccrual loans retained (a)(b)	366			243				248				227				208
Nonaccrual loans to total period-end loans	0.38			0.54				0.72				0.70				0.77


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


(b)	Allowance for loan losses of $73 million, $153 million, $178 million, $202 million and $226 million were held against these nonaccrual loans at March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively.


(c)	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
													1Q13 Change
	1Q13			4Q12		3Q12		2Q12			1Q12		4Q12			1Q12
BUSINESS METRICS
Assets under custody ("AUC") by asset class (period-end)
(in billions):
Fixed Income	$	11,730		$	11,745	$	11,545	$	11,302		$	11,332	-		%	4	%
Equity	6,007			5,637		5,328		5,025			5,365		7			12
Other (a)	1,557			1,453		1,346		1,338			1,171		7			33
Total AUC	$	19,294		$	18,835	$	18,219	$	17,665		$	17,868	2			8

Client deposits and other third-party liabilities (average)	357,262			366,544		351,383		348,102			356,964		(3	)		-

Trade finance loans (period-end)	38,985			35,783		35,142		35,291			35,692		9			9


	THREE MONTHS ENDED
	MARCH 31, 2013							FULL YEAR 2012
MARKET SHARES AND RANKINGS (b)	Market Share			Rankings				Market Share			Rankings
Global investment banking fees (c)	8.0		%	#1				7.5		%	#1
Debt, equity and equity-related
Global	7.6			1				7.2			1
U.S.	11.4			1				11.5			1
Syndicated loans
Global	9.8			1				9.6			1
U.S.	17.4			1				17.6			1
Long-term debt (d)
Global	7.7			1				7.1			1
U.S.	12.3			1				11.6			1
Equity and equity-related
Global (e)	6.1			6				7.8			4
U.S.	9.1			6				10.4			5
Announced M&A (f)
Global	30.3			1				18.5			2
U.S.	43.8			1				21.6			2


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

(b)

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.


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


(d)	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.


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


(f)	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
											1Q13 Change
INTERNATIONAL METRICS	1Q13		4Q12		3Q12		2Q12		1Q12		4Q12			1Q12
Total net revenue (a)
Europe/Middle East/Africa	$	3,383	$	2,261	$	2,443	$	2,885	$	3,050	50		%	11		%
Asia/Pacific	1,165		939		1,031		1,020		1,110		24			5
Latin America/Caribbean	400		337		392		375		420		19			(5	)
Total international net revenue	4,948		3,537		3,866		4,280		4,580		40			8
North America	5,192		4,105		4,494		4,706		4,758		26			9
Total net revenue	$	10,140	$	7,642	$	8,360	$	8,986	$	9,338	33			9

Loans (period-end) (a)
Europe/Middle East/Africa	$	33,674	$	30,266	$	27,866	$	33,041	$	29,337	11			15
Asia/Pacific	29,908		27,193		27,215		27,058		26,637		10			12
Latin America/Caribbean	10,308		10,220		9,730		9,982		9,936		1			4
Total international loans	73,890		67,679		64,811		70,081		65,910		9			12
North America	38,115		41,822		43,092		44,539		42,377		(9	)		(10	)
Total loans	$	112,005	$	109,501	$	107,903	$	114,620	$	108,287	2			3

Client deposits and other third-party liabilities (average) (a)
Europe/Middle East/Africa	$	134,339	$	128,620	$	125,720	$	127,173	$	127,794	4			5
Asia/Pacific	51,996		53,309		50,862		50,331		50,197		(2	)		4
Latin America/Caribbean	12,180		11,766		10,141		10,453		11,852		4			3
Total international	198,515		193,695		186,723		187,957		189,843		2			5
North America	158,747		172,849		164,660		160,145		167,121		(8	)		(5	)
Total client deposits and other third-party liabilities	$	357,262	$	366,544	$	351,383	$	348,102	$	356,964	(3	)		-

AUC (period-end) (in billions) (a)
North America	$	10,788	$	10,504	$	10,206	$	10,048	$	9,998	3			8
All other regions	8,506		8,331		8,013		7,617		7,870		2			8
Total AUC	$	19,294	$	18,835	$	18,219	$	17,665	$	17,868	2			8


(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 other third-party liabilities, and AUC are based predominantly on the domicile of the client.

Page 22



JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)


	QUARTERLY TRENDS
																			1Q13 Change
	1Q13			4Q12				3Q12				2Q12				1Q12			4Q12			1Q12
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	259		$	269			$	263			$	264			$	276		(4	)	%	(6	)	%
Asset management, administration and commissions	32			30				30				34				36			7			(11	)
All other income (a)	244			279				293				264				245			(13	)		-
Noninterest revenue	535			578				586				562				557			(7	)		(4	)
Net interest income	1,138			1,167				1,146				1,129				1,100			(2	)		3
TOTAL NET REVENUE (b)	1,673			1,745				1,732				1,691				1,657			(4	)		1

Provision for credit losses	39			(3		)		(16		)		(17		)		77			NM			(49	)

NONINTEREST EXPENSE
Compensation expense (c)	289			250				263				245				256			16			13
Noncompensation expense (c)	348			342				332				339				335			2			4
Amortization of intangibles	7			7				6				7				7			-			-
TOTAL NONINTEREST EXPENSE	644			599				601				591				598			8			8

Income before income tax expense	990			1,149				1,147				1,117				982			(14	)		1
Income tax expense	394			457				457				444				391			(14	)		1
NET INCOME	$	596		$	692			$	690			$	673			$	591		(14	)		1

Revenue by product:
Lending	$	924		$	947			$	916			$	920			$	892		(2	)		4
Treasury services	605			614				609				603				602			(1	)		-
Investment banking	118			157				139				129				120			(25	)		(2	)
Other (d)	26			27				68				39				43			(4	)		(40	)
Total Commercial Banking revenue	$	1,673		$	1,745			$	1,732			$	1,691			$	1,657		(4	)		1


Investment banking revenue, gross (e)	$	341		$	443			$	431			$	384			$	339		(23	)		1

Revenue by client segment:
Middle Market Banking (f)	$	753		$	752			$	748			$	740			$	731		-			3
Corporate Client Banking (f)	433			492				460				436				431			(12	)		-
Commercial Term Lending	291			312				298				291				293			(7	)		(1	)
Real Estate Banking	112			113				106				114				105			(1	)		7
Other	84			76				120				110				97			11			(13	)
Total Commercial Banking revenue	$	1,673		$	1,745			$	1,732			$	1,691			$	1,657		(4	)		1

FINANCIAL RATIOS
ROE	18		%	29			%	29			%	28			%	25		%
Overhead ratio	38			34				35				35				36


(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 $93 million, $73 million, $115 million, $99 million and $94 million for the three months ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, 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 included a $49 million year-to-date reclassification of tax equivalent revenue to Corporate/Private Equity.


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


(f)	Effective January 1, 2013, the financial results of financial institution clients were transferred to Corporate Client Banking from Middle Market Banking. Prior periods were revised to conform with this presentation.

