JPM: JP Morgan Chase: JPMorgan Chase Reports Fourth-Quarter 2012 Net Income of $5.7 Billion, or $1.39 Per Share, on Revenue1 of

  JPM: JP Morgan Chase: JPMorgan Chase Reports Fourth-Quarter 2012 Net Income
  of $5.7 Billion, or $1.39 Per Share, on Revenue1 of $24.4 Billion

UK Regulatory Announcement

Third Consecutive Year of Record Net Income and 15% Return on Tangible Common
                                   Equity^1

Full-Year 2012 Record Net Income of $21.3 Billion, or Record $5.20 Per Share,
                        on Revenue^1 of $99.9 Billion

JPMorgan Chase Announces Completion of Board Review of CIO and Management Task
                                 Force Report

NEW YORK

JPMorganChase & Co. (NYSE: JPM):

  *Strong performance across our businesses^2: strong lending in Commercial
    Banking, Business Banking, Mortgage Banking and Asset Management

       *Consumer & Business Banking average deposits up 10%; Business Banking
         loan growth for the ninth consecutive quarter to a record $18.9
         billion, up 7%
       *Mortgage Banking reported strong production revenue; originations of
         $51.2 billion, up 33%
       *Credit Card sales volume^1 up 9%
       *Corporate & Investment Bank reported record debt underwriting fees
         and maintained #1ranking for Global Investment Banking fees; record
         assets under custody of $18.8trillion, up 12%
       *Commercial Banking reported record revenue; loan growth for the tenth
         consecutive quarter to a record $128.2 billion, up 14%
       *Asset Management reported record revenue; fifteenth consecutive
         quarter of positive net long-term client flows; record loan balances
         of $80.2 billion

  *JPMorgan Chase supported consumers, businesses and communities in 2012

       *Over $1.8 trillion of capital raised and credit^1 provided

            *$275 billion for consumers; originated more than 920,000
              mortgages
            *$20 billion for U.S. small businesses, up 18%
            *$520 billion for corporations
            *$915 billion of capital raised for clients
            *$85 billion of capital raised and credit^1 for nearly 1,500
              nonprofit and government entities, including states,
              municipalities, hospitals and universities

       *Hired nearly 5,000 U.S. veterans and service members since the
         beginning of 2011

  *Fourth-quarter results included the following significant items

       *$900 million pretax expense ($0.14 per share after-tax reduction in
         earnings) for mortgage-related matters in Mortgage Banking,
         predominantly the Independent Foreclosure Review settlement
       *$567 million pretax loss ($0.09 per share after-tax reduction in
         earnings) from debit valuation adjustments (“DVA”) in the Corporate &
         Investment Bank
       *$620 million after-tax benefit ($0.16 per share after-tax increase in
         earnings) from tax adjustments in Corporate
       *$700 million pretax benefit ($0.11 per share after-tax increase in
         earnings) from reduced mortgage loan loss reserves in Real Estate
         Portfolios

  *Fortress balance sheet strengthened

       *Basel I Tier 1 common^1 of $140 billion, or 11.0%, up from 10.4% in
         the prior quarter
       *Estimated Basel III Tier 1 common^1 of 8.7%^3, up from 8.4% in the
         prior quarter
       *Loan loss reserves of $21.9 billion; Global Liquidity Reserve of $491
         billion

JPMorganChase & Co. (NYSE: JPM) today reported net income for the
fourth-quarter of 2012 of $5.7 billion, compared with net income of $3.7
billion in the fourth quarter of 2011. Earnings per share were $1.39, compared
with $0.90 in the fourth quarter of 2011. Revenue^1 for the quarter was $24.4
billion, up 10% compared with the prior year. The Firm’s return on tangible
common equity^1 for the fourth quarter of 2012 was 15%, compared with 11% in
the prior year.

Net income for full-year 2012 was a record $21.3 billion, compared with $19.0
billion for the prior year. Earnings per share were a record $5.20 for 2012,
compared with $4.48 for 2011. Revenue^1 for 2012 was $99.9 billion, flat
compared with 2011.

JPMorgan Chase & Co. also announced today that the Firm’s Management Task
Force and the independent Review Committee of the Firm’s Board of Directors
(the “Board Review Committee”) have each concluded their reviews relating to
the 2012 losses by the Firm’s Chief Investment Office (“CIO”) and have
released their respective reports. Both reports are available on the Firm’s
website and are discussed at greater length in a Form 8-K filed with the SEC
today.

Jamie Dimon, Chairman and Chief Executive Officer, commented on the financial
results: “For the third consecutive year, the Firm reported both record net
income and a return on tangible common equity^1 of 15%. The Firm’s results
reflected strong underlying performance across virtually all our businesses
for the fourth quarter and the full year, with strong lending and deposit
growth. We also maintained our leadership positions and continued to gain
market share in key areas of our franchise. As we highlight upfront in this
release, there were several significant items that affected our results this
quarter, but they largely offset each other.”

Dimon added: “We continued to see favorable credit conditions across our
wholesale loan portfolios and strong credit performance in our credit card
portfolio, where charge-off rates remain at historic lows. The real estate
portfolios, while at elevated levels of losses, continued to show improvement
as the housing market and economy continued to recover. As a result, we
reduced the related allowance for credit losses by $700 million in the fourth
quarter and we are likely to continue to see reductions in the allowance as
the environment improves.”

Commenting on the balance sheet, Dimon said: “We strengthened our fortress
balance sheet, ending the fourth quarter with a strong Basel I Tier 1 common
ratio^1 of 11.0%, up from 10.4% in the third quarter. We estimate that our
Basel III Tier 1 common ratio^1 was approximately 8.7% ^ 3 at the end of the
fourth quarter, up from 8.4% in the third quarter.”

Dimon added: “During the course of 2012, JPMorgan Chase was able to make more
of an impact on our communities than ever before. The Firm provided credit^1
and raised capital of over $1.8 trillion for our clients during the year. This
included $20 billion for small businesses, up 18%. We also originated more
than 920,000 mortgages; provided credit cards to about 6.7 million people; and
raised capital and provided credit^1 of approximately $85 billion for nearly
1,500 not-for-profit and government entities, including states,
municipalities, hospitals and universities. As part of the 100,000 Jobs
Mission, which JPMorgan Chase helped launch, since the beginning of 2011, the
Firm has hired nearly 5,000 U.S. veterans and members of the National Guard
and Reserve; and, through our nonprofit partners, we have provided 386
mortgage-free homes for deserving veterans and their families.”

