JPMorgan Chase & Co. (JPM) 8-K Jpmorgan Chase Reports First-quarter 2016 Net Income of

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2016

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
Reconciliation from Reported to Managed Basis		7
Segment Results - Managed Basis		8
Capital and Other Selected Balance Sheet Items		9
Earnings Per Share and Related Information		10
Business Segment Results
Consumer & Community Banking		11–14
Corporate & Investment Bank		15–17
Commercial Banking		18–19
Asset Management		20–22
Corporate		23
Credit-Related Information		24–27
Non-GAAP Financial Measures and Other Notes		28
Glossary of Terms (a)

(a) Refer to the Glossary of Terms on pages 311–315 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2015 (the “2015 Annual Report”).

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
	QUARTERLY TRENDS
																			1Q16 Change
SELECTED INCOME STATEMENT DATA	1Q16				4Q15			3Q15				2Q15				1Q15			4Q15		1Q15
Reported Basis
Total net revenue	$	23,239			$	22,885		$	22,780			$	23,812			$	24,066		2	%	(3	)%
Total noninterest expense	13,837				14,263			15,368				14,500				14,883			(3	)	(7	)
Pre-provision profit	9,402				8,622			7,412				9,312				9,183			9		2
Provision for credit losses	1,824				1,251			682				935				959			46		90
NET INCOME	5,520				5,434			6,804				6,290				5,914			2		(7	)
Managed Basis (a)
Total net revenue	24,083				23,747			23,535				24,531				24,820			1		(3	)
Total noninterest expense	13,837				14,263			15,368				14,500				14,883			(3	)	(7	)
Pre-provision profit	10,246				9,484			8,167				10,031				9,937			8		3
Provision for credit losses	1,824				1,251			682				935				959			46		90
NET INCOME	5,520				5,434			6,804				6,290				5,914			2		(7	)
EARNINGS PER SHARE DATA
Net income: Basic	$	1.36			$	1.34		$	1.70			$	1.56			$	1.46		1		(7	)
Diluted	1.35				1.32			1.68				1.54				1.45			2		(7	)
Average shares: Basic	3,669.9				3,674.2			3,694.4				3,707.8				3,725.3			—		(1	)
Diluted	3,696.9				3,704.6			3,725.6				3,743.6				3,757.5			—		(2	)
MARKET AND PER COMMON SHARE DATA
Market capitalization	$	216,547			$	241,899		$	224,438			$	250,581			$	224,818		(10	)	(4	)
Common shares at period-end	3,656.7				3,663.5			3,681.1				3,698.1				3,711.1			—		(1	)
Closing share price (b)	$	59.22			$	66.03		$	60.97			$	67.76			$	60.58		(10	)	(2	)
Book value per share	61.28				60.46			59.67				58.49				57.77			1		6
Tangible book value per share (c)	48.96				48.13			47.36			��	46.13				45.45			2		8
Cash dividends declared per share	0.44				0.44			0.44				0.44			(h)	0.40			—		10
FINANCIAL RATIOS (d)
Return on common equity (“ROE”)	9		%		9		%	12		%		11		%		11		%
Return on tangible common equity (“ROTCE”) (c)	12				11			15				14				14
Return on assets	0.93				0.90			1.11				1.01				0.94
High quality liquid assets (“HQLA”) (in billions) (e)	$	505		(g)	$	496		$	505			$	532			$	614		2		(18	)
CAPITAL RATIOS (f)
Common equity Tier 1 (“CET1”) capital ratio	11.8		%	(g)	11.8		%	11.5		%		11.2		%		10.7		%
Tier 1 capital ratio	13.5			(g)	13.5			13.3				12.8				12.1
Total capital ratio	15.1			(g)	15.1			14.9				14.4				13.6
Tier 1 leverage ratio	8.6			(g)	8.5			8.4				8.0				7.5

Note: Effective January 1, 2016, the Firm adopted new accounting guidance related to (1) the recognition and measurement of debit valuation adjustments ("DVA") on financial liabilities where the fair value option has been elected, and (2) the accounting for share-based payments. For additional information, see Notes 1 and 2 on page 28.

(a) For a further discussion of managed basis, see Reconciliation from Reported to Managed Basis on page 7.

(b) Share price shown is from the New York Stock Exchange.

(c) Tangible book value per share and ROTCE are non-GAAP financial measures. Tangible book value per share represents tangible common equity (“TCE”) divided by common shares at period-end. ROTCE measures the Firm’s annualized earnings as a percentage of average TCE. For further discussion of these measures, see page 28.

(d) Quarterly ratios are based upon annualized amounts.

(e) HQLA represents the amount of assets that qualify for inclusion in the liquidity coverage ratio under the final U.S. rule (“U.S. LCR”). For additional information on HQLA and LCR, see page 160 of the 2015 Annual Report.

(f) Ratios presented are calculated under the Basel III Transitional capital rules and represent the Collins Floor. See footnote (a) on page 9 for additional information on Basel III and the Collins Floor.

(g) Estimated.

(h) On May 19, 2015, the Board of Directors increased the quarterly common stock dividend from $0.40 to $0.44 per share.

Page 2

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS
																				1Q16 Change
	1Q16				4Q15			3Q15				2Q15				1Q15				4Q15		1Q15
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	2,423,808			$	2,351,698		$	2,416,635			$	2,449,098			$	2,576,619			3	%	(6	)%
Loans:
Consumer, excluding credit card loans	354,192				344,821			331,969				318,286				305,215				3		16
Credit card loans	126,090				131,463			126,979				126,025				123,257				(4	)	2
Wholesale loans	367,031				361,015			350,509				346,936				335,713				2		9
Total Loans	847,313				837,299			809,457				791,247				764,185				1		11
Core loans (a)	746,196				732,093			698,988				674,767				641,285				2		16
Core loans (average) (a)	737,297				715,282			680,224				654,551				631,955				3		17
Deposits:
U.S. offices:
Noninterest-bearing	383,282				392,721			404,984				432,052				441,245				(2	)	(13	)
Interest-bearing	695,667				663,004			624,014				611,438				644,228				5		8
Non-U.S. offices:
Noninterest-bearing	20,913				18,921			20,174				21,777				18,484				11		13
Interest-bearing	221,954				205,069			223,934				222,065				263,930				8		(16	)
Total deposits	1,321,816				1,279,715			1,273,106				1,287,332				1,367,887				3		(3	)
Long-term debt (b)	290,754				288,651			292,503				286,240				280,123				1		4
Common stockholders’ equity	224,089				221,505			219,660				216,287				214,371				1		5
Total stockholders’ equity	250,157				247,573			245,728				241,205				235,864				1		6
Loans-to-deposits ratio	64			%	65		%	64			%	61			%	56			%
Headcount	237,420				234,598			235,678				237,459				241,145				1		(2	)
95% CONFIDENCE LEVEL- TOTAL VaR (c)
Average VaR	$	54			$	49		$	54			$	42			$	43			10		26
LINE OF BUSINESS NET REVENUE (d)
Consumer & Community Banking	$	11,117			$	11,222		$	10,879			$	11,015			$	10,704			(1	)	4
Corporate & Investment Bank	8,135				7,069			8,168				8,723				9,582				15		(15	)
Commercial Banking	1,803				1,760			1,644				1,739				1,742				2		4
Asset Management	2,972				3,045			2,894				3,175				3,005				(2	)	(1	)
Corporate	56				651			(50		)		(121		)		(213		)		(91	)	NM
TOTAL NET REVENUE	$	24,083			$	23,747		$	23,535			$	24,531			$	24,820			1		(3	)
LINE OF BUSINESS NET INCOME
Consumer & Community Banking	$	2,490			$	2,407		$	2,630			$	2,533			$	2,219			3		12
Corporate & Investment Bank	1,979				1,748			1,464				2,341				2,537				13		(22	)
Commercial Banking	496				550			518				525				598				(10	)	(17	)
Asset Management	587				507			475				451				502				16		17
Corporate	(32		)		222			1,717				440				58				NM		NM
NET INCOME	$	5,520			$	5,434		$	6,804			$	6,290			$	5,914			2		(7	)

(a) Loans considered central to the Firm’s ongoing businesses; core loans exclude loans classified as trading assets, runoff portfolios, discontinued portfolios and portfolios the Firm has an intent to exit.

(b) Included unsecured long-term debt of $216.1 billion, $211.8 billion, $214.6 billion, $209.1 billion and $209.0 billion for the periods ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015, respectively.

(c) As part of the Firm’s continuous evaluation and periodic enhancement of its VaR model calculations, during the second quarter of 2015 the Firm refined the historical proxy time series inputs to certain VaR models to more appropriately reflect the risk exposure from certain asset-backed products. Had these new time series been used as inputs into these VaR models in the first quarter of 2015, the Firm estimates they would have resulted in a reduction to average total VaR of $3 million. For information regarding CIB VaR, see Corporate & Investment Bank on page 17.

(d) For a further discussion of managed basis, see Reconciliation from Reported to Managed Basis on page 7.

Page 3

JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
	QUARTERLY TRENDS
																1Q16 Change
REVENUE	1Q16			4Q15			3Q15			2Q15			1Q15			4Q15		1Q15
Investment banking fees	$	1,333		$	1,520		$	1,604		$	1,833		$	1,794		(12	)%	(26	)%
Principal transactions	2,679			1,552			2,367			2,834			3,655			73		(27	)
Lending- and deposit-related fees	1,403			1,450			1,463			1,418			1,363			(3	)	3
Asset management, administration and commissions	3,624			3,842			3,845			4,015			3,807			(6	)	(5	)
Securities gains	51			73			33			44			52			(30	)	(2	)
Mortgage fees and related income	667			556			469			783			705			20		(5	)
Card income	1,301			1,431			1,447			1,615			1,431			(9	)	(9	)
Other income	801			1,236			628			586			582			(35	)	38
Noninterest revenue	11,859			11,660			11,856			13,128			13,389			2		(11	)
Interest income	13,552			13,155			12,739			12,514			12,565			3		8
Interest expense	2,172			1,930			1,815			1,830			1,888			13		15
Net interest income	11,380			11,225			10,924			10,684			10,677			1		7
TOTAL NET REVENUE	23,239			22,885			22,780			23,812			24,066			2		(3	)
Provision for credit losses	1,824			1,251			682			935			959			46		90
NONINTEREST EXPENSE
Compensation expense	7,660			6,693			7,320			7,694			8,043			14		(5	)
Occupancy expense	883			947			965			923			933			(7	)	(5	)
Technology, communications and equipment expense	1,618			1,657			1,546			1,499			1,491			(2	)	9
Professional and outside services	1,548			1,824			1,776			1,768			1,634			(15	)	(5	)
Marketing	703			771			704			642			591			(9	)	19
Other expense (a)	1,425			2,371			3,057			1,974			2,191			(40	)	(35	)
TOTAL NONINTEREST EXPENSE	13,837			14,263			15,368			14,500			14,883			(3	)	(7	)
Income before income tax expense	7,578			7,371			6,730			8,377			8,224			3		(8	)
Income tax expense/(benefit) (b)	2,058			1,937			(74		)	2,087			2,310			6		(11	)
NET INCOME	$	5,520		$	5,434		$	6,804		$	6,290		$	5,914		2		(7	)
NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	1.36		$	1.34		$	1.70		$	1.56		$	1.46		1		(7	)
Diluted earnings per share	1.35			1.32			1.68			1.54			1.45			2		(7	)
FINANCIAL RATIOS
Return on common equity (c)	9		%	9		%	12		%	11		%	11		%
Return on tangible common equity (c)(d)	12			11			15			14			14
Return on assets (c)	0.93			0.90			1.11			1.01			0.94
Effective income tax rate (b)	27.2			26.3			(1.1		)	24.9			28.1
Overhead ratio	60			62			67			61			62

See notes 1 and 2 on page 28.