Page 23



JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)
	QUARTERLY TRENDS
																			1Q13 Change
	1Q13				4Q12			3Q12				2Q12				1Q12			4Q12			1Q12
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	184,689			$	181,502		$	168,124			$	163,698			$	161,741		2		%	14		%
Loans:
Loans retained (a)	129,534				126,996			123,173				119,946				114,969			2			13
Loans held-for-sale and loans at fair value	851				1,212			549				547				878			(30	)		(3	)
Total loans	$	130,385			$	128,208		$	123,722			$	120,493			$	115,847		2			13
Equity	13,500				9,500			9,500				9,500				9,500			42			42

Period-end loans by client segment:
Middle Market Banking (b)	$	52,296			$	50,552		$	48,616			$	47,472			$	45,826		3			14
Corporate Client Banking (b)	20,962				21,707			19,963				19,005				17,884			(3	)		17
Commercial Term Lending	44,374				43,512			42,304				40,972				39,314			2			13
Real Estate Banking	9,003				8,552			8,563				8,819				8,763			5			3
Other	3,750				3,885			4,276				4,225				4,060			(3	)		(8	)
Total Commercial Banking loans	$	130,385			$	128,208		$	123,722			$	120,493			$	115,847		2			13

SELECTED BALANCE SHEET DATA (average)
Total assets	$	182,620			$	171,184		$	164,702			$	163,423			$	161,074		7			13
Loans:
Loans retained (a)	128,490				124,507			121,566				117,835				112,879			3			14
Loans held-for-sale and loans at fair value	800				1,491			552				599				881			(46	)		(9	)
Total loans	$	129,290			$	125,998		$	122,118			$	118,434			$	113,760		3			14
Client deposits and other third-party liabilities	195,968				199,297			190,910				193,280				200,178			(2	)		(2	)
Equity	13,500				9,500			9,500				9,500				9,500			42			42

Average loans by client segment:
Middle Market Banking (b)	$	52,013			$	48,953		$	47,547			$	46,679			$	44,831		6			16
Corporate Client Banking (b)	21,061				21,755			19,985				18,789				17,730			(3	)		19
Commercial Term Lending	43,845				42,890			41,658				40,060				38,848			2			13
Real Estate Banking	8,677				8,450			8,651				8,808				8,341			3			4
Other	3,694				3,950			4,277				4,098				4,010			(6	)		(8	)
Total Commercial Banking loans	$	129,290			$	125,998		$	122,118			$	118,434			$	113,760		3			14

Headcount (c)(d)	6,511				6,117			6,092				6,042				5,866			6			11

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	(7	)		$	50		$	(18	)		$	(9	)		$	12		NM			NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (e)	643				644			843				881				972			-			(34	)
Nonaccrual loans held-for-sale and loans
at fair value	26				29			33				36				32			(10	)		(19	)
Total nonaccrual loans	669				673			876				917				1,004			(1	)		(33	)

Assets acquired in loan satisfactions	12				14			32				36				60			(14	)		(80	)
Total nonperforming assets	681				687			908				953				1,064			(1	)		(36	)
Allowance for credit losses:
Allowance for loan losses	2,656				2,610			2,653				2,638				2,662			2			-
Allowance for lending-related commitments	183				183			196				209				194			-			(6	)
Total allowance for credit losses	2,839				2,793			2,849				2,847				2,856			2			(1	)

Net charge-off/(recovery) rate (f)	(0.02		)	%	0.16		%	(0.06		)	%	(0.03		)	%	0.04		%
Allowance for loan losses to period-end loans retained	2.05				2.06			2.15				2.20				2.32
Allowance for loan losses to nonaccrual loans retained (e)	413				405			315				299				274
Nonaccrual loans to total period-end loans	0.51				0.52			0.71				0.76				0.87


(a)	Effective January 1, 2013, whole loan financing agreements, previously reported as other assets, were reclassified as loans. For the quarter ended March 31, 2013, the impact on period-end loans and average loans was $1.7 billion and $1.6 billion, respectively.


(b)	Effective January 1, 2013, the financial results of financial institution clients were transferred to Corporate Client Banking from Middle Market Banking. Prior periods were revised to conform with this presentation.

(c)


(d)	Effective January 1, 2013, headcount includes transfers from other business segments largely related to operations, technology and other support staff.


(e)	Allowance for loan losses of $99 million, $107 million, $148 million, $143 million and $163 million was held against nonaccrual loans retained at March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively.


(f)	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
																1Q13 Change
	1Q13			4Q12			3Q12			2Q12			1Q12			4Q12			1Q12
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	1,883		$	2,011		$	1,708		$	1,701		$	1,621		(6	)	%	16		%
All other income	211			190			199			151			266			11			(21	)
Noninterest revenue	2,094			2,201			1,907			1,852			1,887			(5	)		11
Net interest income	559			552			552			512			483			1			16
TOTAL NET REVENUE	2,653			2,753			2,459			2,364			2,370			(4	)		12

Provision for credit losses	21			19			14			34			19			11			11

NONINTEREST EXPENSE
Compensation expense	1,170			1,178			1,083			1,024			1,120			(1	)		4
Noncompensation expense	684			742			625			655			586			(8	)		17
Amortization of intangibles	22			23			23			22			23			(4	)		(4	)
TOTAL NONINTEREST EXPENSE	1,876			1,943			1,731			1,701			1,729			(3	)		9

Income before income tax expense	756			791			714			629			622			(4	)		22
Income tax expense	269			308			271			238			236			(13	)		14
NET INCOME	$	487		$	483		$	443		$	391		$	386		1			26

REVENUE BY CLIENT SEGMENT
Private Banking	$	1,446		$	1,441		$	1,365		$	1,341		$	1,279		-			13
Institutional	589			729			563			537			557			(19	)		6
Retail	618			583			531			486			534			6			16
TOTAL NET REVENUE	$	2,653		$	2,753		$	2,459		$	2,364		$	2,370		(4	)		12

FINANCIAL RATIOS
ROE	22		%	27		%	25		%	22		%	22		%
Overhead ratio	71			71			70			72			73
Pretax margin ratio	29			29			29			27			26

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	109,734		$	108,999		$	103,608		$	98,704		$	96,385		1			14
Loans (a)	81,403			80,216			74,924			70,470			64,335			1			27
Equity	9,000			7,000			7,000			7,000			7,000			29			29

SELECTED BALANCE SHEET DATA (average)
Total assets	$	107,911		$	104,232		$	99,209		$	96,670		$	89,582		4			20
Loans	80,002			76,528			71,824			67,093			59,311			5			35
Deposits	139,441			133,693			127,487			128,087			127,534			4			9
Equity	9,000			7,000			7,000			7,000			7,000			29			29
													��
Headcount	18,604			18,465			18,070			17,660			17,822			1			4


(a)	Included $12.7 billion, $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 March 31, 2013, 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
																1Q13 Change
	1Q13			4Q12			3Q12			2Q12			1Q12			4Q12			1Q12
BUSINESS METRICS
Number of:
Client advisors	2,797			2,821			2,826			2,739			2,832			(1	)	%	(1	)	%
Retirement planning services participants (in thousands)	2,008			1,961			1,951			1,960			1,926			2			4
% of customer assets in 4 & 5 Star Funds (a)	51		%	47		%	45		%	43		%	42		%
% of AUM in 1st and 2nd quartiles: (b)
1 year	70			67			69			65			64
3 years	74			74			78			72			74
5 years	75			76			77			74			76

