JPMorgan Chase & Co. 8K Jpmorgan Chase Reports Fourth-quarter 2013 Net Income of | JPM 14 Jan 14

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FOURTH 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																						FULL YEAR
																	4Q13 Change												2013 Change
SELECTED INCOME STATEMENT DATA	4Q13			3Q13				2Q13			1Q13			4Q12			3Q13			4Q12			2013			2012			2012
Reported Basis
Total net revenue	$	23,156		$	23,117			$	25,211		$	25,122		$	23,653		-		%	(2	)	%	$	96,606		$	97,031		-		%
Total noninterest expense	15,552			23,626				15,866			15,423			16,047			(34	)		(3	)		70,467			64,729			9
Pre-provision profit/(loss)	7,604			(509		)		9,345			9,699			7,606			NM			-			26,139			32,302			(19	)
Provision for credit losses	104			(543		)		47			617			656			NM			(84	)		225			3,385			(93	)
NET INCOME/(LOSS)	5,278			(380		)		6,496			6,529			5,692			NM			(7	)		17,923			21,284			(16	)

Managed Basis (a)
Total net revenue	24,112			23,880				25,958			25,848			24,378			1			(1	)		99,798			99,890			-
Total noninterest expense	15,552			23,626				15,866			15,423			16,047			(34	)		(3	)		70,467			64,729			9
Pre-provision profit	8,560			254				10,092			10,425			8,331			NM			3			29,331			35,161			(17	)
Provision for credit losses	104			(543		)		47			617			656			NM			(84	)		225			3,385			(93	)
NET INCOME/(LOSS)	5,278			(380		)		6,496			6,529			5,692			NM			(7	)		17,923			21,284			(16	)

PER COMMON SHARE DATA
Net income/(loss): Basic	1.31			(0.17		)		1.61			1.61			1.40			NM			(6	)		4.39			5.22			(16	)
Diluted	1.30			(0.17		)		1.60			1.59			1.39			NM			(6	)		4.35			5.20			(16	)
Cash dividends declared	0.38			0.38				0.38		(h)	0.30			0.30			-			27			1.44		(h)	1.20			20
Book value	53.25			52.01				52.48			52.02			51.27			2			4			53.25			51.27			4
Tangible book value (b)	40.81			39.51				39.97			39.54			38.75			3			5			40.81			38.75			5

COMMON SHARES OUTSTANDING
Average: Basic	3,762.1			3,767.0				3,782.4			3,818.2			3,806.7			-			(1	)		3,782.4			3,809.4			(1	)
Diluted	3,797.1			3,767.0				3,814.3			3,847.0			3,820.9			1			(1	)		3,814.9			3,822.2			-
Common shares at period-end	3,756.1			3,759.2				3,769.0			3,789.8			3,804.0			-			(1	)		3,756.1			3,804.0			(1	)
Closing share price (c)	$	58.48		$	51.69			$	52.79		$	47.46		$	43.97		13			33			$	58.48		$	43.97		33
Market capitalization	219,657			194,312				198,966			179,863			167,260			13			31			219,657			167,260			31

FINANCIAL RATIOS (d)
Return on common equity ("ROE")	10		%	(1		)	%	13		%	13		%	11		%							9		%	11		%
Return on tangible common equity ("ROTCE") (b)	14			(2		)		17			17			15									11			15
Return on assets	0.87			(0.06		)		1.09			1.14			0.98									0.75			0.94
Return on risk-weighted assets (e)(f)	1.51		(i)	(0.11		)		1.85			1.88			1.76									1.28		(i)	1.65

CAPITAL RATIOS (f)
Tier 1 capital ratio	11.9		(i)	11.7				11.6			11.6			12.6									11.9		(i)	12.6
Total capital ratio	14.3		(i)	14.3				14.1			14.1			15.3									14.3		(i)	15.3
Tier 1 common capital ratio (g)	10.7		(i)	10.5				10.4			10.2			11.0									10.7		(i)	11.0


(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 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 price shown is from the New York Stock Exchange. The 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 annualized earnings divided by average risk-weighted assets.

(f)

Basel 2.5 rules became effective on January 1, 2013. The implementation of these rules in the first quarter of 2013 resulted in an increase of approximately $150 billion in risk-weighted assets compared with the Basel I rules. The implementation of these rules also resulted in decreases of Tier 1 capital, Total capital and Tier 1 common capital ratios by 140 basis points, 160 basis points and 120 basis points, respectively, at March 31, 2013. For further discussion of Basel 2.5, see Regulatory capital on pages 61-65 of the 3Q13 Form 10-Q.


(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)	On May 21, 2013, the Board of Directors increased the quarterly common stock dividend from $0.30 to $0.38 per share.


(i)	Estimated.

Page 2



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

	QUARTERLY TRENDS																							FULL YEAR
																		4Q13 Change														2013 Change
	4Q13			3Q13				2Q13				1Q13			4Q12			3Q13			4Q12			2013				2012				2012
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	2,415,689		$	2,463,309			$	2,439,494			$	2,389,349		$	2,359,141		(2	)	%	2		%	$	2,415,689			$	2,359,141			2		%
Loans:
Consumer, excluding credit card loans	289,063			288,350				288,096				290,082			292,620			-			(1	)		289,063				292,620				(1	)
Credit card loans	127,791			123,982				124,288				121,865			127,993			3			-			127,791				127,993				-
Wholesale loans	321,564			316,347				313,202				316,939			313,183			2			3			321,564				313,183				3
Total Loans	738,418			728,679				725,586				728,886			733,796			1			1			738,418				733,796				1
Deposits	1,287,765			1,281,102				1,202,950				1,202,507			1,193,593			1			8			1,287,765				1,193,593				8
Long-term debt (a)	267,889			263,372				266,212				268,361			249,024			2			8			267,889				249,024				8
Common stockholders' equity	200,020			195,512				197,781				197,128			195,011			2			3			200,020				195,011				3
Total stockholders' equity	211,178			206,670				209,239				207,086			204,069			2			3			211,178				204,069				3

Loans-to-deposits ratio	57		%	57			%	60			%	61		%	61		%							57			%	61			%

Headcount (b)	251,196			255,041				254,063				255,898			258,753			(2	)		(3	)		251,196				258,753				(3	)

LINE OF BUSINESS NET INCOME/(LOSS) (c)
Consumer & Community Banking	$	2,372		$	2,702			$	3,089			$	2,586		$	1,989		(12	)		19			$	10,749			$	10,551			2
Corporate & Investment Bank	858			2,240				2,838				2,610			2,005			(62	)		(57	)		8,546				8,406				2
Commercial Banking	693			665				621				596			692			4			-			2,575				2,646				(3	)
Asset Management	568			476				500				487			483			19			18			2,031				1,703				19
Corporate/Private Equity	787			(6,463		)		(552		)		250			523			NM			50			(5,978		)		(2,022		)		(196	)
NET INCOME/(LOSS)	$	5,278		$	(380	)		$	6,496			$	6,529		$	5,692		NM			(7	)		$	17,923			$	21,284			(16	)


(a)	Included unsecured long-term debt of $199.4 billion, $199.2 billion, $199.1 billion, $206.1 billion and $200.6 billion for the periods ended December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively.


(b)	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.

(c)

In the second quarter of 2013, the 2012 net income/(loss) data of Consumer & Community Banking ("CCB") and Corporate/Private Equity were revised to reflect the transfer of certain technology and operations, as well as real estate-related functions and staff, from Corporate/Private Equity to CCB, effective January 1, 2013. For further information on this transfer, see CCB on page 10, Consumer & Business Banking on page 12 and Corporate/Private Equity on page 30.

Page 3



JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)

	QUARTERLY TRENDS																							FULL YEAR
																		4Q13 Change												2013 Change
REVENUE	4Q13				3Q13				2Q13			1Q13			4Q12			3Q13			4Q12			2013			2012			2012
Investment banking fees	$	1,685			$	1,507			$	1,717		$	1,445		$	1,727		12		%	(2	)	%	$	6,354		$	5,808		9		%
Principal transactions (a)	(42		)		2,662				3,760			3,761			1,194			NM			NM			10,141			5,536			83
Lending- and deposit-related fees	1,469				1,519				1,489			1,468			1,571			(3	)		(6	)		5,945			6,196			(4	)
Asset management, administration and commissions	3,975				3,667				3,865			3,599			3,679			8			8			15,106			13,868			9
Securities gains	8				26				124			509			102			(69	)		(92	)		667			2,110			(68	)
Mortgage fees and related income	1,089				841				1,823			1,452			2,035			29			(46	)		5,205			8,687			(40	)
Card income	1,582				1,518				1,503			1,419			1,502			4			5			6,022			5,658			6
Other income	2,483				602				226			536			721			312			244			3,847			4,258			(10	)
Noninterest revenue	12,249				12,342				14,507			14,189			12,531			(1	)		(2	)		53,287			52,121			2
Interest income	13,262				13,162				13,145			13,427			13,634			1			(3	)		52,996			56,063			(5	)
Interest expense	2,355				2,387				2,441			2,494			2,512			(1	)		(6	)		9,677			11,153			(13	)
Net interest income	10,907				10,775				10,704			10,933			11,122			1			(2	)		43,319			44,910			(4	)
TOTAL NET REVENUE	23,156				23,117				25,211			25,122			23,653			-			(2	)		96,606			97,031			-

Provision for credit losses	104				(543		)		47			617			656			NM			(84	)		225			3,385			(93	)

NONINTEREST EXPENSE
Compensation expense	7,052				7,325				8,019			8,414			7,042			(4	)		-			30,810			30,585			1
Occupancy expense	941				947				904			901			911			(1	)		3			3,693			3,925			(6	)
Technology, communications and equipment expense	1,376				1,356				1,361			1,332			1,359			1			1			5,425			5,224			4
Professional and outside services	2,109				1,897				1,901			1,734			2,018			11			5			7,641			7,429			3
Marketing	745				588				578			589			648			27			15			2,500			2,577			(3	)
Other expense (b)	3,136				11,373				2,951			2,301			3,678			(72	)		(15	)		19,761			14,032			41
Amortization of intangibles	193				140				152			152			391			38			(51	)		637			957			(33	)
TOTAL NONINTEREST EXPENSE	15,552				23,626				15,866			15,423			16,047			(34	)		(3	)		70,467			64,729			9
Income before income tax expense	7,500				34				9,298			9,082			6,950			NM			8			25,914			28,917			(10	)
Income tax expense	2,222				414				2,802			2,553			1,258			437			77			7,991			7,633			5
NET INCOME/(LOSS)	$	5,278			$	(380	)		$	6,496		$	6,529		$	5,692		NM			(7	)		$	17,923		$	21,284		(16	)

PER COMMON SHARE DATA
Basic earnings	$	1.31			$	(0.17	)		$	1.61		$	1.61		$	1.40		NM			(6	)		$	4.39		$	5.22		(16	)
Diluted earnings	1.30				(0.17		)		1.60			1.59			1.39			NM			(6	)		4.35			5.20			(16	)

FINANCIAL RATIOS
Return on common equity (c)	10			%	(1		)	%	13		%	13		%	11		%							9		%	11		%
Return on tangible common equity (c)(d)	14				(2		)		17			17			15									11			15
Return on assets (c)	0.87				(0.06		)		1.09			1.14			0.98									0.75			0.94
Return on risk-weighted assets (c)(d)(e)	1.51			(f)	(0.11		)		1.85			1.88			1.76									1.28		(f)	1.65
Effective income tax rate	30				NM				30			28			18									31			26
Overhead ratio	67				102				63			61			68									73			67


(a)	Included a $(1.5) billion loss in the fourth quarter of 2013 as a result of implementing a funding valuation adjustment ("FVA") framework for OTC derivatives and structured notes.


(b)	Included Firmwide legal expense of $0.8 billion, $9.3 billion, $0.7 billion, $0.3 billion and $1.2 billion for the three months ended December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively, and $11.1 billion and $5.0 billion for full year 2013 and 2012, respectively.


(c)	Ratios are based upon annualized amounts.


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


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


(f)	Estimated.

Page 4



JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
																Dec 31, 2013
																Change
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Dec 31,
	2013			2013			2013			2013			2012			2013			2012
ASSETS
Cash and due from banks	$	39,771		$	30,664		$	29,214		$	45,524		$	53,723		30		%	(26	)	%
Deposits with banks	316,051			371,445			311,318			257,635			121,814			(15	)		159
Federal funds sold and securities purchased under
resale agreements	248,116			235,916			252,507			218,343			296,296			5			(16	)
Securities borrowed	111,465			122,438			117,158			114,058			119,017			(9	)		(6	)
Trading assets:
Debt and equity instruments	308,905			316,560			327,719			360,382			375,045			(2	)		(18	)
Derivative receivables	65,759			66,788			73,751			70,609			74,983			(2	)		(12	)
Securities	354,003			356,556			354,725			365,744			371,152			(1	)		(5	)
Loans	738,418			728,679			725,586			728,886			733,796			1			1
Less: Allowance for loan losses	16,264			17,571			19,384			20,780			21,936			(7	)		(26	)
Loans, net of allowance for loan losses	722,154			711,108			706,202			708,106			711,860			2			1
Accrued interest and accounts receivable	65,160			66,269			81,562			74,208			60,933			(2	)		7
Premises and equipment	14,891			14,876			14,574			14,541			14,519			-			3
Goodwill	48,081			48,100			48,057			48,067			48,175			-			-
Mortgage servicing rights	9,614			9,490			9,335			7,949			7,614			1			26
Other intangible assets	1,618			1,817			1,951			2,082			2,235			(11	)		(28	)
Other assets	110,101			111,282			111,421			102,101			101,775			(1	)		8
TOTAL ASSETS	$	2,415,689		$	2,463,309		$	2,439,494		$	2,389,349		$	2,359,141		(2	)		2

LIABILITIES
Deposits	$	1,287,765		$	1,281,102		$	1,202,950		$	1,202,507		$	1,193,593		1			8
Federal funds purchased and securities loaned or sold
under repurchase agreements	181,163			218,728			258,962			248,245			240,103			(17	)		(25	)
Commercial paper	57,848			53,741			56,631			58,835			55,367			8			4
Other borrowed funds	27,994			30,436			30,385			27,200			26,636			(8	)		5
Trading liabilities:
Debt and equity instruments	80,430			87,334			84,208			63,737			61,262			(8	)		31
Derivative payables	57,314			60,785			64,385			61,989			70,656			(6	)		(19	)
Accounts payable and other liabilities	194,491			212,283			211,432			193,089			195,240			(8	)		-
Beneficial interests issued by consolidated VIEs	49,617			48,858			55,090			58,300			63,191			2			(21	)
Long-term debt	267,889			263,372			266,212			268,361			249,024			2			8
TOTAL LIABILITIES	2,204,511			2,256,639			2,230,255			2,182,263			2,155,072			(2	)		2

STOCKHOLDERS' EQUITY
Preferred stock	11,158			11,158			11,458			9,958			9,058			-			23
Common stock	4,105			4,105			4,105			4,105			4,105			-			-
Capital surplus	93,828			93,555			93,416			93,161			94,604			-			(1	)
Retained earnings	115,756			112,135			114,216			109,402			104,223			3			11
Accumulated other comprehensive income	1,199			390			136			3,491			4,102			207			(71	)
Shares held in RSU Trust, at cost	(21		)	(21		)	(21		)	(21		)	(21		)	-			-
Treasury stock, at cost	(14,847		)	(14,652		)	(14,071		)	(13,010		)	(12,002		)	(1	)		(24	)
TOTAL STOCKHOLDERS' EQUITY	211,178			206,670			209,239			207,086			204,069			2			3
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,415,689		$	2,463,309		$	2,439,494		$	2,389,349		$	2,359,141		(2	)		2

Page 5



JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																										FULL YEAR
																					4Q13 Change													2013 Change
AVERAGE BALANCES	4Q13				3Q13				2Q13				1Q13				4Q12				3Q13			4Q12			2013				2012			2012
ASSETS
Deposits with banks	$	329,322			$	321,271			$	265,821			$	156,988			$	124,832			3		%	164		%	$	268,968			$	118,463		127		%
Federal funds sold and securities purchased under
resale agreements	233,149				229,730				231,972				231,421				252,529				1			(8	)		231,567				239,703			(3	)
Securities borrowed	117,730				119,950				115,194				120,337				128,329				(2	)		(8	)		118,300				131,446			(10	)
Trading assets - debt instruments	208,032				212,228				240,952				250,502				244,346				(2	)		(15	)		227,769				234,224			(3	)
Securities	348,223				351,648				359,108				368,673				365,883				(1	)		(5	)		356,843				363,230			(2	)
Loans	729,621				723,538				727,499				725,124				725,610				1			1			726,450				722,384			1
Other assets (a)	39,384				39,048				39,920				43,039				33,004				1			19			40,334				32,967			22
Total interest-earning assets	2,005,461				1,997,413				1,980,466				1,896,084				1,874,533				-			7			1,970,231				1,842,417			7
Trading assets - equity instruments	111,051				103,347				116,333				120,192				119,598				7			(7	)		112,680				115,113			(2	)
Trading assets - derivative receivables	68,709				71,657				75,310				74,918				77,974				(4	)		(12	)		72,629				85,744			(15	)
All other noninterest-earning assets	222,380				217,352				227,861				230,836				238,684				2			(7	)		224,564				228,707			(2	)
TOTAL ASSETS	$	2,407,601			$	2,389,769			$	2,399,970			$	2,322,030			$	2,310,789			1			4			$	2,380,104			$	2,271,981		5
LIABILITIES
Interest-bearing deposits	$	860,067			$	832,192			$	810,096			$	787,870			$	758,645			3			13			$	822,781			$	751,098		10
Federal funds purchased and securities loaned or
sold under repurchase agreements	207,747				231,938				264,240				250,827				260,415				(10	)		(20	)		238,551				248,561			(4	)
Commercial paper	54,098				53,287				54,391				53,084				53,401				2			1			53,717				50,780			6
Trading liabilities - debt, short-term and other liabilities (b)	211,414				213,261				201,668				184,824				181,089				(1	)		17			202,894				193,459			5
Beneficial interests issued by consolidated VIEs	49,866				52,522				56,742				60,341				58,973				(5	)		(15	)		54,832				60,234			(9	)
Long-term debt	265,676				265,396				270,796				254,326				245,343				-			8			264,083				245,662			7
Total interest-bearing liabilities	1,648,868				1,648,596				1,657,933				1,591,272				1,557,866				-			6			1,636,858				1,549,794			6
Noninterest-bearing deposits	381,242				364,495				363,537				355,913				374,893				5			2			366,361				354,785			3
Trading liabilities - equity instruments	15,209				14,696				13,737				13,203				14,264				3			7			14,218				14,172			-
Trading liabilities - derivative payables	60,011				63,378				66,246				68,683				72,049				(5	)		(17	)		64,553				76,162			(15	)
All other noninterest-bearing liabilities	94,753				89,419				90,139				88,618				90,684				6			4			90,745				84,480			7
TOTAL LIABILITIES	2,200,083				2,180,584				2,191,592				2,117,689				2,109,756				1			4			2,172,735				2,079,393			4
Preferred stock	11,158				11,953				11,095				9,608				9,058				(7	)		23			10,960				8,236			33
Common stockholders' equity	196,360				197,232				197,283				194,733				191,975				-			2			196,409				184,352			7
TOTAL STOCKHOLDERS' EQUITY	207,518				209,185				208,378				204,341				201,033				(1	)		3			207,369				192,588			8
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,407,601			$	2,389,769			$	2,399,970			$	2,322,030			$	2,310,789			1			4			$	2,380,104			$	2,271,981		5

AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks	0.32			%	0.33			%	0.34			%	0.42			%	0.43			%							0.34			%	0.47		%
Federal funds sold and securities purchased under
resale agreements	0.77				0.84				0.85				0.90				0.91										0.84				1.02
Securities borrowed (d)	(0.19		)		(0.12		)		(0.11		)		(0.02		)		(0.03		)								(0.11		)		—
Trading assets - debt instruments	3.78				3.78				3.69				3.72				3.81										3.74				3.96
Securities	2.61				2.40				2.10				2.19				2.04										2.32				2.29
Loans	4.54				4.57				4.62				4.78				4.83										4.63				4.98
Other assets (a)(e)	1.62				1.54				1.48				0.75				1.01										1.33				0.79
Total interest-earning assets	2.66				2.65				2.70				2.91				2.93										2.73				3.08

INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.22				0.25				0.27				0.28				0.30										0.25				0.35
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.28				0.19				0.24				0.27				0.22										0.24				0.22
Commercial paper	0.21				0.21				0.21				0.20				0.19										0.21				0.18
Trading liabilities - debt, short-term and other liabilities (b)(d)	0.74				0.72				0.65				0.72				0.63										0.70				0.60
Beneficial interests issued by consolidated VIEs	0.84				0.85				0.89				0.90				0.98										0.87				1.08
Long-term debt	1.81				1.85				1.87				2.06				2.17										1.90				2.47
Total interest-bearing liabilities	0.57				0.57				0.59				0.64				0.64										0.59				0.72

INTEREST RATE SPREAD	2.09			%	2.08			%	2.11			%	2.27			%	2.29			%							2.14			%	2.36		%
NET YIELD ON INTEREST-EARNING ASSETS	2.20			%	2.18			%	2.20			%	2.37			%	2.40			%							2.23			%	2.48		%


(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 is 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.