“We are committed to doing our part to speed the recovery of the housing
market. This includes working with struggling homeowners to modify their
loans, or pursue other options to allow them to prevent foreclosure.Through
these efforts, since 2009, we have offered more than 1.4 million mortgage
modifications and completed 610,000 for both loans we own and those we service
for others. With respect to Chase-owned mortgages, through modifications and
short-sales, we have effectively forgiven more than $10billion of principal
and reduced borrowers’ interest payments by approximately $2billion. Our
efforts are not only helping people, they are also helping set the stage for a
recovery in America’s housing market, which will ultimately reward our
customers, shareholders and communities alike.”

Dimon concluded: “We are particularly proud that, through the turbulence of
recent years, we never stopped serving clients and investing in the future of
our franchise - opening new offices and branches, adding bankers in key
markets, innovating and gaining market share. The capital strength and
earnings power of the Firm is as strong as it has ever been, and our 260,000
employees are doing more than ever to serve our customers and clients, and
support our communities around the world. Challenges still exist, but as we
look forward to 2013, we remain optimistic.”

In the discussion below of the business segments and of JPMorgan Chase as a
Firm, information is presented on a managed basis. For more information about
managed basis, as well as other non-GAAP financial measures used by management
to evaluate the performance of each line of business, see page 14. The
following discussion compares the fourth quarters of 2012 and 2011 unless
otherwise noted.

CONSUMER & COMMUNITY BANKING (CCB)


Results for                              3Q12              4Q11
CCB           4Q12     3Q12     4Q11     $ O/(U)  O/(U)   $       O/(U)
($ millions)                                           %        O/(U)    %
Net Revenue   $12,378  $12,738  $11,209  ($360)   (3)%    $1,169  10%
Provision
for Credit    1,091    1,862    1,839    (771)    (41)    (748)   (41)
Losses
Noninterest   7,966    6,954    6,763    1,012    15      1,203   18
Expense
Net Income    $2,014   $2,366   $1,574   ($352)   (15)%   $440    28%

Discussion of Results:

Net income was $2.0 billion, compared with $1.6billion in the prior year.

Net revenue was $12.4 billion, an increase of $1.2 billion, or 10%, compared
with the prior year. Net interest income was $7.3 billion, down $220 million,
or 3%, driven by lower deposit margins and lower loan balances due to
portfolio runoff, largely offset by higher deposit balances. Noninterest
revenue was $5.1billion, an increase of $1.4billion, or 37%, driven by
higher mortgage fees and related income.

The provision for credit losses was $1.1billion, compared with $1.8billion
in the prior year and $1.9billion in the prior quarter.The current-quarter
provision reflected a $700 million reduction in the allowance for loan losses
and total net charge-offs of $1.8 billion. The prior-quarter provision
reflected a $955million reduction in the allowance for loan losses and total
net charge-offs of $2.8 billion, including $880 million of incremental
charge-offs reported in accordance with regulatory guidance for Chapter 7
loans. For more information, see the Consumer Credit Portfolio section of the
Firm’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012.

Noninterest expense was $8.0billion, an increase of $1.2billion from the
prior year, driven by costs related to mortgage-related matters, including the
impact of the Independent Foreclosure Review settlement and the write-off of
intangible assets associated with a non-strategic relationship in Credit Card.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted; banking
portal ranking is per compete.com, as of November 2012)

  *Number of branches was 5,614, an increase of 106 from the prior year and
    18 from the prior quarter.
  *Number of active mobile customers was 12.4 million, an increase of 51%
    compared with the prior year and 7% compared with the prior quarter.
  *Number of active online customers was 31.1 million, an increase of 5%
    compared with the prior year and 1% compared with the prior quarter;
    Chase.com is the #1 most visited banking portal in the U.S.
  *#1 in American Customer Satisfaction Index (ACSI) survey for customer
    satisfaction in retail banking among large banks.

Consumer & Business Banking reported net income of $756 million, a decrease of
$36 million, or 5%, compared with the prior year.

Net revenue was $4.3 billion, down 1% from the prior year. Net interest income
was $2.6 billion, down 3% compared with the prior year, driven by the impact
of lower deposit margin, largely offset by higher deposit balances.
Noninterest revenue was $1.6 billion, an increase of 3%, driven by higher
debit card revenue and investment sales revenue, partially offset by lower
deposit-related fees.

The provision for credit losses and net charge-offs were both $110 million
(2.36% net charge-off rate), compared with $132million (3.02% net charge-off
rate) in the prior year.

Noninterest expense was $2.9 billion, up 2% from the prior year, largely
driven by new branch builds.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  *Average total deposits were $404.0billion, up 10% from the prior year and
    3% from the prior quarter; deposit growth rates were among the best in the
    industry (as of November 2012).
  *Deposit margin was 2.44%, compared with 2.76% in the prior year and 2.56%
    in the prior quarter.
  *Accounts totaled 28.1million, up 5% from the prior year and 1% from the
    prior quarter.
  *Chase Private Client locations totaled 1,218, an increase of 956 from the
    prior year and 258 from the prior quarter.
  *Record end-of-period Business Banking loans of $18.9 billion, up 7% from
    the prior year and 2% from the prior quarter.
  *Average Business Banking loans were $18.5billion, up 7% from the prior
    year and 1% from the prior quarter; originations were $1.5 billion, up 10%
    from the prior year and down 9% from the prior quarter; Chase continues to
    be the #1 SBA lender (in number of loans, as of November 2012).
  *Branch sales of investment products were up 49% compared with the prior
    year and 11% compared with the prior quarter.
  *Client investment assets, excluding deposits, were $158.5 billion, up 15%
    from the prior year and 2% from the prior quarter.

Mortgage Banking reported net income of $418 million, compared with a net loss
of $269 million in the prior year.

Net revenue was $3.3 billion, an increase of $1.2 billion compared with the
prior year. Net interest income was $1.2 billion, down $94 million.
Noninterest revenue was $2.1 billion, an increase of $1.3billion, driven by
higher mortgage fees and related income.