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	23		$	3		$	6		$	28		$	27		NM			(15	)
Nonaccrual loans	259			250			227			256			263			4			(2	)
Allowance for credit losses:
Allowance for loan losses	249			248			229			220			209			-			19
Allowance for lending-related commitments	5			5			5			6			5			-			-
Total allowance for credit losses	254			253			234			226			214			-			19
Net charge-off rate	0.12		%	0.02		%	0.03		%	0.17		%	0.18		%
Allowance for loan losses to period-end loans	0.31			0.31			0.31			0.31			0.32
Allowance for loan losses to nonaccrual loans	96			99			101			86			79
Nonaccrual loans to period-end loans	0.32			0.31			0.30			0.36			0.41


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


(b)	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)


											Mar 31, 2013
											Change
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,			Mar 31,
ASSETS UNDER SUPERVISION	2013		2012		2012		2012		2012		2012			2012
Assets by asset class
Liquidity	$	470	$	475	$	451	$	466	$	492	(1	)	%	(4	)	%
Fixed income	390		386		380		359		355		1			10
Equity and multi-asset	504		447		432		401		417		13			21
Alternatives	119		118		118		121		118		1			1
TOTAL ASSETS UNDER MANAGEMENT	1,483		1,426		1,381		1,347		1,382		4			7
Custody/brokerage/administration/deposits	688		669		650		621		631		3			9
TOTAL ASSETS UNDER SUPERVISION	$	2,171	$	2,095	$	2,031	$	1,968	$	2,013	4			8


Assets by client segment
Private Banking	$	339	$	318	$	311	$	297	$	303	7			12
Institutional	749		741		710		702		732		1			2
Retail	395		367		360		348		347		8			14
TOTAL ASSETS UNDER MANAGEMENT	$	1,483	$	1,426	$	1,381	$	1,347	$	1,382	4			7

Private Banking	$	909	$	877	$	852	$	816	$	830	4			10
Institutional	749		741		710		702		732		1			2
Retail	513		477		469		450		451		8			14
TOTAL ASSETS UNDER SUPERVISION	$	2,171	$	2,095	$	2,031	$	1,968	$	2,013	4			8


Mutual fund assets by asset class
Liquidity	$	400	$	410	$	390	$	408	$	434	(2	)		(8	)
Fixed income	142		136		128		119		116		4			22
Equity and multi-asset	207		180		174		160		167		15			24
Alternatives	5		5		6		7		8		-			(38	)
TOTAL MUTUAL FUND ASSETS	$	754	$	731	$	698	$	694	$	725	3			4

Page 27



JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)

	QUARTERLY TRENDS

	1Q13			4Q12		3Q12			2Q12			1Q12
ASSETS UNDER SUPERVISION (continued)
Assets under management rollforward
Beginning balance	$	1,426		$	1,381	$	1,347		$	1,382		$	1,336
Net asset flows:
Liquidity	(3		)	24		(17		)	(25		)	(25		)
Fixed income	6			1		13			5			11
Equity, multi-asset and alternatives	25			7		8			9			6
Market/performance/other impacts	29			13		30			(24		)	54
Ending balance	$	1,483		$	1,426	$	1,381		$	1,347		$	1,382


Assets under supervision rollforward
Beginning balance	$	2,095		$	2,031	$	1,968		$	2,013		$	1,921
Net asset flows	20			48		10			(6		)	8
Market/performance/other impacts	56			16		53			(39		)	84
Ending balance	$	2,171		$	2,095	$	2,031		$	1,968		$	2,013

Page 28



JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions, except where otherwise noted)


	QUARTERLY TRENDS
											1Q13 Change
INTERNATIONAL METRICS	1Q13		4Q12		3Q12		2Q12		1Q12		4Q12			1Q12
Total net revenue: (in millions) (a)
Europe/Middle East/Africa	$	437	$	471	$	386	$	379	$	405	(7	)	%	8		%
Asia/Pacific	277		256		245		230		236		8			17
Latin America/Caribbean	206		240		191		166		175		(14	)		18
North America	1,733		1,786		1,637		1,589		1,554		(3	)		12
Total net revenue	$	2,653	$	2,753	$	2,459	$	2,364	$	2,370	(4	)		12

Assets under management:
Europe/Middle East/Africa	$	270	$	258	$	267	$	261	$	282	5			(4	)
Asia/Pacific	123		114		112		103		112		8			10
Latin America/Caribbean	39		45		42		41		41		(13	)		(5	)
North America	1,051		1,009		960		942		947		4			11
Total assets under management	$	1,483	$	1,426	$	1,381	$	1,347	$	1,382	4			7

Assets under supervision:
Europe/Middle East/Africa	$	328	$	317	$	325	$	315	$	339	3			(3	)
Asia/Pacific	170		160		155		144		152		6			12
Latin America/Caribbean	106		110		106		101		101		(4	)		5
North America	1,567		1,508		1,445		1,408		1,421		4			10
Total assets under supervision	$	2,171	$	2,095	$	2,031	$	1,968	$	2,013	4			8


(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
																			1Q13 Change
	1Q13			4Q12			3Q12				2Q12				1Q12				4Q12			1Q12
INCOME STATEMENT
REVENUE
Principal transactions (a)	$	(262	)	$	159		$	(304	)		$	(3,576	)	(f)	$	(547	)		NM		%	52		%
Securities gains	509			103			459				1,013				449				394			13
All other income	114			144			1,044			(e)	153				1,111			(g)	(21	)		(90	)
Noninterest revenue	361			406			1,199				(2,410		)		1,013				(11	)		(64	)
Net interest income	(594		)	(546		)	(625		)		(205		)		16				(9	)		NM
TOTAL NET REVENUE (b)	(233		)	(140		)	574				(2,615		)		1,029				(66	)		NM

Provision for credit losses	(3		)	(6		)	(11		)		(11		)		(9		)		50			67

NONINTEREST EXPENSE
Compensation expense (c)	573			649			555				623				795				(12	)		(28	)
Noncompensation expense (c)(d)	642			1,255			1,550				1,264				3,284				(49	)		(80	)
Subtotal	1,215			1,904			2,105				1,887				4,079				(36	)		(70	)
Net expense allocated to other businesses (c)	(1,213		)	(1,361		)	(1,370		)		(1,338		)		(1,310		)		11			7
TOTAL NONINTEREST EXPENSE	2			543			735				549				2,769				(100	)		(100	)

Income/(loss) before income tax expense/(benefit)	(232		)	(677		)	(150		)		(3,153		)		(1,731		)		66			87
Income tax expense/(benefit)	(482		)	(1,175		)	(367		)		(1,378		)		(709		)		59			32
NET INCOME/(LOSS)	$	250		$	498		$	217			$	(1,775	)		$	(1,022	)		(50	)		NM

MEMO:
TOTAL NET REVENUE
Private equity	$	(276	)	$	72		$	(135	)		$	410			$	254			NM			NM
Treasury and Chief Investment Office ("CIO")	113			(110		)	713				(3,434		)		(233		)		NM			NM
Other Corporate	(70		)	(102		)	(4		)		409				1,008				31			NM
TOTAL NET REVENUE	$	(233	)	$	(140	)	$	574			$	(2,615	)		$	1,029			(66	)		NM

NET INCOME/(LOSS)
Private equity	$	(182	)	$	50		$	(89	)		$	197			$	134			NM			NM
Treasury and CIO	24			(157		)	369				(2,078		)		(227		)		NM			NM
Other Corporate	408			605			(63		)		106				(929		)		(33	)		NM
TOTAL NET INCOME/(LOSS)	$	250		$	498		$	217			$	(1,775	)		$	(1,022	)		(50	)		NM

TOTAL ASSETS (period-end)	$	763,765		$	728,925		$	685,338			$	667,133			$	713,263			5			7

Headcount (c)	18,026			22,711			22,452				21,707				21,472				(21	)		(16	)

(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. Results of the portfolio that was transferred to CIB are not included herein.