(a) Included Firmwide legal expense of $644 million, $1.3 billion, $291 million and $687 million for the three months ended December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015, respectively; legal expense for the three months ended March 31, 2016 was not material.

(b) The three months ended September 30, 2015 reflected tax benefits of $2.2 billion, which reduced the Firm’s effective tax rate by 32.0%. The recognition of tax benefits in 2015 resulted from the resolution of various tax audits, as well as the release of U.S. deferred taxes associated with the restructuring of certain non-U.S. entities.

(c) Quarterly ratios are based upon annualized amounts.

(d) For further discussion of ROTCE see pages 2 and 28.

Page 4

JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
																Mar 31, 2016
																Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2016			2015			2015			2015			2015			2015		2015
ASSETS
Cash and due from banks	$	18,212		$	20,490		$	21,258		$	24,095		$	22,821		(11	)%	(20	)%
Deposits with banks	360,196			340,015			376,196			398,807			506,383			6		(29	)
Federal funds sold and securities purchased under
resale agreements	223,220			212,575			218,467			212,850			219,344			5		2
Securities borrowed	102,937			98,721			105,668			98,528			108,376			4		(5	)
Trading assets:
Debt and equity instruments	295,944			284,162			293,040			310,419			317,407			4		(7	)
Derivative receivables	70,209			59,677			68,668			67,451			81,574			18		(14	)
Securities	285,323			290,827			306,660			317,795			331,136			(2	)	(14	)
Loans	847,313			837,299			809,457			791,247			764,185			1		11
Less: Allowance for loan losses	13,994			13,555			13,466			13,915			14,065			3		(1	)
Loans, net of allowance for loan losses	833,319			823,744			795,991			777,332			750,120			1		11
Accrued interest and accounts receivable	57,649			46,605			57,926			69,642			70,006			24		(18	)
Premises and equipment	14,195			14,362			14,709			15,073			14,963			(1	)	(5	)
Goodwill	47,310			47,325			47,405			47,476			47,453			—		—
Mortgage servicing rights	5,658			6,608			6,716			7,571			6,641			(14	)	(15	)
Other intangible assets	940			1,015			1,036			1,091			1,128			(7	)	(17	)
Other assets	108,696			105,572			102,895			100,968			99,267			3		9
TOTAL ASSETS	$	2,423,808		$	2,351,698		$	2,416,635		$	2,449,098		$	2,576,619		3		(6	)
LIABILITIES
Deposits	$	1,321,816		$	1,279,715		$	1,273,106		$	1,287,332		$	1,367,887		3		(3	)
Federal funds purchased and securities loaned or sold
under repurchase agreements	160,999			152,678			180,319			180,897			196,578			5		(18	)
Commercial paper	17,490			15,562			19,656			42,238			55,655			12		(69	)
Other borrowed funds	19,703			21,105			27,174			30,061			29,035			(7	)	(32	)
Trading liabilities:
Debt and equity instruments	87,963			74,107			84,334			80,396			84,437			19		4
Derivative payables	59,319			52,790			57,140			59,026			73,836			12		(20	)
Accounts payable and other liabilities	176,934			177,638			187,986			191,749			202,157			—		(12	)
Beneficial interests issued by consolidated VIEs	38,673			41,879			48,689			49,954			51,047			(8	)	(24	)
Long-term debt	290,754			288,651			292,503			286,240			280,123			1		4
TOTAL LIABILITIES	2,173,651			2,104,125			2,170,907			2,207,893			2,340,755			3		(7	)
STOCKHOLDERS’ EQUITY
Preferred stock	26,068			26,068			26,068			24,918			21,493			—		21
Common stock	4,105			4,105			4,105			4,105			4,105			—		—
Additional paid-in capital	91,782			92,500			92,316			92,204			92,245			(1	)	(1	)
Retained earnings	149,730			146,420			143,050			138,294			134,048			2		12
Accumulated other comprehensive income	782			192			751			1,102			2,430			307		(68	)
Shares held in RSU Trust, at cost	(21		)	(21		)	(21		)	(21		)	(21		)	—		—
Treasury stock, at cost	(22,289		)	(21,691		)	(20,541		)	(19,397		)	(18,436		)	(3	)	(21	)
TOTAL STOCKHOLDERS’ EQUITY	250,157			247,573			245,728			241,205			235,864			1		6
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,423,808		$	2,351,698		$	2,416,635		$	2,449,098		$	2,576,619		3		(6	)

See notes 1 and 2 on page 28.

Page 5

JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS
																					1Q16 Change
AVERAGE BALANCES	1Q16				4Q15				3Q15				2Q15				1Q15				4Q15		1Q15
ASSETS
Deposits with banks	$	364,200			$	382,098			$	413,038			$	437,776			$	480,182			(5	)%	(24	)%
Federal funds sold and securities purchased under
resale agreements	204,992				202,205				201,673				205,352				217,546				1		(6	)
Securities borrowed	103,461				104,672				98,193				107,178				111,197				(1	)	(7	)
Trading assets - debt instruments	208,315				204,365				202,388				208,823				210,069				2		(1	)
Securities	284,488				297,648				307,364				323,941				334,967				(4	)	(15	)
Loans	840,526				823,057				793,584				774,205				757,638				2		11
Other assets (a)	38,001				37,012				40,650				40,362				37,202				3		2
Total interest-earning assets	2,043,983				2,051,057				2,056,890				2,097,637				2,148,801				—		(5	)
Trading assets - equity instruments	85,280				95,609				96,868				117,638				112,118				(11	)	(24	)
Trading assets - derivative receivables	70,651				66,043				69,646				73,805				83,901				7		(16	)
All other noninterest-earning assets	195,007				195,544				197,812				204,753				211,671				—		(8	)
TOTAL ASSETS	$	2,394,921			$	2,408,253			$	2,421,216			$	2,493,833			$	2,556,491			(1	)	(6	)
LIABILITIES
Interest-bearing deposits	$	884,082			$	864,878			$	852,219			$	869,523			$	904,325			2		(2	)
Federal funds purchased and securities loaned or
sold under repurchase agreements	171,246				181,995				188,006				200,054				200,236				(6	)	(14	)
Commercial paper	17,537				17,952				26,167				49,020				60,013				(2	)	(71	)
Trading liabilities - debt, short-term and other liabilities (b)	196,233				196,154				198,876				213,246				223,361				—		(12	)
Beneficial interests issued by consolidated VIEs	39,839				44,774				49,808				51,600				50,677				(11	)	(21	)
Long-term debt	288,160				290,083				288,413				282,262				278,840				(1	)	3
Total interest-bearing liabilities	1,597,097				1,595,836				1,603,489				1,665,705				1,717,452				—		(7	)
Noninterest-bearing deposits	399,186				412,575				418,742				429,622				432,188				(3	)	(8	)
Trading liabilities - equity instruments	18,504				16,806				17,595				16,528				18,210				10		2
Trading liabilities - derivative payables	60,591				57,053				61,754				64,249				76,049				6		(20	)
All other noninterest-bearing liabilities	71,914				80,366				76,895				80,515				79,415				(11	)	(9	)
TOTAL LIABILITIES	2,147,292				2,162,636				2,178,475				2,256,619				2,323,314				(1	)	(8	)
Preferred stock	26,068				26,068				25,718				23,476				20,825				—		25
Common stockholders’ equity	221,561				219,549				217,023				213,738				212,352				1		4
TOTAL STOCKHOLDERS’ EQUITY	247,629				245,617				242,741				237,214				233,177				1		6
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,394,921			$	2,408,253			$	2,421,216			$	2,493,833			$	2,556,491			(1	)	(6	)
AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks	0.51			%	0.32			%	0.28			%	0.29			%	0.29			%
Federal funds sold and securities purchased under
resale agreements	1.09				0.83				0.85				0.66				0.74
Securities borrowed (d)	(0.36		)		(0.51		)		(0.48		)		(0.59		)		(0.44		)
Trading assets - debt instruments	3.31				3.16				3.04				3.37				3.39
Securities	2.98				3.11				2.85				2.77				2.82
Loans	4.26				4.20				4.24				4.21				4.28
Other assets (a)	2.04				1.71				1.67				1.74				1.59
Total interest-earning assets	2.72				2.60				2.51				2.44				2.42
INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.15				0.13				0.14				0.14				0.16
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.61				0.36				0.34				0.29				0.29
Commercial paper	0.75				0.49				0.35				0.25				0.23
Trading liabilities - debt, short-term and other liabilities (b)	0.47				0.33				0.26				0.32				0.28
Beneficial interests issued by consolidated VIEs	1.14				0.99				0.92				0.85				0.79
Long-term debt	1.70				1.62				1.50				1.52				1.59
Total interest-bearing liabilities	0.55				0.48				0.45				0.44				0.45
INTEREST RATE SPREAD	2.17			%	2.12			%	2.06			%	2.00			%	1.97			%
NET YIELD ON INTEREST-EARNING ASSETS	2.30			%	2.23			%	2.16			%	2.09			%	2.07			%

(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 a result of increased client-driven demand for certain securities combined with the impact of low interest rates; this is matched book activity and the negative interest expense on the corresponding securities loaned is recognized in interest expense and reported within trading liabilities - debt, short-term and other liabilities.