The provision for credit losses reflected a benefit of $269 million^2,
compared with provision expense of $647 million in the prior year. The current
quarter reflected a $700 million reduction in the allowance for loan losses.

Noninterest expense was $2.9 billion, an increase of $1.0 billion from the
prior year. The current quarter included approximately $900 million of expense
for mortgage-related matters, including approximately $700 million for the
impact of the Independent Foreclosure Review settlement.

Mortgage Production reported pretax income of $789million, an increase of
$628 million from the prior year. Mortgage production-related revenue,
excluding repurchase losses, was $1.6billion, an increase of $543 million, or
51%, from the prior year. These results reflected wider margins, driven by
favorable market conditions, and higher volumes due to historically low
interest rates and the Home Affordable Refinance Programs (“HARP”). Production
expense^2 was $876 million, an increase of $358million from the prior year,
reflecting higher volumes and an expense for additional litigation reserves.
Repurchase losses for the current quarter reflected a benefit of $53 million,
compared with a loss of $390 million in the prior year and a loss of $13
million in the prior quarter. The current quarter reflected a $249 million
reduction in the repurchase liability and lower realized repurchase losses
compared with prior year and prior quarter, primarily driven by improved cure
rates on Agency repurchase demands.

Mortgage Servicing reported a pretax loss of $913 million, compared with a
pretax loss of $586million in the prior year. Mortgage servicing revenue,
including amortization, was $618 million, a decrease of $98 million, or 14%,
from the prior year. Mortgage servicing rights (“MSR”) risk management income
was $42 million, compared with a loss of $377 million in the prior year.
Servicing expense was $1.6billion, an increase of $648 million from the prior
year. The current quarter included approximately $700 million of expense for
the impact of the Independent Foreclosure Review settlement.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  *Mortgage loan originations were $51.2 billion, up 33% from the prior year
    and 8% from the prior quarter; Retail channel originations (branch and
    direct-to-consumer) were $26.4 billion, up 14% from the prior year and 4%
    from the prior quarter.
  *Mortgage loan application volumes were $65.7 billion, up 25% from the
    prior year and down 10% from the prior quarter.
  *Total third-party mortgage loans serviced were $859.4 billion, down 5%
    from the prior year and up 6% from the prior quarter, including the impact
    of a portfolio acquisition in the fourth quarter of 2012.

Real Estate Portfolios reported pretax income of $812 million, compared with a
pretax loss of $18million in the prior year. The increase was driven by a
benefit from the provision for credit losses, reflecting the continued
improvement in credit trends.

Net revenue was $965million, a decrease of $95million, or 9%, from the prior
year. The decrease was driven by a decline in net interest income, resulting
from lower loan balances due to portfolio runoff.

The provision for credit losses reflected a benefit of $283 million, compared
with provision expense of $646 million in the prior year. The current-quarter
provision reflected a $700 million reduction in the allowance for loan losses
due to improved delinquency trends and lower estimated losses, primarily in
the home equity portfolio. Net charge-offs totaled $417 million. Home equity
net charge-offs were $257million (1.49% net charge-off rate^1), compared with
$579million (2.90% net charge-off rate^1) in the prior year. Subprime
mortgage net charge-offs were $92 million (4.35% net charge-off rate^1),
compared with $143million (5.74% net charge-off rate^1). Prime mortgage,
including option ARMs, net charge-offs were $66million (0.63% net charge-off
rate^1), compared with $151 million (1.33% net charge-off rate^1).

Nonaccrual loans were $7.9 billion, compared with $5.9 billion in the prior
year and $8.1billion in the prior quarter. The current-quarter and
prior-quarter nonaccrual loans reflected the effect of regulatory guidance
implemented in the third and first quarters of 2012 as a result of which the
Firm began reporting Chapter 7 loans and performing junior liens that are
subordinate to nonaccrual senior liens as nonaccrual loans. For more
information, see the Consumer Credit Portfolio section of the Firm’s Quarterly
Report on Form 10-Q for the quarter ended September 30, 2012. Excluding the
impact of the regulatory guidance noted above, nonaccrual loans would have
been $4.9 billion in the fourth quarter, down from $5.9 billion in the prior
year.

Noninterest expense was $436million, up by $4million from the prior year.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted. Average
loans include PCI loans)

  *Average home equity loans were $89.7billion, down $12.3 billion.
  *Average mortgage loans were $89.1 billion, down $9.1billion.
  *Allowance for loan losses was $10.6 billion, compared with $14.4 billion.
  *Allowance for loan losses to ending loans retained, excluding PCI loans,
    was 4.14%, compared with 6.58%.

Card, Merchant Services & Auto net income was $840 million, a decrease of $211
million, or 20%, compared with the prior year. The decrease was driven by
higher provision for credit losses and higher noninterest expense.

Net revenue was $4.8 billion, flat compared with the prior year. Net interest
income was $3.5billion, down $45 million, or 1%, from the prior year. The
decrease was driven by lower average credit card loan balances and narrower
auto loan spreads. These decreases were offset by lower revenue reversals
associated with lower net charge-offs in credit card and lower funding costs.
Noninterest revenue was $1.3billion, an increase of $39million, or 3%, from
the prior year. The increase was driven by higher net interchange and merchant
servicing revenue, partially offset by higher amortization of loan origination
costs.

The provision for credit losses was $1.3 billion, compared with $1.1billion
in the prior year and $1.2billion in the prior quarter. The current-quarter
provision reflected lower net charge-offs. The prior-year provision included a
$500 million reduction in the allowance for loan losses. The Credit Card net
charge-off rate^1 was 3.50%, down from 4.29% in the prior year and 3.57% in
the prior quarter; the 30+ day delinquency rate^1 was 2.10%, down from 2.81%
in the prior year and 2.15% in the prior quarter. The Auto net charge-off rate
was 0.36%, down from 0.37% in the prior year and 0.74% in the prior quarter.
The prior quarter included the impact of incremental charge-offs related to
auto loans discharged under Chapter 7 bankruptcy.