(e)	Effective April 1, 2013, the net results previously recorded in net interest income for hedges of investments in non-U.S. subsidiaries have been reclassified to other income. The effect of this reclassification on the total interest-earning assets rate and net yield on interest-earning assets was not material; and therefore, prior period amounts have not been revised.

Page 6

JPMORGAN CHASE & CO.

CORE NET INTEREST INCOME

(in millions, except rates)

In addition to reviewing 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 the Annual Report on Form 10-K for the year ended December 31, 2012 (the "2012 Annual Report").



	QUARTERLY TRENDS																					FULL YEAR
																4Q13 Change												2013 Change
	4Q13			3Q13			2Q13			1Q13			4Q12			3Q13			4Q12			2013			2012			2012
CORE NET INTEREST INCOME DATA (a)
Net interest income - managed basis (b)(c)	$	11,096		$	10,956		$	10,869		$	11,095		$	11,299		1		%	(2	)	%	$	44,016		$	45,653		(4	)	%
Less: Market-based net interest income	1,093			1,109			1,345			1,432			1,487			(1	)		(26	)		4,979			5,787			(14	)
Core net interest income (b)	$	10,003		$	9,847		$	9,524		$	9,663		$	9,812		2			2			$	39,037		$	39,866		(2	)

Average interest-earning assets	$	2,005,461		$	1,997,413		$	1,980,466		$	1,896,084		$	1,874,533		-			7			$	1,970,231		$	1,842,417		7
Less: Average market-based earning assets	501,716			493,780			512,631			508,941			503,825			2			-			504,218			499,339			1
Core average interest-earning assets	$	1,503,745		$	1,503,633		$	1,467,835		$	1,387,143		$	1,370,708		-			10			$	1,466,013		$	1,343,078		9

Net interest yield on interest-earning assets -
managed basis	2.20		%	2.18		%	2.20		%	2.37		%	2.40		%							2.23		%	2.48		%
Net interest yield on market-based activities	0.86			0.89			1.05			1.14			1.17									0.99			1.16
Core net interest yield on core average interest-earning assets	2.64			2.60			2.60			2.83			2.85									2.66			2.97


(a)	Includes core lending, investing and deposit-raising activities on a managed basis across each of the business segments and Corporate/Private Equity; excludes the market-based activities within the CIB.


(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 reported U.S. GAAP results to managed basis.



	QUARTERLY TRENDS																						FULL YEAR
																	4Q13 Change												2013 Change
	4Q13			3Q13				2Q13			1Q13			4Q12			3Q13			4Q12			2013			2012			2012
OTHER INCOME
Other income - reported	$	2,483		$	602			$	226		$	536		$	721		312		%	244		%	$	3,847		$	4,258		(10	)	%
Fully taxable-equivalent adjustments (a)	767			582				582			564			548			32			40			2,495			2,116			18
Other income - managed	$	3,250		$	1,184			$	808		$	1,100		$	1,269		174			156			$	6,342		$	6,374		(1	)

TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	12,249		$	12,342			$	14,507		$	14,189		$	12,531		(1	)		(2	)		$	53,287		$	52,121		2
Fully taxable-equivalent adjustments (a)	767			582				582			564			548			32			40			2,495			2,116			18
Total noninterest revenue - managed	$	13,016		$	12,924			$	15,089		$	14,753		$	13,079		1			-			$	55,782		$	54,237		3

NET INTEREST INCOME
Net interest income - reported	$	10,907		$	10,775			$	10,704		$	10,933		$	11,122		1			(2	)		$	43,319		$	44,910		(4	)
Fully taxable-equivalent adjustments (a)	189			181				165			162			177			4			7			697			743			(6	)
Net interest income - managed	$	11,096		$	10,956			$	10,869		$	11,095		$	11,299		1			(2	)		$	44,016		$	45,653		(4	)

TOTAL NET REVENUE
Total net revenue - reported	$	23,156		$	23,117			$	25,211		$	25,122		$	23,653		-			(2	)		$	96,606		$	97,031		-
Fully taxable-equivalent adjustments (a)	956			763				747			726			725			25			32			3,192			2,859			12
Total net revenue - managed	$	24,112		$	23,880			$	25,958		$	25,848		$	24,378		1			(1	)		$	99,798		$	99,890		-

PRE-PROVISION PROFIT/(LOSS)
Pre-provision profit - reported	$	7,604		$	(509	)		$	9,345		$	9,699		$	7,606		NM			-			$	26,139		$	32,302		(19	)
Fully taxable-equivalent adjustments (a)	956			763				747			726			725			25			32			3,192			2,859			12
Pre-provision profit - managed	$	8,560		$	254			$	10,092		$	10,425		$	8,331		NM			3			$	29,331		$	35,161		(17	)

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	7,500		$	34			$	9,298		$	9,082		$	6,950		NM			8			$	25,914		$	28,917		(10	)
Fully taxable-equivalent adjustments (a)	956			763				747			726			725			25			32			3,192			2,859			12
Income before income tax expense - managed	$	8,456		$	797			$	10,045		$	9,808		$	7,675		NM			10			$	29,106		$	31,776		(8	)

INCOME TAX EXPENSE
Income tax expense - reported	$	2,222		$	414			$	2,802		$	2,553		$	1,258		437			77			$	7,991		$	7,633		5
Fully taxable-equivalent adjustments (a)	956			763				747			726			725			25			32			3,192			2,859			12
Income tax expense - managed	$	3,178		$	1,177			$	3,549		$	3,279		$	1,983		170			60			$	11,183		$	10,492		7

OVERHEAD RATIO
Overhead ratio - reported	67		%	102			%	63		%	61		%	68		%							73		%	67		%
Overhead ratio - managed	64			99				61			60			66									71			65


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

Page 8



JPMORGAN CHASE & CO.
LINE OF BUSINESS FINANCIAL HIGHLIGHTS - MANAGED BASIS
(in millions)


	QUARTERLY TRENDS																					FULL YEAR
																4Q13 Change												2013 Change
	4Q13			3Q13			2Q13			1Q13			4Q12			3Q13			4Q12			2013			2012			2012
TOTAL NET REVENUE (fully taxable-equivalent ("FTE")) (a)
Consumer & Community Banking	$	11,314		$	11,082		$	12,015		$	11,615		$	12,362		2		%	(8	)	%	$	46,026		$	49,884		(8	)	%
Corporate & Investment Bank	6,020			8,189			9,876			10,140			7,642			(26	)		(21	)		34,225			34,326			-
Commercial Banking	1,847			1,725			1,728			1,673			1,745			7			6			6,973			6,825			2
Asset Management	3,179			2,763			2,725			2,653			2,753			15			15			11,320			9,946			14
Corporate/Private Equity	1,752			121			(386		)	(233		)	(124		)	NM			NM			1,254			(1,091		)	NM
TOTAL NET REVENUE	$	24,112		$	23,880		$	25,958		$	25,848		$	24,378		1			(1	)		$	99,798		$	99,890		-

TOTAL NONINTEREST EXPENSE (a)
Consumer & Community Banking	$	7,321		$	6,867		$	6,864		$	6,790		$	7,989		7			(8	)		$	27,842		$	28,827		(3	)
Corporate & Investment Bank	4,892			4,999			5,742			6,111			4,996			(2	)		(2	)		21,744			21,850			-
Commercial Banking	653			661			652			644			599			(1	)		9			2,610			2,389			9
Asset Management	2,245			2,003			1,892			1,876			1,943			12			16			8,016			7,104			13
Corporate/Private Equity	441			9,096			716			2			520			(95	)		(15	)		10,255			4,559			125
TOTAL NONINTEREST EXPENSE	$	15,552		$	23,626		$	15,866		$	15,423		$	16,047		(34	)		(3	)		$	70,467		$	64,729		9

PRE-PROVISION PROFIT/(LOSS) (a)
Consumer & Community Banking	$	3,993		$	4,215		$	5,151		$	4,825		$	4,373		(5	)		(9	)		$	18,184		$	21,057		(14	)
Corporate & Investment Bank	1,128			3,190			4,134			4,029			2,646			(65	)		(57	)		12,481			12,476			-
Commercial Banking	1,194			1,064			1,076			1,029			1,146			12			4			4,363			4,436			(2	)
Asset Management	934			760			833			777			810			23			15			3,304			2,842			16
Corporate/Private Equity	1,311			(8,975		)	(1,102		)	(235		)	(644		)	NM			NM			(9,001		)	(5,650		)	(59	)
PRE-PROVISION PROFIT	$	8,560		$	254		$	10,092		$	10,425		$	8,331		NM			3			$	29,331		$	35,161		(17	)

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	72		$	(267	)	$	(19	)	$	549		$	1,091		NM			(93	)		$	335		$	3,774		(91	)
Corporate & Investment Bank	(19		)	(218		)	(6		)	11			(445		)	91			96			(232		)	(479		)	52
Commercial Banking	43			(41		)	44			39			(3		)	NM			NM			85			41			107
Asset Management	21			—			23			21			19			NM			11			65			86			(24	)
Corporate/Private Equity	(13		)	(17		)	5			(3		)	(6		)	24			(117	)		(28		)	(37		)	24
PROVISION FOR CREDIT LOSSES	$	104		$	(543	)	$	47		$	617		$	656		NM			(84	)		$	225		$	3,385		(93	)

NET INCOME/(LOSS) (a)
Consumer & Community Banking	$	2,372		$	2,702		$	3,089		$	2,586		$	1,989		(12	)		19			$	10,749		$	10,551		2
Corporate & Investment Bank	858			2,240			2,838			2,610			2,005			(62	)		(57	)		8,546			8,406			2
Commercial Banking	693			665			621			596			692			4			-			2,575			2,646			(3	)
Asset Management	568			476			500			487			483			19			18			2,031			1,703			19
Corporate/Private Equity	787			(6,463		)	(552		)	250			523			NM			50			(5,978		)	(2,022		)	(196	)
TOTAL NET INCOME/(LOSS)	$	5,278		$	(380	)	$	6,496		$	6,529		$	5,692		NM			(7	)		$	17,923		$	21,284		(16	)


(a)	In the second quarter of 2013, the 2012 data for certain income statement line items were revised to reflect the transfer of certain functions and staff from Corporate/Private Equity to CCB, effective January 1, 2013. For further information on this transfer, see CCB on page 10, Consumer & Business Banking on page 12 and Corporate/Private Equity on page 30.

Page 9



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


	QUARTERLY TRENDS																							FULL YEAR
																		4Q13 Change												2013 Change
	4Q13			3Q13				2Q13				1Q13			4Q12			3Q13			4Q12			2013			2012			2012
INCOME STATEMENT (a)
REVENUE
Lending- and deposit-related fees	$	753		$	780			$	727			$	723		$	789		(3	)	%	(5	)	%	$	2,983		$	3,121		(4	)	%
Asset management, administration and commissions	507			515				561				533			495			(2	)		2			2,116			2,093			1
Mortgage fees and related income	1,087			839				1,819				1,450			2,031			30			(46	)		5,195			8,680			(40	)
Card income	1,518			1,460				1,445				1,362			1,448			4			5			5,785			5,446			6
All other income	399			367				369				338			350			9			14			1,473			1,473			-
Noninterest revenue	4,264			3,961				4,921				4,406			5,113			8			(17	)		17,552			20,813			(16	)
Net interest income	7,050			7,121				7,094				7,209			7,249			(1	)		(3	)		28,474			29,071			(2	)
TOTAL NET REVENUE	11,314			11,082				12,015				11,615			12,362			2			(8	)		46,026			49,884			(8	)

Provision for credit losses	72			(267		)		(19		)		549			1,091			NM			(93	)		335			3,774			(91	)

NONINTEREST EXPENSE
Compensation expense	2,765			2,949				2,966				3,006			2,852			(6	)		(3	)		11,686			11,632			-
Noncompensation expense	4,458			3,817				3,789				3,676			4,790			17			(7	)		15,740			16,420			(4	)
Amortization of intangibles	98			101				109				108			347			(3	)		(72	)		416			775			(46	)
TOTAL NONINTEREST EXPENSE	7,321			6,867				6,864				6,790			7,989			7			(8	)		27,842			28,827			(3	)

Income before income tax expense	3,921			4,482				5,170				4,276			3,282			(13	)		19			17,849			17,283			3
Income tax expense	1,549			1,780				2,081				1,690			1,293			(13	)		20			7,100			6,732			5
NET INCOME	$	2,372		$	2,702			$	3,089			$	2,586		$	1,989		(12	)		19			$	10,749		$	10,551		2

FINANCIAL RATIOS
ROE	20		%	23			%	27			%	23		%	18		%							23		%	25		%
Overhead ratio	65			62				57				58			65									60			58

SELECTED BALANCE SHEET DATA (period-end) (a)
Total assets	$	452,929		$	451,166			$	460,642			$	458,902		$	467,282		-			(3	)		$	452,929		$	467,282		(3	)
Loans:
Loans retained	393,351			390,345				392,067				393,575			402,963			1			(2	)		393,351			402,963			(2	)
Loans held-for-sale and loans at fair value (b)	7,772			10,758				15,274				16,277			18,801			(28	)		(59	)		7,772			18,801			(59	)
Total loans	401,123			401,103				407,341				409,852			421,764			-			(5	)		401,123			421,764			(5	)
Deposits	464,412			458,867				456,814				457,176			438,517			1			6			464,412			438,517			6
Equity	46,000			46,000				46,000				46,000			43,000			-			7			46,000			43,000			7

SELECTED BALANCE SHEET DATA (average) (a)
Total assets	$	450,987		$	453,881			$	457,644			$	463,527		$	462,690		(1	)		(3	)		$	456,468		$	467,641		(2	)
Loans:
Loans retained	390,368			390,865				392,935				397,118			400,798			-			(3	)		392,797			408,559			(4	)
Loans held-for-sale and loans at fair value (b)	9,882			14,127				18,199				21,181			19,104			(30	)		(48	)		15,812			18,006			(12	)
Total loans	400,250			404,992				411,134				418,299			419,902			(1	)		(5	)		408,609			426,565			(4	)
Deposits	461,097			456,940				453,586				441,335			426,038			1			8			453,304			413,948			10
Equity	46,000			46,000				46,000				46,000			43,000			-			7			46,000			43,000			7

Headcount (a)	151,333			156,064				157,886				161,123			164,391			(3	)		(8	)		151,333			164,391			(8	)

(a)

In the second quarter of 2013, the 2012 data for certain income statement (predominantly net interest income, compensation and noncompensation expense) and balance sheet (predominantly total assets) line items, as well as headcount were revised to reflect the transfer of certain technology and operations, as well as real estate-related functions and staff, from Corporate/Private Equity to CCB, effective January 1, 2013.


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

Page 10



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																					FULL YEAR
																4Q13 Change												2013 Change
	4Q13			3Q13			2Q13			1Q13			4Q12			3Q13			4Q12			2013			2012			2012
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs (a)	$	1,316		$	1,330		$	1,481		$	1,699		$	1,791		(1	)	%	(27	)	%	$	5,826		$	9,280	(g)	(37	)	%
Nonaccrual loans:
Nonaccrual loans retained	7,455			8,029			8,540			8,996			9,114			(7	)		(18	)		7,455			9,114			(18	)
Nonaccrual loans held-for-sale and loans
at fair value	40			40			41			42			39			-			3			40			39			3
Total nonaccrual loans (b)(c)(d)	7,495			8,069			8,581			9,038			9,153			(7	)		(18	)		7,495			9,153			(18	)
Nonperforming assets (b)(c)(d)	8,149			8,713			9,212			9,708			9,830			(6	)		(17	)		8,149			9,830			(17	)
Allowance for loan losses (a)	12,201			13,500			15,095			16,599			17,752			(10	)		(31	)		12,201			17,752			(31	)

Net charge-off rate (a)(e)	1.34		%	1.35		%	1.51		%	1.74		%	1.78		%							1.48		%	2.27		%(g)
Net charge-off rate, excluding purchased credit-impaired
("PCI") loans (e)	1.55			1.57			1.77			2.04			2.09									1.73			2.68		(g)
Allowance for loan losses to period-end loans retained	3.10			3.46			3.85			4.22			4.41									3.10			4.41
Allowance for loan losses to period-end loans retained,
excluding PCI loans (f)	2.36			2.54			2.80			3.25			3.51									2.36			3.51
Allowance for loan losses to nonaccrual loans
retained, excluding credit card (b)(f)	57			55			58			65			72									57			72
Nonaccrual loans to total period-end loans, excluding
credit card	2.74			2.91			3.03			3.14			3.12									2.74			3.12
Nonaccrual loans to total period-end loans, excluding
credit card and PCI loans (b)	3.40			3.63			3.79			3.94			3.91									3.40			3.91

BUSINESS METRICS
Number of:
Branches	5,630			5,652			5,657			5,632			5,614			-			-			5,630			5,614			-
ATMs	19,211			19,171			19,075			18,830			18,699			-			3			19,211			18,699			3
Active online customers (in thousands)	33,742			32,916			32,245			32,281			31,114			3			8			33,742			31,114			8
Active mobile customers (in thousands)	15,629			14,993			14,013			13,263			12,359			4			26			15,629			12,359			26


(a)	Net charge-offs and the net charge-off rates for the three months ended December 31, 2013 and full year 2013 excluded $53 million of write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans.


(b)	Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as they are all performing.


(c)	Certain mortgage loans originated with the intent to sell are classified as trading assets on the Consolidated Balance Sheets and Condensed Average Balance Sheets.

(d)


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


(f)	The allowance for loan losses for PCI loans was $4.2 billion at December 31, 2013, $5.0 billion at September 30, 2013,and $5.7 billion at June 30, 2013, March 31, 2013 and December 31, 2012; these amounts were also excluded from the applicable ratios.

(g)

Net charge-offs and the net charge-off rate for full year 2012 included $800 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 full year 2012 would have been $8.5 billion, and excluding these charge-offs and PCI loans for the same period, the net charge-off rate would have been 2.45%. For further information, see Consumer Credit Portfolio on pages 140-142 of the 2012 Annual Report.