Page 6

JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO MANAGED BASIS
(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 28.

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

	QUARTERLY TRENDS
																	1Q16 Change
	1Q16			4Q15			3Q15				2Q15			1Q15			4Q15		1Q15
OTHER INCOME
Other income - reported	$	801		$	1,236		$	628			$	586		$	582		(35	)%	38	%
Fully taxable-equivalent adjustments (a)	551			575			477				447			481			(4	)	15
Other income - managed	$	1,352		$	1,811		$	1,105			$	1,033		$	1,063		(25	)	27
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	11,859		$	11,660		$	11,856			$	13,128		$	13,389		2		(11	)
Fully taxable-equivalent adjustments (a)	551			575			477				447			481			(4	)	15
Total noninterest revenue - managed	$	12,410		$	12,235		$	12,333			$	13,575		$	13,870		1		(11	)
NET INTEREST INCOME
Net interest income - reported	$	11,380		$	11,225		$	10,924			$	10,684		$	10,677		1		7
Fully taxable-equivalent adjustments (a)	293			287			278				272			273			2		7
Net interest income - managed	$	11,673		$	11,512		$	11,202			$	10,956		$	10,950		1		7
TOTAL NET REVENUE
Total net revenue - reported	$	23,239		$	22,885		$	22,780			$	23,812		$	24,066		2		(3	)
Fully taxable-equivalent adjustments (a)	844			862			755				719			754			(2	)	12
Total net revenue - managed	$	24,083		$	23,747		$	23,535			$	24,531		$	24,820		1		(3	)
PRE-PROVISION PROFIT
Pre-provision profit - reported	$	9,402		$	8,622		$	7,412			$	9,312		$	9,183		9		2
Fully taxable-equivalent adjustments (a)	844			862			755				719			754			(2	)	12
Pre-provision profit - managed	$	10,246		$	9,484		$	8,167			$	10,031		$	9,937		8		3
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	7,578		$	7,371		$	6,730			$	8,377		$	8,224		3		(8	)
Fully taxable-equivalent adjustments (a)	844			862			755				719			754			(2	)	12
Income before income tax expense - managed	$	8,422		$	8,233		$	7,485			$	9,096		$	8,978		2		(6	)
INCOME TAX EXPENSE
Income tax expense/(benefit) - reported	$	2,058		$	1,937		$	(74	)		$	2,087		$	2,310		6		(11	)
Fully taxable-equivalent adjustments (a)	844			862			755				719			754			(2	)	12
Income tax expense - managed	$	2,902		$	2,799		$	681			$	2,806		$	3,064		4		(5	)
OVERHEAD RATIO
Overhead ratio - reported	60		%	62		%	67			%	61		%	62		%
Overhead ratio - managed	57			60			65				59			60

See notes 1 and 2 on page 28.

(a) Predominantly recognized in the CIB and Commercial Banking (“CB”) business segments and Corporate.

Page 7

JPMORGAN CHASE & CO.
SEGMENT RESULTS - MANAGED BASIS
(in millions)
	QUARTERLY TRENDS
																1Q16 Change
	1Q16			4Q15			3Q15			2Q15			1Q15			4Q15		1Q15
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	11,117		$	11,222		$	10,879		$	11,015		$	10,704		(1	)%	4	%
Corporate & Investment Bank	8,135			7,069			8,168			8,723			9,582			15		(15	)
Commercial Banking	1,803			1,760			1,644			1,739			1,742			2		4
Asset Management	2,972			3,045			2,894			3,175			3,005			(2	)	(1	)
Corporate	56			651			(50		)	(121		)	(213		)	(91	)	NM
TOTAL NET REVENUE	$	24,083		$	23,747		$	23,535		$	24,531		$	24,820		1		(3	)
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	6,088		$	6,272		$	6,237		$	6,210		$	6,190		(3	)	(2	)
Corporate & Investment Bank	4,808			4,436			6,131			5,137			5,657			8		(15	)
Commercial Banking	713			750			719			703			709			(5	)	1
Asset Management	2,075			2,196			2,109			2,406			2,175			(6	)	(5	)
Corporate	153			609			172			44			152			(75	)	1
TOTAL NONINTEREST EXPENSE	$	13,837		$	14,263		$	15,368		$	14,500		$	14,883		(3	)	(7	)
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	5,029		$	4,950		$	4,642		$	4,805		$	4,514		2		11
Corporate & Investment Bank	3,327			2,633			2,037			3,586			3,925			26		(15	)
Commercial Banking	1,090			1,010			925			1,036			1,033			8		6
Asset Management	897			849			785			769			830			6		8
Corporate	(97		)	42			(222		)	(165		)	(365		)	NM		73
PRE-PROVISION PROFIT	$	10,246		$	9,484		$	8,167		$	10,031		$	9,937		8		3
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	1,050		$	1,038		$	389		$	702		$	930		1		13
Corporate & Investment Bank	459			81			232			50			(31		)	467		NM
Commercial Banking	304			117			82			182			61			160		398
Asset Management	13			17			(17		)	—			4			(24	)	225
Corporate	(2		)	(2		)	(4		)	1			(5		)	—		60
PROVISION FOR CREDIT LOSSES	$	1,824		$	1,251		$	682		$	935		$	959		46		90
NET INCOME
Consumer & Community Banking	$	2,490		$	2,407		$	2,630		$	2,533		$	2,219		3		12
Corporate & Investment Bank	1,979			1,748			1,464			2,341			2,537			13		(22	)
Commercial Banking	496			550			518			525			598			(10	)	(17	)
Asset Management	587			507			475			451			502			16		17
Corporate	(32		)	222			1,717			440			58			NM		NM
TOTAL NET INCOME	$	5,520		$	5,434		$	6,804		$	6,290		$	5,914		2		(7	)

See notes 1 and 2 on page 28.

Page 8

JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
																		Mar 31, 2016
																		Change
	Mar 31,				Dec 31,				Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2016				2015				2015			2015			2015			2015		2015
CAPITAL (a)
Risk-based capital metrics
Standardized Transitional
CET1 capital	$	177,531		(f)	$	175,398			$	173,577		$	169,769		$	167,142		1	%	6	%
Tier 1 capital	202,399			(f)	200,482				199,211			194,714			188,760			1		7
Total capital	236,954			(f)	234,413				234,377			228,303			223,159			1		6
Risk-weighted assets	1,473,316			(f)	1,465,262				1,503,370			1,499,638			1,536,688			1		(4	)
CET1 capital ratio	12.0		%	(f)	12.0		%		11.5		%	11.3		%	10.9		%
Tier 1 capital ratio	13.7			(f)	13.7				13.3			13.0			12.3
Total capital ratio	16.1			(f)	16.0				15.6			15.2			14.5
Advanced Transitional
CET1 capital	$	177,531		(f)	175,398				173,577			169,769			167,142			1		6
Tier 1 capital	202,399			(f)	200,482				199,211			194,714			188,760			1		7
Total capital	226,659			(f)	224,616				223,877			218,724			213,270			1		6
Risk-weighted assets	1,502,333			(f)	1,485,336				1,502,685			1,520,140			1,562,570			1		(4	)
CET1 capital ratio	11.8		%	(f)	11.8		%		11.6		%	11.2		%	10.7		%
Tier 1 capital ratio	13.5			(f)	13.5				13.3			12.8			12.1
Total capital ratio	15.1			(f)	15.1				14.9			14.4			13.6
Leverage-based capital metrics
Adjusted average assets (b)	$	2,345,926		(f)	$	2,361,177			$	2,375,317		$	2,447,864		$	2,510,378		(1	)	(7	)
Tier 1 leverage ratio	8.6		%	(f)	8.5		%		8.4		%	8.0		%	7.5		%
SLR leverage exposure (c)	$	3,047,453		(f)	$	3,079,797			3,116,633			3,223,351			3,300,300			(1	)	(8	)
SLR (c)	6.6		%	(f)	6.5		%		6.4		%	6.0		%	5.7		%
TANGIBLE COMMON EQUITY (period-end) (d)
Common stockholders’ equity	$	224,089			$	221,505			$	219,660		$	216,287		$	214,371		1		5
Less: Goodwill	47,310				47,325				47,405			47,476			47,453			—		—
Less: Other intangible assets	940				1,015				1,036			1,091			1,128			(7	)	(17	)
Add: Deferred tax liabilities (e)	3,205				3,148				3,105			2,876			2,870			2		12
Total tangible common equity	$	179,044			$	176,313			$	174,324		$	170,596		$	168,660		2		6
TANGIBLE COMMON EQUITY (average) (d)
Common stockholders’ equity	$	221,561			$	219,549			$	217,023		$	213,738		$	212,352		1		4
Less: Goodwill	47,332				47,377				47,428			47,485			47,491			—		—
Less: Other intangible assets	985				1,030				1,064			1,113			1,162			(4	)	(15	)
Add: Deferred tax liabilities (e)	3,177				3,127				2,991			2,873			2,862			2		11
Total tangible common equity	$	176,421			$	174,269			$	171,522		$	168,013		$	166,561		1		6
INTANGIBLE ASSETS (period-end)
Goodwill	$	47,310			$	47,325			$	47,405		$	47,476		$	47,453		—		—
Mortgage servicing rights	5,658				6,608				6,716			7,571			6,641			(14	)	(15	)
Other intangible assets	940				1,015				1,036			1,091			1,128			(7	)	(17	)
Total intangible assets	$	53,908			$	54,948			$	55,157		$	56,138		$	55,222		(2	)	(2	)

See notes 1 and 2 on page 28.

(a) Basel III presents two comprehensive methodologies for calculating risk-weighted assets: a Standardized approach and an Advanced approach. As required by the Collins Amendment of the Wall Street Reform and Consumer Protection Act, the capital adequacy of the Firm is evaluated against the Basel III approach (Standardized or Advanced) that results, for each quarter, in the lower ratio (the “Collins Floor”). For further discussion of the implementation of Basel III, see Capital Management on pages 149-158 of JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2015.

(b) Adjusted average assets, for purposes of calculating leverage ratios, includes total quarterly average assets adjusted for on balance sheet assets that are subject to deduction from Tier 1 capital, predominately goodwill and other intangible assets.

(c) The Firm is required to calculate a supplementary leverage ratio (“SLR”). The SLR is defined as Tier 1 capital divided by the Firm’s total leverage exposure. Total leverage exposure is calculated by taking the Firm’s adjusted average assets as calculated for the Tier 1 leverage ratio, and adding certain off-balance sheet exposures, such as undrawn commitments and derivatives potential future exposure.