Noninterest expense was $2.2billion, an increase of $146million, or 7%, from
the prior year, driven by the write-off of intangible assets associated with a
non-strategic relationship.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  *Credit Card average loans were $124.7billion, down 3% from prior year and
    flat compared with the prior quarter.
  *#1 credit card issuer in the U.S. based on outstandings^2; #1 Global Visa
    issuer ^ based on consumer and business credit card sales volume.^2
  *Credit Card sales volume^2 was $101.6billion, up 9% compared with the
    prior year and 5% compared with the prior quarter; Card Services general
    purpose credit card sales volume growth has outperformed the industry
    since the first quarter of 2008.^2
  *Card Services net revenue as a percentage of average loans was 12.82%,
    compared with 12.26% in the prior year and 12.46% in the prior quarter.
  *Merchant processing volume was $178.6billion, up 17% from the prior year
    and 9% from the prior quarter; total transactions processed were
    8.2billion, up 21% from the prior year and 11% from the prior quarter.
  *Average auto loans were $49.3 billion, up 5% from the prior year and 2%
    from the prior quarter.
  *Auto originations were $5.5 billion, up 12% from the prior year and down
    13% from the prior quarter.

CORPORATE & INVESTMENT BANK (CIB)


Results for CIB                          3Q12             4Q11
($ millions)     4Q12    3Q12    4Q11    $ O/(U)  O/(U)  $ O/(U)  O/(U)
                                                       %                 %
Net Revenue      $7,642  $8,360  $6,320  ($718)   (9)%   $1,322   21%
Provision for    (445)   (60)    291     (385)    NM     (736)    NM
Credit Losses
Noninterest      4,996   5,350   4,532   (354)    (7)    464      10
Expense
Net Income       $2,005  $1,992  $976    $13      1%     $1,029   105%

Discussion of Results:

Net income was $2.0billion, up significantly from the prior year. These
results reflected higher net revenue and benefit from the provision for credit
losses, partially offset by higher noninterest expense. Net revenue was
$7.6billion, compared with $6.3billion in the prior year. Net revenue
included a $567 million loss from debit valuation adjustments (“DVA”) on
certain structured and derivative liabilities resulting from the tightening of
the Firm’s credit spreads; the prior year included the same size loss from DVA
of $567 million. Excluding the impact of DVA, net income was $2.4 billion^1,
up $1.0billion, or 77%, from the prior year, and net revenue was $8.2
billion^1, up $1.3 billion, or 19%, from the prior year.

Banking revenue was $3.2 billion, compared with $2.4 billion in the prior
year. Investment banking fees were $1.7 billion (up 54%), which consisted of
record debt underwriting fees of $990million (up 79%), equity underwriting
fees of $265million (up 57%), and advisory fees of $465million (up 17%).
Treasury Services revenue was $1.1 billion, up 1% from the prior year. Lending
revenue was $382million, compared with $279 million in the prior year, driven
by higher fees and net interest income, as well as lower mark-to-market losses
from hedges of retained loans.

Markets & Investor Services revenue was $4.5 billion, up 16% from the prior
year. Fixed Income and Equity Markets combined revenue was $4.1billion, up
19% from the prior year, driven by solid client revenue and improved
performance in credit-related products. The portion of the synthetic credit
portfolio transferred from the Chief Investment Office in Corporate to the CIB
on July 2, 2012 experienced a modest loss during the current quarter, which
was included in Fixed Income Markets revenue. Securities Services revenue was
$995 million, up 2% from the prior year. Credit Adjustments & Other was a net
loss of $586 million, compared with a loss of $532 million in the prior year;
both periods were driven predominantly by the impact of DVA.

The provision for credit losses was a benefit of $445 million, compared with a
provision for credit losses in the prior year of $291million. The
current-period benefit was primarily driven by recoveries and a reduction in
the allowance for credit losses, both related to certain restructured
nonperforming loans. The ratio of the allowance for loan losses to
end-of-period loans retained was 1.19%, compared with 1.35% in the prior year.
Excluding the impact of the consolidation of Firm-administered multi-seller
conduits and trade finance loans, the ratio of the allowance for loan losses
to end-of-period loans retained was 2.52%^1, compared with 3.06%^1 in the
prior year.

Noninterest expense was $5.0 billion, up 10% from the prior year, driven by
higher compensation expense on stronger revenue performance. The compensation
ratio ^ for the current quarter was 27%, excluding the impact of DVA^1.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted, and all
rankings are according to Dealogic)

  *Ranked #1 in Global Investment Banking Fees for the year ended December
    31, 2012.
  *Ranked #1 in Global Debt, Equity and Equity-related; #1 in Global
    Long-Term Debt; #1 in Global Syndicated Loans; #2 in Global Announced M&A;
    and #4 in Global Equity and Equity-related, based on volume, for the year
    ended December 31, 2012.
  *Average client deposits and other third-party liabilities were $366.5
    billion, up 1% from the prior year.
  *Assets under custody were a record $18.8 trillion, up 12% from the prior
    year.
  *International revenue was $3.5 billion, up 10% from the prior year,
    representing 46% of total revenue (47%^1 of total revenue excluding DVA).
  *Return on equity was 17% on $47.5billion of average allocated capital
    (20%^1 excluding DVA).
  *End-of-period total loans were $115.3 billion, up 1% from the prior year
    and 3% from the prior quarter. Nonaccrual loans were $617 million, down
    49% from the prior year and 23% from the prior quarter.
  *End-of-period trade finance loans were $35.8 billion, down 2% from the
    prior year.

COMMERCIAL BANKING (CB)


Results for CB                            3Q12             4Q11
($ millions)      4Q12    3Q12    4Q11    $ O/(U)  O/(U)  $       O/(U)
                                                        %       O/(U)    %
Net Revenue       $1,745  $1,732  $1,687  $13      1%     $58     3%
Provision for     (3)     (16)    40      13       81     (43)    NM
Credit Losses
Noninterest       599     601     579     (2)      -      20      3
Expense
Net Income        $692    $690    $643    $2       -      $49     8%

Discussion of Results:

Net income was $692million, an increase of $49million, or 8%, from the prior
year. The improvement was driven by an increase in net revenue and lower
provision for credit losses, partially offset by higher noninterest expense.