Page 11



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																					FULL YEAR
																4Q13 Change												2013 Change
	4Q13			3Q13			2Q13			1Q13			4Q12			3Q13			4Q12			2013			2012			2012
CONSUMER & BUSINESS BANKING (a)
Lending- and deposit-related fees	$	744		$	770		$	717		$	711		$	771		(3	)	%	(4	)	%	$	2,942		$	3,068		(4	)	%
Asset management, administration and commissions	470			465			454			426			404			1			16			1,815			1,638			11
Card income	384			384			378			349			351			-			9			1,495			1,353			10
All other income	122			127			124			119			123			(4	)		(1	)		492			498			(1	)
Noninterest revenue	1,720			1,746			1,673			1,605			1,649			(1	)		4			6,744			6,557			3
Net interest income	2,696			2,684			2,614			2,572			2,615			-			3			10,566			10,594			-
Total net revenue	4,416			4,430			4,287			4,177			4,264			-			4			17,310			17,151			1
Provision for credit losses	108			104			74			61			110			4			(2	)		347			311			12
Noninterest expense	3,029			3,050			3,042			3,041			2,947			(1	)		3			12,162			11,490			6
Income before income tax expense	1,279			1,276			1,171			1,075			1,207			-			6			4,801			5,350			(10	)
Net income	$	780		$	762		$	698		$	641		$	731		2			7			$	2,881		$	3,203		(10	)

ROE	28		%	27		%	25		%	24		%	32		%							26		%	36		%
Overhead ratio	69			69			71			73			69									70			67
Overhead ratio, excluding core deposit intangibles (b)	68			68			70			72			68									69			66
Equity (period-end and average)	$	11,000		$	11,000		$	11,000		$	11,000		$	9,000		-			22			$	11,000		$	9,000		22

BUSINESS METRICS
Business banking origination volume	$	1,298		$	1,299		$	1,317		$	1,234		$	1,530		-			(15	)		$	5,148		$	6,542		(21	)
Period-end loans	19,416			19,029			18,950			18,739			18,883			2			3			19,416			18,883			3
Period-end deposits: (a)
Checking	187,182			180,858			179,801			180,326			170,354			3			10			187,182			170,354			10
Savings	238,223			234,315			228,879			227,162			216,422			2			10			238,223			216,422			10
Time and other	26,022			28,277			29,255			30,431			31,753			(8	)		(18	)		26,022			31,753			(18	)
Total period-end deposits	451,427			443,450			437,935			437,919			418,529			2			8			451,427			418,529			8
Average loans	19,021			18,884			18,758			18,711			18,525			1			3			18,844			18,104			4
Average deposits: (a)
Checking	182,272			177,392			175,496			168,697			160,332			3			14			176,005			153,422			15
Savings	236,343			231,982			227,453			221,394			211,515			2			12			229,341			204,449			12
Time and other	27,354			28,728			29,840			31,029			32,232			(5	)		(15	)		29,227			34,224			(15	)
Total average deposits	445,969			438,102			432,789			421,120			404,079			2			10			434,573			392,095			11
Deposit margin	2.29		%	2.32		%	2.31		%	2.36		%	2.44		%							2.32		%	2.57		%
Average assets (a)	$	37,818		$	37,308		$	37,250		$	36,302		$	35,530		1			6			$	37,174		$	34,431		8

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	102		$	100		$	74		$	61		$	110		2			(7	)		$	337		$	411		(18	)
Net charge-off rate	2.13		%	2.10		%	1.58		%	1.32		%	2.36		%							1.79		%	2.27		%
Allowance for loan losses	$	707		$	701		$	697		$	698		$	698		1			1			$	707		$	698		1
Nonperforming assets	391			419			461			465			488			(7	)		(20	)		391			488			(20	)

RETAIL BRANCH BUSINESS METRICS
Investment sales volume	$	8,195		$	8,172		$	9,463		$	9,220		$	6,987		-			17			$	35,050		$	26,036		35
Client investment assets	188,840			178,989			171,925			168,527			158,502			6			19			188,840			158,502			19
% managed accounts	36		%	34		%	33		%	31		%	29		%							36		%	29		%
Number of:
Chase Private Client locations	2,149			1,948			1,691			1,392			1,218			10			76			2,149			1,218			76
Personal bankers	23,588			22,961			22,825			23,130			23,674			3			-			23,588			23,674			-
Sales specialists	5,740			6,269			6,326			6,102			6,076			(8	)		(6	)		5,740			6,076			(6	)
Client advisors	3,044			3,028			3,024			2,998			2,963			1			3			3,044			2,963			3
Chase Private Clients	215,888			192,358			165,331			134,206			105,700			12			104			215,888			105,700			104
Accounts (in thousands) (c)	29,437			29,301			28,937			28,530			28,073			-			5			29,437			28,073			5


(a)	In the second quarter of 2013, the 2012 data for certain income statement and balance sheet line items were revised to reflect the transfer of certain functions and staff, as well as headcount, from Corporate/Private Equity to CCB, effective January 1, 2013. For further information on this transfer, see CCB on page 10.

(b)

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 $40 million, $41 million, $41 million, $41 million and $48 million for the three months ended December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively, and $163 million and $200 million for full year 2013 and 2012, respectively.


(c)	Includes checking accounts and Chase Liquid^SM cards.

Page 12



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																										FULL YEAR
																					4Q13 Change														2013 Change
	4Q13				3Q13				2Q13				1Q13				4Q12				3Q13			4Q12			2013				2012				2012
MORTGAGE BANKING
Mortgage fees and related income	$	1,087			$	839			$	1,819			$	1,450			$	2,031			30		%	(46	)	%	$	5,195			$	8,680			(40	)	%
All other income	51				38				101				93				109				34			(53	)		283				475				(40	)
Noninterest revenue	1,138				877				1,920				1,543				2,140				30			(47	)		5,478				9,155				(40	)
Net interest income	1,092				1,143				1,138				1,175				1,150				(4	)		(5	)		4,548				4,808				(5	)
Total net revenue	2,230				2,020				3,058				2,718				3,290				10			(32	)		10,026				13,963				(28	)
Provision for credit losses	(782		)		(1,044		)		(657		)		(198		)		(269		)		25			(191	)		(2,681		)		(490		)		(447	)
Noninterest expense	2,062				1,900				1,834				1,806				2,871				9			(28	)		7,602				9,121				(17	)
Income before income tax expense	950				1,164				1,881				1,110				688				(18	)		38			5,105				5,332				(4	)
Net income	$	562			$	705			$	1,142			$	673			$	418			(20	)		34			$	3,082			$	3,341			(8	)

ROE	11			%	14			%	23			%	14			%	10			%							16			%	19			%
Overhead ratio	92				94				60				66				87										76				65
Equity (period-end and average)	$	19,500			$	19,500			$	19,500			$	19,500			$	17,500			-			11			$	19,500			$	17,500			11

FUNCTIONAL RESULTS
Mortgage Production
Production revenue	$	303			$	311			$	1,064			$	995			$	1,407			(3	)		(78	)		$	2,673			$	5,783			(54	)
Production-related net interest & other income	191				273				222				223				205				(30	)		(7	)		909				787				16
Production-related revenue, excluding repurchase (losses)/
benefits	494				584				1,286				1,218				1,612				(15	)		(69	)		3,582				6,570				(45	)
Production expense (a)	989				669				720				710				876				48			13			3,088				2,747				12
Income, excluding repurchase (losses)/benefits	(495		)		(85		)		566				508				736				(482	)		NM			494				3,823				(87	)
Repurchase (losses)/benefits	221				175				16				(81		)		53				26			317			331				(272		)		NM
Income/(loss) before income tax expense/(benefit)	(274		)		90				582				427				789				NM			NM			825				3,551				(77	)

Mortgage Servicing
Loan servicing revenue	$	854			$	817			$	945			$	936			$	783			5			9			$	3,552			$	3,772			(6	)
Servicing-related net interest & other income	102				99				110				100				89				3			15			411				407				1
Servicing-related revenue	956				916				1,055				1,036				872				4			10			3,963				4,179				(5	)
Changes in MSR asset fair value due to collection/realization
of expected cash flows	(267		)		(284		)		(285		)		(258		)		(254		)		6			(5	)		(1,094		)		(1,222		)		10
Default servicing expense	474				623				475				497				1,293				(24	)		(63	)		2,069				3,707				(44	)
Core servicing expense	189				235				240				240				280				(20	)		(33	)		904				1,033				(12	)
Income/(loss), excluding MSR risk management	26				(226		)		55				41				(955		)		NM			NM			(104		)		(1,783		)		94
MSR risk management, including related net interest
income/(expense)	(24		)		(180		)		78				(142		)		42				87			NM			(268		)		616				NM
Income/(loss) before income tax expense/(benefit)	2				(406		)		133				(101		)		(913		)		NM			NM			(372		)		(1,167		)		68

Real Estate Portfolios
Noninterest revenue	$	(45	)		$	(113	)		$	(34	)		$	(17	)		$	13			60			NM			$	(209	)		$	43			NM
Net interest income	895				922				942				962				952				(3	)		(6	)		3,721				4,049				(8	)
Total net revenue	850				809				908				945				965				5			(12	)		3,512				4,092				(14	)
Provision for credit losses	(783		)		(1,046		)		(662		)		(202		)		(283		)		25			(177	)		(2,693		)		(509		)		(429	)
Noninterest expense	411				375				404				363				436				10			(6	)		1,553				1,653				(6	)
Income before income tax expense	1,222				1,480				1,166				784				812				(17	)		50			4,652				2,948				58
Mortgage Banking income before income tax
expense	$	950			$	1,164			$	1,881			$	1,110			$	688			(18	)		38			$	5,105			$	5,332			(4	)
Mortgage Banking net income	$	562			$	705			$	1,142			$	673			$	418			(20	)		34			$	3,082			$	3,341			(8	)

Overhead ratios
Mortgage Production	138			%	88			%	55			%	62			%	52			%							79			%	43			%
Mortgage Servicing	100				190				84				116				238										114				133
Real Estate Portfolios	48				46				44				38				45										44				40


(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																										FULL YEAR
																					4Q13 Change														2013 Change
	4Q13				3Q13				2Q13				1Q13				4Q12				3Q13			4Q12			2013				2012				2012
MORTGAGE BANKING (continued)
SUPPLEMENTAL MORTGAGE FEES AND RELATED
INCOME DETAILS
Net production revenue:
Production revenue	$	303			$	311			$	1,064			$	995			$	1,407			(3	)	%	(78	)	%	$	2,673			$	5,783			(54	)	%
Repurchase (losses)/benefits	221				175				16				(81		)		53				26			317			331				(272		)		NM
Net production revenue	524				486				1,080				914				1,460				8			(64	)		3,004				5,511				(45	)
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue	854				817				945				936				783				5			9			3,552				3,772				(6	)
Changes in MSR asset fair value due to collection/
realization of expected cash flows	(267		)		(284		)		(285		)		(258		)		(254		)		6			(5	)		(1,094		)		(1,222		)		10
Total operating revenue	587				533				660				678				529				10			11			2,458				2,550				(4	)
Risk management:
Changes in MSR asset fair value due to market interest
rates and other (a)	421				80				1,072				546				285				426			48			2,119				(587		)		NM
Other changes in MSR asset fair value due to other inputs
and assumptions in model (b)	(65		)		(173		)		(36		)		(237		)		(69		)		62			6			(511		)		(46		)		NM
Changes in derivative fair value and other	(380		)		(87		)		(957		)		(451		)		(174		)		(337	)		(118	)		(1,875		)		1,252				NM
Total risk management	(24		)		(180		)		79				(142		)		42				87			NM			(267		)		619				NM
Total net mortgage servicing revenue	563				353				739				536				571				59			(1	)		2,191				3,169				(31	)
Mortgage fees and related income	$	1,087			$	839			$	1,819			$	1,450			$	2,031			30			(46	)		$	5,195			$	8,680			(40	)

MORTGAGE PRODUCTION AND MORTGAGE SERVICING
SELECTED BALANCE SHEET DATA
Period-end loans:
Prime mortgage, including option ARMs (c)	$	15,136			$	15,571			$	15,567			$	17,257			$	17,290			(3	)		(12	)		$	15,136			$	17,290			(12	)
Loans held-for-sale and loans at fair value (d)	7,446				10,447				15,274				16,277				18,801				(29	)		(60	)		7,446				18,801				(60	)
Average loans:
Prime mortgage, including option ARMs (c)	15,641				15,878				16,933				17,554				17,243				(1	)		(9	)		16,495				17,335				(5	)
Loans held-for-sale and loans at fair value (d)	9,571				14,060				18,199				21,181				19,076				(32	)		(50	)		15,717				17,573				(11	)
Average assets	49,742				54,870				59,880				64,218				60,179				(9	)		(17	)		57,131				59,837				(5	)
Repurchase liability (period-end) (e)	651				1,945				2,245				2,430				2,530				(67	)		(74	)		651				2,530				(74	)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs:
Prime mortgage, including option ARMs	$	1			$	2			$	5			$	4			$	14			(50	)		(93	)		$	12			$	19			(37	)
Net charge-off rate:
Prime mortgage, including option ARMs	0.03			%	0.05			%	0.12			%	0.09			%	0.32			%							0.07			%	0.11			%
30+ day delinquency rate (f)	2.75				3.16				3.46				3.04				3.05										2.75				3.05
Nonperforming assets (g)	$	559			$	670			$	707			$	643			$	638			(17	)		(12	)		$	559			$	638			(12	)
BUSINESS METRICS (in billions)
Mortgage origination volume by channel
Retail	$	9.8			$	17.7			$	23.3			$	26.2			$	26.4			(45	)		(63	)		$	77.0			$	101.4			(24	)
Wholesale (h)	—				—				0.1				0.1				0.1				-			NM			0.2				0.3				(33	)
Correspondent (h)	13.5				22.8				25.6				26.4				24.7				(41	)		(45	)		88.3				79.1				12
Total mortgage origination volume (i)	$	23.3			$	40.5			$	49.0			$	52.7			$	51.2			(42	)		(54	)		$	165.5			$	180.8			(8	)
Mortgage application volume by channel
Retail	$	15.8			$	20.7			$	36.8			$	34.7			$	36.7			(24	)		(57	)		$	108.0			$	164.5			(34	)
Wholesale (h)	—				—				—				0.2				0.2				-			NM			0.2				0.7				(71	)
Correspondent (h)	15.5				19.7				28.2				25.6				28.8				(21	)		(46	)		89.0				100.5				(11	)
Total mortgage application volume	$	31.3			$	40.4			$	65.0			$	60.5			$	65.7			(23	)		(52	)		$	197.2			$	265.7			(26	)


(a)	Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.


(b)	Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).


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


(d)	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.


(e)	For more information on the Firm's mortgage repurchase liability, see page 40.


(f)	At December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, excluded mortgage loans insured by U.S. government agencies of $9.6 billion, $10.0 billion,$11.2 billion, $11.9 billion and $11.8 billion, respectively, that are 30 or more days past due. These amounts were excluded as reimbursement of insured amounts is proceeding normally.

(g)


(h)	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.


(i)	Firmwide mortgage origination volume was $25.1 billion, $44.2 billion, $52.0 billion, $55.1 billion and $53.7 billion for the three months ended December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively, and $176.4 billion and $189.8 billion for full year 2013 and 2012, respectively.

Page 14



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																										FULL YEAR
																					4Q13 Change														2013 Change
	4Q13				3Q13				2Q13				1Q13				4Q12				3Q13			4Q12			2013				2012				2012
MORTGAGE BANKING (continued)

MORTGAGE PRODUCTION AND MORTGAGE SERVICING
(continued)
BUSINESS METRICS (in billions)(continued)
Third-party mortgage loans serviced (period-end)	$	815.5			$	831.1			$	832.0			$	849.2			$	859.4			(2	)	%	(5	)	%	$	815.5			$	859.4			(5	)	%
Third-party mortgage loans serviced (average)	823.3				831.5				840.6				854.3				803.8				(1	)		2			837.3				847.0				(1	)
MSR carrying value (period-end)	9.6				9.5				9.3				7.9				7.6				1			26			9.6				7.6				26
Ratio of MSR carrying value (period-end) to third-party mortgage
loans serviced (period-end)	1.18			%	1.14			%	1.12			%	0.93			%	0.88			%							1.18			%	0.88			%
Ratio of annualized loan servicing-related revenue to third-party
mortgage loans serviced (average)	0.38				0.38				0.41				0.42				0.45										0.40				0.46
MSR revenue multiple (a)	3.11		x		3.00		x		2.73		x		2.21		x		1.96		x								2.95		x		1.91		x

REAL ESTATE PORTFOLIOS
BUSINESS METRICS
Loans, excluding PCI loans
Period-end loans owned:
Home equity	$	57,863			$	59,825			$	62,326			$	64,798			$	67,385			(3	)		(14	)		$	57,863			$	67,385			(14	)
Prime mortgage, including option ARMs	49,463				47,958				44,003				41,997				41,316				3			20			49,463				41,316				20
Subprime mortgage	7,104				7,376				7,703				8,003				8,255				(4	)		(14	)		7,104				8,255				(14	)
Other	551				568				589				604				633				(3	)		(13	)		551				633				(13	)
Total period-end loans owned	$	114,981			$	115,727			$	114,621			$	115,402			$	117,589			(1	)		(2	)		$	114,981			$	117,589			(2	)
Average loans owned:
Home equity	$	58,838			$	61,005			$	63,593			$	66,133			$	68,466			(4	)		(14	)		$	62,369			$	72,674			(14	)
Prime mortgage, including option ARMs	48,875				46,177				43,007				41,808				41,393				6			18			44,988				42,311				6
Subprime mortgage	7,248				7,529				7,840				8,140				8,413				(4	)		(14	)		7,687				8,947				(14	)
Other	560				579				597				619				643				(3	)		(13	)		588				675				(13	)
Total average loans owned	$	115,521			$	115,290			$	115,037			$	116,700			$	118,915			-			(3	)		$	115,632			$	124,607			(7	)

PCI loans
Period-end loans owned:
Home equity	$	18,927			$	19,411			$	19,992			$	20,525			$	20,971			(2	)		(10	)		$	18,927			$	20,971			(10	)
Prime mortgage	12,038				12,487				12,976				13,366				13,674				(4	)		(12	)		12,038				13,674				(12	)
Subprime mortgage	4,175				4,297				4,448				4,561				4,626				(3	)		(10	)		4,175				4,626				(10	)
Option ARMs	17,915				18,564				19,320				19,985				20,466				(3	)		(12	)		17,915				20,466				(12	)
Total period-end loans owned	$	53,055			$	54,759			$	56,736			$	58,437			$	59,737			(3	)		(11	)		$	53,055			$	59,737			(11	)
Average loans owned:
Home equity	$	19,152			$	19,677			$	20,245			$	20,745			$	21,184			(3	)		(10	)		$	19,950			$	21,840			(9	)
Prime mortgage	12,273				12,705				13,152				13,524				13,860				(3	)		(11	)		12,909				14,400				(10	)
Subprime mortgage	4,234				4,357				4,488				4,589				4,654				(3	)		(9	)		4,416				4,777				(8	)
Option ARMs	18,234				18,890				19,618				20,227				20,738				(3	)		(12	)		19,236				21,545				(11	)
Total average loans owned	$	53,893			$	55,629			$	57,503			$	59,085			$	60,436			(3	)		(11	)		$	56,511			$	62,562			(10	)