(b)	Included tax-equivalent adjustments, predominantly due to tax-exempt income from municipal bond investments of $103 million, $117 million, $109 million, $118 million and $99 million for the three months ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012.


(c)	Effective January 1, 2013, certain technology and operations functions and staff were transferred to CCB; this transfer reduced compensation expense, noncompensation expense and headcount, and correspondingly, reduced the expense allocated to other businesses.


(d)	Included litigation expense of $0.2 billion, $0.7 billion, $0.3 billion and $2.5 billion for the three months ended December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012; litigation expense for the three months ended March, 31, 2013 was not material.


(e)	Included an extinguishment gain of $888 million related to the redemption of trust preferred securities ("TruPS") 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.


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


(g)	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
															1Q13 Change
	1Q13			4Q12			3Q12			2Q12			1Q12		4Q12			1Q12
SUPPLEMENTAL INFORMATION

TREASURY and CHIEF INVESTMENT OFFICE ("CIO")
Securities gains	$	503		$	103		$	459		$	1,013		$	453	388		%	11		%
Investment securities portfolio (average)	365,639			362,867			348,571			359,130			361,601		1			1
Investment securities portfolio (period-end)	360,230			365,421			360,268			348,610			374,588		(1	)		(4	)
Mortgage loans (average)	6,516			7,882			9,469			11,012			12,636		(17	)		(48	)
Mortgage loans (period-end)	5,914			7,037			8,574			10,332			11,819		(16	)		(50	)

PRIVATE EQUITY
Private equity gains/(losses)
Direct investments
Realized gains/(losses)	$	48		$	(8	)	$	75		$	(116	)	$	66	NM			(27	)
Unrealized gains/(losses) (a)	(327		)	11			(140		)	589			179		NM			NM
Total direct investments	(279		)	3			(65		)	473			245		NM			NM
Third-party fund investments	20			87			(27		)	(9		)	83		(77	)		(76	)
Total private equity gains/(losses) (b)	$	(259	)	$	90		$	(92	)	$	464		$	328	NM			NM

Private equity portfolio information
Direct investments
Publicly-held securities
Carrying value	$	578		$	578		$	637		$	863		$	889	-			(35	)
Cost	350			350			384			436			549		-			(36	)
Quoted public value	578			578			673			909			931		-			(38	)
Privately-held direct securities
Carrying value	5,088			5,379			5,313			4,931			4,944		(5	)		3
Cost	6,816			6,584			6,662			6,362			6,819		4			-
Third-party fund investments (c)
Carrying value	2,047			2,117			2,119			2,113			2,131		(3	)		(4	)
Cost	1,967			1,963			2,018			1,952			2,162		-			(9	)
Total private equity portfolio
Carrying value	$	7,713		$	8,074		$	8,069		$	7,907		$	7,964	(4	)		(3	)
Cost	9,133			8,897			9,064			8,750			9,530		3			(4	)


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


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


(c)	Unfunded commitments to third-party private equity funds were $323 million, $370 million, $398 million, $524 million and $571 million at March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively.

Page 31



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
											Mar 31, 2013
											Change
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,			Mar 31,
	2013		2012		2012		2012		2012		2012			2012
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained, excluding PCI loans
Home equity	$	64,798	$	67,385	$	69,686	$	72,833	$	75,207	(4	)	%	(14	)	%
Prime mortgage, including option ARMs	77,626		76,256		75,636		76,064		76,292		2			2
Subprime mortgage	8,003		8,255		8,552		8,945		9,289		(3	)		(14	)
Auto	50,552		49,913		48,920		48,468		48,245		1			5
Business banking	18,739		18,883		18,568		18,218		17,822		(1	)		5
Student and other	11,927		12,191		12,521		12,907		13,854		(2	)		(14	)
Total loans retained, excluding PCI loans	231,645		232,883		233,883		237,435		240,709		(1	)		(4	)
Loans - PCI
Home equity	20,525		20,971		21,432		21,867		22,305		(2	)		(8	)
Prime mortgage	13,366		13,674		14,038		14,395		14,781		(2	)		(10	)
Subprime mortgage	4,561		4,626		4,702		4,784		4,870		(1	)		(6	)
Option ARMs	19,985		20,466		21,024		21,565		22,105		(2	)		(10	)
Total loans - PCI	58,437		59,737		61,196		62,611		64,061		(2	)		(9	)
Total consumer, excluding credit card loans	290,082		292,620		295,079		300,046		304,770		(1	)		(5	)

Credit card loans
Loans retained (b)	121,865		127,993		124,431		124,593		124,475		(5	)		(2	)
Loans held-for-sale	—		—		106		112		856		-			NM
Total credit card loans	121,865		127,993		124,537		124,705		125,331		(5	)		(3	)
Total consumer loans	411,947		420,613		419,616		424,751		430,101		(2	)		(4	)

Wholesale loans (c)
Loans retained	310,582		306,222		297,576		298,888		283,653		1			9
Loans held-for-sale and loans at fair value	6,357		6,961		4,755		3,932		7,213		(9	)		(12	)
Total wholesale loans	316,939		313,183		302,331		302,820		290,866		1			9

Total loans	728,886		733,796		721,947		727,571		720,967		(1	)		1

Derivative receivables	70,609		74,983		79,963		85,543		85,010		(6	)		(17	)
Receivables from customers and other (d)	30,111		23,761		18,946		20,131		21,235		27			42
Total credit-related assets	100,720		98,744		98,909		105,674		106,245		2			(5	)

Lending-related commitments
Consumer, excluding credit card	60,874		60,156		62,183		62,438		63,121		1			(4	)
Credit card	537,455		533,018		534,333		534,267		533,318		1			1
Wholesale	435,281		434,814		422,557		419,641		401,064		-			9
Total lending-related commitments	1,033,610		1,027,988		1,019,073		1,016,346		997,503		1			4

Total credit exposure	$	1,863,216	$	1,860,528	$	1,839,929	$	1,849,591	$	1,824,715	-			2

Memo: Total by category
Consumer exposure (e)	$	1,010,399	$	1,013,900	$	1,016,241	$	1,021,563	$	1,026,644	-			(2	)
Wholesale exposures (f)	852,817		846,628		823,688		828,028		798,071		1			7
Total credit exposure	$	1,863,216	$	1,860,528	$	1,839,929	$	1,849,591	$	1,824,715	-			2


(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)	Includes loans reported in 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)	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)

																Mar 31, 2013
																Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Mar 31,
	2013			2012			2012			2012			2012			2012			2012
NONPERFORMING ASSETS AND RATIOS
Consumer, excluding credit card loans
Home equity (a)	$	3,104		$	3,208		$	3,254		$	2,615		$	2,766		(3	)	%	12		%
Prime mortgage, including option ARMs (a)	3,479			3,445			3,570			3,139			3,258			1			7
Subprime mortgage (a)	1,792			1,807			1,868			1,544			1,569			(1	)		14
Auto (a)	135			163			172			101			102			(17	)		32
Business banking	458			481			521			587			649			(5	)		(29	)
Student and other	80			70			75			83			105			14			(24	)
Total consumer, excluding credit card loans	9,048			9,174			9,460			8,069			8,449			(1	)		7