Net revenue was a record $1.7billion, an increase of $58 million, or 3%, from
the prior year. Net interest income was $1.2billion, an increase of
$51million, or 5%, driven by growth in loan balances, partially offset by
spread compression on loan products. Noninterest revenue was $578million, up
$7 million, or 1%, compared with the prior year.

Revenue from Middle Market Banking was $838 million, an increase of $28
million, or 3%, from the prior year. Revenue from Commercial Term Lending was
$312million, an increase of $13 million, or 4%, compared with the prior year.
Revenue from Corporate Client Banking was $406million, an increase of $80
million, or 25%, from the prior year. Revenue from Real Estate Banking was
$113million, a decrease of $2 million, or 2%, from the prior year.

The provision for credit losses was a benefit of $3 million compared with a
$40 million expense in the prior year. Net charge-offs were $50 million in the
current quarter (0.16% net charge-off rate), compared with net charge-offs of
$99million (0.36% net charge-off rate) in the prior year and net recoveries
of $18million (0.06% net recovery rate) in the prior quarter. The allowance
for loan losses to period-end loans retained was 2.06%, down from 2.34% in the
prior year and 2.15% in the prior quarter. Nonaccrual loans were $673million,
down by $380million, or 36%, from the prior year due to repayments and loan
sales, and down by $203 million, or 23%, from the prior quarter due to
repayments and charge-offs.

Noninterest expense was $599million, an increase of $20 million, or 3%, from
the prior year, reflecting higher headcount-related^2 expense.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  *Return on equity was 29% on $9.5 billion of average allocated capital.
  *Overhead ratio was 34%, unchanged from the prior year.
  *Gross investment banking revenue (which is shared with the Corporate &
    Investment Bank) was $443 million, up $93 million, or 27%, from the prior
    year and up $12 million, or 3%, from the prior quarter.
  *Record average loan balances were $126.0 billion, up $16.1 billion, or
    15%, from the prior year and $3.9 billion, or 3%, from the prior quarter.
  *Record end-of-period loan balances were $128.2billion, up $16.2 billion,
    or 14%, from the prior year and up $4.5 billion, or 4%, from the prior
    quarter.
  *Average client deposits and other third-party liabilities were $199.3
    billion, flat compared with the prior year and up $8.4 billion, or 4%,
    from the prior quarter.

ASSET MANAGEMENT (AM)


Results for AM                            3Q12             4Q11
($ millions)      4Q12    3Q12    4Q11    $ O/(U)  O/(U)  $       O/(U)
                                                        %       O/(U)    %
Net Revenue       $2,753  $2,459  $2,284  $294     12%    $469    21%
Provision for     19      14      24      5        36     (5)     (21)
Credit Losses
Noninterest       1,943   1,731   1,752   212      12     191     11
Expense
Net Income        $483    $443    $302    $40      9%     $181    60%

Discussion of Results:

Net income was $483million, an increase of $181 million, or 60%, from the
prior year. These results reflected higher net revenue, partially offset by
higher noninterest expense.

Net revenue was a record $2.8billion, an increase of $469million, or 21%,
from the prior year. Noninterest revenue was $2.2billion, up $363million, or
20%, from the prior year due to higher performance fees, the effect of higher
market levels and net client inflows. Net interest income was $552million, up
by $106million, or 24%, due to higher loan and deposit balances.

Revenue from Private Banking was $1.4 billion, up 19% from the prior year.
Revenue from Institutional was $729 million, up 31%. Revenue from Retail was
$583million, up 13%.

Assets under supervision were $2.1 trillion, an increase of $174billion, or
9%, from the prior year. Assets under management were $1.4 trillion, an
increase of $90 billion, or 7%, due to the effect of higher market levels and
net inflows to long-term products, partially offset by net outflows from
liquidity products. Custody, brokerage, administration and deposit balances
were $669billion, up $84billion, or 14%, due to the effect of higher market
levels and custody and brokerage inflows.

The provision for credit losses was $19million, compared with $24 million in
the prior year.

Noninterest expense was $1.9 billion, an increase of $191 million, or 11%,
from the prior year, due to higher performance-based compensation and higher
headcount-related^2 expense.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  *Pretax margin^2 was 29%, up from 22% in the prior year.
  *Return on equity was 27% on $7.0 billion of average allocated capital.
  *For the 12 months ended December 31, 2012, assets under management
    reflected net inflows of $17 billion, driven by net inflows of $60 billion
    to long-term products and net outflows of $43 billion from liquidity
    products. For the quarter, net inflows were $32 billion reflecting net
    inflows of $24 billion to liquidity products and net inflows of $8billion
    to long-term products.
  *Net long-term client flows were positive for the fifteenth consecutive
    quarter.
  *Assets under management ranked in the top two quartiles for investment
    performance were 76% over 5 years, 74% over 3 years and 67% over 1 year.
  *Customer assets in 4 and 5 Star–rated funds were 47% of all rated mutual
    fund assets.
  *Record assets under supervision were $2.1 trillion, up 9% from the prior
    year and 3% from the prior quarter.
  *Record average loans were $76.5billion, up 40% from the prior year and 7%
    from the prior quarter.
  *Record end-of-period loans were $80.2billion, up 39% from the prior year
    and 7% from the prior quarter.
  *Record average deposits were $133.7 billion, up 10% from the prior year
    and 5% from the prior quarter.

CORPORATE/PRIVATE EQUITY


Results for                              3Q12             4Q11
Corporate/Private
Equity               4Q12    3Q12  4Q11  $ O/(U)  O/(U)  $ O/(U)  O/(U)
($ millions)                                           %                 %
Net Revenue          ($140)  $574  $698  ($714)   NM     ($838)   NM
Provision for        (6)     (11)  (10)  5        45     4        40
Credit Losses
Noninterest Expense  543     735   914   (192)    (26)   (371)    (41)
Net Income           $498    $217  $233  $281     129%   $265     114%

Discussion of Results:

Net income was $498 million, compared with $233 million in the prior year.

Private Equity reported net income of $50 million, compared with a net loss of
$89 million in the prior year. Net revenue was $72 million, compared with a
loss of $113 million in the prior year, primarily due to lower net valuation
losses on both private and public investments and higher gains from sales.