Total Real Estate Portfolios
Period-end loans owned:
Home equity	$	76,790			$	79,236			$	82,318			$	85,323			$	88,356			(3	)		(13	)		$	76,790			$	88,356			(13	)
Prime mortgage, including option ARMs	79,416				79,009				76,299				75,348				75,456				1			5			79,416				75,456				5
Subprime mortgage	11,279				11,673				12,151				12,564				12,881				(3	)		(12	)		11,279				12,881				(12	)
Other	551				568				589				604				633				(3	)		(13	)		551				633				(13	)
Total period-end loans owned	$	168,036			$	170,486			$	171,357			$	173,839			$	177,326			(1	)		(5	)		$	168,036			$	177,326			(5	)
Average loans owned:
Home equity	$	77,990			$	80,682			$	83,838			$	86,878			$	89,650			(3	)		(13	)		$	82,319			$	94,514			(13	)
Prime mortgage, including option ARMs	79,382				77,772				75,777				75,559				75,991				2			4			77,133				78,256				(1	)
Subprime mortgage	11,482				11,886				12,328				12,729				13,067				(3	)		(12	)		12,103				13,724				(12	)
Other	560				579				597				619				643				(3	)		(13	)		588				675				(13	)
Total average loans owned	$	169,414			$	170,919			$	172,540			$	175,785			$	179,351			(1	)		(6	)		$	172,143			$	187,169			(8	)
Average assets	162,674				163,001				163,593				166,373				169,375				-			(4	)		163,898				175,712				(7	)
Home equity origination volume	643				580				499				402				373				11			72			2,124				1,420				50


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

Page 15



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


	QUARTERLY TRENDS																							FULL YEAR
																		4Q13 Change												2013 Change
	4Q13				3Q13				2Q13			1Q13			4Q12			3Q13			4Q12			2013			2012			2012
MORTGAGE BANKING (continued)

REAL ESTATE PORTFOLIOS (continued)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries), excluding PCI loans (a)
Home equity	$	179			$	218			$	236		$	333		$	257		(18	)	%	(30	)	%	$	966		$	2,385	(d)	(59	)	%
Prime mortgage, including option ARMs	(8		)		(11		)		16			44			66			27			NM			41			454		(d)	(91	)
Subprime mortgage	(6		)		(4		)		33			67			92			(50	)		NM			90			486		(d)	(81	)
Other	2				1				3			4			2			100			-			10			16			(38	)
Total net charge-offs/(recoveries), excluding PCI loans	$	167			$	204			$	288		$	448		$	417		(18	)		(60	)		$	1,107		$	3,341		(67	)
Net charge-off/(recovery) rate, excluding PCI loans
Home equity	1.21			%	1.42			%	1.49		%	2.04		%	1.49		%							1.55		%	3.28		%(d)
Prime mortgage, including option ARMs	(0.06		)		(0.09		)		0.15			0.43			0.63									0.09			1.07		(d)
Subprime mortgage	(0.33		)		(0.21		)		1.69			3.34			4.35									1.17			5.43		(d)
Other	1.42				0.69				2.02			2.62			1.24									1.70			2.37
Total net charge-off/(recovery) rate, excluding PCI loans	0.57				0.70				1.00			1.56			1.40									0.96			2.68
Net charge-off/(recovery) rate - reported (a)
Home equity	0.91			%	1.07			%	1.13		%	1.55		%	1.14		%							1.17		%	2.52		%(d)
Prime mortgage, including option ARMs	(0.04		)		(0.06		)		0.08			0.24			0.35									0.05			0.58		(d)
Subprime mortgage	(0.21		)		(0.13		)		1.07			2.13			2.80									0.74			3.54		(d)
Other	1.42				0.69				2.02			2.62			1.24									1.70			2.37
Total net charge-off/(recovery) rate - reported	0.39				0.47				0.67			1.03			0.92									0.64			1.79


30+ day delinquency rate, excluding PCI loans (b)	3.66			%	3.81			%	4.17		%	4.61		%	5.03		%							3.66		%	5.03		%
Allowance for loan losses, excluding PCI loans	$	2,568			$	2,768			$	3,268		$	4,218		$	4,868		(7	)		(47	)		$	2,568		$	4,868		(47	)
Allowance for PCI loans (a)	4,158				4,961				5,711			5,711			5,711			(16	)		(27	)		4,158			5,711			(27	)
Allowance for loan losses	$	6,726			$	7,729			$	8,979		$	9,929		$	10,579		(13	)		(36	)		$	6,726		$	10,579		(36	)
Nonperforming assets (c)	6,919				7,385				7,801			8,349			8,439			(6	)		(18	)		6,919			8,439			(18	)
Allowance for loan losses to period-end loans retained	4.00			%	4.53			%	5.24		%	5.71		%	5.97		%							4.00		%	5.97		%
Allowance for loan losses to period-end loans retained,
excluding PCI loans	2.23				2.39				2.85			3.66			4.14									2.23			4.14


(a)	Net charge-offs and the net charge-off rates for the three months ended December 31, 2013 and full year 2013 excluded $53 million of write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans.


(b)	The 30+ day delinquency rate for PCI loans was 15.31%, 16.19%, 17.92%, 19.26% and 20.14% at December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively.


(c)	Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as they are all performing.

(d)

Net charge-offs and net charge-off rates for full year 2012 included $744 million of charge-offs of Chapter 7 loans. Excluding these charges-offs, net charge-offs for the full year 2012 would have been $1.8 billion, $410 million and $416 million for the home equity, prime mortgage, including option ARMs, and subprime mortgage portfolios, respectively. Net charge-off rates for the same period, excluding these charge-offs and PCI loans, would have been 2.41%, 0.97% and 4.65% 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 the 2012 Annual Report.

Page 16



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																					FULL YEAR
																4Q13 Change												2013 Change
	4Q13			3Q13			2Q13			1Q13			4Q12			3Q13			4Q12			2013			2012			2012
CARD, MERCHANT SERVICES & AUTO
Card income	$	1,134		$	1,075		$	1,067		$	1,013		$	1,097		5		%	3		%	$	4,289		$	4,092		5		%
All other income	272			263			261			245			227			3			20			1,041			1,009			3
Noninterest revenue	1,406			1,338			1,328			1,258			1,324			5			6			5,330			5,101			4
Net interest income	3,262			3,294			3,342			3,462			3,484			(1	)		(6	)		13,360			13,669			(2	)
Total net revenue	4,668			4,632			4,670			4,720			4,808			1			(3	)		18,690			18,770			-
Provision for credit losses	746			673			564			686			1,250			11			(40	)		2,669			3,953			(32	)
Noninterest expense	2,230			1,917			1,988			1,943			2,171			16			3			8,078			8,216			(2	)
Income before income tax expense	1,692			2,042			2,118			2,091			1,387			(17	)		22			7,943			6,601			20
Net income	$	1,030		$	1,235		$	1,249		$	1,272		$	840		(17	)		23			$	4,786		$	4,007		19

ROE	26		%	32		%	32		%	33		%	20		%							31		%	24		%
Overhead ratio	48			41			43			41			45									43			44
Equity (period-end and average)	$	15,500		$	15,500		$	15,500		$	15,500		$	16,500		-			(6	)		$	15,500		$	16,500		(6	)

SELECTED BALANCE SHEET DATA (period-end)
Loans:
Credit Card	$	127,791		$	123,982		$	124,288		$	121,865		$	127,993		3			-			$	127,791		$	127,993		-
Auto	52,757			50,810			50,865			50,552			49,913			4			6			52,757			49,913			6
Student	10,541			10,777			11,040			11,323			11,558			(2	)		(9	)		10,541			11,558			(9	)
Total loans	$	191,089		$	185,569		$	186,193		$	183,740		$	189,464		3			1			$	191,089		$	189,464		1

SELECTED BALANCE SHEET DATA (average)
Total assets	$	200,753		$	198,702		$	196,921		$	196,634		$	197,606		1			2			$	198,265		$	197,661		-
Loans:
Credit Card	124,111			123,912			122,855			123,564			124,729			-			-			123,613			125,464			(1	)
Auto	51,824			50,432			50,677			50,045			49,268			3			5			50,748			48,413			5
Student	10,668			10,907			11,172			11,459			11,710			(2	)		(9	)		11,049			12,507			(12	)
Total loans	$	186,603		$	185,251		$	184,704		$	185,068		$	185,707		1			-			$	185,410		$	186,384		(1	)

BUSINESS METRICS
Credit Card, excluding Commercial Card
Sales volume (in billions)	$	112.6		$	107.0		$	105.2		$	94.7		$	101.6		5			11			$	419.5		$	381.1		10
New accounts opened	2.4			1.7			1.5			1.7			1.8			41			33			7.3			6.7			9
Open accounts	65.3			65.0			64.8			64.7			64.5			-			1			65.3			64.5			1
Accounts with sales activity	32.3			30.0			30.0			29.4			30.6			8			6			32.3			30.6			6
% of accounts acquired online	59		%	53		%	53		%	52		%	58		%							55		%	51		%

Merchant Services (Chase Paymentech Solutions)
Merchant processing volume (in billions)	$	203.4		$	185.9		$	185.0		$	175.8		$	178.6		9			14			$	750.1		$	655.2		14
Total transactions (in billions)	9.6			8.9			8.8			8.3			8.2			8			17			35.6			29.5			21

Auto & Student
Origination volume (in billions)
Auto	$	6.4		$	6.4		$	6.8		$	6.5		$	5.5		-			16			$	26.1		$	23.4		12
Student	—			—			—			0.1			—			-			-			0.1			0.2			(50	)

Page 17



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


	QUARTERLY TRENDS																					FULL YEAR
																4Q13 Change												2013 Change
	4Q13			3Q13			2Q13			1Q13			4Q12			3Q13			4Q12			2013			2012			2012
CARD, MERCHANT SERVICES & AUTO (continued)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs:
Credit Card	$	891		$	892		$	1,014		$	1,082		$	1,097		-		%	(19	)	%	$	3,879		$	4,944		(22	)	%
Auto	51			44			23			40			44			16			16			158			188		(e)	(16	)
Student	104			88			77			64			109			18			(5	)		333			377			(12	)
Total net charge-offs	1,046			1,024			1,114			1,186			1,250			2			(16	)		4,370			5,509			(21	)
Net charge-off rate:
Credit Card (a)	2.86		%	2.86		%	3.31		%	3.55		%	3.50		%							3.14		%	3.95		%
Auto	0.39			0.35			0.18			0.32			0.36									0.31			0.39		(e)
Student	3.87			3.20			2.76			2.27			3.70									3.01			3.01
Total net charge-off rate	2.23			2.19			2.42			2.60			2.68									2.36			2.96

Delinquency rates
30+ day delinquency rate:
Credit Card (b)	1.67			1.69			1.69			1.94			2.10									1.67			2.10
Auto	1.15			0.93			0.95			0.92			1.25									1.15			1.25
Student (c)	2.56			2.60			2.23			2.06			2.13									2.56			2.13
Total 30+ day delinquency rate	1.58			1.53			1.52			1.67			1.87									1.58			1.87
90+ day delinquency rate - Credit Card (b)	0.80			0.79			0.82			0.97			1.02									0.80			1.02

Nonperforming assets (d)	$	280		$	239		$	243		$	251		$	265		17			6			$	280		$	265		6
Allowance for loan losses:
Credit Card	3,795			4,097			4,445			4,998			5,501			(7	)		(31	)		3,795			5,501			(31	)
Auto & Student	953			953			954			954			954			-			-			953			954			-
Total allowance for loan losses	4,748			5,050			5,399			5,952			6,455			(6	)		(26	)		4,748			6,455			(26	)
Allowance for loan losses to period-end loans:
Credit Card (b)	2.98		%	3.31		%	3.58		%	4.10		%	4.30		%							2.98		%	4.30		%
Auto & Student	1.51			1.55			1.54			1.54			1.55									1.51			1.55
Total allowance for loan losses to period-end loans	2.49			2.73			2.90			3.24			3.41									2.49			3.41

CARD SERVICES SUPPLEMENTAL INFORMATION
Noninterest revenue	$	1,051		$	994		$	994		$	938		$	1,014		6			4			$	3,977		$	3,887		2
Net interest income	2,809			2,824			2,863			2,970			3,005			(1	)		(7	)		11,466			11,611			(1	)
Total net revenue	3,860			3,818			3,857			3,908			4,019			1			(4	)		15,443			15,498			-
Provision for credit losses	591			542			464			582			1,097			9			(46	)		2,179			3,444			(37	)
Noninterest expense	1,749			1,458			1,537			1,501			1,710			20			2			6,245			6,566			(5	)
Income before income tax expense	1,520			1,818			1,856			1,825			1,212			(16	)		25			7,019			5,488			28
Net income	$	927		$	1,102		$	1,093		$	1,113		$	736		(16	)		26			$	4,235		$	3,344		27

Percentage of average loans:
Noninterest revenue	3.36		%	3.18		%	3.25		%	3.08		%	3.23		%							3.22		%	3.10		%
Net interest income	8.98			9.04			9.35			9.75			9.58									9.28			9.25
Total net revenue	12.34			12.22			12.59			12.83			12.82									12.49			12.35

(a)

Average credit card loans included loans held-for-sale of $311 million, $67 million and $28 million for the three months ended December 31, 2013, September 30, 2013 and December 31, 2012, respectively, and $95 million and $433 million for full year 2013 and 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 June 30, 2013 and March 31, 2013.


(b)	Period-end credit card loans included loans held-for-sale of $326 million and $310 million at December 31, 2013 and September 30, 2013, respectively. These amounts are excluded when calculating delinquency rates and the allowance for loan losses to period-end loans. There were no loans held-for-sale at June 30, 2013, March 31, 2013 and December 31, 2012.


(c)	Excluded student loans insured by U.S. government agencies under the FFELP of $737 million, $769 million, $812 million, $881 million and $894 million at December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively, that are 30 or more days past due. These amounts are excluded as reimbursement of insured amounts is proceeding normally.

(d)

Nonperforming assets excluded student loans insured by U.S. government agencies under the FFELP of $428 million, $456 million, $488 million, $523 million and $525 million at December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively, that are 90 or more days past due. These amounts are excluded as reimbursement of insured amounts is proceeding normally.


(e)	Net charge-offs and the net charge-off rate for full year 2012 included $53 million of charge-offs of Chapter 7 loans. Excluding these incremental charge-offs, net charge-offs for full year 2012 would have been $135 million, and the net charge-off rate for the same period would have been 0.28%.

Page 18



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS					��
(in millions, except ratio data)
	QUARTERLY TRENDS																									FULL YEAR
																				4Q13 Change														2013 Change
	4Q13				3Q13				2Q13				1Q13			4Q12				3Q13			4Q12			2013				2012				2012
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,671			$	1,510			$	1,717			$	1,433		$	1,720			11		%	(3	)	%	$	6,331			$	5,769			10		%
Principal transactions (a)	(162		)		2,202				3,288				3,961			966				NM			NM			9,289				9,510				(2	)
Lending- and deposit-related fees	454				471				486				473			499				(4	)		(9	)		1,884				1,948				(3	)
Asset management, administration and commissions	1,129				1,128				1,289				1,167			1,163				-			(3	)		4,713				4,693				-
All other income	487				392				391				323			435				24			12			1,593				1,184				35
Noninterest revenue	3,579				5,703				7,171				7,357			4,783				(37	)		(25	)		23,810				23,104				3
Net interest income	2,441				2,486				2,705				2,783			2,859				(2	)		(15	)		10,415				11,222				(7	)
TOTAL NET REVENUE (b)	6,020				8,189				9,876				10,140			7,642				(26	)		(21	)		34,225				34,326				-

Provision for credit losses	(19		)		(218		)		(6		)		11			(445		)		91			96			(232		)		(479		)		52

NONINTEREST EXPENSE
Compensation expense	2,141				2,330				2,988				3,376			2,217				(8	)		(3	)		10,835				11,313				(4	)
Noncompensation expense	2,751				2,669				2,754				2,735			2,779				3			(1	)		10,909				10,537				4
TOTAL NONINTEREST EXPENSE	4,892				4,999				5,742				6,111			4,996				(2	)		(2	)		21,744				21,850				-

Income before income tax expense	1,147				3,408				4,140				4,018			3,091				(66	)		(63	)		12,713				12,955				(2	)
Income tax expense	289				1,168				1,302				1,408			1,086				(75	)		(73	)		4,167				4,549				(8	)
NET INCOME	$	858			$	2,240			$	2,838			$	2,610		$	2,005			(62	)		(57	)		$	8,546			$	8,406			2

FINANCIAL RATIOS
ROE (c)	6			%	16			%	20			%	19		%	17			%							15			%	18			%
Overhead ratio (d)	81				61				58				60			65										64				64
Compensation expense as a percent of total net revenue (e)	36				28				30				33			29										32				33

REVENUE BY BUSINESS
Advisory	$	434			$	322			$	304			$	255		$	465			35			(7	)		$	1,315			$	1,491			(12	)
Equity underwriting	436				333				457				273			265				31			65			1,499				1,026				46
Debt underwriting	801				855				956				905			990				(6	)		(19	)		3,517				3,252				8
Total investment banking fees	1,671				1,510				1,717				1,433			1,720				11			(3	)		6,331				5,769				10
Treasury Services	987				1,053				1,051				1,044			1,059				(6	)		(7	)		4,135				4,249				(3	)
Lending	373				351				373				498			382				6			(2	)		1,595				1,331				20
Total Banking	3,031				2,914				3,141				2,975			3,161				4			(4	)		12,061				11,349				6
Fixed Income Markets (f)	3,199				3,439				4,078				4,752			3,177				(7	)		1			15,468				15,412				-
Equity Markets	873				1,249				1,296				1,340			895				(30	)		(2	)		4,758				4,406				8
Securities Services	1,025				996				1,087				974			995				3			3			4,082				4,000				2
Credit Adjustments & Other (a)(g)	(2,108		)		(409		)		274				99			(586		)		(415	)		(260	)		(2,144		)		(841		)		(155	)
Total Markets & Investor Services	2,989				5,275				6,735				7,165			4,481				(43	)		(33	)		22,164				22,977				(4	)
TOTAL NET REVENUE	$	6,020			$	8,189			$	9,876			$	10,140		$	7,642			(26	)		(21	)		$	34,225			$	34,326			-

(a)

Included a $(1.5) billion loss in the fourth quarter of 2013 as a result of implementing a funding valuation adjustment ("FVA") framework for OTC derivatives and structured notes. Also included debit valuation adjustments ("DVA") on structured notes and derivative liabilities measured at fair value. DVA gains/(losses) were $(536) million, $(397) million, $355 million, $126 million and $(567) million for the three months ended December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively, and $(452) million and $(930) million for full year 2013 and 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 $681 million, $537 million, $550 million, $529 million and $533 million for the three months ended December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively, and $2.3 billion and $2.0 billion for full year 2013 and 2012, respectively.


(c)	Return on equity excluding FVA and DVA, a non-GAAP financial measure, was 15%, 17%, 19%, 18% and 20% for the three months ended December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively, and 17% and 19% for full year 2013 and 2012, respectively. For additional information on this measure, see non-GAAP financial measures on page 42.


(d)	Overhead ratio excluding FVA and DVA, a non-GAAP financial measure, was 61%, 58%, 60%, 61% and 61% for the three months ended December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively, and 60% and 62% for full year 2013 and 2012, respectively. For additional information on this measure, see non-GAAP financial measures on page 42.

(e)

Compensation expense as a percentage of total net revenue excluding FVA and DVA, a non-GAAP financial measure, was 27%, 27%, 31%, 34% and 27% for the three months ended December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively, and 30% and 32% for full year 2013 and 2012, respectively. For additional information on this measure, see non-GAAP financial measures on page 42.