(d) For further discussion of TCE, see page 28.

(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.

Page 9

JPMORGAN CHASE & CO.
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)
	QUARTERLY TRENDS
																	1Q16 Change
	1Q16			4Q15			3Q15			2Q15				1Q15			4Q15		1Q15
EARNINGS PER SHARE
Basic earnings per share
Net income	$	5,520		$	5,434		$	6,804		$	6,290			$	5,914		2	%	(7	)%
Less: Preferred stock dividends	412			418			393			380				324			(1	)	27
Net income applicable to common equity	5,108			5,016			6,411			5,910				5,590			2		(9	)
Less: Dividends and undistributed earnings allocated to
participating securities	117			108			141			134				138			8		(15	)
Net income applicable to common stockholders	$	4,991		$	4,908		$	6,270		$	5,776			$	5,452		2		(8	)
Total weighted-average basic shares outstanding	3,669.9			3,674.2			3,694.4			3,707.8				3,725.3			—		(1	)
Net income per share	$	1.36		$	1.34		$	1.70		$	1.56			$	1.46		1		(7	)
Diluted earnings per share
Net income applicable to common stockholders	$	4,991		$	4,908		$	6,270		$	5,776			$	5,452		2		(8	)
Total weighted-average basic shares outstanding	3,669.9			3,674.2			3,694.4			3,707.8				3,725.3			—		(1	)
Add: Employee stock options, stock appreciation rights (“SARs”), warrants and performance share units (“PSUs”) (a)	27.0			30.4			31.2			35.8				32.2			(11	)	(16	)
Total weighted-average diluted shares outstanding	3,696.9			3,704.6			3,725.6			3,743.6				3,757.5			—		(2	)
Net income per share	$	1.35		$	1.32		$	1.68		$	1.54			$	1.45		2		(7	)
COMMON DIVIDENDS
Cash dividends declared per share	$	0.44		$	0.44		$	0.44		$	0.44		(d)	$	0.40		—		10
Dividend payout ratio	32		%	33		%	26		%	28		%		27		%
COMMON EQUITY REPURCHASE PROGRAM (b)
Total shares of common stock repurchased	29.2			19.0			19.1			19.2				32.5			54		(10	)
Average price paid per share of common stock	$	58.17		$	63.92		$	65.30		$	65.32			$	58.40		(9	)	—
Aggregate repurchases of common equity	1,696			1,219			1,248			1,249				1,900			39		(11	)
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	22.3			1.1			1.9			2.0				28.8			NM		(23	)
Net impact of employee issuances on stockholders’ equity (c)	$	366		$	252		$	248		$	290			$	333		45		10

See notes 1 and 2 on page 28.

(a) Excluded from the computation of diluted EPS (due to the antidilutive effect) were options issued under employee benefit plans. The aggregate number of shares issuable upon the exercise of such options was not material for each of the three months ended March 31, 2016, December 31, 2015, September 30, 2015 and June 30, 2015, respectively, and 1 million for the three months ended March 31, 2015.

(b) On March 16, 2016, the Firm announced that its Board of Directors had authorized the repurchase of up to an additional $1.9 billion of common equity through June 30, 2016 under its current equity repurchase program. This amount is in addition to the $6.4 billion of common equity that was previously authorized for repurchase between April 1, 2015, and June 30, 2016.

(c) The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of employee stock options and SARs.

(d) On May 19, 2015, the Board of Directors increased the quarterly common stock dividend from $0.40 to $0.44 per share.

Page 10

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS
																1Q16 Change
	1Q16			4Q15			3Q15			2Q15			1Q15			4Q15		1Q15
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	769		$	817		$	836		$	766		$	718		(6	)%	7	%
Asset management, administration and commissions	530			524			565			553			530			1		—
Mortgage fees and related income	667			556			469			782			704			20		(5	)
Card income	1,191			1,326			1,335			1,506			1,324			(10	)	(10	)
All other income	649			815			524			482			460			(20	)	41
Noninterest revenue	3,806			4,038			3,729			4,089			3,736			(6	)	2
Net interest income	7,311			7,184			7,150			6,926			6,968			2		5
TOTAL NET REVENUE	11,117			11,222			10,879			11,015			10,704			(1	)	4
Provision for credit losses	1,050			1,038			389			702			930			1		13
NONINTEREST EXPENSE
Compensation expense	2,382			2,349			2,413			2,478			2,530			1		(6	)
Noncompensation expense (a)	3,706			3,923			3,824			3,732			3,660			(6	)	1
TOTAL NONINTEREST EXPENSE	6,088			6,272			6,237			6,210			6,190			(3	)	(2	)
Income before income tax expense	3,979			3,912			4,253			4,103			3,584			2		11
Income tax expense	1,489			1,505			1,623			1,570			1,365			(1	)	9
NET INCOME	$	2,490		$	2,407		$	2,630		$	2,533		$	2,219		3		12
REVENUE BY LINE OF BUSINESS
Consumer & Business Banking	$	4,550		$	4,587		$	4,555		$	4,483		$	4,358		(1	)	4
Mortgage Banking	1,876			1,680			1,555			1,833			1,749			12		7
Card, Commerce Solutions & Auto	4,691			4,955			4,769			4,699			4,597			(5	)	2
FINANCIAL RATIOS
ROE	19		%	18		%	20		%	19		%	17		%
Overhead ratio	55			56			57			56			58
Headcount	129,925			127,094			128,601			132,302			135,908			2		(4	)

(a) Included operating lease depreciation expense of $432 million, $401 million, $372 million, $348 million and $326 million for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015, respectively.

Page 11

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions)
	QUARTERLY TRENDS
											1Q16 Change
	1Q16		4Q15		3Q15		2Q15		1Q15		4Q15		1Q15
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	505,071	$	502,652	$	484,253	$	472,181	$	455,624	—	%	11	%
Loans:
Consumer & Business Banking	22,889		22,730		22,346		21,940		21,608		1		6
Home equity	56,627		58,734		60,849		63,316		65,705		(4	)	(14	)
Residential mortgage and other	172,413		164,500		153,730		139,814		125,956		5		37
Mortgage Banking	229,040		223,234		214,579		203,130		191,661		3		20
Credit Card	126,090		131,463		126,979		126,025		123,257		(4	)	2
Auto	62,937		60,255		57,174		56,330		55,455		4		13
Student	7,890		8,176		8,462		8,763		9,053		(3	)	(13	)
Total loans	448,846		445,858		429,540		416,188		401,034		1		12
Core loans	348,802		341,881		320,415		301,154		280,252		2		24
Deposits	582,026		557,645		539,182		530,767		531,027		4		10
Equity	51,000		51,000		51,000		51,000		51,000		—		—
SELECTED BALANCE SHEET DATA (average)
Total assets	$	503,231	$	494,306	$	478,914	$	463,404	$	454,763	2		11
Loans:
Consumer & Business Banking	22,775		22,445		22,069		21,732		21,317		1		7
Home equity	57,717		59,757		62,025		64,502		66,854		(3	)	(14	)
Residential mortgage and other	168,694		160,925		146,432		132,649		120,658		5		40
Mortgage Banking	226,411		220,682		208,457		197,151		187,512		3		21
Credit Card	127,299		127,620		126,305		124,539		125,025		—		2
Auto	61,252		58,692		56,412		55,800		55,005		4		11
Student	8,034		8,326		8,622		8,907		9,209		(4	)	(13	)
Total loans	445,771		437,765		421,865		408,129		398,068		2		12
Core loans	343,705		331,296		309,888		290,330		274,578		4		25
Deposits	562,284		545,734		535,987		529,448		512,157		3		10
Equity	51,000		51,000		51,000		51,000		51,000		—		—

Page 12

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS
																	1Q16 Change
	1Q16			4Q15			3Q15				2Q15			1Q15			4Q15		1Q15
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)	$	5,117		$	5,313		$	5,433			$	5,876		$	6,143		(4	)%	(17	)%
Net charge-offs/(recoveries) (c)
Consumer & Business Banking	56			76			50				68			59			(26	)	(5	)
Home equity	59			45			82				69			87			31		(32	)
Residential mortgage and other	1			14			(41		)		12			17			(93	)	(94	)
Mortgage Banking	60			59			41				81			104			2		(42	)
Credit Card	830			774			759				800			789			7		5
Auto	67			74			57				32			51			(9	)	31
Student	37			55			58				46			51			(33	)	(27	)
Total net charge-offs/(recoveries)	$	1,050		$	1,038		$	965			$	1,027		$	1,054		1		—
Net charge-off/(recovery) rate (c)
Consumer & Business Banking	0.99		%	1.34		%	0.90			%	1.26		%	1.12		%
Home equity (d)	0.55			0.40			0.70				0.57			0.71
Residential mortgage and other (d)	—			0.04			(0.14		)		0.05			0.08
Mortgage Banking (d)	0.13			0.13			0.10				0.21			0.30
Credit Card (e)	2.62			2.42			2.41				2.61			2.62
Auto	0.44			0.50			0.40				0.23			0.38
Student	1.85			2.62			2.67				2.07			2.25
Total net charge-off/(recovery) rate (d)	1.04			1.04			1.02				1.14			1.22
30+ day delinquency rate
Mortgage Banking (f)(g)	1.41		%	1.57		%	1.74			%	1.95		%	2.30		%
Credit Card (h)	1.45			1.43			1.38				1.29			1.41
Auto	0.94			1.35			1.06				0.95			0.90
Student (i)	1.41			1.81			1.99				2.00			1.77
90+ day delinquency rate - Credit Card (h)	0.75			0.72			0.66				0.63			0.73
Allowance for loan losses
Consumer & Business Banking	$	703		$	703		$	703			$	703		$	703		—		—
Mortgage Banking, excluding PCI loans	1,588			1,588			1,588				1,788			2,088			—		(24	)
Mortgage Banking - PCI loans (c)	2,695			2,742			2,788				3,215			3,270			(2	)	(18	)
Credit Card	3,434			3,434			3,434				3,434			3,434			—		—
Auto	399			399			374				349			350			—		14
Student	299			299			324				349			374			—		(20	)
Total allowance for loan losses (c)	$	9,118		$	9,165		$	9,211			$	9,838		$	10,219		(1	)	(11	)

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

(b) At March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, nonaccrual loans excluded: (1) mortgage loans insured by U.S. government agencies of $5.7 billion, $6.3 billion, $6.6 billion, $7.0 billion and $7.5 billion, respectively, that are 90 or more days past due; (2) student loans insured by U.S. government agencies under the Federal Family Education Loan Program ("FFELP") of $269 million, $290 million, $289 million, $282 million and $346 million, respectively, that are 90 or more days past due. These amounts have been excluded based upon the government guarantee.