Treasury and CIO reported a net loss of $157 million, compared with net income
of $417 million in the prior year. Net revenue was a loss of $110 million,
compared with net revenue of $845 million in the prior year. Net revenue
included net securities gains of $103 million from sales of available-for-sale
investment securities during the current quarter and principal transactions
revenue of $99 million. Net interest income was a loss of $388 million due to
low interest rates and limited reinvestment opportunities.

Other Corporate reported net income of $605 million, compared with a net loss
of $95 million in the prior year. The current quarter included an after-tax
benefit of $620 million for tax adjustments, which was partially offset by a
pretax expense of $184 million for additional litigation reserves. The prior
year included pretax expense of $527 million for additional litigation
reserves.

JPMORGAN CHASE (JPM)^(*)


Results for                             3Q12              4Q11
JPM
($           4Q12     3Q12     4Q11     $ O/(U)   O/(U)  $ O/(U)  O/(U)
millions)                                              %                 %
Net Revenue  $24,378  $25,863  $22,198  ($1,485)  (6)%   $2,180   10%
Provision
for Credit   656      1,789    2,184    (1,133)   (63)   (1,528)  (70)
Losses
Noninterest  16,047   15,371   14,540   676       4      1,507    10
Expense
Net Income   $5,692   $5,708   $3,728   ($16)     -      $1,964   53%

(*) Presented on a managed basis. See notes on page 14 for further explanation
of managed basis. Net revenue on a U.S. GAAP basis totaled $23,653 million,
$25,146million, and $21,471 million for the fourth quarter of 2012, third
quarter of 2012, and fourth quarter of 2011, respectively.

Discussion of Results:

Net income was $5.7 billion, up $2.0 billion, or 53%, from the prior year. The
increase in earnings was driven by higher net revenue and lower provision for
credit losses, partially offset by higher noninterest expense.

Net revenue was $24.4 billion, up $2.2 billion, or 10%, compared with the
prior year. Noninterest revenue was $13.1 billion, up $3.2 billion, or 32%,
from the prior year, due to higher mortgage fees and related income, higher
investment banking fees and higher principal transactions revenue. The
current-quarter revenue includes a $567 million loss from DVA on certain
structured and derivative liabilities resulting from the tightening of the
Firm’s credit spreads. Net interest income was $11.3 billion, down
$989million, or 8%, compared with the prior year, reflecting the impact of
low interest rates, as well as runoff of higher-yielding loans, faster
mortgage-backed securities repayments and limited reinvestment opportunities,
partially offset by lower deposit costs.

The provision for credit losses was $656 million, down $1.5 billion, or 70%,
from the prior year. The total consumer provision for credit losses was $1.1
billion, down $745 million from the prior year. The decrease in the consumer
provision reflected a $700 million reduction of the allowance for loan losses
related to the mortgage portfolio due to improved delinquency trends and lower
estimated losses, primarily in the home equity portfolio. Consumer net
charge-offs were $1.8 billion, compared with $2.6 billion in the prior year,
resulting in net charge-off rates^1 of 1.99% and 2.74%, respectively. The
decrease in consumer net charge-offs was primarily due to improved delinquency
trends. The wholesale provision for credit losses was a benefit of
$430million, primarily driven by recoveries and a reduction in the allowance
for credit losses, both related to certain restructured nonperforming loans,
compared with an expense of $353 million in the prior year. Wholesale net
recoveries were $158million, compared with net charge-offs of $346 million in
the prior year, resulting in a net recovery rate of 0.21% and a net charge-off
rate of 0.52%, respectively. The Firm’s allowance for loan losses to
end-of-period loans retained^1 was 2.43%, compared with 3.35% in the prior
year.

The Firm’s nonperforming assets totaled $11.7billion at December 31, 2012,
down from the prior-quarter level of $12.5 billion and up compared with the
prior-year level of $11.3 billion. Before the impact of the reporting changes
noted below, nonperforming assets would have been $8.7 billion at December 31,
2012, down from $9.5 billion in the prior quarter and $11.3 billion in the
prior year. The current quarter and the prior quarter included the effect of
regulatory guidance implemented in the third and first quarters of 2012 as a
result of which the Firm began reporting Chapter 7 loans and performing junior
liens that are subordinate to senior liens that are 90 days or more past due
as nonaccrual loans. Such Chapter 7 loans and performing junior liens totaled
$3.0 billion in the current quarter and $3.0billion in the prior quarter.

Noninterest expense was $16.0 billion, up $1.5 billion, or 10%, compared with
the prior year. The current quarter reflected $900 million pretax expense for
mortgage-related matters, of which approximately $700 million was related to
the Independent Foreclosure Review settlement. The current quarter also
included an after-tax benefit of $620 million for tax adjustments.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  *Basel I Tier 1 common ratio^1 was 11.0% at December 31, 2012, compared
    with 10.4% at September 30, 2012, and 10.1% at December 31, 2011.
  *Headcount was 258,965, a decrease of 1,192, compared with the prior year.

1. Notes on non-GAAP financial measures:
   
   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. The Firm’s
   definition of managed basis starts with the reported U.S. GAAP results and
   includes certain reclassifications to present total net revenue for the
   Firm (and each of the business segments) on a fully taxable-equivalent
a. (“FTE”) basis. Accordingly, revenue from tax-exempt securities and
   investments that receive tax credits is presented in the managed results on
   a basis comparable to 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 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.
   
   The ratio of the allowance for loan losses to end-of-period loans excludes
   the following: loans accounted for at fair value and loans held-for-sale;
   purchased credit-impaired (“PCI”) loans; and the allowance for loan losses
   related to PCI loans. Additionally, Real Estate Portfolios net charge-off
   rates exclude the impact of PCI loans. The allowance for loan losses
b. related to the PCI portfolio totaled $5.7 billion at December 31, 2012,
   September 30, 2012, and December 31, 2011. In Corporate & Investment Bank,
   the ratio for the allowance for loan losses to end-of-period loans is
   calculated excluding the impact of trade finance loans and consolidated
   Firm-administered multi-seller conduits, to provide a more meaningful
   assessment of the CIB’s allowance coverage.
   
   Tangible common equity (“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
c. tax liabilities. Return on tangible common equity measures the Firm’s
   earnings as a percentage of TCE. In management’s view, these measures are
   meaningful to the Firm, as well as analysts and investors, in assessing the
   Firm’s use of equity and in facilitating comparisons with peers.
   