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


(g)	Primarily credit portfolio credit valuation adjustments (“CVA”) net of associated hedging activities; DVA on structured notes and derivative liabilities; FVA on OTC derivatives and structured notes; 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																									FULL YEAR
																				4Q13 Change														2013 Change
	4Q13				3Q13				2Q13				1Q13			4Q12				3Q13			4Q12			2013				2012				2012
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	843,577			$	867,474			$	873,527			$	872,259		$	876,107			(3	)	%	(4	)	%	$	843,577			$	876,107			(4	)	%
Loans:
Loans retained (a)	95,627				104,269				106,248				112,005			109,501				(8	)		(13	)		95,627				109,501				(13	)
Loans held-for-sale and loans at fair value	11,913				3,687				4,564				5,506			5,749				223			107			11,913				5,749				107
Total loans	107,540				107,956				110,812				117,511			115,250				-			(7	)		107,540				115,250				(7	)
Equity	56,500				56,500				56,500				56,500			47,500				-			19			56,500				47,500				19

SELECTED BALANCE SHEET DATA (average)
Assets	$	849,320			$	838,158			$	878,801			$	870,467		$	863,890			1			(2	)		$	859,071			$	854,670			1
Trading assets - debt and equity instruments	308,374				300,135				336,118				342,323			333,764				3			(8	)		321,585				312,944				3
Trading assets - derivative receivables	67,487				70,814				72,036				71,111			73,519				(5	)		(8	)		70,353				74,874				(6	)
Loans:
Loans retained (a)	101,901				103,179				107,654				106,793			109,037				(1	)		(7	)		104,864				110,100				(5	)
Loans held-for-sale and loans at fair value	4,326				5,113				5,950				5,254			5,065				(15	)		(15	)		5,158				3,502				47
Total loans	106,227				108,292				113,604				112,047			114,102				(2	)		(7	)		110,022				113,602				(3	)

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

Headcount	52,250				52,445				51,771				51,634			52,022				-			-			52,250				52,022				-

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	(11	)		$	(4	)		$	(82	)		$	19		$	(217	)		(175	)		95			$	(78	)		$	(284	)		73
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)(b)	163				176				227				340			535				(7	)		(70	)		163				535				(70	)
Nonaccrual loans held-for-sale and loans at fair value (c)	180				210				293				259			254				(14	)		(29	)		180				254				(29	)
Total nonaccrual loans	343				386				520				599			789				(11	)		(57	)		343				789				(57	)

Derivative receivables	415				431				448				412			239				(4	)		74			415				239				74
Assets acquired in loan satisfactions	80				38				46				55			64				111			25			80				64				25
Total nonperforming assets	838				855				1,014				1,066			1,092				(2	)		(23	)		838				1,092				(23	)
Allowance for credit losses:
Allowance for loan losses	1,096				1,138				1,287				1,246			1,300				(4	)		(16	)		1,096				1,300				(16	)
Allowance for lending-related commitments	525				490				556				521			473				7			11			525				473				11
Total allowance for credit losses	1,621				1,628				1,843				1,767			1,773				-			(9	)		1,621				1,773				(9	)


Net charge-off/(recovery) rate (a)	(0.04		)	%	(0.02		)	%	(0.31		)	%	0.07		%	(0.79		)	%							(0.07		)	%	(0.26		)	%
Allowance for loan losses to period-end loans retained (a)	1.15				1.09				1.21				1.11			1.19										1.15				1.19
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (d)	2.02				2.01				2.35				2.17			2.52										2.02				2.52
Allowance for loan losses to nonaccrual loans retained (a)(b)	672				647				567				366			243										672				243
Nonaccrual loans to total period-end loans (c)	0.32				0.36				0.47				0.51			0.68										0.32				0.68


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


(b)	Allowance for loan losses of $51 million, $56 million, $70 million, $73 million and $153 million were held against these nonaccrual loans at December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively.


(c)	In the fourth quarter of 2013, certain loans that resulted from restructurings that were previously classified as performing were reclassified as nonperforming loans. Prior periods were revised to conform with the current presentation.


(d)	Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of CIB's allowance coverage ratio.

Page 20



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except rankings data and where otherwise noted)
	QUARTERLY TRENDS																		FULL YEAR
													4Q13 Change										2013 Change
	4Q13			3Q13		2Q13		1Q13			4Q12		3Q13			4Q12			2013		2012		2012
BUSINESS METRICS
Assets under custody ("AUC") by asset class (period-end)
(in billions):
Fixed Income	$	11,903		$	11,691	$	11,421	$	11,730		$	11,745	2		%	1		%	$	11,903	$	11,745	1		%
Equity	6,913			6,473		5,961		6,007			5,637		7			23			6,913		5,637		23
Other (a)	1,669			1,572		1,547		1,557			1,453		6			15			1,669		1,453		15
Total AUC	$	20,485		$	19,736	$	18,929	$	19,294		$	18,835	4			9			$	20,485	$	18,835	9

Client deposits and other third-party liabilities (average)	421,615			385,952		369,108		357,262			366,544		9			15			383,667		355,766		8

Trade finance loans (period-end)	30,752			34,356		36,375		38,985			35,783		(10	)		(14	)		30,752		35,783		(14	)



	FULL YEAR 2013							FULL YEAR 2012
MARKET SHARES AND RANKINGS (b)	Market Share			Rankings				Market Share			Rankings
Global investment banking fees (c)	8.6		%	#1				7.5		%	#1
Debt, equity and equity-related
Global	7.3			1				7.2			1
U.S.	11.8			1				11.5			1
Syndicated loans
Global	10.0			1				9.5			1
U.S.	17.5			1				17.6			1
Long-term debt (d)
Global	7.2			1				7.1			1
U.S.	11.7			1				11.6			1
Equity and equity-related
Global (e)	8.2			2				7.8			4
U.S.	12.1			2				10.4			5
Announced M&A (f)
Global	23.0			2				19.9			2
U.S.	36.1			1				24.3			2

																			��


(a)	Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and other 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																FULL YEAR
											4Q13 Change										2013 Change
INTERNATIONAL METRICS	4Q13		3Q13		2Q13		1Q13		4Q12		3Q13			4Q12			2013		2012		2012
Total net revenue (a)
Europe/Middle East/Africa	$	1,621	$	2,550	$	2,955	$	3,383	$	2,261	(36	)	%	(28	)	%	$	10,509	$	10,639	(1	)	%
Asia/Pacific	835		1,295		1,403		1,165		939		(36	)		(11	)		4,698		4,100		15
Latin America/Caribbean	268		264		397		400		337		2			(20	)		1,329		1,524		(13	)
Total international net revenue	2,724		4,109		4,755		4,948		3,537		(34	)		(23	)		16,536		16,263		2
North America	3,296		4,080		5,121		5,192		4,105		(19	)		(20	)		17,689		18,063		(2	)
Total net revenue	$	6,020	$	8,189	$	9,876	$	10,140	$	7,642	(26	)		(21	)		$	34,225	$	34,326	-

Loans (period-end) (a)
Europe/Middle East/Africa	$	29,392	$	30,495	$	32,685	$	33,674	$	30,266	(4	)		(3	)		$	29,392	$	30,266	(3	)
Asia/Pacific	22,151		26,653		26,616		29,908		27,193		(17	)		(19	)		22,151		27,193		(19	)
Latin America/Caribbean	8,362		9,172		10,434		10,308		10,220		(9	)		(18	)		8,362		10,220		(18	)
Total international loans	59,905		66,320		69,735		73,890		67,679		(10	)		(11	)		59,905		67,679		(11	)
North America	35,722		37,949		36,513		38,115		41,822		(6	)		(15	)		35,722		41,822		(15	)
Total loans	$	95,627	$	104,269	$	106,248	$	112,005	$	109,501	(8	)		(13	)		$	95,627	$	109,501	(13	)

Client deposits and other third-party liabilities (average) (a)
Europe/Middle East/Africa	$	154,153	$	146,685	$	139,801	$	134,339	$	128,620	5			20			$	143,807	$	127,326	13
Asia/Pacific	62,074		51,895		51,666		51,996		53,309		20			16			54,428		51,180		6
Latin America/Caribbean	18,180		15,760		15,012		12,180		11,766		15			55			15,301		11,052		38
Total international	234,407		214,340		206,479		198,515		193,695		9			21			213,536		189,558		13
North America	187,208		171,612		162,629		158,747		172,849		9			8			170,131		166,208		2
Total client deposits and other third-party liabilities	$	421,615	$	385,952	$	369,108	$	357,262	$	366,544	9			15			$	383,667	$	355,766	8

AUC (period-end) (in billions) (a)
North America	$	11,299	$	10,939	$	10,672	$	10,788	$	10,504	3			8			$	11,299	$	10,504	8
All other regions	9,186		8,797		8,257		8,506		8,331		4			10			9,186		8,331		10
Total AUC	$	20,485	$	19,736	$	18,929	$	19,294	$	18,835	4			9			$	20,485	$	18,835	9


(a)	Total net revenue is based predominantly on the domicile of the client or location of the trading desk, as applicable. Loans outstanding (excluding loans held-for-sale and loans 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																							FULL YEAR
																		4Q13 Change												2013 Change
	4Q13			3Q13				2Q13			1Q13			4Q12				3Q13			4Q12			2013			2012			2012
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	253		$	256			$	265		$	259		$	269			(1	)	%	(6	)	%	$	1,033		$	1,072		(4	)	%
Asset management, administration and commissions	26			28				30			32			30				(7	)		(13	)		116			130			(11	)
All other income (a)	345			304				256			244			279				13			24			1,149			1,081			6
Noninterest revenue	624			588				551			535			578				6			8			2,298			2,283			1
Net interest income (b)	1,223			1,137				1,177			1,138			1,167				8			5			4,675			4,542			3
TOTAL NET REVENUE (c)	1,847			1,725				1,728			1,673			1,745				7			6			6,973			6,825			2

Provision for credit losses	43			(41		)		44			39			(3		)		NM			NM			85			41			107

NONINTEREST EXPENSE
Compensation expense	252			288				286			289			250				(13	)		1			1,115			1,014			10
Noncompensation expense	396			367				361			348			342				8			16			1,472			1,348			9
Amortization of intangibles	5			6				5			7			7				(17	)		(29	)		23			27			(15	)
TOTAL NONINTEREST EXPENSE	653			661				652			644			599				(1	)		9			2,610			2,389			9

Income before income tax expense	1,151			1,105				1,032			990			1,149				4			-			4,278			4,395			(3	)
Income tax expense	458			440				411			394			457				4			-			1,703			1,749			(3	)
NET INCOME	$	693		$	665			$	621		$	596		$	692			4			-			$	2,575		$	2,646		(3	)

Revenue by product:
Lending (b)	$	1,009		$	922			$	971		$	924		$	947			9			7			$	3,826		$	3,675		4
Treasury services	612			605				607			605			614				1			-			2,429			2,428			-
Investment banking	170			155				132			118			157				10			8			575			545			6
Other (d)	56			43				18			26			27				30			107			143			177			(19	)
Total Commercial Banking revenue	$	1,847		$	1,725			$	1,728		$	1,673		$	1,745			7			6			$	6,973		$	6,825		2


Investment banking revenue, gross (e)	$	502		$	448			$	385		$	341		$	443			12			13			$	1,676		$	1,597		5

Revenue by client segment:
Middle Market Banking (f)	$	744		$	745			$	777		$	753		$	752			-			(1	)		$	3,019		$	2,971		2
Corporate Client Banking (f)	488			459				444			433			492				6			(1	)		1,824			1,819			-
Commercial Term Lending	298			311				315			291			312				(4	)		(4	)		1,215			1,194			2
Real Estate Banking (b)	206			118				113			112			113				75			82			549			438			25
Other	111			92				79			84			76				21			46			366			403			(9	)
Total Commercial Banking revenue	$	1,847		$	1,725			$	1,728		$	1,673		$	1,745			7			6			$	6,973		$	6,825		2

FINANCIAL RATIOS
ROE	20		%	20			%	18		%	18		%	29			%							19		%	28		%
Overhead ratio	35			38				38			38			34										37			35


(a)	Includes revenue from investment banking products and commercial card transactions.


(b)	The fourth quarter of 2013 included one-time proceeds of $98 million from a lending-related workout.

(c)

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 $129 million, $95 million, $90 million, $93 million and $73 million for the three months ended December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively, and $407 million and $381 million for full year 2013 and 2012, respectively.


(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 from 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																						FULL YEAR
																	4Q13 Change												2013 Change
	4Q13			3Q13			2Q13			1Q13				4Q12			3Q13			4Q12			2013			2012			2012
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	190,782		$	192,194		$	184,124		$	184,689			$	181,502		(1	)	%	5		%	$	190,782		$	181,502		5		%
Loans:
Loans retained (a)	135,750			133,090			130,487			129,534				126,996			2			7			135,750			126,996			7
Loans held-for-sale and loans at fair value	1,388			2,071			430			851				1,212			(33	)		15			1,388			1,212			15
Total loans	$	137,138		$	135,161		$	130,917		$	130,385			$	128,208		1			7			$	137,138		$	128,208		7
Equity	13,500			13,500			13,500			13,500				9,500			-			42			13,500			9,500			42

Period-end loans by client segment:
Middle Market Banking (b)	$	52,289		$	52,214		$	52,053		$	52,296			$	50,552		-			3			$	52,289		$	50,552		3
Corporate Client Banking (b)	20,925			21,425			19,933			20,962				21,707			(2	)		(4	)		20,925			21,707			(4	)
Commercial Term Lending	48,925			47,612			45,865			44,374				43,512			3			12			48,925			43,512			12
Real Estate Banking	11,024			10,057			9,395			9,003				8,552			10			29			11,024			8,552			29
Other	3,975			3,853			3,671			3,750				3,885			3			2			3,975			3,885			2
Total Commercial Banking loans	$	137,138		$	135,161		$	130,917		$	130,385			$	128,208		1			7			$	137,138		$	128,208		7

SELECTED BALANCE SHEET DATA (average)
Total assets	$	189,710		$	185,744		$	184,951		$	182,620			$	171,184		2			11			$	185,776		$	165,111		13
Loans:
Loans retained (a)	134,490			131,019			130,338			128,490				124,507			3			8			131,100			119,218			10
Loans held-for-sale and loans at fair value	1,070			599			1,251			800				1,491			79			(28	)		930			882			5
Total loans	$	135,560		$	131,618		$	131,589		$	129,290			$	125,998		3			8			$	132,030		$	120,100		10
Client deposits and other third-party liabilities	205,335			196,802			195,232			195,968				199,297			4			3			198,356			195,912			1
Equity	13,500			13,500			13,500			13,500				9,500			-			42			13,500			9,500			42

Average loans by client segment:
Middle Market Banking (b)	$	51,730		$	51,379		$	52,205		$	52,013			$	48,953		1			6			$	51,830		$	47,009		10
Corporate Client Banking (b)	21,012			20,261			21,344			21,061				21,755			4			(3	)		20,918			19,572			7
Commercial Term Lending	48,313			46,656			45,087			43,845				42,890			4			13			45,989			40,872			13
Real Estate Banking	10,675			9,675			9,277			8,677				8,450			10			26			9,582			8,562			12
Other	3,830			3,647			3,676			3,694				3,950			5			(3	)		3,711			4,085			(9	)
Total Commercial Banking loans	$	135,560		$	131,618		$	131,589		$	129,290			$	125,998		3			8			$	132,030		$	120,100		10

Headcount (c)	6,848			6,761			6,660			6,511				6,117			1			12			6,848			6,117			12

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	25		$	16		$	9		$	(7	)		$	50		56			(50	)		$	43		$	35		23
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (d)	471			558			505			643				644			(16	)		(27	)		471			644			(27	)
Nonaccrual loans held-for-sale and loans
at fair value	43			8			8			26				29			438			48			43			29			48
Total nonaccrual loans	514			566			513			669				673			(9	)		(24	)		514			673			(24	)

Assets acquired in loan satisfactions	15			19			30			12				14			(21	)		7			15			14			7
Total nonperforming assets	529			585			543			681				687			(10	)		(23	)		529			687			(23	)
Allowance for credit losses:
Allowance for loan losses	2,669			2,647			2,691			2,656				2,610			1			2			2,669			2,610			2
Allowance for lending-related commitments	142			171			183			183				183			(17	)		(22	)		142			183			(22	)
Total allowance for credit losses	2,811			2,818			2,874			2,839				2,793			-			1			2,811			2,793			1

Net charge-off/(recovery) rate (e)	0.07		%	0.05		%	0.03		%	(0.02		)	%	0.16		%							0.03		%	0.03		%
Allowance for loan losses to period-end loans retained	1.97			1.99			2.06			2.05				2.06									1.97			2.06
Allowance for loan losses to nonaccrual loans retained (d)	567			474			533			413				405									567			405
Nonaccrual loans to total period-end loans	0.37			0.42			0.39			0.51				0.52									0.37			0.52

(a)

Effective January 1, 2013, whole loan financing agreements, previously reported as other assets, were reclassified as loans. For the three months ended December 31, 2013, September 30, 2013, June 30, 2013 and March 31, 2013, the impact on period-end loans was $1.6 billion, $1.6 billion, $2.1 billion and $1.7 billion, respectively, and the impact on average loans was $1.3 billion, $1.7 billion, $1.8 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)	Effective January 1, 2013, headcount includes transfers from other business segments largely related to operations, technology and other support staff.


(d)	Allowance for loan losses of $81 million, $102 million, $79 million, $99 million and $107 million was held against nonaccrual loans retained at December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively.


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

Page 24



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


	QUARTERLY TRENDS																			FULL YEAR
																4Q13 Change										2013 Change
	4Q13			3Q13			2Q13			1Q13			4Q12			3Q13		4Q12		2013			2012			2012
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,314		$	2,017		$	2,018		$	1,883		$	2,011		15	%	15	%	$	8,232		$	7,041		17		%
All other income	280			168			138			211			190			67		47		797			806			(1	)
Noninterest revenue	2,594			2,185			2,156			2,094			2,201			19		18		9,029			7,847			15
Net interest income	585			578			569			559			552			1		6		2,291			2,099			9
TOTAL NET REVENUE	3,179			2,763			2,725			2,653			2,753			15		15		11,320			9,946			14

Provision for credit losses	21			—			23			21			19			NM		11		65			86			(24	)

NONINTEREST EXPENSE
Compensation expense	1,343			1,207			1,155			1,170			1,178			11		14		4,875			4,405			11
Noncompensation expense	828			774			716			684			742			7		12		3,002			2,608			15
Amortization of intangibles	74			22			21			22			23			236		222		139			91			53
TOTAL NONINTEREST EXPENSE	2,245			2,003			1,892			1,876			1,943			12		16		8,016			7,104			13

Income before income tax expense	913			760			810			756			791			20		15		3,239			2,756			18
Income tax expense	345			284			310			269			308			21		12		1,208			1,053			15
NET INCOME	$	568		$	476		$	500		$	487		$	483		19		18		$	2,031		$	1,703		19

REVENUE BY CLIENT SEGMENT
Private Banking	$	1,603		$	1,488		$	1,483		$	1,446		$	1,441		8		11		$	6,020		$	5,426		11
Institutional	806			553			588			589			729			46		11		2,536			2,386			6
Retail	770			722			654			618			583			7		32		2,764			2,134			30
TOTAL NET REVENUE	$	3,179		$	2,763		$	2,725		$	2,653		$	2,753		15		15		$	11,320		$	9,946		14
				d
FINANCIAL RATIOS
ROE	25		%	21		%	22		%	22		%	27		%					23		%	24		%
Overhead ratio	71			72			69			71			71							71			71
Pretax margin ratio	29			28			30			29			29							29			28

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	122,414		$	117,475		$	115,157		$	109,734		$	108,999		4		12		$	122,414		$	108,999		12
Loans (a)	95,445			90,538			86,043			81,403			80,216			5		19		95,445			80,216			19
Deposits	146,183			139,553			137,289			139,679			144,579			5		1		146,183			144,579			1
Equity	9,000			9,000			9,000			9,000			7,000			-		29		9,000			7,000			29

SELECTED BALANCE SHEET DATA (average)
Total assets	$	119,041		$	114,275		$	111,431		$	107,911		$	104,232		4		14		$	113,198		$	97,447		16
Loans	92,712			87,770			83,621			80,002			76,528			6		21		86,066			68,719			25
Deposits	144,027			138,742			136,577			139,441			133,693			4		8		139,707			129,208			8
Equity	9,000			9,000			9,000			9,000			7,000			-		29		9,000			7,000			29

Headcount	20,048			19,928			19,026			18,604			18,465			1		9		20,048			18,465			9

(a)

Included $18.9 billion, $17.5 billion, $14.8 billion, $12.7 billion and $10.9 billion of prime mortgage loans reported in the Consumer, excluding credit card, loan portfolio, at December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively. For the same periods, excluded $3.7 billion, $4.0 billion, $4.8 billion, $5.6 billion and $6.7 billion of prime mortgage loans reported in the CIO portfolio within the Corporate/Private Equity segment, respectively.