(c) Net charge-offs and the net charge-off rates for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, excluded $47 million, $46 million, $52 million, $55 million and $55 million, respectively, of write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans. For further information on PCI write-offs, see Summary of Changes in the Allowances on page 26.

(d) Excludes the impact of PCI loans. For the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, the net charge-off/(recovery) rates including the impact of PCI loans were as follows: (1) home equity of 0.41%, 0.30%, 0.52%, 0.43%, and 0.53%, respectively; (2) residential mortgage and other of -%, 0.03%, (0.11%), 0.04%, and 0.06%, respectively; (3) Mortgage Banking of 0.11%, 0.11%, 0.08%, 0.17%, and 0.23%, respectively; and (4) total CCB of 0.95%, 0.94%, 0.91%, 1.01%, and 1.08%, respectively.

(e) Average credit card loans included loans held-for-sale of $72 million, $717 million, $1.3 billion, $1.8 billion and $2.7 billion for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively. These amounts are excluded when calculating the net-charge-off rate.

(f) At March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015, excluded mortgage loans insured by U.S. government agencies of $7.6 billion, $8.4 billion, $8.5 billion, $8.8 billion and $9.2 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(g) Excludes PCI loans. The 30+ day delinquency rate for PCI loans was 10.47%, 11.21%, 11.29%, 11.65% and 12.25% at March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively.

(h) Period-end credit card loans included loans held-for-sale of $78 million, $76 million, $1.3 billion, $1.3 billion and $2.4 billion at March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively. These amounts are excluded when calculating delinquency rates.

(i) Excluded student loans insured by U.S government agencies under FFELP of $471 million, $526 million, $507 million, $546 million, and $596 million at March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

Page 13

JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS
																					1Q16 Change
	1Q16				4Q15				3Q15				2Q15				1Q15				4Q15		1Q15
BUSINESS METRICS
Number of:
Active mobile customers (in thousands) (a)	23,821				22,810				22,232				21,001				19,962				4	%	19	%
Active online customers, excluding mobile (in thousands)	18,637				16,432				16,279				16,877				17,734				13		5
Active online customer (in thousands)	42,458				39,242				38,511				37,878				37,696				8		13
Consumer & Business Banking
Average deposits	$	548,447			$	530,611			$	519,414			$	512,844			$	497,610			3		10
Deposit margin	1.86			%	1.83			%	1.86			%	1.92			%	1.99			%
Business banking origination volume	$	1,688			$	1,609			$	1,715			$	1,911			$	1,540			5		10
Client investment assets	220,004				218,551				213,263				221,490				219,192				1		—
Mortgage Banking (in billions)
Mortgage origination volume by channel
Retail	$	8.7			$	8.7			$	9.5			$	9.8			$	8.1			—		7
Correspondent	13.7				13.8				20.4				19.5				16.6				(1	)	(17	)
Total mortgage origination volume (b)	$	22.4			$	22.5			$	29.9			$	29.3			$	24.7			—		(9	)
Total loans serviced (period-end)	$	898.7			$	910.1			$	929.0			$	917.0			$	924.3			(1	)	(3	)
Third-party mortgage loans serviced (period-end)	655.4				674.0				702.6				723.4				723.5				(3	)	(9	)
MSR carrying value (period-end)	5.7				6.6				6.7				7.6				6.6				(14	)	(14	)
Ratio of MSR carrying value (period-end) to third-party mortgage
loans serviced (period-end)	0.87			%	0.98			%	0.95			%	1.05			%	0.91			%
MSR revenue multiple (c)	2.49		x		2.97		x		2.79		x		3.00		x		2.53		x
Credit Card, excluding Commercial Card
Sales volume (in billions)	$	121.7			$	130.8			$	126.6			$	125.7			$	112.8			(7	)	8
New accounts opened	2.3				2.5				2.0				2.1				2.1				(8	)	10
Net revenue rate	11.81				12.54				12.22				12.35				12.19
Commerce Solutions
Merchant processing volume (in billions)	$	247.5			$	258.2			$	235.8			$	234.1			$	221.2			(4	)	12
Auto
Loan and lease origination volume (in billions)	$	9.6			$	9.2			$	8.1			$	7.8			$	7.3			4		32
Average Auto operating lease assets	9,615				8,794				8,073				7,437				6,899				9		39

(a) Users of all internet browsers and mobile platforms (mobile smartphone, tablet and SMS) who have logged in within the past 90 days.

(b) Firmwide mortgage origination volume was $24.4 billion, $24.7 billion, $32.2 billion, $31.7 billion and $26.6 billion for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively.

(c) 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 14

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS
																1Q16 Change
	1Q16			4Q15			3Q15			2Q15			1Q15			4Q15		1Q15
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,321		$	1,538		$	1,612		$	1,825		$	1,761		(14	)%	(25	)%
Principal transactions	2,470			1,396			2,370			2,657			3,482			77		(29	)
Lending- and deposit-related fees	394			387			389			400			397			2		(1	)
Asset management, administration and commissions	1,069			1,049			1,083			1,181			1,154			2		(7	)
All other income	280			268			294			170			280			4		—
Noninterest revenue	5,534			4,638			5,748			6,233			7,074			19		(22	)
Net interest income	2,601			2,431			2,420			2,490			2,508			7		4
TOTAL NET REVENUE (a)	8,135			7,069			8,168			8,723			9,582			15		(15	)
Provision for credit losses	459			81			232			50			(31		)	467		NM
NONINTEREST EXPENSE
Compensation expense	2,600			1,860			2,434			2,656			3,023			40		(14	)
Noncompensation expense	2,208			2,576			3,697			2,481			2,634			(14	)	(16	)
TOTAL NONINTEREST EXPENSE	4,808			4,436			6,131			5,137			5,657			8		(15	)
Income before income tax expense	2,868			2,552			1,805			3,536			3,956			12		(28	)
Income tax expense	889			804			341			1,195			1,419			11		(37	)
NET INCOME	$	1,979		$	1,748		$	1,464		$	2,341		$	2,537		13		(22	)
FINANCIAL RATIOS
ROE	11		%	10		%	8		%	14		%	16		%
Overhead ratio	59			63			75			59			59
Compensation expense as a percent of total net revenue	32			26			30			30			32
REVENUE BY BUSINESS
Investment banking revenue	$	1,231		$	1,470		$	1,530		$	1,746		$	1,630		(16	)	(24	)
Treasury Services	884			901			899			901			930			(2	)	(5	)
Lending	302			390			334			302			435			(23	)	(31	)
Total Banking	2,417			2,761			2,763			2,949			2,995			(12	)	(19	)
Fixed Income Markets	3,597			2,574			2,933			2,931			4,154			40		(13	)
Equity Markets	1,576			1,064			1,403			1,576			1,651			48		(5	)
Securities Services	881			933			915			995			934			(6	)	(6	)
Credit Adjustments & Other (b)	(336		)	(263		)	154			272			(152		)	(28	)	(121	)
Total Markets & Investor Services	5,718			4,308			5,405			5,774			6,587			33		(13	)
TOTAL NET REVENUE	$	8,135		$	7,069		$	8,168		$	8,723		$	9,582		15		(15	)

(a) Included tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; as well as tax-exempt income from municipal bond investments of $498 million, $486 million, $417 million, $396 million and $432 million for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015, respectively.

(b) Effective January 1, 2016, consists primarily of credit valuation adjustments (“CVA”) managed by the credit portfolio group, funding valuation adjustments (“FVA”) and debit valuation adjustments (“DVA”) on derivatives. Prior periods also include DVA on fair value option elected liabilities. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets. Effective January 1, 2016, changes in DVA on fair value option elected liabilities is recognized in other comprehensive income. For additional information, see Note 1 on page 28.

Page 15

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS
																1Q16 Change
	1Q16			4Q15			3Q15			2Q15			1Q15			4Q15		1Q15
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	801,053		$	748,691		$	801,133		$	819,745		$	854,275		7	%	(6	)%
Loans:
Loans retained (a)	109,132			106,908			101,420			96,579			98,625			2		11
Loans held-for-sale and loans at fair value	2,381			3,698			3,369			7,211			3,987			(36	)	(40	)
Total loans	111,513			110,606			104,789			103,790			102,612			1		9
Core loans	111,050			110,084			104,270			103,235			101,537			1		9
Equity	64,000			62,000			62,000			62,000			62,000			3		3
SELECTED BALANCE SHEET DATA (average)
Assets	$	797,548		$	797,427		$	789,975		$	845,225		$	865,327		—		(8	)
Trading assets - debt and equity instruments	285,122			291,958			288,828			317,385			312,260			(2	)	(9	)
Trading assets - derivative receivables	62,557			59,425			63,561			68,949			77,353			5		(19	)
Loans:
Loans retained (a)	108,712			101,959			97,518			94,711			99,113			7		10
Loans held-for-sale and loans at fair value	3,204			4,897			3,827			5,504			4,061			(35	)	(21	)
Total loans	111,916			106,856			101,345			100,215			103,174			5		8
Core loans	111,417			106,331			100,809			99,343			102,052			5		9
Equity	64,000			62,000			62,000			62,000			62,000			3		3
Headcount	49,067			49,067			49,384			49,367			50,634			—		(3	)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	46		$	5		$	2		$	(15	)	$	(11	)	NM		NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)(b)	650			428			464			324			251			52		159
Nonaccrual loans held-for-sale and loans at fair value	7			10			12			12			12			(30	)	(42	)
Total nonaccrual loans	657			438			476			336			263			50		150
Derivative receivables	212			204			235			256			249			4		(15	)
Assets acquired in loan satisfactions	62			62			56			60			63			—		(2	)
Total nonperforming assets	931			704			767			652			575			32		62
Allowance for credit losses:
Allowance for loan losses	1,497			1,258			1,205			1,086			1,047			19		43
Allowance for lending-related commitments	744			569			547			437			411			31		81
Total allowance for credit losses	2,241			1,827			1,752			1,523			1,458			23		54
Net charge-off/(recovery) rate (a)	0.17		%	0.02		%	0.01		%	(0.06		)%	(0.05		)%
Allowance for loan losses to period-end loans retained (a)	1.37			1.18			1.19			1.12			1.06
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (c)	2.11			1.88			1.85			1.73			1.64
Allowance for loan losses to nonaccrual loans retained (a)(b)	230			294			260			335			417
Nonaccrual loans to total period-end loans	0.59			0.40			0.45			0.32			0.26

(a) Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.