Total credit card loans	1			1			1			1			1			-			-

Total consumer nonaccrual loans (b)	9,049			9,175			9,461			8,070			8,450			(1	)		7

Wholesale loans
Loans retained	1,247			1,434			1,663			1,804			1,941			(13	)		(36	)
Loans held-for-sale and loans at fair value	130			111			246			194			214			17			(39	)
Total wholesale loans	1,377			1,545			1,909			1,998			2,155			(11	)		(36	)

Total nonaccrual loans	10,426			10,720			11,370			10,068			10,605			(3	)		(2	)

Derivative receivables	412			239			282			451			317			72			30
Assets acquired in loan satisfactions	746			775			829			878			1,031			(4	)		(28	)
Total nonperforming assets (c)	11,584			11,734			12,481			11,397			11,953			(1	)		(3	)
Wholesale lending-related commitments (d)	244			355			586			565			756			(31	)		(68	)
Total nonperforming exposure (c)	$	11,828		$	12,089		$	13,067		$	11,962		$	12,709		(2	)		(7	)

Total nonaccrual loans to total loans	1.43		%	1.46		%	1.57		%	1.38		%	1.47		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	3.12			3.14			3.21			2.69			2.77
Total wholesale nonaccrual loans to total
wholesale loans	0.43			0.49			0.63			0.66			0.74

NONPERFORMING ASSETS BY LOB
Consumer & Community Banking (a)(b)	$	9,666		$	9,791		$	10,096		$	8,766		$	9,250		(1	)		4
Corporate & Investment Bank	911			920			1,160			1,338			1,278			(1	)		(29	)
Commercial Banking	681			687			908			953			1,064			(1	)		(36	)
Asset Management	263			263			242			271			286			-			(8	)
Corporate/Private Equity (e)	63			73			75			69			75			(14	)		(16	)
TOTAL	$	11,584		$	11,734		$	12,481		$	11,397		$	11,953		(1	)		(3	)

(a)

Included $1.9 billion, $1.8 billion and $1.7 billion of Chapter 7 loans at March 31, 2013, December 31, 2012 and September 30, 2012, respectively, consisting of $947 million, $890 million and $820 million of home equity loans, $510 million, $500 million and $481 million of prime mortgage, including option ARM loans, $358 million, $357 million and $356 million of subprime mortgage loans, and $45 million, $51 million and $65 million of auto loans, respectively.


(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)

At March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $10.9 billion, $10.6 billion, $11.0 billion, $11.9 billion and $11.8 billion, respectively, that are 90 or more days past due; (2) real estate owned insured by U.S. government agencies of $1.7 billion, $1.6 billion, $1.5 billion, $1.3 billion and $1.2 billion, respectively; and (3) student loans insured by U.S. government agencies under the FFELP $523 million, $525 million, $536 million, $547 million and $586 million, respectively, that are 90 or more days past due. These amounts are excluded 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.


(d)	Represents commitments that are risk rated as nonaccrual.


(e)	Predominantly relates to retained prime mortgage loans.

Page 33



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)


	QUARTERLY TRENDS
																		1Q13 Change
	1Q13			4Q12				3Q12				2Q12			1Q12			4Q12			1Q12
GROSS CHARGE-OFFS
Consumer, excluding credit card loans (a)	$	720		$	804			$	1,813			$	1,054		$	1,134		(10	)	%	(37	)	%
Credit card loans	1,248			1,261				1,284				1,583			1,627			(1	)		(23	)
Total consumer loans	1,968			2,065				3,097				2,637			2,761			(5	)		(29	)
Wholesale loans	66			133				48				73			92			(50	)		(28	)
Total loans	$	2,034		$	2,198			$	3,145			$	2,710		$	2,853		(7	)		(29	)

GROSS RECOVERIES
Consumer, excluding credit card loans	$	112		$	115			$	125			$	130		$	138		(3	)		(19	)
Credit card loans	166			164				168				238			241			1			(31	)
Total consumer loans	278			279				293				368			379			-			(27	)
Wholesale loans	31			291				82				64			87			(89	)		(64	)
Total loans	$	309		$	570			$	375			$	432		$	466		(46	)		(34	)

NET CHARGE-OFFS/(RECOVERIES)
Consumer, excluding credit card loans (a)	$	608		$	689			$	1,688			$	924		$	996		(12	)		(39	)
Credit card loans	1,082			1,097				1,116				1,345			1,386			(1	)		(22	)
Total consumer loans	1,690			1,786				2,804				2,269			2,382			(5	)		(29	)
Wholesale loans	35			(158		)		(34		)		9			5			NM			NM
Total loans	$	1,725		$	1,628			$	2,770			$	2,278		$	2,387		6			(28	)

NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans (a)	0.85		%	0.93			%	2.26			%	1.23		%	1.31		%
Credit card retained loans	3.55			3.50				3.57				4.35			4.40
Wholesale retained loans	0.05			(0.21		)		(0.05		)		0.01			0.01
Total retained loans	0.97			0.90				1.53				1.27			1.35
Consumer retained loans, excluding credit card and
PCI loans (a)	1.06			1.18				2.85				1.55			1.66
Consumer retained loans, excluding PCI loans (a)	1.92			1.99				3.10				2.51			2.60
Total retained, excluding PCI loans	1.06			0.98				1.68				1.40			1.49

Memo: Average retained loans
Consumer retained, excluding credit card loans	$	291,588		$	293,544			$	297,472			$	302,523		$	306,657		(1	)		(5	)
Credit card retained loans	123,564			124,701				124,230				124,413			126,795			(1	)		(3	)
Total average retained consumer loans	415,152			418,245				421,702				426,936			433,452			(1	)		(4	)
Wholesale retained loans	303,919			300,690				297,369				292,942			276,764			1			10
Total average retained loans	$	719,071		$	718,935			$	719,071			$	719,878		$	710,216		-			1

Consumer retained, excluding credit card and
PCI loans	$	232,503		$	233,108			$	235,713			$	239,210		$	241,885		-			(4	)
Consumer retained, excluding PCI loans	356,067			357,809				359,943				363,623			368,679			-			(3	)
Total retained, excluding PCI loans	659,972			658,479				657,293				656,547			645,423			-			2

(a)

Net charge-offs and net charge-off rates for the three months ended September 30, 2012 included $825 million and $55 million of Chapter 7 loans related to residential real estate and auto loans, respectively. 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. For further information, see Consumer Credit Portfolio on pages 138-149 of JPMorgan Chase's 2012 Annual Report.