Page 25



JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)

	QUARTERLY TRENDS																					FULL YEAR
																4Q13 Change												2013 Change
	4Q13			3Q13			2Q13			1Q13			4Q12			3Q13			4Q12			2013			2012			2012
BUSINESS METRICS
Number of client advisors	2,962			2,995			2,804			2,797			2,821			(1	)	%	5		%	2,962			2,821			5		%
% of customer assets in 4 & 5 Star Funds (a)	49		%	55		%	52		%	51		%	47		%							49		%	47		%
% of AUM in 1st and 2nd quartiles: (b)
1 year	68			73			73			70			67									68			67
3 years	68			74			77			74			74									68			74
5 years	69			74			76			75			76									69			76

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	4		$	9		$	4		$	23		$	3		(56	)		33			$	40		$	64		(38	)
Nonaccrual loans	167			202			244			259			250			(17	)		(33	)		167			250			(33	)
Allowance for credit losses:
Allowance for loan losses	278			260			270			249			248			7			12			278			248			12
Allowance for lending-related commitments	5			7			6			5			5			(29	)		-			5			5			-
Total allowance for credit losses	283			267			276			254			253			6			12			283			253			12
Net charge-off rate	0.02		%	0.04		%	0.02		%	0.12		%	0.02		%							0.05		%	0.09		%
Allowance for loan losses to period-end loans	0.29			0.29			0.31			0.31			0.31									0.29			0.31
Allowance for loan losses to nonaccrual loans	166			129			111			96			99									166			99
Nonaccrual loans to period-end loans	0.17			0.22			0.28			0.32			0.31									0.17			0.31

AM FIRMWIDE DISCLOSURES (c)
Total net revenue	$	3,753		$	3,300		$	3,226		$	3,112		$	3,164		14			19			$	13,391		$	11,443		17
Client assets (in billions) (d)	2,534			2,423			2,323			2,332			2,244			5			13			2,534			2,244			13
Number of client advisors	6,006			6,023			5,828			5,795			5,784			-			4			6,006			5,784			4


(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.


(c)	Includes Chase Wealth Management ("CWM"), which is a unit of Consumer & Business Banking. The firmwide metrics are presented in order to capture AM's partnership with CWM. Management reviews firmwide metrics in assessing the financial performance of AM's client asset management business.


(d)	Excludes CWM client assets that are managed by AM.

Page 26



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


											Dec 31, 2013
											Change
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,			Dec 31,
CLIENT ASSETS	2013		2013		2013		2013		2012		2013			2012
Assets by asset class
Liquidity	$	451	$	446	$	431	$	454	$	458	1		%	(2	)	%
Fixed income	330		328		325		331		330		1			-
Equity	370		346		316		312		277		7			34
Multi-asset and alternatives	447		420		398		386		361		6			24
TOTAL ASSETS UNDER MANAGEMENT	1,598		1,540		1,470		1,483		1,426		4			12
Custody/brokerage/administration/deposits	745		706		687		688		669		6			11
TOTAL CLIENT ASSETS	$	2,343	$	2,246	$	2,157	$	2,171	$	2,095	4			12

MEMO:
Alternatives client assets (a)	$	158	$	151	$	147	$	144	$	142	5			11

Assets by client segment
Private Banking	$	361	$	352	$	340	$	339	$	318	3			14
Institutional	777		752		723		749		741		3			5
Retail	460		436		407		395		367		6			25
TOTAL ASSETS UNDER MANAGEMENT	$	1,598	$	1,540	$	1,470	$	1,483	$	1,426	4			12

Private Banking	$	977	$	935	$	910	$	909	$	877	4			11
Institutional	777		752		723		749		741		3			5
Retail	589		559		524		513		477		5			23
TOTAL CLIENT ASSETS	$	2,343	$	2,246	$	2,157	$	2,171	$	2,095	4			12


Mutual fund assets by asset class
Liquidity	$	392	$	396	$	379	$	400	$	410	(1	)		(4	)
Fixed income	137		140		139		142		136		(2	)		1
Equity	198		183		164		159		139		8			42
Multi-asset and alternatives	77		68		60		53		46		13			67
TOTAL MUTUAL FUND ASSETS	$	804	$	787	$	742	$	754	$	731	2			10


(a)	Represents assets under management, as well as client balances in brokerage accounts.

Page 27



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

	QUARTERLY TRENDS												FULL YEAR

	4Q13		3Q13		2Q13			1Q13			4Q12		2013			2012
CLIENT ASSETS (continued)
Assets under management rollforward
Beginning balance	$	1,540	$	1,470	$	1,483		$	1,426		$	1,381	$	1,426		$	1,336
Net asset flows:
Liquidity	7		13		(22		)	(2		)	22		(4		)	(41		)
Fixed income	1		1		4			2			—		8			27
Equity	5		7		7			15			4		34			8
Multi-asset and alternatives	10		11		14			13			6		48			23
Market/performance/other impacts	35		38		(16		)	29			13		86			73
Ending balance	$	1,598	$	1,540	$	1,470		$	1,483		$	1,426	$	1,598		$	1,426


Client assets rollforward
Beginning balance	$	2,246	$	2,157	$	2,171		$	2,095		$	2,031	$	2,095		$	1,921
Net asset flows	25		39		(4		)	20			48		80			60
Market/performance/other impacts	72		50		(10		)	56			16		168			114
Ending balance	$	2,343	$	2,246	$	2,157		$	2,171		$	2,095	$	2,343		$	2,095

Page 28



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

	QUARTERLY TRENDS															FULL YEAR
											4Q13 Change									2013 Change
INTERNATIONAL METRICS	4Q13		3Q13		2Q13		1Q13		4Q12		3Q13		4Q12			2013		2012		2012
Total net revenue: (in millions) (a)
Europe/Middle East/Africa	$	515	$	465	$	435	$	437	$	471	11	%	9		%	$	1,852	$	1,641	13	%
Asia/Pacific	312		295		291		277		256		6		22			1,175		967		22
Latin America/Caribbean	229		202		230		206		240		13		(5	)		867		772		12
North America	2,123		1,801		1,769		1,733		1,786		18		19			7,426		6,566		13
Total net revenue	$	3,179	$	2,763	$	2,725	$	2,653	$	2,753	15		15			$	11,320	$	9,946	14

Assets under management:
Europe/Middle East/Africa	$	305	$	271	$	261	$	270	$	258	13		18			$	305	$	258	18
Asia/Pacific	132		132		124		123		114		-		16			132		114		16
Latin America/Caribbean	47		42		40		39		45		12		4			47		45		4
North America	1,114		1,095		1,045		1,051		1,009		2		10			1,114		1,009		10
Total assets under management	$	1,598	$	1,540	$	1,470	$	1,483	$	1,426	4		12			$	1,598	$	1,426	12

Client assets:
Europe/Middle East/Africa	$	367	$	330	$	317	$	328	$	317	11		16			$	367	$	317	16
Asia/Pacific	180		179		171		170		160		1		13			180		160		13
Latin America/Caribbean	117		109		105		106		110		7		6			117		110		6
North America	1,679		1,628		1,564		1,567		1,508		3		11			1,679		1,508		11
Total client assets	$	2,343	$	2,246	$	2,157	$	2,171	$	2,095	4		12			$	2,343	$	2,095	12


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

Page 29



JPMORGAN CHASE & CO.
CORPORATE/PRIVATE EQUITY
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)

	QUARTERLY TRENDS																						FULL YEAR
																	4Q13 Change													2013 Change
	4Q13				3Q13			2Q13			1Q13			4Q12			3Q13			4Q12			2013			2012				2012
INCOME STATEMENT (a)
REVENUE
Principal transactions	$	54			$	378		$	393		$	(262	)	$	159		(86	)	%	(66	)	%	$	563		$	(4,268	)	(e)(g)	NM		%
Securities gains	7				26			124			509			103			(73	)		(93	)		666			2,024				(67	)
All other income	1,894			(d)	83			(227		)	114			142			NM			NM			1,864			2,434			(f)(h)	(23	)
Noninterest revenue	1,955				487			290			361			404			301			384			3,093			190				NM
Net interest income	(203		)		(366		)	(676		)	(594		)	(528		)	45			62			(1,839		)	(1,281		)		(44	)
TOTAL NET REVENUE (b)	1,752				121			(386		)	(233		)	(124		)	NM			NM			1,254			(1,091		)		NM

Provision for credit losses	(13		)		(17		)	5			(3		)	(6		)	24			(117	)		(28		)	(37		)		24

NONINTEREST EXPENSE
Compensation expense	551				551			624			573			545			-			1			2,299			2,221				4
Noncompensation expense (c)	1,331				9,890			1,345			642			1,151			(87	)		16			13,208			6,972				89
Subtotal	1,882				10,441			1,969			1,215			1,696			(82	)		11			15,507			9,193				69
Net expense allocated to other businesses	(1,441		)		(1,345		)	(1,253		)	(1,213		)	(1,176		)	(7	)		(23	)		(5,252		)	(4,634		)		(13	)
TOTAL NONINTEREST EXPENSE	441				9,096			716			2			520			(95	)		(15	)		10,255			4,559				125

Income/(loss) before income tax expense/(benefit)	1,324				(8,958		)	(1,107		)	(232		)	(638		)	NM			NM			(8,973		)	(5,613		)		(60	)
Income tax expense/(benefit)	537				(2,495		)	(555		)	(482		)	(1,161		)	NM			NM			(2,995		)	(3,591		)		17
NET INCOME/(LOSS)	$	787			$	(6,463	)	$	(552	)	$	250		$	523		NM			50			$	(5,978	)	$	(2,022	)		(196	)

MEMO:
TOTAL NET REVENUE
Private Equity	$	57			$	398		$	410		$	(276	)	$	72		(86	)		(21	)		$	589		$	601			(2	)
Treasury and Chief Investment Office ("CIO")	(25		)		(232		)	(648		)	113			(110		)	89			77			(792		)	(3,064		)		74
Other Corporate (a)	1,720				(45		)	(148		)	(70		)	(86		)	NM			NM			1,457			1,372				6
TOTAL NET REVENUE	$	1,752			$	121		$	(386	)	$	(233	)	$	(124	)	NM			NM			$	1,254		$	(1,091	)		NM

NET INCOME/(LOSS)
Private Equity	$	13			$	242		$	212		$	(182	)	$	50		(95	)		(74	)		$	285		$	292			(2	)
Treasury and CIO	(78		)		(193		)	(429		)	24			(157		)	60			50			(676		)	(2,093		)		68
Other Corporate (a)	852				(6,512		)	(335		)	408			630			NM			35			(5,587		)	(221		)		NM
TOTAL NET INCOME/(LOSS)	$	787			$	(6,463	)	$	(552	)	$	250		$	523		NM			50			$	(5,978	)	$	(2,022	)		(196	)

TOTAL ASSETS (period-end) (a)	$	805,987			$	835,000		$	806,044		$	763,765		$	725,251		(3	)		11			$	805,987		$	725,251			11

Headcount (a)	20,717				19,843			18,720			18,026			17,758			4			17			20,717			17,758				17


(a)	In the second quarter of 2013, the 2012 data for certain income statement (including net expense allocated to other businesses) and balance sheet line items, as well as headcount were revised to reflect the transfer of certain functions and staff from Corporate/Private Equity to CCB, effective January 1, 2013. For further information on this transfer, see CCB on page 10.


(b)	Included tax-equivalent adjustments, predominantly due to tax-exempt income from municipal bond investments of $144 million, $128 million, $105 million, $103 million and $117 million for the three months ended December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively, and $480 million and $443 million for full year 2013 and 2012, respectively.


(c)	Included legal expense of $0.4 billion, $9.2 billion, $0.6 billion and $0.2 billion for the three months ended December 31, 2013, September 30, 2013, June 30, 2013 and December 31, 2012, respectively (legal expense for the three months ended March 31, 2013 was not material), and $10.2 billion and $3.7 billion for full year 2013 and 2012, respectively.


(d)	Included a $1.3 billion gain from the sale of Visa shares and a $493 million gain from the sale of One Chase Manhattan Plaza.

(e)

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.


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


(g)	Included a gain of $545 million that was recorded in the second quarter of 2012, reflecting the recovery on a Bear Stearns-related subordinated loan.


(h)	Included a $1.1 billion benefit that was recorded in the first quarter of 2012 from the Washington Mutual bankruptcy settlement.

Page 30



JPMORGAN CHASE & CO.
CORPORATE/PRIVATE EQUITY
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions)


	QUARTERLY TRENDS																				FULL YEAR
															4Q13 Change											2013 Change
	4Q13			3Q13			2Q13		1Q13			4Q12			3Q13			4Q12			2013			2012		2012
SUPPLEMENTAL INFORMATION

TREASURY and CHIEF INVESTMENT OFFICE ("CIO")
Securities gains	$	7		$	26		$	123	$	503		$	103		(73	)	%	(93	)	%	$	659		$	2,028	(68	)	%
Investment securities portfolio (average) (a)	344,949			348,622			355,920		365,639			362,867			(1	)		(5	)		353,712			358,029		(1	)
Investment securities portfolio (period-end) (b)	347,562			350,527			349,044		360,230			365,421			(1	)		(5	)		347,562			365,421		(5	)
Mortgage loans (average)	3,980			4,562			5,556		6,516			7,882			(13	)		(50	)		5,145			10,241		(50	)
Mortgage loans (period-end)	3,779			4,161			4,955		5,914			7,037			(9	)		(46	)		3,779			7,037		(46	)

PRIVATE EQUITY
Private equity gains/(losses)
Direct investments
Realized gains/(losses)	$	(116	)	$	(142	)	$	40	$	48		$	(8	)	18			NM			$	(170	)	$	17	NM
Unrealized gains/(losses) (c)	199			487			375		(327		)	11			(59	)		NM			734			639		15
Total direct investments	83			345			415		(279		)	3			(76	)		NM			564			656		(14	)
Third-party fund investments	10			83			24		20			87			(88	)		(89	)		137			134		2
Total private equity gains/(losses) (d)	$	93		$	428		$	439	$	(259	)	$	90		(78	)		3			$	701		$	790	(11	)

Private equity portfolio information
Direct investments
Publicly-held securities
Carrying value	$	1,035		$	538		$	550	$	578		$	578		92			79			$	1,035		$	578	79
Cost	672			345			346		350			350			95			92			672			350		92
Quoted public value	1,077			538			550		578			578			100			86			1,077			578		86
Privately-held direct securities
Carrying value	5,065			6,266			5,448		5,088			5,379			(19	)		(6	)		5,065			5,379		(6	)
Cost	6,022			7,096			6,831		6,816			6,584			(15	)		(9	)		6,022			6,584		(9	)
Third-party fund investments (e)
Carrying value	1,768			1,905			1,958		2,047			2,117			(7	)		(16	)		1,768			2,117		(16	)
Cost	1,797			1,910			1,968		1,967			1,963			(6	)		(8	)		1,797			1,963		(8	)
Total private equity portfolio
Carrying value	$	7,868		$	8,709		$	7,956	$	7,713		$	8,074		(10	)		(3	)		$	7,868		$	8,074	(3	)
Cost	8,491			9,351			9,145		9,133			8,897			(9	)		(5	)		8,491			8,897		(5	)


(a)	Average investment securities included held-to-maturity balances of $13.8 billion and $1.9 billion for the three months ended December 31, 2013 and September 30, 2013, respectively. Held-to-maturity balances for the other periods were not material.


(b)	Period-end investment securities included held-to-maturity balances of $24.0 billion and $4.5 billion at December 31, 2013 and September 30, 2013, respectively. Held-to-maturity balances for the other periods were not material.


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


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


(e)	Unfunded commitments to third-party private equity funds were $215 million, $232 million, $251 million, $323 million and $370 million at December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively.

Page 31



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
											Dec 31, 2013
											Change
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,			Dec 31,
	2013		2013		2013		2013		2012		2013			2012
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained, excluding PCI loans
Home equity	$	57,863	$	59,825	$	62,326	$	64,798	$	67,385	(3	)	%	(14	)	%
Prime mortgage, including option ARMs	87,162		85,067		79,179		77,626		76,256		2			14
Subprime mortgage	7,104		7,376		7,703		8,003		8,255		(4	)		(14	)
Auto	52,757		50,810		50,865		50,552		49,913		4			6
Business banking	18,951		18,710		18,730		18,739		18,883		1			-
Student and other	11,557		11,664		11,849		11,927		12,191		(1	)		(5	)
Total loans retained, excluding PCI loans	235,394		233,452		230,652		231,645		232,883		1			1
Loans - PCI
Home equity	18,927		19,411		19,992		20,525		20,971		(2	)		(10	)
Prime mortgage	12,038		12,487		12,976		13,366		13,674		(4	)		(12	)
Subprime mortgage	4,175		4,297		4,448		4,561		4,626		(3	)		(10	)
Option ARMs	17,915		18,564		19,320		19,985		20,466		(3	)		(12	)
Total loans - PCI	53,055		54,759		56,736		58,437		59,737		(3	)		(11	)
Total loans retained	288,449		288,211		287,388		290,082		292,620		-			(1	)
Loans held-for-sale	614		139		708		—		—		342			NM
Total consumer, excluding credit card loans	289,063		288,350		288,096		290,082		292,620		-			(1	)

Credit card loans
Loans retained (b)	127,465		123,672		124,288		121,865		127,993		3			-
Loans held-for-sale	326		310		—		—		—		5			NM
Total credit card loans	127,791		123,982		124,288		121,865		127,993		3			-
Total consumer loans	416,854		412,332		412,384		411,947		420,613		1			(1	)

Wholesale loans (c)
Loans retained	308,263		310,588		308,208		310,582		306,222		(1	)		1
Loans held-for-sale and loans at fair value	13,301		5,759		4,994		6,357		6,961		131			91
Total wholesale loans	321,564		316,347		313,202		316,939		313,183		2			3

Total loans	738,418		728,679		725,586		728,886		733,796		1			1

Derivative receivables	65,759		66,788		73,751		70,609		74,983		(2	)		(12	)
Receivables from customers and other (d)	26,883		24,618		23,852		30,111		23,761		9			13
Total credit-related assets	92,642		91,406		97,603		100,720		98,744		1			(6	)

Lending-related commitments
Consumer, excluding credit card	56,057		58,787		62,303		60,874		60,156		(5	)		(7	)
Credit card	529,383		532,251		532,359		537,455		533,018		(1	)		(1	)
Wholesale	446,232		449,067		445,472		435,281		434,814		(1	)		3
Total lending-related commitments	1,031,672		1,040,105		1,040,134		1,033,610		1,027,988		(1	)		-

Total credit exposure	$	1,862,732	$	1,860,190	$	1,863,323	$	1,863,216	$	1,860,528	-			-