(b) Allowance for loan losses of $233 million, $177 million, $160 million, $64 million and $51 million were held against these nonaccrual loans at March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015, respectively.

(c) 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 16

JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS
																1Q16 Change
	1Q16			4Q15			3Q15			2Q15			1Q15			4Q15		1Q15
BUSINESS METRICS
Advisory	$	585		$	622		$	503		$	466		$	542		(6	)%	8	%
Equity underwriting	205			314			269			452			399			(35	)	(49	)
Debt underwriting	531			602			840			907			820			(12	)	(35	)
Total investment banking fees	$	1,321		$	1,538		$	1,612		$	1,825		$	1,761		(14	)	(25	)
Assets under custody (“AUC”) (period-end) (in billions)	$	20,283		$	19,943		$	19,691		$	20,497		$	20,561		2		(1	)
Client deposits and other third-party liabilities (average) (a)	358,926			364,794			372,070			401,280			444,171			(2	)	(19	)
Trade finance loans (period-end)	18,078			19,255			21,138			21,195			22,853			(6	)	(21	)
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (b)
Fixed income (c)	$	46		$	42		$	50		$	41		$	35		10		31
Foreign exchange	9			10			9			9			9			(10	)	—
Equities	22			18			20			16			18			22		22
Commodities and other	9			11			10			9			8			(18	)	13
Diversification benefit to CIB trading VaR (d)	(32		)	(31		)	(35		)	(37		)	(36		)	(3	)	11
CIB trading VaR (b)	54			50			54			38			34			8		59
Credit portfolio VaR (e)	12			11			13			15			18			9		(33	)
Diversification benefit to CIB VaR (d)	(11		)	(9		)	(10		)	(10		)	(9		)	(22	)	(22	)
CIB VaR (b)(c)	$	55		$	52		$	57		$	43		$	43		6		28

(a) Client deposits and other third party liabilities pertain to the Treasury Services and Securities Services businesses.

(b) 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. For further information, see VaR measurement on pages 135–137 of the 2015 Annual Report.

(c) As part of the Firm’s continuous evaluation and periodic enhancement of its VaR model calculations, during the second quarter of 2015 the Firm refined the historical proxy time series inputs to certain VaR models to more appropriately reflect the risk exposure from certain asset-backed products. Had these new time series been used as inputs into these VaR models in the first quarter of 2015, the Firm estimates they would have resulted in a reduction to average Fixed income VaR of $3 million and average CIB VaR of $2 million.

(d) 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.

(e) 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.

Page 17

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS
																1Q16 Change
	1Q16			4Q15			3Q15			2Q15			1Q15			4Q15		1Q15
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	232		$	236		$	229		$	242		$	237		(2	)%	(2	)%
Asset management, administration and commissions	22			20			22			22			24			10		(8	)
All other income (a)	302			342			271			345			375			(12	)	(19	)
Noninterest revenue	556			598			522			609			636			(7	)	(13	)
Net interest income	1,247			1,162			1,122			1,130			1,106			7		13
TOTAL NET REVENUE (b)	1,803			1,760			1,644			1,739			1,742			2		4
Provision for credit losses	304			117			82			182			61			160		398	%
NONINTEREST EXPENSE
Compensation expense	334			310			311			308			309			8		8
Noncompensation expense	379			440			408			395			400			(14	)	(5	)
TOTAL NONINTEREST EXPENSE	713			750			719			703			709			(5	)	1
Income before income tax expense	786			893			843			854			972			(12	)	(19	)
Income tax expense	290			343			325			329			374			(15	)	(22	)
NET INCOME	$	496		$	550		$	518		$	525		$	598		(10	)	(17	)
Revenue by product
Lending	$	928		$	887		$	850		$	867		$	825		5		12
Treasury services	694			655			633			646			647			6		7
Investment banking	155			156			130			196			248			(1	)	(38	)
Other	26			62			31			30			22			(58	)	18
Total Commercial Banking net revenue	$	1,803		$	1,760		$	1,644		$	1,739		$	1,742		2		4
Investment banking revenue, gross (c)	$	483		$	455		$	382		$	589		$	753		6		(36	)
Revenue by client segment
Middle Market Banking	$	717		$	702		$	675		$	688		$	677		2		6
Corporate Client Banking	501			470			446			532			564			7		(11	)
Commercial Term Lending	361			331			318			318			308			9		17
Real Estate Banking	140			138			123			117			116			1		21
Other	84			119			82			84			77			(29	)	9
Total Commercial Banking net revenue	$	1,803		$	1,760		$	1,644		$	1,739		$	1,742		2		4
FINANCIAL RATIOS
ROE	11		%	15		%	14		%	14		%	17		%
Overhead ratio	40			43			44			40			41

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

(b) Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities that provide loans to qualified businesses in low-income communities, as well as tax-exempt income from municipal bond activity of $120 million, $149 million, $116 million, $115 million and $113 million for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015, respectively.

(c) Represents the total revenue from investment banking products sold to CB clients.

Page 18

JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)
	QUARTERLY TRENDS
																		1Q16 Change
	1Q16			4Q15			3Q15				2Q15				1Q15			4Q15		1Q15
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	204,602		$	200,700		$	201,157			$	201,377			$	197,931		2	%	3	%
Loans:
Loans retained	173,583			167,374			162,269				157,947				153,173			4		13
Loans held-for-sale and loans at fair value	338			267			213				1,506				507			27		(33	)
Total loans	$	173,921		$	167,641		$	162,482			$	159,453			$	153,680		4		13
Core loans	173,316			166,939			161,662				158,568				152,659			4		14
Equity	16,000			14,000			14,000				14,000				14,000			14		14
Period-end loans by client segment:
Middle Market Banking	$	52,532		$	51,362		$	51,985			$	51,713			$	51,071		2		3
Corporate Client Banking	33,761			31,871			29,634				30,171				28,379			6		19
Commercial Term Lending	64,292			62,860			60,684				58,314				55,824			2		15
Real Estate Banking	17,719			16,211			15,068				14,231				13,537			9		31
Other	5,617			5,337			5,111				5,024				4,869			5		15
Total Commercial Banking loans	$	173,921		$	167,641		$	162,482			$	159,453			$	153,680		4		13
SELECTED BALANCE SHEET DATA (average)
Total assets	$	202,492		$	200,325		$	197,274			$	198,740			$	195,927		1		3
Loans:
Loans retained	169,837			165,679			158,845				155,110				149,731			3		13
Loans held-for-sale and loans at fair value	448			188			359				870				557			138		(20	)
Total loans	$	170,285		$	165,867		$	159,204			$	155,980			$	150,288		3		13
Core loans	169,626			165,091			158,364				155,016				149,239			3		14
Client deposits and other third-party liabilities	173,079			178,637			180,892				197,004				210,046			(3	)	(18	)
Equity	16,000			14,000			14,000				14,000				14,000			14		14
Average loans by client segment:
Middle Market Banking	$	51,419		$	51,844		$	51,373			$	51,440			$	50,538		(1	)	2
Corporate Client Banking	32,929			31,840			28,964				28,986				26,653			3		24
Commercial Term Lending	63,475			61,574			59,323				56,814				54,754			3		16
Real Estate Banking	17,021			15,565			14,487				13,732				13,472			9		26
Other	5,441			5,044			5,057				5,008				4,871			8		12
Total Commercial Banking loans	$	170,285		$	165,867		$	159,204			$	155,980			$	150,288		3		13
Headcount	7,971			7,845			7,735				7,568				7,489			2		6
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	6		$	16		$	(2	)		$	(4	)		$	11		(63	)	(45	)
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (a)	1,257			375			423				384				304			235		313
Nonaccrual loans held-for-sale and loans
at fair value	—			18			16				14				12			(100	)	(100	)
Total nonaccrual loans	1,257			393			439				398				316			220		298
Assets acquired in loan satisfactions	1			8			4				5				5			(88	)	(80	)
Total nonperforming assets	1,258			401			443				403				321			214		292
Allowance for credit losses:
Allowance for loan losses	3,099			2,855			2,782				2,705				2,519			9		23
Allowance for lending-related commitments	252			198			170				163				162			27		56
Total allowance for credit losses	3,351			3,053			2,952				2,868				2,681			10		25
Net charge-off/(recovery) rate (b)	0.01		%	0.04		%	—			%	(0.01		)	%	0.03		%
Allowance for loan losses to period-end loans retained	1.79			1.71			1.71				1.71				1.64
Allowance for loan losses to nonaccrual loans retained (a)	247			761			658				704				829
Nonaccrual loans to period-end total loans	0.72			0.23			0.27				0.25				0.21

(a) Allowance for loan losses of $278 million, $64 million, $80 million, $42 million, and $29 million was held against nonaccrual loans retained at March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015, respectively.