Page 34



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions)


	QUARTERLY TRENDS
															1Q13 Change
	1Q13		4Q12			3Q12			2Q12			1Q12			4Q12			1Q12
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	21,936	$	22,824		$	23,791		$	25,871		$	27,609		(4	)	%	(21	)	%
Net charge-offs	1,725		1,628			2,770			2,278			2,387			6			(28	)
Provision for loan losses	569		740			1,801			200			646			(23	)		(12	)
Other	—		—			2			(2		)	3			-			NM
Ending balance	$	20,780	$	21,936		$	22,824		$	23,791		$	25,871		(5	)		(20	)

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	668	$	752		$	764		$	750		$	673		(11	)		(1	)
Provision for lending-related commitments	48		(84		)	(12		)	14			80			NM			(40	)
Other	—		—			—			—			(3		)	-			NM
Ending balance	$	716	$	668		$	752		$	764		$	750		7			(5	)


ALLOWANCE FOR LOAN LOSSES BY LOB
Consumer & Community Banking	$	16,599	$	17,752		$	18,454		$	19,405		$	21,508		(6	)		(23	)
Corporate & Investment Bank	1,246		1,300			1,459			1,498			1,455			(4	)		(14	)
Commercial Banking	2,656		2,610			2,653			2,638			2,662			2			-
Asset Management	249		248			229			220			209			-			19
Corporate/Private Equity	30		26			29			30			37			15			(19	)
Total	$	20,780	$	21,936		$	22,824		$	23,791		$	25,871		(5	)		(20	)

Page 35



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

																Mar 31, 2013
																Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Mar 31,
	2013			2012			2012			2012			2012			2012			2012
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	771		$	729		$	918		$	1,004		$	760		6		%	1		%
Formula-based	5,163			5,852			6,359			7,228			8,826			(12	)		(42	)
PCI	5,711			5,711			5,711			5,711			5,711			-			-
Total consumer, excluding credit card	11,645			12,292			12,988			13,943			15,297			(5	)		(24	)
Credit card
Asset-specific (a)	1,434			1,681			1,909			1,977			2,402			(15	)		(40	)
Formula-based	3,564			3,820			3,594			3,522			3,849			(7	)		(7	)
Total credit card	4,998			5,501			5,503			5,499			6,251			(9	)		(20	)
Total consumer	16,643			17,793			18,491			19,442			21,548			(6	)		(23	)
Wholesale
Asset-specific (a)	228			319			388			407			448			(29	)		(49	)
Formula-based	3,909			3,824			3,945			3,942			3,875			2			1
Total wholesale	4,137			4,143			4,333			4,349			4,323			-			(4	)
Total allowance for loan losses	20,780			21,936			22,824			23,791			25,871			(5	)		(20	)
Allowance for lending-related commitments	716			668			752			764			750			7			(5	)
Total allowance for credit losses	$	21,496		$	22,604		$	23,576		$	24,555		$	26,621		(5	)		(19	)

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	4.01		%	4.20		%	4.40		%	4.65		%	5.02		%
Credit card allowance to total credit card retained loans	4.10			4.30			4.42			4.41			5.02
Wholesale allowance to total wholesale retained loans	1.33			1.35			1.46			1.46			1.52
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (b)	1.61			1.66			1.80			1.81			1.90
Total allowance to total retained loans	2.88			3.02			3.18			3.29			3.63
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (c)(d)	129			134			137			173			181
Allowance, excluding credit card allowance, to retained non-
accrual loans, excluding credit card nonaccrual loans (c)(d)	153			155			156			185			189
Wholesale allowance to wholesale retained nonaccrual loans	332			289			261			241			223
Total allowance to total retained nonaccrual loans (d)	202			207			205			241			249

CREDIT RATIOS, excluding PCI loans
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	2.56			2.83			3.11			3.47			3.98
Total allowance to total retained loans	2.27			2.43			2.61			2.74			3.11
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (c)(d)	66			72			77			102			113
Allowance, excluding credit card allowance, to retained non-
accrual loans, excluding credit card nonaccrual loans (c)(d)	98			101			104			127			134
Total allowance to total retained nonaccrual loans (d)	146			153			154			183			194


(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 included $1.9 billion, $1.8 billion and $1.7 billion of Chapter 7 loans at March 31, 2013, December 31, 2012 and September 30, 2012, respectively. Excluding these Chapter 7 loans, the total allowance to total retained nonaccrual loans ratio at March 31, 2013, December 31, 2012, September 30, 2012, would have been 246%, 249% and 243%, respectively, and the total allowance to total retained nonaccrual loans excluding PCI loans ratio would have been 179%, 184% and 182%, respectively. For further information, see Consumer Credit Portfolio on pages 138-149 of JPMorgan Chase's 2012 Annual Report.

Page 36



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions)

	QUARTERLY TRENDS
																1Q13 Change
	1Q13			4Q12			3Q12			2Q12			1Q12			4Q12			1Q12
PROVISION FOR CREDIT LOSSES BY LINE OF BUSINESS
Provision for loan losses
Consumer & Community Banking	$	549		$	1,091		$	1,862		$	179		$	642		(50	)	%	(14	)	%
Corporate & Investment Bank	(37		)	(373		)	(62		)	31			(81		)	90			54
Commercial Banking	40			10			(4		)	(31		)	72			300			(44	)
Asset Management	20			19			15			33			21			5			(5	)
Corporate/Private Equity	(3		)	(7		)	(10		)	(12		)	(8		)	57			63
Total provision for loan losses	$	569		$	740		$	1,801		$	200		$	646		(23	)		(12	)

Provision for lending-related commitments
Consumer & Community Banking	$	—		$	—		$	—		$	—		$	—		-			-
Corporate & Investment Bank	48			(72		)	2			(2		)	78			NM			(38	)
Commercial Banking	(1		)	(13		)	(12		)	14			5			92			NM
Asset Management	1			—			(1		)	1			(2		)	NM			NM
Corporate/Private Equity	—			1			(1		)	1			(1		)	NM			NM
Total provision for lending-related commitments	$	48		$	(84	)	$	(12	)	$	14		$	80		NM			(40	)

Provision for credit losses
Consumer & Community Banking	$	549		$	1,091		$	1,862		$	179		$	642		(50	)		(14	)
Corporate & Investment Bank	11			(445		)	(60		)	29			(3		)	NM			NM
Commercial Banking	39			(3		)	(16		)	(17		)	77			NM			(49	)
Asset Management	21			19			14			34			19			11			11
Corporate/Private Equity	(3		)	(6		)	(11		)	(11		)	(9		)	50			67
Total provision for credit losses	$	617		$	656		$	1,789		$	214		$	726		(6	)		(15	)


PROVISION FOR CREDIT LOSSES BY PORTFOLIO SEGMENT
Provision for loan losses
Consumer, excluding credit card	$	(37	)	$	(12	)	$	737		$	(425	)	$	2		(208	)		NM
Credit card	582			1,097			1,116			595			636			(47	)		(8	)
Total consumer	545			1,085			1,853			170			638			(50	)		(15	)
Wholesale	24			(345		)	(52		)	30			8			NM			200
Total provision for loan losses	$	569		$	740		$	1,801		$	200		$	646		(23	)		(12	)

Provision for lending-related commitments
Consumer, excluding credit card	$	—		$	1		$	(1	)	$	1		$	(1	)	NM			NM
Credit card	—			—			—			—			—			-			-
Total consumer	—			1			(1		)	1			(1		)	NM			NM
Wholesale	48			(85		)	(11		)	13			81			NM			(41	)
Total provision for lending-related commitments	$	48		$	(84	)	$	(12	)	$	14		$	80		NM			(40	)

Provision for credit losses
Consumer, excluding credit card	$	(37	)	$	(11	)	$	736		$	(424	)	$	1		(236	)		NM
Credit card	582			1,097			1,116			595			636			(47	)		(8	)
Total consumer	545			1,086			1,852			171			637			(50	)		(14	)
Wholesale	72			(430		)	(63		)	43			89			NM			(19	)
Total provision for credit losses	$	617		$	656		$	1,789		$	214		$	726		(6	)		(15	)