Memo: Total by category
Consumer exposure (e)	$	1,002,433	$	1,003,499	$	1,007,175	$	1,010,399	$	1,013,900	-			(1	)
Wholesale exposures (f)	860,299		856,691		856,148		852,817		846,628		-			2
Total credit exposure	$	1,862,732	$	1,860,190	$	1,863,323	$	1,863,216	$	1,860,528	-			-


(a)	Includes loans reported in CCB, and prime mortgage 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)

																Dec 31, 2013
																Change
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Dec 31,
	2013			2013			2013			2013			2012			2013			2012
NONPERFORMING ASSETS (a)
Consumer, excluding credit card loans
Home equity	$	2,808		$	2,848		$	2,986		$	3,104		$	3,208		(1	)	%	(12	)	%
Prime mortgage, including option ARMs	2,666			3,124			3,330			3,479			3,445			(15	)		(23	)
Subprime mortgage	1,390			1,485			1,594			1,792			1,807			(6	)		(23	)
Auto	161			125			126			135			163			29			(1	)
Business banking	385			413			454			458			481			(7	)		(20	)
Student and other	86			81			86			80			70			6			23
Total consumer, excluding credit card loans	7,496			8,076			8,576			9,048			9,174			(7	)		(18	)

Total credit card loans	—			1			1			1			1			NM			NM

Total consumer nonaccrual loans (b)	7,496			8,077			8,577			9,049			9,175			(7	)		(18	)

Wholesale loans
Loans retained	821			950			1,001			1,247			1,434			(14	)		(43	)
Loans held-for-sale and loans at fair value (c)	223			218			301			285			283			2			(21	)
Total wholesale loans	1,044			1,168			1,302			1,532			1,717			(11	)		(39	)

Total nonaccrual loans	8,540			9,245			9,879			10,581			10,892			(8	)		(22	)

Derivative receivables	415			431			448			412			239			(4	)		74
Assets acquired in loan satisfactions	751			704			714			746			775			7			(3	)
Total nonperforming assets	9,706			10,380			11,041			11,739			11,906			(6	)		(18	)
Wholesale lending-related commitments (d)	206			244			283			244			355			(16	)		(42	)
Total nonperforming exposure	$	9,912		$	10,624		$	11,324		$	11,983		$	12,261		(7	)		(19	)

NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans (c)	1.16		%	1.27		%	1.36		%	1.45		%	1.48		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	2.59			2.80			2.98			3.12			3.14
Total wholesale nonaccrual loans to total
wholesale loans (c)	0.32			0.37			0.42			0.48			0.55

NONPERFORMING ASSETS BY LINE OF BUSINESS
Consumer & Community Banking (b)	$	8,109		$	8,673		$	9,171		$	9,666		$	9,791		(7	)		(17	)
Corporate & Investment Bank (c)	838			855			1,014			1,066			1,092			(2	)		(23	)
Commercial Banking	529			585			543			681			687			(10	)		(23	)
Asset Management	168			203			247			263			263			(17	)		(36	)
Corporate/Private Equity (e)	62			64			66			63			73			(3	)		(15	)
TOTAL	$	9,706		$	10,380		$	11,041		$	11,739		$	11,906		(6	)		(18	)

(a)

At December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $8.4 billion, $8.9 billion, $10.1 billion, $10.9 billion and $10.6 billion, respectively, that are 90 or more days past due; (2) real estate owned insured by U.S. government agencies of $2.0 billion, $1.9 billion, $1.8 billion, $1.7 billion and $1.6 billion, respectively; and (3) student loans insured by U.S. government agencies under the FFELP of $428 million, $456 million, $488 million, $523 million and $525 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”). Under this guidance, nonmodified credit card loans are charged off by the end of the month in which the account becomes 180 days past due, while modified credit card loans are charged off when the account becomes 120 days past due. Moreover, all credit card loans must be charged off within 60 days of receiving notification about certain specified events (e.g., bankruptcy of the borrower).


(b)	Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as they are all performing.


(c)	In the fourth quarter of 2013, certain loans that resulted from restructurings that were previously classified as performing were reclassified as nonperforming loans. Prior periods were revised to conform with the current presentation.


(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																							FULL YEAR
																		4Q13 Change													2013 Change
	4Q13			3Q13			2Q13				1Q13			4Q12				3Q13			4Q12			2013			2012				2012
GROSS CHARGE-OFFS
Consumer, excluding credit card loans (a)(b)	$	625		$	671		$	666			$	792		$	804			(7	)	%	(22	)	%	$	2,754		$	4,805		(c)	(43	)	%
Credit card loans	1,011			1,047			1,166				1,248			1,261				(3	)		(20	)		4,472			5,755				(22	)
Total consumer loans	1,636			1,718			1,832				2,040			2,065				(5	)		(21	)		7,226			10,560				(32	)
Wholesale loans	51			74			50				66			133				(31	)		(62	)		241			346				(30	)
Total gross charge-offs	$	1,687		$	1,792		$	1,882			$	2,106		$	2,198			(6	)		(23	)		$	7,467		$	10,906			(32	)

GROSS RECOVERIES
Consumer, excluding credit card loans (b)	$	210		$	243		$	210			$	184		$	115			(14	)		83			$	847		$	508			67
Credit card loans	120			155			152				166			164				(23	)		(27	)		593			811				(27	)
Total consumer loans	330			398			362				350			279				(17	)		18			1,440			1,319				9
Wholesale loans	29			48			117				31			291				(40	)		(90	)		225			524				(57	)
Total gross recoveries	$	359		$	446		$	479			$	381		$	570			(20	)		(37	)		$	1,665		$	1,843			(10	)

NET CHARGE-OFFS/(RECOVERIES)
Consumer, excluding credit card loans (a)	$	415		$	428		$	456			$	608		$	689			(3	)		(40	)		$	1,907		$	4,297		(c)	(56	)
Credit card loans	891			892			1,014				1,082			1,097				-			(19	)		3,879			4,944				(22	)
Total consumer loans	1,306			1,320			1,470				1,690			1,786				(1	)		(27	)		5,786			9,241				(37	)
Wholesale loans	22			26			(67		)		35			(158		)		(15	)		NM			16			(178		)		NM
Total net charge-offs/(recoveries)	$	1,328		$	1,346		$	1,403			$	1,725		$	1,628			(1	)		(18	)		$	5,802		$	9,063			(36	)

NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans (a)	0.57		%	0.59		%	0.63			%	0.85		%	0.93			%							0.66		%	1.43			%(c)
Credit card retained loans	2.86			2.86			3.31				3.55			3.50										3.14			3.95
Total consumer retained loans	1.26			1.27			1.43				1.65			1.70										1.40			2.17
Wholesale retained loans	0.03			0.03			(0.09		)		0.05			(0.21		)								0.01			(0.06		)
Total retained loans	0.73			0.74			0.78				0.97			0.90										0.81			1.26
Consumer retained loans, excluding credit card and
PCI loans	0.70			0.73			0.79				1.06			1.18										0.82			1.81			(c)
Consumer retained loans, excluding PCI loans	1.44			1.47			1.66				1.92			1.99										1.62			2.55			(c)
Total retained, excluding PCI loans	0.79			0.81			0.85				1.06			0.98										0.87			1.38

Memo: Average retained loans
Consumer retained, excluding credit card loans	$	288,751		$	287,729		$	289,158			$	291,588		$	293,544			-			(2	)		$	289,294		$	300,024			(4	)
Credit card retained loans	123,800			123,845			122,855				123,564			124,701				-			(1	)		123,518			125,031				(1	)
Total average retained consumer loans	412,551			411,574			412,013				415,152			418,245				-			(1	)		412,812			425,055				(3	)
Wholesale retained loans	311,090			306,008			308,277				303,919			300,690				2			3			307,340			291,980				5
Total average retained loans	$	723,641		$	717,582		$	720,290			$	719,071		$	718,935			1			1			$	720,152		$	717,035			-

Consumer retained, excluding credit card and
PCI loans	$	234,858		$	232,100		$	231,655			$	232,503		$	233,108			1			1			$	232,784		$	237,462			(2	)
Consumer retained, excluding PCI loans	358,658			355,945			354,510				356,067			357,809				1			-			356,301			362,494				(2	)
Total retained, excluding PCI loans	669,738			661,941			662,776				659,972			658,479				1			2			663,629			654,454				1


(a)	Gross charge-offs and the net charge-off rates for the three months ended December 31, 2013 and full year 2013 excluded $53 million of write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans.


(b)	Prior periods have been revised.

(c)

Net charge-offs and net charge-off rates included $747 million and $53 million of Chapter 7 loans related to residential real estate and auto loans, respectively, for the full year 2012. 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 1.17%, 1.47% and 2.33%, respectively, for the full year 2012. For further information, see Consumer Credit Portfolio on pages 138-149 of the 2012 Annual Report.

Page 34



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


	QUARTERLY TRENDS																				FULL YEAR
															4Q13 Change												2013 Change
	4Q13			3Q13			2Q13			1Q13		4Q12			3Q13			4Q12			2013			2012			2012
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	17,571		$	19,384		$	20,780		$	21,936	$	22,824		(9	)	%	(23	)	%	$	21,936		$	27,609		(21	)	%
Net charge-offs	1,328			1,346			1,403			1,725		1,628			(1	)		(18	)		5,802			9,063			(36	)
Write-offs of PCI loans (a)	53			—			—			—		—			NM			NM			53			—			NM
Provision for loan losses	76			(467		)	10			569		740			NM			(90	)		188			3,387			(94	)
Other	(2		)	—			(3		)	—		—			NM			NM			(5		)	3			NM
Ending balance	$	16,264		$	17,571		$	19,384		$	20,780	$	21,936		(7	)		(26	)		$	16,264		$	21,936		(26	)

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	677		$	753		$	716		$	668	$	752		(10	)		(10	)		$	668		$	673		(1	)
Provision for lending-related commitments	28			(76		)	37			48		(84		)	NM			NM			37			(2		)	NM
Other	—			—			—			—		—			-			-			—			(3		)	NM
Ending balance	$	705		$	677		$	753		$	716	$	668		4			6			$	705		$	668		6

Total allowance for credit losses	$	16,969		$	18,248		$	20,137		$	21,496	$	22,604		(7	)		(25	)		$	16,969		$	22,604		(25	)

ALLOWANCE FOR LOAN LOSSES BY LOB
Consumer & Community Banking	$	12,201		$	13,500		$	15,095		$	16,599	$	17,752		(10	)		(31	)		$	12,201		$	17,752		(31	)
Corporate & Investment Bank	1,096			1,138			1,287			1,246		1,300			(4	)		(16	)		1,096			1,300			(16	)
Commercial Banking	2,669			2,647			2,691			2,656		2,610			1			2			2,669			2,610			2
Asset Management	278			260			270			249		248			7			12			278			248			12
Corporate/Private Equity	20			26			41			30		26			(23	)		(23	)		20			26			(23	)
Total	$	16,264		$	17,571		$	19,384		$	20,780	$	21,936		(7	)		(26	)		$	16,264		$	21,936		(26	)


(a)	Write-offs of PCI loans are recorded against the allowance for loan losses when actual losses for a pool exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. Any write-offs of PCI loans are recognized when the underlying loan is removed from a pool (e.g., upon liquidation).

Page 35



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

																Dec 31, 2013
																Change
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Dec 31,
	2013			2013			2013			2013			2012			2013			2012
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	601		$	689		$	713		$	771		$	729		(13	)	%	(18	)	%
Formula-based	3,697			3,798			4,267			5,163			5,852			(3	)		(37	)
PCI	4,158			4,961			5,711			5,711			5,711			(16	)		(27	)
Total consumer, excluding credit card	8,456			9,448			10,691			11,645			12,292			(10	)		(31	)
Credit card
Asset-specific (a)	971			1,080			1,227			1,434			1,681			(10	)		(42	)
Formula-based	2,824			3,017			3,218			3,564			3,820			(6	)		(26	)
Total credit card	3,795			4,097			4,445			4,998			5,501			(7	)		(31	)
Total consumer	12,251			13,545			15,136			16,643			17,793			(10	)		(31	)
Wholesale
Asset-specific (a)	181			209			228			228			319			(13	)		(43	)
Formula-based	3,832			3,817			4,020			3,909			3,824			-			-
Total wholesale	4,013			4,026			4,248			4,137			4,143			-			(3	)
Total allowance for loan losses	16,264			17,571			19,384			20,780			21,936			(7	)		(26	)
Allowance for lending-related commitments	705			677			753			716			668			4			6
Total allowance for credit losses	$	16,969		$	18,248		$	20,137		$	21,496		$	22,604		(7	)		(25	)

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	2.93		%	3.28		%	3.72		%	4.01		%	4.20		%
Credit card allowance to total credit card retained loans	2.98			3.31			3.58			4.10			4.30
Wholesale allowance to total wholesale retained loans	1.30			1.30			1.38			1.33			1.35
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (b)	1.50			1.52			1.65			1.61			1.66
Total allowance to total retained loans	2.25			2.43			2.69			2.88			3.02
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (c)	113			117			125			129			134
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (c)	150			149			156			153			155
Wholesale allowance to wholesale retained nonaccrual loans	489			424			424			332			289
Total allowance to total retained nonaccrual loans	196			195			202			202			207

CREDIT RATIOS, excluding PCI loans
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	1.83			1.92			2.16			2.56			2.83
Total allowance to total retained loans	1.80			1.89			2.06			2.27			2.43
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (c)	57			56			58			66			72
Allowance, excluding credit card allowance, to retained non-
accrual loans, excluding credit card nonaccrual loans (c)	100			94			96			98			101
Total allowance to total retained nonaccrual loans	146			140			143			146			153


(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 uses allowance for loan losses to period-end loans retained, excluding CIB's trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of the wholesale allowance coverage ratio.


(c)	For information on the Firm’s nonaccrual policy for credit card loans, see footnote (a) on page 33.

Page 36



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

	QUARTERLY TRENDS																				FULL YEAR
																4Q13 Change											2013 Change
	4Q13			3Q13			2Q13			1Q13			4Q12			3Q13		4Q12			2013			2012			2012
PROVISION FOR CREDIT LOSSES BY LINE OF BUSINESS
Provision for loan losses
Consumer & Community Banking	$	72		$	(267	)	$	(20	)	$	549		$	1,091		NM	%	(93	)	%	$	334		$	3,774		(91	)	%
Corporate & Investment Bank	(54		)	(152		)	(41		)	(37		)	(373		)	64		86			(284		)	(485		)	41
Commercial Banking	47			(29		)	43			40			10			NM		370			101			47			115
Asset Management	23			(1		)	23			20			19			NM		21			65			88			(26	)
Corporate/Private Equity	(12		)	(18		)	5			(3		)	(7		)	33		(71	)		(28		)	(37		)	24
Total provision for loan losses	$	76		$	(467	)	$	10		$	569		$	740		NM		(90	)		$	188		$	3,387		(94	)

Provision for lending-related commitments
Consumer & Community Banking	$	—		$	—		$	1		$	—		$	—		-		-			$	1		$	—		NM
Corporate & Investment Bank	35			(66		)	35			48			(72		)	NM		NM			52			6			NM
Commercial Banking	(4		)	(12		)	1			(1		)	(13		)	67		69			(16		)	(6		)	(167	)
Asset Management	(2		)	1			—			1			—			NM		NM			—			(2		)	NM
Corporate/Private Equity	(1		)	1			—			—			1			NM		NM			—			—			-
Total provision for lending-related commitments	$	28		$	(76	)	$	37		$	48		$	(84	)	NM		NM			$	37		$	(2	)	NM

Provision for credit losses
Consumer & Community Banking	$	72		$	(267	)	$	(19	)	$	549		$	1,091		NM		(93	)		$	335		$	3,774		(91	)
Corporate & Investment Bank	(19		)	(218		)	(6		)	11			(445		)	91		96			(232		)	(479		)	52
Commercial Banking	43			(41		)	44			39			(3		)	NM		NM			85			41			107
Asset Management	21			—			23			21			19			NM		11			65			86			(24	)
Corporate/Private Equity	(13		)	(17		)	5			(3		)	(6		)	24		(117	)		(28		)	(37		)	24
Total provision for credit losses	$	104		$	(543	)	$	47		$	617		$	656		NM		(84	)		$	225		$	3,385		(93	)


PROVISION FOR CREDIT LOSSES BY PORTFOLIO SEGMENT
Provision for loan losses
Consumer, excluding credit card	$	(526	)	$	(815	)	$	(494	)	$	(37	)	$	(12	)	35		NM			$	(1,872	)	$	302		NM
Credit card	591			542			464			582			1,097			9		(46	)		2,179			3,444			(37	)
Total consumer	65			(273		)	(30		)	545			1,085			NM		(94	)		307			3,746			(92	)
Wholesale	11			(194		)	40			24			(345		)	NM		NM			(119		)	(359		)	67
Total provision for loan losses	$	76		$	(467	)	$	10		$	569		$	740		NM		(90	)		$	188		$	3,387		(94	)

Provision for lending-related commitments
Consumer, excluding credit card	$	—		$	—		$	1		$	—		$	1		-		NM			$	1		$	—		NM
Credit card	—			—			—			—			—			-		-			—			—			-
Total consumer	—			—			1			—			1			-		NM			1			—			NM
Wholesale	28			(76		)	36			48			(85		)	NM		NM			36			(2		)	NM
Total provision for lending-related commitments	$	28		$	(76	)	$	37		$	48		$	(84	)	NM		NM			$	37		$	(2	)	NM

Provision for credit losses
Consumer, excluding credit card	$	(526	)	$	(815	)	$	(493	)	$	(37	)	$	(11	)	35		NM			$	(1,871	)	$	302		NM
Credit card	591			542			464			582			1,097			9		(46	)		2,179			3,444			(37	)
Total consumer	65			(273		)	(29		)	545			1,086			NM		(94	)		308			3,746			(92	)
Wholesale	39			(270		)	76			72			(430		)	NM		NM			(83		)	(361		)	77
Total provision for credit losses	$	104		$	(543	)	$	47		$	617		$	656		NM		(84	)		$	225		$	3,385		(93	)

Page 37



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


	QUARTERLY TRENDS																					FULL YEAR
																4Q13 Change													2013 Change
	4Q13			3Q13			2Q13			1Q13			4Q12			3Q13			4Q12			2013			2012				2012
95% Confidence Level - Total VaR (average)

CIB trading VaR by risk type: (a)
Fixed income (b)	$	39		$	43		$	35		$	55		$	86		(9	)	%	(55	)	%	$	43		$	83			(48	)	%
Foreign exchange	7			7			7			7			8			-			(13	)		7			10				(30	)
Equities	13			13			14			13			27			-			(52	)		13			21				(38	)
Commodities and other	15			13			13			15			14			15			7			14			15				(7	)
Diversification benefit to CIB trading VaR (c)	(36		)	(34		)	(33		)	(34		)	(38		)	(6	)		5			(34		)	(45		)		24
CIB trading VaR (a)	38			42			36			56			97			(10	)		(61	)		43			84				(49	)
Credit portfolio VaR (d)	11			12			13			15			19			(8	)		(42	)		13			25				(48	)
Diversification benefit to CIB VaR (c)	(7		)	(9		)	(9		)	(9		)	(10		)	22			30			(9		)	(13		)		31
CIB VaR (a)(b)	42			45			40			62			106			(7	)		(60	)		47			96				(51	)

Mortgage Banking VaR (e)	6			10			15			19			26			(40	)		(77	)		12			17				(29	)
Treasury and CIO VaR (b)(f)	4			5			5			11			6			(20	)		(33	)		6			92			(i)	(93	)
Asset Management VaR (g)	3			4			5			4			3			(25	)		-			4			2				100
Diversification benefit to other VaR (c)	(5		)	(8		)	(10		)	(13		)	(9		)	38			44			(8		)	(10		)		20
Other VaR	8			11			15			21			26			(27	)		(69	)		14			101				(86	)

Diversification benefit to CIB and other VaR (c)	(6		)	(9		)	(10		)	(10		)	(12		)	33			50			(9		)	(45		)		80
Total VaR (b)(h)	$	44		$	47		$	45		$	73		$	120		(6	)		(63	)		$	52		$	152			(66	)

(a)

CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. CIB trading VaR does not include DVA on structured notes and derivative liabilities. It also does not include the market risk impact of implementing FVA for OTC derivatives and structured notes in the fourth quarter of 2013. Given that the implementation of FVA was effective on December 31, 2013, the impact of FVA on CIB’s average VaR would have been minimal for the three months and twelve months ended December 31, 2013. Effective in the first quarter of 2014, the FVA market risk exposure and its associated hedges will be included in CIB’s average VaR. For further information, see VaR measurement on pages 97-100 of the 3Q13 Form 10-Q. Effective in the fourth quarter of 2012, 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. TSS VaR was not material and was previously classified within Other VaR. Prior period VaR disclosures were not revised as a result of the business segment reorganization.