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

Page 19

JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS
																	1Q16 Change
	1Q16			4Q15			3Q15				2Q15			1Q15			4Q15		1Q15
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,016		$	2,328		$	2,237			$	2,381		$	2,229		(13	)%	(10	)%
All other income	229			46			24				163			155			398		48
Noninterest revenue	2,245			2,374			2,261				2,544			2,384			(5	)	(6	)
Net interest income	727			671			633				631			621			8		17
TOTAL NET REVENUE	2,972			3,045			2,894				3,175			3,005			(2	)	(1	)
Provision for credit losses	13			17			(17		)		—			4			(24	)	225
NONINTEREST EXPENSE
Compensation expense	1,241			1,307			1,218				1,299			1,289			(5	)	(4	)
Noncompensation expense	834			889			891				1,107			886			(6	)	(6	)
TOTAL NONINTEREST EXPENSE	2,075			2,196			2,109				2,406			2,175			(6	)	(5	)
Income before income tax expense	884			832			802				769			826			6		7
Income tax expense	297			325			327				318			324			(9	)	(8	)
NET INCOME	$	587		$	507		$	475			$	451		$	502		16		17
REVENUE BY LINE OF BUSINESS
Global Investment Management	$	1,499		$	1,615		$	1,483			$	1,670		$	1,533		(7	)	(2	)
Global Wealth Management	1,473			1,430			1,411				1,505			1,472			3		—
TOTAL NET REVENUE	$	2,972		$	3,045		$	2,894			$	3,175		$	3,005		(2	)	(1	)
FINANCIAL RATIOS
ROE	25		%	21		%	20			%	19		%	22		%
Overhead ratio	70			72			73				76			72
Pretax margin ratio:
Global Investment Management	33			36			31				26			30
Global Wealth Management	26			17			24				22			25
Asset Management	30			27			28				24			27
Headcount	20,885			20,975			20,651				20,237			20,095			—		4
Number of client advisors	2,750			2,778			2,796				2,746			2,803			(1	)	(2	)

Page 20

JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS
																	1Q16 Change
	1Q16			4Q15			3Q15			2Q15				1Q15			4Q15		1Q15
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	131,276		$	131,451		$	131,412		$	134,059			$	126,233		—	%	4	%
Loans (a)	111,050			111,007			110,314			109,336				104,165			—		7
Core loans	111,050			111,007			110,314			109,336				104,165			—		7
Deposits	152,908			146,766			140,121			141,179				155,347			4		(2	)
Equity	9,000			9,000			9,000			9,000				9,000			—		—
SELECTED BALANCE SHEET DATA (average)
Total assets	$	129,790		$	130,980		$	131,100		$	130,548			$	126,276		(1	)	3
Loans	110,497			110,305			108,741			107,250				103,286			—		7
Core loans	110,497			110,305			108,741			107,250				103,286			—		7
Deposits	150,616			145,623			141,896			152,563				158,240			3		(5	)
Equity	9,000			9,000			9,000			9,000				9,000			—		—
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	9		$	8		$	2		$	(1	)		$	3		13	%	200
Nonaccrual loans	335			218			229			209				175			54		91
Allowance for credit losses:
Allowance for loan losses	270			266			258			273				271			2		—
Allowance for lending-related commitments	4			5			4			5				5			(20	)	(20	)
Total allowance for credit losses	274			271			262			278				276			1		(1	)
Net charge-off/(recovery) rate	0.03		%	0.03		%	0.01		%	—			%	0.01		%
Allowance for loan losses to period-end loans	0.24			0.24			0.23			0.25				0.26
Allowance for loan losses to nonaccrual loans	81			122			113			131				155
Nonaccrual loans to period-end loans	0.30			0.20			0.21			0.19				0.17

(a) Included $27.7 billion, $26.6 billion, $25.4 billion, $24.0 billion, and $23.0 billion of prime mortgage loans reported in the Consumer, excluding credit card, loan portfolio at March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015, respectively.

Page 21

JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
																Mar 31, 2016
																Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
CLIENT ASSETS	2016			2015			2015			2015			2015			2015		2015
Assets by asset class
Liquidity	$	424		$	464		$	463		$	466		$	454		(9	)%	(7	)%
Fixed income	365			342			351			357			359			7		2
Equity	346			353			336			380			380			(2	)	(9	)
Multi-asset and alternatives	541			564			561			578			566			(4	)	(4	)
TOTAL ASSETS UNDER MANAGEMENT	1,676			1,723			1,711			1,781			1,759			(3	)	(5	)
Custody/brokerage/administration/deposits	647			627			612			642			646			3		—
TOTAL CLIENT ASSETS	$	2,323		$	2,350		$	2,323		$	2,423		$	2,405		(1	)	(3	)
MEMO:
Alternatives client assets (a)	$	151		$	172		$	172		$	173		$	168		(12	)	(10	)
Assets by client segment
Private Banking	$	428		$	437		$	438		$	452		$	440		(2	)	(3	)
Institutional	798			816			816			830			825			(2	)	(3	)
Retail	450			470			457			499			494			(4	)	(9	)
TOTAL ASSETS UNDER MANAGEMENT	$	1,676		$	1,723		$	1,711		$	1,781		$	1,759		(3	)	(5	)
Private Banking	$	1,057		$	1,050		$	1,037		$	1,080		$	1,073		1		(1	)
Institutional	814			824			823			838			833			(1	)	(2	)
Retail	452			476			463			505			499			(5	)	(9	)
TOTAL CLIENT ASSETS	$	2,323		$	2,350		$	2,323		$	2,423		$	2,405		(1	)	(3	)
Assets under management rollforward
Beginning balance	$	1,723		$	1,711		$	1,781		$	1,759		$	1,744
Net asset flows:
Liquidity	(27		)	(1		)	(5		)	6			(1		)
Fixed income	11			(7		)	(5		)	3			2
Equity	(5		)	3			(5		)	(1		)	4
Multi-asset and alternatives	6			(5		)	6			11			10
Market/performance/other impacts	(32		)	22			(61		)	3			—
Ending balance	$	1,676		$	1,723		$	1,711		$	1,781		$	1,759
Client assets rollforward
Beginning balance	$	2,350		$	2,323		$	2,423		$	2,405		$	2,387
Net asset flows	(7		)	1			(7		)	16			17
Market/performance/other impacts	(20		)	26			(93		)	2			1
Ending balance	$	2,323		$	2,350		$	2,323		$	2,423		$	2,405

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

Page 22

JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
	QUARTERLY TRENDS
																1Q16 Change
	1Q16			4Q15			3Q15			2Q15			1Q15			4Q15		1Q15
INCOME STATEMENT
REVENUE
Principal transactions	$	97		$	(56	)	$	(70	)	$	67		$	100		NM		(3	)%
Securities gains	51			72			25			40			53			(29	)	(4	)
All other income (a)	121			571			118			(7		)	(113		)	(79	)	NM
Noninterest revenue	269			587			73			100			40			(54	)	NM
Net interest income	(213		)	64			(123		)	(221		)	(253		)	NM		16
TOTAL NET REVENUE (b)	56			651			(50		)	(121		)	(213		)	(91	)	NM
Provision for credit losses	(2		)	(2		)	(4		)	1			(5		)	—		60
NONINTEREST EXPENSE (c)	153			609			172			44			152			(75	)	1
Income/(loss) before income tax expense/(benefit)	(95		)	44			(218		)	(166		)	(360		)	NM		74
Income tax benefit (d)	(63		)	(178		)	(1,935		)	(606		)	(418		)	65		85
NET INCOME/(LOSS)	$	(32	)	$	222		$	1,717		$	440		$	58		NM		NM
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	(94		)	137			(89		)	(163		)	(378		)	NM		75
Other Corporate	150			514			39			42			165			(71	)	(9	)
TOTAL NET REVENUE	$	56		$	651		$	(50	)	$	(121	)	$	(213	)	(91	)	NM
NET INCOME/(LOSS)
Treasury and CIO	(111		)	138			(40		)	(112		)	(221		)	NM		50
Other Corporate	79			84			1,757			552			279			(6	)	(72	)
TOTAL NET INCOME/(LOSS)	$	(32	)	$	222		$	1,717		$	440		$	58		NM		NM
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	781,806		$	768,204		$	798,680		$	821,736		$	942,556		2		(17	)
Loans	1,983			2,187			2,332			2,480			2,694			(9	)	(26	)
Core loans (e)	1,978			2,182			2,327			2,474			2,672			(9	)	(26	)
Headcount	29,572			29,617			29,307			27,985			27,019			—		9
SUPPLEMENTAL INFORMATION
TREASURY and CHIEF INVESTMENT OFFICE (“CIO”)
Securities gains	$	51		$	72		$	25		$	40		$	53		(29	)%	(4	)%
Investment securities portfolio (average) (f)	283,443			296,693			306,370			322,954			333,692			(4	)	(15	)
Investment securities portfolio (period-end) (g)	282,424			287,777			303,057			314,048			327,859			(2	)	(14	)
Mortgage loans (average)	2,005			2,221			2,400			2,599			2,790			(10	)	(28	)
Mortgage loans (period-end)	1,927			2,136			2,293			2,455			2,664			(10	)	(28	)
Private equity portfolio
Carrying value	$	2,004		$	2,103		$	2,192		$	2,718		$	3,064		(5	)	(35	)
Cost	3,512			3,798			3,832			4,252			4,485			(8	)	(22	)

(a) Included revenue related to a legal settlement of $514 million for the three months ended December 31, 2015.

(b) Included tax-equivalent adjustments, predominantly due to tax-exempt income from municipal bond investments of $218 million, $219 million, $215 million, $202 million, and $203 million for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015, respectively.

(c) Included legal expense of $407 million, $102 million, and $305 million for the three months ended December 31, 2015, September 30, 2015, and March 31, 2015, respectively; legal expense for the three months ended March 31, 2016 and June 30, 2015 was not material.

(d) The three months ended September 30, 2015 reflected tax benefits of $1.9 billion, due to the resolution of various tax audits.

(e) Average core loans were $2.1 billion, $2.3 billion, $2.4 billion $2.6 billion, and $2.8 billion for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015, respectively.

(f) Average investment securities included held-to-maturity balances of $48.3 billion, $49.5 billion, $50.7 billion, $50.7 billion, and $49.3 billion for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015, respectively.

(g) Period-end investment securities included held-to-maturity balances of $47.9 billion, $49.1 billion, $50.2 billion, $51.6 billion, and $49.3 billion at March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015, respectively.

Page 23

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
											Mar 31, 2016
											Change
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,		Mar 31,
	2016		2015		2015		2015		2015		2015		2015
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained, excluding PCI loans	$	314,128	$	303,357	$	289,496	$	272,975	$	259,561	4	%	21	%
Loans - PCI	39,743		40,998		42,236		43,806		45,356		(3	)	(12	)
Total loans retained	353,871		344,355		331,732		316,781		304,917		3		16
Loans held-for-sale	321		466		237		1,505		298		(31	)	8
Total consumer, excluding credit card loans	354,192		344,821		331,969		318,286		305,215		3		16
Credit card loans
Loans retained (b)	126,012		131,387		125,634		124,705		120,835		(4	)	4
Loans held-for-sale	78		76		1,345		1,320		2,422		3		(97	)
Total credit card loans	126,090		131,463		126,979		126,025		123,257		(4	)	2
Total consumer loans	480,282		476,284		458,948		444,311		428,472		1		12
Wholesale loans (c)
Loans retained	364,312		357,050		346,927		338,219		331,219		2		10
Loans held-for-sale and loans at fair value	2,719		3,965		3,582		8,717		4,494		(31	)	(39	)
Total wholesale loans	367,031		361,015		350,509		346,936		335,713		2		9
Total loans	847,313		837,299		809,457		791,247		764,185		1		11
Derivative receivables	70,209		59,677		68,668		67,451		81,574		18		(14	)
Receivables from customers and other (d)	16,294		13,497		17,016		22,591		22,777		21		(28	)
Total credit-related assets	86,503		73,174		85,684		90,042		104,351		18		(17	)
Lending-related commitments
Consumer, excluding credit card	60,744		58,478		60,005		59,817		60,151		4		1
Credit card	532,224		515,518		526,433		523,717		533,511		3		—
Wholesale	367,466		366,399		354,348		352,048		355,504		—		3
Total lending-related commitments	960,434		940,395		940,786		935,582		949,166		2		1
Total credit exposure	$	1,894,250	$	1,850,868	$	1,835,927	$	1,816,871	$	1,817,702	2		4
Memo: Total by category
Consumer exposure (e)	$	1,073,377	$	1,050,405	$	1,045,505	$	1,027,958	$	1,022,239	2		5
Wholesale exposures (f)	820,873		800,463		790,422		788,913		795,463		3		3
Total credit exposure	$	1,894,250	$	1,850,868	$	1,835,927	$	1,816,871	$	1,817,702	2		4

Note: The Firm provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, see page 28.