   The Basel I Tier 1 common ratio is Tier 1 common capital divided by Basel I
   risk-weighted assets. Tier 1 common capital is defined as Tier 1 capital
   less elements of Tier 1 capital not in the form of common equity, such as
   perpetual preferred stock, noncontrolling interests in subsidiaries, and
   trust preferred capital debt securities. Tier 1 common capital, a non-GAAP
   financial measure, is used by banking regulators, investors and analysts to
   assess and compare the quality and composition of the Firm’s capital with
   the capital of other financial services companies. The Firm uses Tier 1
   common capital along with other capital measures to assess and monitor its
   capital position. On December 16, 2010, the Basel Committee issued its
   final version of the Basel Capital Accord, commonly referred to as “Basel
   III.” In June 2012, the U.S. federal banking agencies published final rules
   on Basel 2.5 that went into effect on January 1, 2013 and result in
   additional capital requirements for trading positions and securitizations.
   Also, in June 2012, the U.S. federal banking agencies published for comment
d. a Notice of Proposed Rulemaking (the “NPR”) for implementing Basel III, in
   the United States. The Firm’s estimate of its Tier 1 common ratio under
   Basel III is a non-GAAP financial measure and reflects the Firm’s current
   understanding of the Basel III rules and the application of such rules to
   its businesses as currently conducted based on information currently
   published by the Basel Committee and U.S. federal banking agencies, and
   therefore excludes the impact of any changes the Firm may make in the
   future to its businesses as a result of implementing the Basel III rules.
   The Firm’s estimates of its Basel III Tier 1 common ratio will evolve over
   time as the Firm’s businesses change, and as a result of further
   rule-making on Basel III implementation from U.S. federal banking agencies.
   Management considers this estimate as a key measure to assess the Firm’s
   capital position in conjunction with its capital ratios under Basel I
   requirements, in order to enable management, investors and analysts to
   compare the Firm’s capital under the Basel III capital standards with
   similar estimates provided by other financial services companies.
   
   In Consumer & Community Banking, supplemental information is provided for
e. Card Services to provide more meaningful measures that enable comparability
   with prior periods. The net charge-off and 30+ day delinquency rates
   presented include loans held-for-sale.
   
   In the Corporate & Investment Bank, the following metrics are provided
   excluding the impact of debit valuation adjustments (“DVA”): net revenue,
f. net income, compensation ratio, and return on equity. These measures are
   used by management, investors and analysts to assess the underlying
   performance of the business.
   
2. Additional notes on financial measures:
   
   Headcount-related expense includes salary and benefits (excluding
a. performance-based incentives), and other noncompensation costs related to
   employees.
   
   Asset Management pretax margin represents income before income tax expense
   divided by total net revenue, which is, in management’s view, a
b. 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 peers.
   
   Credit card sales volume is presented excluding Commercial Card. Rankings
c. and comparison of general purpose credit card sales volume are based on
   disclosures by peers and internal estimates. Rankings are as of the third
   quarter of 2012.
   
   The amount of credit provided to clients represents new and renewed credit,
   including loans and commitments. The amount of credit provided to small
   businesses reflects loans and increased lines of credit provided by
d. Consumer & Business Banking; Card, Merchant Services & Auto; and Commercial
   Banking. The amount of credit provided to nonprofit and government
   entities, including states, municipalities, hospitals and universities,
   represents that provided by the Corporate & Investment Bank and Commercial
   Banking.
   
e. Mortgage Banking credit costs are included in the functional results of
   Real Estate Portfolios and in production expense for Mortgage Production.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm
with assets of $2.4trillion and operations worldwide. The firm is a leader in
investment banking, financial services for consumers and small businesses,
commercial banking, financial transaction processing, asset management and
private equity. A component of the Dow Jones Industrial Average, JPMorgan
Chase & Co. serves millions of consumers in the United States and many of the
world’s most prominent corporate, institutional and government clients under
its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is
available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today at 9:00 a.m. (Eastern
Time) to present fourth-quarter financial results. The general public can
access the call by dialing (866) 541-2724 or (877) 368-8360 in the U.S. and
Canada, or (706) 634-7246 for international participants. Please dial in 10
minutes prior to the start of the call. The live audio webcast and
presentation slides will be available at the Firm’s website,
www.jpmorganchase.com, under Investor Relations, Investor Presentations.

A replay of the conference call will be available beginning at approximately
noon on January 16, 2013 through midnight, January 30, 2013 by telephone at
(855) 859-2056 or (800) 585-8367 (U.S. and Canada) or (404) 537-3406
(international); use Conference ID# 69209585. The replay will also be
available via webcast on www.jpmorganchase.com under Investor Relations,
Investor Presentations. Additional detailed financial, statistical and
business-related information is included in a financial supplement. The
earnings release and the financial supplement are available at
www.jpmorganchase.com.

This earnings release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are
based on the current beliefs and expectations of JPMorgan Chase & Co.’s
management and are subject to significant risks and uncertainties. Actual
results may differ from those set forth in the forward-looking statements.
Factors that could cause JPMorgan Chase & Co.’s actual results to differ
materially from those described in the forward-looking statements can be found
in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended
December 31, 2011, Quarterly Report on Form 10-Q/A for the quarter ended March
31, 2012, and Quarterly Reports on Form 10-Q for the quarters ended June 30,
2012 and September 30, 2012, which have been filed with the Securities and
Exchange Commission and are available on JPMorgan Chase & Co.’s website
(http://investor.shareholder.com/jpmorganchase) and on the Securities and
Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not
undertake to update the forward-looking statements to reflect the impact of
circumstances or events that may arise after the date of the forward-looking
statements.

^1 For notes on non-GAAP measures, including managed basis reporting, see page
14. ^ For additional notes on financial measures, see page 15.

^2 Percentage comparisons noted in the bullet points are calculated versus
prior year fourth quarter.

^3 Includes the estimated impact of final Basel 2.5 rules and the Basel III
Advanced Notice of Proposed Rulemaking.