Page 37



JPMORGAN CHASE & CO.
MARKET RISK-RELATED INFORMATION
(in millions)


	QUARTERLY TRENDS
																	1Q13 Change
	1Q13			4Q12			3Q12			2Q12			1Q12				4Q12			1Q12
95% Confidence Level - Total VaR (average)

CIB trading VaR by risk type: (a)
Fixed income (b)	$	55		$	86		$	118		$	66		$	60			(36	)	%	(8	)	%
Foreign exchange	7			8			10			10			11				(13	)		(36	)
Equities	13			27			19			20			17				(52	)		(24	)
Commodities and other	15			14			13			13			21				7			(29	)
Diversification benefit to CIB trading VaR (c)	(34		)	(38		)	(48		)	(44		)	(46		)		11			26
CIB trading VaR (a)	56			97			112			65			63				(42	)		(11	)

Credit portfolio VaR (d)	15			19			22			25			32				(21	)		(53	)
Diversification benefit to CIB trading and credit
portfolio VaR (c)	(9		)	(10		)	(12		)	(15		)	(14		)		10			36
Total CIB trading and credit portfolio VaR (a)(b)	62			106			122			75			81				(42	)		(23	)

Other VaR:
Mortgage Production and Mortgage Servicing VaR (e)	19			26			17			15			11				(27	)		73
Chief Investment Office VaR (b)(f)	11			6			54			177			129			(h)	83			(91	)
Diversification benefit to total other VaR (c)	(9		)	(6		)	(10		)	(10		)	(4		)		(50	)		(125	)
Total other VaR	21			26			61			182			136				(19	)		(85	)

Diversification benefit to total CIB and other VaR (c)	(10		)	(12		)	(68		)	(56		)	(47		)		17			79
Total VaR (b)(g)	$	73		$	120		$	115		$	201		$	170			(39	)		(57	)

(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 CVA and syndicated lending facilities that the Firm intends to distribute; for further information, see VaR measurement on pages 165–166 of JPMorgan Chase's 2012 Annual Report. CIB trading VaR does not include the DVA on 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. 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. Beginning in the third quarter of 2012, the Firm applied a new VaR model to calculate VaR (both for the portion of the synthetic credit portfolio held by CIB, as well as the portion that was retained by CIO). For the three months ended September 30, 2012, 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 December 31, 2012, this new VaR model resulted in a reduction to average fixed income VaR of $11 million; average total CIB trading and credit portfolio VaR of $8 million; and average total VaR of $7 million. In the first quarter of 2013, in order to achieve consistency among like products within CIB and consistent with the implementation of Basel 2.5 requirements, the Firm moved the synthetic credit portfolio to an existing VaR model within the CIB. This change had an insignificant impact to the average fixed income VaR and average total CIB trading and credit portfolio VaR, and it had no impact to the average total VaR compared with the model used in the third and fourth quarters of 2012. When compared with the model used prior to the model change in the third quarter of 2012, this VaR model resulted in a reduction to average fixed income VaR of $11 million, average total CIB trading and credit portfolio VaR of $10 million, and average total VaR of $8 million, for the three months ended March 31, 2013.


(c)	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.


(d)	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.


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


(f)	CIO VaR includes positions, primarily in securities and derivatives that are measured at fair value through earnings.

(g)

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 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.


(h)	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)


																	Mar 31, 2013
																	Change
	Mar 31,				Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Mar 31,
	2013				2012			2012			2012			2012			2012			2012

CAPITAL (a)
Tier 1 capital	$	163,806	(f)(g)		$	160,002		$	154,686		$	148,425	(i)	$	155,352		2		%	5		%
Total capital	198,942		(f)		194,036			190,485		(h)	185,134			193,476			3			3
Tier 1 common capital (b)	143,253		(f)		140,342			135,065			130,095			127,642			2			12
Risk-weighted assets	1,407,640		(f)		1,270,378			1,296,512		(h)	1,318,734			1,300,185			11			8
Adjusted average assets (c)	2,255,697		(f)		2,243,242			2,186,292			2,202,487			2,195,625			1			3
Tier 1 capital ratio	11.6		(f)(g)	%	12.6		%	11.9		%	11.3		%	11.9		%
Total capital ratio	14.1		(f)		15.3			14.7			14.0			14.9
Tier 1 leverage ratio	7.3		(f)		7.1			7.1			6.7			7.1
Tier 1 common capital ratio (b)	10.2		(f)		11.0			10.4			9.9			9.8

TANGIBLE COMMON EQUITY (period-end) (d)
Common stockholders' equity	$	197,128			$	195,011		$	190,635		$	183,772		$	181,469		1			9
Less: Goodwill	48,067				48,175			48,178			48,131			48,208			-			-
Less: Other intangible assets	2,082				2,235			2,641			2,813			3,029			(7	)		(31	)
Add: Deferred tax liabilities (e)	2,852				2,803			2,780			2,749			2,719			2			5
Total tangible common equity	$	149,831			$	147,404		$	142,596		$	135,577		$	132,951		2			13

TANGIBLE COMMON EQUITY (average) (d)
Common stockholders' equity	$	194,733			$	191,975		$	186,590		$	181,021		$	177,711		1			10
Less: Goodwill	48,168				48,172			48,158			48,157			48,218			-			-
Less: Other intangible assets	2,162				2,547			2,729			2,923			3,137			(15	)		(31	)
Add: Deferred tax liabilities (e)	2,828				2,792			2,765			2,734			2,724			1			4
Total tangible common equity	$	147,231			$	144,048		$	138,468		$	132,675		$	129,080		2			14

INTANGIBLE ASSETS (period-end)
Goodwill	$	48,067			$	48,175		$	48,178		$	48,131		$	48,208		-			-
Mortgage servicing rights	7,949				7,614			7,080			7,118			8,039			4			(1	)
Purchased credit card relationships	242				295			409			466			535			(18	)		(55	)
All other intangibles	1,840				1,940			2,232			2,347			2,494			(5	)		(26	)
Total intangibles	$	58,098			$	58,024		$	57,899		$	58,062		$	59,276		-			(2	)

DEPOSITS (period-end)
U.S. offices:
Noninterest-bearing	$	363,780			$	380,320		$	363,388		$	348,510		$	343,299		(4	)		6
Interest-bearing	571,334				552,106			509,407			506,656			521,323			3			10
Non-U.S. offices:
Noninterest-bearing	19,979				17,845			16,192			17,123			16,276			12			23
Interest-bearing	247,414				243,322			250,624			243,597			247,614			2			-
Total deposits	$	1,202,507			$	1,193,593		$	1,139,611		$	1,115,886		$	1,128,512		1			7


(a)	In the first quarter of 2013, the Firm implemented Basel 2.5. For further information, see footnote (f) on page 2.


(b)	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.


(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 March 31, 2013, TruPS included in Tier 1 capital were $10.2 billion. Had these securities been excluded from the calculation at March 31, 2013, Tier 1 capital would have been $153.6 billion and the Tier 1 capital ratio would have been 10.9%.