(a) Includes loans reported in CCB, prime mortgage and home equity loans reported in AM, and prime mortgage loans reported in Corporate.

(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.

(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 lending-related commitments.

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

Page 24

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																Mar 31, 2016
																Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2016			2015			2015			2015			2015			2015		2015
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans (b)(c)	$	5,225		$	5,413		$	5,530		$	5,984		$	6,241		(3	)	(16	)
Wholesale nonaccrual loans
Loans retained	2,203			988			1,086			873			696			123		217
Loans held-for-sale and loans at fair value	7			28			28			26			24			(75	)	(71	)
Total wholesale nonaccrual loans	2,210			1,016			1,114			899			720			118		207
Total nonaccrual loans	7,435			6,429			6,644			6,883			6,961			16		7
Derivative receivables	212			204			235			256			249			4		(15	)
Assets acquired in loan satisfactions	376			401			415			449			504			(6	)	(25	)
Total nonperforming assets	8,023			7,034			7,294			7,588			7,714			14		4
Wholesale lending-related commitments (d)	722			193			176			133			131			274		451
Total nonperforming exposure	$	8,745		$	7,227		$	7,470		$	7,721		$	7,845		21		11
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	0.88		%	0.77		%	0.82		%	0.87		%	0.91		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	1.48			1.57			1.67			1.88			2.04
Total wholesale nonaccrual loans to total
wholesale loans	0.60			0.28			0.32			0.26			0.21

(a) At March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $5.7 billion, $6.3 billion, $6.6 billion, $7.0 billion and $7.5 billion, respectively, that are 90 or more days past due; (2) student loans insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”) of $269 million, $290 million, $289 million, $282 million and $346 million, respectively, that are 90 or more days past due; (3) real estate owned (“REO”) insured by U.S. government agencies of $360 million, $343 million, $327 million, $384 million and $469 million, respectively. These amounts have been excluded based upon the government guarantee. 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, non modified 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) Includes nonaccrual loans held-for-sale of $61 million, $98 million, $212 million and $16 million at March 31, 2016, December 31, 2015, June 30, 2015, and March 31, 2015, respectively. There were no nonaccrual loans held-for-sale at September 30, 2015.

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

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

Page 25

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS
																1Q16 Change
	1Q16			4Q15			3Q15			2Q15			1Q15			4Q15		1Q15
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	13,555		$	13,466		$	13,915		$	14,065		$	14,185		1	%	(4	)%
Net charge-offs:
Gross charge-offs	1,357			1,300			1,305			1,284			1,352			4		—
Gross recoveries	(247		)	(236		)	(342		)	(277		)	(300		)	(5	)	18
Net charge-offs	1,110			1,064			963			1,007			1,052			4		6
Write-offs of PCI loans and other (a)	47			46			52			55			55			2		(15	)
Provision for loan losses	1,596			1,200			567			908			988			33		62
Other	—			(1		)	(1		)	4			(1		)	100		100
Ending balance	$	13,994		$	13,555		$	13,466		$	13,915		$	14,065		3		(1	)
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	786		$	735		$	620		$	593		$	622		7		26
Provision for lending-related commitments	228			51			115			27			(29		)	347		NM
Ending balance	$	1,014		$	786		$	735		$	620		$	593		29		71
Total allowance for credit losses	$	15,008		$	14,341		$	14,201		$	14,535		$	14,658		5		2
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans (b)	0.25		%	0.31		%	0.25		%	0.29		%	0.36		%
Credit card retained loans	2.62			2.42			2.41			2.61			2.62
Total consumer retained loans	0.89			0.88			0.85			0.95			1.01
Wholesale retained loans	0.07			0.03			—			(0.02		)	—
Total retained loans	0.53			0.52			0.49			0.53			0.57
Consumer retained loans, excluding credit card and
PCI loans	0.29			0.35			0.29			0.34			0.42
Consumer retained loans, excluding PCI loans	0.97			0.97			0.94			1.06			1.14
Total retained, excluding PCI loans	0.56			0.54			0.51			0.56			0.61
Memo: Average retained loans
Consumer retained, excluding credit card loans	$	348,916		$	339,637		$	323,458		$	311,074		$	299,789		3		16
Credit card retained loans	127,227			126,903			125,048			122,732			122,352			—		4
Total average retained consumer loans	476,143			466,540			448,506			433,806			422,141			2		13
Wholesale retained loans	360,306			350,370			339,172			331,924			327,895			3		10
Total average retained loans	$	836,449		$	816,910		$	787,678		$	765,730		$	750,036		2		12
Consumer retained, excluding credit card and
PCI loans	$	308,526		$	298,047		$	280,475		$	266,567		$	253,829		4		22
Consumer retained, excluding PCI loans	435,753			424,950			405,524			389,299			376,181			3		16
Total retained, excluding PCI loans	796,055			775,316			744,692			721,219			704,072			3		13

(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. A write-off of a PCI loan is recognized when the underlying loan is removed from a pool (e.g., upon liquidation).

(b) The net charge-off rates exclude the write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans.

Page 26

JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
																Mar 31, 2016
																Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,		Mar 31,
	2016			2015			2015			2015			2015			2015		2015
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	371		$	364		$	359		$	436		$	537		2	%	(31	)%
Formula-based	2,694			2,700			2,702			2,841			3,065			—		(12	)
PCI	2,695			2,742			2,788			3,215			3,270			(2	)	(18	)
Total consumer, excluding credit card	5,760			5,806			5,849			6,492			6,872			(1	)	(16	)
Credit card
Asset-specific (a)(b)	427			460			485			518			458			(7	)	(7	)
Formula-based	3,007			2,974			2,949			2,916			2,976			1		1
Total credit card	3,434			3,434			3,434			3,434			3,434			—		—
Total consumer	9,194			9,240			9,283			9,926			10,306			—		(11	)
Wholesale
Asset-specific (a)	565			274			281			147			115			106		391
Formula-based	4,235			4,041			3,902			3,842			3,644			5		16
Total wholesale	4,800			4,315			4,183			3,989			3,759			11		28
Total allowance for loan losses	13,994			13,555			13,466			13,915			14,065			3		(1	)
Allowance for lending-related commitments	1,014			786			735			620			593			29		71
Total allowance for credit losses	$	15,008		$	14,341		$	14,201		$	14,535		$	14,658		5		2
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	1.63		%	1.69		%	1.76		%	2.05		%	2.25		%
Credit card allowance to total credit card retained loans	2.73			2.61			2.73			2.75			2.84
Wholesale allowance to total wholesale retained loans	1.32			1.21			1.21			1.18			1.13
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (c)	1.47			1.35			1.34			1.30			1.26
Total allowance to total retained loans	1.66			1.63			1.67			1.78			1.86
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (d)	112			109			106			112			110
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (d)	143			161			152			158			154
Wholesale allowance to wholesale retained nonaccrual loans	218			437			385			457			540
Total allowance to total retained nonaccrual loans	190			215			204			209			203
CREDIT RATIOS, excluding PCI loans
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.98			1.01			1.06			1.20			1.39
Total allowance to total retained loans	1.40			1.37			1.40			1.45			1.52
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (d)	59			58			55			57			58
Allowance, excluding credit card allowance, to retained non-
accrual loans, excluding credit card nonaccrual loans (d)	107			117			109			109			106
Total allowance to total retained nonaccrual loans	153			172			161			161			156

(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) The asset-specific credit card allowance for loan losses is related to loans that have been modified in a TDR; such allowance is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.

(c) 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.

(d) For information on the Firm’s nonaccrual policy for credit card loans, see footnote (a) on page 25.

Page 27

JPMORGAN CHASE & CO.
NON-GAAP FINANCIAL MEASURES AND OTHER NOTES

Non-GAAP Financial Measures

The following are several of the non-GAAP financial measures that the Firm uses:

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

(b) The ratios of the allowance for loan losses to period-end loans retained, the allowance for loan losses to nonaccrual loans retained, and nonaccrual loans to total period-end loans excluding credit card and PCI loans, exclude the following: loans accounted for at fair value and loans held-for-sale; PCI loans; and the allowance for loan losses related to PCI loans. Additionally, 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”), Return on tangible common equity (“ROTCE”), and Tangible book value per share (“TBVPS”). TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are meaningful to the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

(d) Corporate & Investment Bank calculates the ratio of the allowance for loan losses to end-of-period loans excluding the impact of consolidated Firm-administered multi-seller conduits and trade finance loans, to provide a more meaningful assessment of CIB’s allowance coverage ratio.

Other Notes

(1) Effective January 1, 2016, the Firm adopted new accounting guidance related to the recognition and measurement of financial liabilities where the fair value option has been elected. This guidance requires the portion of the total change in fair value caused by changes in the Firm’s own credit risk (DVA) to be presented separately in other comprehensive income; previously these amounts were recognized in net income. The guidance was required to be applied as of the beginning of the fiscal year of adoption by means of a cumulative effect adjustment to the Consolidated balance sheet, which resulted in a reclassification from retained earnings to accumulated other comprehensive income. The adoption of this guidance had no material impact on the Firm’s Consolidated Financial Statements.

(2) Effective January 1, 2016, the Firm adopted new accounting guidance related to share-based payments, including the accounting for income taxes and classification in the statement of cash flows. The guidance requires that all excess tax benefits and tax deficiencies that pertain to share-based payment arrangements be recognized within income tax expense in the Consolidated statements of income; previously such amounts were recognized within additional paid-in capital. The adoption of this guidance had no material impact on the Firm’s Consolidated Financial Statements.

Page 28