(b)

On July 2, 2012, CIO transferred its synthetic credit portfolio, other than a portion aggregating to approximately $12 billion notional, to the CIB; CIO's retained portfolio was effectively closed out during the three months ended September 30, 2012. During the third quarter of 2012, the Firm applied a new VaR model to calculate VaR for the synthetic credit portfolio that had been transferred to CIB. In the first quarter of 2013, in order to achieve consistency among like products within CIB and in conjunction 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 CIB VaR, and it had no impact to the average total VaR compared with the model used in the third and fourth quarters of 2012. For further information regarding these VaR Model impacts on prior periods, see Market Risk Management on pages 77-80, 95-99 and 97-100 of the Form 10-Q for the quarterly periods ended March 31, 2013, June 30, 2013 and September 30, 2013, respectively.


(c)	Average portfolio VaR was less than the sum of the VaR of the components described above, which is 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 hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.


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


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


(g)	Asset Management VaR includes securities and derivatives, mainly used to hedge the Firm’s initial capital investments in products managed by Asset Management, such as mutual funds.

(h)

Total VaR does not include (i) the retained Credit portfolio, which is not reported at fair value; however, it does include hedges of those positions, which are reported at fair value, (ii) DVA on structured notes and derivative liabilities and the market risk impact of implementing FVA for OTC derivatives and structured notes in the fourth quarter of 2013; for further information on the implementation of FVA, see footnote (a) above, and (iii) principal investments and longer-term securities investments managed by CIO that are classified as available-for-sale; for further information, see VaR measurement on pages 97-101 of the 3Q13 Form 10-Q.


(i)	On August 9, 2012, the Firm restated its 2012 first quarter financial statements. See the 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)

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

CAPITAL (a)
Tier 1 capital	$	165,642	(f)(g)		$	161,345		$	164,027		$	163,807		$	160,002		3		%	4		%	$	165,642	(f)(g)		$	160,002		4		%
Total capital	199,265		(f)		196,224			199,148			198,926			194,036			2			3			199,265		(f)		194,036			3
Tier 1 common capital (b)	148,866		(f)		144,584			146,957			143,255			140,342			3			6			148,866		(f)		140,342			6
Risk-weighted assets	1,390,854		(f)		1,374,039			1,410,081			1,406,948			1,270,378			1			9			1,390,854		(f)		1,270,378			9
Adjusted average assets (c)	2,343,448		(f)		2,327,427			2,333,416			2,255,697			2,243,242			1			4			2,343,448		(f)		2,243,242			4
Tier 1 capital ratio	11.9		(f)(g)	%	11.7		%	11.6		%	11.6		%	12.6		%							11.9		(f)(g)	%	12.6		%
Total capital ratio	14.3		(f)		14.3			14.1			14.1			15.3									14.3		(f)		15.3
Tier 1 leverage ratio	7.1		(f)		6.9			7.0			7.3			7.1									7.1		(f)		7.1
Tier 1 common capital ratio (b)	10.7		(f)		10.5			10.4			10.2			11.0									10.7		(f)		11.0

TANGIBLE COMMON EQUITY (period-end) (d)
Common stockholders' equity	$	200,020			$	195,512		$	197,781		$	197,128		$	195,011		2			3			$	200,020			$	195,011		3
Less: Goodwill	48,081				48,100			48,057			48,067			48,175			-			-			48,081				48,175			-
Less: Other intangible assets	1,618				1,817			1,951			2,082			2,235			(11	)		(28	)		1,618				2,235			(28	)
Add: Deferred tax liabilities (e)	2,953				2,921			2,886			2,852			2,803			1			5			2,953				2,803			5
Total tangible common equity	$	153,274			$	148,516		$	150,659		$	149,831		$	147,404		3			4			$	153,274			$	147,404		4

TANGIBLE COMMON EQUITY (average) (d)
Common stockholders' equity	$	196,360			$	197,232		$	197,283		$	194,733		$	191,975		-			2			$	196,409			$	184,352		7
Less: Goodwill	48,088				48,073			48,078			48,168			48,172			-			-			48,102				48,176			-
Less: Other intangible assets	1,741				1,878			2,026			2,162			2,547			(7	)		(32	)		1,950				2,833			(31	)
Add: Deferred tax liabilities (e)	2,937				2,904			2,869			2,828			2,792			1			5			2,885				2,754			5
Total tangible common equity	$	149,468			$	150,185		$	150,048		$	147,231		$	144,048		-			4			$	149,242			$	136,097		10

INTANGIBLE ASSETS (period-end)
Goodwill	$	48,081			$	48,100		$	48,057		$	48,067		$	48,175		-			-			$	48,081			$	48,175		-
Mortgage servicing rights	9,614				9,490			9,335			7,949			7,614			1			26			9,614				7,614			26
Purchased credit card relationships	131				176			221			242			295			(26	)		(56	)		131				295			(56	)
All other intangibles	1,487				1,641			1,730			1,840			1,940			(9	)		(23	)		1,487				1,940			(23	)
Total intangible assets	$	59,313			$	59,407		$	59,343		$	58,098		$	58,024		-			2			$	59,313			$	58,024		2

DEPOSITS (period-end)
U.S. offices:
Noninterest-bearing	$	389,863			$	399,658		$	362,314		$	363,780		$	380,320		(2	)		3			$	389,863			$	380,320		3
Interest-bearing	626,392				605,305			580,091			571,334			552,106			3			13			626,392				552,106			13
Non-U.S. offices:
Noninterest-bearing	17,611				20,964			19,515			19,979			17,845			(16	)		(1	)		17,611				17,845			(1	)
Interest-bearing	253,899				255,175			241,030			247,414			243,322			(1	)		4			253,899				243,322			4
Total deposits	$	1,287,765			$	1,281,102		$	1,202,950		$	1,202,507		$	1,193,593		1			8			$	1,287,765			$	1,193,593		8


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


(b)	Management uses Tier 1 common capital along with the other capital measures to assess and monitor the 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 nonfinancial equity investments that are subject to deductions from Tier 1 capital.


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


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


(f)	Estimated.


(g)	At December 31, 2013, TruPS included in Tier 1 capital were $5.3 billion. If these securities were excluded from the calculation at December 31, 2013, Tier 1 capital would have been $160.4 billion and the Tier 1 capital ratio would have been 11.5%.

Page 39



JPMORGAN CHASE & CO.
MORTGAGE REPURCHASE LIABILITY
(in millions)


	QUARTERLY TRENDS																					FULL YEAR
																4Q13 Change												2013 Change
	4Q13			3Q13			2Q13			1Q13			4Q12			3Q13			4Q12			2013			2012			2012
MORTGAGE REPURCHASE LIABILITY (a)
Summary of changes in mortgage repurchase liability:
Repurchase liability at beginning of period	$	2,182		$	2,476		$	2,674		$	2,811		$	3,099		(12	)	%	(30	)	%	$	2,811		$	3,557		(21	)	%
Net realized losses (b)(c)	(1,023		)	(135		)	(191		)	(212		)	(267		)	NM			(283	)		(1,561		)	(1,158		)	(35	)
Reclassification to litigation reserve (d)	(179		)	—			—			—			—			NM			NM			(179		)	—			NM
Provision for repurchase losses (e)	(299		)	(159		)	(7		)	75			(21		)	(88	)		NM			(390		)	412			NM
Repurchase liability at end of period	$	681		$	2,182		$	2,476		$	2,674		$	2,811		(69	)		(76	)		$	681		$	2,811		(76	)


(a)	On November 15, 2013, the Firm announced that it had reached a $4.5 billion agreement with 21 major institutional investors to make a binding offer to the trustees of 330 residential mortgage-backed securities trusts issued by JPMorgan Chase and Bear Stearns (“RMBS Trust Settlement”). The RMBS Trust Settlement is fully accrued in the Firm’s litigation reserves.

(b)

Presented net of third-party recoveries and include principal losses and accrued interest on repurchased loans, “make-whole” payments, settlements with claimants, and certain related expense. Make-whole payments were $43 million, $117 million, $133 million, $121 million and $137 million for the three months ended December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively, and $414 million and $524 million for the full year 2013 and 2012, respectively.


(c)	On October 25, 2013, the Firm agreed with the Federal Housing Finance Agency ("FHFA") to resolve, for $1.1 billion, GSE repurchase demands for breaches of representations and warranties on loans sold to the GSEs from 2000 to 2008, except for certain limited types of exposures. The settlement does not release the Firm’s liability with respect to its servicing obligations on covered loans.

(d)

Historically, in the absence of a repurchase demand by a party to the relevant contracts, the Firm's decision to repurchase loans from private label securitization trusts when it determined it had an obligation to do so was recognized in the mortgage repurchase liability. Pursuant to the terms of the RMBS Trust Settlement, all repurchase obligations relating to the subject private label securitization trusts, whether resulting from a demand or otherwise, are now recognized in the Firm's litigation reserves for this settlement.


(e)	Included provision related to new loan sales of $2 million, $4 million, $6 million, $8 million and $27 million for the three months ended December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively, and $20 million and $112 million for full year 2013 and 2012, respectively.

Page 40



JPMORGAN CHASE & CO.
PER SHARE-RELATED INFORMATION
(in millions, except per share and ratio data)

	QUARTERLY TRENDS																						FULL YEAR
																	4Q13 Change												2013 Change
	4Q13			3Q13				2Q13			1Q13			4Q12			3Q13			4Q12			2013			2012			2012
EARNINGS PER SHARE DATA
Basic earnings per share:
Net income/(loss)	$	5,278		$	(380	)		$	6,496		$	6,529		$	5,692		NM		%	(7	)	%	$	17,923		$	21,284		(16	)	%
Less: Preferred stock dividends	190			229				204			182			175			(17	)		9			805			653			23
Net income/(loss) applicable to common equity	5,088			(609		)		6,292			6,347			5,517			NM			(8	)		17,118			20,631			(17	)
Less: Dividends and undistributed earnings allocated to
participating securities	150			41			(f)	191			216			195			266			(23	)		525			754			(30	)
Net income/(loss) applicable to common stockholders	$	4,938		$	(650	)		$	6,101		$	6,131		$	5,322		NM			(7	)		$	16,593		$	19,877		(17	)

Total weighted-average basic shares outstanding	3,762.1			3,767.0				3,782.4			3,818.2			3,806.7			-			(1	)		3,782.4			3,809.4			(1	)

Net income/(loss) per share	$	1.31		$	(0.17	)		$	1.61		$	1.61		$	1.40		NM			(6	)		$	4.39		$	5.22		(16	)

Diluted earnings per share:
Net income/(loss) applicable to common stockholders	$	4,938		$	(650	)		$	6,101		$	6,131		$	5,322		NM			(7	)		$	16,593		$	19,877		(17	)

Total weighted-average basic shares outstanding	3,762.1			3,767.0				3,782.4			3,818.2			3,806.7			-			(1	)		3,782.4			3,809.4			(1	)
Add: Employee stock options, SARs and warrants (a)	35.0			—			(g)	31.9			28.8			14.2			NM			146			32.5			12.8			154
Total weighted-average diluted shares outstanding (b)	3,797.1			3,767.0			(g)	3,814.3			3,847.0			3,820.9			1			(1	)		3,814.9			3,822.2			-

Net income/(loss) per share	$	1.30		$	(0.17	)		$	1.60		$	1.59		$	1.39		NM			(6	)		$	4.35		$	5.20		(16	)

COMMON SHARES OUTSTANDING
Common shares - at period end	3,756.1			3,759.2				3,769.0			3,789.8			3,804.0			-			(1	)		3,756.1			3,804.0			(1	)
Cash dividends declared per share	$	0.38		$	0.38			$	0.38	(h)	$	0.30		$	0.30		-			27			$	1.44	(h)	$	1.20		20
Book value per share	53.25			52.01				52.48			52.02			51.27			2			4			53.25			51.27			4
Tangible book value per share (c)	40.81			39.51				39.97			39.54			38.75			3			5			40.81			38.75			5
Dividend payout ratio	29		%	NM			%	23		%	19		%	21		%							33		%	23		%

SHARE PRICE (d)
High	$	58.55		$	56.93			$	55.90		$	51.00		$	44.54		3			31			$	58.55		$	46.49		26
Low	50.25			50.06				46.05			44.20			38.83			-			29			44.20			30.83			43
Close	58.48			51.69				52.79			47.46			43.97			13			33			58.48			43.97			33
Market capitalization	219,657			194,312				198,966			179,863			167,260			13			31			219,657			167,260			31

COMMON EQUITY REPURCHASE PROGRAM (e)
Aggregate common equity repurchased	$	298.7		$	739.7			$	1,171.9		$	2,578.3		$	—		(60	)		NM			$	4,788.6		$	1,653.5	(i)	190
Common equity repurchased	5.5			13.6				23.5			53.5			—			(60	)		NM			96.1			52.0		(i)	85
Average purchase price	$	54.27		$	54.30			$	50.01		$	48.16		$	—		-			NM			$	49.83		$	31.79	(i)	57

(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 1 million, 8 million, 13 million and 117 million for the three months ended December 31, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, respectively, and 6 million and 148 million for full year 2013 and 2012, respectively.


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


(c)	Tangible book value per share is a non-GAAP financial measure. Tangible book value per share represents 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 common stock, see footnote (c) page 2.


(e)	The Firm is authorized to repurchase common equity between April 1, 2013 and March 31, 2014, pursuant to the $15.0 billion common equity (i.e., common stock and warrants) repurchase program previously authorized by the Board of Directors on March 13, 2012. As of December 31, 2013, the Firm had repurchased, during that period, $2.2 billion of common equity under the Plan.


(f)	Due to the net loss applicable to common equity during the three months ended September 30, 2013, dividends were only deemed to be distributed to participating security holders, and such security holders do not share in losses. Net losses were completely allocated to common stockholders.


(g)	Due to the net loss applicable to common stockholders during the three months ended September 30, 2013, no common equivalent shares have been included in the computation of diluted earnings per share for the period as the effect would be antidilutive.


(h)	On May 21, 2013, the Board of Directors increased the quarterly common stock dividend from $0.30 to $0.38 per share.


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

Page 41

JPMORGAN CHASE & CO.

NON-GAAP FINANCIAL MEASURES

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

(a)

In addition to analyzing the Firm's results on a reported basis, management reviews the Firm's consolidated results and the results of the lines of business on a “managed” basis. The definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total consolidated net revenue for the Firm (and total net revenue for 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 consolidated net income/(loss) as reported by the Firm or net income/(loss) as reported 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-offs and 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 wholesale allowance coverage ratio.

(c)

Tangible common equity (“TCE”), ROTCE, Tangible book value per share ("TBVS"), and Tier 1 common capital under Basel I rules. TCE represents 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 consolidated earnings as a percentage of average TCE. TBVS represents the Firm's tangible common equity divided by period-end common shares. Tier 1 common capital and the Tier 1 common ratio under Basel I rules, along with other capital measures, are used by management, bank regulators, investors and analysts to assess and monitor the Firm's capital position. TCE, ROTCE, and TBVS are meaningful to management, as well as investors and analysts, in assessing the use of equity. For additional information on Tier 1 common under Basel I and III, see Regulatory capital on pages 117-120 of the 2012 Annual Report and pages 61-65 of the third quarter 2013 Form 10-Q. All of the aforementioned measures are useful to the Firm, as well as analysts and investors, in facilitating comparisons of the Firm 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 FVA (effective 4Q13) and DVA on: net revenue, net income, compensation ratio, return on equity and overhead ratio. 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.

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JPMORGAN CHASE & CO.
GLOSSARY OF TERMS

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

Beneficial interests issued by consolidated VIEs: Represents the interests of third-party holders of debt/equity securities, or other obligations, issued by VIEs that are consolidated. 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.

bp(s): 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 consolidated net revenue and the total net revenue of each of the business segments are 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.

GSEs: U.S. government-sponsored enterprise, such as Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac").

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/(recovery) rate: Represents net charge-offs/(recoveries) (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. Restricted stock and RSUs are granted to certain employees under the 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/(loss): Pre-provision profit/(loss) is total net revenue less noninterest expense. Management 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.

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JPMORGAN CHASE & CO.

GLOSSARY OF TERMS

Purchased credit-impaired (“PCI”) loans: Represents loans that were acquired in the Washington Mutual transaction and deemed to be credit-impaired on the acquisition date in accordance with the guidance of the Financial Accounting Standards Board ("FASB"). 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. The Firm is recognizing interest income on each pool of loans as they are all performing.

Write-offs of PCI loans are recorded against the allowance for loan losses when actual losses for a pool exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. Any write-offs of PCI loans are recognized when the underlying loan is removed from a pool (e.g., upon liquidation). PCI loans, as well as the related write-offs and allowance for loan losses, are excluded from the calculations of certain net charge-off rates and allowance coverage ratios.

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 original terms of a loan agreement are modified 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 measure of the dollar amount of potential loss from adverse market movements in an ordinary market environment. For additional information, see Value-at-risk on pages 163-167 of the 2012 Annual Report and pages 97-100 of the third quarter Form 10-Q.

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JPMORGAN CHASE & CO.

GLOSSARY OF TERMS

CONSUMER & COMMUNITY BANKING (“CCB”)

Active online customers - Users of all internet browsers and mobile platforms who have been active in the past 90 days.

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 locations 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, 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 comprise 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 predominantly represents the return on Mortgage Servicing's MSR asset and includes:


•	Actual gross income earned from servicing third-party mortgage loans, such as contractually specified servicing fees and ancillary income; and


•	The change in the fair value of the MSR asset due to the collection or realization of expected cash flows.


b)	Risk management represents the components of Mortgage Servicing's MSR asset that are subject to ongoing risk management activities, together with derivatives and other instruments used in those risk management activities.

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 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. The Firm 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.

Card, Merchant Services and Auto (“Card”)

Description of selected business metrics within Card:

Card Services includes the Credit Card and Merchant Services businesses.

Merchant Services is a business that primarily 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.

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JPMORGAN CHASE & CO.

GLOSSARY OF TERMS

CORPORATE & INVESTMENT BANK (“CIB”)

Definition of selected CIB revenue:

Investment banking fees include advisory, equity and 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 sales activities, gains or losses on securities received as part of loan restructurings, 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 and 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 credit portfolio credit valuation adjustments (“CVA”) net of associated hedging activities; debit valuation adjustments (“DVA”) on structured notes and derivative liabilities; FVA on OTC derivatives and structured notes; and nonperforming derivative receivable results.

Description of certain business metrics:

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

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JPMORGAN CHASE & CO.

GLOSSARY OF TERMS

COMMERCIAL BANKING (“CB”)

CB Client Segments:

Middle Market Banking covers corporate, municipal 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 liabilities include deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of 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.

Client assets - 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, nonprofit 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.

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