                                                                                                                    

JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share, ratio and headcount data)
                                                                                                                                      
                      QUARTERLY TRENDS                                                                  FULL YEAR
SELECTED INCOME                                                                   4Q12 Change                                                 2012
STATEMENT DATA                                                                                                                                Change
                      4Q12                3Q12                4Q11                3Q12      4Q11        2012                2011              2011
Reported Basis
Total net revenue     $ 23,653           $ 25,146           $ 21,471           (6  ) %   10    %     $ 97,031           $ 97,234          -    %
Total noninterest       16,047              15,371              14,540            4         10            64,729              62,911           3
expense
Pre-provision           7,606               9,775               6,931             (22 )     10            32,302              34,323            (6  )
profit
Provision for           656                 1,789               2,184             (63 )     (70 )         3,385               7,574             (55 )
credit losses
NET INCOME              5,692               5,708               3,728             -         53            21,284              18,976            12
                                                                                                                                                      
Managed Basis (a)
Total net revenue       24,378              25,863              22,198            (6  )     10            99,890              99,767            -
Total noninterest       16,047              15,371              14,540            4         10            64,729              62,911            3
expense
Pre-provision           8,331               10,492              7,658             (21 )     9             35,161              36,856            (5  )
profit
Provision for           656                 1,789               2,184             (63 )     (70 )         3,385               7,574             (55 )
credit losses
NET INCOME              5,692               5,708               3,728             -         53            21,284              18,976            12
                                                                                                                                                      
PER COMMON SHARE
DATA
Basic earnings          1.40                1.41                0.90              (1  )     56            5.22                4.50              16
Diluted earnings        1.39                1.40                0.90              (1  )     54            5.20                4.48              16
                                                                                                                                                      
Cash dividends          0.30                0.30                0.25              -         20            1.20                1.00              20
declared
Book value              51.27               50.17               46.59             2         10            51.27               46.59             10
Tangible book           38.75               37.53               33.69             3         15            38.75               33.69             15
value (b)
                                                                                                                                                      
Closing share           43.97               40.48               33.25             9         32            43.97               33.25             32
price (c)
Market                  167,260             153,806             125,442           9         33            167,260             125,442           33
capitalization
                                                                                                                                                      
COMMON SHARES
OUTSTANDING
Average: Basic          3,806.7             3,803.3             3,801.9           -         -             3,809.4             3,900.4           (2  )
Diluted                 3,820.9             3,813.9             3,811.7           -         -             3,822.2             3,920.3           (3  )
Common shares at        3,804.0             3,799.6             3,772.7           -         1             3,804.0             3,772.7           1
period-end
                                                                                                                                                      
FINANCIAL RATIOS
(d)
Return on common        11          %       12          %       8           %                             11          %       11          %
equity ("ROE")
Return on
tangible common         15                  16                  11                                        15                  15
equity ("ROTCE")
(b)
Return on assets        0.98                1.01                0.65                                      0.94                0.86
("ROA")
Return on
risk-weighted           1.76        (g)     1.74                1.21                                      1.65        (g)     1.58
assets (e)
                                                                                                                                                      
CAPITAL RATIOS
(based on Basel
I)
Tier 1 capital          12.6        (g)     11.9                12.3                                      12.6        (g)     12.3
ratio
Total capital           15.3        (g)     14.7                15.4                                      15.3        (g)     15.4
ratio
Tier 1 common           11.0        (g)     10.4                10.1                                      11.0        (g)     10.1
capital ratio (f)
                                                                                                                                                      
SELECTED BALANCE
SHEET DATA
(period-end)
Total assets          $ 2,359,141         $ 2,321,284         $ 2,265,792         2         4           $ 2,359,141         $ 2,265,792         4
Consumer,
excluding credit        292,620             295,079             308,427           (1  )     (5  )         292,620             308,427           (5  )
card loans
Credit card loans       127,993             124,537             132,277           3         (3  )         127,993             132,277           (3  )
Wholesale loans        313,183           302,331           283,016          4         11           313,183           283,016          11
Total Loans             733,796             721,947             723,720           2         1             733,796             723,720           1
Deposits                1,193,593           1,139,611           1,127,806         5         6             1,193,593           1,127,806         6
Common
stockholders'           195,011             190,635             175,773           2         11            195,011             175,773           11
equity
Total
stockholders'           204,069             199,693             183,573           2         11            204,069             183,573           11
equity
                                                                                                                                                      
Deposits-to-loans       163         %       158         %       156         %                             163         %       156         %
ratio
                                                                                                                                                      
Headcount               258,965             259,547             260,157           -         -             258,965             260,157           -
                                                                                                                                                      
LINE OF BUSINESS
NET INCOME/(LOSS)
Consumer &            $ 2,014             $ 2,366             $ 1,574             (15 )     28          $ 10,611            $ 6,202             71
Community Banking
Corporate &             2,005               1,992               976               1         105           8,406               7,993             5
Investment Bank
Commercial              692                 690                 643               -         8             2,646               2,367             12
Banking
Asset Management        483                 443                 302               9         60            1,703               1,592             7
Corporate/Private      498               217               233              129       114          (2,082    )        822              NM
Equity
NET INCOME            $ 5,692            $ 5,708            $ 3,728            -         53          $ 21,284           $ 18,976           12
                  

(a) For further discussion of managed basis, see Note (a) on page 14.
    Tangible book value per share and ROTCE are non-GAAP financial measures.
    Tangible book value per share represents the Firm's tangible common equity
(b) divided by period-end common shares. ROTCE measures the Firm's annualized
    earnings as a percentage of tangible common equity. For further
    discussion, see page 42 of the Earnings Release Financial Supplement.
    Share prices shown for JPMorgan Chase's common stock are from the New York
(c) Stock Exchange. JPMorgan Chase's common stock is also listed and traded on
    the London Stock Exchange and the Tokyo Stock Exchange.
(d) Ratios are based upon annualized amounts.
(e) Return on Basel I risk-weighted assets is the annualized earnings of the
    Firm divided by its average risk-weighted assets.
    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
(f) 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 of the Earnings Release Financial
    Supplement.
(g) Estimated.

JPMorganChase & Co.
Investor Contact:
Sarah Youngwood, 212-270-7325
OR
Media Contact:
Joe Evangelisti, 212-270-7438

Contact:

JPMorganChase & Co.
 
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