(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
																1Q13 Change
	1Q13			4Q12			3Q12			2Q12			1Q12			4Q12			1Q12
MORTGAGE REPURCHASE LIABILITY (a)(b)
Summary of changes in mortgage repurchase liability:
Repurchase liability at beginning of period	$	2,811		$	3,099		$	3,293		$	3,516		$	3,557		(9	)	%	(21	)	%
Realized losses (c)	(212		)	(267		)	(268		)	(259		)	(364		)	21			42
Provision for repurchase losses (d)	75			(21		)	74			36			323			NM			(77	)
Repurchase liability at end of period	$	2,674		$	2,811		$	3,099		$	3,293		$	3,516		(5	)		(24	)

Outstanding repurchase demands and unresolved mortgage
insurance rescission notices by counterparty type: (e)
GSEs	$	1,022		$	1,166		$	1,533		$	1,646		$	1,868		(12	)		(45	)
Mortgage insurers	924			1,014			1,036			1,004			1,000			(9	)		(8	)
Other (f)	992			887			1,697			981			756			12			31
Overlapping population (g)	(64		)	(86		)	(150		)	(125		)	(116		)	26			45
Total	$	2,874		$	2,981		$	4,116		$	3,506		$	3,508		(4	)		(18	)

Quarterly mortgage repurchase demands received by loan
origination vintage: (e)
Pre-2005	$	45		$	42		$	33		$	28		$	41		7			10
2005	217			42			103			65			95			417			128
2006	287			292			963			506			375			(2	)		(23	)
2007	419			241			371			420			645			74			(35	)
2008	151			114			196			311			361			32			(58	)
Post-2008	62			87			124			191			124			(29	)		(50	)
Total	$	1,181		$	818		$	1,790		$	1,521		$	1,641		44			(28	)


(a)	For further details regarding the Firm's mortgage repurchase liability, see Mortgage repurchase liability on pages 111-115 and Note 29 on pages 308-315 of JPMorgan Chase's 2012 Annual Report.


(b)	All 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 $121 million, $137 million, $94 million, $107 million and $186 million for the three months ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, respectively.


(d)	Included $8 million, $27 million, $30 million, $28 million and $27 million of provision related to new loan sales for the three months ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012.


(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
																1Q13 Change
	1Q13			4Q12			3Q12			2Q12			1Q12			4Q12		1Q12
EARNINGS PER SHARE DATA
Basic earnings per share:
Net income	$	6,529		$	5,692		$	5,708		$	4,960		$	4,924		15	%	33		%
Less: Preferred stock dividends	182			175			163			158			157			4		16
Net income applicable to common equity	6,347			5,517			5,545			4,802			4,767			15		33
Less: Dividends and undistributed earnings allocated to
participating securities	216			195			199			168			190			11		14
Net income applicable to common stockholders	$	6,131		$	5,322		$	5,346		$	4,634		$	4,577		15		34

Total weighted-average basic shares outstanding	3,818.2			3,806.7			3,803.3			3,808.9			3,818.8			-		-

Net income per share	$	1.61		$	1.40		$	1.41		$	1.22		$	1.20		15		34

Diluted earnings per share:
Net income applicable to common stockholders	$	6,131		$	5,322		$	5,346		$	4,634		$	4,577		15		34

Total weighted-average basic shares outstanding	3,818.2			3,806.7			3,803.3			3,808.9			3,818.8			-		-
Add: Employee stock options, SARs and warrants (a)	28.8			14.2			10.6			11.6			14.6			103		97
Total weighted-average diluted shares outstanding (b)	3,847.0			3,820.9			3,813.9			3,820.5			3,833.4			1		-

Net income per share	$	1.59		$	1.39		$	1.40		$	1.21		$	1.19		14		34

COMMON SHARES OUTSTANDING
Common shares - at period end	3,789.8			3,804.0			3,799.6			3,796.8			3,822.0			-		(1	)
Cash dividends declared per share	$	0.30		$	0.30		$	0.30		$	0.30		$	0.30		-		-
Book value per share	52.02			51.27			50.17			48.40			47.48			1		10
Tangible book value per share (c)	39.54			38.75			37.53			35.71			34.79			2		14
Dividend payout ratio	19		%	21		%	21		%	24		%	25		%

SHARE PRICE (d)
High	$	51.00		$	44.54		$	42.09		$	46.35		$	46.49		15		10
Low	44.20			38.83			33.10			30.83			34.01			14		30
Close	47.46			43.97			40.48			35.73			45.98			8		3
Market capitalization	179,863			167,260			153,806			135,661			175,737			8		2

COMMON EQUITY REPURCHASE PROGRAM (e)
Aggregate common equity repurchased	$	2,578.3		$	—		$	—		$	1,437.4	(f)	$	216.1		NM		NM
Common equity repurchased	53.5			—			—			46.5		(f)	5.5			NM		NM
Average purchase price	$	48.16		$	—		$	—		$	30.88	(f)	$	39.49		NM		22

(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 13 million, 117 million, 147 million, 159 million and 169 million for the three months ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012.


(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 14, 2013, the Firm announced that following the Board of Governors of the Federal Reserve System (“Federal Reserve”) release of the 2013 CCAR results, JPMorgan Chase & Co. is authorized to repurchase $6.0 billion of common equity between April 1, 2013 and March 31, 2014. Such repurchases will be done pursuant to the $15.0 billion common equity (i.e., common stock and warrants) repurchase program previously authorized by the Firm on March 13, 2012. The Federal Reserve has asked the Firm to submit an additional capital plan by the end of the third quarter of 2013, and following their review, the Federal Reserve may require the Firm to modify its capital distributions.


(f)	Included the impact of aggregate repurchases of 18.5 million warrants during the three months ended June 30, 2012.

Page 41

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 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 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 117-120 of JPMorgan Chase's 2012 Annual Report. 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

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.

Bps: Basis point(s)

Corporate/Private Equity: Comprises Private Equity, Treasury, Chief Investment Office, and Other Corporate, which includes corporate staff units and expense that is centrally managed.

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

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 163–164 of JPMorgan Chase's 2012 Annual Report.

Page 44

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^SM cards - Refers to a prepaid, reloadable card product.

Mortgage Banking

Mortgage Production and Mortgage 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 (Chase Paymentech Solutions) 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

CORPORATE & INVESTMENT BANK (“CIB”)

Definition of selected CIB revenue:

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

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.

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).

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.

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

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 receipts business 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.

Credit Adjustments & Other primarily includes credit portfolio credit valuation adjustments (“CVA”) net of associated hedging activities; debit valuation adjustments (“DVA”) on structured notes and derivative liabilities; and nonperforming derivative receivable results.

Description of certain business metrics:

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 the Firm's client cash management program.

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

Page 46

COMMERCIAL BANKING (“CB”)

CB Client Segments:

Middle Market Banking covers corporate, municipal, financial institution and nonprofit clients, with annual revenue generally ranging between $20 million and $500 million.

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.

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

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

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

CB Revenue:

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.

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.

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

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:

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 the Firm's client cash management program.

ASSET MANAGEMENT (“AM”)

Assets under management - Represent assets actively managed by AM on behalf of its 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 offers 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 brings comprehensive global investment services – including asset management, pension analytics, asset-liability management and active risk-budgeting strategies – to corporate and public institutions, endowments, foundations, non-profit organizations and governments worldwide.

Retail provides worldwide investment management services and retirement planning and administration, through financial intermediaries and direct distribution of a full range of investment products.

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.

NON-GAAP FINANCIAL MEASURES